NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90.5%

Shares

Value

($)

Equity

Funds

82.4%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,594,246

19,816,476

NVIT

International

Index

Fund,

Class

Y(a)

7,008,321

64,126,133

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,215,372

41,361,000

NVIT

S&P

500

Index

Fund,

Class

Y(a)

4,971,376

101,018,369

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

774,912

5,509,627

Total

Equity

Funds

(cost

$200,048,775)

231,831,605

Fixed

Income

Funds

8.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,052,159

11,436,964

NVIT

Bond

Index

Fund,

Class

Y(a)

979,563

11,127,833

Total

Fixed

Income

Funds

(cost

$21,078,377)

22,564,797

Total

Investment

Companies

(cost

$221,127,152)

254,396,402

Exchange-Traded

Funds

7.6%

Equity

Funds

7.5%

iShares

Core

MSCI

Emerging

Markets

ETF

105,735

5,582,808

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

297,108

9,868,323

Nationwide

Risk-Based

International

Equity

ETF(a)

223,944

5,586,597

Total

Equity

Funds

(cost  $18,691,079)

21,037,728

Fixed

Income

Fund

0.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

1,718

280,481

Total

Fixed

Income

Fund

(cost  $270,118)

280,481

Total

Exchange-Traded

Funds

(cost

$18,961,197)

21,318,209

Investment

Contract

2.0%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

5,740,179

5,740,179

Total

Investment

Contract

(cost

$5,740,179)

5,740,179

Repurchase

Agreement

0.0%

†

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$28,771,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$29,346.(d)

28,771

28,771

Total

Repurchase

Agreement

(cost

$28,771)

28,771

Total

Investments

(cost

$245,857,299)

—

100.1%

281,483,561

Liabilities

in

excess

of

other

assets

—

(0.1)%

(193,472)

NET

ASSETS

—

100.0%

$

281,290,089

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$280,317,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$28,771

and

by

$260,041

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$288,812.

(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

September

30,

2020

was

$28,771.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

21,318,209

$

–

$

–

$

21,318,209

Investment

Companies

254,396,402

–

–

254,396,402

Investment

Contract

–

–

5,740,179

5,740,179

Repurchase

Agreement

–

28,771

–

28,771

Total

$

275,714,611

$

28,771

$

5,740,179

$

281,483,561

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

5,481,755

$

5,481,755

Purchases

*

744,952

744,952

Sales

(486,528)

(486,528)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

5,740,179

$

5,740,179

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

82.9%

Shares

Value

($)

Equity

Funds

45.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,267,513

53,045,181

NVIT

International

Index

Fund,

Class

Y(a)

22,838,119

208,968,793

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

4,347,581

81,169,346

NVIT

S&P

500

Index

Fund,

Class

Y(a)

16,121,403

327,586,914

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

3,110,673

22,116,885

Total

Equity

Funds

(cost

$617,657,551)

692,887,119

Fixed

Income

Funds

37.3%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

11,267,651

122,479,364

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

281,760

3,079,638

NVIT

Bond

Index

Fund,

Class

Y(a)

32,140,888

365,120,483

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

7,140,138

75,185,654

Total

Fixed

Income

Funds

(cost

$536,159,576)

565,865,139

Total

Investment

Companies

(cost

$1,153,817,127)

1,258,752,258

Exchange-Traded

Funds

4.3%

Equity

Funds

4.1%

iShares

Core

MSCI

Emerging

Markets

ETF

433,395

22,883,256

Nationwide

Risk-Based

International

Equity

ETF(a)

612,108

15,269,891

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

724,900

23,427,680

Total

Equity

Funds

(cost  $56,575,835)

61,580,827

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

0.2%

iShares

20+

Year

Treasury

Bond

ETF(b)

18,784

3,066,676

Total

Fixed

Income

Fund

(cost  $2,951,623)

3,066,676

Total

Exchange-Traded

Funds

(cost

$59,527,458)

64,647,503

Investment

Contract

12.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

196,703,818

196,703,818

Total

Investment

Contract

(cost

$196,703,818)

196,703,818

Total

Investments

(cost

$1,410,048,403)

—

100.1%

1,520,103,579

Liabilities

in

excess

of

other

assets

—

(0.1)%

(774,463)

NET

ASSETS

—

100.0%

$

1,519,329,116

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$3,066,513,

which

was

collateralized

by

$3,158,970

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

5.25%,

and

maturity

dates

ranging

from

2/28/2021

–

2/15/2049.

(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.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

64,647,503

$

–

$

–

$

64,647,503

Investment

Companies

1,258,752,258

–

–

1,258,752,258

Investment

Contract

–

–

196,703,818

196,703,818

Total

$

1,323,399,761

$

–

$

196,703,818

$

1,520,103,579

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

211,585,099

$

211,585,099

Purchases

*

13,476,845

13,476,845

Sales

(28,358,126)

(28,358,126)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

196,703,818

$

196,703,818

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

87.8%

Shares

Value

($)

Equity

Funds

63.2%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,839,441

60,154,247

NVIT

International

Index

Fund,

Class

Y(a)

25,178,847

230,386,453

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

5,576,864

104,120,044

NVIT

S&P

500

Index

Fund,

Class

Y(a)

20,833,657

423,339,914

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

3,657,717

26,006,367

Total

Equity

Funds

(cost

$661,396,835)

844,007,025

Fixed

Income

Funds

24.6%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,211,850

67,522,804

NVIT

Bond

Index

Fund,

Class

Y(a)

19,691,567

223,696,203

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

3,599,019

37,897,674

Total

Fixed

Income

Funds

(cost

$310,581,903)

329,116,681

Total

Investment

Companies

(cost

$971,978,738)

1,173,123,706

Exchange-Traded

Funds

7.6%

Equity

Funds

6.6%

iShares

Core

MSCI

Emerging

Markets

ETF

512,611

27,065,861

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,441,020

47,862,903

Nationwide

Risk-Based

International

Equity

ETF(a)

543,099

13,548,365

Total

Equity

Funds

(cost  $76,999,171)

88,477,129

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

79,174

12,925,947

Total

Fixed

Income

Fund

(cost  $12,440,981)

12,925,947

Total

Exchange-Traded

Funds

(cost

$89,440,152)

101,403,076

Investment

Contract

4.7%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

63,033,756

63,033,756

Total

Investment

Contract

(cost

$63,033,756)

63,033,756

Total

Investments

(cost

$1,124,452,646)

—

100.1%

1,337,560,538

Liabilities

in

excess

of

other

assets

—

(0.1)%

(692,112)

NET

ASSETS

—

100.0%

$

1,336,868,426

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$1,889,408,

which

was

collateralized

by

$1,948,438

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

(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.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

101,403,076

$

–

$

–

$

101,403,076

Investment

Companies

1,173,123,706

–

–

1,173,123,706

Investment

Contract

–

–

63,033,756

63,033,756

Total

$

1,274,526,782

$

–

$

63,033,756

$

1,337,560,538

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

68,150,362

$

68,150,362

Purchases

*

5,046,952

5,046,952

Sales

(10,163,558)

(10,163,558)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

63,033,756

$

63,033,756

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

73.9%

Shares

Value

($)

Equity

Funds

16.8%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

929,168

11,549,553

NVIT

International

Index

Fund,

Class

Y(a)

4,558,301

41,708,452

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

602,518

11,249,010

NVIT

S&P

500

Index

Fund,

Class

Y(a)

3,047,141

61,917,913

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

526,906

3,746,302

Total

Equity

Funds

(cost

$119,125,882)

130,171,230

Fixed

Income

Funds

57.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,869,564

85,542,156

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

3,577,745

39,104,750

NVIT

Bond

Index

Fund,

Class

Y(a)

20,902,365

237,450,861

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

7,697,473

81,054,396

Total

Fixed

Income

Funds

(cost

$418,306,470)

443,152,163

Total

Investment

Companies

(cost

$537,432,352)

573,323,393

Exchange-Traded

Funds

4.0%

Equity

Funds

3.0%

iShares

Core

MSCI

Emerging

Markets

ETF

72,709

3,839,035

Nationwide

Risk-Based

International

Equity

ETF(a)

308,401

7,693,495

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

365,232

11,803,750

Total

Equity

Funds

(cost  $20,579,025)

23,336,280

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

1.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

47,390

7,736,891

Total

Fixed

Income

Fund

(cost  $7,471,309)

7,736,891

Total

Exchange-Traded

Funds

(cost

$28,050,334)

31,073,171

Investment

Contract

22.1%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

171,722,410

171,722,410

Total

Investment

Contract

(cost

$171,722,410)

171,722,410

Total

Investments

(cost

$737,205,096)

—

100.0%

776,118,974

Liabilities

in

excess

of

other

assets

—

0.0%

†

(361,570)

NET

ASSETS

—

100.0%

$

775,757,404

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$7,736,728,

which

was

collateralized

by

$7,970,112

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

(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.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

31,073,171

$

–

$

–

$

31,073,171

Investment

Companies

573,323,393

–

–

573,323,393

Investment

Contract

–

–

171,722,410

171,722,410

Total

$

604,396,564

$

–

$

171,722,410

$

776,118,974

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

157,988,678

$

157,988,678

Purchases

*

37,410,530

37,410,530

Sales

(23,676,798)

(23,676,798)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

171,722,410

$

171,722,410

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

86.1%

Shares

Value

($)

Equity

Funds

55.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

8,379,342

104,155,222

NVIT

International

Index

Fund,

Class

Y(a)

41,103,757

376,099,374

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

7,845,970

146,484,268

NVIT

S&P

500

Index

Fund,

Class

Y(a)

30,920,197

628,298,410

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

4,750,119

33,773,346

Total

Equity

Funds

(cost

$1,015,904,944)

1,288,810,620

Fixed

Income

Funds

30.5%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

15,056,903

163,668,531

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

430,311

4,703,301

NVIT

Bond

Index

Fund,

Class

Y(a)

41,075,545

466,618,186

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,676,180

70,300,175

Total

Fixed

Income

Funds

(cost

$667,878,107)

705,290,193

Total

Investment

Companies

(cost

$1,683,783,051)

1,994,100,813

Exchange-Traded

Funds

4.7%

Equity

Funds

4.1%

iShares

Core

MSCI

Emerging

Markets

ETF

663,863

35,051,967

Nationwide

Risk-Based

International

Equity

ETF(a)

938,915

23,422,549

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

1,111,935

35,936,071

Total

Equity

Funds

(cost  $86,732,710)

94,410,587

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF(b)

86,404

14,106,317

Total

Fixed

Income

Fund

(cost  $13,576,651)

14,106,317

Total

Exchange-Traded

Funds

(cost

$100,309,361)

108,516,904

Investment

Contract

9.3%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

215,917,291

215,917,291

Total

Investment

Contract

(cost

$215,917,291)

215,917,291

Total

Investments

(cost

$2,000,009,703)

—

100.1%

2,318,535,008

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,223,746)

NET

ASSETS

—

100.0%

$

2,317,311,262

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$14,106,154,

which

was

collateralized

by

$14,557,762

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

(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.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

108,516,904

$

–

$

–

$

108,516,904

Investment

Companies

1,994,100,813

–

–

1,994,100,813

Investment

Contract

–

–

215,917,291

215,917,291

Total

$

2,102,617,717

$

–

$

215,917,291

$

2,318,535,008

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

238,293,724

$

238,293,724

Purchases

*

15,017,058

15,017,058

Sales

(37,393,491)

(37,393,491)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

215,917,291

$

215,917,291

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Investment

Companies

88.2%

Shares

Value

($)

Equity

Funds

71.2%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,491,737

55,832,287

NVIT

International

Index

Fund,

Class

Y(a)

21,305,760

194,947,703

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

6,088,403

113,670,484

NVIT

S&P

500

Index

Fund,

Class

Y(a)

16,573,943

336,782,527

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

2,777,900

19,750,871

Total

Equity

Funds

(cost

$561,205,712)

720,983,872

Fixed

Income

Funds

17.0%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

4,716,996

51,273,750

NVIT

Bond

Index

Fund,

Class

Y(a)

10,674,315

121,260,215

Total

Fixed

Income

Funds

(cost

$162,332,972)

172,533,965

Total

Investment

Companies

(cost

$723,538,684)

893,517,837

Exchange-Traded

Funds

9.0%

Equity

Funds

8.7%

iShares

Core

MSCI

Emerging

Markets

ETF

582,169

30,738,523

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,091,372

36,249,484

Nationwide

Risk-Based

International

Equity

ETF(a)

822,638

20,521,857

Total

Equity

Funds

(cost  $79,018,586)

87,509,864

Fixed

Income

Fund

0.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

18,934

3,091,165

Total

Fixed

Income

Fund

(cost  $2,975,128)

3,091,165

Total

Exchange-Traded

Funds

(cost

$81,993,714)

90,601,029

Investment

Contract

2.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

29,336,625

29,336,625

Total

Investment

Contract

(cost

$29,336,625)

29,336,625

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,361,394,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$2,408,617.(d)

2,361,389

2,361,389

Total

Repurchase

Agreement

(cost

$2,361,389)

2,361,389

Total

Investments

(cost

$837,230,412)

—

100.3%

1,015,816,880

Liabilities

in

excess

of

other

assets

—

(0.3)%

(2,956,829)

NET

ASSETS

—

100.0%

$

1,012,860,051

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$3,091,002,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,361,389

and

by

$824,399

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$3,185,788.

(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

September

30,

2020

was

$2,361,389.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

90,601,029

$

–

$

–

$

90,601,029

Investment

Companies

893,517,837

–

–

893,517,837

Investment

Contract

–

–

29,336,625

29,336,625

Repurchase

Agreement

–

2,361,389

–

2,361,389

Total

$

984,118,866

$

2,361,389

$

29,336,625

$

1,015,816,880

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

30,707,836

$

30,707,836

Purchases

*

2,498,332

2,498,332

Sales

(3,869,543)

(3,869,543)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

29,336,625

$

29,336,625

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

79.4%

Shares

Value

($)

Equity

Funds

34.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

938,684

11,667,847

NVIT

International

Index

Fund,

Class

Y(a)

8,790,917

80,436,889

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,825,608

34,084,104

NVIT

S&P

500

Index

Fund,

Class

Y(a)

6,542,978

132,953,311

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

1,596,459

11,350,823

Total

Equity

Funds

(cost

$226,671,543)

270,492,974

Fixed

Income

Funds

44.8%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,506,351

70,724,032

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,169,307

23,710,523

NVIT

Bond

Index

Fund,

Class

Y(a)

17,808,342

202,302,770

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

5,011,089

52,766,766

Total

Fixed

Income

Funds

(cost

$330,603,151)

349,504,091

Total

Investment

Companies

(cost

$557,274,694)

619,997,065

Exchange-Traded

Funds

5.9%

Equity

Funds

5.1%

iShares

Core

MSCI

Emerging

Markets

ETF

371,648

19,623,015

Nationwide

Risk-Based

International

Equity

ETF(a)

315,349

7,866,822

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

373,461

12,069,699

Total

Equity

Funds

(cost  $37,077,988)

39,559,536

Fixed

Income

Fund

0.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

38,668

6,312,938

Total

Fixed

Income

Fund

(cost  $6,075,772)

6,312,938

Total

Exchange-Traded

Funds

(cost

$43,153,760)

45,872,474

Investment

Contract

14.8%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

115,949,367

115,949,367

Total

Investment

Contract

(cost

$115,949,367)

115,949,367

Total

Investments

(cost

$716,377,821)

—

100.1%

781,818,906

Liabilities

in

excess

of

other

assets

—

(0.1)%

(426,087)

NET

ASSETS

—

100.0%

$

781,392,819

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$6,312,774,

which

was

collateralized

by

$6,509,876

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

(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.

ETF

Exchange

Traded

Fund

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

45,872,474

$

–

$

–

$

45,872,474

Investment

Companies

619,997,065

–

–

619,997,065

Investment

Contract

–

–

115,949,367

115,949,367

Total

$

665,869,539

$

–

$

115,949,367

$

781,818,906

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

122,937,286

$

122,937,286

Purchases

*

8,212,633

8,212,633

Sales

(15,200,552)

(15,200,552)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

115,949,367

$

115,949,367

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

79.7%

Shares

Value

($)

Equity

Funds

43.9%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,274,649

15,843,891

NVIT

International

Index

Fund,

Class

Y(a)

6,821,431

62,416,092

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,298,593

24,244,737

NVIT

S&P

500

Index

Fund,

Class

Y(a)

4,815,299

97,846,870

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

929,110

6,605,971

Total

Equity

Funds

(cost

$192,271,726)

206,957,561

Fixed

Income

Funds

35.8%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

3,365,277

36,580,556

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

84,153

919,788

NVIT

Bond

Index

Fund,

Class

Y(a)

9,599,516

109,050,500

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,132,518

22,455,416

Total

Fixed

Income

Funds

(cost

$159,149,884)

169,006,260

Total

Investment

Companies

(cost

$351,421,610)

375,963,821

Exchange-Traded

Funds

4.1%

Equity

Funds

3.9%

iShares

Core

MSCI

Emerging

Markets

ETF

129,351

6,829,733

Nationwide

Risk-Based

International

Equity

ETF(a)

182,542

4,553,766

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

216,206

6,987,453

Total

Equity

Funds

(cost  $16,865,403)

18,370,952

Exchange-Traded

Funds

Shares

Value

($)

Fixed

Income

Fund

0.2%

iShares

20+

Year

Treasury

Bond

ETF(b)

5,581

911,154

Total

Fixed

Income

Fund

(cost  $900,734)

911,154

Total

Exchange-Traded

Funds

(cost

$17,766,137)

19,282,106

Investment

Contract

12.4%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

58,749,306

58,749,306

Total

Investment

Contract

(cost

$58,749,306)

58,749,306

Total

Investments

(cost

$427,937,053)

—

96.2%

453,995,233

Other

assets

in

excess

of

liabilities

—

3.8%

17,895,531

NET

ASSETS

—

100.0%

$

471,890,764

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$910,991,

which

was

collateralized

by

$938,462

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

(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.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(278)

12/2020

USD

(25,759,480)

441,169

Russell

2000

E-Mini

Index

(65)

12/2020

USD

(4,889,300)

(16,916)

S&P

500

E-Mini

Index

(133)

12/2020

USD

(22,290,800)

(162,528)

S&P

Midcap

400

E-Mini

Index

(47)

12/2020

USD

(8,722,730)

(30,983)

230,742

At

September

30,

2020,

the

Fund

had

$5,290,186

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

19,282,106

$

–

$

–

$

19,282,106

Futures

Contracts

441,169

–

–

441,169

Investment

Companies

375,963,821

–

–

375,963,821

Investment

Contract

–

–

58,749,306

58,749,306

Total

Assets

$

395,687,096

$

–

$

58,749,306

$

454,436,402

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(210,427)

$

–

$

–

$

(210,427)

Total

Liabilities

$

(210,427)

$

–

$

–

$

(210,427)

Total

$

395,476,669

$

–

$

58,749,306

$

454,225,975

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

63,585,267

$

63,585,267

Purchases

*

4,050,675

4,050,675

Sales

(8,886,636)

(8,886,636)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

58,749,306

$

58,749,306

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

441,169

Total

$

441,169

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(210,427

)

Total

$

(210,427

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

82.3%

Shares

Value

($)

Equity

Funds

53.2%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,915,213

48,666,104

NVIT

International

Index

Fund,

Class

Y(a)

19,207,098

175,744,950

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,666,568

68,454,815

NVIT

S&P

500

Index

Fund,

Class

Y(a)

14,447,224

293,567,582

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

2,219,740

15,782,351

Total

Equity

Funds

(cost

$551,426,336)

602,215,802

Fixed

Income

Funds

29.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,035,270

76,473,384

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

201,057

2,197,557

NVIT

Bond

Index

Fund,

Class

Y(a)

19,192,690

218,028,955

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

3,119,432

32,847,615

Total

Fixed

Income

Funds

(cost

$309,547,105)

329,547,511

Total

Investment

Companies

(cost

$860,973,441)

931,763,313

Exchange-Traded

Funds

4.4%

Equity

Funds

3.8%

iShares

Core

MSCI

Emerging

Markets

ETF

308,761

16,302,581

Nationwide

Risk-Based

International

Equity

ETF(a)

436,304

10,884,214

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

516,766

16,701,102

Total

Equity

Funds

(cost  $40,290,509)

43,887,897

Fixed

Income

Fund

0.6%

iShares

20+

Year

Treasury

Bond

ETF(b)

40,105

6,547,542

Total

Fixed

Income

Fund

(cost  $6,358,912)

6,547,542

Total

Exchange-Traded

Funds

(cost

$46,649,421)

50,435,439

Investment

Contract

8.9%

Principal

Amount

($)

Value

($)

Nationwide

Contract,

2.25%

^∞(a)(c)

100,886,759

100,886,759

Total

Investment

Contract

(cost

$100,886,759)

100,886,759

Repurchase

Agreement

0.1%

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$671,992,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$685,430.(d)

671,991

671,991

Total

Repurchase

Agreement

(cost

$671,991)

671,991

Total

Investments

(cost

$1,009,181,612)

—

95.7%

1,083,757,502

Other

assets

in

excess

of

liabilities

—

4.3%

48,616,229

NET

ASSETS

—

100.0%

$

1,132,373,731

^

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$6,547,379,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$671,991

and

by

$6,073,775

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$6,745,766.

(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

September

30,

2020

was

$671,991.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(17)

12/2020

USD

(1,575,220)

5,535

Russell

2000

E-Mini

Index

(4)

12/2020

USD

(300,880)

(1,525)

S&P

500

E-Mini

Index

(9)

12/2020

USD

(1,508,400)

(8,148)

S&P

Midcap

400

E-Mini

Index

(3)

12/2020

USD

(556,770)

(2,928)

(7,066)

At

September

30,

2020,

the

Fund

had

$336,974

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

50,435,439

$

–

$

–

$

50,435,439

Futures

Contracts

5,535

–

–

5,535

Investment

Companies

931,763,313

–

–

931,763,313

Investment

Contract

–

–

100,886,759

100,886,759

Repurchase

Agreement

–

671,991

–

671,991

Total

Assets

$

982,204,287

$

671,991

$

100,886,759

$

1,083,763,037

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(12,601)

$

–

$

–

$

(12,601)

Total

Liabilities

$

(12,601)

$

–

$

–

$

(12,601)

Total

$

982,191,686

$

671,991

$

100,886,759

$

1,083,750,436

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts, forward

foreign

currency

contracts, and 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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

107,640,578

$

107,640,578

Purchases

*

7,216,354

7,216,354

Sales

(13,970,173)

(13,970,173)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

100,886,759

$

100,886,759

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

5,535

Total

$

5,535

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(12,601

)

Total

$

(12,601

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

89.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

684,379

6,809,568

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

974,281

10,132,523

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

2,497,977

23,705,805

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

3,854,003

43,164,829

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

350,062

3,269,579

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,400,572

14,411,884

Total

Equity

Funds

(cost

$97,566,244)

101,494,188

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

10.1%

Nationwide

Bond

Fund,

Class

R6(a)

110,624

1,147,174

NVIT

Core

Bond

Fund,

Class

Y(a)

394,789

4,587,446

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

465,842

5,720,543

Total

Fixed

Income

Funds

(cost

$10,527,998)

11,455,163

Total

Investment

Companies

(cost

$108,094,242)

112,949,351

Total

Investments

(cost

$108,094,242)

—

100.0%

112,949,351

Liabilities

in

excess

of

other

assets

—

0.0%

†

(55,244)

NET

ASSETS

—

100.0%

$

112,894,107

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Aggressive

Fund

(formerly,

NVIT

Cardinal

SM

Aggressive

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

18,264,731

$

–

$

–

$

18,264,731

Total

$

18,264,731

$

–

$

–

$

18,264,731

Assets

excluded

from

fair

value

hierarchy

*

$

94,684,620

Total

$

112,949,351

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

79.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,897,720

18,882,310

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,881,693

29,969,608

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

7,124,556

67,612,036

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,643,909

130,411,784

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,164,902

10,880,188

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,122,681

42,422,390

Total

Equity

Funds

(cost

$290,471,216)

300,178,316

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

20.2%

Nationwide

Bond

Fund,

Class

R6(a)

736,160

7,633,976

NVIT

Core

Bond

Fund,

Class

Y(a)

2,627,152

30,527,507

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

3,099,969

38,067,622

Total

Fixed

Income

Funds

(cost

$71,030,217)

76,229,105

Total

Investment

Companies

(cost

$361,501,433)

376,407,421

Total

Investments

(cost

$361,501,433)

—

100.0%

376,407,421

Liabilities

in

excess

of

other

assets

—

0.0%

†

(138,443)

NET

ASSETS

—

100.0%

$

376,268,978

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

(formerly,

NVIT

Cardinal

SM

Moderately

Aggressive

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

95,111,415

$

–

$

–

$

95,111,415

Total

$

95,111,415

$

–

$

–

$

95,111,415

Assets

excluded

from

fair

value

hierarchy

*

$

281,296,006

Total

$

376,407,421

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Moderate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

59.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,839,640

68,054,414

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

14,064,201

146,267,686

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

32,096,881

304,599,398

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

53,219,649

596,060,066

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,664,269

43,564,268

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

18,842,751

193,891,905

Total

Equity

Funds

(cost

$1,306,923,858)

1,352,437,737

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

40.4%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

3,342,139

34,557,717

Nationwide

Bond

Fund,

Class

R6(a)

5,527,763

57,322,907

NVIT

Core

Bond

Fund,

Class

Y(a)

23,672,460

275,073,980

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

27,933,306

343,021,000

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

19,626,916

206,671,426

Total

Fixed

Income

Funds

(cost

$872,456,821)

916,647,030

Total

Investment

Companies

(cost

$2,179,380,679)

2,269,084,767

Total

Investments

(cost

$2,179,380,679)

—

100.0%

2,269,084,767

Liabilities

in

excess

of

other

assets

—

0.0%

†

(771,545)

NET

ASSETS

—

100.0%

$

2,268,313,222

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Moderate

Fund

(formerly,

NVIT

Cardinal

SM

Moderate

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

984,701,444

$

–

$

–

$

984,701,444

Total

$

984,701,444

$

–

$

–

$

984,701,444

Assets

excluded

from

fair

value

hierarchy

*

$

1,284,383,323

Total

$

2,269,084,767

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

39.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,049,830

10,445,804

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,656,906

27,631,821

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

6,933,726

65,801,059

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,203,080

125,474,495

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

715,951

6,686,982

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,966,629

40,816,609

Total

Equity

Funds

(cost

$267,078,550)

276,856,770

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

60.4%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,367,969

14,144,805

Nationwide

Bond

Fund,

Class

R6(a)

2,715,073

28,155,307

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,294,478

14,148,649

NVIT

Core

Bond

Fund,

Class

Y(a)

9,083,829

105,554,093

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

10,290,112

126,362,575

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

12,719,733

133,938,786

Total

Fixed

Income

Funds

(cost

$403,683,444)

422,304,215

Total

Investment

Companies

(cost

$670,761,994)

699,160,985

Total

Investments

(cost

$670,761,994)

—

100.0%

699,160,985

Liabilities

in

excess

of

other

assets

—

0.0%

†

(254,396)

NET

ASSETS

—

100.0%

$

698,906,589

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Moderately

Conservative

Fund

(formerly,

NVIT

Cardinal

SM

Moderately

Conservative

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

432,750,019

$

–

$

–

$

432,750,019

Total

$

432,750,019

$

–

$

–

$

432,750,019

Assets

excluded

from

fair

value

hierarchy

*

$

266,410,966

Total

$

699,160,985

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Conservative

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

19.7%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

1,388,579

14,441,220

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

3,814,349

36,198,175

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,342,507

71,036,082

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,246,455

23,116,021

Total

Equity

Funds

(cost

$136,012,012)

144,791,498

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

80.3%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,786,158

18,468,875

Nationwide

Bond

Fund,

Class

R6(a)

3,899,931

40,442,283

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,704,310

29,558,113

NVIT

Core

Bond

Fund,

Class

Y(a)

10,754,971

124,972,767

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

13,138,825

161,344,772

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

20,281,070

213,559,666

Total

Fixed

Income

Funds

(cost

$564,047,985)

588,346,476

Total

Investment

Companies

(cost

$700,059,997)

733,137,974

Total

Investments

(cost

$700,059,997)

—

100.0%

733,137,974

Liabilities

in

excess

of

other

assets

—

0.0%

†

(254,087)

NET

ASSETS

—

100.0%

$

732,883,887

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Conservative

Fund

(formerly,

NVIT

Cardinal

SM

Conservative

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

588,346,475

$

–

$

–

$

588,346,475

Total

$

588,346,475

$

–

$

–

$

588,346,475

Assets

excluded

from

fair

value

hierarchy

*

$

144,791,499

Total

$

733,137,974

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Balanced

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

49.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,937,006

49,123,213

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

9,370,973

97,458,116

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

25,742,384

244,295,223

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

36,879,389

413,049,152

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,040,329

37,736,672

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,057,594

134,362,642

Total

Equity

Funds

(cost

$947,731,970)

976,025,018

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

50.4%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

2,894,764

29,931,859

Nationwide

Bond

Fund,

Class

R6(a)

6,702,960

69,509,691

NVIT

Core

Bond

Fund,

Class

Y(a)

23,921,049

277,962,594

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

27,420,278

336,721,008

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

26,444,037

278,455,715

Total

Fixed

Income

Funds

(cost

$946,277,669)

992,580,867

Total

Investment

Companies

(cost

$1,894,009,639)

1,968,605,885

Total

Investments

(cost

$1,894,009,639)

—

100.0%

1,968,605,885

Liabilities

in

excess

of

other

assets

—

0.0%

†

(676,977)

NET

ASSETS

—

100.0%

$

1,967,928,908

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Balanced

Fund

(formerly,

NVIT

Cardinal

SM

Balanced

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,041,704,080

$

–

$

–

$

1,041,704,080

Total

$

1,041,704,080

$

–

$

–

$

1,041,704,080

Assets

excluded

from

fair

value

hierarchy

*

$

926,901,805

Total

$

1,968,605,885

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

69.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

9,195,393

91,494,158

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

14,181,011

147,482,518

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

37,158,376

352,632,985

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

64,396,592

721,241,827

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,703,228

43,928,149

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

22,800,146

234,613,499

Total

Equity

Funds

(cost

$1,533,960,510)

1,591,393,136

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

30.3%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

2,246,554

23,229,368

Nationwide

Bond

Fund,

Class

R6(a)

4,458,860

46,238,374

NVIT

Core

Bond

Fund,

Class

Y(a)

19,890,610

231,128,892

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

22,531,921

276,691,992

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,994,227

115,769,205

Total

Fixed

Income

Funds

(cost

$656,407,558)

693,057,831

Total

Investment

Companies

(cost

$2,190,368,068)

2,284,450,967

Total

Investments

(cost

$2,190,368,068)

—

100.0%

2,284,450,967

Liabilities

in

excess

of

other

assets

—

0.0%

†

(773,014)

NET

ASSETS

—

100.0%

$

2,283,677,953

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Capital

Appreciation

Fund

(formerly,

NVIT

Cardinal

SM

Capital

Appreciation

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable

.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

784,551,989

$

–

$

–

$

784,551,989

Total

$

784,551,989

$

–

$

–

$

784,551,989

Assets

excluded

from

fair

value

hierarchy

*

$

1,499,898,978

Total

$

2,284,450,967

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

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.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

96.2%

Shares

Value

($)

Equity

Funds

47.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,349,884

13,431,347

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,562,301

26,647,930

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

7,038,775

66,797,979

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

10,083,728

112,937,750

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,104,874

10,319,526

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,570,278

36,738,160

Total

Equity

Funds

(cost

$257,871,218)

266,872,692

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

48.5%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

791,520

8,184,318

Nationwide

Bond

Fund,

Class

R6(a)

1,832,623

19,004,300

NVIT

Core

Bond

Fund,

Class

Y(a)

6,540,739

76,003,388

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

7,497,432

92,068,461

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

7,230,593

76,138,143

Total

Fixed

Income

Funds

(cost

$258,078,100)

271,398,610

Total

Investment

Companies

(cost

$515,949,318)

538,271,302

Total

Investments

(cost

$515,949,318)

—

96.2%

538,271,302

Other

assets

in

excess

of

liabilities

—

3.8%

21,482,301

NET

ASSETS

—

100.0%

$

559,753,603

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(329)

12/2020

USD

(30,485,140)

525,568

Russell

2000

E-Mini

Index

(58)

12/2020

USD

(4,362,760)

(16,367)

S&P

500

E-Mini

Index

(167)

12/2020

USD

(27,989,200)

(202,127)

S&P

Midcap

400

E-Mini

Index

(55)

12/2020

USD

(10,207,450)

(39,777)

267,297

At

September

30,

2020,

the

Fund

had

$6,257,438

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

(formerly,

NVIT

Cardinal

SM

Managed

Growth

&

Income

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

525,568

$

–

$

–

$

525,568

Investment

Companies

284,829,957

–

–

284,829,957

Total

$

285,355,525

$

–

$

–

$

285,355,525

Assets

excluded

from

fair

value

hierarchy

*

$

253,441,345

Total

Assets

$

538,796,870

Liabilities:

Futures

Contracts

$

(258,271)

$

–

$

–

$

(258,271)

Total

Liabilities

$

(258,271)

$

–

$

–

$

(258,271)

Total

$

538,538,599

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

hierarchy.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

50%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

525,568

Total

$

525,568

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(258,271)

Total

$

(258,271)

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.

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

95.4%

Shares

Value

($)

Equity

Funds

56.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,549,494

35,317,467

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

7,298,658

75,906,041

NVIT

GS

International

Equity

Insights

Fund,

Class

Y*(a)

16,657,115

158,076,019

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

27,618,889

309,331,560

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,420,793

22,610,210

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

9,778,844

100,624,304

Total

Equity

Funds

(cost

$675,650,593)

701,865,601

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

38.5%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,734,326

17,932,936

Nationwide

Bond

Fund,

Class

R6(a)

2,868,398

29,745,285

NVIT

Core

Bond

Fund,

Class

Y(a)

12,284,872

142,750,216

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

14,496,056

178,011,573

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,185,401

107,252,268

Total

Fixed

Income

Funds

(cost

$451,720,142)

475,692,278

Total

Investment

Companies

(cost

$1,127,370,735)

1,177,557,879

Total

Investments

(cost

$1,127,370,735)

—

95.4%

1,177,557,879

Other

assets

in

excess

of

liabilities

—

4.6%

56,521,489

NET

ASSETS

—

100.0%

$

1,234,079,368

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

113

12/2020

USD

10,470,580

(51,711)

Russell

2000

E-Mini

Index

26

12/2020

USD

1,955,720

(7,851)

S&P

500

E-Mini

Index

67

12/2020

USD

11,229,200

38,392

S&P

Midcap

400

E-Mini

Index

22

12/2020

USD

4,082,980

(1,146)

(22,316)

At

September

30,

2020,

the

Fund

had

$2,361,436

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

NVIT

Blueprint

SM

Managed

Growth

Fund

(formerly,

NVIT

Cardinal

SM

Managed

Growth

Fund),

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

38,392

$

–

$

–

$

38,392

Investment

Companies

511,009,745

–

–

511,009,745

Total

$

511,048,137

$

–

$

–

$

511,048,137

Assets

excluded

from

fair

value

hierarchy

*

$

666,548,134

Total

Assets

$

1,177,596,271

Liabilities:

Futures

Contracts

$

(60,708)

$

–

$

–

$

(60,708)

Total

Liabilities

$

(60,708)

$

–

$

–

$

(60,708)

Total

$

1,177,535,563

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

practical

expedient

have

not

been

categorized

in

the

fair

value

hierarchy.

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

38,392

Total

$

38,392

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(60,708)

Total

$

(60,708)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

BlackRock

NVIT

Managed

Global

Allocation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

95.4%

Shares

Value

($)

Alternative

Assets

95.4%

BlackRock

Global

Allocation

VI

Fund,

Class

I*

16,679,336

305,732,225

Total

Alternative

Assets

(cost

$266,828,339)

305,732,225

Total

Investment

Company

(cost

$266,828,339)

305,732,225

Total

Investments

(cost

$266,828,339)

—

95.4%

305,732,225

Other

assets

in

excess

of

liabilities

—

4.6%

14,775,442

NET

ASSETS

—

100.0%

$

320,507,667

*

Denotes

a

non-income

producing

security.

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(221)

12/2020

USD

(20,477,860)

348,883

Russell

2000

E-Mini

Index

(3)

12/2020

USD

(225,660)

16

S&P

500

E-Mini

Index

(198)

12/2020

USD

(33,184,800)

(238,906)

S&P

Midcap

400

E-Mini

Index

(5)

12/2020

USD

(927,950)

(5,955)

104,038

At

September

30,

2020,

the

Fund

had

$4,632,342

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

BlackRock

NVIT

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

348,899

$

–

$

–

$

348,899

Investment

Company

305,732,225

–

–

305,732,225

Total

Assets

$

306,081,124

$

–

$

–

$

306,081,124

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(244,861)

$

–

$

–

$

(244,861)

Total

Liabilities

$

(244,861)

$

–

$

–

$

(244,861)

Total

$

305,836,263

$

–

$

–

$

305,836,263

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

BlackRock

NVIT

Managed

Global

Allocation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

348,899

Total

$

348,899

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(244,861

)

Total

$

(244,861

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

DFA

Capital

Appreciation

Fund

Investment

Companies

95.1%

Shares

Value

($)

Equity

Funds

75.0%

DFA

Emerging

Markets

Core

Equity

Portfolio,

Institutional

Class

138,425

2,779,579

DFA

International

Large

Cap

Growth

Portfolio

73,723

1,026,221

DFA

Real

Estate

Securities

Portfolio,

Institutional

Class

36,129

1,279,313

DFA

U.S.

Core

Equity

1

Portfolio,

Institutional

Class

230,065

5,882,749

DFA

U.S.

Small

Cap

Portfolio,

Institutional

Class

50,979

1,529,357

DFA

VA

International

Small

Portfolio

44,109

512,105

DFA

VA

International

Value

Portfolio

152,354

1,502,211

DFA

VA

U.S.

Large

Value

Portfolio

201,494

4,606,154

Total

Equity

Funds

(cost

$19,331,391)

19,117,689

Fixed

Income

Funds

20.1%

DFA

Intermediate

Government

Fixed

Income

Portfolio,

Institutional

Class

55,934

776,369

DFA

VA

Global

Bond

Portfolio

410,069

4,350,836

Total

Fixed

Income

Funds

(cost

$5,085,885)

5,127,205

Total

Investment

Companies

(cost

$24,417,276)

24,244,894

Investment

Contract

5.0%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

1,287,007

1,287,007

Total

Investment

Contract

(cost

$1,287,007)

1,287,007

Total

Investments

(cost

$25,704,283)

—

100.1%

25,531,901

Liabilities

in

excess

of

other

assets

—

(0.1)%

(28,772)

NET

ASSETS

—

100.0%

$

25,503,129

^

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.

NVIT

DFA

Capital

Appreciation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

24,244,894

$

–

$

–

$

24,244,894

Investment

Contract

–

–

1,287,007

1,287,007

Total

$

24,244,894

$

–

$

1,287,007

$

25,531,901

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

DFA

Capital

Appreciation

Fund

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

2,400,180

$

2,400,180

Purchases

*

345,898

345,898

Sales

(1,459,071)

(1,459,071)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

1,287,007

$

1,287,007

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

NVIT

DFA

Moderate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

90.2%

Shares

Value

($)

Equity

Funds

65.6%

DFA

Emerging

Markets

Core

Equity

Portfolio,

Institutional

Class

62,885

1,262,736

DFA

International

Large

Cap

Growth

Portfolio

156,539

2,179,016

DFA

U.S.

Core

Equity

1

Portfolio,

Institutional

Class

291,025

7,441,512

DFA

U.S.

Small

Cap

Portfolio,

Institutional

Class

31,099

932,980

DFA

VA

International

Small

Portfolio

83,142

965,279

DFA

VA

International

Value

Portfolio

276,093

2,722,277

DFA

VA

U.S.

Large

Value

Portfolio

201,417

4,604,398

Total

Equity

Funds

(cost

$19,538,691)

20,108,198

Fixed

Income

Funds

24.6%

DFA

Intermediate

Government

Fixed

Income

Portfolio,

Institutional

Class

174,807

2,426,325

DFA

Intermediate

Term

Extended

Quality

Portfolio

126,894

1,506,229

DFA

Investment

Grade

Portfolio

125,869

1,511,689

DFA

Short

Duration

Real

Return

Portfolio,

Institutional

Class

210,830

2,116,736

Total

Fixed

Income

Funds

(cost

$7,096,165)

7,560,979

Total

Investment

Companies

(cost

$26,634,856)

27,669,177

Investment

Contract

9.9%

Principal

Amount

($)

Nationwide

Contract,

2.25%

^∞(a)(b)

3,038,054

3,038,054

Total

Investment

Contract

(cost

$3,038,054)

3,038,054

Total

Investments

(cost

$29,672,910)

—

100.1%

30,707,231

Liabilities

in

excess

of

other

assets

—

(0.1)%

(31,304)

NET

ASSETS

—

100.0%

$

30,675,927

^

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.

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

DFA

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

27,669,177

$

–

$

–

$

27,669,177

Investment

Contract

–

–

3,038,054

3,038,054

Total

$

27,669,177

$

–

$

3,038,054

$

30,707,231

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

DFA

Moderate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

following

table

represents

the

Fund’s

Level

3

financial

instrument.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

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.

Investment

Contract

Total

Balance

as

of

December

31,

2019

$

4,453,513

$

4,453,513

Purchases

*

715,254

715,254

Sales

(2,130,713)

(2,130,713)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

September

30,

2020

$

3,038,054

$

3,038,054

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Instrument

Principal

Valuation

Technique

Unobservable

Inputs

Range

(Weighted

Average)*

Nationwide

Contract

Cost

Analysis

Interest

Rate

2.25%

(2.25%)

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.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange-Traded

Funds

98.8%

Shares

Value

($)

Fixed

Income

Funds

98.8%

iShares

Core

10+

Year

USD

Bond

ETF(a)

21,907

1,654,075

iShares

Core

1-5

Year

USD

Bond

ETF

48,404

2,495,226

iShares

Core

Total

USD

Bond

Market

ETF

30,655

1,667,019

iShares

Core

U.S.

Aggregate

Bond

ETF

70,036

8,268,450

iShares

MBS

ETF(a)

14,853

1,639,771

iShares

U.S.

Treasury

Bond

ETF(a)

29,254

817,650

Total

Exchange-Traded

Funds

(cost

$16,158,557)

16,542,191

Repurchase

Agreement

8.6%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,436,275,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,464,997.(b)

1,436,272

1,436,272

Total

Repurchase

Agreement

(cost

$1,436,272)

1,436,272

Total

Investments

(cost

$17,594,829)

—

107.4%

17,978,463

Liabilities

in

excess

of

other

assets

—

(7.4)%

(1,242,436)

NET

ASSETS

—

100.0%

$

16,736,027

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$1,403,295,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,436,272.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$1,436,272.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

16,542,191

$

–

$

–

$

16,542,191

Repurchase

Agreement

–

1,436,272

–

1,436,272

Total

$

16,542,191

$

1,436,272

$

–

$

17,978,463

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.

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange-Traded

Funds

95.0%

Shares

Value

($)

Equity

Funds

95.0%

iShares

Core

MSCI

EAFE

ETF

15,541

936,811

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

19,598

1,057,508

iShares

Core

S&P

500

ETF

1,740

584,744

iShares

Core

S&P

Mid-Cap

ETF

7,777

1,441,156

iShares

Core

S&P

Small-Cap

ETF(a)

3,681

258,517

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

30,279

2,285,762

iShares

MSCI

USA

Momentum

Factor

ETF

1,231

181,449

iShares

MSCI

USA

Multifactor

ETF(a)

22,625

751,150

iShares

MSCI

USA

Quality

Factor

ETF

1,620

168,059

iShares

MSCI

USA

Size

Factor

ETF(a)

1,766

165,598

iShares

MSCI

USA

Small-Cap

Multifactor

ETF(a)

3,397

126,606

iShares

MSCI

USA

Value

Factor

ETF(a)

2,038

150,364

Total

Exchange-Traded

Funds

(cost

$7,248,626)

8,107,724

Repurchase

Agreements

23.2%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,478,870,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,508,444.(b)

1,478,867

1,478,867

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$500,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$510,000.(b)

500,000

500,000

Total

Repurchase

Agreements

(cost

$1,978,867)

1,978,867

Total

Investments

(cost

$9,227,493)

—

118.2%

10,086,591

Liabilities

in

excess

of

other

assets

—

(18.2)%

(1,553,821)

NET

ASSETS

—

100.0%

$

8,532,770

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$1,964,366,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,978,867

and

by

$16,829

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

1.13%

–

2.25%,

and

maturity

dates

ranging

from

5/15/2040

–

8/15/2049,

a

total

value

of

$1,995,696.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$1,978,867.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

8,107,724

$

–

$

–

$

8,107,724

Repurchase

Agreements

–

1,978,867

–

1,978,867

Total

$

8,107,724

$

1,978,867

$

–

$

10,086,591

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.

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Company

95.6%

Shares

Value

($)

Balanced

Fund

95.6%

American

Funds

Asset

Allocation

Fund,

Class

1*,(a)

91,678,493

2,244,289,517

Total

Investment

Company

(cost

$2,031,001,285)

2,244,289,517

Total

Investments

(cost

$2,031,001,285)

—

95.6%

2,244,289,517

Other

assets

in

excess

of

liabilities

—

4.4%

102,119,896

NET

ASSETS

—

100.0%

$

2,346,409,413

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(409)

12/2020

USD

(37,897,940)

594,933

Russell

2000

E-Mini

Index

(102)

12/2020

USD

(7,672,440)

(25,361)

S&P

500

E-Mini

Index

(1,434)

12/2020

USD

(240,338,400)

(1,696,479)

S&P

Midcap

400

E-Mini

Index

(36)

12/2020

USD

(6,681,240)

(31,222)

(1,158,129)

(1,158,129)

At

September

30,

2020,

the

Fund

had

$23,677,368

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

594,933

$

–

$

–

$

594,933

Investment

Company

2,244,289,517

–

–

2,244,289,517

Total

Assets

$

2,244,884,450

$

–

$

–

$

2,244,884,450

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,753,062)

$

–

$

–

$

(1,753,062)

Total

Liabilities

$

(1,753,062)

$

–

$

–

$

(1,753,062)

Total

$

2,243,131,388

$

–

$

–

$

2,243,131,388

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

594,933

Total

$

594,933

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,753,062

)

Total

$

(1,753,062

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Investment

Company

93.2%

Shares

Value

($)

Equity

Fund

93.2%

American

Funds

Growth-Income

Fund,

Class

1

10,168,102

509,015,175

Total

Investment

Company

(cost

$472,266,804)

509,015,175

Total

Investments

(cost

$472,266,804)

—

93.2%

509,015,175

Other

assets

in

excess

of

liabilities

—

6.8%

37,100,897

NET

ASSETS

—

100.0%

$

546,116,072

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(121)

12/2020

USD

(11,211,860)

189,959

Russell

2000

E-Mini

Index

(15)

12/2020

USD

(1,128,300)

(2,507)

S&P

500

E-Mini

Index

(515)

12/2020

USD

(86,314,000)

(577,535)

S&P

Midcap

400

E-Mini

Index

(16)

12/2020

USD

(2,969,440)

(8,845)

(398,928)

At

September

30,

2020,

the

Fund

had

$8,185,452

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

189,959

$

–

$

–

$

189,959

Investment

Company

509,015,175

–

–

509,015,175

Total

Assets

$

509,205,134

$

–

$

–

$

509,205,134

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(588,887)

$

–

$

–

$

(588,887)

Total

Liabilities

$

(588,887)

$

–

$

–

$

(588,887)

Total

$

508,616,247

$

–

$

–

$

508,616,247

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

189,959

Total

$

189,959

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(588,887

)

Total

$

(588,887

)

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.

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

September

30,

2020

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Corporate

Bonds

13.1%

Principal

Amount

($)

Value

($)

CANADA

5.2%

Capital

Markets

2.4%

CPPIB

Capital,

Inc.,

Reg.

S,

2.38%,

1/29/2021

315,000

317,168

Electric

Utilities

2.8%

Hydro-Quebec,

9.40%,

2/1/2021

350,000

360,321

677,489

FRANCE

1.7%

Transportation

Infrastructure

1.7%

SNCF

Reseau

,

Reg.

S,

2.00%,

10/13/2020

220,000

220,092

GERMANY

3.8%

Banks

3.8%

Kreditanstalt

fuer

Wiederaufbau

,

1.88%,

12/15/2020

150,000

150,523

Landwirtschaftliche

Rentenbank

,

Reg.

S,

2.38%,

3/24/2021

350,000

353,559

504,082

SOUTH

KOREA

2.4%

Banks

2.4%

Korea

Development

Bank

(The),

2.50%,

1/13/2021

318,000

319,663

Total

Corporate

Bonds

(cost

$1,720,233)

1,721,326

Foreign

Government

Securities

18.8%

CANADA

2.4%

Province

of

Ontario,

2.55%,

2/12/2021

310,000

312,539

GERMANY

2.7%

FMS

Wertmanagement

AoeR

,

1.38%,

6/8/2021

350,000

352,782

JAPAN

6.1%

Japan

Bank

for

International

Cooperation,

1.88%,

4/20/2021

500,000

504,256

Japan

Finance

Organization

for

Municipalities,

4.00%,

1/13/2021

300,000

302,992

$

807,248

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

NORWAY

3.8%

Kommunalbanken

A/S,

Reg.

S,

1.50%,

8/31/2021

500,000

505,475

SWEDEN

3.8%

Svensk

Exportkredit

AB,

1.75%,

3/10/2021

500,000

503,234

Total

Foreign

Government

Securities

(cost

$2,480,001)

2,481,278

Supranational

17.3%

African

Development

Bank,

2.63%,

3/22/2021

315,000

318,468

European

Bank

for

Reconstruction

&

Development,

2.00%,

2/1/2021

315,000

316,790

European

Investment

Bank,

4.00%,

2/16/2021

315,000

319,441

Inter-American

Development

Bank,

2.63%,

4/19/2021

500,000

506,585

International

Finance

Corp.,

1.13%,

7/20/2021

500,000

503,654

Nordic

Investment

Bank,

1.63%,

11/20/2020

320,000

320,595

Total

Supranational

(cost

$2,285,155)

2,285,533

Total

Investments

(cost

$6,485,389)

—

49.2%

6,488,137

Other

assets

in

excess

of

liabilities

—

50.8%

6,698,704

NET

ASSETS

—

100.0%

$

13,186,841

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.

2

-

Consolidated

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

LME

Aluminum

Base

Metal

7

11/2020

USD

306,644

(6,619)

LME

Nickel

Base

Metal

2

11/2020

USD

174,015

(11,766)

LME

Zinc

Base

Metal

4

11/2020

USD

239,700

(9,912)

Copper

8

12/2020

USD

606,500

229

Micro

Gold

31

12/2020

USD

587,605

7,351

Mini-DAX

Index

8

12/2020

EUR

599,310

(12,466)

NASDAQ

100

E-Mini

Index

25

12/2020

USD

570,363

683

S&P

500

E-Mini

Index

34

12/2020

USD

569,840

(7,595)

Silver

2

12/2020

USD

234,940

(43,915)

TOPIX

Index

5

12/2020

JPY

770,635

13,201

U.S.

Treasury

10

Year

Note

30

12/2020

USD

4,185,937

8,453

U.S.

Treasury

Long

Bond

9

12/2020

USD

1,586,530

(1,574)

U.S.

Treasury

Ultra

Bond

4

12/2020

USD

887,250

(4,329)

(68,259)

At

September

30,

2020,

the

Fund

had

$429,336

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

-

September

30,

2020

(Unaudited)

-

Consolidated

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

1,721,326

$

–

$

1,721,326

Foreign

Government

Securities

–

2,481,278

–

2,481,278

Futures

Contracts

29,917

–

–

29,917

Supranational

–

2,285,533

–

2,285,533

Total

Assets

$

29,917

$

6,488,137

$

–

$

6,518,054

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(98,176)

$

–

$

–

$

(98,176)

Total

Liabilities

$

(98,176)

$

–

$

–

$

(98,176)

Total

$

(68,259)

$

6,488,137

$

–

$

6,419,878

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Consolidated

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

appreciation

from

futures

contracts

$

7,580

Equity

risk

Unrealized

appreciation

from

futures

contracts

13,884

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

8,453

Total

$

29,917

Liabilities:

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

$

(72,212)

Equity

risk

Unrealized

depreciation

from

futures

contracts

(20,061)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(5,903)

Total

$

(

98,176

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

BlackRock

NVIT

Equity

Dividend

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

91.5%

Shares

Value

($)

Aerospace

&

Defense

2.3%

BAE

Systems

plc

1,399,634

8,657,442

Air

Freight

&

Logistics

0.4%

FedEx

Corp.

5,620

1,413,542

Automobiles

1.5%

General

Motors

Co.

193,910

5,737,797

Banks

9.0%

Bank

of

America

Corp.

459,062

11,058,804

Citigroup,

Inc.

229,713

9,902,927

JPMorgan

Chase

&

Co.

47,884

4,609,793

Wells

Fargo

&

Co.

368,594

8,665,645

34,237,169

Beverages

2.4%

Coca-Cola

Co.

(The)

77,080

3,805,440

Constellation

Brands,

Inc.,

Class

A

28,000

5,306,280

9,111,720

Capital

Markets

5.0%

Charles

Schwab

Corp.

(The)

(a)

145,530

5,272,552

CME

Group,

Inc.

17,500

2,927,925

Morgan

Stanley

97,961

4,736,414

Raymond

James

Financial,

Inc.(a)

82,440

5,998,335

18,935,226

Chemicals

2.0%

Corteva

,

Inc.

73,277

2,111,110

DuPont

de

Nemours,

Inc.

51,118

2,836,027

PPG

Industries,

Inc.

20,580

2,512,406

7,459,543

Communications

Equipment

1.7%

Cisco

Systems,

Inc.

76,265

3,004,079

Motorola

Solutions,

Inc.

22,609

3,545,317

6,549,396

Consumer

Finance

0.9%

American

Express

Co.

32,120

3,220,030

Diversified

Financial

Services

2.4%

Berkshire

Hathaway,

Inc.,

Class

B*

31,630

6,735,292

Equitable

Holdings,

Inc.

131,778

2,403,631

9,138,923

Diversified

Telecommunication

Services

4.1%

Verizon

Communications,

Inc.

260,537

15,499,346

Electric

Utilities

1.5%

Edison

International

61,490

3,126,151

PPL

Corp.

80,956

2,202,813

Siemens

Energy

AG*

18,875

508,990

5,837,954

Food

Products

1.2%

Danone

SA

35,620

2,303,941

Nestle

SA

(Registered)

19,989

2,371,477

4,675,418

Health

Care

Equipment

&

Supplies

5.6%

Alcon,

Inc.*

70,706

4,014,266

Koninklijke

Philips

NV*

154,688

7,287,389

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Medtronic

plc

95,716

9,946,807

21,248,462

Health

Care

Providers

&

Services

6.0%

Anthem,

Inc.

27,910

7,496,347

CVS

Health

Corp.

87,067

5,084,713

Humana,

Inc.

3,850

1,593,476

McKesson

Corp.

19,998

2,978,302

UnitedHealth

Group,

Inc.

18,530

5,777,098

22,929,936

Household

Durables

1.2%

Newell

Brands,

Inc.

145,459

2,496,077

Sony

Corp.

25,300

1,935,068

4,431,145

Household

Products

1.4%

Henkel

AG

&

Co.

KGaA

(Preference)

52,480

5,495,232

Industrial

Conglomerates

2.3%

General

Electric

Co.

614,337

3,827,320

Siemens

AG

(Registered)

37,750

4,773,325

8,600,645

Insurance

6.4%

Allstate

Corp.

(The)

26,139

2,460,726

American

International

Group,

Inc.

266,619

7,340,021

Arthur

J

Gallagher

&

Co.

69,270

7,313,527

Fidelity

National

Financial,

Inc.

82,427

2,580,789

MetLife,

Inc.

128,389

4,772,219

24,467,282

IT

Services

3.9%

Cognizant

Technology

Solutions

Corp.,

Class

A

129,520

8,991,278

Visa,

Inc.,

Class

A(a)

29,981

5,995,301

14,986,579

Media

3.2%

Comcast

Corp.,

Class

A

176,161

8,149,208

Fox

Corp.,

Class

A

126,990

3,534,132

Fox

Corp.,

Class

B

17,800

497,866

12,181,206

Multiline

Retail

0.3%

Dollar

General

Corp.

6,089

1,276,376

Multi-Utilities

2.0%

NiSource,

Inc.

86,660

1,906,520

Public

Service

Enterprise

Group,

Inc.

100,481

5,517,412

7,423,932

Oil,

Gas

&

Consumable

Fuels

5.3%

BP

plc

675,760

1,962,007

ConocoPhillips

82,780

2,718,495

Equinor

ASA

221,000

3,118,886

Marathon

Petroleum

Corp.

172,530

5,062,030

Pioneer

Natural

Resources

Co.

42,427

3,648,298

Williams

Cos.,

Inc.

(The)

190,016

3,733,814

20,243,530

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

BlackRock

NVIT

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Personal

Products

2.3%

Unilever

NV,

NYRS-UK

144,353

8,718,921

Pharmaceuticals

5.3%

AstraZeneca

plc

47,503

5,170,272

Bayer

AG

(Registered)

100,451

6,278,256

Sanofi

84,860

8,508,833

19,957,361

Road

&

Rail

1.0%

Union

Pacific

Corp.

20,190

3,974,805

Semiconductors

&

Semiconductor

Equipment

1.4%

Applied

Materials,

Inc.

30,980

1,841,761

NXP

Semiconductors

NV

27,670

3,453,493

5,295,254

Software

2.1%

CDK

Global,

Inc.

41,124

1,792,595

Microsoft

Corp.

21,635

4,550,490

Open

Text

Corp.

42,242

1,784,302

8,127,387

Specialty

Retail

2.5%

Lowe's

Cos.,

Inc.

20,710

3,434,961

Ross

Stores,

Inc.

39,950

3,728,134

TJX

Cos.,

Inc.

(The)

38,920

2,165,898

9,328,993

Technology

Hardware,

Storage

&

Peripherals

2.3%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

6,940

8,787,581

Tobacco

2.0%

Altria

Group,

Inc.

176,944

6,837,116

British

American

Tobacco

plc

23,240

835,315

7,672,431

Trading

Companies

&

Distributors

0.6%

Ferguson

plc

24,270

2,441,959

Total

Common

Stocks

(cost

$327,319,893)

348,062,523

Master

Limited

Partnership

1.3%

Oil,

Gas

&

Consumable

Fuels

1.3%

Enterprise

Products

Partners

LP

305,831

4,829,071

Total

Master

Limited

Partnership

(cost  $7,140,402)

4,829,071

Total

Investments

(cost

$334,460,295)

—

92.8%

352,891,594

Other

assets

in

excess

of

liabilities

—

7.2%

27,279,044

NET

ASSETS

—

100.0%

$

380,170,638

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$11,281,346,

which

was

collateralized

by

$11,432,748

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050.

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

BlackRock

NVIT

Equity

Dividend

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

BlackRock

NVIT

Equity

Dividend

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

8,657,442

$

–

$

8,657,442

Air

Freight

&

Logistics

1,413,542

–

–

1,413,542

Automobiles

5,737,797

–

–

5,737,797

Banks

34,237,169

–

–

34,237,169

Beverages

9,111,720

–

–

9,111,720

Capital

Markets

18,935,226

–

–

18,935,226

Chemicals

7,459,543

–

–

7,459,543

Communications

Equipment

6,549,396

–

–

6,549,396

Consumer

Finance

3,220,030

–

–

3,220,030

Diversified

Financial

Services

9,138,923

–

–

9,138,923

Diversified

Telecommunication

Services

15,499,346

–

–

15,499,346

Electric

Utilities

5,837,954

–

–

5,837,954

Food

Products

–

4,675,418

–

4,675,418

Health

Care

Equipment

&

Supplies

9,946,807

11,301,655

–

21,248,462

Health

Care

Providers

&

Services

22,929,936

–

–

22,929,936

Household

Durables

2,496,077

1,935,068

–

4,431,145

Household

Products

–

5,495,232

–

5,495,232

Industrial

Conglomerates

3,827,320

4,773,325

–

8,600,645

Insurance

24,467,282

–

–

24,467,282

IT

Services

14,986,579

–

–

14,986,579

Media

12,181,206

–

–

12,181,206

Multiline

Retail

1,276,376

–

–

1,276,376

Multi-Utilities

7,423,932

–

–

7,423,932

Oil,

Gas

&

Consumable

Fuels

15,162,637

5,080,893

–

20,243,530

Personal

Products

8,718,921

–

–

8,718,921

Pharmaceuticals

–

19,957,361

–

19,957,361

Road

&

Rail

3,974,805

–

–

3,974,805

Semiconductors

&

Semiconductor

Equipment

5,295,254

–

–

5,295,254

Software

8,127,387

–

–

8,127,387

Specialty

Retail

9,328,993

–

–

9,328,993

Technology

Hardware,

Storage

&

Peripherals

–

8,787,581

–

8,787,581

Tobacco

6,837,116

835,315

–

7,672,431

Trading

Companies

&

Distributors

–

2,441,959

–

2,441,959

Total

Common

Stocks

$

274,121,274

$

73,941,249

$

–

$

348,062,523

Master

Limited

Partnership

4,829,071

–

–

4,829,071

Total

$

278,950,345

$

73,941,249

$

–

$

352,891,594

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.

Neuberger

Berman

NVIT

Multi

Cap

Opportunities

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

99.9%

Shares

Value

($)

Aerospace

&

Defense

2.0%

Raytheon

Technologies

Corp.

72,000

4,142,880

Banks

2.9%

JPMorgan

Chase

&

Co.

64,000

6,161,280

Capital

Markets

6.8%

Brookfield

Asset

Management,

Inc.,

Class

A

245,000

8,099,700

Charles

Schwab

Corp.

(The)

90,000

3,260,700

Intercontinental

Exchange,

Inc.

28,000

2,801,400

14,161,800

Chemicals

2.0%

Sherwin-Williams

Co.

(The)

6,000

4,180,440

Communications

Equipment

6.5%

Cisco

Systems,

Inc.

158,000

6,223,620

Motorola

Solutions,

Inc.

47,000

7,370,070

13,593,690

Construction

Materials

1.2%

Eagle

Materials,

Inc.

30,000

2,589,600

Containers

&

Packaging

3.9%

Ball

Corp.

98,000

8,145,760

Diversified

Financial

Services

4.9%

Berkshire

Hathaway,

Inc.,

Class

B*

48,000

10,221,120

Electrical

Equipment

1.9%

Rockwell

Automation,

Inc.

18,500

4,082,580

Entertainment

3.1%

Activision

Blizzard,

Inc.

45,000

3,642,750

Walt

Disney

Co.

(The)

22,500

2,791,800

6,434,550

Food

&

Staples

Retailing

2.7%

BJ's

Wholesale

Club

Holdings,

Inc.*

67,000

2,783,850

US

Foods

Holding

Corp.*

130,000

2,888,600

5,672,450

Food

Products

3.0%

Lamb

Weston

Holdings,

Inc.

46,000

3,048,420

Mondelez

International,

Inc.,

Class

A

57,000

3,274,650

6,323,070

Health

Care

Equipment

&

Supplies

2.7%

Hill-Rom

Holdings,

Inc.

67,000

5,595,170

Health

Care

Providers

&

Services

3.2%

HCA

Healthcare,

Inc.

54,000

6,732,720

Hotels,

Restaurants

&

Leisure

5.0%

Aramark

135,000

3,570,750

Las

Vegas

Sands

Corp.

61,000

2,846,260

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

McDonald's

Corp.

19,000

4,170,310

10,587,320

Household

Products

1.0%

WD-40

Co.

11,000

2,082,410

Insurance

3.2%

Chubb

Ltd.

35,000

4,064,200

Progressive

Corp.

(The)

27,000

2,556,090

6,620,290

Interactive

Media

&

Services

4.4%

Alphabet,

Inc.,

Class

C*

6,300

9,258,480

Internet

&

Direct

Marketing

Retail

2.9%

Amazon.com,

Inc.*

1,900

5,982,587

IT

Services

3.4%

PayPal

Holdings,

Inc.*

36,000

7,093,080

Leisure

Products

0.6%

Brunswick

Corp.

23,000

1,354,930

Machinery

6.1%

Allison

Transmission

Holdings,

Inc.

85,000

2,986,900

Nordson

Corp.

17,000

3,260,940

Stanley

Black

&

Decker,

Inc.

41,000

6,650,200

12,898,040

Media

4.4%

Cable

One,

Inc.

1,500

2,828,145

Comcast

Corp.,

Class

A

140,000

6,476,400

9,304,545

Pharmaceuticals

2.2%

Pfizer,

Inc.

125,000

4,587,500

Road

&

Rail

3.0%

CSX

Corp.

81,000

6,291,270

Software

4.9%

Microsoft

Corp.

49,000

10,306,170

Specialty

Retail

3.0%

Lowe's

Cos.,

Inc.

37,500

6,219,750

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

104,000

12,044,240

Textiles,

Apparel

&

Luxury

Goods

3.3%

Columbia

Sportswear

Co.

23,000

2,000,540

NIKE,

Inc.,

Class

B

39,000

4,896,060

6,896,600

Total

Investments

(cost

$130,907,478)

—

99.9%

209,564,322

Other

assets

in

excess

of

liabilities

—

0.1%

175,954

NET

ASSETS

—

100.0%

$

209,740,276

*

Denotes

a

non-income

producing

security.

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Neuberger

Berman

NVIT

Multi

Cap

Opportunities

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Neuberger

Berman

NVIT

Multi

Cap

Opportunities

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

209,564,322

$

–

$

–

$

209,564,322

Total

$

209,564,322

$

–

$

–

$

209,564,322

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.

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

97.3%

Shares

Value

($)

Air

Freight

&

Logistics

1.6%

CH

Robinson

Worldwide,

Inc.

(a)

75,716

7,737,418

Expeditors

International

of

Washington,

Inc.

36,787

3,329,959

11,067,377

Banks

0.9%

JPMorgan

Chase

&

Co.

39,271

3,780,619

SVB

Financial

Group*

10,779

2,593,643

6,374,262

Beverages

3.3%

Brown-Forman

Corp.,

Class

B

4,800

361,536

Coca-Cola

Co.

(The)

90,804

4,482,994

Constellation

Brands,

Inc.,

Class

A

5,726

1,085,134

Monster

Beverage

Corp.*

81,641

6,547,608

PepsiCo,

Inc.

71,839

9,956,885

22,434,157

Biotechnology

3.3%

Alkermes

plc*(a)

15,392

255,046

Amgen,

Inc.

7,697

1,956,270

Biogen,

Inc.*

18,499

5,247,796

Exelixis

,

Inc.*

9,684

236,774

Gilead

Sciences,

Inc.

41,439

2,618,530

Incyte

Corp.*

10,343

928,181

Regeneron

Pharmaceuticals,

Inc.*

11,990

6,711,762

Seattle

Genetics,

Inc.*

4,597

899,587

Vertex

Pharmaceuticals,

Inc.*

14,161

3,853,491

22,707,437

Capital

Markets

1.5%

BlackRock,

Inc.

3,382

1,905,926

Cboe

Global

Markets,

Inc.

3,060

268,485

CME

Group,

Inc.

16,807

2,811,979

MarketAxess

Holdings,

Inc.

2,112

1,017,118

SEI

Investments

Co.

27,358

1,387,598

T.

Rowe

Price

Group,

Inc.

22,170

2,842,637

10,233,743

Chemicals

3.1%

Air

Products

&

Chemicals,

Inc.

4,353

1,296,585

Ecolab,

Inc.

47,967

9,585,725

Linde

plc

24,989

5,950,631

NewMarket

Corp.

750

256,740

PPG

Industries,

Inc.

19,121

2,334,292

Sherwin-Williams

Co.

(The)

2,233

1,555,820

20,979,793

Commercial

Services

&

Supplies

2.2%

Copart

,

Inc.*

15,158

1,594,015

Republic

Services,

Inc.

48,094

4,489,575

Rollins,

Inc.

5,457

295,715

Waste

Management,

Inc.

75,198

8,510,158

14,889,463

Communications

Equipment

0.6%

Cisco

Systems,

Inc.

102,561

4,039,878

F5

Networks,

Inc.*

1,700

208,709

4,248,587

Common

Stocks

Shares

Value

($)

Consumer

Finance

0.1%

American

Express

Co.

5,511

552,478

Distributors

0.1%

Pool

Corp.

1,022

341,900

Diversified

Telecommunication

Services

1.5%

AT&T,

Inc.

11,181

318,771

Verizon

Communications,

Inc.

165,731

9,859,337

10,178,108

Electric

Utilities

5.1%

Alliant

Energy

Corp.

5,271

272,247

American

Electric

Power

Co.,

Inc.

76,162

6,224,720

Duke

Energy

Corp.(a)

43,285

3,833,320

Evergy

,

Inc.

42,188

2,143,994

Eversource

Energy

42,108

3,518,123

NextEra

Energy,

Inc.

34,652

9,618,009

Pinnacle

West

Capital

Corp.

51,852

3,865,567

Xcel

Energy,

Inc.

76,481

5,277,954

34,753,934

Electrical

Equipment

1.0%

Eaton

Corp.

plc

40,024

4,083,649

Emerson

Electric

Co.

8,211

538,395

Rockwell

Automation,

Inc.

8,297

1,830,982

6,453,026

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

4,613

499,450

Cognex

Corp.

46,013

2,995,446

Dolby

Laboratories,

Inc.,

Class

A

3,451

228,732

National

Instruments

Corp.

16,145

576,377

4,300,005

Entertainment

0.4%

Electronic

Arts,

Inc.*

2,239

291,988

Spotify

Technology

SA*

2,545

617,341

Take-Two

Interactive

Software,

Inc.*

5,816

960,919

Walt

Disney

Co.

(The)

4,946

613,700

2,483,948

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Public

Storage

9,802

2,183,101

Food

&

Staples

Retailing

4.0%

Casey's

General

Stores,

Inc.

3,425

608,451

Costco

Wholesale

Corp.

28,392

10,079,160

Kroger

Co.

(The)

181,794

6,164,634

Sprouts

Farmers

Market,

Inc.*(a)

10,030

209,928

Walmart,

Inc.

71,970

10,069,323

27,131,496

Food

Products

3.8%

Campbell

Soup

Co.(a)

14,807

716,215

Flowers

Foods,

Inc.

82,304

2,002,456

General

Mills,

Inc.

15,780

973,311

Hain

Celestial

Group,

Inc.

(The)*

8,566

293,814

Hershey

Co.

(The)

21,633

3,100,874

Hormel

Foods

Corp.(a)

171,715

8,395,146

J

M

Smucker

Co.

(The)

9,691

1,119,504

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Food

Products

Lamb

Weston

Holdings,

Inc.(a)

12,867

852,696

McCormick

&

Co.,

Inc.

(Non-Voting)

16,627

3,227,301

Mondelez

International,

Inc.,

Class

A

95,057

5,461,025

26,142,342

Gas

Utilities

0.6%

Atmos

Energy

Corp.

40,099

3,833,063

Health

Care

Equipment

&

Supplies

3.4%

Abbott

Laboratories

84,286

9,172,846

Danaher

Corp.

1,513

325,794

Edwards

Lifesciences

Corp.*

42,664

3,405,441

IDEXX

Laboratories,

Inc.*

3,391

1,333,036

Intuitive

Surgical,

Inc.*

12,532

8,891,955

23,129,072

Health

Care

Providers

&

Services

2.7%

Anthem,

Inc.

10,449

2,806,497

Chemed

Corp.

3,860

1,854,151

Henry

Schein,

Inc.*

58,744

3,452,973

UnitedHealth

Group,

Inc.

31,838

9,926,133

18,039,754

Health

Care

Technology

0.1%

Veeva

Systems,

Inc.,

Class

A*

2,788

783,958

Household

Products

3.8%

Church

&

Dwight

Co.,

Inc.

23,712

2,222,051

Clorox

Co.

(The)

32,922

6,919,217

Colgate-Palmolive

Co.

75,815

5,849,127

Kimberly-Clark

Corp.

8,692

1,283,461

Procter

&

Gamble

Co.

(The)

70,942

9,860,229

26,134,085

Industrial

Conglomerates

1.2%

3M

Co.

25,461

4,078,343

Honeywell

International,

Inc.

25,513

4,199,695

8,278,038

Insurance

4.7%

Allstate

Corp.

(The)

61,523

5,791,775

Aon

plc,

Class

A(a)

1,560

321,828

Chubb

Ltd.

21,674

2,516,785

Everest

Re

Group

Ltd.

15,030

2,969,026

Markel

Corp.*

1,291

1,257,047

Marsh

&

McLennan

Cos.,

Inc.

38,056

4,365,023

Progressive

Corp.

(The)

104,695

9,911,476

RenaissanceRe

Holdings

Ltd.

11,219

1,904,313

Travelers

Cos.,

Inc.

(The)

25,638

2,773,775

31,811,048

Interactive

Media

&

Services

2.9%

Alphabet,

Inc.,

Class

A*

6,782

9,939,699

Facebook,

Inc.,

Class

A*

38,233

10,013,223

19,952,922

Internet

&

Direct

Marketing

Retail

2.0%

Amazon.com,

Inc.*

3,098

9,754,765

Booking

Holdings,

Inc.*

2,363

4,042,337

13,797,102

IT

Services

6.5%

Accenture

plc,

Class

A

43,341

9,794,633

Akamai

Technologies,

Inc.*

28,480

3,148,179

Common

Stocks

Shares

Value

($)

IT

Services

Amdocs

Ltd.(a)

22,586

1,296,662

Automatic

Data

Processing,

Inc.

13,213

1,843,081

Broadridge

Financial

Solutions,

Inc.

2,776

366,432

Jack

Henry

&

Associates,

Inc.

14,105

2,293,332

Mastercard

,

Inc.,

Class

A

29,171

9,864,757

Paychex,

Inc.

55,526

4,429,309

VeriSign,

Inc.*

7,767

1,591,070

Visa,

Inc.,

Class

A(a)

48,749

9,748,338

44,375,793

Life

Sciences

Tools

&

Services

2.6%

Agilent

Technologies,

Inc.

3,763

379,837

Bio-

Techne

Corp.

1,164

288,358

Illumina,

Inc.*

5,382

1,663,469

Mettler

-Toledo

International,

Inc.*

5,348

5,164,831

QIAGEN

NV*

5,163

269,818

Thermo

Fisher

Scientific,

Inc.

20,944

9,247,195

Waters

Corp.*

1,811

354,376

17,367,884

Machinery

1.2%

Caterpillar,

Inc.

12,104

1,805,311

IDEX

Corp.

7,454

1,359,684

Illinois

Tool

Works,

Inc.

23,267

4,495,417

Stanley

Black

&

Decker,

Inc.

1,968

319,210

7,979,622

Media

0.8%

Cable

One,

Inc.

366

690,067

Charter

Communications,

Inc.,

Class

A*(a)

5,977

3,731,680

Comcast

Corp.,

Class

A

11,921

551,466

New

York

Times

Co.

(The),

Class

A(a)

5,354

229,098

5,202,311

Metals

&

Mining

0.6%

Newmont

Corp.

62,914

3,991,893

Multiline

Retail

0.9%

Target

Corp.

40,267

6,338,831

Multi-Utilities

3.9%

Ameren

Corp.

83,269

6,584,913

Consolidated

Edison,

Inc.(a)

37,368

2,907,230

Dominion

Energy,

Inc.

51,756

4,085,101

DTE

Energy

Co.

37,547

4,319,407

Public

Service

Enterprise

Group,

Inc.

55,811

3,064,582

WEC

Energy

Group,

Inc.

59,197

5,736,189

26,697,422

Personal

Products

0.8%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

25,660

5,600,295

Pharmaceuticals

4.5%

Eli

Lilly

&

Co.

38,238

5,659,989

Johnson

&

Johnson

66,485

9,898,287

Merck

&

Co.,

Inc.

107,826

8,944,167

Pfizer,

Inc.

102,788

3,772,319

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.

15,841

2,619,626

30,894,388

Professional

Services

0.8%

CoStar

Group,

Inc.*

4,157

3,527,256

Robert

Half

International,

Inc.

41,944

2,220,515

5,747,771

Road

&

Rail

1.5%

Landstar

System,

Inc.

26,192

3,286,834

Old

Dominion

Freight

Line,

Inc.

38,148

6,901,736

10,188,570

Semiconductors

&

Semiconductor

Equipment

2.8%

Broadcom,

Inc.

3,981

1,450,358

NVIDIA

Corp.

7,391

4,000,157

Skyworks

Solutions,

Inc.

10,040

1,460,820

Texas

Instruments,

Inc.

64,847

9,259,503

Xilinx,

Inc.

24,623

2,566,702

18,737,540

Software

5.6%

Adobe,

Inc.*

20,407

10,008,205

ANSYS,

Inc.*

2,126

695,691

Atlassian

Corp.

plc,

Class

A*

5,766

1,048,201

Citrix

Systems,

Inc.

1,441

198,440

Dropbox,

Inc.,

Class

A*

52,667

1,014,366

Intuit,

Inc.

25,018

8,161,122

Microsoft

Corp.

47,307

9,950,081

Oracle

Corp.

53,034

3,166,130

Zoom

Video

Communications,

Inc.,

Class

A*

6,034

2,836,644

Zscaler

,

Inc.*(a)

4,423

622,272

37,701,152

Specialty

Retail

2.6%

Best

Buy

Co.,

Inc.

6,129

682,096

Home

Depot,

Inc.

(The)

36,216

10,057,545

Lowe's

Cos.,

Inc.

37,271

6,181,768

O'Reilly

Automotive,

Inc.*

1,370

631,680

17,553,089

Technology

Hardware,

Storage

&

Peripherals

1.5%

Apple,

Inc.

86,705

10,041,306

Textiles,

Apparel

&

Luxury

Goods

2.1%

Lululemon

Athletica,

Inc.*

26,586

8,756,631

NIKE,

Inc.,

Class

B

46,082

5,785,134

14,541,765

Thrifts

&

Mortgage

Finance

0.0%

†

TFS

Financial

Corp.

15,133

222,304

Tobacco

0.9%

Altria

Group,

Inc.

74,879

2,893,325

Philip

Morris

International,

Inc.

40,449

3,033,270

5,926,595

Water

Utilities

1.4%

American

Water

Works

Co.,

Inc.

58,526

8,479,247

Common

Stocks

Shares

Value

($)

Water

Utilities

Essential

Utilities,

Inc.

33,374

1,343,303

9,822,550

Wireless

Telecommunication

Services

1.5%

T-Mobile

US,

Inc.*

86,923

9,940,514

Total

Common

Stocks

(cost

$463,958,481)

662,085,794

Repurchase

Agreements

0.3%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,532,943,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,563,598.

(b)

1,532,939

1,532,939

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$200,001,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$204,000.(b)

200,000

200,000

Total

Repurchase

Agreements

(cost

$1,732,939)

1,732,939

Total

Investments

(cost

$465,691,420)

—

97.6%

663,818,733

Other

assets

in

excess

of

liabilities

—

2.4%

15,993,815

NET

ASSETS

—

100.0%

$

679,812,548

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$28,029,949,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,732,939

and

by

$26,677,303

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$28,410,242.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$1,732,939.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

73

12/2020

USD

12,234,800

70,696

70,696

At

September

30,

2020,

the

Fund

had

$963,600

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

662,085,794

$

–

$

–

$

662,085,794

Futures

Contracts

70,696

–

–

70,696

Repurchase

Agreements

–

1,732,939

–

1,732,939

Total

$

662,156,490

$

1,732,939

$

–

$

663,889,429

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

70,696

Total

$

70,696

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.

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

J.P.

Morgan

Disciplined

Equity

Fund

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

2.4%

Northrop

Grumman

Corp.

692

218,319

Automobiles

0.7%

Tesla,

Inc.*

157

67,355

Banks

4.2%

Huntington

Bancshares,

Inc.

3,793

34,782

KeyCorp

5,896

70,339

SVB

Financial

Group*

264

63,524

Truist

Financial

Corp.

5,707

217,151

385,796

Beverages

4.0%

Coca-Cola

Co.

(The)

3,748

185,039

Constellation

Brands,

Inc.,

Class

A

923

174,918

359,957

Biotechnology

2.6%

AbbVie,

Inc.

2,275

199,267

Biogen,

Inc.*

117

33,191

232,458

Capital

Markets

2.0%

Ameriprise

Financial,

Inc.

611

94,161

Morgan

Stanley

1,821

88,046

182,207

Chemicals

1.3%

Eastman

Chemical

Co.

1,529

119,446

Containers

&

Packaging

1.5%

Crown

Holdings,

Inc.*

1,755

134,889

Electric

Utilities

4.4%

NextEra

Energy,

Inc.

904

250,914

Xcel

Energy,

Inc.

2,098

144,783

395,697

Electrical

Equipment

2.8%

Eaton

Corp.

plc

2,482

253,238

Entertainment

2.2%

Netflix,

Inc.*

405

202,512

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Prologis,

Inc.

2,421

243,601

Health

Care

Equipment

&

Supplies

3.6%

Baxter

International,

Inc.

733

58,948

Boston

Scientific

Corp.*

5,201

198,730

Intuitive

Surgical,

Inc.*

101

71,664

329,342

Health

Care

Providers

&

Services

3.8%

Cigna

Corp.

1,072

181,608

Quest

Diagnostics,

Inc.

409

46,826

UnitedHealth

Group,

Inc.

379

118,161

346,595

Hotels,

Restaurants

&

Leisure

3.4%

McDonald's

Corp.

917

201,272

Yum!

Brands,

Inc.

1,169

106,730

308,002

Insurance

1.8%

Chubb

Ltd.

510

59,221

Common

Stocks

Shares

Value

($)

Insurance

Progressive

Corp.

(The)

1,091

103,285

162,506

Interactive

Media

&

Services

5.4%

Alphabet,

Inc.,

Class

A*

227

332,691

Alphabet,

Inc.,

Class

C*

74

108,750

Facebook,

Inc.,

Class

A*

192

50,285

491,726

Internet

&

Direct

Marketing

Retail

6.6%

Amazon.com,

Inc.*

189

595,110

IT

Services

8.4%

Booz

Allen

Hamilton

Holding

Corp.

609

50,535

FleetCor

Technologies,

Inc.*

540

128,574

Leidos

Holdings,

Inc.

1,736

154,764

Mastercard

,

Inc.,

Class

A

1,054

356,431

Okta

,

Inc.*

113

24,165

Visa,

Inc.,

Class

A

236

47,193

761,662

Machinery

1.0%

Stanley

Black

&

Decker,

Inc.

587

95,211

Media

1.4%

Altice

USA,

Inc.,

Class

A*

1,692

43,992

Charter

Communications,

Inc.,

Class

A*

126

78,667

122,659

Multi-Utilities

0.9%

CMS

Energy

Corp.

1,258

77,254

Oil,

Gas

&

Consumable

Fuels

0.7%

Pioneer

Natural

Resources

Co.

775

66,642

Pharmaceuticals

3.3%

Bristol-Myers

Squibb

Co.

2,277

137,280

Eli

Lilly

&

Co.

1,080

159,862

297,142

Road

&

Rail

2.7%

Norfolk

Southern

Corp.

1,154

246,944

Semiconductors

&

Semiconductor

Equipment

9.0%

Advanced

Micro

Devices,

Inc.*

1,458

119,541

Analog

Devices,

Inc.

1,290

150,595

ASML

Holding

NV

(Registered),

NYRS-NL

288

106,350

NXP

Semiconductors

NV

1,016

126,807

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

1,800

145,926

Texas

Instruments,

Inc.

1,208

172,490

821,709

Software

8.7%

Microsoft

Corp.

3,008

632,673

salesforce.com,

Inc.*

645

162,101

794,774

Specialty

Retail

2.9%

O'Reilly

Automotive,

Inc.*

404

186,276

NVIT

J.P.

Morgan

Disciplined

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ross

Stores,

Inc.

784

73,163

259,439

Technology

Hardware,

Storage

&

Peripherals

4.7%

Apple,

Inc.

3,711

429,771

Total

Investments

(cost

$8,113,015)

—

99.1%

9,001,963

Other

assets

in

excess

of

liabilities

—

0.9%

82,226

NET

ASSETS

—

100.0%

$

9,084,189

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

TW

Taiwan

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

J.P.

Morgan

Disciplined

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

Disciplined

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

9,001,963

$

–

$

–

$

9,001,963

Total

$

9,001,963

$

–

$

–

$

9,001,963

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.

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

98.4%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Lockheed

Martin

Corp.(a)

6,461

2,476,372

Air

Freight

&

Logistics

1.3%

Expeditors

International

of

Washington,

Inc.

27,543

2,493,192

Auto

Components

0.4%

Visteon

Corp.*(a)

12,341

854,244

Biotechnology

4.9%

Agios

Pharmaceuticals,

Inc.*(a)

7,623

266,805

Akebia

Therapeutics,

Inc.*(a)

36,670

92,042

Apellis

Pharmaceuticals,

Inc.*(a)

13,435

405,334

BioMarin

Pharmaceutical,

Inc.*

8,515

647,821

Bluebird

Bio,

Inc.*(a)

17,280

932,256

Editas

Medicine,

Inc.*(a)

13,074

366,856

Global

Blood

Therapeutics,

Inc.*(a)

5,711

314,905

Incyte

Corp.*

29,146

2,615,562

Ionis

Pharmaceuticals,

Inc.*(a)

15,567

738,654

Neurocrine

Biosciences,

Inc.*(a)

4,217

405,507

Sage

Therapeutics,

Inc.*

6,717

410,543

Vertex

Pharmaceuticals,

Inc.*

8,616

2,344,586

9,540,871

Capital

Markets

1.2%

Intercontinental

Exchange,

Inc.

1,994

199,500

LPL

Financial

Holdings,

Inc.(a)

27,660

2,120,692

2,320,192

Chemicals

0.6%

Scotts

Miracle-

Gro

Co.

(The)

(a)

1,075

164,378

W

R

Grace

&

Co.

26,572

1,070,586

1,234,964

Communications

Equipment

0.9%

CommScope

Holding

Co.,

Inc.*(a)

185,135

1,666,215

Construction

&

Engineering

0.5%

EMCOR

Group,

Inc.

15,254

1,032,848

Consumer

Finance

1.4%

Green

Dot

Corp.,

Class

A*

17,330

877,071

SLM

Corp.(a)

221,021

1,788,060

2,665,131

Diversified

Consumer

Services

1.1%

H&R

Block,

Inc.(a)

132,656

2,160,966

Diversified

Telecommunication

Services

0.7%

Cogent

Communications

Holdings,

Inc.(a)

21,849

1,312,033

Electronic

Equipment,

Instruments

&

Components

1.2%

Coherent,

Inc.*

3,714

411,994

Jabil,

Inc.

54,626

1,871,487

2,283,481

Entertainment

1.0%

Take-Two

Interactive

Software,

Inc.*

11,084

1,831,299

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Equity

LifeStyle

Properties,

Inc.

21,922

1,343,819

National

Health

Investors,

Inc.

4,728

284,956

1,628,775

Food

&

Staples

Retailing

0.2%

Sprouts

Farmers

Market,

Inc.*(a)

17,804

372,638

Food

Products

1.3%

Hershey

Co.

(The)

14,272

2,045,749

Sanderson

Farms,

Inc.(a)

3,396

400,626

2,446,375

Health

Care

Equipment

&

Supplies

0.5%

Insulet

Corp.*(a)

2,596

614,188

Merit

Medical

Systems,

Inc.*

8,097

352,219

966,407

Health

Care

Providers

&

Services

6.5%

AmerisourceBergen

Corp.

30,477

2,953,831

Anthem,

Inc.

9,097

2,443,363

Cardinal

Health,

Inc.

7,259

340,810

Humana,

Inc.

8,247

3,413,351

Magellan

Health,

Inc.*(a)

11,689

885,792

McKesson

Corp.

16,549

2,464,643

12,501,790

Hotels,

Restaurants

&

Leisure

3.4%

Chipotle

Mexican

Grill,

Inc.*

1,786

2,221,266

Marriott

Vacations

Worldwide

Corp.

4,266

387,396

Starbucks

Corp.

35,262

3,029,711

Wingstop

,

Inc.(a)

7,122

973,221

6,611,594

Insurance

2.1%

Axis

Capital

Holdings

Ltd.

44,411

1,955,860

Lincoln

National

Corp.

30,531

956,536

RenaissanceRe

Holdings

Ltd.

(a)

6,594

1,119,266

4,031,662

Interactive

Media

&

Services

6.4%

Alphabet,

Inc.,

Class

C*

5,128

7,536,109

Cargurus

,

Inc.*(a)

6,628

143,364

Facebook,

Inc.,

Class

A*

13,205

3,458,389

Yelp,

Inc.*

56,435

1,133,779

12,271,641

Internet

&

Direct

Marketing

Retail

9.1%

Amazon.com,

Inc.*

5,573

17,547,872

IT

Services

3.8%

CSG

Systems

International,

Inc.(a)

3,233

132,391

GoDaddy

,

Inc.,

Class

A*

23,936

1,818,418

Mastercard

,

Inc.,

Class

A

7,275

2,460,187

VeriSign,

Inc.*

13,149

2,693,573

Visa,

Inc.,

Class

A(a)

1,418

283,557

7,388,126

Machinery

0.1%

Allison

Transmission

Holdings,

Inc.

6,993

245,734

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

Media

1.8%

Altice

USA,

Inc.,

Class

A*

32,996

857,896

Cable

One,

Inc.(a)

168

316,752

Charter

Communications,

Inc.,

Class

A*(a)

3,620

2,260,111

3,434,759

Oil,

Gas

&

Consumable

Fuels

0.7%

Cheniere

Energy,

Inc.*

28,895

1,336,972

Paper

&

Forest

Products

1.1%

Boise

Cascade

Co.

13,613

543,431

Louisiana-Pacific

Corp.

55,552

1,639,340

2,182,771

Personal

Products

0.8%

Herbalife

Nutrition

Ltd.*

19,178

894,654

Medifast

,

Inc.(a)

3,919

644,479

1,539,133

Professional

Services

1.6%

Insperity

,

Inc.

30,276

1,982,775

TriNet

Group,

Inc.*(a)

19,248

1,141,792

3,124,567

Road

&

Rail

1.4%

Landstar

System,

Inc.

14,029

1,760,499

Old

Dominion

Freight

Line,

Inc.

5,503

995,603

2,756,102

Semiconductors

&

Semiconductor

Equipment

3.1%

QUALCOMM,

Inc.

30,857

3,631,252

Synaptics

,

Inc.*(a)

19,537

1,571,165

Universal

Display

Corp.

3,820

690,427

5,892,844

Software

20.4%

Autodesk,

Inc.*

1,352

312,326

Box,

Inc.,

Class

A*(a)

70,541

1,224,592

Ceridian

HCM

Holding,

Inc.*(a)

12,138

1,003,206

CommVault

Systems,

Inc.*

36,398

1,485,038

Cornerstone

OnDemand

,

Inc.*(a)

49,229

1,789,966

Dropbox,

Inc.,

Class

A*(a)

12,154

234,086

FireEye,

Inc.*(a)

99,875

1,232,957

Fortinet,

Inc.*

22,411

2,640,240

Intuit,

Inc.

7,477

2,439,072

Microsoft

Corp.

82,164

17,281,554

New

Relic,

Inc.*(a)

20,845

1,174,824

Nutanix

,

Inc.,

Class

A*

40,814

905,254

Palo

Alto

Networks,

Inc.*

3,221

788,340

Progress

Software

Corp.

33,319

1,222,141

Teradata

Corp.*(a)

72,628

1,648,656

Varonis

Systems,

Inc.*(a)

9,416

1,086,795

Verint

Systems,

Inc.*

23,029

1,109,537

Workiva

,

Inc.*(a)

15,544

866,733

Zscaler

,

Inc.*

6,085

856,099

39,301,416

Specialty

Retail

4.3%

Asbury

Automotive

Group,

Inc.*

6,384

622,121

AutoZone,

Inc.*

2,385

2,808,671

Lowe's

Cos.,

Inc.

28,699

4,760,016

8,190,808

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

12.5%

Apple,

Inc.

165,796

19,200,835

Dell

Technologies,

Inc.,

Class

C*

51,407

3,479,740

NetApp,

Inc.

3,284

143,970

Pure

Storage,

Inc.,

Class

A*(a)

89,562

1,378,359

24,202,904

Total

Common

Stocks

(cost

$138,229,633)

189,846,698

Repurchase

Agreements

4.9%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,045,441,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$5,146,338.

(b)

5,045,429

5,045,429

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$500,002,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$510,000.(b)

500,000

500,000

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$9,545,429)

9,545,429

Total

Investments

(cost

$147,775,062)

—

103.3%

199,392,127

Liabilities

in

excess

of

other

assets

—

(3.3)%

(6,413,191)

NET

ASSETS

—

100.0%

$

192,978,936

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$17,336,081,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,545,429

and

by

$8,187,703

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$17,733,132.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$9,545,429.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2020

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Adaptive

Biotechnologies

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

8/31/2021

5,272

1,371

1,371

Allison

Transmission

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

36,837

6,999

6,999

Alphabet,

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

6/30/2021

1,308

6,645

6,645

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

8,330

2,666

2,666

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

8,357

8,357

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

7,646

7,646

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

6,818

12,818

12,818

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

2,156

2,156

Atlassian

Corp.

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

8/31/2021

5,291

4,180

4,180

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

7/30/2021

5,774

5,081

5,081

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

5,956

5,956

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

3/31/2021

984

120,786

120,786

Cantel

Medical

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

6,367

7,131

7,131

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

10/29/2021

36,234

9,239

9,239

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

0.96%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

20,234

1,416

1,416

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

32,056

32,056

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

1,373

1,373

Coherent,

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

10/29/2021

5,739

6,370

6,370

CommScope

Holding

Co.,

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

8/31/2021

25,177

8,308

8,308

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

5/28/2021

12,188

12,188

12,188

Coupa

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

448

1,084

1,084

Cubic

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

1,347

3,785

3,785

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Domino's

Pizza,

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

6,233

23,311

23,311

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

22,440

22,440

Edwards

Lifesciences

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

8/31/2021

18,292

38,596

38,596

Emergent

BioSolutions

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

4,398

1,363

1,363

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

5/28/2021

6,488

9,992

9,992

Fate

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

5/28/2021

3,634

1,926

1,926

Federal

Signal

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

296

127

127

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

9/30/2021

10,526

10,737

10,737

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

4,995

7,343

7,343

GoDaddy

,

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

8/31/2021

3,293

3,425

3,425

Green

Dot

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

25,811

16,003

16,003

HEICO

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

2,646

2,064

2,064

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

7,480

7,480

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

6/30/2021

13,322

20,649

20,649

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

7,919

7,919

Insulet

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

7/30/2021

2,330

21,459

21,459

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

5,441

5,441

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

LivePerson

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

1,369

1,273

1,273

Medifast

,

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

9/30/2021

806

57

57

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

5/28/2021

5,132

5,902

5,902

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

2,950

2,950

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

3/31/2021

11,244

224,543

224,543

Monmouth

Real

Estate

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

25,213

1,009

1,009

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

1,665

1,665

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

9/30/2021

43,747

10,499

10,499

Novavax

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.72%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

164

464

464

Novocure

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

7/30/2021

8,010

23,950

23,950

NVR,

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

552

2,523

2,523

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

10,006

1,701

1,701

PagerDuty

,

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

8/31/2021

13,699

1,782

1,782

PriceSmart

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

4,484

6,681

6,681

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

8/31/2021

8,988

14,650

14,650

Scotts

Miracle-

Gro

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

10/29/2021

10,649

6,496

6,496

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

13,017

13,017

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

SJW

Group

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

4,300

1,591

1,591

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

7/30/2021

32,718

12,106

12,106

Stamps.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

10/29/2021

479

2,050

2,050

Steven

Madden

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

28,876

3,176

3,176

Stitch

Fix,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.58%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

4,191

1,551

1,551

Texas

Roadhouse,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

12,568

15,333

15,333

Verint

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

8/31/2021

19,166

12,650

12,650

Vertex

Pharmaceuticals,

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

7/30/2021

3,787

16,625

16,625

VF

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

15,869

14,917

14,917

Visteon

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

8/31/2021

5,193

3,687

3,687

Wayfair,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

0.92%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

2,810

27,341

27,341

World

Wrestling

Entertainment,

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

7/30/2021

12,692

7,615

7,615

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

3,365

3,365

Yum!

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

8/31/2021

2,329

1,351

1,351

Zoom

Video

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

189

3,317

3,317

913,723

913,723

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

8,702

(16,099)

(16,099)

Abbott

Laboratories

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

7,268

(31,907)

(31,907)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

8/31/2021

9,243

(9,428)

(9,428)

Acceleron

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

1,906

(6,747)

(6,747)

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

7/30/2021

10,729

(15,342)

(15,342)

Agios

Pharmaceuticals,

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

6/30/2021

6,378

(1,595)

(1,595)

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

3/31/2021

43,165

(23,309)

(23,309)

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

8/31/2021

95,934

(13,431)

(13,431)

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

7/30/2021

9,811

(3,336)

(3,336)

Anaplan,

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

8/31/2021

18,037

(3,968)

(3,968)

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

5/28/2021

3,538

(29,825)

(29,825)

Axis

Capital

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

5/28/2021

2,980

(536)

(536)

Balchem

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

4,840

(4,501)

(4,501)

Beyond

Meat,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

240

(3,542)

(3,542)

BioMarin

Pharmaceutical,

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

10/29/2021

12,604

(24,074)

(24,074)

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

(19,719)

(19,719)

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

(17,660)

(17,660)

Boston

Beer

Co.,

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

8/31/2021

1,225

(20,274)

(20,274)

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

(2,798)

(2,798)

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Cabot

Microelectronics

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

2,225

(823)

(823)

Cardinal

Health,

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

8/31/2021

35,505

(4,051)

(4,051)

Cargurus

,

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

6,858

(2,057)

(2,057)

Carvana

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

0.48%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

3,018

(15,211)

(15,211)

Change

Healthcare,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

35,361

(6,365)

(6,365)

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

7/30/2021

3,261

(12,685)

(12,685)

Chegg

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

11,077

(7,200)

(7,200)

ChemoCentryx

,

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

1,642

(2,135)

(2,135)

Citrix

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

3/31/2021

18,826

(11,484)

(11,484)

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

5/28/2021

18,496

(30,150)

(30,150)

Compass

Minerals

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

6,776

(2,643)

(2,643)

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

6/30/2021

24,588

(4,918)

(4,918)

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

(8,841)

(8,841)

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

3/31/2021

68,226

(1,365)

(1,365)

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

(8,168)

(8,168)

Elastic

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

8/31/2021

4,804

(4,179)

(4,179)

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

14,809

(43,538)

(43,538)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

5/28/2021

5,556

(10,042)

(10,042)

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

9/30/2021

3,013

(6,779)

(6,779)

FleetCor

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

9/30/2021

9,569

(34,544)

(34,544)

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

(5,172)

(5,172)

Gibraltar

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

4,615

(2,907)

(2,907)

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

9/30/2021

7,392

(20,624)

(20,624)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

16,120

(21,601)

(21,601)

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

8/31/2021

10,286

(19,029)

(19,029)

Houlihan

Lokey

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

14,813

(29,478)

(29,478)

Intercontinental

Exchange,

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

7/30/2021

20,593

(24,300)

(24,300)

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

9/30/2021

1,161

(10,879)

(10,879)

Ironwood

Pharmaceuticals,

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

9/30/2021

71,817

(38,422)

(38,422)

LHC

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

7/30/2021

1,855

(9,479)

(9,479)

Louisiana-Pacific

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

20,580

(36,221)

(36,221)

Marriott

Vacations

Worldwide

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

4,916

(16,616)

(16,616)

Marsh

&

McLennan

Cos.,

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

9,113

(1,458)

(1,458)

Moderna

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

4,288

(858)

(858)

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

8/31/2021

20,710

(18,639)

(18,639)

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

4,517

(2,530)

(2,530)

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

5,422

(4,446)

(4,446)

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

445

(194)

(194)

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

7/30/2021

4,788

(3,160)

(3,160)

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

(15,896)

(15,896)

Neurocrine

Biosciences,

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

4,966

(6,158)

(6,158)

Old

Dominion

Freight

Line,

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

4,273

(27,475)

(27,475)

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

(203)

(203)

Palo

Alto

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

5/28/2021

6,575

(7,824)

(7,824)

Pilgrim's

Pride

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

10/29/2021

40,112

(3,811)

(3,811)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.18%

to

1.58%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

25,363

(5,326)

(5,326)

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

5/28/2021

6,716

(4,634)

(4,634)

QUALCOMM,

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

13,713

(10,833)

(10,833)

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

(2,101)

(2,101)

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

5/28/2021

4,462

(1,339)

(1,339)

Rent-A-Center,

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

7/30/2021

21,468

(11,807)

(11,807)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(1,960)

(1,960)

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

4,094

(27,880)

(27,880)

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

247

(620)

(620)

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

5/28/2021

5,653

(26,286)

(26,286)

Sirius

XM

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

172,034

(12,042)

(12,042)

Splunk

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

5,180

(1,191)

(1,191)

Stepan

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

7/30/2021

3,400

(3,502)

(3,502)

Synaptics

,

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

7/30/2021

2,402

(1,537)

(1,537)

Tempur

Sealy

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

8/31/2021

6,048

(6,713)

(6,713)

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

6/30/2021

7,545

(3,773)

(3,773)

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

10/29/2021

158

(1,234)

(1,234)

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

9/30/2021

1,889

(25,219)

(25,219)

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

1,009

(969)

(969)

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

6/30/2021

4,684

(12,038)

(12,038)

Twist

Bioscience

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

1,801

(1,711)

(1,711)

Veracyte

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

4,059

(3,207)

(3,207)

Vicor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

2,118

(3,982)

(3,982)

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

XPO

Logistics,

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

19,994

(32,190)

(32,190)

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

(678)

(678)

(995,421)

(995,421)

–

–

(81,698)

(81,698)

Financing

Costs

of

Swap

Contracts

(1,048)

(1,048)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(82,746)

(82,746)

At

September

30,

2020,

the

Fund

had

$510,000

segregated

as

collateral

for

swap

contracts.

LIBOR

London

Interbank

Offered

Rate

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

32

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

Swap

Contracts

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

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

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

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

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

189,846,698

$

–

$

–

$

189,846,698

Repurchase

Agreements

–

9,545,429

–

9,545,429

Total

Return

Swaps*

–

913,723

–

913,723

Total

Assets

$

189,846,698

$

10,459,152

$

–

$

200,305,850

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(996,469)

$

–

$

(996,469)

Total

Liabilities

$

–

$

(996,469)

$

–

$

(996,469)

Total

$

189,846,698

$

9,462,683

$

–

$

199,309,381

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

$

913,723

Total

$

913,723

Liabilities:

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

$

(996,469)

Total

$

(996,469)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

90.5%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Boeing

Co.

(The)

28,127

4,648,268

General

Dynamics

Corp.

12,287

1,700,889

Howmet

Aerospace,

Inc.

21,405

357,892

Huntington

Ingalls

Industries,

Inc.

2,236

314,717

L3Harris

Technologies,

Inc.

11,561

1,963,520

Lockheed

Martin

Corp.

13,042

4,998,738

Northrop

Grumman

Corp.

8,209

2,589,857

Raytheon

Technologies

Corp.

80,985

4,659,877

Teledyne

Technologies,

Inc.*

1,939

601,497

Textron,

Inc.

12,529

452,172

TransDigm

Group,

Inc.(a)

2,897

1,376,423

23,663,850

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

(a)

7,307

746,702

Expeditors

International

of

Washington,

Inc.

9,057

819,840

FedEx

Corp.

12,769

3,211,659

United

Parcel

Service,

Inc.,

Class

B

37,499

6,248,458

11,026,659

Airlines

0.2%

Alaska

Air

Group,

Inc.

6,851

250,952

American

Airlines

Group,

Inc.

(a)

27,217

334,497

Delta

Air

Lines,

Inc.

33,986

1,039,292

Southwest

Airlines

Co.(a)

31,465

1,179,938

United

Airlines

Holdings,

Inc.*(a)

15,458

537,165

3,341,844

Auto

Components

0.1%

Aptiv

plc

14,503

1,329,635

BorgWarner,

Inc.(a)

11,363

440,203

1,769,838

Automobiles

0.2%

Ford

Motor

Co.

208,722

1,390,089

General

Motors

Co.

66,612

1,971,049

3,361,138

Banks

3.0%

Bank

of

America

Corp.

404,516

9,744,790

Citigroup,

Inc.

110,365

4,757,835

Citizens

Financial

Group,

Inc.

23,258

587,962

Comerica,

Inc.

7,188

274,941

Fifth

Third

Bancorp

38,308

816,727

First

Republic

Bank

9,286

1,012,731

Huntington

Bancshares,

Inc.

55,837

512,025

JPMorgan

Chase

&

Co.

161,738

15,570,517

KeyCorp

53,189

634,545

M&T

Bank

Corp.

6,983

643,064

People's

United

Financial,

Inc.

23,194

239,130

PNC

Financial

Services

Group,

Inc.

(The)

22,470

2,469,678

Regions

Financial

Corp.(a)

51,467

593,415

SVB

Financial

Group*

2,787

670,608

Truist

Financial

Corp.

71,355

2,715,058

US

Bancorp

72,575

2,601,814

Wells

Fargo

&

Co.

218,443

5,135,595

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

9,251

270,314

49,250,749

Beverages

1.5%

Brown-Forman

Corp.,

Class

B

9,837

740,923

Coca-Cola

Co.

(The)

205,113

10,126,429

Constellation

Brands,

Inc.,

Class

A

8,882

1,683,228

Molson

Coors

Beverage

Co.,

Class

B

10,158

340,902

Monster

Beverage

Corp.*

19,510

1,564,702

PepsiCo,

Inc.

73,465

10,182,249

24,638,433

Biotechnology

1.9%

AbbVie,

Inc.

93,621

8,200,263

Alexion

Pharmaceuticals,

Inc.*

11,572

1,324,184

Amgen,

Inc.

31,068

7,896,243

Biogen,

Inc.*

8,380

2,377,239

Gilead

Sciences,

Inc.

66,449

4,198,912

Incyte

Corp.*

9,960

893,810

Regeneron

Pharmaceuticals,

Inc.*

5,538

3,100,062

Vertex

Pharmaceuticals,

Inc.*

13,803

3,756,072

31,746,785

Building

Products

0.4%

A

O

Smith

Corp.

7,339

387,499

Allegion

plc(a)

5,023

496,825

Carrier

Global

Corp.

42,989

1,312,884

Fortune

Brands

Home

&

Security,

Inc.

7,249

627,183

Johnson

Controls

International

plc

39,782

1,625,095

Masco

Corp.

14,123

778,601

Trane

Technologies

plc

12,648

1,533,570

6,761,657

Capital

Markets

2.3%

Ameriprise

Financial,

Inc.

6,337

976,595

Bank

of

New

York

Mellon

Corp.

(The)

41,894

1,438,640

BlackRock,

Inc.

7,517

4,236,205

Cboe

Global

Markets,

Inc.

5,691

499,328

Charles

Schwab

Corp.

(The)

(a)

61,374

2,223,580

CME

Group,

Inc.

18,997

3,178,388

E*TRADE

Financial

Corp.

12,059

603,553

Franklin

Resources,

Inc.(a)

14,602

297,151

Goldman

Sachs

Group,

Inc.

(The)

18,319

3,681,569

Intercontinental

Exchange,

Inc.

29,726

2,974,086

Invesco

Ltd.(a)

20,289

231,498

MarketAxess

Holdings,

Inc.

2,045

984,852

Moody's

Corp.

8,545

2,476,768

Morgan

Stanley

63,472

3,068,871

MSCI,

Inc.

4,420

1,576,968

Nasdaq,

Inc.

6,192

759,820

Northern

Trust

Corp.(a)

11,071

863,206

Raymond

James

Financial,

Inc.

6,678

485,891

S&P

Global,

Inc.

12,775

4,606,665

34

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

State

Street

Corp.

18,587

1,102,767

T.

Rowe

Price

Group,

Inc.

12,172

1,560,694

37,827,095

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

11,704

3,486,154

Albemarle

Corp.(a)

5,743

512,735

Celanese

Corp.

6,212

667,479

CF

Industries

Holdings,

Inc.

11,110

341,188

Corteva

,

Inc.

39,489

1,137,678

Dow,

Inc.

39,192

1,843,984

DuPont

de

Nemours,

Inc.

38,830

2,154,288

Eastman

Chemical

Co.

7,358

574,807

Ecolab,

Inc.(a)

13,146

2,627,097

FMC

Corp.

6,999

741,264

International

Flavors

&

Fragrances,

Inc.

5,762

705,557

Linde

plc

27,863

6,635,016

LyondellBasell

Industries

NV,

Class

A

13,856

976,709

Mosaic

Co.

(The)

17,908

327,179

PPG

Industries,

Inc.

12,468

1,522,094

Sherwin-Williams

Co.

(The)

4,341

3,024,548

27,277,777

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,660

1,550,988

Copart

,

Inc.*

10,901

1,146,349

Republic

Services,

Inc.

11,083

1,034,598

Rollins,

Inc.(a)

7,745

419,702

Waste

Management,

Inc.

20,571

2,328,020

6,479,657

Communications

Equipment

0.7%

Arista

Networks,

Inc.*(a)

2,928

605,891

Cisco

Systems,

Inc.

224,589

8,846,561

F5

Networks,

Inc.*

3,262

400,476

Juniper

Networks,

Inc.

18,298

393,407

Motorola

Solutions,

Inc.

8,968

1,406,272

11,652,607

Construction

&

Engineering

0.1%

Jacobs

Engineering

Group,

Inc.

7,087

657,461

Quanta

Services,

Inc.(a)

7,197

380,433

1,037,894

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

(a)

3,274

770,569

Vulcan

Materials

Co.

7,139

967,620

1,738,189

Consumer

Finance

0.4%

American

Express

Co.

34,553

3,463,938

Capital

One

Financial

Corp.(a)

24,141

1,734,772

Discover

Financial

Services(a)

16,138

932,454

Synchrony

Financial

29,315

767,174

6,898,338

Containers

&

Packaging

0.3%

Amcor

plc

82,604

912,774

Avery

Dennison

Corp.

4,514

577,070

Ball

Corp.

17,250

1,433,820

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

International

Paper

Co.(a)

21,165

858,029

Packaging

Corp.

of

America

5,118

558,118

Sealed

Air

Corp.

8,650

335,706

Westrock

Co.

13,951

484,658

5,160,175

Distributors

0.1%

Genuine

Parts

Co.

7,583

721,674

LKQ

Corp.*

15,322

424,879

1,146,553

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

105,213

22,404,056

Diversified

Telecommunication

Services

1.5%

AT&T,

Inc.

378,049

10,778,177

CenturyLink,

Inc.(a)

51,728

521,936

Verizon

Communications,

Inc.

219,590

13,063,409

24,363,522

Electric

Utilities

1.7%

Alliant

Energy

Corp.

13,496

697,068

American

Electric

Power

Co.,

Inc.

26,253

2,145,658

Duke

Energy

Corp.(a)

38,959

3,450,209

Edison

International

20,396

1,036,933

Entergy

Corp.

10,666

1,050,921

Evergy

,

Inc.

11,897

604,605

Eversource

Energy

18,106

1,512,756

Exelon

Corp.

51,534

1,842,856

FirstEnergy

Corp.

29,108

835,691

NextEra

Energy,

Inc.

25,972

7,208,788

NRG

Energy,

Inc.

12,716

390,890

Pinnacle

West

Capital

Corp.

6,077

453,040

PPL

Corp.(a)

41,384

1,126,059

Southern

Co.

(The)

55,939

3,033,013

Xcel

Energy,

Inc.

27,786

1,917,512

27,305,999

Electrical

Equipment

0.4%

AMETEK,

Inc.

12,245

1,217,153

Eaton

Corp.

plc

21,171

2,160,077

Emerson

Electric

Co.

31,617

2,073,127

Rockwell

Automation,

Inc.

6,189

1,365,788

6,816,145

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

15,973

1,729,397

CDW

Corp.

7,513

898,029

Corning,

Inc.(a)

40,527

1,313,480

FLIR

Systems,

Inc.

7,386

264,788

IPG

Photonics

Corp.*

1,970

334,841

Keysight

Technologies,

Inc.*(a)

9,862

974,168

TE

Connectivity

Ltd.

17,646

1,724,720

Zebra

Technologies

Corp.,

Class

A*

2,804

707,898

7,947,321

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.(a)

35,136

466,957

Halliburton

Co.

47,527

572,700

National

Oilwell

Varco,

Inc.

21,314

193,105

Schlumberger

NV

74,153

1,153,821

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

TechnipFMC

plc

23,447

147,951

2,534,534

Entertainment

1.9%

Activision

Blizzard,

Inc.

40,892

3,310,208

Electronic

Arts,

Inc.*

15,278

1,992,404

Live

Nation

Entertainment,

Inc.*(a)

7,645

411,913

Netflix,

Inc.*

23,401

11,701,202

Take-Two

Interactive

Software,

Inc.*

6,070

1,002,885

Walt

Disney

Co.

(The)

95,889

11,897,907

30,316,519

Equity

Real

Estate

Investment

Trusts

(REITs)

2.3%

Alexandria

Real

Estate

Equities,

Inc.

6,181

988,960

American

Tower

Corp.

23,521

5,685,731

Apartment

Investment

&

Management

Co.,

Class

A

8,074

272,255

AvalonBay

Communities,

Inc.

7,423

1,108,551

Boston

Properties,

Inc.

7,429

596,549

Crown

Castle

International

Corp.

22,238

3,702,627

Digital

Realty

Trust,

Inc.

14,232

2,088,688

Duke

Realty

Corp.

19,982

737,336

Equinix

,

Inc.

4,692

3,566,530

Equity

Residential

18,478

948,476

Essex

Property

Trust,

Inc.

3,425

687,706

Extra

Space

Storage,

Inc.

6,785

725,927

Federal

Realty

Investment

Trust

3,713

272,683

Healthpeak

Properties,

Inc.

28,967

786,454

Host

Hotels

&

Resorts,

Inc.

38,794

418,587

Iron

Mountain,

Inc.

15,714

420,978

Kimco

Realty

Corp.

23,377

263,225

Mid-America

Apartment

Communities,

Inc.

6,156

713,788

Prologis,

Inc.

39,151

3,939,374

Public

Storage

8,042

1,791,114

Realty

Income

Corp.

18,475

1,122,356

Regency

Centers

Corp.

8,575

326,021

SBA

Communications

Corp.

5,920

1,885,402

Simon

Property

Group,

Inc.

16,127

1,043,094

SL

Green

Realty

Corp.

4,003

185,619

UDR,

Inc.

15,826

516,086

Ventas,

Inc.

19,637

823,969

Vornado

Realty

Trust

8,701

293,311

Welltower

,

Inc.

22,022

1,213,192

Weyerhaeuser

Co.

40,195

1,146,361

38,270,950

Food

&

Staples

Retailing

1.4%

Costco

Wholesale

Corp.

23,422

8,314,810

Kroger

Co.

(The)

41,088

1,393,294

Sysco

Corp.

26,881

1,672,536

Walgreens

Boots

Alliance,

Inc.

37,981

1,364,278

Walmart,

Inc.

73,672

10,307,449

23,052,367

Food

Products

1.0%

Archer-Daniels-Midland

Co.

29,342

1,364,110

Common

Stocks

Shares

Value

($)

Food

Products

Campbell

Soup

Co.(a)

10,714

518,236

Conagra

Brands,

Inc.

26,240

937,030

General

Mills,

Inc.

32,314

1,993,127

Hershey

Co.

(The)

7,775

1,114,468

Hormel

Foods

Corp.(a)

15,103

738,386

J

M

Smucker

Co.

(The)

6,153

710,795

Kellogg

Co.

13,426

867,185

Kraft

Heinz

Co.

(The)

34,728

1,040,104

Lamb

Weston

Holdings,

Inc.

7,897

523,334

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

6,660

1,292,706

Mondelez

International,

Inc.,

Class

A

75,709

4,349,482

Tyson

Foods,

Inc.,

Class

A

15,499

921,881

16,370,844

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

6,720

642,365

Health

Care

Equipment

&

Supplies

3.6%

Abbott

Laboratories

93,938

10,223,273

ABIOMED,

Inc.*

2,443

676,858

Align

Technology,

Inc.*

3,784

1,238,730

Baxter

International,

Inc.

26,786

2,154,130

Becton

Dickinson

and

Co.

15,358

3,573,499

Boston

Scientific

Corp.*

75,769

2,895,134

Cooper

Cos.,

Inc.

(The)

2,587

872,129

Danaher

Corp.(a)

33,488

7,210,971

DENTSPLY

SIRONA,

Inc.

11,869

519,031

DexCom

,

Inc.*

5,065

2,087,945

Edwards

Lifesciences

Corp.*

32,918

2,627,515

Hologic

,

Inc.*

13,640

906,651

IDEXX

Laboratories,

Inc.*

4,545

1,786,685

Intuitive

Surgical,

Inc.*

6,203

4,401,277

Medtronic

plc

71,301

7,409,600

ResMed

,

Inc.

7,652

1,311,782

STERIS

plc(a)

4,575

806,069

Stryker

Corp.

17,315

3,607,927

Teleflex,

Inc.

2,496

849,688

Varian

Medical

Systems,

Inc.*

4,909

844,348

West

Pharmaceutical

Services,

Inc.

3,923

1,078,433

Zimmer

Biomet

Holdings,

Inc.

10,938

1,489,099

58,570,774

Health

Care

Providers

&

Services

2.4%

AmerisourceBergen

Corp.

7,946

770,126

Anthem,

Inc.

13,326

3,579,231

Cardinal

Health,

Inc.

15,776

740,683

Centene

Corp.*

30,636

1,786,998

Cigna

Corp.

19,452

3,295,363

CVS

Health

Corp.

69,359

4,050,566

DaVita,

Inc.*(a)

3,908

334,720

HCA

Healthcare,

Inc.

13,939

1,737,915

Henry

Schein,

Inc.*

7,776

457,073

Humana,

Inc.

7,006

2,899,713

Laboratory

Corp.

of

America

Holdings*

5,238

986,158

McKesson

Corp.

8,643

1,287,202

Quest

Diagnostics,

Inc.

7,066

808,987

UnitedHealth

Group,

Inc.

50,435

15,724,120

36

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Universal

Health

Services,

Inc.,

Class

B

4,053

433,752

38,892,607

Health

Care

Technology

0.1%

Cerner

Corp.

16,111

1,164,664

Hotels,

Restaurants

&

Leisure

1.5%

Carnival

Corp.(a)

27,592

418,846

Chipotle

Mexican

Grill,

Inc.*

1,493

1,856,859

Darden

Restaurants,

Inc.

6,834

688,457

Domino's

Pizza,

Inc.

2,119

901,168

Hilton

Worldwide

Holdings,

Inc.

14,808

1,263,419

Las

Vegas

Sands

Corp.

17,752

828,308

Marriott

International,

Inc.,

Class

A

14,041

1,299,916

McDonald's

Corp.

39,475

8,664,368

MGM

Resorts

International

21,401

465,472

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

14,063

240,618

Royal

Caribbean

Cruises

Ltd.

(a)

9,557

618,625

Starbucks

Corp.

61,982

5,325,493

Wynn

Resorts

Ltd.

5,229

375,494

Yum!

Brands,

Inc.

15,922

1,453,679

24,400,722

Household

Durables

0.4%

DR

Horton,

Inc.

17,658

1,335,474

Garmin

Ltd.

8,001

758,975

Leggett

&

Platt,

Inc.(a)

7,305

300,747

Lennar

Corp.,

Class

A

14,488

1,183,380

Mohawk

Industries,

Inc.*

3,181

310,434

Newell

Brands,

Inc.

20,128

345,396

NVR,

Inc.*

188

767,626

PulteGroup,

Inc.

14,316

662,688

Whirlpool

Corp.

3,266

600,585

6,265,305

Household

Products

1.7%

Church

&

Dwight

Co.,

Inc.

13,230

1,239,783

Clorox

Co.

(The)

6,761

1,420,960

Colgate-Palmolive

Co.

45,428

3,504,770

Kimberly-Clark

Corp.

18,058

2,666,444

Procter

&

Gamble

Co.

(The)

132,136

18,365,583

27,197,540

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

35,893

650,022

Industrial

Conglomerates

1.0%

3M

Co.

30,538

4,891,577

General

Electric

Co.

463,563

2,887,998

Honeywell

International,

Inc.

37,217

6,126,290

Roper

Technologies,

Inc.

5,595

2,210,640

16,116,505

Insurance

1.6%

Aflac,

Inc.

34,999

1,272,214

Allstate

Corp.

(The)

16,504

1,553,687

American

International

Group,

Inc.

45,469

1,251,762

Common

Stocks

Shares

Value

($)

Insurance

Aon

plc,

Class

A(a)

12,264

2,530,063

Arthur

J

Gallagher

&

Co.

10,270

1,084,307

Assurant,

Inc.

3,284

398,382

Chubb

Ltd.

23,902

2,775,500

Cincinnati

Financial

Corp.(a)

7,849

611,986

Everest

Re

Group

Ltd.

2,206

435,773

Globe

Life,

Inc.

5,389

430,581

Hartford

Financial

Services

Group,

Inc.

(The)

18,818

693,631

Lincoln

National

Corp.

9,885

309,697

Loews

Corp.

12,442

432,359

Marsh

&

McLennan

Cos.,

Inc.

26,831

3,077,516

MetLife,

Inc.

41,256

1,533,485

Principal

Financial

Group,

Inc.

13,969

562,532

Progressive

Corp.

(The)

31,004

2,935,149

Prudential

Financial,

Inc.

21,109

1,340,844

Travelers

Cos.,

Inc.

(The)

13,375

1,447,041

Unum

Group

10,994

185,029

W

R

Berkley

Corp.

7,607

465,168

Willis

Towers

Watson

plc

6,878

1,436,264

26,762,970

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

Class

A*

15,949

23,374,854

Alphabet,

Inc.,

Class

C*

15,584

22,902,247

Facebook,

Inc.,

Class

A*

127,630

33,426,297

Twitter,

Inc.*

41,832

1,861,524

81,564,922

Internet

&

Direct

Marketing

Retail

4.8%

Amazon.com,

Inc.*

22,604

71,173,893

Booking

Holdings,

Inc.*

2,170

3,712,176

eBay,

Inc.

35,164

1,832,044

Etsy,

Inc.*

5,777

702,657

Expedia

Group,

Inc.

7,373

676,030

78,096,800

IT

Services

5.1%

Accenture

plc,

Class

A

33,746

7,626,258

Akamai

Technologies,

Inc.*

8,713

963,135

Automatic

Data

Processing,

Inc.

22,776

3,177,024

Broadridge

Financial

Solutions,

Inc.

6,187

816,684

Cognizant

Technology

Solutions

Corp.,

Class

A

28,941

2,009,084

DXC

Technology

Co.

13,342

238,155

Fidelity

National

Information

Services,

Inc.

32,849

4,835,701

Fiserv,

Inc.*

29,440

3,033,792

FleetCor

Technologies,

Inc.*(a)

4,433

1,055,497

Gartner,

Inc.*

4,834

604,008

Global

Payments,

Inc.

15,848

2,814,288

International

Business

Machines

Corp.

47,225

5,745,866

Jack

Henry

&

Associates,

Inc.

4,152

675,074

Leidos

Holdings,

Inc.

7,181

640,186

Mastercard

,

Inc.,

Class

A

46,881

15,853,748

Paychex,

Inc.(a)

17,167

1,369,412

PayPal

Holdings,

Inc.*

62,259

12,266,891

VeriSign,

Inc.*

5,421

1,110,492

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

IT

Services

Visa,

Inc.,

Class

A(a)

89,483

17,893,915

Western

Union

Co.

(The)(a)

21,485

460,424

83,189,634

Leisure

Products

0.0%

†

Hasbro,

Inc.(a)

6,875

568,700

Life

Sciences

Tools

&

Services

1.1%

Agilent

Technologies,

Inc.

16,297

1,645,019

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,129

581,955

Illumina,

Inc.*

7,728

2,388,570

IQVIA

Holdings,

Inc.*

10,209

1,609,245

Mettler

-Toledo

International,

Inc.*

1,276

1,232,297

PerkinElmer,

Inc.

6,004

753,562

Thermo

Fisher

Scientific,

Inc.

20,987

9,266,180

Waters

Corp.*

3,375

660,420

18,137,248

Machinery

1.5%

Caterpillar,

Inc.

28,702

4,280,903

Cummins,

Inc.

7,890

1,666,052

Deere

&

Co.

16,606

3,680,388

Dover

Corp.

7,576

820,784

Flowserve

Corp.(a)

6,776

184,917

Fortive

Corp.

17,912

1,365,074

IDEX

Corp.

3,969

723,985

Illinois

Tool

Works,

Inc.

15,238

2,944,134

Ingersoll

Rand,

Inc.*(a)

19,841

706,340

Otis

Worldwide

Corp.

21,745

1,357,323

PACCAR,

Inc.

18,487

1,576,571

Parker-Hannifin

Corp.

6,790

1,373,889

Pentair

plc

9,118

417,331

Snap-on,

Inc.

2,842

418,144

Stanley

Black

&

Decker,

Inc.

8,566

1,389,405

Westinghouse

Air

Brake

Technologies

Corp.(a)

9,714

601,102

Xylem,

Inc.(a)

9,718

817,478

24,323,820

Media

1.2%

Charter

Communications,

Inc.,

Class

A*(a)

7,930

4,951,016

Comcast

Corp.,

Class

A

241,887

11,189,693

Discovery,

Inc.,

Class

A*(a)

8,812

191,837

Discovery,

Inc.,

Class

C*

17,261

338,316

DISH

Network

Corp.,

Class

A*

13,362

387,899

Fox

Corp.,

Class

A(a)

18,655

519,168

Fox

Corp.,

Class

B(a)

8,474

237,018

Interpublic

Group

of

Cos.,

Inc.

(The)

21,019

350,387

News

Corp.,

Class

A

21,653

303,575

News

Corp.,

Class

B

6,704

93,722

Omnicom

Group,

Inc.

11,754

581,823

ViacomCBS

,

Inc.

30,216

846,350

19,990,804

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

76,628

1,198,462

Newmont

Corp.

42,523

2,698,084

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.

15,865

711,704

4,608,250

Multiline

Retail

0.5%

Dollar

General

Corp.

13,188

2,764,469

Dollar

Tree,

Inc.*

12,757

1,165,224

Target

Corp.

26,534

4,176,982

8,106,675

Multi-Utilities

0.9%

Ameren

Corp.

13,262

1,048,759

CenterPoint

Energy,

Inc.

29,326

567,458

CMS

Energy

Corp.

15,080

926,063

Consolidated

Edison,

Inc.

17,665

1,374,337

Dominion

Energy,

Inc.

44,514

3,513,490

DTE

Energy

Co.

10,354

1,191,124

NiSource,

Inc.

20,691

455,202

Public

Service

Enterprise

Group,

Inc.

26,719

1,467,140

Sempra

Energy

15,295

1,810,316

WEC

Energy

Group,

Inc.

16,865

1,634,219

13,988,108

Oil,

Gas

&

Consumable

Fuels

1.7%

Apache

Corp.

20,967

198,557

Cabot

Oil

&

Gas

Corp.

20,746

360,150

Chevron

Corp.

99,045

7,131,240

Concho

Resources,

Inc.

10,701

472,128

ConocoPhillips

57,451

1,886,691

Devon

Energy

Corp.

21,520

203,579

Diamondback

Energy,

Inc.

8,875

267,315

EOG

Resources,

Inc.

31,099

1,117,698

Exxon

Mobil

Corp.

224,288

7,699,807

Hess

Corp.

14,648

599,543

HollyFrontier

Corp.

7,777

153,285

Kinder

Morgan,

Inc.

102,769

1,267,142

Marathon

Oil

Corp.

44,529

182,124

Marathon

Petroleum

Corp.

35,013

1,027,281

Noble

Energy,

Inc.

26,672

228,046

Occidental

Petroleum

Corp.

45,512

455,575

ONEOK,

Inc.

23,294

605,178

Phillips

66

23,046

1,194,705

Pioneer

Natural

Resources

Co.

8,637

742,696

Valero

Energy

Corp.(a)

21,481

930,557

Williams

Cos.,

Inc.

(The)

64,073

1,259,034

27,982,331

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,943

2,606,560

Pharmaceuticals

3.8%

Bristol-Myers

Squibb

Co.

119,552

7,207,790

Catalent

,

Inc.*

7,946

680,654

Eli

Lilly

&

Co.

42,101

6,231,790

Johnson

&

Johnson

139,742

20,804,789

Merck

&

Co.,

Inc.

134,202

11,132,056

Mylan

NV*

27,910

413,905

Perrigo

Co.

plc

7,367

338,219

Pfizer,

Inc.

294,845

10,820,812

38

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.

25,183

4,164,513

61,794,528

Professional

Services

0.3%

Equifax,

Inc.

6,530

1,024,557

IHS

Markit

Ltd.

19,710

1,547,432

Nielsen

Holdings

plc

19,677

279,020

Robert

Half

International,

Inc.

5,947

314,834

Verisk

Analytics,

Inc.

8,678

1,608,120

4,773,963

Real

Estate

Management

&

Development

0.0%

†

CBRE

Group,

Inc.,

Class

A*

18,059

848,231

Road

&

Rail

0.9%

CSX

Corp.

40,526

3,147,654

JB

Hunt

Transport

Services,

Inc.

4,510

569,974

Kansas

City

Southern

5,090

920,425

Norfolk

Southern

Corp.

13,511

2,891,219

Old

Dominion

Freight

Line,

Inc.

5,160

933,547

Union

Pacific

Corp.

36,007

7,088,698

15,551,517

Semiconductors

&

Semiconductor

Equipment

4.6%

Advanced

Micro

Devices,

Inc.*

62,248

5,103,714

Analog

Devices,

Inc.

19,744

2,304,915

Applied

Materials,

Inc.

48,369

2,875,537

Broadcom,

Inc.

21,334

7,772,403

Intel

Corp.

225,674

11,685,400

KLA

Corp.

8,216

1,591,768

Lam

Research

Corp.(a)

7,710

2,557,792

Maxim

Integrated

Products,

Inc.

14,067

951,070

Microchip

Technology,

Inc.(a)

13,549

1,392,295

Micron

Technology,

Inc.*

58,844

2,763,314

NVIDIA

Corp.

32,746

17,722,790

Qorvo

,

Inc.*

6,185

797,927

QUALCOMM,

Inc.

59,843

7,042,324

Skyworks

Solutions,

Inc.

8,818

1,283,019

Teradyne,

Inc.

8,038

638,699

Texas

Instruments,

Inc.

48,581

6,936,881

Xilinx,

Inc.

12,901

1,344,800

74,764,648

Software

8.3%

Adobe,

Inc.*

25,453

12,482,915

ANSYS,

Inc.*

4,593

1,502,967

Autodesk,

Inc.*

11,611

2,682,257

Cadence

Design

Systems,

Inc.*

14,734

1,571,086

Citrix

Systems,

Inc.

6,611

910,401

Fortinet,

Inc.*

7,069

832,799

Intuit,

Inc.

13,878

4,527,142

Microsoft

Corp.

401,777

84,505,756

NortonLifeLock

,

Inc.

31,570

657,919

Oracle

Corp.

102,526

6,120,802

Paycom

Software,

Inc.*

2,649

824,634

salesforce.com,

Inc.*

48,287

12,135,489

ServiceNow

,

Inc.*

10,169

4,931,965

Synopsys,

Inc.*

8,023

1,716,762

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*

2,159

752,541

136,155,435

Specialty

Retail

2.2%

Advance

Auto

Parts,

Inc.

3,710

569,485

AutoZone,

Inc.*

1,234

1,453,208

Best

Buy

Co.,

Inc.

12,280

1,366,641

CarMax,

Inc.*(a)

8,580

788,588

Gap,

Inc.

(The)

11,053

188,233

Home

Depot,

Inc.

(The)

57,128

15,865,017

L

Brands,

Inc.

12,152

386,555

Lowe's

Cos.,

Inc.

40,081

6,647,835

O'Reilly

Automotive,

Inc.*

3,917

1,806,050

Ross

Stores,

Inc.

18,817

1,756,002

Tiffany

&

Co.

5,839

676,448

TJX

Cos.,

Inc.

(The)

63,530

3,535,445

Tractor

Supply

Co.

6,151

881,684

Ulta

Beauty,

Inc.*

2,986

668,804

36,589,995

Technology

Hardware,

Storage

&

Peripherals

6.3%

Apple,

Inc.

853,527

98,846,962

Hewlett

Packard

Enterprise

Co.

67,520

632,662

HP,

Inc.

72,538

1,377,497

NetApp,

Inc.

12,168

533,445

Seagate

Technology

plc

12,077

595,034

Western

Digital

Corp.

16,055

586,810

Xerox

Holdings

Corp.

9,652

181,168

102,753,578

Textiles,

Apparel

&

Luxury

Goods

0.6%

Hanesbrands,

Inc.

18,699

294,509

NIKE,

Inc.,

Class

B

66,040

8,290,661

PVH

Corp.

3,884

231,642

Ralph

Lauren

Corp.

2,710

184,199

Tapestry,

Inc.

14,698

229,730

Under

Armour

,

Inc.,

Class

A*

9,583

107,617

Under

Armour

,

Inc.,

Class

C*(a)

10,369

102,031

VF

Corp.

16,860

1,184,415

10,624,804

Tobacco

0.6%

Altria

Group,

Inc.

98,482

3,805,345

Philip

Morris

International,

Inc.

82,586

6,193,124

9,998,469

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

30,295

1,366,001

United

Rentals,

Inc.*(a)

3,922

684,389

WW

Grainger,

Inc.

2,414

861,243

2,911,633

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

9,668

1,400,700

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

30,825

3,525,147

Total

Common

Stocks

(cost

$1,194,979,824)

1,479,681,469

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Purchased

Options

0.2%

Number

of

Contracts

Value

($)

Call

Options

0.1%

Index

Funds:

0.1%

S&P

500

E-Mini

Index

11/20/2020

at

USD

3,550.00,

European

Style

Notional

Amount:

USD

114,005,700

Exchange

Traded

*

678

1,389,900

S&P

500

E-Mini

Index

12/18/2020

at

USD

3,600.00,

American

Style

Notional

Amount:

USD

57,002,850

Exchange

Traded

*

339

911,910

Put

Option

0.1%

Future

Interest

Rate

Options:

0.1%

U.S.

Treasury

30

Year

Bond

11/20/2020

at

USD

168.00,

American

Style

Notional

Amount:

USD

149,600,000

Exchange

Traded

*

1,496

771,375

Total

Purchased

Options

(cost

$4,403,436)

3,073,185

Short-Term

Investments

5.6%

Shares

U.S.

Treasury

Obligation

5.6%

U.S.

Treasury

Bills

0.09%

12/17/2020(a)

84,000,000

83,982,932

0.11%

02/25/2021

7,904,000

7,900,531

Total

U.S.

Treasury

Obligation

(cost

$91,885,152)

91,883,463

Total

Short-Term

Investment

(cost

$91,885,152)

91,883,463

Repurchase

Agreement

0.2%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,313,275,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,379,532.

(b)

3,313,267

3,313,267

Total

Repurchase

Agreement

(cost

$3,313,267)

3,313,267

Total

Investments

(cost

$1,294,581,679)

—

96.5%

1,577,951,384

Other

assets

in

excess

of

liabilities

—

3.5%

57,392,196

NET

ASSETS

—

100.0%

$

1,635,343,580

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$144,255,294,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,313,267

and

by

$143,656,527

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$146,969,794.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$3,313,267.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

498

12/2020

USD

83,464,800

(505,156)

U.S.

Treasury

Long

Bond

1,522

12/2020

USD

268,300,063

(168,301)

(673,457)

At

September

30,

2020,

the

Fund

had

$7,673,136

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

40

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

41

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange-traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,479,681,469

$

–

$

–

$

1,479,681,469

Purchased

Options

3,073,185

–

–

3,073,185

Repurchase

Agreement

–

3,313,267

–

3,313,267

Short-Term

Investments

–

91,883,463

–

91,883,463

Total

Assets

$

1,482,754,654

$

95,196,730

$

–

$

1,577,951,384

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(673,457)

$

–

$

–

$

(673,457)

Total

Liabilities

$

(673,457)

$

–

$

–

$

(673,457)

Total

$

1,482,081,197

$

95,196,730

$

–

$

1,577,277,927

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

42

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,301,810

Interest

rate

risk

Investment

securities,

at

value

771,375

Total

$

3,073,185

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(505,156)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(168,301)

Total

$

(673,457)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Common

Stocks

90.2%

Shares

Value

($)

Aerospace

&

Defense

2.1%

L3Harris

Technologies,

Inc.

41,759

7,092,348

Northrop

Grumman

Corp.

5,226

1,648,751

8,741,099

Air

Freight

&

Logistics

0.5%

FedEx

Corp.

8,765

2,204,573

Automobiles

1.8%

General

Motors

Co.

250,189

7,403,092

Banks

7.0%

Bank

of

America

Corp.

187,714

4,522,030

JPMorgan

Chase

&

Co.

173,502

16,703,037

PNC

Financial

Services

Group,

Inc.

(The)

17,521

1,925,733

Truist

Financial

Corp.(a)

49,012

1,864,907

US

Bancorp

94,480

3,387,108

28,402,815

Beverages

0.7%

PepsiCo,

Inc.

19,877

2,754,952

Biotechnology

1.6%

AbbVie,

Inc.

75,188

6,585,717

Building

Products

2.3%

Carrier

Global

Corp.

184,246

5,626,873

Trane

Technologies

plc

29,792

3,612,280

9,239,153

Capital

Markets

6.5%

Charles

Schwab

Corp.

(The)

(a)

73,943

2,678,955

Goldman

Sachs

Group,

Inc.

(The)

51,648

10,379,698

LPL

Financial

Holdings,

Inc.

41,033

3,146,000

Morgan

Stanley

210,839

10,194,066

26,398,719

Chemicals

2.3%

CF

Industries

Holdings,

Inc.(a)

245,112

7,527,390

Dow,

Inc.

40,042

1,883,976

9,411,366

Communications

Equipment

0.7%

Cisco

Systems,

Inc.

71,084

2,799,999

Construction

&

Engineering

1.3%

Quanta

Services,

Inc.(a)

102,343

5,409,851

Construction

Materials

2.2%

Vulcan

Materials

Co.

67,350

9,128,619

Consumer

Finance

2.2%

Ally

Financial,

Inc.(a)

118,790

2,978,065

Capital

One

Financial

Corp.(a)

81,638

5,866,507

8,844,572

Diversified

Financial

Services

4.9%

Berkshire

Hathaway,

Inc.,

Class

B*

58,461

12,448,685

Voya

Financial,

Inc.(a)

154,522

7,406,240

19,854,925

Electric

Utilities

4.2%

Exelon

Corp.

118,379

4,233,233

FirstEnergy

Corp.

65,493

1,880,304

Common

Stocks

Shares

Value

($)

Electric

Utilities

PPL

Corp.(a)

400,851

10,907,156

17,020,693

Electrical

Equipment

2.7%

Eaton

Corp.

plc

105,884

10,803,344

Electronic

Equipment,

Instruments

&

Components

2.3%

Corning,

Inc.(a)

193,892

6,284,040

Dolby

Laboratories,

Inc.,

Class

A

43,932

2,911,813

9,195,853

Equity

Real

Estate

Investment

Trusts

(REITs)

1.1%

Lamar

Advertising

Co.,

Class

A

25,494

1,686,938

Weyerhaeuser

Co.

99,535

2,838,738

4,525,676

Food

Products

1.3%

Archer-Daniels-Midland

Co.(a)

110,987

5,159,786

Health

Care

Equipment

&

Supplies

4.6%

Becton

Dickinson

and

Co.

26,368

6,135,306

Medtronic

plc

121,091

12,583,777

18,719,083

Health

Care

Providers

&

Services

3.0%

Anthem,

Inc.

18,364

4,932,387

CVS

Health

Corp.

34,652

2,023,677

Humana,

Inc.

12,553

5,195,561

12,151,625

Hotels,

Restaurants

&

Leisure

1.1%

Las

Vegas

Sands

Corp.

100,420

4,685,597

Household

Durables

1.3%

Lennar

Corp.,

Class

A

67,401

5,505,314

Independent

Power

and

Renewable

Electricity

Producers

1.8%

Clearway

Energy,

Inc.,

Class

C(a)

106,834

2,880,245

NextEra

Energy

Partners

LP(a)

76,800

4,604,928

7,485,173

Insurance

4.4%

Assurant,

Inc.(a)

61,785

7,495,138

Chubb

Ltd.

46,618

5,413,282

Reinsurance

Group

of

America,

Inc.(a)

19,243

1,831,741

Willis

Towers

Watson

plc

15,140

3,161,535

17,901,696

Interactive

Media

&

Services

2.1%

Alphabet,

Inc.,

Class

A*

5,847

8,569,363

IT

Services

0.7%

International

Business

Machines

Corp.(a)

23,394

2,846,348

Life

Sciences

Tools

&

Services

0.5%

Thermo

Fisher

Scientific,

Inc.

4,517

1,994,346

Machinery

0.6%

Otis

Worldwide

Corp.

40,831

2,548,671

Media

0.6%

Comcast

Corp.,

Class

A(a)

48,808

2,257,858

44

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

2.4%

Freeport-McMoRan,

Inc.

617,551

9,658,498

Oil,

Gas

&

Consumable

Fuels

5.2%

Cabot

Oil

&

Gas

Corp.

94,159

1,634,600

ConocoPhillips

71,500

2,348,060

Hess

Corp.

131,907

5,398,953

Marathon

Petroleum

Corp.

208,008

6,102,955

Phillips

66

63,490

3,291,322

Pioneer

Natural

Resources

Co.

28,644

2,463,098

21,238,988

Paper

&

Forest

Products

0.8%

Louisiana-Pacific

Corp.

117,043

3,453,939

Pharmaceuticals

2.2%

Bristol-Myers

Squibb

Co.

82,563

4,977,723

Eli

Lilly

&

Co.

14,823

2,194,101

Merck

&

Co.,

Inc.

20,391

1,691,433

8,863,257

Road

&

Rail

2.0%

Union

Pacific

Corp.

41,661

8,201,801

Semiconductors

&

Semiconductor

Equipment

5.5%

Applied

Materials,

Inc.

66,025

3,925,186

Intel

Corp.

76,555

3,964,018

Microchip

Technology,

Inc.(a)

25,690

2,639,905

NXP

Semiconductors

NV

45,662

5,699,074

QUALCOMM,

Inc.

52,341

6,159,489

22,387,672

Specialty

Retail

0.5%

Lowe's

Cos.,

Inc.

11,311

1,876,042

Textiles,

Apparel

&

Luxury

Goods

0.7%

VF

Corp.

38,703

2,718,886

Thrifts

&

Mortgage

Finance

0.5%

Essent

Group

Ltd.

50,453

1,867,265

Tobacco

1.3%

Philip

Morris

International,

Inc.

69,888

5,240,901

Wireless

Telecommunication

Services

0.7%

Vodafone

Group

plc,

ADR-UK(a)

224,881

3,017,903

Total

Common

Stocks

(cost

$304,111,558)

367,075,030

Exchange

Traded

Fund

1.2%

Equity

Fund

1.2%

Vanguard

Russell

1000

Value(a)

46,649

4,845,431

Total

Exchange

Traded

Fund

(cost

$5,054,711)

4,845,431

Purchased

Options

0.2%

Number

of

Contracts

Value

($)

Call

Options

0.1%

Index

Funds:

0.1%

S&P

500

E-Mini

Index

12/18/2020

at

USD

3,600.00,

American

Style

Notional

Amount:

USD

14,460,900

Exchange

Traded

*

86

231,340

S&P

500

E-Mini

Index

11/20/2020

at

USD

3,550.00,

European

Style

Notional

Amount:

USD

28,921,800

Exchange

Traded

*

172

352,600

Put

Option

0.1%

Future

Interest

Rate

Options:

0.1%

U.S.

Treasury

30

Year

Bond

11/20/2020

at

USD

168.00,

American

Style

Notional

Amount:

USD

37,600,000

Exchange

Traded

*

376

193,875

Total

Purchased

Options

(cost

$1,099,516)

777,815

Short-Term

Investment

1.1%

Principal

Amount

($)

U.S.

Treasury

Obligation

1.1%

U.S.

Treasury

Bills,

0.11%,

02/25/2021(b)

4,279,000

4,277,122

Total

Short-Term

Investment

(cost

$4,277,127)

4,277,122

Repurchase

Agreements

2.7%

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,107,410,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,169,551.

(c)

3,107,403

3,107,403

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.(c)

4,000,000

4,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,016,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$4,080,000.(c)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$11,107,403)

11,107,403

Total

Investments

(cost

$325,650,315)

—

95.4%

388,082,801

Other

assets

in

excess

of

liabilities

—

4.6%

18,835,468

NET

ASSETS

—

100.0%

$

406,918,269

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$51,786,036,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,107,403

and

by

$41,412,600

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$52,520,003.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$11,107,403.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

E-Mini

Index

543

12/2020

USD

31,570,020

(658,045)

U.S.

Treasury

Long

Bond

382

12/2020

USD

67,339,438

(64,962)

(723,007)

Short

Contracts

S&P

500

E-Mini

Index

(102)

12/2020

USD

(17,095,200)

134,022

134,022

(588,985)

Currency:

USD

United

States

Dollar

46

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

47

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

Options

The

Fund

purchased

and/or

wrote

options

on

futures

contracts

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange-traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

367,075,030

$

–

$

–

$

367,075,030

Exchange

Traded

Fund

4,845,431

–

–

4,845,431

Futures

Contracts

134,022

–

–

134,022

Purchased

Options

777,815

–

–

777,815

Repurchase

Agreements

–

11,107,403

–

11,107,403

Short-Term

Investment

–

4,277,122

–

4,277,122

Total

Assets

$

372,832,298

$

15,384,525

$

–

$

388,216,823

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(723,007)

$

–

$

–

$

(723,007)

Total

Liabilities

$

(723,007)

$

–

$

–

$

(723,007)

Total

$

372,109,291

$

15,384,525

$

–

$

387,493,816

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

48

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

49

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

583,940

Interest

rate

risk

Investment

securities,

at

value

193,875

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

134,022

Total

$

911,837

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(658,045)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(64,962)

Total

$

(723,007)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

50

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

95.6%

Shares

Value

($)

Aerospace

&

Defense

1.9%

BAE

Systems

plc

139,136

860,626

General

Dynamics

Corp.

6,511

901,318

Huntington

Ingalls

Industries,

Inc.

3,800

534,850

Textron,

Inc.

21,899

790,335

TransDigm

Group,

Inc.(a)

5,281

2,509,109

5,596,238

Airlines

0.7%

Alaska

Air

Group,

Inc.

19,679

720,842

Southwest

Airlines

Co.

35,161

1,318,537

2,039,379

Auto

Components

1.1%

Aptiv

plc

8,202

751,959

BorgWarner,

Inc.(a)

16,145

625,457

Dana,

Inc.

159,624

1,966,568

3,343,984

Automobiles

0.3%

Honda

Motor

Co.

Ltd.,

ADR-JP(a)

34,687

822,082

Banks

2.4%

CIT

Group,

Inc.(a)

69,689

1,234,192

Commerce

Bancshares,

Inc.

(a)

18,617

1,047,951

Pinnacle

Financial

Partners,

Inc.(a)

43,867

1,561,227

Signature

Bank

17,750

1,473,072

Truist

Financial

Corp.

22,942

872,943

Westamerica

Bancorp

12,436

675,897

6,865,282

Beverages

0.9%

Molson

Coors

Beverage

Co.,

Class

B

74,800

2,510,288

Biotechnology

1.3%

Alexion

Pharmaceuticals,

Inc.*

21,700

2,483,131

United

Therapeutics

Corp.*(a)

11,725

1,184,225

3,667,356

Building

Products

0.6%

Johnson

Controls

International

plc

40,878

1,669,866

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

7,587

1,169,233

Bank

of

New

York

Mellon

Corp.

(The)

20,299

697,068

Charles

Schwab

Corp.

(The)

(a)

19,966

723,368

Evercore

,

Inc.,

Class

A

14,338

938,566

Northern

Trust

Corp.(a)

33,826

2,637,413

State

Street

Corp.

8,964

531,834

T.

Rowe

Price

Group,

Inc.

6,020

771,884

7,469,366

Chemicals

3.1%

Ashland

Global

Holdings,

Inc.

40,532

2,874,530

Axalta

Coating

Systems

Ltd.*

49,400

1,095,198

Corteva

,

Inc.

75,000

2,160,750

Eastman

Chemical

Co.

18,870

1,474,124

Common

Stocks

Shares

Value

($)

Chemicals

Mosaic

Co.

(The)

71,100

1,298,997

8,903,599

Commercial

Services

&

Supplies

1.7%

Republic

Services,

Inc.

53,267

4,972,474

Communications

Equipment

0.4%

F5

Networks,

Inc.*

10,479

1,286,507

Construction

&

Engineering

0.3%

AECOM*

21,400

895,376

Consumer

Finance

2.1%

Ally

Financial,

Inc.

201,822

5,059,677

SLM

Corp.

125,920

1,018,693

6,078,370

Containers

&

Packaging

2.5%

Graphic

Packaging

Holding

Co.

42,396

597,360

Packaging

Corp.

of

America

39,022

4,255,349

Sealed

Air

Corp.

29,200

1,133,252

Sonoco

Products

Co.

26,218

1,338,953

7,324,914

Distributors

1.1%

Genuine

Parts

Co.

13,041

1,241,112

LKQ

Corp.*

69,700

1,932,781

3,173,893

Diversified

Consumer

Services

0.7%

Adtalem

Global

Education,

Inc.*

85,522

2,098,710

Diversified

Telecommunication

Services

0.7%

GCI

Liberty,

Inc.,

Class

A*

23,351

1,913,848

Electric

Utilities

5.7%

Edison

International

24,312

1,236,022

Entergy

Corp.

33,139

3,265,186

Evergy

,

Inc.

66,157

3,362,099

Eversource

Energy

2,925

244,384

FirstEnergy

Corp.

56,100

1,610,631

OGE

Energy

Corp.

88,000

2,639,120

Pinnacle

West

Capital

Corp.

20,579

1,534,164

PPL

Corp.

69,100

1,880,211

Xcel

Energy,

Inc.

11,055

762,905

16,534,722

Electrical

Equipment

1.8%

Emerson

Electric

Co.

31,519

2,066,701

Hubbell,

Inc.

12,638

1,729,384

nVent

Electric

plc

81,663

1,444,618

5,240,703

Electronic

Equipment,

Instruments

&

Components

0.7%

FLIR

Systems,

Inc.

23,400

838,890

TE

Connectivity

Ltd.

12,270

1,199,270

2,038,160

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.(a)

98,746

1,312,334

Equity

Real

Estate

Investment

Trusts

(REITs)

5.3%

AvalonBay

Communities,

Inc.

13,746

2,052,828

Colony

Capital,

Inc.

40,100

109,473

EPR

Properties

49,650

1,365,375

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Gaming

and

Leisure

Properties,

Inc.

39,062

1,442,560

Healthpeak

Properties,

Inc.

19,084

518,131

JBG

SMITH

Properties

75,481

2,018,362

Lamar

Advertising

Co.,

Class

A

30,816

2,039,095

MGM

Growth

Properties

LLC,

Class

A

100,792

2,820,160

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

16,971

230,296

STAG

Industrial,

Inc.

41,635

1,269,451

Welltower

,

Inc.

8,783

483,855

Weyerhaeuser

Co.

32,646

931,064

15,280,650

Food

&

Staples

Retailing

1.8%

Koninklijke

Ahold

Delhaize

NV

50,421

1,492,241

Sysco

Corp.

16,504

1,026,879

US

Foods

Holding

Corp.*

122,460

2,721,061

5,240,181

Food

Products

3.7%

Conagra

Brands,

Inc.

38,591

1,378,085

J

M

Smucker

Co.

(The)

12,086

1,396,175

Kellogg

Co.

14,653

946,437

Kraft

Heinz

Co.

(The)

66,400

1,988,680

Mondelez

International,

Inc.,

Class

A

9,614

552,324

Orkla

ASA

86,910

879,542

Post

Holdings,

Inc.*

36,912

3,174,432

Tyson

Foods,

Inc.,

Class

A

9,100

541,268

10,856,943

Gas

Utilities

2.4%

Atmos

Energy

Corp.

9,006

860,884

Spire,

Inc.(a)

12,820

682,024

UGI

Corp.

165,385

5,454,397

6,997,305

Health

Care

Equipment

&

Supplies

3.4%

Alcon,

Inc.*

23,898

1,360,991

Becton

Dickinson

and

Co.

2,961

688,965

Envista

Holdings

Corp.*(a)

57,801

1,426,529

Hologic

,

Inc.*

9,943

660,911

Zimmer

Biomet

Holdings,

Inc.

41,855

5,698,140

9,835,536

Health

Care

Providers

&

Services

5.7%

AmerisourceBergen

Corp.

23,382

2,266,183

Cardinal

Health,

Inc.

22,849

1,072,761

Centene

Corp.*

37,800

2,204,874

Encompass

Health

Corp.

25,727

1,671,741

Henry

Schein,

Inc.*

17,671

1,038,701

Laboratory

Corp.

of

America

Holdings*

4,800

903,696

McKesson

Corp.

8,847

1,317,584

Quest

Diagnostics,

Inc.

13,200

1,511,268

Universal

Health

Services,

Inc.,

Class

B

41,452

4,436,193

16,423,001

Health

Care

Technology

0.4%

Cerner

Corp.

17,697

1,279,316

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.9%

Aramark(a)

29,000

767,050

Marriott

Vacations

Worldwide

Corp.

15,808

1,435,525

Sodexo

SA

13,141

935,809

Wyndham

Destinations,

Inc.

77,824

2,393,866

5,532,250

Household

Durables

0.2%

Mohawk

Industries,

Inc.*

4,772

465,699

Household

Products

0.1%

Kimberly-Clark

Corp.

2,536

374,466

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Vistra

Corp.

108,000

2,036,880

Industrial

Conglomerates

0.3%

Carlisle

Cos.,

Inc.

7,288

891,833

Insurance

9.5%

Aflac,

Inc.

23,982

871,746

Alleghany

Corp.

4,704

2,448,197

Allstate

Corp.

(The)

21,570

2,030,600

American

Financial

Group,

Inc.

15,708

1,052,122

Arch

Capital

Group

Ltd.*

108,508

3,173,859

Arthur

J

Gallagher

&

Co.

7,259

766,405

Assurant,

Inc.

17,632

2,138,938

Axis

Capital

Holdings

Ltd.

41,003

1,805,772

Brown

&

Brown,

Inc.

4,273

193,439

Chubb

Ltd.

18,389

2,135,330

Fidelity

National

Financial,

Inc.

151,908

4,756,239

Loews

Corp.

72,600

2,522,850

Markel

Corp.*

3,010

2,930,837

Reinsurance

Group

of

America,

Inc.

8,611

819,681

27,646,015

Internet

&

Direct

Marketing

Retail

1.6%

eBay,

Inc.

29,400

1,531,740

Expedia

Group,

Inc.

5,621

515,389

Qurate

Retail,

Inc.,

Series

A

346,127

2,485,192

4,532,321

IT

Services

1.6%

Alliance

Data

Systems

Corp.

17,300

726,254

Euronet

Worldwide,

Inc.*

13,984

1,273,942

FleetCor

Technologies,

Inc.*

5,900

1,404,790

Leidos

Holdings,

Inc.

7,300

650,795

Science

Applications

International

Corp.(a)

8,100

635,202

4,690,983

Machinery

2.3%

Cummins,

Inc.

3,136

662,198

Dover

Corp.

27,502

2,979,567

IMI

plc

67,956

915,638

Lincoln

Electric

Holdings,

Inc.

(a)

4,452

409,762

Oshkosh

Corp.

10,557

775,939

PACCAR,

Inc.

12,506

1,066,512

6,809,616

Media

5.4%

Altice

USA,

Inc.,

Class

A*

116,517

3,029,442

52

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Media

Discovery,

Inc.,

Class

C*

57,000

1,117,200

DISH

Network

Corp.,

Class

A*

58,600

1,701,158

Fox

Corp.,

Class

A

84,100

2,340,503

Fox

Corp.,

Class

B

38,184

1,068,007

Liberty

Broadband

Corp.,

Class

C*

10,599

1,514,279

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

C*

59,100

1,955,028

News

Corp.,

Class

A(a)

95,000

1,331,900

ViacomCBS

,

Inc.(a)

54,113

1,515,705

15,573,222

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

Annaly

Capital

Management,

Inc.

292,100

2,079,752

Multiline

Retail

1.0%

Dollar

Tree,

Inc.*

30,800

2,813,272

Multi-Utilities

1.6%

Ameren

Corp.

6,598

521,770

CenterPoint

Energy,

Inc.

112,600

2,178,810

NiSource,

Inc.

38,300

842,600

NorthWestern

Corp.

22,728

1,105,490

4,648,670

Oil,

Gas

&

Consumable

Fuels

2.7%

Cimarex

Energy

Co.

9,060

220,430

ConocoPhillips

29,140

956,958

EQT

Corp.(a)

135,580

1,753,049

Equitrans

Midstream

Corp.(a)

94,132

796,357

HollyFrontier

Corp.

41,400

815,994

Murphy

Oil

Corp.(a)

132,711

1,183,782

Noble

Energy,

Inc.

80,730

690,241

Williams

Cos.,

Inc.

(The)

78,300

1,538,595

7,955,406

Paper

&

Forest

Products

0.4%

Mondi

plc

55,307

1,163,963

Pharmaceuticals

0.7%

Jazz

Pharmaceuticals

plc*

7,800

1,112,202

Mylan

NV*

57,200

848,276

1,960,478

Road

&

Rail

0.6%

Heartland

Express,

Inc.

41,691

775,453

Norfolk

Southern

Corp.

3,968

849,112

1,624,565

Semiconductors

&

Semiconductor

Equipment

1.7%

Applied

Materials,

Inc.

22,285

1,324,843

Marvell

Technology

Group

Ltd.

47,851

1,899,685

Maxim

Integrated

Products,

Inc.

10,793

729,715

Microchip

Technology,

Inc.(a)

3,750

385,350

Qorvo

,

Inc.*

4,300

554,743

4,894,336

Software

1.3%

CDK

Global,

Inc.

40,600

1,769,754

Open

Text

Corp.

10,132

427,976

Common

Stocks

Shares

Value

($)

Software

SS&C

Technologies

Holdings,

Inc.

28,400

1,718,768

3,916,498

Specialty

Retail

2.0%

Aaron's,

Inc.

62,798

3,557,507

Advance

Auto

Parts,

Inc.

9,449

1,450,421

Ross

Stores,

Inc.

9,400

877,208

5,885,136

Technology

Hardware,

Storage

&

Peripherals

0.9%

HP,

Inc.

55,789

1,059,433

NCR

Corp.*(a)

70,939

1,570,590

2,630,023

Thrifts

&

Mortgage

Finance

0.2%

Capitol

Federal

Financial,

Inc.

69,302

642,083

Trading

Companies

&

Distributors

2.2%

AerCap

Holdings

NV*

109,235

2,751,629

HD

Supply

Holdings,

Inc.*

57,600

2,375,424

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

20,024

1,267,119

6,394,172

Wireless

Telecommunication

Services

0.3%

Rogers

Communications,

Inc.,

Class

B

24,210

960,364

Total

Common

Stocks

(cost

$262,954,393)

277,792,386

Exchange

Traded

Fund

0.7%

Equity

Fund

0.7%

iShares

Russell

Mid-Cap

Value

ETF(a)

24,206

1,956,813

Total

Exchange

Traded

Fund

(cost

$1,587,594)

1,956,813

Repurchase

Agreements

2.6%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,512,781,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,583,028.

(b)

3,512,772

3,512,772

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

53

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$2,040,002.(b)

2,000,000

2,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$7,512,772)

7,512,772

Total

Investments

(cost

$272,054,759)

—

98.9%

287,261,971

Other

assets

in

excess

of

liabilities

—

1.1%

3,192,976

NET

ASSETS

—

100.0%

$

290,454,947

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$18,822,008,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,512,772

and

by

$11,812,696

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$19,325,468.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$7,512,772.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

JP

Japan

REIT

Real

Estate

Investment

Trust

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

503,171

JPY

52,788,886

Bank

of

America

NA

12/30/2020

1,914

Total

unrealized

appreciation

1,914

USD

738,850

NOK

6,908,650

Goldman

Sachs

International

12/30/2020

(2,070)

USD

818,144

CAD

1,090,661

Morgan

Stanley

Co.,

Inc.

12/31/2020

(1,378)

USD

2,081,946

EUR

1,773,680

Credit

Suisse

International

12/31/2020

(2,306)

USD

2,476,610

GBP

1,944,079

JPMorgan

Chase

Bank

12/31/2020

(33,721)

Total

unrealized

depreciation

(39,475)

Net

unrealized

depreciation

(37,561)

Currency:

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

USD

United

States

dollar

54

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

55

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

4,735,612

$

860,626

$

–

$

5,596,238

Airlines

2,039,379

–

–

2,039,379

Auto

Components

3,343,984

–

–

3,343,984

Automobiles

822,082

–

–

822,082

Banks

6,865,282

–

–

6,865,282

Beverages

2,510,288

–

–

2,510,288

Biotechnology

3,667,356

–

–

3,667,356

Building

Products

1,669,866

–

–

1,669,866

Capital

Markets

7,469,366

–

–

7,469,366

Chemicals

8,903,599

–

–

8,903,599

Commercial

Services

&

Supplies

4,972,474

–

–

4,972,474

Communications

Equipment

1,286,507

–

–

1,286,507

Construction

&

Engineering

895,376

–

–

895,376

Consumer

Finance

6,078,370

–

–

6,078,370

Containers

&

Packaging

7,324,914

–

–

7,324,914

Distributors

3,173,893

–

–

3,173,893

Diversified

Consumer

Services

2,098,710

–

–

2,098,710

Diversified

Telecommunication

Services

1,913,848

–

–

1,913,848

Electric

Utilities

16,534,722

–

–

16,534,722

Electrical

Equipment

5,240,703

–

–

5,240,703

Electronic

Equipment,

Instruments

&

Components

2,038,160

–

–

2,038,160

Energy

Equipment

&

Services

1,312,334

–

–

1,312,334

Equity

Real

Estate

Investment

Trusts

(REITs)

15,280,650

–

–

15,280,650

Food

&

Staples

Retailing

3,747,940

1,492,241

–

5,240,181

Food

Products

9,977,401

879,542

–

10,856,943

Gas

Utilities

6,997,305

–

–

6,997,305

Health

Care

Equipment

&

Supplies

9,835,536

–

–

9,835,536

Health

Care

Providers

&

Services

16,423,001

–

–

16,423,001

Health

Care

Technology

1,279,316

–

–

1,279,316

Hotels,

Restaurants

&

Leisure

4,596,441

935,809

–

5,532,250

Household

Durables

465,699

–

–

465,699

Household

Products

374,466

–

–

374,466

Independent

Power

and

Renewable

Electricity

Producers

2,036,880

–

–

2,036,880

Industrial

Conglomerates

891,833

–

–

891,833

Insurance

27,646,015

–

–

27,646,015

Internet

&

Direct

Marketing

Retail

4,532,321

–

–

4,532,321

IT

Services

4,690,983

–

–

4,690,983

Machinery

5,893,978

915,638

–

6,809,616

Media

15,573,222

–

–

15,573,222

Mortgage

Real

Estate

Investment

Trusts

(REITs)

2,079,752

–

–

2,079,752

Multiline

Retail

2,813,272

–

–

2,813,272

Multi-Utilities

4,648,670

–

–

4,648,670

Oil,

Gas

&

Consumable

Fuels

7,955,406

–

–

7,955,406

Paper

&

Forest

Products

–

1,163,963

–

1,163,963

Pharmaceuticals

1,960,478

–

–

1,960,478

Road

&

Rail

1,624,565

–

–

1,624,565

Semiconductors

&

Semiconductor

Equipment

4,894,336

–

–

4,894,336

Software

3,916,498

–

–

3,916,498

Specialty

Retail

5,885,136

–

–

5,885,136

Technology

Hardware,

Storage

&

Peripherals

2,630,023

–

–

2,630,023

56

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Thrifts

&

Mortgage

Finance

$

642,083

$

–

$

–

$

642,083

Trading

Companies

&

Distributors

6,394,172

–

–

6,394,172

Wireless

Telecommunication

Services

960,364

–

–

960,364

Total

Common

Stocks

$

271,544,567

$

6,247,819

$

–

$

277,792,386

Exchange

Traded

Fund

1,956,813

–

–

1,956,813

Forward

Foreign

Currency

Contracts

–

1,914

–

1,914

Repurchase

Agreements

–

7,512,772

–

7,512,772

Total

Assets

$

273,501,380

$

13,762,505

$

–

$

287,263,885

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(39,475)

$

–

$

(39,475)

Total

Liabilities

$

–

$

(39,475)

$

–

$

(39,475)

Total

$

273,501,380

$

13,723,030

$

–

$

287,224,410

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

1,914

Total

$

1,914

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(39,475

)

Total

$

(39,475

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

98.3%

Shares

Value

($)

Aerospace

&

Defense

1.9%

Aerojet

Rocketdyne

Holdings,

Inc.*

17,385

693,488

Axon

Enterprise,

Inc.*(a)

2,342

212,419

BWX

Technologies,

Inc.

6,836

384,935

Curtiss-Wright

Corp.

2,511

234,176

Mercury

Systems,

Inc.*

10,502

813,485

2,338,503

Auto

Components

1.1%

Fox

Factory

Holding

Corp.*(a)

11,381

845,950

Visteon

Corp.*

7,037

487,101

1,333,051

Automobiles

0.3%

Thor

Industries,

Inc.

3,849

366,656

Banks

1.0%

First

Hawaiian,

Inc.

7,649

110,681

Pinnacle

Financial

Partners,

Inc.(a)

7,931

282,264

Sterling

Bancorp

17,477

183,858

Synovus

Financial

Corp.

8,884

188,074

Triumph

Bancorp,

Inc.*(a)

9,977

310,684

Western

Alliance

Bancorp

5,065

160,156

1,235,717

Biotechnology

9.5%

Acceleron

Pharma,

Inc.*(a)

4,597

517,300

Adverum

Biotechnologies,

Inc.*(a)

18,871

194,371

Akebia

Therapeutics,

Inc.*(a)

26,432

66,344

Akero

Therapeutics,

Inc.*

800

24,632

Allakos

,

Inc.*(a)

3,761

306,334

Amicus

Therapeutics,

Inc.*(a)

49,627

700,733

Apellis

Pharmaceuticals,

Inc.*(a)

19,395

585,147

Arena

Pharmaceuticals,

Inc.*

2,051

153,394

Arrowhead

Pharmaceuticals,

Inc.*(a)

3,082

132,711

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*(a)

5,003

325,245

CareDx

,

Inc.*(a)

15,819

600,173

ChemoCentryx

,

Inc.*

5,764

315,867

Constellation

Pharmaceuticals,

Inc.*(a)

7,146

144,778

Cytokinetics,

Inc.*(a)

10,631

230,161

Deciphera

Pharmaceuticals,

Inc.*

5,492

281,740

Dicerna

Pharmaceuticals,

Inc.*

14,738

265,137

Dyne

Therapeutics,

Inc.*

3,800

76,722

Emergent

BioSolutions

,

Inc.*

3,828

395,547

Global

Blood

Therapeutics,

Inc.*(a)

6,853

377,874

Halozyme

Therapeutics,

Inc.*(a)

12,701

333,782

Heron

Therapeutics,

Inc.*(a)

14,226

210,829

Homology

Medicines,

Inc.*(a)

9,613

102,859

ImmunoGen

,

Inc.*(a)

33,475

120,510

Karyopharm

Therapeutics,

Inc.*

13,548

197,801

Kodiak

Sciences,

Inc.*(a)

4,390

259,932

Kymera

Therapeutics,

Inc.*(a)

3,400

109,854

Common

Stocks

Shares

Value

($)

Biotechnology

Madrigal

Pharmaceuticals,

Inc.*(a)

1,708

202,791

Mersana

Therapeutics,

Inc.*

10,156

189,105

Mirati

Therapeutics,

Inc.*(a)

3,422

568,223

Novavax

,

Inc.*(a)

1,450

157,108

PTC

Therapeutics,

Inc.*(a)

6,780

316,965

Radius

Health,

Inc.*(a)

11,350

128,709

RAPT

Therapeutics,

Inc.*(a)

6,736

216,899

Rhythm

Pharmaceuticals,

Inc.*(a)

9,093

197,045

TG

Therapeutics,

Inc.*(a)

23,034

616,390

Turning

Point

Therapeutics,

Inc.*(a)

4,091

357,390

Ultragenyx

Pharmaceutical,

Inc.*(a)

7,758

637,630

Veracyte

,

Inc.*(a)

24,054

781,515

Y-

mAbs

Therapeutics,

Inc.*(a)

6,408

246,003

11,645,550

Building

Products

3.5%

Advanced

Drainage

Systems,

Inc.

16,116

1,006,283

Armstrong

World

Industries,

Inc.

2,652

182,484

AZEK

Co.,

Inc.

(The)*

12,383

431,052

Patrick

Industries,

Inc.

7,638

439,338

Simpson

Manufacturing

Co.,

Inc.

8,324

808,760

Trex

Co.,

Inc.*

20,178

1,444,745

4,312,662

Capital

Markets

2.4%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

4,124

160,795

Cohen

&

Steers,

Inc.

6,632

369,668

Hamilton

Lane,

Inc.,

Class

A

13,457

869,188

LPL

Financial

Holdings,

Inc.

12,844

984,749

StepStone

Group,

Inc.,

Class

A*

11,876

316,020

Stifel

Financial

Corp.

4,988

252,193

2,952,613

Chemicals

0.7%

Axalta

Coating

Systems

Ltd.*

11,927

264,422

Cabot

Corp.

9,563

344,555

Ingevity

Corp.*

4,626

228,709

837,686

Commercial

Services

&

Supplies

1.5%

Casella

Waste

Systems,

Inc.,

Class

A*

20,283

1,132,806

Clean

Harbors,

Inc.*

4,634

259,643

Tetra

Tech,

Inc.

5,219

498,414

1,890,863

Communications

Equipment

0.3%

Lumentum

Holdings,

Inc.*

5,049

379,331

Consumer

Finance

0.4%

OneMain

Holdings,

Inc.

8,344

260,750

SLM

Corp.

33,791

273,369

534,119

58

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

0.2%

Graphic

Packaging

Holding

Co.

20,080

282,927

Distributors

1.2%

Pool

Corp.

4,470

1,495,394

Diversified

Telecommunication

Services

0.9%

Bandwidth,

Inc.,

Class

A*(a)

6,318

1,102,933

Electrical

Equipment

1.2%

EnerSys

3,959

265,728

Generac

Holdings,

Inc.*

5,331

1,032,295

Regal

Beloit

Corp.

1,849

173,566

1,471,589

Electronic

Equipment,

Instruments

&

Components

1.0%

CTS

Corp.

10,485

230,985

Insight

Enterprises,

Inc.*

6,164

348,759

Novanta

,

Inc.*

5,488

578,106

1,157,850

Entertainment

0.9%

Zynga,

Inc.,

Class

A*(a)

123,032

1,122,052

Equity

Real

Estate

Investment

Trusts

(REITs)

1.8%

Columbia

Property

Trust,

Inc.

14,301

156,024

CoreSite

Realty

Corp.

2,278

270,809

Corporate

Office

Properties

Trust

8,997

213,409

Essential

Properties

Realty

Trust,

Inc.

14,872

272,455

First

Industrial

Realty

Trust,

Inc.

19,540

777,692

Independence

Realty

Trust,

Inc.

24,590

284,998

PS

Business

Parks,

Inc.

2,193

268,401

2,243,788

Food

&

Staples

Retailing

1.3%

BJ's

Wholesale

Club

Holdings,

Inc.*

16,704

694,051

Grocery

Outlet

Holding

Corp.*

13,550

532,786

Performance

Food

Group

Co.*

12,201

422,399

1,649,236

Food

Products

2.3%

Freshpet

,

Inc.*(a)

19,545

2,182,199

Hostess

Brands,

Inc.*

24,836

306,228

Simply

Good

Foods

Co.

(The)*

13,216

291,413

Vital

Farms,

Inc.*(a)

1,904

77,169

2,857,009

Health

Care

Equipment

&

Supplies

10.1%

AtriCure

,

Inc.*

6,272

250,253

Axonics

Modulation

Technologies,

Inc.*(a)

11,562

590,124

Cardiovascular

Systems,

Inc.*

6,042

237,753

CryoPort

,

Inc.*(a)

16,659

789,637

GenMark

Diagnostics,

Inc.*

14,614

207,519

Globus

Medical,

Inc.,

Class

A*

8,070

399,626

ICU

Medical,

Inc.*

740

135,242

Insulet

Corp.*(a)

5,146

1,217,492

Integer

Holdings

Corp.*

8,654

510,673

Integra

LifeSciences

Holdings

Corp.*

6,419

303,105

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

iRhythm

Technologies,

Inc.*(a)

5,840

1,390,562

Masimo

Corp.*

6,245

1,474,195

NuVasive

,

Inc.*(a)

4,654

226,045

OraSure

Technologies,

Inc.*

13,418

163,297

Penumbra,

Inc.*(a)

3,974

772,466

Quidel

Corp.*(a)

6,322

1,386,920

Silk

Road

Medical,

Inc.*(a)

8,989

604,151

Tandem

Diabetes

Care,

Inc.*

15,255

1,731,443

12,390,503

Health

Care

Providers

&

Services

3.2%

1Life

Healthcare,

Inc.*(a)

10,949

310,514

Addus

HomeCare

Corp.*

5,791

547,307

Amedisys

,

Inc.*

6,142

1,452,153

LHC

Group,

Inc.*

2,691

571,999

Oak

Street

Health,

Inc.*(a)

3,120

166,733

Providence

Service

Corp.

(The)*

4,128

383,532

R1

RCM,

Inc.*

31,286

536,555

3,968,793

Health

Care

Technology

2.3%

Health

Catalyst,

Inc.*

8,392

307,147

HMS

Holdings

Corp.*

11,441

274,012

Inspire

Medical

Systems,

Inc.*(a)

9,500

1,225,975

Omnicell

,

Inc.*(a)

8,520

636,103

Phreesia

,

Inc.*

12,380

397,770

2,841,007

Hotels,

Restaurants

&

Leisure

3.9%

Choice

Hotels

International,

Inc.

4,143

356,132

Churchill

Downs,

Inc.

8,052

1,319,079

Dunkin'

Brands

Group,

Inc.

3,921

321,169

Papa

John's

International,

Inc.

5,707

469,572

Penn

National

Gaming,

Inc.*(a)

9,922

721,330

Wingstop

,

Inc.(a)

12,119

1,656,061

4,843,343

Household

Durables

2.3%

KB

Home

4,762

182,813

Meritage

Homes

Corp.*

6,553

723,386

TopBuild

Corp.*

10,992

1,876,224

2,782,423

Insurance

1.1%

James

River

Group

Holdings

Ltd.

8,226

366,304

Kemper

Corp.

4,186

279,750

Kinsale

Capital

Group,

Inc.

3,916

744,745

1,390,799

Interactive

Media

&

Services

0.1%

Cargurus

,

Inc.*

6,276

135,750

Internet

&

Direct

Marketing

Retail

0.8%

Shutterstock,

Inc.

3,959

206,026

Stamps.com,

Inc.*

3,262

785,979

992,005

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

IT

Services

3.4%

CACI

International,

Inc.,

Class

A*

1,905

406,070

ExlService

Holdings,

Inc.*

5,310

350,301

LiveRamp

Holdings,

Inc.*

15,371

795,757

ManTech

International

Corp.,

Class

A

5,180

356,798

MongoDB,

Inc.*(a)

4,294

994,104

Perficient

,

Inc.*

10,473

447,616

Repay

Holdings

Corp.*

4,300

101,050

Science

Applications

International

Corp.

4,390

344,264

Verra

Mobility

Corp.*(a)

33,943

327,889

4,123,849

Leisure

Products

1.0%

American

Outdoor

Brands,

Inc.*

3,088

40,237

Smith

&

Wesson

Brands,

Inc.

16,089

249,701

YETI

Holdings,

Inc.*(a)

19,196

869,963

1,159,901

Life

Sciences

Tools

&

Services

4.3%

10X

Genomics,

Inc.,

Class

A*

2,416

301,227

Bio-

Techne

Corp.

2,617

648,309

Medpace

Holdings,

Inc.*

8,070

901,823

NanoString

Technologies,

Inc.*(a)

7,295

326,087

NeoGenomics

,

Inc.*(a)

20,214

745,694

PRA

Health

Sciences,

Inc.*(a)

3,780

383,443

Repligen

Corp.*

13,752

2,028,970

5,335,553

Machinery

4.8%

Altra

Industrial

Motion

Corp.

5,513

203,816

Chart

Industries,

Inc.*

8,483

596,100

Colfax

Corp.*(a)

10,282

322,444

Federal

Signal

Corp.

18,198

532,291

ITT,

Inc.

18,660

1,101,873

John

Bean

Technologies

Corp.

(a)

4,909

451,088

Kornit

Digital

Ltd.*(a)

14,884

965,525

Rexnord

Corp.

11,136

332,298

SPX

Corp.*

22,559

1,046,286

SPX

FLOW,

Inc.*

7,063

302,438

5,854,159

Media

1.3%

Cable

One,

Inc.

587

1,106,747

Cardlytics,

Inc.*(a)

6,598

465,621

1,572,368

Metals

&

Mining

0.3%

SSR

Mining,

Inc.*

19,223

358,893

Paper

&

Forest

Products

1.0%

Boise

Cascade

Co.

7,684

306,745

Louisiana-Pacific

Corp.

31,994

944,143

1,250,888

Personal

Products

0.2%

BellRing

Brands,

Inc.,

Class

A*

14,030

290,982

Pharmaceuticals

1.2%

MyoKardia

,

Inc.*

4,147

565,360

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Pacira

BioSciences

,

Inc.*(a)

4,457

267,955

Reata

Pharmaceuticals,

Inc.,

Class

A*(a)

1,269

123,626

Revance

Therapeutics,

Inc.*

9,808

246,573

Theravance

Biopharma,

Inc.*(a)

14,454

213,702

Tricida

,

Inc.*

7,642

69,237

1,486,453

Professional

Services

0.9%

ASGN,

Inc.*

5,971

379,517

Exponent,

Inc.

5,844

420,943

Insperity

,

Inc.

4,448

291,300

1,091,760

Real

Estate

Management

&

Development

0.2%

Redfin

Corp.*

3,623

180,896

Road

&

Rail

0.7%

Marten

Transport

Ltd.

13,762

224,596

Saia,

Inc.*

5,230

659,712

884,308

Semiconductors

&

Semiconductor

Equipment

6.4%

Axcelis

Technologies,

Inc.*(a)

11,849

260,678

Cirrus

Logic,

Inc.*

4,556

307,302

Cohu

,

Inc.

12,681

217,860

Entegris

,

Inc.

10,990

816,997

First

Solar,

Inc.*

4,279

283,270

FormFactor

,

Inc.*

12,409

309,356

Inphi

Corp.*

5,992

672,602

Lattice

Semiconductor

Corp.*(a)

45,221

1,309,600

MACOM

Technology

Solutions

Holdings,

Inc.*

13,918

473,351

MKS

Instruments,

Inc.

6,611

722,120

Monolithic

Power

Systems,

Inc.

6,322

1,767,694

Power

Integrations,

Inc.(a)

6,775

375,335

Synaptics

,

Inc.*

4,482

360,442

7,876,607

Software

11.3%

Alarm.com

Holdings,

Inc.*

5,718

315,920

Avalara,

Inc.*

8,878

1,130,525

Bentley

Systems,

Inc.,

Class

B*

500

15,700

Bill.com

Holdings,

Inc.*

3,969

398,130

Blackbaud

,

Inc.(a)

4,738

264,523

Duck

Creek

Technologies,

Inc.*(a)

2,509

113,984

Envestnet

,

Inc.*

7,138

550,768

Everbridge

,

Inc.*(a)

5,713

718,295

Five9,

Inc.*

10,908

1,414,549

Globant

SA*

4,850

869,217

HubSpot

,

Inc.*(a)

3,125

913,219

Jamf

Holding

Corp.*(a)

2,650

99,667

JFrog

Ltd.*(a)

817

69,159

Manhattan

Associates,

Inc.*

10,565

1,008,852

Medallia

,

Inc.*(a)

11,300

309,846

Mimecast

Ltd.*

9,407

441,376

nCino

,

Inc.*

770

61,354

Paylocity

Holding

Corp.*

6,100

984,662

60

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Software

Pegasystems

,

Inc.

2,357

285,291

Q2

Holdings,

Inc.*(a)

12,536

1,144,035

Rapid7,

Inc.*(a)

8,394

514,049

SailPoint

Technologies

Holdings,

Inc.*

9,338

369,505

Sprout

Social,

Inc.,

Class

A*

8,175

314,738

Sumo

Logic,

Inc.*(a)

1,863

40,613

SVMK,

Inc.*

19,057

421,350

Varonis

Systems,

Inc.*(a)

9,220

1,064,172

Vertex,

Inc.,

Class

A*(a)

3,488

80,224

13,913,723

Specialty

Retail

1.5%

Floor

&

Decor

Holdings,

Inc.,

Class

A*

6,040

451,792

Foot

Locker,

Inc.

10,573

349,226

Lithia

Motors,

Inc.,

Class

A

2,539

578,740

Vroom,

Inc.*

9,008

466,434

1,846,192

Textiles,

Apparel

&

Luxury

Goods

1.5%

Carter's,

Inc.(a)

2,791

241,645

Deckers

Outdoor

Corp.*

2,473

544,085

PVH

Corp.

6,775

404,061

Under

Armour

,

Inc.,

Class

C*

29,467

289,955

Wolverine

World

Wide,

Inc.

12,977

335,326

1,815,072

Thrifts

&

Mortgage

Finance

0.2%

MGIC

Investment

Corp.

31,902

282,652

Trading

Companies

&

Distributors

0.9%

Applied

Industrial

Technologies,

Inc.

6,558

361,346

SiteOne

Landscape

Supply,

Inc.*

6,028

735,114

1,096,460

Total

Common

Stocks

(cost

$87,874,713)

120,974,868

Exchange

Traded

Fund

0.3%

Equity

Fund

0.3%

iShares

Russell

2000

Growth

ETF

1,807

400,286

Total

Exchange

Traded

Fund

(cost

$399,950)

400,286

Repurchase

Agreements

6.3%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,697,099,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,771,032.

(b)

3,697,091

3,697,091

Repurchase

Agreements

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$1,020,002.(b)

1,000,000

1,000,000

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$3,060,003.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$7,697,091)

7,697,091

Total

Investments

(cost

$95,971,754)

—

104.9%

129,072,245

Liabilities

in

excess

of

other

assets

—

(4.9)%

(6,078,649)

NET

ASSETS

—

100.0%

$

122,993,596

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$27,097,830,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,697,091

and

by

$19,995,205

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$27,692,296.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$7,697,091.

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

61

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

62

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

120,974,868

$

–

$

–

$

120,974,868

Exchange

Traded

Fund

400,286

–

–

400,286

Repurchase

Agreements

–

7,697,091

–

7,697,091

Total

$

121,375,154

$

7,697,091

$

–

$

129,072,245

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.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Astronics

Corp.*

27,643

213,404

Triumph

Group,

Inc.(a)

54,649

355,765

Vectrus

,

Inc.*

36,286

1,378,868

1,948,037

Air

Freight

&

Logistics

0.3%

Echo

Global

Logistics,

Inc.*

20,513

528,620

Airlines

0.3%

SkyWest,

Inc.

13,016

388,658

Auto

Components

3.5%

Adient

plc*

28,588

495,430

American

Axle

&

Manufacturing

Holdings,

Inc.*

98,735

569,701

Cooper

Tire

&

Rubber

Co.

395

12,522

Cooper-Standard

Holdings,

Inc.*(a)

27,187

359,140

Dorman

Products,

Inc.*(a)

24,889

2,249,468

Goodyear

Tire

&

Rubber

Co.

(The)

111,920

858,426

Modine

Manufacturing

Co.*

44,836

280,225

Tenneco,

Inc.,

Class

A*(a)

66,268

459,900

5,284,812

Banks

6.4%

1st

Source

Corp.

1,054

32,505

Altabancorp

2,688

54,083

Amalgamated

Bank,

Class

A

9,013

95,357

American

National

Bankshares

,

Inc.(a)

1,100

23,012

Atlantic

Capital

Bancshares,

Inc.*(a)

9,972

113,182

BancFirst

Corp.(a)

11,916

486,649

Bancorp,

Inc.

(The)*

34,367

296,931

Bank

of

Commerce

Holdings(a)

3,056

21,300

Bank

of

Marin

Bancorp

2,100

60,816

Bank

of

Princeton

(The)(a)

211

3,834

Bankwell

Financial

Group,

Inc.

778

11,009

Banner

Corp.

16,980

547,775

BayCom

Corp.*

3,312

34,114

BCB

Bancorp,

Inc.(a)

1,200

9,600

Cadence

Bancorp

89,325

767,302

Capital

City

Bank

Group,

Inc.

(a)

5,172

97,182

Capstar

Financial

Holdings,

Inc.

4,044

39,672

Carter

Bank

&

Trust(a)

4,632

30,803

CBTX,

Inc.(a)

8,131

132,861

Central

Pacific

Financial

Corp.

26,516

359,822

Central

Valley

Community

Bancorp(a)

4,004

49,449

Chemung

Financial

Corp.(a)

843

24,337

CNB

Financial

Corp.

2,663

39,599

Community

Trust

Bancorp,

Inc.

6,849

193,553

Eagle

Bancorp,

Inc.(a)

23,620

632,780

Enterprise

Financial

Services

Corp.

15,527

423,421

Esquire

Financial

Holdings,

Inc.*

1,000

15,000

Common

Stocks

Shares

Value

($)

Banks

Evans

Bancorp,

Inc.(a)

316

7,031

FB

Financial

Corp.

11,159

280,314

Financial

Institutions,

Inc.

6,112

94,125

First

Bancorp/PR

79,383

414,379

First

Commonwealth

Financial

Corp.

1,464

11,331

First

Financial

Corp.

3,161

99,255

First

Internet

Bancorp

1,300

19,149

Great

Southern

Bancorp,

Inc.

(a)

3,899

141,222

Guaranty

Bancshares,

Inc.(a)

2,775

69,070

Hanmi

Financial

Corp.

26,895

220,808

HBT

Financial,

Inc.

6,215

69,732

Heartland

Financial

USA,

Inc.

3,358

100,723

Heritage

Commerce

Corp.(a)

13,587

90,421

Heritage

Financial

Corp.(a)

1,806

33,212

Hilltop

Holdings,

Inc.

18,014

370,728

Hope

Bancorp,

Inc.

5,362

40,671

Independent

Bank

Corp./MI(a)

9,722

122,206

Lakeland

Bancorp,

Inc.

14,935

148,603

Live

Oak

Bancshares,

Inc.(a)

15,839

401,202

Macatawa

Bank

Corp.(a)

3,688

24,083

Metropolitan

Bank

Holding

Corp.*(a)

2,845

79,660

MidWestOne

Financial

Group,

Inc.

1,475

26,358

National

Bankshares

,

Inc.(a)

53

1,342

Nicolet

Bankshares

,

Inc.*(a)

3,688

201,402

Northrim

Bancorp,

Inc.

2,051

52,280

OFG

Bancorp

33,207

413,759

Old

Second

Bancorp,

Inc.

2,002

15,005

Peapack

-Gladstone

Financial

Corp.

5,163

78,219

Peoples

Bancorp,

Inc.

2,424

46,274

Preferred

Bank

6,705

215,365

Professional

Holding

Corp.,

Class

A*(a)

2,038

27,330

QCR

Holdings,

Inc.

6,533

179,069

RBB

Bancorp(a)

5,509

62,472

Select

Bancorp,

Inc.*(a)

1,693

12,173

Shore

Bancshares,

Inc.(a)

3,267

35,872

Sierra

Bancorp

2,845

47,768

SmartFinancial

,

Inc.(a)

3,843

52,226

South

Plains

Financial,

Inc.(a)

1,860

23,083

Southern

First

Bancshares,

Inc.*(a)

2,525

60,979

Spirit

of

Texas

Bancshares,

Inc.*(a)

1,000

11,160

TriState

Capital

Holdings,

Inc.*

1,054

13,955

UMB

Financial

Corp.

13,329

653,254

9,663,218

Biotechnology

2.1%

Acorda

Therapeutics,

Inc.*(a)

16,752

8,627

Aduro

Biotech,

Inc.*(a)

12,034

29,243

AnaptysBio

,

Inc.*

2,593

38,247

Aptinyx

,

Inc.*(a)

6,637

22,433

Beyondspring

,

Inc.*

1,387

18,461

Catalyst

Biosciences,

Inc.*

5,165

22,210

Chimerix

,

Inc.*

44,372

110,486

64

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Concert

Pharmaceuticals,

Inc.*(a)

18,701

183,644

Cyclerion

Therapeutics,

Inc.*(a)

2,341

14,233

Emergent

BioSolutions

,

Inc.*

9,595

991,452

Enanta

Pharmaceuticals,

Inc.*

2,649

121,271

Five

Prime

Therapeutics,

Inc.*(a)

8,454

39,734

G1

Therapeutics,

Inc.*(a)

4,157

48,013

GlycoMimetics

,

Inc.*(a)

9,088

27,900

Gossamer

Bio,

Inc.*(a)

18,191

225,750

Jounce

Therapeutics,

Inc.*(a)

3,899

31,816

Myriad

Genetics,

Inc.*

40,323

525,812

Rubius

Therapeutics,

Inc.*(a)

23,322

116,843

Savara

,

Inc.*(a)

2,125

2,316

Sutro

Biopharma,

Inc.*(a)

2,686

26,994

United

Therapeutics

Corp.*

3,135

316,635

Vanda

Pharmaceuticals,

Inc.*(a)

31,966

308,792

3,230,912

Building

Products

1.7%

American

Woodmark

Corp.*

20,191

1,585,801

Apogee

Enterprises,

Inc.

17,926

383,079

Quanex

Building

Products

Corp.

20,857

384,603

Resideo

Technologies,

Inc.*

20,947

230,417

2,583,900

Capital

Markets

6.7%

Blucora

,

Inc.*(a)

16,338

153,904

Cowen,

Inc.,

Class

A(a)

13,873

225,714

Donnelley

Financial

Solutions,

Inc.*

26,113

348,870

Focus

Financial

Partners,

Inc.,

Class

A*(a)

136,479

4,475,146

Virtus

Investment

Partners,

Inc.(a)

28,662

3,973,986

Waddell

&

Reed

Financial,

Inc.,

Class

A(a)

62,904

934,124

10,111,744

Chemicals

2.3%

AdvanSix

,

Inc.*

20,022

257,883

Ashland

Global

Holdings,

Inc.

6,006

425,945

Chase

Corp.(a)

9,478

904,201

Element

Solutions,

Inc.*

12,617

132,605

Intrepid

Potash,

Inc.*(a)

4,568

38,554

Kraton

Corp.*(a)

19,865

353,994

Rayonier

Advanced

Materials,

Inc.*(a)

24,989

79,965

Stepan

Co.

7,271

792,539

Trinseo

SA

19,193

492,109

3,477,795

Commercial

Services

&

Supplies

9.3%

BrightView

Holdings,

Inc.*(a)

163,550

1,864,470

Healthcare

Services

Group,

Inc.(a)

88,536

1,906,180

Interface,

Inc.

33,546

205,302

KAR

Auction

Services,

Inc.(a)

151,329

2,179,138

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Kimball

International,

Inc.,

Class

B

13,193

139,054

Pitney

Bowes,

Inc.(a)

112,071

595,097

SP

Plus

Corp.*(a)

75,326

1,352,102

Steelcase,

Inc.,

Class

A

10,131

102,424

Team,

Inc.*(a)

18,187

100,028

UniFirst

Corp.

20,259

3,836,447

US

Ecology,

Inc.(a)

54,712

1,787,441

14,067,683

Communications

Equipment

1.8%

ADTRAN,

Inc.(a)

24,333

249,535

Aviat

Networks,

Inc.*

2,000

43,920

CommScope

Holding

Co.,

Inc.*

7,323

65,907

Comtech

Telecommunications

Corp.(a)

16,143

226,002

DZS,

Inc.*(a)

5,882

55,114

Infinera

Corp.*(a)

68,039

419,120

NETGEAR,

Inc.*(a)

26,702

822,956

NetScout

Systems,

Inc.*

21,767

475,174

PC-Tel,

Inc.*(a)

4,036

22,844

Plantronics,

Inc.(a)

18,862

223,326

Ribbon

Communications,

Inc.*(a)

37,420

144,815

2,748,713

Construction

&

Engineering

2.2%

Arcosa

,

Inc.

12,280

541,425

EMCOR

Group,

Inc.

28,620

1,937,860

Orion

Group

Holdings,

Inc.*

2,926

8,047

Primoris

Services

Corp.

23,518

424,265

Tutor

Perini

Corp.*

35,573

395,927

3,307,524

Consumer

Finance

1.3%

Elevate

Credit,

Inc.*(a)

6,849

17,602

Enova

International,

Inc.*(a)

17,888

293,184

EZCORP,

Inc.,

Class

A*(a)

31,279

157,333

Green

Dot

Corp.,

Class

A*

20,655

1,045,350

LendingClub

Corp.*(a)

65,813

309,979

SLM

Corp.

10,453

84,565

1,908,013

Containers

&

Packaging

0.1%

O-I

Glass,

Inc.

9,307

98,561

Diversified

Consumer

Services

0.9%

Adtalem

Global

Education,

Inc.*

11,984

294,087

American

Public

Education,

Inc.*(a)

17,598

496,088

H&R

Block,

Inc.

8,743

142,424

Houghton

Mifflin

Harcourt

Co.*

12,296

21,272

K12,

Inc.*

14,216

374,449

Universal

Technical

Institute,

Inc.*(a)

11,030

56,032

1,384,352

Diversified

Financial

Services

0.2%

Marlin

Business

Services

Corp.(a)

2,823

19,902

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Diversified

Financial

Services

Voya

Financial,

Inc.

6,274

300,713

320,615

Diversified

Telecommunication

Services

0.1%

Liberty

Latin

America

Ltd.,

Class

C*

3,228

26,276

ORBCOMM,

Inc.*(a)

33,062

112,411

138,687

Electric

Utilities

0.5%

Portland

General

Electric

Co.

23,433

831,871

Electrical

Equipment

1.7%

EnerSys

33,859

2,272,616

LSI

Industries,

Inc.(a)

10,174

68,675

Powell

Industries,

Inc.

7,596

183,291

2,524,582

Electronic

Equipment,

Instruments

&

Components

4.5%

Avnet,

Inc.

6,588

170,234

Bel

Fuse,

Inc.,

Class

B(a)

6,112

65,276

Benchmark

Electronics,

Inc.

24,900

501,735

Daktronics,

Inc.(a)

23,764

94,106

ePlus

,

Inc.*

47,997

3,513,380

FLIR

Systems,

Inc.

64,599

2,315,874

ScanSource

,

Inc.*

4,748

94,153

6,754,758

Energy

Equipment

&

Services

0.6%

Exterran

Corp.*(a)

16,604

69,073

Matrix

Service

Co.*(a)

17,260

144,121

Nabors

Industries

Ltd.(a)

2,208

53,963

Newpark

Resources,

Inc.*(a)

57,152

60,010

Patterson-UTI

Energy,

Inc.(a)

111,585

318,017

ProPetro

Holding

Corp.*(a)

55,596

225,720

870,904

Entertainment

0.1%

Madison

Square

Garden

Sports

Corp.,

Class

A*

885

133,175

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

Armada

Hoffler

Properties,

Inc.

10,988

101,749

CoreCivic

,

Inc.

7,945

63,560

CorePoint

Lodging,

Inc.

42,068

229,271

Franklin

Street

Properties

Corp.

29,729

108,808

Front

Yard

Residential

Corp.

51,032

446,020

Gaming

and

Leisure

Properties,

Inc.

21,639

799,128

Investors

Real

Estate

Trust

8,903

580,208

National

Health

Investors,

Inc.

3,097

186,656

New

Senior

Investment

Group,

Inc.

33,190

132,760

Physicians

Realty

Trust

13,049

233,707

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

36,346

493,215

Retail

Opportunity

Investments

Corp.

4,281

44,587

Retail

Value,

Inc.

9,966

125,273

SITE

Centers

Corp.

23,815

171,468

Spirit

Realty

Capital,

Inc.

13,132

443,205

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Summit

Hotel

Properties,

Inc.

28,838

149,381

4,308,996

Food

&

Staples

Retailing

0.2%

Andersons,

Inc.

(The)

10,350

198,410

SpartanNash

Co.

10,367

169,500

367,910

Food

Products

0.1%

Farmer

Brothers

Co.*(a)

10,241

45,265

Post

Holdings,

Inc.*

875

75,250

120,515

Gas

Utilities

0.5%

Southwest

Gas

Holdings,

Inc.

13,108

827,115

Health

Care

Equipment

&

Supplies

0.8%

AngioDynamics

,

Inc.*

15,034

181,310

LivaNova

plc*

14,088

636,919

Orthofix

Medical,

Inc.*(a)

4,765

148,382

Varex

Imaging

Corp.*(a)

22,520

286,454

1,253,065

Health

Care

Providers

&

Services

3.0%

Addus

HomeCare

Corp.*(a)

30,479

2,880,570

Cross

Country

Healthcare,

Inc.*

24,553

159,349

Hanger,

Inc.*

3,727

58,961

Magellan

Health,

Inc.*

11,276

854,495

Molina

Healthcare,

Inc.*

1,380

252,595

Owens

&

Minor,

Inc.(a)

10,095

253,486

4,459,456

Health

Care

Technology

0.9%

Allscripts

Healthcare

Solutions,

Inc.*(a)

132,381

1,077,581

Computer

Programs

&

Systems,

Inc.

10,468

289,022

1,366,603

Hotels,

Restaurants

&

Leisure

1.9%

Del

Taco

Restaurants,

Inc.*(a)

19,252

157,866

Everi

Holdings,

Inc.*(a)

31,302

258,242

International

Game

Technology

plc(a)

63,184

703,238

PlayAGS

,

Inc.*(a)

34,031

120,470

Scientific

Games

Corp.*(a)

9,898

345,539

Wyndham

Hotels

&

Resorts,

Inc.(a)

25,882

1,307,041

2,892,396

Household

Durables

0.5%

Beazer

Homes

USA,

Inc.*(a)

9,937

131,168

GoPro,

Inc.,

Class

A*(a)

115,204

521,874

ZAGG,

Inc.*(a)

28,121

78,739

731,781

Household

Products

0.1%

Central

Garden

&

Pet

Co.,

Class

A*

2,786

100,686

Insurance

4.3%

American

Equity

Investment

Life

Holding

Co.(a)

16,790

369,212

66

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

4,772

164,300

Brighthouse

Financial,

Inc.*

10,592

285,031

Donegal

Group,

Inc.,

Class

A

3,618

50,905

Employers

Holdings,

Inc.(a)

19,803

599,041

Enstar

Group

Ltd.*

17,619

2,845,468

FedNat

Holding

Co.(a)

4,558

28,807

Hallmark

Financial

Services,

Inc.*(a)

10,932

28,642

HCI

Group,

Inc.(a)

7,444

366,915

Heritage

Insurance

Holdings,

Inc.(a)

29,295

296,465

James

River

Group

Holdings

Ltd.

10,026

446,458

ProSight

Global,

Inc.*(a)

1,939

21,988

Protective

Insurance

Corp.,

Class

B

2,108

27,678

Reinsurance

Group

of

America,

Inc.

3,663

348,681

Stewart

Information

Services

Corp.

7,587

331,780

United

Fire

Group,

Inc.

4,851

98,572

United

Insurance

Holdings

Corp.

7,135

43,238

Universal

Insurance

Holdings,

Inc.

10,276

142,220

6,495,401

Interactive

Media

&

Services

0.7%

TrueCar

,

Inc.*(a)

74,080

370,400

Yelp,

Inc.*

33,925

681,553

1,051,953

Internet

&

Direct

Marketing

Retail

0.0%

†

Quotient

Technology,

Inc.*(a)

3,839

28,332

IT

Services

2.7%

Cass

Information

Systems,

Inc.(a)

33,689

1,355,646

Conduent

,

Inc.*(a)

136,874

435,259

Verra

Mobility

Corp.*(a)

244,932

2,366,043

4,156,948

Leisure

Products

0.8%

Smith

&

Wesson

Brands,

Inc.

21,686

336,567

Vista

Outdoor,

Inc.*(a)

39,780

802,760

1,139,327

Life

Sciences

Tools

&

Services

0.0%

†

Harvard

Bioscience,

Inc.*(a)

7,965

23,975

Machinery

3.8%

AGCO

Corp.

12,268

911,144

Astec

Industries,

Inc.(a)

8,012

434,651

Commercial

Vehicle

Group,

Inc.*(a)

36,039

235,335

Crane

Co.

43,120

2,161,606

Graham

Corp.(a)

1,600

20,432

Lydall

,

Inc.*(a)

17,364

287,201

Manitowoc

Co.,

Inc.

(The)*

50,254

422,636

Park-Ohio

Holdings

Corp.(a)

4,200

67,494

REV

Group,

Inc.(a)

27,292

215,334

Terex

Corp.

38,887

752,852

Common

Stocks

Shares

Value

($)

Machinery

Titan

International,

Inc.(a)

4,571

13,210

Wabash

National

Corp.(a)

12,540

149,978

5,671,873

Media

1.3%

comScore,

Inc.*(a)

63,375

129,285

Entercom

Communications

Corp.,

Class

A

76,874

123,767

Hemisphere

Media

Group,

Inc.*(a)

143,337

1,245,599

Scholastic

Corp.

14,753

309,665

Tribune

Publishing

Co.(a)

10,159

118,454

1,926,770

Metals

&

Mining

0.4%

Olympic

Steel,

Inc.(a)

6,868

78,020

Ryerson

Holding

Corp.*

12,124

69,471

Schnitzer

Steel

Industries,

Inc.,

Class

A(a)

17,387

334,352

TimkenSteel

Corp.*(a)

36,668

130,171

612,014

Oil,

Gas

&

Consumable

Fuels

2.9%

Arch

Resources,

Inc.(a)

18,618

790,893

Bonanza

Creek

Energy,

Inc.*

21,763

409,144

CONSOL

Energy,

Inc.*

5,270

23,346

Dorian

LPG

Ltd.*

52,146

417,690

Green

Plains,

Inc.*(a)

54,448

842,855

Infinity

Bio-energy

Ltd.*^∞

155,500

0

International

Seaways,

Inc.

28,529

416,809

Kosmos

Energy

Ltd.(a)

249,512

243,424

Par

Pacific

Holdings,

Inc.*(a)

37,477

253,719

REX

American

Resources

Corp.*

3,551

232,981

SFL

Corp.

Ltd.(a)

7,613

57,021

Talos

Energy,

Inc.*(a)

6,164

39,758

World

Fuel

Services

Corp.

32,468

687,997

4,415,637

Paper

&

Forest

Products

0.7%

Boise

Cascade

Co.

24,658

984,347

Verso

Corp.,

Class

A(a)

4,426

34,921

1,019,268

Personal

Products

0.9%

Inter

Parfums

,

Inc.(a)

36,941

1,379,746

Revlon,

Inc.,

Class

A*(a)

6,322

39,955

1,419,701

Pharmaceuticals

0.8%

AMAG

Pharmaceuticals,

Inc.*(a)

34,700

326,180

Assertio

Holdings,

Inc.*

1,000

666

Cymabay

Therapeutics,

Inc.*(a)

6,452

46,712

Endo

International

plc*(a)

51,845

171,088

Lannett

Co.,

Inc.*(a)

18,823

115,009

Strongbridge

Biopharma

plc*(a)

17,188

36,095

Supernus

Pharmaceuticals,

Inc.*(a)

22,794

475,027

Theravance

Biopharma,

Inc.*

5,405

79,913

1,250,690

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Professional

Services

1.1%

GP

Strategies

Corp.*(a)

1,400

13,496

Heidrick

&

Struggles

International,

Inc.(a)

3,874

76,124

Insperity

,

Inc.

1,752

114,738

Kelly

Services,

Inc.,

Class

A

31,395

534,971

ManpowerGroup

,

Inc.

4,215

309,086

TrueBlue

,

Inc.*

35,032

542,646

1,591,061

Real

Estate

Management

&

Development

2.0%

Altisource

Portfolio

Solutions

SA*(a)

700

8,869

CTO

Realty

Growth,

Inc.

2,977

131,286

Jones

Lang

LaSalle,

Inc.

30,764

2,942,884

3,083,039

Road

&

Rail

2.1%

ArcBest

Corp.

23,334

724,754

Landstar

System,

Inc.

19,033

2,388,451

3,113,205

Semiconductors

&

Semiconductor

Equipment

4.1%

Alpha

&

Omega

Semiconductor

Ltd.*

11,940

153,071

Ambarella

,

Inc.*

9,316

486,109

Cabot

Microelectronics

Corp.

23,850

3,406,018

Cirrus

Logic,

Inc.*

12,139

818,776

NeoPhotonics

Corp.*(a)

35,518

216,305

Pixelworks

,

Inc.*(a)

22,049

45,200

Synaptics

,

Inc.*(a)

9,108

732,465

Veeco

Instruments,

Inc.*(a)

34,662

404,506

6,262,450

Software

2.5%

Manhattan

Associates,

Inc.*

37,298

3,561,586

SeaChange

International,

Inc.*(a)

27,421

23,867

Synchronoss

Technologies,

Inc.*(a)

36,776

110,696

Telenav

,

Inc.*

19,913

71,687

3,767,836

Specialty

Retail

2.1%

America's

Car-Mart,

Inc.*(a)

31,819

2,700,797

Hibbett

Sports,

Inc.*(a)

10,365

406,515

3,107,312

Technology

Hardware,

Storage

&

Peripherals

0.2%

Diebold

Nixdorf,

Inc.*(a)

12,434

94,996

Quantum

Corp.*(a)

11,402

52,449

Super

Micro

Computer,

Inc.*(a)

6,852

180,893

328,338

Textiles,

Apparel

&

Luxury

Goods

0.3%

Fossil

Group,

Inc.*

19,383

111,258

Rocky

Brands,

Inc.

3,019

74,962

Unifi,

Inc.*

13,116

168,410

Vera

Bradley,

Inc.*(a)

16,590

101,365

455,995

Thrifts

&

Mortgage

Finance

1.3%

Bridgewater

Bancshares,

Inc.*(a)

5,662

53,732

Flagstar

Bancorp,

Inc.

9,461

280,329

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Home

Bancorp,

Inc.(a)

843

20,359

HomeStreet

,

Inc.

15,009

386,632

Merchants

Bancorp

5,690

112,150

Meridian

Bancorp,

Inc.

15,297

158,324

OP

Bancorp(a)

2,951

16,880

PCSB

Financial

Corp.

5,598

67,568

Riverview

Bancorp,

Inc.(a)

3,688

15,305

Southern

Missouri

Bancorp,

Inc.(a)

700

16,506

TrustCo

Bank

Corp.(a)

55,823

291,396

Washington

Federal,

Inc.

24,026

501,182

1,920,363

Trading

Companies

&

Distributors

2.8%

Beacon

Roofing

Supply,

Inc.*

73,035

2,269,197

CAI

International,

Inc.(a)

3,036

83,581

DXP

Enterprises,

Inc.*

9,000

145,170

Foundation

Building

Materials,

Inc.*(a)

11,959

187,996

Herc

Holdings,

Inc.*

8,154

322,980

MRC

Global,

Inc.*(a)

85,209

364,695

NOW,

Inc.*

65,282

296,380

Veritiv

Corp.*

11,903

150,692

WESCO

International,

Inc.*

9,992

439,848

4,260,539

Total

Common

Stocks

(cost

$167,886,040)

145,837,684

Repurchase

Agreements

8.3%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,593,712,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$4,685,576.

(b)

4,593,702

4,593,702

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$1,020,002.(b)

1,000,000

1,000,000

68

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.(b)

4,000,000

4,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,000,012,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$12,593,702)

12,593,702

Total

Investments

(cost

$180,479,742)

—

104.9%

158,431,386

Liabilities

in

excess

of

other

assets

—

(4.9)%

(7,394,832)

NET

ASSETS

—

100.0%

$

151,036,554

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$25,115,998,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,593,702

and

by

$13,472,327

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$26,066,029.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$12,593,702.

REIT

Real

Estate

Investment

Trust

USD

United

States

Dollar

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

69

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

70

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

1,948,037

$

–

$

–

$

1,948,037

Air

Freight

&

Logistics

528,620

–

–

528,620

Airlines

388,658

–

–

388,658

Auto

Components

5,284,812

–

–

5,284,812

Banks

9,663,218

–

–

9,663,218

Biotechnology

3,230,912

–

–

3,230,912

Building

Products

2,583,900

–

–

2,583,900

Capital

Markets

10,111,744

–

–

10,111,744

Chemicals

3,477,795

–

–

3,477,795

Commercial

Services

&

Supplies

14,067,683

–

–

14,067,683

Communications

Equipment

2,748,713

–

–

2,748,713

Construction

&

Engineering

3,307,524

–

–

3,307,524

Consumer

Finance

1,908,013

–

–

1,908,013

Containers

&

Packaging

98,561

–

–

98,561

Diversified

Consumer

Services

1,384,352

–

–

1,384,352

Diversified

Financial

Services

320,615

–

–

320,615

Diversified

Telecommunication

Services

138,687

–

–

138,687

Electric

Utilities

831,871

–

–

831,871

Electrical

Equipment

2,524,582

–

–

2,524,582

Electronic

Equipment,

Instruments

&

Components

6,754,758

–

–

6,754,758

Energy

Equipment

&

Services

870,904

–

–

870,904

Entertainment

133,175

–

–

133,175

Equity

Real

Estate

Investment

Trusts

(REITs)

4,308,996

–

–

4,308,996

Food

&

Staples

Retailing

367,910

–

–

367,910

Food

Products

120,515

–

–

120,515

Gas

Utilities

827,115

–

–

827,115

Health

Care

Equipment

&

Supplies

1,253,065

–

–

1,253,065

Health

Care

Providers

&

Services

4,459,456

–

–

4,459,456

Health

Care

Technology

1,366,603

–

–

1,366,603

Hotels,

Restaurants

&

Leisure

2,892,396

–

–

2,892,396

Household

Durables

731,781

–

–

731,781

Household

Products

100,686

–

–

100,686

Insurance

6,495,401

–

–

6,495,401

Interactive

Media

&

Services

1,051,953

–

–

1,051,953

Internet

&

Direct

Marketing

Retail

28,332

–

–

28,332

IT

Services

4,156,948

–

–

4,156,948

Leisure

Products

1,139,327

–

–

1,139,327

Life

Sciences

Tools

&

Services

23,975

–

–

23,975

Machinery

5,671,873

–

–

5,671,873

Media

1,926,770

–

–

1,926,770

Metals

&

Mining

612,014

–

–

612,014

Oil,

Gas

&

Consumable

Fuels

4,415,637

–

–

4,415,637

Paper

&

Forest

Products

1,019,268

–

–

1,019,268

Personal

Products

1,419,701

–

–

1,419,701

Pharmaceuticals

1,250,690

–

–

1,250,690

Professional

Services

1,591,061

–

–

1,591,061

Real

Estate

Management

&

Development

3,083,039

–

–

3,083,039

Road

&

Rail

3,113,205

–

–

3,113,205

Semiconductors

&

Semiconductor

Equipment

6,262,450

–

–

6,262,450

Software

3,767,836

–

–

3,767,836

Specialty

Retail

3,107,312

–

–

3,107,312

Technology

Hardware,

Storage

&

Peripherals

328,338

–

–

328,338

Textiles,

Apparel

&

Luxury

Goods

455,995

–

–

455,995

Thrifts

&

Mortgage

Finance

1,920,363

–

–

1,920,363

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

71

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Trading

Companies

&

Distributors

$

4,260,539

$

–

$

–

$

4,260,539

Total

Common

Stocks

$

145,837,684

$

–

$

–

$

145,837,684

Repurchase

Agreements

–

12,593,702

–

12,593,702

Total

$

145,837,684

$

12,593,702

$

–

$

158,431,386

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

one

common

stock

investment

that

as

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

72

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

98.3%

Shares

Value

($)

ARGENTINA

0.6%

Software

0.6%

Globant

SA

*

8,210

1,471,396

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

296,591

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Infinity

Bio-energy

Ltd.

*^∞

94,500

0

296,591

CANADA

0.2%

Metals

&

Mining

0.2%

SSR

Mining,

Inc.

*

32,792

612,227

GHANA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Kosmos

Energy

Ltd.

(a)

469,774

458,312

IRELAND

0.2%

Biotechnology

0.2%

Prothena

Corp.

plc

*(a)

48,378

483,296

ISRAEL

0.7%

Machinery

0.7%

Kornit

Digital

Ltd.

*(a)

25,951

1,683,442

Software

0.0%

†

JFrog

Ltd.

*

1,408

119,187

1,802,629

NORWAY

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

SFL

Corp.

Ltd.

(a)

12,795

95,835

PUERTO

RICO

0.6%

Banks

0.6%

First

Bancorp/PR

149,333

779,518

OFG

Bancorp

64,143

799,222

1,578,740

UNITED

STATES

95.7%

Aerospace

&

Defense

1.2%

Aerojet

Rocketdyne

Holdings,

Inc.

*

15,524

619,252

Astronics

Corp.

*

52,569

405,833

Mercury

Systems,

Inc.

*

12,284

951,518

Triumph

Group,

Inc.

(a)

105,856

689,123

Vectrus

,

Inc.

*

17,223

654,474

3,320,200

Air

Freight

&

Logistics

0.4%

Echo

Global

Logistics,

Inc.

*

36,759

947,279

Radiant

Logistics,

Inc.

*

3,068

15,770

963,049

Airlines

0.2%

SkyWest,

Inc.

17,927

535,300

Auto

Components

2.8%

Adient

plc

*

53,776

931,938

American

Axle

&

Manufacturing

Holdings,

Inc.

*

190,959

1,101,833

Common

Stocks

Shares

Value

($)

UNITED

STATES

Auto

Components

Cooper

Tire

&

Rubber

Co.

1,167

36,994

Cooper-Standard

Holdings,

Inc.

*(a)

55,387

731,662

Fox

Factory

Holding

Corp.

*(a)

11,740

872,634

Goodyear

Tire

&

Rubber

Co.

(The)

211,579

1,622,812

Modine

Manufacturing

Co.

*

81,653

510,331

Tenneco,

Inc.,

Class

A

*(a)

127,461

884,579

Visteon

Corp.

*

11,798

816,658

7,509,441

Banks

6.8%

1st

Source

Corp.

1,000

30,840

Altabancorp

5,186

104,342

Amalgamated

Bank,

Class

A

15,386

162,784

American

National

Bankshares

,

Inc.

1,427

29,853

Atlantic

Capital

Bancshares,

Inc.

*

15,842

179,807

BancFirst

Corp.

(a)

22,760

929,518

Bancorp,

Inc.

(The)

*

81,720

706,061

Bank

of

Commerce

Holdings

6,315

44,016

Bank

of

Marin

Bancorp

6,190

179,262

BankFinancial

Corp.

3,194

23,061

Bankwell

Financial

Group,

Inc.

1,898

26,857

Banner

Corp.

32,805

1,058,289

BayCom

Corp.

*

4,000

41,200

BCB

Bancorp,

Inc.

(a)

2,066

16,528

Cadence

Bancorp

150,055

1,288,972

Capital

City

Bank

Group,

Inc.

6,687

125,649

Capstar

Financial

Holdings,

Inc.

10,321

101,249

Carter

Bank

&

Trust

8,467

56,306

CBTX,

Inc.

(a)

13,364

218,368

Central

Pacific

Financial

Corp.

64,239

871,723

Central

Valley

Community

Bancorp

4,876

60,219

Chemung

Financial

Corp.

1,395

40,274

CNB

Financial

Corp.

4,737

70,439

Coastal

Financial

Corp.

*

1,750

21,438

Community

Trust

Bancorp,

Inc.

12,640

357,206

Eagle

Bancorp,

Inc.

45,634

1,222,535

Enterprise

Financial

Services

Corp.

29,719

810,437

Esquire

Financial

Holdings,

Inc.

*

2,403

36,045

Evans

Bancorp,

Inc.

400

8,900

FB

Financial

Corp.

14,931

375,067

Financial

Institutions,

Inc.

11,604

178,702

First

Bancorp/NC

22,396

468,748

First

Financial

Corp.

6,227

195,528

First

Internet

Bancorp

1,805

26,588

Great

Southern

Bancorp,

Inc.

8,010

290,122

Guaranty

Bancshares,

Inc.

3,105

77,283

Hanmi

Financial

Corp.

51,255

420,804

HBT

Financial,

Inc.

9,118

102,304

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Heartland

Financial

USA,

Inc.

6,600

197,967

Heritage

Commerce

Corp.

9,616

63,994

Heritage

Financial

Corp.

(a)

3,232

59,436

HomeTrust

Bancshares,

Inc.

12,387

168,215

Independent

Bank

Corp./MI

19,300

242,601

Lakeland

Bancorp,

Inc.

28,580

284,371

Live

Oak

Bancshares,

Inc.

(a)

30,699

777,606

Macatawa

Bank

Corp.

13,797

90,094

Metropolitan

Bank

Holding

Corp.

*

4,687

131,236

MidWestOne

Financial

Group,

Inc.

3,101

55,415

National

Bankshares

,

Inc.

(a)

502

12,716

Nicolet

Bankshares

,

Inc.

*(a)

7,668

418,749

Northeast

Bank

1,116

20,534

Northrim

Bancorp,

Inc.

4,095

104,382

Old

Second

Bancorp,

Inc.

2,700

20,237

Peapack

-Gladstone

Financial

Corp.

10,049

152,242

Peoples

Bancorp,

Inc.

3,900

74,451

Pinnacle

Financial

Partners,

Inc.

13,780

490,430

Preferred

Bank

15,618

501,650

Professional

Holding

Corp.,

Class

A

*(a)

3,014

40,418

QCR

Holdings,

Inc.

14,167

388,317

RBB

Bancorp

(a)

10,692

121,247

Select

Bancorp,

Inc.

*

3,287

23,634

Shore

Bancshares,

Inc.

6,786

74,510

Sierra

Bancorp

3,626

60,881

SmartFinancial

,

Inc.

4,200

57,078

South

Plains

Financial,

Inc.

985

12,224

Southern

First

Bancshares,

Inc.

*

3,350

80,903

Spirit

of

Texas

Bancshares,

Inc.

*

3,286

36,672

TriCo

Bancshares

53,085

1,300,051

UMB

Financial

Corp.

25,622

1,255,734

18,275,319

Biotechnology

4.0%

Acceleron

Pharma,

Inc.

*(a)

7,840

882,235

Acorda

Therapeutics,

Inc.

*(a)

31,196

16,066

Aduro

Biotech,

Inc.

*(a)

23,783

57,793

Amicus

Therapeutics,

Inc.

*(a)

43,119

608,840

AnaptysBio

,

Inc.

*

5,028

74,163

Apellis

Pharmaceuticals,

Inc.

*(a)

15,714

474,091

Aptinyx

,

Inc.

*(a)

11,611

39,245

Beyondspring

,

Inc.

*

3,246

43,204

CareDx

,

Inc.

*(a)

26,713

1,013,491

Catalyst

Biosciences,

Inc.

*

9,286

39,930

Chimerix

,

Inc.

*

85,109

211,921

Concert

Pharmaceuticals,

Inc.

*(a)

38,044

373,592

Cyclerion

Therapeutics,

Inc.

*(a)

6,159

37,447

Deciphera

Pharmaceuticals,

Inc.

*(a)

9,208

472,370

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Five

Prime

Therapeutics,

Inc.

*

21,539

101,233

G1

Therapeutics,

Inc.

*(a)

7,747

89,478

Global

Blood

Therapeutics,

Inc.

*(a)

11,257

620,711

GlycoMimetics

,

Inc.

*(a)

18,422

56,556

Gossamer

Bio,

Inc.

*(a)

33,911

420,836

Halozyme

Therapeutics,

Inc.

*(a)

21,653

569,041

Jounce

Therapeutics,

Inc.

*(a)

13,700

111,792

Myriad

Genetics,

Inc.

*

74,412

970,332

Rubius

Therapeutics,

Inc.

*(a)

36,978

185,260

Sutro

Biopharma,

Inc.

*(a)

5,800

58,290

TG

Therapeutics,

Inc.

*

18,468

494,204

Ultragenyx

Pharmaceutical,

Inc.

*(a)

7,799

641,000

United

Therapeutics

Corp.

*

6,112

617,312

Vanda

Pharmaceuticals,

Inc.

*

56,029

541,240

Veracyte

,

Inc.

*

25,579

831,062

10,652,735

Building

Products

2.8%

Advanced

Drainage

Systems,

Inc.

27,292

1,704,112

Apogee

Enterprises,

Inc.

34,403

735,192

AZEK

Co.,

Inc.

(The)

*

21,308

741,731

Quanex

Building

Products

Corp.

15,844

292,163

Resideo

Technologies,

Inc.

*

47,378

521,158

Simpson

Manufacturing

Co.,

Inc.

14,012

1,361,406

Trex

Co.,

Inc.

*

27,906

1,998,071

7,353,833

Capital

Markets

2.6%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

7,117

277,492

Blucora

,

Inc.

*

29,286

275,874

Cohen

&

Steers,

Inc.

11,012

613,809

Cowen,

Inc.,

Class

A

(a)

29,059

472,790

Donnelley

Financial

Solutions,

Inc.

*

43,593

582,402

Hamilton

Lane,

Inc.,

Class

A

22,766

1,470,456

LPL

Financial

Holdings,

Inc.

21,838

1,674,319

StepStone

Group,

Inc.,

Class

A

*

9,605

255,589

Waddell

&

Reed

Financial,

Inc.,

Class

A

(a)

84,030

1,247,846

6,870,577

Chemicals

1.7%

AdvanSix

,

Inc.

*

41,434

533,670

Ashland

Global

Holdings,

Inc.

12,600

893,591

Cabot

Corp.

16,020

577,201

Element

Solutions,

Inc.

*

24,600

258,546

Intrepid

Potash,

Inc.

*(a)

6,929

58,481

Kraton

Corp.

*(a)

34,985

623,433

Stepan

Co.

6,182

673,838

Trinseo

SA

33,205

851,376

4,470,136

74

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

1.6%

Casella

Waste

Systems,

Inc.,

Class

A

*

34,847

1,946,204

Interface,

Inc.

67,589

413,645

Kimball

International,

Inc.,

Class

B

25,590

269,719

Pitney

Bowes,

Inc.

201,681

1,070,926

Steelcase,

Inc.,

Class

A

23,535

237,939

Team,

Inc.

*

34,581

190,196

4,128,629

Communications

Equipment

2.2%

ADTRAN,

Inc.

99,636

1,021,767

Aviat

Networks,

Inc.

*

3,996

87,752

Comtech

Telecommunications

Corp.

28,044

392,616

DZS,

Inc.

*(a)

15,290

143,267

EMCORE

Corp.

*(a)

12,115

39,374

Infinera

Corp.

*(a)

132,047

813,410

NETGEAR,

Inc.

*

51,464

1,586,120

NetScout

Systems,

Inc.

*

42,112

919,305

PC-Tel,

Inc.

*

9,352

52,932

Plantronics,

Inc.

(a)

35,308

418,047

Ribbon

Communications,

Inc.

*

78,509

303,830

5,778,420

Construction

&

Engineering

1.0%

Arcosa

,

Inc.

24,331

1,072,754

Orion

Group

Holdings,

Inc.

*

1,655

4,551

Primoris

Services

Corp.

44,853

809,148

Tutor

Perini

Corp.

*

68,532

762,761

2,649,214

Consumer

Finance

1.3%

Elevate

Credit,

Inc.

*(a)

18,149

46,643

Enova

International,

Inc.

*

34,980

573,322

EZCORP,

Inc.,

Class

A

*(a)

60,638

305,009

Green

Dot

Corp.,

Class

A

*

37,749

1,910,477

LendingClub

Corp.

*(a)

124,163

584,808

3,420,259

Containers

&

Packaging

0.1%

O-I

Glass,

Inc.

18,248

193,246

Distributors

1.0%

Pool

Corp.

7,662

2,563,245

Diversified

Consumer

Services

0.7%

Adtalem

Global

Education,

Inc.

*

14,165

347,609

American

Public

Education,

Inc.

*

26,454

745,739

H&R

Block,

Inc.

16,477

268,410

Houghton

Mifflin

Harcourt

Co.

*

14,113

24,415

K12,

Inc.

*

16,194

426,550

Universal

Technical

Institute,

Inc.

*(a)

22,512

114,361

1,927,084

Diversified

Financial

Services

0.2%

Marlin

Business

Services

Corp.

5,452

38,437

Voya

Financial,

Inc.

11,800

565,574

604,011

Common

Stocks

Shares

Value

($)

UNITED

STATES

Diversified

Telecommunication

Services

0.7%

Bandwidth,

Inc.,

Class

A

*(a)

8,774

1,531,677

ORBCOMM,

Inc.

*

82,053

278,980

1,810,657

Electric

Utilities

0.6%

Portland

General

Electric

Co.

46,027

1,633,959

Electrical

Equipment

0.9%

Generac

Holdings,

Inc.

*

8,944

1,731,916

LSI

Industries,

Inc.

12,783

86,285

Powell

Industries,

Inc.

14,889

359,272

Regal

Beloit

Corp.

3,189

299,351

2,476,824

Electronic

Equipment,

Instruments

&

Components

1.3%

Arlo

Technologies,

Inc.

*

93,784

493,304

Avnet,

Inc.

9,676

250,028

Bel

Fuse,

Inc.,

Class

B

9,523

101,706

Benchmark

Electronics,

Inc.

65,446

1,318,736

Daktronics,

Inc.

(a)

42,505

168,320

Novanta

,

Inc.

*

9,208

969,970

ScanSource

,

Inc.

*

8,349

165,561

3,467,625

Energy

Equipment

&

Services

0.6%

Exterran

Corp.

*

41,340

171,974

Matrix

Service

Co.

*

32,078

267,851

Nabors

Industries

Ltd.

(a)

4,198

102,599

Newpark

Resources,

Inc.

*(a)

106,246

111,558

Patterson-UTI

Energy,

Inc.

(a)

208,005

592,815

ProPetro

Holding

Corp.

*

105,332

427,648

1,674,445

Entertainment

0.8%

Madison

Square

Garden

Sports

Corp.,

Class

A

*

1,830

275,378

Zynga,

Inc.,

Class

A

*(a)

200,898

1,832,190

2,107,568

Equity

Real

Estate

Investment

Trusts

(REITs)

3.2%

CoreCivic

,

Inc.

14,972

119,776

CorePoint

Lodging,

Inc.

88,051

479,878

First

Industrial

Realty

Trust,

Inc.

34,078

1,356,304

Franklin

Street

Properties

Corp.

55,757

204,071

Front

Yard

Residential

Corp.

92,145

805,347

Gaming

and

Leisure

Properties,

Inc.

42,560

1,571,742

Investors

Real

Estate

Trust

17,137

1,116,818

National

Health

Investors,

Inc.

6,271

377,953

New

Senior

Investment

Group,

Inc.

45,961

183,844

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

74,364

1,009,119

Retail

Value,

Inc.

20,996

263,920

SITE

Centers

Corp.

45,855

330,156

Spirit

Realty

Capital,

Inc.

15,867

535,511

Summit

Hotel

Properties,

Inc.

40,495

209,764

8,564,203

Food

&

Staples

Retailing

0.8%

Andersons,

Inc.

(The)

5,124

98,227

BJ's

Wholesale

Club

Holdings,

Inc.

*(a)

28,801

1,196,682

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

UNITED

STATES

Food

&

Staples

Retailing

Grocery

Outlet

Holding

Corp.

*

22,137

870,427

SpartanNash

Co.

5,183

84,742

2,250,078

Food

Products

1.2%

Farmer

Brothers

Co.

*

24,719

109,258

Freshpet

,

Inc.

*

24,684

2,755,969

Post

Holdings,

Inc.

*

2,000

172,000

Vital

Farms,

Inc.

*(a)

3,223

130,628

3,167,855

Gas

Utilities

0.5%

Southwest

Gas

Holdings,

Inc.

19,158

1,208,870

Health

Care

Equipment

&

Supplies

6.9%

AngioDynamics

,

Inc.

*

19,146

230,901

Axonics

Modulation

Technologies,

Inc.

*(a)

19,793

1,010,235

CryoPort

,

Inc.

*(a)

28,299

1,341,373

GenMark

Diagnostics,

Inc.

*

24,749

351,436

Insulet

Corp.

*

9,484

2,243,820

Integer

Holdings

Corp.

*

5,341

315,172

iRhythm

Technologies,

Inc.

*(a)

6,971

1,659,865

LivaNova

plc

*

27,708

1,252,679

Masimo

Corp.

*

11,247

2,654,967

Orthofix

Medical,

Inc.

*

3,229

100,551

Penumbra,

Inc.

*(a)

6,737

1,309,538

Quidel

Corp.

*(a)

10,752

2,358,774

Silk

Road

Medical,

Inc.

*(a)

15,402

1,035,168

Tandem

Diabetes

Care,

Inc.

*

18,236

2,069,786

Varex

Imaging

Corp.

*(a)

46,324

589,241

18,523,506

Health

Care

Providers

&

Services

2.3%

1Life

Healthcare,

Inc.

*(a)

18,511

524,972

Addus

HomeCare

Corp.

*

5,034

475,763

Amedisys

,

Inc.

*

7,976

1,885,767

Cross

Country

Healthcare,

Inc.

*

53,410

346,631

Hanger,

Inc.

*

7,564

119,662

Magellan

Health,

Inc.

*

17,508

1,326,756

Molina

Healthcare,

Inc.

*

2,810

514,342

Oak

Street

Health,

Inc.

*(a)

5,282

282,270

Owens

&

Minor,

Inc.

(a)

20,512

515,056

5,991,219

Health

Care

Technology

2.0%

Allscripts

Healthcare

Solutions,

Inc.

*(a)

232,500

1,892,550

Computer

Programs

&

Systems,

Inc.

19,061

526,274

Inspire

Medical

Systems,

Inc.

*(a)

16,547

2,135,390

Phreesia

,

Inc.

*

20,468

657,637

5,211,851

Hotels,

Restaurants

&

Leisure

3.0%

Choice

Hotels

International,

Inc.

7,296

627,164

Churchill

Downs,

Inc.

(a)

8,360

1,369,535

Del

Taco

Restaurants,

Inc.

*

34,254

280,883

Everi

Holdings,

Inc.

*(a)

58,994

486,701

Common

Stocks

Shares

Value

($)

UNITED

STATES

Hotels,

Restaurants

&

Leisure

International

Game

Technology

plc

(a)

122,462

1,363,002

Papa

John's

International,

Inc.

9,475

779,603

PlayAGS

,

Inc.

*

62,509

221,282

Scientific

Games

Corp.

*

18,714

653,306

Wingstop

,

Inc.

(a)

16,007

2,187,356

7,968,832

Household

Durables

1.8%

Beazer

Homes

USA,

Inc.

*

23,322

307,850

GoPro,

Inc.,

Class

A

*(a)

189,420

858,073

KB

Home

8,045

308,848

Meritage

Homes

Corp.

*

11,078

1,222,900

TopBuild

Corp.

*

10,899

1,860,350

ZAGG,

Inc.

*(a)

53,465

149,702

4,707,723

Household

Products

0.1%

Central

Garden

&

Pet

Co.,

Class

A

*

9,871

356,738

Insurance

3.5%

American

Equity

Investment

Life

Holding

Co.

40,815

897,522

Argo

Group

International

Holdings

Ltd.

9,253

318,581

Brighthouse

Financial,

Inc.

*

20,826

560,428

Donegal

Group,

Inc.,

Class

A

5,532

77,835

Employers

Holdings,

Inc.

39,524

1,195,601

FedNat

Holding

Co.

5,279

33,363

Hallmark

Financial

Services,

Inc.

*(a)

20,910

54,784

HCI

Group,

Inc.

(a)

14,238

701,791

Heritage

Insurance

Holdings,

Inc.

102,373

1,036,015

James

River

Group

Holdings

Ltd.

18,971

844,779

Kinsale

Capital

Group,

Inc.

6,666

1,267,739

ProSight

Global,

Inc.

*(a)

5,375

60,953

Protective

Insurance

Corp.,

Class

B

3,984

52,310

Reinsurance

Group

of

America,

Inc.

2,727

259,583

Stewart

Information

Services

Corp.

32,624

1,426,647

United

Fire

Group,

Inc.

10,527

213,909

United

Insurance

Holdings

Corp.

13,811

83,695

Universal

Insurance

Holdings,

Inc.

15,947

220,706

9,306,241

Interactive

Media

&

Services

0.8%

TrueCar

,

Inc.

*

163,398

816,990

Yelp,

Inc.

*

64,056

1,286,885

2,103,875

Internet

&

Direct

Marketing

Retail

0.4%

Quotient

Technology,

Inc.

*

1,387

10,236

Stamps.com,

Inc.

*

4,655

1,121,622

1,131,858

76

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

IT

Services

1.6%

Conduent

,

Inc.

*

213,010

677,372

KBR,

Inc.

(a)

19,116

427,434

LiveRamp

Holdings,

Inc.

*

14,612

756,463

ManTech

International

Corp.,

Class

A

8,904

613,308

MongoDB,

Inc.

*(a)

7,265

1,681,919

4,156,496

Leisure

Products

0.6%

Smith

&

Wesson

Brands,

Inc.

22,596

350,690

Vista

Outdoor,

Inc.

*

30,810

621,746

YETI

Holdings,

Inc.

*(a)

16,493

747,462

1,719,898

Life

Sciences

Tools

&

Services

3.1%

10X

Genomics,

Inc.,

Class

A

*

4,053

505,328

Bio-

Techne

Corp.

4,456

1,103,885

Harvard

Bioscience,

Inc.

*

15,235

45,857

Medpace

Holdings,

Inc.

*

13,596

1,519,353

NeoGenomics

,

Inc.

*(a)

33,404

1,232,274

PRA

Health

Sciences,

Inc.

*

6,614

670,924

Repligen

Corp.

*

22,266

3,285,126

8,362,747

Machinery

4.3%

AGCO

Corp.

23,400

1,737,917

Astec

Industries,

Inc.

16,256

881,888

Chart

Industries,

Inc.

*

15,488

1,088,342

Colfax

Corp.

*(a)

17,685

554,602

Commercial

Vehicle

Group,

Inc.

*(a)

73,493

479,909

Federal

Signal

Corp.

30,320

886,860

Graham

Corp.

2,700

34,479

Hyster

-Yale

Materials

Handling,

Inc.

689

25,596

ITT,

Inc.

22,471

1,326,913

L

B

Foster

Co.,

Class

A

*

6,518

87,472

Lydall

,

Inc.

*

20,868

345,157

Manitowoc

Co.,

Inc.

(The)

*

99,130

833,683

Park-Ohio

Holdings

Corp.

(a)

8,442

135,663

REV

Group,

Inc.

54,647

431,165

SPX

Corp.

*

22,145

1,027,085

Terex

Corp.

74,600

1,444,256

Titan

International,

Inc.

6,399

18,493

11,339,480

Media

1.2%

Cable

One,

Inc.

955

1,800,586

comScore,

Inc.

*

100,585

205,193

Entercom

Communications

Corp.,

Class

A

172,776

278,169

Marchex

,

Inc.,

Class

B

*

16,602

35,196

Mode

Media

M-1

Escrow

*^∞

2,754

0

Scholastic

Corp.

29,146

611,775

Tribune

Publishing

Co.

(a)

17,972

209,554

3,140,473

Metals

&

Mining

0.6%

Olympic

Steel,

Inc.

15,800

179,488

Ryerson

Holding

Corp.

*

28,328

162,319

Schnitzer

Steel

Industries,

Inc.,

Class

A

48,479

932,252

TimkenSteel

Corp.

*(a)

60,420

214,491

1,488,550

Common

Stocks

Shares

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

3.0%

Arch

Resources,

Inc.

35,340

1,501,243

Bonanza

Creek

Energy,

Inc.

*

42,038

790,314

CONSOL

Energy,

Inc.

*

10,009

44,340

Dorian

LPG

Ltd.

*

102,190

818,542

Green

Plains,

Inc.

*(a)

104,565

1,618,667

International

Seaways,

Inc.

55,014

803,755

Par

Pacific

Holdings,

Inc.

*(a)

71,529

484,251

REX

American

Resources

Corp.

*

7,230

474,360

Talos

Energy,

Inc.

*(a)

11,946

77,052

World

Fuel

Services

Corp.

61,307

1,299,095

7,911,619

Paper

&

Forest

Products

1.1%

Boise

Cascade

Co.

45,357

1,810,652

Louisiana-Pacific

Corp.

32,695

964,829

Verso

Corp.,

Class

A

(a)

8,900

70,221

2,845,702

Personal

Products

0.0%

†

Revlon,

Inc.,

Class

A

*(a)

9,903

62,587

Pharmaceuticals

1.0%

AMAG

Pharmaceuticals,

Inc.

*(a)

74,536

700,638

Assertio

Holdings,

Inc.

*

1,734

1,154

Cymabay

Therapeutics,

Inc.

*

13,898

100,622

Endo

International

plc

*(a)

116,004

382,813

Lannett

Co.,

Inc.

*(a)

42,762

261,276

Strongbridge

Biopharma

plc

*(a)

32,854

68,993

Supernus

Pharmaceuticals,

Inc.

*

41,721

869,465

Theravance

Biopharma,

Inc.

*

10,500

155,243

VYNE

Therapeutics,

Inc.

*(a)

2,875

4,773

2,544,977

Professional

Services

1.1%

GP

Strategies

Corp.

*

1,676

16,157

Heidrick

&

Struggles

International,

Inc.

6,506

127,843

Kelly

Services,

Inc.,

Class

A

67,611

1,152,091

ManpowerGroup

,

Inc.

8,300

608,639

TrueBlue

,

Inc.

*

66,091

1,023,750

2,928,480

Real

Estate

Management

&

Development

0.2%

Altisource

Portfolio

Solutions

SA

*(a)

3,382

42,850

CTO

Realty

Growth,

Inc.

3,785

166,919

Redfin

Corp.

*

6,255

312,312

522,081

Road

&

Rail

1.0%

ArcBest

Corp.

46,293

1,437,861

Saia,

Inc.

*

9,237

1,165,155

2,603,016

Semiconductors

&

Semiconductor

Equipment

5.4%

Alpha

&

Omega

Semiconductor

Ltd.

*

23,103

296,180

Ambarella

,

Inc.

*

18,749

978,323

Cirrus

Logic,

Inc.

*

14,530

980,049

Entegris

,

Inc.

18,468

1,372,911

Inphi

Corp.

*

10,324

1,158,869

Lattice

Semiconductor

Corp.

*

76,749

2,222,651

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

MACOM

Technology

Solutions

Holdings,

Inc.

*

23,307

792,671

MKS

Instruments,

Inc.

11,210

1,224,468

Monolithic

Power

Systems,

Inc.

11,074

3,096,401

NeoPhotonics

Corp.

*(a)

67,803

412,920

Pixelworks

,

Inc.

*

26,150

53,608

Synaptics

,

Inc.

*

17,015

1,368,346

Veeco

Instruments,

Inc.

*(a)

66,261

773,266

14,730,663

Software

5.1%

Avalara,

Inc.

*

15,081

1,920,414

Bill.com

Holdings,

Inc.

*

6,786

680,704

Duck

Creek

Technologies,

Inc.

*(a)

4,251

193,123

Envestnet

,

Inc.

*

12,208

941,969

Everbridge

,

Inc.

*(a)

4,446

558,996

Five9,

Inc.

*

12,652

1,640,711

HubSpot

,

Inc.

*(a)

5,123

1,497,094

Jamf

Holding

Corp.

*(a)

4,514

169,772

Manhattan

Associates,

Inc.

*

12,789

1,221,222

nCino

,

Inc.

*(a)

1,286

102,468

Paylocity

Holding

Corp.

*

7,557

1,219,851

Q2

Holdings,

Inc.

*(a)

12,417

1,133,175

SailPoint

Technologies

Holdings,

Inc.

*

16,086

636,523

SeaChange

International,

Inc.

*

48,661

42,355

Sumo

Logic,

Inc.

*(a)

3,208

69,934

Synchronoss

Technologies,

Inc.

*(a)

75,280

226,593

Telenav

,

Inc.

*

36,818

132,545

Varonis

Systems,

Inc.

*(a)

10,426

1,203,369

Vertex,

Inc.,

Class

A

*(a)

5,898

135,654

13,726,472

Specialty

Retail

1.0%

Haverty

Furniture

Cos.,

Inc.

(a)

900

18,846

Hibbett

Sports,

Inc.

*

19,828

777,654

Lithia

Motors,

Inc.,

Class

A

4,297

979,458

Rent-A-Center,

Inc.

6,892

206,002

Vroom,

Inc.

*

15,425

798,707

2,780,667

Technology

Hardware,

Storage

&

Peripherals

0.2%

Diebold

Nixdorf,

Inc.

*

24,812

189,564

Quantum

Corp.

*

29,947

137,756

Super

Micro

Computer,

Inc.

*(a)

9,039

238,629

565,949

Textiles,

Apparel

&

Luxury

Goods

0.4%

Fossil

Group,

Inc.

*(a)

54,552

313,128

Rocky

Brands,

Inc.

4,300

106,769

Unifi,

Inc.

*

24,121

309,714

Vera

Bradley,

Inc.

*(a)

35,947

219,636

949,247

Thrifts

&

Mortgage

Finance

1.2%

Bridgewater

Bancshares,

Inc.

*

11,113

105,462

Flagstar

Bancorp,

Inc.

18,392

544,955

Common

Stocks

Shares

Value

($)

UNITED

STATES

Thrifts

&

Mortgage

Finance

Home

Bancorp,

Inc.

1,500

36,225

HomeStreet

,

Inc.

23,863

614,711

Merchants

Bancorp

8,357

164,716

Meridian

Bancorp,

Inc.

29,600

306,360

OP

Bancorp

6,876

39,331

PCSB

Financial

Corp.

11,147

134,544

Riverview

Bancorp,

Inc.

5,600

23,240

Southern

Missouri

Bancorp,

Inc.

657

15,492

TrustCo

Bank

Corp.

(a)

77,402

404,038

Washington

Federal,

Inc.

44,836

935,280

3,324,354

Trading

Companies

&

Distributors

1.6%

CAI

International,

Inc.

(a)

1,138

31,329

DXP

Enterprises,

Inc.

*

18,787

303,034

Foundation

Building

Materials,

Inc.

*

17,332

272,459

MRC

Global,

Inc.

*

155,040

663,571

NOW,

Inc.

*

122,119

554,420

SiteOne

Landscape

Supply,

Inc.

*

10,258

1,250,964

Veritiv

Corp.

*

20,827

263,670

WESCO

International,

Inc.

*

19,648

864,905

4,204,352

254,786,435

Total

Common

Stocks

(cost

$246,355,533)

261,585,461

Preferred

Stock

0.0%

†

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

($)

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

UNITED

STATES

0.0%

†

IT

Services

0.0%

†

BancTec,

Inc.,

CVR*^∞

36,134

0

Total

Rights

(cost

$–)

0

78

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Repurchase

Agreements

5.9%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,077,015,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,098,553.(c)

1,077,012

1,077,012

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$4,080,009.(c)

4,000,000

4,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$5,000,069,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$5,100,015.(c)

5,000,000

5,000,000

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,007,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$4,080,004.(c)

4,000,000

4,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$500,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$510,000.(c)

500,000

500,000

Total

Repurchase

Agreements

(cost

$15,577,012)

15,577,012

Total

Investments

(cost

$262,075,846)

  —

104.2%

277,162,473

Liabilities

in

excess

of

other

assets

—

(4.2)%

(11,098,200)

NET

ASSETS

—

100.0%

$

266,064,273

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

79

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$45,673,952,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,577,012

and

by

$31,401,592

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$46,978,604.

(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

September

30,

2020

was

$15,577,012.

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

80

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

81

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

3,320,200

$

–

$

–

$

3,320,200

Air

Freight

&

Logistics

963,049

–

–

963,049

Airlines

535,300

–

–

535,300

Auto

Components

7,509,441

–

–

7,509,441

Banks

19,854,059

–

–

19,854,059

Biotechnology

11,136,031

–

–

11,136,031

Building

Products

7,353,833

–

–

7,353,833

Capital

Markets

6,870,577

–

–

6,870,577

Chemicals

4,470,136

–

–

4,470,136

Commercial

Services

&

Supplies

4,128,629

–

–

4,128,629

Communications

Equipment

5,778,420

–

–

5,778,420

Construction

&

Engineering

2,649,214

–

–

2,649,214

Consumer

Finance

3,420,259

–

–

3,420,259

Containers

&

Packaging

193,246

–

–

193,246

Distributors

2,563,245

–

–

2,563,245

Diversified

Consumer

Services

1,927,084

–

–

1,927,084

Diversified

Financial

Services

604,011

–

–

604,011

Diversified

Telecommunication

Services

1,810,657

–

–

1,810,657

Electric

Utilities

1,633,959

–

–

1,633,959

Electrical

Equipment

2,476,824

–

–

2,476,824

Electronic

Equipment,

Instruments

&

Components

3,467,625

–

–

3,467,625

Energy

Equipment

&

Services

1,674,445

–

–

1,674,445

Entertainment

2,107,568

–

–

2,107,568

Equity

Real

Estate

Investment

Trusts

(REITs)

8,564,203

–

–

8,564,203

Food

&

Staples

Retailing

2,250,078

–

–

2,250,078

Food

Products

3,167,855

–

–

3,167,855

Gas

Utilities

1,208,870

–

–

1,208,870

Health

Care

Equipment

&

Supplies

18,523,506

–

–

18,523,506

Health

Care

Providers

&

Services

5,991,219

–

–

5,991,219

Health

Care

Technology

5,211,851

–

–

5,211,851

Hotels,

Restaurants

&

Leisure

7,968,832

–

–

7,968,832

Household

Durables

4,707,723

–

–

4,707,723

Household

Products

356,738

–

–

356,738

Insurance

9,602,832

–

–

9,602,832

Interactive

Media

&

Services

2,103,875

–

–

2,103,875

Internet

&

Direct

Marketing

Retail

1,131,858

–

–

1,131,858

IT

Services

4,156,496

–

–

4,156,496

Leisure

Products

1,719,898

–

–

1,719,898

Life

Sciences

Tools

&

Services

8,362,747

–

–

8,362,747

Machinery

13,022,922

–

–

13,022,922

Media

3,140,473

–

–

3,140,473

Metals

&

Mining

2,100,777

–

–

2,100,777

Oil,

Gas

&

Consumable

Fuels

8,465,766

–

–

8,465,766

Paper

&

Forest

Products

2,845,702

–

–

2,845,702

Personal

Products

62,587

–

–

62,587

Pharmaceuticals

2,544,977

–

–

2,544,977

Professional

Services

2,928,480

–

–

2,928,480

Real

Estate

Management

&

Development

522,081

–

–

522,081

Road

&

Rail

2,603,016

–

–

2,603,016

Semiconductors

&

Semiconductor

Equipment

14,730,663

–

–

14,730,663

Software

15,317,055

–

–

15,317,055

Specialty

Retail

2,780,667

–

–

2,780,667

Technology

Hardware,

Storage

&

Peripherals

565,949

–

–

565,949

82

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

949,247

$

–

$

–

$

949,247

Thrifts

&

Mortgage

Finance

3,324,354

–

–

3,324,354

Trading

Companies

&

Distributors

4,204,352

–

–

4,204,352

Total

Common

Stocks

$

261,585,461

$

–

$

–

$

261,585,461

Corporate

Bonds

–

–

–

–

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

15,577,012

–

15,577,012

Right

–

–

–

–

Total

$

261,585,461

$

15,577,012

$

–

$

277,162,473

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

one

Right,

one

Preferred

Stock,

two

Corporate

Bonds,

and

three

Common

Stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Newton

Sustainable

U.S.

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

97.7%

Shares

Value

($)

Banks

4.8%

Citigroup,

Inc.

71,531

3,083,702

First

Republic

Bank

20,089

2,190,906

5,274,608

Beverages

3.0%

PepsiCo,

Inc.

23,629

3,274,979

Biotechnology

2.2%

Gilead

Sciences,

Inc.

37,880

2,393,637

Capital

Markets

3.0%

Goldman

Sachs

Group,

Inc.

(The)

16,383

3,292,492

Chemicals

4.3%

Albemarle

Corp.

23,517

2,099,598

Ecolab,

Inc.

5,357

1,070,543

International

Flavors

&

Fragrances,

Inc.

12,627

1,546,176

4,716,317

Communications

Equipment

1.7%

Cisco

Systems,

Inc.

47,136

1,856,687

Diversified

Telecommunication

Services

3.2%

Verizon

Communications,

Inc.

58,639

3,488,434

Electric

Utilities

2.7%

Eversource

Energy

36,417

3,042,640

Electrical

Equipment

0.6%

Acuity

Brands,

Inc.

6,119

626,280

Food

&

Staples

Retailing

2.4%

Costco

Wholesale

Corp.

7,557

2,682,735

Health

Care

Equipment

&

Supplies

6.5%

Abbott

Laboratories

33,193

3,612,394

Medtronic

plc

33,863

3,519,043

7,131,437

Household

Durables

1.8%

Lennar

Corp.,

Class

A

24,762

2,022,560

Insurance

2.9%

Intact

Financial

Corp.

29,846

3,195,856

Interactive

Media

&

Services

4.4%

Alphabet,

Inc.,

Class

A*

3,354

4,915,622

Internet

&

Direct

Marketing

Retail

9.5%

Amazon.com,

Inc.*

2,415

7,604,183

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

eBay,

Inc.

54,529

2,840,961

10,445,144

IT

Services

8.6%

Accenture

plc,

Class

A

16,933

3,826,689

Fidelity

National

Information

Services,

Inc.

14,930

2,197,845

Mastercard

,

Inc.,

Class

A

10,140

3,429,044

9,453,578

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.6%

Redwood

Trust,

Inc.

82,511

620,483

Multiline

Retail

2.4%

Dollar

General

Corp.

12,915

2,707,242

Multi-Utilities

1.3%

CMS

Energy

Corp.

24,105

1,480,288

Pharmaceuticals

2.8%

Merck

&

Co.,

Inc.

37,270

3,091,547

Semiconductors

&

Semiconductor

Equipment

5.5%

Applied

Materials,

Inc.

41,690

2,478,470

QUALCOMM,

Inc.

30,229

3,557,349

6,035,819

Software

11.8%

Intuit,

Inc.

7,080

2,309,567

Microsoft

Corp.

37,488

7,884,851

salesforce.com,

Inc.*

11,398

2,864,545

13,058,963

Technology

Hardware,

Storage

&

Peripherals

6.7%

Apple,

Inc.

63,918

7,402,344

Textiles,

Apparel

&

Luxury

Goods

3.5%

NIKE,

Inc.,

Class

B

31,281

3,927,017

Trading

Companies

&

Distributors

1.5%

Ferguson

plc

16,529

1,663,088

Total

Investments

(cost

$85,135,107)

—

97.7%

107,799,797

Other

assets

in

excess

of

liabilities

—

2.3%

2,513,334

NET

ASSETS

—

100.0%

$

110,313,131

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

84

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Newton

Sustainable

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

.

NVIT

Newton

Sustainable

U.S.

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

85

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Banks

$

5,274,608

$

–

$

–

$

5,274,608

Beverages

3,274,979

–

–

3,274,979

Biotechnology

2,393,637

–

–

2,393,637

Capital

Markets

3,292,492

–

–

3,292,492

Chemicals

4,716,317

–

–

4,716,317

Communications

Equipment

1,856,687

–

–

1,856,687

Diversified

Telecommunication

Services

3,488,434

–

–

3,488,434

Electric

Utilities

3,042,640

–

–

3,042,640

Electrical

Equipment

626,280

–

–

626,280

Food

&

Staples

Retailing

2,682,735

–

–

2,682,735

Health

Care

Equipment

&

Supplies

7,131,437

–

–

7,131,437

Household

Durables

2,022,560

–

–

2,022,560

Insurance

3,195,856

–

–

3,195,856

Interactive

Media

&

Services

4,915,622

–

–

4,915,622

Internet

&

Direct

Marketing

Retail

10,445,144

–

–

10,445,144

IT

Services

9,453,578

–

–

9,453,578

Mortgage

Real

Estate

Investment

Trusts

(REITs)

620,483

–

–

620,483

Multiline

Retail

2,707,242

–

–

2,707,242

Multi-Utilities

1,480,288

–

–

1,480,288

Pharmaceuticals

3,091,547

–

–

3,091,547

Semiconductors

&

Semiconductor

Equipment

6,035,819

–

–

6,035,819

Software

13,058,963

–

–

13,058,963

Technology

Hardware,

Storage

&

Peripherals

7,402,344

–

–

7,402,344

Textiles,

Apparel

&

Luxury

Goods

3,927,017

–

–

3,927,017

Trading

Companies

&

Distributors

–

1,663,088

–

1,663,088

Total

Common

Stocks

$

106,136,709

$

1,663,088

$

–

$

107,799,797

Total

$

106,136,709

$

1,663,088

$

–

$

107,799,797

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.

86

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98.3%

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

93.6%

Agree

Realty

Corp.

56,777

3,613,288

Alexandria

Real

Estate

Equities,

Inc.

55,994

8,959,040

American

Homes

4

Rent,

Class

A

270,776

7,711,701

American

Tower

Corp.

39,967

9,661,223

Americold

Realty

Trust

101,103

3,614,432

Boston

Properties,

Inc.

77,380

6,213,614

Brixmor

Property

Group,

Inc.

603,634

7,056,481

Camden

Property

Trust

71,417

6,354,685

Community

Healthcare

Trust,

Inc.

58,846

2,751,639

Crown

Castle

International

Corp.

56,872

9,469,188

Digital

Realty

Trust,

Inc.

49,851

7,316,133

Douglas

Emmett,

Inc.

150,401

3,775,065

Equinix

,

Inc.

23,602

17,940,588

Equity

LifeStyle

Properties,

Inc.

93,684

5,742,829

Extra

Space

Storage,

Inc.

53,188

5,690,584

Four

Corners

Property

Trust,

Inc.

41,808

1,069,867

Healthpeak

Properties,

Inc.

353,112

9,586,991

Independence

Realty

Trust,

Inc.

335,391

3,887,182

Innovative

Industrial

Properties,

Inc.

22,980

2,852,048

JBG

SMITH

Properties

80,708

2,158,132

Killam

Apartment

REIT

126,791

1,653,030

Life

Storage,

Inc.

53,046

5,584,152

Medical

Properties

Trust,

Inc.

314,384

5,542,590

MGM

Growth

Properties

LLC,

Class

A

152,557

4,268,545

NexPoint

Residential

Trust,

Inc.

88,788

3,937,748

Omega

Healthcare

Investors,

Inc.

101,679

3,044,269

PotlatchDeltic

Corp.

91,731

3,861,875

Prologis,

Inc.

222,295

22,367,323

Retail

Opportunity

Investments

Corp.

339,671

3,537,673

Rexford

Industrial

Realty,

Inc.

148,794

6,808,813

Sun

Communities,

Inc.

45,617

6,414,206

UDR,

Inc.

131,064

4,273,997

VICI

Properties,

Inc.

333,218

7,787,305

Xenia

Hotels

&

Resorts,

Inc.

74,463

653,785

205,160,021

Hotels,

Restaurants

&

Leisure

4.1%

Caesars

Entertainment,

Inc.*

54,494

3,054,934

Hyatt

Hotels

Corp.,

Class

A

30,166

1,609,959

Vail

Resorts,

Inc.

19,848

4,246,877

8,911,770

Common

Stocks

Shares

Value

($)

Household

Durables

0.6%

Lennar

Corp.,

Class

A

15,979

1,305,165

Total

Investments

(cost

$183,327,753)

—

98.3%

215,376,956

Other

assets

in

excess

of

liabilities

—

1.7%

3,664,137

NET

ASSETS

—

100.0%

$

219,041,093

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

87

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

215,376,956

$

–

$

–

$

215,376,956

Total

$

215,376,956

$

–

$

–

$

215,376,956

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.

88

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

Common

Stocks

98.3%

Shares

Value

($)

ARGENTINA

4.1%

Internet

&

Direct

Marketing

Retail

2.5%

MercadoLibre

,

Inc.

*

14,679

15,889,724

Software

1.6%

Globant

SA

*

59,303

10,628,284

26,518,008

BRAZIL

1.9%

IT

Services

1.9%

StoneCo

Ltd.,

Class

A

*

227,662

12,041,043

CANADA

0.3%

Biotechnology

0.3%

Zymeworks

,

Inc.

*

45,525

2,120,555

CHINA

0.7%

Biotechnology

0.7%

Zai

Lab

Ltd.,

ADR

*(a)

56,550

4,703,264

INDIA

1.2%

IT

Services

1.2%

WNS

Holdings

Ltd.,

ADR

*

121,650

7,780,734

SWITZERLAND

0.6%

Biotechnology

0.6%

CRISPR

Therapeutics

AG

*

45,737

3,825,443

UNITED

KINGDOM

1.7%

Professional

Services

1.7%

Clarivate

plc

*

355,172

11,006,780

UNITED

STATES

87.8%

Aerospace

&

Defense

3.5%

HEICO

Corp.

(a)

64,379

6,737,906

Mercury

Systems,

Inc.

*

114,589

8,876,064

Teledyne

Technologies,

Inc.

*

23,012

7,138,553

22,752,523

Biotechnology

7.1%

Black

Diamond

Therapeutics,

Inc.

*(a)

54,023

1,633,115

Deciphera

Pharmaceuticals,

Inc.

*(a)

50,523

2,591,830

Exact

Sciences

Corp.

*(a)

117,944

12,024,391

Mirati

Therapeutics,

Inc.

*(a)

19,100

3,171,555

Natera

,

Inc.

*(a)

109,307

7,896,338

ORIC

Pharmaceuticals,

Inc.

*(a)

75,798

1,895,708

Sarepta

Therapeutics,

Inc.

*

41,148

5,778,414

Turning

Point

Therapeutics,

Inc.

*(a)

59,468

5,195,124

Twist

Bioscience

Corp.

*(a)

77,866

5,915,480

46,101,955

Building

Products

1.6%

Trex

Co.,

Inc.

*(a)

143,486

10,273,598

Commercial

Services

&

Supplies

5.8%

Casella

Waste

Systems,

Inc.,

Class

A

*

186,165

10,397,315

IAA,

Inc.

*

187,183

9,746,619

Tetra

Tech,

Inc.

94,282

9,003,931

Waste

Connections,

Inc.

85,036

8,826,737

37,974,602

Consumer

Finance

0.9%

LendingTree,

Inc.

*(a)

19,433

5,963,793

Common

Stocks

Shares

Value

($)

UNITED

STATES

Diversified

Consumer

Services

3.2%

Bright

Horizons

Family

Solutions,

Inc.

*(a)

72,514

11,025,029

Chegg

,

Inc.

*(a)

133,100

9,508,664

20,533,693

Electrical

Equipment

2.3%

Generac

Holdings,

Inc.

*

77,230

14,954,817

Electronic

Equipment,

Instruments

&

Components

1.1%

Novanta

,

Inc.

*

67,262

7,085,379

Equity

Real

Estate

Investment

Trusts

(REITs)

1.6%

QTS

Realty

Trust,

Inc.,

Class

A

159,915

10,077,843

Health

Care

Equipment

&

Supplies

10.7%

ABIOMED,

Inc.

*

21,368

5,920,218

Align

Technology,

Inc.

*

31,386

10,274,521

DexCom

,

Inc.

*

18,274

7,533,091

Haemonetics

Corp.

*

68,125

5,943,906

Inari

Medical,

Inc.

*(a)

57,900

3,996,258

Insulet

Corp.

*(a)

40,895

9,675,348

iRhythm

Technologies,

Inc.

*(a)

72,649

17,298,454

Shockwave

Medical,

Inc.

*(a)

125,388

9,504,410

70,146,206

Health

Care

Providers

&

Services

6.5%

Amedisys

,

Inc.

*

40,704

9,623,647

Chemed

Corp.

20,515

9,854,380

Guardant

Health,

Inc.

*

76,200

8,517,636

HealthEquity

,

Inc.

*(a)

118,545

6,089,657

Molina

Healthcare,

Inc.

*

43,322

7,929,659

42,014,979

Health

Care

Technology

2.1%

Veeva

Systems,

Inc.,

Class

A

*

48,981

13,772,967

Hotels,

Restaurants

&

Leisure

3.6%

Chipotle

Mexican

Grill,

Inc.

*

11,639

14,475,541

Domino's

Pizza,

Inc.

20,548

8,738,653

23,214,194

Interactive

Media

&

Services

1.4%

Match

Group,

Inc.

*

80,548

8,912,636

Internet

&

Direct

Marketing

Retail

2.5%

Chewy,

Inc.,

Class

A

*(a)

116,281

6,375,687

Etsy,

Inc.

*

81,051

9,858,233

16,233,920

IT

Services

14.0%

Black

Knight,

Inc.

*

172,916

15,052,337

Booz

Allen

Hamilton

Holding

Corp.

145,567

12,079,149

EPAM

Systems,

Inc.

*

31,654

10,233,105

Euronet

Worldwide,

Inc.

*

57,097

5,201,537

MongoDB,

Inc.

*(a)

57,580

13,330,345

Okta

,

Inc.

*

39,376

8,420,558

Square,

Inc.,

Class

A

*

56,721

9,219,999

Twilio

,

Inc.,

Class

A

*

45,538

11,251,984

WEX,

Inc.

*

49,940

6,940,162

91,729,176

Life

Sciences

Tools

&

Services

2.2%

Berkeley

Lights,

Inc.

*(a)

62,397

4,764,635

NVIT

Wells

Fargo

Discovery

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Bio-Rad

Laboratories,

Inc.,

Class

A

*

17,889

9,221,064

13,985,699

Pharmaceuticals

1.4%

Catalent

,

Inc.

*

106,739

9,143,263

Road

&

Rail

1.2%

Saia,

Inc.

*(a)

61,912

7,809,580

Semiconductors

&

Semiconductor

Equipment

3.7%

Lattice

Semiconductor

Corp.

*(a)

252,285

7,306,174

MKS

Instruments,

Inc.

86,580

9,457,133

Universal

Display

Corp.

(a)

40,245

7,273,881

24,037,188

Software

9.2%

Avalara,

Inc.

*(a)

66,431

8,459,324

Bill.com

Holdings,

Inc.

*

65,603

6,580,637

Crowdstrike

Holdings,

Inc.,

Class

A

*

67,321

9,244,520

Elastic

NV

*

92,946

10,027,944

Envestnet

,

Inc.

*

91,039

7,024,569

Five9,

Inc.

*(a)

96,982

12,576,625

Unity

Software,

Inc.

*(a)

66,276

5,784,569

59,698,188

Specialty

Retail

0.9%

Carvana

Co.

*(a)

24,936

5,562,224

Trading

Companies

&

Distributors

1.3%

SiteOne

Landscape

Supply,

Inc.

*(a)

67,625

8,246,869

570,225,292

Total

Common

Stocks

(cost

$400,909,096)

638,221,119

Repurchase

Agreements

7.1%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,214,561,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$4,298,842.(b)

4,214,551

4,214,551

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$6,000,014,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$6,120,014.(b)

6,000,000

6,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$10,000,137,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$10,200,030.(b)

10,000,000

10,000,000

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$9,000,015,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$9,180,008.(b)

9,000,000

9,000,000

90

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$12,000,047,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$12,240,000.(b)

12,000,000

12,000,000

Total

Repurchase

Agreements

(cost

$46,214,551)

46,214,551

Total

Investments

(cost

$447,123,647)

  —

105.4%

684,435,670

Liabilities

in

excess

of

other

assets

—

(5.4)%

(34,989,605)

NET

ASSETS

—

100.0%

$

649,446,065

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$138,748,806,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$46,214,551

and

by

$95,759,581

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$141,974,132.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$46,214,551.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

NVIT

Wells

Fargo

Discovery

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

91

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

92

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

638,221,119

$

–

$

–

$

638,221,119

Repurchase

Agreements

–

46,214,551

–

46,214,551

Total

$

638,221,119

$

46,214,551

$

–

$

684,435,670

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.

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

7.6%

Principal

Amount

($)

Value

($)

Airlines

0.8%

Air

Canada

Pass-Through

Trust,

Series

2020-2,

Class

A,

5.25%,

4/1/2029(a)

1,240,000

1,271,024

Alaska

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.80%,

8/15/2027(a)

810,000

848,153

2,119,177

Automobiles

1.8%

CIG

Auto

Receivables

Trust,

Series

2019-1A,

Class

D,

4.85%,

5/15/2026(a)

1,150,000

1,168,392

United

Auto

Credit

Securitization

Trust,

Series

2019-1,

Class

E,

4.29%,

8/12/2024(a)

1,450,000

1,475,228

Westlake

Automobile

Receivables

Trust,

Series

2019-1A,

Class

E,

4.49%,

7/15/2024(a)

2,000,000

2,079,482

4,723,102

Credit

Card

0.4%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,215,675

Other

4.6%

Amur

Equipment

Finance

Receivables

V

LLC,

Series

2018-1A,

Class

E,

5.36%,

4/22/2024(a)

800,000

816,873

Amur

Equipment

Finance

Receivables

VI

LLC,

Series

2018-2A,

Class

E,

5.45%,

11/20/2023(a)

300,000

300,194

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

F,

2.50%,

7/17/2037(a)(b)

142,998

141,177

Kabbage

Funding

LLC

Series

2019-1,

Class

C,

4.61%,

3/15/2024(a)

750,000

708,853

Series

2019-1,

Class

D,

5.69%,

3/15/2024(a)

1,000,000

680,279

Progress

Residential

Trust

Series

2019-SFR1,

Class

E,

4.47%,

8/17/2035(a)

5,000,000

5,141,576

Series

2020-SFR2,

Class

E,

5.12%,

6/17/2037(a)

730,000

782,728

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.30%,

2/20/2030(a)(b)

650,000

627,929

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

471,066

454,760

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

3.46%,

4/18/2033(a)(b)

400,000

391,729

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

1,057,763

York

CLO-4

Ltd.,

Series

2016-2A,

Class

CR,

2.42%,

4/20/2032(a)(b)

1,000,000

972,411

12,076,272

Total

Asset-Backed

Securities

(cost

$20,091,713)

20,134,226

Collateralized

Mortgage

Obligations

16.2%

Angel

Oak

Mortgage

Trust

I

LLC,

Series

2019-2,

Class

B2,

6.29%,

3/25/2049(a)(b)

2,250,000

2,272,714

Bellemeade

Re

Ltd.

Series

2019-1A,

Class

B1,

4.15%,

3/25/2029(a)(b)

880,000

754,894

Series

2020-2A,

Class

B1,

8.65%,

8/26/2030(a)(b)

800,000

807,495

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

M1,

4.35%,

2/25/2055(a)(c)

1,311,000

1,372,772

Connecticut

Avenue

Securities

Trust

Series

2019-HRP1,

Class

B1,

9.40%,

11/25/2039(a)(b)

4,100,000

3,185,569

Series

2020-R01,

Class

1M2,

2.20%,

1/25/2040(a)

(b)

410,000

401,732

Series

2020-SBT1,

Class

1M2,

3.80%,

2/25/2040(a)

(b)

960,000

892,678

Eagle

RE

Ltd.,

Series

2019-

1,

Class

B1,

4.65%,

4/25/2029(a)(b)

2,850,000

2,445,973

FHLMC

STACR

REMIC

Trust

Series

2020-DNA2,

Class

M2,

2.00%,

2/25/2050(a)(b)

1,535,000

1,494,379

Series

2020-HQA2,

Class

M2,

3.25%,

3/25/2050(a)(b)

1,160,000

1,142,559

Series

2020-HQA2,

Class

B1,

4.25%,

3/25/2050(a)(b)

1,380,000

1,203,858

Series

2020-DNA3,

Class

B1,

5.25%,

6/25/2050(a)(b)

1,660,000

1,692,754

Series

2020-DNA4,

Class

B1,

6.15%,

8/25/2050(a)(b)

1,000,000

1,033,120

Series

2020-HQA4,

Class

M2,

3.30%,

9/25/2050(a)(b)

240,000

240,643

Series

2020-HQA4,

Class

B1,

5.40%,

9/25/2050(a)(b)

280,000

282,038

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

11.15%,

10/25/2048(a)

(b)

2,800,000

2,503,196

Series

2019-HQA1,

Class

B2,

12.40%,

2/25/2049(a)(b)

2,550,000

2,460,859

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-DNA2,

Class

B2,

10.65%,

3/25/2049(a)(b)

2,110,000

1,941,489

Series

2019-HQA2,

Class

B2,

11.40%,

4/25/2049(a)(b)

1,130,000

1,059,450

Series

2019-DNA3,

Class

B2,

8.30%,

7/25/2049(a)(b)

3,050,000

2,411,278

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

4,012,827

463,973

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

2,402,880

248,192

New

Residential

Mortgage

Loan

Trust,

Series

2019-

NQM2,

Class

B1,

5.21%,

4/25/2049(a)(b)

3,000,000

3,051,186

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.50%,

7/25/2029(a)(b)

3,270,000

2,943,297

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

10.65%,

2/25/2047(a)(b)

2,000,000

1,880,206

Verus

Securitization

Trust

Series

2019-2,

Class

B1,

4.44%,

5/25/2059(a)(b)

850,000

780,598

Series

2019-INV2,

Class

B1,

4.45%,

7/25/2059(a)(b)

850,000

781,765

Series

2020-INV1,

Class

A3,

3.89%,

3/25/2060(a)(b)

650,000

676,351

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)(b)

100,000

102,923

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)(b)

110,000

108,739

Series

2020-2,

Class

M1,

5.36%,

5/25/2060(a)(b)

740,000

765,536

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)(b)

350,000

351,723

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

3/25/2065(a)(b)

970,000

981,188

Total

Collateralized

Mortgage

Obligations

(cost

$45,698,650)

42,735,127

Commercial

Mortgage-Backed

Securities

4.5%

COMM

Mortgage

Trust

Series

2015-CR26,

Class

D,

3.63%,

10/10/2048(b)

3,000,000

2,483,529

Series

2019-GC44,

Class

D,

2.50%,

8/15/2057(a)

2,120,000

1,702,652

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2016-C2,

Class

D,

3.55%,

6/15/2049(a)(b)

2,500,000

1,801,263

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.37%,

4/15/2048(a)(b)

2,000,000

1,523,815

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,558,057

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-01,

Class

CE,

8.90%,

10/15/2049(a)(b)

2,136,000

1,741,040

Total

Commercial

Mortgage-Backed

Securities

(cost

$13,329,096)

11,810,356

Common

Stocks

0.0%

†

Shares

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

Convertible

Bonds

2.3%

Principal

Amount

($)

Airlines

1.1%

Air

Canada,

4.00%,

7/1/2025(a)

1,377,000

1,558,213

Southwest

Airlines

Co.,

1.25%,

5/1/2025(d)

1,110,000

1,448,550

3,006,763

Hotels,

Restaurants

&

Leisure

0.9%

Carnival

Corp.,

5.75%,

4/1/2023(a)

1,060,000

1,811,166

Royal

Caribbean

Cruises

Ltd.,

4.25%,

6/15/2023(a)

355,000

414,262

2,225,428

Pharmaceuticals

0.3%

Tricida

,

Inc.,

3.50%,

5/15/2027(a)

1,260,000

757,607

Total

Convertible

Bonds

(cost

$5,209,486)

5,989,798

Corporate

Bonds

54.4%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

1,254,457

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)(d)

1,530,000

1,560,600

Airlines

0.8%

Delta

Air

Lines,

Inc.

,

4.75%,

10/20/2028(a)

600,000

622,500

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

1,335,000

1,390,069

2,012,569

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

0.4%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

1,162,000

1,185,240

Automobiles

1.1%

Ford

Motor

Co.

,

8.50%,

4/21/2023

695,000

757,550

9.00%,

4/22/2025

695,000

796,824

General

Motors

Co.

,

6.13%,

10/1/2025

1,269,000

1,473,845

3,028,219

Banks

6.6%

AIB

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.87%),

4.26%,

4/10/2025(a)(e)

1,475,000

1,586,094

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%,

6/15/2024(e)(f)

1,750,000

1,863,750

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.94%),

4.50%,

2/25/2030(a)(d)(e)(f)

1,160,000

1,112,150

Citigroup,

Inc.

,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)(f)

1,505,000

1,454,206

Intesa

Sanpaolo

SpA

,

Series

XR,

4.70%,

9/23/2049(a)

1,695,000

1,894,784

JPMorgan

Chase

&

Co.

,

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(e)(f)

923,000

921,409

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(e)(f)

2,100,000

2,058,000

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(d)(e)

1,815,000

1,743,453

Truist

Financial

Corp.

,

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(d)(e)(f)

1,442,000

1,558,730

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(e)

3,000,000

3,193,680

17,386,256

Beverages

0.6%

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)(d)

1,240,000

1,551,113

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

1.1%

Cornerstone

Building

Brands,

Inc.

,

6.13%,

1/15/2029(a)

465,000

469,650

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)

1,190,000

1,220,065

Summit

Materials

LLC

,

6.50%,

3/15/2027(a)

1,122,000

1,194,930

5.25%,

1/15/2029(a)

90,000

93,713

2,978,358

Capital

Markets

1.0%

VistaJet

Malta

Finance

plc

,

10.50%,

6/1/2024(a)

2,688,000

2,521,882

Chemicals

2.2%

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

1,600,000

1,570,000

INEOS

Finance

plc

,

2.88%,

5/1/2026(a)

EUR

1,685,000

1,898,997

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

1,355,000

1,275,394

OCI

NV

,

3.13%,

11/1/2024(a)

1,000,000

1,163,656

5,908,047

Commercial

Services

&

Supplies

0.3%

APX

Group,

Inc.

,

6.75%,

2/15/2027(a)(d)

660,000

684,750

Construction

&

Engineering

1.2%

PowerTeam

Services

LLC

,

9.03%,

12/4/2025(a)

1,755,000

1,849,331

Stoneway

Capital

Corp.

,

10.00%,

3/1/2027(a)(g)

3,542,332

1,452,392

3,301,723

Consumer

Finance

2.7%

ASG

Finance

Designated

Activity

Co.

,

7.88%,

12/3/2024(a)

1,995,000

1,406,575

Avation

Capital

SA

,

6.50%,

5/15/2021(a)

2,000,000

1,355,000

Avolon

Holdings

Funding

Ltd.

,

3.63%,

5/1/2022(a)

1,780,000

1,749,010

Ford

Motor

Credit

Co.

LLC

,

2.33%,

11/25/2025

1,890,000

2,063,031

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(h)

1,238,318

690,362

7,263,978

Containers

&

Packaging

0.5%

Ball

Corp.

,

2.88%,

8/15/2030(d)

1,215,000

1,201,331

Plastipak

Holdings,

Inc.

,

6.25%,

10/15/2025(a)(d)

83,000

83,000

1,284,331

Diversified

Telecommunication

Services

1.9%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(a)(d)

1,760,000

1,678,670

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Altice

France

SA

,

5.13%,

1/15/2029(a)(d)

200,000

199,560

Verizon

Communications,

Inc.

,

1.50%,

9/19/2039

EUR

1,700,000

2,031,573

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)

1,135,000

1,115,138

5,024,941

Electric

Utilities

1.2%

Adani

Electricity

Mumbai

Ltd.

,

3.95%,

2/12/2030(a)

500,000

488,849

Vistra

Operations

Co.

LLC

,

5.00%,

7/31/2027(a)

2,500,000

2,625,625

3,114,474

Energy

Equipment

&

Services

0.8%

Archrock

Partners

LP

,

6.25%,

4/1/2028(a)

575,000

541,937

FTS

International,

Inc.

,

6.25%,

5/1/2022

1,242,000

422,280

Transocean

Sentry

Ltd.

,

5.38%,

5/15/2023(a)

1,732,000

1,177,760

Transocean,

Inc.

,

8.00%,

2/1/2027(a)

297,000

83,160

2,225,137

Entertainment

0.7%

Netflix,

Inc.

,

3.63%,

6/15/2030(a)

1,470,000

1,865,690

Equity

Real

Estate

Investment

Trusts

(REITs)

1.8%

iStar

,

Inc.

,

4.75%,

10/1/2024

840,000

812,700

4.25%,

8/1/2025

1,955,000

1,824,250

Lexington

Realty

Trust

,

2.70%,

9/15/2030

860,000

876,103

MPT

Operating

Partnership

LP

,

4.63%,

8/1/2029

1,070,000

1,113,303

4,626,356

Health

Care

Providers

&

Services

0.4%

Centene

Corp.

,

3.38%,

2/15/2030

995,000

1,032,313

Hotels,

Restaurants

&

Leisure

3.5%

Boyd

Gaming

Corp.

,

8.63%,

6/1/2025(a)

845,000

926,357

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)

525,000

556,500

Carnival

Corp.

,

3.95%,

10/15/2020(d)

320,000

319,200

Enterprise

Development

Authority

(The)

,

12.00%,

7/15/2024(a)

1,950,000

2,174,250

Grupo

Posadas

SAB

de

CV

,

7.88%,

6/30/2022(a)(d)(g)

768,000

295,680

Hyatt

Hotels

Corp.

,

5.38%,

4/23/2025

580,000

624,284

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

International,

Inc.

,

Series

GG,

3.50%,

10/15/2032

920,000

906,953

Sands

China

Ltd.

,

4.38%,

6/18/2030(a)

515,000

543,273

Scientific

Games

International,

Inc.

,

7.00%,

5/15/2028(a)(d)

965,000

967,362

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

1,415,000

1,308,875

Viking

Cruises

Ltd.

,

5.88%,

9/15/2027(a)

788,000

612,670

9,235,404

Household

Products

0.3%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)(d)

777,000

804,117

Insurance

2.6%

CNO

Financial

Group,

Inc.

,

5.25%,

5/30/2029

1,205,000

1,392,816

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,510,000

3,032,230

Liberty

Mutual

Group,

Inc.

,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(a)(e)

EUR

450,000

520,216

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

1,123,889

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

175,584

New

York

Life

Insurance

Co.

,

3.75%,

5/15/2050(a)

495,000

556,767

6,801,502

Internet

&

Direct

Marketing

Retail

1.0%

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

1,020,000

1,219,014

Expedia

Group,

Inc.

,

4.63%,

8/1/2027(a)

1,460,000

1,533,339

2,752,353

Media

3.5%

Clear

Channel

International

BV

,

6.63%,

8/1/2025(a)

300,000

306,660

Clear

Channel

Worldwide

Holdings,

Inc.

,

9.25%,

2/15/2024(d)

1,350,000

1,308,690

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)

1,400,000

1,406,622

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(d)

958,000

498,160

MDC

Partners,

Inc.

,

6.50%,

5/1/2024(a)(d)

3,343,000

3,050,487

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Sirius

XM

Radio,

Inc.

,

4.13%,

7/1/2030(a)

2,710,000

2,777,181

9,347,800

Metals

&

Mining

1.4%

IAMGOLD

Corp.

,

5.75%,

10/15/2028(a)

1,070,000

1,033,888

Joseph

T

Ryerson

&

Son,

Inc.

,

8.50%,

8/1/2028(a)

565,000

594,662

Metinvest

BV

,

7.75%,

10/17/2029(a)

1,000,000

953,950

Novelis

Corp.

,

4.75%,

1/30/2030(a)

1,225,000

1,195,563

3,778,063

Oil,

Gas

&

Consumable

Fuels

8.9%

Cameron

LNG

LLC

,

3.40%,

1/15/2038(a)

888,000

959,441

Cenovus

Energy,

Inc.

,

5.38%,

7/15/2025

1,750,000

1,683,935

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(a)(d)

2,015,000

2,067,894

Energy

Transfer

Operating

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(e)(f)

2,200,000

1,738,000

EnLink

Midstream

Partners

LP

,

5.60%,

4/1/2044

540,000

346,950

5.05%,

4/1/2045

420,000

267,511

5.45%,

6/1/2047

1,620,000

1,015,513

Equinor

ASA

,

3.70%,

4/6/2050

1,340,000

1,533,553

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

865,000

863,019

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

1,755,000

1,573,937

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

1,467,000

1,481,836

MPLX

LP

,

4.50%,

4/15/2038

410,000

419,100

5.50%,

2/15/2049

345,000

385,473

Neptune

Energy

Bondco

plc

,

6.63%,

5/15/2025(a)

1,450,000

1,293,284

PBF

Holding

Co.

LLC

,

9.25%,

5/15/2025(a)

725,000

743,139

6.00%,

2/15/2028(a)

1,795,000

1,204,535

Petroleos

Mexicanos

,

6.84%,

1/23/2030(a)

1,940,000

1,726,600

5.95%,

1/28/2031(a)

328,000

272,771

6.75%,

9/21/2047

640,000

492,800

Tallgrass

Energy

Partners

LP

,

6.00%,

3/1/2027(a)

1,650,000

1,509,750

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Tengizchevroil

Finance

Co.

International

Ltd.

,

2.63%,

8/15/2025(a)(d)

1,955,000

1,962,820

23,541,861

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.

,

4.75%,

8/15/2028(a)(d)

845,000

847,113

Personal

Products

0.5%

Edgewell

Personal

Care

Co.

,

5.50%,

6/1/2028(a)

1,195,000

1,257,415

Pharmaceuticals

0.6%

Bausch

Health

Americas,

Inc.

,

8.50%,

1/31/2027(a)

940,000

1,032,825

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

6.00%,

1/31/2025(a)

EUR

515,000

617,398

1,650,223

Road

&

Rail

0.2%

Kapla

Holding

SAS

,

3.38%,

12/15/2026(a)

455,000

492,548

Semiconductors

&

Semiconductor

Equipment

0.6%

Broadcom,

Inc.

,

4.15%,

11/15/2030

1,355,000

1,521,239

Software

0.9%

Citrix

Systems,

Inc.

,

3.30%,

3/1/2030

2,170,000

2,315,994

Specialty

Retail

1.2%

Asbury

Automotive

Group,

Inc.

,

4.50%,

3/1/2028(a)

275,000

276,719

4.75%,

3/1/2030(a)

255,000

256,912

L

Brands,

Inc.

,

6.63%,

10/1/2030(a)

510,000

518,925

Michaels

Stores,

Inc.

,

8.00%,

7/15/2027(a)(d)

2,003,000

2,093,135

3,145,691

Thrifts

&

Mortgage

Finance

0.9%

Nationstar

Mortgage

Holdings,

Inc.

,

6.00%,

1/15/2027(a)

660,000

672,778

5.50%,

8/15/2028(a)(d)

870,000

868,912

Quicken

Loans

LLC

,

3.63%,

3/1/2029(a)

435,000

431,194

3.88%,

3/1/2031(a)

435,000

429,562

2,402,446

Wireless

Telecommunication

Services

1.6%

T-Mobile

USA,

Inc.

,

2.55%,

2/15/2031(a)

1,090,000

1,129,327

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

3.30%,

2/15/2051(a)

3,090,000

3,045,659

4,174,986

Total

Corporate

Bonds

(cost

$147,763,415)

143,879,189

Foreign

Government

Securities

3.2%

QATAR

1.5%

State

of

Qatar

,

5.10%,

4/23/2048(a)

240,000

333,403

4.82%,

3/14/2049(a)

2,755,000

3,709,470

4,042,873

UNITED

ARAB

EMIRATES

1.7%

United

Arab

Emirates

Government

Bond

,

1.70%,

3/2/2031(a)

1,535,000

1,518,443

3.13%,

9/30/2049(a)

2,640,000

2,824,800

4,343,243

Total

Foreign

Government

Securities

(cost

$7,109,827)

8,386,116

Loan

Participations

4.2%

Airlines

0.3%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

+

0.00%),

–%,

1/1/2028

(e)

840,000

831,600

0

Auto

Components

0.8%

First

Brands

Group,

LLC,

First

Lien

Term

Loan

B,

(ICE

LIBOR

USD

6

Month

+

7.50%),

8.50%,

2/2/2024

(e)

2,254,570

2,217,934

0

Food

Products

0.7%

JBS

USA

LLC,

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

2.00%),

2.15%,

5/1/2026

(e)

1,994,526

1,937,681

0

Hotels,

Restaurants

&

Leisure

1.1%

Spectacle

Gary

Holdings

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(e)

2,725,200

2,577,031

Spectacle

Gary,

Delayed

Draw

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

4.50%),

11.00%,

12/23/2025

(e)

197,500

186,762

2,763,793

0

IT

Services

0.9%

Dyncorp

International,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

6.00%),

7.00%,

8/18/2025

(e)

2,479,500

2,459,366

0

Loan

Participations

Principal

Amount

($)

Value

($)

Machinery

0.3%

Shape

Technologies

Group,

Inc.,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.00%),

3.15%,

4/21/2025

(e)

1,090,601

807,950

0

Media

0.1%

Diamond

Sports

Group

LLC,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.25%),

3.40%,

8/24/2026

(e)

187,462

144,659

0

Total

Loan

Participations

(cost

$11,443,515)

11,162,983

Preferred

Stock

0.0%

†

Shares

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Templar

Energy

LLC,

0.00%,

*^∞(

i

)

5,423

0

Total

Preferred

Stock

(cost

$41,720)

0

Repurchase

Agreements

3.1%

Principal

Amount

($)

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$6,348,512,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$6,475,467.

(j)

6,348,498

6,348,498

CF

Secured,

LLC

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$1,020,002.

(j)

1,000,000

1,000,000

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$1,020,000.

(j)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$8,348,498)

8,348,498

Total

Investments

(cost

$259,089,576)

—

95.5%

252,446,293

Other

assets

in

excess

of

liabilities

—

4.5%

11,900,547

NET

ASSETS

—

100.0%

$

264,346,840

*

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

September

30,

2020

was

$185,540,435

which

represents

70.19%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2020.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$17,613,363,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,348,498

and

by

$9,800,312

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$18,148,810.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2020.

The

maturity

date

reflects

the

next

call

date.

(g)

Security

in

default.

(h)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

(

i

)

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

September

30,

2020.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$8,348,498.

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

USD

United

States

Dollar

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2020

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

High

Yield

Index

Series

34-V9

5.00

Quarterly

6/20/2025

3.83

USD

100,000,000

(274,424)

(4,342,776)

(4,617,200)

Markit

CDX

North

American

Investment

Grade

Index

Series

34-V1

1.00

Quarterly

6/20/2025

0.85

USD

24,000,000

(309,252)

138,648

(170,604)

(583,676)

(4,204,128)

(4,787,804)

At

September

30,

2020,

the

Fund

had

$6,785,330

segregated

as

collateral

for

credit

default

swap

contracts.

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

8,218,573

EUR

6,988,105

JPMorgan

Chase

Bank

10/26/2020

21,186

Net

unrealized

appreciation

21,186

Currency:

EUR

Euro

USD

United

States

dollar

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

Euro-

Bobl

(16)

12/2020

EUR

(2,535,681)

(780)

Euro-Bund

(39)

12/2020

EUR

(7,980,023)

(28,568)

U.S.

Treasury

2

Year

Note

(194)

12/2020

USD

(42,866,422)

(17,156)

U.S.

Treasury

5

Year

Note

(186)

12/2020

USD

(23,441,812)

(20,174)

U.S.

Treasury

10

Year

Ultra

Note

(115)

12/2020

USD

(18,391,016)

8,534

U.S.

Treasury

Long

Bond

(128)

12/2020

USD

(22,564,000)

247,700

U.S.

Treasury

Ultra

Bond

(91)

12/2020

USD

(20,184,937)

337,481

527,037

At

September

30,

2020,

the

Fund

had

$2,131,320

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

20,134,226

$

–

$

20,134,226

Collateralized

Mortgage

Obligations

–

42,735,127

–

42,735,127

Commercial

Mortgage-Backed

Securities

–

11,810,356

–

11,810,356

Common

Stocks

–

–

–

–

Convertible

Bonds

–

5,989,798

–

5,989,798

Corporate

Bonds

–

143,879,189

–

143,879,189

Credit

Default

Swaps*

–

138,648

–

138,648

Foreign

Government

Securities

–

8,386,116

–

8,386,116

Forward

Foreign

Currency

Contracts

–

21,186

–

21,186

Futures

Contracts

593,715

–

–

593,715

Loan

Participations

–

11,162,983

–

11,162,983

Preferred

Stock

–

–

–

–

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

six

months

ended

September

30,

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. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

Level

1

Level

2

Level

3

Total

Assets:

Repurchase

Agreements

$

–

$

8,348,498

$

–

$

8,348,498

Total

Assets

$

593,715

$

252,606,127

$

–

$

253,199,842

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(4,342,776)

$

–

$

(4,342,776)

Futures

Contracts

(66,678)

–

–

(66,678)

Total

Liabilities

$

(66,678)

$

(4,342,776)

$

–

$

(4,409,454)

Total

$

527,037

$

248,263,351

$

–

$

248,790,388

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

During

the

period

ended

September

30,

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.

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Amundi

NVIT

Multi

Sector

Bond

Fund

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/

performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

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

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Forward

Foreign

Currency

Contracts

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

Amundi

NVIT

Multi

Sector

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Swap

Contracts

(a)

Credit

risk

Receivable

for

variation

margin

on

centrally

cleared

swap

contracts

$

138,648

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

21,186

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

593,715

Total

$

753,549

Liabilities:

Swap

Contracts

(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(4,342,776)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(66,678)

Total

$

(4,409,454)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Asset-Backed

Securities

12.8%

Principal

Amount

($)

Value

($)

Automobiles

0.3%

Flagship

Credit

Auto

Trust,

Series

2017-4,

Class

C,

2.92%,

11/15/2023(a)

500,000

506,572

Home

Equity

5.5%

Countrywide

Asset-Backed

Certificates,

Series

2007-

BC3,

Class

2A3,

0.33%,

11/25/2047(b)

659,301

652,645

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

0.30%,

5/25/2036(b)

3,053,630

2,469,886

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

0.39%,

8/25/2036(b)

1,928,931

1,118,933

Series

2007-CH3,

Class

M2,

0.47%,

3/25/2037(b)

1,500,000

1,287,907

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

0.36%,

5/25/2037(b)

2,283,865

2,180,381

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

0.43%,

5/25/2036(b)

1,500,000

1,170,663

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

0.32%,

8/25/2036(b)

4,469,080

1,977,618

10,858,033

Other

6.7%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(a)

225,372

226,848

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

1.58%,

1/15/2033(a)(b)

1,000,000

988,525

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

A,

1.74%,

6/15/2031(a)(b)

500,000

496,083

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-3RA,

Class

A1A,

1.29%,

7/27/2031(a)(b)

495,916

489,718

CFIP

CLO

Ltd.,

Series

2017-1A,

Class

B,

1.92%,

1/18/2030(a)(b)

500,000

489,352

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

1.41%,

8/20/2035(a)(b)

196,000

194,076

Columbia

Cent

CLO

29

Ltd.,

Series

2020-29A,

Class

B1,

2.68%,

7/20/2031(a)(b)

500,000

500,634

ENA

Norte

Trust,

Reg.

S,

4.95%,

4/25/2023

112,230

112,791

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

FREED

ABS

Trust,

Series

2019-1,

Class

A,

3.42%,

6/18/2026(a)

4,396

4,397

LCM

XV

LP,

Series

15A,

Class

DR,

3.97%,

7/20/2030(a)(b)

250,000

235,000

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

1.65%,

5/15/2036(a)(b)

188,000

183,377

MP

CLO

IV

Ltd.,

Series

2013-

2A,

Class

ARR,

1.52%,

7/25/2029(a)(b)

500,000

494,482

Pretium

Mortgage

Credit

Partners

I

LLC,

Series

2020-NPL2,

Class

A1,

3.72%,

2/27/2060(a)(c)

971,618

976,590

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.46%,

10/20/2030(a)(b)

500,000

495,210

SCF

Equipment

Leasing

LLC,

Series

2017-2A,

Class

A,

3.41%,

12/20/2023(a)

90,259

90,512

Sprite

Ltd.,

Series

2017-

1,

Class

A,

4.25%,

12/15/2037(a)

322,873

293,724

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

491,441

514,790

Taco

Bell

Funding

LLC,

Series

2018-1A,

Class

A2I,

4.32%,

11/25/2048(a)

491,250

501,687

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

860,286

805,040

TRTX

Issuer

Ltd.,

Series

2019-FL3,

Class

AS,

1.60%,

10/15/2034(a)(b)

196,000

189,358

Venture

XV

CLO

Ltd.,

Series

2013-15A,

Class

A1R2,

1.64%,

7/15/2032(a)(b)

496,957

484,275

Venture

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

1.10%,

4/15/2027(a)(b)

318,966

316,814

Vericrest

Opportunity

Loan

Trust,

Series

2019-

NPL2,

Class

A1,

3.97%,

2/25/2049(a)(c)

735,042

740,513

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

450,000

452,268

VOLT

LXXXV

LLC,

Series

2020-NPL1,

Class

A1A,

3.23%,

1/25/2050(a)(c)

1,681,248

1,680,228

VOLT

LXXXVII

LLC,

Series

2020-NPL3,

Class

A1A,

2.98%,

2/25/2050(a)(c)

723,508

723,507

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Zais

CLO

5

Ltd.,

Series

2016-2A,

Class

A1,

1.81%,

10/15/2028(a)(b)

492,267

488,555

13,168,354

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

527,510

Total

Asset-Backed

Securities

(cost

$25,376,437)

25,060,469

Collateralized

Mortgage

Obligations

24.4%

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

0.95%,

12/25/2035(b)

1,625,759

1,315,848

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

2,253,765

1,567,518

Series

2006-OA7,

Class

1A2,

1.96%,

6/25/2046(b)

2,329,047

2,023,882

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

0.63%,

2/25/2036(b)

1,875,035

1,822,216

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,974,056

1,433,635

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,497,424

1,142,636

CIM

Trust,

Series

2017-

6,

Class

A1,

3.02%,

6/25/2057(a)(b)

938,661

947,689

FHLMC

REMICS

Series

4749,

Class

LV,

3.50%,

4/15/2038

4,000,000

4,174,617

Series

4729,

Class

AG,

3.00%,

1/15/2044

5,000,000

5,114,897

Series

4748,

Class

KW,

3.50%,

9/15/2044

3,000,000

3,104,770

Series

4750,

Class

PA,

3.00%,

7/15/2046

2,097,281

2,171,301

Series

4752,

Class

PL,

3.00%,

9/15/2046

2,115,520

2,185,457

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

2,821,663

2,983,549

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,239,530

2,323,013

Series

2018-33,

Class

A,

3.00%,

5/25/2048

2,041,872

2,161,643

Series

2019-64,

Class

D,

2.50%,

11/25/2049

1,410,228

1,475,157

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

667,833

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

0.33%,

7/25/2047(b)

996,657

766,896

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

625,164

691,881

New

Residential

Mortgage

Loan

Trust

Series

2020-NPL1,

Class

A1,

4.34%,

7/25/2060(a)(c)

678,681

679,493

Series

2020-NPL2,

Class

A1,

3.23%,

8/25/2060(a)(c)

1,000,000

1,000,102

NRPL

Trust,

Series

2018-

2A,

Class

A1,

4.25%,

7/25/2067(a)(c)

1,503,727

1,536,215

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

1,678,149

1,629,251

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

2,041,523

2,245,580

Toorak

Mortgage

Corp.

Ltd.

Series

2018-1,

Class

A1,

4.34%,

8/25/2021(a)(c)

1,826,627

1,836,885

Series

2020-1,

Class

A2,

3.23%,

3/25/2023(a)(c)

1,100,000

969,475

Total

Collateralized

Mortgage

Obligations

(cost

$47,837,000)

47,971,439

Commercial

Mortgage-Backed

Securities

5.2%

BANK

Series

2017-BNK6,

Class

XA,

IO,

0.97%,

7/15/2060(b)

4,532,265

187,641

Series

2018-BN10,

Class

XA,

IO,

0.88%,

2/15/2061(b)

2,866,585

129,179

Series

2020-BN26,

Class

ASB,

2.31%,

3/15/2063

255,000

275,080

Series

2020-BN26,

Class

AS,

2.69%,

3/15/2063

255,000

272,276

BBCMS

Mortgage

Trust

,

Series

2020-C6,

Class

XA,

IO,

1.06%,

2/15/2053(b)

1,995,508

157,042

BBCMS

Trust

,

Series

2018-

BXH,

Class

A,

1.15%,

10/15/2037(a)(b)

51,744

48,986

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.28%,

11/5/2036(a)

(b)

4,823,000

35,126

Series

2012-SHOW,

Class

XA,

IO,

0.73%,

11/5/2036(a)

(b)

8,760,000

203,196

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Benchmark

Mortgage

Trust

,

Series

2020-B19,

Class

XA,

IO,

1.78%,

9/15/2053(b)

1,322,000

170,984

BX

Trust

Series

2018-EXCL,

Class

A,

1.24%,

9/15/2037(a)(b)

56,258

51,219

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(b)

221,000

202,902

CD

Mortgage

Trust

,

Series

2017-CD6,

Class

XA,

IO,

1.07%,

11/13/2050(b)

5,694,029

241,388

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C4,

Class

XA,

IO,

1.85%,

5/10/2058(b)

2,232,491

161,653

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.62%,

12/10/2041(a)

115,000

107,785

Series

2014-GC19,

Class

XA,

IO,

1.31%,

3/10/2047(b)

3,625,215

117,588

Series

2014-GC21,

Class

XA,

IO,

1.34%,

5/10/2047(b)

3,269,093

114,464

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

91,289

COMM

Mortgage

Trust

Series

2017-PANW,

Class

E,

4.13%,

10/10/2029(a)(b)

254,000

250,893

Series

2017-PANW,

Class

D,

4.34%,

10/10/2029(a)(b)

152,000

156,401

Series

2014-CR20,

Class

XA,

IO,

1.17%,

11/10/2047(b)

6,124,654

210,973

Series

2015-CR23,

Class

C,

4.44%,

5/10/2048(b)

407,000

409,689

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.06%,

1/15/2049(b)

749,438

55,411

Series

2017-CX10,

Class

XA,

IO,

0.86%,

11/15/2050(b)

7,059,643

277,977

Series

2017-CX10,

Class

C,

4.25%,

11/15/2050(b)

405,000

389,853

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

264,899

CSMC

,

Series

2020-

NET,

Class

A,

2.26%,

8/15/2037(a)

162,000

167,034

CSMC

Trust

Series

2017-CALI,

Class

E,

3.90%,

11/10/2032(a)(b)

250,000

247,167

Series

2017-CALI,

Class

F,

3.90%,

11/10/2032(a)(b)

250,000

239,022

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CSWF

,

Series

2018-

TOP,

Class

A,

1.15%,

8/15/2035(a)(b)

109,529

106,653

DBGS

Mortgage

Trust

,

Series

2018-BIOD,

Class

A,

0.96%,

5/15/2035(a)(b)

165,209

164,792

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

2.88%,

12/15/2036(a)(b)

100,000

90,044

Series

2019-WOLF,

Class

F,

3.28%,

12/15/2036(a)(b)

100,000

86,558

GS

Mortgage

Securities

Corp.

Trust

Series

2018-TWR,

Class

A,

1.05%,

7/15/2031(a)(b)

100,000

97,764

Series

2018-TWR,

Class

D,

1.75%,

7/15/2031(a)(b)

100,000

93,290

Series

2018-LUAU,

Class

A,

1.15%,

11/15/2032(a)(b)

184,000

175,235

Series

2019-SOHO,

Class

E,

2.03%,

6/15/2036(a)(b)

125,000

117,238

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.68%,

11/10/2049(b)

7,689,555

175,589

Series

2017-GS8,

Class

XA,

IO,

1.12%,

11/10/2050(b)

5,302,973

271,341

HPLY

Trust

,

Series

2019-

HIT,

Class

F,

3.30%,

11/15/2036(a)(b)

94,253

81,965

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)

113,000

107,054

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.79%,

5/13/2053(b)

1,363,142

154,262

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

172,309

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2018-LAQ,

Class

A,

1.15%,

6/15/2032(a)(b)

135,728

129,602

MF1

Ltd.

,

Series

2020-

FL3,

Class

A,

2.20%,

7/15/2035(a)(b)

157,000

157,794

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2017-C33,

Class

XA,

IO,

1.56%,

5/15/2050(b)

3,086,689

183,919

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

2.35%,

11/15/2034(a)(b)

111,000

96,406

Series

2017-ASHF,

Class

E,

3.30%,

11/15/2034(a)(b)

167,000

138,025

Series

2019-L3,

Class

XA,

IO,

0.77%,

11/15/2052(b)

3,042,103

150,357

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

119,208

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

SG

Commercial

Mortgage

Securities

Trust

,

Series

2016-C5,

Class

XA,

IO,

2.13%,

10/10/2048(b)

3,259,767

240,371

UBS

Commercial

Mortgage

Trust

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

172,934

Series

2017-C5,

Class

C,

4.46%,

11/15/2050(b)

349,000

362,538

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

C,

4.69%,

10/15/2045(b)

405,000

413,776

Series

2015-C28,

Class

XA,

IO,

0.75%,

5/15/2048(b)

8,952,289

212,249

Series

2017-C41,

Class

B,

4.19%,

11/15/2050(b)

251,000

266,529

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

166,401

Series

2020-C55,

Class

AS,

2.94%,

2/15/2053

114,000

123,154

Series

2020-C57,

Class

XA,

IO,

2.24%,

8/15/2053(b)

1,092,342

172,820

Total

Commercial

Mortgage-Backed

Securities

(cost

$10,286,702)

10,237,294

Corporate

Bonds

14.1%

Aerospace

&

Defense

0.2%

Bombardier,

Inc.

,

6.00%,

10/15/2022(a)

45,000

41,625

BWX

Technologies,

Inc.

,

4.13%,

6/30/2028(a)

25,000

25,562

Textron,

Inc.

,

2.45%,

3/15/2031

190,000

187,992

TransDigm

,

Inc.

,

8.00%,

12/15/2025(a)

10,000

10,875

6.25%,

3/15/2026(a)

70,000

73,399

6.38%,

6/15/2026

30,000

30,118

5.50%,

11/15/2027

45,000

43,247

Triumph

Group,

Inc.

,

7.75%,

8/15/2025

30,000

19,238

432,056

Air

Freight

&

Logistics

0.0%

†

FedEx

Corp.

,

4.75%,

11/15/2045

45,000

55,567

Airlines

0.1%

Delta

Air

Lines,

Inc.

,

4.75%,

10/20/2028(a)

25,000

25,937

Latam

Finance

Ltd.

,

7.00%,

3/1/2026(a)(d)

200,000

74,000

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

55,000

57,269

157,206

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

0.1%

Clarios

Global

LP

,

6.25%,

5/15/2026(a)

55,000

57,670

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

40,000

41,672

99,342

Automobiles

0.1%

Ford

Motor

Co.

,

9.00%,

4/22/2025

40,000

45,860

Hyundai

Capital

America

,

3.00%,

2/10/2027(a)

115,000

118,765

164,625

Banks

1.7%

Banco

de

Credito

del

Peru

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

7.04%),

6.13%,

4/24/2027(e)

50,000

52,625

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

7/1/2030(a)(e)

100,000

100,313

Banco

de

Reservas

de

la

Republica

Dominicana

,

Reg.

S,

7.00%,

2/1/2023

150,000

153,564

Banco

Mercantil

del

Norte

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.47%),

7.50%,

6/27/2029(a)(e)(f)

200,000

197,140

Banistmo

SA

,

3.65%,

9/19/2022(a)

300,000

303,750

Bank

of

America

Corp.

,

(SOFR

+

1.53%),

1.90%,

7/23/2031(e)

190,000

189,164

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

105,000

107,693

3.40%,

2/11/2024

25,000

27,157

CIMB

Bank

Bhd.

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

0.78%),

1.05%,

10/9/2024(e)

200,000

198,654

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(e)

215,000

241,332

Commonwealth

Bank

of

Australia

,

3.90%,

7/12/2047(a)

35,000

43,287

DBS

Group

Holdings

Ltd.

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

2.39%),

3.60%,

9/07/2021(e)(f)

300,000

301,500

Gilex

Holding

Sarl

,

Reg.

S,

8.50%,

5/2/2023

150,000

152,626

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

0.98%,

3/2/2023(e)

125,000

125,635

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Oversea-Chinese

Banking

Corp.

Ltd.

,

Reg.

S,

4.25%,

6/19/2024

200,000

218,510

Royal

Bank

of

Canada

,

2.55%,

7/16/2024

280,000

299,485

Santander

Holdings

USA,

Inc.

,

3.40%,

1/18/2023

110,000

115,159

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

1.01%,

1/17/2023(e)

90,000

90,401

United

Overseas

Bank

Ltd.

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

2.24%),

3.50%,

9/16/2026(e)

200,000

203,740

Wells

Fargo

&

Co.

,

3.07%,

1/24/2023

115,000

118,610

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(e)

110,000

123,078

3,363,423

Beverages

0.1%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

70,000

94,995

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

80,000

87,319

2.88%,

5/1/2030

25,000

26,975

209,289

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024(a)

10,000

10,954

3.80%,

3/15/2025(a)

95,000

105,416

Amgen,

Inc.

,

2.45%,

2/21/2030

100,000

105,922

222,292

Building

Products

0.1%

Builders

FirstSource

,

Inc.

,

6.75%,

6/1/2027(a)

65,000

69,631

Carrier

Global

Corp.

,

3.58%,

4/5/2050(a)

65,000

68,581

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

41,753

179,965

Capital

Markets

0.6%

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

1.45%,

5/15/2026(e)

234,000

236,274

Macquarie

Group

Ltd.

,

(ICE

LIBOR

USD

3

Month

+

1.02%),

3.19%,

11/28/2023(a)(e)

85,000

88,879

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Macquarie

Group

Ltd.,

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.15%,

3/27/2024(a)(e)

130,000

139,347

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

0.85%),

3.74%,

4/24/2024(e)

225,000

242,122

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

170,000

191,681

Temasek

Financial

I

Ltd.

,

1.00%,

10/6/2030(a)

250,000

246,361

1,144,664

Chemicals

0.5%

Braskem

Netherlands

Finance

BV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

1/23/2081(a)(e)

200,000

200,752

CNAC

HK

Finbridge

Co.

Ltd.

,

Reg.

S,

3.38%,

6/19/2024

200,000

207,790

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

40,000

53,491

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

35,000

35,963

MEGlobal

Canada

ULC

,

5.00%,

5/18/2025(a)

200,000

215,543

UPL

Corp.

Ltd.

,

Reg.

S,

3.25%,

10/13/2021

200,000

202,502

916,041

Commercial

Services

&

Supplies

0.3%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

35,000

37,275

9.75%,

7/15/2027(a)

70,000

76,056

Garda

World

Security

Corp.

,

8.75%,

5/15/2025(a)

55,000

55,550

GFL

Environmental,

Inc.

,

4.25%,

6/1/2025(a)

45,000

45,450

3.75%,

8/1/2025(a)

55,000

54,863

5.13%,

12/15/2026(a)

60,000

62,400

8.50%,

5/1/2027(a)

21,000

22,785

NongHyup

Bank

,

1.25%,

7/20/2025(a)

200,000

201,926

Prime

Security

Services

Borrower

LLC

,

3.38%,

8/31/2027(a)

60,000

57,675

613,980

Communications

Equipment

0.0%

†

Avaya,

Inc.

,

6.13%,

9/15/2028(a)

40,000

40,850

CommScope

,

Inc.

,

5.50%,

3/1/2024(a)

50,000

51,378

92,228

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

&

Engineering

0.0%

†

Pike

Corp.

,

5.50%,

9/1/2028(a)

45,000

45,279

Consumer

Finance

0.5%

Avolon

Holdings

Funding

Ltd.

,

3.25%,

2/15/2027(a)

35,000

31,209

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(e)(f)

200,000

151,002

Discover

Financial

Services

,

4.10%,

2/9/2027

110,000

121,932

General

Motors

Financial

Co.,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.29%,

1/5/2023(e)

180,000

178,051

3.95%,

4/13/2024

15,000

15,868

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

56,993

31,774

Mexarrend

SAPI

de

CV

,

10.25%,

7/24/2024(a)

200,000

147,500

Navient

Corp.

,

5.00%,

3/15/2027

30,000

28,171

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

50,000

55,490

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(e)(f)

200,000

136,500

897,497

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

5.63%,

7/15/2027(a)

70,000

73,413

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

60,000

59,963

Silgan

Holdings,

Inc.

,

4.13%,

2/1/2028

65,000

66,300

WRKCo

,

Inc.

,

3.75%,

3/15/2025

110,000

122,936

322,612

Distributors

0.0%

†

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

55,000

56,650

Diversified

Financial

Services

0.3%

MPH

Acquisition

Holdings

LLC

,

7.13%,

6/1/2024(a)

70,000

71,925

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER

,

8.25%,

2/11/2025(a)

200,000

184,000

Petronas

Capital

Ltd.

,

3.50%,

4/21/2030(a)

200,000

223,516

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

Verscend

Escrow

Corp.

,

9.75%,

8/15/2026(a)

100,000

108,729

588,170

Diversified

Telecommunication

Services

0.5%

AT&T,

Inc.

,

2.25%,

2/1/2032

135,000

134,843

3.30%,

2/1/2052

55,000

51,178

3.55%,

9/15/2055(a)

26,000

24,872

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

52,938

CenturyLink,

Inc.

,

5.13%,

12/15/2026(a)

45,000

46,233

4.00%,

2/15/2027(a)

40,000

40,636

Cincinnati

Bell,

Inc.

,

7.00%,

7/15/2024(a)

40,000

41,176

Frontier

Communications

Corp.

,

8.00%,

4/1/2027(a)(c)

70,000

69,758

Intelsat

Jackson

Holdings

SA

,

8.50%,

10/15/2024(a)(d)

40,000

25,800

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

60,000

61,650

Ooredoo

International

Finance

Ltd.

,

Reg.

S,

3.25%,

2/21/2023

200,000

208,920

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

70,000

87,173

Telesat

Canada

,

6.50%,

10/15/2027(a)

15,000

15,108

Zayo

Group

Holdings,

Inc.

,

4.00%,

3/1/2027(a)

45,000

44,290

6.13%,

3/1/2028(a)

15,000

15,459

920,034

Electric

Utilities

0.9%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

70,000

76,308

AES

Andres

BV

,

Reg.

S,

7.95%,

5/11/2026

200,000

203,252

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

200,000

205,700

Duke

Energy

Corp.

,

2.65%,

9/1/2026

225,000

243,488

Empresa

Electrica

Guacolda

SA

,

Reg.

S,

4.56%,

4/30/2025

200,000

164,002

FirstEnergy

Corp.

,

Series

C,

4.85%,

7/15/2047

80,000

96,177

Korea

East-West

Power

Co.

Ltd.

,

1.75%,

5/6/2025(a)

200,000

206,613

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

30,000

42,148

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

5/1/2025

95,000

102,616

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

60,000

62,250

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

PG&E

Corp.

,

5.00%,

7/1/2028

25,000

24,250

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

90,000

102,674

TNB

Global

Ventures

Capital

Bhd.

,

Reg.

S,

3.24%,

10/19/2026

200,000

214,863

1,744,341

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

85,000

94,566

Energy

Equipment

&

Services

0.2%

Delek

&

Avner

Tamar

Bond

Ltd.

,

5.41%,

12/30/2025(a)

100,000

101,669

Halliburton

Co.

,

2.92%,

3/1/2030

60,000

58,865

Tervita

Corp.

,

7.63%,

12/1/2021(a)

60,000

54,750

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

85,000

68,000

Transocean,

Inc.

,

11.50%,

1/30/2027(a)

18,000

7,200

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

105,000

104,120

394,604

Entertainment

0.1%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

90,000

82,325

Lions

Gate

Capital

Holdings

LLC

,

6.38%,

2/1/2024(a)

70,000

69,300

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

55,000

59,358

4.75%,

10/15/2027(a)

75,000

70,242

281,225

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

155,000

151,251

Boston

Properties

LP

,

3.65%,

2/1/2026

215,000

238,900

Crown

Castle

International

Corp.

,

4.30%,

2/15/2029

100,000

116,563

ESH

Hospitality,

Inc.

,

5.25%,

5/1/2025(a)

40,000

40,400

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(a)

30,000

30,166

VICI

Properties

LP

,

3.75%,

2/15/2027(a)

5,000

4,916

4.13%,

8/15/2030(a)

35,000

34,475

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Welltower

,

Inc.

,

4.13%,

3/15/2029

210,000

237,821

854,492

Food

&

Staples

Retailing

0.2%

Albertsons

Cos.,

Inc.

,

3.50%,

3/15/2029(a)

40,000

38,825

CK

Hutchison

International

20

Ltd.

,

2.50%,

5/8/2030(a)

200,000

209,654

Sysco

Corp.

,

3.25%,

7/15/2027

50,000

54,376

3.30%,

2/15/2050

55,000

52,419

US

Foods,

Inc.

,

6.25%,

4/15/2025(a)

10,000

10,587

365,861

Food

Products

0.2%

B&G

Foods,

Inc.

,

5.25%,

4/1/2025

30,000

30,825

5.25%,

9/15/2027

25,000

26,083

JBS

USA

LUX

SA

,

5.88%,

7/15/2024(a)

5,000

5,100

5.75%,

6/15/2025(a)

10,000

10,308

6.75%,

2/15/2028(a)

57,000

61,983

Kraft

Heinz

Foods

Co.

,

5.00%,

7/15/2035

30,000

34,515

5.20%,

7/15/2045

70,000

76,388

Pilgrim's

Pride

Corp.

,

5.88%,

9/30/2027(a)

45,000

46,463

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

50,000

51,438

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

120,000

131,062

474,165

Health

Care

Equipment

&

Supplies

0.1%

Becton

Dickinson

and

Co.

,

2.89%,

6/6/2022

165,000

170,697

Ortho-Clinical

Diagnostics,

Inc.

,

7.25%,

2/1/2028(a)

40,000

41,600

212,297

Health

Care

Providers

&

Services

0.6%

Anthem,

Inc.

,

3.30%,

1/15/2023

115,000

121,792

Centene

Corp.

,

3.00%,

10/15/2030

35,000

35,656

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

1.17%,

7/15/2023(e)

90,000

90,930

4.90%,

12/15/2048

85,000

110,581

CVS

Health

Corp.

,

3.70%,

3/9/2023

95,000

101,760

HCA,

Inc.

,

4.13%,

6/15/2029

55,000

62,145

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Laboratory

Corp.

of

America

Holdings

,

3.60%,

2/1/2025

210,000

233,049

LifePoint

Health,

Inc.

,

6.75%,

4/15/2025(a)

30,000

31,575

4.38%,

2/15/2027(a)

40,000

40,050

Radiology

Partners,

Inc.

,

9.25%,

2/1/2028(a)

45,000

46,800

Select

Medical

Corp.

,

6.25%,

8/15/2026(a)

125,000

130,000

Tenet

Healthcare

Corp.

,

5.13%,

11/1/2027(a)

65,000

66,859

West

Street

Merger

Sub,

Inc.

,

6.38%,

9/1/2025(a)

75,000

76,484

1,147,681

Hotels,

Restaurants

&

Leisure

0.5%

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

80,000

78,500

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

55,000

57,337

Caesars

Resort

Collection

LLC

,

5.25%,

10/15/2025(a)

55,000

53,212

Carnival

Corp.

,

11.50%,

4/1/2023(a)

20,000

22,420

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

37,975

Golden

Nugget,

Inc.

,

6.75%,

10/15/2024(a)

80,000

66,800

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

10,000

10,388

5.75%,

5/1/2028(a)

10,000

10,575

IRB

Holding

Corp.

,

6.75%,

2/15/2026(a)

55,000

55,000

MGM

Resorts

International

,

6.75%,

5/1/2025

75,000

78,602

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(a)

45,000

45,675

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

105,000

111,694

Twin

River

Worldwide

Holdings,

Inc.

,

6.75%,

6/1/2027(a)

50,000

49,744

Viking

Cruises

Ltd.

,

13.00%,

5/15/2025(a)

20,000

23,150

5.88%,

9/15/2027(a)

105,000

81,638

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(a)

40,000

38,800

Yum!

Brands,

Inc.

,

3.63%,

3/15/2031

75,000

75,000

896,510

Household

Durables

0.1%

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

60,756

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

Tempur

Sealy

International,

Inc.

,

5.50%,

6/15/2026

93,000

96,529

157,285

Household

Products

0.1%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

60,000

62,094

Kronos

Acquisition

Holdings,

Inc.

,

9.00%,

8/15/2023(a)

50,000

50,687

112,781

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

5.13%,

3/15/2028(a)

45,000

46,575

4.63%,

2/1/2029(a)

30,000

29,962

76,537

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.88%,

1/14/2038

40,000

46,621

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028

85,000

101,412

148,033

Insurance

0.2%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

35,000

36,719

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

80,000

80,715

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

45,000

47,700

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

115,000

117,122

NFP

Corp.

,

6.88%,

8/15/2028(a)

35,000

35,380

Willis

North

America,

Inc.

,

3.88%,

9/15/2049

105,000

120,228

437,864

Interactive

Media

&

Services

0.3%

Alphabet,

Inc.

,

2.25%,

8/15/2060

115,000

108,384

Baidu,

Inc.

,

3.43%,

4/7/2030

200,000

219,919

Tencent

Holdings

Ltd.

,

2.39%,

6/3/2030(a)

200,000

203,226

531,529

Internet

&

Direct

Marketing

Retail

0.2%

Amazon.com,

Inc.

,

2.80%,

8/22/2024

125,000

135,270

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

135,000

135,876

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

JD.com,

Inc.

,

3.13%,

4/29/2021

200,000

202,279

473,425

IT

Services

0.1%

GTT

Communications,

Inc.

,

7.88%,

12/31/2024(a)

30,000

15,450

Tempo

Acquisition

LLC

,

6.75%,

6/1/2025(a)

90,000

91,855

107,305

Machinery

0.2%

Caterpillar,

Inc.

,

3.40%,

5/15/2024

220,000

240,481

Colfax

Corp.

,

6.00%,

2/15/2024(a)

35,000

36,371

6.38%,

2/15/2026(a)

65,000

68,900

345,752

Media

0.3%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

35,000

23,100

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

115,000

121,747

Comcast

Corp.

,

4.70%,

10/15/2048

90,000

119,102

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

40,000

28,300

DISH

DBS

Corp.

,

5.88%,

11/15/2024

45,000

46,340

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

50,625

Gray

Television,

Inc.

,

7.00%,

5/15/2027(a)

70,000

75,890

iHeartCommunications

,

Inc.

,

8.38%,

5/1/2027

10,000

9,850

Nexstar

Broadcasting,

Inc.

,

5.63%,

7/15/2027(a)

25,000

26,224

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

100,000

103,199

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(a)

40,000

39,992

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

35,000

33,775

678,144

Metals

&

Mining

0.4%

Arconic

Corp.

,

6.13%,

2/15/2028(a)

60,000

61,613

CSN

Islands

XII

Corp.

,

Reg.

S,

7.00%,

12/23/2020(f)(h)

300,000

261,753

Freeport-McMoRan,

Inc.

,

4.63%,

8/1/2030

100,000

105,145

Novelis

Corp.

,

4.75%,

1/30/2030(a)

25,000

24,399

SunCoke

Energy

Partners

LP

,

7.50%,

6/15/2025(a)

60,000

54,121

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Vedanta

Resources

Finance

II

plc

,

9.25%,

4/23/2026(a)

200,000

149,100

Vedanta

Resources

Ltd.

,

Reg.

S,

6.13%,

8/9/2024

200,000

140,888

797,019

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.50%,

4/3/2030

95,000

108,054

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

105,000

118,466

226,520

Oil,

Gas

&

Consumable

Fuels

1.6%

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

19,860

Apache

Corp.

,

4.63%,

11/15/2025

20,000

19,062

4.38%,

10/15/2028

35,000

32,025

Canadian

Natural

Resources

Ltd.

,

2.95%,

1/15/2023

120,000

124,788

Cenovus

Energy,

Inc.

,

5.38%,

7/15/2025

40,000

38,490

Cheniere

Energy

Partners

LP

,

5.25%,

10/1/2025

20,000

20,460

5.63%,

10/1/2026

55,000

57,200

CNPC

Global

Capital

Ltd.

,

Reg.

S,

1.35%,

6/23/2025

200,000

200,230

Energy

Transfer

Operating

LP

,

4.75%,

1/15/2026

65,000

69,261

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

110,000

122,023

EQM

Midstream

Partners

LP

,

6.50%,

7/1/2027(a)

60,000

63,601

EQT

Corp.

,

7.88%,

2/1/2025(c)

35,000

38,796

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

75,000

82,138

Gran

Tierra

Energy

International

Holdings

Ltd.

,

Reg.

S,

6.25%,

2/15/2025

200,000

68,002

Gulfport

Energy

Corp.

,

6.38%,

5/15/2025

50,000

30,500

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

59,863

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(a)

45,000

40,950

Indigo

Natural

Resources

LLC

,

6.88%,

2/15/2026(a)

20,000

19,466

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

80,000

71,746

MPLX

LP

,

1.75%,

3/1/2026

60,000

59,864

NuStar

Logistics

LP

,

6.38%,

10/1/2030

45,000

46,688

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

25,000

25,156

3.50%,

8/15/2029

40,000

30,672

6.63%,

9/1/2030

30,000

27,675

ONGC

Videsh

Ltd.

,

Reg.

S,

4.63%,

7/15/2024

200,000

214,047

Parkland

Corp.

,

5.88%,

7/15/2027(a)

70,000

73,587

Parsley

Energy

LLC

,

5.63%,

10/15/2027(a)

35,000

34,825

Peabody

Energy

Corp.

,

6.00%,

3/31/2022(a)

35,000

20,300

Peru

LNG

Srl

,

Reg.

S,

5.38%,

3/22/2030

200,000

153,188

PTTEP

Treasury

Center

Co.

Ltd.

,

2.59%,

6/10/2027(a)

200,000

206,464

QEP

Resources,

Inc.

,

5.25%,

5/1/2023

45,000

32,737

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

30,000

30,225

Reliance

Industries

Ltd.

,

Reg.

S,

5.40%,

2/14/2022

250,000

263,387

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

80,000

90,010

Sinopec

Group

Overseas

Development

2018

Ltd.

,

2.70%,

5/13/2030(a)

200,000

210,321

Sunoco

LP

,

6.00%,

4/15/2027

35,000

35,962

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030(a)

60,000

59,700

Total

Capital

International

SA

,

3.39%,

6/29/2060

100,000

104,602

Valero

Energy

Corp.

,

2.85%,

4/15/2025

75,000

78,561

Western

Midstream

Operating

LP

,

4.10%,

2/1/2025(c)

45,000

42,862

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

60,000

65,810

WPX

Energy,

Inc.

,

5.88%,

6/15/2028

35,000

36,575

4.50%,

1/15/2030

35,000

34,562

3,156,241

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

101,000

112,158

Pharmaceuticals

0.3%

Bausch

Health

Cos.,

Inc.

,

6.25%,

2/15/2029(a)

100,000

102,856

Bristol-Myers

Squibb

Co.

,

4.35%,

11/15/2047

185,000

244,166

Royalty

Pharma

plc

,

3.30%,

9/2/2040(a)

115,000

112,671

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Upjohn,

Inc.

,

1.65%,

6/22/2025(a)

30,000

30,703

490,396

Professional

Services

0.0%

†

Dun

&

Bradstreet

Corp.

(The)

,

6.88%,

8/15/2026(a)

30,000

32,221

Jaguar

Holding

Co.

II

,

5.00%,

6/15/2028(a)

25,000

26,094

58,315

Real

Estate

Management

&

Development

0.1%

Radiant

Access

Ltd.

,

Reg.

S,

4.60%,

11/18/2020(f)(h)

200,000

200,336

Realogy

Group

LLC

,

7.63%,

6/15/2025(a)

20,000

20,950

221,286

Road

&

Rail

0.2%

CSX

Corp.

,

3.35%,

9/15/2049

105,000

115,848

Kenan

Advantage

Group,

Inc.

(The)

,

7.88%,

7/31/2023(a)

10,000

9,700

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

45,000

50,427

Uber

Technologies,

Inc.

,

7.50%,

9/15/2027(a)

40,000

42,700

Union

Pacific

Corp.

,

2.97%,

9/16/2062(a)

90,000

88,064

306,739

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.15%,

11/15/2025

115,000

124,036

Intel

Corp.

,

3.10%,

2/15/2060

50,000

54,173

Micron

Technology,

Inc.

,

2.50%,

4/24/2023

115,000

119,414

297,623

Software

0.1%

BY

Crown

Parent

LLC

,

4.25%,

1/31/2026(a)

25,000

25,453

Oracle

Corp.

,

3.60%,

4/1/2050

105,000

117,078

142,531

Specialty

Retail

0.1%

Asbury

Automotive

Group,

Inc.

,

4.50%,

3/1/2028(a)

6,000

6,037

4.75%,

3/1/2030(a)

6,000

6,045

Carvana

Co.

,

8.88%,

10/1/2023(a)

20,000

20,888

Group

1

Automotive,

Inc.

,

4.00%,

8/15/2028(a)

15,000

14,737

Home

Depot,

Inc.

(The)

,

3.90%,

6/15/2047

100,000

123,190

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

PetSmart,

Inc.

,

7.13%,

3/15/2023(a)

40,000

40,350

5.88%,

6/1/2025(a)

16,000

16,378

Staples,

Inc.

,

7.50%,

4/15/2026(a)

55,000

50,680

278,305

Technology

Hardware,

Storage

&

Peripherals

0.1%

Apple,

Inc.

,

1.25%,

8/20/2030

235,000

233,364

NetApp,

Inc.

,

1.88%,

6/22/2025

55,000

56,982

290,346

Textiles,

Apparel

&

Luxury

Goods

0.1%

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

110,000

115,225

Thrifts

&

Mortgage

Finance

0.0%

†

Nationstar

Mortgage

Holdings,

Inc.

,

5.50%,

8/15/2028(a)

45,000

44,944

PennyMac

Financial

Services,

Inc.

,

5.38%,

10/15/2025(a)

40,000

40,500

85,444

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

230,000

227,798

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

120,000

122,128

Beacon

Roofing

Supply,

Inc.

,

4.88%,

11/1/2025(a)

75,000

73,500

United

Rentals

North

America,

Inc.

,

5.25%,

1/15/2030

55,000

60,019

255,647

Transportation

Infrastructure

0.1%

PSA

Treasury

Pte.

Ltd.

,

Reg.

S,

2.13%,

9/5/2029

200,000

208,454

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

115,000

122,631

Wireless

Telecommunication

Services

0.1%

Gogo

Intermediate

Holdings

LLC

,

9.88%,

5/1/2024(a)

45,000

48,105

Sprint

Corp.

,

7.13%,

6/15/2024

65,000

74,790

T-Mobile

USA,

Inc.

,

3.88%,

4/15/2030(a)

140,000

159,184

282,079

Total

Corporate

Bonds

(cost

$27,402,855)

27,690,074

Foreign

Government

Securities

0.7%

Principal

Amount

($)

Value

($)

PANAMA

0.1%

Republic

of

Panama

,

3.75%,

3/16/2025

200,000

218,250

PERU

0.1%

Republic

of

Peru

,

2.39%,

1/23/2026

50,000

52,375

QATAR

0.2%

State

of

Qatar

,

Reg.

S,

3.88%,

4/23/2023

200,000

214,600

Reg.

S,

3.38%,

3/14/2024

200,000

215,316

429,916

SAUDI

ARABIA

0.1%

Kingdom

of

Saudi

Arabia

,

2.90%,

10/22/2025(a)

200,000

213,601

THAILAND

0.1%

Export

Import

Bank

of

Thailand

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

0.85%),

1.11%,

5/23/2024(e)

200,000

198,222

UNITED

ARAB

EMIRATES

0.1%

United

Arab

Emirates

Government

Bond

,

3.13%,

4/16/2030(a)

200,000

223,576

Total

Foreign

Government

Securities

(cost

$1,296,787)

1,335,940

Mortgage-Backed

Securities

17.6%

FHLMC

Gold

Pool

Pool#

T65102

2.50%,

10/1/2042

1,989,940

2,065,024

Pool#

Q50135

3.50%,

8/1/2047

4,292,741

4,545,377

Pool#

G08775

4.00%,

8/1/2047

1,392,628

1,492,589

Pool#

Q51461

3.50%,

10/1/2047

1,791,608

1,892,184

Pool#

RE6066

2.00%,

10/1/2050

3,000,000

3,071,099

FNMA

Pool

Pool#

BL4468

2.41%,

10/1/2029

4,000,000

4,384,918

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

2,257,629

Pool#

BL5315

2.44%,

1/1/2032

2,200,000

2,423,953

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

2,348,089

Pool#

BL4073

2.96%,

9/1/2034

2,500,000

2,810,630

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

2,688,116

2,826,763

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA2888

2.50%,

1/1/2047

2,333,977

2,463,476

Pool#

AS9937

3.00%,

7/1/2047

1,984,848

2,086,907

Total

Mortgage-Backed

Securities

(cost

$33,129,287)

34,668,638

U.S.

Treasury

Obligations

15.5%

U.S.

Treasury

Bonds,

1.25%,

5/15/2050

2,900,000

2,748,203

U.S.

Treasury

Notes

1.50%,

8/31/2021

4,250,000

4,302,295

2.13%,

2/29/2024

3,250,000

3,464,932

2.13%,

7/31/2024

3,250,000

3,487,910

2.25%,

11/15/2025

3,150,000

3,461,924

1.63%,

5/15/2026

2,950,000

3,159,957

0.50%,

6/30/2027

2,300,000

2,308,086

1.50%,

2/15/2030

6,000,000

6,471,562

0.63%,

5/15/2030

1,150,000

1,145,867

Total

U.S.

Treasury

Obligations

(cost

$29,474,857)

30,550,736

Investment

Company

2.6%

Shares

Fixed

Income

Fund

2.6%

DoubleLine

Floating

Rate

Fund,

Class

I

560,459

5,189,850

Total

Investment

Company

(cost

$5,449,882)

5,189,850

Short-Term

Investments

4.2%

Principal

Amount

($)

U.S.

Treasury

Obligations

4.2%

U.S.

Treasury

Bills

0.15%,

10/29/2020

2,900,000

2,899,780

0.16%,

11/27/2020

1,000,000

999,842

0.14%,

12/3/2020

4,350,000

4,349,239

Total

Short-Term

Investments

(cost

$8,248,332)

8,248,861

Total

Investments

(cost

$188,502,139)

—

97.1%

190,953,301

Other

assets

in

excess

of

liabilities

—

2.9%

5,602,922

NET

ASSETS

—

100.0%

$

196,556,223

†

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

September

30,

2020

was

$36,642,562

which

represents

18.64%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2020.

(d)

Security

in

default.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(f)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2020.

The

maturity

date

reflects

the

next

call

date.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

(h)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

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

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

DoubleLine

NVIT

Total

Return

Tactical

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

DoubleLine

NVIT

Total

Return

Tactical

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

25,060,469

$

–

$

25,060,469

Collateralized

Mortgage

Obligations

–

47,971,439

–

47,971,439

Commercial

Mortgage-Backed

Securities

–

10,237,294

–

10,237,294

Corporate

Bonds

–

27,690,074

–

27,690,074

Foreign

Government

Securities

–

1,335,940

–

1,335,940

Investment

Company

5,189,850

–

–

5,189,850

Mortgage-Backed

Securities

–

34,668,638

–

34,668,638

Short-Term

Investments

–

8,248,861

–

8,248,861

U.S.

Treasury

Obligations

–

30,550,736

–

30,550,736

Total

$

5,189,850

$

185,763,451

$

–

$

190,953,301

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.

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Federated

NVIT

High

Income

Bond

Fund

Common

Stocks

0.2%

Shares

Value

($)

Chemicals

0.1%

Hexion

Holdings

Corp.,

Class B

*

7,485

76,722

Independent

Energy

0.1%

Whiting

Petroleum

Corp.

*

7,076

122,344

Media

Entertainment

0.0%

†

iHeartMedia

,

Inc.,

Class A

*

4,485

36,418

Retailers

0.0%

†

Party

City

Holdco,

Inc.

*

17,717

46,064

Total

Common

Stocks

(cost

$671,047)

281,548

Corporate

Bonds

97.6%

Principal

Amount

($)

Aerospace

&

Defense

1.5%

TransDigm

UK

Holdings

plc

,

6.88%,

5/15/2026

300,000

301,470

TransDigm

,

Inc.

,

6.50%,

5/15/2025

275,000

274,141

6.25%,

3/15/2026(a)

475,000

498,061

5.50%,

11/15/2027

675,000

648,709

1,722,381

Automotive

4.7%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

450,000

428,625

Adient

US

LLC

,

9.00%,

4/15/2025(a)

75,000

82,687

7.00%,

5/15/2026(a)

25,000

26,775

American

Axle

&

Manufacturing,

Inc.

,

6.50%,

4/1/2027

300,000

290,250

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

25,000

26,312

6.25%,

5/15/2026(a)

50,000

52,428

8.50%,

5/15/2027(a)

875,000

907,812

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

100,000

102,250

6.50%,

6/1/2026(a)

300,000

312,750

Ford

Motor

Credit

Co.

LLC

,

3.34%,

3/18/2021

300,000

300,165

3.81%,

10/12/2021

450,000

451,125

4.39%,

1/8/2026

225,000

222,433

4.27%,

1/9/2027

575,000

564,132

5.11%,

5/3/2029

400,000

411,000

IHO

Verwaltungs

GmbH

,

4.75%,

9/15/2026(a)(b)

200,000

202,500

6.00%,

5/15/2027(a)(b)

450,000

474,750

JB

Poindexter

&

Co.,

Inc.

,

7.13%,

4/15/2026(a)

325,000

344,624

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

300,000

299,994

Motors

Liquidation

Co.

,

7.40%,

9/1/2025^∞(c)(d)

2,500,000

0

5,500,612

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Materials

2.3%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

5.88%,

5/15/2026(a)

575,000

596,562

4.00%,

1/15/2028(a)

75,000

76,219

Core

&

Main

LP

,

6.13%,

8/15/2025(a)

575,000

582,432

Cornerstone

Building

Brands,

Inc.

,

8.00%,

4/15/2026(a)

375,000

393,750

6.13%,

1/15/2029(a)

100,000

101,000

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

600,000

624,000

3.38%,

1/15/2031(a)

275,000

271,424

2,645,387

Cable

Satellite

8.1%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

175,000

182,438

5.88%,

5/1/2027(a)

325,000

341,218

5.00%,

2/1/2028(a)

525,000

551,906

5.38%,

6/1/2029(a)

200,000

216,750

4.75%,

3/1/2030(a)

625,000

661,719

4.50%,

8/15/2030(a)

75,000

78,753

4.25%,

2/1/2031(a)

150,000

155,385

CSC

Holdings

LLC

,

5.88%,

9/15/2022

200,000

211,500

5.25%,

6/1/2024

425,000

455,812

5.50%,

5/15/2026(a)

250,000

260,000

5.50%,

4/15/2027(a)

725,000

763,135

7.50%,

4/1/2028(a)

250,000

276,182

5.75%,

1/15/2030(a)

200,000

212,542

4.63%,

12/1/2030(a)

350,000

351,656

DISH

DBS

Corp.

,

5.88%,

11/15/2024

400,000

411,914

7.75%,

7/1/2026

325,000

357,292

Intelsat

Jackson

Holdings

SA

,

5.50%,

8/1/2023(c)

225,000

141,187

8.50%,

10/15/2024(a)(c)

125,000

80,625

9.75%,

7/15/2025(a)(c)

100,000

65,500

Sirius

XM

Radio,

Inc.

,

3.88%,

8/1/2022(a)

150,000

151,594

4.63%,

7/15/2024(a)

200,000

206,875

5.38%,

7/15/2026(a)

550,000

572,385

5.50%,

7/1/2029(a)

75,000

80,640

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

800,000

840,000

Virgin

Media

Secured

Finance

plc

,

5.50%,

8/15/2026(a)

275,000

286,688

5.50%,

5/15/2029(a)

225,000

241,526

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

325,000

324,187

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

275,000

284,281

5.13%,

2/28/2030(a)

200,000

202,726

Federated

NVIT

High

Income

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

Ziggo

BV

,

5.50%,

1/15/2027(a)

383,000

401,193

9,367,609

Chemicals

3.2%

Atotech

Alpha

2

BV

,

8.75%,

6/1/2023(a)(b)

200,000

201,500

Atotech

Alpha

3

BV

,

6.25%,

2/1/2025(a)

400,000

405,500

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

150,000

154,125

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

425,000

433,589

6.75%,

12/1/2027(a)

150,000

162,000

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

220,781

Hexion,

Inc.

,

7.88%,

7/15/2027(a)

450,000

451,044

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

75,000

80,438

Koppers

,

Inc.

,

6.00%,

2/15/2025(a)

750,000

760,313

Nouryon

Holding

BV

,

8.00%,

10/1/2026(a)

525,000

555,702

PQ

Corp.

,

5.75%,

12/15/2025(a)

175,000

180,031

WR

Grace

&

Co.-Conn

,

4.88%,

6/15/2027(a)

150,000

154,905

3,759,928

Construction

Machinery

0.7%

United

Rentals

North

America,

Inc.

,

5.88%,

9/15/2026

175,000

184,406

5.50%,

5/15/2027

250,000

265,938

4.88%,

1/15/2028

225,000

236,250

3.88%,

2/15/2031

100,000

101,500

788,094

Consumer

Cyclical

Services

2.0%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

250,000

266,250

9.75%,

7/15/2027(a)

875,000

950,705

Brink's

Co.

(The)

,

5.50%,

7/15/2025(a)

75,000

78,094

Garda

World

Security

Corp.

,

4.63%,

2/15/2027(a)

125,000

125,625

9.50%,

11/1/2027(a)

732,000

768,600

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

100,000

104,057

2,293,331

Consumer

Products

0.9%

Edgewell

Personal

Care

Co.

,

5.50%,

6/1/2028(a)

125,000

131,529

Energizer

Holdings,

Inc.

,

6.38%,

7/15/2026(a)

100,000

107,520

7.75%,

1/15/2027(a)

200,000

218,500

4.75%,

6/15/2028(a)

25,000

25,872

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Products

Energizer

Holdings,

Inc.,

4.38%,

3/31/2029(a)

175,000

176,750

Prestige

Brands,

Inc.

,

6.38%,

3/1/2024(a)

375,000

384,375

5.13%,

1/15/2028(a)

50,000

51,625

1,096,171

Diversified

Manufacturing

1.2%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

550,000

565,125

WESCO

Distribution,

Inc.

,

5.38%,

12/15/2021

125,000

125,000

5.38%,

6/15/2024

200,000

205,250

7.13%,

6/15/2025(a)

100,000

108,930

7.25%,

6/15/2028(a)

350,000

383,486

1,387,791

Environmental

0.2%

Tervita

Corp.

,

7.63%,

12/1/2021(a)

300,000

273,750

Finance

Companies

1.4%

Navient

Corp.

,

5.00%,

10/26/2020

25,000

25,000

5.88%,

10/25/2024

600,000

596,628

6.75%,

6/25/2025

250,000

253,125

6.75%,

6/15/2026

75,000

75,000

5.00%,

3/15/2027

25,000

23,476

Quicken

Loans

LLC

,

5.25%,

1/15/2028(a)

275,000

289,756

3.63%,

3/1/2029(a)

150,000

148,688

3.88%,

3/1/2031(a)

200,000

197,500

1,609,173

Food

&

Beverage

1.4%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

475,000

494,796

Kraft

Heinz

Foods

Co.

,

4.38%,

6/1/2046

125,000

128,315

Post

Holdings,

Inc.

,

5.00%,

8/15/2026(a)

250,000

256,250

5.75%,

3/1/2027(a)

725,000

762,156

1,641,517

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

3.9%

Boyd

Gaming

Corp.

,

8.63%,

6/1/2025(a)

50,000

54,814

6.38%,

4/1/2026

250,000

260,297

6.00%,

8/15/2026

400,000

412,500

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

225,000

234,563

8.13%,

7/1/2027(a)

300,000

318,000

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

25,781

5.25%,

10/15/2025(a)

225,000

217,688

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Federated

NVIT

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

225,000

238,563

MGM

Resorts

International

,

6.00%,

3/15/2023

125,000

129,676

6.75%,

5/1/2025

100,000

104,803

5.75%,

6/15/2025

33,000

34,610

4.63%,

9/1/2026

77,000

76,615

5.50%,

4/15/2027

216,000

225,720

Mohegan

Gaming

&

Entertainment

,

7.88%,

10/15/2024(a)

425,000

397,375

Stars

Group

Holdings

BV

,

7.00%,

7/15/2026(a)

625,000

664,062

Station

Casinos

LLC

,

5.00%,

10/1/2025(a)

425,000

418,009

4.50%,

2/15/2028(a)

100,000

92,500

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

24,750

4.25%,

12/1/2026(a)

175,000

175,814

3.75%,

2/15/2027(a)

25,000

24,582

4.63%,

12/1/2029(a)

125,000

127,679

4.13%,

8/15/2030(a)

225,000

221,625

4,480,026

Health

Insurance

2.1%

Centene

Corp.

,

4.75%,

1/15/2025

100,000

102,780

4.75%,

1/15/2025

100,000

102,780

5.25%,

4/1/2025(a)

625,000

649,531

5.38%,

8/15/2026(a)

100,000

105,917

4.25%,

12/15/2027

325,000

340,090

4.63%,

12/15/2029

400,000

431,464

3.38%,

2/15/2030

125,000

129,688

3.00%,

10/15/2030

525,000

534,844

2,397,094

Healthcare

8.9%

Acadia

Healthcare

Co.,

Inc.

,

5.63%,

2/15/2023

100,000

100,625

6.50%,

3/1/2024

600,000

615,750

5.50%,

7/1/2028(a)

50,000

51,425

5.00%,

4/15/2029(a)

25,000

25,219

Air

Medical

Group

Holdings,

Inc.

,

6.38%,

5/15/2023(a)

425,000

425,000

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

375,000

389,062

Avantor

,

Inc.

,

6.00%,

10/1/2024(a)

175,000

182,875

Charles

River

Laboratories

International,

Inc.

,

5.50%,

4/1/2026(a)

100,000

105,250

Community

Health

Systems,

Inc.

,

6.25%,

3/31/2023

350,000

342,125

8.63%,

1/15/2024(a)

150,000

149,250

6.63%,

2/15/2025(a)

75,000

72,555

8.00%,

3/15/2026(a)

125,000

122,736

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

575,000

570,745

HCA,

Inc.

,

5.38%,

2/1/2025

175,000

191,625

5.88%,

2/15/2026

725,000

812,000

5.38%,

9/1/2026

100,000

110,500

5.88%,

2/1/2029

75,000

87,375

3.50%,

9/1/2030

350,000

356,374

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

287,375

5.00%,

5/15/2027(a)

200,000

209,714

LifePoint

Health,

Inc.

,

6.75%,

4/15/2025(a)

150,000

157,875

4.38%,

2/15/2027(a)

100,000

100,125

MEDNAX,

Inc.

,

6.25%,

1/15/2027(a)

225,000

233,428

MPH

Acquisition

Holdings

LLC

,

7.13%,

6/1/2024(a)

775,000

796,313

Polaris

Intermediate

Corp.

,

8.50%,

12/1/2022(a)(b)

375,000

381,563

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

475,000

504,687

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(a)

550,000

376,750

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

78,938

4.25%,

6/1/2028(a)

25,000

25,875

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

300,000

315,000

7.50%,

4/1/2025(a)

25,000

26,938

5.13%,

5/1/2025

375,000

375,375

7.00%,

8/1/2025

275,000

283,057

4.88%,

1/1/2026(a)

175,000

177,625

6.25%,

2/1/2027(a)

250,000

258,052

5.13%,

11/1/2027(a)

175,000

180,005

4.63%,

6/15/2028(a)

25,000

25,211

Vizient

,

Inc.

,

6.25%,

5/15/2027(a)

100,000

104,750

West

Street

Merger

Sub,

Inc.

,

6.38%,

9/1/2025(a)

650,000

662,864

10,272,011

Hotels,

Restaurants

&

Leisure

0.6%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

77,908

5.13%,

5/1/2026

325,000

333,531

5.75%,

5/1/2028(a)

75,000

79,313

4.88%,

1/15/2030

125,000

128,750

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(a)

100,000

97,000

716,502

Independent

Energy

5.1%

Antero

Resources

Corp.

,

5.63%,

6/1/2023

75,000

54,375

Federated

NVIT

High

Income

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Antero

Resources

Corp.,

5.00%,

3/1/2025

250,000

156,250

Apache

Corp.

,

4.63%,

11/15/2025

50,000

47,656

4.88%,

11/15/2027

75,000

70,875

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

175,000

133,875

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

225,000

174,937

Callon

Petroleum

Co.

,

6.25%,

4/15/2023

200,000

64,000

6.13%,

10/1/2024

245,000

69,825

8.25%,

7/15/2025

125,000

33,750

6.38%,

7/1/2026

150,000

36,750

Centennial

Resource

Production

LLC

,

6.88%,

4/1/2027(a)

225,000

91,688

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024(c)

200,000

7,500

11.50%,

1/1/2025(a)(c)

332,000

44,820

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

150,000

129,681

CrownRock

LP

,

5.63%,

10/15/2025(a)

450,000

424,125

Endeavor

Energy

Resources

LP

,

6.63%,

7/15/2025(a)

125,000

128,438

5.75%,

1/30/2028(a)

225,000

226,125

EP

Energy

LLC

,

8.00%,

11/29/2024(c)(e)

325,000

406

EQT

Corp.

,

6.13%,

2/1/2025(f)

50,000

55,423

8.75%,

2/1/2030(f)

250,000

295,392

Gulfport

Energy

Corp.

,

6.00%,

10/15/2024

100,000

62,000

6.38%,

5/15/2025

150,000

91,500

6.38%,

1/15/2026

75,000

46,125

Jagged

Peak

Energy

LLC

,

5.88%,

5/1/2026

125,000

124,375

Oasis

Petroleum,

Inc.

,

6.88%,

3/15/2022(c)

428,000

100,312

Occidental

Petroleum

Corp.

,

2.90%,

8/15/2024

275,000

233,318

3.50%,

6/15/2025

200,000

166,000

8.00%,

7/15/2025

125,000

125,779

5.88%,

9/1/2025

175,000

160,380

3.20%,

8/15/2026

150,000

118,969

8.88%,

7/15/2030

300,000

309,000

6.63%,

9/1/2030

175,000

161,438

6.45%,

9/15/2036

225,000

191,254

4.30%,

8/15/2039

100,000

69,316

4.10%,

2/15/2047

100,000

67,510

4.40%,

8/15/2049

125,000

87,513

Parsley

Energy

LLC

,

5.25%,

8/15/2025(a)

75,000

74,250

5.63%,

10/15/2027(a)

125,000

124,375

PDC

Energy,

Inc.

,

6.13%,

9/15/2024

200,000

190,500

5.75%,

5/15/2026

100,000

93,250

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

QEP

Resources,

Inc.

,

5.25%,

5/1/2023

175,000

127,313

5.63%,

3/1/2026

150,000

85,125

Range

Resources

Corp.

,

4.88%,

5/15/2025

373,000

336,670

SM

Energy

Co.

,

5.00%,

1/15/2024

325,000

173,875

6.75%,

9/15/2026

100,000

44,500

Ultra

Resources,

Inc.

,

7.13%,

4/15/2025(c)(e)

100,000

450

WPX

Energy,

Inc.

,

5.75%,

6/1/2026

50,000

51,750

5.25%,

10/15/2027

75,000

76,125

5.88%,

6/15/2028

25,000

26,125

4.50%,

1/15/2030

125,000

123,438

5,888,426

Industrial

-

Other

0.6%

Booz

Allen

Hamilton,

Inc.

,

3.88%,

9/1/2028(a)

50,000

51,328

Cushman

&

Wakefield

US

Borrower

LLC

,

6.75%,

5/15/2028(a)

150,000

155,722

Vertical

Holdco

GmbH

,

7.63%,

7/15/2028(a)

200,000

211,375

Vertical

US

Newco,

Inc.

,

5.25%,

7/15/2027(a)

225,000

233,835

652,260

Insurance

-

P&C

4.5%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

500,000

524,560

AmWINS

Group,

Inc.

,

7.75%,

7/1/2026(a)

650,000

695,500

Ardonagh

Midco

2

plc

,

11.50%,

1/15/2027(a)

225,000

227,250

AssuredPartners

,

Inc.

,

7.00%,

8/15/2025(a)

550,000

560,202

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

150,000

159,000

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,500,000

1,554,375

NFP

Corp.

,

7.00%,

5/15/2025(a)

50,000

53,000

6.88%,

8/15/2028(a)

750,000

758,138

USI,

Inc.

,

6.88%,

5/1/2025(a)

700,000

708,750

5,240,775

Leisure

0.6%

SeaWorld

Parks

&

Entertainment,

Inc.

,

9.50%,

8/1/2025(a)

50,000

51,624

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

350,000

331,905

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

125,000

132,968

32

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Federated

NVIT

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Leisure

VOC

Escrow

Ltd.

,

5.00%,

2/15/2028(a)

175,000

154,940

671,437

Media

Entertainment

6.5%

AMC

Networks,

Inc.

,

5.00%,

4/1/2024

425,000

434,563

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

125,000

115,796

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

250,000

176,875

6.63%,

8/15/2027(a)

425,000

221,000

Entercom

Media

Corp.

,

7.25%,

11/1/2024(a)

350,000

292,250

6.50%,

5/1/2027(a)

275,000

239,250

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

363,125

7.00%,

5/15/2027(a)

125,000

135,517

iHeartCommunications

,

Inc.

,

6.38%,

5/1/2026

75,360

78,508

8.38%,

5/1/2027

620,964

611,649

5.25%,

8/15/2027(a)

150,000

146,250

4.75%,

1/15/2028(a)

100,000

94,245

Lamar

Media

Corp.

,

4.88%,

1/15/2029(a)

100,000

104,000

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

290,125

4.13%,

8/1/2030(a)

400,000

404,624

Nexstar

Broadcasting,

Inc.

,

5.63%,

7/15/2027(a)

375,000

393,356

4.75%,

11/1/2028(a)

275,000

280,500

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

275,000

279,469

Nielsen

Finance

LLC

,

5.00%,

4/15/2022(a)

350,000

350,875

5.63%,

10/1/2028(a)

50,000

51,375

5.88%,

10/1/2030(a)

75,000

77,625

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

241,250

Sinclair

Television

Group,

Inc.

,

5.63%,

8/1/2024(a)

250,000

248,750

5.88%,

3/15/2026(a)

500,000

492,500

TEGNA,

Inc.

,

4.63%,

3/15/2028(a)

300,000

293,340

5.00%,

9/15/2029(a)

450,000

444,375

Terrier

Media

Buyer,

Inc.

,

8.88%,

12/15/2027(a)

675,000

680,063

7,541,255

Metals

&

Mining

1.3%

Coeur

Mining,

Inc.

,

5.88%,

6/1/2024

350,000

349,125

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027

100,000

104,602

4.38%,

8/1/2028

125,000

129,244

5.25%,

9/1/2029

100,000

107,250

4.63%,

8/1/2030

200,000

210,290

5.40%,

11/14/2034

250,000

276,563

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Hudbay

Minerals,

Inc.

,

7.25%,

1/15/2023(a)

50,000

50,940

7.63%,

1/15/2025(a)

225,000

228,937

1,456,951

Midstream

8.1%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

80,535

5.88%,

8/20/2026

350,000

384,730

5.75%,

5/20/2027

75,000

82,125

Antero

Midstream

Partners

LP

,

5.38%,

9/15/2024

425,000

363,375

5.75%,

3/1/2027(a)

250,000

206,875

5.75%,

1/15/2028(a)

525,000

431,812

Buckeye

Partners

LP

,

4.50%,

3/1/2028(a)

250,000

240,938

Cheniere

Energy

Partners

LP

,

5.25%,

10/1/2025

425,000

434,775

5.63%,

10/1/2026

225,000

234,000

4.50%,

10/1/2029

75,000

76,913

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(a)

125,000

128,281

CNX

Midstream

Partners

LP

,

6.50%,

3/15/2026(a)

575,000

582,188

EQM

Midstream

Partners

LP

,

4.75%,

7/15/2023

75,000

74,906

6.00%,

7/1/2025(a)

100,000

103,125

6.50%,

7/1/2027(a)

150,000

159,003

5.50%,

7/15/2028

325,000

327,292

6.50%,

7/15/2048

100,000

94,187

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

200,000

199,542

Holly

Energy

Partners

LP

,

5.00%,

2/1/2028(a)

225,000

220,500

NuStar

Logistics

LP

,

5.75%,

10/1/2025

50,000

51,640

6.00%,

6/1/2026

100,000

100,282

5.63%,

4/28/2027

450,000

444,458

6.38%,

10/1/2030

75,000

77,813

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

150,000

151,125

Suburban

Propane

Partners

LP

,

5.50%,

6/1/2024

525,000

528,292

5.88%,

3/1/2027

150,000

153,562

Summit

Midstream

Holdings

LLC

,

5.50%,

8/15/2022

475,000

332,500

5.75%,

4/15/2025

325,000

185,518

Sunoco

LP

,

5.50%,

2/15/2026

100,000

99,875

5.88%,

3/15/2028

100,000

102,250

Targa

Pipeline

Partners

LP

,

5.88%,

8/1/2023

175,000

169,531

Targa

Resources

Partners

LP

,

5.13%,

2/1/2025

150,000

149,625

5.88%,

4/15/2026

300,000

308,010

5.38%,

2/1/2027

350,000

351,967

6.50%,

7/15/2027

75,000

78,188

Federated

NVIT

High

Income

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Targa

Resources

Partners

LP,

5.00%,

1/15/2028

50,000

48,750

5.50%,

3/1/2030(a)

350,000

348,250

4.88%,

2/1/2031(a)

50,000

48,421

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

155,250

Western

Midstream

Operating

LP

,

4.00%,

7/1/2022

75,000

75,444

4.65%,

7/1/2026

75,000

72,937

4.50%,

3/1/2028

325,000

305,500

5.05%,

2/1/2030(f)

100,000

97,492

5.45%,

4/1/2044

50,000

42,750

5.30%,

3/1/2048

500,000

402,500

5.50%,

8/15/2048

100,000

82,500

9,389,532

Oil

Field

Services

1.5%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

384,084

6.25%,

4/1/2028(a)

100,000

94,250

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

150,000

73,875

7.50%,

1/15/2028(a)

50,000

24,062

Precision

Drilling

Corp.

,

7.75%,

12/15/2023

225,000

171,000

7.13%,

1/15/2026(a)

75,000

48,238

SESI

LLC

,

7.13%,

12/15/2021

225,000

55,125

7.75%,

9/15/2024

425,000

104,125

Shelf

Drilling

Holdings

Ltd.

,

8.25%,

2/15/2025(a)

325,000

128,375

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

400,000

396,500

6.88%,

9/1/2027

225,000

223,115

1,702,749

Packaging

6.6%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)(b)

575,000

572,010

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

400,000

407,600

5.25%,

8/15/2027(a)

200,000

203,800

Ball

Corp.

,

2.88%,

8/15/2030

175,000

173,031

Berry

Global,

Inc.

,

6.00%,

10/15/2022

112,000

112,090

5.13%,

7/15/2023

108,000

109,631

4.88%,

7/15/2026(a)

300,000

314,625

5.63%,

7/15/2027(a)

175,000

183,531

Crown

Americas

LLC

,

4.75%,

2/1/2026

250,000

259,375

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

900,000

899,447

7.88%,

7/15/2026(a)

450,000

454,500

Mauser

Packaging

Solutions

Holding

Co.

,

5.50%,

4/15/2024(a)

250,000

250,885

Corporate

Bonds

Principal

Amount

($)

Value

($)

Packaging

Mauser

Packaging

Solutions

Holding

Co.,

7.25%,

4/15/2025(a)

800,000

753,000

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

200,000

210,000

5.38%,

1/15/2025(a)

400,000

422,000

6.38%,

8/15/2025(a)

50,000

54,500

6.63%,

5/13/2027(a)

75,000

81,234

Reynolds

Group

Issuer,

Inc.

,

7.00%,

7/15/2024(a)

365,000

371,570

4.00%,

10/15/2027(a)

475,000

478,064

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

225,000

235,080

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

200,000

212,310

6.63%,

11/1/2025(a)

425,000

418,625

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(f)

400,000

431,290

7,608,198

Paper

0.7%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

550,000

576,458

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

100,000

108,250

3.50%,

3/1/2029(a)

100,000

100,625

785,333

Pharmaceuticals

3.0%

Bausch

Health

Americas,

Inc.

,

9.25%,

4/1/2026(a)

150,000

165,000

8.50%,

1/31/2027(a)

325,000

357,094

Bausch

Health

Cos.,

Inc.

,

5.50%,

3/1/2023(a)

19,000

18,929

7.00%,

3/15/2024(a)

100,000

103,500

6.13%,

4/15/2025(a)

850,000

870,187

9.00%,

12/15/2025(a)

25,000

27,195

5.75%,

8/15/2027(a)

150,000

159,188

5.00%,

1/30/2028(a)

175,000

169,969

6.25%,

2/15/2029(a)

100,000

102,856

7.25%,

5/30/2029(a)

400,000

430,500

Endo

Dac

,

9.50%,

7/31/2027(a)

178,000

186,010

6.00%,

6/30/2028(a)

361,000

265,335

Jaguar

Holding

Co.

II

,

4.63%,

6/15/2025(a)

200,000

206,000

5.00%,

6/15/2028(a)

150,000

156,562

Mallinckrodt

International

Finance

SA

,

5.63%,

10/15/2023(e)

450,000

112,500

5.50%,

4/15/2025(e)

775,000

193,750

3,524,575

Restaurants

2.0%

1011778

BC

ULC

,

5.00%,

10/15/2025(a)

1,150,000

1,179,164

4.38%,

1/15/2028(a)

75,000

76,485

34

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Federated

NVIT

High

Income

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Restaurants

1011778

BC

ULC,

4.00%,

10/15/2030(a)

475,000

478,662

KFC

Holding

Co.

,

5.25%,

6/1/2026(a)

275,000

285,725

4.75%,

6/1/2027(a)

150,000

157,395

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

100,000

107,750

2,285,181

Retailers

0.4%

Michaels

Stores,

Inc.

,

8.00%,

7/15/2027(a)

250,000

261,250

Party

City

Holdings,

Inc.

,

(ICE

LIBOR

USD

6

Month

+

5.00%,

5.75%

Floor),

5.75%,

7/15/2025(e)(g)

174,119

127,107

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

50,000

52,375

5.63%,

3/15/2027(a)

50,000

52,187

492,919

Supermarkets

0.7%

Albertsons

Cos.,

Inc.

,

5.75%,

3/15/2025

500,000

515,775

5.88%,

2/15/2028(a)

100,000

106,750

3.50%,

3/15/2029(a)

175,000

169,859

4.88%,

2/15/2030(a)

75,000

78,188

870,572

Technology

7.3%

ams

AG

,

7.00%,

7/31/2025(a)

225,000

238,147

Banff

Merger

Sub,

Inc.

,

9.75%,

9/1/2026(a)

75,000

79,282

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

150,000

151,594

BY

Crown

Parent

LLC

,

7.38%,

10/15/2024(a)

625,000

634,375

4.25%,

1/31/2026(a)

50,000

50,906

CDW

LLC

,

4.25%,

4/1/2028

175,000

181,125

3.25%,

2/15/2029

50,000

49,812

Dell

International

LLC

,

7.13%,

6/15/2024(a)

825,000

858,247

Dun

&

Bradstreet

Corp.

(The)

,

6.88%,

8/15/2026(a)

90,000

96,664

10.25%,

2/15/2027(a)

420,000

475,650

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

75,000

78,578

3.75%,

10/1/2030(a)

75,000

75,866

Logan

Merger

Sub,

Inc.

,

5.50%,

9/1/2027(a)

225,000

228,375

Microchip

Technology,

Inc.

,

4.25%,

9/1/2025(a)

200,000

207,476

NCR

Corp.

,

8.13%,

4/15/2025(a)

25,000

27,631

5.75%,

9/1/2027(a)

75,000

78,412

5.00%,

10/1/2028(a)

200,000

199,750

5.25%,

10/1/2030(a)

350,000

350,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

101,408

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

128,555

Qorvo

,

Inc.

,

5.50%,

7/15/2026

325,000

344,682

4.38%,

10/15/2029

175,000

185,938

3.38%,

4/1/2031(a)

75,000

76,284

Refinitiv

US

Holdings,

Inc.

,

8.25%,

11/15/2026(a)

700,000

767,375

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

50,765

Sensata

Technologies

UK

Financing

Co.

plc

,

6.25%,

2/15/2026(a)

200,000

209,500

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

75,000

78,750

3.75%,

2/15/2031(a)

25,000

24,844

Sophia

LP

,

9.00%,

9/30/2023(a)

225,000

225,135

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

525,000

557,928

Tempo

Acquisition

LLC

,

6.75%,

6/1/2025(a)

1,125,000

1,148,186

TTM

Technologies,

Inc.

,

5.63%,

10/1/2025(a)

325,000

331,500

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

150,000

154,688

8,447,428

Transportation

Services

0.4%

Stena

International

SA

,

6.13%,

2/1/2025(a)

200,000

192,250

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

225,000

230,203

422,453

Utility

-

Electric

2.9%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

50,000

52,003

4.50%,

2/15/2028(a)

225,000

230,432

5.13%,

3/15/2028(a)

150,000

155,250

4.63%,

2/1/2029(a)

25,000

24,969

5.00%,

2/1/2031(a)

50,000

50,965

DPL,

Inc.

,

4.13%,

7/1/2025(a)

50,000

52,322

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

650,000

684,937

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

250,000

264,375

5.25%,

6/15/2029(a)

300,000

326,250

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

100,000

103,750

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

425,000

465,237

4.75%,

1/15/2030(a)

250,000

265,625

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

156,563

Federated

NVIT

High

Income

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

Vistra

Operations

Co.

LLC,

5.63%,

2/15/2027(a)

300,000

316,560

5.00%,

7/31/2027(a)

225,000

236,306

3,385,544

Wireless

Communications

2.3%

Altice

France

SA

,

7.38%,

5/1/2026(a)

650,000

681,135

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

275,000

342,467

Sprint

Corp.

,

7.88%,

9/15/2023

225,000

257,793

7.13%,

6/15/2024

475,000

546,540

T-Mobile

USA,

Inc.

,

6.00%,

4/15/2024

250,000

255,235

6.50%,

1/15/2026

125,000

130,625

4.50%,

2/1/2026

200,000

206,080

4.75%,

2/1/2028

275,000

294,179

2,714,054

Total

Corporate

Bonds

(cost

$114,952,980)

113,031,019

Loan

Participation

0.2%

Healthcare

0.2%

Envision

Healthcare

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.00%),

7.00%,

10/10/2025

(g)

250,941

166,876

0

Total

Loan

Participation

(cost

$372,080)

166,876

Total

Investments

(cost

$115,996,107)

—

98.0%

113,479,443

Other

assets

in

excess

of

liabilities

—

2.0%

2,330,353

NET

ASSETS

—

100.0%

$

115,809,796

*

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

September

30,

2020

was

$79,565,511

which

represents

68.70%

of

net

assets.

(b)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(c)

Security

in

default.

(d)

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

September

30,

2020

was

$434,213

which

represents

0.37%

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

September

30,

2020.

(g)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Currency:

USD

United

States

Dollar

36

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

Federated

NVIT

High

Income

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

281,548

$

–

$

–

$

281,548

  Corporate

Bonds

Aerospace

&

Defense

–

1,722,381

–

1,722,381

Automotive

–

5,500,612

–

5,500,612

Building

Materials

–

2,645,387

–

2,645,387

Cable

Satellite

–

9,367,609

–

9,367,609

Chemicals

–

3,759,928

–

3,759,928

Construction

Machinery

–

788,094

–

788,094

Consumer

Cyclical

Services

–

2,293,331

–

2,293,331

Consumer

Products

–

1,096,171

–

1,096,171

Diversified

Manufacturing

–

1,387,791

–

1,387,791

Environmental

–

273,750

–

273,750

Finance

Companies

–

1,609,173

–

1,609,173

Federated

NVIT

High

Income

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

37

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Food

&

Beverage

$

–

$

1,641,517

$

–

$

1,641,517

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

4,480,026

–

4,480,026

Health

Insurance

–

2,397,094

–

2,397,094

Healthcare

–

10,272,011

–

10,272,011

Hotels,

Restaurants

&

Leisure

–

716,502

–

716,502

Independent

Energy

–

5,888,426

–

5,888,426

Industrial

-

Other

–

652,260

–

652,260

Insurance

-

P&C

–

5,240,775

–

5,240,775

Leisure

–

671,437

–

671,437

Media

Entertainment

–

7,541,255

–

7,541,255

Metals

&

Mining

–

1,456,951

–

1,456,951

Midstream

–

9,389,532

–

9,389,532

Oil

Field

Services

–

1,702,749

–

1,702,749

Packaging

–

7,608,198

–

7,608,198

Paper

–

785,333

–

785,333

Pharmaceuticals

–

3,524,575

–

3,524,575

Restaurants

–

2,285,181

–

2,285,181

Retailers

–

492,919

–

492,919

Supermarkets

–

870,572

–

870,572

Technology

–

8,447,428

–

8,447,428

Transportation

Services

–

422,453

–

422,453

Utility

-

Electric

–

3,385,544

–

3,385,544

Wireless

Communications

–

2,714,054

–

2,714,054

Total

Corporate

Bonds

$

–

$

113,031,019

$

–

$

113,031,019

Loan

Participation

–

166,876

–

166,876

Total

$

281,548

$

113,197,895

$

–

$

113,479,443

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

two

corporate

bonds

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.

38

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

21.3%

Principal

Amount

($)

Value

($)

Airlines

1.4%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

8,113,992

6,979,413

American

Airlines

Pass-

Through

Trust,

Series

2017-1,

Class

B,

4.95%,

2/15/2025

2,437,750

1,682,048

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

6,418,187

6,176,996

Continental

Airlines

Pass-

Through

Trust,

Series

2000-2,

Class

A-1,

7.71%,

4/2/2021

19,920

19,731

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

6,679,977

5,086,130

19,944,318

Automobiles

1.6%

Credit

Acceptance

Auto

Loan

Trust,

Series

2019-

3A,

Class

A,

2.38%,

11/15/2028(a)

3,146,000

3,235,266

Flagship

Credit

Auto

Trust

Series

2019-3,

Class

A,

2.33%,

2/15/2024(a)

4,999,308

5,073,668

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

1,295,117

1,314,672

NextGear

Floorplan

Master

Owner

Trust,

Series

2018-

2A,

Class

A2,

3.69%,

10/15/2023(a)

1,666,667

1,720,537

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

10,883,981

11,021,181

22,365,324

Home

Equity

1.6%

Newcastle

Mortgage

Securities

Trust,

Series

2006-1,

Class

M2,

0.52%,

3/25/2036(b)

9,351,172

9,317,426

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.39%,

1/25/2036(b)

1,668,148

1,666,794

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.61%,

1/25/2036(b)

9,483,340

9,428,303

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A7,

0.99%,

8/25/2034(b)

1,623,138

1,616,637

22,029,160

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

16.7%

American

Homes

4

Rent,

Series

2015-SFR1,

Class

A,

3.47%,

4/17/2052(a)

8,863,515

9,471,864

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

11,240,452

11,982,084

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

9,784,475

10,468,687

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.27%,

4/25/2031(a)(b)

11,500,000

11,312,021

Series

2018-22A,

Class

B,

1.69%,

4/25/2031(a)(b)

5,000,000

4,871,405

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.33%,

4/20/2031(a)(b)

5,000,000

4,935,580

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

0.00%,

10/25/2031(a)(b)

2,050,000

2,050,000

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

5,297,400

5,824,230

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

3,376,906

3,492,766

Bayview

Opportunity

Master

Fund

IVb

Trust,

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

3,967,056

4,053,214

CCG

Receivables

Trust

Series

2018-2,

Class

A2,

3.09%,

12/15/2025(a)

2,463,896

2,494,348

Series

2019-2,

Class

A2,

2.11%,

3/15/2027(a)

4,741,687

4,812,618

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A2,

1.62%,

10/17/2030(a)(b)

6,500,000

6,354,452

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

853,426

915,982

CVS

Pass-Through

Trust

6.04%,

12/10/2028

4,825,371

5,414,439

6.94%,

1/10/2030

8,695,759

10,364,432

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

B,

1.97%,

7/18/2030(a)(b)

8,000,000

7,959,304

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,213,250

1,248,768

FCI

Funding

LLC,

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

876,008

891,300

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

3,528,061

3,697,892

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

4/15/2055(a)

6,432,833

6,518,371

NVIT

Core

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

611,034

644,346

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

3,385,885

3,563,460

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

1,123,126

1,168,308

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.15%,

7/17/2037(a)(b)

12,403,922

12,405,851

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

0.00%,

10/25/2031(a)(b)

7,950,000

7,952,496

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

4,579,140

4,868,462

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

A,

1.60%,

1/19/2032(a)(b)

1,000,000

1,000,108

Series

2019-32A,

Class

B,

2.12%,

1/19/2032(a)(b)

500,000

500,274

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

A,

0.75%,

10/20/2032(a)(b)

7,800,000

7,803,260

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2020-36A,

Class

A,

2.30%,

4/20/2033(a)(b)

1,000,000

994,083

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed,

Series

2019-T4,

Class

AT4,

2.33%,

10/15/2051(a)

11,990,000

11,994,729

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,499,739

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

199,965

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

4,693,919

5,046,583

SPS

Servicer

Advance

Receivables

Trust

Advance

Receivables

Backed

Notes,

Series

2019-T2,

Class

AT2,

2.32%,

10/15/2052(a)

3,920,000

3,887,364

Thacher

Park

CLO

Ltd.,

Series

2014-1A,

Class

BR,

1.82%,

10/20/2026(a)(b)

10,000,000

10,000,130

TLF

National

Tax

Lien

Trust,

Series

2017-1A,

Class

A,

3.09%,

12/15/2029(a)

468,251

471,332

Towd

Point

Mortgage

Trust

Series

2015-6,

Class

M1,

3.75%,

4/25/2055(a)(b)

8,855,000

9,616,071

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2018-2,

Class

A1,

3.25%,

3/25/2058(a)(b)

1,121,324

1,191,894

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

3,557,714

3,795,892

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

4,243,421

4,497,485

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,843,768

14,232,392

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,632,000

8,012,113

234,480,094

Total

Asset-Backed

Securities

(cost

$297,656,070)

298,818,896

Collateralized

Mortgage

Obligations

3.9%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

4,375,728

4,419,079

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,140,251

1,153,994

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

6,940,541

7,156,894

Citigroup

Mortgage

Loan

Trust,

Series

2015-A,

Class

A1,

3.50%,

6/25/2058(a)(b)

587,304

602,523

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

112,931

123,525

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

323,467

335,774

GNMA

REMICS

Series

2010-37,

Class

ML,

4.50%,

12/20/2038

144,430

144,411

Series

2010-112,

Class

QM,

2.50%,

9/20/2039

348,655

353,413

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

7,049,432

7,364,454

New

Residential

Mortgage

Loan

Trust

Series

2014-2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

934,646

1,009,729

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,691,449

1,818,175

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

1,621,753

1,756,938

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

1,187,549

1,277,317

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

4,929,874

5,304,893

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

2,056,412

2,242,361

40

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

7,818,782

8,461,809

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

1,693,207

1,812,229

Series

2019-RPL2,

Class

A1,

3.25%,

2/25/2059(a)(b)

6,779,656

7,240,818

RCO

Trust,

Series

2017-

INV1,

Class

A,

3.20%,

11/25/2052(a)(b)

1,989,105

2,016,345

Sequoia

Mortgage

Trust,

Series

2018-CH4,

Class

A10,

4.50%,

10/25/2048(a)

(b)

466,869

469,019

Total

Collateralized

Mortgage

Obligations

(cost

$53,235,009)

55,063,700

Commercial

Mortgage-Backed

Securities

10.3%

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

5,000,000

4,988,475

Aventura

Mall

Trust

,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(b)

1,400,000

1,488,900

BANK

Series

2019-BN17,

Class

A4,

3.71%,

4/15/2052

3,900,000

4,527,722

Series

2019-BN19,

Class

A3,

3.18%,

8/15/2061

500,000

565,839

Series

2019-BN24,

Class

A3,

2.96%,

11/15/2062

12,700,000

14,197,705

Barclays

Commercial

Mortgage

Trust

,

Series

2019-C3,

Class

A4,

3.58%,

5/15/2052

1,800,000

2,078,715

BBCMS

Mortgage

Trust

,

Series

2018-C2,

Class

A5,

4.31%,

12/15/2051

1,600,000

1,910,490

BB-UBS

Trust

,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

4,748,721

Benchmark

Mortgage

Trust

Series

2018-B5,

Class

A4,

4.21%,

7/15/2051

1,480,000

1,766,406

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

1,550,000

1,796,416

Series

2019-B10,

Class

A4,

3.72%,

3/15/2062

2,200,000

2,570,072

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

1,400,000

1,624,699

Series

2019-B15,

Class

A5,

2.93%,

12/15/2072

9,200,000

10,239,897

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Cantor

Commercial

Real

Estate

Lending

,

Series

2019-CF3,

Class

A4,

3.01%,

1/15/2053

14,000,000

15,678,628

CityLine

Commercial

Mortgage

Trust

,

Series

2016-CLNE,

Class

A,

2.87%,

11/10/2031(a)(b)

7,388,000

7,588,643

CSAIL

Commercial

Mortgage

Trust

,

Series

2019-C15,

Class

A4,

4.05%,

3/15/2052

1,150,000

1,341,048

DBUBS

Mortgage

Trust

,

Series

2011-LC1A,

Class

A3,

5.00%,

11/10/2046(a)

684,198

685,865

GS

Mortgage

Securities

Corp.

II

,

Series

2018-GS10,

Class

A5,

4.16%,

7/10/2051(b)

1,070,000

1,257,551

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

10,924,428

Morgan

Stanley

Capital

I

Trust

Series

2014-CPT,

Class

AM,

3.52%,

7/13/2029(a)(b)

3,500,000

3,546,814

Series

2014-CPT,

Class

C,

3.56%,

7/13/2029(a)(b)

11,000,000

11,149,556

Series

2011-C1,

Class

A4,

5.03%,

9/15/2047(a)(b)

473,383

475,653

Series

2019-H7,

Class

A4,

3.26%,

7/15/2052

1,150,000

1,294,811

Series

2019-L3,

Class

A4,

3.13%,

11/15/2052

7,157,000

8,008,725

Natixis

Commercial

Mortgage

Securities

Trust

,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

948,405

UBS

Commercial

Mortgage

Trust

Series

2018-C9,

Class

A4,

4.12%,

3/15/2051(b)

1,780,000

2,066,561

Series

2018-C10,

Class

A4,

4.31%,

5/15/2051

1,490,000

1,753,587

Series

2019-C16,

Class

A4,

3.60%,

4/15/2052

3,050,000

3,462,338

Series

2019-C18,

Class

A4,

3.04%,

12/15/2052

14,600,000

16,258,326

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2015-NXS3,

Class

A4,

3.62%,

9/15/2057

5,000,000

5,564,461

Total

Commercial

Mortgage-Backed

Securities

(cost

$136,057,939)

144,509,457

NVIT

Core

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

33.0%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.1%

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

3,225,000

3,528,651

Lockheed

Martin

Corp.

,

3.55%,

1/15/2026

4,625,000

5,262,415

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

4,000,000

4,733,667

4.15%,

5/15/2045

2,000,000

2,389,595

15,914,328

Banks

3.7%

Bank

of

America

Corp.

,

4.20%,

8/26/2024

5,000,000

5,567,277

Series

L,

3.95%,

4/21/2025

3,500,000

3,886,544

4.25%,

10/22/2026

3,000,000

3,471,845

Series

L,

4.18%,

11/25/2027

4,000,000

4,587,448

Citigroup,

Inc.

,

4.45%,

9/29/2027

5,000,000

5,791,611

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(a)

6,200,000

6,177,227

Cooperatieve

Rabobank

UA

,

4.63%,

12/1/2023

5,000,000

5,560,650

HSBC

Holdings

plc

,

4.38%,

11/23/2026

3,500,000

3,860,044

ING

Groep

NV

,

3.95%,

3/29/2027

5,000,000

5,726,760

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.74%,

10/30/2020(c)(d)

488,000

467,193

3.88%,

9/10/2024

3,000,000

3,318,262

PNC

Financial

Services

Group,

Inc.

(The)

,

3.45%,

4/23/2029(e)

3,000,000

3,450,986

51,865,847

Beverages

0.9%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

4,350,000

4,861,610

4.90%,

2/1/2046

2,000,000

2,479,176

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.00%,

4/13/2028

3,000,000

3,464,772

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)(e)

1,725,000

2,157,798

12,963,356

Biotechnology

1.0%

AbbVie,

Inc.

,

3.25%,

10/1/2022(a)

5,650,000

5,907,735

3.85%,

6/15/2024(a)

1,500,000

1,643,133

3.80%,

3/15/2025(a)

1,000,000

1,109,636

4.25%,

11/21/2049(a)

1,350,000

1,594,554

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

3,567,140

13,822,198

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

2.5%

Credit

Suisse

Group

AG

,

(ICE

LIBOR

USD

3

Month

+

1.41%),

3.87%,

1/12/2029(a)(d)

3,000,000

3,346,389

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

3,094,427

5.15%,

2/1/2043(a)

1,000,000

1,376,421

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)

5,000,000

5,620,635

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(d)

5,000,000

5,693,706

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

10,900,000

12,290,111

S&P

Global,

Inc.

,

2.30%,

8/15/2060

1,350,000

1,208,943

UBS

Group

AG

,

4.13%,

4/15/2026(a)

2,000,000

2,306,194

34,936,826

Chemicals

0.5%

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

6,287,363

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

1,175,000

1,380,826

7,668,189

Consumer

Finance

1.0%

Navient

Solutions

LLC

,

0.00%,

10/3/2022(f)

14,956,000

14,693,619

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

2,250,000

2,359,687

Diversified

Financial

Services

0.3%

HERO

Funding

Trust

,

Series

2015-3,

Class

A,

4.28%,

9/20/2041

1,482,527

1,573,396

Shell

International

Finance

BV

,

4.38%,

5/11/2045

2,300,000

2,800,988

4,374,384

Diversified

Telecommunication

Services

2.3%

AT&T,

Inc.

,

4.30%,

2/15/2030

11,097,000

13,138,294

2.75%,

6/1/2031

1,500,000

1,577,240

CCO

Holdings

LLC

,

5.75%,

2/15/2026(a)(e)

1,800,000

1,872,000

5.13%,

5/1/2027(a)(e)

4,250,000

4,471,935

4.75%,

3/1/2030(a)

1,175,000

1,244,031

Verizon

Communications,

Inc.

,

3.38%,

2/15/2025

661,000

735,991

4.02%,

12/3/2029

8,020,000

9,606,014

32,645,505

42

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

3.4%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

7,525,000

8,743,514

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

4,880,000

5,521,379

4.00%,

6/1/2028

3,750,000

4,413,812

Evergy

,

Inc.

,

2.45%,

9/15/2024

7,750,000

8,202,760

Indiana

Michigan

Power

Co.

,

3.85%,

5/15/2028(e)

8,525,000

9,773,910

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

2,285,940

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

7,044,853

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025(e)

2,000,000

2,162,282

48,148,450

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

,

4.65%,

3/15/2025(e)

1,200,000

1,321,090

Schlumberger

Holdings

Corp.

,

4.00%,

12/21/2025(a)

321,000

358,945

3.90%,

5/17/2028(a)

4,389,000

4,724,879

6,404,914

Equity

Real

Estate

Investment

Trusts

(REITs)

2.1%

Corporate

Office

Properties

LP

,

3.70%,

6/15/2021

10,175,000

10,354,246

2.25%,

3/15/2026(e)

3,730,000

3,771,846

Lexington

Realty

Trust

,

2.70%,

9/15/2030(e)

5,000,000

5,093,623

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024(e)

9,050,000

9,593,669

28,813,384

Food

Products

0.9%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)(e)

6,050,000

6,837,086

Grupo

Bimbo

SAB

de

CV

,

3.88%,

6/27/2024(a)

3,175,000

3,449,320

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049(a)

1,750,000

1,843,116

12,129,522

Health

Care

Equipment

&

Supplies

0.2%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

2,050,000

2,702,117

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

4.30%,

3/25/2028

350,000

409,437

Dignity

Health

,

3.13%,

11/1/2022

6,000,000

6,201,545

3.81%,

11/1/2024

4,000,000

4,257,778

10,868,760

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

0.4%

Newell

Brands,

Inc.

,

4.35%,

4/1/2023(g)

2,636,000

2,748,030

4.70%,

4/1/2026(g)

3,325,000

3,543,685

6,291,715

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Exelon

Generation

Co.

LLC

,

4.25%,

6/15/2022(e)

5,000,000

5,279,087

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.40%,

5/15/2022

1,125,000

1,193,626

Insurance

1.3%

MassMutual

Global

Funding

II

,

3.60%,

4/9/2024(a)

3,000,000

3,310,970

3.40%,

3/8/2026(a)

5,000,000

5,638,463

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)

7,500,000

8,569,500

17,518,933

Media

1.2%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

5,000,000

5,779,350

Comcast

Corp.

,

3.38%,

8/15/2025

4,800,000

5,350,444

4.70%,

10/15/2048

4,000,000

5,293,419

16,423,213

Metals

&

Mining

0.3%

Compass

Minerals

International,

Inc.

,

6.75%,

12/1/2027(a)

1,950,000

2,106,000

Glencore

Finance

Canada

Ltd.

,

4.95%,

11/15/2021(a)(e)

2,000,000

2,087,778

4,193,778

Multi-Utilities

2.1%

Ameren

Illinois

Co.

,

3.25%,

3/1/2025

5,500,000

6,052,079

Black

Hills

Corp.

,

3.95%,

1/15/2026(e)

6,890,000

7,501,940

3.15%,

1/15/2027

2,000,000

2,144,145

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049(e)

3,500,000

4,663,979

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025(e)

7,000,000

7,857,465

3.25%,

6/15/2026

1,250,000

1,374,778

29,594,386

Oil,

Gas

&

Consumable

Fuels

2.2%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

5,500,000

5,330,575

NVIT

Core

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

America,

Inc.

,

3.94%,

9/21/2028

4,550,000

5,296,521

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

725,000

1,059,672

Energy

Transfer

Operating

LP

,

4.20%,

4/15/2027

575,000

594,481

5.50%,

6/1/2027

4,000,000

4,362,472

6.50%,

2/1/2042

2,000,000

2,072,528

Kinder

Morgan,

Inc.

,

4.30%,

3/1/2028

1,000,000

1,136,887

5.55%,

6/1/2045

450,000

534,909

Marathon

Oil

Corp.

,

6.60%,

10/1/2037

1,200,000

1,233,971

MPLX

LP

,

4.80%,

2/15/2029

3,050,000

3,501,336

Sabine

Pass

Liquefaction

LLC

,

5.88%,

6/30/2026

2,000,000

2,364,474

4.20%,

3/15/2028

1,225,000

1,328,985

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044(e)

1,925,000

2,266,542

31,083,353

Pharmaceuticals

1.2%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

1,800,000

2,363,950

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

2,100,000

2,334,457

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

4,750,000

4,810,676

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.80%,

7/21/2023

4,000,000

3,825,000

3.15%,

10/1/2026

3,500,000

3,088,750

16,422,833

Road

&

Rail

0.2%

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

3,247,113

Software

0.8%

Microsoft

Corp.

,

3.30%,

2/6/2027(e)

5,500,000

6,286,120

Oracle

Corp.

,

2.40%,

9/15/2023

5,000,000

5,261,272

11,547,392

Technology

Hardware,

Storage

&

Peripherals

0.7%

Apple,

Inc.

,

3.00%,

2/9/2024

5,250,000

5,652,464

2.45%,

8/4/2026

4,000,000

4,357,836

10,010,300

Thrifts

&

Mortgage

Finance

0.5%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,258,150

Corporate

Bonds

Principal

Amount

($)

Value

($)

Thrifts

&

Mortgage

Finance

BPCE

SA,

5.70%,

10/22/2023(a)

3,000,000

3,361,842

6,619,992

Trading

Companies

&

Distributors

0.2%

GATX

Corp.

,

4.70%,

4/1/2029(e)

2,550,000

3,045,989

Total

Corporate

Bonds

(cost

$417,844,169)

462,782,796

Loan

Participations

0.4%

Electrical

Equipment

0.1%

Sensata

Technologies

BV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

1.75%),

1.91%,

9/20/2026

(d)

1,009,656

1,004,608

0

Software

0.3%

TIBCO

Software,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.75%),

3.90%,

6/30/2026

(d)

4,753,608

4,628,825

0

Total

Loan

Participations

(cost

$5,645,028)

5,633,433

Mortgage-Backed

Securities

20.5%

FHLMC

UMBS

Pool

Pool#

SB8000

3.00%,

7/1/2034

13,319,631

13,975,474

Pool#

SD8018

4.00%,

10/1/2049

6,416,124

6,838,060

Pool#

SD8080

2.00%,

6/1/2050

6,858,689

7,091,504

Pool#

SD8079

2.00%,

7/1/2050

13,787,454

14,283,172

Pool#

SD8089

2.50%,

7/1/2050

5,903,240

6,196,389

FNMA

Pool

Pool#

464279

4.30%,

7/1/2021

377,737

380,653

Pool#

464969

6.34%,

4/1/2028

2,348,971

2,981,109

Pool#

468516

5.17%,

6/1/2028

862,803

989,784

Pool#

AM7073

6.41%,

1/1/2030

1,500,819

1,978,395

Pool#

468127

5.70%,

5/1/2041

1,150,470

1,330,077

Pool#

AN0360

3.95%,

12/1/2045

10,000,000

12,147,000

FNMA

UMBS

Pool

Pool#

FM2052

2.50%,

5/1/2028

19,742,107

20,611,732

Pool#

AR9398

3.50%,

6/1/2043

1,374,268

1,484,666

44

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0180

4.00%,

1/1/2046

5,286,806

5,728,289

Pool#

AS7908

3.00%,

9/1/2046

13,452,164

14,145,745

Pool#

AS8483

3.00%,

12/1/2046

5,309,483

5,604,864

Pool#

MA2863

3.00%,

1/1/2047

15,994,644

16,813,277

Pool#

AS8784

3.00%,

2/1/2047

5,378,773

5,652,362

Pool#

BE7557

3.50%,

2/1/2047

9,444,819

10,057,170

Pool#

BM2003

4.00%,

10/1/2047

10,950,411

11,751,957

Pool#

BJ3716

3.50%,

12/1/2047

6,138,549

6,505,993

Pool#

MA3210

3.50%,

12/1/2047

2,740,744

2,900,471

Pool#

BM3355

3.50%,

2/1/2048

4,319,884

4,571,919

Pool#

CA1532

3.50%,

4/1/2048

12,507,442

13,277,069

Pool#

CA2208

4.50%,

8/1/2048

3,300,275

3,570,265

Pool#

CA2469

4.00%,

10/1/2048

8,215,404

8,761,210

Pool#

MA3745

3.50%,

8/1/2049

19,568,834

20,622,278

Pool#

BP5843

2.50%,

5/1/2050

24,613,292

25,835,564

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2035

20,000,000

20,457,813

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2050

20,000,000

20,675,000

Total

Mortgage-Backed

Securities

(cost

$278,033,875)

287,219,261

Municipal

Bonds

1.4%

California

0.4

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

6,069,303

District

of

Columbia

1.0

%

Metropolitan

Washington

Airports

Authority,

RB

Series

D,

7.46%,

10/1/2046

6,000,000

10,647,780

Series

D,

8.00%,

10/1/2047

2,000,000

3,089,840

13,737,620

Total

Municipal

Bonds

(cost

$14,268,516)

19,806,923

U.S.

Government

Agency

Securities

1.7%

Principal

Amount

($)

Value

($)

FHLB,

5.00%,

3/12/2021

5,000,000

5,107,955

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

18,436,698

Total

U.S.

Government

Agency

Securities

(cost

$19,128,787)

23,544,653

U.S.

Treasury

Obligations

6.7%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

1,000,000

1,165,938

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

1/15/2030

(h)

72,000,000

80,072,600

U.S.

Treasury

Notes,

2.63%,

1/31/2026

11,000,000

12,342,773

Total

U.S.

Treasury

Obligations

(cost

$92,700,151)

93,581,311

Repurchase

Agreements

0.5%

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,562,154,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,593,393.

(

i

)

1,562,150

1,562,150

BofA

Securities,

Inc.

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$2,040,000.

(

i

)

2,000,000

2,000,000

Nomura

Securities

International,

Inc.

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$2,040,002.

(

i

)

2,000,000

2,000,000

NVIT

Core

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$1,020,000.

(

i

)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$6,562,150)

6,562,150

Total

Investments

(cost

$1,321,131,694)

—

99.7%

1,397,522,580

Other

assets

in

excess

of

liabilities

—

0.3%

4,247,754

NET

ASSETS

—

100.0%

$

1,401,770,334

(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

September

30,

2020

was

$463,852,774

which

represents

33.09%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(c)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2020.

The

maturity

date

reflects

the

next

call

date.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$15,174,823,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,562,150

and

by

$9,129,552

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$15,691,702.

(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

September

30,

2020.

(h)

Principal

amounts

are

not

adjusted

for

inflation.

(

i

)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$6,562,150.

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

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

46

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

823

12/2020

USD

181,850,852

113,760

U.S.

Treasury

Long

Bond

2,067

12/2020

USD

364,373,344

556,386

U.S.

Treasury

Ultra

Bond

109

12/2020

USD

24,177,563

55,090

725,236

Short

Contracts

U.S.

Treasury

5

Year

Note

(394)

12/2020

USD

(49,656,313)

(105,602)

U.S.

Treasury

10

Year

Note

(1,042)

12/2020

USD

(145,391,563)

(608,985)

U.S.

Treasury

10

Year

Ultra

Note

(839)

12/2020

USD

(134,174,453)

(534,826)

(1,249,413)

(524,177)

At

September

30,

2020,

the

Fund

had

$

8,402,464

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Core

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

47

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

298,818,896

$

–

$

298,818,896

Collateralized

Mortgage

Obligations

–

55,063,700

–

55,063,700

Commercial

Mortgage-Backed

Securities

–

144,509,457

–

144,509,457

Corporate

Bonds

–

462,782,796

–

462,782,796

Futures

Contracts

725,236

–

–

725,236

Loan

Participations

–

5,633,433

–

5,633,433

Mortgage-Backed

Securities

–

287,219,261

–

287,219,261

Municipal

Bonds

–

19,806,923

–

19,806,923

Repurchase

Agreements

–

6,562,150

–

6,562,150

U.S.

Government

Agency

Securities

–

23,544,653

–

23,544,653

U.S.

Treasury

Obligations

–

93,581,311

–

93,581,311

Total

Assets

$

725,236

$

1,397,522,580

$

–

$

1,398,247,816

$

–

$

–

$

–

$

–

48

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(1,249,413)

$

–

$

–

$

(1,249,413)

Total

Liabilities

$

(1,249,413)

$

–

$

–

$

(1,249,413)

Total

$

(524,177)

$

1,397,522,580

$

–

$

1,396,998,403

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

725,236

Total

$

725,236

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,249,413)

Total

$

(1,249,413)

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.

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

49

Asset-Backed

Securities

5.1%

Principal

Amount

($)

Value

($)

Home

Equity

0.2%

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-

WFH4,

Class

M1,

0.43%,

11/25/2036(a)

3,232,393

3,208,076

Other

4.5%

522

Funding

CLO

I

Ltd.,

Series

2019-5A,

Class

A1,

1.67%,

1/15/2033(a)(b)

3,600,000

3,574,512

AM

Capital

Funding

LLC,

Series

2018-1,

Class

A,

4.98%,

12/15/2023(b)

5,010,000

5,235,970

CIFC

Funding

Ltd.,

Series

2019-5A,

Class

A1,

1.62%,

10/15/2032(a)(b)

7,300,000

7,288,955

Corevest

American

Finance

Trust,

Series

2019-1,

Class

A,

3.32%,

3/15/2052(b)

2,383,903

2,543,387

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

1.64%,

10/15/2032(a)(b)

8,600,000

8,577,528

Kayne

CLO

5

Ltd.,

Series

2019-5A,

Class

A,

1.61%,

7/24/2032(a)(b)

7,300,000

7,270,647

Magnetite

XXIV

Ltd.,

Series

2019-24A,

Class

A,

1.60%,

1/15/2033(a)(b)

4,400,000

4,390,272

Octagon

Investment

Partners

44

Ltd.,

Series

2019-

1A,

Class

A,

1.57%,

7/20/2032(a)(b)

10,100,000

9,998,232

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1,

1.57%,

7/20/2032(a)(b)

10,600,000

10,562,773

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

1.54%,

7/20/2032(a)(b)

14,600,000

14,449,606

73,891,882

Student

Loan

0.4%

Navient

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

0.65%,

1/25/2068(a)(b)

7,301,181

7,279,678

Total

Asset-Backed

Securities

(cost

$84,016,824)

84,379,636

Collateralized

Mortgage

Obligations

8.2%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

3,787,674

3,825,243

FHLMC

REMICS

Series

4073,

Class

SB,

IO,

5.85%,

7/15/2042(a)

6,617,977

1,115,727

Series

4122,

Class

,

IO,

4.00%,

10/15/2042

7,321,290

1,101,823

Series

4120,

Class

SV,

IO,

6.00%,

10/15/2042(a)

7,046,433

1,313,480

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

4159,

Class

KS,

IO,

6.00%,

1/15/2043(a)

3,691,941

788,797

Series

4459,

Class

IB,

IO,

4.00%,

8/15/2043

5,820,848

815,669

Series

4468,

Class

SY,

IO,

5.95%,

5/15/2045(a)

3,474,204

705,994

Series

4573,

Class

,

IO,

3.50%,

4/15/2046

7,011,584

946,766

Series

4583,

Class

ST,

IO,

5.85%,

5/15/2046(a)

7,606,058

1,390,563

Series

4623,

Class

MS,

IO,

5.85%,

10/15/2046(a)

6,119,057

1,420,049

Series

4994,

Class

IB,

IO,

2.50%,

7/25/2050

6,416,453

694,083

FHLMC

Employees

Pension

Plan

,

0.00%,

10/25/2032(a)

7,738,218

7,544,762

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M2,

3.60%,

10/25/2029(a)

10,600,000

10,906,863

Series

2017-HQA2,

Class

M2,

2.80%,

12/25/2029(a)

5,709,628

5,637,343

Series

2017-DNA3,

Class

M2,

2.65%,

3/25/2030(a)

5,410,000

5,457,835

Series

2017-HQA3,

Class

M2,

2.50%,

4/25/2030(a)

9,138,140

9,189,553

Series

2018-DNA1,

Class

M2,

1.95%,

7/25/2030(a)

2,179,988

2,141,872

Series

2018-HQA1,

Class

M2,

2.45%,

9/25/2030(a)

7,882,631

7,753,722

FNMA

REMICS

Series

2012-70,

Class

HS,

IO,

5.85%,

7/25/2042(a)

8,194,846

1,773,504

Series

2012-68,

Class

SL,

IO,

5.90%,

7/25/2042(a)

6,704,543

1,400,620

Series

2012-149,

Class

LI,

IO,

4.00%,

1/25/2043

6,259,779

990,221

Series

2013-6,

Class

SB,

IO,

5.95%,

2/25/2043(a)

5,565,949

1,127,437

Series

418,

Class

C24,

IO,

4.00%,

8/25/2043

6,358,807

935,697

Series

2014-90,

Class

SA,

IO,

6.00%,

1/25/2045(a)

6,969,307

1,488,370

Series

2016-3,

Class

IP,

IO,

4.00%,

2/25/2046

7,648,991

944,638

Series

2020-24,

Class

MI,

IO,

4.00%,

4/25/2050

5,918,689

930,266

FNMA

Connecticut

Avenue

Securities

Series

2016-C07,

Class

2M2,

4.50%,

5/25/2029(a)

5,081,734

5,250,620

Series

2017-C03,

Class

1M2,

3.15%,

10/25/2029(a)

5,116,121

5,090,427

Series

2017-C04,

Class

2M2,

3.00%,

11/25/2029(a)

3,938,745

3,909,086

Series

2017-C05,

Class

1M2,

2.35%,

1/25/2030(a)

1,859,485

1,833,788

Series

2017-C06,

Class

2M2,

2.95%,

2/25/2030(a)

2,327,264

2,321,202

50

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-C07,

Class

2M2,

2.65%,

5/25/2030(a)

4,409,498

4,364,938

Series

2018-C01,

Class

1M2,

2.40%,

7/25/2030(a)

9,964,788

9,833,613

Series

2018-C02,

Class

2M2,

2.35%,

8/25/2030(a)

1,183,718

1,145,087

GCAT

Trust

Series

2019-NQM2,

Class

A1,

2.86%,

9/25/2059(b)(c)

5,735,166

5,842,561

Series

2019-NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

3,466,680

3,540,692

GNMA

REMICS

Series

2013-23,

Class

IT,

IO,

3.50%,

2/20/2043

4,109,385

635,447

Series

2018-124,

Class

DS,

IO,

5.95%,

12/16/2043(a)

3,254,640

690,472

Series

2016-77,

Class

TS,

IO,

5.99%,

12/20/2044(a)

4,407,193

779,358

Series

2019-22,

Class

SA,

IO,

5.44%,

2/20/2045(a)

7,975,372

1,609,209

Series

2019-65,

Class

IE,

IO,

3.50%,

5/20/2046

9,627,737

945,288

Series

2016-91,

Class

NS,

IO,

5.92%,

7/20/2046(a)

6,405,816

1,478,230

New

Residential

Mortgage

Loan

Trust,

Series

2019-

NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

4,055,583

4,159,269

OBX

Trust,

Series

2019-

EXP3,

Class

2A1A,

1.05%,

10/25/2059(a)(b)

580,083

580,768

Permanent

Master

Issuer

plc,

Series

2018-1A,

Class

1A1,

0.65%,

7/15/2058(a)(b)

375,000

375,016

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A1,

2.61%,

9/27/2049(a)(b)

3,826,177

3,882,110

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(b)(c)

2,741,709

2,795,169

Series

2019-INV1,

Class

A1,

3.40%,

12/25/2059(a)(b)

2,650,745

2,720,065

Total

Collateralized

Mortgage

Obligations

(cost

$135,109,595)

136,123,312

Commercial

Mortgage-Backed

Securities

7.2%

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(a)

4,100,000

4,273,179

Series

2013-GC17,

Class

B,

5.10%,

11/10/2046(a)

1,465,000

1,563,812

Series

2014-GC23,

Class

B,

4.17%,

7/10/2047(a)

2,915,000

3,131,494

Series

2017-C4,

Class

A1,

2.12%,

10/12/2050

2,099,791

2,117,025

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

5,410,842

COMM

Mortgage

Trust

Series

2012-CR4,

Class

AM,

3.25%,

10/15/2045

3,325,000

3,341,981

Series

2014-CR16,

Class

XA,

IO,

1.14%,

4/10/2047(a)

34,483,191

992,957

Series

2014-CR17,

Class

XA,

IO,

1.13%,

5/10/2047(a)

25,780,331

709,165

Series

2014-UBS3,

Class

XA,

IO,

1.23%,

6/10/2047(a)

21,123,095

697,772

Series

2014-UBS6,

Class

XA,

IO,

1.04%,

12/10/2047(a)

17,719,477

516,509

Series

2014-CR21,

Class

AM,

3.99%,

12/10/2047

6,850,000

7,494,677

Series

2015-LC21,

Class

A4,

3.71%,

7/10/2048

2,160,000

2,388,515

Series

2015-CR25,

Class

A4,

3.76%,

8/10/2048

3,075,000

3,439,511

Series

2017-COR2,

Class

A1,

2.11%,

9/10/2050

1,618,123

1,632,803

CSAIL

Commercial

Mortgage

Trust

Series

2016-C7,

Class

A5,

3.50%,

11/15/2049

1,800,000

1,994,783

Series

2015-C2,

Class

XA,

IO,

0.89%,

6/15/2057(a)

35,549,888

1,003,474

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS,

Series

K098,

Class

XAM,

IO,

1.52%,

8/25/2029(a)

17,661,000

1,974,666

GS

Mortgage

Securities

Trust

Series

2012-GCJ7,

Class

B,

4.74%,

5/10/2045

4,325,000

4,440,674

Series

2012-GCJ9,

Class

B,

3.75%,

11/10/2045(b)

3,330,000

3,417,987

Series

2014-GC18,

Class

XA,

IO,

1.17%,

1/10/2047(a)

52,652,894

1,441,015

Series

2014-GC26,

Class

XA,

IO,

1.11%,

11/10/2047(a)

29,960,495

981,176

Series

2015-GC30,

Class

XA,

IO,

0.89%,

5/10/2050(a)

38,859,118

1,119,718

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

51

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

JPMBB

Commercial

Mortgage

Securities

Trust

,

Series

2015-C31,

Class

A3,

3.80%,

8/15/2048

2,950,000

3,302,914

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2017-C7,

Class

A1,

2.08%,

10/15/2050

2,102,273

2,119,544

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C16,

Class

XA,

IO,

1.16%,

6/15/2047(a)

26,965,181

725,992

Morgan

Stanley

Capital

I

Trust

,

Series

2015-

MS1,

Class

A4,

3.78%,

5/15/2048(a)

4,550,000

5,049,348

UBS

Commercial

Mortgage

Trust

Series

2017-C2,

Class

A4,

3.49%,

8/15/2050

2,700,000

3,044,410

Series

2017-C4,

Class

A1,

2.13%,

10/15/2050

1,014,710

1,018,654

Series

2017-C4,

Class

A4,

3.56%,

10/15/2050

2,502,000

2,819,863

Series

2017-C4,

Class

AS,

3.84%,

10/15/2050(a)

2,820,000

3,188,646

Series

2018-C14,

Class

A1,

3.38%,

12/15/2051

5,164,562

5,334,678

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

B,

4.14%,

10/15/2045

3,110,000

3,225,751

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

4,182,546

Series

2015-NXS4,

Class

C,

4.82%,

12/15/2048(a)

3,553,000

3,735,277

Series

2016-LC24,

Class

A4,

2.94%,

10/15/2049

1,695,000

1,848,777

Series

2016-NXS6,

Class

A4,

2.92%,

11/15/2049

4,700,000

5,089,252

Series

2017-C39,

Class

A5,

3.42%,

9/15/2050

2,713,000

3,065,401

Series

2017-C40,

Class

A1,

2.11%,

10/15/2050

1,199,757

1,208,378

Series

2018-C46,

Class

A4,

4.15%,

8/15/2051

1,610,000

1,890,756

Series

2018-C48,

Class

A5,

4.30%,

1/15/2052

5,650,000

6,717,096

Series

2016-LC25,

Class

A4,

3.64%,

12/15/2059

4,225,000

4,800,752

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

XA,

IO,

1.36%,

3/15/2047(a)

20,356,242

627,834

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(a)

2,620,000

2,839,797

Total

Commercial

Mortgage-Backed

Securities

(cost

$115,072,931)

119,919,401

Convertible

Bond

0.0%

†

Principal

Amount

($)

Value

($)

Media

0.0%

†

DISH

Network

Corp.,

3.38%,

8/15/2026

778,000

714,201

Total

Convertible

Bond

(cost

$704,216)

714,201

Corporate

Bonds

45.5%

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

,

5.71%,

5/1/2040

7,765,000

9,063,853

5.93%,

5/1/2060

3,880,000

4,791,488

Spirit

AeroSystems

,

Inc.

,

5.50%,

1/15/2025(b)

135,000

135,675

7.50%,

4/15/2025(b)

350,000

354,375

TransDigm

,

Inc.

,

6.25%,

3/15/2026(b)

705,000

739,228

6.38%,

6/15/2026

500,000

501,965

7.50%,

3/15/2027

425,000

441,281

5.50%,

11/15/2027

995,000

956,245

16,984,110

Airlines

0.1%

Delta

Air

Lines,

Inc.

,

7.38%,

1/15/2026(d)

75,000

78,610

4.75%,

10/20/2028(b)

730,000

757,375

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(b)

980,000

1,020,425

United

Airlines

Holdings,

Inc.

,

4.25%,

10/1/2022

85,000

78,625

1,935,035

Auto

Components

0.1%

American

Axle

&

Manufacturing,

Inc.

,

6.88%,

7/1/2028(d)

335,000

324,950

Clarios

Global

LP

,

6.25%,

5/15/2026(b)

230,000

241,166

Dealer

Tire

LLC

,

8.00%,

2/1/2028(b)

280,000

285,600

Goodyear

Tire

&

Rubber

Co.

(The)

,

9.50%,

5/31/2025

430,000

466,563

1,318,279

Automobiles

1.0%

Ford

Motor

Co.

,

9.63%,

4/22/2030(d)

470,000

606,887

7.45%,

7/16/2031

80,000

91,745

4.75%,

1/15/2043

360,000

325,953

5.29%,

12/8/2046

360,000

337,725

General

Motors

Co.

,

6.80%,

10/1/2027(d)

3,845,000

4,672,724

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(b)

1,545,000

1,630,819

3.35%,

5/13/2025(b)

3,050,000

3,329,758

3.75%,

5/13/2030(b)

4,385,000

4,929,275

15,924,886

52

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

6.9%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(b)

200,000

217,502

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(e)(f)

1,200,000

1,266,000

3.49%,

5/28/2030

3,200,000

3,480,846

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

200,840

Bank

of

America

Corp.

,

Series

JJ,

(ICE

LIBOR

USD

3

Month

+

3.29%),

5.13%,

6/20/2024(e)(f)

2,910,000

2,984,010

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,328,350

4.45%,

3/3/2026

4,155,000

4,770,603

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(f)

3,125,000

3,528,504

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

4,862,818

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

600,000

538,447

BNP

Paribas

SA

,

(USD

Swap

Semi

5

Year

+

4.92%),

6.75%,

3/14/2022(b)(d)(e)(f)

2,045,000

2,108,906

3.50%,

3/1/2023(b)

7,020,000

7,440,558

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

4.23%),

5.90%,

2/15/2023(e)(f)

1,235,000

1,264,591

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(e)(f)

1,239,000

1,232,805

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

724,687

(ICE

LIBOR

USD

3

Month

+

0.90%),

3.35%,

4/24/2025(f)

5,475,000

5,922,588

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(f)

2,080,000

2,352,619

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(e)(f)

2,650,000

2,545,060

Comerica,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.29%),

5.63%,

7/01/2025(d)(e)(f)

1,305,000

1,370,250

Development

Bank

of

Japan,

Inc.

,

1.00%,

8/27/2030(b)

2,105,000

2,100,785

Development

Bank

of

Mongolia

LLC

,

7.25%,

10/23/2023(b)

200,000

209,015

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bancorp

,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.10%,

6/30/2023(d)(e)(f)

2,560,000

2,356,160

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(d)(e)(f)

655,000

659,094

Grupo

Aval

Ltd.

,

4.38%,

2/4/2030(b)

200,000

193,000

HSBC

Holdings

plc

,

(SOFR

+

1.73%),

2.01%,

9/22/2028(f)

4,085,000

4,041,316

Huntington

Bancshares,

Inc.

,

Series

E,

(ICE

LIBOR

USD

3

Month

+

2.88%),

5.70%,

4/15/2023(d)(e)(f)

2,285,000

2,137,344

Series

F,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%),

5.63%,

7/15/2030(d)(e)(f)

700,000

770,000

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

4/16/2025(d)(e)(f)

1,000,000

1,058,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,438,669

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

4.62%,

11/01/2022(d)(e)(f)

1,430,000

1,396,569

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(e)(f)

1,385,000

1,382,613

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(e)(f)

775,000

759,500

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(f)

9,650,000

10,371,404

(SOFR

+

1.51%),

2.74%,

10/15/2030(f)

4,550,000

4,898,341

(SOFR

+

2.52%),

2.96%,

5/13/2031(f)

4,045,000

4,323,740

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)

1,295,000

1,330,354

NBK

Tier

1

Financing

2

Ltd.

,

(USD

Swap

Semi

6

Year

+

2.83%),

4.50%,

11/27/2025(b)(e)(f)

200,000

197,226

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Regions

Financial

Corp.

,

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.43%),

5.75%,

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

650,000

693,875

Truist

Bank

,

2.25%,

3/11/2030

2,210,000

2,275,025

Truist

Financial

Corp.

,

Series

N,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.80%,

9/01/2024(e)(f)

2,185,000

2,193,194

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

5.05%,

12/15/2024(e)(f)

760,000

725,800

Series

P,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.61%),

4.95%,

9/01/2025(d)(e)(f)

590,000

620,975

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

3/01/2030(e)(f)

650,000

702,617

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

6/15/2024(e)(f)

1,290,000

1,318,505

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

6/15/2025(e)(f)

645,000

694,923

(SOFR

+

2.00%),

2.19%,

4/30/2026(f)

1,680,000

1,744,787

(ICE

LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/2030(f)

8,980,000

9,578,167

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

5,244,800

113,555,782

Beverages

1.4%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

11,400,000

14,131,303

Coca-Cola

Co.

(The)

,

1.38%,

3/15/2031

3,495,000

3,461,571

2.50%,

3/15/2051

2,685,000

2,665,340

Diageo

Capital

plc

,

2.00%,

4/29/2030

2,565,000

2,640,474

22,898,688

Biotechnology

1.6%

AbbVie,

Inc.

,

2.30%,

11/21/2022(b)

2,105,000

2,178,233

2.95%,

11/21/2026(b)

12,930,000

14,085,032

4.25%,

11/21/2049(b)

1,435,000

1,694,952

Gilead

Sciences,

Inc.

,

1.65%,

10/1/2030(d)

6,050,000

6,038,059

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Gilead

Sciences,

Inc.,

2.80%,

10/1/2050

2,675,000

2,638,650

26,634,926

Building

Products

0.7%

Carrier

Global

Corp.

,

2.49%,

2/15/2027(b)

4,710,000

4,922,331

2.72%,

2/15/2030(b)

3,515,000

3,670,417

Cornerstone

Building

Brands,

Inc.

,

8.00%,

4/15/2026(b)

180,000

189,000

6.13%,

1/15/2029(b)

470,000

474,700

JELD-WEN,

Inc.

,

4.63%,

12/15/2025(b)

100,000

100,500

4.88%,

12/15/2027(b)(d)

410,000

418,220

Masonite

International

Corp.

,

5.75%,

9/15/2026(b)

435,000

453,487

5.38%,

2/1/2028(b)(d)

100,000

106,820

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(b)

80,000

83,200

4.38%,

7/15/2030(b)

425,000

435,738

Votorantim

Cimentos

International

SA

,

Reg.

S,

7.25%,

4/5/2041

200,000

256,400

11,110,813

Capital

Markets

2.1%

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.36%),

4.70%,

9/20/2025(e)(f)

1,425,000

1,511,925

Series

F,

(ICE

LIBOR

USD

3

Month

+

3.13%),

4.62%,

9/20/2026(e)(f)

1,395,000

1,445,569

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

1,710,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%,

1/24/2030(b)(e)(f)

1,705,000

1,645,325

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

1,685,890

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%,

2/10/2025(d)(e)(f)

1,144,000

1,144,343

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(f)

2,200,000

2,381,409

54

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

Series

O,

(ICE

LIBOR

USD

3

Month

+

3.83%),

5.30%,

11/10/2026(d)(e)(f)

1,050,000

1,114,207

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

403,997

Intercontinental

Exchange,

Inc.

,

2.65%,

9/15/2040

1,360,000

1,351,297

3.00%,

9/15/2060

1,085,000

1,090,593

LPL

Holdings,

Inc.

,

5.75%,

9/15/2025(b)

515,000

533,635

4.63%,

11/15/2027(b)

215,000

217,150

Morgan

Stanley

,

3.63%,

1/20/2027

4,000,000

4,518,462

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(f)

2,705,000

3,080,295

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

7,724,086

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.87%,

8/07/2025(e)(f)

2,205,000

2,419,988

33,978,171

Chemicals

0.2%

CNAC

HK

Finbridge

Co.

Ltd.

,

Reg.

S,

3.38%,

6/19/2024

200,000

207,790

Reg.

S,

3.38%,

6/19/2024

200,000

207,790

Reg.

S,

5.13%,

3/14/2028

400,000

455,407

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(b)

155,000

152,094

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(b)(d)

70,000

75,075

Minerals

Technologies,

Inc.

,

5.00%,

7/1/2028(b)

85,000

87,957

Nouryon

Holding

BV

,

8.00%,

10/1/2026(b)(d)

460,000

486,901

NOVA

Chemicals

Corp.

,

4.88%,

6/1/2024(b)

355,000

352,453

5.25%,

6/1/2027(b)

583,000

548,749

Olin

Corp.

,

5.63%,

8/1/2029(d)

445,000

438,320

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

385,000

6.50%,

9/27/2028

200,000

188,960

Trinseo

Materials

Operating

SCA

,

5.38%,

9/1/2025(b)

90,000

89,550

Tronox

,

Inc.

,

6.50%,

4/15/2026(b)(d)

365,000

365,000

4,041,046

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.4%

APX

Group,

Inc.

,

7.63%,

9/1/2023(d)

285,000

287,850

6.75%,

2/15/2027(b)(d)

245,000

254,187

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(b)(d)

520,000

541,671

5.00%,

2/1/2028(b)(d)

795,000

800,963

Garda

World

Security

Corp.

,

8.75%,

5/15/2025(b)

325,000

328,250

9.50%,

11/1/2027(b)(d)

39,000

40,950

Harsco

Corp.

,

5.75%,

7/31/2027(b)

530,000

537,287

IAA,

Inc.

,

5.50%,

6/15/2027(b)

695,000

723,669

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(b)

700,000

699,986

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(b)(d)

640,000

650,400

Nielsen

Finance

LLC

,

5.00%,

4/15/2022(b)

75,000

75,187

5.63%,

10/1/2028(b)

445,000

457,238

5.88%,

10/1/2030(b)

290,000

300,150

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(b)(d)

590,000

630,934

3.38%,

8/31/2027(b)

150,000

144,188

6.25%,

1/15/2028(b)

565,000

572,062

7,044,972

Communications

Equipment

0.1%

CommScope

Technologies

LLC

,

6.00%,

6/15/2025(b)(d)

662,000

670,970

5.00%,

3/15/2027(b)

560,000

537,600

CommScope

,

Inc.

,

6.00%,

3/1/2026(b)

80,000

83,392

8.25%,

3/1/2027(b)(d)

430,000

447,200

7.13%,

7/1/2028(b)

290,000

297,975

2,037,137

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

858,324

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

257,625

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(b)

200,000

204,500

Mexico

City

Airport

Trust

,

5.50%,

7/31/2047(b)

200,000

163,110

1,483,559

Consumer

Finance

1.0%

Ally

Financial,

Inc.

,

8.00%,

11/1/2031

280,000

383,104

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Avolon

Holdings

Funding

Ltd.

,

3.25%,

2/15/2027(b)

6,155,000

5,488,255

Capital

One

Financial

Corp.

,

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.80%),

4.05%,

12/01/2020(e)(f)

4,525,000

3,999,783

Discover

Financial

Services

,

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.78%),

6.13%,

6/23/2025(e)(f)

655,000

692,859

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

10/30/2027(e)(f)

3,050,000

2,903,753

Ford

Motor

Credit

Co.

LLC

,

4.69%,

6/9/2025

235,000

237,914

5.13%,

6/16/2025

200,000

206,250

4.39%,

1/8/2026

725,000

716,728

5.11%,

5/3/2029

585,000

601,087

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(b)(g)

461,131

257,081

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

366,625

8.88%,

6/1/2025

70,000

77,525

7.13%,

3/15/2026

335,000

374,262

16,305,226

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

4.50%,

2/15/2026(b)(d)

110,000

111,100

5.63%,

7/15/2027(b)(d)

440,000

461,450

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(b)(d)

295,000

307,169

Intelligent

Packaging

Ltd.

Finco

,

Inc.

,

6.00%,

9/15/2028(b)

70,000

70,983

Mauser

Packaging

Solutions

Holding

Co.

,

5.50%,

4/15/2024(b)

65,000

65,230

7.25%,

4/15/2025(b)(d)

905,000

851,831

Reynolds

Group

Issuer,

Inc.

,

4.00%,

10/15/2027(b)

430,000

432,774

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(b)

305,000

323,773

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(b)(c)

220,000

237,209

2,861,519

Distributors

0.1%

Core

&

Main

LP

,

6.13%,

8/15/2025(b)(d)

190,000

192,456

Performance

Food

Group,

Inc.

,

6.88%,

5/1/2025(b)(d)

55,000

58,575

5.50%,

10/15/2027(b)

500,000

515,000

Resideo

Funding,

Inc.

,

6.13%,

11/1/2026(b)(d)

320,000

315,200

Corporate

Bonds

Principal

Amount

($)

Value

($)

Distributors

Univar

Solutions

USA,

Inc.

,

5.13%,

12/1/2027(b)

745,000

764,556

1,845,787

Diversified

Consumer

Services

0.0%

†

frontdoor

,

Inc.

,

6.75%,

8/15/2026(b)(d)

260,000

276,900

Diversified

Financial

Services

0.4%

Charming

Light

Investments

Ltd.

,

Reg.

S,

4.38%,

12/21/2027

400,000

453,333

Gazprom

PJSC

,

5.15%,

2/11/2026(b)

391,000

435,565

Gtlk

Europe

Capital

DAC

,

Reg.

S,

4.95%,

2/18/2026

273,000

279,014

Reg.

S,

4.65%,

3/10/2027

200,000

197,947

MDGH

-

GMTN

BV

,

3.70%,

11/7/2049(b)

200,000

223,580

MPH

Acquisition

Holdings

LLC

,

7.13%,

6/1/2024(b)(d)

1,095,000

1,125,112

Ontario

Teachers'

Finance

Trust

,

1.25%,

9/27/2030(b)

3,315,000

3,314,795

Power

Finance

Corp.

Ltd.

,

3.95%,

4/23/2030(b)

200,000

193,017

6,222,363

Diversified

Telecommunication

Services

2.0%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(b)(d)

665,000

634,270

Altice

France

SA

,

7.38%,

5/1/2026(b)

610,000

639,219

8.13%,

2/1/2027(b)

355,000

386,847

5.50%,

1/15/2028(b)

540,000

546,750

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

3,468,460

3.50%,

6/1/2041

1,420,000

1,493,413

4.35%,

6/15/2045

620,000

694,577

3.30%,

2/1/2052

2,040,000

1,898,245

3.50%,

9/15/2053(b)

5,335,000

5,197,548

3.55%,

9/15/2055(b)

6,673,000

6,383,379

3.85%,

6/1/2060

4,160,000

4,222,147

CCO

Holdings

LLC

,

5.75%,

2/15/2026(b)

545,000

566,800

5.50%,

5/1/2026(b)

200,000

208,500

5.00%,

2/1/2028(b)

190,000

199,738

4.75%,

3/1/2030(b)

55,000

58,231

4.50%,

8/15/2030(b)

805,000

845,286

Frontier

Communications

Corp.

,

8.00%,

4/1/2027(b)(c)

1,095,000

1,091,217

Intelsat

Jackson

Holdings

SA

,

8.00%,

2/15/2024(b)(c)

735,000

746,025

Sprint

Capital

Corp.

,

6.88%,

11/15/2028(d)

185,000

230,387

8.75%,

3/15/2032

265,000

387,910

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

2,685,000

2,673,769

56

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(b)

585,000

582,075

33,154,793

Electric

Utilities

1.8%

ABY

Transmision

Sur

SA

,

6.88%,

4/30/2043(b)

194,960

254,179

Adani

Electricity

Mumbai

Ltd.

,

3.95%,

2/12/2030(b)

200,000

195,540

Comision

Federal

de

Electricidad

,

Reg.

S,

4.75%,

2/23/2027

200,000

214,750

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

5,310,000

6,550,285

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

3,660,000

4,074,533

Empresa

de

Transmision

Electrica

SA

,

5.13%,

5/2/2049(b)

400,000

462,300

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031

2,905,000

2,879,170

Eskom

Holdings

SOC

Ltd.

,

Reg.

S,

6.75%,

8/6/2023

200,000

183,912

7.13%,

2/11/2025(b)

200,000

182,144

Evergy

,

Inc.

,

2.45%,

9/15/2024

1,490,000

1,577,047

Interstate

Power

and

Light

Co.

,

2.30%,

6/1/2030

1,790,000

1,892,442

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

2,555,401

Pacific

Gas

and

Electric

Co.

,

3.30%,

8/1/2040

1,410,000

1,287,804

3.50%,

8/1/2050

4,235,000

3,815,116

Perusahaan

Listrik

Negara

PT

,

Reg.

S,

5.25%,

10/24/2042

200,000

229,140

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

3,039,240

29,393,003

Electrical

Equipment

0.0%

†

EnerSys

,

4.38%,

12/15/2027(b)

385,000

392,700

Energy

Equipment

&

Services

0.0%

†

Archrock

Partners

LP

,

6.25%,

4/1/2028(b)(d)

240,000

226,200

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

210,000

208,162

6.88%,

9/1/2027

85,000

84,288

518,650

Entertainment

0.6%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

2,465,000

2,254,778

Live

Nation

Entertainment,

Inc.

,

4.88%,

11/1/2024(b)(d)

270,000

261,225

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.,

6.50%,

5/15/2027(b)(d)

955,000

1,030,674

4.75%,

10/15/2027(b)

385,000

360,576

Walt

Disney

Co.

(The)

,

3.50%,

5/13/2040

2,825,000

3,163,957

4.70%,

3/23/2050

2,450,000

3,235,733

10,306,943

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

ESH

Hospitality,

Inc.

,

5.25%,

5/1/2025(b)

405,000

409,050

Essex

Portfolio

LP

,

2.65%,

3/15/2032

5,825,000

6,146,313

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(b)

440,000

448,695

5.25%,

3/15/2028(b)

785,000

817,381

5.00%,

7/15/2028(b)

70,000

71,749

4.88%,

9/15/2029(b)

110,000

111,925

5.25%,

7/15/2030(b)

215,000

224,138

5.63%,

7/15/2032(b)

895,000

945,120

RHP

Hotel

Properties

LP

,

4.75%,

10/15/2027

350,000

322,497

Uniti

Group

LP

,

6.00%,

4/15/2023(b)

480,000

482,700

7.88%,

2/15/2025(b)

555,000

588,136

Ventas

Realty

LP

,

3.50%,

4/15/2024(d)

6,105,000

6,524,470

17,092,174

Food

&

Staples

Retailing

0.1%

Cencosud

SA

,

4.38%,

7/17/2027(b)

260,000

282,983

Reg.

S,

4.38%,

7/17/2027

200,000

217,680

US

Foods,

Inc.

,

6.25%,

4/15/2025(b)

280,000

296,450

Walmart,

Inc.

,

4.05%,

6/29/2048

20,000

26,033

823,146

Food

Products

0.8%

Kraft

Heinz

Foods

Co.

,

3.88%,

5/15/2027(b)

110,000

117,172

3.75%,

4/1/2030(b)(d)

5,575,000

5,885,128

5.20%,

7/15/2045

35,000

38,194

4.88%,

10/1/2049(b)

5,430,000

5,718,926

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(b)

100,000

105,125

5.63%,

1/15/2028(b)

780,000

826,071

4.63%,

4/15/2030(b)(d)

705,000

725,269

13,415,885

Health

Care

Equipment

&

Supplies

0.0%

†

Ortho-Clinical

Diagnostics,

Inc.

,

7.38%,

6/1/2025(b)

80,000

81,200

7.25%,

2/1/2028(b)(d)

495,000

514,800

596,000

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

57

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

1.7%

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(b)

410,000

421,690

5.00%,

4/15/2029(b)

120,000

121,050

Cigna

Corp.

,

3.75%,

7/15/2023

9,619,000

10,423,126

2.40%,

3/15/2030

3,865,000

3,996,377

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

3,326,134

1.75%,

8/21/2030

4,080,000

3,994,195

2.70%,

8/21/2040

690,000

659,983

Envision

Healthcare

Corp.

,

8.75%,

10/15/2026(b)

215,000

98,900

HCA,

Inc.

,

7.69%,

6/15/2025(d)

155,000

182,125

5.38%,

9/1/2026(d)

690,000

762,450

5.63%,

9/1/2028

145,000

165,873

5.88%,

2/1/2029(d)

370,000

431,050

Polaris

Intermediate

Corp.

,

8.50%,

12/1/2022(b)(d)(g)

185,000

188,237

Select

Medical

Corp.

,

6.25%,

8/15/2026(b)(d)

90,000

93,600

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(b)(d)

325,000

222,625

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

340,000

357,000

7.00%,

8/1/2025(d)

170,000

174,981

4.63%,

6/15/2028(b)

90,000

90,758

6.13%,

10/1/2028(b)(d)

1,940,000

1,889,075

Vizient

,

Inc.

,

6.25%,

5/15/2027(b)

210,000

219,975

West

Street

Merger

Sub,

Inc.

,

6.38%,

9/1/2025(b)(d)

740,000

754,645

28,573,849

Hotels,

Restaurants

&

Leisure

0.5%

1011778

BC

ULC

,

4.25%,

5/15/2024(b)

340,000

346,273

5.75%,

4/15/2025(b)

35,000

37,362

5.00%,

10/15/2025(b)

730,000

748,513

Boyd

Gaming

Corp.

,

6.38%,

4/1/2026(d)

255,000

265,504

6.00%,

8/15/2026

525,000

541,406

Carnival

Corp.

,

11.50%,

4/1/2023(b)

835,000

936,018

9.88%,

8/1/2027(b)(d)

140,000

147,979

Cedar

Fair

LP

,

5.50%,

5/1/2025(b)

685,000

703,837

5.38%,

4/15/2027

55,000

54,725

Churchill

Downs,

Inc.

,

5.50%,

4/1/2027(b)

260,000

271,388

Hilton

Domestic

Operating

Co.,

Inc.

,

5.75%,

5/1/2028(b)

580,000

613,350

Hilton

Worldwide

Finance

LLC

,

4.63%,

4/1/2025(d)

310,000

311,550

4.88%,

4/1/2027

40,000

40,637

KFC

Holding

Co.

,

5.25%,

6/1/2026(b)

25,000

25,975

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Royal

Caribbean

Cruises

Ltd.

,

10.88%,

6/1/2023(b)(d)

70,000

78,307

11.50%,

6/1/2025(b)

670,000

778,706

Scientific

Games

International,

Inc.

,

5.00%,

10/15/2025(b)

175,000

176,094

8.25%,

3/15/2026(b)

160,000

167,441

7.00%,

5/15/2028(b)

250,000

250,612

SeaWorld

Parks

&

Entertainment,

Inc.

,

9.50%,

8/1/2025(b)

120,000

123,898

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(b)(d)

85,000

80,606

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(b)

760,000

808,450

Vail

Resorts,

Inc.

,

6.25%,

5/15/2025(b)

310,000

328,988

Wyndham

Hotels

&

Resorts,

Inc.

,

5.38%,

4/15/2026(b)

115,000

117,012

4.38%,

8/15/2028(b)

370,000

358,900

Yum!

Brands,

Inc.

,

7.75%,

4/1/2025(b)

50,000

55,250

8,368,781

Household

Durables

0.1%

Shea

Homes

LP

,

4.75%,

2/15/2028(b)

145,000

144,638

4.75%,

4/1/2029(b)

125,000

124,531

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(b)

260,000

286,650

5.75%,

1/15/2028(b)

465,000

508,384

5.13%,

8/1/2030(b)

180,000

192,600

TRI

Pointe

Group,

Inc.

,

5.25%,

6/1/2027

250,000

266,875

5.70%,

6/15/2028(d)

495,000

542,025

Williams

Scotsman

International,

Inc.

,

4.63%,

8/15/2028(b)

115,000

115,465

2,181,168

Household

Products

0.0%

†

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(b)(d)

510,000

527,799

Spectrum

Brands,

Inc.

,

5.50%,

7/15/2030(b)(d)

135,000

142,425

670,224

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Calpine

Corp.

,

4.50%,

2/15/2028(b)

735,000

752,743

5.13%,

3/15/2028(b)

590,000

610,650

4.63%,

2/1/2029(b)

397,000

396,504

5.00%,

2/1/2031(b)

553,000

563,673

Talen

Energy

Supply

LLC

,

10.50%,

1/15/2026(b)

235,000

178,600

7.25%,

5/15/2027(b)

430,000

428,547

6.63%,

1/15/2028(b)(d)

30,000

29,062

58

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Talen

Energy

Supply

LLC,

7.63%,

6/1/2028(b)

85,000

85,000

3,044,779

Industrial

Conglomerates

0.8%

General

Electric

Co.

,

5.88%,

1/14/2038

4,495,000

5,239,008

4.25%,

5/1/2040

2,870,000

2,919,695

4.35%,

5/1/2050

4,310,000

4,385,259

12,543,962

Insurance

0.4%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(b)

470,000

493,087

AssuredPartners

,

Inc.

,

7.00%,

8/15/2025(b)(d)

340,000

346,307

Berkshire

Hathaway

Finance

Corp.

,

4.20%,

8/15/2048

4,035,000

5,177,036

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(b)

255,000

270,300

HUB

International

Ltd.

,

7.00%,

5/1/2026(b)

705,000

730,556

7,017,286

Interactive

Media

&

Services

0.2%

Alphabet,

Inc.

,

2.25%,

8/15/2060

1,905,000

1,795,411

Rackspace

Technology

Global,

Inc.

,

8.63%,

11/15/2024(b)

760,000

795,872

Tencent

Holdings

Ltd.

,

3.24%,

6/3/2050(b)

216,000

216,961

2,808,244

IT

Services

0.9%

Fiserv,

Inc.

,

2.65%,

6/1/2030

6,025,000

6,478,959

4.40%,

7/1/2049

3,632,000

4,530,842

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,969,028

Presidio

Holdings,

Inc.

,

4.88%,

2/1/2027(b)(d)

550,000

557,397

8.25%,

2/1/2028(b)(d)

255,000

267,113

Tempo

Acquisition

LLC

,

6.75%,

6/1/2025(b)

242,000

246,988

15,050,327

Machinery

0.1%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(b)

180,000

185,850

Granite

US

Holdings

Corp.

,

11.00%,

10/1/2027(b)

110,000

112,750

Terex

Corp.

,

5.63%,

2/1/2025(b)(d)

780,000

772,200

1,070,800

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

2.4%

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

3,880,000

4,107,643

2.80%,

4/1/2031

2,835,000

2,940,552

4.80%,

3/1/2050

1,720,000

1,965,864

3.70%,

4/1/2051

2,565,000

2,535,059

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

8,401,019

3.30%,

2/1/2027

2,740,000

3,089,104

2.45%,

8/15/2052

4,085,000

3,818,885

2.65%,

8/15/2062(d)

375,000

356,308

CSC

Holdings

LLC

,

5.50%,

5/15/2026(b)

245,000

254,800

5.50%,

4/15/2027(b)

415,000

436,829

7.50%,

4/1/2028(b)

430,000

475,034

6.50%,

2/1/2029(b)

200,000

223,000

5.75%,

1/15/2030(b)

1,030,000

1,094,591

4.63%,

12/1/2030(b)

310,000

311,466

DISH

DBS

Corp.

,

7.38%,

7/1/2028(b)

75,000

77,250

Fox

Corp.

,

5.58%,

1/25/2049(d)

5,195,000

7,178,485

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(b)

401,000

390,975

4.63%,

3/15/2030(b)(d)

120,000

115,200

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(b)

160,000

159,967

6.50%,

9/15/2028(b)(d)

395,000

404,781

Sirius

XM

Radio,

Inc.

,

3.88%,

8/1/2022(b)

45,000

45,478

4.63%,

7/15/2024(b)

225,000

232,734

5.38%,

7/15/2026(b)

65,000

67,646

5.00%,

8/1/2027(b)

130,000

135,794

5.50%,

7/1/2029(b)

595,000

639,744

4.13%,

7/1/2030(b)

425,000

435,536

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(b)

440,000

438,900

40,332,644

Metals

&

Mining

0.4%

Alcoa

Nederland

Holding

BV

,

5.50%,

12/15/2027(b)

630,000

656,586

Arconic

Corp.

,

6.13%,

2/15/2028(b)

395,000

405,616

Carpenter

Technology

Corp.

,

6.38%,

7/15/2028(d)

85,000

88,933

Chinalco

Capital

Holdings

Ltd.

,

Reg.

S,

4.25%,

4/21/2022

200,000

203,240

Corp.

Nacional

del

Cobre

de

Chile

,

3.15%,

1/14/2030(b)

260,000

276,307

Reg.

S,

5.63%,

9/21/2035

100,000

128,432

CSN

Islands

XI

Corp.

,

6.75%,

1/28/2028(b)

219,000

210,284

CSN

Resources

SA

,

7.63%,

4/17/2026(b)

418,000

419,567

First

Quantum

Minerals

Ltd.

,

6.88%,

3/1/2026(b)

405,000

390,319

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

59

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027(d)

135,000

141,213

4.13%,

3/1/2028

70,000

70,875

5.25%,

9/1/2029(d)

245,000

262,763

4.25%,

3/1/2030

70,000

71,750

5.40%,

11/14/2034

385,000

425,906

5.45%,

3/15/2043

825,000

915,964

Hudbay

Minerals,

Inc.

,

7.63%,

1/15/2025(b)

411,000

418,192

6.13%,

4/1/2029(b)

250,000

247,500

Joseph

T

Ryerson

&

Son,

Inc.

,

8.50%,

8/1/2028(b)

205,000

215,763

Minera

Mexico

SA

de

CV

,

4.50%,

1/26/2050(b)

200,000

218,400

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

206,794

Nexa

Resources

SA

,

5.38%,

5/4/2027(b)

318,000

330,326

Novelis

Corp.

,

5.88%,

9/30/2026(b)

35,000

35,962

4.75%,

1/30/2030(b)

370,000

361,109

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

44,000

45,276

6,747,077

Multi-Utilities

0.4%

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)

1,035,000

1,048,849

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

2,645,000

2,648,752

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

3,087,155

6,784,756

Oil,

Gas

&

Consumable

Fuels

7.1%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

673,244

4.60%,

11/2/2047(b)

200,000

244,816

Antero

Midstream

Partners

LP

,

5.38%,

9/15/2024

290,000

247,950

Apache

Corp.

,

4.88%,

11/15/2027(d)

150,000

141,750

4.38%,

10/15/2028

115,000

105,225

5.10%,

9/1/2040

85,000

76,406

4.75%,

4/15/2043

210,000

186,564

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(b)

805,000

615,825

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Buckeye

Partners

LP

,

4.15%,

7/1/2023

30,000

29,619

4.13%,

3/1/2025(b)

205,000

195,775

3.95%,

12/1/2026

335,000

312,682

4.13%,

12/1/2027

235,000

222,662

4.50%,

3/1/2028(b)(d)

430,000

414,413

5.85%,

11/15/2043

120,000

111,161

Canadian

Natural

Resources

Ltd.

,

2.95%,

7/15/2030

4,235,000

4,260,592

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

1,065,000

1,092,158

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(b)(d)

515,000

528,519

Chevron

Corp.

,

2.00%,

5/11/2027

2,820,000

2,981,127

2.98%,

5/11/2040

2,820,000

3,038,694

Comstock

Resources,

Inc.

,

9.75%,

8/15/2026

315,000

324,040

9.75%,

8/15/2026

190,000

194,788

CrownRock

LP

,

5.63%,

10/15/2025(b)

650,000

612,625

DCP

Midstream

Operating

LP

,

3.88%,

3/15/2023

45,000

44,514

5.63%,

7/15/2027

290,000

296,670

(ICE

LIBOR

USD

3

Month

+

3.85%),

5.85%,

5/21/2043(b)(d)(f)

310,000

226,300

5.60%,

4/1/2044(d)

545,000

497,836

Empresa

Nacional

del

Petroleo

,

Reg.

S,

4.50%,

9/14/2047

200,000

217,149

Energy

Transfer

Operating

LP

,

2.90%,

5/15/2025

2,930,000

2,945,243

Series

B,

(ICE

LIBOR

USD

3

Month

+

4.16%),

6.63%,

2/15/2028(e)(f)

750,000

509,775

4.95%,

6/15/2028

3,970,000

4,202,149

3.75%,

5/15/2030

4,180,000

4,045,710

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

790,000

5.80%,

6/15/2038

2,595,000

2,552,487

6.25%,

4/15/2049(d)

2,085,000

2,145,551

Energy

Transfer

Partners

LP

,

4.50%,

11/1/2023

4,000,000

4,250,509

EnLink

Midstream

Partners

LP

,

4.15%,

6/1/2025

10,000

8,610

4.85%,

7/15/2026

170,000

147,069

5.05%,

4/1/2045

135,000

85,986

5.45%,

6/1/2047

70,000

43,880

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

5,630,029

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(f)

2,500,000

2,383,175

60

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

EQM

Midstream

Partners

LP

,

4.75%,

7/15/2023(d)

180,000

179,775

4.00%,

8/1/2024

90,000

88,135

6.00%,

7/1/2025(b)

100,000

103,125

4.13%,

12/1/2026

195,000

185,322

6.50%,

7/1/2027(b)

345,000

365,707

5.50%,

7/15/2028

465,000

468,278

Exxon

Mobil

Corp.

,

4.23%,

3/19/2040

5,485,000

6,708,773

4.33%,

3/19/2050

3,120,000

3,877,749

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

98,613

6.25%,

5/15/2026(d)

330,000

274,794

Global

Partners

LP

,

7.00%,

6/15/2023

35,000

35,700

7.00%,

8/1/2027(d)

185,000

188,539

6.88%,

1/15/2029(b)

120,000

121,200

Harvest

Midstream

I

LP

,

7.50%,

9/1/2028(b)

280,000

278,600

Hilcorp

Energy

I

LP

,

5.75%,

10/1/2025(b)

195,000

176,475

6.25%,

11/1/2028(b)

240,000

218,400

KazMunayGas

National

Co.

JSC

,

Reg.

S,

5.38%,

4/24/2030

1,200,000

1,400,784

5.38%,

4/24/2030(b)

299,000

349,029

5.75%,

4/19/2047(b)

200,000

236,944

Reg.

S,

5.75%,

4/19/2047

200,000

236,944

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,520,015

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(b)

105,286

108,971

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030(d)

2,270,000

2,434,546

Marathon

Oil

Corp.

,

4.40%,

7/15/2027

1,710,000

1,700,262

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

11,112,486

Matador

Resources

Co.

,

5.88%,

9/15/2026

465,000

388,717

MPLX

LP

,

2.65%,

8/15/2030

6,175,000

6,050,535

4.50%,

4/15/2038

6,580,000

6,726,048

MSU

Energy

SA

,

6.88%,

2/1/2025(b)

150,000

91,877

NuStar

Logistics

LP

,

5.75%,

10/1/2025

175,000

180,740

Occidental

Petroleum

Corp.

,

2.90%,

8/15/2024

1,010,000

856,914

5.88%,

9/1/2025(d)

160,000

146,634

Oil

and

Gas

Holding

Co.

BSCC

(The)

,

Reg.

S,

7.50%,

10/25/2027

630,000

668,601

Parsley

Energy

LLC

,

5.63%,

10/15/2027(b)

425,000

422,875

PDC

Energy,

Inc.

,

5.75%,

5/15/2026(d)

405,000

377,663

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petrobras

Global

Finance

BV

,

Reg.

S,

5.09%,

1/15/2030

31,000

32,576

6.90%,

3/19/2049

329,000

365,881

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(h)

322,820

8,071

Reg.

S,

6.00%,

11/15/2026(h)

830,693

20,767

Reg.

S,

5.38%,

4/12/2027(h)

789,800

19,745

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(b)

200,000

216,002

4.75%,

6/19/2032(b)

200,000

216,002

Petroleos

Mexicanos

,

5.35%,

2/12/2028

690,000

590,619

6.50%,

1/23/2029

52,000

46,540

6.84%,

1/23/2030(b)

83,000

73,870

Reg.

S,

5.95%,

1/28/2031

295,000

245,328

5.95%,

1/28/2031(b)

140,000

116,427

6.75%,

9/21/2047

382,000

294,140

6.35%,

2/12/2048

474,000

354,908

7.69%,

1/23/2050(b)

116,000

95,758

6.95%,

1/28/2060(b)

131,000

100,215

Plains

All

American

Pipeline

LP

,

3.55%,

12/15/2029

2,075,000

2,006,255

Range

Resources

Corp.

,

4.88%,

5/15/2025

250,000

225,650

9.25%,

2/1/2026(b)

285,000

292,838

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

1,092,011

4.25%,

4/16/2039(b)

200,000

229,510

Southern

Gas

Corridor

CJSC

,

Reg.

S,

6.88%,

3/24/2026

2,000,000

2,271,200

6.88%,

3/24/2026(b)

206,000

233,934

State

Oil

Co.

of

the

Azerbaijan

Republic

,

Reg.

S,

4.75%,

3/13/2023

500,000

517,350

Summit

Midstream

Holdings

LLC

,

5.75%,

4/15/2025

305,000

174,102

Suncor

Energy,

Inc.

,

3.10%,

5/15/2025

2,810,000

3,018,058

Tallgrass

Energy

Partners

LP

,

4.75%,

10/1/2023(b)

60,000

56,850

5.50%,

9/15/2024(b)

85,000

79,900

7.50%,

10/1/2025(b)

165,000

165,668

6.00%,

3/1/2027(b)

220,000

201,300

5.50%,

1/15/2028(b)

85,000

76,500

Targa

Resources

Partners

LP

,

4.25%,

11/15/2023

205,000

202,950

5.38%,

2/1/2027

33,000

33,185

5.50%,

3/1/2030(b)

860,000

855,700

4.88%,

2/1/2031(b)

195,000

188,843

Tengizchevroil

Finance

Co.

International

Ltd.

,

3.25%,

8/15/2030(b)

200,000

201,802

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(d)(f)

1,515,000

1,613,475

Western

Midstream

Operating

LP

,

4.10%,

2/1/2025(c)

105,000

100,013

5.05%,

2/1/2030(c)

560,000

545,952

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023(d)

1,955,000

2,140,521

WPX

Energy,

Inc.

,

5.75%,

6/1/2026

225,000

232,875

5.88%,

6/15/2028(d)

355,000

370,975

116,937,313

Paper

&

Forest

Products

0.0%

†

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

228,000

Personal

Products

0.0%

†

Edgewell

Personal

Care

Co.

,

5.50%,

6/1/2028(b)

155,000

163,096

Pharmaceuticals

0.5%

AstraZeneca

plc

,

1.38%,

8/6/2030

4,175,000

4,061,092

Bausch

Health

Americas,

Inc.

,

8.50%,

1/31/2027(b)

225,000

247,219

Bausch

Health

Cos.,

Inc.

,

5.50%,

3/1/2023(b)

4,000

3,985

7.00%,

3/15/2024(b)

190,000

196,650

6.13%,

4/15/2025(b)

440,000

450,450

5.50%,

11/1/2025(b)

340,000

348,075

5.75%,

8/15/2027(b)(d)

40,000

42,450

Takeda

Pharmaceutical

Co.

Ltd.

,

3.38%,

7/9/2060(d)

1,478,000

1,521,333

Upjohn,

Inc.

,

4.00%,

6/22/2050(b)

2,010,000

2,139,875

9,011,129

Professional

Services

0.1%

ASGN,

Inc.

,

4.63%,

5/15/2028(b)

670,000

672,760

Jaguar

Holding

Co.

II

,

4.63%,

6/15/2025(b)

175,000

180,250

5.00%,

6/15/2028(b)

370,000

386,188

Korn

Ferry

,

4.63%,

12/15/2027(b)

510,000

515,100

1,754,298

Real

Estate

Management

&

Development

0.1%

Realogy

Group

LLC

,

4.88%,

6/1/2023(b)

100,000

99,000

7.63%,

6/15/2025(b)(d)

275,000

288,062

9.38%,

4/1/2027(b)

390,000

403,728

790,790

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.0%

†

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

6/15/2045(b)(d)(f)

229,000

194,650

Avis

Budget

Car

Rental

LLC

,

5.25%,

3/15/2025(b)

230,000

209,311

Watco

Cos.

LLC

,

6.50%,

6/15/2027(b)

175,000

179,047

583,008

Semiconductors

&

Semiconductor

Equipment

1.7%

Amkor

Technology,

Inc.

,

6.63%,

9/15/2027(b)

915,000

981,676

Broadcom,

Inc.

,

2.25%,

11/15/2023

2,980,000

3,097,900

4.70%,

4/15/2025

2,125,000

2,414,200

3.15%,

11/15/2025

2,980,000

3,214,141

5.00%,

4/15/2030

4,730,000

5,578,990

4.30%,

11/15/2032

4,475,000

5,101,811

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

7,250,000

7,407,673

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(b)

300,000

304,223

28,100,614

Software

0.8%

BY

Crown

Parent

LLC

,

4.25%,

1/31/2026(b)

172,000

175,118

Granite

Merger

Sub

2,

Inc.

,

11.00%,

7/15/2027(b)

25,000

26,312

j2

Cloud

Services

LLC

,

6.00%,

7/15/2025(b)

475,000

494,000

Oracle

Corp.

,

4.00%,

7/15/2046

2,510,000

2,966,691

3.60%,

4/1/2050

3,585,000

3,997,356

3.85%,

4/1/2060

3,295,000

3,866,625

Solera

LLC

,

10.50%,

3/1/2024(b)(d)

765,000

799,425

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(b)

765,000

812,981

13,138,508

Specialty

Retail

0.1%

Asbury

Automotive

Group,

Inc.

,

4.50%,

3/1/2028(b)

30,000

30,187

4.75%,

3/1/2030(b)

5,000

5,038

L

Brands,

Inc.

,

9.38%,

7/1/2025(b)

100,000

114,750

5.25%,

2/1/2028

100,000

96,750

6.63%,

10/1/2030(b)

100,000

101,750

Staples,

Inc.

,

7.50%,

4/15/2026(b)

580,000

534,447

882,922

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple,

Inc.

,

3.35%,

2/9/2027

2,545,000

2,909,477

2.95%,

9/11/2049

4,440,000

4,854,688

2.55%,

8/20/2060

2,035,000

2,024,633

62

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Dell

International

LLC

,

4.42%,

6/15/2021(b)

2,616,000

2,677,797

5.45%,

6/15/2023(b)

4,880,000

5,350,142

6.02%,

6/15/2026(b)

1,800,000

2,114,025

6.20%,

7/15/2030(b)

590,000

707,446

20,638,208

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

William

Carter

Co.

(The)

,

5.63%,

3/15/2027(b)

590,000

615,812

Tobacco

0.9%

BAT

Capital

Corp.

,

2.26%,

3/25/2028

4,275,000

4,285,423

2.73%,

3/25/2031

8,550,000

8,468,136

5.28%,

4/2/2050

1,960,000

2,298,861

15,052,420

Trading

Companies

&

Distributors

0.1%

Beacon

Roofing

Supply,

Inc.

,

4.88%,

11/1/2025(b)

975,000

955,500

Wireless

Telecommunication

Services

1.0%

Sprint

Corp.

,

7.13%,

6/15/2024

640,000

736,391

7.63%,

3/1/2026

315,000

380,641

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(b)

2,985,000

3,050,789

3.88%,

4/15/2030(b)

5,240,000

5,958,037

2.55%,

2/15/2031(b)

2,990,000

3,097,879

4.38%,

4/15/2040(b)

2,975,000

3,487,206

16,710,943

Total

Corporate

Bonds

(cost

$714,832,512)

752,908,951

Foreign

Government

Securities

2.9%

ANGOLA

0.1%

Republic

of

Angola

,

Reg.

S,

8.25%,

5/9/2028

200,000

158,900

Reg.

S,

8.00%,

11/26/2029

240,000

189,473

Reg.

S,

9.38%,

5/8/2048

1,000,000

779,720

Reg.

S,

9.13%,

11/26/2049

200,000

155,500

1,283,593

ARGENTINA

0.1%

Argentine

Republic

,

1.00%,

7/9/2029

128,076

58,340

0.12%,

1/9/2038(c)

1,780,588

764,762

0.12%,

7/9/2041(c)

1,840,000

730,480

1,553,582

ARMENIA

0.0%

†

Republic

of

Armenia

,

Reg.

S,

3.95%,

9/26/2029

200,000

193,540

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

BAHRAIN

0.0%

†

Kingdom

of

Bahrain

,

Reg.

S,

5.45%,

9/16/2032

200,000

188,526

BELARUS

0.0%

†

Republic

of

Belarus

,

Reg.

S,

5.88%,

2/24/2026

200,000

185,088

Reg.

S,

6.38%,

2/24/2031

200,000

186,510

371,598

BELIZE

0.0%

†

Belize

Government

Bond

,

Reg.

S,

4.94%,

2/20/2034(c)

223,382

95,884

BERMUDA

0.1%

Bermuda

Government

Bond

,

Reg.

S,

3.72%,

1/25/2027

200,000

219,002

Reg.

S,

4.75%,

2/15/2029

472,000

562,954

781,956

BRAZIL

0.0%

†

Federative

Republic

of

Brazil

,

3.88%,

6/12/2030

200,000

199,800

5.63%,

1/7/2041

220,000

237,050

State

of

Minas

Gerais

,

Reg.

S,

5.33%,

2/15/2028

320,000

328,403

765,253

COLOMBIA

0.1%

Republic

of

Colombia

,

3.00%,

1/30/2030

208,000

211,328

7.38%,

9/18/2037

132,000

185,625

6.13%,

1/18/2041

290,000

371,200

5.00%,

6/15/2045

410,000

477,650

1,245,803

COSTA

RICA

0.1%

Republic

of

Costa

Rica

,

Reg.

S,

6.13%,

2/19/2031

205,000

192,700

Reg.

S,

7.16%,

3/12/2045

700,000

637,350

7.16%,

3/12/2045(b)

438,000

398,799

1,228,849

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond

,

Reg.

S,

7.45%,

4/30/2044

100,000

112,500

Reg.

S,

6.85%,

1/27/2045

630,000

663,390

Reg.

S,

6.40%,

6/5/2049

150,000

150,525

Reg.

S,

5.88%,

1/30/2060

650,000

614,250

1,540,665

ECUADOR

0.1%

Republic

of

Ecuador

,

0.00%,

7/31/2030(b)

84,060

38,987

0.50%,

7/31/2030(b)(c)

396,900

267,912

Reg.

S,

0.50%,

7/31/2030(c)

100,000

67,501

0.50%,

7/31/2035(b)(c)

1,040,130

574,682

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

63

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ECUADOR

Republic

of

Ecuador

(continued)

0.50%,

7/31/2040(b)(c)

476,700

237,754

1,186,836

EGYPT

0.1%

Arab

Republic

of

Egypt

,

Reg.

S,

7.60%,

3/1/2029

200,000

204,876

Reg.

S,

7.05%,

1/15/2032

200,000

190,500

Reg.

S,

7.63%,

5/29/2032

200,000

195,250

Reg.

S,

8.50%,

1/31/2047

400,000

386,425

Reg.

S,

7.90%,

2/21/2048

430,000

396,675

Reg.

S,

8.70%,

3/1/2049

600,000

583,896

1,957,622

EL

SALVADOR

0.0%

†

Republic

of

El

Salvador

,

Reg.

S,

7.75%,

1/24/2023

80,000

77,081

Reg.

S,

8.63%,

2/28/2029

62,000

58,559

Reg.

S,

7.12%,

1/20/2050

152,000

118,317

Reg.

S,

9.50%,

7/15/2052

150,000

141,750

395,707

GABON

0.0%

†

Gabonese

Republic

,

Reg.

S,

6.63%,

2/6/2031

205,000

182,858

GHANA

0.1%

Republic

of

Ghana

,

Reg.

S,

10.75%,

10/14/2030

530,000

642,349

Reg.

S,

7.88%,

2/11/2035

200,000

168,380

Reg.

S,

8.95%,

3/26/2051

200,000

172,693

983,422

INDONESIA

0.1%

Republic

of

Indonesia

,

Reg.

S,

8.50%,

10/12/2035

940,000

1,503,029

Reg.

S,

7.75%,

1/17/2038

185,000

285,795

Reg.

S,

5.25%,

1/17/2042

440,000

556,270

2,345,094

ISRAEL

0.0%

†

State

of

Israel

Government

Bond

,

3.88%,

7/3/2050

200,000

240,000

IVORY

COAST

0.1%

Republic

of

Cote

d'Ivoire

,

Reg.

S,

5.75%,

12/31/2032(c)

2,490,000

2,303,250

JAPAN

0.3%

Japan

Bank

for

International

Cooperation

,

0.63%,

7/15/2025

5,010,000

5,017,249

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

LEBANON

0.0%

†

Lebanese

Republic

,

Reg.

S,

6.60%,

11/27/2026(h)

595,000

93,713

Reg.

S,

6.65%,

2/26/2030(h)

46,000

7,058

8.25%,

5/17/2034

742,000

115,158

215,929

MEXICO

0.3%

United

Mexican

States

,

4.75%,

4/27/2032(d)

3,615,000

4,084,950

5.00%,

4/27/2051

200,000

223,200

5.75%,

10/12/2110

582,000

671,052

4,979,202

MONGOLIA

0.1%

State

of

Mongolia

,

Reg.

S,

10.88%,

4/6/2021

200,000

207,300

Reg.

S,

8.75%,

3/9/2024

650,000

724,802

Reg.

S,

5.13%,

4/7/2026

200,000

201,000

1,133,102

NIGERIA

0.0%

†

Federal

Republic

of

Nigeria

,

5.63%,

6/27/2022

200,000

201,200

Reg.

S,

7.63%,

11/21/2025

400,000

415,984

617,184

OMAN

0.0%

†

Sultanate

of

Oman

Government

Bond

,

Reg.

S,

6.50%,

3/8/2047

200,000

163,026

Reg.

S,

6.75%,

1/17/2048

549,000

453,390

616,416

PANAMA

0.1%

Republic

of

Panama

,

8.88%,

9/30/2027

400,000

573,000

2.25%,

9/29/2032

200,000

202,000

775,000

PARAGUAY

0.1%

Republic

of

Paraguay

,

Reg.

S,

4.95%,

4/28/2031

535,000

616,052

Reg.

S,

6.10%,

8/11/2044

200,000

257,900

873,952

QATAR

0.1%

State

of

Qatar

,

Reg.

S,

3.75%,

4/16/2030

230,000

266,476

Reg.

S,

4.82%,

3/14/2049

1,000,000

1,346,450

1,612,926

ROMANIA

0.1%

Romania

Government

Bond

,

Reg.

S,

3.00%,

2/14/2031

718,000

736,754

Reg.

S,

5.13%,

6/15/2048

290,000

353,313

1,090,067

64

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

RUSSIA

0.1%

Russian

Federation

,

Reg.

S,

4.25%,

6/23/2027

1,200,000

1,350,720

Reg.

S,

4.38%,

3/21/2029(d)

600,000

688,414

Reg.

S,

7.50%,

3/31/2030(c)

11,449

13,252

2,052,386

SENEGAL

0.0%

†

Republic

of

Senegal

,

Reg.

S,

6.75%,

3/13/2048

400,000

378,748

SOUTH

AFRICA

0.1%

Republic

of

South

Africa

,

4.85%,

9/30/2029

200,000

190,561

5.88%,

6/22/2030(d)

320,000

326,771

5.75%,

9/30/2049

400,000

338,672

856,004

SRI

LANKA

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka

,

Reg.

S,

5.88%,

7/25/2022

267,000

212,265

Reg.

S,

6.85%,

11/3/2025

617,000

431,951

Reg.

S,

6.20%,

5/11/2027

200,000

135,000

Reg.

S,

6.75%,

4/18/2028

1,207,000

814,725

Reg.

S,

7.85%,

3/14/2029

400,000

276,000

1,869,941

TURKEY

0.1%

Republic

of

Turkey

,

6.25%,

9/26/2022

200,000

201,534

7.25%,

12/23/2023

450,000

463,482

5.60%,

11/14/2024

224,000

217,049

6.00%,

3/25/2027

520,000

497,900

Turkiye

Ihracat

Kredi

Bankasi

A/S

,

Reg.

S,

5.38%,

2/8/2021

200,000

199,624

5.38%,

10/24/2023(b)

200,000

188,426

8.25%,

1/24/2024(b)

200,000

203,206

1,971,221

UKRAINE

0.2%

Ukraine

Government

Bond

,

Reg.

S,

7.75%,

9/1/2025

120,000

120,142

Reg.

S,

7.75%,

9/1/2026

460,000

457,125

Reg.

S,

7.75%,

9/1/2027

410,000

405,539

Reg.

S,

9.75%,

11/1/2028(d)

1,200,000

1,296,000

Reg.

S,

7.25%,

3/15/2033

200,000

183,760

0.00%,

5/31/2040(a)(b)

228,000

207,115

Ukreximbank

,

9.63%,

4/27/2022(b)

80,000

81,648

2,751,329

UNITED

ARAB

EMIRATES

0.0%

†

Finance

Department

Government

of

Sharjah

,

Reg.

S,

4.00%,

7/28/2050

200,000

204,564

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

UNITED

ARAB

EMIRATES

United

Arab

Emirates

Government

Bond

,

Reg.

S,

2.70%,

9/2/2070

200,000

193,250

397,814

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay

,

4.38%,

1/23/2031(d)

44,000

52,305

5.10%,

6/18/2050

216,000

289,710

342,015

UZBEKISTAN

0.1%

Republic

of

Uzbekistan

,

Reg.

S,

4.75%,

2/20/2024

200,000

210,004

Reg.

S,

5.38%,

2/20/2029

600,000

668,904

878,908

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela

,

Reg.

S,

8.25%,

10/13/2024(h)

542,900

40,718

Total

Foreign

Government

Securities

(cost

$47,909,779)

47,314,149

Mortgage-Backed

Securities

32.7%

FHLMC

Gold

Pool

Pool#

G13072

5.00%,

4/1/2023

1,270

1,338

Pool#

G13122

5.00%,

4/1/2023

517

544

Pool#

G13225

5.00%,

6/1/2023

12,406

13,084

Pool#

J08443

5.00%,

7/1/2023

5,470

5,767

Pool#

A24611

4.50%,

6/1/2034

1,816

1,992

Pool#

G08084

4.50%,

10/1/2035

18,321

20,289

Pool#

G04359

5.50%,

6/1/2038

73,503

85,093

Pool#

A78624

5.50%,

6/1/2038

37,730

43,744

Pool#

G04458

5.50%,

6/1/2038

18,267

21,166

Pool#

A79018

5.50%,

7/1/2038

19,164

22,103

Pool#

A82787

5.50%,

11/1/2038

376,889

435,483

Pool#

G08314

5.50%,

1/1/2039

10,787

12,453

Pool#

G08331

4.50%,

2/1/2039

2,169

2,435

Pool#

A84655

4.50%,

3/1/2039

109,360

121,033

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A86968

4.50%,

6/1/2039

9,582

10,645

Pool#

G05472

4.50%,

6/1/2039

3,888

4,341

Pool#

A89385

4.50%,

10/1/2039

5,159

5,797

Pool#

G05684

5.50%,

10/1/2039

44,728

51,757

Pool#

V80890

5.50%,

12/1/2039

158,150

182,147

Pool#

G05923

5.50%,

2/1/2040

27,077

31,361

Pool#

G05849

4.50%,

5/1/2040

287,433

322,632

Pool#

C03486

4.50%,

7/1/2040

3,283

3,686

Pool#

C03531

4.00%,

10/1/2040

563,560

615,448

Pool#

A94833

4.00%,

11/1/2040

2,126,541

2,378,168

Pool#

A95230

4.00%,

12/1/2040

752,010

835,386

Pool#

A96634

4.50%,

2/1/2041

115,573

128,566

Pool#

G08443

4.50%,

4/1/2041

416,796

467,927

Pool#

A97942

4.50%,

4/1/2041

125,559

140,990

Pool#

Q00876

4.50%,

5/1/2041

588,388

661,148

Pool#

G06956

4.50%,

8/1/2041

538,291

605,368

Pool#

Z40047

4.00%,

10/1/2041

157,394

173,360

Pool#

Q06344

4.00%,

2/1/2042

1,521,645

1,678,984

Pool#

G08479

3.50%,

3/1/2042

240,771

260,326

Pool#

C03795

3.50%,

4/1/2042

888,912

962,731

Pool#

Q08997

3.50%,

6/1/2042

505,356

551,855

Pool#

Q09004

3.50%,

6/1/2042

361,562

391,231

Pool#

C04008

4.00%,

6/1/2042

451,048

495,262

Pool#

C09004

3.50%,

7/1/2042

550,227

593,659

Pool#

G08500

3.50%,

7/1/2042

324,148

350,878

Pool#

G07083

4.00%,

7/1/2042

260,794

290,188

Pool#

Z40054

4.00%,

7/1/2042

205,937

226,940

Pool#

Q09896

3.50%,

8/1/2042

283,187

305,374

Pool#

Q11348

3.50%,

9/1/2042

1,144,795

1,242,369

Pool#

Q11095

3.50%,

9/1/2042

249,120

269,861

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q12143

3.50%,

10/1/2042

168,129

181,911

Pool#

G07155

4.00%,

10/1/2042

363,091

399,248

Pool#

Q13765

4.00%,

12/1/2042

231,361

259,841

Pool#

Q17389

3.50%,

4/1/2043

705,249

778,295

Pool#

Q16893

3.50%,

4/1/2043

308,608

338,675

Pool#

Q18305

3.50%,

5/1/2043

205,701

223,234

Pool#

Q19476

3.50%,

6/1/2043

273,226

295,876

Pool#

Q19480

4.00%,

6/1/2043

1,224,946

1,346,635

Pool#

G07459

3.50%,

8/1/2043

623,852

675,597

Pool#

G08541

3.50%,

8/1/2043

541,175

585,315

Pool#

Q20857

3.50%,

8/1/2043

445,341

495,834

Pool#

Q20860

3.50%,

8/1/2043

194,427

210,675

Pool#

V80509

4.00%,

10/1/2043

222,868

243,053

Pool#

G08558

4.00%,

11/1/2043

101,510

111,435

Pool#

G08559

4.50%,

11/1/2043

601,589

674,994

Pool#

G08582

4.00%,

4/1/2044

153,655

168,722

Pool#

G08583

4.50%,

4/1/2044

216,013

240,954

Pool#

Q26367

4.00%,

5/1/2044

111,115

122,479

Pool#

G08596

4.50%,

7/1/2044

680,565

757,181

Pool#

G07943

4.50%,

8/1/2044

6,283

7,042

Pool#

Q29697

3.50%,

11/1/2044

763,626

829,171

Pool#

Q45219

3.50%,

1/1/2045

921,605

990,051

Pool#

G07961

3.50%,

3/1/2045

582,823

632,760

Pool#

G08633

4.00%,

3/1/2045

1,694,570

1,849,665

Pool#

Q32070

4.00%,

3/1/2045

510,750

560,530

Pool#

G08636

3.50%,

4/1/2045

1,578,194

1,684,840

Pool#

Q35164

4.00%,

5/1/2045

581,104

642,043

Pool#

Q33869

4.00%,

6/1/2045

375,972

411,337

Pool#

G08659

3.50%,

8/1/2045

1,519,371

1,621,321

Pool#

V81992

4.00%,

10/1/2045

1,361,682

1,481,675

66

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q36814

4.00%,

10/1/2045

909,290

985,298

Pool#

G08672

4.00%,

10/1/2045

688,285

746,173

Pool#

G08676

3.50%,

11/1/2045

1,293,959

1,381,744

Pool#

G08681

3.50%,

12/1/2045

566,159

604,272

Pool#

Q38473

4.00%,

1/1/2046

1,058,971

1,153,819

Pool#

Q38470

4.00%,

1/1/2046

476,279

514,742

Pool#

V82196

4.50%,

1/1/2046

246,010

272,711

Pool#

Q39644

3.50%,

3/1/2046

2,517,208

2,683,093

Pool#

G08693

3.50%,

3/1/2046

718,270

765,870

Pool#

Q39438

4.00%,

3/1/2046

857,758

931,927

Pool#

G08699

4.00%,

3/1/2046

791,080

859,495

Pool#

G08700

4.50%,

3/1/2046

287,715

316,721

Pool#

G08702

3.50%,

4/1/2046

1,053,422

1,129,163

Pool#

Q40718

3.50%,

5/1/2046

916,811

977,226

Pool#

Q40375

3.50%,

5/1/2046

429,825

458,390

Pool#

G08706

3.50%,

5/1/2046

370,057

396,999

Pool#

G08708

4.50%,

5/1/2046

75,316

82,690

Pool#

Q40728

4.50%,

5/1/2046

11,289

12,240

Pool#

Q45458

4.00%,

8/1/2046

1,773,408

1,933,976

Pool#

G08735

4.50%,

10/1/2046

236,983

260,238

Pool#

G08744

4.50%,

12/1/2046

798,179

875,398

Pool#

Q46279

3.50%,

2/1/2047

1,488,309

1,576,644

Pool#

Q46251

4.00%,

2/1/2047

637,657

685,298

Pool#

G08753

4.50%,

2/1/2047

213,774

233,985

Pool#

G08762

4.00%,

5/1/2047

1,995,319

2,141,884

Pool#

V83204

4.50%,

5/1/2047

497,288

538,294

Pool#

G08767

4.00%,

6/1/2047

2,138,132

2,294,068

Pool#

G08770

3.50%,

7/1/2047

707,828

752,130

Pool#

G08772

4.50%,

7/1/2047

19,983

21,650

Pool#

Q50035

3.50%,

8/1/2047

1,638,237

1,734,609

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08774

3.50%,

8/1/2047

810,026

857,934

Pool#

G08775

4.00%,

8/1/2047

1,924,147

2,062,261

Pool#

G61228

4.00%,

8/1/2047

1,485,775

1,613,189

Pool#

G08779

3.50%,

9/1/2047

1,173,828

1,243,400

Pool#

Q51268

3.50%,

10/1/2047

1,957,045

2,071,866

Pool#

G08785

4.00%,

10/1/2047

2,116,830

2,266,863

Pool#

G61631

3.50%,

11/1/2047

2,990,300

3,190,769

Pool#

Q52319

3.50%,

11/1/2047

1,339,830

1,417,198

Pool#

G61467

4.00%,

11/1/2047

1,977,313

2,115,583

Pool#

G08789

4.00%,

11/1/2047

1,357,760

1,456,742

Pool#

G61281

3.50%,

1/1/2048

1,810,930

1,925,386

Pool#

Q53535

3.50%,

1/1/2048

791,844

838,990

Pool#

Q54463

4.00%,

2/1/2048

1,214,742

1,315,397

Pool#

G67710

3.50%,

3/1/2048

1,909,766

2,056,165

Pool#

V84282

4.50%,

6/1/2048

57,745

62,616

Pool#

Q63081

FHLMC

UMBS

Pool

Pool#

ZN4495

4.00%,

12/1/2048

1,995,863

2,129,859

Pool#

ZA6388

4.50%,

2/1/2049

3,428,170

3,707,711

Pool#

QA1790

3.00%,

8/1/2049

1,005,777

1,054,021

Pool#

SD8024

3.00%,

11/1/2049

2,470,647

2,586,927

Pool#

QA7325

3.00%,

2/1/2050

3,106,536

3,271,212

Pool#

QA6750

3.00%,

2/1/2050

387,045

406,211

Pool#

QA8311

3.00%,

3/1/2050

2,477,600

2,608,975

Pool#

QB0211

2.50%,

6/1/2050

2,126,881

2,232,500

Pool#

QB0098

2.50%,

6/1/2050

1,666,353

1,749,102

Pool#

QB1457

2.50%,

7/1/2050

2,498,566

2,622,643

Pool#

RA2970

2.50%,

7/1/2050

1,678,149

1,765,608

Pool#

RA2480

2.50%,

7/1/2050

1,676,958

1,760,234

Pool#

QB1146

3.00%,

7/1/2050

2,756,692

2,890,631

Pool#

RA3280

2.50%,

8/1/2050

2,526,472

2,651,934

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

67

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QB2634

2.50%,

8/1/2050

2,345,796

2,462,286

Pool#

SD8091

2.50%,

9/1/2050

2,591,035

2,719,704

FNMA

UMBS

Pool

Pool#

995048

5.50%,

5/1/2038

763

887

Pool#

970232

5.50%,

5/1/2038

7

8

Pool#

985559

5.50%,

6/1/2038

64

74

Pool#

985731

5.50%,

6/1/2038

28

33

Pool#

929714

5.50%,

7/1/2038

130,013

149,887

Pool#

963975

5.50%,

7/1/2038

22,526

26,002

Pool#

934333

5.50%,

7/1/2038

187

216

Pool#

986999

5.50%,

7/1/2038

103

115

Pool#

889962

5.50%,

8/1/2038

83,715

96,675

Pool#

929824

5.50%,

8/1/2038

50

58

Pool#

986062

5.50%,

8/1/2038

7

8

Pool#

970650

5.50%,

10/1/2038

100

115

Pool#

995759

5.50%,

11/1/2038

131,693

151,923

Pool#

994637

5.50%,

11/1/2038

104,730

120,492

Pool#

985805

5.50%,

11/1/2038

8,586

9,876

Pool#

987994

5.50%,

11/1/2038

3,279

3,636

Pool#

970809

5.50%,

11/1/2038

29

34

Pool#

970929

5.50%,

12/1/2038

2,346

2,661

Pool#

991434

5.50%,

12/1/2038

2,010

2,285

Pool#

930253

5.50%,

12/1/2038

885

1,023

Pool#

992944

5.50%,

12/1/2038

77

86

Pool#

993055

5.50%,

12/1/2038

26

29

Pool#

992676

5.50%,

12/1/2038

25

28

Pool#

934249

5.50%,

12/1/2038

20

24

Pool#

993100

5.50%,

1/1/2039

43

50

Pool#

AA0187

5.50%,

1/1/2039

35

38

Pool#

AA0729

5.50%,

2/1/2039

9,194

10,553

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AA1638

5.50%,

2/1/2039

46

50

Pool#

935063

5.50%,

4/1/2039

94

106

Pool#

AC0017

5.50%,

9/1/2039

21

24

Pool#

190399

5.50%,

11/1/2039

44

51

Pool#

MA0389

5.50%,

4/1/2040

2,001

2,297

Pool#

190404

4.50%,

5/1/2040

69,122

77,559

Pool#

AL0015

5.50%,

5/1/2040

4,531

5,243

Pool#

AB1316

5.50%,

5/1/2040

75

84

Pool#

AB1389

4.50%,

8/1/2040

331,695

371,754

Pool#

AE0691

4.50%,

10/1/2040

44,656

49,961

Pool#

AH3952

4.00%,

1/1/2041

1,801,775

1,978,219

Pool#

AH1560

4.00%,

1/1/2041

250,566

275,014

Pool#

AE0725

4.50%,

1/1/2041

68,665

77,197

Pool#

AL0791

4.00%,

2/1/2041

344,602

382,586

Pool#

AE0984

4.50%,

2/1/2041

13,402

15,047

Pool#

AH9471

4.50%,

4/1/2041

455,927

506,176

Pool#

AH4038

4.50%,

4/1/2041

380,890

428,687

Pool#

AI0213

4.50%,

4/1/2041

114,602

127,298

Pool#

AI1193

4.50%,

4/1/2041

55,958

62,800

Pool#

AI2468

4.50%,

5/1/2041

530,763

597,331

Pool#

AI4211

4.50%,

6/1/2041

264,451

292,796

Pool#

AI3506

4.50%,

6/1/2041

20,821

23,436

Pool#

AI8194

4.50%,

8/1/2041

351,907

395,108

Pool#

AB3505

4.00%,

9/1/2041

1,072,239

1,191,703

Pool#

AJ1414

4.50%,

9/1/2041

158,514

177,332

Pool#

FM0040

3.00%,

10/1/2041

1,696,173

1,796,736

Pool#

AL1319

4.50%,

10/1/2041

80,535

89,465

Pool#

AJ5269

4.00%,

11/1/2041

1,690,236

1,866,937

Pool#

AJ9278

3.50%,

12/1/2041

541,841

585,801

Pool#

AB4102

3.50%,

12/1/2041

187,776

200,809

68

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AX5302

4.00%,

1/1/2042

463,022

509,897

Pool#

AL4300

4.50%,

1/1/2042

219,814

246,806

Pool#

AK2818

4.50%,

1/1/2042

164,633

185,334

Pool#

AK2415

4.00%,

2/1/2042

525,831

580,380

Pool#

AK4520

4.00%,

3/1/2042

246,057

271,735

Pool#

AK6743

4.00%,

3/1/2042

92,122

101,458

Pool#

AK6568

3.50%,

4/1/2042

846,971

913,290

Pool#

AK6846

3.50%,

4/1/2042

556,145

601,238

Pool#

AK9393

3.50%,

4/1/2042

492,198

532,045

Pool#

AL4029

4.50%,

4/1/2042

213,312

239,905

Pool#

AP7363

4.00%,

10/1/2042

1,837,124

2,026,703

Pool#

AL3714

3.50%,

1/1/2043

827,608

893,575

Pool#

AQ9328

3.50%,

1/1/2043

160,529

175,334

Pool#

AB9046

3.50%,

4/1/2043

979,005

1,080,077

Pool#

AT2021

3.50%,

4/1/2043

709,231

770,619

Pool#

AT1001

3.50%,

4/1/2043

492,537

544,599

Pool#

AB9374

3.50%,

5/1/2043

486,869

534,160

Pool#

AT7207

3.50%,

6/1/2043

1,222,860

1,324,501

Pool#

AB9864

3.50%,

7/1/2043

355,243

391,920

Pool#

AS0212

3.50%,

8/1/2043

1,501,799

1,638,909

Pool#

AS0210

3.50%,

8/1/2043

1,006,731

1,110,462

Pool#

AU0949

3.50%,

8/1/2043

792,560

891,815

Pool#

AU3742

3.50%,

8/1/2043

583,552

636,994

Pool#

AS0225

4.00%,

8/1/2043

1,758,358

1,932,571

Pool#

AU6857

4.00%,

9/1/2043

606,159

668,607

Pool#

AS0531

4.00%,

9/1/2043

402,759

444,442

Pool#

AS0358

4.00%,

9/1/2043

319,602

356,041

Pool#

MA1600

3.50%,

10/1/2043

911,904

984,947

Pool#

AS0657

4.00%,

10/1/2043

525,189

578,244

Pool#

AU4386

4.00%,

10/1/2043

208,217

228,418

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AU6939

4.50%,

10/1/2043

155,785

174,870

Pool#

AU9522

4.50%,

10/1/2043

75,372

83,374

Pool#

AU5057

4.00%,

11/1/2043

464,936

512,404

Pool#

AS1042

4.00%,

11/1/2043

147,234

161,667

Pool#

AV0691

4.00%,

12/1/2043

181,399

202,080

Pool#

AV0664

4.50%,

12/1/2043

708,786

796,166

Pool#

AS1559

4.00%,

1/1/2044

1,024,162

1,132,357

Pool#

AS1764

4.00%,

2/1/2044

226,971

251,946

Pool#

AW1847

4.50%,

4/1/2044

52,916

57,657

Pool#

AS2322

4.50%,

4/1/2044

18,332

20,526

Pool#

AS2276

4.50%,

4/1/2044

11,647

13,037

Pool#

MA1926

4.50%,

6/1/2044

425,226

470,954

Pool#

AW2478

4.50%,

6/1/2044

243,128

267,928

Pool#

AW9189

4.50%,

7/1/2044

223,809

243,707

Pool#

AL6223

4.50%,

8/1/2044

1,823,896

2,047,782

Pool#

AX2491

4.00%,

10/1/2044

433,156

470,366

Pool#

AS3656

4.50%,

10/1/2044

29,238

32,085

Pool#

AL6432

4.00%,

1/1/2045

1,063,945

1,154,533

Pool#

MA2145

4.00%,

1/1/2045

658,241

720,726

Pool#

AL6520

4.00%,

2/1/2045

2,586,953

2,809,254

Pool#

AZ1897

3.50%,

5/1/2045

547,191

586,055

Pool#

AS5175

3.50%,

6/1/2045

1,076,070

1,174,641

Pool#

AL9578

4.00%,

6/1/2045

750,485

824,121

Pool#

CA6279

2.50%,

7/1/2045

4,153,535

4,359,796

Pool#

AZ0862

3.50%,

7/1/2045

688,575

736,324

Pool#

AZ7108

3.50%,

7/1/2045

258,687

277,653

Pool#

AZ0869

4.00%,

7/1/2045

592,795

641,556

Pool#

MA2415

4.00%,

10/1/2045

849,679

924,598

Pool#

CA2929

3.50%,

12/1/2045

1,746,851

1,865,545

Pool#

AS6400

4.00%,

12/1/2045

560,327

604,897

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

69

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6464

3.50%,

1/1/2046

928,800

1,013,855

Pool#

BA4782

4.00%,

1/1/2046

1,428,320

1,571,604

Pool#

BC4114

3.50%,

2/1/2046

1,945,752

2,074,110

Pool#

BC1105

3.50%,

2/1/2046

1,002,973

1,068,470

Pool#

BC0300

3.50%,

3/1/2046

202,573

215,255

Pool#

BC2495

4.00%,

3/1/2046

2,829,526

3,203,003

Pool#

AS6795

4.00%,

3/1/2046

811,322

873,096

Pool#

FM1370

3.00%,

4/1/2046

3,085,167

3,257,890

Pool#

BC0793

3.50%,

4/1/2046

2,327,466

2,493,171

Pool#

AS7248

4.00%,

5/1/2046

580,102

626,949

Pool#

AS7401

4.00%,

6/1/2046

1,276,859

1,377,141

Pool#

AS7580

3.00%,

7/1/2046

2,189,331

2,300,541

Pool#

AS7558

4.00%,

7/1/2046

662,091

712,764

Pool#

AS7801

3.50%,

8/1/2046

517,930

550,201

Pool#

MA2737

3.00%,

9/1/2046

2,009,282

2,112,475

Pool#

MA2771

3.00%,

10/1/2046

1,956,794

2,059,170

Pool#

AS8056

3.00%,

10/1/2046

1,260,882

1,325,620

Pool#

BM3932

3.50%,

10/1/2046

1,460,853

1,555,804

Pool#

AS8143

4.00%,

10/1/2046

1,177,049

1,269,342

Pool#

AS8144

4.00%,

10/1/2046

497,000

535,202

Pool#

AS8157

4.50%,

10/1/2046

114,940

126,274

Pool#

AS8269

3.00%,

11/1/2046

4,971,595

5,213,742

Pool#

BM3803

3.50%,

11/1/2046

1,040,020

1,109,753

Pool#

BE5067

3.50%,

11/1/2046

798,027

853,254

Pool#

MA2836

4.50%,

12/1/2046

487,944

536,092

Pool#

AS8659

4.00%,

1/1/2047

1,545,888

1,659,813

Pool#

AS8661

4.00%,

1/1/2047

1,152,075

1,238,647

Pool#

AS8699

4.00%,

1/1/2047

432,321

464,691

Pool#

MA2872

4.50%,

1/1/2047

427,649

469,067

Pool#

BE5475

3.50%,

2/1/2047

1,399,121

1,486,867

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3688

3.50%,

2/1/2047

1,036,981

1,105,298

Pool#

AS8807

3.50%,

2/1/2047

136,010

144,077

Pool#

FM1000

3.00%,

4/1/2047

5,400,972

5,675,009

Pool#

CA5843

3.00%,

4/1/2047

2,441,528

2,560,854

Pool#

MA2959

3.50%,

4/1/2047

2,841,492

3,019,334

Pool#

BM5784

3.50%,

5/1/2047

2,183,856

2,322,260

Pool#

BM5347

3.50%,

5/1/2047

723,122

769,728

Pool#

BM5348

3.50%,

5/1/2047

542,158

576,358

Pool#

BE3619

4.00%,

5/1/2047

2,426,225

2,601,816

Pool#

MA2995

4.00%,

5/1/2047

234,161

251,571

Pool#

AS9829

3.50%,

6/1/2047

835,595

884,242

Pool#

AS9831

4.00%,

6/1/2047

3,479,927

3,729,315

Pool#

BE3702

4.00%,

6/1/2047

1,146,955

1,231,615

Pool#

BM5179

3.00%,

7/1/2047

1,239,173

1,302,295

Pool#

BE3767

3.50%,

7/1/2047

619,821

655,913

Pool#

BM1538

4.00%,

7/1/2047

2,418,589

2,605,327

Pool#

AS9975

4.00%,

7/1/2047

920,573

985,866

Pool#

CA0062

4.00%,

7/1/2047

908,304

972,603

Pool#

MA3058

4.00%,

7/1/2047

841,710

902,434

Pool#

CA0237

4.00%,

8/1/2047

2,181,753

2,336,137

Pool#

MA3088

4.00%,

8/1/2047

2,016,210

2,156,086

Pool#

MA3120

3.50%,

9/1/2047

404,946

428,675

Pool#

BH4019

4.00%,

9/1/2047

2,371,803

2,543,845

Pool#

MA3121

4.00%,

9/1/2047

1,080,260

1,156,562

Pool#

BH9360

4.00%,

10/1/2047

793,036

858,780

Pool#

FM1467

3.00%,

12/1/2047

1,250,673

1,323,855

Pool#

MA3210

3.50%,

12/1/2047

2,354,571

2,491,793

Pool#

BJ1662

3.50%,

12/1/2047

376,652

398,689

Pool#

BM2005

4.00%,

12/1/2047

1,311,006

1,404,272

Pool#

BM3392

4.00%,

1/1/2048

1,800,366

1,929,948

70

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA4140

3.00%,

2/1/2048

1,811,102

1,896,601

Pool#

FM2897

3.00%,

2/1/2048

1,184,221

1,245,188

Pool#

BM3590

3.50%,

3/1/2048

1,097,495

1,178,757

Pool#

BJ0650

3.50%,

3/1/2048

1,078,073

1,136,220

Pool#

BM3900

4.00%,

4/1/2048

1,127,779

1,209,174

Pool#

CA2194

4.00%,

8/1/2048

520,000

553,943

Pool#

FM1572

3.00%,

9/1/2048

3,843,757

4,044,832

Pool#

FM2385

3.00%,

9/1/2048

3,235,542

3,387,820

Pool#

FM2915

3.00%,

11/1/2048

1,347,648

1,412,606

Pool#

BM5024

3.00%,

11/1/2048

1,337,415

1,400,359

Pool#

BN1603

5.00%,

11/1/2048

116,701

127,970

Pool#

BO1464

3.50%,

10/1/2049

2,357,292

2,483,986

Pool#

MA3834

3.00%,

11/1/2049

5,311,827

5,561,824

Pool#

MA3871

Pool#

BO6164

3.00%,

1/1/2050

2,403,065

2,516,163

Pool#

BO8947

3.00%,

1/1/2050

2,325,987

2,442,972

Pool#

BP1424

3.00%,

3/1/2050

2,927,286

3,078,299

Pool#

FM4334

3.00%,

4/1/2050

4,000,000

4,220,191

Pool#

CA5519

3.00%,

4/1/2050

2,376,170

2,491,622

Pool#

BP6817

2.50%,

5/1/2050

2,150,088

2,256,859

Pool#

CA5668

3.00%,

5/1/2050

3,603,016

3,778,079

Pool#

CA5670

3.00%,

5/1/2050

3,293,498

3,458,569

Pool#

MA4078

2.50%,

7/1/2050

1,970,575

2,068,432

Pool#

BP9581

2.50%,

8/1/2050

2,314,037

2,437,492

Pool#

BK2829

2.50%,

8/1/2050

2,079,395

2,182,655

Pool#

BQ0188

3.00%,

8/1/2050

2,045,725

2,144,184

Pool#

MA4120

2.50%,

9/1/2050

2,341,958

2,458,257

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

2.00%,

10/25/2035

8,600,000

8,935,937

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2050

60,955,000

63,012,231

2.50%,

10/25/2050

59,995,000

62,924,449

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

3.00%,

10/25/2050

7,185,000

7,526,568

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

883,806

959,267

Pool#

MA0783

3.50%,

2/20/2043

1,087,796

1,191,411

Pool#

MA2679

4.00%,

3/20/2045

18,461

19,987

Pool#

MA2892

3.50%,

6/20/2045

71,002

75,828

Pool#

MA3035

4.00%,

8/20/2045

37,568

40,513

Pool#

MA3106

4.00%,

9/20/2045

1,019,348

1,099,055

Pool#

MA3245

4.00%,

11/20/2045

1,061,896

1,144,733

Pool#

MA3663

3.50%,

5/20/2046

882,532

942,143

Pool#

MA3803

3.50%,

7/20/2046

428,707

457,806

Pool#

MA4262

3.50%,

2/20/2047

36,452

38,729

Pool#

MA4510

3.50%,

6/20/2047

1,511,654

1,601,236

Pool#

MA4586

3.50%,

7/20/2047

1,034,511

1,098,828

Pool#

MA4837

3.50%,

11/20/2047

1,840,717

1,964,432

Pool#

MA4962

3.50%,

1/20/2048

1,127,837

1,199,812

GNMA

TBA

2.00%,

10/15/2050

13,000,000

13,503,750

2.50%,

10/15/2050

25,060,000

26,311,042

3.00%,

10/15/2050

12,370,000

12,951,777

Total

Mortgage-Backed

Securities

(cost

$529,165,481)

540,299,024

Supranational

0.8%

African

Export-Import

Bank

(The),

3.99%,

9/21/2029(b)

200,000

206,076

Banque

Ouest

Africaine

de

Developpement

(b)

5.00%,

7/27/2027

200,000

215,328

4.70%,

10/22/2031(b)

200,000

209,280

Eastern

&

Southern

African

Trade

&

Development

Bank,

4.88%,

5/23/2024

200,000

203,908

Inter-American

Development

Bank,

0.63%,

7/15/2025

8,405,000

8,479,804

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

71

Supranational

Principal

Amount

($)

Value

($)

International

Bank

for

Reconstruction

&

Development,

0.75%,

8/26/2030

3,450,000

3,414,853

Total

Supranational

(cost

$12,647,696)

12,729,249

U.S.

Government

Agency

Securities

1.9%

FHLB,

5.50%,

7/15/2036

7,955,000

12,414,321

FHLMC,

0.38%,

9/23/2025

4,210,000

4,199,157

FNMA

0.88%,

8/5/2030

4,705,000

4,627,151

5.63%,

7/15/2037(d)

3,060,000

4,911,300

Tennessee

Valley

Authority,

5.25%,

9/15/2039

3,000,000

4,624,552

Total

U.S.

Government

Agency

Securities

(cost

$27,123,834)

30,776,481

U.S.

Treasury

Obligations

6.4%

U.S.

Treasury

Bonds,

1.13%,

5/15/2040

8,585,000

8,449,518

U.S.

Treasury

Inflation

Linked

Bonds

2.13%,

2/15/2040

(

i

)

2,360,000

4,326,456

1.38%,

2/15/2044

(

i

)

10,345,000

16,313,529

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

1/15/2030

(

i

)

28,790,000

32,017,918

U.S.

Treasury

Notes

1.88%,

2/28/2022

10,120,000

10,366,280

0.13%,

8/31/2022

18,140,000

18,135,040

0.25%,

8/31/2025

8,230,000

8,221,641

0.50%,

8/31/2027

5,530,000

5,542,961

0.63%,

8/15/2030

(d)

1,920,000

1,908,900

Total

U.S.

Treasury

Obligations

(cost

$100,605,868)

105,282,243

Repurchase

Agreements

2.1%

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$8,039,704,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$8,200,480.

(j)

8,039,686

8,039,686

Repurchase

Agreements

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$8,000,018,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$8,160,018.

(j)

8,000,000

8,000,000

NatWest

Markets

Securities,

Inc.

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$10,000,137,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$10,200,030.

(j)

10,000,000

10,000,000

Nomura

Securities

International,

Inc.

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$6,490,081,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$6,619,877.

(j)

6,490,070

6,490,070

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$2,040,000.

(j)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$34,529,756)

34,529,756

Total

Investments

(cost

$1,801,718,492)

—

112.8%

1,864,976,403

Liabilities

in

excess

of

other

assets

—

(12.8)%

(211,305,195)

NET

ASSETS

—

100.0%

$

1,653,671,208

72

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2020

was

$320,670,146

which

represents

19.39%

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

September

30,

2020.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$55,419,014,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,529,756

and

by

$22,874,355

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$57,404,111.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

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

September

30,

2020.

(g)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

PIK

rate.

(h)

Security

in

default.

(

i

)

Principal

amounts

are

not

adjusted

for

inflation.

(j)

Security

or

a

portion

of

the

security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$34,529,756.

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

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

73

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

192

12/2020

USD

24,198,000

30,872

U.S.

Treasury

10

Year

Note

156

12/2020

USD

21,766,875

56,755

U.S.

Treasury

3

Year

Note

124

12/2020

USD

28,899,750

26,710

U.S.

Treasury

Long

Bond

156

12/2020

USD

27,499,875

(16,910)

U.S.

Treasury

Ultra

Bond

143

12/2020

USD

31,719,187

(31,280)

66,147

Short

Contracts

30

Day

Federal

Funds

(1)

10/2020

USD

(416,346)

(4,379)

U.S.

Treasury

10

Year

Ultra

Note

(557)

12/2020

USD

(89,076,484)

(283,797)

(288,176)

(222,029)

At

September

30,

2020,

the

Fund

had

$1,750,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

74

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

84,379,636

$

–

$

84,379,636

Collateralized

Mortgage

Obligations

–

136,123,312

–

136,123,312

Commercial

Mortgage-Backed

Securities

–

119,919,401

–

119,919,401

Convertible

Bond

–

714,201

–

714,201

Corporate

Bonds

–

752,908,951

–

752,908,951

Foreign

Government

Securities

–

47,314,149

–

47,314,149

Futures

Contracts

114,337

–

–

114,337

Mortgage-Backed

Securities

–

540,299,024

–

540,299,024

Repurchase

Agreements

–

34,529,756

–

34,529,756

Supranational

–

12,729,249

–

12,729,249

U.S.

Government

Agency

Securities

–

30,776,481

–

30,776,481

U.S.

Treasury

Obligations

–

105,282,243

–

105,282,243

Total

Assets

$

114,337

$

1,864,976,403

$

–

$

1,865,090,740

$

–

$

–

$

–

$

–

NVIT

Core

Plus

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

75

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(336,366)

$

–

$

–

$

(336,366)

Total

Liabilities

$

(336,366)

$

–

$

–

$

(336,366)

Total

$

(222,029)

$

1,864,976,403

$

–

$

1,864,754,374

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

114,337

Total

$

114,337

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(336,366)

Total

$

(336,366)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

76

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

8.6%

Principal

Amount

($)

Value

($)

Automobiles

3.1%

Credit

Acceptance

Auto

Loan

Trust,

Series

2019-

1A,

Class

A,

3.33%,

2/15/2028(a)

4,615,384

4,728,151

NextGear

Floorplan

Master

Owner

Trust

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

4,999,999

5,161,608

Series

2019-1A,

Class

A2,

3.21%,

2/15/2024(a)

4,500,000

4,662,131

14,551,890

Other

5.5%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

6,654,588

6,770,869

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,180,821

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

251,116

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

251,106

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,199,617

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

199,965

SPS

Servicer

Advance

Receivables

Trust

Advance

Receivables

Backed

Notes,

Series

2019-T2,

Class

AT2,

2.32%,

10/15/2052(a)

1,340,000

1,328,844

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

5,900,000

6,399,829

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

5,900,000

6,326,427

25,908,594

Total

Asset-Backed

Securities

(cost

$40,004,764)

40,460,484

Collateralized

Mortgage

Obligations

8.0%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,324,566

1,337,689

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

1,937,464

2,040,398

FNMA

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

492,975

513,459

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

1993-149,

Class

M,

7.00%,

8/25/2023

140,556

149,294

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

1,827,094

1,928,269

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

5,029,042

5,257,450

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

17,591,485

18,335,534

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

3,504,214

3,638,944

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

1,358,636

1,464,658

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,464,544

2,676,343

Total

Collateralized

Mortgage

Obligations

(cost

$35,872,496)

37,342,038

Corporate

Bonds

8.0%

Diversified

Financial

Services

8.0%

Private

Export

Funding

Corp.

,

Series

II,

2.05%,

11/15/2022

5,000,000

5,188,848

Series

GG,

2.45%,

7/15/2024

5,500,000

5,906,303

1.75%,

11/15/2024

10,000,000

10,540,904

Series

NN,

3.25%,

6/15/2025

14,000,000

15,644,432

Total

Corporate

Bonds

(cost

$34,425,399)

37,280,487

Mortgage-Backed

Securities

31.4%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

6,003,574

6,420,531

Pool#

G08881

3.50%,

6/1/2049

4,800,276

5,058,872

FHLMC

Non

Gold

Pool

Pool

#

847558

,

4.00%,

6/1/2035

(b)

926,862

977,451

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

6,335,460

6,652,519

Pool#

SD8025

3.50%,

11/1/2049

9,901,515

10,431,616

Pool#

SD8030

3.00%,

12/1/2049

4,704,979

4,926,415

Pool#

SD8050

3.00%,

3/1/2050

6,865,536

7,188,657

Pool#

SD8080

2.00%,

6/1/2050

3,919,251

4,052,288

FNMA

Pool

Pool#

745684

3.38%,

4/1/2034(b)

1,827,892

1,911,434

NVIT

Government

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

77

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

790760

2.13%,

9/1/2034(b)

573,561

583,161

Pool#

799144

2.79%,

4/1/2035(b)

291,943

295,379

Pool#

822705

3.62%,

4/1/2035(b)

278,912

280,418

Pool#

821377

2.65%,

5/1/2035(b)

292,922

295,184

Pool#

815217

2.93%,

5/1/2035(b)

617,109

623,791

Pool#

783609

3.55%,

5/1/2035(b)

473,550

476,990

Pool#

826181

2.40%,

7/1/2035(b)

772,800

785,675

Pool#

873932

6.31%,

8/1/2036

6,448,521

6,681,181

Pool#

745866

2.49%,

9/1/2036(b)

2,921,200

3,067,510

FNMA

UMBS

Pool

Pool#

BM5426

3.00%,

12/1/2047

21,255,153

22,338,022

Pool#

CA1564

4.50%,

4/1/2048

4,007,424

4,340,084

Pool#

BM5267

4.50%,

12/1/2048

8,902,233

9,646,666

Pool#

MA3664

4.00%,

5/1/2049

4,767,433

5,080,540

Pool#

MA3746

4.00%,

8/1/2049

4,883,152

5,207,476

Pool#

BP5843

2.50%,

5/1/2050

8,860,785

9,300,803

Pool#

MA4096

2.50%,

8/1/2050

6,933,972

7,278,306

Pool#

MA4119

2.00%,

9/1/2050

6,383,184

6,599,858

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2035

6,000,000

6,137,344

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2050

6,000,000

6,202,500

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

128,625

135,896

Pool#

682492

3.50%,

10/15/2025

339,749

358,957

Pool#

719433

3.50%,

10/15/2025

275,172

290,750

Pool#

733504

3.50%,

11/15/2025

431,579

456,023

Pool#

682497

3.50%,

11/15/2025

398,345

420,935

Pool#

749618

3.50%,

11/15/2025

260,758

275,545

Pool#

740930

3.50%,

11/15/2025

244,018

257,830

Pool#

742371

3.50%,

11/15/2025

109,545

115,755

Pool#

750403

3.50%,

11/15/2025

72,737

76,860

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

705178

3.50%,

11/15/2025

59,063

62,402

Pool#

755650

3.50%,

12/15/2025

1,060,308

1,120,283

Pool#

682502

3.50%,

12/15/2025

376,272

397,542

Total

Mortgage-Backed

Securities

(cost

$142,729,525)

146,809,449

U.S.

Government

Agency

Securities

27.2%

FFCB

3.14%,

7/2/2026

13,500,000

15,499,490

2.75%,

11/6/2026

2,000,000

2,262,553

2.43%,

9/13/2027

22,000,000

24,647,551

1.95%,

11/27/2029

1,500,000

1,641,958

3.19%,

3/9/2033

2,475,000

3,030,964

FHLB

2.75%,

12/11/2026

11,500,000

13,042,819

3.00%,

12/11/2026

10,000,000

11,493,653

2.13%,

12/14/2029

2,590,000

2,865,354

Hashemite

Kingdom

of

Jordan

AID

Bond

2.58%,

6/30/2022

2,000,000

2,082,388

3.00%,

6/30/2025

2,125,000

2,365,642

Republic

of

Iraq

AID

Bond,

2.15%,

1/18/2022

10,000,000

10,253,965

Tennessee

Valley

Authority,

7.13%,

5/1/2030(c)

20,721,000

32,182,310

Ukraine

Government

AID

Bond,

1.47%,

9/29/2021

6,000,000

6,074,672

Total

U.S.

Government

Agency

Securities

(cost

$114,712,651)

127,443,319

U.S.

Treasury

Obligations

14.2%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

2,000,000

1,968,437

2.50%,

2/15/2046

13,000,000

16,049,414

2.25%,

8/15/2046

8,500,000

10,037,637

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

4/15/2021

(d)

8,000,000

8,783,339

U.S.

Treasury

Notes

2.75%,

5/31/2023

(c)

1,000,000

1,068,985

2.25%,

11/15/2025

14,000,000

15,386,328

1.63%,

5/15/2026

(c)(e)

3,000,000

3,213,516

0.50%,

5/31/2027

5,000,000

5,020,117

0.38%,

7/31/2027

5,000,000

4,972,656

Total

U.S.

Treasury

Obligations

(cost

$60,192,741)

66,500,429

78

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Government

Bond

Fund

Short-Term

Investment

1.9%

Principal

Amount

($)

Value

($)

U.S.

Government

Agency

Security

1.9%

Resolution

Funding

Corp.,

0.00%,

1/15/2030(f)

10,000,000

8,984,952

Total

Short-Term

Investment

(cost

$8,881,669)

8,984,952

Repurchase

Agreements

1.9%

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,720,991,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$4,815,400.

(g)

4,720,980

4,720,980

BofA

Securities,

Inc

.

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$2,040,000.

(g)

2,000,000

2,000,000

Nomura

Securities

International,

Inc.

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$991,932,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$1,011,770.

(g)

991,930

991,930

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$1,020,000.

(g)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$8,712,910)

8,712,910

Total

Investments

(cost

$445,532,155)

—

101.2%

473,534,068

Liabilities

in

excess

of

other

assets

—

(1.2)%

(5,702,043)

NET

ASSETS

—

100.0%

$

467,832,025

(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

September

30,

2020

was

$45,939,174

which

represents

9.82%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$11,567,142,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,712,910

and

by

$3,301,480

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

2.75%,

and

maturity

dates

ranging

from

1/12/2021

–

11/15/2047,

a

total

value

of

$12,014,390.

(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)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$8,712,910.

NVIT

Government

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

79

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

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

22

12/2020

USD

3,878,188

6,822

U.S.

Treasury

Ultra

Bond

96

12/2020

USD

21,294,000

48,520

55,342

Short

Contracts

U.S.

Treasury

10

Year

Note

(146)

12/2020

USD

(20,371,563)

(88,179)

U.S.

Treasury

10

Year

Ultra

Note

(142)

12/2020

USD

(22,708,906)

(105,731)

(193,910)

(138,568)

Currency:

USD

United

States

Dollar

80

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Government

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

40,460,484

$

–

$

40,460,484

Collateralized

Mortgage

Obligations

–

37,342,038

–

37,342,038

Corporate

Bonds

–

37,280,487

–

37,280,487

Futures

Contracts

55,342

–

–

55,342

Mortgage-Backed

Securities

–

146,809,449

–

146,809,449

Repurchase

Agreements

–

8,712,910

–

8,712,910

Short-Term

Investment

–

8,984,952

–

8,984,952

U.S.

Government

Agency

Securities

–

127,443,319

–

127,443,319

U.S.

Treasury

Obligations

–

66,500,429

–

66,500,429

Total

Assets

$

55,342

$

473,534,068

$

–

$

473,589,410

$

–

$

–

$

–

$

–

NVIT

Government

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

81

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(193,910)

$

–

$

–

$

(193,910)

Total

Liabilities

$

(193,910)

$

–

$

–

$

(193,910)

Total

$

(138,568)

$

473,534,068

$

–

$

473,395,500

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

55,342

Total

$

55,342

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(193,910)

Total

$

(193,910)

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.

82

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

23.7%

Principal

Amount

($)

Value

($)

Airlines

0.9%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

7,152,796

6,152,621

American

Airlines

Pass-

Through

Trust

Series

2015-1,

Class

B,

3.70%,

5/1/2023

2,225,189

1,543,391

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,898,948

2,086,289

Series

2016-3,

Class

B,

3.75%,

10/15/2025

2,726,644

1,904,977

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

7,858,796

5,983,683

17,670,961

Automobiles

2.4%

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

6,050,000

6,221,666

Series

2020-1A,

Class

A,

2.01%,

2/15/2029(a)

5,000,000

5,117,493

Flagship

Credit

Auto

Trust

Series

2019-3,

Class

A,

2.33%,

2/15/2024(a)

2,999,585

3,044,201

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

2,490,301

2,527,903

Ford

Credit

Auto

Owner

Trust,

Series

2016-2,

Class

A,

2.03%,

12/15/2027(a)

5,000,000

5,057,738

Foursight

Capital

Automobile

Receivables

Trust

Series

2020-1,

Class

A2,

1.97%,

9/15/2023(a)

1,908,974

1,925,062

Series

2020-1,

Class

A3,

2.05%,

10/15/2024(a)

3,150,000

3,226,998

NextGear

Floorplan

Master

Owner

Trust

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

1,666,667

1,720,537

Series

2019-2A,

Class

A2,

2.07%,

10/15/2024(a)

4,000,000

4,008,281

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

11,721,211

11,868,964

44,718,843

Credit

Card

2.6%

American

Express

Credit

Account

Master

Trust

Series

2019-1,

Class

A,

2.87%,

10/15/2024

10,000,000

10,384,494

Series

2019-2,

Class

A,

2.67%,

11/15/2024

9,000,000

9,338,010

BA

Credit

Card

Trust,

Series

2018-A1,

Class

A1,

2.70%,

7/17/2023

13,650,000

13,776,085

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Credit

Card

Discover

Card

Execution

Note

Trust

Series

2018-A5,

Class

A5,

3.32%,

3/15/2024

11,000,000

11,325,482

Series

2019-A1,

Class

A1,

3.04%,

7/15/2024

5,350,000

5,543,257

50,367,328

Electric

Utilities

0.6%

AEP

Texas

Restoration

Funding

LLC,

Series

2019-1,

Class

A1,

2.06%,

2/1/2027

11,847,505

11,981,677

Home

Equity

2.4%

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2007-

WFH1,

Class

M1,

0.41%,

1/25/2037(b)

6,823,436

6,789,036

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.88%,

8/25/2035(b)

4,404,761

4,392,459

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

0.91%,

1/25/2035(b)

4,807,041

4,786,469

New

Residential

Mortgage

Loan

Trust,

Series

2018-

1A,

Class

A1A,

4.00%,

12/25/2057(a)(b)

4,272,706

4,611,978

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.39%,

1/25/2036(b)

1,390,124

1,388,995

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.61%,

1/25/2036(b)

13,803,001

13,722,894

Soundview

Home

Loan

Trust

Series

2005-CTX1,

Class

M3,

0.62%,

11/25/2035(b)

5,933,799

5,906,723

Series

2006-WF2,

Class

M1,

0.37%,

12/25/2036(b)

3,476,704

3,446,057

45,044,611

Other

14.8%

ALM

VII

Ltd.,

Series

2012-

7A,

Class

A1A2,

1.45%,

7/15/2029(a)(b)

19,000,000

18,866,753

American

Homes

4

Rent,

Series

2015-SFR1,

Class

A,

3.47%,

4/17/2052(a)

4,505,192

4,814,407

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

3,571,255

3,806,882

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

10,478,857

11,211,626

NVIT

Short

Term

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

83

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.27%,

4/25/2031(a)(b)

5,000,000

4,918,270

Series

2018-22A,

Class

B,

1.69%,

4/25/2031(a)(b)

5,000,000

4,871,405

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A2LR,

1.96%,

7/24/2029(a)(b)

9,000,000

8,870,256

AMMC

CLO

XIV

Ltd.,

Series

2014-14A,

Class

A2LR,

1.94%,

7/25/2029(a)(b)

8,947,368

8,816,325

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

0.00%,

10/25/2031(a)(b)

2,700,000

2,700,000

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

3,376,906

3,492,766

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

3,967,056

4,053,214

Series

2017-SPL4,

Class

A,

3.50%,

1/28/2055(a)(b)

2,036,416

2,075,349

CCG

Receivables

Trust

Series

2018-2,

Class

A2,

3.09%,

12/15/2025(a)

2,463,896

2,494,348

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

4,204,032

4,277,492

Series

2019-2,

Class

A2,

2.11%,

3/15/2027(a)

6,321,960

6,416,531

Cedar

Funding

II

CLO

Ltd.

Series

2013-1A,

Class

A1R,

1.47%,

6/9/2030(a)(b)

10,000,000

9,954,030

Series

2013-1A,

Class

BR,

1.99%,

6/9/2030(a)(b)

7,000,000

6,910,876

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.27%,

1/20/2031(a)(b)

3,000,000

2,956,215

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A2,

1.62%,

10/17/2030(a)(b)

8,500,000

8,309,668

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

3,280,792

3,521,274

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

B,

1.97%,

7/18/2030(a)(b)

4,500,000

4,477,109

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

2,121,280

2,183,381

FCI

Funding

LLC,

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

876,008

891,300

Federal

Express

Corp.

Pass-

Through

Trust,

Series

1998

6.72%,

1/15/2022

135,107

136,230

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

1,029,196

1,078,738

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

4/15/2055(a)

8,195,502

8,304,478

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

429,216

452,615

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

564,193

593,782

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.15%,

7/17/2037(a)(b)

4,594,045

4,594,760

Madison

Park

Funding

XII

Ltd.,

Series

2014-

12A,

Class

AR,

1.53%,

7/20/2026(a)(b)

587,592

587,479

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

0.00%,

10/25/2031(a)(b)

10,600,000

10,603,328

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

10,050,187

10,685,184

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

A,

1.60%,

1/19/2032(a)(b)

2,000,000

2,000,216

Series

2019-32A,

Class

B,

2.12%,

1/19/2032(a)(b)

1,000,000

1,000,549

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

A,

0.75%,

10/20/2032(a)(b)

10,400,000

10,404,347

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed,

Series

2019-T4,

Class

AT4,

2.33%,

10/15/2051(a)

880,000

880,347

NRZ

Advance

Receivables

Trust

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

8,998,432

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

599,895

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

2.05%,

5/20/2031(a)(b)

10,000,000

9,813,190

Renew

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

3,129,279

3,364,389

Series

2017-2A,

Class

A,

3.22%,

9/22/2053(a)

2,824,612

2,842,564

Southwick

Park

CLO

LLC

Series

2019-4A,

Class

A1,

1.57%,

7/20/2032(a)(b)

14,500,000

14,449,076

Series

2019-4A,

Class

B1,

2.02%,

7/20/2032(a)(b)

2,500,000

2,494,910

84

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

SPS

Servicer

Advance

Receivables

Trust

Advance

Receivables

Backed

Notes,

Series

2019-T2,

Class

AT2,

2.32%,

10/15/2052(a)

5,040,000

4,998,040

Tax

Ease

Funding

LLC,

Series

2016-1A,

Class

A,

3.13%,

6/15/2028(a)

2,060,625

2,064,997

TLF

National

Tax

Lien

Trust,

Series

2017-1A,

Class

A,

3.09%,

12/15/2029(a)

468,251

471,332

Towd

Point

Mortgage

Trust

Series

2015-6,

Class

M1,

3.75%,

4/25/2055(a)(b)

4,596,000

4,991,018

Series

2018-2,

Class

A1,

3.25%,

3/25/2058(a)(b)

1,325,024

1,408,414

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

3,810,942

4,066,073

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

802,356

857,961

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

17,635,109

18,690,963

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

14,057,984

14,452,623

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,190,500

5,449,013

282,224,420

Total

Asset-Backed

Securities

(cost

$452,802,920)

452,007,840

Collateralized

Mortgage

Obligations

8.8%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

10,981,967

11,090,766

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,140,251

1,153,994

FHLMC

REMICS,

Series

3616,

Class

PA,

4.50%,

11/15/2039

21,812

22,105

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

4,751

4,833

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A2,

0.48%,

10/25/2035(b)

2,243,428

2,242,760

Mello

Warehouse

Securitization

Trust

Series

2019-1,

Class

A,

0.95%,

6/25/2052(a)(b)

6,700,000

6,705,115

Series

2019-1,

Class

B,

1.15%,

6/25/2052(a)(b)

1,430,000

1,427,118

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

MFA

Trust,

Series

2017-

RPL1,

Class

A1,

2.59%,

2/25/2057(a)(b)

3,487,265

3,528,737

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

8,572,284

8,955,359

New

Residential

Mortgage

Loan

Trust

Series

2016-2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

8,047,935

8,693,060

Series

2014-3A,

Class

AFX3,

3.75%,

11/25/2054(a)

(b)

3,306,451

3,538,121

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,651,326

1,777,400

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,691,449

1,818,175

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

4,324,675

4,685,169

Series

2017-2A,

Class

A3,

4.00%,

3/25/2057(a)(b)

6,085,888

6,582,928

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

2,644,488

2,856,810

Series

2019-1A,

Class

A1,

4.00%,

9/25/2057(a)(b)

2,824,720

3,099,443

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

6,955,642

7,481,428

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

4,929,874

5,304,893

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,799,360

1,962,066

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

10,198,411

11,037,142

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

2,964,582

3,172,974

Series

2019-4A,

Class

A1B,

3.50%,

12/25/2058(a)(b)

6,880,408

7,319,061

Series

2019-RPL2,

Class

A1,

3.25%,

2/25/2059(a)(b)

15,254,225

16,291,841

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

4,982,898

5,259,449

Series

2020-RPL1,

Class

A1,

2.75%,

11/25/2059(a)(b)

8,334,058

8,806,543

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

30,353

RCO

Trust

Series

2017-INV1,

Class

A,

3.20%,

11/25/2052(a)(b)

2,983,658

3,024,517

Series

2018-VFS1,

Class

A1,

4.27%,

12/26/2053(a)(b)

2,148,259

2,258,793

Sequoia

Mortgage

Trust

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

861,536

882,465

Series

2018-CH4,

Class

A10,

4.50%,

10/25/2048(a)

(b)

544,680

547,189

Series

2018-8,

Class

A4,

4.00%,

11/25/2048(a)(b)

886,599

887,399

NVIT

Short

Term

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

85

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Visio

Trust

Series

2019-1,

Class

A1,

3.57%,

6/25/2054(a)(b)

12,498,870

12,748,808

Series

2019-2,

Class

A1,

2.72%,

11/25/2054(a)(b)

11,864,954

12,133,284

Total

Collateralized

Mortgage

Obligations

(cost

$161,996,067)

167,330,098

Commercial

Mortgage-Backed

Securities

0.2%

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

4,000,000

3,990,780

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2013-C8,

Class

XA,

IO,

1.11%,

12/15/2048(b)

20,983,809

358,489

Total

Commercial

Mortgage-Backed

Securities

(cost

$4,389,389)

4,349,269

Corporate

Bonds

18.8%

Aerospace

&

Defense

0.1%

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,804,623

Automobiles

0.5%

Daimler

Finance

North

America

LLC

,

3.65%,

2/22/2024(a)

5,000,000

5,429,031

2.70%,

6/14/2024(a)(d)

3,000,000

3,173,907

8,602,938

Banks

3.8%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.63%),

2.33%,

10/1/2021(e)

2,500,000

2,500,000

(ICE

LIBOR

USD

3

Month

+

1.16%),

1.43%,

1/20/2023(e)

5,000,000

5,054,829

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(e)

8,623,000

9,053,509

Citigroup,

Inc.

,

4.40%,

6/10/2025

7,000,000

7,871,994

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(a)(d)

9,075,000

9,041,668

Cooperatieve

Rabobank

UA

,

3.95%,

11/9/2022

7,770,000

8,255,649

4.63%,

12/1/2023

2,386,000

2,653,542

ING

Groep

NV

,

3.15%,

3/29/2022

5,000,000

5,188,519

JPMorgan

Chase

&

Co.

,

4.63%,

5/10/2021

15,000,000

15,395,943

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023

7,000,000

7,625,276

72,640,929

Beverages

0.7%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.15%,

1/23/2025

6,950,000

7,846,649

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)

5,000,000

5,583,682

13,430,331

Biotechnology

0.7%

AbbVie,

Inc.

,

4.88%,

2/15/2021(a)

930,000

935,160

3.45%,

3/15/2022(a)

10,000,000

10,359,837

2.60%,

11/21/2024(a)

2,000,000

2,120,980

13,415,977

Building

Products

0.2%

Carrier

Global

Corp.

,

2.24%,

2/15/2025(a)

3,750,000

3,908,785

Capital

Markets

2.3%

Goldman

Sachs

Group,

Inc.

(The)

,

5.25%,

7/27/2021

4,000,000

4,155,930

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(e)

7,000,000

7,249,809

3.75%,

5/22/2025

2,000,000

2,222,376

Morgan

Stanley

,

5.75%,

1/25/2021

16,302,000

16,580,447

UBS

Group

AG

,

2.65%,

2/1/2022(a)

9,000,000

9,257,467

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

7/30/2024(a)(d)(e)

4,000,000

4,008,746

43,474,775

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

,

4.10%,

2/15/2028

5,102,000

5,896,031

CCO

Holdings

LLC

,

5.75%,

2/15/2026(a)

10,000,000

10,400,000

16,296,031

Electric

Utilities

0.8%

Evergy

,

Inc.

,

5.29%,

6/15/2022(c)

11,510,000

12,237,327

FirstEnergy

Corp.

,

Series

A,

1.60%,

1/15/2026

2,650,000

2,632,910

14,870,237

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026(d)

2,015,000

2,037,606

86

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.3%

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026

5,000,000

5,148,305

Health

Care

Providers

&

Services

0.5%

CVS

Health

Corp.

,

3.70%,

3/9/2023

4,646,000

4,976,588

3.63%,

4/1/2027

4,000,000

4,492,045

9,468,633

Insurance

1.1%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)(d)

7,577,000

8,418,731

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

7,064,814

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

6,352,622

21,836,167

Media

0.6%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

3,000,000

3,467,610

Comcast

Corp.

,

3.70%,

4/15/2024(d)

7,500,000

8,281,696

11,749,306

Oil,

Gas

&

Consumable

Fuels

2.8%

Aker

BP

ASA

,

4.75%,

6/15/2024(a)

17,000,000

17,455,237

BP

Capital

Markets

America,

Inc.

,

3.79%,

2/6/2024

5,000,000

5,482,347

BP

Capital

Markets

plc

,

3.81%,

2/10/2024

3,975,000

4,368,792

Energy

Transfer

Operating

LP

,

4.25%,

3/15/2023

3,350,000

3,482,950

5.88%,

1/15/2024

3,500,000

3,849,399

Marathon

Oil

Corp.

,

3.85%,

6/1/2025

3,000,000

3,079,073

MPLX

LP

,

4.25%,

12/1/2027

2,500,000

2,809,120

Occidental

Petroleum

Corp.

,

2.70%,

8/15/2022

2,742,000

2,562,043

Sabine

Pass

Liquefaction

LLC

,

5.75%,

5/15/2024

4,000,000

4,528,138

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025(d)

4,500,000

4,919,898

52,536,997

Pharmaceuticals

1.9%

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024

8,900,000

9,643,872

Royalty

Pharma

plc

,

0.75%,

9/2/2023(a)

9,957,000

9,929,817

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

10,210,000

10,837,238

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

2.20%,

7/21/2021(d)

1,555,000

1,541,783

Upjohn,

Inc.

,

1.65%,

6/22/2025(a)

5,000,000

5,117,130

37,069,840

Professional

Services

0.3%

Equifax,

Inc.

,

2.60%,

12/1/2024

5,000,000

5,336,319

Road

&

Rail

0.4%

Ashtead

Capital,

Inc.

,

4.13%,

8/15/2025(a)

7,500,000

7,696,875

Semiconductors

&

Semiconductor

Equipment

0.2%

QUALCOMM,

Inc.

,

1.30%,

5/20/2028(a)

4,200,000

4,178,580

Thrifts

&

Mortgage

Finance

0.6%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,258,150

5.70%,

10/22/2023(a)

6,800,000

7,620,175

10,878,325

Total

Corporate

Bonds

(cost

$345,045,856)

357,381,579

Exchange

Traded

Fund

0.6%

Shares

Debt

Funds

0.6%

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

186,220

10,225,340

0

Total

Exchange

Traded

Fund

(cost

$10,011,187)

10,225,340

Loan

Participations

0.5%

Principal

Amount

($)

Software

0.5%

Open

Text

Corp.,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

1

Month

+

1.75%),

1.90%,

5/30/2025

(e)

942,999

934,946

TIBCO

Software,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.75%),

3.90%,

6/30/2026

(e)

9,507,215

9,257,651

10,192,597

0

Total

Loan

Participations

(cost

$10,212,641)

10,192,597

NVIT

Short

Term

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

87

Mortgage-Backed

Securities

8.4%

Principal

Amount

($)

Value

($)

FHLMC

Non

Gold

Pool

Pool#

1Q0648

3.59%,

6/1/2037(b)

314,107

328,336

Pool#

1B3601

4.32%,

10/1/2037(b)

126,859

126,783

FHLMC

UMBS

Pool

Pool#

SB8004

2.50%,

7/1/2034

1,384,656

1,446,041

Pool#

SB8057

2.00%,

8/1/2035

24,610,313

25,586,880

FNMA

Pool

Pool#

747271

2.77%,

7/1/2034(b)

276,168

282,868

Pool#

886345

2.35%,

8/1/2036(b)

63,123

63,560

Pool#

949691

2.36%,

9/1/2037(b)

71,338

71,523

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

4,789,119

5,000,077

Pool#

BN0906

4.00%,

11/1/2048

6,633,253

7,140,823

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2035

40,000,000

40,915,625

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2050

77,000,000

79,598,750

Total

Mortgage-Backed

Securities

(cost

$159,050,156)

160,561,266

U.S.

Treasury

Obligations

39.9%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

5,000,000

5,829,688

U.S.

Treasury

Inflation

Linked

Notes

0.13%,

4/15/2022

(f)

15,000,000

16,261,604

0.13%,

7/15/2022

(f)

73,000,000

84,367,121

0.13%,

1/15/2030

(f)

91,500,000

101,758,928

U.S.

Treasury

Notes

1.63%,

10/15/2020

(d)

1,000,000

1,000,583

1.75%,

11/15/2020

(d)

8,000,000

8,016,034

2.38%,

12/31/2020

(d)

9,000,000

9,050,155

2.50%,

1/31/2021

(d)

11,500,000

11,588,945

2.38%,

3/15/2021

(d)

3,000,000

3,030,000

1.38%,

4/30/2021

(d)

10,000,000

10,072,266

2.63%,

5/15/2021

4,000,000

4,061,719

1.75%,

7/31/2021

7,000,000

7,092,969

2.13%,

8/15/2021

5,000,000

5,086,133

1.50%,

9/30/2021

4,000,000

4,053,437

1.75%,

11/30/2021

(d)

24,000,000

24,447,187

0.13%,

6/30/2022

29,700,000

29,693,039

2.00%,

11/30/2022

10,000,000

10,401,562

2.13%,

12/31/2022

5,135,000

5,363,467

0.25%,

4/15/2023

190,000,000

190,475,000

2.50%,

1/31/2024

24,000,000

25,848,750

2.00%,

5/31/2024

51,000,000

54,352,852

2.38%,

8/15/2024

(d)

50,000,000

54,175,781

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.25%,

10/31/2024

5,000,000

5,411,914

2.25%,

11/15/2024

8,000,000

8,662,500

2.00%,

8/15/2025

15,000,000

16,250,977

2.25%,

11/15/2025

4,000,000

4,396,094

2.63%,

1/31/2026

54,000,000

60,591,797

Total

U.S.

Treasury

Obligations

(cost

$742,600,049)

761,340,502

Repurchase

Agreements

0.8%

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$6,825,941,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$6,962,444.

(g)

6,825,925

6,825,925

BofA

Securities,

Inc

.

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,000,007,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$3,060,000.

(g)

3,000,000

3,000,000

NatWest

Markets

Securities,

Inc.

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.

(g)

4,000,000

4,000,000

Nomura

Securities

International,

Inc.

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$1,020,001.

(g)

1,000,000

1,000,000

88

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$1,020,000.

(g)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$15,825,925)

15,825,925

Total

Investments

(cost

$1,901,934,190)

—

101.7%

1,939,214,416

Liabilities

in

excess

of

other

assets

—

(1.7)%

(32,464,671)

NET

ASSETS

—

100.0%

$

1,906,749,745

(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

September

30,

2020

was

$647,903,853

which

represents

33.98%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2020.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$78,068,112,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,825,925

and

by

$64,378,606

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$80,204,531.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

2020

was

$15,825,925.

CLO

Collateralized

Loan

Obligations

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

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

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

3,373

12/2020

USD

745,301,242

466,234

466,234

Short

Contracts

U.S.

Treasury

5

Year

Note

(2,563)

12/2020

USD

(323,018,094)

(686,948)

U.S.

Treasury

10

Year

Note

(422)

12/2020

USD

(58,882,187)

(122,841)

U.S.

Treasury

10

Year

Ultra

Note

(577)

12/2020

USD

(92,274,922)

(314,353)

(1,124,142)

(657,908)

At

September

30,

2020,

the

Fund

had

$3,310,745

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Short

Term

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

89

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

452,007,840

$

–

$

452,007,840

Collateralized

Mortgage

Obligations

–

167,330,098

–

167,330,098

Commercial

Mortgage-Backed

Securities

–

4,349,269

–

4,349,269

Corporate

Bonds

–

357,381,579

–

357,381,579

Exchange

Traded

Fund

10,225,340

–

–

10,225,340

Futures

Contracts

466,234

–

–

466,234

Loan

Participations

–

10,192,597

–

10,192,597

Mortgage-Backed

Securities

–

160,561,266

–

160,561,266

Repurchase

Agreements

–

15,825,925

–

15,825,925

U.S.

Treasury

Obligations

–

761,340,502

–

761,340,502

Total

Assets

$

10,691,574

$

1,928,989,076

$

–

$

1,939,680,650

$

–

$

–

$

–

$

–

90

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(1,124,142)

$

–

$

–

$

(1,124,142)

Total

Liabilities

$

(1,124,142)

$

–

$

–

$

(1,124,142)

Total

$

9,567,432

$

1,928,989,076

$

–

$

1,938,556,508

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

466,234

Total

$

466,234

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,124,142)

Total

$

(1,124,142)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

AllianzGI

International

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

96.5%

Shares

Value

($)

ARGENTINA

3.5%

Internet

&

Direct

Marketing

Retail

3.5%

MercadoLibre

,

Inc.

*

6,777

7,335,967

AUSTRALIA

3.7%

Biotechnology

0.8%

CSL

Ltd.

8,493

1,749,914

Hotels,

Restaurants

&

Leisure

2.9%

Domino's

Pizza

Enterprises

Ltd.

(a)

107,406

6,125,117

7,875,031

BRAZIL

3.4%

IT

Services

3.4%

StoneCo

Ltd.,

Class

A

*

137,524

7,273,644

CANADA

6.2%

Food

&

Staples

Retailing

1.9%

Alimentation

Couche-Tard,

Inc.,

Class

B

114,329

3,981,402

IT

Services

1.8%

Shopify,

Inc.,

Class

A

*

3,797

3,884,217

Road

&

Rail

0.5%

Canadian

National

Railway

Co.

10,287

1,095,565

Software

2.0%

Constellation

Software,

Inc.

3,667

4,074,802

13,035,986

CHINA

14.2%

Diversified

Consumer

Services

0.8%

TAL

Education

Group,

ADR

*

22,874

1,739,339

Entertainment

2.5%

Tencent

Music

Entertainment

Group,

ADR

*(a)

352,891

5,212,200

Interactive

Media

&

Services

4.8%

Tencent

Holdings

Ltd.

151,973

10,120,395

Internet

&

Direct

Marketing

Retail

6.1%

Alibaba

Group

Holding

Ltd.,

ADR

*

44,309

13,025,960

30,097,894

DENMARK

13.6%

Air

Freight

&

Logistics

3.1%

DSV

Panalpina

A/S

39,621

6,465,727

Health

Care

Equipment

&

Supplies

5.2%

Ambu

A/S,

Class

B

375,491

10,631,224

Coloplast

A/S,

Class

B

3,232

511,135

11,142,359

Pharmaceuticals

1.1%

Novo

Nordisk

A/S,

Class

B

34,186

2,374,620

Software

4.2%

Netcompany

Group

A/S

Reg.

S

*(b)

107,780

8,922,068

28,904,774

GERMANY

11.0%

Diversified

Financial

Services

0.5%

GRENKE

AG

27,407

1,013,283

Common

Stocks

Shares

Value

($)

GERMANY

Internet

&

Direct

Marketing

Retail

1.6%

Zalando

SE

Reg.

S

*(b)

36,461

3,412,813

IT

Services

2.1%

Bechtle

AG

21,989

4,457,081

Semiconductors

&

Semiconductor

Equipment

3.3%

Infineon

Technologies

AG

250,517

7,086,312

Software

2.5%

SAP

SE

33,625

5,236,200

Textiles,

Apparel

&

Luxury

Goods

1.0%

adidas

AG

*

6,572

2,127,115

23,332,804

HONG

KONG

2.4%

Insurance

2.4%

AIA

Group

Ltd.

519,819

5,120,830

INDIA

3.4%

Banks

3.4%

HDFC

Bank

Ltd.

*

482,832

7,114,562

INDONESIA

0.4%

Banks

0.4%

Bank

Central

Asia

Tbk

.

PT

442,710

807,934

IRELAND

1.4%

Building

Products

1.4%

Kingspan

Group

plc

32,943

2,993,843

ISRAEL

6.7%

IT

Services

6.7%

Wix.com

Ltd.

*

55,314

14,096,773

JAPAN

2.8%

Electronic

Equipment,

Instruments

&

Components

1.7%

Keyence

Corp.

7,713

3,594,586

Trading

Companies

&

Distributors

1.1%

MonotaRO

Co.

Ltd.

46,505

2,316,165

5,910,751

NETHERLANDS

4.5%

Semiconductors

&

Semiconductor

Equipment

4.5%

ASML

Holding

NV

25,746

9,493,441

NEW

ZEALAND

1.3%

Air

Freight

&

Logistics

1.3%

Mainfreight

Ltd.

91,406

2,789,419

SOUTH

AFRICA

1.0%

Banks

1.0%

Capitec

Bank

Holdings

Ltd.

34,923

2,161,626

SWEDEN

6.9%

Building

Products

0.6%

Assa

Abloy

AB,

Class

B

52,818

1,232,828

Chemicals

1.2%

Hexpol

AB

*

273,936

2,451,616

Electronic

Equipment,

Instruments

&

Components

1.2%

Hexagon

AB,

Class

B

*

34,283

2,590,971

Machinery

2.0%

Atlas

Copco

AB,

Class

A

57,157

2,720,283

Epiroc

AB,

Class

A

106,037

1,539,060

4,259,343

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Trading

Companies

&

Distributors

1.9%

AddTech

AB,

Class

B

(a)

315,212

4,120,159

14,654,917

SWITZERLAND

4.1%

Capital

Markets

1.2%

Partners

Group

Holding

AG

2,705

2,489,068

Chemicals

1.3%

Sika

AG

(Registered)

11,571

2,842,648

Machinery

0.9%

VAT

Group

AG

Reg.

S

*(b)

10,276

1,964,510

Software

0.7%

Temenos

AG

(Registered)

10,457

1,408,207

8,704,433

TAIWAN

4.8%

Entertainment

4.8%

Sea

Ltd.,

ADR

*(a)

65,366

10,068,979

UNITED

KINGDOM

1.2%

Industrial

Conglomerates

1.2%

DCC

plc

34,003

2,620,443

Total

Investments

(cost

$123,297,548)

  —

96.5%

204,394,051

Other

assets

in

excess

of

liabilities

—

3.5%

7,367,152

NET

ASSETS

—

100.0%

$

211,761,203

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$17,816,135,

which

was

collateralized

by

$18,956,233

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

September

30,

2020

was

$14,299,391

which

represents

6.75%

of

net

assets.

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.

NVIT

AllianzGI

International

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-

exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-

U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

9,255,146

$

–

$

9,255,146

Banks

–

10,084,122

–

10,084,122

Biotechnology

–

1,749,914

–

1,749,914

Building

Products

–

4,226,671

–

4,226,671

Capital

Markets

–

2,489,068

–

2,489,068

Chemicals

–

5,294,264

–

5,294,264

Diversified

Consumer

Services

1,739,339

–

–

1,739,339

Diversified

Financial

Services

–

1,013,283

–

1,013,283

Electronic

Equipment,

Instruments

&

Components

–

6,185,557

–

6,185,557

Entertainment

15,281,179

–

–

15,281,179

Food

&

Staples

Retailing

3,981,402

–

–

3,981,402

Health

Care

Equipment

&

Supplies

–

11,142,359

–

11,142,359

Hotels,

Restaurants

&

Leisure

–

6,125,117

–

6,125,117

Industrial

Conglomerates

–

2,620,443

–

2,620,443

Insurance

–

5,120,830

–

5,120,830

Interactive

Media

&

Services

–

10,120,395

–

10,120,395

Internet

&

Direct

Marketing

Retail

20,361,927

3,412,813

–

23,774,740

IT

Services

25,254,634

4,457,081

–

29,711,715

Machinery

–

6,223,853

–

6,223,853

Pharmaceuticals

–

2,374,620

–

2,374,620

Road

&

Rail

1,095,565

–

–

1,095,565

Semiconductors

&

Semiconductor

Equipment

–

16,579,753

–

16,579,753

Software

4,074,802

15,566,475

–

19,641,277

Textiles,

Apparel

&

Luxury

Goods

–

2,127,115

–

2,127,115

Trading

Companies

&

Distributors

–

6,436,324

–

6,436,324

Total

Common

Stocks

$

71,788,848

$

132,605,203

$

–

$

204,394,051

Total

$

71,788,848

$

132,605,203

$

–

$

204,394,051

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.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

97.4%

Shares

Value

($)

AUSTRALIA

1.8%

Health

Care

Equipment

&

Supplies

0.9%

Ansell

Ltd.

55,075

1,472,566

Metals

&

Mining

0.9%

BHP

Group

Ltd.,

ADR

(a)

30,228

1,563,090

3,035,656

AUSTRIA

1.4%

Machinery

1.4%

ANDRITZ

AG

79,506

2,449,347

BERMUDA

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Teekay

Tankers

Ltd.,

Class

A

*(a)

65,114

705,836

CANADA

3.9%

Food

&

Staples

Retailing

1.0%

Alimentation

Couche-Tard,

Inc.,

Class

B

47,131

1,641,294

Metals

&

Mining

1.9%

Teck

Resources

Ltd.,

Class

B

95,441

1,328,539

Yamana

Gold,

Inc.

(a)

356,602

2,025,499

3,354,038

Oil,

Gas

&

Consumable

Fuels

1.0%

Cameco

Corp.

167,952

1,696,315

6,691,647

FINLAND

2.2%

Paper

&

Forest

Products

2.2%

UPM-

Kymmene

OYJ

123,864

3,769,931

FRANCE

11.9%

Banks

1.9%

BNP

Paribas

SA

*

91,206

3,304,031

Biotechnology

0.0%

†

DBV

Technologies

SA,

ADR

*

30,442

52,665

Construction

&

Engineering

0.7%

Eiffage

SA

*

14,253

1,161,671

Insurance

2.3%

AXA

SA

217,529

4,015,659

IT

Services

2.5%

Atos

SE

*

22,054

1,776,534

Capgemini

SE

19,188

2,457,517

4,234,051

Oil,

Gas

&

Consumable

Fuels

2.6%

TOTAL

SE

(a)

128,212

4,401,908

Pharmaceuticals

1.9%

Sanofi

33,191

3,328,030

20,498,015

GERMANY

8.2%

Chemicals

1.8%

Covestro

AG

Reg.

S

(b)

63,305

3,143,205

Insurance

0.9%

Allianz

SE

(Registered)

7,945

1,523,999

Machinery

2.7%

Duerr

AG

74,669

2,297,765

KION

Group

AG

27,687

2,377,792

4,675,557

Common

Stocks

Shares

Value

($)

GERMANY

Multi-Utilities

1.4%

E.ON

SE

210,839

2,329,491

Pharmaceuticals

0.9%

Bayer

AG

(Registered)

24,898

1,556,142

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA

*

181,803

913,833

14,142,227

HONG

KONG

1.4%

Food

Products

1.4%

WH

Group

Ltd.

Reg.

S

(b)

3,037,000

2,471,892

IRELAND

1.8%

Biotechnology

0.1%

Amarin

Corp.

plc,

ADR

*(a)

26,060

109,713

Hotels,

Restaurants

&

Leisure

1.7%

Flutter

Entertainment

plc

18,726

2,949,160

3,058,873

ISRAEL

2.3%

Banks

1.4%

Bank

Hapoalim

BM

465,504

2,485,313

Diversified

Telecommunication

Services

0.9%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

*

1,333,077

1,550,405

4,035,718

JAPAN

22.7%

Auto

Components

1.0%

Koito

Manufacturing

Co.

Ltd.

32,800

1,672,154

Automobiles

2.5%

Subaru

Corp.

(a)

83,700

1,624,835

Toyota

Motor

Corp.

40,300

2,665,424

4,290,259

Banks

1.4%

Sumitomo

Mitsui

Financial

Group,

Inc.

84,900

2,362,439

Construction

&

Engineering

1.1%

Kinden

Corp.

(a)

105,400

1,857,727

Diversified

Financial

Services

2.0%

ORIX

Corp.

272,400

3,391,220

Diversified

Telecommunication

Services

1.5%

Nippon

Telegraph

&

Telephone

Corp.

124,900

2,555,336

Electronic

Equipment,

Instruments

&

Components

1.1%

Daiwabo

Holdings

Co.

Ltd.

30,200

1,950,105

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Invincible

Investment

Corp.

2,890

860,655

Food

&

Staples

Retailing

1.7%

Matsumotokiyoshi

Holdings

Co.

Ltd.

(a)

81,600

2,976,894

Health

Care

Providers

&

Services

1.6%

Ship

Healthcare

Holdings,

Inc.

57,800

2,828,546

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Household

Durables

0.7%

Sony

Corp.

16,500

1,262,001

Insurance

0.9%

Dai-ichi

Life

Holdings,

Inc.

108,500

1,531,294

IT

Services

0.6%

Fujitsu

Ltd.

7,500

1,026,978

Machinery

0.9%

Takuma

Co.

Ltd.

(a)

94,100

1,602,631

Pharmaceuticals

2.6%

Shionogi

&

Co.

Ltd.

(a)

27,500

1,471,279

Takeda

Pharmaceutical

Co.

Ltd.

82,400

2,935,250

4,406,529

Real

Estate

Management

&

Development

0.3%

Starts

Corp.,

Inc.

(a)

26,800

588,476

Trading

Companies

&

Distributors

2.3%

ITOCHU

Corp.

(a)

155,400

3,973,699

39,136,943

NETHERLANDS

8.9%

Banks

2.6%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

192,823

1,612,402

ING

Groep

NV

421,251

2,982,818

4,595,220

Electrical

Equipment

2.1%

Signify

NV

Reg.

S

*(b)

95,555

3,536,209

Insurance

2.1%

ASR

Nederland

NV

105,281

3,540,951

Oil,

Gas

&

Consumable

Fuels

2.1%

Royal

Dutch

Shell

plc,

Class

B

297,624

3,600,362

15,272,742

NORWAY

1.8%

Chemicals

0.7%

Yara

International

ASA

33,381

1,285,300

Food

Products

1.1%

Leroy

Seafood

Group

ASA

319,278

1,832,003

3,117,303

RUSSIA

0.7%

Banks

0.7%

Sberbank

of

Russia

PJSC,

ADR

*

76,166

888,606

Sberbank

of

Russia

PJSC,

ADR

*

26,895

313,865

1,202,471

SINGAPORE

3.1%

Banks

1.2%

DBS

Group

Holdings

Ltd.

135,300

1,990,037

Electronic

Equipment,

Instruments

&

Components

1.4%

Venture

Corp.

Ltd.

172,300

2,443,038

Common

Stocks

Shares

Value

($)

SINGAPORE

Oil,

Gas

&

Consumable

Fuels

0.5%

BW

LPG

Ltd.

Reg.

S

(b)

201,939

836,522

5,269,597

SOUTH

KOREA

1.2%

Internet

&

Direct

Marketing

Retail

0.6%

Hyundai

Home

Shopping

Network

Corp.

17,207

1,048,413

Textiles,

Apparel

&

Luxury

Goods

0.6%

Youngone

Corp.

39,851

957,219

2,005,632

SPAIN

2.7%

Construction

&

Engineering

0.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

54,519

1,235,248

Electric

Utilities

1.7%

Endesa

SA

107,256

2,868,537

Energy

Equipment

&

Services

0.3%

Tecnicas

Reunidas

SA

*

46,011

491,799

4,595,584

SWITZERLAND

1.8%

Pharmaceuticals

1.8%

Novartis

AG

(Registered)

35,830

3,113,672

TAIWAN

1.3%

Insurance

1.3%

Fubon

Financial

Holding

Co.

Ltd.

1,503,000

2,181,996

UNITED

KINGDOM

14.4%

Banks

1.0%

Barclays

plc

757,757

953,533

HSBC

Holdings

plc

205,499

798,348

1,751,881

Capital

Markets

0.9%

TP

ICAP

plc

512,274

1,507,489

Distributors

0.3%

Inchcape

plc

97,545

552,210

Diversified

Telecommunication

Services

2.1%

BT

Group

plc

886,459

1,126,527

Liberty

Global

plc,

Class

C

*

126,010

2,587,615

3,714,142

Energy

Equipment

&

Services

0.3%

John

Wood

Group

plc

213,367

584,677

Household

Durables

0.2%

Crest

Nicholson

Holdings

plc

144,712

367,860

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Drax

Group

plc

339,298

1,165,121

Industrial

Conglomerates

1.8%

DCC

plc

39,729

3,061,717

Insurance

1.4%

Just

Group

plc

*

2,247,230

1,301,081

Legal

&

General

Group

plc

440,551

1,067,684

2,368,765

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Media

0.5%

WPP

plc

100,436

784,381

Oil,

Gas

&

Consumable

Fuels

1.1%

BP

plc

654,281

1,899,644

Pharmaceuticals

0.2%

GW

Pharmaceuticals

plc,

ADR

*(a)

3,998

389,205

Software

0.2%

Micro

Focus

International

plc

89,968

284,541

Tobacco

2.8%

British

American

Tobacco

plc

137,348

4,936,696

Wireless

Telecommunication

Services

0.9%

Vodafone

Group

plc

1,142,752

1,516,067

24,884,396

UNITED

STATES

3.5%

Beverages

1.6%

Primo

Water

Corp.

(a)

198,182

2,814,185

Biotechnology

0.7%

Alexion

Pharmaceuticals,

Inc.

*

3,799

434,719

Insmed

,

Inc.

*

12,435

399,661

Sage

Therapeutics,

Inc.

*

5,005

305,906

1,140,286

Diversified

Financial

Services

0.9%

Burford

Capital

Ltd.

190,327

1,529,962

Health

Care

Equipment

&

Supplies

0.2%

Quotient

Ltd.

*

79,809

410,218

Pharmaceuticals

0.1%

Aerie

Pharmaceuticals,

Inc.

*(a)

16,629

195,723

6,090,374

Total

Common

Stocks

(cost

$151,919,024)

167,729,852

Exchange

Traded

Fund

2.0%

UNITED

STATES

2.0%

iShares

MSCI

EAFE

Value

ETF

(a)

85,242

3,439,515

Total

Exchange

Traded

Fund

(cost

$3,593,973)

3,439,515

Repurchase

Agreements

10.7%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$6,913,079,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$7,051,324.(c)

6,913,063

6,913,063

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$4,080,000.(c)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.(c)

4,000,000

4,000,000

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$500,001,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$510,000.(c)

500,000

500,000

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$1,020,000.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$18,413,063)

18,413,063

Total

Investments

(cost

$173,926,060)

  —

110.1%

189,582,430

Liabilities

in

excess

of

other

assets

—

(10.1)%

(17,359,390)

NET

ASSETS

—

100.0%

$

172,223,040

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$21,288,342,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$18,413,063

and

by

$3,728,879

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$22,141,942.

(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

September

30,

2020

was

$11,600,230

which

represents

6.74%

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

September

30,

2020

was

$18,413,063.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

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

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2020:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

6,085,000

USD

4,308,423

Morgan

Stanley

Co.,

Inc.

11/19/2020

50,481

SEK

23,198,000

USD

2,573,675

Morgan

Stanley

Co.,

Inc.

11/19/2020

17,890

Total

unrealized

appreciation

68,371

USD

4,316,493

CAD

5,774,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(20,445)

USD

2,588,324

EUR

2,218,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(14,805)

USD

2,588,561

GBP

2,035,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(37,936)

USD

2,586,440

ILS

8,950,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(27,714)

USD

1,724,135

JPY

181,779,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(392)

USD

1,724,502

SGD

2,368,000

Morgan

Stanley

Co.,

Inc.

11/19/2020

(10,330)

Total

unrealized

depreciation

(111,622)

Net

unrealized

depreciation

(43,251)

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

ILS

Israeli

shekel

JPY

Japanese

yen

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Auto

Components

$

–

$

1,672,154

$

–

$

1,672,154

Automobiles

–

4,290,259

–

4,290,259

Banks

313,865

17,377,527

–

17,691,392

Beverages

2,814,185

–

–

2,814,185

Biotechnology

1,302,664

–

–

1,302,664

Capital

Markets

–

1,507,489

–

1,507,489

Chemicals

–

4,428,505

–

4,428,505

Construction

&

Engineering

–

4,254,646

–

4,254,646

Distributors

–

552,210

–

552,210

Diversified

Financial

Services

–

4,921,182

–

4,921,182

Diversified

Telecommunication

Services

2,587,615

5,232,268

–

7,819,883

Electric

Utilities

–

2,868,537

–

2,868,537

Electrical

Equipment

–

3,536,209

–

3,536,209

Electronic

Equipment,

Instruments

&

Components

–

4,393,143

–

4,393,143

Energy

Equipment

&

Services

–

1,076,476

–

1,076,476

Equity

Real

Estate

Investment

Trusts

(REITs)

–

860,655

–

860,655

Food

&

Staples

Retailing

1,641,294

2,976,894

–

4,618,188

Food

Products

–

4,303,895

–

4,303,895

Health

Care

Equipment

&

Supplies

410,218

1,472,566

–

1,882,784

Health

Care

Providers

&

Services

–

2,828,546

–

2,828,546

Hotels,

Restaurants

&

Leisure

–

2,949,160

–

2,949,160

Household

Durables

–

1,629,861

–

1,629,861

Independent

Power

and

Renewable

Electricity

Producers

–

1,165,121

–

1,165,121

Industrial

Conglomerates

–

3,061,717

–

3,061,717

Insurance

–

15,162,664

–

15,162,664

Internet

&

Direct

Marketing

Retail

–

1,048,413

–

1,048,413

IT

Services

–

5,261,029

–

5,261,029

Machinery

–

8,727,535

–

8,727,535

Media

–

784,381

–

784,381

Metals

&

Mining

4,917,128

–

–

4,917,128

Multi-Utilities

–

2,329,491

–

2,329,491

Oil,

Gas

&

Consumable

Fuels

2,402,151

10,738,436

–

13,140,587

Paper

&

Forest

Products

–

3,769,931

–

3,769,931

Pharmaceuticals

584,928

12,404,373

–

12,989,301

Real

Estate

Management

&

Development

–

1,502,309

–

1,502,309

Software

–

284,541

–

284,541

Textiles,

Apparel

&

Luxury

Goods

–

957,219

–

957,219

Tobacco

–

4,936,696

–

4,936,696

Trading

Companies

&

Distributors

–

3,973,699

–

3,973,699

Wireless

Telecommunication

Services

–

1,516,067

–

1,516,067

Total

Common

Stocks

$

16,974,048

$

150,755,804

$

–

$

167,729,852

Exchange

Traded

Fund

3,439,515

–

–

3,439,515

Forward

Foreign

Currency

Contracts

–

68,371

–

68,371

Repurchase

Agreements

–

18,413,063

–

18,413,063

Total

Assets

$

20,413,563

$

169,237,238

$

–

$

189,650,801

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(111,622)

$

–

$

(111,622)

Total

Liabilities

$

–

$

(111,622)

$

–

$

(111,622)

Total

$

20,413,563

$

169,125,616

$

–

$

189,539,179

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Columbia

Overseas

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs

the

U.S.

dollar

or

other

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-

market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

68,371

Total

$

68,371

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(111,622

)

Total

$

(111,622

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

98.4%

Shares

Value

($)

ARGENTINA

0.5%

Internet

&

Direct

Marketing

Retail

0.5%

MercadoLibre

,

Inc.

*

2,322

2,513,519

BRAZIL

5.1%

Airlines

0.2%

Azul

SA,

ADR

*(a)

68,469

901,052

Banks

1.3%

Banco

Bradesco

SA

(Preference)

1,018,185

3,519,109

Banco

do

Brasil

SA

*

470,400

2,481,036

Itau

Unibanco

Holding

SA,

ADR

216,983

863,592

6,863,737

Capital

Markets

0.5%

Banco

BTG

Pactual

SA

*

185,043

2,400,396

Diversified

Consumer

Services

0.1%

YDUQS

Participacoes

SA

110,678

540,196

Diversified

Telecommunication

Services

0.6%

Telefonica

Brasil

SA,

ADR

213,346

1,636,364

Telefonica

Brasil

SA

(Preference)

175,929

1,360,216

2,996,580

Household

Durables

0.1%

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

128,291

530,900

Metals

&

Mining

0.8%

Vale

SA

407,463

4,288,741

Multiline

Retail

0.2%

Lojas

Renner

SA

*

125,600

886,775

Road

&

Rail

0.4%

Rumo

SA

*

633,828

2,151,171

Specialty

Retail

0.7%

C&A

Modas

Ltda

*

610,700

1,252,740

Pet

Center

Comercio

e

Participacoes

SA

*

992,773

2,527,939

3,780,679

Transportation

Infrastructure

0.2%

CCR

SA

474,300

1,070,066

26,410,293

CANADA

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Parex

Resources,

Inc.

*

154,421

1,627,071

CHILE

0.2%

Electric

Utilities

0.2%

Enel

Americas

SA

9,097,515

1,182,000

CHINA

38.6%

Banks

3.2%

China

Construction

Bank

Corp.,

Class

H

10,024,161

6,527,856

China

Merchants

Bank

Co.

Ltd.,

Class

H

677,520

3,226,338

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

12,958,000

6,755,446

16,509,640

Common

Stocks

Shares

Value

($)

CHINA

Beverages

1.6%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)(b)

1,576,835

4,606,253

Wuliangye

Yibin

Co.

Ltd.,

Class

A

111,092

3,616,276

8,222,529

Communications

Equipment

0.4%

Shenzhen

Sunway

Communication

Co.

Ltd.,

Class

A

266,400

2,147,322

Construction

&

Engineering

0.3%

China

Conch

Venture

Holdings

Ltd.

308,443

1,429,777

Construction

Materials

0.9%

China

National

Building

Material

Co.

Ltd.,

Class

H

3,612,000

4,573,820

Diversified

Consumer

Services

1.1%

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

38,917

5,818,092

Electrical

Equipment

0.1%

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(a)

390,600

342,623

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Hollysys

Automation

Technologies

Ltd.

14,600

161,330

Entertainment

1.1%

Bilibili

,

Inc.,

ADR

*(a)

29,995

1,247,792

NetEase

,

Inc.

75,300

1,350,721

NetEase

,

Inc.,

ADR

6,477

2,944,898

5,543,411

Gas

Utilities

0.3%

China

Gas

Holdings

Ltd.

590,400

1,683,659

Hotels,

Restaurants

&

Leisure

1.5%

Huazhu

Group

Ltd.,

ADR

88,429

3,823,670

Xiabuxiabu

Catering

Management

China

Holdings

Co.

Ltd.

Reg.

S

*(a)(b)

1,159,888

1,432,529

Yum

China

Holdings,

Inc.

44,311

2,346,267

7,602,466

Household

Durables

0.3%

Midea

Group

Co.

Ltd.,

Class

A

159,172

1,701,842

Insurance

3.2%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,325,000

1,626,834

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(a)

1,444,143

14,898,115

16,524,949

Interactive

Media

&

Services

8.5%

Autohome

,

Inc.,

ADR

36,646

3,518,016

Tencent

Holdings

Ltd.

614,395

40,914,635

44,432,651

NVIT

Emerging

Markets

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

CHINA

Internet

&

Direct

Marketing

Retail

10.5%

Alibaba

Group

Holding

Ltd.,

ADR

*

157,258

46,230,706

Alibaba

Group

Holding

Ltd.

*

65,600

2,425,801

Prosus

NV

*

46,711

4,307,596

Trip.com

Group

Ltd.,

ADR

*

61,327

1,909,723

54,873,826

IT

Services

1.0%

21Vianet

Group,

Inc.,

ADR

*

147,235

3,409,963

Kingsoft

Cloud

Holdings

Ltd.,

ADR

*(a)

58,265

1,720,565

5,130,528

Leisure

Products

0.1%

Goodbaby

International

Holdings

Ltd.

*

3,613,838

455,243

Life

Sciences

Tools

&

Services

0.9%

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

189,531

4,651,181

Machinery

0.3%

Haitian

International

Holdings

Ltd.

580,342

1,348,912

Weichai

Power

Co.

Ltd.,

Class

H

107,273

216,273

1,565,185

Marine

0.5%

SITC

International

Holdings

Co.

Ltd.

1,805,646

2,509,122

Real

Estate

Management

&

Development

1.1%

China

Overseas

Land

&

Investment

Ltd.

824,000

2,078,125

China

Resources

Land

Ltd.

754,393

3,430,839

5,508,964

Textiles,

Apparel

&

Luxury

Goods

1.3%

ANTA

Sports

Products

Ltd.

149,021

1,544,416

Li

Ning

Co.

Ltd.

305,900

1,435,398

Shenzhou

International

Group

Holdings

Ltd.

236,786

4,020,693

7,000,507

Wireless

Telecommunication

Services

0.4%

China

Mobile

Ltd.

303,835

1,953,249

200,341,916

GEORGIA

0.4%

Banks

0.2%

Bank

of

Georgia

Group

plc

*

124,436

1,427,950

Capital

Markets

0.2%

Georgia

Capital

plc

*

188,478

888,965

2,316,915

HONG

KONG

0.9%

Machinery

0.9%

Techtronic

Industries

Co.

Ltd.

375,500

4,937,696

INDIA

10.4%

Auto

Components

0.2%

Motherson

Sumi

Systems

Ltd.

766,740

1,201,259

Automobiles

0.5%

Maruti

Suzuki

India

Ltd.

25,845

2,374,476

Common

Stocks

Shares

Value

($)

INDIA

Banks

1.9%

Axis

Bank

Ltd.,

GDR

Reg.

S

*

42,792

1,252,920

HDFC

Bank

Ltd.,

ADR

*

146,028

7,295,558

Kotak

Mahindra

Bank

Ltd.

*

93,943

1,616,951

10,165,429

Biotechnology

0.6%

Biocon

Ltd.

*

505,582

3,082,164

Chemicals

0.6%

UPL

Ltd.

490,687

3,363,148

Construction

&

Engineering

0.6%

Larsen

&

Toubro

Ltd.

261,415

3,211,938

Diversified

Financial

Services

0.2%

Bajaj

Holdings

&

Investment

Ltd.

31,209

1,025,871

Electric

Utilities

0.2%

Power

Grid

Corp.

of

India

Ltd.

365,904

808,057

Household

Durables

0.2%

Crompton

Greaves

Consumer

Electricals

Ltd.

*

214,500

850,098

IT

Services

1.7%

Infosys

Ltd.,

ADR

275,841

3,809,364

Tata

Consultancy

Services

Ltd.

85,219

2,890,318

Tech

Mahindra

Ltd.

199,122

2,147,074

8,846,756

Metals

&

Mining

0.5%

Hindalco

Industries

Ltd.

1,061,350

2,538,624

Oil,

Gas

&

Consumable

Fuels

1.7%

Reliance

Industries

Ltd.

303,054

9,230,188

Real

Estate

Management

&

Development

0.2%

Oberoi

Realty

Ltd.

*

179,158

963,561

Thrifts

&

Mortgage

Finance

0.8%

Housing

Development

Finance

Corp.

Ltd.

165,185

3,920,422

Tobacco

0.5%

ITC

Ltd.

1,178,679

2,744,885

54,326,876

INDONESIA

1.1%

Banks

0.7%

Bank

Mandiri

Persero

Tbk

.

PT

5,833,700

1,957,578

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

8,461,451

1,735,785

3,693,363

Diversified

Telecommunication

Services

0.2%

Telekomunikasi

Indonesia

Persero

Tbk

.

PT,

ADR

(a)

73,836

1,282,531

Real

Estate

Management

&

Development

0.2%

Pakuwon

Jati

Tbk

.

PT

*

34,029,708

810,621

5,786,515

MACAU

1.0%

Hotels,

Restaurants

&

Leisure

1.0%

Sands

China

Ltd.

1,340,840

5,217,603

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

MALAYSIA

0.1%

Beverages

0.1%

Heineken

Malaysia

Bhd.

*

143,800

714,946

MEXICO

3.6%

Banks

0.8%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

*

1,159,503

4,017,870

Beverages

0.5%

Arca

Continental

SAB

de

CV

374,725

1,623,020

Fomento

Economico

Mexicano

SAB

de

CV

206,649

1,164,483

2,787,503

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

PLA

Administradora

Industrial

S

de

RL

de

CV

1,113,255

1,540,628

Food

Products

0.4%

Gruma

SAB

de

CV,

Class

B

184,125

2,040,559

Metals

&

Mining

0.8%

Grupo

Mexico

SAB

de

CV

Series B

931,226

2,368,970

Ternium

SA,

ADR

*

115,441

2,173,754

4,542,724

Transportation

Infrastructure

0.8%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

*

588,198

2,701,377

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

16,186

1,305,239

4,006,616

18,935,900

NIGERIA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

SEPLAT

Petroleum

Development

Co.

plc

721,529

538,029

PERU

0.6%

Banks

0.6%

Credicorp

Ltd.

25,232

3,128,516

PHILIPPINES

0.4%

Banks

0.4%

BDO

Unibank

,

Inc.

1,275,275

2,276,252

POLAND

0.5%

Entertainment

0.5%

CD

Projekt

SA

*

21,907

2,368,259

PORTUGAL

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Galp

Energia

SGPS

SA

145,896

1,352,324

RUSSIA

5.1%

Banks

1.7%

Sberbank

of

Russia

PJSC,

ADR

*

428,740

5,003,396

Sberbank

of

Russia

PJSC,

ADR

*

289,763

3,380,578

Sberbank

of

Russia

PJSC

(Preference)

295,039

841,482

9,225,456

Common

Stocks

Shares

Value

($)

RUSSIA

Food

&

Staples

Retailing

0.5%

X5

Retail

Group

NV,

GDR

Reg.

S

64,009

2,368,009

Interactive

Media

&

Services

0.4%

Yandex

NV,

Class

A

*

33,617

2,193,509

Metals

&

Mining

0.2%

Severstal

PAO

77,849

992,774

Oil,

Gas

&

Consumable

Fuels

1.6%

Lukoil

PJSC,

ADR

78,537

4,508,809

Lukoil

PJSC,

ADR

54,046

3,124,882

Novatek

PJSC

38,687

529,042

8,162,733

Professional

Services

0.2%

HeadHunter

Group

plc,

ADR

47,816

1,170,536

Road

&

Rail

0.5%

Globaltrans

Investment

plc,

GDR

Reg.

S

415,888

2,537,292

26,650,309

SOUTH

AFRICA

3.3%

Industrial

Conglomerates

0.3%

Bidvest

Group

Ltd.

(The)

159,683

1,314,389

Insurance

0.2%

Sanlam

Ltd.

346,966

1,074,748

Internet

&

Direct

Marketing

Retail

2.1%

Naspers

Ltd.,

Class

N

*

63,444

11,190,038

Wireless

Telecommunication

Services

0.7%

Vodacom

Group

Ltd.

499,453

3,671,294

17,250,469

SOUTH

KOREA

11.6%

Auto

Components

0.2%

Nexen

Tire

Corp.

129,572

592,322

Woory

Industrial

Co.

Ltd.

29,094

465,878

1,058,200

Banks

0.5%

KB

Financial

Group,

Inc.

35,364

1,140,478

Shinhan

Financial

Group

Co.

Ltd.

66,406

1,544,291

2,684,769

Chemicals

1.2%

LG

Chem

Ltd.

(Preference)

23,204

6,347,606

Entertainment

0.8%

NCSoft

Corp.

6,272

4,319,610

Food

Products

0.3%

Orion

Corp.

14,884

1,679,602

Insurance

0.3%

DB

Insurance

Co.

Ltd.

37,370

1,457,017

Semiconductors

&

Semiconductor

Equipment

2.9%

SK

Hynix,

Inc.

213,756

15,337,363

Technology

Hardware,

Storage

&

Peripherals

5.4%

Samsung

Electronics

Co.

Ltd.

409,833

20,649,711

NVIT

Emerging

Markets

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Technology

Hardware,

Storage

&

Peripherals

Samsung

Electronics

Co.

Ltd.

(Preference)

164,108

7,080,129

27,729,840

60,614,007

TAIWAN

12.1%

Communications

Equipment

0.3%

Accton

Technology

Corp.

208,000

1,606,919

Electronic

Equipment,

Instruments

&

Components

2.0%

Chroma

ATE,

Inc.

730,777

3,879,859

Hon

Hai

Precision

Industry

Co.

Ltd.

604,482

1,618,273

Largan

Precision

Co.

Ltd.

21,000

2,453,586

Taiwan

Union

Technology

Corp.

682,828

2,654,529

10,606,247

Food

&

Staples

Retailing

0.4%

President

Chain

Store

Corp.

217,962

1,981,338

Semiconductors

&

Semiconductor

Equipment

8.9%

Globalwafers

Co.

Ltd.

175,925

2,342,056

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,739,245

26,120,981

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(a)

214,400

17,381,408

45,844,445

Technology

Hardware,

Storage

&

Peripherals

0.5%

Micro-Star

International

Co.

Ltd.

538,000

2,485,722

62,524,671

THAILAND

0.5%

Wireless

Telecommunication

Services

0.5%

Advanced

Info

Service

PCL

304,956

1,650,966

Intouch

Holdings

PCL,

Class

F

491,300

806,236

2,457,202

TURKEY

0.2%

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

660,377

1,298,165

UNITED

KINGDOM

1.5%

Paper

&

Forest

Products

0.6%

Mondi

plc

143,739

3,025,058

Personal

Products

0.9%

Unilever

NV,

NYRS

79,439

4,798,116

7,823,174

Total

Common

Stocks

(cost

$463,849,059)

512,592,627

Repurchase

Agreements

2.3%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,898,889,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$2,956,860.(c)

2,898,883

2,898,883

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.(c)

4,000,000

4,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,020,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$11,898,883)

11,898,883

Total

Investments

(cost

$475,747,942)

  —

100.7%

524,491,510

Liabilities

in

excess

of

other

assets

—

(0.7)%

(3,483,749)

NET

ASSETS

—

100.0%

$

521,007,761

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$18,254,495,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,898,883

and

by

$6,782,588

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$18,681,471.

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Emerging

Markets

Fund

(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

September

30,

2020

was

$10,689,963

which

represents

2.05%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$11,898,883.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

NYRS

New

York

Registry

Shares

PAO

Public

Stock

Company

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Emerging

Markets

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

901,052

$

–

$

–

$

901,052

Auto

Components

–

2,259,459

–

2,259,459

Automobiles

–

2,374,476

–

2,374,476

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Level

1

Level

2

Level

3

Total

Assets:

Banks

$

26,309,077

$

33,683,905

$

–

$

59,992,982

Beverages

2,787,503

8,937,475

–

11,724,978

Biotechnology

–

3,082,164

–

3,082,164

Capital

Markets

2,400,396

888,965

–

3,289,361

Chemicals

–

9,710,754

–

9,710,754

Communications

Equipment

–

3,754,241

–

3,754,241

Construction

&

Engineering

–

4,641,715

–

4,641,715

Construction

Materials

–

4,573,820

–

4,573,820

Diversified

Consumer

Services

6,358,288

–

–

6,358,288

Diversified

Financial

Services

–

1,025,871

–

1,025,871

Diversified

Telecommunication

Services

4,279,111

–

–

4,279,111

Electric

Utilities

–

1,990,057

–

1,990,057

Electrical

Equipment

–

342,623

–

342,623

Electronic

Equipment,

Instruments

&

Components

161,330

10,606,247

–

10,767,577

Entertainment

4,192,690

8,038,590

–

12,231,280

Equity

Real

Estate

Investment

Trusts

(REITs)

1,540,628

–

–

1,540,628

Food

&

Staples

Retailing

–

4,349,347

–

4,349,347

Food

Products

2,040,559

1,679,602

–

3,720,161

Gas

Utilities

–

1,683,659

–

1,683,659

Hotels,

Restaurants

&

Leisure

6,169,937

6,650,132

–

12,820,069

Household

Durables

530,900

2,551,940

–

3,082,840

Industrial

Conglomerates

–

1,314,389

–

1,314,389

Insurance

–

19,056,714

–

19,056,714

Interactive

Media

&

Services

5,711,525

40,914,635

–

46,626,160

Internet

&

Direct

Marketing

Retail

50,653,948

17,923,435

–

68,577,383

IT

Services

8,939,892

5,037,392

–

13,977,284

Leisure

Products

–

455,243

–

455,243

Life

Sciences

Tools

&

Services

–

4,651,181

–

4,651,181

Machinery

–

6,502,881

–

6,502,881

Marine

–

2,509,122

–

2,509,122

Metals

&

Mining

8,831,465

3,531,398

–

12,362,863

Multiline

Retail

886,775

–

–

886,775

Oil,

Gas

&

Consumable

Fuels

6,135,880

14,774,465

–

20,910,345

Paper

&

Forest

Products

–

3,025,058

–

3,025,058

Personal

Products

4,798,116

–

–

4,798,116

Professional

Services

1,170,536

–

–

1,170,536

Real

Estate

Management

&

Development

–

7,283,146

–

7,283,146

Road

&

Rail

2,151,171

2,537,292

–

4,688,463

Semiconductors

&

Semiconductor

Equipment

17,381,408

43,800,400

–

61,181,808

Specialty

Retail

1,252,740

2,527,939

–

3,780,679

Technology

Hardware,

Storage

&

Peripherals

–

30,215,562

–

30,215,562

Textiles,

Apparel

&

Luxury

Goods

–

7,000,507

–

7,000,507

Thrifts

&

Mortgage

Finance

–

3,920,422

–

3,920,422

Tobacco

–

2,744,885

–

2,744,885

Transportation

Infrastructure

5,076,682

–

–

5,076,682

Wireless

Telecommunication

Services

–

9,379,910

–

9,379,910

Total

Common

Stocks

$

170,661,609

$

341,931,018

$

–

$

512,592,627

Repurchase

Agreements

–

11,898,883

–

11,898,883

Total

$

170,661,609

$

353,829,901

$

–

$

524,491,510

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.

NVIT

International

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

98.9%

Shares

Value

($)

AUSTRALIA

3.5%

Biotechnology

0.5%

CSL

Ltd.

2,198

452,880

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Goodman

Group

37,582

483,683

Internet

&

Direct

Marketing

Retail

0.1%

Kogan.com

Ltd.

5,718

82,993

IT

Services

0.1%

Data#3

Ltd.

(a)

25,541

121,579

Metals

&

Mining

1.9%

Fortescue

Metals

Group

Ltd.

111,725

1,307,834

Regis

Resources

Ltd.

103,496

373,616

1,681,450

Oil,

Gas

&

Consumable

Fuels

0.4%

Santos

Ltd.

96,348

338,118

3,160,703

BELGIUM

0.5%

Media

0.3%

Telenet

Group

Holding

NV

6,426

249,095

Pharmaceuticals

0.2%

UCB

SA

1,617

183,628

432,723

BRAZIL

1.5%

Food

Products

0.2%

Minerva

SA

*

87,300

182,500

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Engie

Brasil

Energia

SA

13,300

95,560

IT

Services

0.4%

Pagseguro

Digital

Ltd.,

Class

A

*

8,688

327,624

Metals

&

Mining

0.5%

Vale

SA,

ADR

45,693

483,433

Software

0.2%

TOTVS

SA

35,700

172,273

Water

Utilities

0.1%

Cia

de

Saneamento

de

Minas

Gerais

-COPASA

*

7,800

64,904

1,326,294

CANADA

6.2%

Auto

Components

1.0%

Magna

International,

Inc.

20,608

942,996

Capital

Markets

0.3%

IGM

Financial,

Inc.

(a)

11,367

260,624

Food

&

Staples

Retailing

0.8%

Alimentation

Couche-Tard,

Inc.,

Class

B

21,083

734,197

Insurance

0.4%

Sun

Life

Financial,

Inc.

7,839

319,435

IT

Services

0.7%

CGI,

Inc.

*

3,899

264,648

Shopify,

Inc.,

Class

A

*

350

357,922

622,570

Common

Stocks

Shares

Value

($)

CANADA

Metals

&

Mining

0.7%

Kirkland

Lake

Gold

Ltd.

(a)

12,250

597,987

Multiline

Retail

0.5%

Dollarama,

Inc.

11,880

455,375

Oil,

Gas

&

Consumable

Fuels

0.2%

Parex

Resources,

Inc.

*

17,587

185,307

Real

Estate

Management

&

Development

0.2%

Real

Matters,

Inc.

*

8,661

168,790

Road

&

Rail

1.2%

Canadian

Pacific

Railway

Ltd.

3,578

1,088,408

Software

0.2%

Constellation

Software,

Inc.

191

212,241

5,587,930

CHINA

13.4%

Automobiles

0.4%

Great

Wall

Motor

Co.

Ltd.,

Class

H

247,500

315,391

Banks

2.3%

Agricultural

Bank

of

China

Ltd.,

Class

H

1,227,000

384,182

Bank

of

Communications

Co.

Ltd.,

Class

H

706,000

339,511

China

Construction

Bank

Corp.,

Class

H

386,000

251,368

China

Everbright

Bank

Co.

Ltd.,

Class

H

403,000

127,273

China

Merchants

Bank

Co.

Ltd.,

Class

H

36,500

173,812

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(a)

1,519,500

797,142

2,073,288

Building

Products

0.4%

China

Lesso

Group

Holdings

Ltd.

207,000

374,342

Commercial

Services

&

Supplies

0.1%

S-Enjoy

Service

Group

Co.

Ltd.

*

44,000

113,801

Construction

Materials

1.1%

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

125,500

867,706

China

Resources

Cement

Holdings

Ltd.

98,000

134,428

1,002,134

Diversified

Consumer

Services

0.1%

China

Yuhua

Education

Corp.

Ltd.

Reg.

S

(b)

154,000

132,213

Diversified

Telecommunication

Services

0.1%

China

Telecom

Corp.

Ltd.,

Class

H

278,000

83,388

Entertainment

0.7%

NetEase

,

Inc.,

ADR

546

248,250

Tencent

Music

Entertainment

Group,

ADR

*(a)

27,268

402,748

650,998

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.4%

China

Feihe

Ltd.

Reg.

S

(a)

(b)

141,000

328,626

Gas

Utilities

0.5%

ENN

Energy

Holdings

Ltd.

41,500

452,749

Independent

Power

and

Renewable

Electricity

Producers

0.1%

China

Resources

Power

Holdings

Co.

Ltd.

78,000

86,333

Insurance

0.7%

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

61,800

176,565

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

45,000

464,231

640,796

Interactive

Media

&

Services

1.2%

Tencent

Holdings

Ltd.

16,700

1,112,109

Internet

&

Direct

Marketing

Retail

3.5%

Alibaba

Group

Holding

Ltd.,

ADR

*

7,377

2,168,691

JD.com,

Inc.,

ADR

*

8,027

622,975

Vipshop

Holdings

Ltd.,

ADR

*

16,751

261,986

3,053,652

Machinery

0.5%

Sinotruk

Hong

Kong

Ltd.

177,500

456,410

Pharmaceuticals

0.5%

CSPC

Pharmaceutical

Group

Ltd.

252,000

488,984

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

34,800

92,946

Textiles,

Apparel

&

Luxury

Goods

0.7%

Li

Ning

Co.

Ltd.

129,000

605,317

12,063,477

COLOMBIA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Ecopetrol

SA,

ADR

(a)

11,982

117,903

DENMARK

3.1%

Health

Care

Equipment

&

Supplies

0.8%

Coloplast

A/S,

Class

B

4,767

753,892

Pharmaceuticals

2.3%

Novo

Nordisk

A/S,

Class

B

29,353

2,038,911

2,792,803

FINLAND

1.2%

Machinery

0.7%

Valmet

OYJ

28,162

697,246

Oil,

Gas

&

Consumable

Fuels

0.5%

Neste

OYJ

7,982

419,724

1,116,970

Common

Stocks

Shares

Value

($)

FRANCE

6.3%

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

1,332

142,530

Automobiles

0.3%

Peugeot

SA

*

14,986

270,203

Banks

0.4%

BNP

Paribas

SA

*

9,186

332,772

Building

Products

0.9%

Cie

de

Saint-Gobain

*

18,607

781,230

Chemicals

0.8%

Air

Liquide

SA

4,437

704,078

Electrical

Equipment

2.4%

Schneider

Electric

SE

18,137

2,251,075

Oil,

Gas

&

Consumable

Fuels

0.2%

TOTAL

SE

(a)

4,451

152,816

Personal

Products

1.1%

L'Oreal

SA

3,042

989,873

5,624,577

GERMANY

4.7%

Air

Freight

&

Logistics

0.8%

Deutsche

Post

AG

(Registered)

14,981

683,151

Auto

Components

0.1%

Schaeffler

AG

(Preference)

11,251

69,461

Automobiles

0.5%

Daimler

AG

(Registered)

7,739

417,290

Capital

Markets

0.7%

Deutsche

Bank

AG

(Registered)

*

48,065

405,252

DWS

Group

GmbH

&

Co.

KGaA

Reg.

S

*(b)

5,202

179,254

584,506

Insurance

2.3%

Allianz

SE

(Registered)

6,579

1,261,975

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

3,405

864,527

2,126,502

Internet

&

Direct

Marketing

Retail

0.1%

HelloFresh

SE

*

1,963

109,954

Specialty

Retail

0.2%

Hornbach

Holding

AG

&

Co.

KGaA

1,630

190,254

4,181,118

GREECE

0.2%

Diversified

Telecommunication

Services

0.2%

Hellenic

Telecommunications

Organization

SA

10,508

151,696

HONG

KONG

2.1%

Auto

Components

0.3%

Xinyi

Glass

Holdings

Ltd.

152,000

307,535

NVIT

International

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

HONG

KONG

Food

Products

0.9%

WH

Group

Ltd.

Reg.

S

(b)

962,500

783,404

Machinery

0.6%

Techtronic

Industries

Co.

Ltd.

43,000

565,435

Real

Estate

Management

&

Development

0.3%

Sun

Hung

Kai

Properties

Ltd.

18,000

230,758

1,887,132

INDIA

2.4%

Banks

0.5%

HDFC

Bank

Ltd.,

ADR

*

8,770

438,149

IT

Services

1.9%

Infosys

Ltd.,

ADR

108,807

1,502,625

Wipro

Ltd.,

ADR

46,256

217,403

1,720,028

2,158,177

INDONESIA

0.4%

Household

Products

0.2%

Unilever

Indonesia

Tbk

.

PT

340,300

185,646

Tobacco

0.2%

Gudang

Garam

Tbk

.

PT

*

54,000

145,583

331,229

IRELAND

0.1%

Life

Sciences

Tools

&

Services

0.1%

ICON

plc

*

503

96,118

ISRAEL

0.3%

Diversified

Financial

Services

0.3%

Plus500

Ltd.

11,719

236,775

ITALY

0.3%

Banks

0.1%

Intesa

Sanpaolo

SpA

47,166

88,565

IT

Services

0.2%

Reply

SpA

1,360

156,513

245,078

JAPAN

16.0%

Banks

2.6%

77

Bank

Ltd.

(The)

(a)

8,100

125,285

Mizuho

Financial

Group,

Inc.

(a)

135,940

1,698,100

Nishi-Nippon

Financial

Holdings,

Inc.

(a)

12,800

89,498

Sumitomo

Mitsui

Trust

Holdings,

Inc.

16,400

436,397

2,349,280

Building

Products

0.4%

Daikin

Industries

Ltd.

1,800

331,903

Chemicals

0.8%

Nitto

Denko

Corp.

1,900

123,869

Shin-Etsu

Chemical

Co.

Ltd.

4,800

626,506

750,375

Diversified

Financial

Services

0.8%

ORIX

Corp.

61,300

763,149

Electric

Utilities

0.3%

Hokkaido

Electric

Power

Co.,

Inc.

(a)

34,900

149,137

Common

Stocks

Shares

Value

($)

JAPAN

Electric

Utilities

Okinawa

Electric

Power

Co.,

Inc.

(The)

(a)

6,100

95,740

244,877

Entertainment

1.5%

Nintendo

Co.

Ltd.

2,300

1,307,505

Food

&

Staples

Retailing

0.7%

Seven

&

i

Holdings

Co.

Ltd.

20,300

627,534

Food

Products

0.1%

Ajinomoto

Co.,

Inc.

5,300

108,955

Gas

Utilities

0.4%

Osaka

Gas

Co.

Ltd.

18,600

362,382

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

Co.

Ltd.

7,400

114,194

Insurance

0.9%

Dai-ichi

Life

Holdings,

Inc.

31,500

444,569

MS&AD

Insurance

Group

Holdings,

Inc.

(a)

14,000

379,192

823,761

IT

Services

0.2%

Otsuka

Corp.

4,300

220,055

Machinery

0.1%

Amada

Co.

Ltd.

9,400

88,101

Multiline

Retail

0.1%

Seria

Co.

Ltd.

(a)

2,900

123,566

Personal

Products

0.2%

Kao

Corp.

2,800

210,112

Pharmaceuticals

0.6%

Chugai

Pharmaceutical

Co.

Ltd.

3,300

148,085

Ono

Pharmaceutical

Co.

Ltd.

3,200

100,461

Shionogi

&

Co.

Ltd.

4,800

256,805

505,351

Real

Estate

Management

&

Development

1.0%

Daito

Trust

Construction

Co.

Ltd.

(a)

7,200

638,361

Sumitomo

Realty

&

Development

Co.

Ltd.

(a)

7,500

221,889

860,250

Road

&

Rail

1.0%

East

Japan

Railway

Co.

15,100

930,430

Software

0.2%

Trend

Micro,

Inc.

3,000

183,053

Specialty

Retail

0.3%

DCM

Holdings

Co.

Ltd.

19,400

268,626

Wireless

Telecommunication

Services

3.7%

KDDI

Corp.

12,900

326,318

NTT

DOCOMO,

Inc.

(a)

55,100

2,043,357

SoftBank

Corp.

(a)

81,000

907,594

3,277,269

14,450,728

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

KYRGYZSTAN

0.4%

Metals

&

Mining

0.4%

Centerra

Gold,

Inc.

33,262

386,939

LUXEMBOURG

0.2%

Capital

Markets

0.2%

Reinet

Investments

SCA

12,228

211,931

MALAYSIA

0.6%

Health

Care

Equipment

&

Supplies

0.6%

Hartalega

Holdings

Bhd.

122,400

483,410

Top

Glove

Corp.

Bhd.

48,000

96,961

580,371

MEXICO

0.3%

Beverages

0.1%

Arca

Continental

SAB

de

CV

37,400

161,988

Insurance

0.2%

Qualitas

Controladora

SAB

de

CV

36,100

136,145

298,133

NETHERLANDS

2.1%

Food

&

Staples

Retailing

0.5%

Koninklijke

Ahold

Delhaize

NV

14,340

424,401

Oil,

Gas

&

Consumable

Fuels

0.3%

Royal

Dutch

Shell

plc,

Class

A

24,206

299,603

Semiconductors

&

Semiconductor

Equipment

1.3%

ASM

International

NV

6,682

957,796

ASML

Holding

NV

436

160,768

1,118,564

1,842,568

NEW

ZEALAND

0.5%

Health

Care

Equipment

&

Supplies

0.5%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

20,977

461,742

NORWAY

0.8%

Chemicals

0.4%

Yara

International

ASA

8,596

330,980

Food

Products

0.4%

Orkla

ASA

36,758

371,996

702,976

POLAND

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

123,810

161,285

RUSSIA

1.3%

Banks

0.2%

Sberbank

of

Russia

PJSC,

ADR

*

14,318

167,044

Electric

Utilities

0.2%

Inter

RAO

UES

PJSC

3,078,712

222,286

Interactive

Media

&

Services

0.2%

Yandex

NV,

Class

A

*(a)

2,211

144,268

Oil,

Gas

&

Consumable

Fuels

0.7%

Lukoil

PJSC,

ADR

3,512

201,624

Common

Stocks

Shares

Value

($)

RUSSIA

Oil,

Gas

&

Consumable

Fuels

Lukoil

PJSC,

ADR

2,699

156,053

Transneft

PJSC

(Preference)

*

138

261,954

619,631

1,153,229

SINGAPORE

0.4%

Banks

0.3%

Oversea-Chinese

Banking

Corp.

Ltd.

40,200

249,752

Semiconductors

&

Semiconductor

Equipment

0.1%

AEM

Holdings

Ltd.

37,200

105,272

355,024

SOUTH

AFRICA

0.6%

Metals

&

Mining

0.5%

Anglo

American

Platinum

Ltd.

3,426

237,661

Kumba

Iron

Ore

Ltd.

3,340

98,720

Northam

Platinum

Ltd.

*

9,768

99,111

435,492

Wireless

Telecommunication

Services

0.1%

Vodacom

Group

Ltd.

12,243

89,994

525,486

SOUTH

KOREA

3.5%

Banks

0.3%

Hana

Financial

Group,

Inc.

11,363

270,438

Chemicals

0.2%

LOTTE

Fine

Chemical

Co.

Ltd.

4,660

196,850

Entertainment

0.2%

NCSoft

Corp.

314

216,256

Technology

Hardware,

Storage

&

Peripherals

2.8%

Samsung

Electronics

Co.

Ltd.

49,503

2,494,242

3,177,786

SPAIN

1.3%

IT

Services

0.2%

Amadeus

IT

Group

SA

3,532

196,012

Specialty

Retail

1.1%

Industria

de

Diseno

Textil

SA

35,630

990,610

1,186,622

SWEDEN

3.7%

Building

Products

0.3%

Assa

Abloy

AB,

Class

B

12,390

289,196

Hotels,

Restaurants

&

Leisure

1.2%

Evolution

Gaming

Group

AB

Reg.

S

(b)

15,156

1,001,813

Household

Durables

0.6%

Husqvarna

AB,

Class

B

51,616

568,336

Machinery

0.5%

SKF

AB,

Class

B

21,467

442,369

Software

0.1%

Fortnox

AB

2,220

66,770

NVIT

International

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

SWEDEN

Tobacco

1.0%

Swedish

Match

AB

11,203

914,030

3,282,514

SWITZERLAND

6.5%

Capital

Markets

0.8%

Credit

Suisse

Group

AG

(Registered)

48,719

487,617

Partners

Group

Holding

AG

260

239,245

726,862

Food

Products

0.1%

Nestle

SA

(Registered)

882

104,640

Pharmaceuticals

5.2%

Novartis

AG

(Registered)

23,720

2,061,298

Roche

Holding

AG

7,425

2,540,295

4,601,593

Technology

Hardware,

Storage

&

Peripherals

0.4%

Logitech

International

SA

(Registered)

5,010

387,691

5,820,786

TAIWAN

4.2%

Electronic

Equipment,

Instruments

&

Components

0.5%

Delta

Electronics,

Inc.

66,000

432,793

Household

Durables

0.4%

Nien

Made

Enterprise

Co.

Ltd.

28,000

333,537

Semiconductors

&

Semiconductor

Equipment

3.2%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

198,000

2,973,677

Textiles,

Apparel

&

Luxury

Goods

0.1%

Feng

TAY

Enterprise

Co.

Ltd.

7,720

46,492

3,786,499

THAILAND

0.8%

Electronic

Equipment,

Instruments

&

Components

0.6%

Delta

Electronics

Thailand

PCL

50,000

247,248

Hana

Microelectronics

PCL

197,600

271,681

518,929

Oil,

Gas

&

Consumable

Fuels

0.2%

PTT

Exploration

&

Production

PCL

66,100

166,503

685,432

TURKEY

0.6%

Diversified

Telecommunication

Services

0.4%

Turk

Telekomunikasyon

A/S

393,897

363,840

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

77,514

152,377

516,217

UNITED

KINGDOM

8.6%

Banks

1.4%

Barclays

plc

289,822

364,701

Lloyds

Banking

Group

plc

742,937

252,119

Natwest

Group

plc

244,417

333,731

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

Standard

Chartered

plc

92,841

425,638

1,376,189

Capital

Markets

0.2%

Standard

Life

Aberdeen

plc

54,065

157,405

Communications

Equipment

0.3%

Spirent

Communications

plc

63,672

233,667

Food

Products

0.9%

Nomad

Foods

Ltd.

*

10,411

265,272

Tate

&

Lyle

plc

63,556

545,084

810,356

Household

Durables

1.2%

Persimmon

plc

34,228

1,087,130

Interactive

Media

&

Services

0.2%

Auto

Trader

Group

plc

Reg.

S

(b)

20,889

151,100

Leisure

Products

0.4%

Games

Workshop

Group

plc

2,727

359,349

Paper

&

Forest

Products

0.3%

Mondi

plc

12,118

255,029

Personal

Products

1.5%

Unilever

NV

22,216

1,341,186

Pharmaceuticals

0.3%

GlaxoSmithKline

plc

13,294

249,022

Professional

Services

1.5%

RELX

plc

59,792

1,323,492

Wireless

Telecommunication

Services

0.4%

Vodafone

Group

plc

260,739

345,918

7,689,843

Total

Common

Stocks

(cost

$77,666,742)

88,786,814

Repurchase

Agreement

3.7%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,342,013,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,408,845.(c)

3,342,005

3,342,005

Total

Repurchase

Agreement

(cost

$3,342,005)

3,342,005

Total

Investments

(cost

$81,008,747)

  —

102.6%

92,128,819

Liabilities

in

excess

of

other

assets

—

(2.6)%

(2,292,438)

NET

ASSETS

—

100.0%

$

89,836,381

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Equity

Fund

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$8,179,842,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,342,005

and

by

$5,360,951

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$8,702,956.

(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

September

30,

2020

was

$2,669,356

which

represents

2.97%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$3,342,005.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

683,151

$

–

$

683,151

Auto

Components

942,996

519,526

–

1,462,522

Automobiles

–

1,002,884

–

1,002,884

Banks

438,149

6,907,328

–

7,345,477

Beverages

161,988

–

–

161,988

Biotechnology

–

452,880

–

452,880

Building

Products

–

1,776,671

–

1,776,671

Capital

Markets

260,624

1,680,704

–

1,941,328

Chemicals

–

1,982,283

–

1,982,283

Commercial

Services

&

Supplies

–

113,801

–

113,801

Communications

Equipment

–

233,667

–

233,667

Construction

Materials

–

1,002,134

–

1,002,134

Diversified

Consumer

Services

–

132,213

–

132,213

Diversified

Financial

Services

–

999,924

–

999,924

Diversified

Telecommunication

Services

–

598,924

–

598,924

Electric

Utilities

–

467,163

–

467,163

Electrical

Equipment

–

2,251,075

–

2,251,075

Electronic

Equipment,

Instruments

&

Components

–

951,722

–

951,722

Entertainment

650,998

1,523,761

–

2,174,759

Equity

Real

Estate

Investment

Trusts

(REITs)

–

483,683

–

483,683

Food

&

Staples

Retailing

734,197

1,051,935

–

1,786,132

Food

Products

447,772

2,242,705

–

2,690,477

Gas

Utilities

–

815,131

–

815,131

Health

Care

Equipment

&

Supplies

–

1,796,005

–

1,796,005

Hotels,

Restaurants

&

Leisure

–

1,001,813

–

1,001,813

Household

Durables

–

1,989,003

–

1,989,003

Household

Products

–

185,646

–

185,646

Independent

Power

and

Renewable

Electricity

Producers

95,560

200,527

–

296,087

Insurance

455,580

3,591,059

–

4,046,639

Interactive

Media

&

Services

144,268

1,263,209

–

1,407,477

Internet

&

Direct

Marketing

Retail

3,053,652

192,947

–

3,246,599

IT

Services

2,670,222

694,159

–

3,364,381

Leisure

Products

–

359,349

–

359,349

Life

Sciences

Tools

&

Services

96,118

–

–

96,118

Machinery

–

2,249,561

–

2,249,561

Media

–

249,095

–

249,095

Metals

&

Mining

1,468,359

2,116,942

–

3,585,301

Multiline

Retail

455,375

123,566

–

578,941

Oil,

Gas

&

Consumable

Fuels

504,834

1,956,056

–

2,460,890

Paper

&

Forest

Products

–

255,029

–

255,029

Personal

Products

–

2,541,171

–

2,541,171

Pharmaceuticals

–

8,067,489

–

8,067,489

Professional

Services

–

1,323,492

–

1,323,492

Real

Estate

Management

&

Development

168,790

1,091,008

–

1,259,798

Road

&

Rail

1,088,408

930,430

–

2,018,838

Semiconductors

&

Semiconductor

Equipment

–

4,197,513

–

4,197,513

Software

384,514

249,823

–

634,337

Specialty

Retail

–

1,449,490

–

1,449,490

Technology

Hardware,

Storage

&

Peripherals

–

2,974,879

–

2,974,879

Textiles,

Apparel

&

Luxury

Goods

–

651,809

–

651,809

Tobacco

–

1,059,613

–

1,059,613

Water

Utilities

64,904

–

–

64,904

NVIT

International

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

3,865,558

$

–

$

3,865,558

Total

Common

Stocks

$

14,287,308

$

74,499,506

$

–

$

88,786,814

Repurchase

Agreement

–

3,342,005

–

3,342,005

Total

$

14,287,308

$

77,841,511

$

–

$

92,128,819

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.

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

Common

Stocks

97.1%

Shares

Value

($)

AUSTRALIA

4.5%

Banks

1.4%

Australia

&

New

Zealand

Banking

Group

Ltd.

25,047

310,089

National

Australia

Bank

Ltd.

24,309

310,166

Westpac

Banking

Corp.

36,848

444,610

1,064,865

Capital

Markets

0.6%

Macquarie

Group

Ltd.

6,400

549,743

Chemicals

0.0%

†

Incitec

Pivot

Ltd.

22,699

33,128

Commercial

Services

&

Supplies

0.0%

†

Cleanaway

Waste

Management

Ltd.

20,068

30,387

Construction

Materials

0.0%

†

Boral

Ltd.

8,851

29,007

Diversified

Financial

Services

0.3%

AMP

Ltd.

23,078

21,719

Challenger

Ltd.

69,182

190,478

212,197

Energy

Equipment

&

Services

0.0%

†

Worley

Ltd.

1,643

11,289

Hotels,

Restaurants

&

Leisure

0.0%

†

Crown

Resorts

Ltd.

770

4,863

Tabcorp

Holdings

Ltd.

12,177

29,223

34,086

Insurance

0.1%

QBE

Insurance

Group

Ltd.

6,220

38,495

Suncorp

Group

Ltd.

9,531

57,898

96,393

Metals

&

Mining

1.1%

BHP

Group

plc,

ADR

4,865

207,541

BlueScope

Steel

Ltd.

10,012

91,398

Fortescue

Metals

Group

Ltd.

15,068

176,384

Glencore

plc

*

184,254

381,721

South32

Ltd.

63,647

93,325

950,369

Multiline

Retail

0.0%

†

Harvey

Norman

Holdings

Ltd.

8,544

27,791

Oil,

Gas

&

Consumable

Fuels

0.6%

Oil

Search

Ltd.

27,438

52,111

Origin

Energy

Ltd.

11,267

34,840

Santos

Ltd.

75,198

263,895

Woodside

Petroleum

Ltd.

9,286

117,291

468,137

Real

Estate

Management

&

Development

0.4%

Lendlease

Corp.

Ltd.

38,007

301,043

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

1,937

5,911

3,814,346

AUSTRIA

0.0%

†

Banks

0.0%

†

Raiffeisen

Bank

International

AG

*

1,174

17,947

BELGIUM

1.4%

Banks

0.6%

KBC

Group

NV

11,280

564,825

Common

Stocks

Shares

Value

($)

BELGIUM

Chemicals

0.1%

Solvay

SA

878

75,503

Diversified

Financial

Services

0.5%

Groupe

Bruxelles

Lambert

SA

4,425

398,830

Insurance

0.1%

Ageas

SA/NV

1,488

60,725

Pharmaceuticals

0.1%

UCB

SA

457

51,897

1,151,780

CANADA

3.4%

Auto

Components

0.3%

Magna

International,

Inc.

5,089

232,832

Banks

1.3%

Bank

of

Montreal

7,893

461,234

Bank

of

Nova

Scotia

(The)

8,357

347,031

Canadian

Imperial

Bank

of

Commerce

4,758

355,610

1,163,875

Chemicals

0.2%

Nutrien

Ltd.

3,357

131,645

Insurance

0.4%

Fairfax

Financial

Holdings

Ltd.

316

93,052

Great-West

Lifeco

,

Inc.

1,200

23,449

iA

Financial

Corp.,

Inc.

2,186

76,093

Manulife

Financial

Corp.

10,385

144,442

Sun

Life

Financial,

Inc.

486

19,795

356,831

Metals

&

Mining

0.4%

Kinross

Gold

Corp.

*

24,005

211,827

Pan

American

Silver

Corp.

562

18,069

Teck

Resources

Ltd.,

Class

B

7,140

99,411

Yamana

Gold,

Inc.

3,100

17,608

346,915

Oil,

Gas

&

Consumable

Fuels

0.8%

Cameco

Corp.

4,576

46,222

Canadian

Natural

Resources

Ltd.

18,616

298,191

Cenovus

Energy,

Inc.

6,533

25,421

Imperial

Oil

Ltd.

3,226

38,583

Pembina

Pipeline

Corp.

600

12,734

Suncor

Energy,

Inc.

18,510

226,090

647,241

2,879,339

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

2,057

27,121

Lundin

Mining

Corp.

8,521

47,547

74,668

CHINA

0.7%

Banks

0.0%

†

BOC

Hong

Kong

Holdings

Ltd.

15,000

39,791

Interactive

Media

&

Services

0.2%

Baidu,

Inc.,

ADR

*

1,500

189,885

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

CHINA

Wireless

Telecommunication

Services

0.5%

China

Mobile

Ltd.

53,500

343,933

573,609

COLOMBIA

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

Millicom

International

Cellular

SA,

SDR

813

24,598

DENMARK

2.1%

Air

Freight

&

Logistics

0.2%

DSV

Panalpina

A/S

1,296

211,493

Banks

0.0%

†

Danske

Bank

A/S

*

2,935

39,756

Beverages

0.2%

Carlsberg

A/S,

Class

B

994

133,842

Biotechnology

0.1%

Genmab

A/S

*

229

83,153

Building

Products

0.1%

ROCKWOOL

International

A/S,

Class

A

49

16,832

ROCKWOOL

International

A/S,

Class

B

97

37,183

54,015

Chemicals

0.1%

Novozymes

A/S,

Class

B

1,378

86,675

Electrical

Equipment

0.4%

Vestas

Wind

Systems

A/S

2,009

325,069

Energy

Equipment

&

Services

0.1%

Drilling

Co.

of

1972

A/S

(The)

*

2,722

59,083

Health

Care

Equipment

&

Supplies

0.0%

†

Demant

A/S

*

753

23,687

Insurance

0.0%

†

Tryg

A/S

671

21,149

Marine

0.9%

AP

Moller

-

Maersk

A/S,

Class

A

30

43,821

AP

Moller

-

Maersk

A/S,

Class

B

432

684,898

728,719

Pharmaceuticals

0.0%

†

H

Lundbeck

A/S

860

28,349

1,794,990

FINLAND

0.5%

Banks

0.2%

Nordea

Bank

Abp

19,279

146,432

Communications

Equipment

0.1%

Nokia

OYJ

*

10,873

42,618

Electric

Utilities

0.1%

Fortum

OYJ

3,232

65,416

Paper

&

Forest

Products

0.1%

Stora

Enso

OYJ,

Class

R

6,109

95,732

Common

Stocks

Shares

Value

($)

FINLAND

Paper

&

Forest

Products

UPM-

Kymmene

OYJ

2,597

79,042

174,774

429,240

FRANCE

9.2%

Aerospace

&

Defense

0.3%

Airbus

SE

*

1,420

103,070

Dassault

Aviation

SA

*

200

169,764

272,834

Auto

Components

0.4%

Cie

Generale

des

Etablissements

Michelin

SCA

2,910

311,384

Valeo

SA

2,293

70,082

381,466

Automobiles

0.3%

Peugeot

SA

*

10,348

186,578

Renault

SA

*

3,450

89,052

275,630

Banks

0.5%

BNP

Paribas

SA

*

6,236

225,905

Credit

Agricole

SA

*

4,991

43,625

Societe

Generale

SA

*

9,082

120,179

389,709

Building

Products

0.3%

Cie

de

Saint-Gobain

*

6,064

254,602

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S

*(a)

165

11,632

Natixis

SA

*

8,394

18,866

30,498

Chemicals

0.6%

Arkema

SA

5,149

546,251

Construction

&

Engineering

0.2%

Bouygues

SA

3,529

122,346

Eiffage

SA

*

397

32,357

154,703

Diversified

Telecommunication

Services

0.2%

Orange

SA

18,983

197,528

Electric

Utilities

0.1%

Electricite

de

France

SA

6,426

67,982

Entertainment

1.0%

Bollore

SA

8,276

30,891

Ubisoft

Entertainment

SA

*

3,900

352,440

Vivendi

SA

15,662

436,534

819,865

Food

&

Staples

Retailing

0.2%

Carrefour

SA

9,564

153,084

Insurance

0.2%

AXA

SA

8,407

155,196

CNP

Assurances

*

1,923

24,032

179,228

IT

Services

0.2%

Atos

SE

*

1,197

96,423

Capgemini

SE

555

71,082

167,505

Media

0.1%

Publicis

Groupe

SA

1,816

58,850

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Multi-Utilities

1.7%

Engie

SA

*

67,863

907,021

Veolia

Environnement

SA

26,107

563,022

1,470,043

Oil,

Gas

&

Consumable

Fuels

1.4%

TOTAL

SE

33,522

1,150,912

Pharmaceuticals

1.1%

Sanofi

9,583

960,878

Textiles,

Apparel

&

Luxury

Goods

0.1%

EssilorLuxottica

SA

*

480

65,273

Trading

Companies

&

Distributors

0.3%

Rexel

SA

*

17,591

220,676

7,817,517

GERMANY

10.4%

Air

Freight

&

Logistics

0.4%

Deutsche

Post

AG

(Registered)

8,138

371,102

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)

*

3,547

30,573

Auto

Components

0.1%

Continental

AG

890

96,481

Automobiles

1.8%

Bayerische

Motoren

Werke

AG

4,872

353,756

Bayerische

Motoren

Werke

AG

(Preference)

773

42,354

Daimler

AG

(Registered)

11,273

607,846

Porsche

Automobil

Holding

SE

(Preference)

*

1,080

64,481

Volkswagen

AG

496

86,707

Volkswagen

AG

(Preference)

2,402

386,574

1,541,718

Banks

0.1%

Commerzbank

AG

*

11,681

57,411

Capital

Markets

0.6%

Deutsche

Bank

AG

(Registered)

*

11,670

98,393

Deutsche

Bank

AG

(Registered)

*

2,293

19,261

Deutsche

Boerse

AG

2,382

418,325

535,979

Chemicals

0.5%

BASF

SE

4,549

277,008

Covestro

AG

Reg.

S

(a)

1,289

64,001

Evonik

Industries

AG

1,789

46,348

387,357

Construction

Materials

0.9%

HeidelbergCement

AG

11,838

726,160

Diversified

Telecommunication

Services

0.0%

†

Telefonica

Deutschland

Holding

AG

13,341

34,219

Electric

Utilities

0.1%

Siemens

Energy

AG

*

3,396

91,564

Common

Stocks

Shares

Value

($)

GERMANY

Food

&

Staples

Retailing

0.0%

†

METRO

AG

1,241

12,395

Health

Care

Providers

&

Services

0.9%

Fresenius

SE

&

Co.

KGaA

16,474

749,890

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Uniper

SE

1,896

61,259

Industrial

Conglomerates

1.0%

Siemens

AG

(Registered)

6,791

858,693

Insurance

1.2%

Allianz

SE

(Registered)

4,612

884,668

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

122

30,976

Talanx

AG

3,564

115,001

1,030,645

Multi-Utilities

0.1%

RWE

AG

1,528

57,287

Pharmaceuticals

0.7%

Bayer

AG

(Registered)

9,184

574,006

Semiconductors

&

Semiconductor

Equipment

0.8%

Infineon

Technologies

AG

23,559

666,408

Software

1.1%

SAP

SE

5,854

911,605

8,794,752

HONG

KONG

1.2%

Airlines

0.0%

†

Cathay

Pacific

Airways

Ltd.

*

19,636

13,664

Banks

0.0%

†

Bank

of

East

Asia

Ltd.

(The)

1,800

3,318

Electric

Utilities

0.0%

†

CK

Infrastructure

Holdings

Ltd.

3,000

14,039

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S

(a)

85,000

69,184

Industrial

Conglomerates

0.0%

†

Guoco

Group

Ltd.

3,000

37,939

Real

Estate

Management

&

Development

1.0%

CK

Asset

Holdings

Ltd.

79,500

387,886

Hang

Lung

Properties

Ltd.

20,000

51,001

Henderson

Land

Development

Co.

Ltd.

7,455

27,503

Hongkong

Land

Holdings

Ltd.

6,400

23,835

New

World

Development

Co.

Ltd.

14,550

70,834

Sino

Land

Co.

Ltd.

35,587

41,416

Sun

Hung

Kai

Properties

Ltd.

12,721

163,082

Swire

Pacific

Ltd.,

Class

A

9,000

43,641

809,198

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

9,367

46,486

993,828

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

IRELAND

1.4%

Airlines

0.2%

Ryanair

Holdings

plc,

ADR

*

2,074

169,570

Banks

0.1%

AIB

Group

plc

*

113,600

116,531

Construction

Materials

0.2%

CRH

plc,

ADR

3,682

132,883

CRH

plc

278

10,039

142,922

Containers

&

Packaging

0.8%

Smurfit

Kappa

Group

plc

16,745

657,063

Hotels,

Restaurants

&

Leisure

0.1%

Flutter

Entertainment

plc

638

100,908

1,186,994

ISRAEL

0.4%

Banks

0.0%

†

Bank

Leumi

Le-Israel

BM

2,713

11,935

Israel

Discount

Bank

Ltd.,

Class

A

3,428

9,240

21,175

Software

0.4%

Check

Point

Software

Technologies

Ltd.

*

2,400

288,816

309,991

ITALY

1.7%

Banks

1.1%

Intesa

Sanpaolo

SpA

40,905

76,809

Mediobanca

Banca

di

Credito

Finanziario

SpA

41,967

329,099

UniCredit

SpA

*

53,734

443,127

849,035

Diversified

Telecommunication

Services

0.1%

Telecom

Italia

SpA

310,131

124,556

Electrical

Equipment

0.4%

Prysmian

SpA

11,917

346,513

Oil,

Gas

&

Consumable

Fuels

0.1%

Eni

SpA

12,093

94,602

1,414,706

JAPAN

24.6%

Airlines

0.4%

Japan

Airlines

Co.

Ltd.

17,100

321,009

Auto

Components

1.6%

Aisin

Seiki

Co.

Ltd.

2,000

63,946

Bridgestone

Corp.

2,700

85,284

Denso

Corp.

1,500

65,704

JTEKT

Corp.

3,400

26,646

NGK

Spark

Plug

Co.

Ltd.

1,500

26,168

NHK

Spring

Co.

Ltd.

2,600

16,641

NOK

Corp.

1,500

15,618

Sumitomo

Electric

Industries

Ltd.

11,200

125,852

Sumitomo

Rubber

Industries

Ltd.

3,100

28,756

Toyo

Tire

Corp.

1,600

25,849

Toyoda

Gosei

Co.

Ltd.

1,200

27,504

Toyota

Boshoku

Corp.

1,500

21,244

Common

Stocks

Shares

Value

($)

JAPAN

Auto

Components

Toyota

Industries

Corp.

12,700

803,053

TS

Tech

Co.

Ltd.

400

11,311

Yokohama

Rubber

Co.

Ltd.

(The)

1,500

21,349

1,364,925

Automobiles

2.1%

Honda

Motor

Co.

Ltd.

19,100

450,646

Isuzu

Motors

Ltd.

6,700

58,696

Mazda

Motor

Corp.

7,400

43,271

Mitsubishi

Motors

Corp.

7,200

15,893

Nissan

Motor

Co.

Ltd.

29,900

106,270

Subaru

Corp.

2,400

46,590

Suzuki

Motor

Corp.

1,800

77,097

Toyota

Motor

Corp.

15,114

999,634

Yamaha

Motor

Co.

Ltd.

3,600

52,346

1,850,443

Banks

1.7%

Aozora

Bank

Ltd.

800

13,295

Bank

of

Kyoto

Ltd.

(The)

500

24,155

Chiba

Bank

Ltd.

(The)

6,400

35,319

Chugoku

Bank

Ltd.

(The)

900

8,631

Concordia

Financial

Group

Ltd.

10,400

36,253

Fukuoka

Financial

Group,

Inc.

1,300

21,887

Hachijuni

Bank

Ltd.

(The)

4,300

16,917

Iyo

Bank

Ltd.

(The)

2,900

19,214

Kyushu

Financial

Group,

Inc.

1,300

6,104

Mebuki

Financial

Group,

Inc.

5,260

11,934

Mitsubishi

UFJ

Financial

Group,

Inc.

46,400

184,135

Mizuho

Financial

Group,

Inc.

9,260

115,672

Resona

Holdings,

Inc.

10,300

35,103

Shinsei

Bank

Ltd.

1,600

19,825

Shizuoka

Bank

Ltd.

(The)

3,100

21,441

Sumitomo

Mitsui

Financial

Group,

Inc.

29,600

823,653

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,500

39,914

1,433,452

Beverages

0.4%

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

1,400

23,434

Kirin

Holdings

Co.

Ltd.

16,500

309,903

333,337

Building

Products

0.2%

AGC,

Inc.

3,400

99,575

LIXIL

Group

Corp.

2,500

50,266

149,841

Capital

Markets

0.6%

Daiwa

Securities

Group,

Inc.

94,300

395,797

Nomura

Holdings,

Inc.

13,700

62,496

SBI

Holdings,

Inc.

1,300

33,638

491,931

Chemicals

1.3%

Air

Water,

Inc.

4,500

60,875

Asahi

Kasei

Corp.

11,000

96,024

Daicel

Corp.

2,500

18,017

Denka

Co.

Ltd.

10,299

313,457

DIC

Corp.

1,200

29,980

32

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

JSR

Corp.

1,500

35,578

Kaneka

Corp.

900

25,270

Kuraray

Co.

Ltd.

6,400

62,156

Mitsubishi

Chemical

Holdings

Corp.

9,500

54,850

Mitsubishi

Gas

Chemical

Co.,

Inc.

2,100

38,960

Mitsui

Chemicals,

Inc.

2,400

58,058

Nippon

Kayaku

Co.

Ltd.

2,700

23,862

Nippon

Shokubai

Co.

Ltd.

500

26,684

Showa

Denko

KK

1,200

21,995

Sumitomo

Chemical

Co.

Ltd.

23,000

76,158

Teijin

Ltd.

2,200

34,111

Tokai

Carbon

Co.

Ltd.

600

6,410

Toray

Industries,

Inc.

10,600

48,472

Tosoh

Corp.

3,100

50,403

Ube

Industries

Ltd.

1,500

25,319

Zeon

Corp.

1,400

14,734

1,121,373

Commercial

Services

&

Supplies

0.1%

Dai

Nippon

Printing

Co.

Ltd.

2,200

44,562

Toppan

Printing

Co.

Ltd.

2,500

35,212

79,774

Construction

&

Engineering

0.4%

JGC

Holdings

Corp.

900

9,348

Kajima

Corp.

5,800

69,467

Kandenko

Co.

Ltd.

1,000

8,172

Kinden

Corp.

900

15,863

Maeda

Road

Construction

Co.

Ltd.

100

1,828

Nippo

Corp.

1,100

30,362

Obayashi

Corp.

6,300

57,097

Shimizu

Corp.

5,700

42,746

Taisei

Corp.

1,700

57,283

Toda

Corp.

1,800

12,337

304,503

Construction

Materials

0.0%

†

Taiheiyo

Cement

Corp.

1,100

28,074

Consumer

Finance

0.0%

†

AEON

Financial

Service

Co.

Ltd.

800

7,273

Credit

Saison

Co.

Ltd.

1,000

10,613

Hitachi

Capital

Corp.

700

16,453

34,339

Containers

&

Packaging

0.0%

†

Rengo

Co.

Ltd.

1,000

7,550

Toyo

Seikan

Group

Holdings

Ltd.

2,400

23,887

31,437

Diversified

Financial

Services

0.9%

Fuyo

General

Lease

Co.

Ltd.

200

12,392

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

8,500

39,313

ORIX

Corp.

54,500

678,493

730,198

Electrical

Equipment

0.1%

Fuji

Electric

Co.

Ltd.

1,100

34,754

Mabuchi

Motor

Co.

Ltd.

400

15,489

50,243

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

1.6%

Alps

Alpine

Co.

Ltd.

1,700

22,906

Canon

Marketing

Japan,

Inc.

800

16,011

Hitachi

Ltd.

24,240

819,062

Ibiden

Co.

Ltd.

1,100

37,248

Kyocera

Corp.

7,900

451,390

1,346,617

Entertainment

1.4%

Nintendo

Co.

Ltd.

1,300

739,025

Square

Enix

Holdings

Co.

Ltd.

7,100

472,052

1,211,077

Food

&

Staples

Retailing

1.3%

Matsumotokiyoshi

Holdings

Co.

Ltd.

8,900

324,686

Seven

&

i

Holdings

Co.

Ltd.

24,400

754,277

1,078,963

Food

Products

0.1%

Itoham

Yonekyu

Holdings,

Inc.

1,100

7,879

NH

Foods

Ltd.

1,000

44,626

Yamazaki

Baking

Co.

Ltd.

800

13,973

66,478

Health

Care

Equipment

&

Supplies

0.8%

Nipro

Corp.

700

8,156

Olympus

Corp.

31,600

655,927

664,083

Health

Care

Providers

&

Services

0.1%

Alfresa

Holdings

Corp.

1,100

24,064

Medipal

Holdings

Corp.

800

16,019

Suzuken

Co.

Ltd.

300

11,434

51,517

Household

Durables

1.7%

Haseko

Corp.

7,600

99,932

Iida

Group

Holdings

Co.

Ltd.

2,300

46,502

Nikon

Corp.

3,000

20,270

Panasonic

Corp.

9,700

82,167

Sekisui

House

Ltd.

4,200

74,280

Sony

Corp.

15,900

1,216,110

Sumitomo

Forestry

Co.

Ltd.

1,800

28,702

1,567,963

Industrial

Conglomerates

0.6%

Toshiba

Corp.

20,570

523,592

Insurance

0.4%

Dai-ichi

Life

Holdings,

Inc.

5,300

74,800

Japan

Post

Holdings

Co.

Ltd.

5,000

34,105

Japan

Post

Insurance

Co.

Ltd.

700

11,014

MS&AD

Insurance

Group

Holdings,

Inc.

2,100

56,879

Sompo

Holdings,

Inc.

1,900

65,813

T&D

Holdings,

Inc.

6,300

62,305

Tokio

Marine

Holdings,

Inc.

1,300

56,930

361,846

Internet

&

Direct

Marketing

Retail

0.8%

Rakuten

,

Inc.

60,400

652,474

IT

Services

0.7%

Fujitsu

Ltd.

3,500

479,256

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

NEC

Corp.

1,500

87,804

567,060

Leisure

Products

0.5%

Heiwa

Corp.

600

9,871

Sankyo

Co.

Ltd.

800

20,968

Sega

Sammy

Holdings,

Inc.

32,300

392,868

423,707

Machinery

1.1%

Amada

Co.

Ltd.

2,200

20,619

Ebara

Corp.

1,000

27,014

FANUC

Corp.

2,900

556,329

Hino

Motors

Ltd.

7,500

48,606

Hitachi

Construction

Machinery

Co.

Ltd.

500

18,107

IHI

Corp.

1,000

13,361

Kawasaki

Heavy

Industries

Ltd.

1,599

21,640

Komatsu

Ltd.

700

15,410

Kurita

Water

Industries

Ltd.

900

29,704

Mitsubishi

Heavy

Industries

Ltd.

2,500

55,529

NGK

Insulators

Ltd.

1,800

25,682

NSK

Ltd.

4,100

31,382

Sumitomo

Heavy

Industries

Ltd.

1,100

25,590

THK

Co.

Ltd.

600

15,053

904,026

Marine

0.1%

Mitsui

OSK

Lines

Ltd.

1,500

29,480

Nippon

Yusen

KK

2,700

46,808

76,288

Media

0.1%

Dentsu

Group,

Inc.

2,800

82,732

TBS

Holdings,

Inc.

400

6,878

89,610

Metals

&

Mining

0.3%

Dowa

Holdings

Co.

Ltd.

400

11,759

Hitachi

Metals

Ltd.

1,100

16,910

JFE

Holdings,

Inc.

6,300

44,062

Mitsubishi

Materials

Corp.

1,900

37,511

Nippon

Steel

Corp.

*

7,299

68,939

Sumitomo

Metal

Mining

Co.

Ltd.

2,099

64,977

244,158

Multiline

Retail

0.0%

†

Isetan

Mitsukoshi

Holdings

Ltd.

2,400

12,730

J

Front

Retailing

Co.

Ltd.

3,100

22,410

35,140

Oil,

Gas

&

Consumable

Fuels

0.5%

ENEOS

Holdings,

Inc.

90,500

323,171

Idemitsu

Kosan

Co.

Ltd.

2,400

51,133

Inpex

Corp.

10,400

55,637

429,941

Paper

&

Forest

Products

0.1%

Oji

Holdings

Corp.

11,200

51,400

Pharmaceuticals

0.8%

Astellas

Pharma,

Inc.

40,500

602,904

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Sawai

Pharmaceutical

Co.

Ltd.

200

10,097

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

100

6,595

Takeda

Pharmaceutical

Co.

Ltd.

818

29,139

648,735

Real

Estate

Management

&

Development

0.2%

Daiwa

House

Industry

Co.

Ltd.

900

23,124

Mitsui

Fudosan

Co.

Ltd.

3,500

60,963

Nomura

Real

Estate

Holdings,

Inc.

1,500

28,530

Sumitomo

Realty

&

Development

Co.

Ltd.

1,000

29,585

Tokyo

Tatemono

Co.

Ltd.

2,100

25,702

Tokyu

Fudosan

Holdings

Corp.

8,100

34,872

202,776

Road

&

Rail

0.2%

Fukuyama

Transporting

Co.

Ltd.

200

9,765

Hankyu

Hanshin

Holdings,

Inc.

2,400

77,207

Nippon

Express

Co.

Ltd.

1,000

58,213

Seibu

Holdings,

Inc.

1,600

17,211

Seino

Holdings

Co.

Ltd.

1,300

18,861

181,257

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Rohm

Co.

Ltd.

500

38,607

Specialty

Retail

0.1%

K's

Holdings

Corp.

1,900

25,653

Shimamura

Co.

Ltd.

200

19,551

Yamada

Holdings

Co.

Ltd.

7,300

36,400

81,604

Technology

Hardware,

Storage

&

Peripherals

0.2%

Brother

Industries

Ltd.

1,600

25,413

Canon,

Inc.

2,700

44,814

FUJIFILM

Holdings

Corp.

300

14,783

Konica

Minolta,

Inc.

4,100

11,585

Ricoh

Co.

Ltd.

8,400

56,627

Seiko

Epson

Corp.

3,600

41,384

194,606

Trading

Companies

&

Distributors

0.7%

ITOCHU

Corp.

3,400

86,941

Marubeni

Corp.

7,900

44,821

Mitsubishi

Corp.

6,900

165,070

Mitsui

&

Co.

Ltd.

6,700

115,088

Nagase

&

Co.

Ltd.

1,000

13,989

Sojitz

Corp.

13,800

31,301

Sumitomo

Corp.

6,400

76,741

Toyota

Tsusho

Corp.

1,800

50,270

584,221

Transportation

Infrastructure

0.0%

†

Kamigumi

Co.

Ltd.

1,200

23,626

Mitsubishi

Logistics

Corp.

299

8,470

32,096

34

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

0.4%

SoftBank

Group

Corp.

5,100

314,911

20,949,632

LUXEMBOURG

0.6%

Metals

&

Mining

0.6%

ArcelorMittal

SA

*

37,793

504,006

MACAU

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

SJM

Holdings

Ltd.

27,000

31,886

NETHERLANDS

5.3%

Banks

0.2%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(a)

3,288

27,495

ING

Groep

NV

22,582

159,899

187,394

Beverages

0.4%

Heineken

Holding

NV

2,500

194,562

Heineken

NV

1,633

145,119

339,681

Chemicals

0.4%

Koninklijke

DSM

NV

2,000

329,592

Diversified

Financial

Services

0.2%

EXOR

NV

2,600

141,485

Diversified

Telecommunication

Services

0.0%

†

Koninklijke

KPN

NV

7,870

18,505

Food

&

Staples

Retailing

0.6%

Koninklijke

Ahold

Delhaize

NV

18,412

544,915

Health

Care

Equipment

&

Supplies

1.1%

Koninklijke

Philips

NV

*

20,065

945,268

Insurance

0.2%

Aegon

NV

(b)

16,510

42,878

NN

Group

NV

2,699

101,379

144,257

Oil,

Gas

&

Consumable

Fuels

1.0%

Koninklijke

Vopak

NV

669

37,691

Royal

Dutch

Shell

plc,

Class

B,

ADR

26,386

639,069

Royal

Dutch

Shell

plc,

Class

B

12,252

148,213

824,973

Professional

Services

0.1%

Randstad

NV

*

2,092

109,160

Semiconductors

&

Semiconductor

Equipment

1.1%

ASML

Holding

NV

1,300

479,355

NXP

Semiconductors

NV

3,500

436,835

916,190

4,501,420

NEW

ZEALAND

0.2%

Construction

Materials

0.0%

†

Fletcher

Building

Ltd.

7,771

19,797

Diversified

Telecommunication

Services

0.0%

†

Chorus

Ltd.

4,028

23,111

Health

Care

Providers

&

Services

0.2%

EBOS

Group

Ltd.

4,070

65,807

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

Health

Care

Providers

&

Services

Ryman

Healthcare

Ltd.

712

6,659

72,466

Transportation

Infrastructure

0.0%

†

Auckland

International

Airport

Ltd.

6,424

31,126

146,500

NORWAY

0.8%

Banks

0.2%

DNB

ASA

9,206

127,150

SpareBank

1

SR-Bank

ASA

3,345

27,718

154,868

Chemicals

0.0%

†

Yara

International

ASA

1,018

39,197

Food

Products

0.6%

Mowi

ASA

22,600

400,907

Insurance

0.0%

†

Storebrand

ASA

*

3,091

16,190

Metals

&

Mining

0.0%

†

Norsk

Hydro

ASA

*

10,086

27,762

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Equinor

ASA

431

6,083

645,007

PORTUGAL

0.0%

†

Banks

0.0%

†

Banco

Espirito

Santo

SA

(Registered)

*^∞

146,163

0

SINGAPORE

1.1%

Airlines

0.2%

Singapore

Airlines

Ltd.

55,500

141,858

Banks

0.7%

DBS

Group

Holdings

Ltd.

30,700

451,546

Oversea-Chinese

Banking

Corp.

Ltd.

15,292

95,005

546,551

Distributors

0.0%

†

Jardine

Cycle

&

Carriage

Ltd.

1,600

21,223

Industrial

Conglomerates

0.1%

Keppel

Corp.

Ltd.

23,100

75,770

Real

Estate

Management

&

Development

0.1%

CapitaLand

Ltd.

24,000

47,954

City

Developments

Ltd.

5,200

29,246

UOL

Group

Ltd.

4,910

24,048

101,248

Trading

Companies

&

Distributors

0.0%

†

BOC

Aviation

Ltd.

Reg.

S

(a)

2,800

19,074

905,724

SOUTH

AFRICA

0.3%

Capital

Markets

0.0%

†

Investec

plc

6,794

12,493

Metals

&

Mining

0.3%

Anglo

American

plc

9,053

218,618

231,111

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

0.9%

Technology

Hardware,

Storage

&

Peripherals

0.9%

Samsung

Electronics

Co.

Ltd.

15,850

798,613

SPAIN

1.2%

Banks

0.5%

Banco

Bilbao

Vizcaya

Argentaria

SA

37,434

103,459

Banco

Bilbao

Vizcaya

Argentaria

SA,

ADR

5,336

14,621

Banco

Santander

SA

163,934

305,402

423,482

Electrical

Equipment

0.5%

Siemens

Gamesa

Renewable

Energy

SA

15,989

430,963

Gas

Utilities

0.0%

†

Naturgy

Energy

Group

SA

1,562

31,320

Independent

Power

and

Renewable

Electricity

Producers

0.1%

EDP

Renovaveis

SA

3,622

60,008

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

6,719

44,878

990,651

SWEDEN

2.2%

Aerospace

&

Defense

0.0%

†

Saab

AB,

Class

B

*

940

27,638

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

*

14,948

132,319

Svenska

Handelsbanken

AB,

Class

A

*

7,391

62,074

Swedbank

AB,

Class

A

*

5,338

83,484

277,877

Commercial

Services

&

Supplies

0.0%

†

Intrum

AB

950

23,252

Construction

&

Engineering

0.0%

†

Peab

AB,

Class

B

*

2,824

28,398

Containers

&

Packaging

0.0%

†

BillerudKorsnas

AB

*

1,564

26,233

Diversified

Financial

Services

0.5%

Investor

AB,

Class

B

6,061

395,225

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

26,547

109,171

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB

607

30,857

Health

Care

Equipment

&

Supplies

0.1%

Getinge

AB,

Class

B

2,044

44,456

Machinery

0.9%

SKF

AB,

Class

B

3,935

81,088

Trelleborg

AB,

Class

B

*

2,069

36,566

Volvo

AB,

Class

A

*

1,877

36,367

Volvo

AB,

Class

B

*

27,633

530,737

684,758

Metals

&

Mining

0.2%

Boliden

AB

3,907

116,163

SSAB

AB,

Class

A

*

1,619

5,374

Common

Stocks

Shares

Value

($)

SWEDEN

Metals

&

Mining

SSAB

AB,

Class

B

*

3,440

10,969

132,506

Paper

&

Forest

Products

0.1%

Holmen

AB,

Class

B

557

20,699

Svenska

Cellulosa

AB

SCA,

Class

B

*

4,471

61,286

81,985

1,862,356

SWITZERLAND

9.6%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

160

16,220

Capital

Markets

1.3%

Credit

Suisse

Group

AG

(Registered)

9,803

98,116

Julius

Baer

Group

Ltd.

2,269

96,730

UBS

Group

AG

(Registered)

83,107

927,779

1,122,625

Chemicals

0.0%

†

Clariant

AG

(Registered)

575

11,305

Construction

Materials

0.2%

LafargeHolcim

Ltd.

(Registered)

*

4,254

193,912

Diversified

Telecommunication

Services

0.2%

Swisscom

AG

(Registered)

351

186,189

Electrical

Equipment

1.0%

ABB

Ltd.

(Registered)

34,085

863,884

Food

Products

1.4%

Nestle

SA

(Registered)

9,681

1,148,545

Health

Care

Equipment

&

Supplies

0.7%

Alcon,

Inc.

*

10,370

588,747

Alcon,

Inc.

*

432

24,602

613,349

Insurance

1.0%

Baloise

Holding

AG

(Registered)

539

79,287

Swiss

Life

Holding

AG

(Registered)

*

296

111,835

Swiss

Re

AG

1,132

83,786

Zurich

Insurance

Group

AG

1,674

582,027

856,935

Life

Sciences

Tools

&

Services

0.4%

Lonza

Group

AG

(Registered)

497

306,788

Pharmaceuticals

2.8%

Novartis

AG,

ADR

2,095

182,181

Novartis

AG

(Registered)

19,190

1,667,634

Roche

Holding

AG

1,200

410,553

Vifor

Pharma

AG

305

41,519

2,301,887

Professional

Services

0.1%

Adecco

Group

AG

(Registered)

1,854

97,975

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

245

22,237

36

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Textiles,

Apparel

&

Luxury

Goods

0.5%

Cie

Financiere

Richemont

SA

(Registered)

4,337

290,495

Swatch

Group

AG

(The)

366

85,256

Swatch

Group

AG

(The)

(Registered)

732

32,865

408,616

8,150,467

UNITED

KINGDOM

13.1%

Airlines

0.0%

†

easyJet

plc

1,390

9,024

Automobiles

0.3%

Fiat

Chrysler

Automobiles

NV

*

18,643

228,234

Banks

1.0%

Barclays

plc,

ADR

28,379

142,179

HSBC

Holdings

plc,

ADR

15,310

299,770

Lloyds

Banking

Group

plc

802,054

272,180

Lloyds

Banking

Group

plc,

ADR

12,511

16,264

Natwest

Group

plc,

ADR

*

22,210

59,745

Standard

Chartered

plc

13,428

61,562

851,700

Beverages

0.1%

Coca-Cola

European

Partners

plc

1,806

71,026

Capital

Markets

0.1%

IG

Group

Holdings

plc

8,100

82,604

Ninety

One

plc

*

3,397

8,933

Standard

Life

Aberdeen

plc

11,006

32,043

123,580

Chemicals

0.4%

Linde

plc

1,500

357,195

Containers

&

Packaging

0.1%

DS

Smith

plc

11,593

44,026

Distributors

0.3%

Inchcape

plc

47,677

269,903

Diversified

Financial

Services

0.0%

†

M&G

plc

18,771

38,418

Diversified

Telecommunication

Services

0.5%

BT

Group

plc

46,625

59,252

Liberty

Global

plc,

Class

C

*

17,900

367,576

426,828

Electrical

Equipment

0.0%

†

Melrose

Industries

plc

*

15,490

22,854

Energy

Equipment

&

Services

0.0%

†

Subsea

7

SA

*

3,107

22,285

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

British

Land

Co.

plc

(The)

78,948

343,236

Food

&

Staples

Retailing

0.9%

J

Sainsbury

plc

32,629

80,213

Tesco

plc

247,906

679,656

Wm

Morrison

Supermarkets

plc

19,832

43,535

803,404

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Health

Care

Equipment

&

Supplies

0.5%

Smith

&

Nephew

plc

19,800

385,830

Hotels,

Restaurants

&

Leisure

0.5%

GVC

Holdings

plc

33,300

419,133

Household

Durables

0.7%

Barratt

Developments

plc

28,895

176,674

Bellway

plc

460

13,908

Persimmon

plc

11,500

365,257

555,839

Industrial

Conglomerates

1.6%

CK

Hutchison

Holdings

Ltd.

128,272

777,699

DCC

plc

6,864

528,975

1,306,674

Insurance

0.9%

Aviva

plc

204,651

752,540

Phoenix

Group

Holdings

plc

3,807

33,864

786,404

Media

0.4%

Informa

plc

35,585

172,535

Pearson

plc

3,802

26,889

Pearson

plc,

ADR

748

5,318

WPP

plc

11,819

92,304

WPP

plc,

ADR

567

22,249

319,295

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc

93,668

271,957

BP

plc,

ADR

14,070

245,662

517,619

Personal

Products

1.4%

Unilever

plc

18,178

1,120,092

Real

Estate

Management

&

Development

0.1%

Savills

plc

7,584

76,314

Specialty

Retail

0.1%

Kingfisher

plc

23,926

91,441

Tobacco

0.8%

British

American

Tobacco

plc

10,914

392,281

Imperial

Brands

plc

17,849

314,622

706,903

Trading

Companies

&

Distributors

0.9%

Ashtead

Group

plc

14,069

504,079

Bunzl

plc

8,600

277,466

781,545

Wireless

Telecommunication

Services

0.5%

Vodafone

Group

plc

273,885

363,358

Vodafone

Group

plc,

ADR

6,837

91,753

455,111

11,133,913

UNITED

STATES

0.1%

Hotels,

Restaurants

&

Leisure

0.0%

†

Carnival

plc

727

9,266

Oil,

Gas

&

Consumable

Fuels

0.1%

Ovintiv

,

Inc.

12,764

104,155

113,421

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

ZAMBIA

0.1%

Metals

&

Mining

0.1%

First

Quantum

Minerals

Ltd.

7,458

66,484

Total

Investments

(cost

$83,814,865)

  —

97.1%

82,309,496

Other

assets

in

excess

of

liabilities

—

2.9%

2,466,931

NET

ASSETS

—

100.0%

$

84,776,427

*

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

September

30,

2020

was

$191,386

which

represents

0.23%

of

net

assets.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$1,070.

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

38

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

International

Value

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

39

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

300,472

$

–

$

300,472

Air

Freight

&

Logistics

–

582,595

–

582,595

Airlines

169,570

516,128

–

685,698

Auto

Components

232,832

1,842,872

–

2,075,704

Automobiles

–

3,896,025

–

3,896,025

Banks

1,696,454

6,669,760

–

8,366,214

Beverages

–

877,886

–

877,886

Biotechnology

–

83,153

–

83,153

Building

Products

–

458,458

–

458,458

Capital

Markets

19,261

2,847,588

–

2,866,849

Chemicals

488,840

2,630,381

–

3,119,221

Commercial

Services

&

Supplies

–

133,413

–

133,413

Communications

Equipment

–

42,618

–

42,618

Construction

&

Engineering

–

487,604

–

487,604

Construction

Materials

132,883

1,006,989

–

1,139,872

Consumer

Finance

–

34,339

–

34,339

Containers

&

Packaging

–

758,759

–

758,759

Distributors

–

291,126

–

291,126

Diversified

Financial

Services

–

1,916,353

–

1,916,353

Diversified

Telecommunication

Services

367,576

752,531

–

1,120,107

Electric

Utilities

91,564

147,437

–

239,001

Electrical

Equipment

–

2,039,526

–

2,039,526

Electronic

Equipment,

Instruments

&

Components

–

1,346,617

–

1,346,617

Energy

Equipment

&

Services

–

92,657

–

92,657

Entertainment

–

2,030,942

–

2,030,942

Equity

Real

Estate

Investment

Trusts

(REITs)

–

343,236

–

343,236

Food

&

Staples

Retailing

–

2,623,618

–

2,623,618

Food

Products

–

1,685,114

–

1,685,114

Gas

Utilities

–

31,320

–

31,320

Health

Care

Equipment

&

Supplies

24,602

2,652,071

–

2,676,673

Health

Care

Providers

&

Services

–

873,873

–

873,873

Hotels,

Restaurants

&

Leisure

–

595,279

–

595,279

Household

Durables

–

2,123,802

–

2,123,802

Independent

Power

and

Renewable

Electricity

Producers

–

121,267

–

121,267

Industrial

Conglomerates

–

2,802,668

–

2,802,668

Insurance

356,831

3,553,772

–

3,910,603

Interactive

Media

&

Services

189,885

–

–

189,885

Internet

&

Direct

Marketing

Retail

–

652,474

–

652,474

IT

Services

–

734,565

–

734,565

Leisure

Products

–

423,707

–

423,707

Life

Sciences

Tools

&

Services

–

306,788

–

306,788

Machinery

–

1,588,784

–

1,588,784

Marine

–

805,007

–

805,007

Media

27,567

440,188

–

467,755

Metals

&

Mining

668,487

1,896,999

–

2,565,486

Multiline

Retail

–

62,931

–

62,931

Multi-Utilities

–

1,527,330

–

1,527,330

Oil,

Gas

&

Consumable

Fuels

1,636,127

2,652,414

–

4,288,541

Paper

&

Forest

Products

–

308,159

–

308,159

Personal

Products

–

1,120,092

–

1,120,092

Pharmaceuticals

182,181

4,383,571

–

4,565,752

Professional

Services

–

207,135

–

207,135

Real

Estate

Management

&

Development

–

1,512,816

–

1,512,816

Road

&

Rail

–

233,654

–

233,654

40

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Multi-Manager

International

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Semiconductors

&

Semiconductor

Equipment

$

436,835

$

1,184,370

$

–

$

1,621,205

Software

288,816

911,605

–

1,200,421

Specialty

Retail

–

173,045

–

173,045

Technology

Hardware,

Storage

&

Peripherals

–

993,219

–

993,219

Textiles,

Apparel

&

Luxury

Goods

–

473,889

–

473,889

Tobacco

–

706,903

–

706,903

Trading

Companies

&

Distributors

–

1,605,516

–

1,605,516

Transportation

Infrastructure

–

63,222

–

63,222

Wireless

Telecommunication

Services

91,753

1,046,800

–

1,138,553

Total

Common

Stocks

$

7,102,064

$

75,207,432

$

–

$

82,309,496

Total

$

7,102,064

$

75,207,432

$

–

$

82,309,496

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.2%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

Continental

Airlines

Pass-

Through

Trust,

Series

2012-1,

Class

A,

4.15%,

4/11/2024

220,801

216,328

United

Airlines

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.30%,

8/15/2025

351,403

339,013

555,341

Automobiles

0.1%

Americredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

1,600,000

1,682,872

GM

Financial

Automobile

Leasing

Trust,

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

520,000

524,188

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

1,290,000

1,292,597

3,499,657

Credit

Card

0.1%

Citibank

Credit

Card

Issuance

Trust,

Series

2018-A6,

Class

A6,

3.21%,

12/7/2024

2,000,000

2,127,176

Total

Asset-Backed

Securities

(cost

$5,963,868)

6,182,174

Commercial

Mortgage-Backed

Securities

2.4%

BBCMS

Mortgage

Trust

,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,570,783

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A2,

3.98%,

7/15/2051

500,000

533,578

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

1,184,263

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

3,405,311

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,641,174

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

653,044

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,710,440

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

3,292,143

COMM

Mortgage

Trust

Series

2012-CR1,

Class

A3,

3.39%,

5/15/2045

1,631,237

1,665,300

Series

2013-CR8,

Class

A5,

3.61%,

6/10/2046(a)

1,000,000

1,064,487

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

COMM

Mortgage

Trust

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,637,546

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,639,700

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

1,089,044

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

1,111,026

CSAIL

Commercial

Mortgage

Trust

,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,462,072

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K013,

Class

A2,

3.97%,

1/25/2021(a)

442,198

445,025

Series

K020,

Class

A2,

2.37%,

5/25/2022

1,500,000

1,539,475

Series

K024,

Class

A2,

2.57%,

9/25/2022

100,000

103,773

Series

K026,

Class

A2,

2.51%,

11/25/2022

900,000

933,067

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

400,000

426,920

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

950,000

1,010,154

Series

K034,

Class

A2,

3.53%,

7/25/2023(a)

5,400,000

5,813,875

Series

K038,

Class

A1,

2.60%,

10/25/2023

106,481

108,925

Series

K037,

Class

A2,

3.49%,

1/25/2024

800,000

868,943

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,869,656

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

986,686

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

3,120,079

FNMA

ACES

REMICS

Series

2014-M6,

Class

A2,

2.68%,

5/25/2021(a)

79,761

80,262

Series

2013-M6,

Class

1AC,

3.55%,

2/25/2043(a)

211,129

238,065

GS

Mortgage

Securities

Trust

Series

2012-GCJ7,

Class

A4,

3.38%,

5/10/2045

1,620,616

1,646,636

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,638,802

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2011-C5,

Class

A3,

4.17%,

8/15/2046

146,618

149,355

JPMBB

Commercial

Mortgage

Securities

Trust

,

Series

2014-C22,

Class

A4,

3.80%,

9/15/2047

1,000,000

1,096,586

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10,

Class

A5,

4.22%,

7/15/2046(a)

500,000

538,264

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

1,115,764

Morgan

Stanley

Capital

I

Trust

,

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,341,766

UBS-Barclays

Commercial

Mortgage

Trust

,

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

2,500,000

2,608,268

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,653,180

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,709,001

WFRBS

Commercial

Mortgage

Trust

Series

2013-C14,

Class

A5,

3.34%,

6/15/2046

1,750,000

1,846,777

Series

2013-C15,

Class

A4,

4.15%,

8/15/2046(a)

1,175,000

1,271,477

Total

Commercial

Mortgage-Backed

Securities

(cost

$55,519,663)

58,820,692

Corporate

Bonds

27.7%

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

2.25%,

6/15/2026(b)

500,000

486,554

2.70%,

2/1/2027

35,000

34,117

5.04%,

5/1/2027

500,000

548,908

3.20%,

3/1/2029

500,000

492,126

2.95%,

2/1/2030

85,000

82,200

5.15%,

5/1/2030

1,000,000

1,120,245

3.25%,

2/1/2035

100,000

93,910

3.30%,

3/1/2035(b)

130,000

122,141

5.71%,

5/1/2040

500,000

583,635

3.75%,

2/1/2050

340,000

311,084

5.81%,

5/1/2050

500,000

603,104

3.95%,

8/1/2059

100,000

90,309

General

Dynamics

Corp.

,

2.63%,

11/15/2027(b)

500,000

546,417

3.63%,

4/1/2030

200,000

237,999

4.25%,

4/1/2050

200,000

260,602

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024(b)

257,000

283,074

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

L3Harris

Technologies,

Inc.,

2.90%,

12/15/2029

100,000

109,131

4.85%,

4/27/2035

90,000

118,439

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025

500,000

545,340

3.55%,

1/15/2026

250,000

284,455

3.60%,

3/1/2035

110,000

131,919

4.07%,

12/15/2042

393,000

489,982

4.70%,

5/15/2046

250,000

339,962

Northrop

Grumman

Corp.

,

4.75%,

6/1/2043

250,000

324,979

4.03%,

10/15/2047

500,000

606,183

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025

400,000

454,727

4.13%,

11/16/2028

250,000

295,854

2.25%,

7/1/2030

140,000

147,035

6.13%,

7/15/2038

400,000

577,551

4.70%,

12/15/2041(c)

150,000

184,623

4.50%,

6/1/2042

700,000

882,105

4.15%,

5/15/2045

250,000

298,700

4.63%,

11/16/2048

500,000

650,137

3.13%,

7/1/2050

55,000

58,695

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

271,839

12,668,081

Air

Freight

&

Logistics

0.1%

FedEx

Corp.

,

3.25%,

4/1/2026

85,000

94,618

3.30%,

3/15/2027

70,000

77,836

3.10%,

8/5/2029

100,000

111,024

3.90%,

2/1/2035

380,000

430,931

3.88%,

8/1/2042

50,000

55,070

4.55%,

4/1/2046

500,000

601,733

5.25%,

5/15/2050

200,000

268,349

United

Parcel

Service,

Inc.

,

2.20%,

9/1/2024

40,000

42,355

3.05%,

11/15/2027

300,000

338,536

6.20%,

1/15/2038

295,000

443,345

3.40%,

9/1/2049

320,000

363,077

5.30%,

4/1/2050

150,000

220,734

3,047,608

Airlines

0.0%

†

Southwest

Airlines

Co.

,

4.75%,

5/4/2023

130,000

138,822

5.13%,

6/15/2027

275,000

299,529

2.63%,

2/10/2030

400,000

378,847

817,198

Auto

Components

0.0%

†

Aptiv

Corp.

,

4.15%,

3/15/2024

475,000

521,905

Aptiv

plc

,

5.40%,

3/15/2049

150,000

169,549

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

135,000

146,095

2.65%,

7/1/2027

55,000

58,011

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Auto

Components

Lear

Corp.

,

5.25%,

5/15/2049

150,000

162,108

1,057,668

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

386,973

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

464,569

4.20%,

10/1/2027

250,000

267,799

6.80%,

10/1/2027

300,000

364,582

5.15%,

4/1/2038

250,000

265,104

5.20%,

4/1/2045

250,000

268,895

6.75%,

4/1/2046

35,000

43,098

5.40%,

4/1/2048

250,000

276,228

2,337,248

Banks

4.8%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

250,000

258,700

Banco

Santander

SA

,

3.50%,

4/11/2022

800,000

829,773

2.75%,

5/28/2025

200,000

210,166

3.80%,

2/23/2028

600,000

659,359

3.49%,

5/28/2030(b)

200,000

217,553

Bank

of

America

Corp.

,

3.30%,

1/11/2023

500,000

530,845

4.10%,

7/24/2023

250,000

274,248

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(d)

1,515,000

1,590,637

4.00%,

4/1/2024

350,000

387,821

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(d)

400,000

433,162

Series

L,

3.95%,

4/21/2025

310,000

344,237

3.88%,

8/1/2025

250,000

283,812

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(d)

300,000

311,326

4.45%,

3/3/2026

125,000

143,520

3.50%,

4/19/2026

290,000

324,984

(SOFR

+

1.15%),

1.32%,

6/19/2026(d)

500,000

503,013

4.25%,

10/22/2026

435,000

503,417

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(d)

1,500,000

1,675,636

3.25%,

10/21/2027

500,000

552,203

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(d)

500,000

566,512

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(d)

1,000,000

1,113,850

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(d)

200,000

215,876

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.99%),

2.50%,

2/13/2031(d)

300,000

312,717

(SOFR

+

2.15%),

2.59%,

4/29/2031(d)

600,000

633,592

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(d)

250,000

304,172

(SOFR

+

1.93%),

2.68%,

6/19/2041(d)

300,000

305,976

5.88%,

2/7/2042

250,000

368,764

5.00%,

1/21/2044

350,000

483,717

Series

L,

4.75%,

4/21/2045

250,000

326,516

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(d)

500,000

647,133

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(d)

500,000

638,082

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(d)

600,000

741,367

Bank

of

America

NA

,

(ICE

LIBOR

USD

3

Month

+

0.65%),

3.34%,

1/25/2023(d)

500,000

518,823

Bank

of

Montreal

,

1.85%,

5/1/2025

500,000

521,402

Bank

of

Nova

Scotia

(The)

,

2.45%,

9/19/2022

1,000,000

1,041,462

Barclays

plc

,

3.65%,

3/16/2025

360,000

388,290

4.34%,

1/10/2028

1,000,000

1,113,053

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(d)

200,000

225,380

5.25%,

8/17/2045

205,000

269,632

4.95%,

1/10/2047

200,000

255,825

BBVA

USA

,

3.88%,

4/10/2025

500,000

536,372

Canadian

Imperial

Bank

of

Commerce

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

2.61%,

7/22/2023(d)

500,000

518,165

Citigroup,

Inc.

,

4.50%,

1/14/2022

650,000

683,109

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.88%,

7/24/2023(d)

500,000

518,801

3.88%,

10/25/2023

750,000

821,244

3.75%,

6/16/2024

500,000

551,089

3.30%,

4/27/2025

560,000

616,525

4.60%,

3/9/2026

350,000

400,660

(SOFR

+

2.75%),

3.11%,

4/8/2026(d)

300,000

322,550

3.40%,

5/1/2026

500,000

555,735

4.30%,

11/20/2026

500,000

572,308

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

4.45%,

9/29/2027

500,000

579,161

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(d)

500,000

565,533

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(d)

1,500,000

1,666,685

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(d)

500,000

576,059

(SOFR

+

1.42%),

2.98%,

11/5/2030(d)

200,000

216,221

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)

300,000

359,803

(SOFR

+

2.11%),

2.57%,

6/3/2031(d)

300,000

315,326

6.63%,

6/15/2032

333,000

465,913

8.13%,

7/15/2039

350,000

610,155

(SOFR

+

4.55%),

5.32%,

3/26/2041(d)

300,000

409,605

6.68%,

9/13/2043

250,000

383,954

4.65%,

7/23/2048

200,000

262,380

Citizens

Bank

NA

,

2.65%,

5/26/2022

250,000

258,328

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030(b)

170,000

180,124

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

284,951

Cooperatieve

Rabobank

UA

,

2.75%,

1/10/2022

500,000

515,483

4.63%,

12/1/2023

250,000

278,032

3.38%,

5/21/2025

250,000

281,073

5.25%,

5/24/2041

175,000

256,936

5.25%,

8/4/2045

250,000

340,113

Credit

Suisse

Group

Funding

Guernsey

Ltd.

,

3.80%,

9/15/2022

440,000

465,066

3.75%,

3/26/2025

390,000

432,077

4.55%,

4/17/2026

500,000

582,563

Discover

Bank

,

4.20%,

8/8/2023

500,000

547,094

2.45%,

9/12/2024

300,000

316,451

2.70%,

2/6/2030

310,000

324,161

Fifth

Third

Bancorp

,

3.50%,

3/15/2022

700,000

728,990

2.60%,

6/15/2022

500,000

516,901

3.65%,

1/25/2024

500,000

544,957

Fifth

Third

Bank

NA

,

1.80%,

1/30/2023

250,000

257,147

3.95%,

7/28/2025

200,000

228,726

2.25%,

2/1/2027

295,000

315,540

First

Republic

Bank

,

2.50%,

6/6/2022

750,000

773,329

HSBC

Holdings

plc

,

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.26%,

3/13/2023(d)

500,000

516,992

4.25%,

3/14/2024

500,000

536,297

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(ICE

LIBOR

USD

3

Month

+

0.99%),

3.95%,

5/18/2024(d)

200,000

214,288

4.30%,

3/8/2026

500,000

564,059

(SOFR

+

1.54%),

1.64%,

4/18/2026(d)

390,000

388,901

3.90%,

5/25/2026

500,000

552,533

4.95%,

3/31/2030

200,000

240,708

(ICE

LIBOR

USD

3

Month

+

1.61%),

3.97%,

5/22/2030(d)

200,000

223,766

6.50%,

5/2/2036

400,000

537,349

6.50%,

9/15/2037

600,000

813,652

6.80%,

6/1/2038

200,000

280,786

5.25%,

3/14/2044

250,000

316,003

HSBC

USA,

Inc.

,

3.50%,

6/23/2024

500,000

539,619

Huntington

Bancshares,

Inc.

,

2.55%,

2/4/2030

200,000

208,859

ING

Groep

NV

,

4.10%,

10/2/2023

500,000

548,255

4.55%,

10/2/2028

200,000

241,533

JPMorgan

Chase

&

Co.

,

3.25%,

9/23/2022

1,000,000

1,056,890

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(d)

1,000,000

1,039,030

3.38%,

5/1/2023

250,000

266,837

2.70%,

5/18/2023

500,000

527,979

3.88%,

9/10/2024

1,000,000

1,106,087

3.13%,

1/23/2025

500,000

545,329

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(d)

200,000

214,951

(SOFR

+

1.16%),

2.30%,

10/15/2025(d)

250,000

262,984

(SOFR

+

1.59%),

2.00%,

3/13/2026(d)

300,000

311,477

3.30%,

4/1/2026

500,000

553,957

(SOFR

+

1.85%),

2.08%,

4/22/2026(d)

200,000

208,887

8.00%,

4/29/2027

290,000

399,760

4.25%,

10/1/2027

500,000

581,925

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(d)

500,000

559,966

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(d)

1,000,000

1,157,730

(SOFR

+

2.04%),

2.52%,

4/22/2031(d)

400,000

425,757

(SOFR

+

2.46%),

3.11%,

4/22/2041(d)

200,000

217,816

5.60%,

7/15/2041

400,000

587,120

5.40%,

1/6/2042

500,000

718,474

4.85%,

2/1/2044

500,000

672,786

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(d)

750,000

941,780

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(d)

500,000

602,635

(SOFR

+

2.44%),

3.11%,

4/22/2051(d)

600,000

634,961

KeyBank

NA

,

3.30%,

2/1/2022

500,000

519,662

6.95%,

2/1/2028

225,000

291,200

KeyCorp

,

2.25%,

4/6/2027

50,000

52,885

2.55%,

10/1/2029

250,000

265,589

Korea

Development

Bank

(The)

,

4.63%,

11/16/2021

200,000

209,046

3.00%,

1/13/2026

500,000

552,079

Kreditanstalt

fuer

Wiederaufbau

,

2.00%,

11/30/2021

1,000,000

1,020,679

2.13%,

6/15/2022

2,000,000

2,064,711

1.75%,

8/22/2022

1,000,000

1,028,848

2.38%,

12/29/2022

1,250,000

1,310,057

2.63%,

2/28/2024

2,500,000

2,697,771

0.00%,

6/29/2037(e)

750,000

606,676

Landwirtschaftliche

Rentenbank

,

Series

36,

2.00%,

12/6/2021

250,000

255,190

1.75%,

7/27/2026

1,000,000

1,069,213

Lloyds

Banking

Group

plc

,

(ICE

LIBOR

USD

3

Month

+

1.25%),

2.86%,

3/17/2023(d)

400,000

411,180

4.50%,

11/4/2024

205,000

223,787

4.58%,

12/10/2025

350,000

385,033

4.65%,

3/24/2026

500,000

556,497

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(d)

1,000,000

1,095,015

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.22%,

3/7/2022

500,000

518,887

2.62%,

7/18/2022

500,000

518,207

3.46%,

3/2/2023

750,000

798,422

3.85%,

3/1/2026

750,000

855,651

3.74%,

3/7/2029(b)

1,000,000

1,147,735

3.20%,

7/18/2029

500,000

551,475

Mizuho

Financial

Group,

Inc.

,

2.95%,

2/28/2022

500,000

516,726

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.24%,

7/10/2024(d)

200,000

201,556

(ICE

LIBOR

USD

3

Month

+

1.10%),

2.55%,

9/13/2025(d)

455,000

478,125

3.17%,

9/11/2027(b)

750,000

818,172

(ICE

LIBOR

USD

3

Month

+

1.51%),

2.20%,

7/10/2031(d)

400,000

404,290

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

MUFG

Americas

Holdings

Corp.

,

3.00%,

2/10/2025

400,000

431,996

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026

750,000

817,906

Natwest

Group

plc

,

3.88%,

9/12/2023

365,000

391,995

4.80%,

4/5/2026

500,000

577,909

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(d)

200,000

210,060

(ICE

LIBOR

USD

3

Month

+

1.75%),

4.89%,

5/18/2029(d)

250,000

290,636

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(d)

500,000

595,891

Oesterreichische

Kontrollbank

AG

,

1.63%,

9/17/2022

1,000,000

1,026,262

1.50%,

2/12/2025

1,000,000

1,047,540

PNC

Bank

NA

,

2.95%,

1/30/2023

250,000

263,198

3.80%,

7/25/2023

500,000

544,778

2.95%,

2/23/2025

500,000

545,225

PNC

Financial

Services

Group,

Inc.

(The)

,

3.30%,

3/8/2022

500,000

519,819

2.55%,

1/22/2030(b)

500,000

542,675

Regions

Financial

Corp.

,

2.75%,

8/14/2022(b)

750,000

779,748

Royal

Bank

of

Canada

,

1.95%,

1/17/2023

170,000

175,700

2.55%,

7/16/2024

350,000

374,357

2.25%,

11/1/2024(b)

500,000

529,882

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024

500,000

536,220

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(d)

500,000

491,822

Santander

UK

plc

,

4.00%,

3/13/2024

500,000

551,835

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

1,000,000

1,039,154

2.45%,

9/27/2024

500,000

528,352

2.63%,

7/14/2026

750,000

808,066

3.35%,

10/18/2027

500,000

549,829

3.20%,

9/17/2029

500,000

541,828

Toronto-Dominion

Bank

(The)

,

1.90%,

12/1/2022

500,000

516,073

3.25%,

3/11/2024

500,000

541,793

Truist

Bank

,

2.15%,

12/6/2024(b)

400,000

423,451

3.63%,

9/16/2025

250,000

281,970

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Truist

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(d)

250,000

259,353

Truist

Financial

Corp.

,

3.05%,

6/20/2022

500,000

521,514

2.85%,

10/26/2024

250,000

270,864

4.00%,

5/1/2025

1,000,000

1,136,755

1.13%,

8/3/2027

300,000

298,986

US

Bancorp

,

Series

V,

2.63%,

1/24/2022

250,000

257,126

3.90%,

4/26/2028(b)

500,000

596,715

US

Bank

NA

,

2.80%,

1/27/2025

1,000,000

1,086,291

Wells

Fargo

&

Co.

,

2.63%,

7/22/2022

500,000

518,677

3.07%,

1/24/2023

400,000

412,555

3.75%,

1/24/2024

2,000,000

2,172,728

(SOFR

+

1.60%),

1.65%,

6/2/2024(d)

600,000

611,029

3.00%,

2/19/2025

825,000

890,224

(ICE

LIBOR

USD

3

Month

+

0.75%),

2.16%,

2/11/2026(d)

250,000

259,508

3.00%,

4/22/2026

500,000

543,837

4.30%,

7/22/2027

100,000

114,345

(SOFR

+

2.10%),

2.39%,

6/2/2028(d)

200,000

208,576

(ICE

LIBOR

USD

3

Month

+

1.00%),

2.57%,

2/11/2031(d)

250,000

261,387

5.38%,

2/7/2035

457,000

624,797

5.95%,

12/15/2036

275,000

359,607

5.38%,

11/2/2043

250,000

329,725

5.61%,

1/15/2044

388,000

525,535

4.65%,

11/4/2044

500,000

606,640

3.90%,

5/1/2045

250,000

291,698

4.90%,

11/17/2045

500,000

633,115

4.40%,

6/14/2046

350,000

416,126

4.75%,

12/7/2046

250,000

311,842

(ICE

LIBOR

USD

3

Month

+

4.24%),

5.01%,

4/4/2051(d)

500,000

679,193

Westpac

Banking

Corp.

,

2.80%,

1/11/2022(b)

500,000

515,927

2.00%,

1/13/2023

30,000

31,097

3.40%,

1/25/2028(b)

500,000

575,572

2.65%,

1/16/2030

120,000

132,805

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(d)

500,000

561,772

Zions

Bancorp

NA

,

3.25%,

10/29/2029

250,000

250,032

117,446,953

Beverages

0.8%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

750,000

838,209

4.70%,

2/1/2036

500,000

603,160

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

Cos.

LLC,

4.90%,

2/1/2046

770,000

954,483

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

176,949

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.15%,

1/23/2025

1,500,000

1,693,521

4.00%,

4/13/2028

250,000

288,731

4.75%,

1/23/2029

400,000

486,237

4.60%,

4/15/2048

500,000

594,973

4.44%,

10/6/2048

581,000

676,922

5.55%,

1/23/2049

1,000,000

1,357,072

4.50%,

6/1/2050

500,000

599,355

5.80%,

1/23/2059

200,000

285,208

Coca-Cola

Co.

(The)

,

3.20%,

11/1/2023

550,000

598,438

1.75%,

9/6/2024

500,000

523,916

2.90%,

5/25/2027

500,000

561,456

3.45%,

3/25/2030

400,000

471,401

2.60%,

6/1/2050

400,000

408,619

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

500,000

558,688

3.60%,

2/15/2028

400,000

452,051

2.88%,

5/1/2030

500,000

539,501

Diageo

Capital

plc

,

2.63%,

4/29/2023(b)

500,000

524,499

2.38%,

10/24/2029

210,000

223,766

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

415,232

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

200,000

212,252

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

750,000

900,179

5.09%,

5/25/2048(b)

250,000

333,888

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

202,756

5.00%,

5/1/2042

250,000

282,645

PepsiCo,

Inc.

,

0.75%,

5/1/2023(b)

65,000

65,701

2.25%,

3/19/2025

300,000

321,187

2.85%,

2/24/2026

150,000

166,248

2.75%,

3/19/2030(b)

700,000

783,026

1.63%,

5/1/2030

130,000

133,442

4.25%,

10/22/2044

500,000

645,072

4.45%,

4/14/2046

500,000

664,123

3.63%,

3/19/2050

600,000

727,530

19,270,436

Biotechnology

0.7%

AbbVie,

Inc.

,

2.15%,

11/19/2021(c)

300,000

305,598

3.45%,

3/15/2022(c)

310,000

321,155

3.25%,

10/1/2022(c)

200,000

209,123

2.30%,

11/21/2022(c)

200,000

206,958

3.85%,

6/15/2024(c)

325,000

356,012

2.60%,

11/21/2024(c)

400,000

424,196

3.80%,

3/15/2025(c)

250,000

277,409

3.60%,

5/14/2025

500,000

554,074

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

AbbVie,

Inc.,

3.20%,

5/14/2026

1,020,000

1,124,332

2.95%,

11/21/2026(c)

200,000

217,866

3.20%,

11/21/2029(c)

350,000

384,838

4.55%,

3/15/2035(c)

195,000

238,346

4.50%,

5/14/2035

500,000

605,849

4.30%,

5/14/2036

250,000

294,503

4.05%,

11/21/2039(c)

580,000

662,416

4.40%,

11/6/2042

625,000

742,605

4.75%,

3/15/2045(c)

168,000

202,597

4.25%,

11/21/2049(c)

675,000

797,277

Amgen,

Inc.

,

2.20%,

2/21/2027

500,000

527,453

2.45%,

2/21/2030

400,000

423,689

2.30%,

2/25/2031

500,000

523,978

4.40%,

5/1/2045

200,000

247,917

4.56%,

6/15/2048

524,000

670,786

4.66%,

6/15/2051

618,000

805,303

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

68,188

Biogen,

Inc.

,

3.63%,

9/15/2022

500,000

530,470

4.05%,

9/15/2025

195,000

222,513

2.25%,

5/1/2030

400,000

407,977

5.20%,

9/15/2045

250,000

329,668

3.15%,

5/1/2050(b)

230,000

226,418

Gilead

Sciences,

Inc.

,

0.75%,

9/29/2023(b)

50,000

50,102

3.70%,

4/1/2024

1,000,000

1,094,780

3.50%,

2/1/2025

240,000

265,252

3.65%,

3/1/2026

145,000

163,722

1.20%,

10/1/2027

60,000

60,097

1.65%,

10/1/2030

215,000

214,576

2.60%,

10/1/2040

100,000

99,772

4.50%,

2/1/2045

500,000

624,233

4.75%,

3/1/2046

500,000

646,476

2.80%,

10/1/2050

95,000

93,709

16,222,233

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

250,000

273,509

Carrier

Global

Corp.

,

1.92%,

2/15/2023(c)

95,000

97,740

2.24%,

2/15/2025(c)

120,000

125,081

2.49%,

2/15/2027(c)

135,000

141,086

2.72%,

2/15/2030(c)

200,000

208,843

3.58%,

4/5/2050(c)

500,000

527,546

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

250,000

276,556

Johnson

Controls

International

plc

,

3.90%,

2/14/2026(b)

183,000

208,066

1.75%,

9/15/2030

100,000

100,841

4.63%,

7/2/2044(f)

350,000

436,717

Owens

Corning

,

4.30%,

7/15/2047

350,000

383,934

2,779,919

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

1.5%

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024

750,000

822,162

2.10%,

10/24/2024

250,000

264,638

Series

G,

3.00%,

2/24/2025

205,000

224,743

3.00%,

10/30/2028

500,000

558,008

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026(b)

500,000

572,953

4.85%,

3/29/2029

300,000

356,988

Charles

Schwab

Corp.

(The)

,

4.00%,

2/1/2029

500,000

599,541

CME

Group,

Inc.

,

3.00%,

3/15/2025

500,000

547,099

Credit

Suisse

AG

,

2.10%,

11/12/2021

1,145,000

1,166,558

1.00%,

5/5/2023

1,250,000

1,262,975

3.63%,

9/9/2024

250,000

276,707

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

83,502

Deutsche

Bank

AG

,

3.95%,

2/27/2023

750,000

787,721

3.70%,

5/30/2024

470,000

493,790

(SOFR

+

2.16%),

2.22%,

9/18/2024(d)

275,000

276,805

(SOFR

+

2.58%),

3.96%,

11/26/2025(d)

200,000

212,544

(SOFR

+

3.04%),

3.55%,

9/18/2031(d)

150,000

150,732

Franklin

Resources,

Inc.

,

2.80%,

9/15/2022

500,000

522,072

Goldman

Sachs

Group,

Inc.

(The)

,

2.35%,

11/15/2021

500,000

501,144

5.75%,

1/24/2022

1,000,000

1,067,433

3.63%,

1/22/2023(b)

750,000

801,669

3.20%,

2/23/2023

500,000

529,281

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(d)

1,000,000

1,035,687

3.85%,

7/8/2024

385,000

422,952

3.50%,

4/1/2025

670,000

739,243

3.75%,

5/22/2025

500,000

555,594

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.69%,

6/5/2028(d)

250,000

280,285

3.80%,

3/15/2030

500,000

579,153

6.45%,

5/1/2036

400,000

551,473

6.75%,

10/1/2037

150,000

217,043

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(d)

500,000

582,392

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(d)

500,000

608,610

6.25%,

2/1/2041

350,000

522,464

4.80%,

7/8/2044

500,000

653,138

4.75%,

10/21/2045

350,000

459,490

Intercontinental

Exchange,

Inc.

,

4.00%,

10/15/2023

500,000

549,689

3.75%,

12/1/2025

160,000

180,908

2.10%,

6/15/2030

165,000

170,536

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Intercontinental

Exchange,

Inc.,

1.85%,

9/15/2032

500,000

496,637

4.25%,

9/21/2048

250,000

309,790

3.00%,

6/15/2050

75,000

77,604

Jefferies

Group

LLC

,

5.13%,

1/20/2023

250,000

272,165

4.85%,

1/15/2027

500,000

567,880

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

595,081

Moody's

Corp.

,

4.50%,

9/1/2022

150,000

160,097

3.25%,

5/20/2050

35,000

37,380

Morgan

Stanley

,

4.88%,

11/1/2022

500,000

540,539

4.10%,

5/22/2023

650,000

702,556

Series

F,

3.88%,

4/29/2024

625,000

688,728

4.00%,

7/23/2025

215,000

242,596

(SOFR

+

1.99%),

2.19%,

4/28/2026(d)

640,000

669,937

3.13%,

7/27/2026

500,000

551,963

4.35%,

9/8/2026

500,000

577,925

3.63%,

1/20/2027

750,000

847,212

3.95%,

4/23/2027

500,000

564,857

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)

500,000

562,064

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(d)

1,000,000

1,138,741

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(d)

1,000,000

1,196,131

(SOFR

+

3.12%),

3.62%,

4/1/2031(d)

820,000

936,274

7.25%,

4/1/2032

324,000

487,687

4.30%,

1/27/2045

300,000

380,155

(SOFR

+

4.84%),

5.60%,

3/24/2051(d)

100,000

150,472

Nomura

Holdings,

Inc.

,

3.10%,

1/16/2030

500,000

530,618

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

322,665

S&P

Global,

Inc.

,

2.50%,

12/1/2029

80,000

87,070

1.25%,

8/15/2030

110,000

108,141

3.25%,

12/1/2049

65,000

74,089

2.30%,

8/15/2060

40,000

35,821

State

Street

Corp.

,

3.70%,

11/20/2023(b)

500,000

550,852

3.30%,

12/16/2024

310,000

343,266

2.40%,

1/24/2030

200,000

217,881

TD

Ameritrade

Holding

Corp.

,

2.95%,

4/1/2022

500,000

516,848

35,729,444

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

25,928

1.85%,

5/15/2027

105,000

110,222

2.05%,

5/15/2030

145,000

152,775

2.70%,

5/15/2040

65,000

69,088

2.80%,

5/15/2050

40,000

41,966

Dow

Chemical

Co.

(The)

,

3.50%,

10/1/2024

500,000

547,788

9.40%,

5/15/2039

260,000

442,488

4.80%,

5/15/2049(b)

350,000

415,616

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

500,000

668,639

Eastman

Chemical

Co.

,

3.60%,

8/15/2022

100,000

104,889

4.65%,

10/15/2044

350,000

409,928

Ecolab,

Inc.

,

3.25%,

1/14/2023

500,000

529,295

1.30%,

1/30/2031(b)

200,000

195,674

2.13%,

8/15/2050

200,000

183,085

FMC

Corp.

,

3.45%,

10/1/2029

60,000

67,113

4.50%,

10/1/2049

85,000

106,206

Linde,

Inc.

,

3.20%,

1/30/2026

250,000

280,615

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

230,106

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030(b)

500,000

543,281

LyondellBasell

Industries

NV

,

6.00%,

11/15/2021

500,000

523,226

4.63%,

2/26/2055

250,000

283,708

Mosaic

Co.

(The)

,

3.75%,

11/15/2021

250,000

256,696

4.25%,

11/15/2023

250,000

271,319

4.05%,

11/15/2027(b)

250,000

277,980

Nutrien

Ltd.

,

3.15%,

10/1/2022

50,000

52,228

3.00%,

4/1/2025

150,000

162,267

5.88%,

12/1/2036

125,000

159,267

6.13%,

1/15/2041

150,000

199,088

5.25%,

1/15/2045

350,000

446,017

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

500,000

542,940

RPM

International,

Inc.

,

3.45%,

11/15/2022

350,000

362,678

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026(b)

1,000,000

1,122,068

2.95%,

8/15/2029(b)

200,000

219,981

Westlake

Chemical

Corp.

,

4.38%,

11/15/2047

200,000

213,280

10,217,445

Commercial

Services

&

Supplies

0.1%

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

25,615

Republic

Services,

Inc.

,

3.20%,

3/15/2025

500,000

549,810

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Republic

Services,

Inc.,

1.45%,

2/15/2031

165,000

162,595

Waste

Management,

Inc.

,

3.50%,

5/15/2024

500,000

546,977

3.90%,

3/1/2035

130,000

157,287

4.15%,

7/15/2049

250,000

318,450

1,760,734

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025

400,000

454,459

5.90%,

2/15/2039

500,000

745,840

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

500,000

554,959

2.30%,

11/15/2030

300,000

297,596

2,052,854

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

520,354

Vulcan

Materials

Co.

,

4.50%,

6/15/2047

250,000

289,882

810,236

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

,

3.95%,

2/1/2022

750,000

759,282

3.88%,

1/23/2028(b)

500,000

460,628

Ally

Financial,

Inc.

,

4.13%,

2/13/2022

100,000

103,750

4.63%,

5/19/2022

100,000

105,045

3.88%,

5/21/2024(b)

600,000

639,315

4.63%,

3/30/2025

100,000

109,824

8.00%,

11/1/2031

150,000

205,234

American

Express

Co.

,

2.75%,

5/20/2022

1,000,000

1,034,176

3.00%,

10/30/2024

500,000

542,372

3.63%,

12/5/2024

500,000

552,230

American

Honda

Finance

Corp.

,

1.95%,

5/20/2022

100,000

102,475

2.60%,

11/16/2022

500,000

522,127

1.95%,

5/10/2023(b)

175,000

181,142

2.15%,

9/10/2024

500,000

526,057

2.35%,

1/8/2027

100,000

106,733

Capital

One

Financial

Corp.

,

3.20%,

1/30/2023

1,000,000

1,055,620

3.75%,

4/24/2024

700,000

761,668

3.75%,

7/28/2026

250,000

271,777

Caterpillar

Financial

Services

Corp.

,

2.85%,

6/1/2022

500,000

520,282

3.30%,

6/9/2024

250,000

273,507

2.15%,

11/8/2024

500,000

532,071

3.25%,

12/1/2024

500,000

550,918

Discover

Financial

Services

,

4.10%,

2/9/2027

250,000

277,118

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

4.20%,

11/6/2021

500,000

516,257

3.55%,

7/8/2022

400,000

413,662

5.25%,

3/1/2026

1,055,000

1,186,678

4.35%,

1/17/2027

200,000

217,221

3.60%,

6/21/2030(b)

200,000

206,209

John

Deere

Capital

Corp.

,

2.65%,

1/6/2022

640,000

659,042

2.25%,

9/14/2026

250,000

271,430

Synchrony

Financial

,

4.25%,

8/15/2024

350,000

380,267

4.50%,

7/23/2025

375,000

413,879

Toyota

Motor

Credit

Corp.

,

2.60%,

1/11/2022(b)

500,000

514,672

3.30%,

1/12/2022

500,000

518,061

1.80%,

2/13/2025(b)

500,000

522,282

3.20%,

1/11/2027

200,000

224,411

2.15%,

2/13/2030

500,000

526,595

16,764,017

Containers

&

Packaging

0.1%

Bemis

Co.,

Inc.

,

2.63%,

6/19/2030

50,000

53,362

International

Paper

Co.

,

3.80%,

1/15/2026(b)

500,000

570,781

6.00%,

11/15/2041

550,000

757,728

Packaging

Corp.

of

America

,

4.50%,

11/1/2023

250,000

276,482

3.00%,

12/15/2029

50,000

54,701

4.05%,

12/15/2049(b)

100,000

119,276

WRKCo,

Inc.

,

4.90%,

3/15/2029(b)

250,000

308,298

2,140,628

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

39,932

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

116,289

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

89,506

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

34,647

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

151,385

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

172,374

4.68%,

7/1/2114

75,000

107,997

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050(b)

28,000

28,952

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

85,174

3.30%,

7/15/2056

200,000

241,851

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

20,965

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050

84,000

87,868

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

47,700

Yale

University

,

Series

2020,

2.40%,

4/15/2050(b)

61,000

62,226

1,286,866

Diversified

Financial

Services

0.4%

Berkshire

Hathaway,

Inc.

,

3.40%,

1/31/2022

500,000

520,244

4.50%,

2/11/2043

250,000

329,214

Block

Financial

LLC

,

5.50%,

11/1/2022(b)

250,000

266,856

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

133,000

167,838

4.35%,

4/20/2028

650,000

740,120

GE

Capital

Funding

LLC

,

4.40%,

5/15/2030(c)

200,000

214,980

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

3.37%,

11/15/2025

248,000

264,476

4.42%,

11/15/2035

1,283,000

1,355,928

Jefferies

Financial

Group,

Inc.

,

5.50%,

10/18/2023

250,000

275,771

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.70%,

3/15/2029

500,000

586,674

2.40%,

3/15/2030

185,000

201,561

8.00%,

3/1/2032

159,000

253,946

Shell

International

Finance

BV

,

3.40%,

8/12/2023

1,000,000

1,082,180

2.88%,

5/10/2026

500,000

553,430

2.38%,

11/7/2029

250,000

264,201

4.13%,

5/11/2035

500,000

601,542

6.38%,

12/15/2038

250,000

371,356

4.55%,

8/12/2043

500,000

621,715

3.75%,

9/12/2046

500,000

558,771

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

283,265

9,514,068

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

3.00%,

6/30/2022

500,000

519,804

4.45%,

4/1/2024

500,000

559,071

3.95%,

1/15/2025(b)

500,000

560,028

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

AT&T,

Inc.,

4.13%,

2/17/2026

250,000

286,112

3.80%,

2/15/2027

500,000

563,649

1.65%,

2/1/2028

200,000

200,215

4.35%,

3/1/2029

1,000,000

1,173,760

4.30%,

2/15/2030

500,000

591,975

2.25%,

2/1/2032

300,000

299,651

4.50%,

5/15/2035

310,000

365,659

4.85%,

3/1/2039

500,000

602,312

4.30%,

12/15/2042

603,000

679,532

3.10%,

2/1/2043

100,000

97,556

4.65%,

6/1/2044

250,000

284,195

4.35%,

6/15/2045

45,000

50,413

4.50%,

3/9/2048

314,000

358,478

3.65%,

6/1/2051

300,000

302,787

3.30%,

2/1/2052

100,000

93,051

3.50%,

9/15/2053(c)

1,740,000

1,695,170

3.55%,

9/15/2055(c)

1,975,000

1,889,281

3.65%,

9/15/2059(c)

429,000

414,273

3.50%,

2/1/2061

100,000

94,951

British

Telecommunications

plc

,

9.63%,

12/15/2030(f)

250,000

400,589

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

572,983

Orange

SA

,

9.00%,

3/1/2031(f)

407,000

663,032

5.38%,

1/13/2042

250,000

351,257

Telefonica

Emisiones

SA

,

4.57%,

4/27/2023

700,000

766,987

5.21%,

3/8/2047

450,000

533,671

5.52%,

3/1/2049

500,000

621,447

TELUS

Corp.

,

2.80%,

2/16/2027

500,000

538,206

4.30%,

6/15/2049

250,000

305,716

Verizon

Communications,

Inc.

,

5.15%,

9/15/2023

250,000

282,687

3.38%,

2/15/2025

996,000

1,108,998

4.13%,

3/16/2027

250,000

294,969

4.33%,

9/21/2028

783,000

947,259

3.88%,

2/8/2029

110,000

129,989

4.27%,

1/15/2036

500,000

615,828

4.81%,

3/15/2039

1,385,000

1,815,538

6.55%,

9/15/2043

550,000

893,644

4.52%,

9/15/2048

750,000

982,506

5.01%,

4/15/2049

374,000

537,125

24,044,354

Electric

Utilities

1.7%

Alabama

Power

Co.

,

5.70%,

2/15/2033(b)

224,000

307,149

4.15%,

8/15/2044

350,000

426,645

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029(b)

500,000

538,320

3.50%,

12/1/2049

200,000

221,942

Baltimore

Gas

and

Electric

Co.

,

3.20%,

9/15/2049(b)

115,000

123,523

2.90%,

6/15/2050

60,000

61,302

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

CenterPoint

Energy

Houston

Electric

LLC

,

4.50%,

4/1/2044

500,000

655,643

Series

AD,

2.90%,

7/1/2050

60,000

64,247

Cleco

Corporate

Holdings

LLC

,

3.38%,

9/15/2029

250,000

253,392

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024(b)

400,000

463,036

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

255,655

3.65%,

6/15/2046

250,000

294,487

4.00%,

3/1/2048

500,000

613,755

Series

127,

3.20%,

11/15/2049

155,000

170,014

Dominion

Energy

South

Carolina,

Inc.

,

6.05%,

1/15/2038

150,000

216,990

5.10%,

6/1/2065

100,000

149,115

DTE

Electric

Co.

,

4.30%,

7/1/2044

500,000

622,190

3.70%,

3/15/2045

145,000

169,275

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026

500,000

558,611

2.45%,

2/1/2030

100,000

108,074

4.25%,

12/15/2041

300,000

372,089

3.70%,

12/1/2047

500,000

590,591

3.20%,

8/15/2049

50,000

55,397

Duke

Energy

Corp.

,

3.05%,

8/15/2022

350,000

364,385

0.90%,

9/15/2025

50,000

50,081

2.45%,

6/1/2030(b)

420,000

441,233

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

281,696

2.50%,

12/1/2029

70,000

75,936

3.40%,

10/1/2046

500,000

560,317

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

162,714

Duke

Energy

Progress

LLC

,

4.15%,

12/1/2044

500,000

621,695

4.20%,

8/15/2045

500,000

621,144

Edison

International

,

3.55%,

11/15/2024

175,000

184,472

4.13%,

3/15/2028

500,000

512,736

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

240,570

Entergy

Corp.

,

4.00%,

7/15/2022

400,000

421,880

2.80%,

6/15/2030(b)

80,000

86,592

3.75%,

6/15/2050

35,000

39,792

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

750,000

878,583

3.55%,

9/30/2049

200,000

224,399

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043

200,000

241,244

Evergy

Metro,

Inc.

,

3.65%,

8/15/2025

500,000

562,639

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

268,159

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eversource

Energy

,

Series

K,

2.75%,

3/15/2022

500,000

515,765

Series

H,

3.15%,

1/15/2025

245,000

267,524

Series

Q,

0.80%,

8/15/2025

100,000

99,478

Series

O,

4.25%,

4/1/2029(b)

400,000

479,931

Series

R,

1.65%,

8/15/2030

100,000

99,584

3.45%,

1/15/2050

100,000

111,306

Exelon

Corp.

,

5.63%,

6/15/2035

400,000

532,235

FirstEnergy

Corp.

,

Series

A,

2.85%,

7/15/2022

500,000

512,474

Series

A,

1.60%,

1/15/2026

90,000

89,420

Series

B,

3.90%,

7/15/2027

500,000

549,467

2.65%,

3/1/2030

400,000

407,229

Series

B,

2.25%,

9/1/2030(b)

125,000

122,166

Series

C,

4.85%,

7/15/2047

200,000

240,443

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025

60,000

65,794

3.13%,

12/1/2025

500,000

556,833

5.65%,

2/1/2037

450,000

641,315

4.13%,

2/1/2042

250,000

311,231

3.95%,

3/1/2048

500,000

632,479

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

1,000,000

1,054,756

4.30%,

3/15/2042

500,000

597,340

Hydro-Quebec

,

Series

HY,

8.40%,

1/15/2022

220,000

242,079

Series

GF,

8.88%,

3/1/2026

156,000

219,997

Iberdrola

International

BV

,

5.81%,

3/15/2025

118,000

139,753

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

446,414

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

623,000

717,462

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

250,000

313,106

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

783,545

4.80%,

9/15/2043

500,000

668,850

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

107,346

5.45%,

5/15/2041

150,000

202,167

Series

EE,

3.13%,

8/1/2050

100,000

107,104

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

11/1/2029

245,000

264,224

Northern

States

Power

Co.

,

2.15%,

8/15/2022

250,000

256,237

4.00%,

8/15/2045

165,000

206,337

NSTAR

Electric

Co.

,

2.38%,

10/15/2022

500,000

517,568

3.95%,

4/1/2030(b)

500,000

604,424

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

12/1/2041

150,000

191,731

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Oncor

Electric

Delivery

Co.

LLC,

5.30%,

6/1/2042

150,000

211,550

3.10%,

9/15/2049

250,000

273,958

Pacific

Gas

and

Electric

Co.

,

3.75%,

7/1/2028(b)

800,000

830,971

4.55%,

7/1/2030

500,000

541,667

2.50%,

2/1/2031

150,000

142,821

4.50%,

7/1/2040(b)

500,000

507,652

4.95%,

7/1/2050

500,000

533,652

PacifiCorp

,

5.25%,

6/15/2035

177,000

248,183

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

302,118

Potomac

Electric

Power

Co.

,

4.15%,

3/15/2043

200,000

241,532

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

500,000

590,059

5.00%,

3/15/2044

250,000

311,410

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

236,000

344,360

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

200,000

208,060

4.30%,

3/15/2044

250,000

319,019

Series

34,

3.20%,

3/1/2050

200,000

226,967

Series

36,

2.70%,

1/15/2051

200,000

202,753

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

400,000

486,581

3.20%,

8/1/2049

250,000

279,992

Southern

California

Edison

Co.

,

Series

B,

2.40%,

2/1/2022

500,000

509,742

Series

C,

3.50%,

10/1/2023

500,000

535,845

6.00%,

1/15/2034

177,000

233,372

4.00%,

4/1/2047

400,000

428,308

Series

B,

4.88%,

3/1/2049

500,000

604,399

Southern

Co.

(The)

,

3.25%,

7/1/2026

295,000

329,039

4.40%,

7/1/2046

200,000

236,705

Southwestern

Electric

Power

Co.

,

Series

L,

3.85%,

2/1/2048

750,000

829,657

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

46,429

Union

Electric

Co.

,

3.65%,

4/15/2045

250,000

291,923

3.25%,

10/1/2049

250,000

280,626

Virginia

Electric

and

Power

Co.

,

3.45%,

9/1/2022

500,000

522,761

Series

B,

4.20%,

5/15/2045

200,000

253,105

3.30%,

12/1/2049(b)

50,000

57,579

Wisconsin

Electric

Power

Co.

,

5.63%,

5/15/2033(b)

59,000

80,881

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025

500,000

551,678

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Xcel

Energy,

Inc.,

6.50%,

7/1/2036

177,000

259,169

40,861,346

Electrical

Equipment

0.1%

ABB

Finance

USA,

Inc.

,

4.38%,

5/8/2042

100,000

128,862

Eaton

Corp.

,

2.75%,

11/2/2022

750,000

785,957

3.10%,

9/15/2027

500,000

557,601

1,472,420

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

250,000

273,489

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

250,000

267,071

Corning,

Inc.

,

4.38%,

11/15/2057

500,000

608,943

Jabil,

Inc.

,

3.00%,

1/15/2031

270,000

275,464

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

81,934

Tyco

Electronics

Group

SA

,

3.50%,

2/3/2022

300,000

309,634

1,816,535

Energy

Equipment

&

Services

0.1%

Baker

Hughes

a

GE

Co.

LLC

,

3.34%,

12/15/2027

285,000

302,715

3.14%,

11/7/2029

85,000

88,632

Baker

Hughes

Holdings

LLC

,

5.13%,

9/15/2040

200,000

236,670

Halliburton

Co.

,

3.80%,

11/15/2025(b)

133,000

144,068

6.70%,

9/15/2038

300,000

360,075

5.00%,

11/15/2045(b)

500,000

511,835

National

Oilwell

Varco,

Inc.

,

3.95%,

12/1/2042

350,000

307,773

1,951,768

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030

25,000

24,358

2.50%,

9/15/2050

200,000

182,944

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

200,000

297,869

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

361,032

3.00%,

2/13/2026

150,000

166,139

3.00%,

7/30/2046

150,000

153,229

Walt

Disney

Co.

(The)

,

3.35%,

3/24/2025(b)

300,000

332,772

1.75%,

1/13/2026

100,000

103,890

2.00%,

9/1/2029

300,000

309,990

2.65%,

1/13/2031

600,000

645,919

6.55%,

3/15/2033

300,000

438,852

6.20%,

12/15/2034

245,000

360,418

6.65%,

11/15/2037

150,000

225,011

3.50%,

5/13/2040

100,000

111,998

5.40%,

10/1/2043

500,000

690,855

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Walt

Disney

Co.

(The),

4.70%,

3/23/2050

200,000

264,141

3.60%,

1/13/2051

500,000

563,028

5,232,445

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

75,000

73,186

4.85%,

4/15/2049

500,000

668,950

American

Campus

Communities

Operating

Partnership

LP

,

2.85%,

2/1/2030

250,000

253,046

American

Tower

Corp.

,

3.50%,

1/31/2023

250,000

265,711

2.40%,

3/15/2025

125,000

132,312

4.40%,

2/15/2026

40,000

45,627

3.95%,

3/15/2029

1,000,000

1,150,618

2.90%,

1/15/2030

110,000

118,730

1.88%,

10/15/2030

165,000

162,504

3.10%,

6/15/2050

40,000

39,465

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025

695,000

769,925

3.30%,

6/1/2029

20,000

22,726

2.45%,

1/15/2031

210,000

224,469

Boston

Properties

LP

,

3.80%,

2/1/2024

250,000

270,733

2.75%,

10/1/2026

750,000

803,384

2.90%,

3/15/2030

100,000

104,301

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024

500,000

526,120

CC

Holdings

GS

V

LLC

,

3.85%,

4/15/2023

250,000

269,223

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

60,000

66,904

3.65%,

9/1/2027

750,000

838,820

3.10%,

11/15/2029

260,000

281,309

CubeSmart

LP

,

3.00%,

2/15/2030

250,000

268,179

2.00%,

2/15/2031

300,000

295,781

CyrusOne

LP

,

2.90%,

11/15/2024

50,000

53,003

3.45%,

11/15/2029

50,000

54,178

Duke

Realty

LP

,

2.88%,

11/15/2029

125,000

136,267

1.75%,

7/1/2030

65,000

64,654

Equinix,

Inc.

,

2.63%,

11/18/2024

80,000

85,045

1.00%,

9/15/2025

300,000

297,190

1.55%,

3/15/2028

100,000

99,902

3.20%,

11/18/2029

105,000

115,678

2.95%,

9/15/2051

100,000

97,301

ERP

Operating

LP

,

3.00%,

4/15/2023

500,000

526,309

2.50%,

2/15/2030

100,000

106,117

4.50%,

7/1/2044

350,000

448,281

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Essex

Portfolio

LP

,

4.00%,

3/1/2029

100,000

115,729

3.00%,

1/15/2030

75,000

80,551

2.65%,

3/15/2032

35,000

36,931

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030(b)

200,000

216,230

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

556,835

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

250,000

268,774

Healthpeak

Properties,

Inc.

,

4.25%,

11/15/2023

12,000

13,132

3.50%,

7/15/2029

125,000

139,133

3.00%,

1/15/2030

180,000

194,255

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

258,319

Host

Hotels

&

Resorts

LP

,

Series

D,

3.75%,

10/15/2023

525,000

541,593

Series

E,

4.00%,

6/15/2025

375,000

389,295

Series

H,

3.38%,

12/15/2029

100,000

93,450

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

104,629

Kimco

Realty

Corp.

,

3.13%,

6/1/2023

500,000

526,300

4.45%,

9/1/2047

250,000

271,282

Mid-America

Apartments

LP

,

2.75%,

3/15/2030(b)

50,000

53,869

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

500,000

498,583

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

590,770

3.63%,

10/1/2029

100,000

101,267

Prologis

LP

,

2.25%,

4/15/2030

160,000

169,805

1.25%,

10/15/2030

65,000

63,387

3.00%,

4/15/2050

65,000

69,458

2.13%,

10/15/2050

155,000

139,185

Realty

Income

Corp.

,

3.25%,

10/15/2022

350,000

367,102

3.25%,

1/15/2031

265,000

292,061

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

51,766

3.70%,

6/15/2030

300,000

329,090

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

250,000

243,384

Simon

Property

Group

LP

,

3.38%,

10/1/2024

500,000

541,105

2.45%,

9/13/2029

250,000

247,540

4.25%,

11/30/2046

500,000

534,890

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

510,822

Spirit

Realty

LP

,

4.00%,

7/15/2029(b)

215,000

223,509

3.40%,

1/15/2030

250,000

248,400

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

UDR,

Inc.

,

3.00%,

8/15/2031(b)

250,000

270,310

Ventas

Realty

LP

,

3.13%,

6/15/2023

500,000

523,125

4.00%,

3/1/2028

250,000

272,130

3.00%,

1/15/2030

100,000

101,897

Welltower,

Inc.

,

4.25%,

4/1/2026

500,000

572,639

3.10%,

1/15/2030

100,000

106,004

2.75%,

1/15/2031

500,000

513,432

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

500,000

728,453

WP

Carey,

Inc.

,

3.85%,

7/15/2029(b)

120,000

129,643

22,036,012

Food

&

Staples

Retailing

0.4%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

509,331

Kroger

Co.

(The)

,

4.00%,

2/1/2024

500,000

550,896

7.50%,

4/1/2031

257,000

369,337

5.40%,

7/15/2040

200,000

257,619

5.40%,

1/15/2049

50,000

68,871

3.95%,

1/15/2050

100,000

116,460

Sysco

Corp.

,

3.75%,

10/1/2025

145,000

159,476

3.30%,

7/15/2026

255,000

278,687

2.40%,

2/15/2030(b)

300,000

302,407

5.95%,

4/1/2030

500,000

630,974

4.85%,

10/1/2045

150,000

169,286

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026(b)

55,000

60,082

3.20%,

4/15/2030(b)

500,000

523,705

4.50%,

11/18/2034

400,000

456,032

4.80%,

11/18/2044

150,000

163,846

Walmart,

Inc.

,

2.55%,

4/11/2023

750,000

787,470

3.30%,

4/22/2024

725,000

789,976

2.65%,

12/15/2024

500,000

540,800

3.05%,

7/8/2026

500,000

562,828

3.70%,

6/26/2028

200,000

236,364

7.55%,

2/15/2030

118,000

183,200

3.63%,

12/15/2047

500,000

614,063

4.05%,

6/29/2048

500,000

650,831

2.95%,

9/24/2049

250,000

280,842

9,263,383

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

4.02%,

4/16/2043

172,000

216,558

Campbell

Soup

Co.

,

4.15%,

3/15/2028

500,000

581,494

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028

221,000

295,762

5.30%,

11/1/2038

250,000

320,474

General

Mills,

Inc.

,

3.15%,

12/15/2021

750,000

769,804

4.20%,

4/17/2028

500,000

589,984

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

General

Mills,

Inc.,

4.15%,

2/15/2043

100,000

122,665

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

271,048

J

M

Smucker

Co.

(The)

,

3.50%,

10/15/2021

200,000

206,165

4.25%,

3/15/2035

400,000

482,115

Kellogg

Co.

,

3.25%,

4/1/2026(b)

125,000

139,360

4.50%,

4/1/2046

250,000

311,837

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

250,000

334,403

Mondelez

International,

Inc.

,

1.50%,

5/4/2025

60,000

61,586

3.63%,

2/13/2026

300,000

340,018

2.75%,

4/13/2030

200,000

217,654

1.50%,

2/4/2031

70,000

68,198

2.63%,

9/4/2050

40,000

38,536

Tyson

Foods,

Inc.

,

4.50%,

6/15/2022

200,000

211,782

3.95%,

8/15/2024(b)

500,000

556,551

3.55%,

6/2/2027

500,000

564,602

4.55%,

6/2/2047

100,000

125,728

5.10%,

9/28/2048

250,000

343,896

Unilever

Capital

Corp.

,

2.00%,

7/28/2026

500,000

534,395

1.38%,

9/14/2030

165,000

166,041

5.90%,

11/15/2032

206,000

302,887

8,173,543

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

556,274

3.38%,

9/15/2049

160,000

180,988

Dominion

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

106,276

Series

B,

3.00%,

11/15/2029

200,000

220,168

Series

C,

3.90%,

11/15/2049

100,000

115,576

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023

250,000

259,419

ONE

Gas,

Inc.

,

4.66%,

2/1/2044

250,000

312,514

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

113,575

1,864,790

Health

Care

Equipment

&

Supplies

0.4%

Abbott

Laboratories

,

2.55%,

3/15/2022

215,000

221,969

3.88%,

9/15/2025

90,000

102,741

3.75%,

11/30/2026(b)

498,000

577,723

1.15%,

1/30/2028

90,000

90,714

1.40%,

6/30/2030

95,000

95,375

5.30%,

5/27/2040

500,000

730,215

4.90%,

11/30/2046

250,000

351,713

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

502,766

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

and

Co.

,

3.13%,

11/8/2021

350,000

359,848

3.30%,

3/1/2023

100,000

105,107

3.73%,

12/15/2024

570,000

630,016

3.70%,

6/6/2027

326,000

369,456

4.67%,

6/6/2047

200,000

246,449

3.79%,

5/20/2050

200,000

223,183

Boston

Scientific

Corp.

,

3.85%,

5/15/2025

255,000

289,208

4.00%,

3/1/2029

500,000

581,332

4.70%,

3/1/2049

150,000

197,716

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

277,649

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

100,000

108,354

3.25%,

11/15/2039

100,000

110,807

3.40%,

11/15/2049(b)

140,000

158,809

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

250,000

326,704

Medtronic,

Inc.

,

3.15%,

3/15/2022

400,000

415,972

3.63%,

3/15/2024

275,000

301,363

4.38%,

3/15/2035

350,000

468,875

4.63%,

3/15/2045

300,000

412,132

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

178,359

3.50%,

3/15/2026(b)

70,000

78,971

4.63%,

3/15/2046

400,000

520,373

Zimmer

Biomet

Holdings,

Inc.

,

3.38%,

11/30/2021

200,000

205,278

4.45%,

8/15/2045

150,000

166,453

9,405,630

Health

Care

Providers

&

Services

1.1%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

72,601

Series

2020,

3.01%,

6/15/2050

66,000

69,748

Aetna,

Inc.

,

2.80%,

6/15/2023

500,000

526,869

3.50%,

11/15/2024

500,000

547,813

6.63%,

6/15/2036

250,000

355,015

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

60,226

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047

200,000

232,242

Anthem,

Inc.

,

2.38%,

1/15/2025

160,000

169,969

4.10%,

3/1/2028

750,000

871,728

2.25%,

5/15/2030

200,000

205,257

4.63%,

5/15/2042

250,000

312,828

5.10%,

1/15/2044

300,000

398,698

4.65%,

8/15/2044

250,000

313,021

3.13%,

5/15/2050

215,000

216,845

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

34,000

36,429

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

42,365

Cardinal

Health,

Inc.

,

3.75%,

9/15/2025

340,000

380,369

3.41%,

6/15/2027(b)

500,000

556,389

4.37%,

6/15/2047

200,000

216,350

Cigna

Corp.

,

3.90%,

2/15/2022

150,000

156,924

3.00%,

7/15/2023

500,000

529,823

3.50%,

6/15/2024

500,000

545,230

3.25%,

4/15/2025

250,000

274,773

3.05%,

10/15/2027(b)

400,000

444,456

4.38%,

10/15/2028

300,000

356,296

4.80%,

7/15/2046

250,000

313,773

4.90%,

12/15/2048

600,000

780,573

CommonSpirit

Health

,

3.82%,

10/1/2049

108,000

117,887

4.19%,

10/1/2049

37,000

39,281

CVS

Health

Corp.

,

3.70%,

3/9/2023

324,000

347,054

3.38%,

8/12/2024

500,000

543,922

4.10%,

3/25/2025

121,000

136,711

3.63%,

4/1/2027

55,000

61,766

1.30%,

8/21/2027

265,000

260,867

4.30%,

3/25/2028

500,000

584,910

3.75%,

4/1/2030

405,000

462,775

1.75%,

8/21/2030

360,000

352,429

4.88%,

7/20/2035

500,000

635,120

4.78%,

3/25/2038

400,000

484,077

4.13%,

4/1/2040

200,000

227,403

2.70%,

8/21/2040

125,000

119,562

5.13%,

7/20/2045

500,000

629,411

5.05%,

3/25/2048

1,000,000

1,271,708

4.25%,

4/1/2050

85,000

99,684

Duke

University

Health

System,

Inc.

,

Series

2017,

3.92%,

6/1/2047

345,000

432,551

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

114,612

HCA,

Inc.

,

5.00%,

3/15/2024

1,000,000

1,120,597

4.13%,

6/15/2029

250,000

282,476

5.13%,

6/15/2039

30,000

36,349

5.50%,

6/15/2047

350,000

436,401

5.25%,

6/15/2049

200,000

243,169

Humana,

Inc.

,

3.15%,

12/1/2022

1,000,000

1,049,989

3.95%,

8/15/2049

150,000

177,449

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

24,489

Kaiser

Foundation

Hospitals

,

4.88%,

4/1/2042

250,000

338,313

Series

2019,

3.27%,

11/1/2049

122,000

135,956

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Laboratory

Corp.

of

America

Holdings

,

3.75%,

8/23/2022

350,000

367,971

2.95%,

12/1/2029(b)

250,000

274,832

McKesson

Corp.

,

3.95%,

2/16/2028(b)

250,000

291,309

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

60,261

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

37,593

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

241,648

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

35,000

40,095

Partners

Healthcare

System,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

51,056

Series

2020,

3.19%,

7/1/2049

100,000

107,843

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

45,095

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025

370,000

409,866

4.20%,

6/30/2029

100,000

119,014

2.95%,

6/30/2030

75,000

81,866

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

36,648

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

44,963

Series

2018,

4.09%,

8/15/2048

50,000

59,111

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

65,205

UnitedHealth

Group,

Inc.

,

1.25%,

1/15/2026

40,000

40,945

3.38%,

4/15/2027

500,000

569,760

2.95%,

10/15/2027(b)

500,000

556,944

3.88%,

12/15/2028

500,000

593,406

2.00%,

5/15/2030

60,000

62,692

4.63%,

7/15/2035

105,000

137,936

5.80%,

3/15/2036

708,000

1,022,854

2.75%,

5/15/2040

50,000

52,507

3.95%,

10/15/2042

250,000

302,855

4.75%,

7/15/2045

250,000

337,269

3.70%,

8/15/2049(b)

500,000

596,795

2.90%,

5/15/2050

40,000

41,686

3.13%,

5/15/2060

100,000

107,008

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

51,112

26,561,673

Hotels,

Restaurants

&

Leisure

0.3%

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

50,000

50,647

3.50%,

8/18/2026

55,000

55,721

3.90%,

8/8/2029

40,000

40,012

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

300,000

334,497

McDonald's

Corp.

,

3.30%,

7/1/2025(b)

30,000

33,351

3.70%,

1/30/2026

250,000

284,660

3.50%,

7/1/2027

500,000

569,054

3.80%,

4/1/2028

500,000

581,439

2.63%,

9/1/2029

250,000

271,154

3.60%,

7/1/2030

350,000

406,200

4.70%,

12/9/2035

400,000

511,058

4.88%,

7/15/2040

250,000

326,167

4.88%,

12/9/2045

250,000

323,919

3.63%,

9/1/2049

200,000

223,401

4.20%,

4/1/2050

200,000

242,863

Sands

China

Ltd.

,

4.60%,

8/8/2023

500,000

533,055

5.40%,

8/8/2028

200,000

222,484

Starbucks

Corp.

,

1.30%,

5/7/2022

40,000

40,518

3.50%,

3/1/2028

750,000

853,140

2.55%,

11/15/2030

200,000

211,518

4.45%,

8/15/2049

250,000

303,098

3.50%,

11/15/2050

200,000

211,141

6,629,097

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

2.50%,

10/15/2024(b)

215,000

227,561

Whirlpool

Corp.

,

3.70%,

5/1/2025

500,000

560,193

787,754

Household

Products

0.2%

Clorox

Co.

(The)

,

3.80%,

11/15/2021

500,000

519,132

Colgate-Palmolive

Co.

,

2.45%,

11/15/2021

150,000

153,471

Kimberly-Clark

Corp.

,

2.40%,

6/1/2023

500,000

526,873

2.65%,

3/1/2025(b)

105,000

113,503

6.63%,

8/1/2037

130,000

206,473

3.20%,

7/30/2046(b)

165,000

190,010

2.88%,

2/7/2050

100,000

110,861

Procter

&

Gamble

Co.

(The)

,

2.15%,

8/11/2022

1,000,000

1,035,376

2.85%,

8/11/2027

250,000

282,378

3.50%,

10/25/2047

250,000

312,006

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Products

Procter

&

Gamble

Co.

(The),

3.60%,

3/25/2050

300,000

380,099

3,830,182

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Oglethorpe

Power

Corp.

,

5.25%,

9/1/2050

200,000

240,977

Southern

Power

Co.

,

Series

E,

2.50%,

12/15/2021

500,000

511,764

752,741

Industrial

Conglomerates

0.3%

3M

Co.

,

2.00%,

2/14/2025(b)

200,000

212,184

3.00%,

8/7/2025

400,000

445,210

2.38%,

8/26/2029

200,000

216,452

3.05%,

4/15/2030(b)

300,000

343,159

5.70%,

3/15/2037

415,000

599,933

3.25%,

8/26/2049

90,000

101,389

General

Electric

Co.

,

2.70%,

10/9/2022

250,000

258,845

3.10%,

1/9/2023

144,000

151,105

3.38%,

3/11/2024

500,000

536,628

3.45%,

5/15/2024

144,000

154,502

3.63%,

5/1/2030

400,000

414,818

6.75%,

3/15/2032

323,000

406,030

6.15%,

8/7/2037

201,000

241,264

5.88%,

1/14/2038

144,000

167,835

6.88%,

1/10/2039

200,000

255,852

4.25%,

5/1/2040

400,000

406,926

4.13%,

10/9/2042

48,000

48,570

4.35%,

5/1/2050

300,000

305,238

Honeywell

International,

Inc.

,

1.35%,

6/1/2025(b)

40,000

41,220

2.50%,

11/1/2026

500,000

549,755

2.70%,

8/15/2029

500,000

552,830

2.80%,

6/1/2050

90,000

95,768

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

52,875

1.00%,

9/15/2025

60,000

60,151

2.95%,

9/15/2029

90,000

99,003

1.75%,

2/15/2031

245,000

244,388

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

315,044

7,276,974

Insurance

0.7%

Aflac,

Inc.

,

3.60%,

4/1/2030(b)

500,000

585,387

Alleghany

Corp.

,

4.95%,

6/27/2022

400,000

425,183

Allstate

Corp.

(The)

,

4.50%,

6/15/2043

250,000

317,478

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(d)

195,000

255,906

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

American

International

Group,

Inc.

,

3.90%,

4/1/2026

475,000

541,518

4.25%,

3/15/2029(b)

500,000

586,599

3.88%,

1/15/2035

250,000

287,331

4.80%,

7/10/2045

150,000

183,198

4.38%,

6/30/2050

200,000

233,518

4.38%,

1/15/2055

250,000

286,127

Aon

Corp.

,

2.80%,

5/15/2030(b)

400,000

431,853

Aon

plc

,

3.88%,

12/15/2025

195,000

222,723

4.60%,

6/14/2044

250,000

316,614

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

314,489

Berkshire

Hathaway

Finance

Corp.

,

4.30%,

5/15/2043

250,000

319,936

4.25%,

1/15/2049

300,000

390,399

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027(b)

500,000

519,143

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

245,562

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

500,000

526,036

3.35%,

5/3/2026

90,000

101,964

4.35%,

11/3/2045

250,000

326,923

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

251,300

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

102,611

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

438,652

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

500,000

539,316

Loews

Corp.

,

3.20%,

5/15/2030

85,000

94,952

4.13%,

5/15/2043(b)

400,000

463,018

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(d)

500,000

540,994

Markel

Corp.

,

3.35%,

9/17/2029

475,000

524,127

Marsh

&

McLennan

Cos.,

Inc.

,

2.25%,

11/15/2030

145,000

151,674

4.20%,

3/1/2048

500,000

630,323

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

567,501

5.70%,

6/15/2035

159,000

232,965

6.40%,

12/15/2036

500,000

621,418

4.88%,

11/13/2043

250,000

334,722

4.60%,

5/13/2046(b)

165,000

215,825

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

105,000

123,542

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

554,855

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Principal

Financial

Group,

Inc.,

4.30%,

11/15/2046

200,000

240,018

Progressive

Corp.

(The)

,

6.25%,

12/1/2032

162,000

241,240

3.70%,

1/26/2045

250,000

297,531

Prudential

Financial,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

3.92%),

5.63%,

6/15/2043(d)

250,000

265,512

4.60%,

5/15/2044

250,000

305,812

3.91%,

12/7/2047

186,000

206,473

3.94%,

12/7/2049

605,000

684,501

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

250,000

347,859

4.10%,

3/4/2049

200,000

249,688

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

282,309

Unum

Group

,

4.00%,

6/15/2029

250,000

274,085

Willis

North

America,

Inc.

,

4.50%,

9/15/2028

400,000

476,609

2.95%,

9/15/2029

65,000

70,245

XLIT

Ltd.

,

4.45%,

3/31/2025(b)

500,000

565,368

18,312,932

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

3.38%,

2/25/2024

750,000

825,178

0.45%,

8/15/2025

45,000

44,728

2.00%,

8/15/2026

500,000

535,995

0.80%,

8/15/2027

90,000

89,261

1.10%,

8/15/2030(b)

165,000

163,367

1.90%,

8/15/2040

100,000

95,873

2.05%,

8/15/2050

200,000

185,859

Baidu,

Inc.

,

3.88%,

9/29/2023

400,000

429,040

4.38%,

3/29/2028

200,000

228,906

2,598,207

Internet

&

Direct

Marketing

Retail

0.3%

Alibaba

Group

Holding

Ltd.

,

3.13%,

11/28/2021

275,000

282,199

4.50%,

11/28/2034

500,000

626,889

4.20%,

12/6/2047

500,000

634,494

Amazon.com,

Inc.

,

3.30%,

12/5/2021

500,000

515,609

2.80%,

8/22/2024

250,000

270,541

3.15%,

8/22/2027

250,000

284,912

1.50%,

6/3/2030

500,000

510,470

4.80%,

12/5/2034

500,000

688,949

3.88%,

8/22/2037

350,000

435,213

4.05%,

8/22/2047

500,000

646,251

4.25%,

8/22/2057

250,000

340,393

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

239,022

eBay,

Inc.

,

3.80%,

3/9/2022

285,000

298,045

3.60%,

6/5/2027

500,000

563,996

Corporate

Bonds

Principal

Amount

($)

Value

($)

Internet

&

Direct

Marketing

Retail

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

200,000

201,298

3.25%,

2/15/2030

165,000

158,584

6,696,865

IT

Services

0.5%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

400,000

394,039

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

239,675

Fidelity

National

Information

Services,

Inc.

,

3.50%,

4/15/2023

150,000

159,716

3.00%,

8/15/2026

750,000

832,416

Fiserv,

Inc.

,

2.75%,

7/1/2024

350,000

374,158

2.25%,

6/1/2027

400,000

422,243

3.50%,

7/1/2029

300,000

341,440

2.65%,

6/1/2030

215,000

231,199

4.40%,

7/1/2049

350,000

436,617

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

265,265

4.45%,

6/1/2028

300,000

351,076

3.20%,

8/15/2029

150,000

163,622

International

Business

Machines

Corp.

,

2.85%,

5/13/2022

1,000,000

1,041,082

1.70%,

5/15/2027

255,000

263,333

3.50%,

5/15/2029

400,000

461,857

1.95%,

5/15/2030

400,000

411,752

5.88%,

11/29/2032

433,000

627,518

4.00%,

6/20/2042

500,000

598,518

4.25%,

5/15/2049

500,000

622,803

2.95%,

5/15/2050

100,000

103,681

Mastercard,

Inc.

,

2.00%,

3/3/2025(b)

300,000

319,346

3.30%,

3/26/2027

60,000

68,590

2.95%,

6/1/2029

200,000

225,760

3.35%,

3/26/2030

370,000

432,677

3.80%,

11/21/2046

250,000

305,953

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

70,000

71,496

2.40%,

10/1/2024

85,000

90,046

1.65%,

6/1/2025

95,000

98,373

2.85%,

10/1/2029

170,000

186,904

2.30%,

6/1/2030

100,000

105,509

3.25%,

6/1/2050

120,000

132,397

Visa,

Inc.

,

2.80%,

12/14/2022

250,000

262,723

3.15%,

12/14/2025

135,000

151,011

1.10%,

2/15/2031(b)

300,000

293,520

4.30%,

12/14/2045

750,000

994,069

2.00%,

8/15/2050

200,000

184,408

Western

Union

Co.

(The)

,

6.20%,

11/17/2036(b)

150,000

180,509

12,445,301

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

2.60%,

11/19/2022

45,000

46,701

3.00%,

11/19/2024

100,000

105,937

3.55%,

11/19/2026(b)

100,000

106,268

3.90%,

11/19/2029

100,000

104,923

5.10%,

5/15/2044

100,000

103,989

467,818

Life

Sciences

Tools

&

Services

0.1%

Agilent

Technologies,

Inc.

,

3.88%,

7/15/2023

250,000

270,685

2.75%,

9/15/2029

165,000

177,963

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

100,000

110,977

Thermo

Fisher

Scientific,

Inc.

,

4.15%,

2/1/2024

500,000

551,418

2.60%,

10/1/2029

325,000

354,055

5.30%,

2/1/2044

100,000

138,916

1,604,014

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

6/26/2022

350,000

361,588

2.60%,

9/19/2029

70,000

77,016

6.05%,

8/15/2036

177,000

259,842

3.25%,

9/19/2049

330,000

367,488

Deere

&

Co.

,

8.10%,

5/15/2030(b)

500,000

765,016

3.90%,

6/9/2042

250,000

318,626

Dover

Corp.

,

2.95%,

11/4/2029

45,000

49,180

5.38%,

3/1/2041

100,000

128,578

Flowserve

Corp.

,

3.50%,

9/15/2022

100,000

104,331

Fortive

Corp.

,

4.30%,

6/15/2046(b)

250,000

294,719

IDEX

Corp.

,

4.20%,

12/15/2021(b)

300,000

310,594

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

270,921

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

321,076

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

500,000

610,273

Stanley

Black

&

Decker,

Inc.

,

2.90%,

11/1/2022

500,000

524,903

4.25%,

11/15/2028

250,000

303,624

2.30%,

3/15/2030(b)

500,000

535,097

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(f)

250,000

291,827

5,894,699

Media

0.8%

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

1,000,000

1,058,671

4.91%,

7/23/2025

410,000

473,906

5.05%,

3/30/2029

250,000

299,476

6.38%,

10/23/2035

500,000

681,728

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC,

6.48%,

10/23/2045

250,000

333,253

5.38%,

5/1/2047

250,000

296,273

5.75%,

4/1/2048

500,000

618,337

4.80%,

3/1/2050

400,000

457,178

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

118,000

140,482

Comcast

Corp.

,

3.60%,

3/1/2024

500,000

549,967

3.10%,

4/1/2025

55,000

60,585

3.15%,

2/15/2028

500,000

561,997

4.15%,

10/15/2028

700,000

844,638

3.40%,

4/1/2030

365,000

421,032

1.95%,

1/15/2031

200,000

205,354

1.50%,

2/15/2031

295,000

290,297

4.25%,

1/15/2033

250,000

310,835

7.05%,

3/15/2033

295,000

450,401

4.40%,

8/15/2035

500,000

632,353

6.50%,

11/15/2035

100,000

151,629

3.90%,

3/1/2038

250,000

295,996

3.40%,

7/15/2046

250,000

275,966

3.97%,

11/1/2047

743,000

880,080

4.70%,

10/15/2048

1,000,000

1,323,355

4.00%,

11/1/2049

863,000

1,043,929

2.80%,

1/15/2051

160,000

160,330

2.45%,

8/15/2052

300,000

280,457

2.65%,

8/15/2062(b)

200,000

190,031

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

295,532

4.90%,

3/11/2026

115,000

134,342

3.95%,

3/20/2028

500,000

568,502

3.63%,

5/15/2030

200,000

222,289

5.00%,

9/20/2037

125,000

148,770

4.00%,

9/15/2055(c)

387,000

390,622

Fox

Corp.

,

5.58%,

1/25/2049

500,000

690,903

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

329,429

5.00%,

5/13/2045

250,000

282,251

Omnicom

Group,

Inc.

,

3.63%,

5/1/2022

50,000

52,363

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

900,000

1,227,626

5.88%,

11/15/2040

250,000

311,023

ViacomCBS,

Inc.

,

3.88%,

4/1/2024

500,000

544,874

4.75%,

5/15/2025

300,000

344,181

5.50%,

5/15/2033

118,000

143,335

4.85%,

7/1/2042

100,000

112,106

4.38%,

3/15/2043

459,000

486,484

5.85%,

9/1/2043

200,000

250,584

4.60%,

1/15/2045

250,000

274,144

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

603,655

20,701,551

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

0.2%

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

150,000

205,275

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

250,000

363,364

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

80,000

101,696

5.00%,

9/30/2043

500,000

701,518

Newmont

Corp.

,

5.88%,

4/1/2035

236,000

337,832

4.88%,

3/15/2042

150,000

202,557

Nucor

Corp.

,

4.00%,

8/1/2023(b)

500,000

543,510

Reliance

Steel

&

Aluminum

Co.

,

4.50%,

4/15/2023

250,000

270,581

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

294,568

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042

250,000

321,326

Southern

Copper

Corp.

,

3.88%,

4/23/2025

750,000

828,228

6.75%,

4/16/2040(b)

250,000

358,780

5.88%,

4/23/2045(b)

230,000

311,527

Teck

Resources

Ltd.

,

6.25%,

7/15/2041

250,000

288,962

Vale

Overseas

Ltd.

,

6.88%,

11/10/2039

250,000

328,862

5,458,586

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

250,000

265,271

3.50%,

4/3/2030

500,000

568,705

Target

Corp.

,

2.25%,

4/15/2025

280,000

298,934

2.50%,

4/15/2026(b)

750,000

819,179

2.35%,

2/15/2030

105,000

113,925

2.65%,

9/15/2030

450,000

503,326

4.00%,

7/1/2042(b)

350,000

457,821

3,027,161

Multi-Utilities

0.4%

Ameren

Corp.

,

2.50%,

9/15/2024

310,000

328,296

Ameren

Illinois

Co.

,

2.70%,

9/1/2022(b)

450,000

466,123

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

500,000

685,572

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

228,523

3.88%,

10/15/2049

100,000

111,014

CMS

Energy

Corp.

,

4.70%,

3/31/2043

300,000

374,064

Consolidated

Edison

Co.

of

New

York,

Inc.

,

3.95%,

3/1/2043

500,000

579,921

4.50%,

12/1/2045

500,000

625,580

3.70%,

11/15/2059

300,000

343,408

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Consumers

Energy

Co.

,

3.10%,

8/15/2050

45,000

48,992

2.50%,

5/1/2060

265,000

248,358

Delmarva

Power

&

Light

Co.

,

3.50%,

11/15/2023(b)

250,000

271,346

Dominion

Energy,

Inc.

,

Series

E,

6.30%,

3/15/2033

10,000

13,962

Series

B,

5.95%,

6/15/2035

251,000

341,447

Series

C,

4.90%,

8/1/2041

700,000

897,758

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025

170,000

170,241

2.95%,

3/1/2030(b)

250,000

268,893

NiSource,

Inc.

,

0.95%,

8/15/2025

160,000

159,800

1.70%,

2/15/2031

85,000

83,441

5.95%,

6/15/2041

300,000

419,906

4.80%,

2/15/2044

250,000

312,485

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

268,358

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

400,000

561,812

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030

100,000

99,187

4.15%,

5/15/2048

500,000

607,355

Sempra

Energy

,

4.05%,

12/1/2023

150,000

164,141

6.00%,

10/15/2039

220,000

302,936

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

247,368

4.40%,

6/1/2043

250,000

296,753

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

500,000

561,025

10,088,065

Oil,

Gas

&

Consumable

Fuels

2.1%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026

500,000

558,070

1.75%,

8/10/2030(b)

90,000

89,251

3.00%,

2/24/2050

500,000

475,521

2.77%,

11/10/2050

300,000

274,313

BP

Capital

Markets

plc

,

3.56%,

11/1/2021

250,000

258,613

3.06%,

3/17/2022

420,000

436,255

3.54%,

11/4/2024

250,000

276,017

3.72%,

11/28/2028

500,000

575,810

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

541,973

6.25%,

3/15/2038

340,000

403,214

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

278,351

3.70%,

11/15/2029(c)

65,000

67,519

Chevron

Corp.

,

1.14%,

5/11/2023

55,000

56,060

1.55%,

5/11/2025

200,000

207,203

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Chevron

Corp.,

2.95%,

5/16/2026

500,000

557,030

2.00%,

5/11/2027

120,000

126,857

2.24%,

5/11/2030

160,000

169,667

2.98%,

5/11/2040

40,000

43,102

3.08%,

5/11/2050

25,000

26,721

Chevron

USA,

Inc.

,

0.69%,

8/12/2025

140,000

139,425

1.02%,

8/12/2027

120,000

119,728

2.34%,

8/12/2050

200,000

186,552

CNOOC

Finance

2013

Ltd.

,

3.00%,

5/9/2023

750,000

785,977

3.30%,

9/30/2049

200,000

214,302

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025(b)

500,000

548,765

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

190,091

6.40%,

5/15/2037

200,000

295,969

Concho

Resources,

Inc.

,

3.75%,

10/1/2027

500,000

539,013

ConocoPhillips

,

5.90%,

10/15/2032

177,000

241,745

6.50%,

2/1/2039

400,000

584,241

ConocoPhillips

Co.

,

6.95%,

4/15/2029

250,000

346,713

4.30%,

11/15/2044

155,000

185,662

Devon

Energy

Corp.

,

4.75%,

5/15/2042

500,000

463,690

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025(b)

300,000

323,558

Ecopetrol

SA

,

6.88%,

4/29/2030

400,000

479,000

5.88%,

5/28/2045

400,000

436,000

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(f)

350,000

293,046

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025

250,000

299,301

Enbridge,

Inc.

,

3.70%,

7/15/2027(b)

500,000

555,989

3.13%,

11/15/2029

150,000

159,379

4.00%,

11/15/2049

250,000

262,751

Energy

Transfer

Operating

LP

,

5.20%,

2/1/2022

500,000

517,721

3.60%,

2/1/2023

500,000

513,878

4.90%,

2/1/2024

250,000

266,512

4.75%,

1/15/2026

250,000

266,389

3.75%,

5/15/2030

60,000

58,072

6.05%,

6/1/2041

75,000

75,191

5.30%,

4/15/2047

500,000

463,546

6.25%,

4/15/2049

500,000

514,521

5.00%,

5/15/2050

295,000

270,801

Energy

Transfer

Partners

LP

,

5.88%,

3/1/2022

500,000

521,863

Enterprise

Products

Operating

LLC

,

3.50%,

2/1/2022

500,000

519,395

4.05%,

2/15/2022

250,000

262,104

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enterprise

Products

Operating

LLC,

3.90%,

2/15/2024

750,000

817,991

2.80%,

1/31/2030(b)

120,000

127,039

6.13%,

10/15/2039

285,000

363,900

6.45%,

9/1/2040

250,000

329,493

4.45%,

2/15/2043

500,000

538,770

4.85%,

3/15/2044

200,000

227,115

4.25%,

2/15/2048

250,000

265,067

3.70%,

1/31/2051

350,000

344,716

3.20%,

2/15/2052

300,000

271,198

Equinor

ASA

,

3.70%,

3/1/2024

500,000

552,178

3.25%,

11/10/2024

500,000

549,974

3.95%,

5/15/2043

300,000

349,165

3.25%,

11/18/2049

100,000

106,368

3.70%,

4/6/2050

500,000

572,221

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

300,000

308,551

3.18%,

3/15/2024(b)

500,000

540,812

2.02%,

8/16/2024(b)

100,000

105,159

2.71%,

3/6/2025

500,000

540,305

2.99%,

3/19/2025

300,000

328,550

3.04%,

3/1/2026

235,000

259,288

2.28%,

8/16/2026

100,000

107,286

3.29%,

3/19/2027(b)

200,000

225,525

2.44%,

8/16/2029(b)

100,000

107,314

3.48%,

3/19/2030

250,000

288,398

2.61%,

10/15/2030

250,000

269,655

4.23%,

3/19/2040

200,000

244,623

4.11%,

3/1/2046

250,000

296,240

3.10%,

8/16/2049

250,000

255,034

4.33%,

3/19/2050

326,000

405,175

3.45%,

4/15/2051

374,000

409,857

Hess

Corp.

,

4.30%,

4/1/2027

500,000

521,626

7.30%,

8/15/2031

164,000

200,437

5.60%,

2/15/2041

250,000

270,079

Husky

Energy,

Inc.

,

3.95%,

4/15/2022

600,000

620,037

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024

250,000

276,388

5.80%,

3/15/2035

206,000

247,462

6.38%,

3/1/2041

250,000

305,979

5.00%,

8/15/2042

350,000

388,435

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025

160,000

180,021

2.00%,

2/15/2031(b)

300,000

288,119

5.30%,

12/1/2034

350,000

412,288

5.55%,

6/1/2045

250,000

297,172

5.05%,

2/15/2046

250,000

283,187

3.25%,

8/1/2050

200,000

180,617

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

350,000

367,780

Marathon

Oil

Corp.

,

2.80%,

11/1/2022

250,000

256,072

3.85%,

6/1/2025

500,000

513,179

6.80%,

3/15/2032

118,000

126,398

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024

250,000

267,726

6.50%,

3/1/2041

250,000

304,605

MPLX

LP

,

4.50%,

7/15/2023

150,000

162,550

4.88%,

6/1/2025

250,000

283,374

1.75%,

3/1/2026

160,000

159,636

4.25%,

12/1/2027

750,000

842,736

4.00%,

3/15/2028

500,000

545,576

2.65%,

8/15/2030

190,000

186,170

4.50%,

4/15/2038

250,000

255,549

4.70%,

4/15/2048

250,000

252,826

Noble

Energy,

Inc.

,

3.85%,

1/15/2028

250,000

283,752

5.25%,

11/15/2043

150,000

198,499

4.95%,

8/15/2047

250,000

327,123

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

547,814

6.13%,

2/1/2041

100,000

105,426

ONEOK,

Inc.

,

4.00%,

7/13/2027

500,000

520,318

4.35%,

3/15/2029

500,000

521,703

5.20%,

7/15/2048

250,000

240,575

Phillips

66

,

4.65%,

11/15/2034

200,000

238,658

5.88%,

5/1/2042

382,000

502,388

Phillips

66

Partners

LP

,

3.61%,

2/15/2025

500,000

530,941

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030

200,000

187,643

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

500,000

537,116

5.15%,

6/1/2042

350,000

329,800

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

1,125,120

Suncor

Energy,

Inc.

,

3.60%,

12/1/2024

235,000

255,854

5.95%,

5/15/2035

271,000

334,780

6.50%,

6/15/2038

500,000

639,215

Sunoco

Logistics

Partners

Operations

LP

,

3.45%,

1/15/2023

250,000

254,517

5.35%,

5/15/2045

500,000

464,076

Total

Capital

Canada

Ltd.

,

2.75%,

7/15/2023(b)

750,000

796,941

Total

Capital

International

SA

,

2.88%,

2/17/2022

500,000

516,851

2.83%,

1/10/2030(b)

500,000

552,485

TransCanada

PipeLines

Ltd.

,

4.88%,

1/15/2026

285,000

335,269

4.25%,

5/15/2028(b)

500,000

577,721

4.63%,

3/1/2034

250,000

294,988

5.85%,

3/15/2036

750,000

981,245

Valero

Energy

Corp.

,

4.00%,

4/1/2029(b)

250,000

274,359

7.50%,

4/15/2032

118,000

159,995

6.63%,

6/15/2037

200,000

251,230

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025

500,000

553,356

6.30%,

4/15/2040

150,000

185,190

5.80%,

11/15/2043

250,000

293,848

4.90%,

1/15/2045

350,000

373,615

50,717,839

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

250,000

403,903

Suzano

Austria

GmbH

,

5.00%,

1/15/2030

200,000

215,500

619,403

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024(b)

85,000

89,527

2.38%,

12/1/2029

35,000

37,622

3.13%,

12/1/2049

150,000

164,631

291,780

Pharmaceuticals

1.1%

AstraZeneca

plc

,

3.38%,

11/16/2025

1,000,000

1,119,554

0.70%,

4/8/2026

200,000

196,112

1.38%,

8/6/2030

200,000

194,543

6.45%,

9/15/2037

200,000

302,582

4.00%,

9/18/2042

250,000

305,044

2.13%,

8/6/2050(b)

85,000

77,041

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

700,000

721,539

3.25%,

8/15/2022

300,000

316,043

3.25%,

2/20/2023

250,000

265,883

2.90%,

7/26/2024

500,000

541,791

3.88%,

8/15/2025

500,000

570,765

3.90%,

2/20/2028

250,000

296,199

3.25%,

8/1/2042

250,000

286,624

4.63%,

5/15/2044

500,000

669,823

4.55%,

2/20/2048

250,000

337,719

4.25%,

10/26/2049

500,000

656,653

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025

95,000

103,824

3.95%,

3/15/2049

450,000

562,776

Eli

Lilly

and

Co.

,

2.25%,

5/15/2050

300,000

282,739

GlaxoSmithKline

Capital

plc

,

2.85%,

5/8/2022

250,000

260,088

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

300,000

356,641

5.38%,

4/15/2034

201,000

283,450

4.20%,

3/18/2043

300,000

384,246

Johnson

&

Johnson

,

2.45%,

12/5/2021(b)

500,000

513,451

2.45%,

3/1/2026

250,000

272,975

4.95%,

5/15/2033

663,000

911,041

3.63%,

3/3/2037

600,000

726,331

3.70%,

3/1/2046

250,000

312,720

3.75%,

3/3/2047

100,000

127,722

Merck

&

Co.,

Inc.

,

2.80%,

5/18/2023

500,000

533,077

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Merck

&

Co.,

Inc.,

2.75%,

2/10/2025

220,000

239,204

3.90%,

3/7/2039

300,000

371,725

3.60%,

9/15/2042

250,000

305,387

4.15%,

5/18/2043

350,000

444,430

4.00%,

3/7/2049

350,000

440,822

Mylan

NV

,

3.95%,

6/15/2026

800,000

898,742

5.25%,

6/15/2046

200,000

247,742

Novartis

Capital

Corp.

,

2.40%,

5/17/2022(b)

500,000

516,752

2.40%,

9/21/2022(b)

500,000

521,276

3.10%,

5/17/2027

500,000

559,954

4.40%,

5/6/2044

200,000

269,264

4.00%,

11/20/2045

200,000

257,025

Pfizer,

Inc.

,

2.20%,

12/15/2021

1,000,000

1,023,126

3.40%,

5/15/2024

500,000

549,116

0.80%,

5/28/2025

125,000

125,594

3.00%,

12/15/2026

500,000

565,051

2.63%,

4/1/2030

500,000

555,253

1.70%,

5/28/2030

140,000

144,110

7.20%,

3/15/2039

525,000

869,223

2.55%,

5/28/2040

45,000

46,423

4.00%,

3/15/2049

600,000

761,324

2.70%,

5/28/2050

65,000

67,671

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

245,252

Royalty

Pharma

plc

,

2.20%,

9/2/2030(c)

200,000

198,831

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

500,000

530,717

3.20%,

9/23/2026

925,000

1,028,272

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

202,555

3.03%,

7/9/2040

200,000

206,582

3.18%,

7/9/2050

300,000

307,080

Upjohn,

Inc.

,

1.65%,

6/22/2025(c)

200,000

204,685

2.30%,

6/22/2027(b)(c)

400,000

412,815

2.70%,

6/22/2030(c)

150,000

155,198

4.00%,

6/22/2050(c)

200,000

212,923

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

319,473

Zoetis,

Inc.

,

3.25%,

2/1/2023

600,000

633,038

4.50%,

11/13/2025

230,000

268,992

3.90%,

8/20/2028

650,000

771,171

27,965,794

Professional

Services

0.1%

IHS

Markit

Ltd.

,

4.25%,

5/1/2029

300,000

348,024

Thomson

Reuters

Corp.

,

4.30%,

11/23/2023

500,000

547,413

3.35%,

5/15/2026

280,000

307,893

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

285,188

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Verisk

Analytics,

Inc.,

3.63%,

5/15/2050

85,000

96,701

1,585,219

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026

500,000

585,653

Road

&

Rail

0.5%

Burlington

Northern

Santa

Fe

LLC

,

3.85%,

9/1/2023

150,000

163,842

3.75%,

4/1/2024

500,000

551,354

3.65%,

9/1/2025

250,000

283,849

3.25%,

6/15/2027

500,000

569,608

7.95%,

8/15/2030

206,000

312,026

4.55%,

9/1/2044

250,000

324,812

4.70%,

9/1/2045

250,000

333,781

3.90%,

8/1/2046

200,000

241,909

4.05%,

6/15/2048

250,000

310,343

3.55%,

2/15/2050

250,000

291,861

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

334,991

6.20%,

6/1/2036

236,000

354,789

2.45%,

5/1/2050

85,000

84,611

Canadian

Pacific

Railway

Co.

,

2.90%,

2/1/2025

250,000

270,625

5.95%,

5/15/2037

250,000

366,489

6.13%,

9/15/2115

250,000

380,003

CSX

Corp.

,

5.50%,

4/15/2041

150,000

204,385

4.10%,

3/15/2044

250,000

299,208

4.30%,

3/1/2048

250,000

310,786

4.50%,

3/15/2049

250,000

325,180

3.95%,

5/1/2050

350,000

428,372

Kansas

City

Southern

,

2.88%,

11/15/2029

160,000

169,495

4.20%,

11/15/2069

65,000

69,147

Norfolk

Southern

Corp.

,

3.25%,

12/1/2021

250,000

256,205

2.55%,

11/1/2029

100,000

108,078

4.45%,

6/15/2045

500,000

633,456

3.40%,

11/1/2049

170,000

188,363

3.05%,

5/15/2050

105,000

111,698

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

78,811

2.90%,

12/1/2026

270,000

291,267

Union

Pacific

Corp.

,

2.75%,

4/15/2023

750,000

789,333

3.25%,

8/15/2025

500,000

555,106

2.15%,

2/5/2027

55,000

58,437

3.95%,

9/10/2028

500,000

589,418

2.40%,

2/5/2030

60,000

64,539

3.60%,

9/15/2037

500,000

576,664

4.05%,

11/15/2045(b)

220,000

262,046

4.05%,

3/1/2046

340,000

412,861

4.50%,

9/10/2048

250,000

329,616

3.25%,

2/5/2050

100,000

110,869

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

Union

Pacific

Corp.,

3.95%,

8/15/2059

60,000

70,924

12,469,157

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

3.30%,

4/1/2027

200,000

227,238

1.75%,

6/1/2030

60,000

61,499

5.10%,

10/1/2035

250,000

346,395

2.75%,

6/1/2050

85,000

89,100

Broadcom

Corp.

,

3.63%,

1/15/2024

1,000,000

1,075,390

3.88%,

1/15/2027

500,000

554,432

Broadcom,

Inc.

,

2.25%,

11/15/2023

255,000

265,089

3.15%,

11/15/2025

110,000

118,643

4.25%,

4/15/2026

500,000

563,397

4.75%,

4/15/2029

500,000

580,675

4.15%,

11/15/2030

285,000

319,965

4.30%,

11/15/2032

200,000

228,014

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

336,061

3.70%,

7/29/2025

500,000

568,653

3.75%,

3/25/2027

200,000

234,219

2.45%,

11/15/2029(b)

200,000

217,529

3.90%,

3/25/2030(b)

400,000

482,729

4.10%,

5/11/2047

500,000

633,910

3.73%,

12/8/2047

643,000

766,151

4.75%,

3/25/2050

400,000

548,344

KLA

Corp.

,

4.65%,

11/1/2024

215,000

245,469

4.10%,

3/15/2029

100,000

119,990

3.30%,

3/1/2050

420,000

439,348

Lam

Research

Corp.

,

3.80%,

3/15/2025(b)

255,000

286,916

1.90%,

6/15/2030

90,000

93,183

2.88%,

6/15/2050(b)

85,000

87,795

Maxim

Integrated

Products,

Inc.

,

3.38%,

3/15/2023

350,000

372,651

Micron

Technology,

Inc.

,

4.64%,

2/6/2024

60,000

66,901

5.33%,

2/6/2029

150,000

180,298

NVIDIA

Corp.

,

2.85%,

4/1/2030

660,000

743,865

3.50%,

4/1/2040

150,000

175,645

3.50%,

4/1/2050

480,000

560,838

NXP

BV

,

2.70%,

5/1/2025(c)

25,000

26,462

3.88%,

6/18/2026(c)

35,000

39,211

4.30%,

6/18/2029(c)

100,000

115,321

3.40%,

5/1/2030(c)

35,000

38,287

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

280,158

1.30%,

5/20/2028(c)

73,000

72,628

2.15%,

5/20/2030

80,000

83,818

1.65%,

5/20/2032(c)

1,090,000

1,078,541

4.65%,

5/20/2035

500,000

671,454

3.25%,

5/20/2050

100,000

110,897

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Texas

Instruments,

Inc.

,

1.38%,

3/12/2025

200,000

206,923

2.25%,

9/4/2029

300,000

321,598

Xilinx,

Inc.

,

2.38%,

6/1/2030

300,000

315,696

14,951,326

Software

0.6%

Adobe,

Inc.

,

1.70%,

2/1/2023

30,000

30,932

1.90%,

2/1/2025

30,000

31,712

3.25%,

2/1/2025

135,000

149,413

2.15%,

2/1/2027

245,000

262,901

2.30%,

2/1/2030

600,000

647,038

CA,

Inc.

,

4.50%,

8/15/2023

410,000

434,893

Microsoft

Corp.

,

2.65%,

11/3/2022

500,000

522,930

2.00%,

8/8/2023(b)

250,000

261,013

3.63%,

12/15/2023

400,000

437,731

2.88%,

2/6/2024

365,000

392,749

2.40%,

8/8/2026

465,000

506,524

3.50%,

2/12/2035

325,000

401,837

3.45%,

8/8/2036(b)

500,000

604,621

4.10%,

2/6/2037

314,000

407,390

3.70%,

8/8/2046

500,000

627,399

2.53%,

6/1/2050

2,336,000

2,436,865

Oracle

Corp.

,

2.50%,

10/15/2022

500,000

521,217

2.40%,

9/15/2023

1,000,000

1,052,255

2.50%,

4/1/2025

100,000

107,155

2.65%,

7/15/2026

190,000

207,393

2.95%,

4/1/2030

600,000

670,548

3.25%,

5/15/2030(b)

250,000

284,662

3.60%,

4/1/2040

200,000

228,090

5.38%,

7/15/2040

350,000

487,320

4.50%,

7/8/2044

650,000

818,647

4.13%,

5/15/2045

200,000

239,715

4.00%,

7/15/2046

500,000

590,974

4.00%,

11/15/2047

500,000

591,459

3.60%,

4/1/2050

400,000

446,009

3.85%,

4/1/2060

200,000

234,697

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

140,924

VMware,

Inc.

,

4.70%,

5/15/2030

300,000

354,918

15,131,931

Specialty

Retail

0.4%

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

357,803

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030

125,000

124,159

Home

Depot,

Inc.

(The)

,

2.70%,

4/1/2023(b)

500,000

526,833

3.35%,

9/15/2025

85,000

95,781

2.50%,

4/15/2027(b)

200,000

217,275

2.80%,

9/14/2027(b)

750,000

828,551

3.90%,

12/6/2028

300,000

355,219

2.95%,

6/15/2029

100,000

112,838

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

2.70%,

4/15/2030

115,000

127,943

5.88%,

12/16/2036

300,000

451,072

3.30%,

4/15/2040

200,000

226,011

5.95%,

4/1/2041

150,000

226,430

4.20%,

4/1/2043

250,000

312,476

4.40%,

3/15/2045

600,000

774,053

3.13%,

12/15/2049

100,000

111,047

3.35%,

4/15/2050

335,000

386,056

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024

400,000

435,061

4.00%,

4/15/2025

500,000

566,669

3.10%,

5/3/2027

250,000

278,633

6.50%,

3/15/2029

236,000

314,718

3.65%,

4/5/2029

400,000

461,674

4.05%,

5/3/2047

250,000

298,307

4.55%,

4/5/2049

350,000

450,171

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026

300,000

338,870

Ross

Stores,

Inc.

,

4.80%,

4/15/2030(b)

500,000

606,041

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026

500,000

532,130

9,515,821

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

2.30%,

5/11/2022

250,000

257,686

1.70%,

9/11/2022(b)

260,000

267,022

0.75%,

5/11/2023

75,000

75,647

2.50%,

2/9/2025

595,000

641,615

1.13%,

5/11/2025

140,000

143,239

0.55%,

8/20/2025(b)

500,000

500,559

3.25%,

2/23/2026

1,130,000

1,270,415

2.45%,

8/4/2026

625,000

680,912

3.35%,

2/9/2027

1,000,000

1,143,213

2.20%,

9/11/2029

235,000

252,557

1.65%,

5/11/2030

300,000

310,115

1.25%,

8/20/2030(b)

500,000

496,520

3.85%,

5/4/2043

750,000

933,674

4.38%,

5/13/2045

355,000

474,283

4.65%,

2/23/2046

460,000

640,539

2.65%,

5/11/2050

200,000

207,605

2.40%,

8/20/2050

400,000

400,448

2.55%,

8/20/2060

400,000

397,962

Dell

International

LLC

,

5.45%,

6/15/2023(c)

350,000

383,719

4.00%,

7/15/2024(c)

500,000

540,216

6.02%,

6/15/2026(c)

475,000

557,868

8.35%,

7/15/2046(c)

500,000

662,814

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

500,000

516,005

4.90%,

10/15/2025(f)

500,000

572,882

6.35%,

10/15/2045(f)

250,000

317,626

HP,

Inc.

,

6.00%,

9/15/2041(b)

250,000

305,748

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

HDD

Cayman

,

5.75%,

12/1/2034

175,000

198,698

13,149,587

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

400,000

449,146

3.88%,

11/1/2045

250,000

310,699

3.38%,

3/27/2050

200,000

231,146

990,991

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

475,000

526,009

Tobacco

0.3%

Altria

Group,

Inc.

,

3.80%,

2/14/2024

500,000

546,433

2.35%,

5/6/2025

40,000

42,168

4.40%,

2/14/2026

500,000

575,647

3.40%,

5/6/2030

70,000

76,182

4.25%,

8/9/2042

250,000

266,567

4.50%,

5/2/2043

250,000

271,446

5.38%,

1/31/2044

170,000

209,720

5.95%,

2/14/2049

500,000

670,312

4.45%,

5/6/2050

30,000

33,311

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

535,021

4.70%,

4/2/2027

300,000

343,995

3.56%,

8/15/2027

750,000

810,348

2.73%,

3/25/2031

200,000

198,085

4.39%,

8/15/2037

500,000

539,832

4.54%,

8/15/2047

500,000

534,366

Philip

Morris

International,

Inc.

,

2.63%,

3/6/2023

1,000,000

1,049,742

6.38%,

5/16/2038

460,000

681,802

3.88%,

8/21/2042

250,000

282,750

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

562,561

5.70%,

8/15/2035

120,000

149,677

8,379,965

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.30%,

2/1/2025

75,000

73,644

3.25%,

3/1/2025

1,000,000

1,017,734

3.25%,

10/1/2029(b)

250,000

237,352

Aircastle

Ltd.

,

5.00%,

4/1/2023

100,000

100,219

4.13%,

5/1/2024

300,000

295,636

GATX

Corp.

,

3.25%,

9/15/2026

500,000

542,591

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

281,086

2,548,262

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

500,000

624,592

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Water

Utilities

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

213,271

837,863

Wireless

Telecommunication

Services

0.3%

America

Movil

SAB

de

CV

,

3.13%,

7/16/2022

750,000

781,179

6.38%,

3/1/2035

177,000

256,209

6.13%,

3/30/2040

350,000

503,745

Rogers

Communications,

Inc.

,

3.00%,

3/15/2023

600,000

633,666

5.00%,

3/15/2044

250,000

326,398

3.70%,

11/15/2049

100,000

111,658

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(c)

500,000

548,610

3.75%,

4/15/2027(c)

500,000

559,770

2.05%,

2/15/2028(c)

100,000

102,204

3.88%,

4/15/2030(c)

750,000

852,773

2.55%,

2/15/2031(c)

500,000

518,040

4.38%,

4/15/2040(c)

250,000

293,042

4.50%,

4/15/2050(c)

300,000

360,588

Vodafone

Group

plc

,

4.13%,

5/30/2025

500,000

570,029

4.38%,

5/30/2028

250,000

295,861

7.88%,

2/15/2030

206,000

299,159

4.38%,

2/19/2043

500,000

584,754

5.25%,

5/30/2048

500,000

644,595

4.25%,

9/17/2050

40,000

46,287

8,288,567

Total

Corporate

Bonds

(cost

$615,892,720)

683,734,649

Foreign

Government

Securities

1.8%

CANADA

0.4%

Canada

Government

Bond

,

2.63%,

1/25/2022

1,000,000

1,032,290

Export

Development

Canada

,

2.00%,

5/17/2022

1,000,000

1,028,278

1.75%,

7/18/2022

500,000

513,250

Province

of

Alberta

,

3.35%,

11/1/2023

500,000

543,427

3.30%,

3/15/2028

500,000

583,055

Province

of

British

Columbia

,

2.00%,

10/23/2022(b)

500,000

517,427

Province

of

Ontario

,

2.25%,

5/18/2022(b)

1,000,000

1,030,483

2.20%,

10/3/2022(b)

1,000,000

1,036,700

3.05%,

1/29/2024

500,000

543,380

Province

of

Quebec

,

2.63%,

2/13/2023(b)

500,000

526,456

2.50%,

4/9/2024

500,000

536,305

7.50%,

9/15/2029

578,000

886,397

8,777,448

CHILE

0.1%

Republic

of

Chile

,

3.13%,

3/27/2025(b)

750,000

820,312

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

CHILE

Republic

of

Chile

(continued)

2.55%,

1/27/2032(b)

500,000

527,500

3.63%,

10/30/2042(b)

400,000

459,000

1,806,812

COLOMBIA

0.1%

Republic

of

Colombia

,

4.50%,

1/28/2026

1,000,000

1,106,250

7.38%,

9/18/2037

225,000

316,406

6.13%,

1/18/2041

200,000

256,000

5.63%,

2/26/2044

500,000

619,500

5.00%,

6/15/2045

700,000

815,500

3,113,656

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

600,000

648,034

HUNGARY

0.0%

†

Hungary

Government

Bond

,

5.38%,

3/25/2024

500,000

572,850

7.63%,

3/29/2041

250,000

447,033

1,019,883

INDONESIA

0.1%

Republic

of

Indonesia

,

4.10%,

4/24/2028

1,000,000

1,139,099

5.35%,

2/11/2049

200,000

264,674

3.50%,

2/14/2050(b)

200,000

211,595

4.45%,

4/15/2070

200,000

236,902

1,852,270

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.15%,

6/30/2023

500,000

535,650

3.25%,

1/17/2028

1,000,000

1,139,148

3.38%,

1/15/2050

200,000

221,495

3.88%,

7/3/2050

200,000

240,000

4.50%,

4/3/2120

200,000

274,000

2,410,293

ITALY

0.0%

†

Italian

Republic

Government

Bond

,

6.88%,

9/27/2023

251,000

293,017

5.38%,

6/15/2033

291,000

366,605

4.00%,

10/17/2049

400,000

428,643

1,088,265

JAPAN

0.2%

Japan

Bank

for

International

Cooperation

,

2.38%,

11/16/2022

1,000,000

1,042,018

2.50%,

5/23/2024

2,000,000

2,145,475

2.38%,

4/20/2026

500,000

545,825

1.88%,

7/21/2026

500,000

532,948

4,266,266

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

MEXICO

0.2%

United

Mexican

States

,

4.00%,

10/2/2023(b)

500,000

543,005

3.75%,

1/11/2028(b)

1,000,000

1,075,130

6.75%,

9/27/2034

996,000

1,342,110

6.05%,

1/11/2040(b)

400,000

500,172

4.75%,

3/8/2044(b)

600,000

654,600

5.55%,

1/21/2045

500,000

605,625

4.60%,

1/23/2046

347,000

371,904

4.35%,

1/15/2047

500,000

516,505

5.75%,

10/12/2110

200,000

230,602

5,839,653

PANAMA

0.1%

Republic

of

Panama

,

6.70%,

1/26/2036

250,000

362,813

4.30%,

4/29/2053

500,000

614,375

4.50%,

4/1/2056

400,000

500,000

3.87%,

7/23/2060

200,000

229,000

1,706,188

PERU

0.1%

Republic

of

Peru

,

4.13%,

8/25/2027

750,000

874,688

2.78%,

1/23/2031

500,000

540,755

8.75%,

11/21/2033

500,000

836,875

2,252,318

PHILIPPINES

0.1%

Republic

of

Philippines

,

4.20%,

1/21/2024

500,000

555,223

9.50%,

2/2/2030

500,000

823,673

7.75%,

1/14/2031

200,000

304,025

6.38%,

10/23/2034

500,000

723,326

3.70%,

2/2/2042

600,000

695,291

3,101,538

POLAND

0.0%

†

Republic

of

Poland

,

5.00%,

3/23/2022

300,000

320,574

4.00%,

1/22/2024

500,000

556,790

877,364

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea

,

5.00%,

4/11/2022

500,000

533,146

2.38%,

4/21/2027

1,000,000

1,067,040

Republic

of

Korea

,

5.63%,

11/3/2025

300,000

371,299

4.13%,

6/10/2044(b)

250,000

345,930

2,317,415

SWEDEN

0.1%

Svensk

Exportkredit

AB

,

2.38%,

3/9/2022

500,000

514,790

1.63%,

11/14/2022(b)

200,000

205,423

0.75%,

4/6/2023

1,000,000

1,009,337

1,729,550

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

,

4.38%,

10/27/2027

1,250,000

1,443,750

5.10%,

6/18/2050

700,000

938,875

2,382,625

Total

Foreign

Government

Securities

(cost

$41,210,450)

45,189,578

Mortgage-Backed

Securities

26.6%

FHLMC

Gold

Pool

Pool#

J00935

5.00%,

12/1/2020

277

292

Pool#

J00854

5.00%,

1/1/2021

387

407

Pool#

J01279

5.50%,

2/1/2021

206

207

Pool#

J01570

5.50%,

4/1/2021

565

569

Pool#

J01771

5.00%,

5/1/2021

1,396

1,470

Pool#

J06015

5.00%,

5/1/2021

211

223

Pool#

G18122

5.00%,

6/1/2021

670

706

Pool#

J01980

6.00%,

6/1/2021

1,640

1,648

Pool#

J03074

5.00%,

7/1/2021

273

287

Pool#

C90719

5.00%,

10/1/2023

97,789

106,905

Pool#

J09912

4.00%,

6/1/2024

225,541

239,085

Pool#

C00351

8.00%,

7/1/2024

187

202

Pool#

G13900

5.00%,

12/1/2024

342

360

Pool#

D60780

8.00%,

6/1/2025

564

582

Pool#

G30267

5.00%,

8/1/2025

41,879

45,807

Pool#

E02746

3.50%,

11/1/2025

150,828

159,603

Pool#

J13883

3.50%,

12/1/2025

303,823

321,703

Pool#

J14732

4.00%,

3/1/2026

154,455

164,251

Pool#

E02896

3.50%,

5/1/2026

177,880

188,287

Pool#

J18127

3.00%,

3/1/2027

178,871

188,076

Pool#

J18702

3.00%,

3/1/2027

171,566

180,405

Pool#

J19106

3.00%,

5/1/2027

73,241

77,548

Pool#

J20471

3.00%,

9/1/2027

325,154

341,955

Pool#

D82854

7.00%,

10/1/2027

457

495

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G14609

3.00%,

11/1/2027

424,075

445,595

Pool#

C00566

7.50%,

12/1/2027

736

847

Pool#

G15100

2.50%,

7/1/2028

187,226

197,662

Pool#

C18271

7.00%,

11/1/2028

1,976

2,215

Pool#

C00678

7.00%,

11/1/2028

887

1,025

Pool#

C00836

7.00%,

7/1/2029

494

568

Pool#

C31285

7.00%,

9/1/2029

1,050

1,181

Pool#

C31282

7.00%,

9/1/2029

61

62

Pool#

C32914

8.00%,

11/1/2029

888

908

Pool#

G18536

2.50%,

1/1/2030

2,797,333

2,924,893

Pool#

C37436

8.00%,

1/1/2030

1,388

1,650

Pool#

C36429

7.00%,

2/1/2030

601

621

Pool#

C36306

7.00%,

2/1/2030

595

620

Pool#

C00921

7.50%,

2/1/2030

896

1,042

Pool#

G01108

7.00%,

4/1/2030

341

386

Pool#

C37703

7.50%,

4/1/2030

657

695

Pool#

G18552

3.00%,

5/1/2030

1,026,177

1,079,735

Pool#

U49055

3.00%,

6/1/2030

108,849

114,847

Pool#

J32243

3.00%,

7/1/2030

681,944

728,207

Pool#

J32257

3.00%,

7/1/2030

173,177

185,506

Pool#

J32255

3.00%,

7/1/2030

134,775

143,904

Pool#

C41561

8.00%,

8/1/2030

1,865

1,951

Pool#

C01051

8.00%,

9/1/2030

1,811

2,179

Pool#

C43550

7.00%,

10/1/2030

1,393

1,441

Pool#

C44017

7.50%,

10/1/2030

436

443

Pool#

C43967

8.00%,

10/1/2030

3,806

3,823

Pool#

C44957

8.00%,

11/1/2030

849

869

Pool#

G18578

3.00%,

12/1/2030

341,993

359,797

Pool#

J33361

3.00%,

12/1/2030

333,871

350,605

Pool#

J33315

3.00%,

12/1/2030

138,201

145,151

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01103

7.50%,

12/1/2030

860

1,032

Pool#

C46932

7.50%,

1/1/2031

634

659

Pool#

G18587

3.00%,

2/1/2031

256,082

269,400

Pool#

G18592

3.00%,

3/1/2031

284,107

298,530

Pool#

C48206

7.50%,

3/1/2031

1,679

1,686

Pool#

C91366

4.50%,

4/1/2031

77,695

85,707

Pool#

G18601

3.00%,

5/1/2031

167,624

176,164

Pool#

G18605

3.00%,

6/1/2031

97,855

102,845

Pool#

J34627

3.00%,

6/1/2031

16,645

17,509

Pool#

C91377

4.50%,

6/1/2031

41,617

45,926

Pool#

C53324

7.00%,

6/1/2031

1,544

1,652

Pool#

C01209

8.00%,

6/1/2031

647

749

Pool#

J35107

2.50%,

8/1/2031

142,543

151,489

Pool#

G01309

7.00%,

8/1/2031

1,059

1,225

Pool#

G01311

7.00%,

9/1/2031

7,703

8,902

Pool#

C01222

7.00%,

9/1/2031

888

1,034

Pool#

G01315

7.00%,

9/1/2031

262

305

Pool#

J35522

2.50%,

10/1/2031

577,220

604,284

Pool#

C60012

7.00%,

11/1/2031

703

728

Pool#

C61298

8.00%,

11/1/2031

2,468

2,543

Pool#

J35957

2.50%,

12/1/2031

809,864

847,820

Pool#

C61105

7.00%,

12/1/2031

5,282

5,731

Pool#

C01305

7.50%,

12/1/2031

713

818

Pool#

C63171

7.00%,

1/1/2032

5,785

6,751

Pool#

V61548

2.50%,

2/1/2032

715,593

760,608

Pool#

D99004

3.50%,

3/1/2032

130,091

141,775

Pool#

G30577

3.50%,

4/1/2032

265,272

287,229

Pool#

G01391

7.00%,

4/1/2032

13,302

15,519

Pool#

C01345

7.00%,

4/1/2032

4,339

5,089

Pool#

C01370

8.00%,

4/1/2032

1,032

1,206

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C01381

8.00%,

5/1/2032

11,479

13,781

Pool#

C68290

7.00%,

6/1/2032

2,302

2,531

Pool#

C68300

7.00%,

6/1/2032

994

1,001

Pool#

D99266

3.50%,

7/1/2032

191,896

209,140

Pool#

G01449

7.00%,

7/1/2032

8,326

9,688

Pool#

C69908

7.00%,

8/1/2032

24,032

27,789

Pool#

C91558

3.50%,

9/1/2032

45,742

49,456

Pool#

G16407

2.50%,

1/1/2033

403,555

432,459

Pool#

G16408

2.50%,

1/1/2033

293,075

312,898

Pool#

G01536

7.00%,

3/1/2033

10,253

12,156

Pool#

C01528

5.00%,

4/1/2033

62,282

71,110

Pool#

G30646

3.00%,

5/1/2033

259,109

274,708

Pool#

G30642

3.00%,

5/1/2033

129,175

136,965

Pool#

K90535

3.00%,

5/1/2033

51,093

54,594

Pool#

G18693

4.00%,

5/1/2033

137,270

145,815

Pool#

G18696

3.50%,

7/1/2033

40,245

42,569

Pool#

A16419

6.50%,

11/1/2033

15,136

16,934

Pool#

C01806

7.00%,

1/1/2034

12,039

12,838

Pool#

A21356

6.50%,

4/1/2034

47,864

56,239

Pool#

C01851

6.50%,

4/1/2034

24,503

29,120

Pool#

A22067

6.50%,

5/1/2034

28,093

32,180

Pool#

A24301

6.50%,

5/1/2034

27,834

31,141

Pool#

G18737

3.50%,

6/1/2034

294,396

311,440

Pool#

A24988

6.50%,

7/1/2034

11,129

12,451

Pool#

G01741

6.50%,

10/1/2034

9,247

10,636

Pool#

G08023

6.50%,

11/1/2034

19,604

22,777

Pool#

A33137

6.50%,

1/1/2035

3,772

4,221

Pool#

G01947

7.00%,

5/1/2035

9,116

10,699

Pool#

G08073

5.50%,

8/1/2035

100,161

117,662

Pool#

A37135

5.50%,

9/1/2035

101,572

117,388

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A47368

5.00%,

10/1/2035

110,792

126,495

Pool#

A38531

5.50%,

10/1/2035

214,931

249,233

Pool#

A38255

5.50%,

10/1/2035

138,739

161,443

Pool#

G08088

6.50%,

10/1/2035

88,927

104,010

Pool#

A39759

5.50%,

11/1/2035

9,720

11,399

Pool#

A40376

5.50%,

12/1/2035

5,790

6,750

Pool#

A42305

5.50%,

1/1/2036

17,021

19,279

Pool#

A41548

7.00%,

1/1/2036

11,857

12,404

Pool#

G08111

5.50%,

2/1/2036

134,935

157,523

Pool#

A43886

5.50%,

3/1/2036

379,351

441,416

Pool#

A43885

5.50%,

3/1/2036

222,507

251,505

Pool#

A43884

5.50%,

3/1/2036

165,272

185,652

Pool#

A48378

5.50%,

3/1/2036

101,579

112,974

Pool#

A43861

5.50%,

3/1/2036

48,686

54,334

Pool#

G08116

5.50%,

3/1/2036

28,426

33,183

Pool#

A48735

5.50%,

5/1/2036

7,142

7,922

Pool#

A53039

6.50%,

10/1/2036

45,780

51,218

Pool#

A53219

6.50%,

10/1/2036

1,061

1,187

Pool#

G05254

5.00%,

1/1/2037

96,315

110,823

Pool#

G04331

5.00%,

2/1/2037

90,084

103,572

Pool#

G05941

6.00%,

2/1/2037

465,529

551,485

Pool#

G03620

6.50%,

10/1/2037

2,523

2,929

Pool#

G03721

6.00%,

12/1/2037

40,938

48,062

Pool#

G03969

6.00%,

2/1/2038

47,669

55,844

Pool#

C91982

3.50%,

3/1/2038

223,265

236,883

Pool#

G04913

5.00%,

3/1/2038

164,946

189,953

Pool#

G05299

4.50%,

6/1/2038

162,974

179,592

Pool#

G04581

6.50%,

8/1/2038

79,131

90,276

Pool#

C92013

3.50%,

9/1/2038

699,370

739,530

Pool#

A81674

6.00%,

9/1/2038

288,724

337,151

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G05459

5.50%,

5/1/2039

1,245,112

1,436,405

Pool#

G05535

4.50%,

7/1/2039

495,657

556,009

Pool#

A89500

4.50%,

10/1/2039

59,681

67,087

Pool#

A91165

5.00%,

2/1/2040

2,074,244

2,383,206

Pool#

G60342

4.50%,

5/1/2042

501,307

562,594

Pool#

G60195

4.00%,

6/1/2042

639,468

706,498

Pool#

Q08977

4.00%,

6/1/2042

108,402

119,053

Pool#

Q09824

4.00%,

8/1/2042

80,181

88,629

Pool#

Q11087

4.00%,

9/1/2042

82,106

88,256

Pool#

G07158

3.50%,

10/1/2042

466,697

500,900

Pool#

G07163

3.50%,

10/1/2042

284,019

310,319

Pool#

Q11532

3.50%,

10/1/2042

213,781

232,000

Pool#

Q12051

3.50%,

10/1/2042

194,730

211,228

Pool#

Q12052

3.50%,

10/1/2042

83,660

90,773

Pool#

C09020

3.50%,

11/1/2042

560,413

607,889

Pool#

G07264

3.50%,

12/1/2042

536,336

581,014

Pool#

Q14292

3.50%,

1/1/2043

111,358

121,672

Pool#

Q15884

3.00%,

2/1/2043

734,991

783,496

Pool#

Q16470

3.00%,

3/1/2043

1,277,493

1,379,340

Pool#

V80002

2.50%,

4/1/2043

502,263

535,119

Pool#

Q16915

3.00%,

4/1/2043

448,462

484,215

Pool#

Q17675

3.50%,

4/1/2043

518,304

562,455

Pool#

Q18523

3.50%,

5/1/2043

732,089

792,345

Pool#

Q18751

3.50%,

6/1/2043

857,567

925,189

Pool#

G07410

3.50%,

7/1/2043

208,186

230,254

Pool#

Q20332

3.50%,

7/1/2043

83,663

90,737

Pool#

G07459

3.50%,

8/1/2043

737,658

798,843

Pool#

G60038

3.50%,

1/1/2044

1,517,551

1,645,505

Pool#

Q26869

4.00%,

6/1/2044

803,853

888,935

Pool#

G07946

4.00%,

7/1/2044

21,955

24,207

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q28607

3.50%,

9/1/2044

288,505

312,622

Pool#

G61231

3.50%,

9/1/2044

88,377

95,640

Pool#

G08609

3.50%,

10/1/2044

316,968

338,637

Pool#

Q30833

4.00%,

1/1/2045

34,683

37,857

Pool#

G60400

4.50%,

1/1/2045

219,810

246,197

Pool#

G07925

4.00%,

2/1/2045

56,475

63,949

Pool#

Q34165

4.00%,

6/1/2045

416,202

456,471

Pool#

V81873

4.00%,

8/1/2045

311,706

340,283

Pool#

G08669

4.00%,

9/1/2045

476,702

517,071

Pool#

V82126

3.50%,

12/1/2045

210,845

231,163

Pool#

Q38199

3.50%,

1/1/2046

23,834

25,549

Pool#

Q38357

4.00%,

1/1/2046

147,702

160,797

Pool#

G61365

4.50%,

1/1/2046

83,007

92,241

Pool#

G08697

3.00%,

3/1/2046

1,327,211

1,395,663

Pool#

Q39434

3.50%,

3/1/2046

190,906

203,931

Pool#

Q39364

3.50%,

3/1/2046

155,431

170,371

Pool#

Q39440

4.00%,

3/1/2046

90,094

97,268

Pool#

G08704

4.50%,

4/1/2046

43,081

47,431

Pool#

Q40097

4.50%,

4/1/2046

3,092

3,357

Pool#

G60582

3.50%,

5/1/2046

420,721

457,706

Pool#

Q40718

3.50%,

5/1/2046

185,922

198,174

Pool#

G08707

4.00%,

5/1/2046

228,586

247,905

Pool#

G08708

4.50%,

5/1/2046

32,370

35,540

Pool#

Q40728

4.50%,

5/1/2046

2,802

3,038

Pool#

Q41548

3.00%,

7/1/2046

145,068

152,512

Pool#

Q41903

3.50%,

7/1/2046

242,475

259,226

Pool#

Q41491

3.50%,

7/1/2046

30,049

31,960

Pool#

Q41407

3.50%,

7/1/2046

22,082

23,470

Pool#

G61791

4.00%,

7/1/2046

152,970

167,520

Pool#

Q41947

4.50%,

7/1/2046

15,554

16,993

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08715

3.00%,

8/1/2046

1,294,482

1,361,714

Pool#

Q42596

3.50%,

8/1/2046

215,841

230,960

Pool#

Q42203

3.50%,

8/1/2046

51,614

55,208

Pool#

Q42393

3.50%,

8/1/2046

43,179

45,935

Pool#

G61237

3.50%,

8/1/2046

35,926

38,888

Pool#

Q42680

4.00%,

8/1/2046

11,047

11,910

Pool#

G08720

4.50%,

8/1/2046

22,415

24,546

Pool#

G61323

3.00%,

9/1/2046

965,456

1,028,662

Pool#

G08721

3.00%,

9/1/2046

713,239

750,145

Pool#

V82617

3.50%,

9/1/2046

437,058

473,628

Pool#

G08722

3.50%,

9/1/2046

150,117

160,255

Pool#

G60733

4.50%,

9/1/2046

197,483

222,407

Pool#

G60722

3.00%,

10/1/2046

1,545,171

1,657,520

Pool#

Q44035

3.00%,

10/1/2046

976,361

1,026,992

Pool#

G61815

4.00%,

10/1/2046

93,011

101,128

Pool#

G61257

3.00%,

11/1/2046

1,824,857

1,913,684

Pool#

Q44452

3.00%,

11/1/2046

419,486

440,730

Pool#

G08732

3.00%,

11/1/2046

127,613

134,215

Pool#

Q44473

3.50%,

11/1/2046

55,798

59,346

Pool#

Q44223

3.50%,

11/1/2046

32,057

33,998

Pool#

G08734

4.00%,

11/1/2046

593,312

642,527

Pool#

G08737

3.00%,

12/1/2046

4,101,009

4,314,686

Pool#

G60989

3.00%,

12/1/2046

571,511

609,542

Pool#

Q45878

3.00%,

12/1/2046

163,641

171,867

Pool#

G08738

3.50%,

12/1/2046

2,808,495

2,988,073

Pool#

Q45024

3.50%,

12/1/2046

135,208

148,326

Pool#

G08741

3.00%,

1/1/2047

1,096,714

1,155,051

Pool#

G08747

3.00%,

2/1/2047

1,957,417

2,053,070

Pool#

G08748

3.50%,

2/1/2047

598,770

635,724

Pool#

G08749

4.00%,

2/1/2047

1,050,610

1,130,617

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61890

4.00%,

2/1/2047

67,072

72,740

Pool#

G08751

3.50%,

3/1/2047

941,586

997,624

Pool#

Q47592

3.50%,

4/1/2047

201,056

212,933

Pool#

Q47484

3.50%,

4/1/2047

32,838

35,382

Pool#

G60988

3.00%,

5/1/2047

1,892,097

2,028,429

Pool#

Q48098

3.50%,

5/1/2047

123,069

132,547

Pool#

Q48237

4.50%,

5/1/2047

185,561

201,896

Pool#

G61390

3.00%,

6/1/2047

1,180,803

1,242,886

Pool#

Q48414

4.50%,

6/1/2047

105,130

114,194

Pool#

Q48365

4.50%,

6/1/2047

35,352

38,286

Pool#

G08770

3.50%,

7/1/2047

2,084,745

2,215,229

Pool#

V83270

3.50%,

7/1/2047

442,426

468,747

Pool#

G61339

3.00%,

8/1/2047

340,320

357,919

Pool#

G08774

3.50%,

8/1/2047

233,189

246,981

Pool#

Q49917

3.50%,

8/1/2047

163,546

173,356

Pool#

Q53085

3.00%,

9/1/2047

384,942

405,138

Pool#

G61295

3.50%,

9/1/2047

646,217

708,458

Pool#

G08779

3.50%,

9/1/2047

603,593

639,367

Pool#

G61622

3.00%,

10/1/2047

766,643

806,816

Pool#

G08785

4.00%,

10/1/2047

65,319

69,949

Pool#

Q52075

4.00%,

11/1/2047

418,632

448,844

Pool#

V83598

3.50%,

12/1/2047

221,539

234,467

Pool#

G67707

3.50%,

1/1/2048

737,197

819,858

Pool#

V83909

4.00%,

1/1/2048

581,809

621,745

Pool#

G61311

3.50%,

2/1/2048

1,105,553

1,171,778

Pool#

T65458

3.50%,

2/1/2048

282,325

292,501

Pool#

G08801

4.00%,

2/1/2048

354,662

379,131

Pool#

Q54460

4.00%,

2/1/2048

242,007

264,918

Pool#

G61298

4.00%,

2/1/2048

123,578

136,572

Pool#

Q54727

3.50%,

3/1/2048

435,615

461,734

32

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q55401

5.00%,

4/1/2048

93,891

103,638

Pool#

V84237

3.50%,

5/1/2048

843,193

891,970

Pool#

G08813

3.50%,

5/1/2048

97,605

102,971

Pool#

G08820

4.50%,

5/1/2048

800,240

866,822

Pool#

G08821

5.00%,

5/1/2048

34,272

37,702

Pool#

G67713

4.00%,

6/1/2048

230,426

252,183

Pool#

G67712

4.00%,

6/1/2048

217,645

244,613

Pool#

G08817

4.00%,

6/1/2048

129,121

137,582

Pool#

G08818

4.50%,

6/1/2048

434,411

470,123

Pool#

Q56473

4.50%,

6/1/2048

91,685

100,127

Pool#

Q56472

4.50%,

6/1/2048

83,448

92,307

Pool#

G08824

4.00%,

7/1/2048

2,761,552

2,943,403

Pool#

G08827

4.50%,

7/1/2048

276,491

299,516

Pool#

Q57401

4.50%,

7/1/2048

97,019

106,810

Pool#

Q57402

4.50%,

7/1/2048

30,697

33,949

Pool#

G08833

5.00%,

7/1/2048

12,525

13,783

Pool#

G08831

4.00%,

8/1/2048

363,531

387,403

Pool#

G08836

4.00%,

9/1/2048

1,495,918

1,594,390

Pool#

G67716

4.50%,

10/1/2048

154,103

172,034

Pool#

G08843

4.50%,

10/1/2048

101,787

110,230

Pool#

V85044

4.00%,

12/1/2048

343,053

370,502

Pool#

V85082

4.50%,

12/1/2048

89,996

97,353

Pool#

G61846

4.00%,

1/1/2049

9,312

9,925

Pool#

V85139

4.50%,

1/1/2049

110,821

119,817

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.76%,

7/1/2041(a)

86,058

89,037

Pool#

2B0108

3.85%,

1/1/2042(a)

10,418

10,563

Pool#

2B1381

2.37%,

6/1/2043(a)

1,464

1,487

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

139,447

147,810

Pool#

ZS8701

3.50%,

6/1/2033

135,704

143,610

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB0218

3.00%,

10/1/2033

211,770

222,294

Pool#

QN0248

3.00%,

7/1/2034

141,020

148,031

Pool#

SB0095

3.50%,

7/1/2034

259,005

275,050

Pool#

SB0069

3.00%,

9/1/2034

363,773

386,883

Pool#

SB8021

3.00%,

12/1/2034

855,481

898,236

Pool#

SB8500

2.50%,

7/1/2035

1,175,000

1,253,517

Pool#

QA2237

3.00%,

7/1/2046

2,730,045

2,874,984

Pool#

QA2226

3.00%,

7/1/2046

1,606,097

1,691,648

Pool#

ZS4693

3.00%,

12/1/2046

1,875,676

1,973,021

Pool#

ZM2339

3.50%,

1/1/2047

356,005

377,720

Pool#

ZS4746

3.00%,

12/1/2047

1,123,171

1,176,032

Pool#

ZA5785

4.50%,

10/1/2048

579,169

625,983

Pool#

ZT1321

4.50%,

11/1/2048

750,429

811,587

Pool#

ZA6139

4.50%,

12/1/2048

302,160

326,761

Pool#

ZA6536

4.00%,

3/1/2049

313,163

333,961

Pool#

ZA6380

4.00%,

3/1/2049

237,246

253,001

Pool#

SD8015

2.50%,

10/1/2049

367,887

386,156

Pool#

RA1859

3.00%,

12/1/2049

1,332,843

1,396,981

Pool#

SD8045

3.50%,

2/1/2050

450,562

474,616

Pool#

QA8965

3.00%,

4/1/2050

1,303,349

1,366,676

Pool#

RA2579

3.00%,

5/1/2050

483,809

513,614

Pool#

SD8063

3.50%,

5/1/2050

1,040,947

1,097,111

Pool#

RA2621

4.00%,

5/1/2050

195,739

210,670

Pool#

RA3022

2.50%,

6/1/2050

826,396

875,792

Pool#

SD7521

2.50%,

7/1/2050

1,232,137

1,316,533

Pool#

SD8074

3.00%,

7/1/2050

4,152,000

4,353,730

Pool#

RA3174

3.00%,

7/1/2050

1,245,987

1,306,529

Pool#

SD7523

2.50%,

8/1/2050

325,000

345,332

Pool#

SD8084

3.00%,

8/1/2050

989,695

1,037,782

Pool#

RA3382

3.00%,

8/1/2050

817,345

867,698

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8092

3.00%,

9/1/2050

1,900,000

1,992,320

FNMA

Pool

Pool#

AC9895

3.44%,

4/1/2040(a)

404,184

413,877

Pool#

AC9890

3.47%,

4/1/2040(a)

626,205

653,808

Pool#

AJ1249

2.32%,

9/1/2041(a)

135,957

141,481

Pool#

AK0714

3.80%,

2/1/2042(a)

11,967

12,334

Pool#

AT4982

3.28%,

4/1/2043(a)

338

337

Pool#

AT4250

2.42%,

6/1/2043(a)

45,666

47,066

Pool#

BF0203

3.00%,

2/1/2047

838,110

886,334

Pool#

BF0206

4.00%,

2/1/2047

545,542

588,775

Pool#

BF0200

3.50%,

11/1/2051

350,779

382,883

Pool#

BF0171

4.00%,

1/1/2057

287,957

323,703

Pool#

BF0184

4.00%,

2/1/2057

327,751

368,436

FNMA

UMBS

Pool

Pool#

838565

5.50%,

10/1/2020

200

200

Pool#

840102

5.50%,

10/1/2020

157

157

Pool#

841947

5.50%,

10/1/2020

19

19

Pool#

811505

5.50%,

10/1/2020

16

16

Pool#

843102

5.50%,

10/1/2020

14

14

Pool#

839100

5.50%,

11/1/2020

3

3

Pool#

830670

5.50%,

12/1/2020

18

18

Pool#

867183

5.50%,

2/1/2021

374

375

Pool#

878120

5.50%,

4/1/2021

144

145

Pool#

811559

5.50%,

5/1/2021

454

456

Pool#

879115

5.50%,

5/1/2021

346

348

Pool#

885440

5.50%,

5/1/2021

197

198

Pool#

845489

5.50%,

6/1/2021

42

43

Pool#

880950

5.50%,

7/1/2021

1,054

1,064

Pool#

870092

5.50%,

8/1/2021

166

167

Pool#

896599

5.50%,

8/1/2021

43

43

Pool#

903350

5.00%,

10/1/2021

255

268

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

894126

5.50%,

10/1/2021

19

19

Pool#

902789

5.50%,

11/1/2021

3,385

3,441

Pool#

906708

5.00%,

12/1/2021

3,036

3,198

Pool#

901509

5.00%,

12/1/2021

618

651

Pool#

928106

5.50%,

2/1/2022

7,256

7,407

Pool#

914385

5.50%,

3/1/2022

130

133

Pool#

913323

5.50%,

4/1/2022

212

214

Pool#

899438

5.50%,

6/1/2022

9,750

9,986

Pool#

AA2549

4.00%,

4/1/2024

51,600

54,686

Pool#

934863

4.00%,

6/1/2024

107,219

113,648

Pool#

AC1374

4.00%,

8/1/2024

68,596

72,720

Pool#

AC1529

4.50%,

9/1/2024

205,473

218,425

Pool#

AD0244

4.50%,

10/1/2024

26,908

28,465

Pool#

AD4089

4.50%,

5/1/2025

204,447

217,389

Pool#

890216

4.50%,

7/1/2025

49,194

52,235

Pool#

AB1609

4.00%,

10/1/2025

134,993

143,183

Pool#

AH1361

3.50%,

12/1/2025

125,631

132,899

Pool#

AH1518

3.50%,

12/1/2025

58,338

61,702

Pool#

AH5616

3.50%,

2/1/2026

340,821

360,607

Pool#

AL0298

4.00%,

5/1/2026

265,127

281,919

Pool#

AB4277

3.00%,

1/1/2027

458,180

481,340

Pool#

AL1391

3.50%,

1/1/2027

6,375

6,744

Pool#

AP4746

3.00%,

8/1/2027

121,343

128,647

Pool#

AP7855

3.00%,

9/1/2027

640,330

678,951

Pool#

AP4640

3.00%,

9/1/2027

71,824

76,153

Pool#

AQ5096

3.00%,

11/1/2027

166,840

176,923

Pool#

AB6887

3.00%,

11/1/2027

134,503

142,606

Pool#

AQ4532

3.00%,

11/1/2027

96,773

102,626

Pool#

AQ3758

3.00%,

11/1/2027

72,635

77,035

Pool#

AQ7406

3.00%,

11/1/2027

67,331

71,403

34

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB6886

3.00%,

11/1/2027

63,635

67,535

Pool#

AQ2884

3.00%,

12/1/2027

58,545

62,064

Pool#

AS0487

2.50%,

9/1/2028

339,522

359,463

Pool#

930998

4.50%,

4/1/2029

26,759

29,055

Pool#

BM1507

2.50%,

12/1/2029

194,901

203,772

Pool#

AL8077

3.50%,

12/1/2029

21,508

22,814

Pool#

BM4299

3.00%,

3/1/2030

862,777

904,654

Pool#

AS4874

3.00%,

4/1/2030

439,059

464,952

Pool#

AS5412

2.50%,

7/1/2030

177,417

185,658

Pool#

AS5420

3.00%,

7/1/2030

366,146

390,791

Pool#

AL7152

3.50%,

7/1/2030

428,842

463,234

Pool#

AS5702

2.50%,

8/1/2030

683,541

714,300

Pool#

AZ4898

2.50%,

8/1/2030

552,219

577,860

Pool#

AY8448

3.00%,

8/1/2030

1,341,570

1,410,228

Pool#

AZ2953

3.00%,

9/1/2030

1,201,858

1,263,314

Pool#

AZ5718

3.00%,

9/1/2030

976,196

1,024,379

Pool#

AS6060

3.00%,

10/1/2030

825,639

866,140

Pool#

AZ9234

3.50%,

10/1/2030

53,017

56,135

Pool#

BA2993

3.00%,

11/1/2030

215,178

226,187

Pool#

AS6174

3.50%,

11/1/2030

33,347

35,471

Pool#

AS6272

2.50%,

12/1/2030

258,294

270,266

Pool#

AS6295

3.00%,

12/1/2030

384,927

404,119

Pool#

BA3545

3.00%,

12/1/2030

168,594

176,996

Pool#

AH1515

4.00%,

12/1/2030

340,437

371,122

Pool#

AD0716

6.50%,

12/1/2030

968,284

1,111,536

Pool#

BA6532

2.50%,

1/1/2031

213,560

223,476

Pool#

BM5016

3.00%,

1/1/2031

535,458

571,964

Pool#

AB2121

4.00%,

1/1/2031

48,857

53,253

Pool#

AL8060

3.00%,

2/1/2031

373,884

403,299

Pool#

MA0641

4.00%,

2/1/2031

249,454

271,933

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

560868

7.50%,

2/1/2031

649

659

Pool#

AS6799

3.00%,

3/1/2031

325,599

341,879

Pool#

BC0774

3.00%,

3/1/2031

167,941

179,854

Pool#

AS6919

3.50%,

3/1/2031

22,644

24,085

Pool#

BC4410

3.50%,

3/1/2031

22,279

23,798

Pool#

BC0320

3.50%,

3/1/2031

14,010

15,041

Pool#

BC4430

3.00%,

4/1/2031

58,276

61,885

Pool#

AL8565

3.00%,

6/1/2031

174,598

187,919

Pool#

AL8566

3.00%,

6/1/2031

171,214

183,543

Pool#

AL8561

3.50%,

6/1/2031

181,371

197,557

Pool#

AS8028

2.50%,

9/1/2031

749,430

784,394

Pool#

AL9378

3.00%,

9/1/2031

83,508

90,077

Pool#

MA2775

2.50%,

10/1/2031

1,458,241

1,526,162

Pool#

BM1888

2.50%,

10/1/2031

1,344,706

1,406,988

Pool#

AS8038

2.50%,

10/1/2031

634,589

663,287

Pool#

BC4777

2.50%,

10/1/2031

500,081

522,911

Pool#

AL9323

2.50%,

10/1/2031

30,577

32,012

Pool#

AS8612

3.00%,

10/1/2031

235,742

247,603

Pool#

607212

7.50%,

10/1/2031

3,459

3,566

Pool#

MA0895

3.50%,

11/1/2031

272,370

289,576

Pool#

607632

6.50%,

11/1/2031

72

81

Pool#

MA2830

2.50%,

12/1/2031

553,200

578,992

Pool#

BM3814

2.50%,

12/1/2031

380,494

398,891

Pool#

AS8594

2.50%,

1/1/2032

392,728

417,883

Pool#

AS8597

2.50%,

1/1/2032

345,798

365,384

Pool#

AS8609

3.00%,

1/1/2032

265,641

279,642

Pool#

AL9786

3.00%,

1/1/2032

236,508

255,960

Pool#

AL9585

3.50%,

1/1/2032

91,444

100,886

Pool#

BM1036

2.50%,

2/1/2032

1,796,952

1,913,644

Pool#

BM4624

3.00%,

2/1/2032

275,300

296,974

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9872

3.00%,

2/1/2032

199,432

216,398

Pool#

AL9740

3.00%,

2/1/2032

170,546

183,602

Pool#

AL9871

3.00%,

2/1/2032

120,887

131,221

Pool#

AS8767

3.00%,

2/1/2032

22,717

24,452

Pool#

BM1007

2.50%,

3/1/2032

574,576

601,263

Pool#

AL9899

3.00%,

3/1/2032

35,897

38,642

Pool#

BM3269

2.50%,

4/1/2032

892,787

934,305

Pool#

MA1029

3.50%,

4/1/2032

223,740

241,720

Pool#

545556

7.00%,

4/1/2032

3,502

4,074

Pool#

AO2565

3.50%,

5/1/2032

73,410

79,349

Pool#

AS9695

3.50%,

5/1/2032

43,467

47,638

Pool#

545605

7.00%,

5/1/2032

4,790

5,634

Pool#

BM4088

3.00%,

6/1/2032

350,270

368,496

Pool#

AO5103

3.50%,

6/1/2032

201,187

217,478

Pool#

890786

3.50%,

6/1/2032

36,233

39,951

Pool#

MA1107

3.50%,

7/1/2032

30,818

33,304

Pool#

FM1664

4.00%,

7/1/2032

250,372

265,761

Pool#

651361

7.00%,

7/1/2032

1,137

1,172

Pool#

BM1669

3.00%,

8/1/2032

201,581

219,748

Pool#

AP1990

3.50%,

8/1/2032

94,874

102,556

Pool#

AP1997

3.50%,

8/1/2032

61,540

67,048

Pool#

BH5355

3.50%,

8/1/2032

12,055

13,056

Pool#

AO7202

3.50%,

9/1/2032

211,084

229,971

Pool#

MA1166

3.50%,

9/1/2032

175,735

189,895

Pool#

BM5167

3.50%,

9/1/2032

33,499

35,541

Pool#

CA0586

2.50%,

10/1/2032

82,070

87,372

Pool#

AP3673

3.50%,

10/1/2032

194,136

211,510

Pool#

BH9391

3.50%,

10/1/2032

16,106

17,462

Pool#

BM3389

3.00%,

11/1/2032

305,236

332,799

Pool#

AB6962

3.50%,

11/1/2032

286,120

311,739

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ3343

3.50%,

11/1/2032

155,428

169,343

Pool#

BM3977

3.00%,

12/1/2032

544,137

582,634

Pool#

CA0951

3.00%,

12/1/2032

317,237

336,555

Pool#

FM1661

2.50%,

1/1/2033

1,082,956

1,131,959

Pool#

BM4338

2.50%,

1/1/2033

567,760

594,299

Pool#

BM3919

3.00%,

2/1/2033

296,710

323,481

Pool#

BM3750

3.50%,

3/1/2033

248,464

273,798

Pool#

BM4129

3.50%,

4/1/2033

355,162

390,495

Pool#

555346

5.50%,

4/1/2033

47,059

55,101

Pool#

713560

5.50%,

4/1/2033

8,774

9,992

Pool#

694846

6.50%,

4/1/2033

9,074

10,339

Pool#

701261

7.00%,

4/1/2033

309

329

Pool#

AB9402

3.00%,

5/1/2033

289,065

308,796

Pool#

AB9403

3.00%,

5/1/2033

131,147

139,048

Pool#

AB9300

3.00%,

5/1/2033

98,136

105,290

Pool#

BM4132

3.50%,

5/1/2033

251,028

276,765

Pool#

MA3372

4.00%,

5/1/2033

319,672

339,534

Pool#

555421

5.00%,

5/1/2033

1,104,874

1,262,337

Pool#

MA3393

4.00%,

6/1/2033

141,301

149,793

Pool#

MA3427

4.00%,

7/1/2033

123,370

130,816

Pool#

720087

5.50%,

7/1/2033

246,383

290,140

Pool#

728721

5.50%,

7/1/2033

36,092

42,474

Pool#

555684

5.50%,

7/1/2033

9,009

10,595

Pool#

MA1527

3.00%,

8/1/2033

1,132,421

1,201,959

Pool#

743235

5.50%,

10/1/2033

14,417

16,882

Pool#

750229

6.50%,

10/1/2033

23,554

26,819

Pool#

FM2154

4.00%,

12/1/2033

524,353

555,933

Pool#

755872

5.50%,

12/1/2033

193,831

227,163

Pool#

725221

5.50%,

1/1/2034

4,575

5,387

Pool#

725223

5.50%,

3/1/2034

522

614

36

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

725228

6.00%,

3/1/2034

427,150

516,569

Pool#

725425

5.50%,

4/1/2034

263,332

310,062

Pool#

725423

5.50%,

5/1/2034

25,520

30,045

Pool#

725594

5.50%,

7/1/2034

107,080

126,071

Pool#

MA3739

3.50%,

8/1/2034

328,119

346,859

Pool#

788027

6.50%,

9/1/2034

23,174

25,919

Pool#

FM1905

3.00%,

11/1/2034

152,865

162,206

Pool#

807310

7.00%,

11/1/2034

2,086

2,478

Pool#

FM2412

3.50%,

1/1/2035

83,435

89,119

Pool#

735141

5.50%,

1/1/2035

339,388

399,608

Pool#

889852

5.50%,

5/1/2035

9,541

11,236

Pool#

256023

6.00%,

12/1/2035

347,867

411,312

Pool#

745418

5.50%,

4/1/2036

52,362

61,260

Pool#

745516

5.50%,

5/1/2036

29,556

34,588

Pool#

889745

5.50%,

6/1/2036

5,257

6,190

Pool#

995065

5.50%,

9/1/2036

188,981

221,280

Pool#

888635

5.50%,

9/1/2036

119,431

140,618

Pool#

995024

5.50%,

8/1/2037

69,337

81,592

Pool#

995050

6.00%,

9/1/2037

623,196

737,481

Pool#

955194

7.00%,

11/1/2037

58,662

71,009

Pool#

928940

7.00%,

12/1/2037

60,431

67,233

Pool#

MA3389

4.00%,

6/1/2038

224,322

240,702

Pool#

MA3464

3.50%,

9/1/2038

360,100

380,430

Pool#

990810

7.00%,

10/1/2038

96,138

111,544

Pool#

AD8536

5.00%,

8/1/2040

233,979

268,775

Pool#

AB1735

3.50%,

11/1/2040

6,616

7,012

Pool#

AE9747

4.50%,

12/1/2040

755,723

850,304

Pool#

AB2067

3.50%,

1/1/2041

309,047

340,795

Pool#

932888

3.50%,

1/1/2041

203,551

229,067

Pool#

AB2068

3.50%,

1/1/2041

173,096

188,576

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

932891

3.50%,

1/1/2041

39,440

43,903

Pool#

AL3650

5.00%,

2/1/2041

17,268

19,864

Pool#

AL6521

5.00%,

4/1/2041

1,139,618

1,307,738

Pool#

AL0390

5.00%,

5/1/2041

475,067

547,253

Pool#

AL5863

4.50%,

6/1/2041

2,448,547

2,696,895

Pool#

AI9851

4.50%,

9/1/2041

42,968

48,369

Pool#

AL0761

5.00%,

9/1/2041

150,813

173,761

Pool#

BM3907

5.50%,

9/1/2041

302,009

355,463

Pool#

AJ5431

4.50%,

10/1/2041

104,875

118,041

Pool#

AJ4861

4.00%,

12/1/2041

153,981

169,204

Pool#

AX5316

4.50%,

1/1/2042

74,660

83,813

Pool#

AL2499

4.50%,

1/1/2042

33,448

37,580

Pool#

AW8167

3.50%,

2/1/2042

1,062,503

1,148,557

Pool#

AB5185

3.50%,

5/1/2042

414,031

448,563

Pool#

AO3575

4.50%,

5/1/2042

58,994

65,027

Pool#

AO4647

3.50%,

6/1/2042

870,732

944,492

Pool#

AO8036

4.50%,

7/1/2042

481,795

533,874

Pool#

AP2092

4.50%,

8/1/2042

31,807

34,571

Pool#

AP6579

3.50%,

9/1/2042

747,423

810,608

Pool#

AL2782

4.50%,

9/1/2042

136,989

154,213

Pool#

AB6524

3.50%,

10/1/2042

1,138,343

1,233,222

Pool#

AB7074

3.00%,

11/1/2042

768,351

819,024

Pool#

AP8785

3.00%,

11/1/2042

249,956

266,243

Pool#

AL2677

3.50%,

11/1/2042

730,513

797,913

Pool#

AB6786

3.50%,

11/1/2042

502,614

543,375

Pool#

MA1273

3.50%,

12/1/2042

383,581

415,837

Pool#

AR4210

3.50%,

1/1/2043

183,887

199,086

Pool#

AT4040

3.00%,

3/1/2043

188,264

200,608

Pool#

AR8213

3.50%,

4/1/2043

192,291

210,025

Pool#

AB9238

3.00%,

5/1/2043

1,009,355

1,089,584

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AB9237

3.00%,

5/1/2043

732,690

795,415

Pool#

AB9236

3.00%,

5/1/2043

238,616

259,920

Pool#

AB9362

3.50%,

5/1/2043

1,074,522

1,185,457

Pool#

AT4145

3.00%,

6/1/2043

276,723

298,721

Pool#

AB9814

3.00%,

7/1/2043

920,396

993,554

Pool#

AT6871

3.00%,

7/1/2043

171,330

182,400

Pool#

AS0203

3.00%,

8/1/2043

682,235

736,466

Pool#

AS0255

4.50%,

8/1/2043

295,582

331,729

Pool#

AS0516

3.00%,

9/1/2043

581,916

620,865

Pool#

AL4471

4.00%,

9/1/2043

410,215

460,486

Pool#

AL6951

3.50%,

10/1/2043

620,535

671,271

Pool#

BM4222

3.00%,

1/1/2044

796,759

848,678

Pool#

AS2276

4.50%,

4/1/2044

532,207

595,751

Pool#

AW1006

4.00%,

5/1/2044

165,384

187,230

Pool#

AL7767

4.50%,

6/1/2044

46,989

52,704

Pool#

AS3161

4.00%,

8/1/2044

1,023,444

1,119,238

Pool#

BM4650

3.00%,

10/1/2044

1,443,241

1,537,298

Pool#

CA0688

3.50%,

10/1/2044

470,189

509,566

Pool#

BC5090

4.00%,

10/1/2044

129,425

140,583

Pool#

AS3946

4.00%,

12/1/2044

1,261,688

1,399,289

Pool#

AL8303

3.00%,

1/1/2045

260,762

277,774

Pool#

BM4384

4.00%,

1/1/2045

488,468

539,090

Pool#

BM3611

4.00%,

1/1/2045

426,992

468,335

Pool#

BM3804

3.50%,

2/1/2045

162,691

176,342

Pool#

AL9555

4.00%,

2/1/2045

2,634,489

2,898,882

Pool#

AX9524

4.00%,

2/1/2045

1,259,694

1,426,037

Pool#

AS4418

4.00%,

2/1/2045

887,808

1,005,031

Pool#

AS4375

4.00%,

2/1/2045

620,230

702,130

Pool#

AL6889

4.50%,

2/1/2045

154,100

173,212

Pool#

BM3931

3.00%,

3/1/2045

713,235

759,589

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AY1312

3.50%,

3/1/2045

2,206,351

2,433,007

Pool#

AX9567

3.50%,

3/1/2045

113,770

124,645

Pool#

BM4975

4.00%,

3/1/2045

229,062

252,066

Pool#

AS4578

4.00%,

3/1/2045

156,833

176,732

Pool#

BM3664

3.00%,

5/1/2045

785,455

836,469

Pool#

AS4921

3.50%,

5/1/2045

1,126,894

1,230,190

Pool#

AS5012

4.00%,

5/1/2045

1,683,555

1,905,862

Pool#

BM5562

4.00%,

6/1/2045

321,441

354,775

Pool#

AS5312

3.50%,

7/1/2045

221,216

241,504

Pool#

AZ7111

4.00%,

7/1/2045

32,509

35,146

Pool#

AZ9866

4.00%,

8/1/2045

28,575

31,118

Pool#

AL7207

4.50%,

8/1/2045

187,845

211,123

Pool#

AL9634

3.50%,

10/1/2045

151,404

163,797

Pool#

BA2164

3.00%,

11/1/2045

185,024

194,654

Pool#

AS6311

3.50%,

12/1/2045

2,409,421

2,569,674

Pool#

AS6282

3.50%,

12/1/2045

1,731,768

1,889,478

Pool#

BC0326

3.50%,

12/1/2045

1,341,303

1,430,654

Pool#

BC0092

3.50%,

12/1/2045

124,466

133,407

Pool#

BC0475

3.50%,

12/1/2045

73,054

78,206

Pool#

AS6362

4.50%,

12/1/2045

36,916

40,909

Pool#

AS6474

3.50%,

1/1/2046

351,671

391,225

Pool#

AS6539

3.50%,

1/1/2046

316,689

352,332

Pool#

AL9849

3.50%,

1/1/2046

219,236

237,192

Pool#

AS6527

4.00%,

1/1/2046

329,009

357,451

Pool#

BC0178

4.50%,

1/1/2046

6,855

7,491

Pool#

BC1158

3.50%,

2/1/2046

1,849,400

1,972,781

Pool#

BC2667

4.00%,

2/1/2046

48,397

52,291

Pool#

BC0605

4.00%,

2/1/2046

31,730

34,208

Pool#

AL9781

4.50%,

2/1/2046

393,913

441,703

Pool#

BC0300

3.50%,

3/1/2046

1,451,900

1,542,793

38

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM4621

3.50%,

3/1/2046

573,649

620,560

Pool#

AS6833

3.50%,

3/1/2046

31,314

33,424

Pool#

AS6795

4.00%,

3/1/2046

233,515

251,295

Pool#

BA6972

4.00%,

3/1/2046

59,062

64,292

Pool#

BC0311

4.50%,

3/1/2046

5,262

5,748

Pool#

BC0823

3.50%,

4/1/2046

270,105

287,883

Pool#

BA7692

3.50%,

4/1/2046

18,792

20,592

Pool#

AS7026

4.00%,

4/1/2046

165,996

179,062

Pool#

AS7171

3.50%,

5/1/2046

95,611

101,682

Pool#

AS7251

4.00%,

5/1/2046

27,103

29,219

Pool#

AS7387

3.50%,

6/1/2046

261,925

278,440

Pool#

AL8833

4.00%,

6/1/2046

996,981

1,128,552

Pool#

AS7593

3.50%,

7/1/2046

1,048,514

1,129,480

Pool#

AS7594

3.50%,

7/1/2046

1,012,371

1,095,017

Pool#

AS7545

3.50%,

7/1/2046

377,770

401,595

Pool#

AL8824

3.50%,

7/1/2046

228,214

253,900

Pool#

AS7490

3.50%,

7/1/2046

155,032

169,261

Pool#

BC1452

4.00%,

7/1/2046

1,929,721

2,095,924

Pool#

BD5180

4.50%,

7/1/2046

10,119

11,072

Pool#

MA2705

3.00%,

8/1/2046

1,055,549

1,109,776

Pool#

BC1489

3.00%,

8/1/2046

168,496

181,838

Pool#

BD4890

3.50%,

8/1/2046

1,447,011

1,541,895

Pool#

BC9501

3.50%,

8/1/2046

35,234

37,484

Pool#

AS7760

4.00%,

8/1/2046

210,268

229,372

Pool#

AS7648

4.00%,

8/1/2046

161,971

174,315

Pool#

AS7795

4.00%,

8/1/2046

100,940

108,683

Pool#

BD3911

4.00%,

8/1/2046

28,219

30,426

Pool#

BD3923

4.00%,

8/1/2046

14,657

15,836

Pool#

AS7770

4.50%,

8/1/2046

65,809

71,855

Pool#

BD5232

4.50%,

8/1/2046

9,833

10,735

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL8947

3.50%,

9/1/2046

287,782

315,382

Pool#

BD4944

3.50%,

9/1/2046

61,729

65,492

Pool#

AL9263

3.00%,

10/1/2046

265,920

285,194

Pool#

AL9234

3.50%,

10/1/2046

103,175

114,789

Pool#

BM3932

3.50%,

10/1/2046

90,197

96,060

Pool#

AS8125

3.50%,

10/1/2046

80,351

87,047

Pool#

FM1871

4.00%,

10/1/2046

186,754

204,573

Pool#

BC4766

4.50%,

10/1/2046

57,317

62,701

Pool#

AS8154

4.50%,

10/1/2046

37,229

40,644

Pool#

FM1368

3.00%,

11/1/2046

2,181,206

2,292,271

Pool#

MA2806

3.00%,

11/1/2046

676,097

710,691

Pool#

BC9003

3.00%,

11/1/2046

255,824

269,055

Pool#

AS8369

3.50%,

11/1/2046

836,975

905,511

Pool#

BE5067

3.50%,

11/1/2046

684,023

731,360

Pool#

BE0065

3.50%,

11/1/2046

18,536

19,757

Pool#

BE5038

4.00%,

11/1/2046

17,266

19,745

Pool#

MA2833

3.00%,

12/1/2046

5,465,928

5,748,668

Pool#

AS8483

3.00%,

12/1/2046

1,299,971

1,372,291

Pool#

BC9067

3.00%,

12/1/2046

480,426

505,771

Pool#

AS8488

3.00%,

12/1/2046

362,772

391,498

Pool#

AS8509

3.00%,

12/1/2046

109,977

119,758

Pool#

BM1121

3.50%,

12/1/2046

835,812

921,352

Pool#

AS8492

3.50%,

12/1/2046

728,948

810,999

Pool#

AS8572

3.50%,

12/1/2046

708,338

752,253

Pool#

AS8417

3.50%,

12/1/2046

647,820

687,006

Pool#

BE4224

3.50%,

12/1/2046

30,809

32,767

Pool#

AS8650

3.00%,

1/1/2047

2,145,082

2,253,352

Pool#

AL9697

3.00%,

1/1/2047

953,193

1,028,645

Pool#

AS8647

3.00%,

1/1/2047

689,022

738,960

Pool#

BE5775

3.00%,

1/1/2047

651,852

685,767

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9774

3.50%,

1/1/2047

455,185

511,696

Pool#

AS8692

3.50%,

1/1/2047

447,890

475,068

Pool#

BD2440

3.50%,

1/1/2047

396,987

421,259

Pool#

BM3204

3.50%,

1/1/2047

388,410

431,924

Pool#

BD2450

3.50%,

1/1/2047

303,001

321,646

Pool#

BE6548

3.50%,

1/1/2047

119,238

126,729

Pool#

BE7115

4.50%,

1/1/2047

18,771

20,625

Pool#

BE5856

4.50%,

1/1/2047

14,532

15,923

Pool#

BE6503

4.50%,

1/1/2047

11,426

12,452

Pool#

BM3908

5.50%,

1/1/2047

63,219

74,419

Pool#

MA2895

3.00%,

2/1/2047

6,562,480

6,898,111

Pool#

BM3688

3.50%,

2/1/2047

909,134

969,029

Pool#

BD5046

3.50%,

2/1/2047

184,376

196,030

Pool#

BM5274

4.00%,

2/1/2047

169,666

183,435

Pool#

BE8495

4.50%,

2/1/2047

10,312

11,239

Pool#

BE7869

4.50%,

2/1/2047

4,053

4,398

Pool#

AL9859

3.00%,

3/1/2047

2,092,316

2,199,784

Pool#

AL9848

3.00%,

3/1/2047

668,610

702,956

Pool#

AS8966

4.00%,

3/1/2047

104,689

112,267

Pool#

BM5383

4.00%,

3/1/2047

92,100

102,165

Pool#

AS8979

4.50%,

3/1/2047

97,759

108,578

Pool#

BE9247

4.50%,

3/1/2047

7,873

8,573

Pool#

BM3707

2.50%,

4/1/2047

289,467

308,044

Pool#

AS9451

3.50%,

4/1/2047

289,989

306,616

Pool#

AS9463

3.50%,

4/1/2047

274,760

302,174

Pool#

BD7122

4.00%,

4/1/2047

1,268,642

1,360,758

Pool#

AS9467

4.00%,

4/1/2047

494,590

540,712

Pool#

AS9470

4.50%,

4/1/2047

335,297

371,305

Pool#

BH0304

4.50%,

4/1/2047

20,988

22,831

Pool#

AS9562

3.00%,

5/1/2047

123,094

129,335

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3237

3.50%,

5/1/2047

597,299

658,423

Pool#

AS9577

3.50%,

5/1/2047

255,495

279,516

Pool#

BM1268

4.00%,

5/1/2047

482,672

530,626

Pool#

BE3670

3.50%,

6/1/2047

448,768

474,833

Pool#

AS9794

3.50%,

6/1/2047

231,097

254,134

Pool#

AS9747

4.00%,

6/1/2047

1,348,849

1,488,701

Pool#

BM3549

4.00%,

6/1/2047

561,453

609,964

Pool#

BE3702

4.00%,

6/1/2047

257,480

276,485

Pool#

BM1295

4.50%,

6/1/2047

227,044

251,538

Pool#

BE9624

4.50%,

6/1/2047

36,048

39,303

Pool#

BM3801

3.00%,

7/1/2047

1,129,432

1,187,260

Pool#

AS9938

3.50%,

7/1/2047

214,364

238,384

Pool#

BM1551

3.50%,

7/1/2047

207,349

228,565

Pool#

AS9909

3.50%,

7/1/2047

109,533

120,206

Pool#

BM1492

4.00%,

7/1/2047

1,010,453

1,104,745

Pool#

AS9973

4.00%,

7/1/2047

98,622

105,340

Pool#

890673

3.00%,

8/1/2047

554,357

583,163

Pool#

MA3087

3.50%,

8/1/2047

657,831

695,914

Pool#

CA0240

3.50%,

8/1/2047

318,400

336,771

Pool#

BM1658

3.50%,

8/1/2047

194,799

212,432

Pool#

BH7375

3.50%,

8/1/2047

186,611

197,426

Pool#

CA0123

4.00%,

8/1/2047

718,694

798,311

Pool#

BH2597

4.00%,

8/1/2047

647,754

693,714

Pool#

BH5359

4.00%,

8/1/2047

291,587

315,758

Pool#

CA0133

4.00%,

8/1/2047

151,331

162,001

Pool#

BM5787

4.00%,

8/1/2047

30,914

33,508

Pool#

CA0407

3.50%,

9/1/2047

611,896

647,568

Pool#

BH4004

4.00%,

9/1/2047

603,385

645,964

Pool#

CA0392

4.00%,

9/1/2047

312,655

334,164

Pool#

BM3556

4.00%,

9/1/2047

187,330

213,994

40

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0265

4.00%,

9/1/2047

89,823

96,165

Pool#

CA0487

3.50%,

10/1/2047

1,473,497

1,554,074

Pool#

BM1959

3.50%,

10/1/2047

549,695

611,286

Pool#

CA0493

4.00%,

10/1/2047

728,296

779,129

Pool#

CA0549

4.00%,

10/1/2047

554,588

591,827

Pool#

BM3015

4.00%,

10/1/2047

233,827

264,536

Pool#

CA0496

4.50%,

10/1/2047

276,502

311,205

Pool#

CA0623

4.50%,

10/1/2047

99,127

107,677

Pool#

CA0693

3.50%,

11/1/2047

996,529

1,055,193

Pool#

CA0680

3.50%,

11/1/2047

280,243

311,645

Pool#

BM3358

3.50%,

11/1/2047

251,914

280,071

Pool#

CA0696

4.00%,

11/1/2047

1,275,538

1,361,189

Pool#

BM3191

4.00%,

11/1/2047

208,225

223,455

Pool#

CA0808

4.00%,

11/1/2047

203,156

217,983

Pool#

BM3379

3.00%,

12/1/2047

829,874

889,696

Pool#

BJ2492

3.50%,

12/1/2047

552,162

584,304

Pool#

MA3211

4.00%,

12/1/2047

1,564,693

1,676,465

Pool#

BJ1699

4.00%,

12/1/2047

329,482

364,263

Pool#

MA3238

3.50%,

1/1/2048

939,364

993,104

Pool#

CA0991

3.50%,

1/1/2048

529,820

589,187

Pool#

CA1015

4.00%,

1/1/2048

582,935

625,077

Pool#

CA1025

4.50%,

1/1/2048

927,423

1,005,893

Pool#

CA1189

3.50%,

2/1/2048

3,276,914

3,473,651

Pool#

BH9280

3.50%,

2/1/2048

1,222,249

1,347,046

Pool#

CA1242

3.50%,

2/1/2048

234,952

264,054

Pool#

MA3277

4.00%,

2/1/2048

36,138

38,610

Pool#

BJ8271

4.50%,

2/1/2048

786,879

861,614

Pool#

BJ8270

4.50%,

2/1/2048

465,430

518,221

Pool#

BK1586

4.50%,

2/1/2048

360,554

401,450

Pool#

BJ8269

4.50%,

2/1/2048

344,781

387,849

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA4341

3.00%,

3/1/2048

270,108

283,298

Pool#

MA3305

3.50%,

3/1/2048

107,346

113,523

Pool#

BK1972

4.50%,

3/1/2048

105,846

117,915

Pool#

BJ0640

5.00%,

3/1/2048

35,787

39,408

Pool#

CA1510

3.50%,

4/1/2048

274,210

290,185

Pool#

CA1531

3.50%,

4/1/2048

184,573

207,436

Pool#

CA1551

4.00%,

4/1/2048

1,978,464

2,113,101

Pool#

CA1560

4.50%,

4/1/2048

287,314

318,304

Pool#

BJ2681

5.00%,

4/1/2048

127,181

140,116

Pool#

MA3348

5.00%,

4/1/2048

20,750

22,831

Pool#

BM4024

3.50%,

5/1/2048

123,614

138,925

Pool#

MA3358

4.50%,

5/1/2048

539,890

587,880

Pool#

MA3374

5.00%,

5/1/2048

44,804

49,306

Pool#

CA1898

4.50%,

6/1/2048

302,700

333,996

Pool#

CA1951

4.00%,

7/1/2048

491,889

524,978

Pool#

BK6577

4.50%,

7/1/2048

42,550

46,030

Pool#

CA1988

4.50%,

7/1/2048

14,194

15,356

Pool#

BK4766

4.50%,

8/1/2048

525,241

581,388

Pool#

CA2376

4.00%,

9/1/2048

585,842

624,799

Pool#

MA3472

5.00%,

9/1/2048

45,745

50,113

Pool#

MA3495

4.00%,

10/1/2048

685,848

730,408

Pool#

CA2493

4.50%,

10/1/2048

282,787

306,090

Pool#

BM4664

4.50%,

10/1/2048

192,757

213,993

Pool#

BM5024

3.00%,

11/1/2048

1,552,277

1,625,334

Pool#

FM1001

3.50%,

11/1/2048

125,443

132,769

Pool#

MA3521

4.00%,

11/1/2048

702,525

748,507

Pool#

MA3536

4.00%,

12/1/2048

529,422

564,089

Pool#

BN0340

4.50%,

12/1/2048

784,214

847,852

Pool#

CA2779

4.50%,

12/1/2048

674,434

739,921

Pool#

BM5212

4.50%,

12/1/2048

253,545

274,185

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM2888

3.50%,

1/1/2049

4,215,824

4,448,875

Pool#

BN3944

4.00%,

1/1/2049

257,266

276,518

Pool#

BN3960

4.50%,

1/1/2049

476,000

514,780

Pool#

BN6135

4.00%,

2/1/2049

292,748

312,191

Pool#

FM2337

4.50%,

2/1/2049

961,440

1,039,125

Pool#

CA3387

4.00%,

4/1/2049

683,948

754,678

Pool#

CA3394

5.00%,

4/1/2049

86,266

95,319

Pool#

CA3489

4.00%,

5/1/2049

505,743

558,042

Pool#

MA3665

4.50%,

5/1/2049

749,271

810,252

Pool#

FM1051

4.50%,

5/1/2049

492,245

532,349

Pool#

CA3669

4.00%,

6/1/2049

761,495

838,450

Pool#

CA3639

4.00%,

6/1/2049

309,106

335,559

Pool#

CA3825

4.00%,

7/1/2049

553,794

620,975

Pool#

CA3844

4.50%,

7/1/2049

394,848

426,948

Pool#

CA4030

4.00%,

8/1/2049

1,592,128

1,697,872

Pool#

CA4035

4.50%,

8/1/2049

426,390

461,249

Pool#

BO2258

3.00%,

10/1/2049

1,875,393

1,963,933

Pool#

BO5494

3.00%,

11/1/2049

227,528

241,114

Pool#

MA3835

3.50%,

11/1/2049

458,234

482,748

Pool#

MA3836

4.00%,

11/1/2049

628,861

670,178

Pool#

BO6220

3.00%,

12/1/2049

2,219,729

2,325,039

Pool#

BO6225

3.00%,

12/1/2049

1,886,207

1,974,980

Pool#

BO5380

3.00%,

12/1/2049

287,058

304,152

Pool#

MA3873

4.00%,

12/1/2049

457,935

488,022

Pool#

MA3902

2.50%,

1/1/2050

655,774

688,339

Pool#

FM2432

3.00%,

2/1/2050

1,994,855

2,089,397

Pool#

CA5152

3.00%,

2/1/2050

588,027

618,630

Pool#

MA3939

3.50%,

2/1/2050

1,959,989

2,064,826

Pool#

FM2887

3.00%,

3/1/2050

1,100,000

1,155,440

Pool#

FM0077

3.00%,

3/1/2050

246,885

260,909

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA5510

3.00%,

4/1/2050

946,889

992,797

Pool#

CA5754

4.00%,

5/1/2050

138,665

149,577

Pool#

CA6317

3.00%,

7/1/2050

862,781

904,702

Pool#

CA6598

2.50%,

8/1/2050

1,296,138

1,370,134

Pool#

FM4231

2.50%,

9/1/2050

3,250,000

3,411,392

Pool#

FM4226

2.50%,

9/1/2050

3,200,000

3,388,191

Pool#

FM4222

2.50%,

9/1/2050

725,000

774,659

Pool#

CA7029

2.50%,

9/1/2050

650,000

694,523

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2035

1,000,000

1,022,891

2.00%,

10/25/2035

8,900,000

9,247,656

2.50%,

10/25/2035

10,924,000

11,405,339

3.00%,

10/25/2035

4,277,663

4,488,706

3.50%,

10/25/2035

1,593,000

1,684,566

4.00%,

10/25/2035

143,000

151,661

4.50%,

10/25/2035

215,000

225,494

5.00%,

10/25/2035

35,000

36,916

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

10/25/2050

23,725,000

24,525,719

2.50%,

10/25/2050

31,785,000

33,337,003

3.00%,

10/25/2050

6,593,000

6,906,425

3.50%,

10/25/2050

7,805,050

8,228,535

4.00%,

10/25/2050

5,586,648

5,957,636

4.50%,

10/25/2050

99,000

107,094

2.50%,

11/25/2050

5,875,000

6,149,184

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

455

484

Pool#

457801

7.00%,

8/15/2028

2,038

2,241

Pool#

486936

6.50%,

2/15/2029

1,013

1,164

Pool#

502969

6.00%,

3/15/2029

2,995

3,343

Pool#

487053

7.00%,

3/15/2029

950

1,052

Pool#

781014

6.00%,

4/15/2029

2,254

2,648

Pool#

509099

7.00%,

6/15/2029

2,969

3,059

Pool#

470643

7.00%,

7/15/2029

7,805

8,046

Pool#

434505

7.50%,

8/15/2029

51

52

Pool#

416538

7.00%,

10/15/2029

73

73

Pool#

524269

8.00%,

11/15/2029

3,391

3,406

Pool#

781124

7.00%,

12/15/2029

7,036

8,280

42

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

507396

7.50%,

9/15/2030

38,175

39,983

Pool#

531352

7.50%,

9/15/2030

2,406

2,491

Pool#

536334

7.50%,

10/15/2030

170

175

Pool#

540659

7.00%,

1/15/2031

784

795

Pool#

486019

7.50%,

1/15/2031

873

912

Pool#

535388

7.50%,

1/15/2031

537

548

Pool#

528589

6.50%,

3/15/2031

19,030

21,029

Pool#

508473

7.50%,

4/15/2031

3,703

4,012

Pool#

544470

8.00%,

4/15/2031

2,202

2,211

Pool#

781287

7.00%,

5/15/2031

3,327

3,960

Pool#

781319

7.00%,

7/15/2031

1,000

1,209

Pool#

485879

7.00%,

8/15/2031

7,013

8,017

Pool#

572554

6.50%,

9/15/2031

41,947

47,618

Pool#

781328

7.00%,

9/15/2031

3,306

3,989

Pool#

550991

6.50%,

10/15/2031

518

580

Pool#

571267

7.00%,

10/15/2031

1,006

1,164

Pool#

555171

6.50%,

12/15/2031

1,235

1,364

Pool#

781380

7.50%,

12/15/2031

1,040

1,259

Pool#

781481

7.50%,

1/15/2032

4,580

5,608

Pool#

580972

6.50%,

2/15/2032

178

203

Pool#

781401

7.50%,

2/15/2032

3,080

3,736

Pool#

781916

6.50%,

3/15/2032

47,856

55,686

Pool#

552474

7.00%,

3/15/2032

4,603

5,391

Pool#

781478

7.50%,

3/15/2032

1,875

2,301

Pool#

781429

8.00%,

3/15/2032

3,225

3,824

Pool#

781431

7.00%,

4/15/2032

12,540

15,168

Pool#

552616

7.00%,

6/15/2032

37,706

43,855

Pool#

570022

7.00%,

7/15/2032

14,119

16,783

Pool#

595077

6.00%,

10/15/2032

6,211

7,295

Pool#

552903

6.50%,

11/15/2032

93,995

107,805

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

552952

6.00%,

12/15/2032

5,155

5,888

Pool#

602102

6.00%,

2/15/2033

14,669

16,360

Pool#

588192

6.00%,

2/15/2033

4,060

4,556

Pool#

553144

5.50%,

4/15/2033

18,633

21,425

Pool#

604243

6.00%,

4/15/2033

9,091

10,838

Pool#

611526

6.00%,

5/15/2033

8,231

9,167

Pool#

553320

6.00%,

6/15/2033

22,561

26,942

Pool#

573916

6.00%,

11/15/2033

33,288

37,106

Pool#

604788

6.50%,

11/15/2033

54,742

61,484

Pool#

781688

6.00%,

12/15/2033

30,961

36,914

Pool#

604875

6.00%,

12/15/2033

26,793

31,972

Pool#

781690

6.00%,

12/15/2033

12,275

14,634

Pool#

781699

7.00%,

12/15/2033

4,337

5,045

Pool#

621856

6.00%,

1/15/2034

9,089

10,129

Pool#

564799

6.00%,

3/15/2034

32,397

37,010

Pool#

630038

6.50%,

8/15/2034

63,466

73,395

Pool#

781804

6.00%,

9/15/2034

35,456

42,286

Pool#

781847

6.00%,

12/15/2034

26,019

31,025

Pool#

486921

5.50%,

2/15/2035

10,888

12,758

Pool#

781902

6.00%,

2/15/2035

30,910

36,784

Pool#

781933

6.00%,

6/15/2035

3,734

4,414

Pool#

649513

5.50%,

10/15/2035

259,665

296,801

Pool#

649510

5.50%,

10/15/2035

142,249

166,338

Pool#

652207

5.50%,

3/15/2036

43,054

47,576

Pool#

655519

5.00%,

5/15/2036

20,067

22,005

Pool#

652539

5.00%,

5/15/2036

12,078

13,551

Pool#

606308

5.50%,

5/15/2036

12,265

13,675

Pool#

606314

5.50%,

5/15/2036

7,102

7,841

Pool#

657912

6.50%,

8/15/2036

4,594

5,076

Pool#

697957

4.50%,

3/15/2039

954,353

1,059,987

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

704630

5.50%,

7/15/2039

47,989

55,561

Pool#

710724

4.50%,

8/15/2039

306,885

339,311

Pool#

722292

5.00%,

9/15/2039

520,865

583,979

Pool#

782803

6.00%,

11/15/2039

281,569

328,077

Pool#

736666

4.50%,

4/15/2040

736,682

814,470

Pool#

733312

4.00%,

9/15/2040

67,119

75,340

Pool#

742235

4.00%,

12/15/2040

178,617

194,135

Pool#

759075

4.00%,

1/15/2041

153,902

173,174

Pool#

755959

4.00%,

1/15/2041

144,445

162,553

Pool#

742244

4.00%,

1/15/2041

142,969

160,530

Pool#

755958

4.00%,

1/15/2041

142,608

160,267

Pool#

753826

4.00%,

1/15/2041

68,552

77,001

Pool#

690662

4.00%,

1/15/2041

53,563

59,199

Pool#

719486

4.00%,

1/15/2041

18,160

19,663

Pool#

759207

4.00%,

2/15/2041

260,269

292,797

Pool#

757555

4.00%,

2/15/2041

31,094

34,354

Pool#

757557

4.00%,

2/15/2041

26,122

28,024

Pool#

738107

4.00%,

3/15/2041

353,294

382,787

Pool#

784637

4.00%,

8/15/2041

115,042

125,066

Pool#

778869

4.00%,

2/15/2042

195,978

211,855

Pool#

783745

3.50%,

3/15/2043

1,076,809

1,145,370

Pool#

AD8789

3.50%,

3/15/2043

581,272

627,769

Pool#

AD2254

3.50%,

3/15/2043

109,975

117,572

Pool#

AA6403

3.00%,

5/15/2043

852,215

915,360

Pool#

AD2411

3.50%,

5/15/2043

503,487

538,222

Pool#

783781

3.50%,

6/15/2043

420,350

447,111

Pool#

784015

3.00%,

7/15/2043

163,526

170,928

Pool#

784459

3.00%,

12/15/2046

410,932

427,643

Pool#

784293

3.00%,

12/15/2046

68,835

74,041

Pool#

784355

4.00%,

12/15/2046

205,365

220,759

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

784500

3.00%,

2/15/2047

662,666

689,845

Pool#

784713

3.00%,

2/15/2047

156,057

162,442

Pool#

784458

3.50%,

12/15/2047

1,414,611

1,566,293

Pool#

784747

4.00%,

5/15/2048

301,529

318,919

Pool#

784715

4.00%,

5/15/2048

220,412

232,854

Pool#

785073

4.00%,

9/15/2049

260,549

276,710

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

381,109

452,079

Pool#

4245

6.00%,

9/20/2038

149,119

171,476

Pool#

4559

5.00%,

10/20/2039

360,073

410,777

Pool#

4715

5.00%,

6/20/2040

90,850

103,685

Pool#

4747

5.00%,

7/20/2040

1,056,484

1,205,605

Pool#

4771

4.50%,

8/20/2040

915,936

1,016,506

Pool#

4802

5.00%,

9/20/2040

685,629

782,426

Pool#

4834

4.50%,

10/20/2040

230,176

255,476

Pool#

737727

4.00%,

12/20/2040

1,228,504

1,379,132

Pool#

737730

4.00%,

12/20/2040

380,627

421,243

Pool#

4923

4.50%,

1/20/2041

356,217

400,654

Pool#

4978

4.50%,

3/20/2041

52,266

58,010

Pool#

5017

4.50%,

4/20/2041

553,695

614,566

Pool#

5056

5.00%,

5/20/2041

169,413

191,127

Pool#

5082

4.50%,

6/20/2041

210,274

233,426

Pool#

5175

4.50%,

9/20/2041

235,708

261,731

Pool#

675523

3.50%,

3/20/2042

249,544

274,137

Pool#

5332

4.00%,

3/20/2042

240,669

264,625

Pool#

MA0392

3.50%,

9/20/2042

2,212,064

2,400,927

Pool#

MA0462

3.50%,

10/20/2042

1,758,515

1,908,657

Pool#

MA0534

3.50%,

11/20/2042

3,944,233

4,280,997

Pool#

MA0625

3.50%,

12/20/2042

810,995

880,240

Pool#

MA0698

3.00%,

1/20/2043

901,968

951,266

44

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA0852

3.50%,

3/20/2043

899,417

976,214

Pool#

MA0934

3.50%,

4/20/2043

833,267

904,417

Pool#

AF1001

3.50%,

6/20/2043

612,297

673,705

Pool#

MA1376

4.00%,

10/20/2043

406,189

441,691

Pool#

AJ9335

3.50%,

10/20/2044

81,197

87,760

Pool#

MA2754

3.50%,

4/20/2045

722,667

771,717

Pool#

MA2824

2.50%,

5/20/2045

684,660

726,270

Pool#

MA2825

3.00%,

5/20/2045

1,551,822

1,647,429

Pool#

AM4381

3.50%,

5/20/2045

760,346

811,274

Pool#

MA2891

3.00%,

6/20/2045

2,642,277

2,801,664

Pool#

MA2960

3.00%,

7/20/2045

878,852

928,701

Pool#

784156

4.00%,

8/20/2045

372,497

396,384

Pool#

AO1103

3.50%,

9/20/2045

1,177,704

1,272,913

Pool#

AO1099

3.50%,

9/20/2045

587,104

644,967

Pool#

MA3106

4.00%,

9/20/2045

209,701

226,099

Pool#

MA3172

3.00%,

10/20/2045

421,286

442,509

Pool#

MA3173

3.50%,

10/20/2045

298,919

320,030

Pool#

MA3174

4.00%,

10/20/2045

25,327

27,347

Pool#

MA3243

3.00%,

11/20/2045

783,152

822,411

Pool#

MA3244

3.50%,

11/20/2045

768,623

820,869

Pool#

MA3309

3.00%,

12/20/2045

1,365,611

1,433,614

Pool#

MA3310

3.50%,

12/20/2045

569,657

608,417

Pool#

MA3377

4.00%,

1/20/2046

113,420

122,580

Pool#

784119

3.00%,

2/20/2046

1,476,476

1,551,110

Pool#

MA3521

3.50%,

3/20/2046

2,087,480

2,229,630

Pool#

MA3522

4.00%,

3/20/2046

762,343

821,547

Pool#

MA3596

3.00%,

4/20/2046

608,310

643,961

Pool#

MA3597

3.50%,

4/20/2046

598,860

640,686

Pool#

MA3662

3.00%,

5/20/2046

1,208,798

1,278,652

Pool#

MA3735

3.00%,

6/20/2046

1,386,075

1,456,028

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3736

3.50%,

6/20/2046

3,542,858

3,818,327

Pool#

MA3804

4.00%,

7/20/2046

121,893

131,183

Pool#

MA3873

3.00%,

8/20/2046

2,958,603

3,131,128

Pool#

MA3876

4.50%,

8/20/2046

119,844

133,066

Pool#

MA3936

3.00%,

9/20/2046

2,359,884

2,496,651

Pool#

MA3939

4.50%,

9/20/2046

17,685

19,488

Pool#

MA4006

4.50%,

10/20/2046

352,549

391,485

Pool#

MA4068

3.00%,

11/20/2046

439,045

464,645

Pool#

MA4069

3.50%,

11/20/2046

44,862

47,688

Pool#

MA4070

4.00%,

11/20/2046

75,272

81,003

Pool#

MA4071

4.50%,

11/20/2046

25,282

28,060

Pool#

MA4125

2.50%,

12/20/2046

228,003

240,166

Pool#

MA4126

3.00%,

12/20/2046

4,415,779

4,669,766

Pool#

MA4127

3.50%,

12/20/2046

1,001,437

1,065,156

Pool#

MA4194

2.50%,

1/20/2047

912,278

960,399

Pool#

MA4196

3.50%,

1/20/2047

282,642

301,771

Pool#

MA4261

3.00%,

2/20/2047

1,090,106

1,142,404

Pool#

MA4262

3.50%,

2/20/2047

4,426,863

4,703,458

Pool#

MA4264

4.50%,

2/20/2047

31,243

34,371

Pool#

MA4321

3.50%,

3/20/2047

2,320,447

2,476,203

Pool#

AZ1974

3.50%,

4/20/2047

425,737

467,730

Pool#

MA4382

3.50%,

4/20/2047

401,876

428,612

Pool#

MA4383

4.00%,

4/20/2047

2,006,607

2,163,763

Pool#

MA4384

4.50%,

4/20/2047

44,889

48,847

Pool#

MA4509

3.00%,

6/20/2047

422,441

444,825

Pool#

MA4511

4.00%,

6/20/2047

925,193

995,002

Pool#

MA4512

4.50%,

6/20/2047

101,541

110,462

Pool#

MA4585

3.00%,

7/20/2047

80,719

85,006

Pool#

MA4587

4.00%,

7/20/2047

2,931,656

3,156,677

Pool#

MA4652

3.50%,

8/20/2047

950,697

1,014,613

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

BC1888

3.50%,

8/20/2047

693,565

749,649

Pool#

784471

3.50%,

8/20/2047

614,507

656,723

Pool#

MA4653

4.00%,

8/20/2047

142,246

153,177

Pool#

784408

3.50%,

10/20/2047

295,769

316,068

Pool#

MA4780

4.50%,

10/20/2047

37,184

40,255

Pool#

MA4836

3.00%,

11/20/2047

868,457

917,458

Pool#

MA4837

3.50%,

11/20/2047

866,112

924,323

Pool#

MA4838

4.00%,

11/20/2047

3,965,296

4,245,552

Pool#

MA4899

3.00%,

12/20/2047

687,549

724,354

Pool#

MA4900

3.50%,

12/20/2047

625,211

666,295

Pool#

784421

3.50%,

12/20/2047

414,691

443,154

Pool#

MA4961

3.00%,

1/20/2048

1,286,951

1,359,208

Pool#

MA4962

3.50%,

1/20/2048

1,215,916

1,293,512

Pool#

MA5018

3.00%,

2/20/2048

328,529

343,919

Pool#

MA5019

3.50%,

2/20/2048

65,964

70,259

Pool#

MA5078

4.00%,

3/20/2048

2,553,078

2,728,743

Pool#

784480

3.50%,

4/20/2048

500,114

534,476

Pool#

784479

3.50%,

4/20/2048

327,445

349,942

Pool#

784481

3.50%,

4/20/2048

167,485

178,579

Pool#

MA5137

4.00%,

4/20/2048

998,498

1,065,028

Pool#

BD4034

4.00%,

4/20/2048

247,100

265,161

Pool#

MA5138

4.50%,

4/20/2048

392,653

424,953

Pool#

MA5192

4.00%,

5/20/2048

1,765,522

1,891,037

Pool#

MA5265

4.50%,

6/20/2048

765,366

826,515

Pool#

MA5331

4.50%,

7/20/2048

343,100

372,027

Pool#

MA5398

4.00%,

8/20/2048

1,699,116

1,816,037

Pool#

MA5399

4.50%,

8/20/2048

898,012

967,543

Pool#

MA5466

4.00%,

9/20/2048

376,587

402,907

Pool#

BJ2692

4.00%,

11/20/2048

189,693

201,567

Pool#

MA5597

5.00%,

11/20/2048

35,533

38,696

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5652

4.50%,

12/20/2048

440,299

473,684

Pool#

784656

4.50%,

12/20/2048

416,454

447,134

Pool#

BK2856

4.50%,

12/20/2048

56,595

61,097

Pool#

MA5653

5.00%,

12/20/2048

101,010

109,780

Pool#

MA5712

5.00%,

1/20/2049

396,217

430,797

Pool#

MA5818

4.50%,

3/20/2049

315,778

339,430

Pool#

MA5878

5.00%,

4/20/2049

39,899

43,362

Pool#

MA5987

4.50%,

6/20/2049

1,925,013

2,061,633

Pool#

MA6041

4.50%,

7/20/2049

562,357

604,085

Pool#

MA6092

4.50%,

8/20/2049

237,606

254,410

Pool#

MA6474

3.00%,

2/20/2050

1,440,321

1,508,063

Pool#

MA6542

3.50%,

3/20/2050

828,168

872,129

Pool#

MA6657

3.50%,

5/20/2050

1,167,889

1,234,680

Pool#

MA6710

3.00%,

6/20/2050

7,700,047

8,108,948

Pool#

BW4732

2.50%,

8/20/2050

1,711,000

1,798,227

Pool#

BW6206

2.50%,

8/20/2050

1,472,275

1,547,331

Pool#

MA6820

3.00%,

8/20/2050

1,446,592

1,528,690

Pool#

MA6821

3.50%,

8/20/2050

1,548,112

1,657,025

Pool#

BW4741

2.50%,

9/20/2050

1,592,000

1,673,161

Pool#

BY0805

2.50%,

9/20/2050

1,000,000

1,050,979

Pool#

BY0776

2.50%,

9/20/2050

992,000

1,042,572

GNMA

TBA

2.50%,

10/15/2050

8,103,000

8,507,517

3.00%,

10/15/2050

4,504,000

4,715,829

3.50%,

10/15/2050

2,466,750

2,598,278

4.00%,

10/15/2050

514,000

543,225

4.50%,

10/15/2050

575,000

628,569

3.00%,

11/15/2050

4,525,000

4,735,695

Total

Mortgage-Backed

Securities

(cost

$634,002,939)

656,896,212

46

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

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

170,480

Bay

Area

Toll

Authority,

RB

Series

F-1,

2.57%,

4/1/2031

60,000

65,091

Series

F-2,

6.26%,

4/1/2049

250,000

425,925

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

94,307

City

of

San

Francisco

California

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

145,031

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

535,884

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

129,096

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

341,750

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

620,815

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

160,320

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

255,948

State

of

California,

GO

7.55%,

4/1/2039

1,410,000

2,466,964

7.63%,

3/1/2040

425,000

735,709

University

of

California,

RB

Series

AB,

3.35%,

7/1/2029

200,000

229,838

Series

F,

5.95%,

5/15/2045

300,000

446,457

Series

H,

6.55%,

5/15/2048

150,000

244,140

Series

F,

6.58%,

5/15/2049

200,000

323,842

Series

N,

3.26%,

5/15/2060

230,000

250,866

Series

AQ,

4.77%,

5/15/2115

150,000

213,153

7,855,616

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

697,710

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB

Series

A,

1.26%,

7/1/2025

95,000

96,458

Municipal

Bonds

Principal

Amount

($)

Value

($)

Florida

State

Board

of

Administration

Finance

Corp.,

RB

(continued)

Series

A,

2.15%,

7/1/2030

105,000

106,353

202,811

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

490,000

741,586

Illinois

0.1

%

Chicago

Transit

Authority,

RB,

Series

A,

6.90%,

12/1/2040

300,000

427,935

State

of

Illinois,

GO

4.95%,

6/1/2023

113,455

115,433

5.10%,

6/1/2033

945,000

955,008

1,498,376

Massachusetts

0.0

%

†

Commonwealth

of

Massachusetts,

GO,

Series

E,

4.20%,

12/1/2021

450,000

462,501

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

125,000

155,539

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

746,350

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

4.13%,

6/15/2042

30,000

28,592

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

345,527

1,276,008

New

York

0.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

737,941

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

457,188

New

York

City

Transitional

Finance

Authority,

RB,

Series

B,

5.57%,

11/1/2038

500,000

686,970

New

York

State

Dormitory

Authority,

RB,

5.63%,

3/15/2039

250,000

335,888

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

620,000

851,886

3,069,873

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Municipal

Bonds

Principal

Amount

($)

Value

($)

Ohio

0.0

%

†

American

Municipal

Power

Inc.,

RB,

Series

E,

6.27%,

2/15/2050

165,000

239,031

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

128,389

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

208,920

576,340

South

Carolina

0.0

%

†

South

Carolina

State

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

160,362

Texas

0.1

%

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

308,200

Dallas-Fort

Worth

International

Airport,

RB,

Series

C,

2.92%,

11/1/2050

100,000

99,482

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

46,784

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

451,339

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

150,000

192,475

University

of

Texas

System,

RB

Series

A,

5.26%,

7/1/2039

260,000

382,931

Series

C,

4.79%,

8/15/2046

200,000

273,760

1,754,971

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

88,789

Washington

0.0

%

†

State

of

Washington

Motor

Vehicle

Fuel

Tax,

GO,

Series

F,

5.14%,

8/1/2040

200,000

293,390

Total

Municipal

Bonds

(cost

$14,057,462)

18,678,333

Supranational

1.3%

African

Development

Bank

0.75%,

4/3/2023

1,000,000

1,012,187

3.00%,

9/20/2023

500,000

540,033

Asian

Development

Bank

2.00%,

2/16/2022

1,000,000

1,024,213

1.88%,

2/18/2022

500,000

511,188

1.88%,

7/19/2022

500,000

514,640

1.75%,

9/13/2022

1,000,000

1,029,481

2.75%,

3/17/2023

1,000,000

1,060,905

Supranational

Principal

Amount

($)

Value

($)

2.63%,

1/30/2024

1,000,000

1,076,401

1.50%,

10/18/2024

500,000

522,998

1.88%,

1/24/2030

500,000

545,640

Corp.

Andina

de

Fomento,

4.38%,

6/15/2022

350,000

369,691

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

1,040,836

European

Investment

Bank

2.25%,

3/15/2022(b)

500,000

514,792

2.63%,

5/20/2022

1,000,000

1,039,318

2.50%,

3/15/2023(b)

500,000

527,544

1.38%,

5/15/2023(b)

3,000,000

3,089,433

2.38%,

5/24/2027(b)

2,000,000

2,228,532

Inter-American

Development

Bank

1.75%,

4/14/2022

500,000

511,560

2.50%,

1/18/2023(b)

2,000,000

2,102,510

2.63%,

1/16/2024

1,000,000

1,075,750

1.75%,

3/14/2025

500,000

529,380

2.00%,

7/23/2026

1,000,000

1,081,142

2.25%,

6/18/2029

250,000

279,991

International

Bank

for

Reconstruction

&

Development

2.13%,

12/13/2021

2,000,000

2,045,265

2.00%,

1/26/2022

750,000

767,533

1.63%,

2/10/2022

500,000

509,465

2.13%,

7/1/2022

500,000

516,498

7.63%,

1/19/2023

973,000

1,136,030

1.88%,

6/19/2023

1,000,000

1,043,556

3.00%,

9/27/2023

750,000

811,280

2.50%,

11/22/2027(b)

1,000,000

1,129,090

0.88%,

5/14/2030

1,000,000

1,001,462

Nordic

Investment

Bank,

2.25%,

5/21/2024

500,000

534,750

Total

Supranational

(cost

$30,489,686)

31,723,094

U.S.

Government

Agency

Securities

1.4%

FFCB,

2.85%,

9/20/2021

945,000

969,759

FHLB

3.63%,

6/11/2021

3,500,000

3,584,089

3.00%,

12/9/2022

1,535,000

1,628,409

2.75%,

12/13/2024

1,000,000

1,100,630

5.50%,

7/15/2036

1,500,000

2,340,853

FHLMC

0.13%,

7/25/2022

3,325,000

3,323,309

0.25%,

6/26/2023

2,700,000

2,702,230

0.25%,

8/24/2023

3,535,000

3,535,307

0.38%,

7/21/2025

1,165,000

1,164,929

6.75%,

9/15/2029

557,000

841,804

6.25%,

7/15/2032

1,245,000

1,950,457

FNMA

2.63%,

1/11/2022

1,055,000

1,088,537

2.38%,

1/19/2023

490,000

514,005

0.50%,

6/17/2025

1,000,000

1,002,915

48

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Government

Agency

Securities

Principal

Amount

($)

Value

($)

FNMA

6.25%,

5/15/2029

2,500,000

3,616,011

7.25%,

5/15/2030

2,000,000

3,145,231

0.88%,

8/5/2030

440,000

432,720

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

762,529

Total

U.S.

Government

Agency

Securities

(cost

$31,326,680)

33,703,724

U.S.

Treasury

Obligations

36.8%

U.S.

Treasury

Bonds

7.63%,

11/15/2022

(b)

2,000,000

2,318,125

6.25%,

8/15/2023

6,000,000

7,050,469

6.88%,

8/15/2025

(b)

449,000

592,505

6.00%,

2/15/2026

4,042,000

5,264,073

6.50%,

11/15/2026

(b)

3,000,000

4,113,750

5.50%,

8/15/2028

4,000,000

5,540,781

5.38%,

2/15/2031

(b)

3,000,000

4,419,609

5.00%,

5/15/2037

(b)

305,000

494,136

4.38%,

2/15/2038

250,000

384,648

4.25%,

5/15/2039

1,500,000

2,301,328

4.50%,

8/15/2039

(b)

1,080,000

1,707,792

4.38%,

11/15/2039

300,000

468,715

3.88%,

8/15/2040

1,000,000

1,480,117

4.25%,

11/15/2040

1,400,000

2,173,445

4.75%,

2/15/2041

2,000,000

3,298,828

3.75%,

8/15/2041

(b)

4,900,000

7,192,281

3.13%,

11/15/2041

7,100,000

9,593,875

3.13%,

2/15/2042

(b)

1,000,000

1,354,688

3.00%,

5/15/2042

1,000,000

1,329,297

2.75%,

8/15/2042

7,200,000

9,225,562

2.75%,

11/15/2042

1,500,000

1,920,645

3.13%,

2/15/2043

4,050,000

5,487,592

2.88%,

5/15/2043

5,350,000

6,985,512

3.63%,

2/15/2044

5,000,000

7,306,055

3.38%,

5/15/2044

4,000,000

5,644,219

3.13%,

8/15/2044

5,700,000

7,756,008

3.00%,

11/15/2044

5,500,000

7,348,730

2.50%,

2/15/2045

12,500,000

15,384,277

3.00%,

5/15/2045

5,500,000

7,363,555

2.88%,

8/15/2045

3,300,000

4,335,504

3.00%,

11/15/2045

(b)

7,600,000

10,210,125

2.50%,

2/15/2046

7,000,000

8,641,992

2.50%,

5/15/2046

3,000,000

3,706,289

2.88%,

11/15/2046

6,000,000

7,930,078

3.00%,

2/15/2047

5,000,000

6,763,086

3.00%,

5/15/2047

3,500,000

4,741,543

2.75%,

8/15/2047

4,500,000

5,840,684

2.75%,

11/15/2047

4,200,000

5,457,867

3.00%,

2/15/2048

5,000,000

6,794,727

3.38%,

11/15/2048

5,500,000

8,002,285

2.88%,

5/15/2049

5,000,000

6,694,336

2.25%,

8/15/2049

3,000,000

3,567,539

2.38%,

11/15/2049

1,800,000

2,197,617

2.00%,

2/15/2050

(b)

500,000

565,547

1.25%,

5/15/2050

(b)

1,700,000

1,611,016

1.38%,

8/15/2050

2,000,000

1,956,875

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.88%,

11/15/2021

4,000,000

4,121,562

1.88%,

11/30/2021

4,000,000

4,080,312

1.63%,

12/31/2021

5,000,000

5,091,406

2.00%,

12/31/2021

6,000,000

6,138,281

2.50%,

1/15/2022

8,000,000

8,242,812

1.50%,

1/31/2022

3,000,000

3,054,141

1.75%,

2/28/2022

(b)

3,000,000

3,068,086

1.88%,

2/28/2022

8,000,000

8,194,688

1.75%,

3/31/2022

20,500,000

20,993,281

1.88%,

3/31/2022

15,000,000

15,389,062

1.88%,

4/30/2022

2,500,000

2,568,555

1.75%,

5/15/2022

4,000,000

4,104,375

1.75%,

5/31/2022

17,000,000

17,455,547

2.13%,

6/30/2022

3,500,000

3,621,406

1.50%,

8/15/2022

(b)

30,000,000

30,764,062

1.75%,

9/30/2022

20,500,000

21,161,445

1.88%,

10/31/2022

6,000,000

6,216,328

2.00%,

10/31/2022

5,000,000

5,193,750

1.63%,

11/15/2022

1,300,000

1,340,676

2.00%,

11/30/2022

8,500,000

8,841,328

2.13%,

12/31/2022

10,000,000

10,444,922

1.75%,

1/31/2023

7,600,000

7,883,516

2.00%,

2/15/2023

6,000,000

6,261,562

1.50%,

2/28/2023

7,000,000

7,228,594

2.63%,

2/28/2023

(b)

5,000,000

5,298,633

1.50%,

3/31/2023

3,900,000

4,031,168

2.75%,

4/30/2023

5,000,000

5,334,180

1.75%,

5/15/2023

(b)

1,000,000

1,041,680

1.63%,

5/31/2023

2,000,000

2,078,516

2.75%,

8/31/2023

7,000,000

7,525,820

1.38%,

9/30/2023

3,500,000

3,627,012

2.88%,

10/31/2023

6,000,000

6,498,281

2.75%,

11/15/2023

5,000,000

5,400,781

2.13%,

11/30/2023

12,500,000

13,270,020

2.25%,

12/31/2023

4,000,000

4,268,750

2.63%,

12/31/2023

8,000,000

8,633,125

2.25%,

1/31/2024

5,500,000

5,877,910

2.50%,

1/31/2024

9,000,000

9,693,281

2.75%,

2/15/2024

2,500,000

2,716,309

2.00%,

4/30/2024

10,000,000

10,644,141

2.50%,

5/15/2024

7,000,000

7,582,148

2.00%,

5/31/2024

3,800,000

4,049,820

1.75%,

6/30/2024

6,000,000

6,347,344

2.13%,

7/31/2024

6,500,000

6,975,820

2.38%,

8/15/2024

24,353,000

26,386,856

1.50%,

9/30/2024

14,000,000

14,714,766

2.13%,

9/30/2024

9,000,000

9,684,492

1.50%,

10/31/2024

5,000,000

5,259,180

2.25%,

11/15/2024

7,550,000

8,175,234

2.13%,

11/30/2024

3,800,000

4,098,211

2.25%,

12/31/2024

5,000,000

5,425,977

2.00%,

2/15/2025

18,700,000

20,127,336

2.63%,

3/31/2025

4,300,000

4,757,379

2.13%,

5/15/2025

8,300,000

9,011,012

0.25%,

5/31/2025

7,500,000

7,498,828

0.25%,

7/31/2025

15,000,000

14,985,938

2.88%,

7/31/2025

(b)

6,500,000

7,311,992

2.00%,

8/15/2025

21,000,000

22,751,367

0.25%,

8/31/2025

4,000,000

3,995,938

2.75%,

8/31/2025

4,000,000

4,482,500

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

49

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

0.25%,

9/30/2025

8,000,000

7,989,376

2.25%,

11/15/2025

8,500,000

9,341,699

1.63%,

2/15/2026

8,500,000

9,089,687

1.50%,

8/15/2026

(b)

9,700,000

10,338,457

1.38%,

8/31/2026

4,500,000

4,764,199

1.63%,

9/30/2026

10,000,000

10,740,234

1.63%,

10/31/2026

8,000,000

8,595,938

2.25%,

2/15/2027

1,200,000

1,339,453

2.38%,

5/15/2027

5,700,000

6,424,523

0.50%,

5/31/2027

1,000,000

1,004,023

2.25%,

8/15/2027

8,300,000

9,308,645

0.50%,

8/31/2027

8,000,000

8,018,750

2.25%,

11/15/2027

12,890,000

14,490,173

2.75%,

2/15/2028

11,000,000

12,795,234

2.88%,

5/15/2028

10,000,000

11,764,844

2.88%,

8/15/2028

11,500,000

13,574,043

3.13%,

11/15/2028

7,000,000

8,431,445

2.63%,

2/15/2029

8,772,000

10,244,051

2.38%,

5/15/2029

5,700,000

6,558,340

1.63%,

8/15/2029

3,000,000

3,265,313

1.75%,

11/15/2029

(b)

4,000,000

4,403,594

0.63%,

5/15/2030

(b)

4,800,000

4,782,750

0.63%,

8/15/2030

(b)

5,000,000

4,971,094

Total

U.S.

Treasury

Obligations

(cost

$822,663,791)

907,775,034

Repurchase

Agreements

1.4%

Bank

of

America

NA

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,156,793,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$1,179,926.

(h)

1,156,790

1,156,790

Cantor

Fitzgerald

&

Co.

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$1,020,000.

(h)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

CF

Secured,

LLC

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$10,000,023,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$10,200,023.

(h)

10,000,000

10,000,000

NatWest

Markets

Securities,

Inc.

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$12,000,164,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$12,240,036.

(h)

12,000,000

12,000,000

Nomura

Securities

International,

Inc.

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,818,009,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$4,914,364.

(h)

4,818,000

4,818,000

Pershing

LLC

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,020,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$5,100,000.

(h)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$33,974,790)

33,974,790

Total

Investments

Before

TBA

Sale

Commitments

(cost

$2,285,102,049)

—

100.3%

2,476,678,280

50

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

TBA

Sale

Commitments

0.0%

†

Principal

Amount

($)

Value

($)

Mortgage-Backed

Securities

0.0%

GNMA

TBA

5.00%,

10/15/2050

(74,000)

(80,553)

Total

TBA

Sale

Commitment

(cost

$(80,562))

(80,553)

Total

Investments

(cost

$2,285,021,487)

—

100.3%

2,476,597,727

Liabilities

in

excess

of

other

assets

—

(0.3)%

(7,974,327)

NET

ASSETS

—

100.0%

$

2,468,623,400

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2020.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$132,608,597,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,974,790

and

by

$102,674,140

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.50%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$136,648,930.

(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

September

30,

2020

was

$18,495,101

which

represents

0.75%

of

net

assets.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

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

September

30,

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

September

30,

2020

was

$33,974,790.

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

51

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.

RB

Revenue

Bond

RE

Reinsured

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

52

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Bond

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

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

$

–

$

6,182,174

$

–

$

6,182,174

Commercial

Mortgage-Backed

Securities

–

58,820,692

–

58,820,692

Corporate

Bonds

–

683,734,649

–

683,734,649

Foreign

Government

Securities

–

45,189,578

–

45,189,578

Mortgage-Backed

Securities

–

656,896,212

–

656,896,212

Municipal

Bonds

–

18,678,333

–

18,678,333

Repurchase

Agreements

–

33,974,790

–

33,974,790

Supranational

–

31,723,094

–

31,723,094

U.S.

Government

Agency

Securities

–

33,703,724

–

33,703,724

NVIT

Bond

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

53

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

907,775,034

$

–

$

907,775,034

Total

Assets

$

–

$

2,476,678,280

$

–

$

2,476,678,280

$

–

$

–

$

–

$

–

Liabilities:

Mortgage-Backed

Security

$

–

$

(80,553)

$

–

$

(80,553)

Total

Liabilities

$

–

$

(80,553)

$

–

$

(80,553)

Total

$

–

$

2,476,597,727

$

–

$

2,476,597,727

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

54

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

98.7%

Shares

Value

($)

AUSTRALIA

7.4%

Airlines

0.0%

†

Qantas

Airways

Ltd.

102,103

297,487

Banks

1.5%

Australia

&

New

Zealand

Banking

Group

Ltd.

360,541

4,463,601

Commonwealth

Bank

of

Australia

223,191

10,200,833

National

Australia

Bank

Ltd.

406,303

5,184,145

Westpac

Banking

Corp.

459,125

5,539,826

25,388,405

Beverages

0.1%

Coca-Cola

Amatil

Ltd.

58,517

398,999

Treasury

Wine

Estates

Ltd.

89,903

576,849

975,848

Biotechnology

0.7%

CSL

Ltd.

57,270

11,800,019

Capital

Markets

0.3%

ASX

Ltd.

24,524

1,436,436

Macquarie

Group

Ltd.

42,797

3,676,151

Magellan

Financial

Group

Ltd.

15,563

634,303

5,746,890

Chemicals

0.0%

†

Orica

Ltd.

50,673

561,493

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

196,182

1,476,872

Construction

&

Engineering

0.0%

†

CIMIC

Group

Ltd.*

15,066

200,727

Diversified

Financial

Services

0.0%

†

AMP

Ltd.

412,538

388,249

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

529,166

1,055,610

TPG

Telecom

Ltd.*

39,729

210,635

1,266,245

Electric

Utilities

0.0%

†

AusNet

Services

229,923

311,225

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

139,377

889,491

Goodman

Group

209,189

2,692,275

GPT

Group

(The)

247,625

693,959

Mirvac

Group

499,382

782,118

Scentre

Group

665,962

1,053,754

Stockland

291,193

790,985

Vicinity

Centres

451,549

446,198

7,348,780

Food

&

Staples

Retailing

0.4%

Coles

Group

Ltd.

169,572

2,068,125

Woolworths

Group

Ltd.

160,329

4,191,599

6,259,724

Gas

Utilities

0.1%

APA

Group

149,161

1,106,012

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

8,150

1,158,413

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

23,217

1,101,350

Common

Stocks

Shares

Value

($)

AUSTRALIA

Health

Care

Providers

&

Services

Sonic

Healthcare

Ltd.(a)

57,371

1,364,879

2,466,229

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

72,408

1,561,521

Crown

Resorts

Ltd.

43,675

275,832

Tabcorp

Holdings

Ltd.

294,718

707,285

2,544,638

Insurance

0.2%

Insurance

Australia

Group

Ltd.

293,785

924,573

Medibank

Pvt

Ltd.

361,858

651,844

QBE

Insurance

Group

Ltd.

187,026

1,157,483

Suncorp

Group

Ltd.

160,295

973,747

3,707,647

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.(a)

6,874

543,144

SEEK

Ltd.

40,571

620,633

1,163,777

IT

Services

0.1%

Afterpay

Ltd.*

27,151

1,586,818

Computershare

Ltd.

65,222

572,637

2,159,455

Metals

&

Mining

2.2%

BHP

Group

Ltd.

371,161

9,551,014

BHP

Group

plc

268,491

5,723,914

BlueScope

Steel

Ltd.

63,796

582,383

Evolution

Mining

Ltd.

205,834

854,549

Fortescue

Metals

Group

Ltd.

215,273

2,519,951

Glencore

plc*

1,270,362

2,631,826

Newcrest

Mining

Ltd.

102,703

2,314,831

Northern

Star

Resources

Ltd.

94,077

925,062

Rio

Tinto

Ltd.

47,190

3,194,938

Rio

Tinto

plc

141,205

8,520,045

South32

Ltd.

605,914

888,449

37,706,962

Multiline

Retail

0.3%

Wesfarmers

Ltd.

144,136

4,595,578

Multi-Utilities

0.0%

†

AGL

Energy

Ltd.

76,700

749,578

Oil,

Gas

&

Consumable

Fuels

0.2%

Ampol

Ltd.

30,859

530,754

Oil

Search

Ltd.

235,941

448,103

Origin

Energy

Ltd.

223,889

692,310

Santos

Ltd.

225,087

789,908

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

10,720

180,932

Woodside

Petroleum

Ltd.

119,786

1,513,006

4,155,013

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

81,891

648,636

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

242,929

741,290

Software

0.0%

†

WiseTech

Global

Ltd.

20,023

376,470

Transportation

Infrastructure

0.2%

Sydney

Airport

168,097

707,626

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

AUSTRALIA

Transportation

Infrastructure

Transurban

Group

347,682

3,523,563

4,231,189

129,532,851

AUSTRIA

0.1%

Banks

0.1%

Erste

Group

Bank

AG

34,513

721,781

Raiffeisen

Bank

International

AG*

16,664

254,745

976,526

Electric

Utilities

0.0%

†

Verbund

AG

8,656

472,585

Machinery

0.0%

†

ANDRITZ

AG

9,818

302,464

Metals

&

Mining

0.0%

†

voestalpine

AG(a)

15,613

410,460

Oil,

Gas

&

Consumable

Fuels

0.0%

†

OMV

AG*

18,678

510,239

2,672,274

BELGIUM

0.9%

Banks

0.1%

KBC

Group

NV

31,760

1,590,320

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

96,862

5,228,378

Biotechnology

0.1%

Galapagos

NV*

5,343

758,899

Chemicals

0.1%

Solvay

SA

9,500

816,946

Umicore

SA(a)

25,058

1,043,372

1,860,318

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

9,391

846,421

Groupe

Bruxelles

Lambert

SA

4,876

439,780

Sofina

SA

1,846

503,632

1,789,833

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

20,547

375,076

Electric

Utilities

0.0%

†

Elia

Group

SA/NV

3,487

348,152

Food

&

Staples

Retailing

0.0%

†

Colruyt

SA*

7,190

466,553

Insurance

0.1%

Ageas

SA/NV

21,353

871,416

Media

0.0%

†

Telenet

Group

Holding

NV

4,487

173,932

Pharmaceuticals

0.1%

UCB

SA

16,072

1,825,153

15,288,030

Common

Stocks

Shares

Value

($)

CHILE

0.0%

†

Metals

&

Mining

0.0%

†

Antofagasta

plc

49,511

652,789

CHINA

0.6%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

470,500

1,248,120

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(a)(b)

215,200

628,643

Biotechnology

0.1%

BeiGene

Ltd.,

ADR*(a)

5,093

1,458,839

Food

Products

0.1%

Wilmar

International

Ltd.

248,694

805,631

Health

Care

Equipment

&

Supplies

0.0%

†

Microport

Scientific

Corp.(a)

91,000

363,844

Internet

&

Direct

Marketing

Retail

0.3%

Prosus

NV*

61,032

5,628,250

Machinery

0.0%

†

Yangzijiang

Shipbuilding

Holdings

Ltd.

368,300

268,555

10,401,882

DENMARK

2.5%

Air

Freight

&

Logistics

0.2%

DSV

Panalpina

A/S

26,241

4,282,253

Banks

0.1%

Danske

Bank

A/S*

87,682

1,187,699

Beverages

0.1%

Carlsberg

A/S,

Class

B

12,973

1,746,816

Biotechnology

0.2%

Genmab

A/S*

8,272

3,003,665

Chemicals

0.2%

Chr

Hansen

Holding

A/S

13,409

1,490,278

Novozymes

A/S,

Class

B

25,796

1,622,543

3,112,821

Electric

Utilities

0.2%

Orsted

A/S

Reg.

S(b)

24,048

3,317,058

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

24,693

3,995,487

Health

Care

Equipment

&

Supplies

0.3%

Ambu

A/S,

Class

B

20,226

572,656

Coloplast

A/S,

Class

B

15,102

2,388,352

Demant

A/S*

12,491

392,935

GN

Store

Nord

A/S

16,277

1,231,600

4,585,543

Insurance

0.0%

†

Tryg

A/S

14,090

444,093

Marine

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

442

645,622

AP

Moller

-

Maersk

A/S,

Class

B

820

1,300,037

1,945,659

56

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

0.9%

H

Lundbeck

A/S

8,050

265,361

Novo

Nordisk

A/S,

Class

B

218,288

15,162,672

15,428,033

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Pandora

A/S

12,932

930,573

43,979,700

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

411,871

3,137,240

Communications

Equipment

0.1%

Nokia

OYJ*

718,734

2,817,147

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

18,081

1,065,732

Electric

Utilities

0.1%

Fortum

OYJ

55,741

1,128,195

Insurance

0.1%

Sampo

OYJ,

Class

A

59,878

2,368,885

Machinery

0.2%

Kone

OYJ,

Class

B

43,208

3,798,504

Wartsila

OYJ

Abp

56,217

442,352

4,240,856

Oil,

Gas

&

Consumable

Fuels

0.2%

Neste

OYJ

53,781

2,828,008

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

73,953

1,158,889

UPM-

Kymmene

OYJ

67,850

2,065,086

3,223,975

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B

12,329

557,961

21,367,999

FRANCE

10.2%

Aerospace

&

Defense

0.6%

Airbus

SE*

74,669

5,419,831

Dassault

Aviation

SA*

278

235,972

Safran

SA*

40,735

4,008,479

Thales

SA

13,545

1,014,233

10,678,515

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

21,572

2,308,308

Faurecia

SE*

8,593

371,080

Valeo

SA

29,773

909,962

3,589,350

Automobiles

0.1%

Peugeot

SA*

74,765

1,348,038

Renault

SA*(a)

24,047

620,705

1,968,743

Banks

0.4%

BNP

Paribas

SA*

140,920

5,104,972

Credit

Agricole

SA*

145,915

1,275,406

Societe

Generale

SA*

103,058

1,363,727

7,744,105

Beverages

0.3%

Pernod

Ricard

SA

26,993

4,307,816

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

Remy

Cointreau

SA(a)

2,674

488,094

4,795,910

Building

Products

0.2%

Cie

de

Saint-Gobain*

65,779

2,761,785

Capital

Markets

0.0%

†

Amundi

SA

Reg.

S*(b)

7,471

526,700

Natixis

SA*

102,339

230,006

756,706

Chemicals

0.6%

Air

Liquide

SA

59,616

9,460,065

Arkema

SA

8,767

930,081

10,390,146

Construction

&

Engineering

0.4%

Bouygues

SA

28,788

998,042

Eiffage

SA*

10,891

887,656

Vinci

SA

65,504

5,463,746

7,349,444

Diversified

Financial

Services

0.0%

†

Eurazeo

SE*

5,740

310,655

Wendel

SE

2,947

267,326

577,981

Diversified

Telecommunication

Services

0.2%

Iliad

SA

2,027

372,905

Orange

SA

253,614

2,638,990

3,011,895

Electric

Utilities

0.0%

†

Electricite

de

France

SA

76,431

808,575

Electrical

Equipment

0.6%

Legrand

SA

33,935

2,709,155

Schneider

Electric

SE

69,583

8,636,295

11,345,450

Electronic

Equipment,

Instruments

&

Components

0.1%

Ingenico

Group

SA*

7,694

1,190,533

Entertainment

0.3%

Bollore

SA

115,816

432,292

Ubisoft

Entertainment

SA*

11,503

1,039,517

Vivendi

SA

105,410

2,938,008

4,409,817

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Covivio

6,510

459,525

Gecina

SA

5,521

730,429

ICADE

4,259

239,067

Klepierre

SA

22,902

321,293

Unibail

-

Rodamco

-Westfield

17,591

649,082

2,399,396

Food

&

Staples

Retailing

0.1%

Carrefour

SA

76,966

1,231,935

Food

Products

0.3%

Danone

SA

78,499

5,077,403

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

4,979

779,413

Health

Care

Providers

&

Services

0.0%

†

Orpea

*

6,511

739,492

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*(a)

23,781

665,144

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

FRANCE

Hotels,

Restaurants

&

Leisure

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

9,606

352,804

Sodexo

SA

11,247

800,932

1,818,880

Household

Durables

0.0%

†

SEB

SA

2,667

433,819

Insurance

0.3%

AXA

SA

245,874

4,538,917

CNP

Assurances*

24,003

299,967

SCOR

SE*

20,523

568,628

5,407,512

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,391

521,202

IT

Services

0.4%

Atos

SE*

12,427

1,001,042

Capgemini

SE

20,451

2,619,277

Edenred

30,965

1,389,256

Worldline

SA

Reg.

S*(b)

17,430

1,429,220

6,438,795

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

3,515

1,210,615

Machinery

0.1%

Alstom

SA*

24,417

1,215,663

Media

0.1%

JCDecaux

SA*

10,440

180,897

Publicis

Groupe

SA

27,307

884,926

1,065,823

Multi-Utilities

0.3%

Engie

SA*

232,184

3,103,250

Suez

SA

41,504

768,338

Veolia

Environnement

SA

68,507

1,477,417

5,349,005

Oil,

Gas

&

Consumable

Fuels

0.6%

TOTAL

SE

311,921

10,709,197

Personal

Products

0.6%

L'Oreal

SA

31,927

10,389,114

Pharmaceuticals

0.8%

Ipsen

SA

5,106

535,681

Sanofi

142,599

14,298,268

14,833,949

Professional

Services

0.2%

Bureau

Veritas

SA*

37,343

838,762

Teleperformance

7,464

2,298,637

3,137,399

Software

0.2%

Dassault

Systemes

SE

16,712

3,117,368

Textiles,

Apparel

&

Luxury

Goods

1.8%

EssilorLuxottica

SA*

36,153

4,922,623

Hermes

International

4,026

3,470,347

Kering

SA

9,501

6,312,324

LVMH

Moet

Hennessy

Louis

Vuitton

SE

35,120

16,418,456

31,123,750

Transportation

Infrastructure

0.1%

Aeroports

de

Paris

3,812

379,572

Common

Stocks

Shares

Value

($)

FRANCE

Transportation

Infrastructure

Getlink

SE*

55,934

758,377

1,137,949

179,516,634

GERMANY

9.4%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

6,749

1,122,485

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

125,750

5,734,344

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

33,579

289,434

Auto

Components

0.1%

Continental

AG

13,869

1,503,473

Automobiles

0.8%

Bayerische

Motoren

Werke

AG

42,090

3,056,160

Bayerische

Motoren

Werke

AG

(Preference)

6,641

363,874

Daimler

AG

(Registered)

107,195

5,780,004

Porsche

Automobil

Holding

SE

(Preference)*

19,359

1,155,824

Volkswagen

AG

4,089

714,807

Volkswagen

AG

(Preference)

23,592

3,796,862

14,867,531

Banks

0.0%

†

Commerzbank

AG*

125,621

617,417

Capital

Markets

0.4%

Deutsche

Bank

AG

(Registered)*

249,596

2,104,423

Deutsche

Boerse

AG

24,153

4,241,729

6,346,152

Chemicals

0.7%

BASF

SE

115,397

7,027,010

Covestro

AG

Reg.

S(b)

21,031

1,044,226

Evonik

Industries

AG

26,658

690,629

Fuchs

Petrolub

SE

(Preference)

9,360

476,003

LANXESS

AG

10,547

605,312

Symrise

AG

16,355

2,262,582

12,105,762

Construction

&

Engineering

0.0%

†

Hochtief

AG

2,901

225,836

Construction

Materials

0.1%

HeidelbergCement

AG

18,917

1,160,397

Diversified

Telecommunication

Services

0.4%

Deutsche

Telekom

AG

(Registered)

418,819

7,016,153

Telefonica

Deutschland

Holding

AG

145,367

372,861

United

Internet

AG

(Registered)

12,388

474,034

7,863,048

Electric

Utilities

0.1%

Siemens

Energy

AG*

48,305

1,302,609

58

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

GERMANY

Food

&

Staples

Retailing

0.0%

†

METRO

AG

24,174

241,440

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

4,927

623,585

Sartorius

AG

(Preference)

4,521

1,857,198

Siemens

Healthineers

AG

Reg.

S(b)

34,056

1,529,241

4,010,024

Health

Care

Providers

&

Services

0.3%

Fresenius

Medical

Care

AG

&

Co.

KGaA

27,090

2,287,423

Fresenius

SE

&

Co.

KGaA

53,142

2,419,002

4,706,425

Household

Products

0.2%

Henkel

AG

&

Co.

KGaA

13,210

1,237,355

Henkel

AG

&

Co.

KGaA

(Preference)

22,648

2,371,494

3,608,849

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Uniper

SE

24,425

789,166

Industrial

Conglomerates

0.7%

Siemens

AG

(Registered)

96,610

12,215,920

Insurance

0.9%

Allianz

SE

(Registered)

52,623

10,094,072

Hannover

Rueck

SE

7,665

1,188,224

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

17,760

4,509,252

15,791,548

Interactive

Media

&

Services

0.1%

Scout24

AG

Reg.

S(b)

13,678

1,193,864

Internet

&

Direct

Marketing

Retail

0.2%

Delivery

Hero

SE

Reg.

S*(b)

16,273

1,871,887

Zalando

SE

Reg.

S*(b)

19,286

1,805,203

3,677,090

Machinery

0.1%

GEA

Group

AG

20,204

712,189

KION

Group

AG

8,205

704,655

Knorr-

Bremse

AG

9,192

1,085,812

2,502,656

Metals

&

Mining

0.0%

†

thyssenkrupp

AG*

45,904

232,005

Multi-Utilities

0.4%

E.ON

SE

285,405

3,153,347

RWE

AG

81,654

3,061,316

6,214,663

Personal

Products

0.1%

Beiersdorf

AG

12,814

1,457,182

Pharmaceuticals

0.6%

Bayer

AG

(Registered)

123,539

7,721,272

Merck

KGaA

16,430

2,399,155

10,120,427

Real

Estate

Management

&

Development

0.5%

Aroundtown

SA*

136,017

683,689

Deutsche

Wohnen

SE

43,441

2,173,643

Common

Stocks

Shares

Value

($)

GERMANY

Real

Estate

Management

&

Development

LEG

Immobilien

AG

8,773

1,252,365

Vonovia

SE

65,488

4,500,239

8,609,936

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

159,020

4,498,159

Software

1.2%

Nemetschek

SE

6,877

503,689

SAP

SE

132,204

20,587,259

TeamViewer

AG*

16,455

812,557

21,903,505

Textiles,

Apparel

&

Luxury

Goods

0.5%

adidas

AG*

23,929

7,744,939

Puma

SE*

10,937

985,442

8,730,381

Trading

Companies

&

Distributors

0.1%

Brenntag

AG

19,640

1,249,700

Transportation

Infrastructure

0.0%

†

Fraport

AG

Frankfurt

Airport

Services

Worldwide*

5,583

221,083

165,112,511

HONG

KONG

2.8%

Banks

0.1%

Bank

of

East

Asia

Ltd.

(The)

155,740

287,119

Hang

Seng

Bank

Ltd.

97,200

1,442,833

1,729,952

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

152,400

7,163,467

Diversified

Telecommunication

Services

0.1%

HKT

Trust

&

HKT

Ltd.

469,220

621,652

PCCW

Ltd.

513,000

306,599

928,251

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

90,500

423,514

CLP

Holdings

Ltd.

209,000

1,948,146

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

314,000

324,304

Power

Assets

Holdings

Ltd.

172,000

904,626

3,600,590

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

262,700

2,147,412

Food

&

Staples

Retailing

0.0%

†

Dairy

Farm

International

Holdings

Ltd.

50,400

190,774

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S(b)

1,217,000

990,547

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.

1,355,587

1,948,058

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR

29,570

492,340

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

26,400

1,049,664

Jardine

Matheson

Holdings

Ltd.

2,400

95,257

Jardine

Strategic

Holdings

Ltd.

21,700

435,519

Jardine

Strategic

Holdings

Ltd.

4,100

81,227

1,661,667

Insurance

0.9%

AIA

Group

Ltd.

1,527,800

15,050,631

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

174,500

2,294,615

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

328,516

1,602,856

Hang

Lung

Properties

Ltd.

244,000

622,208

Henderson

Land

Development

Co.

Ltd.

182,775

674,283

Hongkong

Land

Holdings

Ltd.

133,400

494,221

Hongkong

Land

Holdings

Ltd.

8,100

30,166

Kerry

Properties

Ltd.

92,000

235,077

New

World

Development

Co.

Ltd.

195,231

950,441

Pacific

Century

Premium

Developments

Ltd.*

55,404

14,575

Sino

Land

Co.

Ltd.

435,000

506,250

Sun

Hung

Kai

Properties

Ltd.

166,000

2,128,105

Swire

Pacific

Ltd.,

Class

A

56,500

273,968

Swire

Properties

Ltd.

138,400

365,693

Wharf

Real

Estate

Investment

Co.

Ltd.

210,500

861,707

8,759,550

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

191,500

950,367

Semiconductors

&

Semiconductor

Equipment

0.0%

†

ASM

Pacific

Technology

Ltd.

35,400

361,838

48,270,059

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc

19,420

1,766,310

Construction

Materials

0.2%

CRH

plc

99,824

3,604,760

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

28,730

1,127,346

Food

Products

0.1%

Kerry

Group

plc,

Class

A

20,195

2,592,495

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc

19,620

3,108,879

Trading

Companies

&

Distributors

0.0%

†

AerCap

Holdings

NV*

14,675

369,663

12,569,453

Common

Stocks

Shares

Value

($)

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

3,266

396,676

Banks

0.2%

Bank

Hapoalim

BM

143,449

765,870

Bank

Leumi

Le-Israel

BM

181,689

799,328

Israel

Discount

Bank

Ltd.,

Class

A

137,812

371,459

Mizrahi

Tefahot

Bank

Ltd.

15,695

278,114

2,214,771

Chemicals

0.0%

†

ICL

Group

Ltd.

100,608

355,171

IT

Services

0.1%

Wix.com

Ltd.*

6,636

1,691,185

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*(a)

138,935

1,251,804

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

5,444

242,555

Software

0.2%

Check

Point

Software

Technologies

Ltd.*(a)

14,797

1,780,671

Nice

Ltd.*

7,899

1,789,827

3,570,498

9,722,660

ITALY

2.0%

Aerospace

&

Defense

0.0%

†

Leonardo

SpA

55,288

323,278

Auto

Components

0.0%

†

Pirelli

&

C

SpA

Reg.

S*(b)

43,443

186,074

Automobiles

0.2%

Ferrari

NV

16,024

2,933,119

Banks

0.4%

FinecoBank

Banca

Fineco

SpA

*

77,460

1,065,831

Intesa

Sanpaolo

SpA

2,102,190

3,947,343

Mediobanca

Banca

di

Credito

Finanziario

SpA

72,156

565,836

UniCredit

SpA

*

269,716

2,224,266

7,803,276

Beverages

0.0%

†

Davide

Campari-Milano

NV

73,262

800,746

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

33,506

371,541

Telecom

Italia

SpA

1,735,504

697,782

1,069,323

Electric

Utilities

0.6%

Enel

SpA

1,024,178

8,893,094

Terna

Rete

Elettrica

Nazionale

SpA

178,860

1,253,135

10,146,229

Electrical

Equipment

0.1%

Prysmian

SpA

(a)

30,678

892,031

Gas

Utilities

0.1%

Snam

SpA

258,936

1,331,396

60

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

ITALY

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

3,044

613,554

Insurance

0.1%

Assicurazioni

Generali

SpA

139,687

1,967,276

Poste

Italiane

SpA

Reg.

S(b)

66,235

586,728

2,554,004

IT

Services

0.1%

Nexi

SpA

Reg.

S*(b)

43,821

878,741

Oil,

Gas

&

Consumable

Fuels

0.1%

Eni

SpA

323,390

2,529,831

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

13,060

668,173

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

*

25,213

1,032,682

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

62,985

987,704

34,750,161

JAPAN

25.6%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

20,600

1,070,681

Yamato

Holdings

Co.

Ltd.

37,700

992,370

2,063,051

Airlines

0.0%

†

ANA

Holdings,

Inc.*(a)

16,200

375,340

Japan

Airlines

Co.

Ltd.

15,686

294,464

669,804

Auto

Components

0.6%

Aisin

Seiki

Co.

Ltd.

20,200

645,858

Bridgestone

Corp.

68,000

2,147,897

Denso

Corp.

55,100

2,413,523

JTEKT

Corp.(a)

28,700

224,923

Koito

Manufacturing

Co.

Ltd.

13,300

678,038

NGK

Spark

Plug

Co.

Ltd.

17,500

305,298

Stanley

Electric

Co.

Ltd.

17,200

493,573

Sumitomo

Electric

Industries

Ltd.

95,900

1,077,612

Sumitomo

Rubber

Industries

Ltd.

17,100

158,621

Toyoda

Gosei

Co.

Ltd.

8,700

199,403

Toyota

Industries

Corp.

18,600

1,176,124

Yokohama

Rubber

Co.

Ltd.

(The)

16,700

237,690

9,758,560

Automobiles

1.7%

Honda

Motor

Co.

Ltd.

207,200

4,888,681

Isuzu

Motors

Ltd.

68,100

596,599

Mazda

Motor

Corp.

65,680

384,060

Mitsubishi

Motors

Corp.(a)

90,299

199,322

Nissan

Motor

Co.

Ltd.(a)

294,000

1,044,926

Subaru

Corp.(a)

78,200

1,518,065

Suzuki

Motor

Corp.

46,800

2,004,516

Toyota

Motor

Corp.

268,194

17,738,232

Yamaha

Motor

Co.

Ltd.

36,300

527,824

28,902,225

Banks

1.1%

Aozora

Bank

Ltd.(a)

12,900

214,374

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Bank

of

Kyoto

Ltd.

(The)(a)

6,500

314,018

Chiba

Bank

Ltd.

(The)(a)

61,400

338,838

Concordia

Financial

Group

Ltd.(a)

122,400

426,668

Fukuoka

Financial

Group,

Inc.

19,500

328,302

Japan

Post

Bank

Co.

Ltd.(a)

46,500

363,183

Mebuki

Financial

Group,

Inc.

118,700

269,317

Mitsubishi

UFJ

Financial

Group,

Inc.(a)

1,532,467

6,081,476

Mizuho

Financial

Group,

Inc.

(a)

306,652

3,830,562

Resona

Holdings,

Inc.(a)

265,900

906,202

Seven

Bank

Ltd.(a)

65,300

158,328

Shinsei

Bank

Ltd.

16,500

204,444

Shizuoka

Bank

Ltd.

(The)(a)

52,900

365,873

Sumitomo

Mitsui

Financial

Group,

Inc.

165,853

4,615,049

Sumitomo

Mitsui

Trust

Holdings,

Inc.

42,940

1,142,614

19,559,248

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

57,500

2,002,698

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

18,000

301,296

Ito

En

Ltd.(a)

6,100

435,203

Kirin

Holdings

Co.

Ltd.

104,600

1,964,599

Suntory

Beverage

&

Food

Ltd.

17,100

642,714

5,346,510

Biotechnology

0.0%

†

PeptiDream

,

Inc.*

11,200

526,251

Building

Products

0.5%

AGC,

Inc.

23,800

697,026

Daikin

Industries

Ltd.

31,700

5,845,183

LIXIL

Group

Corp.(a)

32,000

643,407

TOTO

Ltd.(a)

18,700

857,996

8,043,612

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

(a)

178,300

748,363

Japan

Exchange

Group,

Inc.

64,800

1,813,396

Nomura

Holdings,

Inc.

399,700

1,823,328

SBI

Holdings,

Inc.

29,190

755,312

5,140,399

Chemicals

1.0%

Air

Water,

Inc.(a)

22,500

304,377

Asahi

Kasei

Corp.

158,000

1,379,243

Daicel

Corp.(a)

25,300

182,335

JSR

Corp.(a)

27,000

640,407

Kansai

Paint

Co.

Ltd.

22,200

551,408

Kuraray

Co.

Ltd.

42,900

416,638

Mitsubishi

Chemical

Holdings

Corp.

162,800

939,956

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,400

341,367

Mitsui

Chemicals,

Inc.

22,000

532,196

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

Nippon

Paint

Holdings

Co.

Ltd.

18,600

1,914,126

Nippon

Sanso

Holdings

Corp.

20,000

309,153

Nissan

Chemical

Corp.(a)

16,500

880,170

Nitto

Denko

Corp.

20,200

1,316,928

Shin-Etsu

Chemical

Co.

Ltd.

45,000

5,873,487

Showa

Denko

KK(a)

16,900

309,766

Sumitomo

Chemical

Co.

Ltd.

(a)

183,700

608,259

Teijin

Ltd.(a)

22,800

353,509

Toray

Industries,

Inc.(a)

176,300

806,197

Tosoh

Corp.

31,700

515,415

18,174,937

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

32,400

656,271

Park24

Co.

Ltd.(a)

12,000

193,716

Secom

Co.

Ltd.(a)

26,700

2,439,683

Sohgo

Security

Services

Co.

Ltd.

8,300

395,501

Toppan

Printing

Co.

Ltd.

35,300

497,193

4,182,364

Construction

&

Engineering

0.2%

JGC

Holdings

Corp.

24,000

249,284

Kajima

Corp.(a)

54,800

656,355

Obayashi

Corp.

82,500

747,702

Shimizu

Corp.(a)

70,400

527,945

Taisei

Corp.

24,300

818,804

3,000,090

Construction

Materials

0.0%

†

Taiheiyo

Cement

Corp.

16,100

410,899

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.(a)

59,900

259,514

Diversified

Consumer

Services

0.0%

†

Benesse

Holdings,

Inc.

7,400

190,007

Diversified

Financial

Services

0.2%

Mitsubishi

UFJ

Lease

&

Finance

Co.

Ltd.

47,300

218,768

ORIX

Corp.

168,400

2,096,481

Tokyo

Century

Corp.(a)

4,800

261,209

2,576,458

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

163,656

3,348,247

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

81,900

996,172

Chugoku

Electric

Power

Co.,

Inc.

(The)(a)

39,100

489,532

Kansai

Electric

Power

Co.,

Inc.

(The)

89,500

867,572

Kyushu

Electric

Power

Co.,

Inc.(a)

48,400

439,622

Tohoku

Electric

Power

Co.,

Inc.

50,100

502,023

Common

Stocks

Shares

Value

($)

JAPAN

Electric

Utilities

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

173,600

477,280

3,772,201

Electrical

Equipment

0.5%

Fuji

Electric

Co.

Ltd.

15,000

473,928

Mitsubishi

Electric

Corp.

232,000

3,132,184

Nidec

Corp.

56,900

5,291,758

8,897,870

Electronic

Equipment,

Instruments

&

Components

1.6%

Hamamatsu

Photonics

KK

16,900

851,549

Hirose

Electric

Co.

Ltd.

4,394

565,735

Hitachi

Ltd.

123,000

4,156,133

Keyence

Corp.

23,144

10,786,090

Kyocera

Corp.

40,800

2,331,229

Murata

Manufacturing

Co.

Ltd.

73,000

4,710,097

Omron

Corp.

23,600

1,838,282

Shimadzu

Corp.

28,200

860,292

TDK

Corp.

16,500

1,804,338

Yokogawa

Electric

Corp.

28,800

457,537

28,361,282

Entertainment

0.7%

Konami

Holdings

Corp.(a)

12,300

533,150

Nexon

Co.

Ltd.

61,600

1,529,825

Nintendo

Co.

Ltd.

14,200

8,072,421

Square

Enix

Holdings

Co.

Ltd.

11,500

764,592

Toho

Co.

Ltd.

13,000

535,851

11,435,839

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Daiwa

House

REIT

Investment

Corp.

251

642,745

GLP

J-REIT

454

700,852

Japan

Prime

Realty

Investment

Corp.

108

335,378

Japan

Real

Estate

Investment

Corp.

167

853,848

Japan

Retail

Fund

Investment

Corp.

360

557,474

Nippon

Building

Fund,

Inc.

160

908,330

Nippon

Prologis

REIT,

Inc.

262

884,663

Nomura

Real

Estate

Master

Fund,

Inc.

528

663,825

Orix

JREIT,

Inc.

304

468,975

United

Urban

Investment

Corp.

395

440,519

6,456,609

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

83,100

2,233,859

Cosmos

Pharmaceutical

Corp.

2,300

400,081

Kobe

Bussan

Co.

Ltd.(a)

7,200

395,877

Lawson,

Inc.

6,200

295,371

Seven

&

i

Holdings

Co.

Ltd.

95,800

2,961,466

Sundrug

Co.

Ltd.

8,400

316,258

Tsuruha

Holdings,

Inc.

4,700

665,164

Welcia

Holdings

Co.

Ltd.

12,400

545,180

7,813,256

62

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Food

Products

0.4%

Ajinomoto

Co.,

Inc.

57,700

1,186,172

Calbee

,

Inc.

11,500

379,116

Kikkoman

Corp.(a)

18,400

1,021,087

MEIJI

Holdings

Co.

Ltd.

14,280

1,091,045

NH

Foods

Ltd.

10,300

459,655

Nisshin

Seifun

Group,

Inc.(a)

26,923

429,283

Nissin

Foods

Holdings

Co.

Ltd.(a)

8,000

752,007

Toyo

Suisan

Kaisha

Ltd.

11,200

591,904

Yakult

Honsha

Co.

Ltd.

15,200

843,345

Yamazaki

Baking

Co.

Ltd.

17,300

302,156

7,055,770

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

47,700

929,335

Toho

Gas

Co.

Ltd.(a)

8,700

431,304

Tokyo

Gas

Co.

Ltd.

47,800

1,092,060

2,452,699

Health

Care

Equipment

&

Supplies

0.8%

Asahi

Intecc

Co.

Ltd.

25,800

810,434

Hoya

Corp.

47,100

5,309,095

Olympus

Corp.

148,100

3,074,143

Sysmex

Corp.

21,300

2,032,746

Terumo

Corp.

82,100

3,270,989

14,497,407

Health

Care

Providers

&

Services

0.1%

Alfresa

Holdings

Corp.

24,400

533,778

Medipal

Holdings

Corp.

25,500

510,607

Suzuken

Co.

Ltd.

7,820

298,056

1,342,441

Health

Care

Technology

0.2%

M3,

Inc.

56,100

3,483,356

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.(a)

7,526

366,106

Oriental

Land

Co.

Ltd.(a)

25,400

3,558,354

3,924,460

Household

Durables

1.1%

Casio

Computer

Co.

Ltd.(a)

23,500

379,427

Iida

Group

Holdings

Co.

Ltd.

17,300

349,777

Nikon

Corp.(a)

43,800

295,939

Panasonic

Corp.

280,700

2,377,763

Rinnai

Corp.

4,700

459,181

Sekisui

Chemical

Co.

Ltd.

45,300

724,148

Sekisui

House

Ltd.

79,000

1,397,175

Sharp

Corp.(a)

30,000

371,687

Sony

Corp.

158,700

12,138,156

18,493,253

Household

Products

0.2%

Lion

Corp.

27,600

567,612

Pigeon

Corp.

14,300

638,887

Unicharm

Corp.

51,300

2,291,776

3,498,275

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Electric

Power

Development

Co.

Ltd.

19,100

294,744

Industrial

Conglomerates

0.1%

Keihan

Holdings

Co.

Ltd.(a)

11,900

493,525

Common

Stocks

Shares

Value

($)

JAPAN

Industrial

Conglomerates

Toshiba

Corp.

49,200

1,252,345

1,745,870

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.

137,100

1,934,935

Japan

Post

Holdings

Co.

Ltd.

200,200

1,365,552

Japan

Post

Insurance

Co.

Ltd.

25,500

401,222

MS&AD

Insurance

Group

Holdings,

Inc.(a)

56,541

1,531,421

Sompo

Holdings,

Inc.

42,350

1,466,926

T&D

Holdings,

Inc.

63,700

629,975

Tokio

Marine

Holdings,

Inc.

79,200

3,468,341

10,798,372

Interactive

Media

&

Services

0.2%

Kakaku.com,

Inc.

15,800

417,705

LINE

Corp.*

4,600

234,315

Z

Holdings

Corp.

337,200

2,252,884

2,904,904

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*

10,600

489,788

Rakuten

,

Inc.

109,400

1,181,799

ZOZO,

Inc.

15,300

426,725

2,098,312

IT

Services

0.7%

Fujitsu

Ltd.

25,000

3,423,261

GMO

Payment

Gateway,

Inc.

4,900

526,963

Itochu

Techno-Solutions

Corp.

11,300

430,052

NEC

Corp.

31,500

1,843,882

Nomura

Research

Institute

Ltd.

40,715

1,196,617

NTT

Data

Corp.(a)

80,200

1,028,112

Obic

Co.

Ltd.

8,900

1,566,000

Otsuka

Corp.

12,100

619,226

SCSK

Corp.(a)

7,300

408,417

TIS,

Inc.

26,900

571,729

11,614,259

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

(a)

25,400

1,855,449

Sega

Sammy

Holdings,

Inc.

20,700

251,777

Shimano,

Inc.

9,400

1,850,703

Yamaha

Corp.(a)

16,800

804,151

4,762,080

Machinery

1.4%

Amada

Co.

Ltd.

41,200

386,146

Daifuku

Co.

Ltd.

12,500

1,258,125

FANUC

Corp.

24,000

4,604,092

Hino

Motors

Ltd.(a)

40,100

259,880

Hitachi

Construction

Machinery

Co.

Ltd.(a)

13,400

485,262

Hoshizaki

Corp.

6,000

478,500

Kawasaki

Heavy

Industries

Ltd.(a)

18,799

254,420

Komatsu

Ltd.(a)

111,300

2,450,227

Kubota

Corp.

131,900

2,359,539

Kurita

Water

Industries

Ltd.

11,200

369,649

Makita

Corp.

28,000

1,335,525

MINEBEA

MITSUMI,

Inc.

46,100

869,784

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

JAPAN

Machinery

MISUMI

Group,

Inc.

36,100

1,008,974

Mitsubishi

Heavy

Industries

Ltd.

42,200

937,313

Miura

Co.

Ltd.

10,000

488,968

Nabtesco

Corp.

13,000

473,664

NGK

Insulators

Ltd.

33,600

479,404

NSK

Ltd.

42,600

326,065

SMC

Corp.

7,300

4,062,871

Sumitomo

Heavy

Industries

Ltd.

14,600

339,655

THK

Co.

Ltd.

16,900

424,003

Yaskawa

Electric

Corp.

30,500

1,191,065

24,843,131

Marine

0.0%

†

Nippon

Yusen

KK

20,300

351,924

Media

0.1%

CyberAgent

,

Inc.

11,900

735,950

Dentsu

Group,

Inc.

26,901

794,843

Hakuhodo

DY

Holdings,

Inc.

31,200

403,188

1,933,981

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.

30,000

461,174

JFE

Holdings,

Inc.

57,200

400,051

Maruichi

Steel

Tube

Ltd.(a)

7,500

187,572

Mitsubishi

Materials

Corp.

12,400

244,811

Nippon

Steel

Corp.*

102,644

969,476

Sumitomo

Metal

Mining

Co.

Ltd.

29,600

916,299

3,179,383

Multiline

Retail

0.1%

Isetan

Mitsukoshi

Holdings

Ltd.(a)

35,060

185,964

Marui

Group

Co.

Ltd.(a)

25,000

479,575

Pan

Pacific

International

Holdings

Corp.

52,400

1,220,659

Ryohin

Keikaku

Co.

Ltd.

31,400

521,563

2,407,761

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.

390,139

1,393,164

Idemitsu

Kosan

Co.

Ltd.(a)

23,056

491,220

Inpex

Corp.

129,700

693,860

2,578,244

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.(a)

101,000

463,521

Personal

Products

0.5%

Kao

Corp.

61,300

4,599,960

Kobayashi

Pharmaceutical

Co.

Ltd.

6,100

590,461

Kose

Corp.

4,200

513,533

Pola

Orbis

Holdings,

Inc.

13,200

249,304

Shiseido

Co.

Ltd.

50,800

2,914,928

8,868,186

Pharmaceuticals

1.9%

Astellas

Pharma,

Inc.

236,700

3,523,643

Chugai

Pharmaceutical

Co.

Ltd.

85,400

3,832,249

Daiichi

Sankyo

Co.

Ltd.

216,300

6,646,577

Eisai

Co.

Ltd.

32,000

2,920,031

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Hisamitsu

Pharmaceutical

Co.,

Inc.

5,600

285,898

Kyowa

Kirin

Co.

Ltd.

35,000

994,141

Nippon

Shinyaku

Co.

Ltd.

5,300

436,973

Ono

Pharmaceutical

Co.

Ltd.

47,000

1,475,524

Otsuka

Holdings

Co.

Ltd.

49,600

2,103,574

Santen

Pharmaceutical

Co.

Ltd.

47,500

973,984

Shionogi

&

Co.

Ltd.(a)

34,200

1,829,736

Sumitomo

Dainippon

Pharma

Co.

Ltd.(a)

24,600

323,933

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,400

224,232

Takeda

Pharmaceutical

Co.

Ltd.

197,949

7,051,335

32,621,830

Professional

Services

0.5%

Nihon

M&A

Center,

Inc.

19,000

1,083,779

Persol

Holdings

Co.

Ltd.(a)

19,600

318,795

Recruit

Holdings

Co.

Ltd.

161,700

6,415,836

7,818,410

Real

Estate

Management

&

Development

0.5%

Aeon

Mall

Co.

Ltd.

14,830

208,465

Daito

Trust

Construction

Co.

Ltd.(a)

7,900

700,424

Daiwa

House

Industry

Co.

Ltd.(a)

72,000

1,849,931

Hulic

Co.

Ltd.

41,700

391,124

Mitsubishi

Estate

Co.

Ltd.

150,300

2,271,644

Mitsui

Fudosan

Co.

Ltd.

118,300

2,060,521

Nomura

Real

Estate

Holdings,

Inc.(a)

13,200

251,068

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

39,300

1,162,696

Tokyu

Fudosan

Holdings

Corp.

66,700

287,156

9,183,029

Road

&

Rail

0.8%

Central

Japan

Railway

Co.

18,300

2,625,445

East

Japan

Railway

Co.

37,076

2,284,546

Hankyu

Hanshin

Holdings,

Inc.

29,100

936,137

Keikyu

Corp.(a)

24,799

380,912

Keio

Corp.(a)

13,099

810,017

Keisei

Electric

Railway

Co.

Ltd.

17,300

489,077

Kintetsu

Group

Holdings

Co.

Ltd.

22,400

955,575

Kyushu

Railway

Co.(a)

19,200

410,160

Nagoya

Railroad

Co.

Ltd.(a)

25,199

690,502

Nippon

Express

Co.

Ltd.

8,700

506,453

Odakyu

Electric

Railway

Co.

Ltd.(a)

37,500

943,480

Seibu

Holdings,

Inc.(a)

29,200

314,099

Tobu

Railway

Co.

Ltd.

23,800

735,124

Tokyu

Corp.(a)

63,200

820,295

West

Japan

Railway

Co.

20,700

1,023,116

13,924,938

64

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

0.6%

Advantest

Corp.(a)

25,200

1,223,987

Disco

Corp.

3,500

851,637

Lasertec

Corp.

9,400

777,413

Renesas

Electronics

Corp.*

93,400

684,089

Rohm

Co.

Ltd.

10,600

818,473

SUMCO

Corp.

35,400

497,887

Tokyo

Electron

Ltd.

19,000

4,972,860

9,826,346

Software

0.1%

Oracle

Corp.

Japan

5,200

563,772

Trend

Micro,

Inc.

16,600

1,012,895

1,576,667

Specialty

Retail

0.5%

ABC-Mart,

Inc.

3,300

171,775

Fast

Retailing

Co.

Ltd.

7,400

4,643,200

Hikari

Tsushin,

Inc.

2,800

667,244

Nitori

Holdings

Co.

Ltd.

10,200

2,121,497

Shimamura

Co.

Ltd.

3,100

303,035

USS

Co.

Ltd.(a)

29,200

522,323

Yamada

Holdings

Co.

Ltd.

94,500

471,211

8,900,285

Technology

Hardware,

Storage

&

Peripherals

0.3%

Brother

Industries

Ltd.(a)

27,200

432,014

Canon,

Inc.(a)

127,200

2,111,249

FUJIFILM

Holdings

Corp.

45,800

2,256,821

Ricoh

Co.

Ltd.(a)

82,400

555,482

Seiko

Epson

Corp.(a)

32,700

375,908

5,731,474

Tobacco

0.2%

Japan

Tobacco,

Inc.

152,500

2,784,772

Trading

Companies

&

Distributors

0.9%

ITOCHU

Corp.(a)

171,300

4,380,274

Marubeni

Corp.(a)

206,100

1,169,325

Mitsubishi

Corp.

167,700

4,011,952

Mitsui

&

Co.

Ltd.

205,200

3,524,775

MonotaRO

Co.

Ltd.

15,800

786,913

Sumitomo

Corp.(a)

151,100

1,811,816

Toyota

Tsusho

Corp.

26,800

748,460

16,433,515

Transportation

Infrastructure

0.0%

†

Japan

Airport

Terminal

Co.

Ltd.(a)

6,100

269,136

Kamigumi

Co.

Ltd.

12,200

240,197

509,333

Wireless

Telecommunication

Services

1.5%

KDDI

Corp.(a)

204,500

5,173,022

NTT

DOCOMO,

Inc.(a)

143,300

5,314,212

SoftBank

Corp.(a)

362,700

4,064,005

SoftBank

Group

Corp.(a)

197,500

12,195,083

26,746,322

448,538,487

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

20,299

679,888

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE*(a)

1,677

1,327,575

Common

Stocks

Shares

Value

($)

LUXEMBOURG

Media

0.0%

†

SES

SA,

FDR

49,601

350,911

Metals

&

Mining

0.1%

ArcelorMittal

SA*(a)

87,271

1,163,842

2,842,328

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.

276,000

1,868,069

Sands

China

Ltd.

308,300

1,199,686

SJM

Holdings

Ltd.

229,000

270,442

Wynn

Macau

Ltd.*(a)

181,200

290,060

3,628,257

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^

848,508

0

NETHERLANDS

4.1%

Banks

0.2%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

50,658

423,607

ING

Groep

NV

495,368

3,507,630

3,931,237

Beverages

0.2%

Heineken

Holding

NV

14,646

1,139,821

Heineken

NV

32,950

2,928,148

4,067,969

Biotechnology

0.1%

Argenx

SE*

5,661

1,491,176

Chemicals

0.4%

Akzo

Nobel

NV

24,462

2,477,387

Koninklijke

DSM

NV

21,910

3,610,677

6,088,064

Diversified

Financial

Services

0.1%

EXOR

NV

13,786

750,198

Diversified

Telecommunication

Services

0.1%

Altice

Europe

NV*

79,730

381,850

Koninklijke

KPN

NV

444,705

1,045,668

1,427,518

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

139,927

4,141,228

Health

Care

Equipment

&

Supplies

0.3%

Koninklijke

Philips

NV*

116,326

5,480,146

Insurance

0.1%

Aegon

NV(a)

220,482

572,610

NN

Group

NV(a)

37,123

1,394,407

1,967,017

Internet

&

Direct

Marketing

Retail

0.1%

Just

Eat

Takeaway.com

NV

Reg.

S*(a)(b)

15,428

1,727,749

IT

Services

0.3%

Adyen

NV

Reg.

S*(b)

2,295

4,229,357

Oil,

Gas

&

Consumable

Fuels

0.7%

Koninklijke

Vopak

NV

8,867

499,564

Royal

Dutch

Shell

plc,

Class

A

517,218

6,401,711

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

NETHERLANDS

Oil,

Gas

&

Consumable

Fuels

Royal

Dutch

Shell

plc,

Class

B

467,144

5,651,048

12,552,323

Professional

Services

0.2%

Randstad

NV*

15,486

808,059

Wolters

Kluwer

NV

34,706

2,963,059

3,771,118

Semiconductors

&

Semiconductor

Equipment

1.1%

ASML

Holding

NV

53,875

19,865,577

71,490,677

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

222,747

694,679

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

104,919

354,019

Food

Products

0.1%

a2

Milk

Co.

Ltd.

(The)*

91,571

932,645

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

73,038

1,607,699

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

54,219

507,093

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

151,540

494,312

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.

148,060

717,382

5,307,829

NORWAY

0.5%

Banks

0.1%

DNB

ASA

120,535

1,664,793

Chemicals

0.1%

Yara

International

ASA

22,508

866,647

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

91,684

1,536,167

Food

Products

0.1%

Mowi

ASA

55,876

991,198

Orkla

ASA

92,531

936,427

1,927,625

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

24,367

494,656

Media

0.0%

†

Schibsted

ASA,

Class

B*

12,017

480,128

Metals

&

Mining

0.0%

†

Norsk

Hydro

ASA*

161,292

443,963

Oil,

Gas

&

Consumable

Fuels

0.1%

Equinor

ASA

127,325

1,796,888

9,210,867

Common

Stocks

Shares

Value

($)

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

353,048

1,735,253

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

32,215

517,574

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

62,894

582,971

2,835,798

RUSSIA

0.0%

†

Metals

&

Mining

0.0%

†

Evraz

plc

72,161

321,756

SINGAPORE

1.0%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

185,100

471,723

Airlines

0.0%

†

Singapore

Airlines

Ltd.

160,114

409,251

Banks

0.5%

DBS

Group

Holdings

Ltd.

228,200

3,356,440

Oversea-Chinese

Banking

Corp.

Ltd.

420,400

2,611,836

United

Overseas

Bank

Ltd.

149,600

2,100,109

8,068,385

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

99,400

668,899

Distributors

0.0%

†

Jardine

Cycle

&

Carriage

Ltd.

12,566

166,679

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

1,037,850

1,619,006

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

32,800

465,070

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

390,943

933,315

CapitaLand

Commercial

Trust

318,844

385,976

CapitaLand

Mall

Trust

301,200

428,856

Mapletree

Commercial

Trust

281,700

403,144

Mapletree

Logistics

Trust

313,600

471,088

Suntec

REIT

232,800

249,204

2,871,583

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

706,796

347,253

Industrial

Conglomerates

0.0%

†

Keppel

Corp.

Ltd.

182,400

598,289

Real

Estate

Management

&

Development

0.1%

CapitaLand

Ltd.

340,097

679,537

City

Developments

Ltd.

61,200

344,206

UOL

Group

Ltd.

66,200

324,238

1,347,981

17,034,119

SOUTH

AFRICA

0.2%

Metals

&

Mining

0.2%

Anglo

American

plc

156,138

3,770,517

66

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SPAIN

2.2%

Banks

0.4%

Banco

Bilbao

Vizcaya

Argentaria

SA

847,636

2,342,673

Banco

Santander

SA

2,112,531

3,935,563

Bankinter

SA

85,928

369,713

CaixaBank

SA

456,224

967,328

7,615,277

Biotechnology

0.1%

Grifols

SA(a)

37,919

1,092,813

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

32,385

733,754

Ferrovial

SA

61,606

1,494,521

2,228,275

Diversified

Telecommunication

Services

0.3%

Cellnex

Telecom

SA

Reg.

S(b)

40,219

2,444,341

Telefonica

SA(a)

618,783

2,122,331

4,566,672

Electric

Utilities

0.6%

Endesa

SA

40,377

1,079,873

Iberdrola

SA

748,090

9,207,368

Red

Electrica

Corp.

SA

54,857

1,029,307

11,316,548

Electrical

Equipment

0.0%

†

Siemens

Gamesa

Renewable

Energy

SA

30,306

816,859

Gas

Utilities

0.1%

Enagas

SA

28,047

646,169

Naturgy

Energy

Group

SA

37,531

752,551

1,398,720

Insurance

0.0%

†

Mapfre

SA

115,104

180,232

IT

Services

0.2%

Amadeus

IT

Group

SA

57,109

3,169,320

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

189,125

1,263,208

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

138,668

3,855,346

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

8,581

1,195,261

38,698,531

SWEDEN

3.1%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A*

206,893

1,831,394

Svenska

Handelsbanken

AB,

Class

A*

197,779

1,661,075

Swedbank

AB,

Class

A*

115,122

1,800,468

5,292,937

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

127,414

2,973,977

Nibe

Industrier

AB,

Class

B*

39,642

1,021,724

3,995,701

Common

Stocks

Shares

Value

($)

SWEDEN

Capital

Markets

0.0%

†

EQT

AB

29,411

569,212

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B*

38,118

583,364

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B(a)

371,041

4,056,827

Construction

&

Engineering

0.1%

Skanska

AB,

Class

B(a)

43,243

911,136

Diversified

Financial

Services

0.3%

Industrivarden

AB,

Class

C*

20,799

554,219

Investor

AB,

Class

B

57,902

3,775,668

Kinnevik

AB,

Class

B

30,484

1,233,978

L

E

Lundbergforetagen

AB,

Class

B*

9,028

446,570

6,010,435

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

298,698

1,228,358

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B*

35,776

2,703,806

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB(a)

12,291

624,818

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

Gaming

Group

AB

Reg.

S(b)

16,162

1,068,311

Household

Durables

0.1%

Electrolux

AB

Series B(a)

30,384

708,191

Husqvarna

AB,

Class

B

48,561

534,698

1,242,889

Household

Products

0.1%

Essity

AB,

Class

B

77,098

2,605,205

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B

16,568

388,440

Machinery

0.9%

Alfa

Laval

AB*

39,992

882,645

Atlas

Copco

AB,

Class

A

85,364

4,062,745

Atlas

Copco

AB,

Class

B

49,606

2,066,742

Epiroc

AB,

Class

A

83,775

1,215,941

Epiroc

AB,

Class

B

45,014

626,062

Sandvik

AB*

143,514

2,799,542

SKF

AB,

Class

B

48,390

997,171

Volvo

AB,

Class

B*

189,006

3,630,161

16,281,009

Metals

&

Mining

0.1%

Boliden

AB

34,769

1,033,751

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB

24,369

482,672

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B*

77,019

1,055,738

Specialty

Retail

0.1%

Hennes

&

Mauritz

AB,

Class

B(a)

102,126

1,761,530

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

SWEDEN

Tobacco

0.1%

Swedish

Match

AB

20,472

1,670,269

Wireless

Telecommunication

Services

0.1%

Tele2

AB,

Class

B(a)

63,483

896,338

54,462,746

SWITZERLAND

10.4%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)(a)

4,204

426,172

Beverages

0.0%

†

Coca-Cola

HBC

AG

25,379

627,349

Building

Products

0.2%

Geberit

AG

(Registered)

4,709

2,790,224

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

308,680

3,089,505

Julius

Baer

Group

Ltd.

28,451

1,212,902

Partners

Group

Holding

AG

2,376

2,186,331

UBS

Group

AG

(Registered)

458,839

5,122,325

11,611,063

Chemicals

0.6%

Clariant

AG

(Registered)

25,170

494,858

EMS-

Chemie

Holding

AG

(Registered)

968

868,556

Givaudan

SA

(Registered)

1,174

5,059,971

Sika

AG

(Registered)

17,647

4,335,340

10,758,725

Construction

Materials

0.2%

LafargeHolcim

Ltd.

(Registered)*

66,554

3,033,763

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

3,293

1,746,778

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

230,906

5,852,311

Food

Products

2.7%

Barry

Callebaut

AG

(Registered)

380

844,916

Chocoladefabriken

Lindt

&

Spruengli

AG

137

1,156,283

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

12

1,067,936

Nestle

SA

(Registered)

376,110

44,621,349

47,690,484

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.*

62,506

3,548,719

Sonova

Holding

AG

(Registered)*

6,958

1,764,460

Straumann

Holding

AG

(Registered)

1,312

1,319,957

6,633,136

Insurance

0.7%

Baloise

Holding

AG

(Registered)

5,893

866,863

Swiss

Life

Holding

AG

(Registered)*

4,057

1,532,825

Swiss

Re

AG

37,458

2,772,490

Common

Stocks

Shares

Value

($)

SWITZERLAND

Insurance

Zurich

Insurance

Group

AG

19,019

6,612,635

11,784,813

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

9,320

5,753,052

Machinery

0.1%

Schindler

Holding

AG

5,176

1,413,226

Schindler

Holding

AG

(Registered)

2,558

695,920

2,109,146

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

6,865

1,331,156

Pharmaceuticals

3.2%

Novartis

AG

(Registered)

280,488

24,374,763

Roche

Holding

AG

88,791

30,377,818

Vifor

Pharma

AG

5,784

787,364

55,539,945

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

19,726

1,042,421

SGS

SA

(Registered)

769

2,061,211

3,103,632

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

9,931

901,362

Semiconductors

&

Semiconductor

Equipment

0.1%

STMicroelectronics

NV

81,082

2,478,457

Software

0.1%

Temenos

AG

(Registered)

8,324

1,120,963

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

20,905

1,617,702

Textiles,

Apparel

&

Luxury

Goods

0.3%

Cie

Financiere

Richemont

SA

(Registered)

66,358

4,444,711

Swatch

Group

AG

(The)

3,678

856,749

Swatch

Group

AG

(The)

(Registered)

6,136

275,487

5,576,947

182,487,180

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*∞

11,719

2,583

UNITED

KINGDOM

11.9%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

407,550

2,520,902

Rolls-Royce

Holdings

plc*(a)

243,098

403,369

2,924,271

Automobiles

0.1%

Fiat

Chrysler

Automobiles

NV*

139,487

1,707,647

Banks

1.0%

Barclays

plc

2,202,433

2,771,459

HSBC

Holdings

plc

2,560,911

9,948,944

68

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Banks

Lloyds

Banking

Group

plc

8,934,829

3,032,073

Natwest

Group

plc

631,174

861,816

Standard

Chartered

plc

345,363

1,583,344

18,197,636

Beverages

0.6%

Coca-Cola

European

Partners

plc

26,092

1,012,630

Diageo

plc

294,451

10,087,367

11,099,997

Capital

Markets

0.5%

3i

Group

plc

123,078

1,579,898

Hargreaves

Lansdown

plc

41,299

827,867

London

Stock

Exchange

Group

plc

40,014

4,577,633

Schroders

plc

15,324

534,058

St

James's

Place

plc

67,351

804,766

Standard

Life

Aberdeen

plc

296,010

861,804

9,186,026

Chemicals

0.1%

Croda

International

plc

16,385

1,322,863

Johnson

Matthey

plc

24,344

736,170

2,059,033

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc

235,091

1,617,956

Diversified

Financial

Services

0.0%

†

M&G

plc

320,496

655,952

Diversified

Telecommunication

Services

0.1%

BT

Group

plc

1,130,623

1,436,815

Electric

Utilities

0.1%

SSE

plc

130,928

2,038,378

Electrical

Equipment

0.1%

Melrose

Industries

plc*

617,592

911,215

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

47,685

1,437,245

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

115,923

503,990

Land

Securities

Group

plc

88,471

595,724

Segro

plc

153,264

1,842,401

2,942,115

Food

&

Staples

Retailing

0.3%

J

Sainsbury

plc(a)

238,864

587,211

Tesco

plc

1,244,971

3,413,198

Wm

Morrison

Supermarkets

plc

284,900

625,406

4,625,815

Food

Products

0.1%

Associated

British

Foods

plc

45,288

1,090,936

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

111,181

2,166,515

Hotels,

Restaurants

&

Leisure

0.3%

Compass

Group

plc

226,752

3,403,813

GVC

Holdings

plc

72,004

906,284

InterContinental

Hotels

Group

plc

21,983

1,154,130

Whitbread

plc

25,167

686,440

6,150,667

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Household

Durables

0.2%

Barratt

Developments

plc

129,447

791,483

Berkeley

Group

Holdings

plc

15,692

853,708

Persimmon

plc

40,542

1,287,672

Taylor

Wimpey

plc

463,064

644,356

3,577,219

Household

Products

0.5%

Reckitt

Benckiser

Group

plc

89,314

8,707,507

Industrial

Conglomerates

0.2%

CK

Hutchison

Holdings

Ltd.

343,016

2,079,667

DCC

plc

12,508

963,929

Smiths

Group

plc

50,367

885,496

3,929,092

Insurance

0.6%

Admiral

Group

plc

24,267

818,462

Aviva

plc

498,539

1,833,220

Direct

Line

Insurance

Group

plc

174,605

607,786

Legal

&

General

Group

plc

758,339

1,837,849

Prudential

plc

330,685

4,721,108

RSA

Insurance

Group

plc

129,955

755,975

10,574,400

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S(b)

120,561

872,077

Internet

&

Direct

Marketing

Retail

0.1%

Ocado

Group

plc*

58,756

2,076,431

Machinery

0.1%

CNH

Industrial

NV*(a)

130,084

1,010,961

Spirax-Sarco

Engineering

plc

9,177

1,304,743

2,315,704

Media

0.2%

Informa

plc

190,952

925,835

Pearson

plc(a)

97,594

690,217

WPP

plc

157,303

1,228,498

2,844,550

Multiline

Retail

0.1%

Next

plc

16,735

1,282,537

Multi-Utilities

0.3%

National

Grid

plc

445,979

5,133,985

Oil,

Gas

&

Consumable

Fuels

0.4%

BP

plc

2,548,262

7,398,643

Paper

&

Forest

Products

0.1%

Mondi

plc

61,725

1,299,033

Personal

Products

1.2%

Unilever

NV

184,241

11,122,675

Unilever

plc

147,054

9,061,163

20,183,838

Pharmaceuticals

1.7%

AstraZeneca

plc

166,021

18,069,884

GlaxoSmithKline

plc

633,229

11,861,577

29,931,461

Professional

Services

0.6%

Experian

plc

115,461

4,320,647

Intertek

Group

plc

20,496

1,667,187

RELX

plc

241,943

5,380,159

11,367,993

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

69

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Software

0.1%

AVEVA

Group

plc

7,594

469,556

Sage

Group

plc

(The)

136,141

1,260,824

1,730,380

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

51,419

538,121

Kingfisher

plc

268,244

1,025,180

1,563,301

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc

51,442

1,029,981

Tobacco

0.7%

British

American

Tobacco

plc

288,993

10,387,268

Imperial

Brands

plc

120,309

2,120,669

12,507,937

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

57,309

2,053,329

Bunzl

plc

42,814

1,381,329

3,434,658

Water

Utilities

0.1%

Severn

Trent

plc

30,249

951,108

United

Utilities

Group

plc

86,683

958,536

1,909,644

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

3,403,212

4,514,977

208,433,567

UNITED

STATES

0.4%

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI

55,550

1,323,128

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA

65,510

326,548

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

29,343

1,524,008

Software

0.0%

†

CyberArk

Software

Ltd.*

4,491

464,459

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

28,652

2,882,861

6,521,004

Total

Common

Stocks

(cost

$1,464,483,538)

1,730,103,137

Repurchase

Agreements

2.2%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$14,135,213,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$14,417,885.(c)

14,135,182

14,135,182

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$10,000,023,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$10,200,000.(c)

10,000,000

10,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$2,040,005.(c)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$5,000,069,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$5,100,015.(c)

5,000,000

5,000,000

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$2,040,002.(c)

2,000,000

2,000,000

70

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,020,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$38,135,182)

38,135,182

Total

Investments

(cost

$1,502,618,720)

—

100.9%

1,768,238,319

Liabilities

in

excess

of

other

assets

—

(0.9)%

(16,280,815)

NET

ASSETS

—

100.0%

$

1,751,957,504

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$82,775,510,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$38,135,182

and

by

$49,486,009

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$87,621,191.

(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

September

30,

2020

was

$28,673,180

which

represents

1.64%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$38,135,182.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

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

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

71

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

161

12/2020

EUR

6,029,137

(189,604)

FTSE

100

Index

48

12/2020

GBP

3,618,038

(100,860)

Nikkei

225

Index

39

12/2020

JPY

4,290,499

(3,480)

SPI

200

Index

18

12/2020

AUD

1,870,057

(35,977)

(329,921)

At

September

30,

2020,

the

Fund

had

$1,676,151

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

72

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

73

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

15,916,948

$

–

$

15,916,948

Air

Freight

&

Logistics

–

12,079,648

–

12,079,648

Airlines

–

1,665,976

–

1,665,976

Auto

Components

–

15,037,457

–

15,037,457

Automobiles

–

50,379,265

–

50,379,265

Banks

–

118,393,515

–

118,393,515

Beverages

1,012,630

34,305,536

–

35,318,166

Biotechnology

1,458,839

18,672,823

–

20,131,662

Building

Products

–

19,357,632

–

19,357,632

Capital

Markets

–

47,188,814

–

47,188,814

Chemicals

–

66,333,117

–

66,333,117

Commercial

Services

&

Supplies

–

7,860,556

–

7,860,556

Communications

Equipment

–

6,873,974

–

6,873,974

Construction

&

Engineering

–

13,915,508

–

13,915,508

Construction

Materials

–

9,532,947

–

9,532,947

Consumer

Finance

–

259,515

–

259,515

Containers

&

Packaging

–

1,127,346

–

1,127,346

Distributors

–

166,679

–

166,679

Diversified

Consumer

Services

–

190,007

–

190,007

Diversified

Financial

Services

439,780

12,309,326

–

12,749,106

Diversified

Telecommunication

Services

–

33,183,810

–

33,183,810

Electric

Utilities

1,302,609

39,349,008

–

40,651,617

Electrical

Equipment

–

32,711,223

–

32,711,223

Electronic

Equipment,

Instruments

&

Components

–

34,157,936

–

34,157,936

Energy

Equipment

&

Services

–

326,548

–

326,548

Entertainment

–

15,845,656

–

15,845,656

Equity

Real

Estate

Investment

Trusts

(REITs)

–

24,165,895

–

24,165,895

Food

&

Staples

Retailing

–

26,113,117

–

26,113,117

Food

Products

–

68,163,536

–

68,163,536

Gas

Utilities

–

8,236,885

–

8,236,885

Health

Care

Equipment

&

Supplies

–

41,895,694

–

41,895,694

Health

Care

Providers

&

Services

–

9,764,263

–

9,764,263

Health

Care

Technology

–

3,483,356

–

3,483,356

Hotels,

Restaurants

&

Leisure

492,340

22,591,345

–

23,083,685

Household

Durables

–

23,747,180

–

23,747,180

Household

Products

–

18,419,836

–

18,419,836

Independent

Power

and

Renewable

Electricity

Producers

–

1,578,222

–

1,578,222

Industrial

Conglomerates

1,485,183

19,054,095

–

20,539,278

Insurance

–

81,995,226

–

81,995,226

Interactive

Media

&

Services

–

6,655,824

–

6,655,824

Internet

&

Direct

Marketing

Retail

–

15,207,832

–

15,207,832

IT

Services

1,691,185

28,489,927

–

30,181,112

Leisure

Products

–

4,762,080

–

4,762,080

Life

Sciences

Tools

&

Services

–

9,815,250

–

9,815,250

Machinery

–

56,373,799

–

56,373,799

Marine

–

3,628,739

–

3,628,739

Media

–

6,849,325

–

6,849,325

Metals

&

Mining

–

48,915,428

–

48,915,428

Multiline

Retail

–

8,285,876

–

8,285,876

Multi-Utilities

–

17,447,231

–

17,447,231

Oil,

Gas

&

Consumable

Fuels

–

47,387,237

–

47,387,237

Paper

&

Forest

Products

–

6,042,267

–

6,042,267

Personal

Products

–

40,898,320

–

40,898,320

Pharmaceuticals

1,251,804

162,206,820

–

163,458,624

74

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

International

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Professional

Services

$

–

$

29,198,552

$

–

$

29,198,552

Real

Estate

Management

&

Development

494,221

29,198,828

–

29,693,049

Road

&

Rail

–

15,616,595

–

15,616,595

Semiconductors

&

Semiconductor

Equipment

–

37,030,377

–

37,030,377

Software

2,245,130

31,615,180

–

33,860,310

Specialty

Retail

–

16,080,462

–

16,080,462

Technology

Hardware,

Storage

&

Peripherals

–

7,349,176

–

7,349,176

Textiles,

Apparel

&

Luxury

Goods

–

48,424,314

–

48,424,314

Tobacco

–

16,962,978

–

16,962,978

Trading

Companies

&

Distributors

369,663

24,000,734

–

24,370,397

Transportation

Infrastructure

–

8,999,901

–

8,999,901

Water

Utilities

–

1,909,644

–

1,909,644

Wireless

Telecommunication

Services

–

32,157,637

–

32,157,637

Total

Common

Stocks

$

12,243,384

$

1,717,859,753

$

–

$

1,730,103,137

Repurchase

Agreements

–

38,135,182

–

38,135,182

Total

Assets

$

12,243,384

$

1,755,994,935

$

–

$

1,768,238,319

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(329,921)

$

–

$

–

$

(329,921)

Total

Liabilities

$

(329,921)

$

–

$

–

$

(329,921)

Total

$

11,913,463

$

1,755,994,935

$

–

$

1,767,908,398

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

International

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

75

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(329,921)

Total

$

(329,921)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

76

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

98.3%

Shares

Value

($)

Aerospace

&

Defense

1.0%

Axon

Enterprise,

Inc.*(a)

46,944

4,257,821

Curtiss-Wright

Corp.

30,775

2,870,076

Hexcel

Corp.

61,725

2,070,874

Mercury

Systems,

Inc.*

41,724

3,231,941

12,430,712

Air

Freight

&

Logistics

0.5%

XPO

Logistics,

Inc.*

67,352

5,702,020

Airlines

0.2%

JetBlue

Airways

Corp.*(a)

202,925

2,299,140

Auto

Components

1.4%

Adient

plc*

69,444

1,203,465

Dana,

Inc.

106,662

1,314,076

Delphi

Technologies

plc*

62,919

1,051,376

Fox

Factory

Holding

Corp.*

30,591

2,273,829

Gentex

Corp.

182,616

4,702,362

Goodyear

Tire

&

Rubber

Co.

(The)

172,398

1,322,293

Lear

Corp.

40,310

4,395,805

Visteon

Corp.*

20,582

1,424,686

17,687,892

Automobiles

0.5%

Harley-Davidson,

Inc.(a)

113,237

2,778,836

Thor

Industries,

Inc.

40,788

3,885,465

6,664,301

Banks

5.2%

Associated

Banc-Corp.

113,968

1,438,276

BancorpSouth

Bank

71,920

1,393,810

Bank

of

Hawaii

Corp.(a)

29,554

1,493,068

Bank

OZK(a)

89,286

1,903,578

Cathay

General

Bancorp

56,037

1,214,882

CIT

Group,

Inc.

72,746

1,288,332

Commerce

Bancshares,

Inc.

(a)

74,125

4,172,496

Cullen/Frost

Bankers,

Inc.(a)

41,372

2,645,739

East

West

Bancorp,

Inc.

104,533

3,422,410

First

Financial

Bankshares

,

Inc.(a)

104,931

2,928,624

First

Horizon

National

Corp.

409,083

3,857,653

FNB

Corp.

239,394

1,623,091

Fulton

Financial

Corp.

119,157

1,111,735

Glacier

Bancorp,

Inc.

70,400

2,256,320

Hancock

Whitney

Corp.

63,937

1,202,655

Home

BancShares

,

Inc.

113,484

1,720,417

International

Bancshares

Corp.

41,191

1,073,438

PacWest

Bancorp

86,143

1,471,322

Pinnacle

Financial

Partners,

Inc.(a)

55,893

1,989,232

Prosperity

Bancshares,

Inc.

68,446

3,547,556

Signature

Bank

39,569

3,283,831

Sterling

Bancorp

143,896

1,513,786

Synovus

Financial

Corp.

108,900

2,305,413

TCF

Financial

Corp.

112,496

2,627,907

Texas

Capital

Bancshares,

Inc.*

37,280

1,160,526

Trustmark

Corp.

46,871

1,003,508

UMB

Financial

Corp.

32,145

1,575,427

Umpqua

Holdings

Corp.

163,089

1,732,005

United

Bankshares

,

Inc.(a)

95,810

2,057,041

Common

Stocks

Shares

Value

($)

Banks

Valley

National

Bancorp(a)

296,210

2,029,039

Webster

Financial

Corp.

66,697

1,761,468

Wintrust

Financial

Corp.

42,586

1,705,569

64,510,154

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

6,740

5,953,846

Biotechnology

1.3%

Arrowhead

Pharmaceuticals,

Inc.*(a)

75,214

3,238,715

Emergent

BioSolutions

,

Inc.*

33,349

3,445,952

Exelixis

,

Inc.*

228,524

5,587,412

Ligand

Pharmaceuticals,

Inc.*(a)

11,859

1,130,400

United

Therapeutics

Corp.*

32,937

3,326,637

16,729,116

Building

Products

1.7%

Builders

FirstSource

,

Inc.*

86,064

2,807,408

Lennox

International,

Inc.

25,713

7,009,621

Owens

Corning

79,714

5,485,120

Trex

Co.,

Inc.*

85,502

6,121,943

21,424,092

Capital

Markets

2.5%

Affiliated

Managers

Group,

Inc.(a)

34,261

2,342,767

Eaton

Vance

Corp.

84,188

3,211,772

Evercore

,

Inc.,

Class

A

29,964

1,961,444

FactSet

Research

Systems,

Inc.

28,106

9,412,137

Federated

Hermes,

Inc.,

Class

B

70,892

1,524,887

Interactive

Brokers

Group,

Inc.,

Class

A

58,431

2,823,970

Janus

Henderson

Group

plc(a)

111,176

2,414,743

SEI

Investments

Co.

90,024

4,566,017

Stifel

Financial

Corp.

50,644

2,560,561

30,818,298

Chemicals

2.5%

Ashland

Global

Holdings,

Inc.

40,356

2,862,047

Avient

Corp.

67,700

1,791,342

Cabot

Corp.

41,868

1,508,504

Chemours

Co.

(The)(a)

121,413

2,538,746

Ingevity

Corp.*

30,475

1,506,684

Minerals

Technologies,

Inc.

25,142

1,284,756

NewMarket

Corp.

5,452

1,866,329

Olin

Corp.

105,275

1,303,304

RPM

International,

Inc.

96,190

7,968,380

Scotts

Miracle-

Gro

Co.

(The)

30,097

4,602,132

Sensient

Technologies

Corp.

31,344

1,809,803

Valvoline,

Inc.

136,801

2,604,691

31,646,718

Commercial

Services

&

Supplies

2.0%

Brink's

Co.

(The)

37,325

1,533,684

Clean

Harbors,

Inc.*

37,829

2,119,559

Healthcare

Services

Group,

Inc.(a)

55,011

1,184,387

Herman

Miller,

Inc.

43,018

1,297,423

NVIT

Mid

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

HNI

Corp.

31,261

980,970

IAA,

Inc.*

99,017

5,155,815

KAR

Auction

Services,

Inc.

95,171

1,370,462

MSA

Safety,

Inc.(a)

26,746

3,588,511

Stericycle,

Inc.*

67,572

4,261,090

Tetra

Tech,

Inc.

39,915

3,811,883

25,303,784

Communications

Equipment

1.0%

Ciena

Corp.*

113,511

4,505,252

InterDigital

,

Inc.

22,736

1,297,316

Lumentum

Holdings,

Inc.*

55,343

4,157,920

NetScout

Systems,

Inc.*

53,470

1,167,250

ViaSat

,

Inc.*(a)

47,504

1,633,662

12,761,400

Construction

&

Engineering

1.1%

AECOM*

118,357

4,952,057

Dycom

Industries,

Inc.*(a)

23,164

1,223,522

EMCOR

Group,

Inc.

40,550

2,745,641

Fluor

Corp.

92,575

815,586

MasTec

,

Inc.*(a)

41,585

1,754,887

Valmont

Industries,

Inc.

15,784

1,960,057

13,451,750

Construction

Materials

0.2%

Eagle

Materials,

Inc.

30,756

2,654,858

Consumer

Finance

0.6%

FirstCash

,

Inc.

30,638

1,752,800

LendingTree,

Inc.*(a)

5,831

1,789,476

Navient

Corp.

142,936

1,207,809

SLM

Corp.

277,302

2,243,373

6,993,458

Containers

&

Packaging

1.1%

AptarGroup,

Inc.

47,754

5,405,753

Greif,

Inc.,

Class

A

19,889

720,180

O-I

Glass,

Inc.

115,549

1,223,664

Silgan

Holdings,

Inc.

58,451

2,149,243

Sonoco

Products

Co.

74,126

3,785,615

13,284,455

Distributors

0.8%

Pool

Corp.

29,644

9,917,104

Diversified

Consumer

Services

1.2%

Adtalem

Global

Education,

Inc.*

38,237

938,336

Graham

Holdings

Co.,

Class

B

3,056

1,234,960

Grand

Canyon

Education,

Inc.*

34,944

2,793,423

H&R

Block,

Inc.

142,098

2,314,777

Service

Corp.

International

130,444

5,502,128

Strategic

Education,

Inc.

17,820

1,629,995

WW

International,

Inc.*

35,111

662,545

15,076,164

Diversified

Financial

Services

0.2%

Jefferies

Financial

Group,

Inc.

160,046

2,880,828

Electric

Utilities

1.2%

ALLETE,

Inc.

38,279

1,980,555

Hawaiian

Electric

Industries,

Inc.

80,663

2,681,238

Common

Stocks

Shares

Value

($)

Electric

Utilities

IDACORP,

Inc.

37,730

3,014,627

OGE

Energy

Corp.

147,941

4,436,751

PNM

Resources,

Inc.(a)

58,888

2,433,841

14,547,012

Electrical

Equipment

2.6%

Acuity

Brands,

Inc.

29,290

2,997,832

EnerSys

31,414

2,108,508

Generac

Holdings,

Inc.*

46,535

9,011,037

Hubbell,

Inc.

40,038

5,478,800

nVent

Electric

plc

125,600

2,221,864

Regal

Beloit

Corp.

29,935

2,809,998

Sunrun

,

Inc.*(a)

93,813

7,230,168

31,858,207

Electronic

Equipment,

Instruments

&

Components

3.7%

Arrow

Electronics,

Inc.*

57,460

4,519,804

Avnet,

Inc.

73,130

1,889,679

Belden,

Inc.

32,895

1,023,692

Cognex

Corp.

127,966

8,330,587

Coherent,

Inc.*

17,939

1,989,973

II-VI,

Inc.*(a)

76,676

3,109,978

Jabil,

Inc.

100,091

3,429,118

Littelfuse

,

Inc.

17,949

3,183,076

National

Instruments

Corp.

97,176

3,469,183

SYNNEX

Corp.

30,433

4,262,446

Trimble,

Inc.*

185,420

9,029,954

Vishay

Intertechnology

,

Inc.

98,121

1,527,744

45,765,234

Energy

Equipment

&

Services

0.1%

ChampionX

Corp.*

136,838

1,093,336

Entertainment

0.2%

Cinemark

Holdings,

Inc.(a)

78,190

781,900

World

Wrestling

Entertainment,

Inc.,

Class

A(a)

34,228

1,385,207

2,167,107

Equity

Real

Estate

Investment

Trusts

(REITs)

8.9%

American

Campus

Communities,

Inc.

101,743

3,552,866

Brixmor

Property

Group,

Inc.

219,337

2,564,050

Camden

Property

Trust

71,950

6,402,111

CoreSite

Realty

Corp.

31,429

3,736,279

Corporate

Office

Properties

Trust

82,944

1,967,432

Cousins

Properties,

Inc.

109,797

3,139,096

CyrusOne

,

Inc.

86,385

6,049,542

Douglas

Emmett,

Inc.

121,929

3,060,418

EastGroup

Properties,

Inc.

29,168

3,772,297

EPR

Properties

55,238

1,519,045

First

Industrial

Realty

Trust,

Inc.

93,925

3,738,215

GEO

Group,

Inc.

(The)

91,564

1,038,336

Healthcare

Realty

Trust,

Inc.

101,165

3,047,090

Highwoods

Properties,

Inc.

76,778

2,577,437

Hudson

Pacific

Properties,

Inc.

113,382

2,486,467

JBG

SMITH

Properties

83,205

2,224,902

Kilroy

Realty

Corp.

77,482

4,025,965

Lamar

Advertising

Co.,

Class

A

63,812

4,222,440

Life

Storage,

Inc.

34,646

3,647,184

Macerich

Co.

(The)

84,155

571,412

78

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Medical

Properties

Trust,

Inc.

390,417

6,883,052

National

Retail

Properties,

Inc.

128,259

4,426,218

Omega

Healthcare

Investors,

Inc.

167,696

5,020,818

Park

Hotels

&

Resorts,

Inc.

174,422

1,742,476

Pebblebrook

Hotel

Trust

95,891

1,201,514

Physicians

Realty

Trust

153,478

2,748,791

PotlatchDeltic

Corp.

49,462

2,082,350

PS

Business

Parks,

Inc.

14,815

1,813,208

Rayonier,

Inc.

100,739

2,663,539

Rexford

Industrial

Realty,

Inc.

91,610

4,192,074

Sabra

Health

Care

REIT,

Inc.

152,040

2,095,871

Service

Properties

Trust

124,235

987,668

Spirit

Realty

Capital,

Inc.

76,129

2,569,354

STORE

Capital

Corp.

168,636

4,625,685

Taubman

Centers,

Inc.

45,530

1,515,694

Urban

Edge

Properties

80,661

784,025

Weingarten

Realty

Investors

89,129

1,511,628

110,206,549

Food

&

Staples

Retailing

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

102,005

4,238,308

Casey's

General

Stores,

Inc.

27,179

4,828,349

Grocery

Outlet

Holding

Corp.*

61,622

2,422,977

Sprouts

Farmers

Market,

Inc.*

87,023

1,821,391

13,311,025

Food

Products

2.0%

Darling

Ingredients,

Inc.*

119,825

4,317,295

Flowers

Foods,

Inc.

145,192

3,532,521

Hain

Celestial

Group,

Inc.

(The)*(a)

61,742

2,117,751

Ingredion,

Inc.

49,463

3,743,360

Lancaster

Colony

Corp.

14,383

2,571,680

Pilgrim's

Pride

Corp.*

37,488

561,008

Post

Holdings,

Inc.*

46,652

4,012,072

Sanderson

Farms,

Inc.

14,631

1,726,019

Tootsie

Roll

Industries,

Inc.(a)

13,110

405,099

TreeHouse

Foods,

Inc.*(a)

41,719

1,690,871

24,677,676

Gas

Utilities

1.4%

National

Fuel

Gas

Co.

66,775

2,710,397

New

Jersey

Resources

Corp.

(a)

70,860

1,914,637

ONE

Gas,

Inc.

39,064

2,695,807

Southwest

Gas

Holdings,

Inc.

41,429

2,614,170

Spire,

Inc.

37,865

2,014,418

UGI

Corp.

153,960

5,077,601

17,027,030

Health

Care

Equipment

&

Supplies

3.3%

Avanos

Medical,

Inc.*

35,057

1,164,594

Cantel

Medical

Corp.(a)

27,426

1,205,098

Globus

Medical,

Inc.,

Class

A*

55,917

2,769,010

Haemonetics

Corp.*

37,748

3,293,513

Hill-Rom

Holdings,

Inc.

49,181

4,107,105

ICU

Medical,

Inc.*

14,318

2,616,758

Integra

LifeSciences

Holdings

Corp.*

52,082

2,459,312

LivaNova

plc*

35,920

1,623,943

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Masimo

Corp.*

37,401

8,828,880

NuVasive

,

Inc.*(a)

37,892

1,840,414

Penumbra,

Inc.*(a)

24,852

4,830,732

Quidel

Corp.*(a)

28,241

6,195,511

40,934,870

Health

Care

Providers

&

Services

3.1%

Acadia

Healthcare

Co.,

Inc.*

65,753

1,938,398

Amedisys

,

Inc.*

24,106

5,699,381

Chemed

Corp.

11,817

5,676,296

Encompass

Health

Corp.

73,451

4,772,846

HealthEquity

,

Inc.*(a)

57,024

2,929,323

LHC

Group,

Inc.*

23,362

4,965,827

MEDNAX,

Inc.*

63,077

1,026,893

Molina

Healthcare,

Inc.*

43,770

8,011,661

Patterson

Cos.,

Inc.(a)

63,740

1,536,453

Tenet

Healthcare

Corp.*

77,409

1,897,295

38,454,373

Hotels,

Restaurants

&

Leisure

4.3%

Boyd

Gaming

Corp.

59,244

1,818,198

Caesars

Entertainment,

Inc.*

147,437

8,265,318

Choice

Hotels

International,

Inc.

21,394

1,839,028

Churchill

Downs,

Inc.(a)

26,253

4,300,766

Cracker

Barrel

Old

Country

Store,

Inc.(a)

17,519

2,008,729

Dunkin'

Brands

Group,

Inc.

60,654

4,968,169

Jack

in

the

Box,

Inc.

16,758

1,329,077

Marriott

Vacations

Worldwide

Corp.

30,352

2,756,265

Papa

John's

International,

Inc.

24,282

1,997,923

Penn

National

Gaming,

Inc.*(a)

106,434

7,737,752

Scientific

Games

Corp.*(a)

41,305

1,441,958

Six

Flags

Entertainment

Corp.

(a)

55,929

1,135,359

Texas

Roadhouse,

Inc.

48,152

2,927,160

Wendy's

Co.

(The)

131,700

2,936,251

Wingstop

,

Inc.

21,870

2,988,536

Wyndham

Destinations,

Inc.

63,007

1,938,095

Wyndham

Hotels

&

Resorts,

Inc.

68,839

3,476,370

53,864,954

Household

Durables

1.7%

Helen

of

Troy

Ltd.*

18,649

3,608,954

KB

Home

65,480

2,513,777

Taylor

Morrison

Home

Corp.*

95,800

2,355,722

Tempur

Sealy

International,

Inc.*

35,509

3,167,048

Toll

Brothers,

Inc.

85,388

4,154,980

TopBuild

Corp.*

24,348

4,155,960

TRI

Pointe

Group,

Inc.*

96,328

1,747,390

21,703,831

Household

Products

0.1%

Energizer

Holdings,

Inc.

43,168

1,689,595

Industrial

Conglomerates

0.4%

Carlisle

Cos.,

Inc.

40,580

4,965,775

NVIT

Mid

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Insurance

4.4%

Alleghany

Corp.

10,576

5,504,279

American

Financial

Group,

Inc.

53,088

3,555,834

Brighthouse

Financial,

Inc.*

69,444

1,868,738

Brown

&

Brown,

Inc.

173,718

7,864,214

CNO

Financial

Group,

Inc.

103,844

1,665,658

First

American

Financial

Corp.

82,335

4,191,675

Genworth

Financial,

Inc.,

Class

A*

378,315

1,267,355

Hanover

Insurance

Group,

Inc.

(The)

28,075

2,616,028

Kemper

Corp.

45,324

3,029,003

Mercury

General

Corp.

19,872

822,105

Old

Republic

International

Corp.

208,486

3,073,084

Primerica,

Inc.

29,253

3,309,684

Reinsurance

Group

of

America,

Inc.

50,120

4,770,923

RenaissanceRe

Holdings

Ltd.

37,846

6,423,980

RLI

Corp.

29,042

2,431,687

Selective

Insurance

Group,

Inc.

44,120

2,271,739

54,665,986

Interactive

Media

&

Services

0.2%

TripAdvisor,

Inc.

71,455

1,399,804

Yelp,

Inc.*

50,902

1,022,621

2,422,425

Internet

&

Direct

Marketing

Retail

0.4%

Grubhub

,

Inc.*

67,952

4,914,968

IT

Services

2.0%

Alliance

Data

Systems

Corp.

35,283

1,481,180

CACI

International,

Inc.,

Class

A*

18,538

3,951,560

KBR,

Inc.(a)

105,240

2,353,167

LiveRamp

Holdings,

Inc.*

49,134

2,543,667

MAXIMUS,

Inc.

45,298

3,098,836

Perspecta

,

Inc.

100,944

1,963,361

Sabre

Corp.(a)

230,178

1,498,459

Science

Applications

International

Corp.

42,999

3,371,982

WEX,

Inc.*

32,621

4,533,340

24,795,552

Leisure

Products

0.8%

Brunswick

Corp.

58,461

3,443,938

Mattel,

Inc.*

256,389

2,999,751

Polaris,

Inc.

42,538

4,013,035

10,456,724

Life

Sciences

Tools

&

Services

2.5%

Bio-

Techne

Corp.

28,516

7,064,269

Charles

River

Laboratories

International,

Inc.*

36,759

8,324,075

Medpace

Holdings,

Inc.*

20,129

2,249,416

PRA

Health

Sciences,

Inc.*(a)

47,423

4,810,589

Repligen

Corp.*

36,121

5,329,292

Syneos

Health,

Inc.*

51,613

2,743,747

30,521,388

Machinery

4.8%

AGCO

Corp.

45,370

3,369,630

Common

Stocks

Shares

Value

($)

Machinery

Colfax

Corp.*(a)

74,413

2,333,592

Crane

Co.

36,489

1,829,194

Donaldson

Co.,

Inc.

93,240

4,328,201

Graco

,

Inc.

123,082

7,551,081

ITT,

Inc.

63,845

3,770,047

Kennametal,

Inc.(a)

61,380

1,776,337

Lincoln

Electric

Holdings,

Inc.

43,879

4,038,623

Middleby

Corp.

(The)*(a)

41,071

3,684,479

Nordson

Corp.

39,911

7,655,728

Oshkosh

Corp.

50,306

3,697,491

Terex

Corp.

51,186

990,961

Timken

Co.

(The)

49,976

2,709,699

Toro

Co.

(The)

79,177

6,646,909

Trinity

Industries,

Inc.(a)

66,006

1,287,117

Woodward,

Inc.

42,916

3,440,146

59,109,235

Marine

0.1%

Kirby

Corp.*

44,448

1,607,684

Media

1.3%

AMC

Networks,

Inc.,

Class

A*

30,808

761,266

Cable

One,

Inc.

4,008

7,556,803

John

Wiley

&

Sons,

Inc.,

Class

A

32,190

1,020,745

New

York

Times

Co.

(The),

Class

A

106,612

4,561,927

TEGNA,

Inc.

161,542

1,898,119

15,798,860

Metals

&

Mining

1.6%

Commercial

Metals

Co.

88,213

1,762,496

Compass

Minerals

International,

Inc.

25,095

1,489,388

Reliance

Steel

&

Aluminum

Co.

47,049

4,800,880

Royal

Gold,

Inc.

48,478

5,825,602

Steel

Dynamics,

Inc.

148,121

4,240,704

United

States

Steel

Corp.(a)

162,103

1,189,836

Worthington

Industries,

Inc.

27,113

1,105,668

20,414,574

Multiline

Retail

0.5%

Kohl's

Corp.(a)

116,597

2,160,543

Nordstrom,

Inc.(a)

79,658

949,523

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

42,277

3,692,896

6,802,962

Multi-Utilities

0.6%

Black

Hills

Corp.

46,376

2,480,652

MDU

Resources

Group,

Inc.

148,254

3,335,715

NorthWestern

Corp.

37,333

1,815,877

7,632,244

Oil,

Gas

&

Consumable

Fuels

1.0%

Antero

Midstream

Corp.(a)

207,253

1,112,949

Cimarex

Energy

Co.

75,829

1,844,920

CNX

Resources

Corp.*

165,891

1,566,011

EQT

Corp.

188,968

2,443,356

Equitrans

Midstream

Corp.

300,534

2,542,518

Murphy

Oil

Corp.(a)

108,076

964,038

World

Fuel

Services

Corp.

46,492

985,165

80

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

WPX

Energy,

Inc.*

302,539

1,482,441

12,941,398

Paper

&

Forest

Products

0.3%

Domtar

Corp.

40,172

1,055,318

Louisiana-Pacific

Corp.

82,935

2,447,412

3,502,730

Personal

Products

0.3%

Coty,

Inc.,

Class

A

209,183

564,794

Edgewell

Personal

Care

Co.*

40,166

1,119,828

Nu

Skin

Enterprises,

Inc.,

Class

A

38,359

1,921,402

3,606,024

Pharmaceuticals

0.8%

Jazz

Pharmaceuticals

plc*

40,953

5,839,488

Nektar

Therapeutics*(a)

131,601

2,183,261

Prestige

Consumer

Healthcare,

Inc.*

37,044

1,349,142

9,371,891

Professional

Services

1.1%

ASGN,

Inc.*

38,800

2,466,128

CoreLogic

,

Inc.

58,680

3,970,875

FTI

Consulting,

Inc.*

27,007

2,861,932

Insperity

,

Inc.

26,936

1,764,039

ManpowerGroup

,

Inc.

42,903

3,146,077

14,209,051

Real

Estate

Management

&

Development

0.3%

Jones

Lang

LaSalle,

Inc.

38,166

3,650,960

Road

&

Rail

1.0%

Avis

Budget

Group,

Inc.*(a)

37,966

999,265

Knight-Swift

Transportation

Holdings,

Inc.

93,171

3,792,060

Landstar

System,

Inc.

28,335

3,555,759

Ryder

System,

Inc.

39,752

1,679,124

Werner

Enterprises,

Inc.

43,345

1,820,057

11,846,265

Semiconductors

&

Semiconductor

Equipment

4.7%

Cabot

Microelectronics

Corp.

21,474

3,066,702

Cirrus

Logic,

Inc.*

43,136

2,909,523

Cree,

Inc.*(a)

81,110

5,169,952

Enphase

Energy,

Inc.*(a)

93,150

7,693,259

First

Solar,

Inc.*

62,621

4,145,510

MKS

Instruments,

Inc.

40,949

4,472,859

Monolithic

Power

Systems,

Inc.

31,216

8,728,306

Semtech

Corp.*

48,157

2,550,395

Silicon

Laboratories,

Inc.*

32,284

3,158,989

SolarEdge

Technologies,

Inc.*(a)

37,058

8,832,774

Synaptics

,

Inc.*(a)

25,149

2,022,483

Universal

Display

Corp.

31,695

5,728,554

58,479,306

Software

3.9%

ACI

Worldwide,

Inc.*

85,716

2,239,759

Blackbaud

,

Inc.(a)

36,692

2,048,514

CDK

Global,

Inc.

89,804

3,914,556

Ceridian

HCM

Holding,

Inc.*

95,980

7,932,747

Common

Stocks

Shares

Value

($)

Software

CommVault

Systems,

Inc.*

34,289

1,398,991

Fair

Isaac

Corp.*

21,428

9,115,043

J2

Global,

Inc.*(a)

32,917

2,278,515

Manhattan

Associates,

Inc.*

46,926

4,480,964

Paylocity

Holding

Corp.*

27,464

4,433,239

PTC,

Inc.*

77,427

6,404,762

Qualys

,

Inc.*

25,189

2,468,774

Teradata

Corp.*

80,222

1,821,039

48,536,903

Specialty

Retail

2.8%

Aaron's,

Inc.

49,937

2,828,931

American

Eagle

Outfitters,

Inc.

(a)

110,355

1,634,358

AutoNation,

Inc.*

43,291

2,291,393

Dick's

Sporting

Goods,

Inc.

48,146

2,786,691

Five

Below,

Inc.*(a)

41,184

5,230,368

Foot

Locker,

Inc.

77,002

2,543,376

Lithia

Motors,

Inc.,

Class

A

16,600

3,783,804

Murphy

USA,

Inc.*(a)

19,944

2,558,217

Restoration

Hardware

Holdings,

Inc.*(a)

11,421

4,369,903

Sally

Beauty

Holdings,

Inc.*(a)

83,473

725,380

Urban

Outfitters,

Inc.*(a)

50,693

1,054,921

Williams-Sonoma,

Inc.

57,460

5,196,682

35,004,024

Technology

Hardware,

Storage

&

Peripherals

0.2%

NCR

Corp.*(a)

94,534

2,092,983

Textiles,

Apparel

&

Luxury

Goods

1.0%

Carter's,

Inc.(a)

32,212

2,788,915

Columbia

Sportswear

Co.(a)

22,546

1,961,051

Deckers

Outdoor

Corp.*

20,684

4,550,687

Skechers

U.S.A.,

Inc.,

Class

A*

100,644

3,041,462

12,342,115

Thrifts

&

Mortgage

Finance

0.6%

Essent

Group

Ltd.

83,112

3,075,975

New

York

Community

Bancorp,

Inc.

342,788

2,834,857

Washington

Federal,

Inc.

56,006

1,168,285

7,079,117

Trading

Companies

&

Distributors

0.9%

GATX

Corp.(a)

25,810

1,645,388

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

33,575

2,124,626

Univar

Solutions,

Inc.*

124,999

2,109,983

Watsco

,

Inc.(a)

24,197

5,635,239

11,515,236

Water

Utilities

0.5%

Essential

Utilities,

Inc.

164,739

6,630,745

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.

74,346

1,370,940

Total

Common

Stocks

(cost

$1,032,648,004)

1,221,778,954

NVIT

Mid

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

81

Repurchase

Agreements

2.8%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,252,020,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$3,317,052.

(b)

3,252,012

3,252,012

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$15,000,205,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$15,300,045.(b)

15,000,000

15,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$15,000,025,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$15,300,014.(b)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$34,252,012)

34,252,012

Total

Investments

(cost

$1,066,900,016)

—

101.1%

1,256,030,966

Liabilities

in

excess

of

other

assets

—

(1.1)%

(14,065,349)

NET

ASSETS

—

100.0%

$

1,241,965,617

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$114,942,771,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,252,012

and

by

$82,641,211

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$116,893,223.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$34,252,012.

REIT

Real

Estate

Investment

Trust

82

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Futures

contracts

outstanding

as

of

September

30,

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

109

12/2020

USD

20,229,310

84,644

84,644

At

September

30,

2020,

the

Fund

had

$1,623,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

83

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

84

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,221,778,954

$

–

$

–

$

1,221,778,954

Futures

Contracts

84,644

–

–

84,644

Repurchase

Agreements

–

34,252,012

–

34,252,012

Total

$

1,221,863,598

$

34,252,012

$

–

$

1,256,115,610

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

84,644

Total

$

84,644

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.

NVIT

S&P

500

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

77,180

12,754,767

General

Dynamics

Corp.

33,860

4,687,240

Howmet

Aerospace,

Inc.

55,924

935,049

Huntington

Ingalls

Industries,

Inc.

5,977

841,263

L3Harris

Technologies,

Inc.

31,457

5,342,657

Lockheed

Martin

Corp.

35,597

13,643,618

Northrop

Grumman

Corp.

22,592

7,127,550

Raytheon

Technologies

Corp.

221,998

12,773,765

Teledyne

Technologies,

Inc.*

5,401

1,675,444

Textron,

Inc.

33,173

1,197,213

TransDigm

Group,

Inc.(a)

7,880

3,743,946

64,722,512

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

(a)

19,616

2,004,559

Expeditors

International

of

Washington,

Inc.

24,252

2,195,291

FedEx

Corp.

35,025

8,809,488

United

Parcel

Service,

Inc.,

Class

B

102,607

17,097,404

30,106,742

Airlines

0.2%

Alaska

Air

Group,

Inc.

19,688

721,172

American

Airlines

Group,

Inc.

(a)

73,542

903,831

Delta

Air

Lines,

Inc.

92,254

2,821,127

Southwest

Airlines

Co.(a)

85,524

3,207,150

United

Airlines

Holdings,

Inc.*(a)

41,907

1,456,268

9,109,548

Auto

Components

0.1%

Aptiv

plc

39,669

3,636,854

BorgWarner,

Inc.(a)

28,874

1,118,579

4,755,433

Automobiles

0.2%

Ford

Motor

Co.

569,224

3,791,032

General

Motors

Co.

183,517

5,430,268

9,221,300

Banks

3.3%

Bank

of

America

Corp.

1,109,605

26,730,385

Citigroup,

Inc.

303,369

13,078,238

Citizens

Financial

Group,

Inc.

61,917

1,565,262

Comerica,

Inc.

20,065

767,486

Fifth

Third

Bancorp

103,742

2,211,780

First

Republic

Bank

24,987

2,725,082

Huntington

Bancshares,

Inc.

150,620

1,381,185

JPMorgan

Chase

&

Co.

442,579

42,607,080

KeyCorp

141,786

1,691,507

M&T

Bank

Corp.

18,692

1,721,346

People's

United

Financial,

Inc.

60,897

627,848

PNC

Financial

Services

Group,

Inc.

(The)

61,825

6,795,186

Regions

Financial

Corp.

139,458

1,607,951

SVB

Financial

Group*

7,507

1,806,334

Truist

Financial

Corp.

196,358

7,471,422

US

Bancorp

199,747

7,160,930

Wells

Fargo

&

Co.

597,979

14,058,486

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA(a)

23,711

692,835

134,700,343

Beverages

1.7%

Brown-Forman

Corp.,

Class

B

26,575

2,001,629

Coca-Cola

Co.

(The)

560,471

27,670,453

Constellation

Brands,

Inc.,

Class

A

24,475

4,638,257

Molson

Coors

Beverage

Co.,

Class

B

27,404

919,678

Monster

Beverage

Corp.*

54,479

4,369,216

PepsiCo,

Inc.

201,009

27,859,848

67,459,081

Biotechnology

2.1%

AbbVie,

Inc.

256,815

22,494,426

Alexion

Pharmaceuticals,

Inc.*

32,180

3,682,357

Amgen,

Inc.

85,127

21,635,878

Biogen,

Inc.*

23,004

6,525,775

Gilead

Sciences,

Inc.

182,738

11,547,214

Incyte

Corp.*

26,291

2,359,354

Regeneron

Pharmaceuticals,

Inc.*

15,179

8,496,901

Vertex

Pharmaceuticals,

Inc.*

37,783

10,281,510

87,023,415

Building

Products

0.5%

A

O

Smith

Corp.

19,687

1,039,474

Allegion

plc(a)

13,439

1,329,251

Carrier

Global

Corp.

118,647

3,623,479

Fortune

Brands

Home

&

Security,

Inc.

20,358

1,761,374

Johnson

Controls

International

plc

108,398

4,428,058

Masco

Corp.

38,435

2,118,922

Trane

Technologies

plc

34,858

4,226,533

18,527,091

Capital

Markets

2.5%

Ameriprise

Financial,

Inc.

17,827

2,747,319

Bank

of

New

York

Mellon

Corp.

(The)

117,417

4,032,100

BlackRock,

Inc.

20,615

11,617,583

Cboe

Global

Markets,

Inc.

15,978

1,401,910

Charles

Schwab

Corp.

(The)

(a)

166,970

6,049,323

CME

Group,

Inc.

52,254

8,742,617

E*TRADE

Financial

Corp.

32,196

1,611,410

Franklin

Resources,

Inc.(a)

40,420

822,547

Goldman

Sachs

Group,

Inc.

(The)

49,857

10,019,761

Intercontinental

Exchange,

Inc.

81,484

8,152,474

Invesco

Ltd.(a)

54,835

625,667

MarketAxess

Holdings,

Inc.

5,524

2,660,303

Moody's

Corp.

23,498

6,810,895

Morgan

Stanley

174,504

8,437,268

MSCI,

Inc.

12,389

4,420,147

Nasdaq,

Inc.

16,736

2,053,675

Northern

Trust

Corp.

30,318

2,363,895

Raymond

James

Financial,

Inc.

17,772

1,293,091

S&P

Global,

Inc.

35,105

12,658,863

86

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

State

Street

Corp.

51,288

3,042,917

T.

Rowe

Price

Group,

Inc.

33,159

4,251,647

103,815,412

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

32,184

9,586,326

Albemarle

Corp.(a)

15,493

1,383,215

Celanese

Corp.

17,489

1,879,193

CF

Industries

Holdings,

Inc.

31,155

956,770

Corteva

,

Inc.

109,055

3,141,875

Dow,

Inc.

107,942

5,078,671

DuPont

de

Nemours,

Inc.

106,932

5,932,587

Eastman

Chemical

Co.

19,803

1,547,010

Ecolab,

Inc.

36,037

7,201,634

FMC

Corp.

18,863

1,997,780

International

Flavors

&

Fragrances,

Inc.

15,571

1,906,669

Linde

plc

76,532

18,224,565

LyondellBasell

Industries

NV,

Class

A

37,444

2,639,428

Mosaic

Co.

(The)

50,814

928,372

PPG

Industries,

Inc.

34,380

4,197,111

Sherwin-Williams

Co.

(The)

11,776

8,204,810

74,806,016

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

12,719

4,233,265

Copart

,

Inc.*

30,107

3,166,052

Republic

Services,

Inc.

30,615

2,857,910

Rollins,

Inc.(a)

20,538

1,112,954

Waste

Management,

Inc.

56,579

6,403,046

17,773,227

Communications

Equipment

0.8%

Arista

Networks,

Inc.*(a)

7,833

1,620,883

Cisco

Systems,

Inc.

614,464

24,203,737

F5

Networks,

Inc.*

8,844

1,085,778

Juniper

Networks,

Inc.

48,286

1,038,149

Motorola

Solutions,

Inc.

24,783

3,886,222

31,834,769

Construction

&

Engineering

0.1%

Jacobs

Engineering

Group,

Inc.

18,959

1,758,826

Quanta

Services,

Inc.

20,058

1,060,266

2,819,092

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

(a)

9,043

2,128,361

Vulcan

Materials

Co.

19,299

2,615,786

4,744,147

Consumer

Finance

0.5%

American

Express

Co.

94,816

9,505,304

Capital

One

Financial

Corp.(a)

66,349

4,767,839

Discover

Financial

Services(a)

44,635

2,579,010

Synchrony

Financial

78,255

2,047,934

18,900,087

Containers

&

Packaging

0.4%

Amcor

plc

229,433

2,535,235

Avery

Dennison

Corp.

12,088

1,545,330

Ball

Corp.

47,506

3,948,699

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

International

Paper

Co.(a)

57,484

2,330,401

Packaging

Corp.

of

America

13,821

1,507,180

Sealed

Air

Corp.

22,683

880,327

Westrock

Co.

37,780

1,312,477

14,059,649

Distributors

0.1%

Genuine

Parts

Co.

20,927

1,991,623

LKQ

Corp.*

39,791

1,103,404

3,095,027

Diversified

Financial

Services

1.5%

Berkshire

Hathaway,

Inc.,

Class

B*

288,099

61,347,801

Diversified

Telecommunication

Services

1.6%

AT&T,

Inc.

1,033,356

29,460,980

CenturyLink,

Inc.(a)

143,939

1,452,344

Verizon

Communications,

Inc.

600,637

35,731,895

66,645,219

Electric

Utilities

1.8%

Alliant

Energy

Corp.

36,396

1,879,853

American

Electric

Power

Co.,

Inc.

72,218

5,902,377

Duke

Energy

Corp.(a)

107,086

9,483,536

Edison

International

55,075

2,800,013

Entergy

Corp.

29,168

2,873,923

Evergy

,

Inc.

33,041

1,679,144

Eversource

Energy

49,028

4,096,289

Exelon

Corp.

141,994

5,077,706

FirstEnergy

Corp.

78,946

2,266,540

NextEra

Energy,

Inc.

71,324

19,796,689

NRG

Energy,

Inc.

36,063

1,108,577

Pinnacle

West

Capital

Corp.

16,393

1,222,098

PPL

Corp.

112,027

3,048,255

Southern

Co.

(The)

153,878

8,343,265

Xcel

Energy,

Inc.

76,509

5,279,886

74,858,151

Electrical

Equipment

0.5%

AMETEK,

Inc.

33,434

3,323,339

Eaton

Corp.

plc

58,289

5,947,227

Emerson

Electric

Co.(a)

87,066

5,708,918

Rockwell

Automation,

Inc.(a)

16,878

3,724,637

18,704,121

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol

Corp.,

Class

A

43,119

4,668,494

CDW

Corp.

20,739

2,478,933

Corning,

Inc.(a)

110,604

3,584,675

FLIR

Systems,

Inc.

19,067

683,552

IPG

Photonics

Corp.*

5,177

879,935

Keysight

Technologies,

Inc.*(a)

27,256

2,692,348

TE

Connectivity

Ltd.

48,067

4,698,068

Zebra

Technologies

Corp.,

Class

A*

7,737

1,953,283

21,639,288

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.(a)

95,454

1,268,584

Halliburton

Co.

127,840

1,540,472

National

Oilwell

Varco,

Inc.

55,858

506,073

Schlumberger

NV

202,237

3,146,808

NVIT

S&P

500

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

TechnipFMC

plc

64,291

405,676

6,867,613

Entertainment

2.0%

Activision

Blizzard,

Inc.

112,278

9,088,904

Electronic

Arts,

Inc.*

42,069

5,486,218

Live

Nation

Entertainment,

Inc.*(a)

20,703

1,115,478

Netflix,

Inc.*

64,090

32,046,923

Take-Two

Interactive

Software,

Inc.*

16,604

2,743,313

Walt

Disney

Co.

(The)

263,216

32,659,841

83,140,677

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Alexandria

Real

Estate

Equities,

Inc.

16,986

2,717,760

American

Tower

Corp.

64,600

15,615,758

Apartment

Investment

&

Management

Co.,

Class

A

21,481

724,339

AvalonBay

Communities,

Inc.

20,508

3,062,665

Boston

Properties,

Inc.

20,973

1,684,132

Crown

Castle

International

Corp.

60,731

10,111,711

Digital

Realty

Trust,

Inc.

39,100

5,738,316

Duke

Realty

Corp.

53,682

1,980,866

Equinix

,

Inc.

12,899

9,804,917

Equity

Residential

48,427

2,485,758

Essex

Property

Trust,

Inc.

9,533

1,914,131

Extra

Space

Storage,

Inc.

18,811

2,012,589

Federal

Realty

Investment

Trust

10,224

750,850

Healthpeak

Properties,

Inc.

78,439

2,129,619

Host

Hotels

&

Resorts,

Inc.

104,401

1,126,487

Iron

Mountain,

Inc.

41,951

1,123,867

Kimco

Realty

Corp.

65,347

735,807

Mid-America

Apartment

Communities,

Inc.

16,664

1,932,191

Prologis,

Inc.

107,629

10,829,630

Public

Storage

21,905

4,878,682

Realty

Income

Corp.

50,044

3,040,173

Regency

Centers

Corp.

21,238

807,469

SBA

Communications

Corp.

16,266

5,180,396

Simon

Property

Group,

Inc.

44,555

2,881,817

SL

Green

Realty

Corp.

10,998

509,977

UDR,

Inc.

42,972

1,401,317

Ventas,

Inc.

54,366

2,281,197

Vornado

Realty

Trust

23,114

779,173

Welltower

,

Inc.

60,837

3,351,510

Weyerhaeuser

Co.

108,740

3,101,265

104,694,369

Food

&

Staples

Retailing

1.6%

Costco

Wholesale

Corp.

64,341

22,841,055

Kroger

Co.

(The)(a)

114,566

3,884,933

Sysco

Corp.

73,972

4,602,538

Walgreens

Boots

Alliance,

Inc.

103,312

3,710,967

Walmart,

Inc.

201,824

28,237,196

63,276,689

Food

Products

1.1%

Archer-Daniels-Midland

Co.

80,949

3,763,319

Common

Stocks

Shares

Value

($)

Food

Products

Campbell

Soup

Co.(a)

29,032

1,404,278

Conagra

Brands,

Inc.

70,979

2,534,660

General

Mills,

Inc.

88,329

5,448,133

Hershey

Co.

(The)

21,479

3,078,800

Hormel

Foods

Corp.(a)

40,840

1,996,668

J

M

Smucker

Co.

(The)

16,770

1,937,270

Kellogg

Co.

36,453

2,354,499

Kraft

Heinz

Co.

(The)

95,293

2,854,025

Lamb

Weston

Holdings,

Inc.

21,281

1,410,292

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

18,017

3,497,100

Mondelez

International,

Inc.,

Class

A

208,015

11,950,462

Tyson

Foods,

Inc.,

Class

A

42,888

2,550,978

44,780,484

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

17,824

1,703,796

Health

Care

Equipment

&

Supplies

3.9%

Abbott

Laboratories

257,763

28,052,347

ABIOMED,

Inc.*

6,551

1,815,020

Align

Technology,

Inc.*

10,445

3,419,275

Baxter

International,

Inc.

74,149

5,963,063

Becton

Dickinson

and

Co.

42,098

9,795,363

Boston

Scientific

Corp.*

208,194

7,955,093

Cooper

Cos.,

Inc.

(The)

7,160

2,413,779

Danaher

Corp.

91,696

19,744,900

DENTSPLY

SIRONA,

Inc.

32,358

1,415,015

DexCom

,

Inc.*

13,906

5,732,470

Edwards

Lifesciences

Corp.*

90,300

7,207,746

Hologic

,

Inc.*

37,627

2,501,067

IDEXX

Laboratories,

Inc.*

12,377

4,865,523

Intuitive

Surgical,

Inc.*

16,994

12,057,923

Medtronic

plc

195,426

20,308,670

ResMed

,

Inc.

21,082

3,614,087

STERIS

plc(a)

12,379

2,181,056

Stryker

Corp.

47,655

9,929,872

Teleflex,

Inc.

6,765

2,302,941

Varian

Medical

Systems,

Inc.*

13,242

2,277,624

West

Pharmaceutical

Services,

Inc.

10,726

2,948,577

Zimmer

Biomet

Holdings,

Inc.

30,136

4,102,715

160,604,126

Health

Care

Providers

&

Services

2.6%

AmerisourceBergen

Corp.

21,638

2,097,155

Anthem,

Inc.

36,740

9,867,997

Cardinal

Health,

Inc.

42,549

1,997,675

Centene

Corp.*

84,393

4,922,644

Cigna

Corp.

52,907

8,962,975

CVS

Health

Corp.

190,474

11,123,682

DaVita,

Inc.*(a)

11,030

944,719

HCA

Healthcare,

Inc.

38,375

4,784,595

Henry

Schein,

Inc.*

21,100

1,240,258

Humana,

Inc.

19,266

7,974,005

Laboratory

Corp.

of

America

Holdings*

14,164

2,666,656

McKesson

Corp.

23,586

3,512,663

Quest

Diagnostics,

Inc.

19,488

2,231,181

UnitedHealth

Group,

Inc.

138,201

43,086,926

88

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Universal

Health

Services,

Inc.,

Class

B

11,551

1,236,188

106,649,319

Health

Care

Technology

0.1%

Cerner

Corp.

44,351

3,206,134

Hotels,

Restaurants

&

Leisure

1.6%

Carnival

Corp.(a)

70,586

1,071,495

Chipotle

Mexican

Grill,

Inc.*

4,050

5,037,026

Darden

Restaurants,

Inc.

18,844

1,898,345

Domino's

Pizza,

Inc.

5,700

2,424,096

Hilton

Worldwide

Holdings,

Inc.

40,404

3,447,269

Las

Vegas

Sands

Corp.

48,969

2,284,894

Marriott

International,

Inc.,

Class

A

39,219

3,630,895

McDonald's

Corp.

108,354

23,782,619

MGM

Resorts

International(a)

59,265

1,289,014

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

38,332

655,861

Royal

Caribbean

Cruises

Ltd.

(a)

24,879

1,610,418

Starbucks

Corp.

170,220

14,625,302

Wynn

Resorts

Ltd.

14,147

1,015,896

Yum!

Brands,

Inc.

43,861

4,004,509

66,777,639

Household

Durables

0.4%

DR

Horton,

Inc.

48,208

3,645,971

Garmin

Ltd.

21,155

2,006,763

Leggett

&

Platt,

Inc.(a)

19,045

784,083

Lennar

Corp.,

Class

A

40,018

3,268,670

Mohawk

Industries,

Inc.*

8,669

846,008

Newell

Brands,

Inc.

55,621

954,456

NVR,

Inc.*

504

2,057,892

PulteGroup,

Inc.

39,726

1,838,917

Whirlpool

Corp.

8,999

1,654,826

17,057,586

Household

Products

1.8%

Church

&

Dwight

Co.,

Inc.

35,832

3,357,817

Clorox

Co.

(The)

18,230

3,831,399

Colgate-Palmolive

Co.

124,816

9,629,554

Kimberly-Clark

Corp.

49,626

7,327,775

Procter

&

Gamble

Co.

(The)

361,795

50,285,887

74,432,432

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

96,893

1,754,732

Industrial

Conglomerates

1.1%

3M

Co.(a)

83,820

13,426,288

General

Electric

Co.

1,274,659

7,941,125

Honeywell

International,

Inc.

101,424

16,695,405

Roper

Technologies,

Inc.

15,213

6,010,808

44,073,626

Insurance

1.8%

Aflac,

Inc.

96,509

3,508,102

Allstate

Corp.

(The)

45,774

4,309,164

American

International

Group,

Inc.

125,510

3,455,290

Common

Stocks

Shares

Value

($)

Insurance

Aon

plc,

Class

A(a)

33,675

6,947,153

Arthur

J

Gallagher

&

Co.

27,632

2,917,387

Assurant,

Inc.

8,581

1,040,961

Chubb

Ltd.

65,773

7,637,561

Cincinnati

Financial

Corp.(a)

22,218

1,732,337

Everest

Re

Group

Ltd.

5,868

1,159,165

Globe

Life,

Inc.

14,270

1,140,173

Hartford

Financial

Services

Group,

Inc.

(The)

52,180

1,923,355

Lincoln

National

Corp.

24,256

759,940

Loews

Corp.

35,269

1,225,598

Marsh

&

McLennan

Cos.,

Inc.

(a)

73,143

8,389,502

MetLife,

Inc.

112,419

4,178,614

Principal

Financial

Group,

Inc.

36,965

1,488,581

Progressive

Corp.

(The)

85,292

8,074,594

Prudential

Financial,

Inc.

57,561

3,656,275

Travelers

Cos.,

Inc.

(The)

36,844

3,986,152

Unum

Group

29,643

498,892

W

R

Berkley

Corp.

20,575

1,258,161

Willis

Towers

Watson

plc

18,760

3,917,463

73,204,420

Interactive

Media

&

Services

5.5%

Alphabet,

Inc.,

Class

A*

43,724

64,081,894

Alphabet,

Inc.,

Class

C*

42,711

62,768,086

Facebook,

Inc.,

Class

A*

349,685

91,582,501

Twitter,

Inc.*

114,339

5,088,086

223,520,567

Internet

&

Direct

Marketing

Retail

5.2%

Amazon.com,

Inc.*

61,919

194,966,213

Booking

Holdings,

Inc.*

5,965

10,204,206

eBay,

Inc.

96,253

5,014,781

Etsy,

Inc.*

17,317

2,106,267

Expedia

Group,

Inc.

19,740

1,809,961

214,101,428

IT

Services

5.6%

Accenture

plc,

Class

A

92,830

20,978,652

Akamai

Technologies,

Inc.*

23,647

2,613,939

Automatic

Data

Processing,

Inc.

62,628

8,735,980

Broadridge

Financial

Solutions,

Inc.

16,732

2,208,624

Cognizant

Technology

Solutions

Corp.,

Class

A

78,775

5,468,561

DXC

Technology

Co.

36,630

653,846

Fidelity

National

Information

Services,

Inc.

90,033

13,253,758

Fiserv,

Inc.*

80,524

8,297,998

FleetCor

Technologies,

Inc.*(a)

12,212

2,907,677

Gartner,

Inc.*

12,995

1,623,725

Global

Payments,

Inc.

43,587

7,740,179

International

Business

Machines

Corp.

129,387

15,742,516

Jack

Henry

&

Associates,

Inc.

(a)

11,165

1,815,317

Leidos

Holdings,

Inc.

19,366

1,726,479

Mastercard

,

Inc.,

Class

A

128,369

43,410,545

Paychex,

Inc.(a)

46,523

3,711,140

NVIT

S&P

500

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

IT

Services

PayPal

Holdings,

Inc.*

170,332

33,560,514

VeriSign,

Inc.*

14,816

3,035,058

Visa,

Inc.,

Class

A(a)

245,154

49,023,445

Western

Union

Co.

(The)(a)

60,830

1,303,587

227,811,540

Leisure

Products

0.0%

†

Hasbro,

Inc.

18,568

1,535,945

Life

Sciences

Tools

&

Services

1.2%

Agilent

Technologies,

Inc.

44,996

4,541,896

Bio-Rad

Laboratories,

Inc.,

Class

A*

3,095

1,595,349

Illumina,

Inc.*

21,421

6,620,803

IQVIA

Holdings,

Inc.*

27,743

4,373,129

Mettler

-Toledo

International,

Inc.*

3,484

3,364,673

PerkinElmer,

Inc.

16,232

2,037,278

Thermo

Fisher

Scientific,

Inc.

57,554

25,411,242

Waters

Corp.*

9,022

1,765,425

49,709,795

Machinery

1.6%

Caterpillar,

Inc.

78,871

11,763,610

Cummins,

Inc.

21,498

4,539,518

Deere

&

Co.

45,591

10,104,333

Dover

Corp.

20,976

2,272,540

Flowserve

Corp.(a)

18,962

517,473

Fortive

Corp.

48,624

3,705,635

IDEX

Corp.

10,986

2,003,956

Illinois

Tool

Works,

Inc.

41,895

8,094,533

Ingersoll

Rand,

Inc.*(a)

54,336

1,934,362

Otis

Worldwide

Corp.

59,323

3,702,942

PACCAR,

Inc.

50,381

4,296,492

Parker-Hannifin

Corp.

18,706

3,784,972

Pentair

plc

24,150

1,105,345

Snap-on,

Inc.

7,874

1,158,502

Stanley

Black

&

Decker,

Inc.

23,341

3,785,910

Westinghouse

Air

Brake

Technologies

Corp.(a)

26,398

1,633,508

Xylem,

Inc.(a)

26,361

2,217,487

66,621,118

Media

1.3%

Charter

Communications,

Inc.,

Class

A*(a)

21,733

13,568,781

Comcast

Corp.,

Class

A(a)

663,730

30,704,150

Discovery,

Inc.,

Class

A*(a)

20,043

436,336

Discovery,

Inc.,

Class

C*

46,100

903,560

DISH

Network

Corp.,

Class

A*

37,473

1,087,841

Fox

Corp.,

Class

A

50,678

1,410,369

Fox

Corp.,

Class

B

20,128

562,980

Interpublic

Group

of

Cos.,

Inc.

(The)

56,776

946,456

News

Corp.,

Class

A

56,666

794,457

News

Corp.,

Class

B

19,208

268,528

Omnicom

Group,

Inc.

31,102

1,539,549

ViacomCBS

,

Inc.(a)

83,537

2,339,872

54,562,879

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

211,587

3,309,221

Newmont

Corp.

116,956

7,420,858

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Nucor

Corp.

43,608

1,956,255

12,686,334

Multiline

Retail

0.5%

Dollar

General

Corp.

35,975

7,541,079

Dollar

Tree,

Inc.*

34,570

3,157,624

Target

Corp.

72,864

11,470,251

22,168,954

Multi-Utilities

0.9%

Ameren

Corp.

35,978

2,845,140

CenterPoint

Energy,

Inc.

79,375

1,535,906

CMS

Energy

Corp.

41,709

2,561,350

Consolidated

Edison,

Inc.

48,687

3,787,849

Dominion

Energy,

Inc.

122,299

9,653,060

DTE

Energy

Co.

28,068

3,228,943

NiSource,

Inc.

55,683

1,225,026

Public

Service

Enterprise

Group,

Inc.

73,682

4,045,879

Sempra

Energy(a)

41,409

4,901,169

WEC

Energy

Group,

Inc.

45,966

4,454,105

38,238,427

Oil,

Gas

&

Consumable

Fuels

1.9%

Apache

Corp.

55,000

520,850

Cabot

Oil

&

Gas

Corp.

58,005

1,006,967

Chevron

Corp.

272,063

19,588,536

Concho

Resources,

Inc.

28,664

1,264,656

ConocoPhillips

156,278

5,132,169

Devon

Energy

Corp.

55,768

527,565

Diamondback

Energy,

Inc.

22,702

683,784

EOG

Resources,

Inc.

84,818

3,048,359

Exxon

Mobil

Corp.

616,151

21,152,464

Hess

Corp.

38,044

1,557,141

HollyFrontier

Corp.

21,703

427,766

Kinder

Morgan,

Inc.

283,415

3,494,507

Marathon

Oil

Corp.

115,167

471,033

Marathon

Petroleum

Corp.

94,758

2,780,200

Noble

Energy,

Inc.

69,904

597,679

Occidental

Petroleum

Corp.

117,707

1,178,247

ONEOK,

Inc.

62,298

1,618,502

Phillips

66

63,634

3,298,787

Pioneer

Natural

Resources

Co.

24,024

2,065,824

Valero

Energy

Corp.(a)

59,411

2,573,684

Williams

Cos.,

Inc.

(The)

176,792

3,473,963

76,462,683

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

32,753

7,148,342

Pharmaceuticals

4.2%

Bristol-Myers

Squibb

Co.

327,318

19,734,002

Catalent

,

Inc.*

23,554

2,017,636

Eli

Lilly

&

Co.

115,406

17,082,396

Johnson

&

Johnson

382,713

56,978,311

Merck

&

Co.,

Inc.

367,821

30,510,752

Mylan

NV*

75,331

1,117,159

Perrigo

Co.

plc

19,864

911,956

Pfizer,

Inc.

809,471

29,707,586

90

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.

69,210

11,445,258

169,505,056

Professional

Services

0.3%

Equifax,

Inc.

17,689

2,775,404

IHS

Markit

Ltd.

54,181

4,253,750

Nielsen

Holdings

plc

51,947

736,609

Robert

Half

International,

Inc.

(a)

16,700

884,098

Verisk

Analytics,

Inc.

23,645

4,381,655

13,031,516

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

48,842

2,294,109

Road

&

Rail

1.1%

CSX

Corp.

111,547

8,663,855

JB

Hunt

Transport

Services,

Inc.

12,295

1,553,842

Kansas

City

Southern

13,847

2,503,953

Norfolk

Southern

Corp.

37,331

7,988,461

Old

Dominion

Freight

Line,

Inc.

13,750

2,487,650

Union

Pacific

Corp.

98,883

19,467,096

42,664,857

Semiconductors

&

Semiconductor

Equipment

5.0%

Advanced

Micro

Devices,

Inc.*

170,670

13,993,233

Analog

Devices,

Inc.(a)

53,688

6,267,537

Applied

Materials,

Inc.

133,553

7,939,726

Broadcom,

Inc.

58,650

21,367,368

Intel

Corp.

616,994

31,947,949

KLA

Corp.(a)

22,594

4,377,361

Lam

Research

Corp.(a)

21,154

7,017,839

Maxim

Integrated

Products,

Inc.

38,854

2,626,919

Microchip

Technology,

Inc.(a)

37,135

3,815,993

Micron

Technology,

Inc.*

162,072

7,610,901

NVIDIA

Corp.

89,640

48,514,961

Qorvo

,

Inc.*

16,665

2,149,952

QUALCOMM,

Inc.

163,929

19,291,165

Skyworks

Solutions,

Inc.

24,312

3,537,396

Teradyne,

Inc.

23,969

1,904,577

Texas

Instruments,

Inc.

132,721

18,951,232

Xilinx,

Inc.

35,434

3,693,640

205,007,749

Software

9.1%

Adobe,

Inc.*

69,846

34,254,574

ANSYS,

Inc.*

12,520

4,096,920

Autodesk,

Inc.*

31,942

7,378,921

Cadence

Design

Systems,

Inc.*

40,684

4,338,135

Citrix

Systems,

Inc.(a)

17,965

2,473,960

Fortinet,

Inc.*

19,552

2,303,421

Intuit,

Inc.

38,001

12,396,306

Microsoft

Corp.

1,100,816

231,534,629

NortonLifeLock

,

Inc.

85,726

1,786,530

Oracle

Corp.

281,378

16,798,267

Paycom

Software,

Inc.*

7,030

2,188,439

salesforce.com,

Inc.*

132,377

33,268,988

ServiceNow

,

Inc.*

27,790

13,478,150

Synopsys,

Inc.*

21,974

4,701,996

Common

Stocks

Shares

Value

($)

Software

Tyler

Technologies,

Inc.*

5,777

2,013,631

373,012,867

Specialty

Retail

2.5%

Advance

Auto

Parts,

Inc.

10,070

1,545,745

AutoZone,

Inc.*

3,402

4,006,331

Best

Buy

Co.,

Inc.

33,125

3,686,481

CarMax,

Inc.*(a)

23,716

2,179,738

Gap,

Inc.

(The)

33,086

563,455

Home

Depot,

Inc.

(The)

156,729

43,525,211

L

Brands,

Inc.

33,683

1,071,456

Lowe's

Cos.,

Inc.

110,022

18,248,249

O'Reilly

Automotive,

Inc.*

10,816

4,987,041

Ross

Stores,

Inc.

51,788

4,832,856

Tiffany

&

Co.

15,915

1,843,753

TJX

Cos.,

Inc.

(The)

174,559

9,714,208

Tractor

Supply

Co.

16,850

2,415,279

Ulta

Beauty,

Inc.*

8,206

1,837,980

100,457,783

Technology

Hardware,

Storage

&

Peripherals

6.9%

Apple,

Inc.

2,338,058

270,770,497

Hewlett

Packard

Enterprise

Co.

187,220

1,754,252

HP,

Inc.

200,010

3,798,190

NetApp,

Inc.

32,055

1,405,291

Seagate

Technology

plc

32,652

1,608,764

Western

Digital

Corp.

44,116

1,612,440

Xerox

Holdings

Corp.

26,686

500,896

281,450,330

Textiles,

Apparel

&

Luxury

Goods

0.7%

Hanesbrands,

Inc.(a)

50,717

798,793

NIKE,

Inc.,

Class

B

180,700

22,685,078

PVH

Corp.

10,337

616,499

Ralph

Lauren

Corp.

6,962

473,207

Tapestry,

Inc.

39,988

625,012

Under

Armour

,

Inc.,

Class

A*(a)

29,091

326,692

Under

Armour

,

Inc.,

Class

C*(a)

29,827

293,498

VF

Corp.

46,465

3,264,166

29,082,945

Tobacco

0.7%

Altria

Group,

Inc.

270,808

10,464,021

Philip

Morris

International,

Inc.

226,911

17,016,056

27,480,077

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

83,473

3,763,798

United

Rentals,

Inc.*(a)

10,499

1,832,075

WW

Grainger,

Inc.

6,277

2,239,445

7,835,318

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

26,379

3,821,789

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

84,846

9,702,989

Total

Common

Stocks

(cost

$1,733,219,548)

4,052,806,510

NVIT

S&P

500

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

91

Repurchase

Agreements

0.2%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$7,319,796,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$7,466,175.

(b)

7,319,780

7,319,780

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$2,040,002.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$9,319,780)

9,319,780

Total

Investments

(cost

$1,742,539,328)

—

99.3%

4,062,126,290

Other

assets

in

excess

of

liabilities

—

0.7%

27,398,816

NET

ASSETS

—

100.0%

$

4,089,525,106

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$189,890,139,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,319,780

and

by

$183,576,034

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$192,895,814.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$9,319,780.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

220

12/2020

USD

36,872,000

243,788

243,788

At

September

30,

2020,

the

Fund

had

$2,352,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

92

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

S&P

500

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

93

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,052,806,510

$

–

$

–

$

4,052,806,510

Futures

Contracts

243,788

–

–

243,788

Repurchase

Agreements

–

9,319,780

–

9,319,780

Total

$

4,053,050,298

$

9,319,780

$

–

$

4,062,370,078

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

243,788

Total

$

243,788

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

94

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

97.6%

Shares

Value

($)

Aerospace

&

Defense

0.9%

AAR

Corp.

5,798

109,002

Aerojet

Rocketdyne

Holdings,

Inc.*

13,166

525,192

AeroVironment

,

Inc.*

3,898

233,919

Astronics

Corp.*

4,709

36,354

Cubic

Corp.(a)

5,625

327,206

Ducommun,

Inc.*

2,127

70,021

Kaman

Corp.

4,836

188,459

Kratos

Defense

&

Security

Solutions,

Inc.*(a)

21,879

421,827

Maxar

Technologies,

Inc.(a)

10,900

271,846

Moog,

Inc.,

Class

A

5,294

336,328

National

Presto

Industries,

Inc.

967

79,159

PAE,

Inc.*(a)

10,096

85,816

Park

Aerospace

Corp.(a)

3,760

41,059

Parsons

Corp.*

4,156

139,392

Triumph

Group,

Inc.(a)

8,445

54,977

Vectrus

,

Inc.*

2,081

79,078

2,999,635

Air

Freight

&

Logistics

0.4%

Air

Transport

Services

Group,

Inc.*

10,649

266,864

Atlas

Air

Worldwide

Holdings,

Inc.*

4,713

287,022

Echo

Global

Logistics,

Inc.*

4,546

117,150

Forward

Air

Corp.

4,971

285,236

Hub

Group,

Inc.,

Class

A*

5,851

293,691

Radiant

Logistics,

Inc.*

6,586

33,852

1,283,815

Airlines

0.3%

Allegiant

Travel

Co.(a)

2,368

283,687

Hawaiian

Holdings,

Inc.(a)

8,335

107,438

Mesa

Air

Group,

Inc.*

5,941

17,526

SkyWest,

Inc.

8,681

259,215

Spirit

Airlines,

Inc.*(a)

16,204

260,884

928,750

Auto

Components

1.2%

Adient

plc*

16,164

280,122

American

Axle

&

Manufacturing

Holdings,

Inc.*

20,624

119,001

Cooper

Tire

&

Rubber

Co.

8,982

284,729

Cooper-Standard

Holdings,

Inc.*

3,501

46,248

Dana,

Inc.

25,942

319,605

Dorman

Products,

Inc.*

4,867

439,880

Fox

Factory

Holding

Corp.*(a)

7,442

553,164

Gentherm

,

Inc.*

5,932

242,619

Goodyear

Tire

&

Rubber

Co.

(The)

41,437

317,822

LCI

Industries

4,449

472,884

Modine

Manufacturing

Co.*

9,517

59,481

Motorcar

Parts

of

America,

Inc.*

3,544

55,145

Standard

Motor

Products,

Inc.

3,858

172,260

Stoneridge,

Inc.*

4,309

79,156

Tenneco,

Inc.,

Class

A*(a)

8,486

58,893

Visteon

Corp.*

5,041

348,938

Common

Stocks

Shares

Value

($)

Auto

Components

Workhorse

Group,

Inc.*(a)

16,983

429,330

XPEL,

Inc.

Reg.

S*

2,772

72,294

4,351,571

Automobiles

0.1%

Winnebago

Industries,

Inc.

5,561

287,337

Banks

6.9%

1st

Constitution

Bancorp(a)

2,162

25,728

1st

Source

Corp.

2,817

86,876

ACNB

Corp.

1,741

36,213

Allegiance

Bancshares,

Inc.(a)

3,172

74,130

Altabancorp

3,102

62,412

Amalgamated

Bank,

Class

A

2,311

24,450

Amerant

Bancorp,

Inc.*(a)

4,561

42,463

American

National

Bankshares

,

Inc.

1,983

41,484

Ameris

Bancorp

11,639

265,136

Ames

National

Corp.

1,939

32,750

Arrow

Financial

Corp.

2,527

63,392

Atlantic

Capital

Bancshares,

Inc.*

3,965

45,003

Atlantic

Union

Bankshares

Corp.

13,839

295,739

Auburn

National

Bancorp,

Inc.

518

18,783

Banc

of

California,

Inc.(a)

8,402

85,028

BancFirst

Corp.(a)

3,429

140,040

Bancorp,

Inc.

(The)*

8,814

76,153

BancorpSouth

Bank

17,624

341,553

Bank

First

Corp.(a)

1,148

67,388

Bank

of

Commerce

Holdings

2,924

20,380

Bank

of

Marin

Bancorp

2,384

69,041

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

9,156

203,996

Bank

of

Princeton

(The)(a)

1,312

23,839

Bank7

Corp.

666

6,260

BankFinancial

Corp.

2,483

17,927

BankUnited

,

Inc.(a)

17,136

375,450

Bankwell

Financial

Group,

Inc.

850

12,028

Banner

Corp.

5,471

176,494

Bar

Harbor

Bankshares

(a)

2,536

52,115

BayCom

Corp.*(a)

2,628

27,068

BCB

Bancorp,

Inc.(a)

2,763

22,104

Berkshire

Hills

Bancorp,

Inc.

8,451

85,440

Boston

Private

Financial

Holdings,

Inc.

14,139

78,047

Bridge

Bancorp,

Inc.

3,151

54,922

Brookline

Bancorp,

Inc.

13,344

115,359

Bryn

Mawr

Bank

Corp.

3,684

91,621

Business

First

Bancshares,

Inc.(a)

3,364

50,460

Byline

Bancorp,

Inc.

4,619

52,102

C&F

Financial

Corp.

640

19,008

Cadence

Bancorp

20,381

175,073

California

Bancorp,

Inc.*(a)

1,325

15,012

Cambridge

Bancorp

1,164

61,878

Camden

National

Corp.

2,777

83,935

Capital

Bancorp,

Inc.*

1,347

12,743

Capital

City

Bank

Group,

Inc.

2,494

46,862

Capstar

Financial

Holdings,

Inc.

2,858

28,037

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Banks

Carter

Bank

&

Trust

4,072

27,079

Cathay

General

Bancorp

13,871

300,723

CB

Financial

Services,

Inc.(a)

1,171

22,343

CBTX,

Inc.

2,743

44,821

Central

Pacific

Financial

Corp.

4,275

58,012

Central

Valley

Community

Bancorp

2,347

28,985

Century

Bancorp,

Inc.,

Class

A

493

32,410

Chemung

Financial

Corp.

604

17,438

ChoiceOne

Financial

Services,

Inc.(a)

1,292

33,618

CIT

Group,

Inc.

17,694

313,361

Citizens

&

Northern

Corp.

2,453

39,837

Citizens

Holding

Co.

994

22,285

City

Holding

Co.(a)

2,890

166,493

Civista

Bancshares,

Inc.

3,025

37,873

CNB

Financial

Corp.

2,659

39,539

Coastal

Financial

Corp.*

2,019

24,733

Codorus

Valley

Bancorp,

Inc.

(a)

1,676

21,956

Colony

Bankcorp

,

Inc.

1,873

20,135

Columbia

Banking

System,

Inc.

13,203

314,892

Community

Bank

System,

Inc.

9,501

517,424

Community

Bankers

Trust

Corp.

5,221

26,523

Community

Financial

Corp.

(The)

755

16,119

Community

Trust

Bancorp,

Inc.

2,950

83,367

ConnectOne

Bancorp,

Inc.

6,397

90,006

County

Bancorp,

Inc.(a)

1,066

20,041

CrossFirst

Bankshares

,

Inc.*(a)

8,929

77,593

Customers

Bancorp,

Inc.*

4,802

53,782

CVB

Financial

Corp.

23,734

394,696

Dime

Community

Bancshares,

Inc.

5,255

59,434

Eagle

Bancorp

Montana,

Inc.

(a)

1,525

26,871

Eagle

Bancorp,

Inc.

5,728

153,453

Enterprise

Bancorp,

Inc.

1,849

38,866

Enterprise

Financial

Services

Corp.

4,382

119,497

Equity

Bancshares,

Inc.,

Class

A*

2,895

44,873

Esquire

Financial

Holdings,

Inc.*

868

13,020

Evans

Bancorp,

Inc.

849

18,890

Farmers

&

Merchants

Bancorp,

Inc.

1,979

39,600

Farmers

National

Banc

Corp.

5,210

56,893

FB

Financial

Corp.

5,518

138,612

Fidelity

D&D

Bancorp,

Inc.(a)

835

40,673

Financial

Institutions,

Inc.

3,124

48,110

First

Bancorp,

Inc.

(The)

1,585

33,412

First

Bancorp/NC

5,338

111,724

First

Bancorp/PR

38,677

201,894

First

Bancshares,

Inc.

(The)

3,519

73,793

First

Bank

2,813

17,441

Common

Stocks

Shares

Value

($)

Banks

First

Busey

Corp.

9,593

152,433

First

Business

Financial

Services,

Inc.

1,460

20,863

First

Capital,

Inc.(a)

622

34,863

First

Choice

Bancorp(a)

2,316

30,780

First

Commonwealth

Financial

Corp.

14,809

114,622

First

Community

Bankshares

,

Inc.

2,844

51,334

First

Community

Corp.(a)

1,602

21,835

First

Financial

Bancorp

17,145

205,826

First

Financial

Bankshares

,

Inc.(a)

23,228

648,293

First

Financial

Corp.

2,270

71,278

First

Foundation,

Inc.

7,229

94,483

First

Guaranty

Bancshares,

Inc.

1,171

14,181

First

Internet

Bancorp

1,933

28,473

First

Interstate

BancSystem

,

Inc.,

Class

A

7,531

239,862

First

Merchants

Corp.

9,393

217,542

First

Mid

Bancshares,

Inc.

2,726

68,014

First

Midwest

Bancorp,

Inc.(a)

20,274

218,554

First

Northwest

Bancorp

1,044

10,336

First

of

Long

Island

Corp.

(The)

4,323

64,024

First

Savings

Financial

Group,

Inc.(a)

365

19,834

First

United

Corp.

1,582

18,525

First

Western

Financial,

Inc.*

1,162

15,048

Flushing

Financial

Corp.

4,471

47,035

FNCB

Bancorp,

Inc.

3,053

16,242

Franklin

Financial

Services

Corp.

746

15,949

Fulton

Financial

Corp.

28,579

266,642

FVCBankcorp

,

Inc.*

2,775

27,750

German

American

Bancorp,

Inc.

4,292

116,485

Glacier

Bancorp,

Inc.

17,240

552,542

Great

Southern

Bancorp,

Inc.

2,000

72,440

Great

Western

Bancorp,

Inc.

9,787

121,848

Guaranty

Bancshares,

Inc.

1,405

34,970

Hancock

Whitney

Corp.

15,455

290,709

Hanmi

Financial

Corp.

4,434

36,403

HarborOne

Bancorp,

Inc.(a)

9,424

76,052

Hawthorn

Bancshares,

Inc.

1,339

25,361

HBT

Financial,

Inc.

2,251

25,256

Heartland

Financial

USA,

Inc.

6,086

182,550

Heritage

Commerce

Corp.

11,535

76,765

Heritage

Financial

Corp.(a)

5,919

108,850

Hilltop

Holdings,

Inc.

12,935

266,202

Home

BancShares

,

Inc.

27,454

416,203

HomeTrust

Bancshares,

Inc.

2,460

33,407

Hope

Bancorp,

Inc.

21,019

159,429

Horizon

Bancorp,

Inc.

7,293

73,586

Howard

Bancorp,

Inc.*(a)

2,455

22,046

Independent

Bank

Corp./

MA(a)

6,046

316,689

Independent

Bank

Corp./MI

3,767

47,351

Independent

Bank

Group,

Inc.

6,672

294,769

96

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

International

Bancshares

Corp.

9,495

247,440

Investar

Holding

Corp.

1,779

22,807

Investors

Bancorp,

Inc.

41,491

301,225

Lakeland

Bancorp,

Inc.

9,006

89,610

Lakeland

Financial

Corp.(a)

4,485

184,782

Landmark

Bancorp,

Inc.

892

19,044

LCNB

Corp.

2,679

36,568

Level

One

Bancorp,

Inc.

959

14,960

Limestone

Bancorp,

Inc.*(a)

925

9,731

Live

Oak

Bancshares,

Inc.(a)

5,068

128,372

Macatawa

Bank

Corp.

4,756

31,057

Mackinac

Financial

Corp.

1,953

18,846

MainStreet

Bancshares,

Inc.*

1,133

13,868

Mercantile

Bank

Corp.

2,830

50,997

Meridian

Corp.(a)

913

14,727

Metrocity

Bankshares

,

Inc.(a)

2,678

35,269

Metropolitan

Bank

Holding

Corp.*

1,425

39,900

Mid

Penn

Bancorp,

Inc.

1,589

27,506

Middlefield

Banc

Corp.(a)

1,361

26,267

Midland

States

Bancorp,

Inc.

3,979

51,130

MidWestOne

Financial

Group,

Inc.

2,386

42,638

MVB

Financial

Corp.

2,211

35,310

National

Bank

Holdings

Corp.,

Class

A

5,315

139,519

National

Bankshares

,

Inc.(a)

1,366

34,601

NBT

Bancorp,

Inc.

7,692

206,299

Nicolet

Bankshares

,

Inc.*(a)

1,624

88,687

Northeast

Bank

1,084

19,946

Northrim

Bancorp,

Inc.

1,166

29,721

Norwood

Financial

Corp.(a)

1,310

31,859

Oak

Valley

Bancorp

1,717

19,677

OceanFirst

Financial

Corp.

11,035

151,069

OFG

Bancorp

9,279

115,616

Ohio

Valley

Banc

Corp.

831

17,168

Old

National

Bancorp(a)

27,950

351,052

Old

Second

Bancorp,

Inc.

5,718

42,856

Origin

Bancorp,

Inc.

3,772

80,570

Orrstown

Financial

Services,

Inc.

1,563

20,006

Pacific

Premier

Bancorp,

Inc.

14,401

290,036

Park

National

Corp.(a)

2,584

211,785

Parke

Bancorp,

Inc.

2,417

28,859

Partners

Bancorp

1,694

9,537

PCB

Bancorp

2,152

18,916

Peapack

-Gladstone

Financial

Corp.

2,960

44,844

Penns

Woods

Bancorp,

Inc.

1,298

25,765

Peoples

Bancorp

of

North

Carolina,

Inc.

776

11,974

Peoples

Bancorp,

Inc.

3,324

63,455

Peoples

Financial

Services

Corp.(a)

1,449

50,367

Plumas

Bancorp(a)

1,133

22,297

Preferred

Bank

2,537

81,488

Premier

Financial

Bancorp,

Inc.(a)

1,850

19,980

Professional

Holding

Corp.,

Class

A*

2,128

28,536

Common

Stocks

Shares

Value

($)

Banks

QCR

Holdings,

Inc.

2,513

68,881

RBB

Bancorp

2,959

33,555

Red

River

Bancshares,

Inc.

901

38,743

Reliant

Bancorp,

Inc.

3,209

46,531

Renasant

Corp.

9,671

219,725

Republic

Bancorp,

Inc.,

Class

A

1,580

44,493

Republic

First

Bancorp,

Inc.*

10,541

20,871

Richmond

Mutual

Bancorp,

Inc.(a)

1,715

18,145

S&T

Bancorp,

Inc.

6,754

119,478

Salisbury

Bancorp,

Inc.(a)

605

19,124

Sandy

Spring

Bancorp,

Inc.

8,186

188,933

SB

Financial

Group,

Inc.(a)

1,491

20,114

Seacoast

Banking

Corp.

of

Florida*

9,096

164,001

Select

Bancorp,

Inc.*

3,085

22,181

ServisFirst

Bancshares,

Inc.

8,766

298,307

Shore

Bancshares,

Inc.

2,225

24,431

Sierra

Bancorp

2,674

44,896

Silvergate

Capital

Corp.,

Class

A*

3,034

43,690

Simmons

First

National

Corp.,

Class

A

18,593

294,792

SmartFinancial

,

Inc.

2,666

36,231

South

Plains

Financial,

Inc.

2,408

29,883

South

State

Corp.

12,610

607,172

Southern

First

Bancshares,

Inc.*

1,286

31,057

Southern

National

Bancorp

of

Virginia,

Inc.

2,902

25,189

Southside

Bancshares,

Inc.

5,777

141,132

Spirit

of

Texas

Bancshares,

Inc.*

1,943

21,684

Stock

Yards

Bancorp,

Inc.(a)

3,856

131,258

Summit

Financial

Group,

Inc.

2,479

36,714

Texas

Capital

Bancshares,

Inc.*

9,088

282,909

Tompkins

Financial

Corp.

2,498

141,911

Towne

Bank

12,359

202,688

TriCo

Bancshares

4,868

119,217

TriState

Capital

Holdings,

Inc.*

4,665

61,765

Triumph

Bancorp,

Inc.*

4,016

125,058

Trustmark

Corp.

11,275

241,398

UMB

Financial

Corp.

7,757

380,171

United

Bankshares

,

Inc.(a)

22,281

478,373

United

Community

Banks,

Inc.

12,726

215,451

United

Security

Bancshares

3,371

20,597

Unity

Bancorp,

Inc.

1,542

17,856

Univest

Financial

Corp.

5,518

79,294

Valley

National

Bancorp

71,582

490,337

Veritex

Holdings,

Inc.

8,240

140,327

Washington

Trust

Bancorp,

Inc.

2,966

90,938

WesBanco

,

Inc.

11,713

250,190

West

Bancorp,

Inc.

3,303

52,320

Westamerica

Bancorp(a)

4,697

255,282

24,105,428

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Beverages

0.3%

Celsius

Holdings,

Inc.*(a)

6,164

139,984

Coca-Cola

Consolidated,

Inc.

843

202,893

MGP

Ingredients,

Inc.(a)

2,412

95,853

National

Beverage

Corp.*(a)

2,166

147,310

NewAge

,

Inc.*(a)

16,742

28,964

Primo

Water

Corp.

28,116

399,247

1,014,251

Biotechnology

10.8%

89bio,

Inc.*

1,162

29,817

Abeona

Therapeutics,

Inc.*(a)

12,395

12,643

ADMA

Biologics,

Inc.*(a)

10,654

25,463

Aduro

Biotech,

Inc.*(a)

12,767

31,024

Adverum

Biotechnologies,

Inc.*(a)

15,623

160,917

Aeglea

BioTherapeutics

,

Inc.*

7,844

55,614

Affimed

NV*

14,293

48,453

Agenus,

Inc.*(a)

27,976

111,904

Aimmune

Therapeutics,

Inc.*(a)

8,256

284,419

Akcea

Therapeutics,

Inc.*

2,844

51,590

Akebia

Therapeutics,

Inc.*

23,898

59,984

Akero

Therapeutics,

Inc.*

2,432

74,881

Akouos

,

Inc.*(a)

2,596

59,371

Albireo

Pharma,

Inc.*(a)

2,453

81,857

Alector

,

Inc.*

8,491

89,453

Allakos

,

Inc.*(a)

4,345

353,900

Allogene

Therapeutics,

Inc.*(a)

9,714

366,315

Allovir

,

Inc.*(a)

3,205

88,137

ALX

Oncology

Holdings,

Inc.*(a)

1,717

64,800

Amicus

Therapeutics,

Inc.*(a)

45,684

645,058

AnaptysBio

,

Inc.*

4,160

61,360

Anavex

Life

Sciences

Corp.*(a)

9,745

44,340

Anika

Therapeutics,

Inc.*

2,587

91,554

Annexon

,

Inc.*

2,639

79,777

Anthera

Pharmaceuticals,

Inc.*

—

0

Apellis

Pharmaceuticals,

Inc.*(a)

10,980

331,267

Applied

Genetic

Technologies

Corp.*(a)

4,730

22,988

Applied

Molecular

Transport,

Inc.*(a)

2,229

70,927

Applied

Therapeutics,

Inc.*(a)

2,446

50,779

Aprea

Therapeutics,

Inc.*

1,299

31,254

Aptinyx

,

Inc.*(a)

4,402

14,879

Aravive

,

Inc.*(a)

2,285

10,739

Arcturus

Therapeutics

Holdings,

Inc.*(a)

2,886

123,809

Arcus

Biosciences,

Inc.*

7,599

130,247

Arcutis

Biotherapeutics

,

Inc.*(a)

3,241

94,961

Ardelyx

,

Inc.*(a)

13,170

69,142

Arena

Pharmaceuticals,

Inc.*

10,423

779,536

Arrowhead

Pharmaceuticals,

Inc.*(a)

18,054

777,405

Assembly

Biosciences,

Inc.*(a)

5,596

91,998

Atara

Biotherapeutics

,

Inc.*(a)

13,017

168,700

Athenex

,

Inc.*(a)

11,171

135,169

Common

Stocks

Shares

Value

($)

Biotechnology

Athersys

,

Inc.*(a)

30,891

60,237

Atreca

,

Inc.,

Class

A*(a)

5,008

69,962

AVEO

Pharmaceuticals,

Inc.*

4,217

25,049

Avid

Bioservices

,

Inc.*(a)

10,632

81,016

Avidity

Biosciences,

Inc.*

3,001

84,478

Avrobio

,

Inc.*(a)

5,769

75,112

Axcella

Health,

Inc.*

2,743

12,673

Beam

Therapeutics,

Inc.*(a)

6,354

156,435

Beyondspring

,

Inc.*

2,988

39,770

BioCryst

Pharmaceuticals,

Inc.*(a)

32,332

111,060

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*(a)

8,666

563,377

BioSpecifics

Technologies

Corp.*(a)

1,158

61,177

Bioxcel

Therapeutics,

Inc.*(a)

1,940

84,118

Black

Diamond

Therapeutics,

Inc.*(a)

3,244

98,066

Blueprint

Medicines

Corp.*(a)

9,966

923,848

BrainStorm

Cell

Therapeutics,

Inc.*(a)

4,837

81,842

Bridgebio

Pharma,

Inc.*(a)

12,995

487,572

Cabaletta

Bio,

Inc.*

2,289

24,813

Calithera

Biosciences,

Inc.*

12,048

41,566

Calyxt

,

Inc.*(a)

2,986

16,393

CareDx

,

Inc.*(a)

8,633

327,536

CASI

Pharmaceuticals,

Inc.*(a)

8,540

13,066

Castle

Biosciences,

Inc.*

2,107

108,405

Catabasis

Pharmaceuticals,

Inc.*(a)

3,356

20,774

Catalyst

Biosciences,

Inc.*

3,435

14,770

Catalyst

Pharmaceuticals,

Inc.*(a)

18,580

55,183

Cellular

Biomedicine

Group,

Inc.*

2,394

43,906

CEL-SCI

Corp.*(a)

5,764

73,491

Centogene

NV*

728

6,887

Checkmate

Pharmaceuticals,

Inc.*(a)

1,053

12,120

Checkpoint

Therapeutics,

Inc.*(a)

8,467

22,692

ChemoCentryx

,

Inc.*

8,943

490,076

Chimerix

,

Inc.*

8,568

21,334

Cidara

Therapeutics,

Inc.*

6,154

17,539

Clovis

Oncology,

Inc.*(a)

14,861

86,640

Cohbar

,

Inc.

Reg.

S*(a)

3,525

3,347

Coherus

Biosciences,

Inc.*(a)

10,169

186,499

Concert

Pharmaceuticals,

Inc.*

5,273

51,781

Constellation

Pharmaceuticals,

Inc.*(a)

5,525

111,937

ContraFect

Corp.*

4,828

25,492

Corbus

Pharmaceuticals

Holdings,

Inc.*(a)

12,520

22,536

Cortexyme

,

Inc.*(a)

2,870

143,500

Crinetics

Pharmaceuticals,

Inc.*(a)

4,819

75,514

Cue

Biopharma,

Inc.*

5,073

76,349

Cyclerion

Therapeutics,

Inc.*(a)

3,820

23,226

98

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Cytokinetics,

Inc.*(a)

11,954

258,804

CytomX

Therapeutics,

Inc.*

8,757

58,234

Deciphera

Pharmaceuticals,

Inc.*

6,879

352,893

Denali

Therapeutics,

Inc.*(a)

11,533

413,227

DermTech

,

Inc.*(a)

1,426

17,041

Dicerna

Pharmaceuticals,

Inc.*

11,784

211,994

Dyadic

International,

Inc.*(a)

3,692

27,948

Dynavax

Technologies

Corp.*(a)

19,060

82,339

Eagle

Pharmaceuticals,

Inc.*

1,901

80,754

Editas

Medicine,

Inc.*(a)

11,311

317,387

Eidos

Therapeutics,

Inc.*(a)

1,908

96,411

Eiger

BioPharmaceuticals

,

Inc.*

4,733

38,527

Emergent

BioSolutions

,

Inc.*

8,052

832,013

Enanta

Pharmaceuticals,

Inc.*

3,448

157,849

Enochian

Biosciences,

Inc.*(a)

2,332

8,349

Epizyme

,

Inc.*(a)

16,359

195,163

Esperion

Therapeutics,

Inc.*(a)

4,771

177,338

Evelo

Biosciences,

Inc.*(a)

2,164

11,404

Exicure

,

Inc.*

10,693

18,713

Fate

Therapeutics,

Inc.*(a)

12,915

516,213

Fennec

Pharmaceuticals,

Inc.*

4,021

24,367

FibroGen

,

Inc.*

15,307

629,424

Five

Prime

Therapeutics,

Inc.*

5,357

25,178

Flexion

Therapeutics,

Inc.*(a)

7,843

81,646

Forma

Therapeutics

Holdings,

Inc.*(a)

2,891

144,087

Fortress

Biotech,

Inc.*

9,740

39,350

Frequency

Therapeutics,

Inc.*(a)

4,536

87,137

G1

Therapeutics,

Inc.*(a)

6,373

73,608

Galectin

Therapeutics,

Inc.*

6,784

18,113

Galera

Therapeutics,

Inc.*(a)

1,286

11,625

Generation

Bio

Co.*(a)

2,193

67,786

Genprex

,

Inc.*(a)

4,875

16,380

Geron

Corp.*(a)

51,412

89,457

GlycoMimetics

,

Inc.*(a)

5,293

16,250

Gossamer

Bio,

Inc.*(a)

10,165

126,148

Gritstone

Oncology,

Inc.*

5,523

14,636

Halozyme

Therapeutics,

Inc.*(a)

24,643

647,618

Harpoon

Therapeutics,

Inc.*(a)

1,833

31,143

Heron

Therapeutics,

Inc.*(a)

16,200

240,084

Homology

Medicines,

Inc.*(a)

6,242

66,789

Hookipa

Pharma,

Inc.*

2,375

22,491

iBio

,

Inc.*(a)

11,742

23,836

Ideaya

Biosciences,

Inc.*(a)

2,466

30,973

IGM

Biosciences,

Inc.*

1,301

96,027

Immunic

,

Inc.*(a)

769

14,280

ImmunoGen

,

Inc.*

31,559

113,612

Immunovant

,

Inc.*

6,296

221,556

Inovio

Pharmaceuticals,

Inc.*(a)

28,268

327,909

Inozyme

Pharma,

Inc.*

1,444

37,963

Insmed

,

Inc.*

18,197

584,852

Intellia

Therapeutics,

Inc.*(a)

9,013

179,178

Intercept

Pharmaceuticals,

Inc.*(a)

4,713

195,401

Common

Stocks

Shares

Value

($)

Biotechnology

Invitae

Corp.*(a)

20,818

902,460

Ironwood

Pharmaceuticals,

Inc.*(a)

28,606

257,311

iTeos

Therapeutics,

Inc.*

1,916

47,268

IVERIC

bio,

Inc.*(a)

14,359

80,985

Jounce

Therapeutics,

Inc.*(a)

2,840

23,174

Kadmon

Holdings,

Inc.*

28,574

112,010

KalVista

Pharmaceuticals,

Inc.*

2,137

26,905

Karuna

Therapeutics,

Inc.*(a)

2,843

219,821

Karyopharm

Therapeutics,

Inc.*(a)

12,771

186,457

Keros

Therapeutics,

Inc.*

1,333

51,414

Kezar

Life

Sciences,

Inc.*

5,327

25,783

Kindred

Biosciences,

Inc.*(a)

6,273

26,911

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

4,789

73,367

Kodiak

Sciences,

Inc.*(a)

5,113

302,741

Krystal

Biotech,

Inc.*

2,444

105,214

Kura

Oncology,

Inc.*

9,781

299,690

La

Jolla

Pharmaceutical

Co.*(a)

3,164

12,751

Lexicon

Pharmaceuticals,

Inc.*(a)

7,029

10,122

Ligand

Pharmaceuticals,

Inc.*(a)

2,573

245,258

LogicBio

Therapeutics,

Inc.*(a)

2,368

21,501

MacroGenics

,

Inc.*

9,507

239,481

Madrigal

Pharmaceuticals,

Inc.*(a)

1,647

195,548

Magenta

Therapeutics,

Inc.*(a)

3,153

21,440

MannKind

Corp.*(a)

39,031

73,378

Marker

Therapeutics,

Inc.*(a)

4,374

6,561

MediciNova

,

Inc.*(a)

8,327

43,633

MEI

Pharma,

Inc.*(a)

19,172

59,817

MeiraGTx

Holdings

plc*

3,726

49,332

Mersana

Therapeutics,

Inc.*

9,593

178,622

Minerva

Neurosciences,

Inc.*(a)

5,849

18,600

Mirati

Therapeutics,

Inc.*(a)

6,733

1,118,015

Mirum

Pharmaceuticals,

Inc.*(a)

859

16,553

Molecular

Templates,

Inc.*(a)

4,401

48,059

Momenta

Pharmaceuticals,

Inc.*

21,262

1,115,830

Morphic

Holding,

Inc.*(a)

2,505

68,487

Mustang

Bio,

Inc.*

4,516

14,225

Myriad

Genetics,

Inc.*(a)

13,401

174,749

NantKwest

,

Inc.*(a)

5,636

39,086

Natera

,

Inc.*

12,828

926,695

Neoleukin

Therapeutics,

Inc.*

5,382

64,584

Neubase

Therapeutics,

Inc.*(a)

3,240

24,592

NeuroBo

Pharmaceuticals,

Inc.*

816

4,586

NextCure

,

Inc.*

2,915

25,652

Nkarta

,

Inc.*(a)

2,912

87,535

Novavax

,

Inc.*(a)

11,116

1,204,419

Nurix

Therapeutics,

Inc.*(a)

1,989

69,436

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Biotechnology

Nymox

Pharmaceutical

Corp.*

7,125

17,528

Oncocyte

Corp.*(a)

6,821

9,481

OPKO

Health,

Inc.*(a)

71,677

264,488

Organogenesis

Holdings,

Inc.*(a)

3,741

14,365

Orgenesis

,

Inc.*

2,787

14,046

ORIC

Pharmaceuticals,

Inc.*(a)

1,640

41,016

Ovid

therapeutics,

Inc.*(a)

8,042

46,161

Oyster

Point

Pharma,

Inc.*

953

20,118

Pandion

Therapeutics,

Inc.*(a)

1,316

15,081

Passage

Bio,

Inc.*

2,540

33,299

PDL

BioPharma

,

Inc.*

19,905

62,701

PhaseBio

Pharmaceuticals,

Inc.*(a)

3,824

13,422

Pieris

Pharmaceuticals,

Inc.*(a)

7,684

15,906

Poseida

Therapeutics,

Inc.*

2,360

20,933

Precigen

,

Inc.*(a)

11,931

41,759

Precision

BioSciences

,

Inc.*(a)

8,486

52,274

Prevail

Therapeutics,

Inc.*

2,641

26,885

Protagonist

Therapeutics,

Inc.*

5,448

106,508

Protara

Therapeutics,

Inc.*(a)

377

6,345

Prothena

Corp.

plc*(a)

5,920

59,141

PTC

Therapeutics,

Inc.*(a)

11,263

526,545

Puma

Biotechnology,

Inc.*(a)

5,936

59,894

Radius

Health,

Inc.*(a)

8,341

94,587

RAPT

Therapeutics,

Inc.*(a)

2,070

66,654

REGENXBIO,

Inc.*

6,250

172,000

Relay

Therapeutics,

Inc.*(a)

5,775

245,957

Replimune

Group,

Inc.*

3,758

86,509

Retrophin

,

Inc.*(a)

8,776

162,005

REVOLUTION

Medicines,

Inc.*(a)

6,937

241,408

Rhythm

Pharmaceuticals,

Inc.*

5,901

127,875

Rigel

Pharmaceuticals,

Inc.*(a)

28,489

68,374

Rocket

Pharmaceuticals,

Inc.*(a)

6,291

143,812

Rubius

Therapeutics,

Inc.*(a)

7,152

35,832

Sangamo

Therapeutics,

Inc.*(a)

20,789

196,456

Savara

,

Inc.*

8,351

9,103

Scholar

Rock

Holding

Corp.*(a)

4,034

71,361

Selecta

Biosciences,

Inc.*(a)

11,936

29,601

Seres

Therapeutics,

Inc.*(a)

9,571

270,955

Soleno

Therapeutics,

Inc.*(a)

11,408

28,634

Solid

Biosciences,

Inc.*(a)

5,771

11,715

Sorrento

Therapeutics,

Inc.*(a)

39,865

444,495

Spectrum

Pharmaceuticals,

Inc.*(a)

25,766

105,125

Spero

Therapeutics,

Inc.*(a)

2,617

29,206

SpringWorks

Therapeutics,

Inc.*(a)

3,932

187,438

Stoke

Therapeutics,

Inc.*

2,319

77,663

Sutro

Biopharma,

Inc.*(a)

4,620

46,431

Syndax

Pharmaceuticals,

Inc.*

4,831

71,306

Syros

Pharmaceuticals,

Inc.*

7,540

66,654

TCR2

Therapeutics,

Inc.*(a)

4,547

92,395

TG

Therapeutics,

Inc.*(a)

20,026

535,896

Common

Stocks

Shares

Value

($)

Biotechnology

Translate

Bio,

Inc.*(a)

12,266

166,940

Turning

Point

Therapeutics,

Inc.*(a)

6,157

537,876

Twist

Bioscience

Corp.*(a)

5,906

448,679

Tyme

Technologies,

Inc.*(a)

9,871

9,674

Ultragenyx

Pharmaceutical,

Inc.*(a)

10,403

855,023

UNITY

Biotechnology,

Inc.*(a)

6,035

20,881

UroGen

Pharma

Ltd.*(a)

3,543

68,344

Vanda

Pharmaceuticals,

Inc.*

9,716

93,857

Vaxart

,

Inc.*(a)

9,413

62,596

Vaxcyte

,

Inc.*(a)

3,268

161,374

VBI

Vaccines,

Inc.*(a)

32,191

92,066

Veracyte

,

Inc.*

10,308

334,907

Verastem

,

Inc.*(a)

28,550

34,546

Vericel

Corp.*

8,248

152,835

Viela

Bio,

Inc.*

3,993

112,123

Viking

Therapeutics,

Inc.*(a)

12,181

70,893

Vir

Biotechnology,

Inc.*(a)

9,655

331,456

Voyager

Therapeutics,

Inc.*

4,843

51,675

X4

Pharmaceuticals,

Inc.*

3,262

22,084

XBiotech

,

Inc.*

2,425

46,293

Xencor

,

Inc.*(a)

10,067

390,499

XOMA

Corp.*(a)

1,053

19,839

Y-

mAbs

Therapeutics,

Inc.*(a)

5,537

212,565

Zentalis

Pharmaceuticals,

Inc.*(a)

1,937

63,321

ZIOPHARM

Oncology,

Inc.*(a)

39,732

100,125

37,748,972

Building

Products

1.7%

AAON,

Inc.(a)

7,444

448,501

Advanced

Drainage

Systems,

Inc.

10,015

625,336

Alpha

Pro

Tech

Ltd.*(a)

2,088

30,861

American

Woodmark

Corp.*

3,045

239,154

Apogee

Enterprises,

Inc.

4,751

101,529

Builders

FirstSource

,

Inc.*

20,842

679,866

Caesarstone

Ltd.

4,077

39,954

Cornerstone

Building

Brands,

Inc.*

7,554

60,281

CSW

Industrials,

Inc.

2,436

188,181

Gibraltar

Industries,

Inc.*

6,008

391,361

Griffon

Corp.

7,699

150,438

Insteel

Industries,

Inc.

3,124

58,419

JELD-WEN

Holding,

Inc.*

12,227

276,330

Masonite

International

Corp.*

4,377

430,697

Patrick

Industries,

Inc.

3,960

227,779

PGT

Innovations,

Inc.*

10,146

177,758

Quanex

Building

Products

Corp.

5,822

107,358

Resideo

Technologies,

Inc.*

22,303

245,333

Simpson

Manufacturing

Co.,

Inc.

7,848

762,512

UFP

Industries,

Inc.

10,772

608,726

5,850,374

Capital

Markets

1.4%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

9,842

383,740

100

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

Assetmark

Financial

Holdings,

Inc.*

3,032

65,916

Associated

Capital

Group,

Inc.,

Class

A(a)

391

14,127

B.

Riley

Financial,

Inc.

3,407

85,379

BGC

Partners,

Inc.,

Class

A

53,943

129,463

Blucora

,

Inc.*

8,865

83,508

Brightsphere

Investment

Group,

Inc.

10,801

139,333

Calamos

Asset

Management,

Inc.*^∞

4,451

0

Cohen

&

Steers,

Inc.

4,368

243,472

Cowen,

Inc.,

Class

A(a)

4,999

81,334

Diamond

Hill

Investment

Group,

Inc.

496

62,655

Donnelley

Financial

Solutions,

Inc.*

5,319

71,062

Federated

Hermes,

Inc.,

Class

B

17,379

373,822

Focus

Financial

Partners,

Inc.,

Class

A*

5,926

194,313

GAMCO

Investors,

Inc.,

Class

A

1,477

17,089

Greenhill

&

Co.,

Inc.(a)

2,718

30,849

Hamilton

Lane,

Inc.,

Class

A

5,380

347,494

Houlihan

Lokey

,

Inc.

9,192

542,788

Moelis

&

Co.,

Class

A(a)

9,500

333,830

Oppenheimer

Holdings,

Inc.,

Class

A

1,521

33,949

Piper

Sandler

Cos.

3,124

228,052

PJT

Partners,

Inc.,

Class

A

4,162

252,259

Pzena

Investment

Management,

Inc.,

Class

A

3,204

17,173

Safeguard

Scientifics,

Inc.

2,256

12,363

Sculptor

Capital

Management,

Inc.(a)

3,832

44,988

Siebert

Financial

Corp.*

2,167

6,999

Silvercrest

Asset

Management

Group,

Inc.,

Class

A(a)

2,295

24,006

Stifel

Financial

Corp.

11,943

603,838

StoneX

Group,

Inc.*

2,883

147,494

Value

Line,

Inc.(a)

289

7,138

Virtus

Investment

Partners,

Inc.

1,318

182,741

Waddell

&

Reed

Financial,

Inc.,

Class

A(a)

11,767

174,740

Westwood

Holdings

Group,

Inc.

1,820

20,275

WisdomTree

Investments,

Inc.

24,754

79,213

5,035,402

Chemicals

1.6%

Advanced

Emissions

Solutions,

Inc.(a)

2,872

11,660

AdvanSix

,

Inc.*

5,296

68,212

AgroFresh

Solutions,

Inc.*

5,205

12,648

American

Vanguard

Corp.

4,886

64,202

Amyris

,

Inc.*(a)

18,955

55,349

Avient

Corp.

16,257

430,160

Balchem

Corp.(a)

5,765

562,837

Common

Stocks

Shares

Value

($)

Chemicals

Chase

Corp.

1,346

128,408

Ferro

Corp.*

14,834

183,942

FutureFuel

Corp.

4,822

54,826

GCP

Applied

Technologies,

Inc.*

8,771

183,752

Hawkins,

Inc.

1,714

79,015

HB

Fuller

Co.

9,242

423,099

Ingevity

Corp.*

7,398

365,757

Innospec

,

Inc.

4,458

282,281

Intrepid

Potash,

Inc.*(a)

2,221

18,742

Koppers

Holdings,

Inc.*

3,534

73,896

Kraton

Corp.*

5,898

105,102

Kronos

Worldwide,

Inc.(a)

4,258

54,758

Livent

Corp.*(a)

26,339

236,261

Marrone

Bio

Innovations,

Inc.*

7,916

9,658

Minerals

Technologies,

Inc.

5,995

306,344

Orion

Engineered

Carbons

SA

10,831

135,496

PQ

Group

Holdings,

Inc.*

7,125

73,103

Quaker

Chemical

Corp.(a)

2,410

433,101

Rayonier

Advanced

Materials,

Inc.*

10,582

33,862

Sensient

Technologies

Corp.

7,609

439,344

Stepan

Co.

3,916

426,844

Trecora

Resources*

4,692

28,809

Tredegar

Corp.

5,050

75,094

Trinseo

SA

6,816

174,762

Tronox

Holdings

plc,

Class

A

16,649

131,028

5,662,352

Commercial

Services

&

Supplies

2.1%

ABM

Industries,

Inc.(a)

12,067

442,376

ACCO

Brands

Corp.

17,574

101,929

Advanced

Disposal

Services,

Inc.*(a)

13,388

404,719

Brady

Corp.,

Class

A

8,478

339,289

BrightView

Holdings,

Inc.*

7,104

80,986

Brink's

Co.

(The)

9,052

371,947

Casella

Waste

Systems,

Inc.,

Class

A*

8,310

464,113

CECO

Environmental

Corp.*

6,437

46,926

Cimpress

plc*

3,161

237,581

CompX

International,

Inc.

256

3,827

Covanta

Holding

Corp.

20,964

162,471

Deluxe

Corp.

7,662

197,143

Ennis,

Inc.

4,363

76,091

Harsco

Corp.*

14,216

197,745

Healthcare

Services

Group,

Inc.(a)

13,849

298,169

Heritage-Crystal

Clean,

Inc.*

3,012

40,210

Herman

Miller,

Inc.

10,592

319,455

HNI

Corp.

7,834

245,831

Interface,

Inc.

10,530

64,444

KAR

Auction

Services,

Inc.

23,303

335,563

Kimball

International,

Inc.,

Class

B

6,822

71,904

Knoll,

Inc.

8,643

104,235

Matthews

International

Corp.,

Class

A

5,389

120,498

McGrath

RentCorp

4,437

264,401

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Montrose

Environmental

Group,

Inc.*

1,958

46,640

NL

Industries,

Inc.

1,098

4,666

PICO

Holdings,

Inc.*

3,189

28,573

Pitney

Bowes,

Inc.

30,135

160,017

Quad/Graphics,

Inc.

5,740

17,392

SP

Plus

Corp.*

4,164

74,744

Steelcase,

Inc.,

Class

A

15,089

152,550

Team,

Inc.*

4,719

25,954

Tetra

Tech,

Inc.

9,702

926,541

UniFirst

Corp.

2,738

518,495

US

Ecology,

Inc.(a)

5,518

180,273

Viad

Corp.(a)

3,632

75,655

VSE

Corp.

1,393

42,681

7,246,034

Communications

Equipment

0.9%

Acacia

Communications,

Inc.*

7,059

475,776

ADTRAN,

Inc.

9,078

93,095

Applied

Optoelectronics,

Inc.*(a)

3,850

43,312

CalAmp

Corp.*(a)

6,557

47,145

Calix,

Inc.*

9,139

162,491

Cambium

Networks

Corp.*

1,010

17,039

Casa

Systems,

Inc.*

5,184

20,891

Clearfield,

Inc.*

1,689

34,067

Comtech

Telecommunications

Corp.

4,376

61,264

Digi

International,

Inc.*

5,536

86,528

DZS,

Inc.*

2,642

24,755

Extreme

Networks,

Inc.*

22,240

89,405

Genasys

,

Inc.*

5,926

36,445

Harmonic,

Inc.*

17,041

95,089

Infinera

Corp.*(a)

29,607

182,379

Inseego

Corp.*(a)

10,202

105,285

InterDigital

,

Inc.

5,649

322,332

KVH

Industries,

Inc.*

2,780

25,048

NETGEAR,

Inc.*

5,498

169,448

NetScout

Systems,

Inc.*

12,435

271,456

PC-Tel,

Inc.*

3,383

19,148

Plantronics,

Inc.(a)

6,256

74,071

Resonant,

Inc.*(a)

9,124

21,715

Ribbon

Communications,

Inc.*

12,026

46,541

Viavi

Solutions,

Inc.*

40,879

479,511

3,004,236

Construction

&

Engineering

1.3%

Aegion

Corp.*

5,197

73,434

Ameresco

,

Inc.,

Class

A*(a)

4,203

140,380

API

Group

Corp.

Reg.

S*(a)(b)

25,288

359,848

Arcosa

,

Inc.

8,748

385,699

Argan

,

Inc.

2,648

110,978

Comfort

Systems

USA,

Inc.

6,472

333,373

Concrete

Pumping

Holdings,

Inc.*

6,231

22,245

Construction

Partners,

Inc.,

Class

A*(a)

4,698

85,503

Dycom

Industries,

Inc.*

5,533

292,253

EMCOR

Group,

Inc.

9,756

660,579

Fluor

Corp.

25,965

228,752

Granite

Construction,

Inc.(a)

8,242

145,142

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Great

Lakes

Dredge

&

Dock

Corp.*

11,467

109,051

HC2

Holdings,

Inc.*(a)

8,675

20,993

IES

Holdings,

Inc.*(a)

1,710

54,327

MasTec

,

Inc.*(a)

10,188

429,933

MYR

Group,

Inc.*

3,061

113,808

Northwest

Pipe

Co.*

1,633

43,209

NV5

Global,

Inc.*(a)

1,966

103,746

Primoris

Services

Corp.

8,494

153,232

Sterling

Construction

Co.,

Inc.*

5,362

75,926

Tutor

Perini

Corp.*

7,464

83,074

WillScot

Mobile

Mini

Holdings

Corp.*

28,893

481,935

4,507,420

Construction

Materials

0.1%

Forterra

,

Inc.*(a)

3,146

37,186

Summit

Materials,

Inc.,

Class

A*

20,607

340,840

United

States

Lime

&

Minerals,

Inc.

403

36,310

US

Concrete,

Inc.*

2,979

86,510

500,846

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

754

8,973

Curo

Group

Holdings

Corp.

2,403

16,941

Encore

Capital

Group,

Inc.*(a)

5,797

223,706

Enova

International,

Inc.*

4,919

80,623

EZCORP,

Inc.,

Class

A*(a)

8,674

43,630

FirstCash

,

Inc.

7,299

417,576

Green

Dot

Corp.,

Class

A*

9,335

472,444

LendingClub

Corp.*(a)

13,444

63,321

Navient

Corp.

34,495

291,483

Nelnet,

Inc.,

Class

A

3,073

185,148

Oportun

Financial

Corp.*(a)

3,644

42,963

PRA

Group,

Inc.*(a)

8,317

332,264

Regional

Management

Corp.*

1,473

24,540

World

Acceptance

Corp.*(a)

829

87,501

2,291,113

Containers

&

Packaging

0.2%

Greif,

Inc.,

Class

A

4,708

170,477

Greif,

Inc.,

Class

B

1,203

47,494

Myers

Industries,

Inc.(a)

6,057

80,134

O-I

Glass,

Inc.

28,238

299,040

Ranpak

Holdings

Corp.*(a)

4,459

42,450

UFP

Technologies,

Inc.*

1,278

52,935

692,530

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.

8,052

232,944

Funko

,

Inc.,

Class

A*(a)

5,189

30,044

Greenlane

Holdings,

Inc.,

Class

A*(a)

3,182

7,128

Weyco

Group,

Inc.

1,293

20,908

291,024

Diversified

Consumer

Services

0.6%

Adtalem

Global

Education,

Inc.*

9,445

231,780

American

Public

Education,

Inc.*

2,700

76,113

102

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

Aspen

Group,

Inc.*(a)

3,184

35,565

Carriage

Services,

Inc.

2,897

64,632

Collectors

Universe,

Inc.

1,765

87,350

Franchise

Group,

Inc.

4,036

102,353

Houghton

Mifflin

Harcourt

Co.*

19,079

33,007

K12,

Inc.*

7,109

187,251

Laureate

Education,

Inc.,

Class

A*

19,812

263,103

OneSpaWorld

Holdings

Ltd.(a)

7,840

50,960

Perdoceo

Education

Corp.*(a)

11,814

144,603

Regis

Corp.*(a)

4,504

27,655

Strategic

Education,

Inc.

4,337

396,705

Universal

Technical

Institute,

Inc.*(a)

5,235

26,594

Vivint

Smart

Home,

Inc.*

13,070

223,236

WW

International,

Inc.*(a)

8,711

164,377

2,115,284

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.(a)

2,521

49,412

A-Mark

Precious

Metals,

Inc.

(a)

771

25,998

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

6,214

75,500

Cannae

Holdings,

Inc.*

15,494

577,306

GWG

Holdings,

Inc.*

936

8,050

Marlin

Business

Services

Corp.

1,548

10,913

SWK

Holdings

Corp.*(a)

610

8,540

755,719

Diversified

Telecommunication

Services

0.8%

Alaska

Communications

Systems

Group,

Inc.

7,352

14,704

Anterix

,

Inc.*(a)

1,942

63,523

ATN

International,

Inc.

2,090

104,792

Bandwidth,

Inc.,

Class

A*(a)

3,438

600,172

Cincinnati

Bell,

Inc.*

8,127

121,905

Cogent

Communications

Holdings,

Inc.

7,763

466,168

Consolidated

Communications

Holdings,

Inc.*(a)

13,165

74,909

IDT

Corp.,

Class

B*

2,699

17,759

Iridium

Communications,

Inc.*

21,123

540,326

Liberty

Latin

America

Ltd.,

Class

A*

8,636

71,247

Liberty

Latin

America

Ltd.,

Class

C*

28,371

230,940

Ooma

,

Inc.*

4,138

54,001

ORBCOMM,

Inc.*

14,392

48,933

Vonage

Holdings

Corp.*

41,482

424,361

2,833,740

Electric

Utilities

0.7%

ALLETE,

Inc.

9,351

483,821

Genie

Energy

Ltd.,

Class

B

2,326

18,608

MGE

Energy,

Inc.

6,612

414,308

Otter

Tail

Corp.

7,347

265,741

PNM

Resources,

Inc.(a)

14,288

590,523

Portland

General

Electric

Co.

16,124

572,402

Common

Stocks

Shares

Value

($)

Electric

Utilities

Spark

Energy,

Inc.,

Class

A

1,667

13,869

2,359,272

Electrical

Equipment

1.4%

Allied

Motion

Technologies,

Inc.

1,198

49,453

American

Superconductor

Corp.*(a)

4,420

64,002

Atkore

International

Group,

Inc.*

8,629

196,137

AZZ,

Inc.

4,614

157,430

Bloom

Energy

Corp.,

Class

A*(a)

15,714

282,381

Encore

Wire

Corp.

3,650

169,433

EnerSys

7,620

511,454

FuelCell

Energy,

Inc.*(a)

39,003

83,466

LSI

Industries,

Inc.

5,019

33,878

Orion

Energy

Systems,

Inc.*

4,018

30,416

Plug

Power,

Inc.*(a)

61,511

824,862

Powell

Industries,

Inc.

1,599

38,584

Preformed

Line

Products

Co.

520

25,334

Sunrun

,

Inc.*(a)

21,422

1,650,994

Thermon

Group

Holdings,

Inc.*

6,126

68,795

TPI

Composites,

Inc.*

5,677

164,406

Ultralife

Corp.*

1,100

6,490

Vicor

Corp.*(a)

3,475

270,112

Vivint

Solar,

Inc.*

8,885

376,280

5,003,907

Electronic

Equipment,

Instruments

&

Components

2.1%

Akoustis

Technologies,

Inc.*(a)

5,889

48,054

Arlo

Technologies,

Inc.*

13,698

72,052

Badger

Meter,

Inc.

5,340

349,076

Bel

Fuse,

Inc.,

Class

B

1,988

21,232

Belden,

Inc.

7,868

244,852

Benchmark

Electronics,

Inc.

6,393

128,819

CTS

Corp.

5,877

129,470

Daktronics,

Inc.(a)

5,342

21,154

ePlus

,

Inc.*

2,425

177,510

Fabrinet

*

6,530

411,586

FARO

Technologies,

Inc.*

3,129

190,806

Fitbit,

Inc.,

Class

A*

43,716

304,263

II-VI,

Inc.*(a)

18,236

739,652

Insight

Enterprises,

Inc.*(a)

6,210

351,362

Intellicheck

,

Inc.*

3,054

20,370

Iteris

,

Inc.*(a)

6,815

27,942

Itron

,

Inc.*

7,197

437,146

Kimball

Electronics,

Inc.*

4,701

54,344

Knowles

Corp.*

15,579

232,127

Luna

Innovations,

Inc.*(a)

4,982

29,792

Methode

Electronics,

Inc.

6,610

188,385

MTS

Systems

Corp.

3,753

71,720

Napco

Security

Technologies,

Inc.*(a)

2,062

48,457

nLight

,

Inc.*

6,372

149,615

Novanta

,

Inc.*

6,211

654,267

OSI

Systems,

Inc.*

2,969

230,424

PAR

Technology

Corp.*

2,966

120,153

PC

Connection,

Inc.(a)

1,906

78,260

Plexus

Corp.*

5,100

360,213

Powerfleet

,

Inc.*(a)

4,751

26,748

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Research

Frontiers,

Inc.*(a)

4,797

12,952

Rogers

Corp.*

3,340

327,520

Sanmina

Corp.*

11,964

323,626

ScanSource

,

Inc.*

4,806

95,303

TTM

Technologies,

Inc.*(a)

18,455

210,572

Vishay

Intertechnology

,

Inc.

23,937

372,699

Vishay

Precision

Group,

Inc.*

2,284

57,831

Wrap

Technologies,

Inc.*(a)

2,355

15,943

7,336,297

Energy

Equipment

&

Services

0.5%

Archrock

,

Inc.

22,758

122,438

Aspen

Aerogels,

Inc.*(a)

3,543

38,796

Bristow

Group,

Inc.*

1,210

25,713

Cactus,

Inc.,

Class

A

8,283

158,951

ChampionX

Corp.*

33,291

265,995

DMC

Global,

Inc.(a)

2,875

94,703

Dril

-Quip,

Inc.*(a)

6,424

159,058

Exterran

Corp.*

4,892

20,351

Frank's

International

NV*

30,249

46,583

Helix

Energy

Solutions

Group,

Inc.*(a)

26,862

64,737

Liberty

Oilfield

Services,

Inc.,

Class

A(a)

11,189

89,400

Matrix

Service

Co.*

5,359

44,748

Nabors

Industries

Ltd.(a)

1,250

30,550

National

Energy

Services

Reunited

Corp.*

3,788

24,167

Newpark

Resources,

Inc.*

19,638

20,620

NexTier

Oilfield

Solutions,

Inc.*

29,273

54,155

Oceaneering

International,

Inc.*

18,456

64,965

Oil

States

International,

Inc.*

8,726

23,822

Patterson-UTI

Energy,

Inc.(a)

33,731

96,133

ProPetro

Holding

Corp.*

15,284

62,053

RPC,

Inc.*

8,614

22,741

SEACOR

Holdings,

Inc.*

3,288

95,615

Select

Energy

Services,

Inc.,

Class

A*

9,727

37,352

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A(a)

5,267

33,393

Tidewater,

Inc.*(a)

6,677

44,803

Transocean

Ltd.*(a)

110,288

88,991

US

Silica

Holdings,

Inc.(a)

11,599

34,797

1,865,630

Entertainment

0.2%

AMC

Entertainment

Holdings,

Inc.,

Class

A(a)

9,783

46,078

Cinemark

Holdings,

Inc.(a)

19,073

190,730

Eros

STX

Global

Corp.*(a)

26,850

59,338

Gaia,

Inc.*

1,635

16,072

Glu

Mobile,

Inc.*

26,327

202,060

IMAX

Corp.*

9,259

110,738

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

6,368

133,792

Liberty

Media

Corp-Liberty

Braves,

Class

A*(a)

2,157

45,038

LiveXLive

Media,

Inc.*(a)

5,741

14,898

Common

Stocks

Shares

Value

($)

Entertainment

Marcus

Corp.

(The)

4,596

35,527

854,271

Equity

Real

Estate

Investment

Trusts

(REITs)

5.7%

Acadia

Realty

Trust

15,048

158,004

Agree

Realty

Corp.

9,714

618,199

Alexander

&

Baldwin,

Inc.

12,675

142,087

Alexander's,

Inc.

401

98,333

Alpine

Income

Property

Trust,

Inc.

1,331

20,697

American

Assets

Trust,

Inc.

8,981

216,352

American

Finance

Trust,

Inc.

19,086

119,669

Armada

Hoffler

Properties,

Inc.

10,308

95,452

Bluerock

Residential

Growth

REIT,

Inc.

4,973

37,695

BRT

Apartments

Corp.

1,701

20,038

CareTrust

REIT,

Inc.

17,516

311,697

CatchMark

Timber

Trust,

Inc.,

Class

A

8,740

78,048

Chatham

Lodging

Trust

8,846

67,407

CIM

Commercial

Trust

Corp.

2,223

21,919

City

Office

REIT,

Inc.

7,617

57,280

Clipper

Realty,

Inc.

3,447

20,854

Colony

Capital,

Inc.

86,668

236,604

Columbia

Property

Trust,

Inc.

20,417

222,749

Community

Healthcare

Trust,

Inc.

3,955

184,936

CoreCivic

,

Inc.

21,241

169,928

CorEnergy

Infrastructure

Trust,

Inc.

3,085

18,016

CorePoint

Lodging,

Inc.

6,927

37,752

DiamondRock

Hospitality

Co.

36,542

185,268

Diversified

Healthcare

Trust

42,454

149,438

Easterly

Government

Properties,

Inc.

14,445

323,712

EastGroup

Properties,

Inc.

6,973

901,818

Essential

Properties

Realty

Trust,

Inc.

16,505

302,372

Farmland

Partners,

Inc.

4,621

30,776

Four

Corners

Property

Trust,

Inc.

12,714

325,351

Franklin

Street

Properties

Corp.

19,339

70,781

Front

Yard

Residential

Corp.

9,013

78,774

GEO

Group,

Inc.

(The)

21,536

244,218

Getty

Realty

Corp.

6,401

166,490

Gladstone

Commercial

Corp.

6,519

109,845

Gladstone

Land

Corp.

3,114

46,772

Global

Medical

REIT,

Inc.

8,088

109,188

Global

Net

Lease,

Inc.

16,556

263,240

Healthcare

Realty

Trust,

Inc.

24,561

739,777

Hersha

Hospitality

Trust

6,163

34,143

Independence

Realty

Trust,

Inc.

16,918

196,080

Industrial

Logistics

Properties

Trust

11,517

251,877

Innovative

Industrial

Properties,

Inc.

3,839

476,458

Investors

Real

Estate

Trust

2,331

151,911

iStar

,

Inc.

13,140

155,183

104

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Jernigan

Capital,

Inc.

3,863

66,212

Kite

Realty

Group

Trust

14,798

171,361

Lexington

Realty

Trust

49,242

514,579

LTC

Properties,

Inc.

6,972

243,044

Macerich

Co.

(The)

26,745

181,599

Mack-Cali

Realty

Corp.

15,724

198,437

Monmouth

Real

Estate

Investment

Corp.

17,244

238,829

National

Health

Investors,

Inc.

7,769

468,238

National

Storage

Affiliates

Trust

11,373

372,011

NETSTREIT

Corp.

2,148

39,222

New

Senior

Investment

Group,

Inc.

13,917

55,668

NexPoint

Residential

Trust,

Inc.

3,940

174,739

Office

Properties

Income

Trust

8,480

175,706

One

Liberty

Properties,

Inc.

2,629

43,010

Pebblebrook

Hotel

Trust

23,472

294,104

Physicians

Realty

Trust

37,598

673,380

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

22,710

308,175

Plymouth

Industrial

REIT,

Inc.

2,613

32,244

PotlatchDeltic

Corp.

11,832

498,127

Preferred

Apartment

Communities,

Inc.,

Class

A

8,768

47,347

PS

Business

Parks,

Inc.

3,609

441,706

QTS

Realty

Trust,

Inc.,

Class

A

11,100

699,522

Retail

Opportunity

Investments

Corp.

20,839

217,038

Retail

Properties

of

America,

Inc.,

Class

A

38,465

223,482

Retail

Value,

Inc.

2,550

32,054

RLJ

Lodging

Trust

29,378

254,413

RPT

Realty

13,782

74,974

Ryman

Hospitality

Properties,

Inc.

9,109

335,211

Sabra

Health

Care

REIT,

Inc.

37,087

511,244

Safehold

,

Inc.

3,137

194,808

Saul

Centers,

Inc.

1,920

51,034

Seritage

Growth

Properties,

Class

A*

6,137

82,543

Service

Properties

Trust

30,193

240,034

SITE

Centers

Corp.

27,476

197,827

STAG

Industrial,

Inc.

27,091

826,005

Summit

Hotel

Properties,

Inc.

18,956

98,192

Sunstone

Hotel

Investors,

Inc.

38,290

304,023

Tanger

Factory

Outlet

Centers,

Inc.

16,412

98,964

Terreno

Realty

Corp.

12,104

662,815

UMH

Properties,

Inc.

6,766

91,612

Uniti

Group,

Inc.

34,398

362,383

Universal

Health

Realty

Income

Trust

2,313

131,818

Urban

Edge

Properties

20,754

201,729

Urstadt

Biddle

Properties,

Inc.,

Class

A

4,673

42,992

Washington

REIT

15,104

304,044

Whitestone

REIT

6,295

37,770

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Xenia

Hotels

&

Resorts,

Inc.

20,185

177,224

19,958,681

Food

&

Staples

Retailing

0.8%

Andersons,

Inc.

(The)

5,490

105,243

BJ's

Wholesale

Club

Holdings,

Inc.*

24,689

1,025,828

Chefs'

Warehouse,

Inc.

(The)*

5,379

78,211

HF

Foods

Group,

Inc.*(a)

6,759

44,677

Ingles

Markets,

Inc.,

Class

A(a)

2,655

100,996

Natural

Grocers

by

Vitamin

Cottage,

Inc.(a)

1,316

12,976

Performance

Food

Group

Co.*

23,615

817,551

PriceSmart

,

Inc.(a)

4,070

270,452

Rite

Aid

Corp.*(a)

10,209

96,883

SpartanNash

Co.

6,557

107,207

United

Natural

Foods,

Inc.*(a)

9,570

142,306

Village

Super

Market,

Inc.,

Class

A(a)

1,765

43,437

Weis

Markets,

Inc.

1,826

87,648

2,933,415

Food

Products

1.5%

Alico

,

Inc.(a)

767

21,952

B&G

Foods,

Inc.(a)

11,399

316,550

Bridgford

Foods

Corp.*

271

4,962

Calavo

Growers,

Inc.

3,048

201,991

Cal-Maine

Foods,

Inc.*

5,781

221,817

Darling

Ingredients,

Inc.*

29,004

1,045,014

Farmer

Brothers

Co.*

3,076

13,596

Fresh

Del

Monte

Produce,

Inc.

5,748

131,744

Freshpet

,

Inc.*

6,993

780,769

Hostess

Brands,

Inc.*

21,955

270,705

J

&

J

Snack

Foods

Corp.

2,650

345,534

John

B

Sanfilippo

&

Son,

Inc.

1,613

121,588

Lancaster

Colony

Corp.

3,403

608,456

Landec

Corp.*(a)

4,386

42,632

Limoneira

Co.(a)

2,649

37,881

Sanderson

Farms,

Inc.

3,692

435,545

Seneca

Foods

Corp.,

Class

A*

1,127

40,268

Simply

Good

Foods

Co.

(The)*

15,340

338,247

Tootsie

Roll

Industries,

Inc.(a)

2,956

91,340

Vital

Farms,

Inc.*(a)

1,810

73,359

5,143,950

Gas

Utilities

1.0%

Brookfield

Infrastructure

Corp.,

Class

A(a)

5,965

330,401

Chesapeake

Utilities

Corp.

2,914

245,650

New

Jersey

Resources

Corp.

17,135

462,988

Northwest

Natural

Holding

Co.

5,601

254,229

ONE

Gas,

Inc.

9,355

645,589

RGC

Resources,

Inc.

1,192

27,953

South

Jersey

Industries,

Inc.

(a)

18,104

348,864

Southwest

Gas

Holdings,

Inc.

10,117

638,383

Spire,

Inc.

9,106

484,439

3,438,496

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

3.7%

Accelerate

Diagnostics,

Inc.*(a)

5,503

58,662

Accuray

,

Inc.*

18,115

43,476

Acutus

Medical,

Inc.*(a)

1,755

52,299

Alphatec

Holdings,

Inc.*

8,487

56,354

AngioDynamics

,

Inc.*

6,247

75,339

Antares

Pharma,

Inc.*

30,728

82,966

Apyx

Medical

Corp.*

7,002

32,979

Aspira

Women's

Health,

Inc.*(a)

14,138

43,616

AtriCure

,

Inc.*

7,869

313,973

Atrion

Corp.

244

152,744

Avanos

Medical,

Inc.*

8,462

281,108

Axogen

,

Inc.*(a)

6,789

78,956

Axonics

Modulation

Technologies,

Inc.*(a)

5,572

284,395

Bellerophon

Therapeutics,

Inc.*

682

6,943

Beyond

Air,

Inc.*(a)

1,978

10,266

BioLife

Solutions,

Inc.*(a)

2,450

70,903

BioSig

Technologies,

Inc.*(a)

4,930

24,305

Cantel

Medical

Corp.(a)

6,792

298,440

Cardiovascular

Systems,

Inc.*

6,924

272,459

Cerus

Corp.*(a)

28,994

181,502

Chembio

Diagnostics,

Inc.*(a)

2,606

12,665

Co-Diagnostics,

Inc.*(a)

4,621

62,799

CONMED

Corp.(a)

4,959

390,124

CryoLife

,

Inc.*(a)

6,608

122,050

CryoPort

,

Inc.*(a)

6,066

287,528

Cutera

,

Inc.*

3,174

60,211

CytoSorbents

Corp.*

7,402

59,031

Electromed

,

Inc.*

1,298

13,512

FONAR

Corp.*

1,129

23,573

GenMark

Diagnostics,

Inc.*

12,299

174,646

Glaukos

Corp.*(a)

7,781

385,315

Heska

Corp.*(a)

1,291

127,538

Inari

Medical,

Inc.*

1,367

94,350

Inogen

,

Inc.*(a)

3,385

98,165

Integer

Holdings

Corp.*

5,982

352,998

IntriCon

Corp.*

1,365

16,626

Invacare

Corp.(a)

6,434

48,384

iRadimed

Corp.*(a)

833

17,810

iRhythm

Technologies,

Inc.*(a)

4,945

1,177,454

Lantheus

Holdings,

Inc.*

12,204

154,625

LeMaitre

Vascular,

Inc.

2,781

90,466

LivaNova

plc*

8,956

404,901

Meridian

Bioscience,

Inc.*

7,792

132,308

Merit

Medical

Systems,

Inc.*

9,942

432,477

Mesa

Laboratories,

Inc.(a)

849

216,291

Milestone

Scientific,

Inc.*

7,483

10,401

Misonix

,

Inc.*(a)

2,700

31,671

Natus

Medical,

Inc.*

6,128

104,973

Nemaura

Medical,

Inc.*(a)

1,389

4,931

Neogen

Corp.*

9,581

749,713

Nevro

Corp.*

6,054

843,322

NuVasive

,

Inc.*(a)

9,228

448,204

OraSure

Technologies,

Inc.*

12,770

155,411

Orthofix

Medical,

Inc.*

3,334

103,821

OrthoPediatrics

Corp.*(a)

2,353

108,050

PAVmed

,

Inc.*(a)

4,996

8,893

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Pulse

Biosciences,

Inc.*(a)

2,870

33,837

Quotient

Ltd.*

10,921

56,134

Repro-Med

Systems,

Inc.*

4,414

31,869

Retractable

Technologies,

Inc.*(a)

2,774

18,475

Rockwell

Medical,

Inc.*(a)

12,140

12,990

SeaSpine

Holdings

Corp.*(a)

4,873

69,684

Shockwave

Medical,

Inc.*(a)

5,127

388,627

SI-BONE,

Inc.*(a)

4,672

110,820

Sientra

,

Inc.*(a)

9,268

31,511

Silk

Road

Medical,

Inc.*(a)

4,855

326,305

Soliton,

Inc.*(a)

923

7,052

STAAR

Surgical

Co.*(a)

8,229

465,432

Stereotaxis

,

Inc.*

8,400

30,072

Surgalign

Holdings,

Inc.*(a)

11,410

20,652

Surmodics

,

Inc.*

2,424

94,318

Tactile

Systems

Technology,

Inc.*(a)

3,328

121,771

Tela

Bio,

Inc.*

986

16,308

TransMedics

Group,

Inc.*(a)

4,461

61,473

Utah

Medical

Products,

Inc.

624

49,839

Vapotherm

,

Inc.*

3,483

101,007

Varex

Imaging

Corp.*(a)

6,545

83,252

Venus

Concept,

Inc.*

3,785

8,781

ViewRay

,

Inc.*

21,072

73,752

VolitionRX

Ltd.*(a)

3,989

12,805

Wright

Medical

Group

NV*(a)

23,473

716,865

Zynex

,

Inc.*(a)

2,942

51,338

12,941,891

Health

Care

Providers

&

Services

2.6%

1Life

Healthcare,

Inc.*(a)

14,146

401,181

AdaptHealth

Corp.*(a)

4,476

97,622

Addus

HomeCare

Corp.*

2,486

234,952

American

Renal

Associates

Holdings,

Inc.*(a)

2,984

20,590

AMN

Healthcare

Services,

Inc.*(a)

8,524

498,313

Apollo

Medical

Holdings,

Inc.*(a)

3,432

61,570

Avalon

GloboCare

Corp.*(a)

3,326

4,158

BioTelemetry

,

Inc.*

6,057

276,078

Brookdale

Senior

Living,

Inc.*(a)

33,428

84,907

Community

Health

Systems,

Inc.*

14,563

61,456

CorVel

Corp.*

1,638

139,934

Covetrus

,

Inc.*

17,639

430,392

Cross

Country

Healthcare,

Inc.*

6,364

41,302

Ensign

Group,

Inc.

(The)

9,198

524,838

Enzo

Biochem

,

Inc.*

10,204

21,530

Exagen

,

Inc.*(a)

561

6,081

Five

Star

Senior

Living,

Inc.*(a)

3,935

19,950

Fulgent

Genetics,

Inc.*(a)

1,726

69,109

Hanger,

Inc.*

6,583

104,143

HealthEquity

,

Inc.*

13,690

703,255

InfuSystem

Holdings,

Inc.*

2,427

31,114

Joint

Corp.

(The)*(a)

2,710

47,127

106

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

LHC

Group,

Inc.*

5,470

1,162,703

Magellan

Health,

Inc.*

4,255

322,444

MEDNAX,

Inc.*

13,272

216,068

National

HealthCare

Corp.

2,286

142,441

National

Research

Corp.

2,357

115,988

Ontrak

,

Inc.*(a)

1,492

89,520

Option

Care

Health,

Inc.*(a)

7,813

104,460

Owens

&

Minor,

Inc.(a)

11,377

285,676

Patterson

Cos.,

Inc.(a)

15,298

368,758

Pennant

Group,

Inc.

(The)*

4,657

179,574

PetIQ

,

Inc.*(a)

3,677

121,047

Progyny

,

Inc.*

4,603

135,466

Providence

Service

Corp.

(The)*

2,139

198,735

R1

RCM,

Inc.*

19,256

330,240

RadNet

,

Inc.*

8,119

124,627

Select

Medical

Holdings

Corp.*

19,497

405,928

Sharps

Compliance

Corp.*(a)

2,177

13,650

Surgery

Partners,

Inc.*

4,049

88,673

Tenet

Healthcare

Corp.*

18,812

461,082

Tivity

Health,

Inc.*(a)

8,194

114,880

Triple-S

Management

Corp.,

Class

B*(a)

4,246

75,876

US

Physical

Therapy,

Inc.

2,214

192,352

Viemed

Healthcare,

Inc.*

6,207

53,628

9,183,418

Health

Care

Technology

1.1%

Accolade,

Inc.*(a)

2,071

80,500

Allscripts

Healthcare

Solutions,

Inc.*(a)

29,552

240,553

Computer

Programs

&

Systems,

Inc.

2,093

57,788

Evolent

Health,

Inc.,

Class

A*(a)

13,648

169,372

Health

Catalyst,

Inc.*

5,830

213,378

HealthStream

,

Inc.*

4,332

86,943

HMS

Holdings

Corp.*

16,116

385,978

iCAD

,

Inc.*(a)

3,489

30,738

Inovalon

Holdings,

Inc.,

Class

A*

13,441

355,515

Inspire

Medical

Systems,

Inc.*

4,708

607,567

NantHealth

,

Inc.*(a)

5,112

11,962

NextGen

Healthcare,

Inc.*

10,056

128,114

Omnicell

,

Inc.*(a)

7,617

568,685

OptimizeRx

Corp.*(a)

2,566

53,501

Phreesia

,

Inc.*

5,229

168,008

Schrodinger,

Inc.*(a)

5,263

250,045

Simulations

Plus,

Inc.

2,533

190,887

Tabula

Rasa

HealthCare,

Inc.*(a)

3,683

150,156

Vocera

Communications,

Inc.*(a)

5,840

169,827

3,919,517

Hotels,

Restaurants

&

Leisure

3.6%

Accel

Entertainment,

Inc.*(a)

7,931

84,941

BBX

Capital

Corp.*(a)

1,926

25,789

Biglari

Holdings,

Inc.,

Class

A*

23

11,219

Biglari

Holdings,

Inc.,

Class

B*

149

13,263

BJ's

Restaurants,

Inc.(a)

3,961

116,612

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Bloomin

'

Brands,

Inc.(a)

15,776

240,899

Bluegreen

Vacations

Corp.

1,093

5,356

Boyd

Gaming

Corp.

14,599

448,043

Brinker

International,

Inc.(a)

8,049

343,853

Caesars

Entertainment,

Inc.*

25,061

1,404,920

Carrols

Restaurant

Group,

Inc.*(a)

5,568

35,914

Century

Casinos,

Inc.*

4,199

23,010

Cheesecake

Factory,

Inc.

(The)(a)

7,641

211,961

Churchill

Downs,

Inc.(a)

6,846

1,121,512

Chuy's

Holdings,

Inc.*(a)

3,503

68,589

Cracker

Barrel

Old

Country

Store,

Inc.(a)

4,275

490,171

Dave

&

Buster's

Entertainment,

Inc.(a)

7,953

120,567

Del

Taco

Restaurants,

Inc.*

4,778

39,180

Denny's

Corp.*

11,408

114,080

Dine

Brands

Global,

Inc.(a)

2,874

156,892

El

Pollo

Loco

Holdings,

Inc.*

3,390

54,918

Everi

Holdings,

Inc.*(a)

14,556

120,087

Fiesta

Restaurant

Group,

Inc.*

3,482

32,626

GAN

Ltd.*(a)

1,440

24,336

Golden

Entertainment,

Inc.*

3,498

48,377

Hilton

Grand

Vacations,

Inc.*

15,671

328,778

International

Game

Technology

plc(a)

17,859

198,771

Jack

in

the

Box,

Inc.(a)

4,048

321,047

Kura

Sushi

USA,

Inc.,

Class

A*(a)

540

7,074

Lindblad

Expeditions

Holdings,

Inc.*(a)

4,864

41,393

Marriott

Vacations

Worldwide

Corp.

7,295

662,459

Monarch

Casino

&

Resort,

Inc.*

2,341

104,409

Nathan's

Famous,

Inc.

498

25,522

Noodles

&

Co.*

6,076

41,742

Papa

John's

International,

Inc.

5,883

484,053

Penn

National

Gaming,

Inc.*(a)

27,414

1,992,998

PlayAGS

,

Inc.*

3,513

12,436

RCI

Hospitality

Holdings,

Inc.

(a)

1,532

31,253

Red

Robin

Gourmet

Burgers,

Inc.*(a)

2,297

30,228

Red

Rock

Resorts,

Inc.,

Class

A

11,832

202,327

Ruth's

Hospitality

Group,

Inc.

(a)

6,081

67,256

Scientific

Games

Corp.*(a)

10,297

359,468

SeaWorld

Entertainment,

Inc.*

8,869

174,897

Shake

Shack,

Inc.,

Class

A*(a)

6,417

413,768

Target

Hospitality

Corp.*(a)

5,268

6,427

Texas

Roadhouse,

Inc.

11,834

719,389

Twin

River

Worldwide

Holdings,

Inc.

3,532

92,786

Wingstop

,

Inc.

5,384

735,724

12,411,320

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Household

Durables

2.4%

Beazer

Homes

USA,

Inc.*

4,885

64,482

Casper

Sleep,

Inc.*(a)

4,507

32,405

Cavco

Industries,

Inc.*

1,656

298,593

Century

Communities,

Inc.*

5,212

220,624

Ethan

Allen

Interiors,

Inc.

3,957

53,578

GoPro,

Inc.,

Class

A*

24,592

111,402

Green

Brick

Partners,

Inc.*

4,118

66,300

Hamilton

Beach

Brands

Holding

Co.,

Class

A

1,210

23,535

Helen

of

Troy

Ltd.*

4,561

882,645

Hooker

Furniture

Corp.(a)

1,998

51,608

Installed

Building

Products,

Inc.*

4,123

419,515

iRobot

Corp.*(a)

4,975

377,603

KB

Home

15,877

609,518

La-Z-Boy,

Inc.

8,006

253,230

Legacy

Housing

Corp.*

1,099

15,034

LGI

Homes,

Inc.*(a)

4,013

466,190

Lifetime

Brands,

Inc.

1,965

18,569

Lovesac

Co.

(The)*(a)

1,596

44,225

M/I

Homes,

Inc.*

5,093

234,533

MDC

Holdings,

Inc.

9,245

435,440

Meritage

Homes

Corp.*

6,731

743,035

Purple

Innovation,

Inc.*(a)

3,997

99,365

Skyline

Champion

Corp.*

9,708

259,883

Sonos

,

Inc.*

14,851

225,438

Taylor

Morrison

Home

Corp.*

22,811

560,923

TopBuild

Corp.*

5,967

1,018,507

TRI

Pointe

Group,

Inc.*

23,365

423,841

Tupperware

Brands

Corp.*

8,862

178,658

Turtle

Beach

Corp.*

2,717

49,449

Universal

Electronics,

Inc.*

2,453

92,576

VOXX

International

Corp.*

3,733

28,707

8,359,411

Household

Products

0.2%

Central

Garden

&

Pet

Co.*

1,540

61,492

Central

Garden

&

Pet

Co.,

Class

A*

7,219

260,895

Oil-

Dri

Corp.

of

America

1,006

35,985

WD-40

Co.(a)

2,472

467,974

826,346

Independent

Power

and

Renewable

Electricity

Producers

0.6%

Atlantic

Power

Corp.*

16,718

32,767

Brookfield

Renewable

Corp.

12,323

722,128

Clearway

Energy,

Inc.,

Class

A

6,383

157,660

Clearway

Energy,

Inc.,

Class

C

14,697

396,231

Ormat

Technologies,

Inc.(a)

7,270

429,730

Sunnova

Energy

International,

Inc.*

9,578

291,267

2,029,783

Industrial

Conglomerates

0.0%

†

Raven

Industries,

Inc.

6,147

132,283

Insurance

2.3%

Ambac

Financial

Group,

Inc.*

8,525

108,864

American

Equity

Investment

Life

Holding

Co.

15,937

350,455

AMERISAFE,

Inc.

3,443

197,491

Common

Stocks

Shares

Value

($)

Insurance

Argo

Group

International

Holdings

Ltd.

5,912

203,550

BRP

Group,

Inc.,

Class

A*

6,069

151,179

Citizens,

Inc.*(a)

10,162

56,298

CNO

Financial

Group,

Inc.

25,554

409,886

Crawford

&

Co.,

Class

A

2,764

18,077

Donegal

Group,

Inc.,

Class

A

1,894

26,649

eHealth,

Inc.*

4,663

368,377

Employers

Holdings,

Inc.

4,461

134,945

Enstar

Group

Ltd.*

2,158

348,517

FBL

Financial

Group,

Inc.,

Class

A

1,781

85,844

FedNat

Holding

Co.

2,158

13,639

Genworth

Financial,

Inc.,

Class

A*

90,959

304,713

Goosehead

Insurance,

Inc.,

Class

A(a)

2,357

204,093

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

5,065

34,087

HCI

Group,

Inc.(a)

1,136

55,993

Heritage

Insurance

Holdings,

Inc.

4,542

45,965

Horace

Mann

Educators

Corp.

7,362

245,891

Independence

Holding

Co.

852

32,129

Investors

Title

Co.

252

32,775

James

River

Group

Holdings

Ltd.

5,476

243,846

Kinsale

Capital

Group,

Inc.

3,810

724,586

MBIA,

Inc.*(a)

9,516

57,667

National

General

Holdings

Corp.

12,299

415,091

National

Western

Life

Group,

Inc.,

Class

A

442

80,784

NI

Holdings,

Inc.*(a)

1,981

33,459

Palomar

Holdings,

Inc.*(a)

3,659

381,414

ProAssurance

Corp.

9,603

150,191

ProSight

Global,

Inc.*

1,462

16,579

Protective

Insurance

Corp.,

Class

B

1,595

20,942

RLI

Corp.

7,132

597,162

Safety

Insurance

Group,

Inc.

2,625

181,361

Selective

Insurance

Group,

Inc.

10,637

547,699

Selectquote

,

Inc.*(a)

5,646

114,332

State

Auto

Financial

Corp.

3,105

42,725

Stewart

Information

Services

Corp.

4,725

206,624

Third

Point

Reinsurance

Ltd.*

15,240

105,918

Tiptree,

Inc.

5,591

27,675

Trean

Insurance

Group,

Inc.*(a)

2,047

31,217

Trupanion

,

Inc.*(a)

5,519

435,449

United

Fire

Group,

Inc.

3,991

81,097

United

Insurance

Holdings

Corp.

3,629

21,992

Universal

Insurance

Holdings,

Inc.(a)

5,141

71,151

Watford

Holdings

Ltd.*(a)

3,323

76,230

8,094,608

108

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Interactive

Media

&

Services

0.3%

Cargurus

,

Inc.*

15,819

342,165

Cars.com,

Inc.*(a)

12,887

104,127

DHI

Group,

Inc.*

8,485

19,176

Eventbrite,

Inc.,

Class

A*(a)

11,804

128,073

EverQuote

,

Inc.,

Class

A*(a)

2,596

100,309

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*(a)

14,601

25,260

QuinStreet

,

Inc.*

9,047

143,305

TrueCar

,

Inc.*

17,758

88,790

Yelp,

Inc.*

12,553

252,190

1,203,395

Internet

&

Direct

Marketing

Retail

0.8%

1-800-Flowers.com,

Inc.,

Class

A*(a)

4,669

116,445

CarParts.com,

Inc.*(a)

4,306

46,548

Duluth

Holdings,

Inc.,

Class

B*(a)

1,988

24,293

Groupon,

Inc.*(a)

4,523

92,269

Lands'

End,

Inc.*

2,093

27,272

Liquidity

Services,

Inc.*

4,815

35,920

Magnite

,

Inc.*(a)

19,198

133,330

Overstock.com,

Inc.*(a)

7,698

559,260

PetMed

Express,

Inc.(a)

3,633

114,875

Quotient

Technology,

Inc.*

14,987

110,604

RealReal

,

Inc.

(The)*(a)

11,615

168,069

Shutterstock,

Inc.

3,936

204,829

Stamps.com,

Inc.*

3,080

742,126

Stitch

Fix,

Inc.,

Class

A*(a)

10,028

272,060

Waitr

Holdings,

Inc.*(a)

13,362

43,026

2,690,926

IT

Services

2.0%

Brightcove

,

Inc.*

6,370

65,229

Cardtronics

plc,

Class

A*

6,753

133,709

Cass

Information

Systems,

Inc.

2,597

104,503

Conduent

,

Inc.*

28,923

91,975

CSG

Systems

International,

Inc.

5,848

239,476

Endurance

International

Group

Holdings,

Inc.*(a)

13,071

75,028

EVERTEC,

Inc.(a)

10,732

372,508

Evo

Payments,

Inc.,

Class

A*

7,198

178,870

ExlService

Holdings,

Inc.*

6,057

399,580

GreenSky

,

Inc.,

Class

A*(a)

11,758

52,206

Grid

Dynamics

Holdings,

Inc.*(a)

3,523

27,233

GTT

Communications,

Inc.*(a)

6,460

33,334

Hackett

Group,

Inc.

(The)

4,491

50,209

I3

Verticals,

Inc.,

Class

A*(a)

2,681

67,695

Information

Services

Group,

Inc.*

4,839

10,210

International

Money

Express,

Inc.*(a)

4,194

60,247

KBR,

Inc.

25,639

573,288

Limelight

Networks,

Inc.*(a)

21,306

122,723

LiveRamp

Holdings,

Inc.*

11,556

598,254

ManTech

International

Corp.,

Class

A

4,978

342,885

MAXIMUS,

Inc.

11,001

752,578

Common

Stocks

Shares

Value

($)

IT

Services

MoneyGram

International,

Inc.*(a)

12,486

35,273

NIC,

Inc.

11,905

234,528

Paysign

,

Inc.*(a)

6,054

34,387

Perficient

,

Inc.*

5,820

248,747

Perspecta

,

Inc.

24,958

485,433

PFSweb

,

Inc.*(a)

2,759

18,458

Priority

Technology

Holdings,

Inc.*(a)

949

2,994

Rackspace

Technology,

Inc.*(a)

6,029

116,299

Repay

Holdings

Corp.*(a)

10,717

251,849

ServiceSource

International,

Inc.*

15,198

22,341

StarTek

,

Inc.*(a)

4,186

21,976

Sykes

Enterprises,

Inc.*

6,806

232,833

TTEC

Holdings,

Inc.

3,252

177,397

Tucows

,

Inc.,

Class

A*(a)

1,643

113,203

Unisys

Corp.*(a)

11,374

121,361

Verra

Mobility

Corp.*(a)

24,602

237,655

Virtusa

Corp.*

5,169

254,108

6,960,582

Leisure

Products

0.7%

Acushnet

Holdings

Corp.(a)

6,356

213,625

American

Outdoor

Brands,

Inc.*

2,478

32,288

Callaway

Golf

Co.

16,852

322,547

Clarus

Corp.(a)

3,410

48,149

Escalade,

Inc.

1,777

32,501

Johnson

Outdoors,

Inc.,

Class

A

998

81,726

Malibu

Boats,

Inc.,

Class

A*

3,703

183,521

Marine

Products

Corp.

1,173

18,346

MasterCraft

Boat

Holdings,

Inc.*

3,695

64,626

Nautilus,

Inc.*(a)

5,769

98,996

Smith

&

Wesson

Brands,

Inc.

9,916

153,896

Sturm

Ruger

&

Co.,

Inc.(a)

3,154

192,899

Vista

Outdoor,

Inc.*

10,591

213,726

YETI

Holdings,

Inc.*(a)

14,424

653,696

2,310,542

Life

Sciences

Tools

&

Services

0.7%

Champions

Oncology,

Inc.*

1,218

11,267

ChromaDex

Corp.*

6,947

27,858

Codexis

,

Inc.*(a)

9,784

114,864

Fluidigm

Corp.*(a)

13,315

98,930

Harvard

Bioscience,

Inc.*

6,593

19,845

Luminex

Corp.

7,721

202,676

Medpace

Holdings,

Inc.*

4,968

555,174

NanoString

Technologies,

Inc.*(a)

6,889

307,938

NeoGenomics

,

Inc.*(a)

18,835

694,823

Pacific

Biosciences

of

California,

Inc.*(a)

30,001

296,110

Personalis

,

Inc.*

3,912

84,773

Quanterix

Corp.*(a)

3,850

129,899

2,544,157

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Machinery

3.6%

Alamo

Group,

Inc.

1,821

196,723

Albany

International

Corp.,

Class

A

5,515

273,048

Altra

Industrial

Motion

Corp.

11,633

430,072

Astec

Industries,

Inc.

4,186

227,090

Barnes

Group,

Inc.

8,249

294,819

Blue

Bird

Corp.*

3,160

38,426

Chart

Industries,

Inc.*

6,509

457,387

CIRCOR

International,

Inc.*

3,491

95,479

Columbus

McKinnon

Corp.

4,239

140,311

Douglas

Dynamics,

Inc.

3,981

136,150

Eastern

Co.

(The)

838

16,358

Energy

Recovery,

Inc.*(a)

7,061

57,900

Enerpac

Tool

Group

Corp.*

9,727

182,965

EnPro

Industries,

Inc.

3,697

208,548

ESCO

Technologies,

Inc.

4,613

371,623

Evoqua

Water

Technologies

Corp.*

16,424

348,517

ExOne

Co.

(The)*

2,034

24,855

Federal

Signal

Corp.

10,824

316,602

Franklin

Electric

Co.,

Inc.

8,360

491,819

Gencor

Industries,

Inc.*

1,310

14,449

Gorman-Rupp

Co.

(The)

3,311

97,542

Graham

Corp.

1,825

23,305

Greenbrier

Cos.,

Inc.

(The)(a)

5,897

173,372

Helios

Technologies,

Inc.

5,656

205,878

Hillenbrand,

Inc.

13,360

378,890

Hurco

Cos.,

Inc.(a)

1,080

30,672

Hyster

-Yale

Materials

Handling,

Inc.

1,786

66,350

John

Bean

Technologies

Corp.

5,636

517,892

Kadant

,

Inc.

2,062

226,036

Kennametal,

Inc.(a)

14,967

433,145

L

B

Foster

Co.,

Class

A*

1,729

23,203

Lindsay

Corp.

1,932

186,786

Luxfer

Holdings

plc

5,314

66,691

Lydall

,

Inc.*

3,520

58,221

Manitowoc

Co.,

Inc.

(The)*

6,692

56,280

Mayville

Engineering

Co.,

Inc.*

1,040

9,558

Meritor,

Inc.*

12,647

264,828

Miller

Industries,

Inc.

2,198

67,193

Mueller

Industries,

Inc.

9,925

268,570

Mueller

Water

Products,

Inc.,

Class

A

27,960

290,504

Navistar

International

Corp.*

8,996

391,686

NN,

Inc.*(a)

7,011

36,177

Omega

Flex,

Inc.(a)

491

76,950

Park-Ohio

Holdings

Corp.

1,692

27,190

Proto

Labs,

Inc.*(a)

4,865

630,017

RBC

Bearings,

Inc.*

4,424

536,233

REV

Group,

Inc.

5,663

44,681

Rexnord

Corp.

21,892

653,257

Shyft

Group,

Inc.

(The)

5,918

111,732

SPX

Corp.*

7,691

356,709

SPX

FLOW,

Inc.*

7,662

328,087

Standex

International

Corp.

2,239

132,549

Tennant

Co.

3,313

199,973

Terex

Corp.

12,027

232,843

TriMas

Corp.*

7,778

177,338

Wabash

National

Corp.(a)

9,271

110,881

Common

Stocks

Shares

Value

($)

Machinery

Watts

Water

Technologies,

Inc.,

Class

A

4,900

490,735

Welbilt

,

Inc.*

24,461

150,680

12,455,775

Marine

0.1%

Costamare

,

Inc.

8,144

49,434

Eagle

Bulk

Shipping,

Inc.*(a)

1,482

24,260

Genco

Shipping

&

Trading

Ltd.

3,746

25,848

Matson,

Inc.

7,806

312,943

Pangaea

Logistics

Solutions

Ltd.

3,243

8,399

Safe

Bulkers,

Inc.*

8,372

8,623

Scorpio

Bulkers,

Inc.

1,363

19,300

448,807

Media

0.7%

AMC

Networks,

Inc.,

Class

A*(a)

7,223

178,480

Boston

Omaha

Corp.,

Class

A*

2,124

33,984

Cardlytics,

Inc.*(a)

4,649

328,080

Central

European

Media

Enterprises

Ltd.,

Class

A*

16,604

69,571

comScore,

Inc.*

12,149

24,784

Daily

Journal

Corp.*(a)

202

48,884

Emerald

Holding,

Inc.(a)

4,244

8,658

Entercom

Communications

Corp.,

Class

A

22,648

36,463

Entravision

Communications

Corp.,

Class

A

14,508

22,052

EW

Scripps

Co.

(The),

Class

A

10,312

117,969

Fluent,

Inc.*

6,890

17,087

Gannett

Co.,

Inc.(a)

22,027

28,635

Gray

Television,

Inc.*

15,563

214,303

Hemisphere

Media

Group,

Inc.*

2,947

25,609

iHeartMedia

,

Inc.,

Class

A*

11,026

89,531

Loral

Space

&

Communications,

Inc.(a)

2,633

48,184

Meredith

Corp.(a)

7,329

96,156

MSG

Networks,

Inc.,

Class

A*(a)

7,254

69,421

National

CineMedia

,

Inc.(a)

10,037

27,250

Saga

Communications,

Inc.,

Class

A(a)

884

17,574

Scholastic

Corp.

4,977

104,467

Sinclair

Broadcast

Group,

Inc.,

Class

A(a)

7,918

152,263

TechTarget

,

Inc.*

4,262

187,358

TEGNA,

Inc.

39,498

464,102

Tribune

Publishing

Co.(a)

2,966

34,584

WideOpenWest

,

Inc.*

10,209

52,985

2,498,434

Metals

&

Mining

1.5%

Alcoa

Corp.*

33,578

390,512

Allegheny

Technologies,

Inc.*

22,529

196,453

Arconic

Corp.*

17,901

341,014

Caledonia

Mining

Corp.

plc(a)

1,888

32,077

Carpenter

Technology

Corp.

8,366

151,927

Century

Aluminum

Co.*(a)

9,669

68,843

110

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Metals

&

Mining

Cleveland-Cliffs,

Inc.(a)

71,304

457,772

Coeur

Mining,

Inc.*

44,351

327,310

Commercial

Metals

Co.

21,384

427,252

Compass

Minerals

International,

Inc.

6,229

369,691

Gold

Resource

Corp.(a)

10,281

35,058

Haynes

International,

Inc.

2,455

41,956

Hecla

Mining

Co.

94,998

482,590

Kaiser

Aluminum

Corp.

2,884

154,554

Materion

Corp.

3,634

189,077

Novagold

Resources,

Inc.*

43,151

513,065

Olympic

Steel,

Inc.

1,562

17,744

Ryerson

Holding

Corp.*

2,740

15,700

Schnitzer

Steel

Industries,

Inc.,

Class

A

4,470

85,958

SunCoke

Energy,

Inc.

15,035

51,420

TimkenSteel

Corp.*(a)

8,625

30,619

United

States

Steel

Corp.(a)

39,360

288,903

Warrior

Met

Coal,

Inc.

8,944

152,764

Worthington

Industries,

Inc.

6,571

267,965

5,090,224

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.3%

Anworth

Mortgage

Asset

Corp.

21,573

35,380

Apollo

Commercial

Real

Estate

Finance,

Inc.

26,532

239,053

Arbor

Realty

Trust,

Inc.

19,579

224,571

Ares

Commercial

Real

Estate

Corp.

5,738

52,445

Arlington

Asset

Investment

Corp.,

Class

A

6,231

17,696

ARMOUR

Residential

REIT,

Inc.

10,947

104,106

Blackstone

Mortgage

Trust,

Inc.,

Class

A

24,616

540,814

Broadmark

Realty

Capital,

Inc.

23,690

233,583

Capstead

Mortgage

Corp.

17,304

97,248

Cherry

Hill

Mortgage

Investment

Corp.

2,618

23,510

Chimera

Investment

Corp.

34,344

281,621

Colony

Credit

Real

Estate,

Inc.

16,006

78,589

Dynex

Capital,

Inc.

4,071

61,920

Ellington

Financial,

Inc.

7,084

86,850

Ellington

Residential

Mortgage

REIT

1,601

17,771

Granite

Point

Mortgage

Trust,

Inc.

10,171

72,112

Great

Ajax

Corp.

4,073

33,765

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

12,965

548,031

Invesco

Mortgage

Capital,

Inc.

33,814

91,636

KKR

Real

Estate

Finance

Trust,

Inc.

5,030

83,146

Ladder

Capital

Corp.

19,655

139,944

MFA

Financial,

Inc.

81,455

218,299

New

York

Mortgage

Trust,

Inc.

67,293

171,597

Orchid

Island

Capital,

Inc.

12,852

64,389

PennyMac

Mortgage

Investment

Trust

17,808

286,175

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Ready

Capital

Corp.

7,710

86,352

Redwood

Trust,

Inc.

21,643

162,755

TPG

RE

Finance

Trust,

Inc.

11,500

97,290

Two

Harbors

Investment

Corp.

48,971

249,262

Western

Asset

Mortgage

Capital

Corp.

11,774

24,019

4,423,929

Multiline

Retail

0.2%

Big

Lots,

Inc.(a)

7,081

315,813

Dillard's,

Inc.,

Class

A(a)

1,426

52,078

Macy's,

Inc.(a)

56,345

321,166

689,057

Multi-Utilities

0.5%

Avista

Corp.

12,260

418,311

Black

Hills

Corp.

11,306

604,758

NorthWestern

Corp.

9,193

447,148

Unitil

Corp.

2,688

103,864

1,574,081

Oil,

Gas

&

Consumable

Fuels

1.3%

Adams

Resources

&

Energy,

Inc.

473

9,413

Antero

Resources

Corp.*(a)

45,268

124,487

Arch

Resources,

Inc.

2,760

117,245

Ardmore

Shipping

Corp.

5,585

19,883

Berry

Corp.

13,693

43,407

Bonanza

Creek

Energy,

Inc.*

3,401

63,939

Brigham

Minerals,

Inc.,

Class

A

6,860

61,191

Clean

Energy

Fuels

Corp.*

25,767

63,902

CNX

Resources

Corp.*

40,124

378,771

Comstock

Resources,

Inc.*(a)

4,896

21,444

CONSOL

Energy,

Inc.*(a)

4,452

19,722

Contango

Oil

&

Gas

Co.*(a)

16,100

21,574

CVR

Energy,

Inc.

5,371

66,493

Delek

US

Holdings,

Inc.

10,772

119,892

DHT

Holdings,

Inc.

19,708

101,693

Diamond

S

Shipping,

Inc.*

5,137

35,291

Dorian

LPG

Ltd.*

5,916

47,387

Earthstone

Energy,

Inc.,

Class

A*(a)

6,155

15,941

Energy

Fuels,

Inc.*(a)

20,345

34,180

Evolution

Petroleum

Corp.

7,500

16,800

Falcon

Minerals

Corp.

4,620

11,273

Frontline

Ltd.(a)

21,283

138,340

Golar

LNG

Ltd.*(a)

16,079

97,358

Goodrich

Petroleum

Corp.*

1,267

9,743

Green

Plains,

Inc.*(a)

6,034

93,406

Gulfport

Energy

Corp.*(a)

27,128

14,299

International

Seaways,

Inc.

4,257

62,195

Kosmos

Energy

Ltd.(a)

77,352

75,465

Magnolia

Oil

&

Gas

Corp.,

Class

A*(a)

21,214

109,676

Matador

Resources

Co.*(a)

20,658

170,635

Montage

Resources

Corp.*

3,467

15,220

NACCO

Industries,

Inc.,

Class

A

590

10,744

NextDecade

Corp.*(a)

2,175

6,482

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Nordic

American

Tankers

Ltd.

(a)

25,538

89,128

Overseas

Shipholding

Group,

Inc.,

Class

A*

12,144

25,988

Ovintiv

,

Inc.(a)

46,907

382,761

Par

Pacific

Holdings,

Inc.*(a)

7,660

51,858

PBF

Energy,

Inc.,

Class

A(a)

18,213

103,632

PDC

Energy,

Inc.*(a)

17,458

216,392

Peabody

Energy

Corp.

11,706

26,924

Penn

Virginia

Corp.*

2,512

24,743

PrimeEnergy

Resources

Corp.*

81

5,362

Range

Resources

Corp.(a)

39,355

260,530

Renewable

Energy

Group,

Inc.*(a)

7,053

376,771

REX

American

Resources

Corp.*

1,047

68,694

Scorpio

Tankers,

Inc.

8,986

99,475

SFL

Corp.

Ltd.(a)

16,530

123,810

SM

Energy

Co.(a)

21,106

33,559

Southwestern

Energy

Co.*(a)

106,865

251,133

Talos

Energy,

Inc.*(a)

2,607

16,815

Tellurian,

Inc.*(a)

29,042

23,141

Uranium

Energy

Corp.*

37,112

36,993

W&T

Offshore,

Inc.*(a)

19,008

34,214

Whiting

Petroleum

Corp.*(a)

205

3,544

World

Fuel

Services

Corp.

11,162

236,523

4,689,481

Paper

&

Forest

Products

0.5%

Boise

Cascade

Co.

7,223

288,342

Clearwater

Paper

Corp.*

2,978

112,985

Domtar

Corp.

9,897

259,994

Louisiana-Pacific

Corp.

20,329

599,909

Neenah,

Inc.

3,044

114,059

P

H

Glatfelter

Co.

7,951

109,485

Schweitzer-Mauduit

International,

Inc.

5,495

166,993

Verso

Corp.,

Class

A

5,593

44,129

1,695,896

Personal

Products

0.4%

BellRing

Brands,

Inc.,

Class

A*

7,235

150,054

Edgewell

Personal

Care

Co.*

9,797

273,140

elf

Beauty,

Inc.*

8,084

148,503

Inter

Parfums

,

Inc.

3,098

115,710

Lifevantage

Corp.*

2,228

26,892

Medifast

,

Inc.(a)

2,038

335,149

Nature's

Sunshine

Products,

Inc.*

1,586

18,350

Revlon,

Inc.,

Class

A*(a)

1,213

7,666

USANA

Health

Sciences,

Inc.*(a)

2,104

154,960

Veru

,

Inc.*(a)

7,425

19,454

1,249,878

Pharmaceuticals

1.9%

AcelRx

Pharmaceuticals,

Inc.*(a)

12,634

17,940

Aerie

Pharmaceuticals,

Inc.*(a)

6,719

79,083

Agile

Therapeutics,

Inc.*(a)

11,745

35,705

Common

Stocks

Shares

Value

($)

Pharmaceuticals

AMAG

Pharmaceuticals,

Inc.*(a)

6,036

56,738

Amneal

Pharmaceuticals,

Inc.*(a)

19,120

74,186

Amphastar

Pharmaceuticals,

Inc.*

6,457

121,069

ANI

Pharmaceuticals,

Inc.*

1,548

43,669

Aquestive

Therapeutics,

Inc.*(a)

2,942

14,283

Arvinas

,

Inc.*(a)

5,246

123,858

Avenue

Therapeutics,

Inc.*(a)

993

10,754

Axsome

Therapeutics,

Inc.*(a)

5,098

363,232

Aytu

BioScience

,

Inc.*(a)

5,334

6,347

BioDelivery

Sciences

International,

Inc.*

16,618

61,985

Cara

Therapeutics,

Inc.*

7,558

96,176

Cassava

Sciences,

Inc.*(a)

4,682

53,890

Cerecor

,

Inc.*(a)

6,501

14,790

Chiasma,

Inc.*(a)

9,085

39,065

Collegium

Pharmaceutical,

Inc.*(a)

6,330

131,791

Corcept

Therapeutics,

Inc.*(a)

17,588

306,119

CorMedix,

Inc.*(a)

5,281

31,844

Cymabay

Therapeutics,

Inc.*

13,110

94,916

Durect

Corp.*(a)

35,628

60,924

Eloxx

Pharmaceuticals,

Inc.*(a)

4,261

11,206

Endo

International

plc*(a)

40,423

133,396

Eton

Pharmaceuticals,

Inc.*(a)

2,795

22,080

Evofem

Biosciences,

Inc.*(a)

13,573

32,032

Evolus

,

Inc.*(a)

4,532

17,720

Fulcrum

Therapeutics,

Inc.*(a)

2,492

19,762

Harrow

Health,

Inc.*

4,440

24,820

IMARA,

Inc.*(a)

971

19,750

Innoviva

,

Inc.*(a)

11,622

121,450

Intersect

ENT,

Inc.*

5,692

92,837

Intra-Cellular

Therapies,

Inc.*

11,785

302,403

Kala

Pharmaceuticals,

Inc.*(a)

6,937

52,028

Kaleido

Biosciences,

Inc.*(a)

1,924

21,299

Lannett

Co.,

Inc.*(a)

6,566

40,118

Liquidia

Technologies,

Inc.*(a)

3,656

17,988

Lyra

Therapeutics,

Inc.*(a)

883

9,872

Mallinckrodt

plc*(a)

16,401

15,963

Marinus

Pharmaceuticals,

Inc.*(a)

4,288

55,104

MyoKardia

,

Inc.*

9,111

1,242,103

NGM

Biopharmaceuticals,

Inc.*(a)

4,259

67,761

Ocular

Therapeutix

,

Inc.*(a)

10,850

82,569

Odonate

Therapeutics,

Inc.*

2,407

32,326

Omeros

Corp.*(a)

10,607

107,184

Optinose

,

Inc.*(a)

5,581

21,766

Osmotica

Pharmaceuticals

plc*

2,808

15,191

Pacira

BioSciences

,

Inc.*

7,556

454,267

Paratek

Pharmaceuticals,

Inc.*(a)

6,806

36,820

Phathom

Pharmaceuticals,

Inc.*

2,013

73,817

112

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Phibro

Animal

Health

Corp.,

Class

A

3,727

64,850

Pliant

Therapeutics,

Inc.*

1,842

41,721

Prestige

Consumer

Healthcare,

Inc.*

9,148

333,170

Provention

Bio,

Inc.*(a)

7,768

99,663

Recro

Pharma,

Inc.*(a)

3,324

6,980

Relmada

Therapeutics,

Inc.*(a)

2,577

96,947

Revance

Therapeutics,

Inc.*

11,347

285,264

Satsuma

Pharmaceuticals,

Inc.*

1,706

6,636

scPharmaceuticals

,

Inc.*(a)

1,065

7,934

SIGA

Technologies,

Inc.*

8,870

60,937

Strongbridge

Biopharma

plc*

6,841

14,366

Supernus

Pharmaceuticals,

Inc.*

9,043

188,456

TherapeuticsMD

,

Inc.*(a)

44,514

70,332

Theravance

Biopharma,

Inc.*(a)

8,406

124,283

Tricida

,

Inc.*

5,089

46,106

Verrica

Pharmaceuticals,

Inc.*(a)

2,273

17,593

VYNE

Therapeutics,

Inc.*(a)

27,889

46,296

WaVe

Life

Sciences

Ltd.*(a)

4,416

37,492

Xeris

Pharmaceuticals,

Inc.*(a)

7,869

46,663

Zogenix

,

Inc.*

10,216

183,173

6,760,858

Professional

Services

1.2%

Acacia

Research

Corp.*

7,232

25,095

Akerna

Corp.*(a)

1,932

7,032

ASGN,

Inc.*

9,164

582,464

Barrett

Business

Services,

Inc.

1,407

73,783

BG

Staffing,

Inc.

1,650

13,975

CBIZ,

Inc.*

9,134

208,895

CRA

International,

Inc.

1,433

53,695

Exponent,

Inc.

9,239

665,485

Forrester

Research,

Inc.*(a)

1,821

59,711

Franklin

Covey

Co.*

2,389

42,381

GP

Strategies

Corp.*

2,243

21,623

Heidrick

&

Struggles

International,

Inc.

3,648

71,683

Huron

Consulting

Group,

Inc.*

4,039

158,854

ICF

International,

Inc.

3,355

206,433

Insperity

,

Inc.

6,500

425,685

Kelly

Services,

Inc.,

Class

A

5,877

100,144

Kforce

,

Inc.

3,638

117,034

Korn

Ferry

9,859

285,911

Mastech

Digital,

Inc.*(a)

814

14,660

Mistras

Group,

Inc.*

3,322

12,989

Red

Violet,

Inc.*(a)

1,045

19,291

Resources

Connection,

Inc.

5,849

67,556

TriNet

Group,

Inc.*

7,416

439,917

TrueBlue

,

Inc.*

6,610

102,389

Upwork

,

Inc.*

17,035

297,090

Willdan

Group,

Inc.*(a)

1,679

42,831

4,116,606

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

0.7%

Altisource

Portfolio

Solutions

SA*(a)

1,085

13,747

American

Realty

Investors,

Inc.*

423

3,837

CTO

Realty

Growth,

Inc.

829

36,559

Cushman

&

Wakefield

plc*(a)

19,542

205,386

eXp

World

Holdings,

Inc.*

4,370

176,286

Fathom

Holdings,

Inc.*

862

13,568

Forestar

Group,

Inc.*(a)

3,097

54,817

FRP

Holdings,

Inc.*

1,232

51,337

Griffin

Industrial

Realty,

Inc.(a)

355

18,975

Kennedy-Wilson

Holdings,

Inc.

(a)

22,027

319,832

Marcus

&

Millichap,

Inc.*

4,290

118,061

Maui

Land

&

Pineapple

Co.,

Inc.*(a)

983

10,636

Newmark

Group,

Inc.,

Class

A

24,922

107,663

Rafael

Holdings,

Inc.,

Class

B*

1,686

26,133

RE/MAX

Holdings,

Inc.,

Class

A

3,117

102,019

Realogy

Holdings

Corp.*(a)

20,691

195,323

Redfin

Corp.*(a)

17,450

871,279

RMR

Group,

Inc.

(The),

Class

A

2,869

78,811

St

Joe

Co.

(The)*(a)

5,807

119,798

Stratus

Properties,

Inc.*(a)

994

21,431

Tejon

Ranch

Co.*(a)

3,556

50,317

Transcontinental

Realty

Investors,

Inc.*

231

5,759

2,601,574

Road

&

Rail

0.6%

ArcBest

Corp.

4,652

144,491

Avis

Budget

Group,

Inc.*

9,490

249,777

Covenant

Logistics

Group,

Inc.,

Class

A*

1,963

34,333

Daseke

,

Inc.*(a)

8,195

44,007

Heartland

Express,

Inc.

8,679

161,430

Hertz

Global

Holdings,

Inc.*(a)

27,392

30,405

Marten

Transport

Ltd.

10,845

176,990

PAM

Transportation

Services,

Inc.*

334

12,558

Saia,

Inc.*

4,740

597,904

Universal

Logistics

Holdings,

Inc.

1,585

33,063

US

Xpress

Enterprises,

Inc.,

Class

A*

3,532

29,174

Werner

Enterprises,

Inc.

11,113

466,635

1,980,767

Semiconductors

&

Semiconductor

Equipment

2.6%

Advanced

Energy

Industries,

Inc.*

6,963

438,251

Alpha

&

Omega

Semiconductor

Ltd.*

3,600

46,152

Ambarella

,

Inc.*

6,008

313,497

Amkor

Technology,

Inc.*

17,773

199,058

Atomera

,

Inc.*(a)

2,660

27,797

Axcelis

Technologies,

Inc.*

5,921

130,262

AXT,

Inc.*

6,522

39,915

Brooks

Automation,

Inc.

13,088

605,451

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Cabot

Microelectronics

Corp.

5,233

747,325

CEVA,

Inc.*

3,999

157,441

Cohu

,

Inc.

7,321

125,775

CyberOptics

Corp.*(a)

1,306

41,583

Diodes,

Inc.*

7,552

426,310

DSP

Group,

Inc.*

3,736

49,241

FormFactor

,

Inc.*

13,988

348,721

GSI

Technology,

Inc.*(a)

2,388

13,468

Ichor

Holdings

Ltd.*

3,924

84,641

Impinj

,

Inc.*(a)

3,197

84,241

Lattice

Semiconductor

Corp.*

24,208

701,064

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

8,519

289,731

Maxeon

Solar

Technologies

Ltd.*(a)

1,683

28,544

MaxLinear

,

Inc.*

12,371

287,502

NeoPhotonics

Corp.*(a)

8,876

54,055

NVE

Corp.

875

42,945

Onto

Innovation,

Inc.*

8,657

257,805

PDF

Solutions,

Inc.*

5,399

101,015

Photronics

,

Inc.*

10,326

102,847

Pixelworks

,

Inc.*

6,376

13,071

Power

Integrations,

Inc.

10,702

592,891

Rambus,

Inc.*

20,358

278,701

Semtech

Corp.*

11,638

616,348

Silicon

Laboratories,

Inc.*

7,757

759,022

SiTime

Corp.*

1,646

138,313

SMART

Global

Holdings,

Inc.*(a)

2,626

71,795

SunPower

Corp.*(a)

13,467

168,472

Synaptics

,

Inc.*

6,141

493,859

Ultra

Clean

Holdings,

Inc.*

7,171

153,890

Veeco

Instruments,

Inc.*(a)

8,844

103,209

9,134,208

Software

5.4%

8x8,

Inc.*

18,430

286,586

A10

Networks,

Inc.*

11,277

71,834

ACI

Worldwide,

Inc.*

20,787

543,164

Agilysys

,

Inc.*(a)

3,392

81,951

Alarm.com

Holdings,

Inc.*

8,566

473,271

Altair

Engineering,

Inc.,

Class

A*(a)

7,570

317,789

American

Software,

Inc.,

Class

A

5,525

77,571

Appfolio

,

Inc.,

Class

A*(a)

2,925

414,794

Appian

Corp.*(a)

6,418

415,565

Asure

Software,

Inc.*(a)

1,839

13,884

Avaya

Holdings

Corp.*(a)

14,885

226,252

Benefitfocus

,

Inc.*(a)

5,719

64,053

Blackbaud

,

Inc.

8,901

496,943

Blackline,

Inc.*(a)

9,063

812,317

Bottomline

Technologies

DE,

Inc.*

7,977

336,310

Box,

Inc.,

Class

A*

25,038

434,660

Cerence

,

Inc.*(a)

6,611

323,080

ChannelAdvisor

Corp.*

4,957

71,728

Cloudera,

Inc.*(a)

36,953

402,418

CommVault

Systems,

Inc.*

7,649

312,079

Cornerstone

OnDemand

,

Inc.*

10,867

395,124

Common

Stocks

Shares

Value

($)

Software

Digimarc

Corp.*(a)

2,460

54,932

Digital

Turbine,

Inc.*

14,815

485,043

Domo,

Inc.,

Class

B*(a)

4,448

170,492

Ebix

,

Inc.(a)

4,521

93,133

eGain

Corp.*

3,388

48,008

Envestnet

,

Inc.*

9,578

739,038

GTY

Technology

Holdings,

Inc.*(a)

8,361

22,157

Intelligent

Systems

Corp.*(a)

1,334

51,999

J2

Global,

Inc.*(a)

8,158

564,697

LivePerson

,

Inc.*(a)

11,103

577,245

MicroStrategy

,

Inc.,

Class

A*

1,427

214,849

Mimecast

Ltd.*

10,337

485,012

Mitek

Systems,

Inc.*

4,713

60,044

MobileIron

,

Inc.*

16,751

117,425

Model

N,

Inc.*

6,132

216,337

OneSpan

,

Inc.*

6,008

125,928

Park

City

Group,

Inc.*(a)

1,860

9,170

Ping

Identity

Holding

Corp.*(a)

6,587

205,580

Progress

Software

Corp.

8,171

299,712

PROS

Holdings,

Inc.*

6,964

222,430

Q2

Holdings,

Inc.*(a)

9,016

822,800

QAD,

Inc.,

Class

A(a)

2,142

90,392

Qualys

,

Inc.*(a)

6,196

607,270

Rapid7,

Inc.*(a)

9,207

563,837

Rimini

Street,

Inc.*

3,153

10,153

Rosetta

Stone,

Inc.*

4,196

125,796

SailPoint

Technologies

Holdings,

Inc.*

15,893

628,886

Sapiens

International

Corp.

NV

4,703

143,818

SeaChange

International,

Inc.*

4,305

3,747

SecureWorks

Corp.,

Class

A*

1,334

15,194

ShotSpotter,

Inc.*(a)

1,664

51,651

Smith

Micro

Software,

Inc.*(a)

5,952

22,201

Sprout

Social,

Inc.,

Class

A*(a)

4,915

189,227

SPS

Commerce,

Inc.*

6,338

493,540

SVMK,

Inc.*

21,937

485,027

Synchronoss

Technologies,

Inc.*(a)

8,177

24,613

Telenav

,

Inc.*

6,587

23,713

Tenable

Holdings,

Inc.*

12,702

479,500

Upland

Software,

Inc.*(a)

4,674

176,210

Varonis

Systems,

Inc.*

5,634

650,276

Verint

Systems,

Inc.*

11,519

554,985

Veritone

,

Inc.*(a)

4,454

40,799

VirnetX

Holding

Corp.(a)

11,591

61,085

Workiva

,

Inc.*

7,059

393,610

Xperi

Holding

Corp.(a)

19,810

227,617

Yext

,

Inc.*(a)

18,628

282,773

Zix

Corp.*(a)

9,871

57,647

Zuora

,

Inc.,

Class

A*

18,212

188,312

18,749,283

Specialty

Retail

2.7%

Aaron's,

Inc.

12,150

688,297

Abercrombie

&

Fitch

Co.,

Class

A(a)

11,078

154,317

American

Eagle

Outfitters,

Inc.

(a)

26,986

399,663

114

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

America's

Car-Mart,

Inc.*

1,118

94,896

Asbury

Automotive

Group,

Inc.*

3,473

338,444

At

Home

Group,

Inc.*(a)

10,033

149,090

Bed

Bath

&

Beyond,

Inc.(a)

22,885

342,817

Boot

Barn

Holdings,

Inc.*(a)

5,031

141,572

Buckle,

Inc.

(The)

5,143

104,866

Caleres

,

Inc.

6,344

60,649

Camping

World

Holdings,

Inc.,

Class

A

5,830

173,443

Cato

Corp.

(The),

Class

A(a)

3,795

29,677

Chico's

FAS,

Inc.(a)

22,008

21,403

Children's

Place,

Inc.

(The)(a)

2,747

77,877

Citi

Trends,

Inc.

1,925

48,086

Conn's,

Inc.*

3,386

35,824

Container

Store

Group,

Inc.

(The)*(a)

2,775

17,233

Designer

Brands,

Inc.,

Class

A(a)

11,524

62,575

Envela

Corp.*

1,899

8,147

Express,

Inc.*(a)

12,256

7,476

GameStop

Corp.,

Class

A*(a)

11,293

115,189

Genesco,

Inc.*

2,626

56,564

Group

1

Automotive,

Inc.(a)

3,138

277,368

GrowGeneration

Corp.*(a)

6,447

103,023

Guess?,

Inc.(a)

7,291

84,721

Haverty

Furniture

Cos.,

Inc.(a)

2,897

60,663

Hibbett

Sports,

Inc.*

2,948

115,621

Hudson

Ltd.,

Class

A*

6,944

52,774

Lithia

Motors,

Inc.,

Class

A

4,058

924,981

Lumber

Liquidators

Holdings,

Inc.*

5,047

111,286

MarineMax

,

Inc.*

3,556

91,283

Michaels

Cos.,

Inc.

(The)*(a)

13,537

130,700

Monro

,

Inc.(a)

5,851

237,375

Murphy

USA,

Inc.*(a)

4,972

637,758

National

Vision

Holdings,

Inc.*(a)

14,510

554,862

ODP

Corp.

(The)

9,767

189,968

OneWater

Marine,

Inc.,

Class

A*

821

16,822

Rent-A-Center,

Inc.

8,830

263,929

Restoration

Hardware

Holdings,

Inc.*(a)

2,806

1,073,632

Sally

Beauty

Holdings,

Inc.*(a)

20,828

180,995

Shoe

Carnival,

Inc.(a)

1,667

55,978

Signet

Jewelers

Ltd.(a)

9,413

176,023

Sleep

Number

Corp.*(a)

4,878

238,583

Sonic

Automotive,

Inc.,

Class

A(a)

4,331

173,933

Sportsman's

Warehouse

Holdings,

Inc.*

8,068

115,453

Tilly's,

Inc.,

Class

A(a)

4,152

25,037

Urban

Outfitters,

Inc.*(a)

12,427

258,606

Winmark

Corp.

518

89,189

Zumiez

,

Inc.*

3,655

101,682

9,470,350

Technology

Hardware,

Storage

&

Peripherals

0.2%

3D

Systems

Corp.*(a)

21,171

103,950

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Avid

Technology,

Inc.*(a)

5,700

48,792

Diebold

Nixdorf,

Inc.*(a)

13,129

100,306

Eastman

Kodak

Co.*(a)

2,838

25,031

Immersion

Corp.*(a)

3,677

25,923

Intevac,

Inc.*

3,715

20,470

Quantum

Corp.*

5,729

26,353

Super

Micro

Computer,

Inc.*(a)

8,296

219,014

569,839

Textiles,

Apparel

&

Luxury

Goods

0.9%

Crocs,

Inc.*

12,021

513,657

Deckers

Outdoor

Corp.*

5,045

1,109,950

Fossil

Group,

Inc.*

8,914

51,166

G-III

Apparel

Group

Ltd.*(a)

8,258

108,262

Kontoor

Brands,

Inc.(a)

9,293

224,891

Lakeland

Industries,

Inc.*(a)

1,346

26,651

Movado

Group,

Inc.

2,805

27,882

Oxford

Industries,

Inc.

3,072

123,986

Rocky

Brands,

Inc.

1,288

31,981

Steven

Madden

Ltd.(a)

14,676

286,182

Superior

Group

of

Cos.,

Inc.(a)

1,870

43,440

Unifi,

Inc.*

2,599

33,371

Vera

Bradley,

Inc.*(a)

3,634

22,204

Wolverine

World

Wide,

Inc.

14,396

371,993

2,975,616

Thrifts

&

Mortgage

Finance

1.6%

Axos

Financial,

Inc.*(a)

10,276

239,534

Bogota

Financial

Corp.*(a)

1,775

13,525

Bridgewater

Bancshares,

Inc.*

3,935

37,343

Capitol

Federal

Financial,

Inc.

24,436

226,399

Columbia

Financial,

Inc.*

9,118

101,210

ESSA

Bancorp,

Inc.

1,831

22,576

Essent

Group

Ltd.

19,983

739,571

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,660

105,676

Flagstar

Bancorp,

Inc.

7,657

226,877

FS

Bancorp,

Inc.(a)

664

27,224

Greene

County

Bancorp,

Inc.

804

17,439

Hingham

Institution

for

Savings(a)

287

52,808

Home

Bancorp,

Inc.(a)

1,203

29,052

HomeStreet

,

Inc.

3,061

78,851

Kearny

Financial

Corp.

14,080

101,517

Luther

Burbank

Corp.

3,310

27,638

Merchants

Bancorp

1,541

30,373

Meridian

Bancorp,

Inc.

8,505

88,027

Meta

Financial

Group,

Inc.

5,980

114,936

MMA

Capital

Holdings,

Inc.*

767

17,265

Mr.

Cooper

Group,

Inc.*

13,822

308,507

NMI

Holdings,

Inc.,

Class

A*

14,791

263,280

Northfield

Bancorp,

Inc.

8,708

79,417

Northwest

Bancshares,

Inc.

21,489

197,699

Oconee

Federal

Financial

Corp.

303

6,605

OP

Bancorp

2,329

13,322

PCSB

Financial

Corp.

2,303

27,797

PDL

Community

Bancorp*(a)

1,297

11,440

PennyMac

Financial

Services,

Inc.(a)

7,663

445,374

Pioneer

Bancorp,

Inc.*(a)

1,389

12,334

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Premier

Financial

Corp.

6,963

108,449

Provident

Bancorp,

Inc.

1,307

10,181

Provident

Financial

Holdings,

Inc.

1,586

18,873

Provident

Financial

Services,

Inc.

12,423

151,561

Prudential

Bancorp,

Inc.

1,380

14,545

Radian

Group,

Inc.

34,391

502,452

Riverview

Bancorp,

Inc.

5,172

21,464

Security

National

Financial

Corp.,

Class

A*

2,182

13,965

Southern

Missouri

Bancorp,

Inc.

1,677

39,544

Standard

AVB

Financial

Corp.

(a)

910

29,711

Sterling

Bancorp,

Inc.

2,706

8,145

Territorial

Bancorp,

Inc.

1,673

33,845

Timberland

Bancorp,

Inc.

1,742

31,356

TrustCo

Bank

Corp.

17,133

89,434

Walker

&

Dunlop,

Inc.

5,155

273,215

Washington

Federal,

Inc.

13,460

280,776

Waterstone

Financial,

Inc.(a)

4,538

70,294

Western

New

England

Bancorp,

Inc.

4,014

22,599

WSFS

Financial

Corp.

8,947

241,301

5,625,326

Tobacco

0.1%

Turning

Point

Brands,

Inc.(a)

2,119

59,120

Universal

Corp.

4,471

187,245

Vector

Group

Ltd.(a)

24,982

242,076

488,441

Trading

Companies

&

Distributors

1.4%

Alta

Equipment

Group,

Inc.*(a)

3,306

25,886

Applied

Industrial

Technologies,

Inc.

6,953

383,110

Beacon

Roofing

Supply,

Inc.*

9,818

305,045

BMC

Stock

Holdings,

Inc.*

12,123

519,228

CAI

International,

Inc.

2,717

74,799

DXP

Enterprises,

Inc.*

3,184

51,358

EVI

Industries,

Inc.*(a)

725

19,292

Foundation

Building

Materials,

Inc.*

4,060

63,823

GATX

Corp.(a)

6,265

399,394

General

Finance

Corp.*

2,166

13,711

GMS,

Inc.*

7,340

176,894

H&E

Equipment

Services,

Inc.

5,979

117,547

Herc

Holdings,

Inc.*

4,439

175,829

Lawson

Products,

Inc.*(a)

707

29,008

MRC

Global,

Inc.*

14,536

62,214

Nesco

Holdings,

Inc.*(a)

2,921

12,122

NOW,

Inc.*

18,640

84,626

Rush

Enterprises,

Inc.,

Class

A

4,886

246,938

Rush

Enterprises,

Inc.,

Class

B

785

34,776

SiteOne

Landscape

Supply,

Inc.*

7,921

965,966

Systemax,

Inc.

2,547

60,975

Textainer

Group

Holdings

Ltd.*

9,227

130,654

Titan

Machinery,

Inc.*

3,208

42,442

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Transcat

,

Inc.*

1,170

34,281

Triton

International

Ltd.

9,014

366,600

Veritiv

Corp.*

2,674

33,853

WESCO

International,

Inc.*

8,834

388,873

Willis

Lease

Finance

Corp.*

498

9,188

4,828,432

Water

Utilities

0.5%

American

States

Water

Co.

6,705

502,540

Artesian

Resources

Corp.,

Class

A

1,355

46,707

Cadiz,

Inc.*(a)

3,078

30,565

California

Water

Service

Group

8,891

386,314

Consolidated

Water

Co.

Ltd.

2,443

25,432

Global

Water

Resources,

Inc.

2,176

23,457

Middlesex

Water

Co.

3,123

194,094

Pure

Cycle

Corp.*(a)

3,121

28,120

SJW

Group

4,787

291,337

York

Water

Co.

(The)

2,364

99,926

1,628,492

Wireless

Telecommunication

Services

0.2%

Boingo

Wireless,

Inc.*(a)

8,066

82,233

Gogo

,

Inc.*(a)

9,921

91,670

Shenandoah

Telecommunications

Co.

8,806

391,295

Spok

Holdings,

Inc.

2,885

27,436

592,634

Total

Common

Stocks

(cost

$318,339,161)

340,345,919

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Oncternal

Therapeutics,

Inc.,

CVR*∞

97

199

Total

Rights

(cost

$–)

199

Warrants

0.0%

†

Number

of

Warrants

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Whiting

Petroleum

Corp.,

expiring

9/1/2024*

1,210

2,924

Total

Warrants

(cost

$–)

2,924

116

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Repurchase

Agreements

12.8%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,651,689,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$4,744,711.

(c)

4,651,678

4,651,678

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$1,020,000.

(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,012,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,012,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$5,100,011.(c)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$12,000,164,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$12,240,036.(c)

12,000,000

12,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Nomura

Securities

International,

Inc.,

0.06%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$12,000,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.63%,

maturing

11/15/2020

-

6/15/2023;

total

market

value

$12,240,011.(c)

12,000,000

12,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,020,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$44,651,678)

44,651,678

Total

Investments

(cost

$362,990,839)

—

110.4%

385,000,720

Liabilities

in

excess

of

other

assets

—

(10.4)%

(36,257,739)

NET

ASSETS

—

100.0%

$

348,742,981

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$81,381,000,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,651,678

and

by

$39,311,866

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$83,963,544.

(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

September

30,

2020

was

$359,848

which

represents

0.10%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$44,651,678.

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

117

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

112

12/2020

USD

8,424,640

56,762

56,762

At

September

30,

2020,

the

Fund

had

$668,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

118

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

119

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

2,999,635

$

–

$

–

$

2,999,635

Air

Freight

&

Logistics

1,283,815

–

–

1,283,815

Airlines

928,750

–

–

928,750

Auto

Components

4,351,571

–

–

4,351,571

Automobiles

287,337

–

–

287,337

Banks

24,105,428

–

–

24,105,428

Beverages

1,014,251

–

–

1,014,251

Biotechnology

37,748,972

–

–

37,748,972

Building

Products

5,850,374

–

–

5,850,374

Capital

Markets

5,035,402

–

–

5,035,402

Chemicals

5,662,352

–

–

5,662,352

Commercial

Services

&

Supplies

7,246,034

–

–

7,246,034

Communications

Equipment

3,004,236

–

–

3,004,236

Construction

&

Engineering

4,507,420

–

–

4,507,420

Construction

Materials

500,846

–

–

500,846

Consumer

Finance

2,291,113

–

–

2,291,113

Containers

&

Packaging

692,530

–

–

692,530

Distributors

291,024

–

–

291,024

Diversified

Consumer

Services

2,115,284

–

–

2,115,284

Diversified

Financial

Services

755,719

–

–

755,719

Diversified

Telecommunication

Services

2,833,740

–

–

2,833,740

Electric

Utilities

2,359,272

–

–

2,359,272

Electrical

Equipment

5,003,907

–

–

5,003,907

Electronic

Equipment,

Instruments

&

Components

7,336,297

–

–

7,336,297

Energy

Equipment

&

Services

1,865,630

–

–

1,865,630

Entertainment

854,271

–

–

854,271

Equity

Real

Estate

Investment

Trusts

(REITs)

19,958,681

–

–

19,958,681

Food

&

Staples

Retailing

2,933,415

–

–

2,933,415

Food

Products

5,143,950

–

–

5,143,950

Gas

Utilities

3,438,496

–

–

3,438,496

Health

Care

Equipment

&

Supplies

12,941,891

–

–

12,941,891

Health

Care

Providers

&

Services

9,183,418

–

–

9,183,418

Health

Care

Technology

3,919,517

–

–

3,919,517

Hotels,

Restaurants

&

Leisure

12,411,320

–

–

12,411,320

Household

Durables

8,359,411

–

–

8,359,411

Household

Products

826,346

–

–

826,346

Independent

Power

and

Renewable

Electricity

Producers

2,029,783

–

–

2,029,783

Industrial

Conglomerates

132,283

–

–

132,283

Insurance

8,094,608

–

–

8,094,608

Interactive

Media

&

Services

1,203,395

–

–

1,203,395

Internet

&

Direct

Marketing

Retail

2,690,926

–

–

2,690,926

IT

Services

6,960,582

–

–

6,960,582

Leisure

Products

2,310,542

–

–

2,310,542

Life

Sciences

Tools

&

Services

2,544,157

–

–

2,544,157

Machinery

12,455,775

–

–

12,455,775

Marine

448,807

–

–

448,807

Media

2,498,434

–

–

2,498,434

Metals

&

Mining

5,090,224

–

–

5,090,224

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,423,929

–

–

4,423,929

Multiline

Retail

689,057

–

–

689,057

Multi-Utilities

1,574,081

–

–

1,574,081

Oil,

Gas

&

Consumable

Fuels

4,689,481

–

–

4,689,481

Paper

&

Forest

Products

1,695,896

–

–

1,695,896

120

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Level

1

Level

2

Level

3

Total

Assets:

Personal

Products

$

1,249,878

$

–

$

–

$

1,249,878

Pharmaceuticals

6,760,858

–

–

6,760,858

Professional

Services

4,116,606

–

–

4,116,606

Real

Estate

Management

&

Development

2,601,574

–

–

2,601,574

Road

&

Rail

1,980,767

–

–

1,980,767

Semiconductors

&

Semiconductor

Equipment

9,134,208

–

–

9,134,208

Software

18,749,283

–

–

18,749,283

Specialty

Retail

9,470,350

–

–

9,470,350

Technology

Hardware,

Storage

&

Peripherals

569,839

–

–

569,839

Textiles,

Apparel

&

Luxury

Goods

2,975,616

–

–

2,975,616

Thrifts

&

Mortgage

Finance

5,625,326

–

–

5,625,326

Tobacco

488,441

–

–

488,441

Trading

Companies

&

Distributors

4,828,432

–

–

4,828,432

Water

Utilities

1,628,492

–

–

1,628,492

Wireless

Telecommunication

Services

592,634

–

–

592,634

Total

Common

Stocks

$

340,345,919

$

–

$

–

$

340,345,919

Futures

Contracts

56,762

–

–

56,762

Repurchase

Agreements

–

44,651,678

–

44,651,678

Right

–

199

–

199

Warrants

2,924

–

–

2,924

Total

$

340,405,605

$

44,651,877

$

–

$

385,057,482

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

September

30,

2020,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Small

Cap

Index

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

121

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

56,762

Total

$

56,762

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.1%

Shares

Value

($)

BRAZIL

4.7%

Banks

0.3%

Banco

Bradesco

SA

279,600

897,165

Banco

Bradesco

SA,

ADR

91,150

312,645

Banco

Santander

Brasil

SA,

ADR

(a)

120,450

595,023

1,804,833

Capital

Markets

1.6%

B3

SA

-

Brasil

Bolsa

Balcao

901,300

8,828,596

Containers

&

Packaging

0.3%

Klabin

SA

387,900

1,643,907

Electric

Utilities

0.0%

†

Cia

Paranaense

de

Energia

(Preference)

*

20,200

223,046

Electrical

Equipment

0.8%

WEG

SA

368,900

4,315,734

Food

Products

0.2%

Sao

Martinho

SA

343,484

1,332,125

Household

Durables

0.1%

Even

Construtora

e

Incorporadora

SA

315,000

624,851

Insurance

0.6%

BB

Seguridade

Participacoes

SA

294,100

1,271,000

Porto

Seguro

SA

260,700

2,239,850

3,510,850

Multiline

Retail

0.5%

Lojas

Americanas

SA

*

279,700

1,215,242

Lojas

Americanas

SA

(Preference)

*

383,100

1,936,682

3,151,924

Paper

&

Forest

Products

0.2%

Duratex

SA

*

422,500

1,348,924

Software

0.1%

TOTVS

SA

75,400

363,849

27,148,639

CHILE

0.1%

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Colbun

SA

1,921,732

310,634

CHINA

42.7%

Air

Freight

&

Logistics

0.0%

†

SF

Holding

Co.

Ltd.,

Class

A

18,000

215,472

Auto

Components

0.1%

Tianneng

Power

International

Ltd.

(a)

428,000

768,384

Automobiles

1.8%

BAIC

Motor

Corp.

Ltd.,

Class

H

Reg.

S

(b)

3,175,500

1,301,318

Brilliance

China

Automotive

Holdings

Ltd.

2,532,000

2,382,705

BYD

Co.

Ltd.,

Class

A

42,441

729,612

BYD

Co.

Ltd.,

Class

H

33,500

531,409

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

*

155,000

306,585

Common

Stocks

Shares

Value

($)

CHINA

Automobiles

Great

Wall

Motor

Co.

Ltd.,

Class

H

(a)

2,568,500

3,273,062

NIO,

Inc.,

ADR

*

80,200

1,701,844

10,226,535

Banks

3.3%

Bank

of

Communications

Co.

Ltd.,

Class

H

788,000

378,945

China

Construction

Bank

Corp.,

Class

H

17,715,000

11,536,223

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

13,150,000

6,855,543

18,770,711

Building

Products

0.4%

China

Lesso

Group

Holdings

Ltd.

1,367,000

2,472,106

Capital

Markets

0.7%

China

Everbright

Ltd.

864,000

1,156,971

China

Galaxy

Securities

Co.

Ltd.,

Class

H

882,000

497,107

CSC

Financial

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

313,000

442,340

GF

Securities

Co.

Ltd.,

Class

H

629,600

801,978

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

39,350

924,868

3,823,264

Construction

&

Engineering

0.3%

China

Communications

Services

Corp.

Ltd.,

Class

H

2,508,000

1,476,278

Construction

Materials

0.7%

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

94,364

768,705

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

445,500

3,080,185

3,848,890

Distributors

0.1%

Liaoning

Cheng

Da

Co.

Ltd.,

Class

A

103,000

352,498

Diversified

Consumer

Services

1.1%

China

Beststudy

Education

Group

Reg.

S

751,000

314,684

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

11,900

1,779,050

TAL

Education

Group,

ADR

*

59,300

4,509,172

6,602,906

Entertainment

1.9%

NetEase

,

Inc.,

ADR

17,200

7,820,323

Perfect

World

Co.

Ltd./China,

Class

A

314,727

1,545,680

Wuhu

Sanqi

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

267,000

1,559,330

10,925,333

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.5%

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

56,480

1,350,356

Muyuan

Foods

Co.

Ltd.,

Class

A

94,600

1,028,284

Tingyi

Cayman

Islands

Holding

Corp.

312,000

553,054

2,931,694

Health

Care

Equipment

&

Supplies

0.9%

Guangzhou

Wondfo

Biotech

Co.

Ltd.,

Class

A

89,435

1,096,902

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

648,388

3,123,663

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.,

Class

A

24,473

1,251,584

5,472,149

Household

Durables

0.3%

Haier

Electronics

Group

Co.

Ltd.

489,000

1,773,945

Insurance

1.1%

China

Life

Insurance

Co.

Ltd.,

Class

H

2,818,000

6,396,272

Interactive

Media

&

Services

8.0%

Baidu,

Inc.,

ADR

*

36,450

4,614,206

Tencent

Holdings

Ltd.

622,600

41,461,033

46,075,239

Internet

&

Direct

Marketing

Retail

14.9%

Alibaba

Group

Holding

Ltd.,

ADR

*

194,200

57,090,916

JD.com,

Inc.,

ADR

*

171,700

13,325,637

Meituan

Dianping

,

Class

B

Reg.

S

*

331,500

10,425,434

Pinduoduo

,

Inc.,

ADR

*

26,000

1,927,900

Vipshop

Holdings

Ltd.,

ADR

*

170,000

2,658,800

85,428,687

Machinery

1.0%

Lonking

Holdings

Ltd.

1,578,000

419,943

Sinotruk

Hong

Kong

Ltd.

886,000

2,278,194

Weichai

Power

Co.

Ltd.,

Class

A

460,154

1,025,006

Weichai

Power

Co.

Ltd.,

Class

H

1,056,000

2,129,003

5,852,146

Marine

0.3%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

*

371,500

181,993

SITC

International

Holdings

Co.

Ltd.

913,000

1,268,703

1,450,696

Media

1.3%

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

1,267,800

2,026,921

Chinese

Universe

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

3,103,488

5,321,805

Common

Stocks

Shares

Value

($)

CHINA

Media

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

292,800

348,542

7,697,268

Metals

&

Mining

1.5%

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

∞

32,460

121,536

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

Reg.

S

∞(b)

600,500

1,478,383

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

1,221,400

410,017

Xiamen

Tungsten

Co.

Ltd.,

Class

A

398,087

784,567

Zijin

Mining

Group

Co.

Ltd.,

Class

A

2,349,422

2,137,547

Zijin

Mining

Group

Co.

Ltd.,

Class

H

6,174,000

3,932,925

8,864,975

Oil,

Gas

&

Consumable

Fuels

0.7%

China

Shenhua

Energy

Co.

Ltd.,

Class

A

657,000

1,593,052

China

Shenhua

Energy

Co.

Ltd.,

Class

H

446,000

803,713

Yanzhou

Coal

Mining

Co.

Ltd.,

Class

A

1,119,263

1,525,765

3,922,530

Pharmaceuticals

0.6%

CSPC

Pharmaceutical

Group

Ltd.

1,534,000

2,976,590

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

27,779

417,215

3,393,805

Real

Estate

Management

&

Development

0.5%

Gemdale

Properties

&

Investment

Corp.

Ltd.

698,000

118,571

Jinke

Properties

Group

Co.

Ltd.,

Class

A

967,545

1,286,773

KWG

Group

Holdings

Ltd.

92,000

157,365

Logan

Group

Co.

Ltd.

448,000

710,754

Powerlong

Real

Estate

Holdings

Ltd.

288,000

216,063

Shimao

Group

Holdings

Ltd.

149,000

619,192

3,108,718

Specialty

Retail

0.6%

China

Meidong

Auto

Holdings

Ltd.

42,000

161,694

China

Yongda

Automobiles

Services

Holdings

Ltd.

271,500

321,710

Zhongsheng

Group

Holdings

Ltd.

(a)

430,500

2,705,810

3,189,214

Technology

Hardware,

Storage

&

Peripherals

0.1%

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

120,400

321,572

245,361,287

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

COLOMBIA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Ecopetrol

SA,

ADR

46,649

459,026

GREECE

0.2%

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Terna

Energy

SA

47,639

636,649

Specialty

Retail

0.1%

JUMBO

SA

27,038

475,127

1,111,776

HONG

KONG

0.2%

Electrical

Equipment

0.2%

China

High

Speed

Transmission

Equipment

Group

Co.

Ltd.

1,437,000

1,140,449

Pharmaceuticals

0.0%

†

Lee's

Pharmaceutical

Holdings

Ltd.

106,500

68,931

1,209,380

HUNGARY

0.3%

Pharmaceuticals

0.3%

Richter

Gedeon

Nyrt

81,847

1,727,830

INDIA

5.3%

Automobiles

0.5%

Tata

Motors

Ltd.,

ADR

*(a)

314,132

2,855,460

Banks

0.5%

HDFC

Bank

Ltd.,

ADR

*

47,282

2,362,209

ICICI

Bank

Ltd.,

ADR

*

68,562

673,964

3,036,173

IT

Services

2.8%

Infosys

Ltd.,

ADR

1,154,879

15,948,880

Pharmaceuticals

1.5%

Dr

Reddy's

Laboratories

Ltd.,

ADR

127,958

8,900,758

30,741,271

INDONESIA

3.7%

Automobiles

0.4%

Astra

International

Tbk

.

PT

8,143,000

2,449,878

Banks

2.3%

Bank

Central

Asia

Tbk

.

PT

3,681,700

6,719,006

Bank

Mandiri

Persero

Tbk

.

PT

6,294,900

2,112,340

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

19,980,300

4,098,766

12,930,112

Food

Products

0.1%

Indofood

Sukses

Makmur

Tbk

.

PT

848,000

408,576

Oil,

Gas

&

Consumable

Fuels

0.9%

Adaro

Energy

Tbk

.

PT

32,863,300

2,518,176

Bukit

Asam

Tbk

.

PT

9,898,300

1,313,257

United

Tractors

Tbk

.

PT

942,900

1,450,334

5,281,767

21,070,333

Common

Stocks

Shares

Value

($)

MEXICO

1.9%

Capital

Markets

0.1%

Bolsa

Mexicana

de

Valores

SAB

de

CV

379,460

859,948

Chemicals

0.2%

Orbia

Advance

Corp

SAB

de

CV

(a)

701,407

1,228,886

Food

Products

0.6%

Gruma

SAB

de

CV,

Class

B

291,427

3,229,730

Grupo

Bimbo

SAB

de

CV

Series A

210,482

393,806

3,623,536

Insurance

0.1%

Qualitas

Controladora

SAB

de

CV

125,500

473,303

Metals

&

Mining

0.9%

Grupo

Mexico

SAB

de

CV

Series B

1,673,770

4,257,946

Ternium

SA,

ADR

*

12,000

225,960

4,483,906

10,669,579

PERU

1.0%

Metals

&

Mining

1.0%

Southern

Copper

Corp.

(a)

132,600

6,002,802

PHILIPPINES

0.6%

Banks

0.1%

Bank

of

the

Philippine

Islands

567,210

748,829

Electric

Utilities

0.0%

†

Manila

Electric

Co.

3,800

21,242

Food

Products

0.0%

†

Universal

Robina

Corp.

71,360

197,243

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

696,380

1,580,716

Wireless

Telecommunication

Services

0.2%

Globe

Telecom,

Inc.

2,270

97,395

PLDT,

Inc.,

ADR

32,529

879,909

977,304

3,525,334

POLAND

0.9%

Construction

&

Engineering

0.0%

†

Budimex

SA

3,823

242,086

Entertainment

0.5%

CD

Projekt

SA

*

26,807

2,897,973

Insurance

0.3%

Powszechny

Zaklad

Ubezpieczen

SA

*

249,667

1,598,772

Software

0.1%

Asseco

Poland

SA

30,226

543,370

5,282,201

QATAR

0.2%

Banks

0.2%

Masraf

Al

Rayan

QSC

76,008

86,075

Qatar

Islamic

Bank

SAQ

21,632

97,243

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

QATAR

Banks

Qatar

National

Bank

QPSC

165,444

817,049

1,000,367

Food

&

Staples

Retailing

0.0%

†

Al

Meera

Consumer

Goods

Co.

QSC

35,845

191,933

1,192,300

RUSSIA

2.2%

Metals

&

Mining

1.2%

MMC

Norilsk

Nickel

PJSC,

ADR

(a)

230,575

5,568,387

Polyus

PJSC

9,768

2,043,030

7,611,417

Oil,

Gas

&

Consumable

Fuels

0.2%

Lukoil

PJSC,

ADR

15,530

891,577

Wireless

Telecommunication

Services

0.8%

Mobile

TeleSystems

PJSC,

ADR

497,740

4,345,270

12,848,264

SAUDI

ARABIA

1.5%

Chemicals

0.1%

Advanced

Petrochemical

Co.

25,612

403,602

Construction

Materials

0.4%

Eastern

Province

Cement

Co.

61,585

575,880

Najran

Cement

Co.

*

114,992

544,932

Qassim

Cement

Co.

(The)

34,116

674,140

Southern

Province

Cement

Co.

23,352

428,576

2,223,528

Food

&

Staples

Retailing

0.4%

Abdullah

Al

Othaim

Markets

Co.

66,933

2,313,322

Food

Products

0.5%

Savola

Group

(The)

273,366

3,499,627

Specialty

Retail

0.1%

Jarir

Marketing

Co.

7,528

376,231

8,816,310

SINGAPORE

0.1%

Entertainment

0.1%

IGG,

Inc.

(a)

749,000

857,853

SOUTH

AFRICA

2.9%

Banks

0.2%

Standard

Bank

Group

Ltd.

169,785

1,093,389

Capital

Markets

0.1%

Investec

Ltd.

304,483

573,102

Chemicals

0.1%

AECI

Ltd.

139,989

641,131

Diversified

Financial

Services

0.1%

Remgro

Ltd.

92,988

521,348

Insurance

0.4%

Momentum

Metropolitan

Holdings

1,205,580

1,113,429

Sanlam

Ltd.

299,229

926,880

2,040,309

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

Internet

&

Direct

Marketing

Retail

1.2%

Naspers

Ltd.,

Class

N

*

42,268

7,455,085

Metals

&

Mining

0.8%

African

Rainbow

Minerals

Ltd.

80,408

927,668

Anglo

American

Platinum

Ltd.

49,482

3,432,556

Northam

Platinum

Ltd.

*

12,165

123,432

4,483,656

16,808,020

SOUTH

KOREA

13.5%

Banks

0.3%

Hana

Financial

Group,

Inc.

54,554

1,298,379

KB

Financial

Group,

Inc.

7,964

256,837

1,555,216

Biotechnology

0.0%

†

LabGenomics

Co.

Ltd.

*

9,085

275,756

Capital

Markets

1.1%

Daou

Data

Corp.

12,203

137,533

KIWOOM

Securities

Co.

Ltd.

5,715

494,322

Mirae

Asset

Daewoo

Co.

Ltd.

757,473

5,584,681

Mirae

Asset

Daewoo

Co.

Ltd.

(Preference)

37,956

142,322

6,358,858

Chemicals

1.5%

Hansol

Chemical

Co.

Ltd.

9,148

1,167,928

Kumho

Petrochemical

Co.

Ltd.

2,512

233,745

LG

Chem

Ltd.

11,833

6,607,002

SK

Chemicals

Co.

Ltd.

1,645

413,535

8,422,210

Diversified

Consumer

Services

0.0%

†

MegaStudyEdu

Co.

Ltd.

2,991

75,501

Electronic

Equipment,

Instruments

&

Components

0.1%

Samsung

SDI

Co.

Ltd.

779

288,357

Entertainment

0.5%

NCSoft

Corp.

4,246

2,924,277

Health

Care

Equipment

&

Supplies

0.3%

Interojo

Co.

Ltd.

7,662

143,200

Suheung

Co.

Ltd.

38,540

1,863,508

2,006,708

Household

Durables

0.3%

Coway

Co.

Ltd.

*

22,686

1,556,683

Hanssem

Co.

Ltd.

1,218

111,333

1,668,016

Industrial

Conglomerates

0.2%

Samsung

C&T

Corp.

13,502

1,210,750

Insurance

0.3%

Samsung

Life

Insurance

Co.

Ltd.

37,145

1,935,394

Interactive

Media

&

Services

1.1%

NAVER

Corp.

25,935

6,566,508

Life

Sciences

Tools

&

Services

0.6%

Samsung

Biologics

Co.

Ltd.

Reg.

S

*(b)

5,933

3,497,704

Metals

&

Mining

0.3%

Poongsan

Corp.

85,735

1,742,475

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Oil,

Gas

&

Consumable

Fuels

0.1%

SK

Gas

Ltd.

4,439

369,055

Pharmaceuticals

1.5%

Chong

Kun

Dang

Pharmaceutical

Corp.

10,142

1,447,169

Chongkundang

Holdings

Corp.

7,901

722,171

DongKook

Pharmaceutical

Co.

Ltd.

74,205

1,734,334

Huons

Co.

Ltd.

1,279

68,901

Huons

Global

Co.

Ltd.

13,951

369,466

Kwang

Dong

Pharmaceutical

Co.

Ltd.

47,106

394,970

Samjin

Pharmaceutical

Co.

Ltd.

71,044

1,751,015

Yuhan

Corp.

42,128

2,298,361

8,786,387

Professional

Services

0.1%

NICE

Information

Service

Co.

Ltd.

36,315

612,671

Semiconductors

&

Semiconductor

Equipment

0.5%

DB

HiTek

Co.

Ltd.

68,780

2,202,338

SK

Hynix,

Inc.

8,888

637,729

2,840,067

Technology

Hardware,

Storage

&

Peripherals

4.7%

Samsung

Electronics

Co.

Ltd.

460,120

23,183,456

Samsung

Electronics

Co.

Ltd.

(Preference)

80,664

3,480,096

26,663,552

Trading

Companies

&

Distributors

0.0%

†

Posco

International

Corp.

11,939

138,477

77,937,939

TAIWAN

13.1%

Banks

0.1%

CTBC

Financial

Holding

Co.

Ltd.

704,000

447,650

Containers

&

Packaging

0.2%

Cheng

Loong

Corp.

1,115,000

1,219,293

Diversified

Financial

Services

0.1%

Chailease

Holding

Co.

Ltd.

150,000

681,560

Electrical

Equipment

0.6%

Chicony

Power

Technology

Co.

Ltd.

698,000

1,604,838

Teco

Electric

&

Machinery

Co.

Ltd.

850,000

876,706

Walsin

Lihwa

Corp.

1,464,000

814,843

3,296,387

Electronic

Equipment,

Instruments

&

Components

2.0%

Delta

Electronics,

Inc.

368,000

2,413,146

Hon

Hai

Precision

Industry

Co.

Ltd.

1,899,000

5,083,856

Simplo

Technology

Co.

Ltd.

159,000

1,652,225

Synnex

Technology

International

Corp.

1,566,000

2,234,647

Tripod

Technology

Corp.

86,000

328,363

11,712,237

Common

Stocks

Shares

Value

($)

TAIWAN

Entertainment

0.4%

International

Games

System

Co.

Ltd.

90,000

2,404,988

Soft-World

International

Corp.

40,000

118,644

2,523,632

Health

Care

Equipment

&

Supplies

0.2%

TaiDoc

Technology

Corp.

172,000

1,142,614

Insurance

0.0%

†

Fubon

Financial

Holding

Co.

Ltd.

146,000

211,957

Internet

&

Direct

Marketing

Retail

0.2%

momo.com,

Inc.

37,000

903,309

Leisure

Products

0.2%

Giant

Manufacturing

Co.

Ltd.

120,000

1,133,647

Metals

&

Mining

0.0%

†

Tung

Ho

Steel

Enterprise

Corp.

96,000

94,711

Pharmaceuticals

0.1%

YungShin

Global

Holding

Corp.

530,000

790,259

Semiconductors

&

Semiconductor

Equipment

8.2%

Alchip

Technologies

Ltd.

7,000

119,062

Ardentec

Corp.

1,577,000

1,787,443

ChipMOS

Technologies,

Inc.

329,000

325,849

Everlight

Electronics

Co.

Ltd.

489,000

628,317

King

Yuan

Electronics

Co.

Ltd.

118,000

124,790

Sino-American

Silicon

Products,

Inc.

203,000

681,989

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(a)

441,200

35,768,084

Topco

Scientific

Co.

Ltd.

616,000

2,435,501

United

Microelectronics

Corp.

4,070,000

3,989,337

Youngtek

Electronics

Corp.

601,000

1,102,384

46,962,756

Specialty

Retail

0.3%

Hotai

Motor

Co.

Ltd.

71,000

1,584,356

Technology

Hardware,

Storage

&

Peripherals

0.5%

Gigabyte

Technology

Co.

Ltd.

437,000

1,144,340

Quanta

Computer,

Inc.

345,000

903,818

Wistron

Corp.

842,000

871,300

2,919,458

75,623,826

THAILAND

2.3%

Auto

Components

0.0%

†

Sri

Trang

Agro-Industry

PCL

173,900

146,574

Banks

0.2%

Thanachart

Capital

PCL

997,400

914,558

Construction

Materials

0.4%

Siam

Cement

PCL

(The)

221,100

2,249,209

Consumer

Finance

0.0%

†

Muangthai

Capital

PCL

159,200

247,977

Electrical

Equipment

0.1%

Gunkul

Engineering

PCL

10,055,500

714,914

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

THAILAND

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Hana

Microelectronics

PCL

83,800

115,217

Food

Products

0.4%

Charoen

Pokphand

Foods

PCL

2,786,600

2,470,757

Health

Care

Providers

&

Services

0.0%

†

Chularat

Hospital

PCL

2,161,900

164,307

Independent

Power

and

Renewable

Electricity

Producers

0.1%

SPCG

PCL

826,200

508,722

Oil,

Gas

&

Consumable

Fuels

0.7%

PTT

Exploration

&

Production

PCL

699,600

1,762,258

PTT

PCL

1,416,100

1,452,410

3,214,668

Pharmaceuticals

0.1%

Mega

Lifesciences

PCL

345,800

381,453

Specialty

Retail

0.3%

Com7

PCL

1,008,700

1,267,940

Home

Product

Center

PCL

870,500

396,334

Siam

Global

House

PCL

471,400

300,923

1,965,197

13,093,553

TURKEY

0.6%

Diversified

Financial

Services

0.2%

Haci

Omer

Sabanci

Holding

A/S

829,320

892,840

Food

&

Staples

Retailing

0.4%

BIM

Birlesik

Magazalar

A/S

243,714

2,195,107

Industrial

Conglomerates

0.0%

†

Enka

Insaat

ve

Sanayi

A/S

275,977

251,364

3,339,311

UNITED

ARAB

EMIRATES

0.0%

†

Banks

0.0%

†

First

Abu

Dhabi

Bank

PJSC

91,257

279,563

Total

Common

Stocks

(cost

$563,928,962)

565,417,031

Rights

0.0%

†

Number

of

Rights

THAILAND

0.0%

†

Containers

&

Packaging

0.0%

†

SCGP

Solutions

Co.

Ltd.,

expiring

10/02/20*∞

16,138

0

Total

Rights

(cost

$–)

0

Repurchase

Agreements

7.4%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,051,248,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$4,132,264.(c)

4,051,239

4,051,239

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$3,000,007,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$3,060,000.(c)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$15,000,034,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$15,300,000.(c)

15,000,000

15,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$500,002,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$510,001.(c)

500,000

500,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$13,000,177,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$13,260,039.(c)

13,000,000

13,000,000

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$7,000,028,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$7,140,000.(c)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$42,551,239)

42,551,239

Total

Investments

(cost

$606,480,201)

  —

105.5%

607,968,270

Liabilities

in

excess

of

other

assets

—

(5.5)%

(31,823,473)

NET

ASSETS

—

100.0%

$

576,144,797

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$43,794,949,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$42,551,239

and

by

$1,973,959

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$44,525,198.

(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

September

30,

2020

was

$7,041,317

which

represents

1.22%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$42,551,239.

ADR

American

Depositary

Receipt

PH

Philippines

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.

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

111

12/2020

USD

6,041,175

(51,843)

(51,843)

At

September

30,

2020,

the

Fund

had

$582,417

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

215,472

$

–

$

215,472

Auto

Components

–

914,958

–

914,958

Automobiles

4,557,304

10,974,569

–

15,531,873

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Level

1

Level

2

Level

3

Total

Assets:

Banks

$

4,841,006

$

37,740,395

$

–

$

42,581,401

Biotechnology

–

275,756

–

275,756

Building

Products

–

2,472,106

–

2,472,106

Capital

Markets

9,688,544

10,755,224

–

20,443,768

Chemicals

1,228,886

9,466,943

–

10,695,829

Construction

&

Engineering

–

1,718,364

–

1,718,364

Construction

Materials

–

8,321,627

–

8,321,627

Consumer

Finance

–

247,977

–

247,977

Containers

&

Packaging

–

2,863,200

–

2,863,200

Distributors

–

352,498

–

352,498

Diversified

Consumer

Services

6,288,222

390,185

–

6,678,407

Diversified

Financial

Services

–

2,095,748

–

2,095,748

Electric

Utilities

223,046

21,242

–

244,288

Electrical

Equipment

4,315,734

5,151,750

–

9,467,484

Electronic

Equipment,

Instruments

&

Components

–

12,115,811

–

12,115,811

Entertainment

7,820,323

12,308,745

–

20,129,068

Food

&

Staples

Retailing

–

4,700,362

–

4,700,362

Food

Products

4,955,661

9,507,897

–

14,463,558

Health

Care

Equipment

&

Supplies

–

8,621,471

–

8,621,471

Health

Care

Providers

&

Services

–

164,307

–

164,307

Household

Durables

624,851

3,441,961

–

4,066,812

Independent

Power

and

Renewable

Electricity

Producers

–

1,456,005

–

1,456,005

Industrial

Conglomerates

–

1,462,114

–

1,462,114

Insurance

3,984,153

12,182,704

–

16,166,857

Interactive

Media

&

Services

4,614,206

48,027,541

–

52,641,747

Internet

&

Direct

Marketing

Retail

75,003,253

18,783,828

–

93,787,081

IT

Services

15,948,880

–

–

15,948,880

Leisure

Products

–

1,133,647

–

1,133,647

Life

Sciences

Tools

&

Services

–

3,497,704

–

3,497,704

Machinery

–

5,852,146

–

5,852,146

Marine

–

1,450,696

–

1,450,696

Media

–

7,697,268

–

7,697,268

Metals

&

Mining

16,055,095

17,228,847

–

33,283,942

Multiline

Retail

3,151,924

–

–

3,151,924

Oil,

Gas

&

Consumable

Fuels

1,350,603

12,788,020

–

14,138,623

Paper

&

Forest

Products

1,348,924

–

–

1,348,924

Pharmaceuticals

8,900,758

15,148,665

–

24,049,423

Professional

Services

–

612,671

–

612,671

Real

Estate

Management

&

Development

–

3,108,718

–

3,108,718

Semiconductors

&

Semiconductor

Equipment

35,768,084

14,034,739

–

49,802,823

Software

363,849

543,370

–

907,219

Specialty

Retail

–

7,590,125

–

7,590,125

Technology

Hardware,

Storage

&

Peripherals

–

29,904,582

–

29,904,582

Trading

Companies

&

Distributors

–

138,477

–

138,477

Transportation

Infrastructure

–

1,580,716

–

1,580,716

Wireless

Telecommunication

Services

5,225,179

97,395

–

5,322,574

Total

Common

Stocks

$

216,258,485

$

349,158,546

$

–

$

565,417,031

Repurchase

Agreements

–

42,551,239

–

42,551,239

Right

–

–

–

–

Total

Assets

$

216,258,485

$

391,709,785

$

–

$

607,968,270

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(51,843)

$

–

$

–

$

(51,843)

Total

Liabilities

$

(51,843)

$

–

$

–

$

(51,843)

Total

$

216,206,642

$

391,709,785

$

–

$

607,916,427

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(51,843

)

Total

$

(51,843

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

98.7%

Shares

Value

($)

AUSTRALIA

7.5%

Biotechnology

0.2%

CSL

Ltd.

(a)

15,050

3,100,930

Commercial

Services

&

Supplies

0.8%

Brambles

Ltd.

1,336,772

10,063,312

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Goodman

Group

282,613

3,637,246

Health

Care

Providers

&

Services

0.7%

Sonic

Healthcare

Ltd.

393,820

9,369,133

Household

Durables

0.1%

Breville

Group

Ltd.

90,831

1,642,328

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

15,781

1,246,923

Metals

&

Mining

3.4%

BHP

Group

plc

64,244

1,369,607

Fortescue

Metals

Group

Ltd.

1,055,892

12,360,100

Mineral

Resources

Ltd.

123,720

2,212,794

Rio

Tinto

Ltd.

176,304

11,936,434

Rio

Tinto

plc,

ADR

(a)

267,776

16,170,993

44,049,928

Multiline

Retail

1.0%

Wesfarmers

Ltd.

396,298

12,635,417

Oil,

Gas

&

Consumable

Fuels

0.6%

Santos

Ltd.

2,351,253

8,251,356

Specialty

Retail

0.3%

Adairs

Ltd.

323,246

755,377

JB

Hi-Fi

Ltd.

100,582

3,396,589

Premier

Investments

Ltd.

24,405

360,347

4,512,313

98,508,886

AUSTRIA

0.0%

†

Air

Freight

&

Logistics

0.0%

†

Oesterreichische

Post

AG

(a)

7,010

235,814

BELGIUM

0.6%

Air

Freight

&

Logistics

0.1%

bpost

SA

83,447

733,629

Banks

0.1%

KBC

Group

NV

18,866

944,678

Biotechnology

0.3%

Galapagos

NV

*

37,458

5,320,390

Chemicals

0.0%

†

Tessenderlo

Group

SA

*

4,632

173,995

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Warehouses

De

Pauw

CVA,

CVA

33,716

1,227,009

8,399,701

CAMBODIA

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

NagaCorp

Ltd.

2,138,000

2,553,896

CHINA

0.5%

Food

&

Staples

Retailing

0.2%

Sun

Art

Retail

Group

Ltd.

2,194,000

2,430,543

Common

Stocks

Shares

Value

($)

CHINA

Food

Products

0.2%

Tingyi

Cayman

Islands

Holding

Corp.

(a)

1,380,000

2,446,199

Gas

Utilities

0.0%

†

ENN

Energy

Holdings

Ltd.

27,900

304,379

Health

Care

Technology

0.0%

†

Alibaba

Health

Information

Technology

Ltd.

*

158,000

388,741

Specialty

Retail

0.1%

Chow

Tai

Fook

Jewellery

Group

Ltd.

663,600

864,178

6,434,040

DENMARK

2.3%

Air

Freight

&

Logistics

1.0%

DSV

Panalpina

A/S

77,307

12,615,682

Pharmaceuticals

1.2%

Novo

Nordisk

A/S,

Class

B

229,969

15,974,055

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

17,875

1,286,266

29,876,003

FINLAND

0.7%

Food

&

Staples

Retailing

0.4%

Kesko

OYJ,

Class

B

236,150

6,088,817

Machinery

0.3%

Valmet

OYJ

135,893

3,364,495

Multiline

Retail

0.0%

†

Tokmanni

Group

Corp.

15,560

274,578

9,727,890

FRANCE

7.7%

Banks

0.9%

BNP

Paribas

SA

*

328,139

11,887,173

Chemicals

0.2%

Arkema

SA

29,583

3,138,425

Electrical

Equipment

1.9%

Legrand

SA

77,738

6,206,108

Nexans

SA

*

22,840

1,318,353

Schneider

Electric

SE

147,463

18,302,372

25,826,833

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Gecina

SA

50,305

6,655,359

IT

Services

0.6%

Capgemini

SE

58,256

7,461,180

Life

Sciences

Tools

&

Services

0.6%

Sartorius

Stedim

Biotech

24,818

8,547,663

Oil,

Gas

&

Consumable

Fuels

0.1%

Gaztransport

Et

Technigaz

SA

8,478

808,050

Pharmaceuticals

1.5%

Sanofi

191,143

19,165,729

Professional

Services

0.7%

Teleperformance

31,866

9,813,553

12

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Trading

Companies

&

Distributors

0.7%

Rexel

SA

*

692,410

8,686,157

101,990,122

GERMANY

7.2%

Air

Freight

&

Logistics

1.2%

Deutsche

Post

AG

(Registered)

327,031

14,912,989

Auto

Components

0.2%

Schaeffler

AG

(Preference)

528,914

3,265,370

Automobiles

0.8%

Porsche

Automobil

Holding

SE

(Preference)

*

75,028

4,479,527

Volkswagen

AG

(Preference)

36,503

5,874,739

10,354,266

Capital

Markets

0.7%

Deutsche

Boerse

AG

51,042

8,963,952

Chemicals

0.1%

LANXESS

AG

32,093

1,841,876

Diversified

Telecommunication

Services

0.3%

Deutsche

Telekom

AG

(Registered)

215,379

3,608,079

Electric

Utilities

0.1%

Siemens

Energy

AG

*

29,895

806,146

Health

Care

Equipment

&

Supplies

0.0%

†

Siemens

Healthineers

AG

Reg.

S

(b)

11,914

534,983

Household

Products

0.4%

Henkel

AG

&

Co.

KGaA

(Preference)

53,461

5,597,954

Industrial

Conglomerates

0.6%

Siemens

AG

(Registered)

59,789

7,560,062

Insurance

1.2%

Allianz

SE

(Registered)

75,537

14,489,403

Interactive

Media

&

Services

0.7%

New

Work

SE

760

231,854

Scout24

AG

Reg.

S

(b)

110,056

9,606,073

9,837,927

IT

Services

0.1%

Bechtle

AG

8,245

1,671,228

Life

Sciences

Tools

&

Services

0.3%

Gerresheimer

AG

34,190

3,825,775

Metals

&

Mining

0.0%

†

Aurubis

AG

7,060

480,922

Real

Estate

Management

&

Development

0.3%

Deutsche

Wohnen

SE

90,049

4,505,753

Semiconductors

&

Semiconductor

Equipment

0.1%

Siltronic

AG

14,838

1,331,844

Software

0.0%

†

Software

AG

9,452

466,102

Specialty

Retail

0.1%

Hornbach

Baumarkt

AG

5,647

299,891

Common

Stocks

Shares

Value

($)

GERMANY

Specialty

Retail

Hornbach

Holding

AG

&

Co.

KGaA

4,434

517,538

817,429

94,872,060

HONG

KONG

2.3%

Capital

Markets

1.2%

Hong

Kong

Exchanges

&

Clearing

Ltd.

306,400

14,402,142

Electric

Utilities

0.1%

CLP

Holdings

Ltd.

143,000

1,332,942

Household

Durables

0.3%

Man

Wah

Holdings

Ltd.

2,562,000

3,402,718

Machinery

0.3%

Techtronic

Industries

Co.

Ltd.

349,500

4,595,805

Real

Estate

Management

&

Development

0.4%

Sun

Hung

Kai

Properties

Ltd.

448,500

5,749,731

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

223,313

29,706,651

IRELAND

0.0%

†

Containers

&

Packaging

0.0%

†

Smurfit

Kappa

Group

plc

5,123

201,023

ISRAEL

0.3%

Diversified

Financial

Services

0.3%

Plus500

Ltd.

188,163

3,801,711

ITALY

3.9%

Automobiles

0.8%

Ferrari

NV

57,773

10,575,079

Banks

0.9%

Intesa

Sanpaolo

SpA

6,224,324

11,687,594

Capital

Markets

0.4%

Azimut

Holding

SpA

315,020

5,688,645

Construction

Materials

0.1%

Buzzi

Unicem

SpA

37,558

873,621

Electric

Utilities

0.9%

Enel

SpA

1,439,843

12,502,377

Electrical

Equipment

0.8%

Prysmian

SpA

351,104

10,209,134

51,536,450

JAPAN

29.4%

Air

Freight

&

Logistics

0.2%

Yamato

Holdings

Co.

Ltd.

(a)

109,300

2,877,084

Auto

Components

0.2%

Bridgestone

Corp.

52,700

1,664,620

NGK

Spark

Plug

Co.

Ltd.

18,900

329,722

Sumitomo

Electric

Industries

Ltd.

(a)

36,600

411,268

2,405,610

Automobiles

3.1%

Honda

Motor

Co.

Ltd.

(a)

533,600

12,589,770

Subaru

Corp.

(a)

403,300

7,829,101

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

JAPAN

Automobiles

Toyota

Motor

Corp.

314,500

20,800,891

Yamaha

Motor

Co.

Ltd.

13,100

190,482

41,410,244

Banks

0.0%

†

Sumitomo

Mitsui

Trust

Holdings,

Inc.

18,500

492,277

Building

Products

0.1%

AGC,

Inc.

37,200

1,089,469

Chemicals

1.0%

Denka

Co.

Ltd.

(a)

27,800

846,110

Mitsubishi

Chemical

Holdings

Corp.

(a)

567,100

3,274,257

Nitto

Denko

Corp.

(a)

56,000

3,650,889

Teijin

Ltd.

337,400

5,231,317

13,002,573

Commercial

Services

&

Supplies

0.6%

Dai

Nippon

Printing

Co.

Ltd.

403,800

8,179,077

Containers

&

Packaging

0.0%

†

Toyo

Seikan

Group

Holdings

Ltd.

53,200

529,495

Distributors

0.0%

†

Doshisha

Co.

Ltd.

(a)

26,200

526,426

Diversified

Consumer

Services

0.4%

Benesse

Holdings,

Inc.

190,400

4,888,831

Diversified

Financial

Services

0.9%

ORIX

Corp.

(a)

939,400

11,694,980

Diversified

Telecommunication

Services

0.4%

Nippon

Telegraph

&

Telephone

Corp.

247,200

5,057,478

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.

(a)

108,000

1,313,634

Kansai

Electric

Power

Co.,

Inc.

(The)

105,200

1,019,761

2,333,395

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

783,900

10,583,271

Electronic

Equipment,

Instruments

&

Components

1.4%

Hitachi

Ltd.

287,700

9,721,297

Macnica

Fuji

Electronics

Holdings,

Inc.

(a)

58,100

1,064,700

Murata

Manufacturing

Co.

Ltd.

16,600

1,071,063

Omron

Corp.

82,000

6,387,252

TDK

Corp.

5,300

579,575

18,823,887

Entertainment

2.2%

DeNA

Co.

Ltd.

291,100

5,372,635

Konami

Holdings

Corp.

(a)

258,500

11,204,816

Nexon

Co.

Ltd.

339,900

8,441,357

Nintendo

Co.

Ltd.

5,300

3,012,946

Square

Enix

Holdings

Co.

Ltd.

14,600

970,699

29,002,453

Common

Stocks

Shares

Value

($)

JAPAN

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Japan

Retail

Fund

Investment

Corp.

1,544

2,390,945

Food

&

Staples

Retailing

0.7%

Arcs

Co.

Ltd.

9,100

234,036

Cawachi

Ltd.

12,600

349,866

Create

SD

Holdings

Co.

Ltd.

24,900

872,740

Seven

&

i

Holdings

Co.

Ltd.

211,500

6,538,102

Valor

Holdings

Co.

Ltd.

(a)

24,300

670,935

8,665,679

Food

Products

0.1%

Nisshin

Oillio

Group

Ltd.

(The)

(a)

50,700

1,530,004

Health

Care

Providers

&

Services

0.0%

†

Ship

Healthcare

Holdings,

Inc.

10,200

499,155

Health

Care

Technology

0.9%

M3,

Inc.

183,000

11,362,818

Hotels,

Restaurants

&

Leisure

0.1%

McDonald's

Holdings

Co.

Japan

Ltd.

24,400

1,186,950

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

364,500

5,144,301

T&D

Holdings,

Inc.

(a)

517,000

5,112,982

10,257,283

Interactive

Media

&

Services

0.8%

Z

Holdings

Corp.

1,494,300

9,983,645

Internet

&

Direct

Marketing

Retail

0.1%

ASKUL

Corp.

24,000

981,137

IT

Services

3.2%

DTS

Corp.

8,300

176,469

Fujitsu

Ltd.

105,500

14,446,163

NEC

Corp.

201,000

11,765,726

Nomura

Research

Institute

Ltd.

179,400

5,272,579

Obic

Co.

Ltd.

4,100

721,415

TIS,

Inc.

389,600

8,280,500

Transcosmos,

Inc.

38,400

1,049,244

41,712,096

Leisure

Products

1.1%

Sankyo

Co.

Ltd.

209,900

5,501,555

Sega

Sammy

Holdings,

Inc.

689,300

8,384,031

13,885,586

Machinery

0.9%

Ebara

Corp.

(a)

12,000

324,164

FANUC

Corp.

59,700

11,452,679

Glory

Ltd.

(a)

14,600

325,937

Noritake

Co.

Ltd.

(a)

10,800

339,364

12,442,144

Media

0.7%

Dentsu

Group,

Inc.

296,200

8,751,817

Metals

&

Mining

0.2%

Dowa

Holdings

Co.

Ltd.

33,300

978,975

Hitachi

Metals

Ltd.

41,100

631,808

Sumitomo

Metal

Mining

Co.

Ltd.

23,700

733,658

2,344,441

14

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Multiline

Retail

0.6%

Izumi

Co.

Ltd.

4,400

160,347

Pan

Pacific

International

Holdings

Corp.

308,800

7,193,500

7,353,847

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Inpex

Corp.

28,200

150,862

Pharmaceuticals

2.7%

Astellas

Pharma,

Inc.

691,400

10,292,552

Sawai

Pharmaceutical

Co.

Ltd.

9,600

484,639

Shionogi

&

Co.

Ltd.

161,300

8,629,718

Sumitomo

Dainippon

Pharma

Co.

Ltd.

(a)

116,000

1,527,491

Takeda

Pharmaceutical

Co.

Ltd.

402,900

14,352,095

35,286,495

Professional

Services

0.1%

Nihon

M&A

Center,

Inc.

31,200

1,779,678

Road

&

Rail

0.1%

Nikkon

Holdings

Co.

Ltd.

(a)

32,200

698,251

Seino

Holdings

Co.

Ltd.

(a)

80,600

1,169,404

1,867,655

Semiconductors

&

Semiconductor

Equipment

0.7%

Megachips

Corp.

6,000

164,406

Rohm

Co.

Ltd.

(a)

71,600

5,528,556

Tokyo

Seimitsu

Co.

Ltd.

(a)

59,600

1,892,722

Yamaichi

Electronics

Co.

Ltd.

(a)

81,100

994,866

8,580,550

Specialty

Retail

1.8%

Autobacs

Seven

Co.

Ltd.

(a)

77,400

1,005,401

DCM

Holdings

Co.

Ltd.

90,300

1,250,355

EDION

Corp.

(a)

33,000

345,243

Hikari

Tsushin,

Inc.

7,800

1,858,752

Komeri

Co.

Ltd.

30,800

972,911

K's

Holdings

Corp.

353,200

4,768,670

Nitori

Holdings

Co.

Ltd.

17,000

3,535,828

Shimachu

Co.

Ltd.

(a)

62,900

2,134,388

Yamada

Holdings

Co.

Ltd.

1,640,500

8,180,122

24,051,670

Tobacco

0.3%

Japan

Tobacco,

Inc.

234,400

4,280,331

Trading

Companies

&

Distributors

0.7%

ITOCHU

Corp.

(a)

46,500

1,189,041

Marubeni

Corp.

993,400

5,636,135

Nagase

&

Co.

Ltd.

(a)

51,600

721,818

Sumitomo

Corp.

(a)

131,900

1,581,592

9,128,586

Wireless

Telecommunication

Services

1.1%

KDDI

Corp.

72,000

1,821,309

NTT

DOCOMO,

Inc.

(a)

178,600

6,623,295

SoftBank

Group

Corp.

(a)

98,500

6,082,104

14,526,708

385,896,632

LUXEMBOURG

0.7%

Life

Sciences

Tools

&

Services

0.7%

Eurofins

Scientific

SE

*(a)

10,694

8,465,764

Common

Stocks

Shares

Value

($)

LUXEMBOURG

Metals

&

Mining

0.0%

†

APERAM

SA

14,608

411,534

8,877,298

NETHERLANDS

5.7%

Capital

Markets

0.0%

†

Flow

Traders

Reg.

S

(b)

7,307

292,134

Electrical

Equipment

0.3%

Signify

NV

Reg.

S

*(b)

108,238

4,005,569

Food

&

Staples

Retailing

1.0%

Koninklijke

Ahold

Delhaize

NV

454,153

13,440,944

Insurance

0.2%

NN

Group

NV

65,554

2,462,327

Machinery

0.0%

†

Aalberts

NV

4,090

147,702

Oil,

Gas

&

Consumable

Fuels

0.1%

Royal

Dutch

Shell

plc,

Class

A

65,805

829,378

Royal

Dutch

Shell

plc,

Class

B,

ADR

9,503

230,163

1,059,541

Professional

Services

1.2%

Randstad

NV

*

138,930

7,249,362

Wolters

Kluwer

NV

92,988

7,938,942

15,188,304

Semiconductors

&

Semiconductor

Equipment

2.9%

ASM

International

NV

73,913

10,594,664

ASML

Holding

NV

70,650

26,051,100

BE

Semiconductor

Industries

NV

(a)

37,454

1,605,774

38,251,538

74,848,059

NEW

ZEALAND

0.9%

Health

Care

Equipment

&

Supplies

0.3%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

180,144

3,965,296

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.

63,973

208,675

Software

0.6%

Xero

Ltd.

*

105,575

7,719,575

11,893,546

NORWAY

1.6%

Banks

0.3%

DNB

ASA

312,752

4,319,635

Food

Products

1.1%

Leroy

Seafood

Group

ASA

51,909

297,852

Orkla

ASA

975,589

9,873,104

Salmar

ASA

*

55,138

3,120,083

13,291,039

Metals

&

Mining

0.2%

Norsk

Hydro

ASA

*

1,185,733

3,263,783

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

NORWAY

Multiline

Retail

0.0%

†

Europris

ASA

Reg.

S

(b)

122,590

630,523

21,504,980

SINGAPORE

0.8%

Banks

0.6%

DBS

Group

Holdings

Ltd.

608,300

8,947,076

Capital

Markets

0.2%

Singapore

Exchange

Ltd.

309,100

2,080,047

11,027,123

SOUTH

AFRICA

0.9%

Metals

&

Mining

0.9%

Anglo

American

plc

502,173

12,126,784

SPAIN

0.8%

Banks

0.4%

Banco

Santander

SA

2,671,597

4,977,080

Construction

&

Engineering

0.3%

ACS

Actividades

de

Construccion

y

Servicios

SA

176,125

3,990,500

Diversified

Telecommunication

Services

0.1%

Cellnex

Telecom

SA

Reg.

S

(b)

17,996

1,093,721

10,061,301

SWEDEN

3.8%

Diversified

Financial

Services

1.0%

Investor

AB,

Class

A

7,118

462,121

Investor

AB,

Class

B

208,628

13,604,195

14,066,316

Hotels,

Restaurants

&

Leisure

0.2%

Evolution

Gaming

Group

AB

Reg.

S

(b)

40,770

2,694,903

Household

Durables

0.3%

Husqvarna

AB,

Class

B

185,602

2,043,635

Nobia

AB

*

266,656

1,779,701

3,823,336

Household

Products

0.9%

Essity

AB,

Class

B

348,191

11,765,662

Metals

&

Mining

0.8%

Boliden

AB

349,469

10,390,405

Specialty

Retail

0.1%

Byggmax

Group

AB

*

134,704

791,092

Tobacco

0.5%

Swedish

Match

AB

85,687

6,991,028

50,522,742

SWITZERLAND

12.1%

Food

Products

2.9%

Chocoladefabriken

Lindt

&

Spruengli

AG

54

455,761

Nestle

SA

(Registered)

324,499

38,498,268

38,954,029

Health

Care

Equipment

&

Supplies

0.9%

Sonova

Holding

AG

(Registered)

*

45,302

11,488,012

Common

Stocks

Shares

Value

($)

SWITZERLAND

Insurance

1.4%

Swiss

Life

Holding

AG

(Registered)

*

10,659

4,027,208

Zurich

Insurance

Group

AG

41,562

14,450,515

18,477,723

Life

Sciences

Tools

&

Services

1.9%

Bachem

Holding

AG

(Registered),

Class

B

4,237

1,794,438

Lonza

Group

AG

(Registered)

24,762

15,285,094

Tecan

Group

AG

(Registered)

15,483

7,700,039

24,779,571

Pharmaceuticals

4.2%

Novartis

AG

(Registered)

278,531

24,204,697

Roche

Holding

AG

94,480

32,324,181

56,528,878

Professional

Services

0.7%

Adecco

Group

AG

(Registered)

168,137

8,885,201

Semiconductors

&

Semiconductor

Equipment

0.1%

STMicroelectronics

NV

34,517

1,055,979

160,169,393

UNITED

KINGDOM

8.8%

Beverages

0.1%

Diageo

plc

45,706

1,565,806

Capital

Markets

0.9%

3i

Group

plc

163,527

2,099,124

London

Stock

Exchange

Group

plc

75,230

8,606,371

Man

Group

plc

758,708

1,127,306

11,832,801

Commercial

Services

&

Supplies

0.2%

Rentokil

Initial

plc

334,548

2,302,444

Communications

Equipment

0.1%

Spirent

Communications

plc

225,884

828,963

Distributors

0.1%

Inchcape

plc

229,511

1,299,280

Diversified

Telecommunication

Services

0.2%

BT

Group

plc

2,248,623

2,857,588

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Segro

plc

51,300

616,682

Food

Products

0.2%

Associated

British

Foods

plc

91,480

2,203,648

Tate

&

Lyle

plc

25,159

215,775

2,419,423

Hotels,

Restaurants

&

Leisure

0.3%

Greggs

plc

*

20,436

308,562

GVC

Holdings

plc

336,754

4,238,582

4,547,144

Household

Durables

0.5%

Barratt

Developments

plc

993,896

6,077,016

Household

Products

0.3%

Reckitt

Benckiser

Group

plc

47,074

4,589,395

Insurance

1.0%

Aviva

plc

2,789,676

10,258,156

Legal

&

General

Group

plc

953,163

2,310,008

12,568,164

16

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Internet

&

Direct

Marketing

Retail

0.4%

boohoo

Group

plc

*

1,017,400

4,909,182

Moneysupermarket.com

Group

plc

233,367

799,968

5,709,150

Leisure

Products

0.1%

Games

Workshop

Group

plc

9,295

1,224,844

Machinery

0.2%

CNH

Industrial

NV

*

296,792

2,306,549

Media

0.2%

ITV

plc

2,692,318

2,336,019

Oil,

Gas

&

Consumable

Fuels

0.3%

BP

plc,

ADR

229,951

4,014,944

Personal

Products

1.2%

Unilever

NV

159,223

9,612,332

Unilever

plc,

ADR

(a)

101,845

6,281,800

15,894,132

Pharmaceuticals

0.0%

†

AstraZeneca

plc,

ADR

4,812

263,698

Professional

Services

1.3%

Experian

plc

323,493

12,105,381

RELX

plc

274,204

6,069,489

18,174,870

Semiconductors

&

Semiconductor

Equipment

0.4%

Dialog

Semiconductor

plc

*

109,645

4,768,562

Specialty

Retail

0.1%

JD

Sports

Fashion

plc

114,858

1,202,037

Tobacco

0.7%

Imperial

Brands

plc

488,220

8,605,780

116,005,291

UNITED

STATES

0.0%

†

Trading

Companies

&

Distributors

0.0%

†

Ferguson

plc

4,029

405,383

Total

Common

Stocks

(cost

$1,232,396,806)

1,301,182,779

Repurchase

Agreements

3.4%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$20,480,633,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$20,890,199.(c)

20,480,587

20,480,587

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,000,012,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

9/20/2050;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$10,000,023,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.51%

-

7.00%,

maturing

11/1/2023

-

6/20/2067;

total

market

value

$10,200,000.(c)

10,000,000

10,000,000

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$2,040,005.(c)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$6,000,082,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$6,120,018.(c)

6,000,000

6,000,000

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

17

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$45,480,587)

45,480,587

Total

Investments

(cost

$1,277,877,393)

  —

102.1%

1,346,663,366

Liabilities

in

excess

of

other

assets

—

(2.1)%

(27,618,969)

NET

ASSETS

—

100.0%

$

1,319,044,397

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$63,129,215,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$45,480,587

and

by

$18,557,046

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$64,037,633.

(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

September

30,

2020

was

$18,857,906

which

represents

1.43%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$45,480,587.

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

18

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

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

$

–

$

31,375,198

$

–

$

31,375,198

Auto

Components

–

5,670,980

–

5,670,980

Automobiles

–

62,339,589

–

62,339,589

Banks

–

43,255,513

–

43,255,513

Beverages

–

1,565,806

–

1,565,806

Biotechnology

–

8,421,320

–

8,421,320

Building

Products

–

1,089,469

–

1,089,469

Capital

Markets

–

43,259,721

–

43,259,721

Chemicals

–

18,156,869

–

18,156,869

Commercial

Services

&

Supplies

–

20,544,833

–

20,544,833

Communications

Equipment

–

828,963

–

828,963

Construction

&

Engineering

–

3,990,500

–

3,990,500

Construction

Materials

–

873,621

–

873,621

Containers

&

Packaging

–

730,518

–

730,518

Distributors

–

1,825,706

–

1,825,706

Diversified

Consumer

Services

–

4,888,831

–

4,888,831

Diversified

Financial

Services

–

29,563,007

–

29,563,007

Diversified

Telecommunication

Services

–

12,616,866

–

12,616,866

Electric

Utilities

806,146

16,168,714

–

16,974,860

Electrical

Equipment

–

50,624,807

–

50,624,807

Electronic

Equipment,

Instruments

&

Components

–

18,823,887

–

18,823,887

Entertainment

–

29,002,453

–

29,002,453

Equity

Real

Estate

Investment

Trusts

(REITs)

–

14,527,241

–

14,527,241

Food

&

Staples

Retailing

–

30,625,983

–

30,625,983

Food

Products

–

58,640,694

–

58,640,694

Gas

Utilities

–

304,379

–

304,379

Health

Care

Equipment

&

Supplies

–

15,988,291

–

15,988,291

Health

Care

Providers

&

Services

–

9,868,288

–

9,868,288

Health

Care

Technology

–

11,751,559

–

11,751,559

Hotels,

Restaurants

&

Leisure

–

10,982,893

–

10,982,893

Household

Durables

–

14,945,398

–

14,945,398

Household

Products

–

21,953,011

–

21,953,011

Independent

Power

and

Renewable

Electricity

Producers

–

208,675

–

208,675

Industrial

Conglomerates

–

7,560,062

–

7,560,062

Insurance

–

58,254,900

–

58,254,900

Interactive

Media

&

Services

–

21,068,495

–

21,068,495

Internet

&

Direct

Marketing

Retail

–

6,690,287

–

6,690,287

IT

Services

–

50,844,504

–

50,844,504

Leisure

Products

–

15,110,430

–

15,110,430

Life

Sciences

Tools

&

Services

–

45,618,773

–

45,618,773

Machinery

147,702

22,708,993

–

22,856,695

Media

–

11,087,836

–

11,087,836

Metals

&

Mining

16,170,993

56,896,804

–

73,067,797

Multiline

Retail

–

20,894,365

–

20,894,365

Oil,

Gas

&

Consumable

Fuels

4,245,107

10,039,646

–

14,284,753

Personal

Products

6,281,800

9,612,332

–

15,894,132

Pharmaceuticals

263,698

126,955,157

–

127,218,855

Professional

Services

–

53,841,606

–

53,841,606

Real

Estate

Management

&

Development

–

10,255,484

–

10,255,484

Road

&

Rail

–

1,867,655

–

1,867,655

Semiconductors

&

Semiconductor

Equipment

–

53,988,473

–

53,988,473

Software

–

8,185,677

–

8,185,677

Specialty

Retail

–

32,462,032

–

32,462,032

20

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

–

$

1,286,266

$

–

$

1,286,266

Tobacco

–

19,877,139

–

19,877,139

Trading

Companies

&

Distributors

–

18,220,126

–

18,220,126

Wireless

Telecommunication

Services

–

14,526,708

–

14,526,708

Total

Common

Stocks

$

27,915,446

$

1,273,267,333

$

–

$

1,301,182,779

Repurchase

Agreements

–

45,480,587

–

45,480,587

Total

$

27,915,446

$

1,318,747,920

$

–

$

1,346,663,366

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.

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Huntington

Ingalls

Industries,

Inc.

4,087

575,246

Teledyne

Technologies,

Inc.*

19,958

6,191,171

6,766,417

Air

Freight

&

Logistics

2.1%

FedEx

Corp.

62,174

15,638,005

United

Parcel

Service,

Inc.,

Class

B

206,016

34,328,446

XPO

Logistics,

Inc.*

30,132

2,550,975

52,517,426

Auto

Components

0.0%

†

Gentex

Corp.

19,184

493,988

Automobiles

1.4%

General

Motors

Co.

121,062

3,582,224

Tesla,

Inc.*(a)

59,168

25,383,664

Thor

Industries,

Inc.

67,654

6,444,720

35,410,608

Banks

2.4%

Bank

of

America

Corp.

693,649

16,710,004

Citigroup,

Inc.

471,439

20,323,735

FNB

Corp.

39,412

267,213

JPMorgan

Chase

&

Co.

3,687

354,948

Popular,

Inc.(a)

77,060

2,794,966

Signature

Bank

57,885

4,803,876

Wells

Fargo

&

Co.

493,311

11,597,742

Western

Alliance

Bancorp

92,291

2,918,242

59,770,726

Beverages

1.5%

Constellation

Brands,

Inc.,

Class

A

55,748

10,564,804

Monster

Beverage

Corp.*

344,277

27,611,015

38,175,819

Biotechnology

3.7%

AbbVie,

Inc.

283,085

24,795,415

Alexion

Pharmaceuticals,

Inc.*

146,963

16,816,976

Biogen,

Inc.*

61,500

17,446,320

Gilead

Sciences,

Inc.

38,608

2,439,639

Incyte

Corp.*

4,421

396,741

Vertex

Pharmaceuticals,

Inc.*

113,201

30,804,256

92,699,347

Building

Products

1.5%

Allegion

plc

37,005

3,660,165

Lennox

International,

Inc.

20,945

5,709,816

Masco

Corp.

471,853

26,013,256

Owens

Corning

34,713

2,388,601

37,771,838

Capital

Markets

3.0%

Bank

of

New

York

Mellon

Corp.

(The)

65,172

2,238,007

CME

Group,

Inc.(a)

178,253

29,823,509

MarketAxess

Holdings,

Inc.

18,666

8,989,359

MSCI,

Inc.

3,660

1,305,815

S&P

Global,

Inc.

89,642

32,324,905

74,681,595

Chemicals

3.3%

Axalta

Coating

Systems

Ltd.*

896,546

19,876,425

Common

Stocks

Shares

Value

($)

Chemicals

CF

Industries

Holdings,

Inc.

226,865

6,967,024

Corteva

,

Inc.

363,187

10,463,418

Linde

plc

59,517

14,172,783

Mosaic

Co.

(The)

77,901

1,423,251

Sherwin-Williams

Co.

(The)

42,441

29,570,342

82,473,243

Communications

Equipment

0.0%

†

Lumentum

Holdings,

Inc.*

8,254

620,123

Consumer

Finance

0.9%

Synchrony

Financial

825,256

21,596,950

Containers

&

Packaging

0.0%

†

Berry

Global

Group,

Inc.*

11,932

576,554

Diversified

Consumer

Services

0.3%

frontdoor

,

Inc.*(a)

23,161

901,194

H&R

Block,

Inc.

145,483

2,369,918

ServiceMaster

Global

Holdings,

Inc.*

121,470

4,844,224

8,115,336

Diversified

Financial

Services

1.2%

Berkshire

Hathaway,

Inc.,

Class

B*

36,622

7,798,289

Jefferies

Financial

Group,

Inc.

64,166

1,154,988

Voya

Financial,

Inc.(a)

440,048

21,091,500

30,044,777

Diversified

Telecommunication

Services

0.3%

Liberty

Global

plc,

Class

C*

405,396

8,324,807

Electric

Utilities

0.2%

Entergy

Corp.

21,741

2,142,141

Evergy

,

Inc.

42,727

2,171,386

4,313,527

Electrical

Equipment

0.4%

AMETEK,

Inc.

88,870

8,833,678

Hubbell,

Inc.

4,077

557,897

9,391,575

Electronic

Equipment,

Instruments

&

Components

0.5%

Arrow

Electronics,

Inc.*

63,944

5,029,835

Avnet,

Inc.

11,058

285,739

Jabil,

Inc.(a)

75,108

2,573,200

SYNNEX

Corp.

38,899

5,448,194

13,336,968

Energy

Equipment

&

Services

0.4%

Schlumberger

NV

337,363

5,249,368

TechnipFMC

plc

640,532

4,041,757

9,291,125

Entertainment

5.0%

Activision

Blizzard,

Inc.

233,344

18,889,197

Electronic

Arts,

Inc.*

78,350

10,217,623

Netflix,

Inc.*

39,639

19,820,689

Spotify

Technology

SA*

63,858

15,490,035

Take-Two

Interactive

Software,

Inc.*

157,758

26,064,777

Walt

Disney

Co.

(The)

82,694

10,260,672

Zynga,

Inc.,

Class

A*(a)

2,837,507

25,878,064

126,621,057

22

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

5.8%

American

Tower

Corp.

58,181

14,064,093

Apartment

Investment

&

Management

Co.,

Class

A

88,391

2,980,544

Camden

Property

Trust

77,087

6,859,201

CoreSite

Realty

Corp.

68,617

8,157,189

CubeSmart

64,628

2,088,131

CyrusOne

,

Inc.

12,228

856,327

Duke

Realty

Corp.

13,940

514,386

Equity

LifeStyle

Properties,

Inc.

257,717

15,798,052

First

Industrial

Realty

Trust,

Inc.

254,569

10,131,846

Invitation

Homes,

Inc.

889,825

24,906,202

Lamar

Advertising

Co.,

Class

A

67,186

4,445,698

Mid-America

Apartment

Communities,

Inc.

31,356

3,635,728

Prologis,

Inc.

100,762

10,138,672

SBA

Communications

Corp.

88,499

28,185,162

Sun

Communities,

Inc.

69,995

9,841,997

VEREIT,

Inc.

613,562

3,988,153

146,591,381

Food

&

Staples

Retailing

3.1%

Costco

Wholesale

Corp.

107,949

38,321,895

Walmart,

Inc.

292,840

40,971,244

79,293,139

Food

Products

0.0%

†

Tyson

Foods,

Inc.,

Class

A

6,049

359,795

Health

Care

Equipment

&

Supplies

3.9%

ABIOMED,

Inc.*

2,141

593,185

Cooper

Cos.,

Inc.

(The)

36,947

12,455,573

Edwards

Lifesciences

Corp.*

214,166

17,094,730

Hologic

,

Inc.*

257,472

17,114,164

Insulet

Corp.*(a)

6,260

1,481,053

Medtronic

plc

138,411

14,383,671

Quidel

Corp.*(a)

11,199

2,456,837

STERIS

plc(a)

42,400

7,470,456

West

Pharmaceutical

Services,

Inc.

95,893

26,360,986

99,410,655

Health

Care

Providers

&

Services

3.9%

Anthem,

Inc.

117,431

31,540,792

Cigna

Corp.

24,863

4,212,041

HCA

Healthcare,

Inc.

228,103

28,439,882

Humana,

Inc.

28,105

11,632,378

McKesson

Corp.

17,074

2,542,831

Universal

Health

Services,

Inc.,

Class

B

194,174

20,780,502

99,148,426

Hotels,

Restaurants

&

Leisure

2.0%

Chipotle

Mexican

Grill,

Inc.*

22,156

27,555,639

Darden

Restaurants,

Inc.

15,474

1,558,851

Domino's

Pizza,

Inc.

44,213

18,802,905

Wendy's

Co.

(The)

75,246

1,677,609

49,595,004

Household

Durables

1.1%

DR

Horton,

Inc.

194,036

14,674,943

Common

Stocks

Shares

Value

($)

Household

Durables

PulteGroup,

Inc.

258,269

11,955,272

26,630,215

Household

Products

0.1%

Procter

&

Gamble

Co.

(The)

15,754

2,189,649

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Vistra

Corp.

68,864

1,298,775

Insurance

2.7%

Allstate

Corp.

(The)

264,098

24,862,186

American

Financial

Group,

Inc.

109,106

7,307,920

Aon

plc,

Class

A(a)

34,264

7,068,663

Athene

Holding

Ltd.,

Class

A*

135,845

4,629,598

Brighthouse

Financial,

Inc.*

109,776

2,954,072

Fidelity

National

Financial,

Inc.

50,701

1,587,448

First

American

Financial

Corp.

121,871

6,204,453

Globe

Life,

Inc.

54,456

4,351,034

Lincoln

National

Corp.

63,231

1,981,027

Old

Republic

International

Corp.

195,662

2,884,058

Primerica,

Inc.(a)

29,045

3,286,151

67,116,610

Interactive

Media

&

Services

6.1%

Alphabet,

Inc.,

Class

A*

57,177

83,798,611

Facebook,

Inc.,

Class

A*(a)

218,703

57,278,316

Pinterest,

Inc.,

Class

A*

304,761

12,650,629

153,727,556

Internet

&

Direct

Marketing

Retail

6.3%

Amazon.com,

Inc.*

39,558

124,557,461

eBay,

Inc.

466,809

24,320,749

Etsy,

Inc.*

44,062

5,359,261

Wayfair,

Inc.,

Class

A*

18,441

5,366,516

159,603,987

IT

Services

5.8%

Alliance

Data

Systems

Corp.

50,754

2,130,653

Black

Knight,

Inc.*(a)

207,371

18,051,646

EPAM

Systems,

Inc.*

6,780

2,191,838

Euronet

Worldwide,

Inc.*

16,614

1,513,535

Fidelity

National

Information

Services,

Inc.

148,193

21,815,492

FleetCor

Technologies,

Inc.*

9,265

2,205,997

Gartner,

Inc.*

29,192

3,647,540

International

Business

Machines

Corp.(a)

188,126

22,889,290

PayPal

Holdings,

Inc.*

223,667

44,069,109

VeriSign,

Inc.*

129,666

26,562,080

Visa,

Inc.,

Class

A(a)

11,813

2,362,246

147,439,426

Life

Sciences

Tools

&

Services

1.6%

IQVIA

Holdings,

Inc.*

37,242

5,870,456

Mettler

-Toledo

International,

Inc.*

18,634

17,995,786

PerkinElmer,

Inc.

116,998

14,684,419

Thermo

Fisher

Scientific,

Inc.

3,929

1,734,732

40,285,393

Machinery

0.1%

Dover

Corp.

3,694

400,208

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Machinery

PACCAR,

Inc.

14,522

1,238,436

Parker-Hannifin

Corp.

2,644

534,987

2,173,631

Media

0.7%

Liberty

Broadband

Corp.,

Class

C*(a)

101,853

14,551,738

Omnicom

Group,

Inc.(a)

67,416

3,337,092

17,888,830

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.3%

Starwood

Property

Trust,

Inc.

529,304

7,987,197

Multiline

Retail

1.1%

Target

Corp.

174,622

27,488,995

Multi-Utilities

0.4%

MDU

Resources

Group,

Inc.

37,522

844,245

Public

Service

Enterprise

Group,

Inc.(a)

153,531

8,430,387

9,274,632

Oil,

Gas

&

Consumable

Fuels

0.1%

Valero

Energy

Corp.(a)

58,790

2,546,783

Personal

Products

0.2%

Herbalife

Nutrition

Ltd.*

106,268

4,957,402

Pharmaceuticals

2.5%

Jazz

Pharmaceuticals

plc*

14,372

2,049,304

Johnson

&

Johnson

135,674

20,199,145

Mylan

NV*

419,293

6,218,115

Perrigo

Co.

plc

48,754

2,238,296

Zoetis,

Inc.

192,668

31,861,507

62,566,367

Professional

Services

0.5%

TransUnion

143,000

12,030,590

Road

&

Rail

1.5%

Old

Dominion

Freight

Line,

Inc.

143,721

26,002,003

Ryder

System,

Inc.(a)

6,985

295,047

Union

Pacific

Corp.

65,430

12,881,204

39,178,254

Semiconductors

&

Semiconductor

Equipment

3.4%

Advanced

Micro

Devices,

Inc.*

67,514

5,535,473

Analog

Devices,

Inc.(a)

57,448

6,706,480

Applied

Materials,

Inc.

136,441

8,111,417

KLA

Corp.

3,427

663,947

Lam

Research

Corp.(a)

87,098

28,894,761

NVIDIA

Corp.

2,228

1,205,838

Texas

Instruments,

Inc.

242,034

34,560,035

85,677,951

Software

9.7%

Adobe,

Inc.*

89,994

44,135,757

Dropbox,

Inc.,

Class

A*

82,372

1,586,485

Microsoft

Corp.

703,120

147,887,230

Oracle

Corp.

141,161

8,427,312

salesforce.com,

Inc.*

45,258

11,374,240

ServiceNow

,

Inc.*

8,576

4,159,360

Workday,

Inc.,

Class

A*

101,888

21,919,165

Zoom

Video

Communications,

Inc.,

Class

A*

12,696

5,968,517

245,458,066

Common

Stocks

Shares

Value

($)

Specialty

Retail

2.3%

Dick's

Sporting

Goods,

Inc.

231,952

13,425,382

Home

Depot,

Inc.

(The)

28,279

7,853,361

Lowe's

Cos.,

Inc.

216,242

35,865,898

57,144,641

Technology

Hardware,

Storage

&

Peripherals

5.4%

Apple,

Inc.

1,166,798

135,126,876

Western

Digital

Corp.

58,829

2,150,200

137,277,076

Textiles,

Apparel

&

Luxury

Goods

0.1%

NIKE,

Inc.,

Class

B

21,873

2,745,936

Total

Common

Stocks

(cost

$2,190,363,188)

2,500,080,168

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$83,100,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$84,761.(b)

83,099

83,099

Total

Repurchase

Agreement

(cost

$83,099)

83,099

Total

Investments

(cost

$2,190,446,287)

—

99.1%

2,500,163,267

Other

assets

in

excess

of

liabilities

—

0.9%

21,500,876

NET

ASSETS

—

100.0%

$

2,521,664,143

24

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

*

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

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$145,952,145,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$83,099

and

by

$148,641,796

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/15/2020

–

2/15/2050,

a

total

value

of

$148,724,895.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$83,099.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

4

12/2020

USD

670,400

5,693

5,693

At

September

30,

2020,

the

Fund

had

$52,800

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

25

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

26

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Futures

Contracts

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,500,080,168

$

–

$

–

$

2,500,080,168

Futures

Contracts

5,693

–

–

5,693

Repurchase

Agreement

–

83,099

–

83,099

Total

$

2,500,085,861

$

83,099

$

–

$

2,500,168,960

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

5,693

Total

$

5,693

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

97.7%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Aerojet

Rocketdyne

Holdings,

Inc.*

2,688

107,224

AeroVironment

,

Inc.*

2,750

165,027

Astronics

Corp.*

16,397

126,585

Maxar

Technologies,

Inc.

4,737

118,141

516,977

Air

Freight

&

Logistics

0.7%

Echo

Global

Logistics,

Inc.*

26,264

676,823

Hub

Group,

Inc.,

Class

A*

11,681

586,328

1,263,151

Airlines

0.2%

SkyWest,

Inc.

12,273

366,472

Auto

Components

0.9%

American

Axle

&

Manufacturing

Holdings,

Inc.*

40,916

236,085

Cooper

Tire

&

Rubber

Co.

1,702

53,953

Fox

Factory

Holding

Corp.*

1,709

127,030

Goodyear

Tire

&

Rubber

Co.

(The)

51,764

397,030

Standard

Motor

Products,

Inc.

10,283

459,136

Visteon

Corp.*

5,266

364,513

1,637,747

Banks

6.5%

1st

Source

Corp.

11,990

369,772

Amalgamated

Bank,

Class

A

10,336

109,355

Atlantic

Capital

Bancshares,

Inc.*

21,028

238,668

Bancorp,

Inc.

(The)*

58,084

501,846

Cadence

Bancorp

74,117

636,665

Capital

City

Bank

Group,

Inc.

1,292

24,277

Cathay

General

Bancorp

32,426

702,996

Central

Pacific

Financial

Corp.

35,390

480,242

Civista

Bancshares,

Inc.(a)

4,615

57,780

CVB

Financial

Corp.

64,439

1,071,621

First

Bancorp/NC

14,502

303,527

First

Bancorp/PR

114,084

595,518

First

Business

Financial

Services,

Inc.

1,397

19,963

First

Commonwealth

Financial

Corp.

22,254

172,246

First

Foundation,

Inc.

19,728

257,845

First

Internet

Bancorp

5,153

75,904

First

Mid

Bancshares,

Inc.

3,976

99,201

Hanmi

Financial

Corp.

16,915

138,872

Heartland

Financial

USA,

Inc.

19,852

595,461

Hilltop

Holdings,

Inc.

53,717

1,105,496

Hope

Bancorp,

Inc.

25,080

190,232

Independent

Bank

Corp./MI

9,103

114,425

International

Bancshares

Corp.

37,741

983,530

Lakeland

Bancorp,

Inc.

9,238

91,918

Metropolitan

Bank

Holding

Corp.*

1,902

53,256

National

Bank

Holdings

Corp.,

Class

A

12,478

327,547

Northrim

Bancorp,

Inc.

2,209

56,307

Preferred

Bank(a)

8,675

278,641

Common

Stocks

Shares

Value

($)

Banks

Republic

Bancorp,

Inc.,

Class

A

2,602

73,272

Sierra

Bancorp

6,612

111,015

Simmons

First

National

Corp.,

Class

A

3,322

52,670

TriCo

Bancshares

13,231

324,027

TriState

Capital

Holdings,

Inc.*(a)

25,612

339,103

Trustmark

Corp.

11,120

238,079

Westamerica

Bancorp(a)

15,665

851,393

11,642,670

Biotechnology

11.5%

Akebia

Therapeutics,

Inc.*(a)

23,625

59,299

Allakos

,

Inc.*(a)

1,603

130,564

Amicus

Therapeutics,

Inc.*(a)

24,206

341,789

Arcturus

Therapeutics

Holdings,

Inc.*(a)

2,615

112,183

Ardelyx

,

Inc.*(a)

33,202

174,310

Arena

Pharmaceuticals,

Inc.*

6,963

520,763

Arrowhead

Pharmaceuticals,

Inc.*(a)

10,178

438,265

Atara

Biotherapeutics

,

Inc.*(a)

26,509

343,557

Avid

Bioservices

,

Inc.*(a)

4,711

35,898

Bioxcel

Therapeutics,

Inc.*(a)

4,550

197,288

Castle

Biosciences,

Inc.*(a)

7,661

394,158

Catalyst

Pharmaceuticals,

Inc.*(a)

89,600

266,112

CEL-SCI

Corp.*(a)

4,790

61,072

Centogene

NV*

3,050

28,853

ChemoCentryx

,

Inc.*

6,278

344,034

Cortexyme

,

Inc.*(a)

2,172

108,600

CytomX

Therapeutics,

Inc.*

10,924

72,645

Denali

Therapeutics,

Inc.*(a)

1,629

58,367

Dicerna

Pharmaceuticals,

Inc.*

17,036

306,478

Dynavax

Technologies

Corp.*(a)

33,207

143,454

Eagle

Pharmaceuticals,

Inc.*

6,644

282,237

Editas

Medicine,

Inc.*(a)

3,270

91,756

Eiger

BioPharmaceuticals

,

Inc.*(a)

27,920

227,269

Emergent

BioSolutions

,

Inc.*

12,930

1,336,057

Enanta

Pharmaceuticals,

Inc.*

7,938

363,402

Fate

Therapeutics,

Inc.*(a)

4,660

186,260

FibroGen

,

Inc.*(a)

11,920

490,150

G1

Therapeutics,

Inc.*(a)

12,554

144,999

Halozyme

Therapeutics,

Inc.*

13,981

367,421

Inovio

Pharmaceuticals,

Inc.*(a)

4,381

50,820

Insmed

,

Inc.*

4,838

155,493

Intellia

Therapeutics,

Inc.*(a)

21,892

435,213

Intercept

Pharmaceuticals,

Inc.*(a)

3,635

150,707

Invitae

Corp.*

1,741

75,472

Ironwood

Pharmaceuticals,

Inc.*(a)

14,992

134,853

Kadmon

Holdings,

Inc.*(a)

89,209

349,699

Karyopharm

Therapeutics,

Inc.*(a)

8,375

122,275

Kura

Oncology,

Inc.*

19,144

586,572

28

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

MacroGenics

,

Inc.*(a)

6,198

156,128

Mersana

Therapeutics,

Inc.*(a)

2,552

47,518

Minerva

Neurosciences,

Inc.*(a)

33,330

105,989

Mirati

Therapeutics,

Inc.*(a)

5,457

906,135

Momenta

Pharmaceuticals,

Inc.*

8,779

460,722

Mustang

Bio,

Inc.*

29,333

92,399

Myriad

Genetics,

Inc.*(a)

23,647

308,357

Natera

,

Inc.*

15,189

1,097,253

Novavax

,

Inc.*(a)

8,282

897,355

OPKO

Health,

Inc.*(a)

220,108

812,199

Protagonist

Therapeutics,

Inc.*(a)

18,269

357,159

Prothena

Corp.

plc*(a)

11,787

117,752

Puma

Biotechnology,

Inc.*(a)

9,310

93,938

Radius

Health,

Inc.*(a)

2,131

24,166

REGENXBIO,

Inc.*

7,066

194,456

Sangamo

Therapeutics,

Inc.*(a)

20,578

194,462

Sorrento

Therapeutics,

Inc.*(a)

45,147

503,389

TG

Therapeutics,

Inc.*(a)

14,254

381,437

Turning

Point

Therapeutics,

Inc.*

3,115

272,126

Twist

Bioscience

Corp.*(a)

17,303

1,314,509

Ultragenyx

Pharmaceutical,

Inc.*(a)

2,140

175,887

Vanda

Pharmaceuticals,

Inc.*

6,092

58,849

Veracyte

,

Inc.*(a)

13,875

450,799

Vericel

Corp.*(a)

15,197

281,600

Viking

Therapeutics,

Inc.*(a)

29,307

170,567

Vir

Biotechnology,

Inc.*(a)

1,887

64,781

Xencor

,

Inc.*(a)

29,313

1,137,051

Y-

mAbs

Therapeutics,

Inc.*(a)

7,425

285,046

20,650,373

Building

Products

2.3%

Builders

FirstSource

,

Inc.*

3,002

97,925

Gibraltar

Industries,

Inc.*

3,567

232,354

Griffon

Corp.(a)

10,856

212,126

Masonite

International

Corp.*

4,549

447,622

Patrick

Industries,

Inc.

1,653

95,081

Quanex

Building

Products

Corp.

24,053

443,537

Simpson

Manufacturing

Co.,

Inc.

14,024

1,362,572

UFP

Industries,

Inc.

21,412

1,209,992

4,101,209

Capital

Markets

1.0%

Cowen,

Inc.,

Class

A(a)

6,516

106,015

Donnelley

Financial

Solutions,

Inc.*

17,504

233,854

Federated

Hermes,

Inc.,

Class

B

7,526

161,884

Oppenheimer

Holdings,

Inc.,

Class

A

10,311

230,142

PJT

Partners,

Inc.,

Class

A

16,785

1,017,339

Pzena

Investment

Management,

Inc.,

Class

A

4,087

21,906

Common

Stocks

Shares

Value

($)

Capital

Markets

Westwood

Holdings

Group,

Inc.

2,488

27,716

1,798,856

Chemicals

2.5%

Avient

Corp.

30,223

799,701

Balchem

Corp.

3,774

368,456

Chase

Corp.

2,067

197,192

Ferro

Corp.*(a)

42,048

521,395

Ingevity

Corp.*

19,468

962,498

Koppers

Holdings,

Inc.*

13,950

291,694

Kraton

Corp.*(a)

9,038

161,057

Minerals

Technologies,

Inc.

21,033

1,074,786

Orion

Engineered

Carbons

SA

7,994

100,005

Tronox

Holdings

plc,

Class

A

4,484

35,289

4,512,073

Commercial

Services

&

Supplies

1.8%

BrightView

Holdings,

Inc.*

6,883

78,466

Ennis,

Inc.(a)

11,416

199,095

HNI

Corp.

20,149

632,276

KAR

Auction

Services,

Inc.

47,150

678,960

Matthews

International

Corp.,

Class

A

15,109

337,837

McGrath

RentCorp

12,733

758,760

Steelcase,

Inc.,

Class

A

18,883

190,907

Team,

Inc.*(a)

29,240

160,820

UniFirst

Corp.

751

142,217

3,179,338

Communications

Equipment

0.7%

Harmonic,

Inc.*

56,318

314,255

NETGEAR,

Inc.*

29,165

898,865

1,213,120

Construction

&

Engineering

0.2%

EMCOR

Group,

Inc.

1,841

124,654

Great

Lakes

Dredge

&

Dock

Corp.*

10,032

95,404

Primoris

Services

Corp.

3,392

61,192

Tutor

Perini

Corp.*

5,980

66,558

347,808

Construction

Materials

0.7%

Forterra

,

Inc.*

9,119

107,787

Summit

Materials,

Inc.,

Class

A*(a)

68,497

1,132,940

1,240,727

Consumer

Finance

1.1%

Curo

Group

Holdings

Corp.(a)

3,898

27,481

Encore

Capital

Group,

Inc.*(a)

2,481

95,742

Enova

International,

Inc.*

25,325

415,077

FirstCash

,

Inc.

8,070

461,684

Navient

Corp.

112,773

952,932

1,952,916

Containers

&

Packaging

0.2%

Myers

Industries,

Inc.(a)

4,786

63,319

O-I

Glass,

Inc.

19,677

208,379

271,698

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Diversified

Consumer

Services

0.9%

American

Public

Education,

Inc.*

12,827

361,593

Collectors

Universe,

Inc.

10,758

532,413

K12,

Inc.*

3,454

90,978

Perdoceo

Education

Corp.*

35,656

436,430

Strategic

Education,

Inc.

1,269

116,076

1,537,490

Diversified

Financial

Services

0.8%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E(a)

43,409

527,419

Cannae

Holdings,

Inc.*

23,092

860,408

1,387,827

Diversified

Telecommunication

Services

1.2%

Cogent

Communications

Holdings,

Inc.

13,733

824,667

Consolidated

Communications

Holdings,

Inc.*(a)

65,557

373,019

Iridium

Communications,

Inc.*

16,980

434,348

Ooma

,

Inc.*(a)

4,698

61,309

ORBCOMM,

Inc.*

102,545

348,653

Vonage

Holdings

Corp.*

5,750

58,823

2,100,819

Electric

Utilities

0.5%

Portland

General

Electric

Co.

26,705

948,028

Electrical

Equipment

0.8%

Atkore

International

Group,

Inc.*

17,007

386,569

Encore

Wire

Corp.

1,664

77,243

Powell

Industries,

Inc.

13,128

316,779

Sunrun

,

Inc.*

2,593

199,843

Vicor

Corp.*(a)

6,991

543,410

1,523,844

Electronic

Equipment,

Instruments

&

Components

2.9%

Bel

Fuse,

Inc.,

Class

B

8,517

90,962

Belden,

Inc.

18,660

580,699

Benchmark

Electronics,

Inc.

13,756

277,183

CTS

Corp.

8,954

197,257

Knowles

Corp.*

57,433

855,752

Novanta

,

Inc.*

6,601

695,349

TTM

Technologies,

Inc.*(a)

94,119

1,073,898

Vishay

Intertechnology

,

Inc.

68,129

1,060,768

Vishay

Precision

Group,

Inc.*

15,279

386,864

5,218,732

Energy

Equipment

&

Services

0.3%

Cactus,

Inc.,

Class

A

11,963

229,570

Matrix

Service

Co.*

23,117

193,027

Oil

States

International,

Inc.*(a)

17,971

49,061

SEACOR

Holdings,

Inc.*

2,168

63,045

534,703

Entertainment

0.4%

Gaia,

Inc.*

8,338

81,963

Glu

Mobile,

Inc.*

94,193

722,931

804,894

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

7.0%

American

Assets

Trust,

Inc.

21,598

520,296

CareTrust

REIT,

Inc.

59,028

1,050,403

City

Office

REIT,

Inc.

50,759

381,708

Community

Healthcare

Trust,

Inc.

14,438

675,121

EastGroup

Properties,

Inc.

10,900

1,409,697

Four

Corners

Property

Trust,

Inc.

41,561

1,063,546

Gladstone

Commercial

Corp.

5,375

90,569

Independence

Realty

Trust,

Inc.

56,975

660,340

Industrial

Logistics

Properties

Trust

25,358

554,579

Lexington

Realty

Trust

75,240

786,258

Monmouth

Real

Estate

Investment

Corp.

3,722

51,550

National

Storage

Affiliates

Trust

32,215

1,053,752

NexPoint

Residential

Trust,

Inc.

25,474

1,129,772

PotlatchDeltic

Corp.

28,741

1,209,996

Retail

Opportunity

Investments

Corp.

11,566

120,460

Retail

Value,

Inc.

20,470

257,308

Sabra

Health

Care

REIT,

Inc.

83,815

1,155,390

Terreno

Realty

Corp.

2,212

121,129

Universal

Health

Realty

Income

Trust

4,124

235,027

Urban

Edge

Properties

5,285

51,370

12,578,271

Food

&

Staples

Retailing

1.5%

Andersons,

Inc.

(The)

16,159

309,768

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

37,071

1,540,300

Ingles

Markets,

Inc.,

Class

A(a)

14,537

552,988

Natural

Grocers

by

Vitamin

Cottage,

Inc.(a)

14,304

141,037

SpartanNash

Co.

2,520

41,202

Weis

Markets,

Inc.

3,819

183,312

2,768,607

Food

Products

1.4%

Darling

Ingredients,

Inc.*

41,358

1,490,129

J

&

J

Snack

Foods

Corp.

1,827

238,223

John

B

Sanfilippo

&

Son,

Inc.

6,817

513,865

Seneca

Foods

Corp.,

Class

A*(a)

5,454

194,871

2,437,088

Gas

Utilities

0.4%

Northwest

Natural

Holding

Co.

6,507

295,353

Southwest

Gas

Holdings,

Inc.

7,157

451,607

Spire,

Inc.

948

50,433

797,393

Health

Care

Equipment

&

Supplies

2.0%

Antares

Pharma,

Inc.*(a)

33,136

89,467

GenMark

Diagnostics,

Inc.*(a)

20,863

296,255

Inogen

,

Inc.*(a)

3,338

96,802

Integer

Holdings

Corp.*

18,250

1,076,932

30

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Invacare

Corp.(a)

20,365

153,145

iRhythm

Technologies,

Inc.*(a)

252

60,004

Meridian

Bioscience,

Inc.*

9,317

158,203

Merit

Medical

Systems,

Inc.*

4,243

184,570

Natus

Medical,

Inc.*

27,992

479,503

Neogen

Corp.*

2,544

199,068

Shockwave

Medical,

Inc.*(a)

5,755

436,229

Surmodics

,

Inc.*

7,991

310,930

Utah

Medical

Products,

Inc.

919

73,400

3,614,508

Health

Care

Providers

&

Services

2.0%

Brookdale

Senior

Living,

Inc.*

21,565

54,775

Community

Health

Systems,

Inc.*

26,026

109,830

Covetrus

,

Inc.*

5,439

132,712

Cross

Country

Healthcare,

Inc.*

10,260

66,587

Hanger,

Inc.*

4,576

72,392

LHC

Group,

Inc.*

497

105,642

National

HealthCare

Corp.

5,288

329,495

National

Research

Corp.

3,301

162,442

Option

Care

Health,

Inc.*(a)

10,382

138,807

Owens

&

Minor,

Inc.

3,568

89,593

Select

Medical

Holdings

Corp.*

55,081

1,146,786

Tenet

Healthcare

Corp.*

40,403

990,278

US

Physical

Therapy,

Inc.(a)

1,494

129,799

3,529,138

Health

Care

Technology

0.6%

Inovalon

Holdings,

Inc.,

Class

A*

8,183

216,440

NextGen

Healthcare,

Inc.*

2,678

34,118

Schrodinger,

Inc.*(a)

7,656

363,737

Simulations

Plus,

Inc.(a)

5,433

409,431

1,023,726

Hotels,

Restaurants

&

Leisure

4.8%

Bloomin

'

Brands,

Inc.

16,395

250,352

Caesars

Entertainment,

Inc.*

5,498

308,218

Carrols

Restaurant

Group,

Inc.*

6,545

42,215

Chuy's

Holdings,

Inc.*(a)

2,321

45,445

Del

Taco

Restaurants,

Inc.*

4,123

33,809

Denny's

Corp.*

5,059

50,590

Dine

Brands

Global,

Inc.(a)

9,441

515,384

El

Pollo

Loco

Holdings,

Inc.*(a)

28,981

469,492

Everi

Holdings,

Inc.*(a)

30,714

253,391

Fiesta

Restaurant

Group,

Inc.*(a)

20,943

196,236

International

Game

Technology

plc(a)

56,828

632,496

Jack

in

the

Box,

Inc.

2,514

199,385

Noodles

&

Co.*

3,700

25,419

Papa

John's

International,

Inc.

8,190

673,873

Penn

National

Gaming,

Inc.*(a)

15,543

1,129,976

Red

Rock

Resorts,

Inc.,

Class

A

69,222

1,183,696

Scientific

Games

Corp.*

5,935

207,191

Texas

Roadhouse,

Inc.

15,755

957,746

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Twin

River

Worldwide

Holdings,

Inc.

1,632

42,873

Wingstop

,

Inc.(a)

9,926

1,356,388

8,574,175

Household

Durables

2.3%

Century

Communities,

Inc.*

3,939

166,738

KB

Home

8,475

325,355

M/I

Homes,

Inc.*

20,811

958,346

MDC

Holdings,

Inc.

10,503

494,691

Meritage

Homes

Corp.*

2,722

300,482

Purple

Innovation,

Inc.*(a)

6,248

155,325

Taylor

Morrison

Home

Corp.*

16,774

412,473

TRI

Pointe

Group,

Inc.*

62,905

1,141,097

Universal

Electronics,

Inc.*

5,747

216,892

4,171,399

Household

Products

0.2%

Central

Garden

&

Pet

Co.,

Class

A*

8,933

322,839

Insurance

3.2%

American

Equity

Investment

Life

Holding

Co.

49,505

1,088,615

AMERISAFE,

Inc.

7,997

458,708

Argo

Group

International

Holdings

Ltd.

8,575

295,237

BRP

Group,

Inc.,

Class

A*

743

18,508

Enstar

Group

Ltd.*

226

36,499

Genworth

Financial,

Inc.,

Class

A*

109,612

367,200

Goosehead

Insurance,

Inc.,

Class

A(a)

8,422

729,261

HCI

Group,

Inc.(a)

1,072

52,839

Kinsale

Capital

Group,

Inc.

2,353

447,494

National

Western

Life

Group,

Inc.,

Class

A

142

25,953

State

Auto

Financial

Corp.

3,647

50,183

Stewart

Information

Services

Corp.

28,347

1,239,614

Trupanion

,

Inc.*(a)

12,280

968,892

5,779,003

Interactive

Media

&

Services

0.8%

Cargurus

,

Inc.*

3,037

65,690

Cars.com,

Inc.*(a)

64,922

524,570

EverQuote

,

Inc.,

Class

A*(a)

4,170

161,129

QuinStreet

,

Inc.*(a)

45,142

715,049

1,466,438

Internet

&

Direct

Marketing

Retail

0.8%

Magnite

,

Inc.*(a)

39,544

274,633

Stamps.com,

Inc.*

4,529

1,091,263

1,365,896

IT

Services

1.9%

Brightcove

,

Inc.*

45,045

461,261

Conduent

,

Inc.*

64,874

206,299

Hackett

Group,

Inc.

(The)

9,031

100,967

Perficient

,

Inc.*

19,762

844,628

Perspecta

,

Inc.

53,660

1,043,687

Sykes

Enterprises,

Inc.*

16,169

553,141

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

IT

Services

TTEC

Holdings,

Inc.

3,897

212,581

3,422,564

Leisure

Products

1.3%

Nautilus,

Inc.*(a)

12,920

221,707

Smith

&

Wesson

Brands,

Inc.

9,750

151,320

Sturm

Ruger

&

Co.,

Inc.

10,410

636,676

Vista

Outdoor,

Inc.*

20,225

408,140

YETI

Holdings,

Inc.*(a)

18,366

832,347

2,250,190

Machinery

2.4%

Albany

International

Corp.,

Class

A

10,023

496,239

Barnes

Group,

Inc.

2,912

104,075

Columbus

McKinnon

Corp.

10,402

344,306

Federal

Signal

Corp.

8,211

240,172

Franklin

Electric

Co.,

Inc.

9,114

536,177

Miller

Industries,

Inc.

3,844

117,511

Mueller

Industries,

Inc.

14,467

391,477

Navistar

International

Corp.*

2,772

120,693

RBC

Bearings,

Inc.*

6,120

741,805

Rexnord

Corp.

39,336

1,173,786

4,266,241

Marine

0.1%

Costamare

,

Inc.

18,266

110,875

Media

0.8%

Cardlytics,

Inc.*(a)

1,484

104,726

Gray

Television,

Inc.*

37,364

514,502

MSG

Networks,

Inc.,

Class

A*(a)

4,992

47,774

TechTarget

,

Inc.*(a)

17,203

756,244

WideOpenWest

,

Inc.*(a)

19,560

101,516

1,524,762

Metals

&

Mining

1.4%

Alcoa

Corp.*

89,783

1,044,176

Coeur

Mining,

Inc.*

30,169

222,647

Haynes

International,

Inc.

6,563

112,162

Hecla

Mining

Co.

93,875

476,885

Kaiser

Aluminum

Corp.

3,446

184,671

Novagold

Resources,

Inc.*

23,764

282,554

Olympic

Steel,

Inc.

5,095

57,879

Ryerson

Holding

Corp.*

16,047

91,950

2,472,924

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.8%

Anworth

Mortgage

Asset

Corp.

28,573

46,860

ARMOUR

Residential

REIT,

Inc.

6,897

65,590

Capstead

Mortgage

Corp.

18,114

101,801

Ladder

Capital

Corp.

35,436

252,304

PennyMac

Mortgage

Investment

Trust

58,526

940,513

TPG

RE

Finance

Trust,

Inc.

7,938

67,155

1,474,223

Multiline

Retail

0.6%

Big

Lots,

Inc.(a)

22,743

1,014,338

Multi-Utilities

0.7%

Black

Hills

Corp.

1,891

101,150

Common

Stocks

Shares

Value

($)

Multi-Utilities

NorthWestern

Corp.

23,297

1,133,166

1,234,316

Oil,

Gas

&

Consumable

Fuels

1.5%

Ardmore

Shipping

Corp.

45,459

161,834

Clean

Energy

Fuels

Corp.*(a)

83,026

205,904

DHT

Holdings,

Inc.

66,632

343,821

Diamond

S

Shipping,

Inc.*

4,455

30,606

Dorian

LPG

Ltd.*

4,515

36,165

Green

Plains,

Inc.*(a)

38,100

589,788

Renewable

Energy

Group,

Inc.*(a)

16,595

886,505

World

Fuel

Services

Corp.

20,803

440,816

2,695,439

Paper

&

Forest

Products

1.6%

Boise

Cascade

Co.

26,931

1,075,086

Clearwater

Paper

Corp.*(a)

4,144

157,223

Louisiana-Pacific

Corp.

42,365

1,250,191

P

H

Glatfelter

Co.

33,885

466,596

2,949,096

Personal

Products

0.1%

elf

Beauty,

Inc.*(a)

4,678

85,935

USANA

Health

Sciences,

Inc.*

1,648

121,375

207,310

Pharmaceuticals

2.4%

Amneal

Pharmaceuticals,

Inc.*(a)

30,725

119,213

Amphastar

Pharmaceuticals,

Inc.*(a)

35,132

658,725

ANI

Pharmaceuticals,

Inc.*(a)

12,361

348,704

Axsome

Therapeutics,

Inc.*(a)

8,321

592,871

BioDelivery

Sciences

International,

Inc.*(a)

64,269

239,723

Corcept

Therapeutics,

Inc.*(a)

11,796

205,309

Endo

International

plc*(a)

20,082

66,271

Innoviva

,

Inc.*(a)

51,636

539,596

Intersect

ENT,

Inc.*

4,877

79,544

Lannett

Co.,

Inc.*

3,918

23,939

Odonate

Therapeutics,

Inc.*(a)

2,954

39,672

Phibro

Animal

Health

Corp.,

Class

A

17,777

309,320

Prestige

Consumer

Healthcare,

Inc.*

28,735

1,046,529

4,269,416

Professional

Services

0.2%

Huron

Consulting

Group,

Inc.*

5,781

227,367

Insperity

,

Inc.

1,758

115,131

342,498

Real

Estate

Management

&

Development

0.5%

Redfin

Corp.*

18,009

899,189

Road

&

Rail

1.2%

Marten

Transport

Ltd.

59,725

974,712

Werner

Enterprises,

Inc.

27,338

1,147,923

2,122,635

Semiconductors

&

Semiconductor

Equipment

2.0%

Ambarella

,

Inc.*

9,828

512,825

Amkor

Technology,

Inc.*(a)

41,545

465,304

32

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Axcelis

Technologies,

Inc.*(a)

22,856

502,832

Cohu

,

Inc.

1,382

23,743

MACOM

Technology

Solutions

Holdings,

Inc.*

15,823

538,140

MaxLinear

,

Inc.*

1,148

26,679

NeoPhotonics

Corp.*(a)

50,583

308,050

Photronics

,

Inc.*

15,688

156,252

Power

Integrations,

Inc.

6,340

351,236

Rambus,

Inc.*

36,266

496,482

SiTime

Corp.*(a)

784

65,880

Ultra

Clean

Holdings,

Inc.*

7,610

163,311

3,610,734

Software

4.3%

ACI

Worldwide,

Inc.*

15,377

401,801

Avaya

Holdings

Corp.*(a)

7,586

115,307

Box,

Inc.,

Class

A*

67,652

1,174,439

ChannelAdvisor

Corp.*

35,182

509,084

Cloudera,

Inc.*(a)

79,968

870,851

Domo,

Inc.,

Class

B*(a)

13,948

534,627

J2

Global,

Inc.*(a)

16,342

1,131,193

MicroStrategy

,

Inc.,

Class

A*(a)

3,282

494,138

Progress

Software

Corp.

3,819

140,081

SVMK,

Inc.*

50,867

1,124,669

Telenav

,

Inc.*

54,092

194,731

Tenable

Holdings,

Inc.*

8,625

325,594

Varonis

Systems,

Inc.*

1,743

201,177

Verint

Systems,

Inc.*

6,265

301,848

Zuora

,

Inc.,

Class

A*(a)

25,397

262,605

7,782,145

Specialty

Retail

3.7%

Abercrombie

&

Fitch

Co.,

Class

A(a)

56,137

781,988

Asbury

Automotive

Group,

Inc.*

7,521

732,921

At

Home

Group,

Inc.*(a)

14,521

215,782

Camping

World

Holdings,

Inc.,

Class

A

19,448

578,578

Haverty

Furniture

Cos.,

Inc.

2,986

62,527

Hibbett

Sports,

Inc.*

4,046

158,684

Lithia

Motors,

Inc.,

Class

A

5,892

1,343,023

MarineMax

,

Inc.*

26,435

678,586

Rent-A-Center,

Inc.

4,520

135,103

Restoration

Hardware

Holdings,

Inc.*(a)

1,730

661,933

Sonic

Automotive,

Inc.,

Class

A(a)

3,150

126,504

Sportsman's

Warehouse

Holdings,

Inc.*(a)

67,854

970,991

Zumiez

,

Inc.*

5,723

159,214

6,605,834

Textiles,

Apparel

&

Luxury

Goods

0.9%

Deckers

Outdoor

Corp.*

3,129

688,411

G-III

Apparel

Group

Ltd.*(a)

22,491

294,857

Wolverine

World

Wide,

Inc.

27,731

716,569

1,699,837

Thrifts

&

Mortgage

Finance

1.7%

Meridian

Bancorp,

Inc.

20,613

213,344

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Mr.

Cooper

Group,

Inc.*

15,943

355,848

PennyMac

Financial

Services,

Inc.(a)

23,908

1,389,533

Radian

Group,

Inc.

7,709

112,628

Walker

&

Dunlop,

Inc.

11,828

626,884

Washington

Federal,

Inc.

16,896

352,451

3,050,688

Tobacco

0.1%

Vector

Group

Ltd.(a)

18,900

183,141

Trading

Companies

&

Distributors

2.1%

Beacon

Roofing

Supply,

Inc.*

4,332

134,595

Foundation

Building

Materials,

Inc.*(a)

24,579

386,382

GMS,

Inc.*

11,267

271,535

H&E

Equipment

Services,

Inc.

44,925

883,225

MRC

Global,

Inc.*

78,349

335,334

Rush

Enterprises,

Inc.,

Class

A

21,953

1,109,505

SiteOne

Landscape

Supply,

Inc.*

3,073

374,752

Triton

International

Ltd.

4,549

185,008

Willis

Lease

Finance

Corp.*

1,416

26,125

3,706,461

Total

Common

Stocks

(cost

$183,013,276)

175,074,809

Repurchase

Agreements

8.5%

Principal

Amount

($)

Bank

of

America

NA,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$5,190,478,

collateralized

by

U.S.

Government

Agency

Securities,

3.00%,

maturing

7/20/2049;

total

market

value

$5,294,275.

(b)

5,190,466

5,190,466

CF

Secured,

LLC,

0.08%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$4,000,009,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

4.63%,

maturing

7/1/2035

-

7/20/2069;

total

market

value

$4,080,009.(b)

4,000,000

4,000,000

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.07%,

dated

9/29/2020,

due

10/6/2020,

repurchase

price

$4,000,055,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.13%

-

3.00%,

maturing

7/15/2021

-

8/15/2048;

total

market

value

$4,080,012.(b)

4,000,000

4,000,000

Pershing

LLC,

0.14%,

dated

9/30/2020,

due

10/1/2020,

repurchase

price

$2,000,008,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

11/1/2020

-

8/20/2070;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$15,190,466)

15,190,466

Total

Investments

(cost

$198,203,742)

—

106.2%

190,265,275

Liabilities

in

excess

of

other

assets

—

(6.2)%

(11,177,908)

NET

ASSETS

—

100.0%

$

179,087,367

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

September

30,

2020.

The

total

value

of

securities

on

loan

at

September

30,

2020

was

$29,624,353,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,190,466

and

by

$15,283,092

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

8.00%,

and

maturity

dates

ranging

from

10/8/2020

–

2/15/2050,

a

total

value

of

$30,473,558.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2020

was

$15,190,466.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2020:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

39

12/2020

USD

2,933,580

29,178

29,178

At

September

30,

2020,

the

Fund

had

$248,820

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

September

30,

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

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/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

reducing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/

or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange-traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

175,074,809

$

–

$

–

$

175,074,809

Futures

Contracts

29,178

–

–

29,178

Repurchase

Agreements

–

15,190,466

–

15,190,466

Total

$

175,103,987

$

15,190,466

$

–

$

190,294,453

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

29,178

Total

$

29,178

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

36

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

97.9%

Shares

Value

($)

Aerospace

&

Defense

1.1%

Howmet

Aerospace,

Inc.

208,383

3,484,164

Textron,

Inc.

146,062

5,271,377

8,755,541

Air

Freight

&

Logistics

2.5%

CH

Robinson

Worldwide,

Inc.

107,261

10,961,002

Expeditors

International

of

Washington,

Inc.

102,033

9,236,027

20,197,029

Auto

Components

0.2%

Autoliv

,

Inc.

23,624

1,721,717

Automobiles

2.3%

Ford

Motor

Co.

1,617,397

10,771,864

General

Motors

Co.

276,676

8,186,843

18,958,707

Banks

0.2%

SVB

Financial

Group*

6,588

1,585,205

Beverages

0.6%

Molson

Coors

Beverage

Co.,

Class

B

138,714

4,655,242

Biotechnology

3.9%

AbbVie,

Inc.

34,340

3,007,841

Alexion

Pharmaceuticals,

Inc.*

11,401

1,304,616

BioMarin

Pharmaceutical,

Inc.*

22,841

1,737,743

Bluebird

Bio,

Inc.*

34,153

1,842,554

FibroGen

,

Inc.*

7,142

293,679

Gilead

Sciences,

Inc.

202,842

12,817,586

Incyte

Corp.*

67,721

6,077,283

Sage

Therapeutics,

Inc.*

28,337

1,731,958

United

Therapeutics

Corp.*

31,439

3,175,339

31,988,599

Capital

Markets

4.4%

Bank

of

New

York

Mellon

Corp.

(The)

83,369

2,862,891

Charles

Schwab

Corp.

(The)

97,116

3,518,513

Interactive

Brokers

Group,

Inc.,

Class

A

53,902

2,605,084

Intercontinental

Exchange,

Inc.

152,738

15,281,437

Northern

Trust

Corp.

30,102

2,347,053

Raymond

James

Financial,

Inc.

25,595

1,862,292

State

Street

Corp.

122,923

7,293,021

35,770,291

Chemicals

3.4%

Ashland

Global

Holdings,

Inc.

19,218

1,362,941

Celanese

Corp.

41,616

4,471,639

Corteva

,

Inc.

232,517

6,698,815

Dow,

Inc.

165,245

7,774,777

Element

Solutions,

Inc.*

37,027

389,154

FMC

Corp.

58,100

6,153,371

W

R

Grace

&

Co.

24,100

970,989

27,821,686

Commercial

Services

&

Supplies

0.3%

Clean

Harbors,

Inc.*

41,493

2,324,853

Communications

Equipment

1.4%

Arista

Networks,

Inc.*

8,896

1,840,849

Common

Stocks

Shares

Value

($)

Communications

Equipment

CommScope

Holding

Co.,

Inc.*

305,590

2,750,310

Juniper

Networks,

Inc.

320,300

6,886,450

11,477,609

Consumer

Finance

1.7%

Capital

One

Financial

Corp.

138,765

9,971,653

Synchrony

Financial

156,638

4,099,216

14,070,869

Diversified

Consumer

Services

0.8%

frontdoor

,

Inc.*

7,346

285,833

Graham

Holdings

Co.,

Class

B

6,055

2,446,886

H&R

Block,

Inc.

243,776

3,971,111

6,703,830

Electric

Utilities

1.7%

Hawaiian

Electric

Industries,

Inc.

83,627

2,779,762

NRG

Energy,

Inc.

153,600

4,721,664

Pinnacle

West

Capital

Corp.

88,975

6,633,086

14,134,512

Electrical

Equipment

0.2%

Acuity

Brands,

Inc.

19,824

2,028,986

Electronic

Equipment,

Instruments

&

Components

0.8%

Arrow

Electronics,

Inc.*

38,428

3,022,746

Avnet,

Inc.

140,631

3,633,905

6,656,651

Energy

Equipment

&

Services

0.6%

TechnipFMC

plc

753,660

4,755,595

Entertainment

1.7%

Electronic

Arts,

Inc.*

23,307

3,039,466

Madison

Square

Garden

Entertainment

Corp.*

1,252

85,750

Madison

Square

Garden

Sports

Corp.,

Class

A*

20,440

3,075,811

Take-Two

Interactive

Software,

Inc.*

48,600

8,029,692

14,230,719

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Equity

LifeStyle

Properties,

Inc.

30,691

1,881,358

Gaming

and

Leisure

Properties,

Inc.

172,286

6,362,522

Invitation

Homes,

Inc.

31,069

869,621

SBA

Communications

Corp.

922

293,639

Spirit

Realty

Capital,

Inc.

21,463

724,376

10,131,516

Food

&

Staples

Retailing

1.0%

Kroger

Co.

(The)

233,083

7,903,845

Food

Products

3.4%

Archer-Daniels-Midland

Co.

274,800

12,775,452

Hershey

Co.

(The)

64,616

9,262,057

Ingredion,

Inc.

53,878

4,077,487

Pilgrim's

Pride

Corp.*

70,240

1,051,142

Post

Holdings,

Inc.*

12,662

1,088,932

28,255,070

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

0.8%

ABIOMED,

Inc.*

10,940

3,031,036

Envista

Holdings

Corp.*

52,293

1,290,591

ICU

Medical,

Inc.*

11,613

2,122,392

6,444,019

Health

Care

Providers

&

Services

7.2%

AmerisourceBergen

Corp.

92,800

8,994,176

Anthem,

Inc.

56,356

15,136,658

Cardinal

Health,

Inc.

145,800

6,845,310

Humana,

Inc.

39,743

16,449,230

McKesson

Corp.

78,328

11,665,389

59,090,763

Hotels,

Restaurants

&

Leisure

4.8%

Domino's

Pizza,

Inc.

23,700

10,079,136

Hilton

Worldwide

Holdings,

Inc.

106,400

9,078,048

Marriott

Vacations

Worldwide

Corp.

12,781

1,160,643

Starbucks

Corp.

204,100

17,536,272

Wingstop

,

Inc.

12,520

1,710,858

39,564,957

Household

Products

0.1%

Kimberly-Clark

Corp.

1,200

177,192

Spectrum

Brands

Holdings,

Inc.

17,306

989,211

1,166,403

Insurance

4.3%

Alleghany

Corp.

9,179

4,777,211

Allstate

Corp.

(The)

134,706

12,681,223

Assurant,

Inc.

45,978

5,577,591

Brighthouse

Financial,

Inc.*

64,639

1,739,435

Everest

Re

Group

Ltd.

13,843

2,734,546

MetLife,

Inc.

9,799

364,229

Reinsurance

Group

of

America,

Inc.

57,930

5,514,357

Travelers

Cos.,

Inc.

(The)

5,168

559,126

Unum

Group

101,824

1,713,698

35,661,416

Interactive

Media

&

Services

4.9%

Alphabet,

Inc.,

Class

C*

26,255

38,584,348

Facebook,

Inc.,

Class

A*

4,845

1,268,905

39,853,253

Internet

&

Direct

Marketing

Retail

4.7%

Amazon.com,

Inc.*

12,219

38,474,332

IT

Services

3.0%

Alliance

Data

Systems

Corp.

32,937

1,382,695

DXC

Technology

Co.

248,752

4,440,223

GoDaddy

,

Inc.,

Class

A*

94,659

7,191,244

VeriSign,

Inc.*

55,457

11,360,367

24,374,529

Machinery

0.4%

AGCO

Corp.

49,412

3,669,829

Media

1.3%

Altice

USA,

Inc.,

Class

A*

141,624

3,682,224

Cable

One,

Inc.

376

708,922

Charter

Communications,

Inc.,

Class

A*

7,170

4,476,518

Common

Stocks

Shares

Value

($)

Media

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

A*

53,820

1,785,209

10,652,873

Oil,

Gas

&

Consumable

Fuels

3.4%

Apache

Corp.

206,113

1,951,890

Continental

Resources,

Inc.

97,651

1,199,154

EOG

Resources,

Inc.

184,680

6,637,399

HollyFrontier

Corp.

56,800

1,119,528

Marathon

Oil

Corp.

650,776

2,661,674

Occidental

Petroleum

Corp.

427,000

4,274,270

Pioneer

Natural

Resources

Co.

95,810

8,238,702

Targa

Resources

Corp.

130,561

1,831,771

27,914,388

Pharmaceuticals

0.8%

Mylan

NV*

428,548

6,355,367

Professional

Services

0.2%

TriNet

Group,

Inc.*

22,612

1,341,344

Real

Estate

Management

&

Development

1.2%

CBRE

Group,

Inc.,

Class

A*

201,980

9,487,001

Road

&

Rail

1.1%

Landstar

System,

Inc.

24,925

3,127,838

Old

Dominion

Freight

Line,

Inc.

31,312

5,664,967

8,792,805

Semiconductors

&

Semiconductor

Equipment

2.4%

Cirrus

Logic,

Inc.*

13,070

881,571

Micron

Technology,

Inc.*

121,806

5,720,010

QUALCOMM,

Inc.

114,290

13,449,647

20,051,228

Software

10.4%

Ceridian

HCM

Holding,

Inc.*

2,744

226,792

Citrix

Systems,

Inc.

76,485

10,532,749

Dropbox,

Inc.,

Class

A*

108,668

2,092,946

Fortinet,

Inc.*

80,100

9,436,581

Microsoft

Corp.

279,142

58,711,937

New

Relic,

Inc.*

46,181

2,602,761

Nutanix

,

Inc.,

Class

A*

14,305

317,285

Teradata

Corp.*

83,422

1,893,679

85,814,730

Specialty

Retail

3.6%

AutoZone,

Inc.*

10,071

11,860,012

Best

Buy

Co.,

Inc.

82,096

9,136,464

Lowe's

Cos.,

Inc.

52,346

8,682,108

29,678,584

Technology

Hardware,

Storage

&

Peripherals

9.9%

Apple,

Inc.

323,040

37,411,262

Dell

Technologies,

Inc.,

Class

C*

81,393

5,509,492

Hewlett

Packard

Enterprise

Co.

851,271

7,976,409

HP,

Inc.

379,347

7,203,800

NCR

Corp.*

16,943

375,118

NetApp,

Inc.

135,463

5,938,698

Pure

Storage,

Inc.,

Class

A*

37,525

577,510

Seagate

Technology

plc

107,909

5,316,677

Western

Digital

Corp.

233,266

8,525,872

38

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Xerox

Holdings

Corp.

148,092

2,779,687

81,614,525

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Total

Investments

(cost

$727,120,095)

—

97.9%

804,130,418

Other

assets

in

excess

of

liabilities

—

2.1%

16,887,432

NET

ASSETS

—

100.0%

$

821,017,850

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2020

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

58,646

58,646

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

5/28/2021

326,085

78,261

78,261

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

3,290

3,290

Ameriprise

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

6/30/2021

54,597

143,590

143,590

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

5/28/2021

698,923

69,893

69,893

Antero

Midstream

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

1.93%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

98,522

12,808

12,808

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2021

87,332

130,114

130,114

Apple,

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

10/29/2021

5,917

5,029

5,029

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

7/30/2021

21,377

22,232

22,232

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

42,548

3,829

3,829

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

27,711

27,711

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

7,018

7,018

Aspen

Technology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2021

5,816

1,767

1,767

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

39

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Assurant,

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

13,579

16,431

16,431

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

12,070

12,070

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

412,072

412,072

Capital

One

Financial

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

8/31/2021

9,263

4,909

4,909

Carlyle

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

1.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

145,686

10,198

10,198

Carnival

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

to

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

193,101

25,103

25,103

Cigna

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

10/29/2021

26,080

133,530

133,530

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

100,427

100,427

CommScope

Holding

Co.,

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

7/30/2021

204,816

67,589

67,589

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

9/30/2021

15,840

15,840

15,840

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

4,478

4,478

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

12,294

12,294

Emergent

BioSolutions

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

32,677

10,130

10,130

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

6/30/2021

34,789

53,575

53,575

Facebook,

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

9/30/2021

1,898

9,642

9,642

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

21,043

21,043

40

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

9/30/2021

44,609

45,501

45,501

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

45

45

Fox

Factory

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

16,198

23,811

23,811

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

7/30/2021

219,449

37,306

37,306

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

32,279

32,279

Gilead

Sciences,

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

10/29/2021

27,701

9,418

9,418

Global

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/28/2021

25,827

25,310

25,310

H&R

Block,

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

7/30/2021

131,138

97,042

97,042

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

166,409

6,656

6,656

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

11,254

32,974

32,974

Hexcel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

51,557

41,246

41,246

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

80,281

80,281

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

90,017

90,017

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

6/30/2021

56,277

36,580

36,580

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

5/28/2021

80,323

36,145

36,145

Invitae

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

0.97%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

40,304

22,167

22,167

Jacobs

Engineering

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

7/30/2021

43,528

13,058

13,058

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

41

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

7/30/2021

151,437

36,345

36,345

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

115,281

115,281

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

147,393

89,910

89,910

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

61,102

61,102

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

37,736

37,736

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

7,354

8,457

8,457

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

395,406

395,406

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2021

25,904

9,165

9,165

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

12,055

12,055

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

7/30/2021

191,839

404,780

404,780

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

11,525

11,525

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

8/31/2021

616,511

147,963

147,963

Nordstrom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

1.21%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

159,465

55,813

55,813

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

3,434

3,434

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

121,714

32,863

32,863

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

1,716

1,716

42

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

18,697

18,697

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

17,833

17,833

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

6/30/2021

44,380

72,339

72,339

Raytheon

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

6/30/2021

71,706

96,803

96,803

RLI

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

3,385

2,674

2,674

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

9/30/2021

366,903

73,381

73,381

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

12,318

4,558

4,558

Starwood

Property

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

9/30/2021

171,209

65,060

65,060

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

42,461

42,461

SVB

Financial

Group

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

9/30/2021

6,033

18,944

18,944

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

103,258

103,258

TCF

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

6/30/2021

32,135

11,890

11,890

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

689

689

VF

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

38,748

36,423

36,423

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

185,311

294,644

294,644

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

5/28/2021

36,669

70,038

70,038

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

5/28/2021

94,138

39,538

39,538

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

43

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

10/29/2021

140,551

105,414

105,414

Xerox

Holdings

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

6/30/2021

133,197

58,606

58,606

4,660,156

4,660,156

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

(32,803)

(32,803)

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

8/31/2021

7,975

(11,404)

(11,404)

Agios

Pharmaceuticals,

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

9/30/2021

23,056

(5,764)

(5,764)

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

(10,893)

(10,893)

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

9/30/2021

413

(10,458)

(10,458)

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

(8,138)

(8,138)

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

7/30/2021

42,879

(14,579)

(14,579)

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

(132,511)

(132,511)

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

(59,063)

(59,063)

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

(75,910)

(75,910)

Avnet,

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

6/30/2021

49,476

(22,264)

(22,264)

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

10,606

(16,334)

(16,334)

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

(86,743)

(86,743)

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

8/31/2021

54,468

(68,085)

(68,085)

44

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(34,804)

(34,804)

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

6/30/2021

41,187

(15,239)

(15,239)

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

(54,553)

(54,553)

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

22,048

(34,174)

(34,174)

Change

Healthcare,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2021

162,335

(29,220)

(29,220)

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

8/31/2021

19,791

(76,987)

(76,987)

ChemoCentryx

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

6,260

(8,138)

(8,138)

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

10/29/2021

68,041

(110,907)

(110,907)

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

6/30/2021

127,220

(20,355)

(20,355)

Devon

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

10/29/2021

138,303

(47,023)

(47,023)

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

(5,121)

(5,121)

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

7/30/2021

75,320

(42,179)

(42,179)

Entegris

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/30/2021

40,134

(117,994)

(117,994)

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

(52,842)

(52,842)

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

6/30/2021

14,191

(57,615)

(57,615)

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

13,937

(31,358)

(31,358)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

45

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(21,165)

(21,165)

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

5/28/2021

51,054

(30,632)

(30,632)

FibroGen

,

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

9/30/2021

4,346

(8,214)

(8,214)

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

(112,353)

(112,353)

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

5/28/2021

300,783

(9,024)

(9,024)

Fortune

Brands

Home

&

Security,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

53,403

(37,382)

(37,382)

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

(12,283)

(12,283)

Gaming

and

Leisure

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

7/30/2021

54,604

(59,518)

(59,518)

Graham

Holdings

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

6/30/2021

5,857

(4,861)

(4,861)

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

6/30/2021

12,990

(36,242)

(36,242)

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

6/30/2021

47,199

(87,318)

(87,318)

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

(30,184)

(30,184)

Howmet

Aerospace,

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

(31,142)

(31,142)

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

9/30/2021

16,577

(45,089)

(45,089)

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

(20,828)

(20,828)

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

(70,498)

(70,498)

46

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(20,486)

(20,486)

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

(6,438)

(6,438)

Lincoln

National

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

6/30/2021

86,154

(62,031)

(62,031)

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

(26,568)

(26,568)

Madison

Square

Garden

Entertainment

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

13,531

(13,802)

(13,802)

Madison

Square

Garden

Sports

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

6/30/2021

30,669

(73,912)

(73,912)

Marriott

Vacations

Worldwide

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

7/30/2021

11,533

(38,982)

(38,982)

Marsh

&

McLennan

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

39,388

(6,302)

(6,302)

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

(6,496)

(6,496)

Mosaic

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

6/30/2021

196,548

(39,310)

(39,310)

NeoGenomics

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

46,997

(34,308)

(34,308)

Norwegian

Cruise

Line

Holdings

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.46%

to

0.93%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

255,228

(109,748)

(109,748)

Pilgrim's

Pride

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

7/30/2021

19,113

(1,816)

(1,816)

Plug

Power,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

57,162

(12,004)

(12,004)

Premier,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

85,808

(22,310)

(22,310)

Quest

Diagnostics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2021

14,698

(8,966)

(8,966)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

47

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

(48,409)

(48,409)

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

(6,006)

(6,006)

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

6/30/2021

7,915

(53,901)

(53,901)

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

(14,558)

(14,558)

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

10/29/2021

16,880

(78,492)

(78,492)

Spectrum

Brands

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

9/30/2021

21,230

(2,760)

(2,760)

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

3,938

(987)

(987)

Splunk

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2021

14,048

(3,231)

(3,231)

Sprouts

Farmers

Market,

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

43,103

(10,776)

(10,776)

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

(28,381)

(28,381)

Targa

Resources

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

27,369

(16,969)

(16,969)

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

(5,585)

(5,585)

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

5/28/2021

150,630

(75,315)

(75,315)

Textron,

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

6/30/2021

71,488

(50,041)

(50,041)

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

292

(7,102)

(7,102)

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

41,325

(25,208)

(25,208)

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

(71,645)

(71,645)

48

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Tradeweb

Markets,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/29/2021

25,857

(29,736)

(29,736)

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

(207,444)

(207,444)

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

9/30/2021

9,909

(9,513)

(9,513)

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

5/28/2021

125,022

(75,013)

(75,013)

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

5/28/2021

12,581

(32,333)

(32,333)

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

(70,256)

(70,256)

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

7/30/2021

41,909

(21,374)

(21,374)

Unum

Group

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

6/30/2021

125,520

(31,380)

(31,380)

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

(2,449)

(2,449)

W.R.

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

(92,389)

(92,389)

(3,464,923)

(3,464,923)

–

–

1,195,233

1,195,233

Financing

Costs

of

Swap

Contracts

(4,498)

(4,498)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,190,735

1,190,735

At

September

30,

2020,

the

Fund

had

$5,480,000

segregated

as

collateral

for

swap

contracts.

LIBOR

London

Interbank

Offered

Rate

OBFR

Overnight

Bank

Funding

Rate

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

49

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

uiy

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.

50

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund's

net

assets

as

of

September

30,

2020.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

Swap

Contracts

Total

Return

Swap

Contracts

—

The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities,

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

The

Fund

entered

into

total

return

swap

contracts

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

swap

contracts

normally

do

not

involve

the

delivery

of

securities

or

other

underlying

assets.

Accordingly,

the

risk

of

loss

with

respect

to

total

return

swap

contracts

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

swap

contracts

are

marked-to-

market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and

/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2020:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2020:

The

Statement

of

Investment

should

be

read

in

conjunction

with

the

financial

statement

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:

Common

Stocks

$

804,130,418

$

–

$

–

$

804,130,418

Total

Return

Swaps*

–

4,660,156

–

4,660,156

Total

Assets

$

804,130,418

$

4,660,156

$

–

$

808,790,574

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(3,469,421)

$

–

$

(3,469,421)

Total

Liabilities

$

–

$

(3,469,421)

$

–

$

(3,469,421)

Total

$

804,130,418

$

1,190,735

$

–

$

805,321,153

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

*

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

$

4,660,156

Total

$

4,660,156

Liabilities:

Swap

Contracts

(a)

Equity

risk

Swap

contracts,

at

value

$

(3,469,421)

Total

$

(3,469,421)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

American

Funds

NVIT

Asset

Allocation

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100.1%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

277,016,403

6,781,361,549

Total

Investment

Company

(cost

$5,208,208,952)

6,781,361,549

Total

Investments

(cost

$5,208,208,952)

—

100.1%

6,781,361,549

Liabilities

in

excess

of

other

assets

—

(0.1)%

(3,718,368)

NET

ASSETS

—

100.0%

$

6,777,643,181

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

American

Funds

NVIT

Asset

Allocation

Fund

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

At

September

30,

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.

American

Funds

NVIT

Bond

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

Bond

Fund,

Class

1(a)

300,760,055

3,570,021,857

Total

Investment

Company

(cost

$3,291,768,180)

3,570,021,857

Total

Investments

(cost

$3,291,768,180)

—

100.1%

3,570,021,857

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,938,600)

NET

ASSETS

—

100.0%

$

3,568,083,257

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

American

Funds

NVIT

Bond

Fund

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

At

September

30,

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.

American

Funds

NVIT

Global

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

13,030,960

470,417,645

Total

Investment

Company

(cost

$343,882,573)

470,417,645

Total

Investments

(cost

$343,882,573)

—

100.1%

470,417,645

Liabilities

in

excess

of

other

assets

—

(0.1)%

(317,570)

NET

ASSETS

—

100.0%

$

470,100,075

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

American

Funds

NVIT

Global

Growth

Fund

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

At

September

30,

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.

American

Funds

NVIT

Growth

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

9,255,038

935,406,672

Total

Investment

Company

(cost

$652,334,642)

935,406,672

Total

Investments

(cost

$652,334,642)

—

100.1%

935,406,672

Liabilities

in

excess

of

other

assets

—

(0.1)%

(551,787)

NET

ASSETS

—

100.0%

$

934,854,885

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

American

Funds

NVIT

Growth

Fund

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

At

September

30,

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.

American

Funds

NVIT

Growth-Income

Fund

-

September

30,

2020

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

73,045,597

3,656,662,569

Total

Investment

Company

(cost

$3,229,586,859)

3,656,662,569

Total

Investments

(cost

$3,229,586,859)

—

100.1%

3,656,662,569

Liabilities

in

excess

of

other

assets

—

(0.1)%

(1,982,995)

NET

ASSETS

—

100.0%

$

3,654,679,574

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

2020

(Unaudited)

-

American

Funds

NVIT

Growth-Income

Fund

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

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

At

September

30,

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.