NVIT

American

Funds

Asset

Allocation

Fund

(formerly,

American

Funds

NVIT

Asset

Allocation

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

I

nvestment

Company

100.1%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

269,328,249

7,441,539,523

Total

Investment

Company

(cost

$5,031,635,917)

7,441,539,523

Total

Investments

(cost

$5,031,635,917)

—

100.1%

7,441,539,523

Liabilities

in

excess

of

other

assets

—

(0.1)%

(3,998,734)

NET

ASSETS

—

100.0%

$

7,437,540,789

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

American

Funds

Asset

Allocation

Fund

(formerly,

American

Funds

NVIT

Asset

Allocation

Fund)

NVIT

American

Funds

Asset

Allocation

Fund

(formerly,

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

March

31,

2021,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Bond

Fund

(formerly,

American

Funds

NVIT

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Invest-

ments

-

3

Investment

Company

100.1%

Shares

Value

($)

Fixed

Income

Fund

100.1%

American

Funds

Bond

Fund,

Class

1(a)

324,112,157

3,759,701,020

Total

Investment

Company

(cost

$3,567,701,798)

3,759,701,020

Total

Investments

(cost

$3,567,701,798)

—

100.1%

3,759,701,020

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,012,712)

NET

ASSETS

—

100.0%

$

3,757,688,308

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

American

Funds

Bond

Fund

(formerly,

American

Funds

NVIT

Bond

Fund)

NVIT

American

Funds

Bond

Fund

(formerly,

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

s

hares

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

March

31,

2021,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Global

Growth

Fund

(formerly,

American

Funds

NVIT

Global

Growth

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

5

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

13,009,311

554,977,194

Total

Investment

Company

(cost

$346,924,799)

554,977,194

Total

Investments

(cost

$346,924,799)

—

100.1%

554,977,194

Liabilities

in

excess

of

other

assets

—

(0.1)%

(359,696)

NET

ASSETS

—

100.0%

$

554,617,498

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

American

Funds

Global

Growth

Fund

(formerly,

American

Funds

NVIT

Global

Growth

Fund)

NVIT

American

Funds

Global

Growth

Fund

(formerly,

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

March

31,

2021,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth

Fund

(formerly,

American

Funds

NVIT

Growth

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Invest-

ments

-

7

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

9,614,576

1,196,918,527

Total

Investment

Company

(cost

$698,830,951)

1,196,918,527

Total

Investments

(cost

$698,830,951)

—

100.1%

1,196,918,527

Liabilities

in

excess

of

other

assets

—

(0.1)%

(678,037)

NET

ASSETS

—

100.0%

$

1,196,240,490

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

American

Funds

Growth

Fund

(formerly,

American

Funds

NVIT

Growth

Fund)

NVIT

American

Funds

Growth

Fund

(formerly,

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

March

31,

2021,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth-Income

Fund

(formerly,

American

Funds

NVIT

Growth-Income

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100.1%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

70,372,939

4,145,669,848

Total

Investment

Company

(cost

$3,095,553,086)

4,145,669,848

Total

Investments

(cost

$3,095,553,086)

—

100.1%

4,145,669,848

Liabilities

in

excess

of

other

assets

—

(0.1)%

(2,183,750)

NET

ASSETS

—

100.0%

$

4,143,486,098

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

American

Funds

Growth-Income

Fund

(formerly,

American

Funds

NVIT

Growth-Income

Fund)

NVIT

American

Funds

Growth-Income

Fund

(formerly,

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

March

31,

2021,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

91.2%

Shares

Value

($)

Equity

Funds

84.1%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,642,118

25,403,566

NVIT

International

Index

Fund,

Class

Y(a)

7,532,707

81,277,909

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,233,417

58,180,509

NVIT

S&P

500

Index

Fund,

Class

Y(a)

5,392,170

128,225,797

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

741,306

7,731,820

Total

Equity

Funds

(cost

$215,254,612)

300,819,601

Fixed

Income

Funds

7.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

1,246,975

13,130,650

NVIT

Bond

Index

Fund,

Class

Y(a)

1,129,422

12,209,046

Total

Fixed

Income

Funds

(cost

$24,848,343)

25,339,696

Total

Investment

Companies

(cost

$240,102,955)

326,159,297

Exchange-Traded

Funds

7.9%

Equity

Funds

6.9%

iShares

Core

MSCI

Emerging

Markets

ETF

106,049

6,825,314

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

303,144

11,522,321

Nationwide

Risk-Based

International

Equity

ETF(a)

235,181

6,354,638

Total

Equity

Funds

(cost  $19,232,136)

24,702,273

Fixed

Income

Fund

1.0%

iShares

7-10

Year

Treasury

Bond

ETF(b)

30,272

3,418,617

Total

Fixed

Income

Fund

(cost  $3,577,582)

3,418,617

Total

Exchange-Traded

Funds

(cost

$22,809,718)

28,120,890

Investment

Contract

1.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

3,588,163

3,588,163

Total

Investment

Contract

(cost

$3,588,163)

3,588,163

Repurchase

Agreements

0.8%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$642,923,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$655,781.(d)

642,923

642,923

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,200,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$1,224,493.(d)

1,200,000

1,200,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$2,842,923)

2,842,923

Total

Investments

(cost

$269,343,759)

—

100.9%

360,711,273

Liabilities

in

excess

of

other

assets

—

(0.9)%

(3,050,055)

NET

ASSETS

—

100.0%

$

357,661,218

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

^

Va

lue

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$3,122,289,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,842,923

and

by

$363,989

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$3,206,912.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$2,842,923.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Aggressive

Fund

-

March

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

28,120,890

$

–

$

–

$

28,120,890

Investment

Companies

326,159,297

–

–

326,159,297

Investment

Contract

–

–

3,588,163

3,588,163

Repurchase

Agreements

–

2,842,923

–

2,842,923

Total

$

354,280,187

$

2,842,923

$

3,588,163

$

360,711,273

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

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,

2020

$

6,337,026

$

6,337,026

Purchases

*

200,930

200,930

Sales

(2,949,793)

(2,949,793)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

3,588,163

$

3,588,163

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

Balanced

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

82.9%

Shares

Value

($)

Equity

Funds

48.7%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,897,527

60,294,747

NVIT

International

Index

Fund,

Class

Y(a)

21,669,996

233,819,260

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,886,517

101,243,773

NVIT

S&P

500

Index

Fund,

Class

Y(a)

15,430,200

366,930,158

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

2,638,260

27,517,051

Total

Equity

Funds

(cost

$568,521,348)

789,804,989

Fixed

Income

Funds

34.2%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

11,737,628

123,597,227

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

575,890

6,236,884

NVIT

Bond

Index

Fund,

Class

Y(a)

33,391,165

360,958,494

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,234,790

65,215,903

Total

Fixed

Income

Funds

(cost

$548,785,273)

556,008,508

Total

Investment

Companies

(cost

$1,117,306,621)

1,345,813,497

Exchange-Traded

Funds

6.6%

Equity

Funds

4.1%

iShares

Core

MSCI

Emerging

Markets

ETF

403,362

25,960,378

Nationwide

Risk-Based

International

Equity

ETF(a)

598,755

16,178,480

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

687,120

24,641,910

Total

Equity

Funds

(cost  $53,690,719)

66,780,768

Fixed

Income

Funds

2.5%

iShares

20+

Year

Treasury

Bond

ETF(b)

41,091

5,565,776

iShares

7-10

Year

Treasury

Bond

ETF(b)

302,246

34,132,641

Total

Fixed

Income

Funds

(cost  $42,360,063)

39,698,417

Total

Exchange-Traded

Funds

(cost

$96,050,782)

106,479,185

Investment

Contract

10.6%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

171,863,831

171,863,831

Total

Investment

Contract

(cost

$171,863,831)

171,863,831

Repurchase

Agreements

1.5%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.01%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$6,000,002,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$6,120,000.(d)

6,000,000

6,000,000

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$2,326,950,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$2,373,487.(d)

2,326,948

2,326,948

HSBC

Bank

plc,

0.09%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$6,800,017,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$6,938,793.(d)

6,800,000

6,800,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

03/26/2021,

due

4/1/2021,

repurchase

price

$10,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.(d)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$25,126,948)

25,126,948

Total

Investments

(cost

$1,410,348,182)

—

101.6%

1,649,283,461

Liabilities

in

excess

of

other

assets

—

(1.6)%

(25,951,986)

NET

ASSETS

—

100.0%

$

1,623,331,475

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$29,452,594,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$25,126,948

and

by

$5,033,370

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$30,160,318.

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$25,126,948.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Balanced

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

106,479,185

$

–

$

–

$

106,479,185

Investment

Companies

1,345,813,497

–

–

1,345,813,497

Investment

Contract

–

–

171,863,831

171,863,831

Repurchase

Agreements

–

25,126,948

–

25,126,948

Total

$

1,452,292,682

$

25,126,948

$

171,863,831

$

1,649,283,461

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

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,

2020

$

184,951,846

$

184,951,846

Purchases

*

1,391,312

1,391,312

Sales

(14,479,327)

(14,479,327)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

171,863,831

$

171,863,831

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

87.3%

Shares

Value

($)

Equity

Funds

65.9%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,498,841

69,597,076

NVIT

International

Index

Fund,

Class

Y(a)

24,369,000

262,941,513

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

5,081,875

132,382,846

NVIT

S&P

500

Index

Fund,

Class

Y(a)

20,325,012

483,328,796

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

3,179,399

33,161,135

Total

Equity

Funds

(cost

$620,310,883)

981,411,366

Fixed

Income

Funds

21.4%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,599,508

69,492,822

NVIT

Bond

Index

Fund,

Class

Y(a)

20,360,756

220,099,776

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,854,154

29,854,447

Total

Fixed

Income

Funds

(cost

$314,318,261)

319,447,045

Total

Investment

Companies

(cost

$934,629,144)

1,300,858,411

Exchange-Traded

Funds

9.2%

Equity

Funds

6.6%

iShares

Core

MSCI

Emerging

Markets

ETF

487,549

31,378,653

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,392,788

52,939,036

Nationwide

Risk-Based

International

Equity

ETF(a)

543,006

14,672,131

Total

Equity

Funds

(cost  $74,560,740)

98,989,820

Fixed

Income

Funds

2.6%

iShares

20+

Year

Treasury

Bond

ETF(b)

175,191

23,729,621

iShares

7-10

Year

Treasury

Bond

ETF(b)

132,146

14,923,248

Total

Fixed

Income

Funds

(cost  $43,154,465)

38,652,869

Total

Exchange-Traded

Funds

(cost

$117,715,205)

137,642,689

Investment

Contract

3.5%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

52,451,742

52,451,742

Total

Investment

Contract

(cost

$52,451,742)

52,451,742

Repurchase

Agreements

0.9%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,476,430,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$3,545,956.(d)

3,476,428

3,476,428

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,600,009,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$3,673,479.(d)

3,600,000

3,600,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,409.(d)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$5,000,013,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$5,100,014.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$13,076,428)

13,076,428

Total

Investments

(cost

$1,117,872,519)

—

100.9%

1,504,029,270

Liabilities

in

excess

of

other

assets

—

(0.9)%

(13,894,881)

NET

ASSETS

—

100.0%

$

1,490,134,389

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$28,053,236,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,076,428

and

by

$15,754,254

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$28,830,682.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$13,076,428.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

137,642,689

$

–

$

–

$

137,642,689

Investment

Companies

1,300,858,411

–

–

1,300,858,411

Investment

Contract

–

–

52,451,742

52,451,742

Repurchase

Agreements

–

13,076,428

–

13,076,428

Total

$

1,438,501,100

$

13,076,428

$

52,451,742

$

1,504,029,270

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

12

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

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,

2020

$

61,484,744

$

61,484,744

Purchases

*

340,234

340,234

Sales

(9,373,236)

(9,373,236)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

52,451,742

$

52,451,742

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

Conservative

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

72.8%

Shares

Value

($)

Equity

Funds

18.6%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

785,651

12,154,018

NVIT

International

Index

Fund,

Class

Y(a)

4,011,227

43,281,138

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

500,553

13,039,416

NVIT

S&P

500

Index

Fund,

Class

Y(a)

2,700,516

64,218,278

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

417,339

4,352,850

Total

Equity

Funds

(cost

$100,956,849)

137,045,700

Fixed

Income

Funds

54.2%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,567,976

79,690,786

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

3,361,970

36,410,130

NVIT

Bond

Index

Fund,

Class

Y(a)

20,029,613

216,520,115

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

6,407,917

67,026,816

Total

Fixed

Income

Funds

(cost

$389,342,553)

399,647,847

Total

Investment

Companies

(cost

$490,299,402)

536,693,547

Exchange-Traded

Funds

9.1%

Equity

Funds

3.3%

iShares

Core

MSCI

Emerging

Markets

ETF

65,129

4,191,702

Nationwide

Risk-Based

International

Equity

ETF(a)

290,178

7,840,668

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

327,694

11,751,959

Total

Equity

Funds

(cost  $18,776,164)

23,784,329

Fixed

Income

Funds

5.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

97,821

13,249,854

iShares

7-10

Year

Treasury

Bond

ETF(b)

262,429

29,636,107

Total

Fixed

Income

Funds

(cost  $46,544,189)

42,885,961

Total

Exchange-Traded

Funds

(cost

$65,320,353)

66,670,290

Investment

Contract

18.2%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

134,555,474

134,555,474

Total

Investment

Contract

(cost

$134,555,474)

134,555,474

Repurchase

Agreements

3.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,528,681,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$2,579,253.(d)

2,528,679

2,528,679

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$6,100,016,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$6,224,505.(d)

6,100,000

6,100,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$10,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.(d)

10,000,000

10,000,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,000,005,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$23,628,679)

23,628,679

Total

Investments

(cost

$713,803,908)

—

103.3%

761,547,990

Liabilities

in

excess

of

other

assets

—

(3.3)%

(24,131,193)

NET

ASSETS

—

100.0%

$

737,416,797

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$36,037,299,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$23,628,679

and

by

$13,307,461

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$36,936,140.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$23,628,679.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

66,670,290

$

–

$

–

$

66,670,290

Investment

Companies

536,693,547

–

–

536,693,547

Investment

Contract

–

–

134,555,474

134,555,474

Repurchase

Agreements

–

23,628,679

–

23,628,679

Total

$

603,363,837

$

23,628,679

$

134,555,474

$

761,547,990

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

16

-

Statement

of

Investments

-

March

31,

2021

(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,

2020

$

157,352,769

$

157,352,769

Purchases

*

3,607,877

3,607,877

Sales

(26,405,172)

(26,405,172)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

134,555,474

$

134,555,474

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Investment

Companies

86.1%

Shares

Value

($)

Equity

Funds

58.7%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

7,617,500

117,842,730

NVIT

International

Index

Fund,

Class

Y(a)

38,891,058

419,634,513

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

6,992,689

182,159,547

NVIT

S&P

500

Index

Fund,

Class

Y(a)

29,523,141

702,060,283

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

4,026,256

41,993,848

Total

Equity

Funds

(cost

$925,370,661)

1,463,690,921

Fixed

Income

Funds

27.4%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

15,621,554

164,494,969

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

860,621

9,320,530

NVIT

Bond

Index

Fund,

Class

Y(a)

42,539,799

459,855,230

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,782,769

50,027,764

Total

Fixed

Income

Funds

(cost

$674,970,896)

683,698,493

Total

Investment

Companies

(cost

$1,600,341,557)

2,147,389,414

Exchange-Traded

Funds

6.9%

Equity

Funds

4.1%

iShares

Core

MSCI

Emerging

Markets

ETF

616,647

39,687,401

Nationwide

Risk-Based

International

Equity

ETF(a)

911,797

24,636,937

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

1,049,669

37,643,860

Total

Equity

Funds

(cost  $81,971,617)

101,968,198

Fixed

Income

Funds

2.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

186,145

25,213,340

iShares

7-10

Year

Treasury

Bond

ETF(b)

406,572

45,914,176

Total

Fixed

Income

Funds

(cost  $77,317,483)

71,127,516

Total

Exchange-Traded

Funds

(cost

$159,289,100)

173,095,714

Investment

Contract

7.0%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

175,809,016

175,809,016

Total

Investment

Contract

(cost

$175,809,016)

175,809,016

Repurchase

Agreements

1.4%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,000,002,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,981,317,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$5,080,940.(d)

4,981,314

4,981,314

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$8,400,021,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$8,571,450.(d)

8,400,000

8,400,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$500,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$510,205.(d)

500,000

500,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$15,000,038,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$15,300,041.(d)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$33,881,314)

33,881,314

Total

Investments

(cost

$1,969,320,987)

—

101.4%

2,530,175,458

Liabilities

in

excess

of

other

assets

—

(1.4)%

(35,154,444)

NET

ASSETS

—

100.0%

$

2,495,021,014

18

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$56,400,434,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$33,881,314

and

by

$24,140,460

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$58,021,774.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$33,881,314.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderate

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

173,095,714

$

–

$

–

$

173,095,714

Investment

Companies

2,147,389,414

–

–

2,147,389,414

Investment

Contract

–

–

175,809,016

175,809,016

Repurchase

Agreements

–

33,881,314

–

33,881,314

Total

$

2,320,485,128

$

33,881,314

$

175,809,016

$

2,530,175,458

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

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,

2020

$

203,856,898

$

203,856,898

Purchases

*

1,029,934

1,029,934

Sales

(29,077,816)

(29,077,816)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

175,809,016

$

175,809,016

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

Aggressive

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Investment

Companies

88.5%

Shares

Value

($)

Equity

Funds

73.4%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

4,189,736

64,815,214

NVIT

International

Index

Fund,

Class

Y(a)

20,659,899

222,920,307

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

5,560,202

144,843,261

NVIT

S&P

500

Index

Fund,

Class

Y(a)

16,210,982

385,497,158

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

2,412,666

25,164,107

Total

Equity

Funds

(cost

$526,070,011)

843,240,047

Fixed

Income

Funds

15.1%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

5,024,652

52,909,587

NVIT

Bond

Index

Fund,

Class

Y(a)

11,195,172

121,019,814

Total

Fixed

Income

Funds

(cost

$171,469,456)

173,929,401

Total

Investment

Companies

(cost

$697,539,467)

1,017,169,448

Exchange-Traded

Funds

9.7%

Equity

Funds

8.5%

iShares

Core

MSCI

Emerging

Markets

ETF

553,647

35,632,721

Nationwide

Maximum

Diversification

U.S.

Core

Equity

ETF(a)

1,054,784

40,091,707

Nationwide

Risk-Based

International

Equity

ETF(a)

820,226

22,162,671

Total

Equity

Funds

(cost  $76,613,762)

97,887,099

Fixed

Income

Fund

1.2%

iShares

7-10

Year

Treasury

Bond

ETF(b)

128,697

14,533,752

Total

Fixed

Income

Fund

(cost  $15,209,810)

14,533,752

Total

Exchange-Traded

Funds

(cost

$91,823,572)

112,420,851

Investment

Contract

1.8%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

20,165,468

20,165,468

Total

Investment

Contract

(cost

$20,165,468)

20,165,468

Repurchase

Agreements

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,770,812,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,806,227.(d)

1,770,810

1,770,810

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,600,012,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$4,693,889.(d)

4,600,000

4,600,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$3,000,008,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$3,060,008.(d)

3,000,000

3,000,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,000,004,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$4,080,000.(d)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$13,370,810)

13,370,810

Total

Investments

(cost

$822,899,317)

—

101.2%

1,163,126,577

Liabilities

in

excess

of

other

assets

—

(1.2)%

(14,012,816)

NET

ASSETS

—

100.0%

$

1,149,113,761

22

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$13,080,230,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,370,810.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$13,370,810.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

112,420,851

$

–

$

–

$

112,420,851

Investment

Companies

1,017,169,448

–

–

1,017,169,448

Investment

Contract

–

–

20,165,468

20,165,468

Repurchase

Agreements

–

13,370,810

–

13,370,810

Total

$

1,129,590,299

$

13,370,810

$

20,165,468

$

1,163,126,577

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

24

-

Statement

of

Investments

-

March

31,

2021

(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,

2020

$

29,228,167

$

29,228,167

Purchases

*

174,092

174,092

Sales

(9,236,791)

(9,236,791)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

20,165,468

$

20,165,468

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Investment

Companies

78.8%

Shares

Value

($)

Equity

Funds

37.5%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

831,670

12,865,938

NVIT

International

Index

Fund,

Class

Y(a)

8,080,062

87,183,874

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,582,067

41,212,836

NVIT

S&P

500

Index

Fund,

Class

Y(a)

6,067,692

144,289,711

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

1,317,808

13,744,737

Total

Equity

Funds

(cost

$199,462,180)

299,297,096

Fixed

Income

Funds

41.3%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

6,558,642

69,062,497

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,134,681

23,118,592

NVIT

Bond

Index

Fund,

Class

Y(a)

17,917,855

193,692,017

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

4,230,015

44,245,956

Total

Fixed

Income

Funds

(cost

$323,732,668)

330,119,062

Total

Investment

Companies

(cost

$523,194,848)

629,416,158

Exchange-Traded

Funds

9.1%

Equity

Funds

5.3%

iShares

Core

MSCI

Emerging

Markets

ETF

340,040

21,884,975

Nationwide

Risk-Based

International

Equity

ETF(a)

302,716

8,179,447

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

347,130

12,448,984

Total

Equity

Funds

(cost  $34,413,053)

42,513,406

Fixed

Income

Funds

3.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

82,524

11,177,876

iShares

7-10

Year

Treasury

Bond

ETF(b)

172,650

19,497,364

Total

Fixed

Income

Funds

(cost  $33,458,129)

30,675,240

Total

Exchange-Traded

Funds

(cost

$67,871,182)

73,188,646

Investment

Contract

12.1%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

96,918,867

96,918,867

Total

Investment

Contract

(cost

$96,918,867)

96,918,867

Repurchase

Agreements

2.6%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,000,002,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$5,100,000.(d)

5,000,000

5,000,000

BofA

Securities,

Inc.,

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

4.00%,

maturing

5/20/2042

-

3/20/2051;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,315,301,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$4,401,604.(d)

4,315,298

4,315,298

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$9,200,023,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$9,387,779.(d)

9,200,000

9,200,000

Total

Repurchase

Agreements

(cost

$20,515,298)

20,515,298

Total

Investments

(cost

$708,500,195)

—

102.6%

820,038,969

Liabilities

in

excess

of

other

assets

—

(2.6)%

(20,945,947)

NET

ASSETS

—

100.0%

$

799,093,022

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$30,471,718,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$20,515,298

and

by

$10,801,334

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$31,316,632.

26

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$20,515,298.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

73,188,646

$

–

$

–

$

73,188,646

Investment

Companies

629,416,158

–

–

629,416,158

Investment

Contract

–

–

96,918,867

96,918,867

Repurchase

Agreements

–

20,515,298

–

20,515,298

Total

$

702,604,804

$

20,515,298

$

96,918,867

$

820,038,969

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

28

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

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,

2020

$

106,742,098

$

106,742,098

Purchases

*

588,904

588,904

Sales

(10,412,135)

(10,412,135)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

96,918,867

$

96,918,867

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

Managed

Growth

&

Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Investment

Companies

81.7%

Shares

Value

($)

Equity

Funds

47.9%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,174,395

18,167,883

NVIT

International

Index

Fund,

Class

Y(a)

6,533,225

70,493,494

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,171,242

30,510,858

NVIT

S&P

500

Index

Fund,

Class

Y(a)

4,654,367

110,680,855

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

794,844

8,290,227

Total

Equity

Funds

(cost

$179,669,956)

238,143,317

Fixed

Income

Funds

33.8%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

3,540,476

37,281,208

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

173,702

1,881,193

NVIT

Bond

Index

Fund,

Class

Y(a)

10,082,155

108,988,095

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

1,880,354

19,668,506

Total

Fixed

Income

Funds

(cost

$164,775,101)

167,819,002

Total

Investment

Companies

(cost

$344,445,057)

405,962,319

Exchange-Traded

Funds

6.4%

Equity

Funds

4.0%

iShares

Core

MSCI

Emerging

Markets

ETF

121,003

7,787,753

Nationwide

Risk-Based

International

Equity

ETF(a)

177,449

4,794,707

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

204,374

7,329,383

Total

Equity

Funds

(cost  $15,994,131)

19,911,843

Fixed

Income

Funds

2.4%

iShares

20+

Year

Treasury

Bond

ETF(b)

11,971

1,621,472

iShares

7-10

Year

Treasury

Bond

ETF(b)

90,484

10,218,358

Total

Fixed

Income

Funds

(cost  $12,654,565)

11,839,830

Total

Exchange-Traded

Funds

(cost

$28,648,696)

31,751,673

Investment

Contract

10.4%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

51,827,072

51,827,072

Total

Investment

Contract

(cost

$51,827,072)

51,827,072

Repurchase

Agreements

1.6%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$638,501,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$651,270.(d)

638,500

638,500

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,100,006,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$2,142,863.(d)

2,100,000

2,100,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$1,020,409.(d)

1,000,000

1,000,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$3,000,008,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$3,060,008.(d)

3,000,000

3,000,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$7,738,500)

7,738,500

Total

Investments

(cost

$432,659,325)

—

100.1%

497,279,564

Liabilities

in

excess

of

other

assets

—

(0.1)%

(420,604)

NET

ASSETS

—

100.0%

$

496,858,960

30

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$9,945,520,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,738,500

and

by

$2,476,598

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.63%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$10,215,098.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$7,738,500.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

3

6/2021

USD

328,800

(407)

Russell

2000

E-Mini

Index

1

6/2021

USD

111,125

192

S&P

500

E-Mini

Index

2

6/2021

USD

396,740

260

45

At

March

31,

2021,

the

Fund

had

$54,872

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

March

31,

2021

(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.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

31,751,673

$

–

$

–

$

31,751,673

Futures

Contracts

452

–

–

452

Investment

Companies

405,962,319

–

–

405,962,319

Investment

Contract

–

–

51,827,072

51,827,072

Repurchase

Agreements

–

7,738,500

–

7,738,500

Total

Assets

$

437,714,444

$

7,738,500

$

51,827,072

$

497,280,016

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(407)

$

–

$

–

$

(407)

Total

Liabilities

$

(407)

$

–

$

–

$

(407)

Total

$

437,714,037

$

7,738,500

$

51,827,072

$

497,279,609

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

32

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

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,

2020

$

55,199,547

$

55,199,547

Purchases

*

495,309

495,309

Sales

(3,867,784)

(3,867,784)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

51,827,072

$

51,827,072

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

452

Total

$

452

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(407)

Total

$

(407)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

34

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

82.2%

Shares

Value

($)

Equity

Funds

56.0%

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,608,497

55,823,445

NVIT

International

Index

Fund,

Class

Y(a)

18,432,139

198,882,780

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

3,311,447

86,263,195

NVIT

S&P

500

Index

Fund,

Class

Y(a)

13,981,552

332,481,317

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

1,906,182

19,881,475

Total

Equity

Funds

(cost

$516,858,423)

693,332,212

Fixed

Income

Funds

26.2%

Nationwide

Core

Plus

Bond

Fund,

Class

R6(a)

7,420,774

78,140,747

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

419,053

4,538,340

NVIT

Bond

Index

Fund,

Class

Y(a)

20,192,605

218,282,061

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

2,267,653

23,719,646

Total

Fixed

Income

Funds

(cost

$318,366,805)

324,680,794

Total

Investment

Companies

(cost

$835,225,228)

1,018,013,006

Exchange-Traded

Funds

6.5%

Equity

Funds

3.8%

iShares

Core

MSCI

Emerging

Markets

ETF

289,727

18,646,830

Nationwide

Risk-Based

International

Equity

ETF(a)

427,692

11,556,323

Nationwide

Risk-Based

U.S.

Equity

ETF(a)

489,313

17,548,036

Total

Equity

Funds

(cost  $38,368,958)

47,751,189

Fixed

Income

Funds

2.7%

iShares

20+

Year

Treasury

Bond

ETF(b)

87,387

11,836,569

iShares

7-10

Year

Treasury

Bond

ETF(b)

190,785

21,545,350

Total

Fixed

Income

Funds

(cost  $36,338,698)

33,381,919

Total

Exchange-Traded

Funds

(cost

$74,707,656)

81,133,108

Investment

Contract

6.7%

Principal

Amount

($)

Nationwide

Contract,

2.15%

^∞(a)(c)

83,341,962

83,341,962

Total

Investment

Contract

(cost

$83,341,962)

83,341,962

Repurchase

Agreements

1.2%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,256,616,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,281,747.(d)

1,256,615

1,256,615

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,200,011,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$4,285,725.(d)

4,200,000

4,200,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,818.(d)

2,000,000

2,000,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$5,000,013,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$5,100,014.(d)

5,000,000

5,000,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$14,456,615)

14,456,615

Total

Investments

(cost

$1,007,731,461)

—

96.6%

1,196,944,691

Other

assets

in

excess

of

liabilities

—

3.4%

41,882,186

NET

ASSETS

—

100.0%

$

1,238,826,877

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$25,779,336,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,456,615

and

by

$11,993,735

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$26,450,350.

(c)

The

Nationwide

Contract

is

issued

by

Nationwide

Life

Insurance

Company.

The

interest

rate

is

assessed

and

may

change

quarterly.

The

security

is

restricted

and

has

been

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$14,456,615.

ETF

Exchange

Traded

Fund

36

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

960

6/2021

USD

105,216,000

(353,374)

Russell

2000

E-Mini

Index

169

6/2021

USD

18,780,125

(496,650)

S&P

500

E-Mini

Index

565

6/2021

USD

112,079,050

1,453,513

S&P

Midcap

400

E-Mini

Index

132

6/2021

USD

34,389,960

15,130

618,619

At

March

31,

2021,

the

Fund

had

$17,532,218

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

81,133,108

$

–

$

–

$

81,133,108

Futures

Contracts

1,468,643

–

–

1,468,643

Investment

Companies

1,018,013,006

–

–

1,018,013,006

Investment

Contract

–

–

83,341,962

83,341,962

Repurchase

Agreements

–

14,456,615

–

14,456,615

Total

Assets

$

1,100,614,757

$

14,456,615

$

83,341,962

$

1,198,413,334

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(850,024)

$

–

$

–

$

(850,024)

Total

Liabilities

$

(850,024)

$

–

$

–

$

(850,024)

Total

$

1,099,764,733

$

14,456,615

$

83,341,962

$

1,197,563,310

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

38

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

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

March

31,

2021.

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,

2020

$

95,314,173

$

95,314,173

Purchases

*

700,218

700,218

Sales

(12,672,429)

(12,672,429)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

Into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

March

31,

2021

$

83,341,962

$

83,341,962

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

2.15%

(2.15%)

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

its

investment

in

the

Nationwide

Contract

at

its

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

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,468,643

Total

$

1,468,643

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(850,024)

Total

$

(850,024)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

100.1%

Shares

Value

($)

Equity

Funds

91.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

734,975

9,253,341

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

1,036,996

13,688,347

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,671,952

30,273,218

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

4,148,587

54,387,977

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

373,180

4,978,222

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

1,492,372

20,296,253

Total

Equity

Funds

(cost

$105,864,510)

132,877,358

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

8.5%

Nationwide

Bond

Fund,

Class

R6(a)

122,997

1,211,523

NVIT

Core

Bond

Fund,

Class

Y(a)

436,234

4,842,195

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

514,932

6,168,891

Total

Fixed

Income

Funds

(cost

$11,714,745)

12,222,609

Total

Investment

Companies

(cost

$117,579,255)

145,099,967

Total

Investments

(cost

$117,579,255)

—

100.1%

145,099,967

Liabilities

in

excess

of

other

assets

—

(0.1)%

(73,528)

NET

ASSETS

—

100.0%

$

145,026,439

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

145,099,967

$

–

$

–

$

145,099,967

Total

$

145,099,967

$

–

$

–

$

145,099,967

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

Blueprint

SM

Moderately

Aggressive

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

83.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,859,758

23,414,357

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,799,998

36,959,967

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

6,915,168

78,348,857

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

11,360,588

148,937,312

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,136,448

15,160,219

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

3,999,743

54,396,508

Total

Equity

Funds

(cost

$282,950,241)

357,217,220

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

17.0%

Nationwide

Bond

Fund,

Class

R6(a)

735,273

7,242,441

NVIT

Core

Bond

Fund,

Class

Y(a)

2,607,608

28,944,447

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

3,082,178

36,924,490

Total

Fixed

Income

Funds

(cost

$70,602,044)

73,111,378

Total

Investment

Companies

(cost

$353,552,285)

430,328,598

Total

Investments

(cost

$353,552,285)

—

100.0%

430,328,598

Liabilities

in

excess

of

other

assets

—

0.0%

†

(163,054)

NET

ASSETS

—

100.0%

$

430,165,544

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

430,328,598

$

–

$

–

$

430,328,598

Total

$

430,328,598

$

–

$

–

$

430,328,598

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

Blueprint

SM

Moderate

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

64.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,534,906

82,274,462

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

13,320,263

175,827,473

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

30,323,708

343,567,612

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

50,531,842

662,472,452

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,440,471

59,235,886

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

17,813,980

242,270,130

Total

Equity

Funds

(cost

$1,238,279,836)

1,565,648,015

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

35.4%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

3,214,263

32,206,917

Nationwide

Bond

Fund,

Class

R6(a)

5,355,235

52,749,069

NVIT

Core

Bond

Fund,

Class

Y(a)

22,790,041

252,969,451

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

26,950,587

322,868,032

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

18,750,440

196,129,605

Total

Fixed

Income

Funds

(cost

$838,468,143)

856,923,074

Total

Investment

Companies

(cost

$2,076,747,979)

2,422,571,089

Total

Investments

(cost

$2,076,747,979)

—

100.0%

2,422,571,089

Liabilities

in

excess

of

other

assets

—

0.0%

†

(805,928)

NET

ASSETS

—

100.0%

$

2,421,765,161

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,422,571,089

$

–

$

–

$

2,422,571,089

Total

$

2,422,571,089

$

–

$

–

$

2,422,571,089

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

Blueprint

SM

Moderately

Conservative

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

44.7%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,002,067

12,616,024

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,514,070

33,185,729

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

6,543,829

74,141,581

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

10,625,289

139,297,540

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

681,005

9,084,613

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

3,746,605

50,953,830

Total

Equity

Funds

(cost

$252,743,644)

319,279,317

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

55.3%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,313,958

13,165,855

Nationwide

Bond

Fund,

Class

R6(a)

2,626,958

25,875,538

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,223,767

13,253,401

NVIT

Core

Bond

Fund,

Class

Y(a)

8,733,950

96,946,846

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

9,915,606

118,788,964

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

12,136,271

126,945,399

Total

Fixed

Income

Funds

(cost

$386,936,108)

394,976,003

Total

Investment

Companies

(cost

$639,679,752)

714,255,320

Total

Investments

(cost

$639,679,752)

—

100.0%

714,255,320

Liabilities

in

excess

of

other

assets

—

0.0%

†

(262,518)

NET

ASSETS

—

100.0%

$

713,992,802

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

714,255,320

$

–

$

–

$

714,255,320

Total

$

714,255,320

$

–

$

–

$

714,255,320

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

Blueprint

SM

Conservative

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

23.2%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

1,326,503

17,509,843

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,632,408

41,155,178

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

6,063,200

79,488,556

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

2,145,676

29,181,199

Total

Equity

Funds

(cost

$129,383,855)

167,334,776

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

76.8%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,721,681

17,251,240

Nationwide

Bond

Fund,

Class

R6(a)

3,785,155

37,283,776

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,564,501

27,773,549

NVIT

Core

Bond

Fund,

Class

Y(a)

10,372,940

115,139,629

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

12,708,251

152,244,845

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

19,424,208

203,177,213

Total

Fixed

Income

Funds

(cost

$541,563,776)

552,870,252

Total

Investment

Companies

(cost

$670,947,631)

720,205,028

Total

Investments

(cost

$670,947,631)

—

100.0%

720,205,028

Liabilities

in

excess

of

other

assets

—

0.0%

†

(262,188)

NET

ASSETS

—

100.0%

$

719,942,840

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

720,205,028

$

–

$

–

$

720,205,028

Total

$

720,205,028

$

–

$

–

$

720,205,028

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

Blueprint

SM

Balanced

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

54.9%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,740,293

59,680,293

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

8,919,359

117,735,533

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

24,447,699

276,992,430

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

35,205,265

461,541,022

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,864,918

51,558,008

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

12,407,445

168,741,246

Total

Equity

Funds

(cost

$902,638,622)

1,136,248,532

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

45.1%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

2,800,013

28,056,132

Nationwide

Bond

Fund,

Class

R6(a)

6,531,438

64,334,664

NVIT

Core

Bond

Fund,

Class

Y(a)

23,163,003

257,109,338

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

26,606,910

318,750,776

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

25,408,161

265,769,364

Total

Fixed

Income

Funds

(cost

$914,318,050)

934,020,274

Total

Investment

Companies

(cost

$1,816,956,672)

2,070,268,806

Total

Investments

(cost

$1,816,956,672)

—

100.0%

2,070,268,806

Liabilities

in

excess

of

other

assets

—

0.0%

†

(694,458)

NET

ASSETS

—

100.0%

$

2,069,574,348

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

12

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,070,268,806

$

–

$

–

$

2,070,268,806

Total

$

2,070,268,806

$

–

$

–

$

2,070,268,806

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

Blueprint

SM

Capital

Appreciation

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

100.0%

Shares

Value

($)

Equity

Funds

74.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

8,793,971

110,716,095

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

13,444,160

177,462,907

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

35,140,677

398,143,869

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

61,210,902

802,474,922

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,481,944

59,789,130

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

21,577,216

293,450,132

Total

Equity

Funds

(cost

$1,455,034,706)

1,842,037,055

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

26.0%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

2,162,930

21,672,562

Nationwide

Bond

Fund,

Class

R6(a)

4,324,402

42,595,364

NVIT

Core

Bond

Fund,

Class

Y(a)

19,169,999

212,786,987

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

21,762,353

260,712,985

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

10,514,715

109,983,920

Total

Fixed

Income

Funds

(cost

$631,837,339)

647,751,818

Total

Investment

Companies

(cost

$2,086,872,045)

2,489,788,873

Total

Investments

(cost

$2,086,872,045)

—

100.0%

2,489,788,873

Liabilities

in

excess

of

other

assets

—

0.0%

†

(822,679)

NET

ASSETS

—

100.0%

$

2,488,966,194

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

2,489,788,873

$

–

$

–

$

2,489,788,873

Total

$

2,489,788,873

$

–

$

–

$

2,489,788,873

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

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

98.5%

Shares

Value

($)

Equity

Funds

54.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,329,606

16,739,742

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

2,501,643

33,021,683

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

6,868,506

77,820,178

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

9,893,554

129,704,488

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,083,738

14,457,066

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

3,483,181

47,371,264

Total

Equity

Funds

(cost

$252,223,350)

319,114,421

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

44.5%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

788,585

7,901,621

Nationwide

Bond

Fund,

Class

R6(a)

1,839,513

18,119,201

NVIT

Core

Bond

Fund,

Class

Y(a)

6,524,668

72,423,814

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

7,491,787

89,751,611

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

7,154,891

74,840,165

Total

Fixed

Income

Funds

(cost

$256,916,097)

263,036,412

Total

Investment

Companies

(cost

$509,139,447)

582,150,833

Total

Investments

(cost

$509,139,447)

—

98.5%

582,150,833

Other

assets

in

excess

of

liabilities

—

1.5%

8,954,428

NET

ASSETS

—

100.0%

$

591,105,261

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

4

6/2021

USD

438,400

(534)

Russell

2000

E-Mini

Index

1

6/2021

USD

111,125

192

S&P

500

E-Mini

Index

2

6/2021

USD

396,740

260

S&P

Midcap

400

E-Mini

Index

1

6/2021

USD

260,530

(1,963)

(2,045)

At

March

31,

2021,

the

Fund

had

$77,563

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

452

$

–

$

–

$

452

Investment

Companies

582,150,833

–

–

582,150,833

Total

Assets

$

582,151,285

$

–

$

–

$

582,151,285

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,497)

$

–

$

–

$

(2,497)

Total

Liabilities

$

(2,497)

$

–

$

–

$

(2,497)

Total

$

582,148,788

$

–

$

–

$

582,148,788

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

452

Total

$

452

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,497)

Total

$

(2,497)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

95.1%

Shares

Value

($)

Equity

Funds

61.4%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,469,835

43,685,221

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y*(a)

7,071,625

93,345,451

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

16,122,388

182,666,651

NVIT

GS

Large

Cap

Equity

Insights

Fund,

Class

Y(a)

26,871,824

352,289,608

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,356,660

31,437,848

NVIT

U.S.

130/30

Equity

Fund,

Class

Y*(a)

9,465,294

128,727,998

Total

Equity

Funds

(cost

$655,592,460)

832,152,777

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

33.7%

DoubleLine

NVIT

Total

Return

Tactical

Fund,

Class

Y(a)

1,711,782

17,152,058

Nationwide

Bond

Fund,

Class

R6(a)

2,853,111

28,103,139

NVIT

Core

Bond

Fund,

Class

Y(a)

12,142,118

134,777,506

NVIT

Core

Plus

Bond

Fund,

Class

Y(a)

14,354,655

171,968,761

NVIT

Short

Term

Bond

Fund,

Class

Y(a)

9,987,373

104,467,917

Total

Fixed

Income

Funds

(cost

$445,637,950)

456,469,381

Total

Investment

Companies

(cost

$1,101,230,410)

1,288,622,158

Total

Investments

(cost

$1,101,230,410)

—

95.1%

1,288,622,158

Other

assets

in

excess

of

liabilities

—

4.9%

66,450,348

NET

ASSETS

—

100.0%

$

1,355,072,506

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

1,073

6/2021

USD

117,600,800

(344,393)

Russell

2000

E-Mini

Index

198

6/2021

USD

22,002,750

(514,090)

S&P

500

E-Mini

Index

630

6/2021

USD

124,973,100

1,726,087

S&P

Midcap

400

E-Mini

Index

179

6/2021

USD

46,634,870

100,641

968,245

At

March

31,

2021,

the

Fund

had

$20,110,028

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

1,826,728

$

–

$

–

$

1,826,728

Investment

Companies

1,288,622,158

–

–

1,288,622,158

Total

Assets

$

1,290,448,886

$

–

$

–

$

1,290,448,886

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(858,483)

$

–

$

–

$

(858,483)

Total

Liabilities

$

(858,483)

$

–

$

–

$

(858,483)

Total

$

1,289,590,403

$

–

$

–

$

1,289,590,403

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,826,728

Total

$

1,826,728

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(858,483)

Total

$

(858,483)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

(formerly,

BlackRock

NVIT

Managed

Global

Allocation

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

98.5%

Shares

Value

($)

Alternative

Assets

98.5%

BlackRock

Global

Allocation

VI

Fund,

Class

I*

17,440,052

345,661,822

Total

Alternative

Assets

(cost

$282,629,126)

345,661,822

Total

Investment

Company

(cost

$282,629,126)

345,661,822

Total

Investments

(cost

$282,629,126)

—

98.5%

345,661,822

Other

assets

in

excess

of

liabilities

—

1.5%

5,231,207

NET

ASSETS

—

100.0%

$

350,893,029

*

Denotes

a

non-income

producing

security.

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(16)

6/2021

USD

(1,753,600)

7,328

S&P

500

E-Mini

Index

(13)

6/2021

USD

(2,578,810)

(28,281)

(20,953)

At

March

31,

2021,

the

Fund

had

$282,753

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

(formerly,

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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

7,328

$

–

$

–

$

7,328

Investment

Company

345,661,822

–

–

345,661,822

Total

Assets

$

345,669,150

$

–

$

–

$

345,669,150

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(28,281)

$

–

$

–

$

(28,281)

Total

Liabilities

$

(28,281)

$

–

$

–

$

(28,281)

Total

$

345,640,869

$

–

$

–

$

345,640,869

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

BlackRock

Managed

Global

Allocation

Fund

(formerly,

BlackRock

NVIT

Managed

Global

Allocation

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

7,328

Total

$

7,328

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(28,281)

Total

$

(28,281)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange-Traded

Funds

99.2%

Shares

Value

($)

Fixed

Income

Funds

99.2%

iShares

Core

10+

Year

USD

Bond

ETF(a)

37,107

2,543,685

iShares

Core

1-5

Year

USD

Bond

ETF(a)

75,895

3,892,654

iShares

Core

Total

USD

Bond

Market

ETF(a)

48,601

2,563,703

iShares

Core

U.S.

Aggregate

Bond

ETF

112,670

12,825,226

iShares

MBS

ETF(a)

23,976

2,599,478

iShares

U.S.

Treasury

Bond

ETF

48,768

1,277,234

Total

Exchange-Traded

Funds

(cost

$26,138,699)

25,701,980

Repurchase

Agreement

1.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$415,451,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$423,759.(b)

415,450

415,450

Total

Repurchase

Agreement

(cost

$415,450)

415,450

Total

Investments

(cost

$26,554,149)

—

100.8%

26,117,430

Liabilities

in

excess

of

other

assets

—

(0.8)%

(202,323)

NET

ASSETS

—

100.0%

$

25,915,107

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$2,471,205,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$415,450

and

by

$2,128,140

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.25%,

and

maturity

dates

ranging

from

5/18/2021

–

5/15/2049,

a

total

value

of

$2,543,590.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$415,450.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

25,701,980

$

–

$

–

$

25,701,980

Repurchase

Agreement

–

415,450

–

415,450

Total

$

25,701,980

$

415,450

$

–

$

26,117,430

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.

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange-Traded

Funds

99.7%

Shares

Value

($)

Equity

Funds

99.7%

iShares

Core

MSCI

EAFE

ETF

35,767

2,577,012

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

45,718

2,953,383

iShares

Core

S&P

500

ETF

3,943

1,568,604

iShares

Core

S&P

Mid-Cap

ETF

15,346

3,994,257

iShares

Core

S&P

Small-Cap

ETF(a)

6,783

736,159

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

68,186

6,245,838

iShares

MSCI

USA

Momentum

Factor

ETF(a)

2,745

441,561

iShares

MSCI

USA

Multifactor

ETF(a)

48,827

1,984,329

iShares

MSCI

USA

Quality

Factor

ETF

3,548

432,076

iShares

MSCI

USA

Size

Factor

ETF(a)

3,692

443,335

iShares

MSCI

USA

Small-Cap

Multifactor

ETF(a)

7,565

396,784

iShares

MSCI

USA

Value

Factor

ETF(a)

4,598

471,111

Total

Exchange-Traded

Funds

(cost

$18,569,215)

22,244,449

Repurchase

Agreements

11.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$241,161,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$245,984.(b)

241,161

241,161

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

HSBC

Bank

plc,

0.09%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$1,300,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$1,326,534.(b)

1,300,000

1,300,000

Pershing

LLC,

0.03%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$2,541,161)

2,541,161

Total

Investments

(cost

$21,110,376)

—

111.1%

24,785,610

Liabilities

in

excess

of

other

assets

—

(11.1)%

(2,483,323)

NET

ASSETS

—

100.0%

$

22,302,287

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$4,701,243,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,541,161

and

by

$2,262,794

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

3.88%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$4,803,955.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$2,541,161.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange-Traded

Funds

$

22,244,449

$

–

$

–

$

22,244,449

Repurchase

Agreements

–

2,541,161

–

2,541,161

Total

$

22,244,449

$

2,541,161

$

–

$

24,785,610

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

-

March

31,

2021

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Company

98.2%

Shares

Value

($)

Balanced

Fund

98.2%

American

Funds

Asset

Allocation

Fund,

Class

1

93,376,819

2,580,001,509

Total

Investment

Company

(cost

$2,076,527,427)

2,580,001,509

Total

Investments

(cost

$2,076,527,427)

—

98.2%

2,580,001,509

Other

assets

in

excess

of

liabilities

—

1.8%

46,757,016

NET

ASSETS

—

100.0%

$

2,626,758,525

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

MSCI

EAFE

E-Mini

Index

(95)

6/2021

USD

(10,412,000)

22,016

Russell

2000

E-Mini

Index

(28)

6/2021

USD

(3,111,500)

63,694

S&P

500

E-Mini

Index

(428)

6/2021

USD

(84,902,360)

(1,306,226)

S&P

Midcap

400

E-Mini

Index

(20)

6/2021

USD

(5,210,600)

(21,430)

(1,241,946)

At

March

31,

2021,

the

Fund

had

$6,420,876

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

85,710

$

–

$

–

$

85,710

Investment

Company

2,580,001,509

–

–

2,580,001,509

Total

Assets

$

2,580,087,219

$

–

$

–

$

2,580,087,219

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(1,327,656)

$

–

$

–

$

(1,327,656)

Total

Liabilities

$

(1,327,656)

$

–

$

–

$

(1,327,656)

Total

$

2,578,759,563

$

–

$

–

$

2,578,759,563

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

85,710

Total

$

85,710

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(1,327,656)

Total

$

(1,327,656)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Company

96.6%

Shares

Value

($)

Equity

Fund

96.6%

American

Funds

Growth-Income

Fund,

Class

1

10,296,281

606,553,905

Total

Investment

Company

(cost

$480,208,466)

606,553,905

Total

Investments

(cost

$480,208,466)

—

96.6%

606,553,905

Other

assets

in

excess

of

liabilities

—

3.4%

21,111,891

NET

ASSETS

—

100.0%

$

627,665,796

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

15

6/2021

USD

1,644,000

1,516

Russell

2000

E-Mini

Index

2

6/2021

USD

222,250

(2,641)

S&P

500

E-Mini

Index

87

6/2021

USD

17,258,190

229,901

S&P

Midcap

400

E-Mini

Index

4

6/2021

USD

1,042,120

11,219

239,995

At

March

31,

2021,

the

Fund

had

$1,244,012

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

242,636

$

–

$

–

$

242,636

Investment

Company

606,553,905

–

–

606,553,905

Total

Assets

$

606,796,541

$

–

$

–

$

606,796,541

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,641)

$

–

$

–

$

(2,641)

Total

Liabilities

$

(2,641)

$

–

$

–

$

(2,641)

Total

$

606,793,900

$

–

$

–

$

606,793,900

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

242,636

Total

$

242,636

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(2,641)

Total

$

(2,641)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Consolidated

Statement

of

Investments

-

1

Foreign

Government

Securities

16.9%

Principal

Amount

($)

Value

($)

GERMANY

5.0%

FMS

Wertmanagement

AoeR

,

1.38%,

6/8/2021

350,000

350,737

State

of

North

Rhine-

Westphalia

Germany,

Reg.

S,

2.38%,

9/16/2021

700,000

706,728

1,057,465

JAPAN

2.4%

Japan

Bank

for

International

Cooperation,

1.88%,

4/20/2021

500,000

500,355

NORWAY

2.4%

Kommunalbanken

A/S,

Reg.

S,

1.50%,

8/31/2021

500,000

502,624

SWEDEN

3.6%

Kommuninvest

I

Sverige

AB,

Reg.

S,

0.50%,

2/2/2022

750,000

751,875

UNITED

STATES

3.5%

European

Stability

Mechanism,

Reg.

S,

2.13%,

11/3/2022

700,000

720,860

Total

Foreign

Government

Securities

(cost

$3,533,920)

3,533,179

Supranational

8.5%

Principal

Amount

($)

Value

($)

European

Investment

Bank,

2.88%,

12/15/2021

750,000

764,375

Inter-American

Development

Bank,

2.63%,

4/19/2021

500,000

500,584

International

Finance

Corp.,

1.13%,

7/20/2021

500,000

501,453

Total

Supranational

(cost

$1,766,398)

1,766,412

Total

Investments

(cost

$5,300,318)

—

25.4%

5,299,591

Other

assets

in

excess

of

liabilities

—

74.6%

15,578,974

NET

ASSETS

—

100.0%

$

20,878,565

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

-

March

31,

2021

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Natural

Gas

7

4/2021

USD

182,560

(14,625)

NY

Harbor

ULSD

1

4/2021

USD

74,332

(5,143)

RBOB

Gasoline

1

4/2021

USD

82,307

(1,473)

Copper

8

5/2021

USD

799,100

46,304

LME

Aluminum

Base

Metal

13

5/2021

USD

715,081

50,922

LME

Nickel

Base

Metal

4

5/2021

USD

385,116

(52,014)

LME

Zinc

Base

Metal

7

5/2021

USD

492,144

20,148

Low

Sulphur

Gasoil

1

5/2021

USD

50,750

(1,502)

E-Mini

Crude

Oil

16

6/2021

USD

472,240

(20,921)

Euro-Bund

38

6/2021

EUR

7,632,682

(20,415)

Micro

E-Mini

S&P

500

Index

66

6/2021

USD

1,309,242

13,398

Mini-DAX

Index

15

6/2021

EUR

1,321,838

45,155

NASDAQ

100

Micro

E-Mini

Index

46

6/2021

USD

1,204,257

6,137

Russell

2000

E-Mini

Index

9

6/2021

USD

1,000,125

(48,468)

TOPIX

Index

9

6/2021

JPY

1,588,259

46,754

U.S.

Treasury

10

Year

Note

61

6/2021

USD

7,987,188

(192,769)

(128,512)

Short

Contracts

LME

Aluminum

Base

Metal

(1)

5/2021

USD

(55,006)

(1,875)

LME

Zinc

Base

Metal

(1)

5/2021

USD

(70,306)

(709)

(2,584)

(131,096)

At

March

31,

2021,

the

Fund

had

$675,814

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

-

March

31,

2021

(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

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Foreign

Government

Securities

$

–

$

3,533,179

$

–

$

3,533,179

Futures

Contracts

228,818

–

–

228,818

Supranational

–

1,766,412

–

1,766,412

Total

Assets

$

228,818

$

5,299,591

$

–

$

5,528,409

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(359,914)

$

–

$

–

$

(359,914)

Total

Liabilities

$

(359,914)

$

–

$

–

$

(359,914)

Total

$

(131,096)

$

5,299,591

$

–

$

5,168,495

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

4

-

Consolidated

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

J.P.Morgan

Mozaic

Multi-Asset

Fund

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Commodity

risk

Unrealized

appreciation

from

futures

contracts

$

117,374

Equity

risk

Unrealized

appreciation

from

futures

contracts

111,444

Total

$

228,818

Liabilities:

Futures

Contracts

Commodity

risk

Unrealized

depreciation

from

futures

contracts

(98,262)

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(48,468)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(213,184)

Total

$

(359,914)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

97.5%

Shares

Value

($)

BRAZIL

5.9%

Banks

0.9%

Banco

Bradesco

SA,

ADR

*(a)

711,700

3,344,990

Banco

Bradesco

SA

*

461,400

1,927,196

Banco

Santander

Brasil

SA,

ADR

(a)

120,450

849,173

6,121,359

Capital

Markets

0.2%

B3

SA

-

Brasil

Bolsa

Balcao

156,700

1,520,605

Chemicals

0.3%

Unipar

Carbocloro

SA

(Preference)

155,860

1,883,783

Electrical

Equipment

0.9%

WEG

SA

467,400

6,191,421

Food

Products

0.3%

Sao

Martinho

SA

*

267,684

1,410,552

SLC

Agricola

SA

62,800

498,058

1,908,610

Household

Durables

0.2%

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

244,600

1,071,196

Machinery

0.2%

Randon

SA

Implementos

e

Participacoes

(Preference)

*

588,800

1,433,125

Metals

&

Mining

1.9%

Cia

Siderurgica

Nacional

SA

377,700

2,543,208

Vale

SA,

ADR

667,400

11,599,413

14,142,621

Oil,

Gas

&

Consumable

Fuels

1.0%

Enauta

Participacoes

SA

150,200

421,622

Petroleo

Brasileiro

SA,

ADR

234,150

1,985,592

Petroleo

Brasileiro

SA

(Preference)

1,029,700

4,408,832

6,816,046

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Alpargatas

SA

(Preference)

*

19,500

127,629

41,216,395

CANADA

0.1%

Marine

0.1%

Atlas

Corp.

(a)

26,000

354,900

CHILE

0.5%

Banks

0.0%

†

Banco

Santander

Chile,

ADR

7,752

192,482

Food

&

Staples

Retailing

0.1%

Cencosud

SA

400,153

855,422

Metals

&

Mining

0.2%

CAP

SA

73,600

1,192,009

Multiline

Retail

0.2%

Falabella

SA

320,336

1,454,870

3,694,783

Common

Stocks

Shares

Value

($)

CHINA

36.1%

Airlines

0.1%

Spring

Airlines

Co.

Ltd.,

Class

A

44,400

404,639

Auto

Components

0.6%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

285,100

2,011,134

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

Reg.

S

(b)

147,200

880,409

Tianneng

Power

International

Ltd.

(a)

854,000

1,620,264

4,511,807

Automobiles

1.4%

Brilliance

China

Automotive

Holdings

Ltd.

∞

3,012,000

2,828,315

BYD

Co.

Ltd.,

Class

A

61,040

1,542,042

BYD

Co.

Ltd.,

Class

H

3,500

74,977

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

2,518,000

2,350,208

NIO,

Inc.,

ADR

*

74,000

2,884,520

9,680,062

Banks

6.3%

Bank

of

Chengdu

Co.

Ltd.,

Class

A

182,500

314,093

Bank

of

China

Ltd.,

Class

H

27,121,000

10,325,265

China

Construction

Bank

Corp.,

Class

H

10,724,000

9,016,783

China

Everbright

Bank

Co.

Ltd.,

Class

A

8,199,311

5,107,299

China

Everbright

Bank

Co.

Ltd.,

Class

H

1,203,000

525,616

China

Merchants

Bank

Co.

Ltd.,

Class

A

307,400

2,401,598

China

Merchants

Bank

Co.

Ltd.,

Class

H

162,000

1,239,610

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

555,000

239,186

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

6,857,000

4,929,969

Industrial

Bank

Co.

Ltd.,

Class

A

2,274,792

8,376,752

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

863,062

1,448,365

43,924,536

Beverages

0.4%

Tsingtao

Brewery

Co.

Ltd.,

Class

A

61,638

797,713

Tsingtao

Brewery

Co.

Ltd.,

Class

H

246,000

2,186,144

2,983,857

Building

Products

0.1%

China

Lesso

Group

Holdings

Ltd.

475,000

1,025,105

Capital

Markets

0.1%

China

Everbright

Ltd.

180,000

235,780

Noah

Holdings

Ltd.,

ADR

*

10,800

479,520

715,300

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Chemicals

0.1%

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

501,300

404,912

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

18,600

300,962

705,874

Construction

Materials

0.1%

China

National

Building

Material

Co.

Ltd.,

Class

H

348,000

504,854

Diversified

Consumer

Services

0.0%

†

China

Beststudy

Education

Group

Reg.

S

751,000

268,620

Electrical

Equipment

0.0%

†

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

28,900

318,519

Electronic

Equipment,

Instruments

&

Components

0.2%

BOE

Technology

Group

Co.

Ltd.,

Class

A

514,400

494,950

Kingboard

Holdings

Ltd.

79,000

428,343

Sunny

Optical

Technology

Group

Co.

Ltd.

16,700

385,629

1,308,922

Entertainment

0.4%

NetEase,

Inc.,

ADR

28,000

2,891,280

Tencent

Music

Entertainment

Group,

ADR

*

11,100

227,439

3,118,719

Food

Products

0.1%

China

Mengniu

Dairy

Co.

Ltd.

*

167,000

958,703

Gas

Utilities

0.0%

†

Kunlun

Energy

Co.

Ltd.

254,000

267,260

Health

Care

Equipment

&

Supplies

0.2%

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.

Ltd.,

Class

A

26,073

1,593,503

Health

Care

Providers

&

Services

0.3%

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

245,129

2,223,826

China

Resources

Medical

Holdings

Co.

Ltd.

249,500

196,287

2,420,113

Household

Durables

0.1%

TCL

Electronics

Holdings

Ltd.

650,000

503,812

Insurance

0.2%

New

China

Life

Insurance

Co.

Ltd.,

Class

H

114,300

443,673

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

78,000

931,504

1,375,177

Interactive

Media

&

Services

7.2%

Baidu,

Inc.,

ADR

*

25,850

5,623,667

Tencent

Holdings

Ltd.

554,300

43,699,334

49,323,001

Common

Stocks

Shares

Value

($)

CHINA

Internet

&

Direct

Marketing

Retail

10.2%

Alibaba

Group

Holding

Ltd.,

ADR

*

181,100

41,060,802

JD.com,

Inc.,

ADR

*

130,100

10,971,333

Meituan,

Class

B

Reg.

S

*(b)

279,300

10,759,828

Pinduoduo,

Inc.,

ADR

*

33,900

4,538,532

Trip.com

Group

Ltd.,

ADR

*

26,600

1,054,158

Vipshop

Holdings

Ltd.,

ADR

*

67,700

2,021,522

70,406,175

Life

Sciences

Tools

&

Services

0.2%

Pharmaron

Beijing

Co.

Ltd.,

Class

H

Reg.

S

(b)

12,600

239,689

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

73,000

920,823

1,160,512

Machinery

1.0%

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

244,300

430,581

First

Tractor

Co.

Ltd.,

Class

H

(a)

1,130,000

488,859

Lonking

Holdings

Ltd.

1,578,000

671,104

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

231,100

1,209,170

Sinotruk

Hong

Kong

Ltd.

(a)

999,000

2,999,420

Weichai

Power

Co.

Ltd.,

Class

A

164,500

484,779

Weichai

Power

Co.

Ltd.,

Class

H

282,000

701,382

6,985,295

Marine

1.2%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

*

1,181,300

2,451,262

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

*

2,016,500

2,611,713

SITC

International

Holdings

Co.

Ltd.

999,000

3,400,614

8,463,589

Media

0.3%

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

1,381,800

1,962,514

Metals

&

Mining

0.5%

China

Hongqiao

Group

Ltd.

2,703,000

3,633,912

Oil,

Gas

&

Consumable

Fuels

1.2%

China

Petroleum

&

Chemical

Corp.,

Class

H

7,572,000

4,045,379

China

Shenhua

Energy

Co.

Ltd.,

Class

A

280,800

862,778

China

Shenhua

Energy

Co.

Ltd.,

Class

H

1,532,500

3,164,906

8,073,063

Real

Estate

Management

&

Development

1.0%

Agile

Group

Holdings

Ltd.

156,000

256,089

China

Evergrande

Group

83,000

158,221

Country

Garden

Holdings

Co.

Ltd.

498,000

640,341

KWG

Group

Holdings

Ltd.

428,500

735,110

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Real

Estate

Management

&

Development

Longfor

Group

Holdings

Ltd.

Reg.

S

(b)

274,000

1,824,483

Seazen

Holdings

Co.

Ltd.,

Class

A

180,300

1,345,098

Wharf

Holdings

Ltd.

(The)

227,000

601,974

Youngor

Group

Co.

Ltd.,

Class

A

528,267

655,075

Yuexiu

Property

Co.

Ltd.

4,084,000

926,777

7,143,168

Semiconductors

&

Semiconductor

Equipment

0.1%

Daqo

New

Energy

Corp.,

ADR

*

8,000

604,000

Specialty

Retail

1.0%

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

46,500

2,181,126

Zhongsheng

Group

Holdings

Ltd.

727,500

5,128,577

7,309,703

Technology

Hardware,

Storage

&

Peripherals

0.9%

Lenovo

Group

Ltd.

4,372,000

6,254,744

Textiles,

Apparel

&

Luxury

Goods

0.6%

Bosideng

International

Holdings

Ltd.

(a)

1,890,000

851,604

Shenzhou

International

Group

Holdings

Ltd.

173,600

3,608,493

4,460,097

Transportation

Infrastructure

0.0%

†

COSCO

SHIPPING

Ports

Ltd.

386,000

281,286

252,650,441

GREECE

0.3%

Hotels,

Restaurants

&

Leisure

0.1%

OPAP

SA

66,611

900,049

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Terna

Energy

SA

74,123

1,095,392

Marine

0.0%

†

Star

Bulk

Carriers

Corp.

*

13,900

204,052

2,199,493

HONG

KONG

0.7%

Building

Products

0.2%

Xinyi

Glass

Holdings

Ltd.

378,000

1,242,393

Electrical

Equipment

0.3%

China

High

Speed

Transmission

Equipment

Group

Co.

Ltd.

2,090,000

2,115,418

Paper

&

Forest

Products

0.2%

Nine

Dragons

Paper

Holdings

Ltd.

983,000

1,444,862

4,802,673

INDIA

5.2%

Automobiles

0.6%

Tata

Motors

Ltd.,

ADR

*(a)

200,088

4,159,830

Common

Stocks

Shares

Value

($)

INDIA

Banks

2.0%

ICICI

Bank

Ltd.,

ADR

*

890,442

14,273,785

IT

Services

2.4%

Infosys

Ltd.,

ADR

884,727

16,562,089

Pharmaceuticals

0.2%

Dr

Reddy's

Laboratories

Ltd.,

ADR

21,461

1,317,491

36,313,195

INDONESIA

3.0%

Banks

2.7%

Bank

Central

Asia

Tbk.

PT

3,819,800

8,186,675

Bank

Mandiri

Persero

Tbk.

PT

10,329,400

4,381,982

Bank

Negara

Indonesia

Persero

Tbk.

PT

*

1,979,500

783,241

Bank

Pembangunan

Daerah

Jawa

Timur

Tbk.

PT

7,617,300

412,224

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

*

16,271,800

4,937,905

18,702,027

Diversified

Telecommunication

Services

0.1%

Telkom

Indonesia

Persero

Tbk.

PT

3,880,800

916,674

Health

Care

Providers

&

Services

0.1%

Mitra

Keluarga

Karyasehat

Tbk.

PT

Reg.

S

3,433,700

622,860

Metals

&

Mining

0.1%

Timah

Tbk.

PT

*

6,834,300

759,949

21,001,510

MEXICO

1.6%

Chemicals

0.1%

Orbia

Advance

Corp.

SAB

de

CV

199,207

531,849

Food

Products

0.5%

Gruma

SAB

de

CV,

Class

B

291,427

3,441,745

Grupo

Bimbo

SAB

de

CV

Series A

114,400

240,112

3,681,857

Industrial

Conglomerates

0.2%

Alfa

SAB

de

CV,

Class

A

2,842,000

1,640,725

Insurance

0.2%

Qualitas

Controladora

SAB

de

CV

(a)

211,400

1,162,728

Metals

&

Mining

0.6%

Grupo

Mexico

SAB

de

CV

Series B

386,111

2,029,967

Ternium

SA,

ADR

*

46,400

1,802,176

3,832,143

10,849,302

MONACO

0.2%

Marine

0.2%

Costamare,

Inc.

154,400

1,485,328

PERU

0.9%

Metals

&

Mining

0.9%

Southern

Copper

Corp.

92,500

6,277,975

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

PHILIPPINES

0.6%

Industrial

Conglomerates

0.0%

†

LT

Group,

Inc.

538,000

149,853

Transportation

Infrastructure

0.5%

International

Container

Terminal

Services,

Inc.

1,244,730

3,105,870

Wireless

Telecommunication

Services

0.1%

PLDT,

Inc.,

ADR

(a)

32,529

850,959

4,106,682

POLAND

0.7%

Banks

0.3%

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

*

237,217

1,961,989

Construction

&

Engineering

0.0%

†

Budimex

SA

3,823

296,033

Oil,

Gas

&

Consumable

Fuels

0.4%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

1,519,161

2,312,242

4,570,264

QATAR

0.1%

Banks

0.0%

†

Masraf

Al

Rayan

QSC

156,297

184,189

Qatar

Islamic

Bank

SAQ

21,632

97,766

281,955

Oil,

Gas

&

Consumable

Fuels

0.1%

Qatar

Gas

Transport

Co.

Ltd.

409,120

354,629

636,584

RUSSIA

2.8%

Banks

1.8%

Sberbank

of

Russia

PJSC

3,015,940

11,572,794

Metals

&

Mining

1.0%

Evraz

plc

100,447

800,648

Magnitogorsk

Iron

&

Steel

Works

PJSC

134,720

107,441

MMC

Norilsk

Nickel

PJSC,

ADR

(a)

148,605

4,649,851

Novolipetsk

Steel

PJSC,

GDR

Reg.

S

38,607

1,230,659

Severstal

PAO,

GDR

Reg.

S

(a)

25,915

522,905

7,311,504

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Novatek

PJSC,

GDR

Reg.

S

1,214

239,883

Specialty

Retail

0.0%

†

Detsky

Mir

PJSC

Reg.

S

(b)

66,190

124,849

19,249,030

SAUDI

ARABIA

2.0%

Banks

0.5%

Al

Rajhi

Bank

82,286

2,168,000

National

Commercial

Bank

93,498

1,323,719

3,491,719

Chemicals

0.8%

Advanced

Petrochemical

Co.

55,136

1,073,673

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Chemicals

Saudi

Basic

Industries

Corp.

130,078

4,071,234

5,144,907

Construction

Materials

0.1%

City

Cement

Co.

25,377

175,606

Najran

Cement

Co.

39,583

242,645

418,251

Food

&

Staples

Retailing

0.1%

Abdullah

Al

Othaim

Markets

Co.

12,486

420,862

Health

Care

Providers

&

Services

0.0%

†

Mouwasat

Medical

Services

Co.

7,792

326,251

Oil,

Gas

&

Consumable

Fuels

0.5%

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

398,588

3,826,001

13,627,991

SOUTH

AFRICA

3.1%

Banks

0.5%

Absa

Group

Ltd.

30,885

263,403

Standard

Bank

Group

Ltd.

414,044

3,514,645

3,778,048

Capital

Markets

0.1%

Investec

Ltd.

190,399

558,071

Chemicals

0.1%

AECI

Ltd.

95,800

672,138

Diversified

Financial

Services

0.1%

FirstRand

Ltd.

188,834

659,946

Food

&

Staples

Retailing

0.2%

SPAR

Group

Ltd.

(The)

103,980

1,337,799

Insurance

0.3%

Rand

Merchant

Investment

Holdings

Ltd.

73,798

153,070

Sanlam

Ltd.

475,780

1,918,536

2,071,606

Internet

&

Direct

Marketing

Retail

0.9%

Naspers

Ltd.,

Class

N

25,545

6,126,034

Metals

&

Mining

0.7%

African

Rainbow

Minerals

Ltd.

101,360

1,915,901

Kumba

Iron

Ore

Ltd.

67,131

2,766,635

4,682,536

Multiline

Retail

0.2%

Woolworths

Holdings

Ltd.

*

452,916

1,517,602

Specialty

Retail

0.0%

†

Motus

Holdings

Ltd.

43,375

253,037

21,656,817

SOUTH

KOREA

15.6%

Auto

Components

0.3%

Hankook

Tire

&

Technology

Co.

Ltd.

16,489

717,894

Hyundai

Mobis

Co.

Ltd.

3,228

838,184

SNT

Motiv

Co.

Ltd.

5,824

320,781

1,876,859

Automobiles

1.4%

Kia

Motors

Corp.

129,100

9,500,810

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Banks

0.8%

Hana

Financial

Group,

Inc.

64,142

2,420,024

KB

Financial

Group,

Inc.

61,418

3,043,942

5,463,966

Biotechnology

0.1%

Celltrion,

Inc.

*

53

15,270

Seegene,

Inc.

3,502

404,113

419,383

Capital

Markets

1.2%

KIWOOM

Securities

Co.

Ltd.

1,629

182,357

Mirae

Asset

Daewoo

Co.

Ltd.

813,438

7,118,269

Mirae

Asset

Daewoo

Co.

Ltd.

(Preference)

226,487

891,463

8,192,089

Chemicals

1.4%

Han

Kuk

Carbon

Co.

Ltd.

16,712

182,522

Hansol

Chemical

Co.

Ltd.

7,047

1,504,935

Kumho

Petrochemical

Co.

Ltd.

11,282

2,655,073

LG

Chem

Ltd.

8,075

5,773,113

10,115,643

Construction

&

Engineering

0.1%

Taeyoung

Engineering

&

Construction

Co.

Ltd.

74,747

794,795

Electrical

Equipment

0.3%

LS

Corp.

34,776

2,114,656

Electronic

Equipment,

Instruments

&

Components

1.3%

Samsung

Electro-Mechanics

Co.

Ltd.

18,790

3,144,337

Samsung

SDI

Co.

Ltd.

6,311

3,698,323

Samsung

SDI

Co.

Ltd.

(Preference)

5,109

2,046,804

8,889,464

Entertainment

0.1%

Webzen,

Inc.

*

12,553

461,312

Health

Care

Equipment

&

Supplies

0.1%

Suheung

Co.

Ltd.

12,905

584,173

Household

Durables

0.8%

LG

Electronics,

Inc.

31,199

4,157,485

LG

Electronics,

Inc.

(Preference)

17,473

1,095,888

5,253,373

Industrial

Conglomerates

0.0%

†

LG

Corp.

1,498

120,142

Interactive

Media

&

Services

0.2%

Kakao

Corp.

2,461

1,086,936

NAVER

Corp.

618

206,705

1,293,641

Marine

0.3%

HMM

Co.

Ltd.

*

78,999

2,035,949

Pan

Ocean

Co.

Ltd.

44,367

242,422

2,278,371

Media

0.2%

Cheil

Worldwide,

Inc.

51,661

971,941

Echo

Marketing,

Inc.

29,643

691,040

1,662,981

Metals

&

Mining

1.2%

Dongkuk

Steel

Mill

Co.

Ltd.

98,911

1,197,531

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Metals

&

Mining

POSCO

25,169

7,212,919

8,410,450

Oil,

Gas

&

Consumable

Fuels

0.1%

SK

Innovation

Co.

Ltd.

*

3,081

601,212

Personal

Products

0.1%

Kolmar

Korea

Co.

Ltd.

17,942

913,293

Pharmaceuticals

0.0%

†

Dongwha

Pharm

Co.

Ltd.

15,242

192,786

Semiconductors

&

Semiconductor

Equipment

0.8%

DB

HiTek

Co.

Ltd.

37,819

1,901,982

LEENO

Industrial,

Inc.

5,028

700,200

MagnaChip

Semiconductor

Corp.

*(a)

8,300

206,670

SK

Hynix,

Inc.

9,480

1,116,341

TechWing,

Inc.

23,144

428,841

Tokai

Carbon

Korea

Co.

Ltd.

5,599

934,657

Wonik

QnC

Corp.

*

12,598

269,151

5,557,842

Specialty

Retail

0.0%

†

LOTTE

Himart

Co.

Ltd.

6,791

251,723

Technology

Hardware,

Storage

&

Peripherals

4.6%

Samsung

Electronics

Co.

Ltd.

375,368

27,113,253

Samsung

Electronics

Co.

Ltd.

(Preference)

75,587

4,890,334

Spigen

Korea

Co.

Ltd.

21,011

1,128,267

33,131,854

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Hansae

Co.

Ltd.

9,121

162,171

Trading

Companies

&

Distributors

0.2%

LG

International

Corp.

31,561

891,357

Posco

International

Corp.

41,262

737,777

1,629,134

109,872,123

TAIWAN

14.6%

Chemicals

0.1%

China

General

Plastics

Corp.

171,000

224,341

Shin

Foong

Specialty

&

Applied

Materials

Co.

Ltd.

57,000

459,542

683,883

Electrical

Equipment

0.3%

Chicony

Power

Technology

Co.

Ltd.

698,000

2,007,507

Electronic

Equipment,

Instruments

&

Components

1.6%

Cheng

Uei

Precision

Industry

Co.

Ltd.

653,000

1,103,849

Delta

Electronics,

Inc.

345,000

3,514,986

E

Ink

Holdings,

Inc.

764,000

1,486,999

HannStar

Display

Corp.

2,789,000

1,514,479

Taiflex

Scientific

Co.

Ltd.

287,000

535,846

Taiwan

PCB

Techvest

Co.

Ltd.

60,000

109,479

Unimicron

Technology

Corp.

97,000

312,519

Wah

Lee

Industrial

Corp.

277,000

799,794

WPG

Holdings

Ltd.

932,000

1,598,246

10,976,197

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

TAIWAN

Leisure

Products

0.3%

Giant

Manufacturing

Co.

Ltd.

201,000

2,436,615

Marine

0.5%

Evergreen

Marine

Corp.

Taiwan

Ltd.

*

1,872,000

3,023,633

Wan

Hai

Lines

Ltd.

360,000

700,465

3,724,098

Metals

&

Mining

0.7%

Feng

Hsin

Steel

Co.

Ltd.

650,000

1,631,999

Tung

Ho

Steel

Enterprise

Corp.

2,202,000

3,442,559

5,074,558

Semiconductors

&

Semiconductor

Equipment

9.4%

Ardentec

Corp.

847,000

1,343,364

Elan

Microelectronics

Corp.

199,000

1,372,730

Global

Mixed

Mode

Technology,

Inc.

265,000

1,942,743

Holtek

Semiconductor,

Inc.

*

165,000

542,963

Marketech

International

Corp.

235,000

934,274

MediaTek,

Inc.

211,000

7,251,800

Novatek

Microelectronics

Corp.

148,000

3,015,674

Realtek

Semiconductor

Corp.

153,000

2,676,347

Sonix

Technology

Co.

Ltd.

90,000

323,636

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,747,000

36,326,097

Topco

Scientific

Co.

Ltd.

563,000

2,702,149

United

Microelectronics

Corp.

1,178,000

2,104,100

Vanguard

International

Semiconductor

Corp.

940,000

3,590,239

Youngtek

Electronics

Corp.

601,000

1,427,949

65,554,065

Technology

Hardware,

Storage

&

Peripherals

1.5%

Asustek

Computer,

Inc.

191,000

2,504,834

Compal

Electronics,

Inc.

466,000

437,281

Gigabyte

Technology

Co.

Ltd.

1,027,000

3,614,377

Lite-On

Technology

Corp.

679,000

1,501,596

Micro-Star

International

Co.

Ltd.

145,000

892,545

Quanta

Computer,

Inc.

478,000

1,643,896

10,594,529

Textiles,

Apparel

&

Luxury

Goods

0.2%

Taiwan

Paiho

Ltd.

510,000

1,455,355

102,506,807

THAILAND

2.3%

Auto

Components

0.1%

Sri

Trang

Agro-Industry

PCL

499,600

748,847

Banks

0.4%

Kiatnakin

Phatra

Bank

PCL

396,400

775,599

Siam

Commercial

Bank

PCL

(The)

579,900

2,072,232

2,847,831

Chemicals

0.1%

Eastern

Polymer

Group

PCL,

Class

F

2,915,100

953,734

Electronic

Equipment,

Instruments

&

Components

0.1%

Hana

Microelectronics

PCL

297,400

527,537

Common

Stocks

Shares

Value

($)

THAILAND

Entertainment

0.1%

RS

PCL

*

709,600

659,749

Food

Products

0.4%

Charoen

Pokphand

Foods

PCL

3,599,700

3,398,118

Health

Care

Equipment

&

Supplies

0.1%

Sri

Trang

Gloves

Thailand

PCL

336,100

440,997

Health

Care

Providers

&

Services

0.1%

Chularat

Hospital

PCL,

Class

F

10,835,800

1,013,314

Independent

Power

and

Renewable

Electricity

Producers

0.1%

SPCG

PCL

1,034,400

645,606

Oil,

Gas

&

Consumable

Fuels

0.5%

PTT

Exploration

&

Production

PCL

880,500

3,210,221

Real

Estate

Management

&

Development

0.1%

Supalai

PCL

748,700

514,062

Specialty

Retail

0.2%

Com7

PCL,

Class

F

538,900

1,106,765

16,066,781

TURKEY

0.9%

Automobiles

0.2%

Ford

Otomotiv

Sanayi

A/S

66,284

1,547,202

Food

&

Staples

Retailing

0.3%

BIM

Birlesik

Magazalar

A/S

243,108

2,085,213

Machinery

0.4%

Turk

Traktor

ve

Ziraat

Makineleri

A/S

108,259

2,723,358

6,355,773

UNITED

ARAB

EMIRATES

0.3%

Banks

0.3%

Abu

Dhabi

Commercial

Bank

PJSC

*

259,114

436,800

First

Abu

Dhabi

Bank

PJSC

417,294

1,658,933

2,095,733

Total

Common

Stocks

(cost

$599,905,483)

681,590,580

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Repurchase

Agreement

0.5%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,198,702,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$3,262,674.(c)

3,198,700

3,198,700

Total

Repurchase

Agreement

(cost

$3,198,700)

3,198,700

Total

Investments

(cost

$603,104,183)

  —

98.0%

684,789,280

Other

assets

in

excess

of

liabilities

—

2.0%

14,065,492

NET

ASSETS

—

100.0%

$

698,854,772

*

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

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$16,209,743,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,198,700

and

by

$13,500,576

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

5/15/2050,

a

total

value

of

$16,699,276.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$18,576,082

which

represents

2.66%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$3,198,700.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

PAO

Public

Stock

Company

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

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

242

6/2021

USD

16,002,250

(135,806)

(135,806)

At

March

31,

2021,

the

Fund

had

$1,142,797

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

8

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Airlines

$

–

$

404,639

$

–

$

404,639

Auto

Components

–

7,137,513

–

7,137,513

Automobiles

7,044,350

17,843,554

–

24,887,904

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Level

1

Level

2

Level

3

Total

Assets:

Banks

$

20,587,626

$

94,120,598

$

–

$

114,708,224

Beverages

–

2,983,857

–

2,983,857

Biotechnology

–

419,383

–

419,383

Building

Products

–

2,267,498

–

2,267,498

Capital

Markets

2,000,125

8,985,940

–

10,986,065

Chemicals

2,415,632

18,276,179

–

20,691,811

Construction

&

Engineering

–

1,090,828

–

1,090,828

Construction

Materials

–

923,105

–

923,105

Diversified

Consumer

Services

–

268,620

–

268,620

Diversified

Financial

Services

–

659,946

–

659,946

Diversified

Telecommunication

Services

–

916,674

–

916,674

Electrical

Equipment

6,191,421

6,556,100

–

12,747,521

Electronic

Equipment,

Instruments

&

Components

–

21,702,120

–

21,702,120

Entertainment

3,118,719

1,121,061

–

4,239,780

Food

&

Staples

Retailing

855,422

3,843,874

–

4,699,296

Food

Products

5,590,467

4,356,821

–

9,947,288

Gas

Utilities

–

267,260

–

267,260

Health

Care

Equipment

&

Supplies

–

2,618,673

–

2,618,673

Health

Care

Providers

&

Services

–

4,382,538

–

4,382,538

Hotels,

Restaurants

&

Leisure

–

900,049

–

900,049

Household

Durables

1,071,196

5,757,185

–

6,828,381

Independent

Power

and

Renewable

Electricity

Producers

–

1,740,998

–

1,740,998

Industrial

Conglomerates

1,640,725

269,995

–

1,910,720

Insurance

1,162,728

3,446,783

–

4,609,511

Interactive

Media

&

Services

5,623,667

44,992,975

–

50,616,642

Internet

&

Direct

Marketing

Retail

59,646,347

16,885,862

–

76,532,209

IT

Services

16,562,089

–

–

16,562,089

Leisure

Products

–

2,436,615

–

2,436,615

Life

Sciences

Tools

&

Services

–

1,160,512

–

1,160,512

Machinery

1,433,125

9,708,653

–

11,141,778

Marine

2,044,280

14,466,058

–

16,510,338

Media

–

3,625,495

–

3,625,495

Metals

&

Mining

30,094,599

25,223,058

–

55,317,657

Multiline

Retail

1,454,870

1,517,602

–

2,972,472

Oil,

Gas

&

Consumable

Fuels

6,816,046

18,617,251

–

25,433,297

Paper

&

Forest

Products

–

1,444,862

–

1,444,862

Personal

Products

–

913,293

–

913,293

Pharmaceuticals

1,317,491

192,786

–

1,510,277

Real

Estate

Management

&

Development

–

7,657,230

–

7,657,230

Semiconductors

&

Semiconductor

Equipment

810,670

70,905,237

–

71,715,907

Specialty

Retail

–

9,046,077

–

9,046,077

Technology

Hardware,

Storage

&

Peripherals

–

49,981,127

–

49,981,127

Textiles,

Apparel

&

Luxury

Goods

127,629

6,077,623

–

6,205,252

Trading

Companies

&

Distributors

–

1,629,134

–

1,629,134

Transportation

Infrastructure

–

3,387,156

–

3,387,156

Wireless

Telecommunication

Services

850,959

–

–

850,959

Total

Common

Stocks

$

178,460,183

$

503,130,397

$

–

$

681,590,580

Repurchase

Agreement

–

3,198,700

–

3,198,700

Total

Assets

$

178,460,183

$

506,329,097

$

–

$

684,789,280

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(135,806)

$

–

$

–

$

(135,806)

Total

Liabilities

$

(135,806)

$

–

$

–

$

(135,806)

Total

$

178,324,377

$

506,329,097

$

–

$

684,653,474

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

10

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(135,806)

Total

$

(135,806)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

9.1%

Banks

1.1%

Commonwealth

Bank

of

Australia

242,186

15,899,641

Commercial

Services

&

Supplies

0.7%

Brambles

Ltd.

1,336,772

10,764,943

Energy

Equipment

&

Services

0.1%

Worley

Ltd.

211,197

1,679,289

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Goodman

Group

750,630

10,340,729

Health

Care

Providers

&

Services

0.7%

Sonic

H

ealthcare

Ltd.

393,820

10,531,693

Metals

&

Mining

4.0%

BHP

Group

Ltd.

18,022

623,403

BHP

Group

plc

503,966

14,550,160

Fortescue

Metals

Group

Ltd.

839,563

12,816,758

Glencore

plc

*

956,176

3,746,280

Mineral

Resources

Ltd.

175,254

5,082,004

Rio

Tinto

Ltd.

90,915

7,688,999

Rio

Tinto

plc,

ADR

(a)

197,310

15,321,121

59,828,725

Multiline

Retail

0.9%

Wesfarmers

Ltd.

340,022

13,637,518

Oil,

Gas

&

Consumable

Fuels

0.2%

Origin

Energy

Ltd.

1,024,248

3,658,852

Specialty

Retail

0.7%

JB

Hi-Fi

Ltd.

251,702

9,923,646

Premier

Investments

Ltd.

52,008

1,030,968

10,954,614

137,296,004

BELGIUM

0.0%

†

Chemicals

0.0%

†

Tessenderlo

Group

SA

*

4,632

203,459

Equity

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Warehouses

De

Pauw

CVA

7,340

242,570

446,029

CHINA

0.6%

Food

Products

0.0%

†

Wilmar

International

Ltd.

121,400

490,818

Marine

0.2%

SITC

International

Holdings

Co.

Ltd.

874,000

2,975,111

Specialty

Retail

0.4%

Chow

Tai

Fook

Jewellery

Group

Ltd.

3,715,600

5,693,380

9,159,309

DENMARK

1.2%

Health

Care

Equipment

&

Supplies

0.1%

GN

Store

Nord

A/S

12,411

978,254

Marine

0.8%

AP

Moller

-

Maersk

A/S,

Class

A

1,380

3,009,181

Common

Stocks

Shares

Value

($)

DENMARK

Marine

AP

Moller

-

Maersk

A/S,

Class

B

3,931

9,146,259

12,155,440

Pharmaceuticals

0.2%

Novo

Nordisk

A/S,

Class

B

55,107

3,721,481

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

17,875

1,915,497

18,770,672

FINLAND

1.2%

Communications

Equipment

0.0%

†

Nokia

OYJ

*

84,351

337,172

Food

&

Staples

Retailing

0.7%

Kesko

OYJ,

Class

B

372,936

11,407,740

Machinery

0.3%

Kone

OYJ,

Class

B

51,069

4,171,023

Multiline

Retail

0.1%

Tokmanni

Group

Corp.

41,299

969,448

Paper

&

Forest

Products

0.1%

Metsa

Board

OYJ

167,939

1,833,037

18,718,420

FRANCE

9.0%

Automobiles

0.1%

Trigano

SA

(a)

8,910

1,665,948

Banks

0.5%

BNP

Paribas

SA

*

82,646

5,021,579

Societe

Generale

SA

*

75,965

1,984,937

7,006,516

Building

Products

0.4%

Cie

de

Saint-Gobain

111,662

6,590,937

Chemicals

0.5%

Arkema

SA

60,102

7,283,802

Construction

&

Engineering

0.2%

Bouygues

SA

56,444

2,263,700

Electrical

Equipment

1.8%

Legrand

SA

51,986

4,836,785

Nexans

SA

22,840

2,022,626

Schneider

Electric

SE

141,178

21,569,983

28,429,394

Equity

Real

Estate

Investment

Trusts

(REITs)

0.6%

Gecina

SA

63,501

8,743,994

Life

Sciences

Tools

&

Services

0.5%

Sartorius

Stedim

Biotech

16,667

6,864,060

Media

0.2%

Publicis

Groupe

SA

48,056

2,933,558

Oil,

Gas

&

Consumable

Fuels

0.1%

Gaztransport

Et

Technigaz

SA

12,635

1,007,757

Personal

Products

0.9%

L'Oreal

SA

35,922

13,768,795

Professional

Services

0.6%

Teleperformance

25,925

9,434,892

12

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Software

0.6%

Dassault

Systemes

SE

39,372

8,423,677

Textiles,

Apparel

&

Luxury

Goods

1.1%

Hermes

International

4,269

4,726,988

Kering

SA

18,884

13,038,680

17,765,668

Trading

Companies

&

Distributors

0.9%

Rexel

SA

692,410

13,726,556

135,909,254

GERMANY

10.3%

Air

Freight

&

Logistics

1.0%

Deutsche

Post

AG

(Registered)

279,909

15,335,868

Auto

Components

0.0%

†

SAF-Holland

SE

*

21,192

308,211

Automobiles

2.7%

Bayerische

Motoren

Werke

AG

16,616

1,722,695

Daimler

AG

(Registered)

124,539

11,096,239

Porsche

Automobil

Holding

SE

(Preference)

102,681

10,889,860

Volkswagen

AG

(Preference)

54,979

15,364,607

39,073,401

Household

Products

0.8%

Henkel

AG

&

Co.

KGaA

(Preference)

101,227

11,380,995

Industrial

Conglomerates

0.3%

Rheinmetall

AG

41,974

4,253,191

Insurance

2.2%

Allianz

SE

(Registered)

71,397

18,176,274

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

43,164

13,294,751

31,471,025

Interactive

Media

&

Services

0.5%

Scout24

AG

Reg.

S

(b)

102,498

7,777,275

Life

Sciences

Tools

&

Services

0.5%

Gerresheimer

AG

77,823

7,729,028

Marine

0.0%

†

Hapag-Lloyd

AG

Reg.

S

(b)

2,414

374,906

Media

0.1%

ProSiebenSat.1

Media

SE

*

103,094

2,108,301

Metals

&

Mining

0.3%

Aurubis

AG

62,139

5,148,703

Pharmaceuticals

0.8%

Merck

KGaA

67,070

11,467,881

Semiconductors

&

Semiconductor

Equipment

0.2%

Infineon

Technologies

AG

74,506

3,159,824

Textiles,

Apparel

&

Luxury

Goods

0.2%

adidas

AG

*

8,791

2,744,176

Thrifts

&

Mortgage

Finance

0.0%

†

Aareal

Bank

AG

9,622

273,139

Common

Stocks

Shares

Value

($)

GERMANY

Trading

Companies

&

Distributors

0.7%

Brenntag

SE

121,496

10,372,394

152,978,318

HONG

KONG

3.4%

Electric

Utilities

0.0%

†

CLP

Holdings

Ltd.

63,000

612,074

Insurance

1.9%

AIA

Group

Ltd.

2,244,200

27,301,819

Machinery

0.8%

Techtronic

Industries

Co.

Ltd.

659,000

11,328,325

Real

Estate

Management

&

Development

0.7%

CK

Asset

Holdings

Ltd.

376,500

2,288,582

Sun

Hung

Kai

Properties

Ltd.

576,000

8,737,397

11,025,979

Specialty

Retail

0.0%

†

Luk

Fook

Holdings

International

Ltd.

92,000

253,214

50,521,411

IRELAND

0.1%

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

31,336

1,472,454

ISRAEL

0.2%

Diversified

Financial

Services

0.2%

Plus500

Ltd.

188,163

3,631,436

ITALY

0.8%

Banks

0.3%

Mediobanca

Banca

di

Credito

Finanziario

SpA

*

172,933

1,923,809

UniCredit

SpA

*

249,074

2,645,040

4,568,849

Construction

Materials

0.0%

†

Buzzi

Unicem

SpA

23,267

606,941

Electric

Utilities

0.3%

Enel

SpA

408,325

4,079,780

Electrical

Equipment

0.1%

Prysmian

SpA

61,866

2,014,372

Insurance

0.0%

†

Poste

Italiane

SpA

Reg.

S

(b)

15,451

197,100

Oil,

Gas

&

Consumable

Fuels

0.1%

Eni

SpA

69,226

853,840

12,320,882

JAPAN

30.5%

Auto

Components

1.0%

Aisin

Corp.

(a)

67,000

2,555,859

Bridgestone

Corp.

52,400

2,128,470

Sumitomo

Electric

Industries

Ltd.

674,900

10,159,124

Toyoda

Gosei

Co.

Ltd.

13,500

356,423

15,199,876

Automobiles

1.1%

Subaru

Corp.

(a)

222,700

4,458,561

Toyota

Motor

Corp.

162,000

12,656,584

17,115,145

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

JAPAN

Banks

1.0%

Mitsubishi

UFJ

Financial

Group,

Inc.

2,719,400

14,510,845

Beverages

0.4%

Kirin

Holdings

Co.

Ltd.

304,400

5,836,470

Capital

Markets

0.2%

Nomura

Holdings,

Inc.

706,700

3,735,710

Chemicals

1.0%

Daicel

Corp.

46,800

361,531

Nitto

Denko

Corp.

34,500

2,961,922

Teijin

Ltd.

(a)

177,800

3,063,340

Tosoh

Corp.

460,400

8,813,151

15,199,944

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

110,200

2,320,196

Toppan

Printing

Co.

Ltd.

29,900

505,213

2,825,409

Construction

&

Engineering

0.3%

Shimizu

Corp.

49,300

400,649

Taisei

Corp.

(a)

114,200

4,403,221

4,803,870

Construction

Materials

0.3%

Taiheiyo

Cement

Corp.

(a)

154,800

4,083,870

Distributors

0.0%

†

Doshisha

Co.

Ltd.

(a)

26,200

444,065

Diversified

Financial

Services

0.9%

ORIX

Corp.

(a)

830,300

14,059,677

Diversified

Telecommunication

Services

0.5%

Nippon

Telegraph

&

Telephone

Corp.

286,400

7,371,087

Electric

Utilities

0.1%

Chubu

Electric

Power

Co.,

Inc.

173,400

2,238,262

Electrical

Equipment

0.8%

Mitsubishi

Electric

Corp.

783,900

12,007,306

Electronic

Equipment,

Instruments

&

Components

1.0%

Macnica

Fuji

Electronics

Holdings,

Inc.

(a)

45,200

905,364

Murata

Manufacturing

Co.

Ltd.

74,600

6,014,671

Nippon

Electric

Glass

Co.

Ltd.

49,600

1,153,927

Omron

Corp.

83,600

6,551,768

14,625,730

Entertainment

2.4%

DeNA

Co.

Ltd.

(a)

291,100

5,710,525

Koei

Tecmo

Holdings

Co.

Ltd.

52,780

2,378,362

Konami

Holdings

Corp.

(a)

202,300

12,096,674

Nintendo

Co.

Ltd.

25,800

14,441,476

34,627,037

Food

Products

0.1%

Nisshin

Oillio

Group

Ltd.

(The)

(a)

50,700

1,493,875

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

86,300

1,687,310

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Equipment

&

Supplies

0.6%

Hoya

Corp.

80,200

9,446,024

Health

Care

Providers

&

Services

0.2%

H.U.

Group

Holdings,

Inc.

(a)

100,400

3,373,518

Health

Care

Technology

0.4%

M3,

Inc.

91,300

6,275,940

Hotels,

Restaurants

&

Leisure

0.1%

Tokyotokeiba

Co.

Ltd.

16,200

819,271

Household

Durables

2.5%

Casio

Computer

Co.

Ltd.

(a)

79,600

1,507,466

Open

House

Co.

Ltd.

4,400

188,193

Panasonic

Corp.

880,500

11,375,715

Sony

Group

Corp.

216,400

22,782,906

35,854,280

Interactive

Media

&

Services

0.0%

†

Z

Holdings

Corp.

51,600

257,636

Internet

&

Direct

Marketing

Retail

0.3%

Rakuten

Group,

Inc.

343,600

4,094,798

IT

Services

1.7%

Fujitsu

Ltd.

82,900

12,032,393

NEC

Corp.

183,200

10,809,907

NEC

Networks

&

System

Integration

Corp.

25,700

454,887

Nomura

Research

Institute

Ltd.

(a)

16,100

500,433

NTT

Data

Corp.

75,900

1,179,018

Transcosmos,

Inc.

38,400

1,037,024

26,013,662

Leisure

Products

0.3%

Sega

Sammy

Holdings,

Inc.

302,600

4,732,664

Machinery

1.1%

Ebara

Corp.

219,900

8,943,420

NGK

Insulators

Ltd.

395,800

7,280,398

16,223,818

Marine

0.3%

Nippon

Yusen

KK

130,100

4,464,077

Media

0.7%

Dentsu

Group,

Inc.

(a)

315,300

10,163,633

SKY

Perfect

JSAT

Holdings,

Inc.

132,300

588,872

10,752,505

Metals

&

Mining

0.8%

Dowa

Holdings

Co.

Ltd.

(a)

33,300

1,386,791

Hitachi

Metals

Ltd.

493,000

8,111,829

Mitsubishi

Materials

Corp.

(a)

55,500

1,295,281

Nippon

Steel

Corp.

90,800

1,546,266

12,340,167

Oil,

Gas

&

Consumable

Fuels

1.0%

ENEOS

Holdings,

Inc.

2,297,100

10,403,692

Inpex

Corp.

732,100

4,995,939

15,399,631

Pharmaceuticals

1.0%

Takeda

Pharmaceutical

Co.

Ltd.

417,600

15,089,178

Professional

Services

0.2%

Recruit

Holdings

Co.

Ltd.

54,400

2,669,546

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

0.5%

Daiwa

House

Industry

Co.

Ltd.

221,600

6,511,545

Nomura

Real

Estate

Holdings,

Inc.

20,800

502,845

7,014,390

Road

&

Rail

0.3%

Nikkon

Holdings

Co.

Ltd.

(a)

8,600

172,725

Nippon

Express

Co.

Ltd.

21,800

1,629,589

Seino

Holdings

Co.

Ltd.

157,500

2,193,595

3,995,909

Semiconductors

&

Semiconductor

Equipment

1.0%

Rohm

Co.

Ltd.

34,100

3,374,521

Tokyo

Electron

Ltd.

17,700

7,578,228

Tokyo

Seimitsu

Co.

Ltd.

(a)

82,600

3,784,484

14,737,233

Specialty

Retail

1.4%

Autobacs

Seven

Co.

Ltd.

77,400

1,050,500

Hikari

Tsushin,

Inc.

11,300

2,277,227

K's

Holdings

Corp.

(a)

99,600

1,371,753

Nitori

Holdings

Co.

Ltd.

34,900

6,773,069

USS

Co.

Ltd.

19,500

382,131

Yamada

Holdings

Co.

Ltd.

1,825,600

9,863,489

21,718,169

Technology

Hardware,

Storage

&

Peripherals

0.8%

Brother

Industries

Ltd.

217,800

4,841,424

Konica

Minolta,

Inc.

411,100

2,237,002

Seiko

Epson

Corp.

(a)

336,800

5,510,287

12,588,713

Tobacco

0.7%

Japan

Tobacco,

Inc.

526,600

10,126,446

Trading

Companies

&

Distributors

2.0%

ITOCHU

Corp.

42,600

1,384,960

Mitsui

&

Co.

Ltd.

583,800

12,203,773

Nagase

&

Co.

Ltd.

(a)

51,600

809,531

Sojitz

Corp.

1,215,600

3,425,363

Sumitomo

Corp.

719,400

10,290,025

Toyota

Tsusho

Corp.

16,400

693,067

28,806,719

Wireless

Telecommunication

Services

1.2%

KDDI

Corp.

28,000

860,361

SoftBank

Group

Corp.

206,000

17,466,107

18,326,468

456,986,250

LUXEMBOURG

0.9%

Life

Sciences

Tools

&

Services

0.8%

Eurofins

Scientific

SE

(a)

111,569

10,666,815

Metals

&

Mining

0.1%

APERAM

SA

47,027

2,118,568

12,785,383

MALTA

0.5%

Hotels,

Restaurants

&

Leisure

0.5%

Kindred

Group

plc,

SDR

459,128

8,070,837

NETHERLANDS

6.5%

Banks

0.0%

†

Van

Lanschot

Kempen

NV,

CVA

14,998

419,515

Common

Stocks

Shares

Value

($)

NETHERLANDS

Capital

Markets

0.2%

Flow

Traders

Reg.

S

(b)

85,265

3,565,325

Electrical

Equipment

0.0%

†

Signify

NV

Reg.

S

*(b)

5,513

284,295

Food

&

Staples

Retailing

0.9%

Koninklijke

Ahold

Delhaize

NV

454,153

12,650,000

Health

Care

Equipment

&

Supplies

0.5%

Koninklijke

Philips

NV

*

134,895

7,701,628

Oil,

Gas

&

Consumable

Fuels

0.7%

Royal

Dutch

Shell

plc,

Class

A

(a)

277,584

5,444,594

Royal

Dutch

Shell

plc,

Class

B,

ADR

118,563

4,366,675

9,811,269

Professional

Services

0.4%

Randstad

NV

94,175

6,625,650

Semiconductors

&

Semiconductor

Equipment

3.8%

ASM

International

NV

31,324

9,165,900

ASML

Holding

NV

62,163

37,915,623

BE

Semiconductor

Industries

NV

107,178

9,027,891

56,109,414

97,167,096

NEW

ZEALAND

0.5%

Health

Care

Equipment

&

Supplies

0.2%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

119,270

2,678,075

Software

0.3%

Xero

Ltd.

*

57,092

5,539,774

8,217,849

NORWAY

1.0%

Food

Products

0.6%

Orkla

ASA

975,589

9,565,306

Metals

&

Mining

0.4%

Norsk

Hydro

ASA

833,651

5,341,661

14,906,967

SINGAPORE

1.2%

Banks

1.2%

DBS

Group

Holdings

Ltd.

585,075

12,621,198

United

Overseas

Bank

Ltd.

246,200

4,755,805

17,377,003

SOUTH

AFRICA

0.8%

Metals

&

Mining

0.8%

Anglo

American

plc

318,139

12,465,074

SPAIN

1.5%

Air

Freight

&

Logistics

0.0%

†

Cia

de

Distribucion

Integral

Logista

Holdings

SA

32,044

634,962

Banks

1.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

1,456,749

7,588,029

Banco

Santander

SA

1,616,895

5,495,778

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

SPAIN

Banks

Bankinter

SA

206,938

1,437,114

14,520,921

Electric

Utilities

0.3%

Iberdrola

SA

401,309

5,173,889

Metals

&

Mining

0.2%

Acerinox

SA

191,137

2,494,493

22,824,265

SWEDEN

4.1%

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B

275,617

3,645,800

Diversified

Financial

Services

1.1%

Investor

AB,

Class

A

7,118

564,076

Investor

AB,

Class

B

188,648

15,045,594

15,609,670

Hotels,

Restaurants

&

Leisure

0.3%

Betsson

AB

*

66,173

613,466

Evolution

Gaming

Group

AB

Reg.

S

(b)

30,402

4,478,098

5,091,564

Household

Durables

0.1%

Nobia

AB

*

266,656

2,029,793

Internet

&

Direct

Marketing

Retail

0.0%

†

Boozt

AB

Reg.

S

*(b)

14,463

301,703

Machinery

1.1%

Epiroc

AB,

Class

B

35,141

732,240

Volvo

AB,

Class

B

(a)

541,838

13,709,682

14,441,922

Metals

&

Mining

0.1%

Boliden

AB

49,376

1,829,375

Oil,

Gas

&

Consumable

Fuels

0.5%

Lundin

Energy

AB

(a)

227,837

7,159,804

Tobacco

0.7%

Swedish

Match

AB

140,842

10,996,921

61,106,552

SWITZERLAND

6.6%

Capital

Markets

1.3%

Credit

Suisse

Group

AG

(Registered)

555,245

5,862,140

UBS

Group

AG

(Registered)

895,905

13,871,532

19,733,672

Household

Durables

0.1%

Forbo

Holding

AG

(Registered)

425

768,914

Insurance

0.7%

Swiss

Life

Holding

AG

(Registered)

21,012

10,327,837

Life

Sciences

Tools

&

Services

1.4%

Bachem

Holding

AG

(Registered),

Class

B

4,237

1,816,261

Lonza

Group

AG

(Registered)

20,764

11,604,344

Tecan

Group

AG

(Registered)

(a)

19,154

8,500,551

21,921,156

Common

Stocks

Shares

Value

($)

SWITZERLAND

Marine

0.5%

Kuehne

+

Nagel

International

AG

(Registered)

25,185

7,186,284

Pharmaceuticals

0.7%

Roche

Holding

AG

33,778

10,918,386

Professional

Services

0.8%

Adecco

Group

AG

(Registered)

168,137

11,323,743

Semiconductors

&

Semiconductor

Equipment

0.7%

STMicroelectronics

NV

287,779

10,966,403

Technology

Hardware,

Storage

&

Peripherals

0.4%

Logitech

International

SA

(Registered)

62,668

6,568,589

99,714,984

UKRAINE

0.1%

Metals

&

Mining

0.1%

Ferrexpo

plc

363,027

1,874,545

UNITED

KINGDOM

8.1%

Banks

0.4%

Barclays

plc

722,123

1,851,631

Lloyds

Banking

Group

plc

*

7,849,282

4,595,828

6,447,459

Capital

Markets

0.3%

3i

Group

plc

206,132

3,278,890

Man

Group

plc

758,708

1,684,776

4,963,666

Communications

Equipment

0.0%

†

Spirent

Communications

plc

225,884

742,948

Distributors

0.1%

Inchcape

plc

*

142,074

1,472,273

Diversified

Financial

Services

0.1%

M&G

plc

510,678

1,460,444

Food

Products

0.1%

Tate

&

Lyle

plc

150,441

1,591,354

Hotels,

Restaurants

&

Leisure

0.4%

Entain

plc

*

260,645

5,456,586

Playtech

plc

*

155,740

948,961

6,405,547

Household

Durables

0.2%

Barratt

Developments

plc

*

278,806

2,871,428

Industrial

Conglomerates

0.1%

Melrose

Industries

plc

*

732,967

1,686,998

Insurance

1.6%

Aviva

plc

2,577,050

14,507,746

Legal

&

General

Group

plc

2,097,196

8,057,172

22,564,918

Leisure

Products

0.1%

Games

Workshop

Group

plc

9,295

1,276,856

Machinery

0.8%

CNH

Industrial

NV

820,183

12,738,845

Media

0.7%

ITV

plc

*

6,260,167

10,368,152

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Multiline

Retail

0.2%

Next

plc

*

29,508

3,199,628

Paper

&

Forest

Products

0.2%

Mondi

plc

104,576

2,668,080

Pharmaceuticals

0.8%

AstraZeneca

plc,

ADR

(a)

253,744

12,616,152

Specialty

Retail

0.2%

JD

Sports

Fashion

plc

*

234,656

2,668,488

Tobacco

1.8%

British

American

Tobacco

plc

454,218

17,373,444

Imperial

Brands

plc

383,152

7,882,835

25,256,279

120,999,515

UNITED

STATES

0.1%

Automobiles

0.1%

Stellantis

NV

119,821

2,126,729

Total

Common

Stocks

(cost

$1,256,275,791)

1,477,847,238

Repurchase

Agreements

2.4%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$563,172,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$574,435.(c)

563,171

563,171

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$15,400,039,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$15,714,325.(c)

15,400,000

15,400,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$10,000,009,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$10,204,090.(c)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$10,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.(c)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$35,963,171)

35,963,171

Total

Investments

(cost

$1,292,238,962)

  —

100.7%

1,513,810,409

Liabilities

in

excess

of

other

assets

—

(0.7)%

(11,080,887)

NET

ASSETS

—

100.0%

$

1,502,729,522

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$68,865,744,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,963,171

and

by

$36,475,075

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$72,438,246.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$16,978,702

which

represents

1.13%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$35,963,171.

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.

NVIT

GS

International

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

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

18

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

–

$

15,970,830

$

–

$

15,970,830

Auto

Components

–

15,508,087

–

15,508,087

Automobiles

–

59,981,223

–

59,981,223

Banks

–

80,750,749

–

80,750,749

Beverages

–

5,836,470

–

5,836,470

Building

Products

–

6,590,937

–

6,590,937

Capital

Markets

–

31,998,373

–

31,998,373

Chemicals

–

22,687,205

–

22,687,205

Commercial

Services

&

Supplies

–

13,590,352

–

13,590,352

Communications

Equipment

–

4,725,920

–

4,725,920

Construction

&

Engineering

–

7,067,570

–

7,067,570

Construction

Materials

–

4,690,811

–

4,690,811

Containers

&

Packaging

–

1,472,454

–

1,472,454

Distributors

–

1,916,338

–

1,916,338

Diversified

Financial

Services

–

34,761,227

–

34,761,227

Diversified

Telecommunication

Services

–

7,371,087

–

7,371,087

Electric

Utilities

–

12,104,005

–

12,104,005

Electrical

Equipment

–

42,735,367

–

42,735,367

Electronic

Equipment,

Instruments

&

Components

–

14,625,730

–

14,625,730

Energy

Equipment

&

Services

–

1,679,289

–

1,679,289

Entertainment

–

34,627,037

–

34,627,037

Equity

Real

Estate

Investment

Trusts

(REITs)

–

19,327,293

–

19,327,293

Food

&

Staples

Retailing

–

24,057,740

–

24,057,740

Food

Products

–

13,141,353

–

13,141,353

Gas

Utilities

–

1,687,310

–

1,687,310

Health

Care

Equipment

&

Supplies

–

20,803,981

–

20,803,981

Health

Care

Providers

&

Services

–

13,905,211

–

13,905,211

Health

Care

Technology

–

6,275,940

–

6,275,940

Hotels,

Restaurants

&

Leisure

–

20,387,219

–

20,387,219

Household

Durables

–

41,524,415

–

41,524,415

Household

Products

–

11,380,995

–

11,380,995

Industrial

Conglomerates

–

5,940,189

–

5,940,189

Insurance

–

91,862,699

–

91,862,699

Interactive

Media

&

Services

–

8,034,911

–

8,034,911

Internet

&

Direct

Marketing

Retail

–

4,396,501

–

4,396,501

IT

Services

–

26,013,662

–

26,013,662

Leisure

Products

–

6,009,520

–

6,009,520

Life

Sciences

Tools

&

Services

–

47,181,059

–

47,181,059

Machinery

–

58,903,933

–

58,903,933

Marine

–

27,155,818

–

27,155,818

Media

–

26,162,516

–

26,162,516

Metals

&

Mining

15,321,121

88,120,190

–

103,441,311

Multiline

Retail

–

17,806,594

–

17,806,594

Oil,

Gas

&

Consumable

Fuels

4,366,675

33,524,478

–

37,891,153

Paper

&

Forest

Products

–

4,501,117

–

4,501,117

Personal

Products

–

13,768,795

–

13,768,795

Pharmaceuticals

12,616,152

41,196,926

–

53,813,078

Professional

Services

–

30,053,831

–

30,053,831

Real

Estate

Management

&

Development

–

18,040,369

–

18,040,369

Road

&

Rail

–

3,995,909

–

3,995,909

Semiconductors

&

Semiconductor

Equipment

–

84,972,874

–

84,972,874

Software

–

13,963,451

–

13,963,451

Specialty

Retail

–

41,287,865

–

41,287,865

Technology

Hardware,

Storage

&

Peripherals

–

19,157,302

–

19,157,302

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

–

$

22,425,341

$

–

$

22,425,341

Thrifts

&

Mortgage

Finance

–

273,139

–

273,139

Tobacco

–

46,379,646

–

46,379,646

Trading

Companies

&

Distributors

–

52,905,669

–

52,905,669

Wireless

Telecommunication

Services

–

18,326,468

–

18,326,468

Total

Common

Stocks

$

32,303,948

$

1,445,543,290

$

–

$

1,477,847,238

Repurchase

Agreements

–

35,963,171

–

35,963,171

Total

$

32,303,948

$

1,481,506,461

$

–

$

1,513,810,409

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

99.1%

Shares

Value

($)

Aerospace

&

Defense

2.4%

Howmet

Aerospace,

Inc.*

178,907

5,748,282

Huntington

Ingalls

Industries,

Inc.

29,144

5,999,293

Northrop

Grumman

Corp.

81,613

26,413,231

Teledyne

Technologies,

Inc.*

72,094

29,821,683

67,982,489

Air

Freight

&

Logistics

0.0%

†

United

Parcel

Service,

Inc.,

Class

B

2,834

481,752

Auto

Components

0.7%

Gentex

Corp.

589,791

21,037,845

Automobiles

1.2%

Ford

Motor

Co.*

1,445,586

17,708,429

Tesla,

Inc.*

23,925

15,980,225

33,688,654

Banks

0.5%

First

Republic

Bank

2,233

372,353

JPMorgan

Chase

&

Co.

45,982

6,999,840

KeyCorp

57,499

1,148,830

Western

Alliance

Bancorp

61,141

5,774,156

14,295,179

Biotechnology

1.7%

Biogen,

Inc.*

45,583

12,751,844

Moderna

,

Inc.*

13,982

1,830,943

Vertex

Pharmaceuticals,

Inc.*

149,046

32,028,495

46,611,282

Building

Products

0.1%

Masco

Corp.

42,979

2,574,442

Capital

Markets

1.8%

Ameriprise

Financial,

Inc.

1,879

436,774

Bank

of

New

York

Mellon

Corp.

(The)

257,580

12,180,958

Evercore

,

Inc.,

Class

A

37,786

4,977,928

Interactive

Brokers

Group,

Inc.,

Class

A

49,711

3,630,891

State

Street

Corp.

357,191

30,007,616

51,234,167

Chemicals

3.5%

Axalta

Coating

Systems

Ltd.*

873,525

25,838,869

Celanese

Corp.

194,559

29,146,884

CF

Industries

Holdings,

Inc.

89,804

4,075,306

International

Flavors

&

Fragrances,

Inc.

8,618

1,203,159

Mosaic

Co.

(The)

217,475

6,874,385

Sherwin-Williams

Co.

(The)

43,618

32,190,520

99,329,123

Commercial

Services

&

Supplies

0.1%

Cintas

Corp.

7,494

2,557,777

Construction

&

Engineering

0.1%

AECOM*

22,389

1,435,359

Construction

Materials

0.5%

Eagle

Materials,

Inc.

9,281

1,247,459

Martin

Marietta

Materials,

Inc.

23,214

7,795,725

Vulcan

Materials

Co.

28,538

4,815,788

13,858,972

Common

Stocks

Shares

Value

($)

Consumer

Finance

3.3%

Ally

Financial,

Inc.

647,929

29,292,870

Capital

One

Financial

Corp.

253,324

32,230,413

Santander

Consumer

USA

Holdings,

Inc.

88,888

2,405,309

Synchrony

Financial

731,232

29,731,893

93,660,485

Diversified

Financial

Services

1.9%

Berkshire

Hathaway,

Inc.,

Class

B*

31,680

8,093,290

Jefferies

Financial

Group,

Inc.

802,305

24,149,380

Voya

Financial,

Inc.(a)

322,195

20,504,490

52,747,160

Diversified

Telecommunication

Services

0.2%

Liberty

Global

plc,

Class

C*

268,712

6,862,904

Electrical

Equipment

0.7%

AMETEK,

Inc.

147,393

18,826,508

Electronic

Equipment,

Instruments

&

Components

0.4%

Dolby

Laboratories,

Inc.,

Class

A

79,764

7,874,302

Jabil,

Inc.

64,954

3,388,001

11,262,303

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.

81,742

1,766,444

Halliburton

Co.

236,248

5,069,882

Schlumberger

NV

130,373

3,544,842

10,381,168

Entertainment

3.7%

Activision

Blizzard,

Inc.

363,299

33,786,807

Electronic

Arts,

Inc.

54,288

7,348,967

Take-Two

Interactive

Software,

Inc.*

71,467

12,628,219

Walt

Disney

Co.

(The)*

270,926

49,991,265

103,755,258

Equity

Real

Estate

Investment

Trusts

(REITs)

4.5%

AvalonBay

Communities,

Inc.

43,752

8,072,682

Camden

Property

Trust

83,286

9,153,964

Equity

LifeStyle

Properties,

Inc.

455,360

28,979,110

Extra

Space

Storage,

Inc.

43,934

5,823,452

First

Industrial

Realty

Trust,

Inc.

267,246

12,237,194

Healthcare

Trust

of

America,

Inc.,

Class

A

111,378

3,071,805

Highwoods

Properties,

Inc.

64,736

2,779,764

Invitation

Homes,

Inc.

586,958

18,776,786

Prologis,

Inc.

321,084

34,034,904

VEREIT,

Inc.

99,935

3,859,490

126,789,151

Food

&

Staples

Retailing

2.4%

Costco

Wholesale

Corp.

74,782

26,359,159

Walmart,

Inc.

313,766

42,618,836

68,977,995

Food

Products

0.1%

Ingredion,

Inc.

39,132

3,518,749

22

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

3.9%

Cooper

Cos.,

Inc.

(The)

31,952

12,272,444

Danaher

Corp.

128,480

28,918,278

Edwards

Lifesciences

Corp.*

67,928

5,681,498

Hologic

,

Inc.*

290,406

21,600,398

Medtronic

plc

40,906

4,832,226

Quidel

Corp.*(a)

56,514

7,229,836

Teleflex,

Inc.

7,328

3,044,491

West

Pharmaceutical

Services,

Inc.

91,313

25,730,177

109,309,348

Health

Care

Providers

&

Services

4.9%

Anthem,

Inc.

95,299

34,207,576

Centene

Corp.*

307,188

19,632,385

Chemed

Corp.

8,241

3,789,377

Cigna

Corp.

92,064

22,255,551

HCA

Healthcare,

Inc.

168,760

31,784,258

Universal

Health

Services,

Inc.,

Class

B

208,277

27,782,069

139,451,216

Hotels,

Restaurants

&

Leisure

1.6%

Chipotle

Mexican

Grill,

Inc.*

17,858

25,373,004

Darden

Restaurants,

Inc.

50,077

7,110,934

Penn

National

Gaming,

Inc.*

17,438

1,828,200

Vail

Resorts,

Inc.*

32,420

9,455,617

43,767,755

Household

Durables

0.5%

DR

Horton,

Inc.

163,869

14,604,005

Toll

Brothers,

Inc.(a)

9,123

517,548

15,121,553

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

303,107

8,126,299

Insurance

5.1%

Alleghany

Corp.*

925

579,318

American

Financial

Group,

Inc.

83,907

9,573,789

Aon

plc,

Class

A(a)

81,112

18,664,682

Arch

Capital

Group

Ltd.*

761,916

29,234,717

Chubb

Ltd.

182,901

28,892,871

First

American

Financial

Corp.

222,538

12,606,778

Globe

Life,

Inc.

137,501

13,286,721

Old

Republic

International

Corp.

345,707

7,550,241

Primerica,

Inc.

37,357

5,522,112

Travelers

Cos.,

Inc.

(The)

5,948

894,579

W

R

Berkley

Corp.

236,039

17,785,539

144,591,347

Interactive

Media

&

Services

7.5%

Alphabet,

Inc.,

Class

A*

56,589

116,715,944

Facebook,

Inc.,

Class

A*

277,426

81,710,280

Pinterest,

Inc.,

Class

A*

139,230

10,307,197

Zillow

Group,

Inc.,

Class

C*

27,228

3,529,838

212,263,259

Internet

&

Direct

Marketing

Retail

4.8%

Amazon.com,

Inc.*

38,875

120,282,360

Etsy,

Inc.*

23,581

4,755,580

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Wayfair,

Inc.,

Class

A*(a)

35,333

11,121,062

136,159,002

IT

Services

7.0%

Accenture

plc,

Class

A

34,877

9,634,771

Fidelity

National

Information

Services,

Inc.

237,346

33,373,221

Global

Payments,

Inc.

94,796

19,108,978

International

Business

Machines

Corp.

275,400

36,699,804

PayPal

Holdings,

Inc.*

203,261

49,359,901

VeriSign,

Inc.*

103,640

20,599,487

Visa,

Inc.,

Class

A(a)

2,715

574,847

Western

Union

Co.

(The)

1,159,794

28,600,520

197,951,529

Life

Sciences

Tools

&

Services

2.2%

IQVIA

Holdings,

Inc.*

40,356

7,794,358

Mettler

-Toledo

International,

Inc.*

26,158

30,230,539

Thermo

Fisher

Scientific,

Inc.

51,723

23,605,343

61,630,240

Machinery

1.3%

Donaldson

Co.,

Inc.

41,088

2,389,678

PACCAR,

Inc.

33,899

3,149,895

Parker-Hannifin

Corp.

99,079

31,252,489

36,792,062

Media

1.2%

Charter

Communications,

Inc.,

Class

A*(a)

7,551

4,659,118

News

Corp.,

Class

A

400,137

10,175,484

Nexstar

Media

Group,

Inc.,

Class

A

62,223

8,737,976

Omnicom

Group,

Inc.

152,639

11,318,182

34,890,760

Multiline

Retail

0.8%

Kohl's

Corp.

116,053

6,917,919

Target

Corp.

72,779

14,415,337

21,333,256

Multi-Utilities

0.0%

†

MDU

Resources

Group,

Inc.

14,703

464,762

Oil,

Gas

&

Consumable

Fuels

1.6%

Cimarex

Energy

Co.

5,698

338,404

Diamondback

Energy,

Inc.

69,937

5,139,670

EOG

Resources,

Inc.(a)

183,583

13,315,275

Hess

Corp.

226,766

16,045,962

Pioneer

Natural

Resources

Co.

44,894

7,130,065

Targa

Resources

Corp.

90,100

2,860,675

44,830,051

Personal

Products

1.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

114,260

33,232,521

Herbalife

Nutrition

Ltd.*

104,086

4,617,255

37,849,776

Pharmaceuticals

3.5%

Jazz

Pharmaceuticals

plc*

3,346

549,982

Johnson

&

Johnson

371,596

61,071,803

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Perrigo

Co.

plc

76,343

3,089,601

Zoetis,

Inc.

217,792

34,297,884

99,009,270

Road

&

Rail

1.6%

AMERCO

16,910

10,359,066

Kansas

City

Southern

4,622

1,219,838

Knight-Swift

Transportation

Holdings,

Inc.

31,931

1,535,562

Old

Dominion

Freight

Line,

Inc.

128,877

30,983,319

Union

Pacific

Corp.

6,612

1,457,351

45,555,136

Semiconductors

&

Semiconductor

Equipment

3.8%

Advanced

Micro

Devices,

Inc.*(a)

104,846

8,230,411

Applied

Materials,

Inc.

290,018

38,746,405

KLA

Corp.

4,814

1,590,546

Lam

Research

Corp.

15,498

9,225,029

Micron

Technology,

Inc.*

24,837

2,190,872

NXP

Semiconductors

NV

131,827

26,542,048

Texas

Instruments,

Inc.

108,541

20,513,163

107,038,474

Software

7.5%

DocuSign,

Inc.*

19,249

3,896,960

Fair

Isaac

Corp.*

5,219

2,536,695

HubSpot

,

Inc.*

9,355

4,249,135

Microsoft

Corp.

686,418

161,836,772

Oracle

Corp.

214,862

15,076,867

salesforce.com,

Inc.*

45,204

9,577,371

Trade

Desk,

Inc.

(The),

Class

A*

23,584

15,368,749

212,542,549

Specialty

Retail

1.2%

Dick's

Sporting

Goods,

Inc.

180,686

13,759,239

L

Brands,

Inc.*

338,784

20,957,178

34,716,417

Technology

Hardware,

Storage

&

Peripherals

5.7%

Apple,

Inc.

1,233,029

150,614,492

Western

Digital

Corp.

173,821

11,602,552

162,217,044

Textiles,

Apparel

&

Luxury

Goods

0.1%

Tapestry,

Inc.*

88,152

3,632,744

Tobacco

1.3%

Philip

Morris

International,

Inc.

426,250

37,825,425

Trading

Companies

&

Distributors

0.2%

Air

Lease

Corp.

65,806

3,224,494

United

Rentals,

Inc.*(a)

10,184

3,353,693

6,578,187

Total

Common

Stocks

(cost

$2,316,211,021)

2,805,516,183

Repurchase

Agreements

0.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$4,697,848,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$4,791,801.(b)

4,697,845

4,697,845

HSBC

Bank

plc,

0.09%,

dated

03/31/2021,

due

4/1/2021,

repurchase

price

$4,100,011,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$4,183,684.(b)

4,100,000

4,100,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

03/26/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$1,020,003.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$9,797,845)

9,797,845

Total

Investments

(cost

$2,326,008,866)

—

99.4%

2,815,314,028

Other

assets

in

excess

of

liabilities

—

0.6%

15,706,187

NET

ASSETS

—

100.0%

$

2,831,020,215

24

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$49,215,621,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$9,797,845

and

by

$40,795,011

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/8/2021

–

11/15/2050,

a

total

value

of

$50,592,856.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$9,797,845.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

4

6/2021

USD

793,480

6,892

6,892

At

March

31,

2021,

the

Fund

had

$48,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

GS

Large

Cap

Equity

Insights

Fund

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,805,516,183

$

–

$

–

$

2,805,516,183

Futures

Contracts

6,892

–

–

6,892

Repurchase

Agreements

–

9,797,845

–

9,797,845

Total

$

2,805,523,075

$

9,797,845

$

–

$

2,815,320,920

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

$

6,892

Total

$

6,892

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

97.6%

Shares

Value

($)

Aerospace

&

Defense

0.5%

AeroVironment

,

Inc.*

1,302

151,110

Maxar

Technologies,

Inc.

7,832

296,206

Moog,

Inc.,

Class

A

4,398

365,694

Vectrus

,

Inc.*

5,547

296,432

1,109,442

Air

Freight

&

Logistics

0.3%

Echo

Global

Logistics,

Inc.*

19,392

609,103

Radiant

Logistics,

Inc.*(a)

12,459

86,590

695,693

Airlines

0.0%

†

Mesa

Air

Group,

Inc.*

6,218

83,632

Auto

Components

1.5%

Adient

plc*

15,485

684,437

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

40,916

395,248

Goodyear

Tire

&

Rubber

Co.

(The)*

103,996

1,827,210

Standard

Motor

Products,

Inc.

2,895

120,374

Tenneco,

Inc.,

Class

A*

9,955

106,718

Visteon

Corp.*

5,183

632,067

3,766,054

Banks

5.7%

1st

Source

Corp.(a)

11,990

570,484

Amalgamated

Financial

Corp.

10,336

171,474

Atlantic

Capital

Bancshares,

Inc.*

21,028

506,775

Atlantic

Union

Bankshares

Corp.

3,634

139,400

Bancorp,

Inc.

(The)*

63,705

1,319,968

BancorpSouth

Bank

1,736

56,385

Cadence

Bancorp

34,985

725,239

Civista

Bancshares,

Inc.

4,615

105,868

Community

Bankers

Trust

Corp.

8,108

71,513

CVB

Financial

Corp.

64,518

1,425,203

First

Bancorp/PR

20,582

231,753

First

Business

Financial

Services,

Inc.

1,397

34,548

First

Foundation,

Inc.

26,952

632,294

First

Internet

Bancorp

7,681

270,602

Fulton

Financial

Corp.

4,413

75,153

Guaranty

Bancshares,

Inc.(a)

5,455

200,471

Hanmi

Financial

Corp.

16,915

333,733

Heartland

Financial

USA,

Inc.

19,852

997,761

Independent

Bank

Corp./MI

9,103

215,195

International

Bancshares

Corp.

36,765

1,706,631

Investors

Bancorp,

Inc.(a)

108,154

1,588,782

Metropolitan

Bank

Holding

Corp.*(a)

1,037

52,223

National

Bank

Holdings

Corp.,

Class

A

12,478

495,127

QCR

Holdings,

Inc.

1,543

72,860

Republic

Bancorp,

Inc.,

Class

A(a)

2,602

115,243

Sierra

Bancorp

6,612

177,202

Southside

Bancshares,

Inc.(a)

1,385

53,336

TriCo

Bancshares

4,253

201,465

Common

Stocks

Shares

Value

($)

Banks

TriState

Capital

Holdings,

Inc.*

23,565

543,409

Trustmark

Corp.

25,510

858,667

Washington

Trust

Bancorp,

Inc.

2,033

104,964

Westamerica

Bancorp

717

45,013

14,098,741

Beverages

0.1%

Celsius

Holdings,

Inc.*

5,003

240,394

Biotechnology

8.8%

Affimed

NV*

24,074

190,425

Amicus

Therapeutics,

Inc.*

36,550

361,114

Anika

Therapeutics,

Inc.*

1,342

54,740

Apellis

Pharmaceuticals,

Inc.*(a)

13,811

592,630

Arcturus

Therapeutics

Holdings,

Inc.*(a)

1,739

71,821

Arcus

Biosciences,

Inc.*(a)

1,702

47,792

Ardelyx

,

Inc.*(a)

20,174

133,552

Arrowhead

Pharmaceuticals,

Inc.*(a)

7,690

509,924

Atara

Biotherapeutics

,

Inc.*

10,964

157,443

Avid

Bioservices

,

Inc.*

44,491

811,071

BioCryst

Pharmaceuticals,

Inc.*

6,275

63,817

CareDx

,

Inc.*

13,358

909,546

Catalyst

Pharmaceuticals,

Inc.*

68,479

315,688

CEL-SCI

Corp.*

2,480

37,721

CytomX

Therapeutics,

Inc.*

10,924

84,443

Denali

Therapeutics,

Inc.*

8,020

457,942

Dynavax

Technologies

Corp.*(a)

8,222

80,822

Eagle

Pharmaceuticals,

Inc.*(a)

5,291

220,846

Editas

Medicine,

Inc.*(a)

5,428

227,976

Eiger

BioPharmaceuticals

,

Inc.*(a)

27,920

247,092

Emergent

BioSolutions

,

Inc.*

889

82,597

Fate

Therapeutics,

Inc.*

10,401

857,562

G1

Therapeutics,

Inc.*(a)

12,554

302,049

Halozyme

Therapeutics,

Inc.*

1,833

76,418

Hookipa

Pharma,

Inc.*

10,675

143,579

ImmunoGen

,

Inc.*

28,573

231,441

Immunovant

,

Inc.*

8,062

129,314

Inovio

Pharmaceuticals,

Inc.*(a)

2,471

22,931

Intellia

Therapeutics,

Inc.*(a)

7,311

586,744

Invitae

Corp.*

12,374

472,811

Kadmon

Holdings,

Inc.*(a)

89,209

347,023

Kura

Oncology,

Inc.*

21,051

595,112

Minerva

Neurosciences,

Inc.*(a)

33,330

97,324

Mirati

Therapeutics,

Inc.*(a)

4,704

805,795

Mustang

Bio,

Inc.*

36,422

120,921

Myriad

Genetics,

Inc.*(a)

32,993

1,004,637

Natera

,

Inc.*

18,513

1,879,810

NextCure

,

Inc.*

2,108

21,101

Novavax

,

Inc.*

6,406

1,161,472

OPKO

Health,

Inc.*(a)

122,510

525,568

28

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Organogenesis

Holdings,

Inc.*

1,897

34,563

Prothena

Corp.

plc*

11,787

296,089

REGENXBIO,

Inc.*

2,329

79,442

Relay

Therapeutics,

Inc.*

1,384

47,845

Selecta

Biosciences,

Inc.*

106,532

482,057

Sorrento

Therapeutics,

Inc.*(a)

17,816

147,338

Syros

Pharmaceuticals,

Inc.*

8,579

64,171

TG

Therapeutics,

Inc.*(a)

10,874

524,127

Translate

Bio,

Inc.*(a)

31,008

511,322

Twist

Bioscience

Corp.*

4,869

603,074

Ultragenyx

Pharmaceutical,

Inc.*

4,882

555,865

Veracyte

,

Inc.*

30,233

1,625,024

Vericel

Corp.*(a)

2,545

141,375

Vir

Biotechnology,

Inc.*(a)

2,333

119,613

Xencor

,

Inc.*

28,658

1,234,014

Y-

mAbs

Therapeutics,

Inc.*

1,304

39,433

21,545,966

Building

Products

0.6%

Cornerstone

Building

Brands,

Inc.*

3,168

44,447

Masonite

International

Corp.*

7,160

825,119

Quanex

Building

Products

Corp.(a)

26,905

705,718

1,575,284

Capital

Markets

2.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

7,403

386,214

Cohen

&

Steers,

Inc.

12,163

794,609

Cowen,

Inc.,

Class

A(a)

29,464

1,035,660

Donnelley

Financial

Solutions,

Inc.*

15,788

439,380

Federated

Hermes,

Inc.,

Class

B

33,996

1,064,075

Focus

Financial

Partners,

Inc.,

Class

A*

3,088

128,523

Greenhill

&

Co.,

Inc.

2,065

34,031

Hamilton

Lane,

Inc.,

Class

A

1,266

112,117

Moelis

&

Co.,

Class

A

6,289

345,140

Oppenheimer

Holdings,

Inc.,

Class

A

17,051

682,893

PJT

Partners,

Inc.,

Class

A(a)

17,937

1,213,438

Virtus

Investment

Partners,

Inc.

1,417

333,703

Westwood

Holdings

Group,

Inc.

2,488

35,976

6,605,759

Chemicals

2.1%

AdvanSix

,

Inc.*

14,405

386,342

Balchem

Corp.(a)

1,384

173,567

Ferro

Corp.*

42,048

708,929

Ingevity

Corp.*

18,082

1,365,734

Innospec

,

Inc.

1,437

147,566

Koppers

Holdings,

Inc.*

15,685

545,211

Kraton

Corp.*

9,038

330,700

Minerals

Technologies,

Inc.

19,465

1,466,104

5,124,153

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1.1%

Cimpress

plc*

1,328

132,973

Ennis,

Inc.

33,958

725,003

Herman

Miller,

Inc.

853

35,101

HNI

Corp.

14,565

576,191

KAR

Auction

Services,

Inc.*(a)

8,022

120,330

Matthews

International

Corp.,

Class

A

21,637

855,743

Quad/Graphics,

Inc.*

23,608

83,336

Team,

Inc.*(a)

22,839

263,334

2,792,011

Communications

Equipment

0.5%

Calix,

Inc.*

16,758

580,832

Digi

International,

Inc.*

3,251

61,737

NETGEAR,

Inc.*

12,673

520,860

1,163,429

Construction

&

Engineering

1.2%

Dycom

Industries,

Inc.*

2,959

274,743

EMCOR

Group,

Inc.

5,194

582,559

Great

Lakes

Dredge

&

Dock

Corp.*

14,396

209,894

Matrix

Service

Co.*(a)

23,117

303,064

Primoris

Services

Corp.

20,575

681,650

Sterling

Construction

Co.,

Inc.*

1,479

34,313

WillScot

Mobile

Mini

Holdings

Corp.*

28,598

793,594

2,879,817

Construction

Materials

0.6%

Summit

Materials,

Inc.,

Class

A*(a)

48,636

1,362,780

United

States

Lime

&

Minerals,

Inc.

280

37,439

1,400,219

Consumer

Finance

0.5%

FirstCash

,

Inc.

1,408

92,464

Navient

Corp.

77,959

1,115,593

1,208,057

Distributors

0.0%

†

Funko

,

Inc.,

Class

A*(a)

3,492

68,723

Diversified

Financial

Services

0.3%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

43,409

656,778

Diversified

Telecommunication

Services

1.1%

Consolidated

Communications

Holdings,

Inc.*

37,072

266,918

Iridium

Communications,

Inc.*

34,610

1,427,663

Ooma

,

Inc.*(a)

5,582

88,475

ORBCOMM,

Inc.*

119,462

911,495

2,694,551

Electric

Utilities

0.0%

†

Genie

Energy

Ltd.,

Class

B

7,773

49,281

Electrical

Equipment

2.1%

Atkore

,

Inc.*

21,995

1,581,440

Encore

Wire

Corp.

1,421

95,392

FuelCell

Energy,

Inc.*(a)

12,015

173,136

Plug

Power,

Inc.*

26,536

951,050

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Powell

Industries,

Inc.

17,061

577,856

Sunrun

,

Inc.*(a)

13,762

832,326

Vicor

Corp.*

10,919

928,443

5,139,643

Electronic

Equipment,

Instruments

&

Components

2.6%

Bel

Fuse,

Inc.,

Class

B

8,517

169,403

Belden,

Inc.

6,904

306,330

Benchmark

Electronics,

Inc.

13,756

425,336

CTS

Corp.

14,058

436,641

Daktronics,

Inc.*

4,752

29,795

II-VI,

Inc.*(a)

4,829

330,159

Knowles

Corp.*(a)

54,303

1,136,019

nLight

,

Inc.*

14,221

460,760

Novanta

,

Inc.*

7,117

938,661

TTM

Technologies,

Inc.*(a)

69,926

1,013,927

Vishay

Intertechnology

,

Inc.

32,220

775,858

Vishay

Precision

Group,

Inc.*

15,279

470,746

6,493,635

Energy

Equipment

&

Services

0.6%

Cactus,

Inc.,

Class

A

9,103

278,734

ChampionX

Corp.*

12,567

273,081

DMC

Global,

Inc.*(a)

1,273

69,073

Helix

Energy

Solutions

Group,

Inc.*

46,899

236,840

Oceaneering

International,

Inc.*

23,493

268,290

Oil

States

International,

Inc.*

30,921

186,454

Transocean

Ltd.*(a)

19,921

70,719

1,383,191

Entertainment

0.2%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

28,223

288,157

Gaia,

Inc.*(a)

18,422

219,037

507,194

Equity

Real

Estate

Investment

Trusts

(REITs)

7.8%

American

Assets

Trust,

Inc.

26,039

844,705

Armada

Hoffler

Properties,

Inc.

5,451

68,356

CareTrust

REIT,

Inc.

61,864

1,440,503

Chatham

Lodging

Trust*

5,045

66,392

City

Office

REIT,

Inc.

61,846

656,805

Community

Healthcare

Trust,

Inc.

22,060

1,017,407

EastGroup

Properties,

Inc.

8,160

1,169,165

Four

Corners

Property

Trust,

Inc.

32,781

898,199

Gladstone

Commercial

Corp.

27,786

543,494

Healthcare

Realty

Trust,

Inc.

11,980

363,234

Independence

Realty

Trust,

Inc.

54,640

830,528

Industrial

Logistics

Properties

Trust

32,494

751,586

Kite

Realty

Group

Trust

17,189

331,576

Lexington

Realty

Trust

91,493

1,016,487

Macerich

Co.

(The)

3,576

41,839

National

Storage

Affiliates

Trust

1,535

61,293

NexPoint

Residential

Trust,

Inc.

31,778

1,464,648

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Physicians

Realty

Trust

45,217

798,984

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

36,591

635,586

PotlatchDeltic

Corp.

23,185

1,226,950

Retail

Opportunity

Investments

Corp.

88,259

1,400,670

Retail

Value,

Inc.

21,749

406,924

Sabra

Health

Care

REIT,

Inc.

39,071

678,273

Terreno

Realty

Corp.

26,854

1,551,356

Urban

Edge

Properties

26,697

441,034

Urstadt

Biddle

Properties,

Inc.,

Class

A

28,289

471,012

Whitestone

REIT

2,785

27,014

19,204,020

Food

&

Staples

Retailing

1.1%

Ingles

Markets,

Inc.,

Class

A

16,623

1,024,808

Natural

Grocers

by

Vitamin

Cottage,

Inc.

11,007

193,173

Performance

Food

Group

Co.*

22,868

1,317,425

SpartanNash

Co.

2,520

49,468

2,584,874

Food

Products

1.1%

B&G

Foods,

Inc.(a)

1,298

40,316

Darling

Ingredients,

Inc.*

25,902

1,905,869

John

B

Sanfilippo

&

Son,

Inc.

5,710

516,013

Seneca

Foods

Corp.,

Class

A*

5,454

256,829

2,719,027

Gas

Utilities

0.2%

Northwest

Natural

Holding

Co.

8,668

467,639

Southwest

Gas

Holdings,

Inc.

441

30,301

497,940

Health

Care

Equipment

&

Supplies

3.7%

Accuray

,

Inc.*

11,475

56,801

Cantel

Medical

Corp.*

15,844

1,264,985

CONMED

Corp.

7,060

921,966

CryoLife

,

Inc.*

2,971

67,085

FONAR

Corp.*

3,779

68,362

Integer

Holdings

Corp.*

14,806

1,363,633

Invacare

Corp.(a)

20,365

163,327

iRhythm

Technologies,

Inc.*

990

137,471

LeMaitre

Vascular,

Inc.(a)

1,712

83,511

Meridian

Bioscience,

Inc.*

16,088

422,310

Merit

Medical

Systems,

Inc.*(a)

11,980

717,362

Natus

Medical,

Inc.*

25,137

643,759

Neogen

Corp.*

9,207

818,410

Retractable

Technologies,

Inc.*(a)

6,990

89,612

Shockwave

Medical,

Inc.*(a)

1,617

210,631

STAAR

Surgical

Co.*

11,970

1,261,758

Surmodics

,

Inc.*(a)

9,345

523,974

Utah

Medical

Products,

Inc.(a)

2,905

251,573

9,066,530

Health

Care

Providers

&

Services

2.8%

Brookdale

Senior

Living,

Inc.*

13,478

81,542

Community

Health

Systems,

Inc.*

64,556

872,797

Covetrus

,

Inc.*

1,412

42,318

30

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Hanger,

Inc.*

17,709

404,119

HealthEquity

,

Inc.*

3,777

256,836

InfuSystem

Holdings,

Inc.*

15,934

324,416

Joint

Corp.

(The)*

14,895

720,471

National

HealthCare

Corp.

5,288

411,988

RadNet

,

Inc.*

11,792

256,476

Select

Medical

Holdings

Corp.*

51,947

1,771,393

Tenet

Healthcare

Corp.*

30,823

1,602,796

US

Physical

Therapy,

Inc.

1,494

155,526

6,900,678

Health

Care

Technology

0.1%

Inspire

Medical

Systems,

Inc.*

1,318

272,813

OptimizeRx

Corp.*(a)

1,106

53,917

326,730

Hotels,

Restaurants

&

Leisure

4.6%

Boyd

Gaming

Corp.*

2,261

133,308

Brinker

International,

Inc.*

811

57,630

Caesars

Entertainment,

Inc.*

13,130

1,148,218

Carrols

Restaurant

Group,

Inc.*

6,545

39,172

Century

Casinos,

Inc.*

2,932

30,112

Churchill

Downs,

Inc.

2,800

636,776

Chuy's

Holdings,

Inc.*

11,218

497,182

Del

Taco

Restaurants,

Inc.

3,533

33,846

El

Pollo

Loco

Holdings,

Inc.*(a)

11,956

192,731

Fiesta

Restaurant

Group,

Inc.*

20,943

263,672

Marriott

Vacations

Worldwide

Corp.*

3,001

522,714

Monarch

Casino

&

Resort,

Inc.*

5,472

331,713

Noodles

&

Co.*(a)

16,457

170,330

Penn

National

Gaming,

Inc.*

13,440

1,409,050

Red

Robin

Gourmet

Burgers,

Inc.*

7,143

284,934

Red

Rock

Resorts,

Inc.,

Class

A*

51,665

1,683,762

Ruth's

Hospitality

Group,

Inc.*

11,435

283,931

SeaWorld

Entertainment,

Inc.*

16,439

816,525

Shake

Shack,

Inc.,

Class

A*(a)

2,118

238,847

Texas

Roadhouse,

Inc.*

20,946

2,009,559

Wingstop

,

Inc.

4,065

516,946

11,300,958

Household

Durables

2.0%

Century

Communities,

Inc.*

8,496

512,479

iRobot

Corp.*

1,432

174,962

LGI

Homes,

Inc.*(a)

6,236

931,097

M/I

Homes,

Inc.*

12,824

757,514

Sonos

,

Inc.*

20,795

779,188

Taylor

Morrison

Home

Corp.*

30,727

946,699

TRI

Pointe

Group,

Inc.*

43,051

876,518

4,978,457

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Clearway

Energy,

Inc.,

Class

C(a)

22,904

644,519

Insurance

3.6%

Ambac

Financial

Group,

Inc.*

3,768

63,076

Common

Stocks

Shares

Value

($)

Insurance

American

Equity

Investment

Life

Holding

Co.

51,273

1,616,638

AMERISAFE,

Inc.(a)

12,817

820,288

Argo

Group

International

Holdings

Ltd.

13,398

674,187

Enstar

Group

Ltd.*(a)

2,585

637,797

Genworth

Financial,

Inc.,

Class

A*

109,612

363,912

Goosehead

Insurance,

Inc.,

Class

A

3,813

408,677

HCI

Group,

Inc.

1,713

131,593

James

River

Group

Holdings

Ltd.

6,424

293,063

Kinsale

Capital

Group,

Inc.

9,201

1,516,325

National

Western

Life

Group,

Inc.,

Class

A(a)

395

98,355

State

Auto

Financial

Corp.

4,621

91,080

Stewart

Information

Services

Corp.

27,643

1,438,265

Trupanion

,

Inc.*(a)

7,942

605,260

8,758,516

Interactive

Media

&

Services

1.0%

Cargurus

,

Inc.*

17,896

426,462

Cars.com,

Inc.*

45,332

587,503

EverQuote

,

Inc.,

Class

A*(a)

6,422

233,054

QuinStreet

,

Inc.*

23,755

482,226

TrueCar

,

Inc.*

65,238

312,164

Yelp,

Inc.*

8,599

335,361

2,376,770

Internet

&

Direct

Marketing

Retail

0.5%

1-800-Flowers.com,

Inc.,

Class

A*(a)

28,183

778,133

Liquidity

Services,

Inc.*

1,630

30,285

Stamps.com,

Inc.*

2,313

461,467

1,269,885

IT

Services

2.0%

Brightcove

,

Inc.*

41,745

839,909

Cass

Information

Systems,

Inc.

1,236

57,190

Conduent

,

Inc.*

19,997

133,180

EVERTEC,

Inc.(a)

30,756

1,144,738

Hackett

Group,

Inc.

(The)

2,337

38,304

Perficient

,

Inc.*

23,869

1,401,588

Sykes

Enterprises,

Inc.*

22,075

973,066

TTEC

Holdings,

Inc.

4,249

426,812

5,014,787

Leisure

Products

0.5%

Callaway

Golf

Co.

22,972

614,501

MasterCraft

Boat

Holdings,

Inc.*

2,780

73,920

Nautilus,

Inc.*

8,205

128,326

Sturm

Ruger

&

Co.,

Inc.(a)

510

33,696

Vista

Outdoor,

Inc.*(a)

14,052

450,648

1,301,091

Life

Sciences

Tools

&

Services

0.7%

Medpace

Holdings,

Inc.*

7,908

1,297,307

Personalis

,

Inc.*

8,990

221,244

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Quanterix

Corp.*

4,667

272,880

1,791,431

Machinery

2.1%

Blue

Bird

Corp.*

1,134

28,384

CIRCOR

International,

Inc.*

1,645

57,279

Columbus

McKinnon

Corp.

10,402

548,809

Federal

Signal

Corp.

7,823

299,621

Franklin

Electric

Co.,

Inc.

9,704

766,034

Meritor,

Inc.*

26,887

791,015

Miller

Industries,

Inc.(a)

1,524

70,394

RBC

Bearings,

Inc.*

6,592

1,297,108

Rexnord

Corp.

20,224

952,348

Wabash

National

Corp.

21,380

401,944

5,212,936

Marine

0.1%

Costamare

,

Inc.

18,266

175,719

Media

1.2%

AMC

Networks,

Inc.,

Class

A*

2,965

157,620

Cardlytics,

Inc.*

1,623

178,043

Entravision

Communications

Corp.,

Class

A

9,433

38,109

EW

Scripps

Co.

(The),

Class

A(a)

26,234

505,529

Gray

Television,

Inc.

35,247

648,545

TechTarget

,

Inc.*(a)

7,345

510,110

TEGNA,

Inc.

51,886

977,013

3,014,969

Metals

&

Mining

1.5%

Alcoa

Corp.*

51,691

1,679,441

Arconic

Corp.*

10,656

270,556

Century

Aluminum

Co.*

3,888

68,662

Cleveland-Cliffs,

Inc.(a)

23,385

470,272

Haynes

International,

Inc.

6,563

194,724

Hecla

Mining

Co.

10,055

57,213

Materion

Corp.

950

62,928

Olympic

Steel,

Inc.

5,095

150,048

Ryerson

Holding

Corp.*

16,047

273,441

SunCoke

Energy,

Inc.

31,400

220,114

United

States

Steel

Corp.(a)

8,459

221,372

Warrior

Met

Coal,

Inc.

6,546

112,133

3,780,904

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

Arlington

Asset

Investment

Corp.,

Class

A*

12,622

50,993

Capstead

Mortgage

Corp.

36,386

226,685

Great

Ajax

Corp.

6,893

75,134

MFA

Financial,

Inc.

8,508

34,627

PennyMac

Mortgage

Investment

Trust

67,946

1,331,741

1,719,180

Multiline

Retail

0.1%

Big

Lots,

Inc.

2,679

182,976

Multi-Utilities

0.8%

Black

Hills

Corp.

5,632

376,049

NorthWestern

Corp.

23,297

1,518,964

1,895,013

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

2.4%

Ardmore

Shipping

Corp.*

45,459

206,384

Bonanza

Creek

Energy,

Inc.*

16,528

590,545

Clean

Energy

Fuels

Corp.*(a)

17,643

242,415

CNX

Resources

Corp.*

10,278

151,087

Comstock

Resources,

Inc.*

57,648

319,370

DHT

Holdings,

Inc.

20,183

119,685

Earthstone

Energy,

Inc.,

Class

A*

7,838

56,042

Kosmos

Energy

Ltd.*

9,758

29,957

Magnolia

Oil

&

Gas

Corp.,

Class

A*

56,439

647,920

Matador

Resources

Co.

19,252

451,459

Ovintiv

,

Inc.

38,635

920,286

PDC

Energy,

Inc.*

21,299

732,686

Penn

Virginia

Corp.*

1,646

22,056

Range

Resources

Corp.*

73,525

759,513

REX

American

Resources

Corp.*

1,725

145,193

Scorpio

Tankers,

Inc.(a)

8,304

153,292

SM

Energy

Co.

10,692

175,028

W&T

Offshore,

Inc.*(a)

21,741

78,050

5,800,968

Paper

&

Forest

Products

1.2%

Clearwater

Paper

Corp.*

6,230

234,372

Glatfelter

Corp.

33,885

581,128

Louisiana-Pacific

Corp.

38,047

2,110,087

2,925,587

Personal

Products

0.3%

elf

Beauty,

Inc.*(a)

8,330

223,494

Medifast

,

Inc.

1,021

216,268

USANA

Health

Sciences,

Inc.*

3,145

306,952

746,714

Pharmaceuticals

2.6%

Amneal

Pharmaceuticals,

Inc.*

10,319

69,447

Amphastar

Pharmaceuticals,

Inc.*(a)

38,355

702,664

ANI

Pharmaceuticals,

Inc.*(a)

19,592

708,055

BioDelivery

Sciences

International,

Inc.*

136,898

535,271

Cassava

Sciences,

Inc.*(a)

2,453

110,262

Collegium

Pharmaceutical,

Inc.*(a)

3,873

91,790

Corcept

Therapeutics,

Inc.*

7,686

182,850

Endo

International

plc*

74,748

553,883

Harrow

Health,

Inc.*(a)

3,149

21,256

Innoviva

,

Inc.*(a)

66,357

792,966

Ocular

Therapeutix

,

Inc.*(a)

7,796

127,932

Pacira

BioSciences

,

Inc.*

477

33,433

Phibro

Animal

Health

Corp.,

Class

A(a)

36,311

885,988

Prestige

Consumer

Healthcare,

Inc.*

32,994

1,454,376

6,270,173

Professional

Services

0.6%

Barrett

Business

Services,

Inc.

3,406

234,537

Huron

Consulting

Group,

Inc.*

6,800

342,584

Insperity

,

Inc.

433

36,260

32

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

KBR,

Inc.

21,572

828,149

1,441,530

Road

&

Rail

1.3%

Avis

Budget

Group,

Inc.*

2,872

208,335

Daseke

,

Inc.*

48,254

409,676

Marten

Transport

Ltd.

73,688

1,250,485

Werner

Enterprises,

Inc.

30,199

1,424,487

3,292,983

Semiconductors

&

Semiconductor

Equipment

2.2%

Ambarella

,

Inc.*

10,133

1,017,252

Axcelis

Technologies,

Inc.*

33,186

1,363,613

CEVA,

Inc.*

973

54,634

Cohu

,

Inc.*

783

32,761

FormFactor

,

Inc.*

7,821

352,805

Ichor

Holdings

Ltd.*

2,685

144,453

Lattice

Semiconductor

Corp.*

1,410

63,478

MACOM

Technology

Solutions

Holdings,

Inc.*

14,073

816,515

NeoPhotonics

Corp.*

16,682

199,350

Photronics

,

Inc.*

15,688

201,747

Rambus,

Inc.*

29,104

565,782

Ultra

Clean

Holdings,

Inc.*

9,602

557,300

Veeco

Instruments,

Inc.*(a)

3,701

76,759

5,446,449

Software

4.4%

Avaya

Holdings

Corp.*

9,015

252,691

Cerence

,

Inc.*(a)

2,831

253,601

ChannelAdvisor

Corp.*

35,182

828,536

Cloudera,

Inc.*(a)

36,944

449,609

CommVault

Systems,

Inc.*

14,118

910,611

Digital

Turbine,

Inc.*

13,834

1,111,700

Domo,

Inc.,

Class

B*

12,994

731,432

Envestnet

,

Inc.*

4,193

302,860

LivePerson

,

Inc.*(a)

6,004

316,651

MicroStrategy

,

Inc.,

Class

A*(a)

665

451,402

Sapiens

International

Corp.

NV

17,870

568,087

SPS

Commerce,

Inc.*

11,655

1,157,458

Synchronoss

Technologies,

Inc.*

27,498

98,168

Tenable

Holdings,

Inc.*

8,838

319,803

Upland

Software,

Inc.*

23,741

1,120,338

Varonis

Systems,

Inc.*

29,385

1,508,626

Verint

Systems,

Inc.*

4,475

203,568

Workiva

,

Inc.*

603

53,221

Xperi

Holding

Corp.

12,733

277,197

10,915,559

Specialty

Retail

4.7%

Abercrombie

&

Fitch

Co.,

Class

A*

48,696

1,670,760

At

Home

Group,

Inc.*

26,422

758,311

Bed

Bath

&

Beyond,

Inc.*

6,487

189,096

Boot

Barn

Holdings,

Inc.*

3,437

214,159

Buckle,

Inc.

(The)

23,649

928,933

Camping

World

Holdings,

Inc.,

Class

A

23,258

846,126

Common

Stocks

Shares

Value

($)

Specialty

Retail

Container

Store

Group,

Inc.

(The)*(a)

4,353

72,434

GameStop

Corp.,

Class

A*(a)

4,675

887,409

Group

1

Automotive,

Inc.

276

43,550

Haverty

Furniture

Cos.,

Inc.

37,418

1,391,575

Lumber

Liquidators

Holdings,

Inc.*

7,329

184,105

Murphy

USA,

Inc.

880

127,213

RH*(a)

4,170

2,487,822

Signet

Jewelers

Ltd.*(a)

12,627

732,113

Sleep

Number

Corp.*

3,733

535,648

Zumiez

,

Inc.*

8,629

370,184

11,439,438

Technology

Hardware,

Storage

&

Peripherals

0.4%

3D

Systems

Corp.*(a)

16,309

447,519

Immersion

Corp.*

14,472

138,642

Super

Micro

Computer,

Inc.*

11,508

449,502

1,035,663

Textiles,

Apparel

&

Luxury

Goods

1.1%

Crocs,

Inc.*

22,021

1,771,590

G-III

Apparel

Group

Ltd.*

6,316

190,364

Steven

Madden

Ltd.

7,628

284,219

Wolverine

World

Wide,

Inc.

12,042

461,449

2,707,622

Thrifts

&

Mortgage

Finance

1.1%

Flagstar

Bancorp,

Inc.

31,488

1,420,109

Merchants

Bancorp

5,419

227,273

Washington

Federal,

Inc.

37,352

1,150,441

2,797,823

Tobacco

0.2%

Universal

Corp.

2,039

120,281

Vector

Group

Ltd.

23,151

322,956

443,237

Trading

Companies

&

Distributors

3.5%

Boise

Cascade

Co.

26,021

1,556,836

CAI

International,

Inc.

3,325

151,354

H&E

Equipment

Services,

Inc.

(a)

40,399

1,535,162

Herc

Holdings,

Inc.*

3,216

325,877

McGrath

RentCorp

18,110

1,460,571

MRC

Global,

Inc.*(a)

84,932

766,936

NOW,

Inc.*

12,173

122,826

Rush

Enterprises,

Inc.,

Class

A

32,929

1,640,852

Titan

Machinery,

Inc.*

13,923

355,037

Triton

International

Ltd.

11,302

621,497

8,536,948

Total

Common

Stocks

(cost

$196,281,757)

239,800,251

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreements

2.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,322,600,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,349,051.(b)

1,322,599

1,322,599

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,400,006,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$2,448,986.(b)

2,400,000

2,400,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,818.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$5,722,599)

5,722,599

Total

Investments

(cost

$202,004,356)

—

99.9%

245,522,850

Other

assets

in

excess

of

liabilities

—

0.1%

125,254

NET

ASSETS

—

100.0%

$

245,648,104

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$16,289,177,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,704,422

and

by

$10,623,246

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$16,327,668.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$5,722,599.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

39

6/2021

USD

4,333,875

(246,853)

(246,853)

At

March

31,

2021,

the

Fund

had

$278,850

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

239,800,251

$

–

$

–

$

239,800,251

Repurchase

Agreements

–

5,722,599

–

5,722,599

Total

Assets

$

239,800,251

$

5,722,599

$

–

$

245,522,850

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(246,853)

$

–

$

–

$

(246,853)

Total

Liabilities

$

(246,853)

$

–

$

–

$

(246,853)

Total

$

239,553,398

$

5,722,599

$

–

$

245,275,997

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(246,853)

Total

$

(246,853)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

2.7%

Howmet

Aerospace,

Inc.*

208,383

6,695,346

Huntington

Ingalls

Industries,

Inc.

25,651

5,280,258

Lockheed

Martin

Corp.

21,803

8,056,209

Textron,

Inc.

146,062

8,191,157

28,222,970

Air

Freight

&

Logistics

1.1%

Expeditors

International

of

Washington,

Inc.

102,033

10,987,934

Automobiles

3.1%

Ford

Motor

Co.*

1,535,816

18,813,746

General

Motors

Co.*

226,429

13,010,610

31,824,356

Banks

1.1%

Comerica,

Inc.

70,115

5,030,050

SVB

Financial

Group*

11,936

5,892,326

10,922,376

Biotechnology

3.9%

Biogen,

Inc.*

32,518

9,096,910

Bluebird

Bio,

Inc.*

85,459

2,576,589

Gilead

Sciences,

Inc.

249,937

16,153,428

Incyte

Corp.*

86,392

7,021,078

Ionis

Pharmaceuticals,

Inc.*

2,660

119,594

United

Therapeutics

Corp.*

31,439

5,258,802

40,226,401

Capital

Markets

2.7%

Bank

of

New

York

Mellon

Corp.

(The)

83,369

3,942,520

Intercontinental

Exchange,

Inc.

152,738

17,057,780

Northern

Trust

Corp.

28,500

2,995,635

Raymond

James

Financial,

Inc.

26,677

3,269,533

State

Street

Corp.

7,285

612,013

27,877,481

Chemicals

3.9%

Corteva,

Inc.

232,517

10,839,943

Dow,

Inc.

261,408

16,714,427

Element

Solutions,

Inc.

172,187

3,149,300

FMC

Corp.

69,985

7,741,041

Huntsman

Corp.

77,614

2,237,612

40,682,323

Commercial

Services

&

Supplies

0.6%

Clean

Harbors,

Inc.*

52,338

4,399,532

Rollins,

Inc.

50,446

1,736,352

6,135,884

Communications

Equipment

2.1%

Ciena

Corp.*

66,223

3,623,722

CommScope

Holding

Co.,

Inc.*

369,466

5,674,998

EchoStar

Corp.,

Class

A*

102,072

2,449,728

Juniper

Networks,

Inc.

402,676

10,199,783

21,948,231

Consumer

Finance

2.9%

Ally

Financial,

Inc.

74,559

3,370,812

Capital

One

Financial

Corp.

138,765

17,655,071

Common

Stocks

Shares

Value

($)

Consumer

Finance

Santander

Consumer

USA

Holdings,

Inc.

5,260

142,336

SLM

Corp.

154,620

2,778,521

Synchrony

Financial

156,638

6,368,901

30,315,641

Diversified

Consumer

Services

0.5%

frontdoor,

Inc.*

19,901

1,069,679

Graham

Holdings

Co.,

Class

B

6,055

3,405,574

Service

Corp.

International

23,577

1,203,606

5,678,859

Electric

Utilities

1.1%

Hawaiian

Electric

Industries,

Inc.

85,795

3,811,872

Pinnacle

West

Capital

Corp.

88,975

7,238,116

11,049,988

Electronic

Equipment,

Instruments

&

Components

1.0%

Arrow

Electronics,

Inc.*

38,428

4,258,591

Avnet,

Inc.

140,631

5,837,593

10,096,184

Energy

Equipment

&

Services

0.5%

Baker

Hughes

Co.

219,357

4,740,305

Entertainment

2.7%

Electronic

Arts,

Inc.

107,207

14,512,612

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

35,815

1,368,849

Madison

Square

Garden

Sports

Corp.,

Class

A*

20,440

3,668,162

Take-Two

Interactive

Software,

Inc.*

48,600

8,587,620

28,137,243

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Equity

Commonwealth

6,180

171,804

Gaming

and

Leisure

Properties,

Inc.

176,274

7,479,306

Outfront

Media,

Inc.*

135,533

2,958,685

SBA

Communications

Corp.

922

255,901

10,865,696

Food

&

Staples

Retailing

2.7%

Albertsons

Cos.,

Inc.,

Class

A

205,583

3,920,468

Costco

Wholesale

Corp.

44,889

15,822,475

Kroger

Co.

(The)

233,083

8,388,657

28,131,600

Food

Products

4.3%

Archer-Daniels-Midland

Co.

238,626

13,601,682

Hershey

Co.

(The)

64,616

10,219,667

Ingredion,

Inc.

53,878

4,844,710

Pilgrim's

Pride

Corp.*

103,952

2,473,018

Post

Holdings,

Inc.*

52,410

5,540,785

Tyson

Foods,

Inc.,

Class

A

105,425

7,833,077

44,512,939

Health

Care

Equipment

&

Supplies

0.3%

Envista

Holdings

Corp.*

65,982

2,692,066

Health

Care

Providers

&

Services

8.7%

AmerisourceBergen

Corp.

92,800

10,956,896

Anthem,

Inc.

56,112

20,141,402

Cardinal

Health,

Inc.

145,800

8,857,350

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Centene

Corp.*

9,126

583,243

Cigna

Corp.

61,457

14,856,615

Humana,

Inc.

41,776

17,514,588

McKesson

Corp.

78,328

15,277,093

Molina

Healthcare,

Inc.*

5,805

1,356,977

89,544,164

Health

Care

Technology

0.8%

Cerner

Corp.

120,513

8,662,474

Hotels,

Restaurants

&

Leisure

0.8%

Domino's

Pizza,

Inc.

23,700

8,716,623

Household

Durables

0.7%

NVR,

Inc.*

1,638

7,716,503

Household

Products

0.4%

Spectrum

Brands

Holdings,

Inc.

46,766

3,975,110

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Vistra

Corp.

163,935

2,898,371

Insurance

4.3%

Alleghany

Corp.*

3,152

1,974,066

Allstate

Corp.

(The)

134,706

15,477,719

Assurant,

Inc.

45,978

6,518,301

Brighthouse

Financial,

Inc.*

33,890

1,499,633

Everest

Re

Group

Ltd.

13,843

3,430,434

Markel

Corp.*

4,112

4,686,117

Reinsurance

Group

of

America,

Inc.

57,930

7,302,077

Travelers

Cos.,

Inc.

(The)

5,168

777,267

Unum

Group

101,824

2,833,762

44,499,376

Interactive

Media

&

Services

6.0%

Alphabet,

Inc.,

Class

C*

26,255

54,311,881

Facebook,

Inc.,

Class

A*

3,622

1,066,788

Twitter,

Inc.*

101,669

6,469,198

61,847,867

Internet

&

Direct

Marketing

Retail

4.0%

Amazon.com,

Inc.*

13,242

40,971,807

Qurate

Retail,

Inc.,

Series

A

44,200

519,792

41,491,599

IT

Services

1.5%

GoDaddy,

Inc.,

Class

A*

64,659

5,018,832

VeriSign,

Inc.*

55,457

11,022,633

16,041,465

Machinery

0.7%

AGCO

Corp.

49,412

7,098,034

Media

2.2%

Altice

USA,

Inc.,

Class

A*

87,886

2,858,932

Cable

One,

Inc.

376

687,463

Charter

Communications,

Inc.,

Class

A*

7,170

4,424,033

Fox

Corp.,

Class

A

133,788

4,831,085

Liberty

Media

Corp-Liberty

SiriusXM,

Class

A*

33,665

1,483,953

News

Corp.,

Class

A

204,156

5,191,687

Common

Stocks

Shares

Value

($)

Media

Omnicom

Group,

Inc.

51,041

3,784,690

23,261,843

Multiline

Retail

1.3%

Target

Corp.

69,662

13,797,952

Oil,

Gas

&

Consumable

Fuels

4.6%

APA

Corp.

583,518

10,444,972

Cheniere

Energy,

Inc.*

11,150

802,911

EQT

Corp.*

57,500

1,068,350

Kinder

Morgan,

Inc.

441,835

7,356,553

Marathon

Oil

Corp.

650,776

6,950,288

Occidental

Petroleum

Corp.

427,000

11,366,740

Pioneer

Natural

Resources

Co.

31,783

5,047,776

Targa

Resources

Corp.

130,561

4,145,312

47,182,902

Personal

Products

0.1%

Coty,

Inc.,

Class

A*

84,500

761,345

Pharmaceuticals

1.2%

Bristol-Myers

Squibb

Co.

142,192

8,976,581

Viatris,

Inc.*

214,335

2,994,260

11,970,841

Professional

Services

0.2%

TriNet

Group,

Inc.*

22,612

1,762,832

Real

Estate

Management

&

Development

0.5%

CBRE

Group,

Inc.,

Class

A*

47,004

3,718,487

Howard

Hughes

Corp.

(The)*

11,934

1,135,281

4,853,768

Road

&

Rail

0.3%

Ryder

System,

Inc.

38,348

2,901,026

Semiconductors

&

Semiconductor

Equipment

2.4%

Cirrus

Logic,

Inc.*

31,498

2,670,715

Micron

Technology,

Inc.*

97,934

8,638,758

QUALCOMM,

Inc.

101,276

13,428,185

24,737,658

Software

6.2%

Ceridian

HCM

Holding,

Inc.*

32,962

2,777,707

Cloudera,

Inc.*

61,281

745,790

Dropbox,

Inc.,

Class

A*

108,668

2,897,089

Fortinet,

Inc.*

80,100

14,772,042

Microsoft

Corp.

144,079

33,969,506

New

Relic,

Inc.*

46,181

2,839,208

NortonLifeLock,

Inc.

273,336

5,811,123

Nutanix,

Inc.,

Class

A*

14,305

379,941

64,192,406

Specialty

Retail

2.6%

AutoZone,

Inc.*

10,071

14,142,705

Best

Buy

Co.,

Inc.

85,261

9,788,816

L

Brands,

Inc.*

56,541

3,497,626

27,429,147

Technology

Hardware,

Storage

&

Peripherals

10.0%

Apple,

Inc.

314,189

38,378,186

Dell

Technologies,

Inc.,

Class

C*

81,393

7,174,793

Hewlett

Packard

Enterprise

Co.

851,271

13,399,006

38

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

HP,

Inc.

379,347

12,044,267

NCR

Corp.*

16,943

642,987

NetApp,

Inc.

83,541

6,070,924

Pure

Storage,

Inc.,

Class

A*

37,525

808,289

Seagate

Technology

plc

107,909

8,282,016

Western

Digital

Corp.

192,754

12,866,329

Xerox

Holdings

Corp.

148,092

3,594,193

103,260,990

Common

Stocks

Shares

Value

($)

Transportation

Infrastructure

0.0%

†

Macquarie

Infrastructure

Corp.

14,703

467,702

Wireless

Telecommunication

Services

0.5%

Telephone

&

Data

Systems,

Inc.

174,060

3,996,418

United

States

Cellular

Corp.*

30,144

1,099,653

5,096,071

Total

Investments

(cost

$784,814,787)

—

98.5%

1,019,216,546

Other

assets

in

excess

of

liabilities

—

1.5%

15,986,968

NET

ASSETS

—

100.0%

$

1,035,203,514

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2021

:

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

1/31/2022

42,807

131,845

131,845

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

88,766

88,766

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

12/31/2021

4,889

89,713

89,713

AMC

Entertainment

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

4.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

326,715

45,740

45,740

Amgen,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

20,678

127,170

127,170

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

4/29/2022

85,758

8,147

8,147

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

1/31/2022

62,833

192,269

192,269

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

64,814

64,814

Axon

Enterprise,

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

4/29/2022

6,018

48,746

48,746

Biogen,

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

4/29/2022

3,499

12,841

12,841

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(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

($)

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

3/31/2022

4,011

107,023

107,023

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

4/29/2022

41,187

55,603

55,603

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

8,629

9,837

9,837

CBRE

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

4/29/2022

68,663

124,280

124,280

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

3/31/2022

50,678

74,497

74,497

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

18,433

18,433

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

2/28/2022

256,054

128,027

128,027

Dun

&

Bradstreet

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

224,248

123,336

123,336

EchoStar

Corp.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

37,001

8,695

8,695

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

1/31/2022

75,320

143,861

143,861

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

1/31/2022

17,300

17,819

17,819

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

1/31/2022

55,179

80,009

80,009

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

3/31/2022

124,414

189,109

189,109

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

3/31/2022

11,718

6,093

6,093

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

5,357

40,660

40,660

40

-

Statement

of

Investments

-

March

31,

2021

(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

($)

Hewlett

Packard

Enterprise

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

11/30/2021

74,099

14,820

14,820

Howard

Hughes

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

4/29/2022

9,980

22,555

22,555

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

1/31/2022

66,260

40,419

40,419

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

1/31/2022

262,184

229,096

229,096

Huntsman

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

4/29/2022

1,866

583

583

Illumina,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

848

9,277

9,277

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

1/31/2022

33,594

5,711

5,711

Ingersoll

Rand,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

105,123

39,947

39,947

International

Flavors

&

Fragrances,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

37,672

35,035

35,035

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

91,844

91,844

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

5/31/2022

51,791

4,449

4,449

Macquarie

Infrastructure

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

5/31/2022

61,316

20,952

20,952

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

3/31/2022

30,669

65,632

65,632

Magnite,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

23,090

9,726

9,726

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

1/31/2022

19,800

9,504

9,504

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

70,757

70,757

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(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

($)

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

207,186

207,186

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

1/31/2022

48,020

12,965

12,965

News

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

4/29/2022

25,652

12,826

12,826

Nordson

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

17,800

76,184

76,184

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

3/31/2022

58,260

32,043

32,043

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

12/31/2021

140,981

50,753

50,753

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

1/31/2022

2,600

1,950

1,950

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

13,729

13,729

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

2/28/2022

104,901

71,333

71,333

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

3/31/2022

33,686

66,362

66,362

Raymond

James

Financial,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

36,473

58,356

58,356

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

1/31/2022

23,847

15,262

15,262

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

2.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

166,315

89,905

89,905

Rollins,

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

1/31/2022

21,562

9,332

9,332

Ryder

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

3/31/2022

25,190

38,037

38,037

Santander

Consumer

USA

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

3/31/2022

19,437

12,634

12,634

42

-

Statement

of

Investments

-

March

31,

2021

(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

($)

SL

Green

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

18,033

13,947

13,947

SLM

Corp.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

15,278

7,180

7,180

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

1/31/2022

24,546

52,528

52,528

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

4/29/2022

2,170

52,666

52,666

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

202,117

72,762

72,762

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

1/31/2022

12,670

5,195

5,195

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

2,190

2,190

Telephone

and

Data

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

1/31/2022

82,640

33,469

33,469

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

152,985

152,985

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

4/29/2022

11,582

22,484

22,484

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

11/30/2021

32,824

12,801

12,801

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

6,243

6,243

Twitter,

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

2/28/2022

92,857

64,071

64,071

Ubiquiti,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

8,142

322,994

322,994

United

States

Cellular

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

4/29/2022

11,426

9,712

9,712

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

91,630

91,630

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(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

($)

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

35,963

35,963

4,335,317

4,335,317

–

–

10X

Genomics,

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

14,347

(279,336)

(279,336)

AbbVie,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

48,128

(71,711)

(71,711)

Acadia

Healthcare

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

62,185

(16,538)

(16,538)

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

1/31/2022

40,045

(68,877)

(68,877)

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

4/29/2022

20,975

(10,907)

(10,907)

American

Airlines

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.58%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2021

305,818

(302,760)

(302,760)

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

12,330

(6,658)

(6,658)

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

4/29/2022

33,280

(53,227)

(53,227)

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

1/31/2022

698,923

(20,968)

(20,968)

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

(6,897)

(6,897)

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

4/29/2022

109,802

(118,263)

(118,263)

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

(154,024)

(154,024)

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

1/31/2022

11,320

(56,147)

(56,147)

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

4/29/2022

10,838

(922)

(922)

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

4/29/2022

35,822

(3,582)

(3,582)

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

(18,196)

(18,196)

44

-

Statement

of

Investments

-

March

31,

2021

(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

($)

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

1/31/2022

241,400

(55,522)

(55,522)

Berkeley

Lights,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

5,599

(32,138)

(32,138)

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

1/31/2022

10,606

(11,985)

(11,985)

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

1/31/2022

17,768

(271,140)

(271,140)

Brooks

Automation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

36,032

(116,783)

(116,783)

Bruker

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

453

(290)

(290)

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

63,341

(306,965)

(306,965)

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

104,634

(38,715)

(38,715)

Carnival

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

199,201

(181,273)

(181,273)

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

1/31/2022

10,824

(148,181)

(148,181)

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

15,149

(297,829)

(297,829)

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

4/29/2022

39,635

(170,034)

(170,034)

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

105,780

(410,426)

(410,426)

Cognex

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

68,041

(159,215)

(159,215)

Corporate

Office

Properties

Trust

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

5,292

(1,001)

(1,001)

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

(129,764)

(129,764)

Costco

Wholesale

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

2/28/2022

15,442

(56,672)

(56,672)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(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

($)

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

4/29/2022

9,340

(114,508)

(114,508)

Cree,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

33,314

(255,852)

(255,852)

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

3/31/2022

11,784

(707)

(707)

Elanco

Animal

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

142,073

(93,768)

(93,768)

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

2/28/2022

136,595

(6,830)

(6,830)

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

4/29/2022

51,464

(267,613)

(267,613)

Envista

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

3/31/2022

13,155

(395)

(395)

Equity

Commonwealth

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

13,763

(8,580)

(8,580)

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

1/31/2022

14,191

(67,123)

(67,123)

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

1/31/2022

13,937

(166,547)

(166,547)

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

1/31/2022

24,900

(17,679)

(17,679)

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

4/29/2022

27,458

(265,793)

(265,793)

First

Horizon

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

242,976

(94,760)

(94,760)

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

3/31/2022

22,367

(36,011)

(36,011)

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

5/31/2022

34,018

(40,339)

(40,339)

FuelCell

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

42,248

(81,283)

(81,283)

GameStop

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

4.07%

to

4.70%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

30,829

(262,663)

(262,663)

46

-

Statement

of

Investments

-

March

31,

2021

(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

($)

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

4/29/2022

181,046

(184,667)

(184,667)

Gentex

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

131,348

(39,404)

(39,404)

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

(23,546)

(23,546)

GoHealth,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2021

33,329

(15,665)

(15,665)

HCA

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

3/31/2022

20,083

(36,748)

(36,748)

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

5/31/2022

59,825

(43,289)

(43,289)

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

(24,376)

(24,376)

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

1/31/2022

55,971

(12,873)

(12,873)

Humana,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

1,746

(9,289)

(9,289)

Huntington

Ingalls

Industries,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

4,643

(7,011)

(7,011)

Hyatt

Hotels

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

30,482

(38,712)

(38,712)

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

(88,918)

(88,918)

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

5/31/2022

76,154

(329,980)

(329,980)

IPG

Photonics

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

22,209

(198,771)

(198,771)

J2

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

37,195

(84,433)

(84,433)

Kinder

Morgan,

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

4/29/2022

164,497

(16,450)

(16,450)

L3Harris

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

26,926

(23,156)

(23,156)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(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

($)

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

4/29/2022

115,208

(58,268)

(58,268)

Lockheed

Martin

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

4/29/2022

28,246

(92,929)

(92,929)

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

3/31/2022

53,909

(48,518)

(48,518)

Markel

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

4/29/2022

1,782

(28,761)

(28,761)

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

4,286

(150,090)

(150,090)

Middleby

Corp.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

17,455

(37,354)

(37,354)

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

1/31/2022

11,600

(103,588)

(103,588)

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

12/31/2021

56,118

(231,206)

(231,206)

New

Fortress

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

8,253

(23,933)

(23,933)

Northern

Trust

Corp.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

63,215

(92,926)

(92,926)

NortonLifeLock,

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

3/31/2022

71,189

(23,848)

(23,848)

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

(352,215)

(352,215)

NOV,

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

4/29/2022

194,472

(25,281)

(25,281)

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

5/31/2022

36,436

(21,372)

(21,372)

Omnicom

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

4/29/2022

74,855

(9,731)

(9,731)

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

(10,225)

(10,225)

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

37,886

(191,703)

(191,703)

48

-

Statement

of

Investments

-

March

31,

2021

(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

3/31/2022

13,953

(21,767)

(21,767)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

83,932

(64,628)

(64,628)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

9,741

(73,155)

(73,155)

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

5/31/2022

27,513

(257,507)

(257,507)

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

4/29/2022

9,129

(129,541)

(129,541)

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

1/31/2022

5,800

(144,884)

(144,884)

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

11/30/2021

426,882

(106,721)

(106,721)

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

4/29/2022

24,935

(27,429)

(27,429)

Service

Corp.

International

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

14,905

(298)

(298)

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

1/31/2022

77,202

(79,518)

(79,518)

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

42,288

(362,408)

(362,408)

Teladoc

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

5/31/2022

15,424

(126,439)

(126,439)

TG

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

4/29/2022

10,159

(51,811)

(51,811)

T-Mobile

US,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

41,494

(75,934)

(75,934)

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

4/29/2022

102,189

(265,691)

(265,691)

Trimble,

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

82,213

(206,355)

(206,355)

TripAdvisor,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

49,502

(1,980)

(1,980)

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

1/31/2022

12,581

(323,080)

(323,080)

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

4/29/2022

12,994

(214,921)

(214,921)

Tyson

Foods,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

9,991

(20,981)

(20,981)

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

2/28/2022

41,909

(93,038)

(93,038)

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

1/31/2022

5,300

(12,826)

(12,826)

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

5/31/2022

111,687

(34,270)

(34,270)

Viatris,

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

12/31/2021

63,450

(22,208)

(22,208)

(10,754,023)

(10,754,023)

–

–

(6,418,706)

(6,418,706)

Financing

Costs

of

Swap

Contracts

(208,995)

(208,995)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(6,627,701)

(6,627,701)

LIBOR

London

Interbank

Offered

Rate

OBFR

Overnight

Bank

Funding

Rate

50

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

NVIT

U.S.

130/30

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,019,216,546

$

–

$

–

$

1,019,216,546

Total

Return

Swaps*

–

4,335,317

–

4,335,317

Total

Assets

$

1,019,216,546

$

4,335,317

$

–

$

1,023,551,863

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(10,963,018)

$

–

$

(10,963,018)

Total

Liabilities

$

–

$

(10,963,018)

$

–

$

(10,963,018)

Total

$

1,019,216,546

$

(6,627,701)

$

–

$

1,012,588,845

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

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Swap

contracts,

at

value

$

4,335,317

Total

$

4,335,317

Liabilities:

Swap

Contracts(a)

Equity

risk

Swap

contracts,

at

value

$

(10,963,018

)

Total

$

(10,963,018

)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

BlackRock

Equity

Dividend

Fund

(formerly,

BlackRock

NVIT

Equity

Dividend

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

92.2%

Shares

Value

($)

Aerospace

&

Defense

2.9%

BAE

Systems

plc

1,423,295

9,907,990

Huntington

Ingalls

Industries,

Inc.

13,532

2,785,562

Raytheon

Technologies

Corp.

19,379

1,497,415

14,190,967

Auto

Components

0.6%

Lear

Corp.

16,171

2,930,994

Automobiles

2.2%

General

Motors

Co.*

189,339

10,879,419

Banks

10.6%

Bank

of

America

Corp.

317,193

12,272,197

Citigroup,

Inc.

247,347

17,994,494

JPMorgan

Chase

&

Co.

42,960

6,539,801

Wells

Fargo

&

Co.

405,402

15,839,056

52,645,548

Beverages

2.0%

Coca-Cola

Co.

(The)

85,723

4,518,459

Constellation

Brands,

Inc.,

Class

A

22,533

5,137,524

9,655,983

Capital

Markets

5.8%

Blackstone

Group,

Inc.

(The)

41,556

3,097,169

Charles

Schwab

Corp.

(The)

140,918

9,185,035

Morgan

Stanley

123,004

9,552,490

Raymond

James

Financial,

Inc.

58,287

7,143,655

28,978,349

Chemicals

1.5%

Corteva

,

Inc.

63,264

2,949,368

DuPont

de

Nemours,

Inc.

19,495

1,506,573

PPG

Industries,

Inc.

21,104

3,171,087

7,627,028

Communications

Equipment

3.4%

Cisco

Systems,

Inc.(a)

254,220

13,145,716

Motorola

Solutions,

Inc.

19,871

3,736,742

16,882,458

Consumer

Finance

1.2%

American

Express

Co.

19,893

2,813,666

Capital

One

Financial

Corp.

25,220

3,208,741

6,022,407

Diversified

Financial

Services

2.5%

Berkshire

Hathaway,

Inc.,

Class

B*

31,436

8,030,955

Equitable

Holdings,

Inc.

130,963

4,272,013

12,302,968

Diversified

Telecommunication

Services

2.6%

Verizon

Communications,

Inc.

224,311

13,043,685

Electric

Utilities

1.8%

American

Electric

Power

Co.,

Inc.

18,202

1,541,710

Edison

International

64,670

3,789,662

Exelon

Corp.

49,687

2,173,309

PPL

Corp.

52,861

1,524,511

9,029,192

Common

Stocks

Shares

Value

($)

Electrical

Equipment

0.1%

Siemens

Energy

AG*

18,766

673,671

Electronic

Equipment,

Instruments

&

Components

0.4%

CDW

Corp.

10,235

1,696,451

Food

Products

0.9%

Danone

SA

67,072

4,602,101

Health

Care

Equipment

&

Supplies

5.5%

Alcon,

Inc.*

62,075

4,346,218

Koninklijke

Philips

NV*

140,751

8,035,968

Medtronic

plc

73,193

8,646,289

Zimmer

Biomet

Holdings,

Inc.

39,632

6,344,290

27,372,765

Health

Care

Providers

&

Services

6.2%

Anthem,

Inc.

27,910

10,018,295

Cigna

Corp.

24,488

5,919,729

CVS

Health

Corp.

74,549

5,608,321

Humana,

Inc.

3,322

1,392,749

McKesson

Corp.

19,876

3,876,615

UnitedHealth

Group,

Inc.

11,158

4,151,557

30,967,266

Household

Durables

0.6%

Newell

Brands,

Inc.

114,689

3,071,371

Household

Products

1.2%

Henkel

AG

&

Co.

KGaA

(Preference)

52,203

5,869,205

Industrial

Conglomerates

2.9%

General

Electric

Co.

633,659

8,319,942

Siemens

AG

(Registered)

37,520

6,161,579

14,481,521

Insurance

6.7%

Allstate

Corp.

(The)

25,976

2,984,642

American

International

Group,

Inc.

277,328

12,815,327

Arthur

J

Gallagher

&

Co.

54,080

6,747,562

Fidelity

National

Financial,

Inc.

96,237

3,912,996

First

American

Financial

Corp.

14,037

795,196

MetLife,

Inc.

101,512

6,170,915

33,426,638

IT

Services

2.8%

Cognizant

Technology

Solutions

Corp.,

Class

A

93,712

7,320,781

Visa,

Inc.,

Class

A(a)

30,030

6,358,252

13,679,033

Media

3.3%

Comcast

Corp.,

Class

A

184,990

10,009,809

Fox

Corp.,

Class

A

168,955

6,100,965

Fox

Corp.,

Class

B

12,509

436,939

16,547,713

Multiline

Retail

0.3%

Dollar

General

Corp.

6,048

1,225,446

Multi-Utilities

2.4%

Ameren

Corp.

35,035

2,850,448

NiSource,

Inc.

112,018

2,700,754

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

(formerly,

BlackRock

NVIT

Equity

Dividend

Fund)

Common

Stocks

Shares

Value

($)

Multi-Utilities

Public

Service

Enterprise

Group,

Inc.

103,468

6,229,808

11,781,010

Oil,

Gas

&

Consumable

Fuels

5.7%

BP

plc

915,667

3,715,010

ConocoPhillips

87,758

4,648,541

Equinor

ASA

193,941

3,787,368

Marathon

Petroleum

Corp.

142,547

7,624,839

Pioneer

Natural

Resources

Co.

39,101

6,210,021

Williams

Cos.,

Inc.

(The)

94,839

2,246,736

28,232,515

Personal

Products

1.9%

Unilever

plc,

ADR-UK

166,652

9,304,181

Pharmaceuticals

4.7%

AstraZeneca

plc

56,607

5,644,840

Bayer

AG

(Registered)

122,514

7,752,760

Sanofi

99,088

9,793,651

23,191,251

Professional

Services

0.3%

Leidos

Holdings,

Inc.

15,324

1,475,395

Road

&

Rail

0.9%

Union

Pacific

Corp.

20,063

4,422,086

Semiconductors

&

Semiconductor

Equipment

0.7%

Applied

Materials,

Inc.

13,108

1,751,229

NXP

Semiconductors

NV

8,797

1,771,188

3,522,417

Software

2.6%

CDK

Global,

Inc.

53,720

2,904,103

Microsoft

Corp.

18,408

4,340,054

Open

Text

Corp.

56,995

2,719,232

SS&C

Technologies

Holdings,

Inc.

44,852

3,133,809

13,097,198

Specialty

Retail

2.0%

Lowe's

Cos.,

Inc.

11,123

2,115,372

Ross

Stores,

Inc.

44,413

5,325,563

TJX

Cos.,

Inc.

(The)

38,678

2,558,550

9,999,485

Technology

Hardware,

Storage

&

Peripherals

1.0%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

2,660

4,855,100

Tobacco

1.9%

Altria

Group,

Inc.

174,525

8,928,699

British

American

Tobacco

plc

12,147

464,612

9,393,311

Trading

Companies

&

Distributors

0.1%

Ferguson

plc

4,034

482,144

Total

Common

Stocks

(cost

$341,471,804)

457,558,272

Master

Limited

Partnership

1.3%

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

1.3%

Enterprise

Products

Partners

LP

303,936

6,692,671

Total

Master

Limited

Partnership

(cost  $6,991,914)

6,692,671

Total

Investments

(cost

$348,463,718)

—

93.5%

464,250,943

Other

assets

in

excess

of

liabilities

—

6.5%

32,279,844

NET

ASSETS

—

100.0%

$

496,530,787

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$18,102,699,

which

was

collateralized

by

$18,626,594

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

7.25%,

and

maturity

dates

ranging

from

4/8/2021

-

11/15/2050.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

UK

United

Kingdom

NVIT

BlackRock

Equity

Dividend

Fund

(formerly,

BlackRock

NVIT

Equity

Dividend

Fund)

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

(formerly,

BlackRock

NVIT

Equity

Dividend

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

4,282,977

$

9,907,990

$

–

$

14,190,967

Auto

Components

2,930,994

–

–

2,930,994

Automobiles

10,879,419

–

–

10,879,419

Banks

52,645,548

–

–

52,645,548

Beverages

9,655,983

–

–

9,655,983

Capital

Markets

28,978,349

–

–

28,978,349

Chemicals

7,627,028

–

–

7,627,028

Communications

Equipment

16,882,458

–

–

16,882,458

Consumer

Finance

6,022,407

–

–

6,022,407

Diversified

Financial

Services

12,302,968

–

–

12,302,968

Diversified

Telecommunication

Services

13,043,685

–

–

13,043,685

Electric

Utilities

9,029,192

–

–

9,029,192

Electrical

Equipment

–

673,671

–

673,671

Electronic

Equipment,

Instruments

&

Components

1,696,451

–

–

1,696,451

Food

Products

–

4,602,101

–

4,602,101

Health

Care

Equipment

&

Supplies

14,990,579

12,382,186

–

27,372,765

Health

Care

Providers

&

Services

30,967,266

–

–

30,967,266

Household

Durables

3,071,371

–

–

3,071,371

Household

Products

–

5,869,205

–

5,869,205

Industrial

Conglomerates

8,319,942

6,161,579

–

14,481,521

Insurance

33,426,638

–

–

33,426,638

IT

Services

13,679,033

–

–

13,679,033

Media

16,547,713

–

–

16,547,713

Multiline

Retail

1,225,446

–

–

1,225,446

Multi-Utilities

11,781,010

–

–

11,781,010

Oil,

Gas

&

Consumable

Fuels

20,730,137

7,502,378

–

28,232,515

Personal

Products

9,304,181

–

–

9,304,181

Pharmaceuticals

–

23,191,251

–

23,191,251

Professional

Services

1,475,395

–

–

1,475,395

Road

&

Rail

4,422,086

–

–

4,422,086

Semiconductors

&

Semiconductor

Equipment

3,522,417

–

–

3,522,417

Software

13,097,198

–

–

13,097,198

Specialty

Retail

9,999,485

–

–

9,999,485

Technology

Hardware,

Storage

&

Peripherals

–

4,855,100

–

4,855,100

Tobacco

8,928,699

464,612

–

9,393,311

Trading

Companies

&

Distributors

–

482,144

–

482,144

Total

Common

Stocks

$

381,466,055

$

76,092,217

$

–

$

457,558,272

Master

Limited

Partnership

6,692,671

–

–

6,692,671

Total

$

388,158,726

$

76,092,217

$

–

$

464,250,943

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

Neuberger

Berman

Multi

Cap

Opportunities

Fund

(formerly,

Neuberger

Berman

NVIT

Multi

Cap

Opportunities

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

99.8%

Shares

Value

($)

Aerospace

&

Defense

2.3%

Raytheon

Technologies

Corp.

72,000

5,563,440

Banks

3.5%

JPMorgan

Chase

&

Co.

56,000

8,524,880

Capital

Markets

7.6%

Brookfield

Asset

Management,

Inc.,

Class

A

214,000

9,523,000

Charles

Schwab

Corp.

(The)

83,000

5,409,940

Intercontinental

Exchange,

Inc.

33,000

3,685,440

18,618,380

Chemicals

1.7%

Sherwin-Williams

Co.

(The)

5,800

4,280,458

Communications

Equipment

6.0%

Cisco

Systems,

Inc.

140,000

7,239,400

Motorola

Solutions,

Inc.

40,000

7,522,000

14,761,400

Construction

Materials

1.5%

Eagle

Materials,

Inc.

27,000

3,629,070

Containers

&

Packaging

4.2%

Ball

Corp.

93,000

7,880,820

Graphic

Packaging

Holding

Co.

140,000

2,542,400

10,423,220

Diversified

Financial

Services

4.9%

Berkshire

Hathaway,

Inc.,

Class

B*

47,000

12,007,090

Electrical

Equipment

1.7%

Rockwell

Automation,

Inc.

16,000

4,247,040

Entertainment

3.5%

Activision

Blizzard,

Inc.

43,000

3,999,000

Walt

Disney

Co.

(The)*

25,000

4,613,000

8,612,000

Food

&

Staples

Retailing

3.3%

BJ's

Wholesale

Club

Holdings,

Inc.*

66,000

2,960,760

US

Foods

Holding

Corp.*

133,000

5,069,960

8,030,720

Food

Products

2.7%

Lamb

Weston

Holdings,

Inc.

40,000

3,099,200

Mondelez

International,

Inc.,

Class

A

62,000

3,628,860

6,728,060

Health

Care

Equipment

&

Supplies

2.8%

Hill-Rom

Holdings,

Inc.

62,000

6,849,760

Health

Care

Providers

&

Services

3.7%

HCA

Healthcare,

Inc.

48,000

9,040,320

Hotels,

Restaurants

&

Leisure

5.4%

Aramark

127,000

4,798,060

Las

Vegas

Sands

Corp.*

59,000

3,584,840

McDonald's

Corp.

22,000

4,931,080

13,313,980

Common

Stocks

Shares

Value

($)

Household

Products

1.0%

WD-40

Co.

8,500

2,602,530

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Brookfield

Renewable

Corp.

27,000

1,263,600

Insurance

3.1%

Chubb

Ltd.

30,500

4,818,085

Progressive

Corp.

(The)

29,000

2,772,690

7,590,775

Interactive

Media

&

Services

5.0%

Alphabet,

Inc.,

Class

C*

6,000

12,411,780

Internet

&

Direct

Marketing

Retail

3.5%

Amazon.com,

Inc.*

2,400

7,425,792

Booking

Holdings,

Inc.*

550

1,281,412

8,707,204

IT

Services

2.8%

PayPal

Holdings,

Inc.*

28,000

6,799,520

Leisure

Products

0.9%

Brunswick

Corp.

22,500

2,145,825

Machinery

4.8%

Allison

Transmission

Holdings,

Inc.

22,000

898,260

Nordson

Corp.

18,000

3,576,240

Stanley

Black

&

Decker,

Inc.

37,000

7,387,790

11,862,290

Media

4.1%

Cable

One,

Inc.

1,600

2,925,376

Comcast

Corp.,

Class

A

135,000

7,304,850

10,230,226

Pharmaceuticals

1.8%

Pfizer,

Inc.

126,000

4,564,980

Road

&

Rail

3.0%

CSX

Corp.

77,000

7,424,340

Software

4.4%

Microsoft

Corp.

46,000

10,845,420

Specialty

Retail

2.9%

Lowe's

Cos.,

Inc.

38,000

7,226,840

Technology

Hardware,

Storage

&

Peripherals

4.6%

Apple,

Inc.

92,000

11,237,800

Textiles,

Apparel

&

Luxury

Goods

2.6%

Columbia

Sportswear

Co.

17,000

1,795,710

NIKE,

Inc.,

Class

B

35,000

4,651,150

6,446,860

Total

Investments

(cost

$127,545,404)

—

99.8%

245,989,808

Other

assets

in

excess

of

liabilities

—

0.2%

382,322

NET

ASSETS

—

100.0%

$

246,372,130

*

Denotes

a

non-income

producing

security.

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

(formerly,

Neu-

berger

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.

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund

(formerly,

Neuberger

Berman

NVIT

Multi

Cap

Opportunities

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

245,989,808

$

–

$

–

$

245,989,808

Total

$

245,989,808

$

–

$

–

$

245,989,808

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

-

March

31,

2021

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

97.6%

Shares

Value

($)

Air

Freight

&

Logistics

1.9%

CH

Robinson

Worldwide,

Inc.

75,716

7,225,578

Expeditors

International

of

Washington,

Inc.

58,423

6,291,573

13,517,151

Banks

1.2%

JPMorgan

Chase

&

Co.

19,886

3,027,246

SVB

Financial

Group*

10,270

5,069,888

Western

Alliance

Bancorp

4,937

466,250

8,563,384

Beverages

3.9%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

3,428

4,135,128

Brown-Forman

Corp.,

Class

B

4,800

331,056

Coca-Cola

Co.

(The)

114,567

6,038,827

Monster

Beverage

Corp.*

83,606

7,615,670

PepsiCo,

Inc.

70,887

10,026,966

28,147,647

Biotechnology

4.2%

AbbVie,

Inc.

10,795

1,168,235

Amgen,

Inc.

42,278

10,519,189

Biogen,

Inc.*

11,765

3,291,259

Exelixis

,

Inc.*

16,521

373,209

Gilead

Sciences,

Inc.

11,874

767,417

Moderna

,

Inc.*

7,971

1,043,803

Regeneron

Pharmaceuticals,

Inc.*

10,622

5,025,693

Seagen

,

Inc.*

21,144

2,936,056

United

Therapeutics

Corp.*

11,685

1,954,550

Vertex

Pharmaceuticals,

Inc.*

14,161

3,043,057

30,122,468

Capital

Markets

1.7%

BlackRock,

Inc.

3,382

2,549,893

CME

Group,

Inc.

19,698

4,022,922

MarketAxess

Holdings,

Inc.

2,112

1,051,607

SEI

Investments

Co.

12,574

766,134

T.

Rowe

Price

Group,

Inc.

22,170

3,804,372

12,194,928

Chemicals

3.3%

Air

Products

&

Chemicals,

Inc.

4,353

1,224,673

Corteva

,

Inc.

10,026

467,412

Ecolab,

Inc.

49,667

10,632,215

Linde

plc

24,989

7,000,419

NewMarket

Corp.

750

285,120

PPG

Industries,

Inc.

19,121

2,873,121

Sherwin-Williams

Co.

(The)

2,233

1,647,976

24,130,936

Commercial

Services

&

Supplies

2.3%

Copart

,

Inc.*

15,158

1,646,310

Republic

Services,

Inc.

48,094

4,778,139

Rollins,

Inc.(a)

8,185

281,728

Waste

Management,

Inc.

75,198

9,702,046

16,408,223

Communications

Equipment

0.8%

Cisco

Systems,

Inc.

102,561

5,303,429

F5

Networks,

Inc.*(a)

1,700

354,654

5,658,083

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

1.5%

Verizon

Communications,

Inc.

182,374

10,605,048

Electric

Utilities

4.8%

Alliant

Energy

Corp.

5,271

285,478

American

Electric

Power

Co.,

Inc.

50,073

4,241,183

Duke

Energy

Corp.

43,285

4,178,301

Evergy

,

Inc.

38,619

2,298,989

Eversource

Energy

42,108

3,646,132

IDACORP,

Inc.

2,756

275,517

NextEra

Energy,

Inc.

136,766

10,340,877

Pinnacle

West

Capital

Corp.

51,852

4,218,160

Xcel

Energy,

Inc.

76,481

5,086,751

34,571,388

Electrical

Equipment

0.9%

Eaton

Corp.

plc

26,238

3,628,190

Emerson

Electric

Co.

3,482

314,146

Rockwell

Automation,

Inc.

8,297

2,202,356

6,144,692

Electronic

Equipment,

Instruments

&

Components

0.4%

Amphenol

Corp.,

Class

A

9,226

608,639

Cognex

Corp.

23,050

1,912,919

Dolby

Laboratories,

Inc.,

Class

A

3,451

340,683

2,862,241

Entertainment

0.2%

Electronic

Arts,

Inc.

2,239

303,094

Take-Two

Interactive

Software,

Inc.*

5,816

1,027,687

1,330,781

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Public

Storage

9,802

2,418,742

Food

&

Staples

Retailing

4.0%

Costco

Wholesale

Corp.

30,092

10,606,828

Kroger

Co.

(The)(a)

193,066

6,948,445

Sprouts

Farmers

Market,

Inc.*

16,847

448,467

Walmart,

Inc.

77,973

10,591,073

28,594,813

Food

Products

4.7%

Flowers

Foods,

Inc.

82,304

1,958,835

General

Mills,

Inc.

22,753

1,395,214

Hain

Celestial

Group,

Inc.

(The)*(a)

8,566

373,478

Hershey

Co.

(The)

60,775

9,612,174

Hormel

Foods

Corp.

209,523

10,011,009

J

M

Smucker

Co.

(The)

9,691

1,226,202

Lamb

Weston

Holdings,

Inc.

12,867

996,935

McCormick

&

Co.,

Inc.

(Non-Voting)

33,254

2,964,927

Mondelez

International,

Inc.,

Class

A

95,057

5,563,686

34,102,460

Health

Care

Equipment

&

Supplies

4.7%

Abbott

Laboratories

84,286

10,100,834

ABIOMED,

Inc.*

1,172

373,551

Align

Technology,

Inc.*

1,260

682,328

Danaher

Corp.

1,513

340,546

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Edwards

Lifesciences

Corp.*

42,664

3,568,417

IDEXX

Laboratories,

Inc.*

4,670

2,285,078

Intuitive

Surgical,

Inc.*

12,532

9,260,396

Medtronic

plc

32,422

3,830,011

ResMed

,

Inc.

5,230

1,014,724

Stryker

Corp.

9,439

2,299,152

West

Pharmaceutical

Services,

Inc.

1,191

335,600

34,090,637

Health

Care

Providers

&

Services

2.5%

Anthem,

Inc.

9,894

3,551,451

Chemed

Corp.

7,920

3,641,774

Henry

Schein,

Inc.*

10,432

722,312

UnitedHealth

Group,

Inc.

28,165

10,479,352

18,394,889

Health

Care

Technology

0.2%

Veeva

Systems,

Inc.,

Class

A*

4,470

1,167,743

Household

Durables

0.0%

†

Garmin

Ltd.

1,640

216,234

Household

Products

3.9%

Church

&

Dwight

Co.,

Inc.

23,712

2,071,243

Clorox

Co.

(The)

37,869

7,304,173

Colgate-Palmolive

Co.

91,936

7,247,315

Kimberly-Clark

Corp.

8,692

1,208,622

Procter

&

Gamble

Co.

(The)

78,704

10,658,883

28,490,236

Industrial

Conglomerates

0.9%

3M

Co.

25,461

4,905,826

Honeywell

International,

Inc.

6,562

1,424,413

6,330,239

Insurance

3.3%

Allstate

Corp.

(The)

29,593

3,400,236

Aon

plc,

Class

A(a)

1,560

358,972

Chubb

Ltd.

4,655

735,350

Erie

Indemnity

Co.,

Class

A

4,547

1,004,478

Everest

Re

Group

Ltd.

5,518

1,367,415

Marsh

&

McLennan

Cos.,

Inc.

36,857

4,489,183

Progressive

Corp.

(The)

74,876

7,158,894

RenaissanceRe

Holdings

Ltd.

11,219

1,797,845

Travelers

Cos.,

Inc.

(The)

25,638

3,855,955

24,168,328

Interactive

Media

&

Services

2.9%

Alphabet,

Inc.,

Class

A*

5,082

10,481,727

Facebook,

Inc.,

Class

A*

35,323

10,403,683

20,885,410

Internet

&

Direct

Marketing

Retail

2.1%

Amazon.com,

Inc.*

3,142

9,721,599

Booking

Holdings,

Inc.*

2,363

5,505,412

15,227,011

IT

Services

5.3%

Accenture

plc,

Class

A

39,187

10,825,409

Amdocs

Ltd.

6,937

486,631

Automatic

Data

Processing,

Inc.

13,213

2,490,254

Jack

Henry

&

Associates,

Inc.

8,657

1,313,440

Mastercard

,

Inc.,

Class

A

29,171

10,386,334

Common

Stocks

Shares

Value

($)

IT

Services

Paychex,

Inc.

21,375

2,095,177

VeriSign,

Inc.*

1,064

211,481

Visa,

Inc.,

Class

A(a)

48,749

10,321,626

38,130,352

Life

Sciences

Tools

&

Services

2.7%

Agilent

Technologies,

Inc.

3,763

478,428

Bio-

Techne

Corp.

1,164

444,567

Illumina,

Inc.*

5,382

2,067,011

Mettler

-Toledo

International,

Inc.*

5,499

6,355,139

QIAGEN

NV*

5,163

251,386

Thermo

Fisher

Scientific,

Inc.

20,944

9,558,423

Waters

Corp.*

1,811

514,632

19,669,586

Machinery

1.3%

Caterpillar,

Inc.

12,104

2,806,555

IDEX

Corp.

7,454

1,560,271

Illinois

Tool

Works,

Inc.

23,267

5,154,106

9,520,932

Media

1.2%

Cable

One,

Inc.

366

669,180

Charter

Communications,

Inc.,

Class

A*(a)

5,977

3,687,928

New

York

Times

Co.

(The),

Class

A

82,061

4,153,928

8,511,036

Metals

&

Mining

0.8%

Newmont

Corp.

94,933

5,721,612

Royal

Gold,

Inc.

3,893

418,965

6,140,577

Multiline

Retail

1.6%

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

5,249

456,663

Target

Corp.

55,068

10,907,319

11,363,982

Multi-Utilities

3.5%

Ameren

Corp.

60,196

4,897,547

Consolidated

Edison,

Inc.(a)

37,368

2,795,126

Dominion

Energy,

Inc.

51,756

3,931,386

DTE

Energy

Co.

37,547

4,999,008

Public

Service

Enterprise

Group,

Inc.

55,811

3,360,380

WEC

Energy

Group,

Inc.

59,197

5,540,247

25,523,694

Personal

Products

1.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

30,686

8,925,023

Pharmaceuticals

4.5%

Eli

Lilly

&

Co.

38,238

7,143,623

Johnson

&

Johnson

64,929

10,671,081

Merck

&

Co.,

Inc.

110,831

8,543,962

Pfizer,

Inc.

97,430

3,529,889

Zoetis,

Inc.

15,841

2,494,641

32,383,196

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

0.4%

Robert

Half

International,

Inc.

39,103

3,052,771

Road

&

Rail

2.5%

JB

Hunt

Transport

Services,

Inc.

5,319

893,964

Landstar

System,

Inc.

27,202

4,489,962

Old

Dominion

Freight

Line,

Inc.

44,658

10,736,230

Union

Pacific

Corp.

9,445

2,081,773

18,201,929

Semiconductors

&

Semiconductor

Equipment

2.6%

Applied

Materials,

Inc.

1,765

235,804

Broadcom,

Inc.

3,981

1,845,831

NVIDIA

Corp.

7,391

3,946,277

Skyworks

Solutions,

Inc.

10,040

1,842,139

Texas

Instruments,

Inc.

57,958

10,953,482

18,823,533

Software

5.5%

Adobe,

Inc.*

20,407

9,700,876

ANSYS,

Inc.*

2,126

721,904

Atlassian

Corp.

plc,

Class

A*

5,766

1,215,242

Citrix

Systems,

Inc.

2,483

348,514

Cloudflare

,

Inc.,

Class

A*

12,927

908,251

Intuit,

Inc.

25,018

9,583,395

Microsoft

Corp.

43,423

10,237,841

Oracle

Corp.

53,034

3,721,396

Tyler

Technologies,

Inc.*

802

340,473

Zoom

Video

Communications,

Inc.,

Class

A*

9,695

3,114,906

39,892,798

Specialty

Retail

1.3%

Best

Buy

Co.,

Inc.

6,129

703,670

Home

Depot,

Inc.

(The)

25,156

7,678,869

O'Reilly

Automotive,

Inc.*

1,370

694,933

Williams-Sonoma,

Inc.

2,761

494,771

9,572,243

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple,

Inc.

77,595

9,478,229

Textiles,

Apparel

&

Luxury

Goods

1.4%

Lululemon

Athletica

,

Inc.*

13,737

4,213,275

NIKE,

Inc.,

Class

B

46,082

6,123,837

10,337,112

Thrifts

&

Mortgage

Finance

0.0%

†

TFS

Financial

Corp.

15,133

308,259

Tobacco

1.1%

Altria

Group,

Inc.

74,879

3,830,810

Philip

Morris

International,

Inc.

43,221

3,835,431

7,666,241

Water

Utilities

1.4%

American

Water

Works

Co.,

Inc.

58,526

8,774,218

Essential

Utilities,

Inc.

22,867

1,023,298

9,797,516

Wireless

Telecommunication

Services

1.4%

T-Mobile

US,

Inc.*

78,332

9,814,216

Total

Investments

(cost

$473,720,335)

—

97.6%

705,456,937

Other

assets

in

excess

of

liabilities

—

2.4%

17,659,898

NET

ASSETS

—

100.0%

$

723,116,835

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$20,265,099,

which

was

collateralized

by

$21,213,552

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

7.25%,

and

maturity

dates

ranging

from

4/8/2021

-

2/15/2051.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

59

6/2021

USD

11,703,830

140,161

140,161

At

March

31,

2021,

the

Fund

had

$713,900

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

12

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

705,456,937

$

–

$

–

$

705,456,937

Futures

Contracts

140,161

–

–

140,161

Total

$

705,597,098

$

–

$

–

$

705,597,098

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

$

140,161

Total

$

140,161

The

Statement

of

Investments

should

be

read

in

conjunction

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

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.3%

Northrop

Grumman

Corp.

848

274,447

Automobiles

1.8%

Tesla,

Inc.*

598

399,422

Banks

7.2%

Huntington

Bancshares,

Inc.

5,845

91,884

Regions

Financial

Corp.

4,049

83,652

Truist

Financial

Corp.

11,076

645,952

US

Bancorp

5,783

319,858

Wells

Fargo

&

Co.

10,825

422,933

1,564,279

Beverages

3.5%

Coca-Cola

Co.

(The)

10,921

575,646

Constellation

Brands,

Inc.,

Class

A

860

196,080

771,726

Biotechnology

2.9%

AbbVie,

Inc.

5,059

547,485

Biogen,

Inc.*

297

83,086

630,571

Capital

Markets

3.4%

Ameriprise

Financial,

Inc.

1,369

318,224

Morgan

Stanley

5,307

412,142

730,366

Chemicals

2.4%

Eastman

Chemical

Co.

2,688

296,003

PPG

Industries,

Inc.

1,463

219,830

515,833

Containers

&

Packaging

0.9%

Crown

Holdings,

Inc.

2,119

205,628

Electric

Utilities

4.6%

NextEra

Energy,

Inc.

8,731

660,151

Xcel

Energy,

Inc.

5,079

337,804

997,955

Electrical

Equipment

3.1%

Eaton

Corp.

plc

4,866

672,870

Entertainment

1.1%

Netflix,

Inc.*

446

232,660

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Prologis,

Inc.

5,504

583,424

Health

Care

Equipment

&

Supplies

2.5%

Boston

Scientific

Corp.*

8,379

323,848

Intuitive

Surgical,

Inc.*

302

223,160

547,008

Health

Care

Providers

&

Services

2.2%

Cigna

Corp.

1,995

482,271

Hotels,

Restaurants

&

Leisure

4.4%

Marriott

International,

Inc.,

Class

A*

2,376

351,909

McDonald's

Corp.

2,241

502,298

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Yum!

Brands,

Inc.

966

104,502

958,709

Insurance

0.7%

Progressive

Corp.

(The)

1,522

145,518

Interactive

Media

&

Services

7.6%

Alphabet,

Inc.,

Class

A*

634

1,307,638

Alphabet,

Inc.,

Class

C*

41

84,814

Facebook,

Inc.,

Class

A*

861

253,590

1,646,042

Internet

&

Direct

Marketing

Retail

5.7%

Amazon.com,

Inc.*

402

1,243,820

IT

Services

6.6%

FleetCor

Technologies,

Inc.*

1,030

276,689

Mastercard

,

Inc.,

Class

A

2,236

796,128

Okta

,

Inc.*

187

41,220

Shopify,

Inc.,

Class

A*

82

90,733

Visa,

Inc.,

Class

A

1,061

224,646

1,429,416

Machinery

0.6%

Stanley

Black

&

Decker,

Inc.

650

129,786

Media

0.6%

Charter

Communications,

Inc.,

Class

A*

224

138,212

Multi-Utilities

0.5%

CMS

Energy

Corp.

1,630

99,789

Oil,

Gas

&

Consumable

Fuels

0.3%

Pioneer

Natural

Resources

Co.

448

71,151

Pharmaceuticals

3.4%

Bristol-Myers

Squibb

Co.

7,136

450,496

Eli

Lilly

&

Co.

1,541

287,889

738,385

Professional

Services

1.7%

Leidos

Holdings,

Inc.

3,960

381,269

Road

&

Rail

3.1%

Norfolk

Southern

Corp.

2,543

682,846

Semiconductors

&

Semiconductor

Equipment

7.9%

Advanced

Micro

Devices,

Inc.*

3,914

307,249

Analog

Devices,

Inc.

4,190

649,785

ASML

Holding

NV

(Registered),

NYRS-NL

485

299,419

Lam

Research

Corp.

282

167,858

NXP

Semiconductors

NV

1,482

298,386

1,722,697

Software

7.4%

Ceridian

HCM

Holding,

Inc.*

1,117

94,130

Coupa

Software,

Inc.*

260

66,165

Microsoft

Corp.

5,940

1,400,474

Workday,

Inc.,

Class

A*

164

40,742

1,601,511

Specialty

Retail

3.4%

Lowe's

Cos.,

Inc.

1,931

367,238

O'Reilly

Automotive,

Inc.*

278

141,016

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disci-

plined

Equity

Fund)

Common

Stocks

Shares

Value

($)

Specialty

Retail

Ross

Stores,

Inc.

1,962

235,263

743,517

Technology

Hardware,

Storage

&

Peripherals

5.5%

Apple,

Inc.

9,720

1,187,298

Total

Investments

(cost

$18,738,661)

—

99.0%

21,528,426

Other

assets

in

excess

of

liabilities

—

1.0%

225,581

NET

ASSETS

—

100.0%

$

21,754,007

*

Denotes

a

non-income

producing

security.

NL

Netherlands

NYRS

New

York

Registry

Shares

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

1

6/2021

USD

198,370

55

55

At

March

31,

2021,

the

Fund

had

$11,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disciplined

Equity

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(formerly,

NVIT

J.P.

Morgan

Disci-

plined

Equity

Fund)

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

21,528,426

$

–

$

–

$

21,528,426

Futures

Contracts

55

–

–

55

Total

$

21,528,481

$

–

$

–

$

21,528,481

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

$

55

Total

$

55

The

Statement

of

Investments

should

be

read

in

conjunction

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

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

98.9%

Shares

Value

($)

Aerospace

&

Defense

2.9%

Axon

Enterprise,

Inc.*

4,868

693,301

Huntington

Ingalls

Industries,

Inc.

851

175,178

Lockheed

Martin

Corp.

12,396

4,580,322

Northrop

Grumman

Corp.

2,842

919,785

6,368,586

Air

Freight

&

Logistics

0.2%

XPO

Logistics,

Inc.*

3,157

389,258

Auto

Components

0.7%

Visteon

Corp.*

12,341

1,504,985

Automobiles

0.7%

Tesla,

Inc.*

2,260

1,509,522

Biotechnology

4.8%

Agios

Pharmaceuticals,

Inc.*

7,623

393,652

Apellis

Pharmaceuticals,

Inc.*

6,260

268,617

Biogen,

Inc.*

4,722

1,320,980

BioMarin

Pharmaceutical,

Inc.*

13,540

1,022,405

Bluebird

Bio,

Inc.*

29,587

892,048

Global

Blood

Therapeutics,

Inc.*

5,711

232,723

Incyte

Corp.*

29,146

2,368,695

Ionis

Pharmaceuticals,

Inc.*

15,567

699,892

PTC

Therapeutics,

Inc.*

3,820

180,877

Sage

Therapeutics,

Inc.*

586

43,862

Sarepta

Therapeutics,

Inc.*

1,982

147,719

Vertex

Pharmaceuticals,

Inc.*

14,012

3,011,039

10,582,509

Chemicals

3.2%

FMC

Corp.

19,661

2,174,703

Sherwin-Williams

Co.

(The)

4,303

3,175,657

W

R

Grace

&

Co.

26,572

1,590,600

6,940,960

Communications

Equipment

1.6%

Arista

Networks,

Inc.*

3,076

928,614

CommScope

Holding

Co.,

Inc.*

172,575

2,650,752

3,579,366

Construction

&

Engineering

0.8%

EMCOR

Group,

Inc.

15,254

1,710,889

Consumer

Finance

1.7%

Green

Dot

Corp.,

Class

A*

17,330

793,540

SLM

Corp.

166,242

2,987,369

3,780,909

Diversified

Consumer

Services

0.6%

frontdoor

,

Inc.*

13,553

728,474

Strategic

Education,

Inc.

6,439

591,808

1,320,282

Electrical

Equipment

0.3%

Atkore

,

Inc.*

10,167

731,007

Electronic

Equipment,

Instruments

&

Components

1.4%

Insight

Enterprises,

Inc.*

2,496

238,169

Jabil,

Inc.

54,626

2,849,292

3,087,461

Entertainment

1.7%

Electronic

Arts,

Inc.

12,517

1,694,426

Common

Stocks

Shares

Value

($)

Entertainment

Take-Two

Interactive

Software,

Inc.*

11,084

1,958,543

3,652,969

Equity

Real

Estate

Investment

Trusts

(REITs)

0.5%

Four

Corners

Property

Trust,

Inc.

27,124

743,197

National

Health

Investors,

Inc.

4,728

341,740

1,084,937

Food

&

Staples

Retailing

1.5%

Albertsons

Cos.,

Inc.,

Class

A(a)

102,353

1,951,871

Costco

Wholesale

Corp.

3,812

1,343,654

3,295,525

Food

Products

1.5%

Hershey

Co.

(The)

14,272

2,257,259

Pilgrim's

Pride

Corp.*

17,529

417,015

Sanderson

Farms,

Inc.

3,396

529,029

3,203,303

Health

Care

Equipment

&

Supplies

1.1%

DexCom

,

Inc.*

5,885

2,115,010

Quidel

Corp.*

2,008

256,884

2,371,894

Health

Care

Providers

&

Services

5.6%

AmerisourceBergen

Corp.

25,520

3,013,146

Cardinal

Health,

Inc.

7,259

440,984

Cigna

Corp.

8,936

2,160,189

Humana,

Inc.

8,247

3,457,555

McKesson

Corp.

16,549

3,227,717

12,299,591

Health

Care

Technology

0.3%

Cerner

Corp.

8,147

585,606

Hotels,

Restaurants

&

Leisure

1.6%

Domino's

Pizza,

Inc.

3,462

1,273,289

Scientific

Games

Corp.*

10,508

404,768

Wendy's

Co.

(The)

43,201

875,252

Wingstop

,

Inc.

7,122

905,705

3,459,014

Household

Durables

0.6%

Sonos

,

Inc.*

35,615

1,334,494

Household

Products

0.2%

Energizer

Holdings,

Inc.

10,518

499,184

Insurance

0.8%

Alleghany

Corp.*

412

258,031

RenaissanceRe

Holdings

Ltd.

9,355

1,499,139

1,757,170

Interactive

Media

&

Services

7.6%

Alphabet,

Inc.,

Class

C*

5,128

10,607,935

Cargurus

,

Inc.*

18,770

447,289

Facebook,

Inc.,

Class

A*

11,480

3,381,204

Yelp,

Inc.*

56,435

2,200,965

16,637,393

Internet

&

Direct

Marketing

Retail

7.3%

Amazon.com,

Inc.*

5,166

15,984,017

18

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

IT

Services

5.4%

EPAM

Systems,

Inc.*

5,597

2,220,274

ExlService

Holdings,

Inc.*

18,050

1,627,388

GoDaddy

,

Inc.,

Class

A*

26,171

2,031,393

LiveRamp

Holdings,

Inc.*

8,110

420,747

Mastercard

,

Inc.,

Class

A

8,365

2,978,358

VeriSign,

Inc.*

13,149

2,613,495

11,891,655

Leisure

Products

0.4%

Polaris,

Inc.

7,128

951,588

Life

Sciences

Tools

&

Services

0.4%

PPD,

Inc.*

24,535

928,404

Media

2.5%

Altice

USA,

Inc.,

Class

A*(a)

33,493

1,089,527

Cable

One,

Inc.

168

307,165

Charter

Communications,

Inc.,

Class

A*(a)

3,620

2,233,612

Liberty

Media

Corp-Liberty

SiriusXM

,

Class

A*

24,995

1,101,780

Nexstar

Media

Group,

Inc.,

Class

A

4,680

657,212

5,389,296

Oil,

Gas

&

Consumable

Fuels

1.0%

Cheniere

Energy,

Inc.*

29,311

2,110,685

Personal

Products

0.8%

Herbalife

Nutrition

Ltd.*

19,178

850,736

Medifast

,

Inc.

3,919

830,123

1,680,859

Professional

Services

1.9%

Insperity

,

Inc.

25,619

2,145,335

KBR,

Inc.

5,651

216,942

ManTech

International

Corp.,

Class

A

4,100

356,495

TriNet

Group,

Inc.*

19,248

1,500,574

4,219,346

Road

&

Rail

1.1%

Landstar

System,

Inc.

14,029

2,315,627

Semiconductors

&

Semiconductor

Equipment

4.0%

MACOM

Technology

Solutions

Holdings,

Inc.*

3,566

206,899

QUALCOMM,

Inc.

36,692

4,864,992

Synaptics

,

Inc.*(a)

19,537

2,645,701

Universal

Display

Corp.

3,820

904,462

8,622,054

Software

15.4%

Box,

Inc.,

Class

A*

70,541

1,619,621

Ceridian

HCM

Holding,

Inc.*(a)

12,138

1,022,869

CommVault

Systems,

Inc.*

34,898

2,250,921

Cornerstone

OnDemand

,

Inc.*

2,215

96,530

Crowdstrike

Holdings,

Inc.,

Class

A*(a)

6,186

1,129,007

Dropbox,

Inc.,

Class

A*

19,023

507,153

Fortinet,

Inc.*

22,411

4,133,037

InterDigital

,

Inc.

12,002

761,527

Microsoft

Corp.

67,585

15,934,516

New

Relic,

Inc.*

20,845

1,281,551

NortonLifeLock

,

Inc.

37,706

801,630

Common

Stocks

Shares

Value

($)

Software

Nutanix

,

Inc.,

Class

A*

40,814

1,084,020

Palo

Alto

Networks,

Inc.*

3,221

1,037,355

Smartsheet

,

Inc.,

Class

A*

4,297

274,664

Tenable

Holdings,

Inc.*

16,699

604,253

Verint

Systems,

Inc.*

23,029

1,047,589

Workiva

,

Inc.*

347

30,626

33,616,869

Specialty

Retail

4.9%

AutoZone,

Inc.*

2,385

3,349,256

Best

Buy

Co.,

Inc.

12,822

1,472,094

Lowe's

Cos.,

Inc.

27,162

5,165,669

TJX

Cos.,

Inc.

(The)

9,154

605,537

10,592,556

Technology

Hardware,

Storage

&

Peripherals

11.3%

Apple,

Inc.

151,116

18,458,819

Dell

Technologies,

Inc.,

Class

C*

46,990

4,142,169

NetApp,

Inc.

3,284

238,648

Pure

Storage,

Inc.,

Class

A*

89,562

1,929,166

24,768,802

Thrifts

&

Mortgage

Finance

0.1%

PennyMac

Financial

Services,

Inc.

2,968

198,470

Trading

Companies

&

Distributors

0.5%

Boise

Cascade

Co.

13,613

814,466

Herc

Holdings,

Inc.*

3,052

309,259

1,123,725

Total

Common

Stocks

(cost

$145,734,285)

216,080,767

Repurchase

Agreements

0.9%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,070,654,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,092,066.(b)

1,070,653

1,070,653

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Repurchase

Agreements

Principal

Amount

($)

Value

($)

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$1,020,411.(b)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Total

Repurchase

Agreements

(cost

$2,070,653)

2,070,653

Total

Investments

(cost

$147,804,938)

—

99.8%

218,151,420

Other

assets

in

excess

of

liabilities

—

0.2%

505,670

NET

ASSETS

—

100.0%

$

218,657,090

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$8,495,938,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,070,653

and

by

$6,622,356

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/8/2021

–

11/15/2050,

a

total

value

of

$8,693,009.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$2,070,653.

REIT

Real

Estate

Investment

Trust

OTC

Total

return

swap

contracts

outstanding

as

of

March

31,

2021

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

11/30/2021

10,143

4,057

4,057

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

11/30/2021

9,361

22,373

22,373

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

24,555

24,555

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

16,585

16,585

Americold

Realty

Trust

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

14,404

6,194

6,194

Amicus

Therapeutics,

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

4/29/2022

44,045

29,951

29,951

Amkor

Technology,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

21,125

29,626

29,626

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

50,323

50,323

20

-

Statement

of

Investments

-

March

31,

2021

(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

($)

Baxter

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

4/29/2022

6,201

10,480

10,480

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

1,639

1,639

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

4/29/2022

984

26,657

26,657

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

926

926

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

8,143

8,143

Cloudera,

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

4/29/2022

20,528

6,364

6,364

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

1/31/2022

4,151

1,037

1,037

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

12/31/2021

5,414

4,006

4,006

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

4/29/2022

68,226

34,113

34,113

Dun

&

Bradstreet

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

48,721

26,797

26,797

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

4/29/2022

6,488

9,408

9,408

EPAM

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

4/29/2022

556

10,347

10,347

Exelixis

,

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

3/31/2022

10,519

5,365

5,365

Expedia

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

4,876

19,553

19,553

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

4/29/2022

2,000

7,420

7,420

Fastenal

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

23,468

9,387

9,387

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

4/29/2022

10,526

25,789

25,789

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

($)

Global

Blood

Therapeutics,

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

2/28/2022

4,418

4,462

4,462

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

1,712

1,712

Hilton

Grand

Vacations,

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

4/29/2022

15,027

7,363

7,363

Illinois

Tool

Works,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

5,011

20,645

20,645

Insight

Enterprises,

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

4/29/2022

6,466

8,794

8,794

InterDigital

,

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

4/29/2022

14,252

16,247

16,247

Itron

,

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

11/30/2021

2,552

6,533

6,533

Johnson

&

Johnson

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

2,188

3,698

3,698

KBR,

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

12/31/2021

36,993

34,034

34,034

LiveRamp

Holdings,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,129

3,849

3,849

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

3/31/2022

9,847

788

788

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

4,732

4,732

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

4/29/2022

11,244

5,397

5,397

Moody's

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,409

28,499

28,499

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

4/29/2022

35,244

9,516

9,516

Northrop

Grumman

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

4/29/2022

8,150

3,993

3,993

22

-

Statement

of

Investments

-

March

31,

2021

(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

($)

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

64,641

64,641

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

178

7,595

7,595

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

12,032

12,032

PPD,

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

1/31/2022

6,946

3,056

3,056

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

4/29/2022

1,533

2,024

2,024

Quidel

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

4/29/2022

1,301

6,167

6,167

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

24,044

24,044

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

to

6.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

23,837

16,924

16,924

Sage

Therapeutics,

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

4/29/2022

2,669

8,674

8,674

Smartsheet

,

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

11/30/2021

12,196

45,247

45,247

SVMK,

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

4/29/2022

16,262

11,058

11,058

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

10,305

10,305

Thermo

Fisher

Scientific,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

2,330

4,497

4,497

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

636

636

Universal

Display

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

4/29/2022

1,063

7,409

7,409

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

($)

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

6/30/2021

11,763

10,940

10,940

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

23,732

23,732

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

4/29/2022

3,403

60,880

60,880

Xperi

Holding

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

4/29/2022

16,822

4,878

4,878

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

4,682

8,474

8,474

884,570

884,570

–

–

10X

Genomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2021

6,713

(130,702)

(130,702)

8x8,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

11,235

(11,347)

(11,347)

AbbVie,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

6,271

(9,344)

(9,344)

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

(18,454)

(18,454)

Albany

International

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

4,134

(9,260)

(9,260)

Alleghany

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

5/31/2022

2,687

(38,382)

(38,382)

Altair

Engineering,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

1,420

(1,690)

(1,690)

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

3/31/2022

27,477

(14,288)

(14,288)

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

(15,994)

(15,994)

Anthem,

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

3/31/2022

8,942

(83,072)

(83,072)

Apellis

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

4/29/2022

3,576

(2,253)

(2,253)

24

-

Statement

of

Investments

-

March

31,

2021

(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

($)

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

23,934

(26,806)

(26,806)

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

4/29/2022

3,698

(13,646)

(13,646)

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

4/29/2022

3,478

(17,251)

(17,251)

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

2/28/2022

8,161

(816)

(816)

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

1/31/2022

4,038

(2,706)

(2,706)

Bandwidth,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

2,052

(21,012)

(21,012)

Berkeley

Lights,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

1,161

(6,664)

(6,664)

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

(830)

(830)

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

4/29/2022

3,404

(51,945)

(51,945)

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,251

(11,866)

(11,866)

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

(3,972)

(3,972)

Brooks

Automation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

15,667

(55,226)

(55,226)

Builders

FirstSource

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

6,307

(10,154)

(10,154)

CACI

International,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

6,490

(8,372)

(8,372)

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2021

4,201

(21,047)

(21,047)

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

(43,462)

(43,462)

CareDx

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2021

1,919

(15,371)

(15,371)

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

1,875

(694)

(694)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

($)

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

4/29/2022

4,326

(59,223)

(59,223)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

10,682

(16)

(16)

Cerner

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

4/29/2022

25,762

(15,715)

(15,715)

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

(64,111)

(64,111)

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

12/31/2021

14,892

(63,887)

(63,887)

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

4/29/2022

2,234

(3,820)

(3,820)

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

5/31/2022

5,392

(14,719)

(14,719)

Costco

Wholesale

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

2/28/2022

10,695

(39,251)

(39,251)

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

4/29/2022

4,243

(52,019)

(52,019)

CryoPort

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

5,440

(18,278)

(18,278)

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

4/29/2022

1,259

(4,218)

(4,218)

Energizer

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

2/28/2022

11,560

(10,751)

(10,751)

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

3/31/2022

6,716

(80,256)

(80,256)

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

12/31/2021

4,392

(42,515)

(42,515)

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

4/29/2022

12,245

(1,714)

(1,714)

Four

Corners

Property

Trust,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/28/2021

22,012

(2,256)

(2,256)

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

(7,792)

(7,792)

26

-

Statement

of

Investments

-

March

31,

2021

(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

($)

FuelCell

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.09%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

6,246

(12,804)

(12,804)

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

4/29/2022

5,594

(20,530)

(20,530)

Glaukos

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

4,761

(4,618)

(4,618)

Globant

SA

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

4,970

(64,014)

(64,014)

GoHealth

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

19,972

(9,387)

(9,387)

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

4/29/2022

15,531

(2,019)

(2,019)

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

28,431

(17,912)

(17,912)

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

12/31/2021

17,708

(51,176)

(51,176)

HCA

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

3/31/2022

6,176

(10,066)

(10,066)

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

(8,229)

(8,229)

Herbalife

Nutrition

Ltd.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

5,467

(2,405)

(2,405)

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

(5,529)

(5,529)

Huntington

Ingalls

Industries,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

7,005

(10,578)

(10,578)

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

4/29/2022

12,183

(19,249)

(19,249)

Intra-Cellular

Therapies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

8,171

(15,607)

(15,607)

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

4/29/2022

9,892

(50,944)

(50,944)

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

4/29/2022

1,778

(12,819)

(12,819)

J2

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

6,273

(14,240)

(14,240)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

($)

Las

Vegas

Sands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2022

17,924

(18,641)

(18,641)

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2022

4,221

(10,046)

(10,046)

LCI

Industries

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

2,606

(12,874)

(12,874)

Leslie's,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

4,246

(12,313)

(12,313)

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

4/29/2022

8,617

(16,372)

(16,372)

Magnite

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,008

(8,332)

(8,332)

ManTech

International

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

4/29/2022

8,752

(2,188)

(2,188)

MicroStrategy

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

432

(20,503)

(20,503)

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

(32,289)

(32,289)

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

4/29/2022

7,474

(4,933)

(4,933)

Murphy

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

3/31/2022

7,296

(75,222)

(75,222)

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

(528)

(528)

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

4/29/2022

21,776

(89,717)

(89,717)

NortonLifeLock

,

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

2/28/2022

47,904

(16,048)

(16,048)

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

(1,240)

(1,240)

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

4/29/2022

10,006

(6,904)

(6,904)

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

4/29/2022

10,145

(50,928)

(50,928)

Pacific

Biosciences

of

California,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2021

7,465

(34,936)

(34,936)

28

-

Statement

of

Investments

-

March

31,

2021

(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

($)

PennyMac

Financial

Services,

Inc.

1

month

USD

LIBOR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2022

14,228

(854)

(854)

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

(21,460)

(21,460)

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

8,690

(43,971)

(43,971)

Proto

Labs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

2,784

(7,879)

(7,879)

PTC

Therapeutics,

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

4/29/2022

2,996

(2,127)

(2,127)

Q2

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

8,965

(9,593)

(9,593)

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

4/29/2022

4,544

(47,667)

(47,667)

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

13,670

(10,526)

(10,526)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,093

(23,228)

(23,228)

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

(23,604)

(23,604)

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

4/29/2022

6,611

(68,159)

(68,159)

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

4/29/2022

3,379

(47,948)

(47,948)

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

4/29/2022

247

(6,170)

(6,170)

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

4/29/2022

5,653

(6,218)

(6,218)

Sanderson

Farms,

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

4/29/2022

1,839

(993)

(993)

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

4/29/2022

2,685

(5,343)

(5,343)

Sherwin-Williams

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

3/31/2022

1,158

(19,280)

(19,280)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

($)

Sorrento

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.95%

to

2.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

11,871

(4,570)

(4,570)

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

(4,947)

(4,947)

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

(16,748)

(16,748)

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

(10,058)

(10,058)

Sunrun

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

6,894

(59,082)

(59,082)

TechTarget

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2022

4,223

(7,757)

(7,757)

Teladoc

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

5/31/2022

6,415

(67,109)

(67,109)

Tenable

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

3/31/2022

2,786

(488)

(488)

TG

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

4/29/2022

2,501

(12,755)

(12,755)

Trupanion

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,340

(8,851)

(8,851)

Twilio

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,827

(98,277)

(98,277)

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

(29,789)

(29,789)

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

12/31/2021

10,562

(74,040)

(74,040)

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

(6,892)

(6,892)

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

(25,867)

(25,867)

Virgin

Galactic

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

2,966

(4,212)

(4,212)

Waters

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

3,156

(473)

(473)

Wynn

Resorts

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/29/2022

6,186

(11,568)

(11,568)

30

-

Statement

of

Investments

-

March

31,

2021

(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

($)

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

4/29/2022

3,185

(41,087)

(41,087)

(2,702,897)

(2,702,897)

–

–

(1,818,327)

(1,818,327)

Financing

Costs

of

Swap

Contracts

(35,700)

(35,700)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

(1,854,027)

(1,854,027)

LIBOR

London

Interbank

Offered

Rate

OBFR

Overnight

Bank

Funding

Rate

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

216,080,767

$

–

$

–

$

216,080,767

Repurchase

Agreements

–

2,070,653

–

2,070,653

Total

Return

Swaps*

–

884,570

–

884,570

Total

Assets

$

216,080,767

$

2,955,223

$

–

$

219,035,990

$

–

$

–

$

–

$

–

Liabilities:

Total

Return

Swaps*

$

–

$

(2,738,597)

$

–

$

(2,738,597)

Total

Liabilities

$

–

$

(2,738,597)

$

–

$

(2,738,597)

Total

$

216,080,767

$

216,626

$

–

$

216,297,393

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

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

Assets:

Fair

Value

Swap

Contracts(a)

Equity

risk

Swap

contracts,

at

value

$

884,570

Total

$

884,570

Liabilities:

Swap

Contracts(a)

Equity

risk

Swap

contracts,

at

value

(2,738,597)

Total

$

(2,738,597)

(a)

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Common

Stocks

90.1%

Shares

Value

($)

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)*

26,976

6,871,327

General

Dynamics

Corp.

11,383

2,066,698

Howmet

Aerospace,

Inc.*

19,143

615,065

Huntington

Ingalls

Industries,

Inc.

2,011

413,964

L3Harris

Technologies,

Inc.

10,091

2,045,244

Lockheed

Martin

Corp.

12,116

4,476,862

Northrop

Grumman

Corp.

7,614

2,464,195

Raytheon

Technologies

Corp.

74,705

5,772,455

Teledyne

Technologies,

Inc.*

1,824

754,498

Textron,

Inc.

11,342

636,059

TransDigm

Group,

Inc.*

2,683

1,577,389

27,693,756

Air

Freight

&

Logistics

0.6%

CH

Robinson

Worldwide,

Inc.

6,742

643,389

Expeditors

International

of

Washington,

Inc.

8,411

905,781

FedEx

Corp.

11,983

3,403,651

United

Parcel

Service,

Inc.,

Class

B

35,376

6,013,566

10,966,387

Airlines

0.3%

Alaska

Air

Group,

Inc.

*

6,042

418,167

American

Airlines

Group,

Inc.*

31,819

760,474

Delta

Air

Lines,

Inc.*

31,300

1,511,164

Southwest

Airlines

Co.*

28,985

1,769,824

United

Airlines

Holdings,

Inc.*

15,860

912,584

5,372,213

Auto

Components

0.1%

Aptiv

plc*

13,251

1,827,313

BorgWarner,

Inc.

11,914

552,333

2,379,646

Automobiles

1.7%

Ford

Motor

Co.*

191,895

2,350,714

General

Motors

Co.*

62,309

3,580,275

Tesla,

Inc.*

37,777

25,232,392

31,163,381

Banks

4.0%

Bank

of

America

Corp.

373,707

14,458,724

Citigroup,

Inc.

102,642

7,467,205

Citizens

Financial

Group,

Inc.

21,142

933,419

Comerica,

Inc.

6,779

486,325

Fifth

Third

Bancorp

34,858

1,305,432

First

Republic

Bank

8,630

1,439,053

Huntington

Bancshares,

Inc.

50,144

788,264

JPMorgan

Chase

&

Co.

150,123

22,853,224

KeyCorp

48,405

967,132

M&T

Bank

Corp.

6,379

967,120

People's

United

Financial,

Inc.

20,661

369,832

PNC

Financial

Services

Group,

Inc.

(The)

20,837

3,655,018

Regions

Financial

Corp.

47,572

982,838

SVB

Financial

Group*

2,612

1,289,440

Truist

Financial

Corp.

66,207

3,861,192

US

Bancorp

67,174

3,715,394

Wells

Fargo

&

Co.

203,300

7,942,931

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

8,202

450,782

73,933,325

Beverages

1.3%

Brown-Forman

Corp.,

Class

B

9,060

624,868

Coca-Cola

Co.

(The)

190,750

10,054,433

Constellation

Brands,

Inc.,

Class

A

8,346

1,902,888

Molson

Coors

Beverage

Co.,

Class

B*

9,403

480,963

Monster

Beverage

Corp.*

18,136

1,652,008

PepsiCo,

Inc.

67,851

9,597,524

24,312,684

Biotechnology

1.6%

AbbVie,

Inc.

86,847

9,398,582

Alexion

Pharmaceuticals,

Inc.*

10,786

1,649,287

Amgen,

Inc.

28,400

7,066,204

Biogen,

Inc.*

7,478

2,091,971

Gilead

Sciences,

Inc.

61,758

3,991,420

Incyte

Corp.*

9,251

751,829

Regeneron

Pharmaceuticals,

Inc.*

5,170

2,446,134

Vertex

Pharmaceuticals,

Inc.*

12,769

2,743,930

30,139,357

Building

Products

0.5%

A

O

Smith

Corp.

6,765

457,382

Allegion

plc

4,559

572,701

Carrier

Global

Corp.

40,091

1,692,642

Fortune

Brands

Home

&

Security,

Inc.

6,892

660,391

Johnson

Controls

International

plc

35,361

2,109,991

Masco

Corp.

12,944

775,346

Trane

Technologies

plc

11,702

1,937,383

8,205,836

Capital

Markets

2.6%

Ameriprise

Financial,

Inc.

5,724

1,330,544

Bank

of

New

York

Mellon

Corp.

(The)

37,978

1,795,980

BlackRock,

Inc.

6,978

5,261,133

Cboe

Global

Markets,

Inc.

5,287

521,774

Charles

Schwab

Corp.

(The)

73,563

4,794,836

CME

Group,

Inc.

17,641

3,602,821

Franklin

Resources,

Inc.

13,107

387,967

Goldman

Sachs

Group,

Inc.

(The)

16,915

5,531,205

Intercontinental

Exchange,

Inc.

27,596

3,081,921

Invesco

Ltd.

18,766

473,279

MarketAxess

Holdings,

Inc.

1,860

926,131

Moody's

Corp.

7,901

2,359,318

Morgan

Stanley

73,779

5,729,677

MSCI,

Inc.

4,051

1,698,503

Nasdaq,

Inc.

5,706

841,407

Northern

Trust

Corp.

10,354

1,088,309

Raymond

James

Financial,

Inc.

6,013

736,953

S&P

Global,

Inc.

11,830

4,174,452

State

Street

Corp.

17,253

1,449,425

34

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

11,187

1,919,689

47,705,324

Chemicals

1.7%

Air

Products

&

Chemicals,

Inc.

10,871

3,058,447

Albemarle

Corp.

5,808

848,607

Celanese

Corp.

5,585

836,689

CF

Industries

Holdings,

Inc.

10,689

485,067

Corteva

,

Inc.

36,508

1,702,003

Dow,

Inc.

36,593

2,339,756

DuPont

de

Nemours,

Inc.

26,429

2,042,433

Eastman

Chemical

Co.

6,689

736,593

Ecolab,

Inc.

12,214

2,614,651

FMC

Corp.

6,420

710,116

International

Flavors

&

Fragrances,

Inc.

12,204

1,703,800

Linde

plc

25,709

7,202,119

LyondellBasell

Industries

NV,

Class

A

12,613

1,312,383

Mosaic

Co.

(The)

17,232

544,704

PPG

Industries,

Inc.

11,627

1,747,073

Sherwin-Williams

Co.

(The)

3,961

2,923,258

30,807,699

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

4,326

1,476,507

Copart

,

Inc.*

10,186

1,106,302

Republic

Services,

Inc.

10,463

1,039,499

Rollins,

Inc.

11,065

380,857

Waste

Management,

Inc.

19,118

2,466,604

6,469,769

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

2,708

817,518

Cisco

Systems,

Inc.

207,645

10,737,323

F5

Networks,

Inc.*

3,023

630,658

Juniper

Networks,

Inc.

16,399

415,387

Motorola

Solutions,

Inc.

8,291

1,559,123

14,160,009

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

6,912

608,118

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

3,051

1,024,587

Vulcan

Materials

Co.

6,493

1,095,694

2,120,281

Consumer

Finance

0.5%

American

Express

Co.

32,075

4,536,688

Capital

One

Financial

Corp.

22,559

2,870,181

Discover

Financial

Services

15,039

1,428,555

Synchrony

Financial

26,605

1,081,759

9,917,183

Containers

&

Packaging

0.3%

Amcor

plc(a)

76,438

892,796

Avery

Dennison

Corp.

4,113

755,352

Ball

Corp.

16,078

1,362,450

International

Paper

Co.

19,253

1,041,010

Packaging

Corp.

of

America

4,703

632,459

Sealed

Air

Corp.

7,517

344,429

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

13,018

677,587

5,706,083

Distributors

0.1%

Genuine

Parts

Co.

7,136

824,850

LKQ

Corp.*

13,866

586,948

Pool

Corp.

2,005

692,206

2,104,004

Diversified

Financial

Services

1.3%

Berkshire

Hathaway,

Inc.,

Class

B*

93,804

23,964,108

Diversified

Telecommunication

Services

1.3%

AT&T,

Inc.

350,770

10,617,808

Lumen

Technologies,

Inc.

48,971

653,763

Verizon

Communications,

Inc.

203,541

11,835,909

23,107,480

Electric

Utilities

1.5%

Alliant

Energy

Corp.

12,308

666,601

American

Electric

Power

Co.,

Inc.

24,378

2,064,817

Duke

Energy

Corp.

37,772

3,646,131

Edison

International

18,580

1,088,788

Entergy

Corp.

9,958

990,522

Evergy

,

Inc.

11,169

664,891

Eversource

Energy

16,821

1,456,530

Exelon

Corp.

47,928

2,096,371

FirstEnergy

Corp.

26,974

935,728

NextEra

Energy,

Inc.

96,372

7,286,687

NRG

Energy,

Inc.

12,223

461,174

Pinnacle

West

Capital

Corp.

5,629

457,919

PPL

Corp.

37,669

1,086,374

Southern

Co.

(The)

51,912

3,226,850

Xcel

Energy,

Inc.

26,555

1,766,173

27,895,556

Electrical

Equipment

0.5%

AMETEK,

Inc.

11,306

1,444,115

Eaton

Corp.

plc

19,554

2,703,927

Emerson

Electric

Co.

29,471

2,658,874

Generac

Holdings,

Inc.*

3,073

1,006,254

Rockwell

Automation,

Inc.

5,698

1,512,477

9,325,647

Electronic

Equipment,

Instruments

&

Components

0.6%

Amphenol

Corp.,

Class

A

29,407

1,939,980

CDW

Corp.

7,039

1,166,714

Corning,

Inc.

37,696

1,640,153

FLIR

Systems,

Inc.

6,370

359,714

IPG

Photonics

Corp.*

1,741

367,246

Keysight

Technologies,

Inc.*

9,230

1,323,582

TE

Connectivity

Ltd.

16,243

2,097,134

Trimble,

Inc.*

12,501

972,453

Zebra

Technologies

Corp.,

Class

A*

2,621

1,271,657

11,138,633

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

36,343

785,372

Halliburton

Co.

43,945

943,060

NOV,

Inc.*

20,179

276,856

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

68,622

1,865,832

3,871,120

Entertainment

1.9%

Activision

Blizzard,

Inc.

38,070

3,540,510

Electronic

Arts,

Inc.

14,116

1,910,883

Live

Nation

Entertainment,

Inc.*

7,168

606,771

Netflix,

Inc.*

21,783

11,363,320

Take-Two

Interactive

Software,

Inc.*

5,725

1,011,607

Walt

Disney

Co.

(The)*

89,296

16,476,898

34,909,989

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Alexandria

Real

Estate

Equities,

Inc.

6,339

1,041,498

American

Tower

Corp.

21,846

5,222,505

AvalonBay

Communities,

Inc.

6,952

1,282,713

Boston

Properties,

Inc.

6,994

708,212

Crown

Castle

International

Corp.

21,194

3,648,123

Digital

Realty

Trust,

Inc.

13,798

1,943,310

Duke

Realty

Corp.

18,476

774,699

Equinix

,

Inc.

4,387

2,981,361

Equity

Residential

16,803

1,203,599

Essex

Property

Trust,

Inc.

3,230

878,043

Extra

Space

Storage,

Inc.

6,583

872,577

Federal

Realty

Investment

Trust

3,389

343,814

Healthpeak

Properties,

Inc.

26,750

849,045

Host

Hotels

&

Resorts,

Inc.*

34,905

588,149

Iron

Mountain,

Inc.

14,407

533,203

Kimco

Realty

Corp.

21,601

405,019

Mid-America

Apartment

Communities,

Inc.

5,681

820,109

Prologis,

Inc.

36,342

3,852,252

Public

Storage

7,463

1,841,570

Realty

Income

Corp.

18,606

1,181,481

Regency

Centers

Corp.

7,890

447,442

SBA

Communications

Corp.

5,361

1,487,946

Simon

Property

Group,

Inc.

16,121

1,834,086

UDR,

Inc.

14,602

640,444

Ventas,

Inc.

18,623

993,351

Vornado

Realty

Trust

7,615

345,645

Welltower

,

Inc.

20,470

1,466,266

Weyerhaeuser

Co.

37,174

1,323,394

39,509,856

Food

&

Staples

Retailing

1.2%

Costco

Wholesale

Corp.

21,768

7,672,785

Kroger

Co.

(The)

37,333

1,343,615

Sysco

Corp.

25,054

1,972,752

Walgreens

Boots

Alliance,

Inc.

35,196

1,932,260

Walmart,

Inc.

68,182

9,261,161

22,182,573

Food

Products

0.9%

Archer-Daniels-Midland

Co.

27,393

1,561,401

Campbell

Soup

Co.

9,901

497,723

Conagra

Brands,

Inc.

24,281

912,966

General

Mills,

Inc.

30,007

1,840,029

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

7,180

1,135,589

Hormel

Foods

Corp.

13,936

665,862

J

M

Smucker

Co.

(The)

5,473

692,499

Kellogg

Co.

12,813

811,063

Kraft

Heinz

Co.

(The)(a)

31,777

1,271,080

Lamb

Weston

Holdings,

Inc.

7,253

561,962

McCormick

&

Co.,

Inc.

(Non-Voting)

12,195

1,087,306

Mondelez

International,

Inc.,

Class

A

69,402

4,062,099

Tyson

Foods,

Inc.,

Class

A

14,634

1,087,306

16,186,885

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

6,456

638,176

Health

Care

Equipment

&

Supplies

3.3%

Abbott

Laboratories

87,130

10,441,659

ABIOMED,

Inc.*

2,234

712,043

Align

Technology,

Inc.*

3,579

1,938,136

Baxter

International,

Inc.

24,796

2,091,295

Becton

Dickinson

and

Co.

14,277

3,471,453

Boston

Scientific

Corp.*

69,607

2,690,311

Cooper

Cos.,

Inc.

(The)

2,439

936,795

Danaher

Corp.

31,168

7,015,293

DENTSPLY

SIRONA,

Inc.

10,838

691,573

DexCom

,

Inc.*

4,719

1,695,961

Edwards

Lifesciences

Corp.*

30,671

2,565,322

Hologic

,

Inc.*

12,788

951,171

IDEXX

Laboratories,

Inc.*

4,194

2,052,166

Intuitive

Surgical,

Inc.*

5,786

4,275,507

Medtronic

plc

66,292

7,831,074

ResMed

,

Inc.

7,134

1,384,139

STERIS

plc

4,229

805,540

Stryker

Corp.

16,085

3,917,984

Teleflex,

Inc.

2,316

962,205

Varian

Medical

Systems,

Inc.*

4,530

799,681

West

Pharmaceutical

Services,

Inc.

3,679

1,036,669

Zimmer

Biomet

Holdings,

Inc.

10,197

1,632,336

59,898,313

Health

Care

Providers

&

Services

2.4%

AmerisourceBergen

Corp.

7,306

862,619

Anthem,

Inc.

12,037

4,320,681

Cardinal

Health,

Inc.

14,543

883,487

Centene

Corp.*

28,542

1,824,119

Cigna

Corp.

17,293

4,180,410

CVS

Health

Corp.

64,463

4,849,552

DaVita,

Inc.*

3,650

393,361

HCA

Healthcare,

Inc.

13,020

2,452,187

Henry

Schein,

Inc.*

7,068

489,388

Humana,

Inc.

6,329

2,653,433

Laboratory

Corp.

of

America

Holdings*

4,783

1,219,809

McKesson

Corp.

7,799

1,521,117

Quest

Diagnostics,

Inc.

6,696

859,365

UnitedHealth

Group,

Inc.

46,503

17,302,371

Universal

Health

Services,

Inc.,

Class

B

3,888

518,620

44,330,519

36

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0.1%

Cerner

Corp.

15,265

1,097,248

Hotels,

Restaurants

&

Leisure

1.6%

Caesars

Entertainment,

Inc.*

10,183

890,503

Carnival

Corp.*

39,647

1,052,231

Chipotle

Mexican

Grill,

Inc.*

1,396

1,983,465

Darden

Restaurants,

Inc.

6,449

915,758

Domino's

Pizza,

Inc.

1,953

718,294

Hilton

Worldwide

Holdings,

Inc.*

13,619

1,646,809

Las

Vegas

Sands

Corp.*

16,081

977,082

Marriott

International,

Inc.,

Class

A*

13,057

1,933,872

McDonald's

Corp.

36,665

8,218,093

MGM

Resorts

International

20,358

773,400

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

18,040

497,724

Penn

National

Gaming,

Inc.*

7,269

762,082

Royal

Caribbean

Cruises

Ltd.*

10,895

932,721

Starbucks

Corp.

57,886

6,325,203

Wynn

Resorts

Ltd.*

5,245

657,566

Yum!

Brands,

Inc.

14,720

1,592,410

29,877,213

Household

Durables

0.4%

DR

Horton,

Inc.

16,231

1,446,507

Garmin

Ltd.

7,418

978,063

Leggett

&

Platt,

Inc.(a)

6,886

314,346

Lennar

Corp.,

Class

A

13,458

1,362,353

Mohawk

Industries,

Inc.*

2,906

558,853

Newell

Brands,

Inc.

18,310

490,342

NVR,

Inc.*

173

814,991

PulteGroup,

Inc.

13,302

697,557

Whirlpool

Corp.

3,102

683,525

7,346,537

Household

Products

1.3%

Church

&

Dwight

Co.,

Inc.

12,004

1,048,549

Clorox

Co.

(The)

6,164

1,188,912

Colgate-Palmolive

Co.

41,693

3,286,659

Kimberly-Clark

Corp.

16,596

2,307,674

Procter

&

Gamble

Co.

(The)

121,134

16,405,178

24,236,972

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

32,953

883,470

Industrial

Conglomerates

1.1%

3M

Co.

28,471

5,485,792

General

Electric

Co.

431,070

5,659,949

Honeywell

International,

Inc.

34,200

7,423,794

Roper

Technologies,

Inc.

5,152

2,078,008

20,647,543

Insurance

1.7%

Aflac,

Inc.

31,416

1,607,871

Allstate

Corp.

(The)

14,861

1,707,529

American

International

Group,

Inc.

42,449

1,961,568

Aon

plc,

Class

A(a)

11,099

2,553,991

Arthur

J

Gallagher

&

Co.

9,494

1,184,566

Assurant,

Inc.

2,896

410,566

Common

Stocks

Shares

Value

($)

Insurance

Chubb

Ltd.

22,123

3,494,770

Cincinnati

Financial

Corp.

7,382

761,010

Everest

Re

Group

Ltd.

1,998

495,124

Globe

Life,

Inc.

4,692

453,388

Hartford

Financial

Services

Group,

Inc.

(The)

17,815

1,189,864

Lincoln

National

Corp.

9,015

561,364

Loews

Corp.

11,075

567,926

Marsh

&

McLennan

Cos.,

Inc.

24,965

3,040,737

MetLife,

Inc.

36,911

2,243,820

Principal

Financial

Group,

Inc.

12,587

754,717

Progressive

Corp.

(The)

28,771

2,750,795

Prudential

Financial,

Inc.

19,481

1,774,719

Travelers

Cos.,

Inc.

(The)

12,379

1,861,802

Unum

Group

10,189

283,560

W

R

Berkley

Corp.

7,000

527,450

Willis

Towers

Watson

plc

6,325

1,447,666

31,634,803

Interactive

Media

&

Services

5.3%

Alphabet,

Inc.,

Class

A*

14,796

30,517,046

Alphabet,

Inc.,

Class

C*

14,182

29,337,310

Facebook,

Inc.,

Class

A*

118,347

34,856,742

Twitter,

Inc.*

39,195

2,493,978

97,205,076

Internet

&

Direct

Marketing

Retail

4.1%

Amazon.com,

Inc.*

21,060

65,161,325

Booking

Holdings,

Inc.*

2,014

4,692,298

eBay,

Inc.

31,726

1,942,900

Etsy,

Inc.*

6,279

1,266,286

Expedia

Group,

Inc.*

6,899

1,187,456

74,250,265

IT

Services

4.7%

Accenture

plc,

Class

A

31,191

8,616,514

Akamai

Technologies,

Inc.*

8,097

825,084

Automatic

Data

Processing,

Inc.

21,032

3,963,901

Broadridge

Financial

Solutions,

Inc.

5,745

879,559

Cognizant

Technology

Solutions

Corp.,

Class

A

26,047

2,034,792

DXC

Technology

Co.*

12,720

397,627

Fidelity

National

Information

Services,

Inc.

30,529

4,292,683

Fiserv,

Inc.*

28,289

3,367,523

FleetCor

Technologies,

Inc.*

4,151

1,115,083

Gartner,

Inc.*

4,415

805,958

Global

Payments,

Inc.

14,504

2,923,716

International

Business

Machines

Corp.

43,934

5,854,645

Jack

Henry

&

Associates,

Inc.

3,757

570,012

Mastercard

,

Inc.,

Class

A

43,130

15,356,436

Paychex,

Inc.

15,743

1,543,129

PayPal

Holdings,

Inc.*

57,609

13,989,770

VeriSign,

Inc.*

4,872

968,359

Visa,

Inc.,

Class

A(a)

83,437

17,666,116

Western

Union

Co.

(The)

20,531

506,294

85,677,201

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

Leisure

Products

0.0%

†

Hasbro,

Inc.

6,316

607,094

Life

Sciences

Tools

&

Services

1.0%

Agilent

Technologies,

Inc.

14,953

1,901,125

Bio-Rad

Laboratories,

Inc.,

Class

A*

1,060

605,440

Illumina,

Inc.*

7,166

2,752,174

IQVIA

Holdings,

Inc.*

9,386

1,812,812

Mettler

-Toledo

International,

Inc.*

1,148

1,326,732

PerkinElmer,

Inc.

5,549

711,881

Thermo

Fisher

Scientific,

Inc.

19,366

8,838,255

Waters

Corp.*

3,073

873,254

18,821,673

Machinery

1.6%

Caterpillar,

Inc.

26,812

6,216,898

Cummins,

Inc.

7,264

1,882,175

Deere

&

Co.

15,410

5,765,497

Dover

Corp.

7,032

964,298

Fortive

Corp.

16,785

1,185,692

IDEX

Corp.

3,747

784,322

Illinois

Tool

Works,

Inc.

14,157

3,136,059

Ingersoll

Rand,

Inc.*

18,471

908,958

Otis

Worldwide

Corp.

19,988

1,368,179

PACCAR,

Inc.

17,018

1,581,313

Parker-Hannifin

Corp.

6,336

1,998,564

Pentair

plc(a)

8,296

517,007

Snap-on,

Inc.

2,684

619,306

Stanley

Black

&

Decker,

Inc.

7,892

1,575,796

Westinghouse

Air

Brake

Technologies

Corp.

8,824

698,508

Xylem,

Inc.

8,961

942,518

30,145,090

Media

1.2%

Charter

Communications,

Inc.,

Class

A*(a)

6,951

4,288,906

Comcast

Corp.,

Class

A

224,845

12,166,363

Discovery,

Inc.,

Class

A*

8,332

362,109

Discovery,

Inc.,

Class

C*

14,478

534,093

DISH

Network

Corp.,

Class

A*

12,360

447,432

Fox

Corp.,

Class

A

16,707

603,290

Fox

Corp.,

Class

B

7,693

268,716

Interpublic

Group

of

Cos.,

Inc.

(The)

19,514

569,809

News

Corp.,

Class

A

19,533

496,724

News

Corp.,

Class

B

6,704

157,276

Omnicom

Group,

Inc.

10,613

786,954

ViacomCBS

,

Inc.

28,321

1,277,277

21,958,949

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.*

71,616

2,358,315

Newmont

Corp.

39,298

2,368,490

Nucor

Corp.(a)

14,604

1,172,263

5,899,068

Multiline

Retail

0.5%

Dollar

General

Corp.

12,031

2,437,721

Dollar

Tree,

Inc.*

11,530

1,319,724

Common

Stocks

Shares

Value

($)

Multiline

Retail

Target

Corp.

24,622

4,876,880

8,634,325

Multi-Utilities

0.7%

Ameren

Corp.

12,466

1,014,234

CenterPoint

Energy,

Inc.

27,004

611,641

CMS

Energy

Corp.

14,429

883,343

Consolidated

Edison,

Inc.

17,035

1,274,218

Dominion

Energy,

Inc.

39,578

3,006,345

DTE

Energy

Co.

9,498

1,264,564

NiSource,

Inc.

19,917

480,199

Public

Service

Enterprise

Group,

Inc.

24,771

1,491,462

Sempra

Energy

14,851

1,968,945

WEC

Energy

Group,

Inc.

15,468

1,447,650

13,442,601

Oil,

Gas

&

Consumable

Fuels

2.3%

APA

Corp.

19,606

350,947

Cabot

Oil

&

Gas

Corp.

19,391

364,163

Chevron

Corp.

94,744

9,928,224

ConocoPhillips

66,569

3,526,160

Devon

Energy

Corp.

29,685

648,617

Diamondback

Energy,

Inc.

8,816

647,888

EOG

Resources,

Inc.(a)

28,648

2,077,839

Exxon

Mobil

Corp.

208,229

11,625,425

Hess

Corp.

13,578

960,779

HollyFrontier

Corp.

7,777

278,261

Kinder

Morgan,

Inc.

95,501

1,590,092

Marathon

Oil

Corp.

39,429

421,102

Marathon

Petroleum

Corp.

31,955

1,709,273

Occidental

Petroleum

Corp.

41,698

1,110,001

ONEOK,

Inc.

22,103

1,119,738

Phillips

66

21,433

1,747,647

Pioneer

Natural

Resources

Co.

10,093

1,602,970

Valero

Energy

Corp.

20,310

1,454,196

Williams

Cos.,

Inc.

(The)

60,450

1,432,061

42,595,383

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,288

3,283,115

Pharmaceuticals

3.3%

Bristol-Myers

Squibb

Co.

110,168

6,954,906

Catalent

,

Inc.*

8,482

893,239

Eli

Lilly

&

Co.

39,117

7,307,838

Johnson

&

Johnson

129,319

21,253,578

Merck

&

Co.,

Inc.

124,445

9,593,465

Perrigo

Co.

plc

6,654

269,287

Pfizer,

Inc.

274,320

9,938,614

Viatris

,

Inc.*

60,047

838,856

Zoetis,

Inc.

23,350

3,677,158

60,726,941

Professional

Services

0.4%

Equifax,

Inc.

5,966

1,080,622

IHS

Markit

Ltd.

18,293

1,770,396

Jacobs

Engineering

Group,

Inc.

6,405

827,974

Leidos

Holdings,

Inc.

6,643

639,588

Nielsen

Holdings

plc

17,871

449,456

38

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

5,653

441,330

Verisk

Analytics,

Inc.

7,982

1,410,339

6,619,705

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

16,452

1,301,518

Road

&

Rail

0.9%

CSX

Corp.

37,469

3,612,761

JB

Hunt

Transport

Services,

Inc.

4,141

695,978

Kansas

City

Southern

4,536

1,197,141

Norfolk

Southern

Corp.

12,378

3,323,740

Old

Dominion

Freight

Line,

Inc.

4,697

1,129,206

Union

Pacific

Corp.

32,938

7,259,865

17,218,691

Semiconductors

&

Semiconductor

Equipment

5.0%

Advanced

Micro

Devices,

Inc.*

59,564

4,675,774

Analog

Devices,

Inc.

18,120

2,810,050

Applied

Materials,

Inc.

45,116

6,027,498

Broadcom,

Inc.

20,076

9,308,438

Enphase

Energy,

Inc.*

6,427

1,042,202

Intel

Corp.

199,849

12,790,336

KLA

Corp.

7,566

2,499,806

Lam

Research

Corp.

7,023

4,180,371

Maxim

Integrated

Products,

Inc.

13,309

1,216,043

Microchip

Technology,

Inc.

13,216

2,051,388

Micron

Technology,

Inc.*

54,989

4,850,580

Monolithic

Power

Systems,

Inc.

2,134

753,750

NVIDIA

Corp.

30,498

16,283,797

NXP

Semiconductors

NV

13,544

2,726,949

Qorvo

,

Inc.*

5,654

1,032,986

QUALCOMM,

Inc.

55,861

7,406,610

Skyworks

Solutions,

Inc.

8,086

1,483,619

Teradyne,

Inc.

8,310

1,011,161

Texas

Instruments,

Inc.

45,255

8,552,742

Xilinx,

Inc.

12,052

1,493,243

92,197,343

Software

7.5%

Adobe,

Inc.*

23,575

11,206,848

ANSYS,

Inc.*

4,254

1,444,488

Autodesk,

Inc.*

10,802

2,993,774

Cadence

Design

Systems,

Inc.*

13,689

1,875,256

Citrix

Systems,

Inc.

6,119

858,863

Fortinet,

Inc.*

6,638

1,224,180

Intuit,

Inc.

13,462

5,156,754

Microsoft

Corp.

371,107

87,495,898

NortonLifeLock

,

Inc.

29,365

624,300

Oracle

Corp.

91,196

6,399,223

Paycom

Software,

Inc.*

2,401

888,514

salesforce.com,

Inc.*

45,135

9,562,753

ServiceNow

,

Inc.*

9,639

4,820,560

Synopsys,

Inc.*

7,477

1,852,651

Tyler

Technologies,

Inc.*

2,004

850,758

137,254,820

Specialty

Retail

2.1%

Advance

Auto

Parts,

Inc.

3,277

601,297

Common

Stocks

Shares

Value

($)

Specialty

Retail

AutoZone,

Inc.*

1,089

1,529,283

Best

Buy

Co.,

Inc.

11,480

1,318,019

CarMax,

Inc.*

8,122

1,077,464

Gap,

Inc.

(The)*

10,287

306,347

Home

Depot,

Inc.

(The)

52,960

16,166,040

L

Brands,

Inc.*

11,578

716,215

Lowe's

Cos.,

Inc.

35,944

6,835,830

O'Reilly

Automotive,

Inc.*

3,445

1,747,476

Ross

Stores,

Inc.

17,477

2,095,667

TJX

Cos.,

Inc.

(The)

59,005

3,903,181

Tractor

Supply

Co.

5,793

1,025,824

Ulta

Beauty,

Inc.*

2,792

863,203

38,185,846

Technology

Hardware,

Storage

&

Peripherals

5.5%

Apple,

Inc.

776,482

94,847,276

Hewlett

Packard

Enterprise

Co.

64,890

1,021,369

HP,

Inc.

61,476

1,951,863

NetApp,

Inc.

11,054

803,294

Seagate

Technology

plc

10,054

771,645

Western

Digital

Corp.

15,130

1,009,927

100,405,374

Textiles,

Apparel

&

Luxury

Goods

0.6%

Hanesbrands,

Inc.

17,166

337,655

NIKE,

Inc.,

Class

B

62,528

8,309,346

PVH

Corp.*

3,450

364,665

Ralph

Lauren

Corp.*

2,493

307,038

Tapestry,

Inc.*

13,740

566,225

Under

Armour

,

Inc.,

Class

A*

9,583

212,359

Under

Armour

,

Inc.,

Class

C*

10,369

191,412

VF

Corp.

15,743

1,258,181

11,546,881

Tobacco

0.6%

Altria

Group,

Inc.

91,364

4,674,182

Philip

Morris

International,

Inc.

76,575

6,795,266

11,469,448

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

28,163

1,416,036

United

Rentals,

Inc.*(a)

3,588

1,181,564

WW

Grainger,

Inc.

2,196

880,442

3,478,042

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

8,894

1,333,388

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

28,702

3,596,074

Total

Common

Stocks

(cost

$1,126,729,209)

1,654,301,607

NVIT

Mellon

Dynamic

U.S.

Core

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Purchased

Options

1.6%

Number

of

Contracts

Value

($)

Call

Options

1.5%

Index

Funds:

1.5%

S&P

500

E-Mini

Index

6/18/2021

at

USD

3,500.00,

American

Style

Notional

Amount:

USD

94,356,138

Exchange

Traded

*

475

11,865,500

S&P

500

E-Mini

Index

6/18/2021

at

USD

4,130.00,

American

Style

Notional

Amount:

USD

94,356,138

Exchange

Traded

*

475

990,375

S&P

500

E-Mini

Index

5/21/2021

at

USD

3,350.00,

European

Style

Notional

Amount:

USD

94,356,138

Exchange

Traded

*

475

14,915,000

Put

Option

0.1%

Future

Interest

Rate

Options:

0.1%

U.S.

Treasury

30

Year

Bond

5/21/2021

at

USD

155.00,

American

Style

Notional

Amount:

USD

70,600,000

Exchange

Traded

*

706

1,765,000

Total

Purchased

Options

(cost

$25,205,608)

29,535,875

Short-Term

Investment

2.8%

Shares

U.S.

Treasury

Obligation

2.8%

U.S.

Treasury

Bills,

0.01%,

6/17/2021

52,000,000

51,998,332

Total

Short-Term

Investment

(cost

$51,999,388)

51,998,332

Repurchase

Agreement

0.0%

†

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$263,085,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$268,346.(b)

263,084

263,084

Total

Repurchase

Agreement

(cost

$263,084)

263,084

Total

Investments

(cost

$1,204,197,289)

—

94.5%

1,736,098,898

Other

assets

in

excess

of

liabilities

—

5.5%

101,309,974

NET

ASSETS

—

100.0%

$

1,837,408,872

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$28,330,747,

which

was

collateralized

by

$29,107,914

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

7.25%,

and

maturity

dates

ranging

from

4/8/2021

-

11/15/2050.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$263,084.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

1,076

6/2021

USD

213,446,120

1,759,313

U.S.

Treasury

Long

Bond

1,691

6/2021

USD

261,418,031

(9,867,846)

(8,108,533)

At

March

31,

2021,

the

Fund

had

$3,853,624

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

40

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,654,301,607

$

–

$

–

$

1,654,301,607

Futures

Contracts

1,759,313

–

–

1,759,313

Purchased

Options

29,535,875

–

–

29,535,875

Repurchase

Agreement

–

263,084

–

263,084

Short-Term

Investment

–

51,998,332

–

51,998,332

Total

Assets

$

1,685,596,795

$

52,261,416

$

–

$

1,737,858,211

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(9,867,846)

$

–

$

–

$

(9,867,846)

Total

Liabilities

$

(9,867,846)

$

–

$

–

$

(9,867,846)

Total

$

1,675,728,949

$

52,261,416

$

–

$

1,727,990,365

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

42

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Core

Fund

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.

Core

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

27,770,875

Interest

rate

risk

Investment

securities,

at

value

1,765,000

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

1,759,313

Total

$

31,295,188

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(9,867,846)

Total

$

(9,867,846)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

44

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

87.1%

Shares

Value

($)

Aerospace

&

Defense

2.3%

L3Harris

Technologies,

Inc.

47,659

9,659,526

Northrop

Grumman

Corp.

6,439

2,083,918

11,743,444

Air

Freight

&

Logistics

0.4%

FedEx

Corp.

7,809

2,218,068

Automobiles

1.2%

General

Motors

Co.*

101,039

5,805,701

Banks

8.6%

Bank

of

America

Corp.

393,329

15,217,899

JPMorgan

Chase

&

Co.

120,530

18,348,282

Truist

Financial

Corp.

60,676

3,538,624

US

Bancorp

112,481

6,221,324

43,326,129

Beverages

0.9%

PepsiCo,

Inc.

30,802

4,356,943

Biotechnology

2.3%

AbbVie,

Inc.

106,499

11,525,322

Building

Products

1.0%

Carrier

Global

Corp.

115,026

4,856,398

Capital

Markets

6.6%

Ameriprise

Financial,

Inc.

39,939

9,283,821

Charles

Schwab

Corp.

(The)

95,485

6,223,712

Goldman

Sachs

Group,

Inc.

(The)

22,361

7,312,047

Morgan

Stanley

134,603

10,453,269

33,272,849

Chemicals

1.8%

CF

Industries

Holdings,

Inc.

144,500

6,557,410

Mosaic

Co.

(The)

82,550

2,609,405

9,166,815

Communications

Equipment

1.5%

Cisco

Systems,

Inc.

149,960

7,754,432

Construction

&

Engineering

1.0%

Quanta

Services,

Inc.

59,623

5,245,632

Construction

Materials

1.1%

Vulcan

Materials

Co.

33,194

5,601,487

Consumer

Finance

3.3%

Ally

Financial,

Inc.

142,325

6,434,513

Capital

One

Financial

Corp.

78,831

10,029,668

16,464,181

Diversified

Financial

Services

4.2%

Berkshire

Hathaway,

Inc.,

Class

B*

47,920

12,242,123

Voya

Financial,

Inc.

142,913

9,094,983

21,337,106

Electric

Utilities

3.4%

Exelon

Corp.

222,004

9,710,455

PPL

Corp.

253,230

7,303,153

17,013,608

Electrical

Equipment

2.9%

Eaton

Corp.

plc

77,242

10,681,024

Hubbell,

Inc.

22,253

4,158,863

14,839,887

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

1.9%

Corning,

Inc.

150,135

6,532,374

Dolby

Laboratories,

Inc.,

Class

A

30,126

2,974,039

9,506,413

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Weyerhaeuser

Co.

124,445

4,430,242

Food

Products

0.9%

Mondelez

International,

Inc.,

Class

A

73,719

4,314,773

Health

Care

Equipment

&

Supplies

6.0%

Abbott

Laboratories

25,429

3,047,411

Becton

Dickinson

and

Co.

23,492

5,712,080

Danaher

Corp.

19,403

4,367,227

Medtronic

plc

107,869

12,742,565

Zimmer

Biomet

Holdings,

Inc.

26,046

4,169,444

30,038,727

Health

Care

Providers

&

Services

3.3%

Anthem,

Inc.

10,137

3,638,676

CVS

Health

Corp.

69,960

5,263,091

HCA

Healthcare,

Inc.

18,076

3,404,434

McKesson

Corp.

22,840

4,454,713

16,760,914

Hotels,

Restaurants

&

Leisure

1.1%

Las

Vegas

Sands

Corp.*

92,556

5,623,703

Household

Durables

0.5%

Lennar

Corp.,

Class

A

23,297

2,358,355

Independent

Power

and

Renewable

Electricity

Producers

2.5%

AES

Corp.

(The)

155,810

4,177,266

Clearway

Energy,

Inc.,

Class

C(a)

117,049

3,293,759

NextEra

Energy

Partners

LP

68,411

4,985,794

12,456,819

Insurance

4.0%

Assurant,

Inc.

68,324

9,686,293

Chubb

Ltd.

65,409

10,332,660

20,018,953

Interactive

Media

&

Services

2.9%

Alphabet,

Inc.,

Class

A*

7,091

14,625,329

Media

1.4%

Comcast

Corp.,

Class

A

126,359

6,837,285

Metals

&

Mining

2.3%

Freeport-McMoRan,

Inc.*

187,549

6,175,989

Newmont

Corp.

89,941

5,420,744

11,596,733

Oil,

Gas

&

Consumable

Fuels

6.6%

ConocoPhillips

85,629

4,535,768

Devon

Energy

Corp.

51,990

1,135,981

Exxon

Mobil

Corp.

156,224

8,721,986

Hess

Corp.

79,859

5,650,823

Marathon

Petroleum

Corp.

197,446

10,561,386

Valero

Energy

Corp.

33,716

2,414,066

33,020,010

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Pharmaceuticals

1.6%

Eli

Lilly

&

Co.

43,200

8,070,624

Road

&

Rail

1.7%

Union

Pacific

Corp.

40,003

8,817,061

Semiconductors

&

Semiconductor

Equipment

3.6%

Applied

Materials,

Inc.

73,088

9,764,557

NXP

Semiconductors

NV

13,051

2,627,688

QUALCOMM,

Inc.

43,954

5,827,861

18,220,106

Textiles,

Apparel

&

Luxury

Goods

0.5%

VF

Corp.

32,715

2,614,583

Thrifts

&

Mortgage

Finance

0.5%

Essent

Group

Ltd.

49,269

2,339,785

Tobacco

1.2%

Philip

Morris

International,

Inc.

66,693

5,918,337

Wireless

Telecommunication

Services

1.2%

Vodafone

Group

plc,

ADR-UK(a)

325,367

5,996,514

Total

Common

Stocks

(cost

$296,121,912)

438,093,268

Purchased

Options

1.6%

Number

of

Contracts

Call

Options

1.5%

Index

Funds:

1.5%

S&P

500

E-Mini

Index

6/18/2021

at

USD

3,500.00,

American

Style

Notional

Amount:

USD

25,625,141

Exchange

Traded

*

129

3,222,420

S&P

500

E-Mini

Index

6/18/2021

at

USD

4,130.00,

American

Style

Notional

Amount:

USD

25,625,141

Exchange

Traded

*

129

268,965

S&P

500

E-Mini

Index

5/21/2021

at

USD

3,350.00,

European

Style

Notional

Amount:

USD

25,625,141

Exchange

Traded

*

129

4,050,600

Put

Option

0.1%

Future

Interest

Rate

Options:

0.1%

U.S.

Treasury

30

Year

Bond

5/21/2021

at

USD

155.00,

American

Style

Notional

Amount:

USD

19,200,000

Exchange

Traded

*

192

480,000

Total

Purchased

Options

(cost

$6,848,024)

8,021,985

Short-Term

Investment

1.0%

Shares

Value

($)

U.S.

Treasury

Obligation

1.0%

U.S.

Treasury

Bills,

0.00%,

6/17/2021

5,000,000

4,999,840

Total

Short-Term

Investment

(cost

$4,999,978)

4,999,840

Repurchase

Agreements

0.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$393,010,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$400,869.(b)

393,009

393,009

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$200,001,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$204,082.(b)

200,000

200,000

Total

Repurchase

Agreements

(cost

$593,009)

593,009

Total

Investments

(cost

$308,562,923)

—

89.8%

451,708,102

Other

assets

in

excess

of

liabilities

—

10.2%

51,291,629

NET

ASSETS

—

100.0%

$

502,999,731

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$579,440,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$593,009

and

by

$4,305

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.25%,

and

maturity

dates

ranging

from

5/18/2021

–

5/15/2049,

a

total

value

of

$597,314.

(b)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$593,009.

46

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

789

6/2021

USD

58,725,270

(421,618)

U.S.

Treasury

Long

Bond

428

6/2021

USD

66,166,125

(2,490,462)

(2,912,080)

Short

Contracts

S&P

500

E-Mini

Index

(15)

6/2021

USD

(2,975,550)

(25,865)

(25,865)

(2,937,945)

At

March

31,

2021,

the

Fund

had

$642,535

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2021

(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.

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.

48

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

438,093,268

$

–

$

–

$

438,093,268

Purchased

Options

8,021,985

–

–

8,021,985

Repurchase

Agreements

–

593,009

–

593,009

Short-Term

Investment

–

4,999,840

–

4,999,840

Total

Assets

$

446,115,253

$

5,592,849

$

–

$

451,708,102

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(2,937,945)

$

–

$

–

$

(2,937,945)

Total

Liabilities

$

(2,937,945)

$

–

$

–

$

(2,937,945)

Total

$

443,177,308

$

5,592,849

$

–

$

448,770,157

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

NVIT

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

7,541,985

Interest

rate

risk

Investment

securities,

at

value

480,000

Total

$

8,021,985

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(447,483)

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(2,490,462)

Total

$

(2,937,945)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

50

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

96.0%

Shares

Value

($)

Aerospace

&

Defense

2.2%

BAE

Systems

plc

259,372

1,805,567

General

Dynamics

Corp.

12,742

2,313,438

Huntington

Ingalls

Industries,

Inc.

12,900

2,655,465

Textron,

Inc.

23,583

1,322,535

8,097,005

Airlines

0.8%

Southwest

Airlines

Co.*

50,175

3,063,686

Auto

Components

1.0%

Aptiv

plc*

5,063

698,188

BorgWarner,

Inc.

62,279

2,887,254

3,585,442

Automobiles

0.5%

Honda

Motor

Co.

Ltd.,

ADR-JP(a)

59,217

1,788,353

Banks

3.2%

CIT

Group,

Inc.

58,389

3,007,617

Commerce

Bancshares,

Inc.

(a)

19,658

1,505,999

Eastern

Bankshares,

Inc.(a)

39,837

768,456

M&T

Bank

Corp.

10,473

1,587,812

PNC

Financial

Services

Group,

Inc.

(The)

5,797

1,016,852

Truist

Financial

Corp.

45,425

2,649,186

Westamerica

Bancorp

18,569

1,165,762

11,701,684

Beverages

0.9%

Molson

Coors

Beverage

Co.,

Class

B*

62,300

3,186,645

Biotechnology

1.6%

Alexion

Pharmaceuticals,

Inc.*

24,800

3,792,168

United

Therapeutics

Corp.*

11,725

1,961,241

5,753,409

Building

Products

0.4%

Johnson

Controls

International

plc

26,460

1,578,868

Capital

Markets

4.3%

Ameriprise

Financial,

Inc.

10,533

2,448,396

Bank

of

New

York

Mellon

Corp.

(The)

86,486

4,089,923

Cboe

Global

Markets,

Inc.

21,400

2,111,966

Northern

Trust

Corp.

39,690

4,171,816

State

Street

Corp.

13,965

1,173,200

T.

Rowe

Price

Group,

Inc.

10,289

1,765,592

15,760,893

Chemicals

1.4%

Axalta

Coating

Systems

Ltd.*

144,579

4,276,647

Mosaic

Co.

(The)

31,500

995,715

5,272,362

Commercial

Services

&

Supplies

0.7%

Republic

Services,

Inc.

26,670

2,649,665

Communications

Equipment

0.7%

F5

Networks,

Inc.*

8,229

1,716,734

Juniper

Networks,

Inc.

38,431

973,457

2,690,191

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

0.4%

AECOM*

23,400

1,500,174

Consumer

Finance

0.8%

Ally

Financial,

Inc.

64,100

2,897,961

Containers

&

Packaging

2.9%

Berry

Global

Group,

Inc.*

32,300

1,983,220

Graphic

Packaging

Holding

Co.

88,263

1,602,856

Packaging

Corp.

of

America

8,146

1,095,474

Sealed

Air

Corp.

62,900

2,882,078

Sonoco

Products

Co.

49,978

3,163,608

10,727,236

Distributors

1.4%

Genuine

Parts

Co.

17,315

2,001,441

LKQ

Corp.*

77,693

3,288,745

5,290,186

Diversified

Financial

Services

0.3%

Equitable

Holdings,

Inc.

30,300

988,386

Electric

Utilities

4.2%

Edison

International

48,444

2,838,818

Evergy,

Inc.

73,214

4,358,429

OGE

Energy

Corp.

132,200

4,277,992

Pinnacle

West

Capital

Corp.

38,502

3,132,138

Xcel

Energy,

Inc.

10,247

681,528

15,288,905

Electrical

Equipment

2.7%

Emerson

Electric

Co.

40,511

3,654,903

Hubbell,

Inc.

15,665

2,927,632

nVent

Electric

plc

115,786

3,231,587

9,814,122

Electronic

Equipment,

Instruments

&

Components

1.7%

FLIR

Systems,

Inc.

32,300

1,823,981

TE

Connectivity

Ltd.

8,349

1,077,939

Vontier

Corp.*

109,300

3,308,511

6,210,431

Energy

Equipment

&

Services

0.8%

Baker

Hughes

Co.

128,365

2,773,968

Equity

Real

Estate

Investment

Trusts

(REITs)

4.0%

Equinix,

Inc.

1,379

937,155

Essex

Property

Trust,

Inc.

4,379

1,190,387

Gaming

and

Leisure

Properties,

Inc.

68,001

2,885,282

Healthcare

Trust

of

America,

Inc.,

Class

A

38,913

1,073,221

Healthpeak

Properties,

Inc.

63,900

2,028,186

JBG

SMITH

Properties

120,381

3,826,912

MGM

Growth

Properties

LLC,

Class

A

56,342

1,837,876

Weyerhaeuser

Co.

26,925

958,530

14,737,549

Food

&

Staples

Retailing

1.1%

Koninklijke

Ahold

Delhaize

NV

105,724

2,944,841

Sysco

Corp.

13,612

1,071,809

4,016,650

Food

Products

5.5%

Bunge

Ltd.

18,700

1,482,349

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Food

Products

Conagra

Brands,

Inc.

86,905

3,267,628

Ingredion,

Inc.

10,200

917,184

J

M

Smucker

Co.

(The)

18,577

2,350,548

Kellogg

Co.

28,438

1,800,125

Kraft

Heinz

Co.

(The)(a)

85,000

3,400,000

Mondelez

International,

Inc.,

Class

A

7,518

440,029

Orkla

ASA

146,799

1,439,312

Post

Holdings,

Inc.*

46,289

4,893,673

19,990,848

Gas

Utilities

1.8%

Atmos

Energy

Corp.

15,459

1,528,122

Spire,

Inc.

20,304

1,500,262

UGI

Corp.

83,959

3,443,159

6,471,543

Health

Care

Equipment

&

Supplies

2.4%

Becton

Dickinson

and

Co.

7,776

1,890,734

Envista

Holdings

Corp.*

38,459

1,569,127

Hill-Rom

Holdings,

Inc.

6,799

751,154

Zimmer

Biomet

Holdings,

Inc.

29,017

4,645,041

8,856,056

Health

Care

Providers

&

Services

7.0%

AmerisourceBergen

Corp.

31,082

3,669,852

Cardinal

Health,

Inc.

51,048

3,101,166

Centene

Corp.*

58,000

3,706,780

Cigna

Corp.

5,704

1,378,885

Henry

Schein,

Inc.*

33,499

2,319,471

Laboratory

Corp.

of

America

Holdings*

11,999

3,060,105

McKesson

Corp.

11,419

2,227,162

Quest

Diagnostics,

Inc.

24,184

3,103,774

Universal

Health

Services,

Inc.,

Class

B

22,951

3,061,434

25,628,629

Health

Care

Technology

0.8%

Cerner

Corp.

39,932

2,870,312

Hotels,

Restaurants

&

Leisure

0.5%

Sodexo

SA*

17,643

1,692,724

Household

Durables

0.1%

Mohawk

Industries,

Inc.*

2,278

438,082

Household

Products

0.7%

Kimberly-Clark

Corp.

11,041

1,535,251

Reynolds

Consumer

Products,

Inc.(a)

32,900

979,762

2,515,013

Independent

Power

and

Renewable

Electricity

Producers

0.9%

Vistra

Corp.(a)

196,200

3,468,816

Insurance

10.1%

Aflac,

Inc.

53,825

2,754,764

Alleghany

Corp.*

6,504

4,073,390

Allstate

Corp.

(The)

31,170

3,581,433

American

International

Group,

Inc.

31,100

1,437,131

Arch

Capital

Group

Ltd.*

141,600

5,433,192

Arthur

J

Gallagher

&

Co.

7,957

992,795

Common

Stocks

Shares

Value

($)

Insurance

Brown

&

Brown,

Inc.

3,793

173,378

Chubb

Ltd.

19,957

3,152,607

Fidelity

National

Financial,

Inc.

120,697

4,907,540

Loews

Corp.

84,800

4,348,544

Markel

Corp.*

2,800

3,190,936

Reinsurance

Group

of

America,

Inc.

22,859

2,881,377

36,927,087

Interactive

Media

&

Services

0.4%

IAC/InterActiveCorp*

6,800

1,470,908

Internet

&

Direct

Marketing

Retail

0.9%

eBay,

Inc.

56,300

3,447,812

IT

Services

1.4%

Amdocs

Ltd.

8,446

592,487

Euronet

Worldwide,

Inc.*

12,900

1,784,070

FleetCor

Technologies,

Inc.*

10,300

2,766,889

5,143,446

Leisure

Products

0.3%

Polaris,

Inc.

7,833

1,045,705

Machinery

1.9%

Crane

Co.

10,129

951,214

Cummins,

Inc.

3,834

993,428

IMI

plc

88,542

1,628,604

Oshkosh

Corp.

16,756

1,988,267

PACCAR,

Inc.

13,790

1,281,367

6,842,880

Media

3.8%

DISH

Network

Corp.,

Class

A*

81,800

2,961,160

Fox

Corp.,

Class

A

38,200

1,379,402

Fox

Corp.,

Class

B

69,345

2,422,221

Liberty

Broadband

Corp.,

Class

C*

25,005

3,754,501

Liberty

Media

Corp-Liberty

SiriusXM,

Class

C*

75,800

3,343,538

13,860,822

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

Annaly

Capital

Management,

Inc.

389,900

3,353,140

Multiline

Retail

2.1%

Dollar

Tree,

Inc.*

66,266

7,584,806

Multi-Utilities

2.8%

Ameren

Corp.

3,845

312,829

CenterPoint

Energy,

Inc.

129,000

2,921,850

NiSource,

Inc.

178,100

4,293,991

NorthWestern

Corp.

43,895

2,861,954

10,390,624

Oil,

Gas

&

Consumable

Fuels

3.2%

Cimarex

Energy

Co.

15,954

947,508

ConocoPhillips

54,383

2,880,667

EQT

Corp.*

92,900

1,726,082

HollyFrontier

Corp.

40,000

1,431,200

Pioneer

Natural

Resources

Co.

7,474

1,187,021

Williams

Cos.,

Inc.

(The)

144,400

3,420,836

11,593,314

52

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

0.7%

Mondi

plc

96,677

2,466,550

Pharmaceuticals

1.2%

Bausch

Health

Cos.,

Inc.*

61,800

1,961,532

Viatris,

Inc.*

169,100

2,362,327

4,323,859

Professional

Services

0.9%

KBR,

Inc.

44,300

1,700,677

Leidos

Holdings,

Inc.

15,200

1,463,456

3,164,133

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

8,000

1,432,320

Road

&

Rail

0.4%

Heartland

Express,

Inc.

72,221

1,414,087

Norfolk

Southern

Corp.

599

160,844

1,574,931

Semiconductors

&

Semiconductor

Equipment

0.1%

Applied

Materials,

Inc.

3,320

443,552

Software

2.1%

CDK

Global,

Inc.

73,084

3,950,921

Open

Text

Corp.

27,997

1,335,737

SS&C

Technologies

Holdings,

Inc.

35,200

2,459,424

7,746,082

Specialty

Retail

1.8%

Advance

Auto

Parts,

Inc.

17,209

3,157,679

O'Reilly

Automotive,

Inc.*

3,900

1,978,275

Ross

Stores,

Inc.

12,800

1,534,848

6,670,802

Technology

Hardware,

Storage

&

Peripherals

1.2%

HP,

Inc.

70,774

2,247,075

NCR

Corp.*

60,739

2,305,045

4,552,120

Thrifts

&

Mortgage

Finance

0.2%

Capitol

Federal

Financial,

Inc.

60,246

797,958

Trading

Companies

&

Distributors

1.5%

AerCap

Holdings

NV*

47,800

2,807,772

Beacon

Roofing

Supply,

Inc.*

3,005

157,222

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

26,827

2,419,527

5,384,521

Total

Common

Stocks

(cost

$271,579,504)

351,523,166

Exchange

Traded

Fund

0.5%

Shares

Value

($)

Equity

Fund

0.5%

iShares

Russell

Mid-Cap

Value

ETF(a)

18,857

2,061,070

Total

Exchange

Traded

Fund

(cost

$2,090,200)

2,061,070

Repurchase

Agreement

0.5%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,661,165,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,694,387.(b)

1,661,164

1,661,164

Total

Repurchase

Agreement

(cost

$1,661,164)

1,661,164

Total

Investments

(cost

$275,330,868)

—

97.0%

355,245,400

Other

assets

in

excess

of

liabilities

—

3.0%

10,974,264

NET

ASSETS

—

100.0%

$

366,219,664

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$7,096,631,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,661,164

and

by

$5,671,174

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/15/2021

–

2/15/2051,

a

total

value

of

$7,332,338.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$1,661,164.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

JP

Japan

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

403,632

CAD

502,502

Morgan

Stanley

Co.,

Inc.

6/30/2021

3,726

USD

4,050,196

EUR

3,390,392

Credit

Suisse

International

6/30/2021

66,899

USD

5,158,415

GBP

3,703,223

JPMorgan

Chase

Bank

6/30/2021

51,745

USD

1,131,087

JPY

123,229,597

Bank

of

America

NA

6/30/2021

17,224

USD

1,226,538

NOK

10,401,590

UBS

AG

6/30/2021

10,480

Total

unrealized

appreciation

150,074

CAD

502,502

USD

401,808

Morgan

Stanley

Co.,

Inc.

6/30/2021

(1,903)

JPY

7,383,122

USD

67,862

Bank

of

America

NA

6/30/2021

(1,127)

Total

unrealized

depreciation

(3,030)

Net

unrealized

appreciation

147,044

Currency:

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

JPY

Japanese

yen

NOK

Norwegian

krone

USD

United

States

dollar

54

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

55

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Aerospace

&

Defense

$

6,291,438

$

1,805,567

$

–

$

8,097,005

Airlines

3,063,686

–

–

3,063,686

Auto

Components

3,585,442

–

–

3,585,442

Automobiles

1,788,353

–

–

1,788,353

Banks

11,701,684

–

–

11,701,684

Beverages

3,186,645

–

–

3,186,645

Biotechnology

5,753,409

–

–

5,753,409

Building

Products

1,578,868

–

–

1,578,868

Capital

Markets

15,760,893

–

–

15,760,893

Chemicals

5,272,362

–

–

5,272,362

Commercial

Services

&

Supplies

2,649,665

–

–

2,649,665

Communications

Equipment

2,690,191

–

–

2,690,191

Construction

&

Engineering

1,500,174

–

–

1,500,174

Consumer

Finance

2,897,961

–

–

2,897,961

Containers

&

Packaging

10,727,236

–

–

10,727,236

Distributors

5,290,186

–

–

5,290,186

Diversified

Financial

Services

988,386

–

–

988,386

Electric

Utilities

15,288,905

–

–

15,288,905

Electrical

Equipment

9,814,122

–

–

9,814,122

Electronic

Equipment,

Instruments

&

Components

6,210,431

–

–

6,210,431

Energy

Equipment

&

Services

2,773,968

–

–

2,773,968

Equity

Real

Estate

Investment

Trusts

(REITs)

14,737,549

–

–

14,737,549

Food

&

Staples

Retailing

1,071,809

2,944,841

–

4,016,650

Food

Products

18,551,536

1,439,312

–

19,990,848

Gas

Utilities

6,471,543

–

–

6,471,543

Health

Care

Equipment

&

Supplies

8,856,056

–

–

8,856,056

Health

Care

Providers

&

Services

25,628,629

–

–

25,628,629

Health

Care

Technology

2,870,312

–

–

2,870,312

Hotels,

Restaurants

&

Leisure

–

1,692,724

–

1,692,724

Household

Durables

438,082

–

–

438,082

Household

Products

2,515,013

–

–

2,515,013

Independent

Power

and

Renewable

Electricity

Producers

3,468,816

–

–

3,468,816

Insurance

36,927,087

–

–

36,927,087

Interactive

Media

&

Services

1,470,908

–

–

1,470,908

Internet

&

Direct

Marketing

Retail

3,447,812

–

–

3,447,812

IT

Services

5,143,446

–

–

5,143,446

Leisure

Products

1,045,705

–

–

1,045,705

Machinery

5,214,276

1,628,604

–

6,842,880

Media

13,860,822

–

–

13,860,822

Mortgage

Real

Estate

Investment

Trusts

(REITs)

3,353,140

–

–

3,353,140

Multiline

Retail

7,584,806

–

–

7,584,806

Multi-Utilities

10,390,624

–

–

10,390,624

Oil,

Gas

&

Consumable

Fuels

11,593,314

–

–

11,593,314

Paper

&

Forest

Products

–

2,466,550

–

2,466,550

Pharmaceuticals

4,323,859

–

–

4,323,859

Professional

Services

3,164,133

–

–

3,164,133

Real

Estate

Management

&

Development

1,432,320

–

–

1,432,320

Road

&

Rail

1,574,931

–

–

1,574,931

Semiconductors

&

Semiconductor

Equipment

443,552

–

–

443,552

Software

7,746,082

–

–

7,746,082

Specialty

Retail

6,670,802

–

–

6,670,802

56

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

$

4,552,120

$

–

$

–

$

4,552,120

Thrifts

&

Mortgage

Finance

797,958

–

–

797,958

Trading

Companies

&

Distributors

5,384,521

–

–

5,384,521

Total

Common

Stocks

$

339,545,568

$

11,977,598

$

–

$

351,523,166

Exchange

Traded

Fund

2,061,070

–

–

2,061,070

Forward

Foreign

Currency

Contracts

–

150,074

–

150,074

Repurchase

Agreement

–

1,661,164

–

1,661,164

Total

Assets

$

341,606,638

$

13,788,836

$

–

$

355,395,474

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(3,030)

$

–

$

(3,030)

Total

Liabilities

$

–

$

(3,030)

$

–

$

(3,030)

Total

$

341,606,638

$

13,785,806

$

–

$

355,392,444

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

$

150,074

Total

$

150,074

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(3,030)

Total

$

(3,030)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

0.8%

Axon

Enterprise,

Inc.*

1,695

241,402

BWX

Technologies,

Inc.

7,021

462,965

Curtiss-Wright

Corp.

3,160

374,776

Mercury

Systems,

Inc.*

3,494

246,851

1,325,994

Airlines

0.0%

†

Sun

Country

Airlines

Holdings,

Inc.*

1,889

64,755

Auto

Components

2.5%

Dana,

Inc.(a)

26,627

647,835

Fox

Factory

Holding

Corp.*

11,726

1,489,906

Patrick

Industries,

Inc.

7,062

600,270

Visteon

Corp.*

9,533

1,162,549

3,900,560

Automobiles

0.5%

Thor

Industries,

Inc.(a)

5,595

753,870

Banks

1.7%

Pinnacle

Financial

Partners,

Inc.

9,942

881,458

Silvergate

Capital

Corp.,

Class

A*

2,987

424,662

Synovus

Financial

Corp.

8,937

408,868

Triumph

Bancorp,

Inc.*

7,389

571,834

Western

Alliance

Bancorp

3,634

343,195

2,630,017

Biotechnology

10.6%

Acceleron

Pharma,

Inc.*

5,787

784,775

Adverum

Biotechnologies,

Inc.*(a)

18,871

186,068

Allakos,

Inc.*

3,338

383,136

ALX

Oncology

Holdings,

Inc.*(a)

4,339

319,958

Apellis

Pharmaceuticals,

Inc.*

17,888

767,574

Arena

Pharmaceuticals,

Inc.*

3,850

267,151

Arrowhead

Pharmaceuticals,

Inc.*

4,442

294,549

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

4,829

330,062

CareDx,

Inc.*

14,228

968,785

Celldex

Therapeutics,

Inc.*

10,421

214,673

ChemoCentryx,

Inc.*

6,194

317,381

Constellation

Pharmaceuticals,

Inc.*

8,599

201,131

Deciphera

Pharmaceuticals,

Inc.*

7,305

327,556

Design

Therapeutics,

Inc.*(a)

2,200

65,780

Dicerna

Pharmaceuticals,

Inc.*

12,320

315,022

Dyne

Therapeutics,

Inc.*

13,102

203,474

Fate

Therapeutics,

Inc.*

2,248

185,348

Halozyme

Therapeutics,

Inc.*(a)

18,296

762,760

Heron

Therapeutics,

Inc.*(a)

17,527

284,113

Homology

Medicines,

Inc.*

19,871

186,986

ImmunoGen,

Inc.*

33,475

271,148

Insmed,

Inc.*

5,913

201,397

Instil

Bio,

Inc.*

4,300

107,844

Common

Stocks

Shares

Value

($)

Biotechnology

KalVista

Pharmaceuticals,

Inc.*

5,418

139,188

Karuna

Therapeutics,

Inc.*

1,076

129,367

Karyopharm

Therapeutics,

Inc.*(a)

16,947

178,282

Kodiak

Sciences,

Inc.*

3,247

368,177

Kura

Oncology,

Inc.*

11,522

325,727

Kymera

Therapeutics,

Inc.*

3,400

132,124

Madrigal

Pharmaceuticals,

Inc.*

2,614

305,760

Mersana

Therapeutics,

Inc.*

19,068

308,520

Mirati

Therapeutics,

Inc.*

2,175

372,577

Natera,

Inc.*

3,603

365,849

Nkarta,

Inc.*

3,059

100,641

Novavax,

Inc.*

1,932

350,291

PTC

Therapeutics,

Inc.*(a)

6,632

314,025

Radius

Health,

Inc.*

12,995

271,076

RAPT

Therapeutics,

Inc.*(a)

6,736

149,539

REVOLUTION

Medicines,

Inc.*

3,300

151,404

Rocket

Pharmaceuticals,

Inc.*(a)

6,241

276,913

Syndax

Pharmaceuticals,

Inc.*(a)

11,989

268,074

TCR2

Therapeutics,

Inc.*

8,741

193,001

TG

Therapeutics,

Inc.*

17,504

843,693

Turning

Point

Therapeutics,

Inc.*

7,837

741,302

Ultragenyx

Pharmaceutical,

Inc.*

9,277

1,056,279

Veracyte,

Inc.*

22,767

1,223,726

Y-mAbs

Therapeutics,

Inc.*

8,087

244,551

16,756,757

Building

Products

3.0%

Advanced

Drainage

Systems,

Inc.

16,453

1,701,076

Armstrong

World

Industries,

Inc.

3,083

277,747

AZEK

Co.,

Inc.

(The)*

12,644

531,680

Builders

FirstSource,

Inc.*

11,653

540,350

Trex

Co.,

Inc.*

19,134

1,751,526

4,802,379

Capital

Markets

3.1%

ArcLight

Clean

Transition

Corp.,

Class

A*(a)

20,528

367,041

Artisan

Partners

Asset

Management,

Inc.,

Class

A

9,119

475,738

Cohen

&

Steers,

Inc.

6,771

442,349

Evercore,

Inc.,

Class

A

3,904

514,313

Hamilton

Lane,

Inc.,

Class

A

13,740

1,216,814

LPL

Financial

Holdings,

Inc.

7,712

1,096,338

Star

Peak

Energy

Transition

Corp.,

Class

A*(a)

6,950

184,731

StepStone

Group,

Inc.,

Class

A(a)

5,695

200,863

Stifel

Financial

Corp.

7,526

482,116

4,980,303

58

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Chemicals

1.6%

Axalta

Coating

Systems

Ltd.*

13,344

394,716

Danimer

Scientific,

Inc.*(a)

8,270

312,192

Element

Solutions,

Inc.

39,500

722,455

Ingevity

Corp.*

4,626

349,402

Olin

Corp.

21,651

822,088

2,600,853

Commercial

Services

&

Supplies

1.2%

Casella

Waste

Systems,

Inc.,

Class

A*

14,135

898,562

Clean

Harbors,

Inc.*

4,773

401,218

Tetra

Tech,

Inc.

4,737

642,906

1,942,686

Communications

Equipment

0.3%

Lumentum

Holdings,

Inc.*(a)

5,155

470,909

Consumer

Finance

0.3%

OneMain

Holdings,

Inc.

8,394

450,926

Diversified

Telecommunication

Services

0.6%

Bandwidth,

Inc.,

Class

A*

6,926

877,801

Electrical

Equipment

1.7%

Array

Technologies,

Inc.*

16,316

486,543

EnerSys

3,190

289,652

Generac

Holdings,

Inc.*(a)

695

227,578

Plug

Power,

Inc.*

7,466

267,581

Regal

Beloit

Corp.

6,986

996,763

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

12,065

419,621

2,687,738

Electronic

Equipment,

Instruments

&

Components

1.4%

II-VI,

Inc.*(a)

7,665

524,056

Insight

Enterprises,

Inc.*

5,216

497,711

Novanta,

Inc.*

5,604

739,112

Rogers

Corp.*

2,482

467,137

2,228,016

Entertainment

0.7%

Zynga,

Inc.,

Class

A*

101,397

1,035,263

Equity

Real

Estate

Investment

Trusts

(REITs)

1.6%

Essential

Properties

Realty

Trust,

Inc.

18,081

412,789

Independence

Realty

Trust,

Inc.

25,326

384,955

JBG

SMITH

Properties(a)

9,636

306,329

PS

Business

Parks,

Inc.

3,723

575,501

Rexford

Industrial

Realty,

Inc.

8,580

432,432

Ryman

Hospitality

Properties,

Inc.*

5,915

458,472

2,570,478

Food

&

Staples

Retailing

0.4%

Performance

Food

Group

Co.*

11,925

686,999

Food

Products

2.3%

Freshpet,

Inc.*

18,224

2,894,153

Hostess

Brands,

Inc.*

21,490

308,167

Simply

Good

Foods

Co.

(The)*(a)

12,397

377,117

3,579,437

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

6.2%

Acutus

Medical,

Inc.*

7,036

94,071

AtriCure,

Inc.*

6,460

423,259

Axonics

Modulation

Technologies,

Inc.*(a)

13,427

804,143

Cardiovascular

Systems,

Inc.*(a)

6,910

264,929

CryoPort,

Inc.*(a)

11,994

623,808

Eargo,

Inc.*(a)

1,281

63,986

Glaukos

Corp.*

4,305

361,319

Globus

Medical,

Inc.,

Class

A*

16,289

1,004,543

Inari

Medical,

Inc.*

3,201

342,507

Integer

Holdings

Corp.*

5,825

536,483

Integra

LifeSciences

Holdings

Corp.*

8,689

600,323

iRhythm

Technologies,

Inc.*(a)

3,959

549,747

Masimo

Corp.*

6,243

1,433,767

OraSure

Technologies,

Inc.*

13,418

156,588

Penumbra,

Inc.*

3,329

900,761

Silk

Road

Medical,

Inc.*

6,232

315,651

Tandem

Diabetes

Care,

Inc.*

16,293

1,437,857

9,913,742

Health

Care

Providers

&

Services

3.7%

1Life

Healthcare,

Inc.*

16,015

625,866

AdaptHealth

Corp.*

12,208

448,766

Addus

HomeCare

Corp.*

3,710

388,029

Amedisys,

Inc.*

6,176

1,635,343

LHC

Group,

Inc.*

2,951

564,261

ModivCare,

Inc.*

4,220

625,066

R1

RCM,

Inc.*

31,094

767,400

Signify

Health,

Inc.,

Class

A*(a)

10,942

320,163

Surgery

Partners,

Inc.*

11,752

520,144

5,895,038

Health

Care

Technology

2.4%

Health

Catalyst,

Inc.*

9,073

424,344

Inspire

Medical

Systems,

Inc.*

9,099

1,883,402

Omnicell,

Inc.*

6,926

899,480

Phreesia,

Inc.*

12,640

658,544

3,865,770

Hotels,

Restaurants

&

Leisure

4.8%

BJ's

Restaurants,

Inc.*

7,494

435,252

Bloomin'

Brands,

Inc.*

16,862

456,117

Boyd

Gaming

Corp.*

17,927

1,056,976

Churchill

Downs,

Inc.

8,435

1,918,288

GAN

Ltd.*(a)

16,477

299,881

Penn

National

Gaming,

Inc.*

7,573

793,953

Texas

Roadhouse,

Inc.*

10,100

968,994

Travel

+

Leisure

Co.

7,256

443,777

Wingstop,

Inc.

9,999

1,271,573

7,644,811

Household

Durables

1.4%

TopBuild

Corp.*

10,256

2,147,914

Insurance

0.9%

James

River

Group

Holdings

Ltd.

7,944

362,405

Kemper

Corp.

4,186

333,708

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Insurance

Kinsale

Capital

Group,

Inc.

3,998

658,871

1,354,984

Interactive

Media

&

Services

0.1%

Cargurus,

Inc.*

6,276

149,557

Internet

&

Direct

Marketing

Retail

0.8%

Magnite,

Inc.*(a)

9,522

396,210

Shutterstock,

Inc.

4,311

383,852

Stamps.com,

Inc.*

2,477

494,186

1,274,248

IT

Services

3.0%

Concentrix

Corp.*

3,838

574,625

ExlService

Holdings,

Inc.*

6,836

616,334

Globant

SA*

4,951

1,027,877

LiveRamp

Holdings,

Inc.*

5,922

307,233

Perficient,

Inc.*

10,491

616,032

Repay

Holdings

Corp.*(a)

18,337

430,553

Shift4

Payments,

Inc.,

Class

A*

6,689

548,565

Verra

Mobility

Corp.*

42,586

576,401

4,697,620

Leisure

Products

0.9%

YETI

Holdings,

Inc.*

20,339

1,468,679

Life

Sciences

Tools

&

Services

3.9%

Bio-Techne

Corp.

2,616

999,129

Medpace

Holdings,

Inc.*

8,239

1,351,608

NanoString

Technologies,

Inc.*(a)

6,254

410,950

NeoGenomics,

Inc.*

26,492

1,277,709

Quanterix

Corp.*

4,775

279,194

Repligen

Corp.*

9,718

1,889,277

6,207,867

Machinery

6.1%

Altra

Industrial

Motion

Corp.

17,143

948,351

Astec

Industries,

Inc.

3,203

241,570

Chart

Industries,

Inc.*

8,661

1,232,893

Colfax

Corp.*(a)

12,906

565,412

Federal

Signal

Corp.

18,582

711,691

Hydrofarm

Holdings

Group,

Inc.*

1,376

83,000

ITT,

Inc.

20,826

1,893,292

John

Bean

Technologies

Corp.

4,547

606,297

Kornit

Digital

Ltd.*

15,196

1,506,227

Rexnord

Corp.

10,109

476,033

SPX

Corp.*

15,695

914,548

SPX

FLOW,

Inc.

7,105

449,960

9,629,274

Media

0.8%

Cable

One,

Inc.

399

729,515

Cardlytics,

Inc.*

5,401

592,490

1,322,005

Metals

&

Mining

0.3%

Allegheny

Technologies,

Inc.*

21,134

445,082

Paper

&

Forest

Products

1.1%

Louisiana-Pacific

Corp.

31,909

1,769,673

Common

Stocks

Shares

Value

($)

Personal

Products

0.2%

BellRing

Brands,

Inc.,

Class

A*

11,771

277,913

Pharmaceuticals

0.6%

Arvinas,

Inc.*

3,571

236,043

Reata

Pharmaceuticals,

Inc.,

Class

A*

1,954

194,814

Revance

Therapeutics,

Inc.*

10,916

305,102

Theravance

Biopharma,

Inc.*

14,454

295,006

1,030,965

Professional

Services

1.5%

ASGN,

Inc.*

6,492

619,597

CACI

International,

Inc.,

Class

A*

2,200

542,652

Exponent,

Inc.

5,065

493,584

Insperity,

Inc.

4,957

415,099

Science

Applications

International

Corp.

4,521

377,910

2,448,842

Road

&

Rail

0.9%

Marten

Transport

Ltd.

11,852

201,128

Saia,

Inc.*

5,339

1,231,067

1,432,195

Semiconductors

&

Semiconductor

Equipment

7.4%

Ambarella,

Inc.*

5,976

599,931

Axcelis

Technologies,

Inc.*

11,028

453,140

Cirrus

Logic,

Inc.*

4,556

386,303

Entegris,

Inc.

10,986

1,228,235

FormFactor,

Inc.*

29,832

1,345,721

Lattice

Semiconductor

Corp.*

57,503

2,588,785

MACOM

Technology

Solutions

Holdings,

Inc.*

18,826

1,092,284

MKS

Instruments,

Inc.

5,668

1,050,961

Monolithic

Power

Systems,

Inc.

1,423

502,618

Nova

Measuring

Instruments

Ltd.*(a)

5,590

508,746

Power

Integrations,

Inc.

16,569

1,350,042

Synaptics,

Inc.*(a)

4,823

653,131

11,759,897

Software

10.9%

Alarm.com

Holdings,

Inc.*

5,769

498,326

Avalara,

Inc.*

7,921

1,056,899

Bill.com

Holdings,

Inc.*

3,967

577,199

Blackbaud,

Inc.*

5,288

375,871

Cerence,

Inc.*(a)

7,404

663,250

CyberArk

Software

Ltd.*(a)

6,269

810,832

Digital

Turbine,

Inc.*

8,209

659,675

Everbridge,

Inc.*(a)

2,879

348,877

Five9,

Inc.*

9,897

1,547,198

J2

Global,

Inc.*(a)

3,529

422,986

Lightspeed

POS,

Inc.*

11,575

727,026

Manhattan

Associates,

Inc.*

15,412

1,809,061

Medallia,

Inc.*

12,174

339,533

Mimecast

Ltd.*

7,161

287,944

Olo,

Inc.,

Class

A*(a)

2,973

78,457

Paylocity

Holding

Corp.*

5,963

1,072,326

Q2

Holdings,

Inc.*(a)

12,055

1,207,911

Rapid7,

Inc.*(a)

7,390

551,368

60

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Software

SailPoint

Technologies

Holdings,

Inc.*(a)

16,887

855,158

Sprout

Social,

Inc.,

Class

A*

23,875

1,379,020

SVMK,

Inc.*

12,889

236,127

Varonis

Systems,

Inc.*

34,233

1,757,522

17,262,566

Specialty

Retail

2.3%

American

Eagle

Outfitters,

Inc.

15,983

467,343

Floor

&

Decor

Holdings,

Inc.,

Class

A*

5,481

523,326

Foot

Locker,

Inc.

9,730

547,313

Lithia

Motors,

Inc.,

Class

A(a)

5,438

2,121,309

MYT

Netherlands

Parent

BV,

ADR-DE*(a)

2,007

56,718

3,716,009

Textiles,

Apparel

&

Luxury

Goods

1.3%

Deckers

Outdoor

Corp.*

2,307

762,279

PVH

Corp.*

6,430

679,651

Under

Armour,

Inc.,

Class

C*(a)

27,745

512,173

Wolverine

World

Wide,

Inc.

4,942

189,377

2,143,480

Thrifts

&

Mortgage

Finance

0.3%

MGIC

Investment

Corp.

32,092

444,474

Trading

Companies

&

Distributors

2.5%

Applied

Industrial

Technologies,

Inc.

5,537

504,808

Boise

Cascade

Co.

7,233

432,750

Herc

Holdings,

Inc.*

14,817

1,501,407

SiteOne

Landscape

Supply,

Inc.*(a)

6,154

1,050,734

Textainer

Group

Holdings

Ltd.*

14,661

420,038

3,909,737

Total

Common

Stocks

(cost

$102,111,859)

156,558,083

Exchange

Traded

Fund

0.2%

Equity

Fund

0.2%

iShares

Russell

2000

Growth

ETF

1,115

335,325

Total

Exchange

Traded

Fund

(cost

$327,066)

335,325

Repurchase

Agreements

3.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$396,727,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$404,661.(b)

396,726

396,726

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,500,007,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$2,551,027.(b)

2,500,000

2,500,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,818.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$4,896,726)

4,896,726

Total

Investments

(cost

$107,335,651)

—

101.9%

161,790,134

Liabilities

in

excess

of

other

assets

—

(1.9)%

(3,008,319)

NET

ASSETS

—

100.0%

$

158,781,815

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

61

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$11,739,053,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,896,726

and

by

$6,757,554

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2051,

a

total

value

of

$11,654,280.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$4,896,726.

ADR

American

Depositary

Receipt

DE

Germany

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

62

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

63

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

156,558,083

$

–

$

–

$

156,558,083

Exchange

Traded

Fund

335,325

–

–

335,325

Repurchase

Agreements

–

4,896,726

–

4,896,726

Total

$

156,893,408

$

4,896,726

$

–

$

161,790,134

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.

64

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

94.7%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Astronics

Corp.*

27,643

498,680

Triumph

Group,

Inc.*

44,914

825,519

Vectrus

,

Inc.*

36,091

1,928,703

3,252,902

Air

Freight

&

Logistics

0.3%

Echo

Global

Logistics,

Inc.*

15,213

477,840

Radiant

Logistics,

Inc.*

18,988

131,967

609,807

Airlines

0.4%

Mesa

Air

Group,

Inc.*

26,890

361,671

SkyWest,

Inc.*

8,955

487,868

849,539

Auto

Components

3.9%

Adient

plc*

24,272

1,072,822

American

Axle

&

Manufacturing

Holdings,

Inc.*

108,316

1,046,333

Cooper-Standard

Holdings,

Inc.*

18,936

687,755

Dorman

Products,

Inc.*

24,636

2,528,639

Goodyear

Tire

&

Rubber

Co.

(The)*

117,703

2,068,042

Modine

Manufacturing

Co.*

44,836

662,228

Strattec

Security

Corp.*

1,730

81,137

Tenneco,

Inc.,

Class

A*

94,343

1,011,357

9,158,313

Banks

5.9%

1st

Source

Corp.

1,054

50,149

Altabancorp

(a)

2,688

113,004

Amalgamated

Financial

Corp.

8,513

141,231

Amerant

Bancorp,

Inc.*(a)

2,615

48,561

American

National

Bankshares

,

Inc.

1,100

36,377

Atlantic

Capital

Bancshares,

Inc.*

9,972

240,325

Banc

of

California,

Inc.

14,743

266,553

Bancorp,

Inc.

(The)*

23,527

487,480

Bank

of

Commerce

Holdings

3,056

38,964

Bank

of

Marin

Bancorp

1,200

46,992

Bank

of

Princeton

(The)

211

6,039

Bankwell

Financial

Group,

Inc.

778

20,967

Banner

Corp.

7,314

390,056

BayCom

Corp.*

3,201

57,682

BCB

Bancorp,

Inc.

1,200

16,560

Cadence

Bancorp

76,055

1,576,620

Capital

City

Bank

Group,

Inc.

3,672

95,545

Capstar

Financial

Holdings,

Inc.

4,044

69,759

Carter

Bankshares

,

Inc.*

4,632

64,663

CBTX,

Inc.

7,631

234,424

Central

Pacific

Financial

Corp.

26,516

707,447

Central

Valley

Community

Bancorp

4,004

73,714

Chemung

Financial

Corp.

843

35,254

CNB

Financial

Corp.

2,663

65,536

Community

Bankers

Trust

Corp.

5,161

45,520

Community

Trust

Bancorp,

Inc.

6,849

301,562

Common

Stocks

Shares

Value

($)

Banks

Eagle

Bancorp

Montana,

Inc.

1,100

26,752

Eagle

Bancorp,

Inc.

23,620

1,256,820

Esquire

Financial

Holdings,

Inc.*

1,000

22,810

Evans

Bancorp,

Inc.

316

10,709

FB

Financial

Corp.

9,159

407,209

Financial

Institutions,

Inc.

6,112

185,133

First

Bancorp/PR

57,007

641,899

First

Financial

Corp.

3,161

142,277

First

Internet

Bancorp

2,632

92,725

Great

Southern

Bancorp,

Inc.

3,899

220,956

Guaranty

Bancshares,

Inc.

3,052

112,161

Hanmi

Financial

Corp.

19,295

380,690

HBT

Financial,

Inc.

6,215

106,401

Heartland

Financial

USA,

Inc.

3,358

168,773

Heritage

Financial

Corp.

1,806

51,001

Hilltop

Holdings,

Inc.

18,014

614,818

Hope

Bancorp,

Inc.

5,362

80,752

Independent

Bank

Corp./MI

9,722

229,828

Lakeland

Bancorp,

Inc.

14,935

260,317

Macatawa

Bank

Corp.

3,688

36,696

Meridian

Corp.

1,841

47,866

Metropolitan

Bank

Holding

Corp.*

2,345

118,094

MidWestOne

Financial

Group,

Inc.

4,344

134,534

Nicolet

Bankshares

,

Inc.*

3,688

307,801

Northeast

Bank

2,200

58,058

Northrim

Bancorp,

Inc.

3,605

153,249

OFG

Bancorp

31,207

705,902

Old

Second

Bancorp,

Inc.

2,002

26,446

PCB

Bancorp

1,450

21,750

Peapack

-Gladstone

Financial

Corp.

5,163

159,433

Preferred

Bank

2,375

151,240

Primis

Financial

Corp.

5,970

86,804

Professional

Holding

Corp.,

Class

A*

2,038

37,438

QCR

Holdings,

Inc.

6,533

308,488

RBB

Bancorp

5,509

111,667

Select

Bancorp,

Inc.*

1,693

18,742

Shore

Bancshares,

Inc.

3,267

55,604

Sierra

Bancorp

2,845

76,246

SmartFinancial

,

Inc.

3,843

83,201

South

Plains

Financial,

Inc.

1,860

42,259

Southern

First

Bancshares,

Inc.*

2,525

118,372

Spirit

of

Texas

Bancshares,

Inc.

1,000

22,310

UMB

Financial

Corp.

8,064

744,549

13,869,764

Beverages

0.6%

Primo

Water

Corp.

92,536

1,504,635

Biotechnology

1.2%

Acorda

Therapeutics,

Inc.*(a)

13,819

67,299

AnaptysBio

,

Inc.*(a)

2,593

55,879

Applied

Genetic

Technologies

Corp.*(a)

24,961

126,552

Assembly

Biosciences,

Inc.*

2,820

12,972

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

Biotechnology

Beyondspring

,

Inc.*(a)

1,384

15,321

Bluebird

Bio,

Inc.*

3,715

112,007

Cidara

Therapeutics,

Inc.*

12,662

33,681

Codiak

Biosciences,

Inc.*

956

14,417

Concert

Pharmaceuticals,

Inc.*

10,721

53,498

Enanta

Pharmaceuticals,

Inc.*

2,649

130,649

GlycoMimetics

,

Inc.*(a)

9,088

27,355

Gossamer

Bio,

Inc.*(a)

45,941

424,954

Kindred

Biosciences,

Inc.*(a)

18,715

93,014

NextCure

,

Inc.*(a)

4,417

44,214

Poseida

Therapeutics,

Inc.*(a)

11,000

105,050

Savara

,

Inc.*

28,000

58,240

Selecta

Biosciences,

Inc.*(a)

57,298

259,273

SQZ

Biotechnologies

Co.*

1,091

14,925

United

Therapeutics

Corp.*

3,135

524,391

Vanda

Pharmaceuticals,

Inc.*

41,716

626,574

Verastem

,

Inc.*(a)

23,200

57,304

2,857,569

Building

Products

1.4%

American

Woodmark

Corp.*

20,067

1,978,205

Apogee

Enterprises,

Inc.

17,926

732,815

Quanex

Building

Products

Corp.

20,857

547,079

3,258,099

Capital

Markets

4.4%

Blucora

,

Inc.*

4,895

81,453

Cowen,

Inc.,

Class

A(a)

27,536

967,890

Focus

Financial

Partners,

Inc.,

Class

A*

131,829

5,486,723

StoneX

Group,

Inc.*

6,049

395,484

Virtus

Investment

Partners,

Inc.

14,500

3,414,750

10,346,300

Chemicals

3.4%

AdvanSix

,

Inc.*

18,522

496,760

Ashland

Global

Holdings,

Inc.

6,006

533,153

Chase

Corp.

9,436

1,098,256

Element

Solutions,

Inc.

167,117

3,056,570

Huntsman

Corp.

3,400

98,022

Kraton

Corp.*

13,793

504,686

Stepan

Co.

7,271

924,217

Trinseo

SA

20,662

1,315,549

8,027,213

Commercial

Services

&

Supplies

8.1%

ACCO

Brands

Corp.

60,541

510,966

BrightView

Holdings,

Inc.*

162,133

2,735,184

CECO

Environmental

Corp.*

5,519

43,766

CoreCivic

,

Inc.

145,461

1,316,422

Healthcare

Services

Group,

Inc.

87,810

2,461,314

Interface,

Inc.

41,850

522,288

Kimball

International,

Inc.,

Class

B

30,576

428,064

Pitney

Bowes,

Inc.

89,675

738,922

RR

Donnelley

&

Sons

Co.*

43,210

175,433

SP

Plus

Corp.*

74,731

2,450,429

Steelcase,

Inc.,

Class

A

54,748

787,824

UniFirst

Corp.

20,101

4,496,795

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

US

Ecology,

Inc.*

54,266

2,259,636

18,927,043

Communications

Equipment

2.3%

ADTRAN,

Inc.

24,333

405,875

Applied

Optoelectronics,

Inc.*(a)

6,301

52,676

CalAmp

Corp.*

5,900

64,015

CommScope

Holding

Co.,

Inc.*(a)

26,240

403,047

Comtech

Telecommunications

Corp.

23,790

590,944

DZS,

Inc.*

2,682

41,705

Infinera

Corp.*(a)

82,775

797,123

NETGEAR,

Inc.*

26,702

1,097,452

NetScout

Systems,

Inc.*(a)

21,767

612,959

PC-Tel,

Inc.*

2,036

14,150

Plantronics,

Inc.*

25,253

982,594

Ribbon

Communications,

Inc.*

37,420

307,218

5,369,758

Construction

&

Engineering

2.1%

EMCOR

Group,

Inc.

28,389

3,184,110

Matrix

Service

Co.*

13,960

183,016

Orion

Group

Holdings,

Inc.*

12,459

75,626

Primoris

Services

Corp.

26,658

883,180

Tutor

Perini

Corp.*

35,573

674,108

5,000,040

Consumer

Finance

1.2%

Elevate

Credit,

Inc.*

20,749

60,587

Enova

International,

Inc.*

17,888

634,666

EZCORP,

Inc.,

Class

A*

31,279

155,457

Green

Dot

Corp.,

Class

A*

17,128

784,291

LendingClub

Corp.*

65,813

1,087,231

Regional

Management

Corp.

335

11,611

2,733,843

Containers

&

Packaging

0.1%

O-I

Glass,

Inc.*

9,307

137,185

Diversified

Consumer

Services

0.5%

Adtalem

Global

Education,

Inc.*

13,086

517,421

American

Public

Education,

Inc.*

11,678

416,087

Houghton

Mifflin

Harcourt

Co.*

35,078

267,294

Universal

Technical

Institute,

Inc.*

9,530

55,655

1,256,457

Diversified

Financial

Services

0.3%

A-Mark

Precious

Metals,

Inc.

8,372

301,392

Marlin

Business

Services

Corp.

50

682

Voya

Financial,

Inc.(a)

6,274

399,277

701,351

Electric

Utilities

0.3%

Portland

General

Electric

Co.

13,006

617,395

Electrical

Equipment

1.4%

EnerSys

33,579

3,048,973

LSI

Industries,

Inc.

10,174

86,784

66

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Powell

Industries,

Inc.

7,596

257,277

3,393,034

Electronic

Equipment,

Instruments

&

Components

3.1%

Arlo

Technologies,

Inc.*(a)

46,307

290,808

Avnet,

Inc.

6,588

273,468

Bel

Fuse,

Inc.,

Class

B

5,768

114,725

Belden,

Inc.

16,281

722,388

Benchmark

Electronics,

Inc.

23,376

722,786

Daktronics,

Inc.*

23,764

149,000

ePlus

,

Inc.*

47,608

4,743,661

ScanSource

,

Inc.*

4,748

142,203

7,159,039

Energy

Equipment

&

Services

0.4%

Bristow

Group,

Inc.*

4,900

126,812

Exterran

Corp.*

11,068

37,188

Nabors

Industries

Ltd.*(a)

2,208

206,338

Newpark

Resources,

Inc.*

36,052

113,203

Oil

States

International,

Inc.*

44,562

268,709

US

Silica

Holdings,

Inc.*

19,650

241,499

993,749

Entertainment

0.1%

Madison

Square

Garden

Sports

Corp.,

Class

A*

885

158,822

Equity

Real

Estate

Investment

Trusts

(REITs)

2.1%

Armada

Hoffler

Properties,

Inc.

17,138

214,911

Centerspace

8,903

605,404

CorEnergy

Infrastructure

Trust,

Inc.

17,200

121,604

CorePoint

Lodging,

Inc.*

33,668

304,022

CTO

Realty

Growth,

Inc.

3,679

191,345

Franklin

Street

Properties

Corp.

29,729

162,023

Gaming

and

Leisure

Properties,

Inc.

22,139

939,358

iStar

,

Inc.

19,000

337,820

National

Health

Investors,

Inc.

3,097

223,851

NETSTREIT

Corp.

2,550

47,149

New

Senior

Investment

Group,

Inc.

54,535

339,753

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

36,346

631,330

Retail

Opportunity

Investments

Corp.

4,281

67,939

Retail

Value,

Inc.

9,739

182,217

Spirit

Realty

Capital,

Inc.

13,132

558,110

4,926,836

Food

&

Staples

Retailing

0.6%

Albertsons

Cos.,

Inc.,

Class

A(a)

17,220

328,385

Andersons,

Inc.

(The)

14,532

397,886

Rite

Aid

Corp.*

21,286

435,512

SpartanNash

Co.

10,367

203,504

1,365,287

Food

Products

0.2%

Fresh

Del

Monte

Produce,

Inc.

2,037

58,319

Landec

Corp.*

12,359

131,006

Pilgrim's

Pride

Corp.*

4,600

109,434

Common

Stocks

Shares

Value

($)

Food

Products

Post

Holdings,

Inc.*

875

92,505

391,264

Gas

Utilities

0.4%

Southwest

Gas

Holdings,

Inc.

13,108

900,651

Health

Care

Equipment

&

Supplies

1.1%

AngioDynamics

,

Inc.*

13,414

313,888

Invacare

Corp.

26,275

210,725

LivaNova

plc*

14,088

1,038,708

Orthofix

Medical,

Inc.*

4,765

206,563

Varex

Imaging

Corp.*(a)

35,731

732,128

2,502,012

Health

Care

Providers

&

Services

1.6%

Addus

HomeCare

Corp.*

30,268

3,165,730

Cross

Country

Healthcare,

Inc.*

11,875

148,318

Hanger,

Inc.*

6,229

142,146

Molina

Healthcare,

Inc.*

1,380

322,589

3,778,783

Health

Care

Technology

0.8%

Allscripts

Healthcare

Solutions,

Inc.*

88,646

1,331,019

Castlight

Health,

Inc.,

Class

B*

2,043

3,085

Computer

Programs

&

Systems,

Inc.

7,968

243,821

NextGen

Healthcare,

Inc.*

10,750

194,575

1,772,500

Hotels,

Restaurants

&

Leisure

2.6%

Del

Taco

Restaurants,

Inc.

42,795

409,976

Everi

Holdings,

Inc.*

48,184

679,876

International

Game

Technology

plc*(a)

86,150

1,382,708

PlayAGS

,

Inc.*

27,531

222,450

Scientific

Games

Corp.*

1,840

70,877

Wyndham

Hotels

&

Resorts,

Inc.

48,000

3,349,440

6,115,327

Household

Durables

0.9%

Bassett

Furniture

Industries,

Inc.

7,227

175,399

Beazer

Homes

USA,

Inc.*

43,367

907,238

Casper

Sleep,

Inc.*

3,700

26,788

GoPro,

Inc.,

Class

A*(a)

94,257

1,097,151

2,206,576

Household

Products

0.1%

Spectrum

Brands

Holdings,

Inc.

2,221

188,785

Insurance

4.3%

American

Equity

Investment

Life

Holding

Co.

16,790

529,389

Argo

Group

International

Holdings

Ltd.

4,772

240,127

Brighthouse

Financial,

Inc.*

10,592

468,696

Donegal

Group,

Inc.,

Class

A

3,618

53,764

Employers

Holdings,

Inc.

19,803

852,717

Enstar

Group

Ltd.*(a)

17,647

4,354,044

First

American

Financial

Corp.

8,178

463,284

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

Insurance

Global

Indemnity

Group

LLC,

Class

A

1,455

43,126

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

15,393

133,919

Hallmark

Financial

Services,

Inc.*(a)

16,032

62,204

HCI

Group,

Inc.

6,684

513,465

Heritage

Insurance

Holdings,

Inc.

23,963

265,510

James

River

Group

Holdings

Ltd.

10,026

457,386

Reinsurance

Group

of

America,

Inc.

3,663

461,721

State

Auto

Financial

Corp.

5,605

110,475

Stewart

Information

Services

Corp.

7,587

394,752

United

Fire

Group,

Inc.

6,763

235,352

United

Insurance

Holdings

Corp.

7,135

51,443

Universal

Insurance

Holdings,

Inc.

10,276

147,358

Unum

Group

6,830

190,079

10,028,811

Interactive

Media

&

Services

0.7%

TrueCar

,

Inc.*

74,080

354,473

Yelp,

Inc.*

33,925

1,323,075

1,677,548

Internet

&

Direct

Marketing

Retail

0.1%

Qurate

Retail,

Inc.,

Series

A

12,052

141,732

IT

Services

2.3%

Cass

Information

Systems,

Inc.

33,422

1,546,436

Information

Services

Group,

Inc.*

9,200

40,480

Unisys

Corp.*

21,960

558,223

Verra

Mobility

Corp.*

242,908

3,287,760

5,432,899

Leisure

Products

0.8%

Smith

&

Wesson

Brands,

Inc.

31,835

555,521

Vista

Outdoor,

Inc.*

42,730

1,370,351

1,925,872

Machinery

3.4%

AGCO

Corp.

10,031

1,440,953

Crane

Co.

42,768

4,016,343

Graham

Corp.

500

7,120

Hyster

-Yale

Materials

Handling,

Inc.

9,491

826,856

Manitowoc

Co.,

Inc.

(The)*

48,754

1,005,307

Park-Ohio

Holdings

Corp.

4,200

132,258

REV

Group,

Inc.

12,137

232,545

Titan

International,

Inc.*

4,571

42,419

Wabash

National

Corp.

12,540

235,752

7,939,553

Marine

0.1%

Genco

Shipping

&

Trading

Ltd.

29,481

297,168

Media

2.0%

comScore,

Inc.*

56,699

207,518

Common

Stocks

Shares

Value

($)

Media

Cumulus

Media,

Inc.,

Class

A*(a)

10,028

91,355

Entercom

Communications

Corp.,

Class

A*

32,474

170,489

Entravision

Communications

Corp.,

Class

A

12,281

49,615

Gray

Television,

Inc.

49,702

914,517

Hemisphere

Media

Group,

Inc.*

142,109

1,655,570

iHeartMedia

,

Inc.,

Class

A*

54,650

991,898

TEGNA,

Inc.

25,769

485,230

4,566,192

Metals

&

Mining

0.9%

Arconic

Corp.*

6,160

156,402

Olympic

Steel,

Inc.(a)

6,668

196,373

Ryerson

Holding

Corp.*

21,201

361,265

Schnitzer

Steel

Industries,

Inc.,

Class

A

12,167

508,459

SunCoke

Energy,

Inc.

82,586

578,928

TimkenSteel

Corp.*

34,668

407,349

2,208,776

Multiline

Retail

0.5%

Dillard's,

Inc.,

Class

A(a)

11,109

1,072,796

Oil,

Gas

&

Consumable

Fuels

3.0%

APA

Corp.

8,248

147,639

Arch

Resources,

Inc.*(a)

18,618

774,509

Berry

Corp.

16,218

89,361

Bonanza

Creek

Energy,

Inc.*

21,763

777,592

DHT

Holdings,

Inc.

97,479

578,050

Dorian

LPG

Ltd.*

28,015

367,837

Green

Plains,

Inc.*(a)

25,397

687,497

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

International

Seaways,

Inc.

28,529

552,892

Kosmos

Energy

Ltd.*

62,614

192,225

Par

Pacific

Holdings,

Inc.*

37,477

529,175

Peabody

Energy

Corp.*

17,100

52,326

Plains

GP

Holdings

LP,

Class

A*

22,281

209,441

REX

American

Resources

Corp.*

3,551

298,888

SFL

Corp.

Ltd.

9,413

75,492

SM

Energy

Co.

16,798

274,983

Targa

Resources

Corp.

8,762

278,194

World

Fuel

Services

Corp.

32,468

1,142,874

7,028,975

Paper

&

Forest

Products

0.3%

Clearwater

Paper

Corp.*

14,260

536,461

Verso

Corp.,

Class

A

4,426

64,576

601,037

Personal

Products

1.5%

Inter

Parfums

,

Inc.

49,500

3,511,035

Pharmaceuticals

0.3%

Assertio

Holdings,

Inc.*

3,803

2,596

Endo

International

plc*

42,505

314,962

Lannett

Co.,

Inc.*(a)

18,823

99,385

68

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Osmotica

Pharmaceuticals

plc*(a)

9,211

30,028

Strongbridge

Biopharma

plc*

36,010

99,388

Theravance

Biopharma,

Inc.*(a)

5,405

110,316

656,675

Professional

Services

1.0%

GP

Strategies

Corp.*

1,400

24,430

Heidrick

&

Struggles

International,

Inc.

11,501

410,816

Insperity

,

Inc.

1,752

146,712

Kelly

Services,

Inc.,

Class

A*

31,395

699,167

ManpowerGroup

,

Inc.

4,215

416,863

TrueBlue

,

Inc.*

25,429

559,947

2,257,935

Real

Estate

Management

&

Development

3.0%

Altisource

Portfolio

Solutions

SA*(a)

700

6,433

Forestar

Group,

Inc.*

2,680

62,390

Jones

Lang

LaSalle,

Inc.*

30,504

5,461,436

Kennedy-Wilson

Holdings,

Inc.

(a)

12,329

249,169

Realogy

Holdings

Corp.*

77,690

1,175,450

6,954,878

Road

&

Rail

2.2%

ArcBest

Corp.

20,004

1,407,681

Covenant

Logistics

Group,

Inc.*

9,200

189,428

Landstar

System,

Inc.

18,827

3,107,585

US

Xpress

Enterprises,

Inc.,

Class

A*(a)

32,090

377,057

USA

Truck,

Inc.*

6,144

117,412

5,199,163

Semiconductors

&

Semiconductor

Equipment

3.5%

Alpha

&

Omega

Semiconductor

Ltd.*

11,940

390,438

Amkor

Technology,

Inc.

23,000

545,330

Cirrus

Logic,

Inc.*

3,889

329,748

CMC

Materials,

Inc.

23,613

4,174,542

GSI

Technology,

Inc.*

2,300

15,387

NeoPhotonics

Corp.*

50,615

604,849

Synaptics

,

Inc.*

8,156

1,104,486

Veeco

Instruments,

Inc.*

45,212

937,697

8,102,477

Software

1.1%

Manhattan

Associates,

Inc.*

21,000

2,464,980

SecureWorks

Corp.,

Class

A*

5,200

69,576

Synchronoss

Technologies,

Inc.*

36,776

131,290

2,665,846

Specialty

Retail

3.3%

America's

Car-Mart,

Inc.*(a)

29,285

4,462,155

Barnes

&

Noble

Education,

Inc.*

4,600

37,444

Hibbett

Sports,

Inc.*(a)

11,017

758,961

ODP

Corp.

(The)*

21,427

927,575

Signet

Jewelers

Ltd.*

21,425

1,242,222

Common

Stocks

Shares

Value

($)

Specialty

Retail

Tilly's,

Inc.,

Class

A*

15,900

179,988

7,608,345

Technology

Hardware,

Storage

&

Peripherals

0.5%

Diebold

Nixdorf,

Inc.*

12,434

175,692

Intevac,

Inc.*

2,900

20,735

Quantum

Corp.*

11,402

94,979

Super

Micro

Computer,

Inc.*

10,445

407,982

Xerox

Holdings

Corp.

19,798

480,497

1,179,885

Textiles,

Apparel

&

Luxury

Goods

0.2%

Unifi,

Inc.*

11,116

306,357

Vera

Bradley,

Inc.*

15,325

154,782

461,139

Thrifts

&

Mortgage

Finance

2.4%

Bridgewater

Bancshares,

Inc.*

5,662

91,441

Flagstar

Bancorp,

Inc.

30,336

1,368,154

FS

Bancorp,

Inc.

500

33,600

Home

Bancorp,

Inc.

843

30,390

HomeStreet

,

Inc.

15,009

661,447

Merchants

Bancorp

7,606

318,996

Meridian

Bancorp,

Inc.

15,297

281,771

OP

Bancorp

2,951

31,044

PCSB

Financial

Corp.

5,598

92,983

PennyMac

Financial

Services,

Inc.

22,859

1,528,581

Riverview

Bancorp,

Inc.

3,688

25,558

Southern

Missouri

Bancorp,

Inc.

700

27,594

TrustCo

Bank

Corp.

55,823

411,415

Washington

Federal,

Inc.

24,026

740,001

Waterstone

Financial,

Inc.

3,007

61,403

Western

New

England

Bancorp,

Inc.

2,600

21,918

5,726,296

Trading

Companies

&

Distributors

3.8%

Beacon

Roofing

Supply,

Inc.*(a)

72,405

3,788,230

Boise

Cascade

Co.

20,218

1,209,643

CAI

International,

Inc.

3,036

138,199

DXP

Enterprises,

Inc.*

9,000

271,530

Herc

Holdings,

Inc.*

7,029

712,249

MRC

Global,

Inc.*

79,209

715,257

NOW,

Inc.*

65,282

658,695

Textainer

Group

Holdings

Ltd.*

24,710

707,941

Titan

Machinery,

Inc.*

1,280

32,640

Veritiv

Corp.*

10,903

463,814

WESCO

International,

Inc.*

1,389

120,190

8,818,388

Wireless

Telecommunication

Services

0.3%

Gogo

,

Inc.*(a)

5,156

49,807

Telephone

&

Data

Systems,

Inc.

25,299

580,865

630,672

Total

Common

Stocks

(cost

$171,805,769)

221,023,971

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

69

Rights

0.0%

†

Number

of

Rights

Value

($)

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$7,218)

0

Repurchase

Agreements

0.7%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$687,970,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$701,728.(b)

687,969

687,969

CF

Secured,

LLC,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

4/22/2021

-

10/20/2069;

total

market

value

$1,020,001.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$1,687,969)

1,687,969

Total

Investments

(cost

$173,500,956)

—

95.4%

222,711,940

Other

assets

in

excess

of

liabilities

—

4.6%

10,721,861

NET

ASSETS

—

100.0%

$

233,433,801

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$9,848,446,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,678,969

and

by

$8,363,051

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$10,042,020.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$1,687,969.

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

70

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

71

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

3,252,902

$

–

$

–

$

3,252,902

Air

Freight

&

Logistics

609,807

–

–

609,807

Airlines

849,539

–

–

849,539

Auto

Components

9,158,313

–

–

9,158,313

Banks

13,869,764

–

–

13,869,764

Beverages

1,504,635

–

–

1,504,635

Biotechnology

2,857,569

–

–

2,857,569

Building

Products

3,258,099

–

–

3,258,099

Capital

Markets

10,346,300

–

–

10,346,300

Chemicals

8,027,213

–

–

8,027,213

Commercial

Services

&

Supplies

18,927,043

–

–

18,927,043

Communications

Equipment

5,369,758

–

–

5,369,758

Construction

&

Engineering

5,000,040

–

–

5,000,040

Consumer

Finance

2,733,843

–

–

2,733,843

Containers

&

Packaging

137,185

–

–

137,185

Diversified

Consumer

Services

1,256,457

–

–

1,256,457

Diversified

Financial

Services

701,351

–

–

701,351

Electric

Utilities

617,395

–

–

617,395

Electrical

Equipment

3,393,034

–

–

3,393,034

Electronic

Equipment,

Instruments

&

Components

7,159,039

–

–

7,159,039

Energy

Equipment

&

Services

993,749

–

–

993,749

Entertainment

158,822

–

–

158,822

Equity

Real

Estate

Investment

Trusts

(REITs)

4,926,836

–

–

4,926,836

Food

&

Staples

Retailing

1,365,287

–

–

1,365,287

Food

Products

391,264

–

–

391,264

Gas

Utilities

900,651

–

–

900,651

Health

Care

Equipment

&

Supplies

2,502,012

–

–

2,502,012

Health

Care

Providers

&

Services

3,778,783

–

–

3,778,783

Health

Care

Technology

1,772,500

–

–

1,772,500

Hotels,

Restaurants

&

Leisure

6,115,327

–

–

6,115,327

Household

Durables

2,206,576

–

–

2,206,576

Household

Products

188,785

–

–

188,785

Insurance

10,028,811

–

–

10,028,811

Interactive

Media

&

Services

1,677,548

–

–

1,677,548

Internet

&

Direct

Marketing

Retail

141,732

–

–

141,732

IT

Services

5,432,899

–

–

5,432,899

Leisure

Products

1,925,872

–

–

1,925,872

Machinery

7,939,553

–

–

7,939,553

Marine

297,168

–

–

297,168

Media

4,566,192

–

–

4,566,192

Metals

&

Mining

2,208,776

–

–

2,208,776

Multiline

Retail

1,072,796

–

–

1,072,796

Oil,

Gas

&

Consumable

Fuels

7,028,975

–

–

7,028,975

Paper

&

Forest

Products

601,037

–

–

601,037

Personal

Products

3,511,035

–

–

3,511,035

Pharmaceuticals

656,675

–

–

656,675

Professional

Services

2,257,935

–

–

2,257,935

Real

Estate

Management

&

Development

6,954,878

–

–

6,954,878

Road

&

Rail

5,199,163

–

–

5,199,163

Semiconductors

&

Semiconductor

Equipment

8,102,477

–

–

8,102,477

Software

2,665,846

–

–

2,665,846

Specialty

Retail

7,608,345

–

–

7,608,345

Technology

Hardware,

Storage

&

Peripherals

1,179,885

–

–

1,179,885

Textiles,

Apparel

&

Luxury

Goods

461,139

–

–

461,139

72

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Thrifts

&

Mortgage

Finance

$

5,726,296

$

–

$

–

$

5,726,296

Trading

Companies

&

Distributors

8,818,388

–

–

8,818,388

Wireless

Telecommunication

Services

630,672

–

–

630,672

Total

Common

Stocks

$

221,023,971

$

–

$

–

$

221,023,971

Repurchase

Agreements

–

1,687,969

–

1,687,969

Rights

–

–

–

–

Total

$

221,023,971

$

1,687,969

$

–

$

222,711,940

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2021,

the

Fund

held

one

common

stock

and

one

rights

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

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

73

Common

Stocks

98.2%

Shares

Value

($)

ARGENTINA

0.4%

IT

Services

0.4%

Globant

SA

*

8,239

1,710,499

AUSTRALIA

0.0%

†

Consumer

Finance

0.0%

†

Aet

and

D

Holdings

No.

1

Ltd.

*^∞

106,305

0

BERMUDA

0.1%

Insurance

0.1%

SiriusPoint

Ltd.

*

42,675

434,005

CANADA

0.3%

Software

0.3%

Lightspeed

POS,

Inc.

*

19,755

1,240,812

CHINA

0.5%

Trading

Companies

&

Distributors

0.5%

Textainer

Group

Holdings

Ltd.

*

69,081

1,979,171

GERMANY

0.0%

†

Specialty

Retail

0.0%

†

MYT

Netherlands

Parent

BV,

ADR

*(a)

3,399

96,056

GHANA

0.1%

Oil,

Gas

&

Consumable

Fuels

0.1%

Kosmos

Energy

Ltd.

*

84,134

258,291

IRELAND

0.3%

Biotechnology

0.3%

Prothena

Corp.

plc

*(a)

48,378

1,215,255

ISRAEL

0.9%

Machinery

0.7%

Kornit

Digital

Ltd.

*

26,041

2,581,184

Semiconductors

&

Semiconductor

Equipment

0.2%

Nova

Measuring

Instruments

Ltd.

*(a)

9,294

845,847

3,427,031

NORWAY

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

SFL

Corp.

Ltd.

12,795

102,616

PUERTO

RICO

0.6%

Banks

0.6%

First

Bancorp/PR

103,920

1,170,139

OFG

Bancorp

61,143

1,383,055

2,553,194

UNITED

KINGDOM

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

UNITED

STATES

95.0%

Aerospace

&

Defense

0.9%

Astronics

Corp.

*

52,569

948,345

Triumph

Group,

Inc.

*

84,887

1,560,223

Vectrus,

Inc.

*

16,723

893,677

3,402,245

Air

Freight

&

Logistics

0.3%

Echo

Global

Logistics,

Inc.

*

28,335

890,002

Radiant

Logistics,

Inc.

*

19,959

138,715

1,028,717

Common

Stocks

Shares

Value

($)

UNITED

STATES

Airlines

0.2%

Mesa

Air

Group,

Inc.

*

47,501

638,889

SkyWest,

Inc.

*

2,606

141,975

Sun

Country

Airlines

Holdings,

Inc.

*

3,137

107,536

888,400

Auto

Components

4.2%

Adient

plc

*

42,767

1,890,301

American

Axle

&

Manufacturing

Holdings,

Inc.

*

190,959

1,844,664

Cooper-Standard

Holdings,

Inc.

*

35,193

1,278,210

Dana,

Inc.

45,296

1,102,052

Fox

Factory

Holding

Corp.

*

11,781

1,496,894

Goodyear

Tire

&

Rubber

Co.

(The)

*

211,579

3,717,442

Modine

Manufacturing

Co.

*

77,653

1,146,935

Strattec

Security

Corp.

*

3,464

162,462

Tenneco,

Inc.,

Class

A

*

167,504

1,795,643

Visteon

Corp.

*

15,713

1,916,200

16,350,803

Banks

6.9%

1st

Source

Corp.

1,000

47,580

Altabancorp

5,186

218,019

Amalgamated

Financial

Corp.

13,968

231,729

Amerant

Bancorp,

Inc.

*

3,263

60,594

American

National

Bankshares,

Inc.

1,427

47,191

Atlantic

Capital

Bancshares,

Inc.

*

15,842

381,792

Banc

of

California,

Inc.

21,374

386,442

Bancorp,

Inc.

(The)

*

49,182

1,019,051

Bank

of

Commerce

Holdings

6,315

80,516

Bank

of

Marin

Bancorp

2,803

109,765

BankFinancial

Corp.

3,194

32,962

Bankwell

Financial

Group,

Inc.

1,898

51,151

BayCom

Corp.

*

3,400

61,268

BCB

Bancorp,

Inc.

2,066

28,511

Cadence

Bancorp

150,055

3,110,641

Capital

City

Bank

Group,

Inc.

6,687

173,996

Capstar

Financial

Holdings,

Inc.

10,321

178,037

Carter

Bankshares,

Inc.

*

8,467

118,199

CBTX,

Inc.

11,864

364,462

Central

Pacific

Financial

Corp.

64,239

1,713,897

Central

Valley

Community

Bancorp

4,876

89,767

Chemung

Financial

Corp.

1,395

58,339

CNB

Financial

Corp.

4,737

116,578

Community

Bankers

Trust

Corp.

2,100

18,522

Community

Trust

Bancorp,

Inc.

12,640

556,539

Eagle

Bancorp

Montana,

Inc.

1,000

24,320

Eagle

Bancorp,

Inc.

45,634

2,428,186

Enterprise

Financial

Services

Corp.

8,369

413,763

74

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Esquire

Financial

Holdings,

Inc.

*

1,603

36,564

Evans

Bancorp,

Inc.

400

13,556

FB

Financial

Corp.

12,149

540,145

Financial

Institutions,

Inc.

11,604

351,485

First

Bancorp/NC

3,452

150,162

First

Financial

Corp.

6,227

280,277

First

Internet

Bancorp

2,972

104,704

Great

Southern

Bancorp,

Inc.

8,010

453,927

Guaranty

Bancshares,

Inc.

3,415

125,501

Hanmi

Financial

Corp.

42,355

835,664

HBT

Financial,

Inc.

9,118

156,100

Heartland

Financial

USA,

Inc.

6,600

331,716

Heritage

Financial

Corp.

3,232

91,272

HomeTrust

Bancshares,

Inc.

12,387

301,623

Independent

Bank

Corp./MI

19,300

456,252

Lakeland

Bancorp,

Inc.

28,580

498,149

Macatawa

Bank

Corp.

13,797

137,280

Meridian

Corp.

1,443

37,518

Metropolitan

Bank

Holding

Corp.

*

2,787

140,353

MidWestOne

Financial

Group,

Inc.

5,162

159,867

Nicolet

Bankshares,

Inc.

*

7,668

639,971

Northeast

Bank

4,144

109,360

Northrim

Bancorp,

Inc.

4,095

174,078

Old

Second

Bancorp,

Inc.

2,700

35,667

PCB

Bancorp

3,309

49,635

Peapack-Gladstone

Financial

Corp.

10,049

310,313

Pinnacle

Financial

Partners,

Inc.

16,974

1,504,915

Preferred

Bank

5,987

381,252

Primis

Financial

Corp.

10,826

157,410

Professional

Holding

Corp.,

Class

A

*

3,014

55,367

QCR

Holdings,

Inc.

14,167

668,966

RBB

Bancorp

10,692

216,727

Select

Bancorp,

Inc.

*

3,287

36,387

Shore

Bancshares,

Inc.

6,786

115,498

Sierra

Bancorp

3,626

97,177

Silvergate

Capital

Corp.,

Class

A

*

5,042

716,821

SmartFinancial,

Inc.

4,200

90,930

South

Plains

Financial,

Inc.

985

22,379

Southern

First

Bancshares,

Inc.

*

3,350

157,048

Spirit

of

Texas

Bancshares,

Inc.

3,286

73,311

TriCo

Bancshares

48,584

2,301,424

UMB

Financial

Corp.

22,538

2,080,934

27,319,502

Beverages

0.7%

Primo

Water

Corp.

162,985

2,650,136

Biotechnology

3.8%

Acceleron

Pharma,

Inc.

*(a)

9,701

1,315,553

Acorda

Therapeutics,

Inc.

*(a)

24,857

121,054

AnaptysBio,

Inc.

*

5,028

108,353

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Apellis

Pharmaceuticals,

Inc.

*

15,768

676,605

Applied

Genetic

Technologies

Corp.

*(a)

44,689

226,573

Assembly

Biosciences,

Inc.

*

7,312

33,635

Beyondspring,

Inc.

*(a)

922

10,207

Bluebird

Bio,

Inc.

*

6,805

205,171

CareDx,

Inc.

*

23,613

1,607,808

Cidara

Therapeutics,

Inc.

*

30,285

80,558

Codiak

Biosciences,

Inc.

*

2,736

41,259

Concert

Pharmaceuticals,

Inc.

*

8,678

43,303

Deciphera

Pharmaceuticals,

Inc.

*

12,040

539,874

GlycoMimetics,

Inc.

*(a)

18,422

55,450

Gossamer

Bio,

Inc.

*

80,343

743,173

Halozyme

Therapeutics,

Inc.

*(a)

30,655

1,278,007

Insmed,

Inc.

*

10,015

341,111

Kindred

Biosciences,

Inc.

*(a)

13,788

68,526

NextCure,

Inc.

*(a)

7,972

79,800

Poseida

Therapeutics,

Inc.

*

25,906

247,402

Savara,

Inc.

*

50,964

106,005

Selecta

Biosciences,

Inc.

*(a)

104,672

473,641

SQZ

Biotechnologies

Co.

*

1,657

22,668

TG

Therapeutics,

Inc.

*

19,381

934,164

Turning

Point

Therapeutics,

Inc.

*

6,910

653,617

Ultragenyx

Pharmaceutical,

Inc.

*

10,137

1,154,199

United

Therapeutics

Corp.

*

6,112

1,022,354

Vanda

Pharmaceuticals,

Inc.

*

72,425

1,087,824

Veracyte,

Inc.

*

25,668

1,379,655

Verastem,

Inc.

*

42,000

103,740

14,761,289

Building

Products

2.0%

Advanced

Drainage

Systems,

Inc.

27,387

2,831,542

Apogee

Enterprises,

Inc.

31,483

1,287,025

AZEK

Co.,

Inc.

(The)

*

21,382

899,113

Quanex

Building

Products

Corp.

13,464

353,161

Trex

Co.,

Inc.

*

25,693

2,351,937

7,722,778

Capital

Markets

2.4%

ArcLight

Clean

Transition

Corp.,

Class

A

*(a)

25,672

459,015

Artisan

Partners

Asset

Management,

Inc.,

Class

A

15,472

807,174

Cohen

&

Steers,

Inc.

11,051

721,962

Cowen,

Inc.,

Class

A

(a)

51,300

1,803,195

Evercore,

Inc.,

Class

A

6,551

863,029

Hamilton

Lane,

Inc.,

Class

A

22,846

2,023,243

LPL

Financial

Holdings,

Inc.

12,884

1,831,589

Star

Peak

Energy

Transition

Corp.,

Class

A

*(a)

11,619

308,833

StepStone

Group,

Inc.,

Class

A

(a)

9,638

339,932

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

Shares

Value

($)

UNITED

STATES

Capital

Markets

StoneX

Group,

Inc.

*

6,242

408,102

9,566,074

Chemicals

2.6%

AdvanSix,

Inc.

*

39,779

1,066,873

Ashland

Global

Holdings,

Inc.

12,600

1,118,502

Danimer

Scientific,

Inc.

*(a)

14,067

531,029

Element

Solutions,

Inc.

91,347

1,670,737

Huntsman

Corp.

7,459

215,043

Kraton

Corp.

*

25,357

927,813

Olin

Corp.

36,158

1,372,919

Stepan

Co.

6,182

785,794

Trinseo

SA

37,598

2,393,864

10,082,574

Commercial

Services

&

Supplies

2.3%

ACCO

Brands

Corp.

89,226

753,067

Casella

Waste

Systems,

Inc.,

Class

A

*

23,866

1,517,162

CECO

Environmental

Corp.

*

12,128

96,175

CoreCivic,

Inc.

261,603

2,367,507

Interface,

Inc.

71,806

896,139

Kimball

International,

Inc.,

Class

B

48,282

675,948

Pitney

Bowes,

Inc.

159,450

1,313,868

RR

Donnelley

&

Sons

Co.

*

76,516

310,655

Steelcase,

Inc.,

Class

A

65,034

935,839

8,866,360

Communications

Equipment

2.8%

ADTRAN,

Inc.

99,636

1,661,928

Applied

Optoelectronics,

Inc.

*(a)

11,394

95,254

CalAmp

Corp.

*

11,829

128,345

CommScope

Holding

Co.,

Inc.

*

48,085

738,586

Comtech

Telecommunications

Corp.

44,024

1,093,556

DZS,

Inc.

*

7,890

122,690

Infinera

Corp.

*(a)

151,556

1,459,484

NETGEAR,

Inc.

*

51,464

2,115,171

NetScout

Systems,

Inc.

*(a)

42,112

1,185,874

PC-Tel,

Inc.

*

6,852

47,621

Plantronics,

Inc.

*(a)

44,662

1,737,798

Ribbon

Communications,

Inc.

*

77,509

636,349

11,022,656

Construction

&

Engineering

0.9%

Matrix

Service

Co.

*

31,926

418,550

Orion

Group

Holdings,

Inc.

*

24,001

145,686

Primoris

Services

Corp.

48,118

1,594,150

Tutor

Perini

Corp.

*

68,532

1,298,681

3,457,067

Consumer

Finance

1.4%

Elevate

Credit,

Inc.

*

49,782

145,363

Enova

International,

Inc.

*

34,980

1,241,090

EZCORP,

Inc.,

Class

A

*(a)

49,638

246,701

Green

Dot

Corp.,

Class

A

*

32,330

1,480,391

LendingClub

Corp.

*

124,163

2,051,173

Regional

Management

Corp.

2,496

86,511

SLM

Corp.

15,174

272,677

5,523,906

Common

Stocks

Shares

Value

($)

UNITED

STATES

Containers

&

Packaging

0.1%

O-I

Glass,

Inc.

*

18,248

268,976

Diversified

Consumer

Services

0.5%

Adtalem

Global

Education,

Inc.

*

3,472

137,283

American

Public

Education,

Inc.

*

17,374

619,036

Houghton

Mifflin

Harcourt

Co.

*(a)

129,265

984,999

Universal

Technical

Institute,

Inc.

*

19,512

113,950

1,855,268

Diversified

Financial

Services

0.2%

Marlin

Business

Services

Corp.

1,516

20,678

Voya

Financial,

Inc.

11,800

750,952

771,630

Diversified

Telecommunication

Services

0.3%

Bandwidth,

Inc.,

Class

A

*

9,802

1,242,305

Electric

Utilities

0.4%

Portland

General

Electric

Co.

35,853

1,701,942

Electrical

Equipment

1.1%

Array

Technologies,

Inc.

*

27,907

832,187

Generac

Holdings,

Inc.

*(a)

1,197

391,958

LSI

Industries,

Inc.

12,783

109,039

Powell

Industries,

Inc.

13,889

470,420

Regal

Beloit

Corp.

11,848

1,690,472

Shoals

Technologies

Group,

Inc.,

Class

A

*

20,409

709,825

4,203,901

Electronic

Equipment,

Instruments

&

Components

1.8%

Arlo

Technologies,

Inc.

*

84,816

532,644

Avnet,

Inc.

9,676

401,651

Bel

Fuse,

Inc.,

Class

B

8,523

169,522

Belden,

Inc.

31,761

1,409,236

Benchmark

Electronics,

Inc.

62,946

1,946,290

Daktronics,

Inc.

*

42,505

266,506

Novanta,

Inc.

*

9,240

1,218,664

Rogers

Corp.

*

4,127

776,743

ScanSource,

Inc.

*

8,349

250,053

6,971,309

Energy

Equipment

&

Services

0.4%

Bristow

Group,

Inc.

*

8,504

220,084

Exterran

Corp.

*

14,627

49,147

Nabors

Industries

Ltd.

*

4,198

392,303

Newpark

Resources,

Inc.

*

66,202

207,874

Oil

States

International,

Inc.

*

62,281

375,554

US

Silica

Holdings,

Inc.

*

21,824

268,217

1,513,179

Entertainment

0.5%

Madison

Square

Garden

Sports

Corp.,

Class

A

*

1,830

328,412

Zynga,

Inc.,

Class

A

*

163,913

1,673,552

2,001,964

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

Armada

Hoffler

Properties,

Inc.

33,837

424,316

Centerspace

17,137

1,165,316

76

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Equity

Real

Estate

Investment

Trusts

(REITs)

CorEnergy

Infrastructure

Trust,

Inc.

30,344

214,532

CorePoint

Lodging,

Inc.

*

82,051

740,921

CTO

Realty

Growth,

Inc.

4,677

243,251

Franklin

Street

Properties

Corp.

55,757

303,876

Gaming

and

Leisure

Properties,

Inc.

43,544

1,847,571

iStar,

Inc.

16,407

291,716

National

Health

Investors,

Inc.

6,271

453,268

NETSTREIT

Corp.

4,964

91,784

New

Senior

Investment

Group,

Inc.

78,932

491,746

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

74,364

1,291,703

Retail

Value,

Inc.

22,308

417,383

Spirit

Realty

Capital,

Inc.

15,867

674,348

8,651,731

Food

&

Staples

Retailing

0.5%

Albertsons

Cos.,

Inc.,

Class

A

(a)

28,090

535,676

Andersons,

Inc.

(The)

24,475

670,126

Rite

Aid

Corp.

*

34,329

702,371

SpartanNash

Co.

5,183

101,742

2,009,915

Food

Products

1.2%

Fresh

Del

Monte

Produce,

Inc.

16,133

461,888

Freshpet,

Inc.

*

22,978

3,649,136

Landec

Corp.

*

18,555

196,683

Pilgrim's

Pride

Corp.

*

11,714

278,676

Post

Holdings,

Inc.

*

2,000

211,440

4,797,823

Gas

Utilities

0.3%

Southwest

Gas

Holdings,

Inc.

19,158

1,316,346

Health

Care

Equipment

&

Supplies

3.9%

Acutus

Medical,

Inc.

*

11,842

158,328

AngioDynamics,

Inc.

*

10,068

235,591

Axonics

Modulation

Technologies,

Inc.

*(a)

22,593

1,353,095

CryoPort,

Inc.

*(a)

20,022

1,041,344

Eargo,

Inc.

*(a)

2,231

111,438

Globus

Medical,

Inc.,

Class

A

*

15,138

933,560

Inari

Medical,

Inc.

*

5,228

559,396

Invacare

Corp.

46,023

369,104

iRhythm

Technologies,

Inc.

*

5,326

739,568

LivaNova

plc

*

27,708

2,042,912

Masimo

Corp.

*

11,131

2,556,346

Orthofix

Medical,

Inc.

*

3,229

139,977

Penumbra,

Inc.

*

5,587

1,511,730

Silk

Road

Medical,

Inc.

*

10,676

540,739

Tandem

Diabetes

Care,

Inc.

*

20,062

1,770,472

Varex

Imaging

Corp.

*(a)

66,697

1,366,622

15,430,222

Health

Care

Providers

&

Services

1.5%

1Life

Healthcare,

Inc.

*

27,253

1,065,047

Amedisys,

Inc.

*

8,003

2,119,114

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Providers

&

Services

Cross

Country

Healthcare,

Inc.

*

20,535

256,482

Hanger,

Inc.

*

12,145

277,149

Molina

Healthcare,

Inc.

*

2,810

656,866

Signify

Health,

Inc.,

Class

A

*(a)

18,708

547,396

Surgery

Partners,

Inc.

*

19,827

877,543

5,799,597

Health

Care

Technology

1.9%

Allscripts

Healthcare

Solutions,

Inc.

*

157,887

2,370,673

Castlight

Health,

Inc.,

Class

B

*

4,217

6,368

Computer

Programs

&

Systems,

Inc.

15,061

460,867

Inspire

Medical

Systems,

Inc.

*

15,576

3,224,076

NextGen

Healthcare,

Inc.

*

24,511

443,649

Phreesia,

Inc.

*

20,540

1,070,134

7,575,767

Hotels,

Restaurants

&

Leisure

3.4%

Bloomin'

Brands,

Inc.

*

28,001

757,427

Boyd

Gaming

Corp.

*

30,600

1,804,176

Churchill

Downs,

Inc.

9,405

2,138,885

Del

Taco

Restaurants,

Inc.

(a)

85,152

815,756

Everi

Holdings,

Inc.

*

86,719

1,223,605

International

Game

Technology

plc

*(a)

156,688

2,514,842

PlayAGS,

Inc.

*

52,009

420,233

Scientific

Games

Corp.

*

2,457

94,644

Texas

Roadhouse,

Inc.

*

17,068

1,637,504

Travel

+

Leisure

Co.

12,238

748,476

Wingstop,

Inc.

9,159

1,164,750

13,320,298

Household

Durables

1.5%

Bassett

Furniture

Industries,

Inc.

13,705

332,620

Beazer

Homes

USA,

Inc.

*

74,733

1,563,414

Casper

Sleep,

Inc.

*

26,333

190,651

GoPro,

Inc.,

Class

A

*

154,866

1,802,640

TopBuild

Corp.

*

9,914

2,076,290

5,965,615

Household

Products

0.1%

Spectrum

Brands

Holdings,

Inc.

3,031

257,635

Insurance

3.3%

American

Equity

Investment

Life

Holding

Co.

40,815

1,286,897

Argo

Group

International

Holdings

Ltd.

9,253

465,611

Brighthouse

Financial,

Inc.

*

20,826

921,551

Donegal

Group,

Inc.,

Class

A

9,896

147,055

Employers

Holdings,

Inc.

39,524

1,701,903

First

American

Financial

Corp.

14,979

848,560

Global

Indemnity

Group

LLC,

Class

A

1,719

50,951

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

UNITED

STATES

Insurance

Greenlight

Capital

Re

Ltd.,

Class

A

*

19,756

171,877

Hallmark

Financial

Services,

Inc.

*(a)

20,910

81,131

HCI

Group,

Inc.

12,194

936,743

Heritage

Insurance

Holdings,

Inc.

89,942

996,557

James

River

Group

Holdings

Ltd.

18,971

865,457

Kinsale

Capital

Group,

Inc.

6,689

1,102,347

Reinsurance

Group

of

America,

Inc.

2,727

343,738

State

Auto

Financial

Corp.

11,040

217,598

Stewart

Information

Services

Corp.

32,624

1,697,427

United

Fire

Group,

Inc.

12,067

419,932

United

Insurance

Holdings

Corp.

13,811

99,577

Universal

Insurance

Holdings,

Inc.

15,947

228,680

Unum

Group

12,444

346,317

12,929,909

Interactive

Media

&

Services

0.8%

TrueCar,

Inc.

*

163,398

781,859

Yelp,

Inc.

*

64,056

2,498,184

3,280,043

Internet

&

Direct

Marketing

Retail

0.4%

Magnite,

Inc.

*(a)

16,068

668,589

Qurate

Retail,

Inc.

Series A

21,957

258,214

Stamps.com,

Inc.

*

4,059

809,812

1,736,615

IT

Services

0.5%

Information

Services

Group,

Inc.

*

13,652

60,069

Shift4

Payments,

Inc.,

Class

A

*

11,304

927,041

Unisys

Corp.

*

39,909

1,014,487

2,001,597

Leisure

Products

1.2%

Smith

&

Wesson

Brands,

Inc.

58,027

1,012,571

Vista

Outdoor,

Inc.

*

75,760

2,429,624

YETI

Holdings,

Inc.

*

20,196

1,458,353

4,900,548

Life

Sciences

Tools

&

Services

2.4%

Bio-Techne

Corp.

4,410

1,684,311

Medpace

Holdings,

Inc.

*

13,644

2,238,298

NeoGenomics,

Inc.

*

29,236

1,410,052

Quanterix

Corp.

*

8,088

472,905

Repligen

Corp.

*

18,829

3,660,547

9,466,113

Machinery

4.0%

AGCO

Corp.

17,577

2,524,935

Altra

Industrial

Motion

Corp.

20,830

1,152,316

Astec

Industries,

Inc.

5,308

400,329

Chart

Industries,

Inc.

*

15,542

2,212,404

Colfax

Corp.

*

21,458

940,075

Federal

Signal

Corp.

30,425

1,165,278

Graham

Corp.

1,644

23,411

Common

Stocks

Shares

Value

($)

UNITED

STATES

Machinery

Hydrofarm

Holdings

Group,

Inc.

*

2,375

143,260

Hyster-Yale

Materials

Handling,

Inc.

17,645

1,537,232

ITT,

Inc.

25,940

2,358,204

L

B

Foster

Co.,

Class

A

*

6,518

116,672

Manitowoc

Co.,

Inc.

(The)

*

97,130

2,002,821

Park-Ohio

Holdings

Corp.

8,442

265,839

REV

Group,

Inc.

(a)

8,489

162,649

SPX

Corp.

*

13,880

808,788

Titan

International,

Inc.

*

6,399

59,383

15,873,596

Marine

0.1%

Genco

Shipping

&

Trading

Ltd.

45,618

459,829

Media

1.5%

Cable

One,

Inc.

650

1,188,434

comScore,

Inc.

*

86,016

314,819

Cumulus

Media,

Inc.,

Class

A

*(a)

12,068

109,939

Entercom

Communications

Corp.,

Class

A

*

37,981

199,400

Entravision

Communications

Corp.,

Class

A

18,682

75,475

Gray

Television,

Inc.

88,065

1,620,396

iHeartMedia,

Inc.,

Class

A

*

106,953

1,941,197

Marchex,

Inc.,

Class

B

*

14,602

41,032

Mode

Media

M-1

Escrow

*^∞

2,754

0

TEGNA,

Inc.

20,760

390,911

5,881,603

Metals

&

Mining

1.3%

Allegheny

Technologies,

Inc.

*

35,562

748,936

Arconic

Corp.

*

10,760

273,196

Olympic

Steel,

Inc.

(a)

13,400

394,630

Ryerson

Holding

Corp.

*

33,003

562,371

Schnitzer

Steel

Industries,

Inc.,

Class

A

30,351

1,268,368

SunCoke

Energy,

Inc.

149,279

1,046,446

TimkenSteel

Corp.

*

56,420

662,935

4,956,882

Multiline

Retail

0.5%

Dillard's,

Inc.,

Class

A

(a)

20,377

1,967,807

Oil,

Gas

&

Consumable

Fuels

3.2%

APA

Corp.

14,816

265,206

Arch

Resources,

Inc.

*

35,340

1,470,144

Berry

Corp.

32,849

180,998

Bonanza

Creek

Energy,

Inc.

*

42,038

1,502,019

DHT

Holdings,

Inc.

160,336

950,792

Dorian

LPG

Ltd.

*

54,901

720,850

Green

Plains,

Inc.

*(a)

37,656

1,019,348

International

Seaways,

Inc.

55,014

1,066,171

Par

Pacific

Holdings,

Inc.

*

71,529

1,009,989

Peabody

Energy

Corp.

*

32,854

100,533

Plains

GP

Holdings

LP,

Class

A

*

40,079

376,743

REX

American

Resources

Corp.

*

6,892

580,100

SM

Energy

Co.

30,160

493,719

78

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Targa

Resources

Corp.

15,496

491,998

World

Fuel

Services

Corp.

61,307

2,158,007

12,386,617

Paper

&

Forest

Products

0.7%

Clearwater

Paper

Corp.

*

24,956

938,845

Louisiana-Pacific

Corp.

32,808

1,819,531

Verso

Corp.,

Class

A

8,900

129,851

2,888,227

Pharmaceuticals

0.4%

Assertio

Holdings,

Inc.

*

6,915

4,719

Endo

International

plc

*

79,449

588,718

Lannett

Co.,

Inc.

*(a)

42,762

225,783

NGM

Biopharmaceuticals,

Inc.

*

4,250

123,548

Osmotica

Pharmaceuticals

plc

*

21,278

69,366

Strongbridge

Biopharma

plc

*

65,161

179,844

Theravance

Biopharma,

Inc.

*(a)

10,500

214,305

1,406,283

Professional

Services

1.1%

GP

Strategies

Corp.

*

1,676

29,246

Heidrick

&

Struggles

International,

Inc.

20,907

746,798

Kelly

Services,

Inc.,

Class

A

*

67,611

1,505,697

ManpowerGroup,

Inc.

8,300

820,870

TrueBlue,

Inc.

*

53,107

1,169,416

4,272,027

Real

Estate

Management

&

Development

0.7%

Altisource

Portfolio

Solutions

SA

*

3,382

31,081

Forestar

Group,

Inc.

*

4,775

111,162

Kennedy-Wilson

Holdings,

Inc.

22,360

451,896

Realogy

Holdings

Corp.

*

141,411

2,139,548

2,733,687

Road

&

Rail

1.6%

ArcBest

Corp.

41,497

2,920,143

Covenant

Logistics

Group,

Inc.

*

15,915

327,690

Saia,

Inc.

*

9,269

2,137,246

US

Xpress

Enterprises,

Inc.,

Class

A

*

61,742

725,469

USA

Truck,

Inc.

*

4,215

80,549

6,191,097

Semiconductors

&

Semiconductor

Equipment

4.9%

Alpha

&

Omega

Semiconductor

Ltd.

*

23,103

755,468

Ambarella,

Inc.

*

10,048

1,008,719

Amkor

Technology,

Inc.

33,286

789,211

Cirrus

Logic,

Inc.

*

7,123

603,959

Entegris,

Inc.

18,277

2,043,369

FormFactor,

Inc.

*

32,701

1,475,142

GSI

Technology,

Inc.

*

3,700

24,753

Lattice

Semiconductor

Corp.

*

71,296

3,209,746

MACOM

Technology

Solutions

Holdings,

Inc.

*

30,988

1,797,924

MKS

Instruments,

Inc.

9,446

1,751,477

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Monolithic

Power

Systems,

Inc.

2,473

873,488

NeoPhotonics

Corp.

*

88,986

1,063,383

Power

Integrations,

Inc.

14,679

1,196,045

Synaptics,

Inc.

*(a)

8,463

1,146,059

Veeco

Instruments,

Inc.

*

80,375

1,666,978

19,405,721

Software

4.5%

Avalara,

Inc.

*

13,319

1,777,154

Bill.com

Holdings,

Inc.

*

6,716

977,178

Cerence,

Inc.

*(a)

12,595

1,128,260

CyberArk

Software

Ltd.

*(a)

10,619

1,373,461

Five9,

Inc.

*

12,521

1,957,408

Manhattan

Associates,

Inc.

*

19,673

2,309,217

Olo,

Inc.,

Class

A

*(a)

4,347

114,717

Paylocity

Holding

Corp.

*

7,479

1,344,949

Q2

Holdings,

Inc.

*(a)

12,460

1,248,492

SailPoint

Technologies

Holdings,

Inc.

*

28,423

1,439,341

SecureWorks

Corp.,

Class

A

*

9,750

130,455

Sprout

Social,

Inc.,

Class

A

*

27,557

1,591,692

Synchronoss

Technologies,

Inc.

*

75,280

268,750

Varonis

Systems,

Inc.

*

40,311

2,069,567

17,730,641

Specialty

Retail

2.4%

American

Eagle

Outfitters,

Inc.

26,951

788,047

Barnes

&

Noble

Education,

Inc.

*

8,641

70,338

Hibbett

Sports,

Inc.

*(a)

19,798

1,363,884

Lithia

Motors,

Inc.,

Class

A

(a)

6,887

2,686,550

Lumber

Liquidators

Holdings,

Inc.

*

19,752

496,170

ODP

Corp.

(The)

*

36,072

1,561,557

Signet

Jewelers

Ltd.

*

37,163

2,154,711

Tilly's,

Inc.,

Class

A

*

34,000

384,880

9,506,137

Technology

Hardware,

Storage

&

Peripherals

0.5%

Diebold

Nixdorf,

Inc.

*

24,812

350,594

Intevac,

Inc.

*

6,700

47,905

Quantum

Corp.

*(a)

27,325

227,617

Super

Micro

Computer,

Inc.

*

16,691

651,950

Xerox

Holdings

Corp.

28,504

691,792

1,969,858

Textiles,

Apparel

&

Luxury

Goods

0.2%

Unifi,

Inc.

*

21,121

582,095

Vera

Bradley,

Inc.

*

28,828

291,163

873,258

Thrifts

&

Mortgage

Finance

2.6%

Bridgewater

Bancshares,

Inc.

*

11,113

179,475

Flagstar

Bancorp,

Inc.

57,670

2,600,916

FS

Bancorp,

Inc.

1,175

78,960

Home

Bancorp,

Inc.

1,500

54,075

HomeStreet,

Inc.

23,863

1,051,642

Merchants

Bancorp

11,523

483,275

Meridian

Bancorp,

Inc.

29,600

545,232

Mr.

Cooper

Group,

Inc.

*

6,614

229,903

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

UNITED

STATES

Thrifts

&

Mortgage

Finance

OP

Bancorp

6,876

72,336

PCSB

Financial

Corp.

11,147

185,152

PennyMac

Financial

Services,

Inc.

41,847

2,798,308

Riverview

Bancorp,

Inc.

5,600

38,808

Southern

Missouri

Bancorp,

Inc.

121

4,770

TrustCo

Bank

Corp.

77,402

570,453

Washington

Federal,

Inc.

44,836

1,380,949

Waterstone

Financial,

Inc.

3,140

64,119

Western

New

England

Bancorp,

Inc.

4,723

39,815

10,378,188

Trading

Companies

&

Distributors

2.7%

Boise

Cascade

Co.

37,187

2,224,898

CAI

International,

Inc.

1,138

51,802

DXP

Enterprises,

Inc.

*

18,787

566,804

Herc

Holdings,

Inc.

*

25,024

2,535,681

MRC

Global,

Inc.

*

150,040

1,354,861

NOW,

Inc.

*

122,119

1,232,181

SiteOne

Landscape

Supply,

Inc.

*(a)

10,294

1,757,598

Titan

Machinery,

Inc.

*

1,878

47,889

Veritiv

Corp.

*

20,327

864,711

10,636,425

Wireless

Telecommunication

Services

0.3%

Gogo,

Inc.

*(a)

9,452

91,306

Telephone

&

Data

Systems,

Inc.

46,088

1,058,181

1,149,487

373,280,125

Total

Common

Stocks

(cost

$273,836,538)

386,297,055

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%,

12/2/14^∞(b)

42,256

0

Mode

Media,

Inc.,

9.00%,

12/2/14^∞(b)

1,544

0

Total

Corporate

Bonds

(cost

$43,259)

0

Rights

0.0%

†

Number

of

Rights

Value

($)

UNITED

STATES

0.0%

†

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

4,756

0

IT

Services

0.0%

†

BancTec,

Inc.,

CVR*^∞

36,134

0

—

Total

Rights

(cost

$14,268)

0

Repurchase

Agreements

1.8%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$552,745,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$563,799.(c)

552,744

552,744

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,400,006,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$2,448,986.(c)

2,400,000

2,400,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$3,061,227.(c)

3,000,000

3,000,000

80

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$1,020,003.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$6,952,744)

6,952,744

Total

Investments

(cost

$280,946,851)

  —

100.0%

393,249,799

Liabilities

in

excess

of

other

assets

—

0.0%

†

(84,652)

NET

ASSETS

—

100.0%

$

393,165,147

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$21,398,633,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,944,884

and

by

$14,605,634

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$21,550,518.

(b)

Security

in

default.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$6,952,744.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

GP

General

Partnership

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

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

81

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

82

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

3,402,245

$

–

$

–

$

3,402,245

Air

Freight

&

Logistics

1,028,717

–

–

1,028,717

Airlines

888,400

–

–

888,400

Auto

Components

16,350,803

–

–

16,350,803

Banks

29,872,696

–

–

29,872,696

Beverages

2,650,136

–

–

2,650,136

Biotechnology

15,976,544

–

–

15,976,544

Building

Products

7,722,778

–

–

7,722,778

Capital

Markets

9,566,074

–

–

9,566,074

Chemicals

10,082,574

–

–

10,082,574

Commercial

Services

&

Supplies

8,866,360

–

–

8,866,360

Communications

Equipment

11,022,656

–

–

11,022,656

Construction

&

Engineering

3,457,067

–

–

3,457,067

Consumer

Finance

5,523,906

–

–

5,523,906

Containers

&

Packaging

268,976

–

–

268,976

Diversified

Consumer

Services

1,855,268

–

–

1,855,268

Diversified

Financial

Services

771,630

–

–

771,630

Diversified

Telecommunication

Services

1,242,305

–

–

1,242,305

Electric

Utilities

1,701,942

–

–

1,701,942

Electrical

Equipment

4,203,901

–

–

4,203,901

Electronic

Equipment,

Instruments

&

Components

6,971,309

–

–

6,971,309

Energy

Equipment

&

Services

1,513,179

–

–

1,513,179

Entertainment

2,001,964

–

–

2,001,964

Equity

Real

Estate

Investment

Trusts

(REITs)

8,651,731

–

–

8,651,731

Food

&

Staples

Retailing

2,009,915

–

–

2,009,915

Food

Products

4,797,823

–

–

4,797,823

Gas

Utilities

1,316,346

–

–

1,316,346

Health

Care

Equipment

&

Supplies

15,430,222

–

–

15,430,222

Health

Care

Providers

&

Services

5,799,597

–

–

5,799,597

Health

Care

Technology

7,575,767

–

–

7,575,767

Hotels,

Restaurants

&

Leisure

13,320,298

–

–

13,320,298

Household

Durables

5,965,615

–

–

5,965,615

Household

Products

257,635

–

–

257,635

Insurance

13,363,914

–

–

13,363,914

Interactive

Media

&

Services

3,280,043

–

–

3,280,043

Internet

&

Direct

Marketing

Retail

1,736,615

–

–

1,736,615

IT

Services

3,712,096

–

–

3,712,096

Leisure

Products

4,900,548

–

–

4,900,548

Life

Sciences

Tools

&

Services

9,466,113

–

–

9,466,113

Machinery

18,454,780

–

–

18,454,780

Marine

459,829

–

–

459,829

Media

5,881,603

–

–

5,881,603

Metals

&

Mining

4,956,882

–

–

4,956,882

Multiline

Retail

1,967,807

–

–

1,967,807

Oil,

Gas

&

Consumable

Fuels

12,747,524

–

–

12,747,524

Paper

&

Forest

Products

2,888,227

–

–

2,888,227

Pharmaceuticals

1,406,283

–

–

1,406,283

Professional

Services

4,272,027

–

–

4,272,027

Real

Estate

Management

&

Development

2,733,687

–

–

2,733,687

Road

&

Rail

6,191,097

–

–

6,191,097

Semiconductors

&

Semiconductor

Equipment

20,251,568

–

–

20,251,568

Software

18,971,453

–

–

18,971,453

Specialty

Retail

9,602,193

–

–

9,602,193

NVIT

Multi-Manager

Small

Company

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

83

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Technology

Hardware,

Storage

&

Peripherals

$

1,969,858

$

–

$

–

$

1,969,858

Textiles,

Apparel

&

Luxury

Goods

873,258

–

–

873,258

Thrifts

&

Mortgage

Finance

10,378,188

–

–

10,378,188

Trading

Companies

&

Distributors

12,615,596

–

–

12,615,596

Wireless

Telecommunication

Services

1,149,487

–

–

1,149,487

Total

Common

Stocks

$

386,297,055

$

–

$

–

$

386,297,055

Corporate

Bonds

–

–

–

–

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

6,952,744

–

6,952,744

Rights

–

–

–

–

Total

$

386,297,055

$

6,952,744

$

–

$

393,249,799

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2021,

the

Fund

held

two

corporate

bonds,

three

common

stocks,

one

preferred

stock

and

two

rights

investments

that

were

categorized

as

Level

3

investment

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.

84

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Newton

Sustainable

U.S.

Equity

Fund

Common

Stocks

99.2%

Shares

Value

($)

Banks

6.9%

Citigroup,

Inc.

69,752

5,074,458

First

Republic

Bank

19,774

3,297,314

8,371,772

Beverages

2.7%

PepsiCo,

Inc.

23,258

3,289,844

Capital

Markets

3.1%

Goldman

Sachs

Group,

Inc.

(The)

11,604

3,794,508

Chemicals

5.0%

Albemarle

Corp.

18,764

2,741,608

Ecolab,

Inc.

10,022

2,145,410

International

Flavors

&

Fragrances,

Inc.

8,689

1,213,071

6,100,089

Diversified

Telecommunication

Services

1.8%

Verizon

Communications,

Inc.

37,525

2,182,079

Electric

Utilities

2.6%

Eversource

Energy

35,846

3,103,905

Electronic

Equipment,

Instruments

&

Components

2.3%

TE

Connectivity

Ltd.

21,226

2,740,489

Food

&

Staples

Retailing

2.2%

Costco

Wholesale

Corp.

7,439

2,622,099

Food

Products

0.3%

Beyond

Meat,

Inc.*

2,902

377,608

Health

Care

Equipment

&

Supplies

8.3%

Abbott

Laboratories

32,672

3,915,413

Cooper

Cos.,

Inc.

(The)

5,559

2,135,156

Medtronic

plc

33,332

3,937,509

9,988,078

Household

Durables

2.5%

Lennar

Corp.,

Class

A

29,570

2,993,371

Interactive

Media

&

Services

4.9%

Alphabet,

Inc.,

Class

A*

2,856

5,890,557

Internet

&

Direct

Marketing

Retail

9.0%

Amazon.com,

Inc.*

2,377

7,354,628

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

eBay,

Inc.

58,288

3,569,557

10,924,185

IT

Services

8.9%

Accenture

plc,

Class

A

16,667

4,604,259

Fidelity

National

Information

Services,

Inc.

18,056

2,538,854

Mastercard

,

Inc.,

Class

A

9,982

3,554,091

10,697,204

Multiline

Retail

2.1%

Dollar

General

Corp.

12,712

2,575,705

Multi-Utilities

1.2%

CMS

Energy

Corp.

23,727

1,452,567

Pharmaceuticals

2.3%

Merck

&

Co.,

Inc.

36,685

2,828,047

Road

&

Rail

1.8%

Norfolk

Southern

Corp.

7,926

2,128,290

Semiconductors

&

Semiconductor

Equipment

7.9%

Applied

Materials,

Inc.

24,762

3,308,203

QUALCOMM,

Inc.

22,539

2,988,446

Texas

Instruments,

Inc.

16,870

3,188,262

9,484,911

Software

12.3%

Intuit,

Inc.

8,136

3,116,576

Microsoft

Corp.

36,646

8,640,027

salesforce.com,

Inc.*

14,550

3,082,709

14,839,312

Technology

Hardware,

Storage

&

Peripherals

6.5%

Apple,

Inc.

64,329

7,857,787

Textiles,

Apparel

&

Luxury

Goods

3.0%

NIKE,

Inc.,

Class

B

26,838

3,566,502

Trading

Companies

&

Distributors

1.6%

Ferguson

plc

16,270

1,944,590

Total

Investments

(cost

$82,882,319)

—

99.2%

119,753,499

Other

assets

in

excess

of

liabilities

—

0.8%

964,292

NET

ASSETS

—

100.0%

$

120,717,791

*

Denotes

a

non-income

producing

security.

NVIT

Newton

Sustainable

U.S.

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

85

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.

.

86

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Newton

Sustainable

U.S.

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Banks

$

8,371,772

$

–

$

–

$

8,371,772

Beverages

3,289,844

–

–

3,289,844

Capital

Markets

3,794,508

–

–

3,794,508

Chemicals

6,100,089

–

–

6,100,089

Diversified

Telecommunication

Services

2,182,079

–

–

2,182,079

Electric

Utilities

3,103,905

–

–

3,103,905

Electronic

Equipment,

Instruments

&

Components

2,740,489

–

–

2,740,489

Food

&

Staples

Retailing

2,622,099

–

–

2,622,099

Food

Products

377,608

–

–

377,608

Health

Care

Equipment

&

Supplies

9,988,078

–

–

9,988,078

Household

Durables

2,993,371

–

–

2,993,371

Interactive

Media

&

Services

5,890,557

–

–

5,890,557

Internet

&

Direct

Marketing

Retail

10,924,185

–

–

10,924,185

IT

Services

10,697,204

–

–

10,697,204

Multiline

Retail

2,575,705

–

–

2,575,705

Multi-Utilities

1,452,567

–

–

1,452,567

Pharmaceuticals

2,828,047

–

–

2,828,047

Road

&

Rail

2,128,290

–

–

2,128,290

Semiconductors

&

Semiconductor

Equipment

9,484,911

–

–

9,484,911

Software

14,839,312

–

–

14,839,312

Technology

Hardware,

Storage

&

Peripherals

7,857,787

–

–

7,857,787

Textiles,

Apparel

&

Luxury

Goods

3,566,502

–

–

3,566,502

Trading

Companies

&

Distributors

–

1,944,590

–

1,944,590

Total

Common

Stocks

$

117,808,909

$

1,944,590

$

–

$

119,753,499

Total

$

117,808,909

$

1,944,590

$

–

$

119,753,499

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

Real

Estate

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

99.0%

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

89.7%

Acadia

Realty

Trust

144,893

2,748,620

Alexandria

Real

Estate

Equities,

Inc.

26,008

4,273,114

American

Homes

4

Rent,

Class

A

302,655

10,090,518

American

Tower

Corp.

27,699

6,621,723

Americold

Realty

Trust

70,605

2,716,174

Brixmor

Property

Group,

Inc.

518,824

10,495,810

Camden

Property

Trust

67,335

7,400,790

Crown

Castle

International

Corp.

35,851

6,171,033

Douglas

Emmett,

Inc.

154,129

4,839,651

Equinix

,

Inc.

16,051

10,908,099

Essex

Property

Trust,

Inc.

26,998

7,339,136

Extra

Space

Storage,

Inc.

92,673

12,283,806

First

Industrial

Realty

Trust,

Inc.

53,490

2,449,307

Healthpeak

Properties,

Inc.

246,543

7,825,275

Independence

Realty

Trust,

Inc.

356,978

5,426,066

Innovative

Industrial

Properties,

Inc.

19,866

3,579,059

Kilroy

Realty

Corp.

74,388

4,882,084

Life

Storage,

Inc.

84,535

7,265,783

Medical

Properties

Trust,

Inc.

153,077

3,257,479

Pebblebrook

Hotel

Trust

200,232

4,863,635

PotlatchDeltic

Corp.

72,359

3,829,238

Prologis,

Inc.

211,207

22,387,942

QTS

Realty

Trust,

Inc.,

Class

A

37,358

2,317,690

Retail

Opportunity

Investments

Corp.

300,811

4,773,871

Rexford

Industrial

Realty,

Inc.

138,201

6,965,330

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Ryman

Hospitality

Properties,

Inc.*

44,654

3,461,132

Simon

Property

Group,

Inc.

52,627

5,987,374

SL

Green

Realty

Corp.

74,764

5,232,732

Sun

Communities,

Inc.

49,568

7,437,183

Tanger

Factory

Outlet

Centers,

Inc.

51,438

778,257

UDR,

Inc.

241,677

10,599,953

VICI

Properties,

Inc.

303,067

8,558,612

Weingarten

Realty

Investors

136,897

3,683,898

Welltower

,

Inc.

135,240

9,687,241

221,137,615

Health

Care

Providers

&

Services

2.7%

Brookdale

Senior

Living,

Inc.*

471,704

2,853,809

HCA

Healthcare,

Inc.

19,695

3,709,357

6,563,166

Hotels,

Restaurants

&

Leisure

3.4%

Caesars

Entertainment,

Inc.*

52,989

4,633,888

Playa

Hotels

&

Resorts

NV*

502,204

3,666,089

8,299,977

Real

Estate

Management

&

Development

3.2%

Colliers

International

Group,

Inc.

37,532

3,687,144

Jones

Lang

LaSalle,

Inc.*

23,555

4,217,287

7,904,431

Total

Investments

(cost

$188,459,555)

—

99.0%

243,905,189

Other

assets

in

excess

of

liabilities

—

1.0%

2,503,493

NET

ASSETS

—

100.0%

$

246,408,682

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

88

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Real

Estate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

243,905,189

$

–

$

–

$

243,905,189

Total

$

243,905,189

$

–

$

–

$

243,905,189

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

Wells

Fargo

Discovery

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

99.5%

Shares

Value

($)

ARGENTINA

4.6%

Internet

&

Direct

Marketing

Retail

2.8%

MercadoLibre

,

Inc.

*

13,726

20,206,594

IT

Services

1.8%

Globant

SA

*

61,661

12,801,440

33,008,034

BERMUDA

1.3%

Diversified

Financial

Services

1.3%

Paysafe

Ltd.

*(a)

694,282

9,372,807

BRAZIL

2.2%

IT

Services

2.2%

StoneCo

Ltd.,

Class

A

*

262,730

16,084,331

CANADA

1.6%

Biotechnology

0.2%

Zymeworks

,

Inc.

*

53,270

1,682,267

Software

1.4%

Lightspeed

POS,

Inc.

*

153,602

9,647,741

11,330,008

CHINA

1.0%

Biotechnology

1.0%

Zai

Lab

Ltd.,

ADR

*(a)

53,295

7,111,152

INDIA

1.3%

IT

Services

1.3%

WNS

Holdings

Ltd.,

ADR

*

130,592

9,460,084

SWITZERLAND

0.4%

Biotechnology

0.4%

CRISPR

Therapeutics

AG

*

21,908

2,669,490

UNITED

KINGDOM

1.6%

Professional

Services

1.6%

Clarivate

plc

*

445,936

11,768,251

UNITED

STATES

85.5%

Aerospace

&

Defense

2.8%

Mercury

Systems,

Inc.

*

107,174

7,571,843

Teledyne

Technologies,

Inc.

*

31,089

12,859,965

20,431,808

Biotechnology

4.4%

Black

Diamond

Therapeutics,

Inc.

*(a)

71,974

1,746,089

Deciphera

Pharmaceuticals,

Inc.

*

57,722

2,588,254

Mirati

Therapeutics,

Inc.

*

17,814

3,051,538

Natera

,

Inc.

*

103,035

10,462,175

ORIC

Pharmaceuticals,

Inc.

*

130,194

3,189,753

Turning

Point

Therapeutics,

Inc.

*

55,391

5,239,435

Twist

Bioscience

Corp.

*

45,097

5,585,714

31,862,958

Building

Products

1.7%

Trex

Co.,

Inc.

*

135,279

12,383,440

Capital

Markets

1.5%

MarketAxess

Holdings,

Inc.

21,081

10,496,652

Commercial

Services

&

Supplies

3.0%

Casella

Waste

Systems,

Inc.,

Class

A

*

236,010

15,003,156

Common

Stocks

Shares

Value

($)

UNITED

STATES

Commercial

Services

&

Supplies

IAA,

Inc.

*

115,844

6,387,638

21,390,794

Consumer

Finance

0.7%

LendingTree

,

Inc.

*(a)

24,181

5,150,553

Diversified

Consumer

Services

1.6%

Chegg

,

Inc.

*

137,569

11,784,161

Electrical

Equipment

2.9%

Generac

Holdings,

Inc.

*(a)

63,470

20,783,252

Electronic

Equipment,

Instruments

&

Components

1.2%

Novanta

,

Inc.

*

63,303

8,349,033

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

QTS

Realty

Trust,

Inc.,

Class

A

(a)

169,552

10,519,006

Health

Care

Equipment

&

Supplies

11.0%

ABIOMED,

Inc.

*

25,800

8,223,234

Align

Technology,

Inc.

*

26,511

14,356,501

DexCom

,

Inc.

*

28,775

10,341,447

Inari

Medical,

Inc.

*

130,344

13,946,808

Insulet

Corp.

*

38,098

9,940,530

iRhythm

Technologies,

Inc.

*

59,530

8,266,336

Shockwave

Medical,

Inc.

*(a)

105,490

13,741,127

78,815,983

Health

Care

Providers

&

Services

8.3%

Amedisys

,

Inc.

*

38,305

10,142,781

Chemed

Corp.

17,434

8,016,502

Guardant

Health,

Inc.

*

92,043

14,050,364

HealthEquity

,

Inc.

*(a)

134,249

9,128,932

Oak

Street

Health,

Inc.

*(a)

172,128

9,341,387

Option

Care

Health,

Inc.

*

488,422

8,664,606

59,344,572

Health

Care

Technology

0.3%

Schrodinger,

Inc.

*

30,100

2,296,329

Hotels,

Restaurants

&

Leisure

3.3%

Chipotle

Mexican

Grill,

Inc.

*

10,925

15,522,458

Domino's

Pizza,

Inc.

(a)

21,821

8,025,546

23,548,004

Interactive

Media

&

Services

3.1%

Bumble,

Inc.,

Class

A

*(a)

9,619

600,033

IAC/InterActiveCorp

*

50,837

10,996,552

Match

Group,

Inc.

*

76,156

10,462,311

22,058,896

Internet

&

Direct

Marketing

Retail

4.5%

Chewy,

Inc.,

Class

A

*(a)

94,497

8,004,841

Etsy,

Inc.

*

84,571

17,055,434

Magnite

,

Inc.

*(a)

179,533

7,470,368

32,530,643

IT

Services

9.3%

Black

Knight,

Inc.

*

177,471

13,131,079

EPAM

Systems,

Inc.

*

31,724

12,584,594

MongoDB,

Inc.

*

56,491

15,107,387

Twilio

,

Inc.,

Class

A

*

42,893

14,616,219

WEX,

Inc.

*

54,373

11,375,919

66,815,198

Leisure

Products

1.2%

Callaway

Golf

Co.

325,000

8,693,750

90

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

4.1%

10X

Genomics,

Inc.,

Class

A

*

69,774

12,629,094

Berkeley

Lights,

Inc.

*(a)

123,908

6,223,899

Bio-Rad

Laboratories,

Inc.,

Class

A

*

18,596

10,621,477

29,474,470

Machinery

0.4%

Desktop

Metal,

Inc.,

Class

A

*(a)

182,799

2,723,705

Road

&

Rail

1.9%

Saia,

Inc.

*

58,305

13,443,967

Semiconductors

&

Semiconductor

Equipment

5.8%

Enphase

Energy,

Inc.

*

55,225

8,955,286

Lattice

Semiconductor

Corp.

*

162,396

7,311,068

MKS

Instruments,

Inc.

(a)

81,532

15,117,664

Universal

Display

Corp.

44,977

10,649,204

42,033,222

Software

9.5%

Avalara,

Inc.

*

94,745

12,641,824

Bill.com

Holdings,

Inc.

*(a)

81,159

11,808,635

Crowdstrike

Holdings,

Inc.,

Class

A

*

63,460

11,582,085

Elastic

NV

*

107,428

11,945,994

Five9,

Inc.

*

97,467

15,237,015

Unity

Software,

Inc.

*

49,361

4,951,402

68,166,955

Trading

Companies

&

Distributors

1.5%

SiteOne

Landscape

Supply,

Inc.

*(a)

63,860

10,903,456

614,000,807

Total

Common

Stocks

(cost

$449,515,082)

714,804,964

Repurchase

Agreements

5.3%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$14,640,992,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$14,933,803.(b)

14,640,984

14,640,984

Repurchase

Agreements

Principal

Amount

($)

Value

($)

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$7,700,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$7,857,163.(b)

7,700,000

7,700,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$6,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$6,122,454.(b)

6,000,000

6,000,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$10,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$38,340,984)

38,340,984

Total

Investments

(cost

$487,856,066)

  —

104.8%

753,145,948

Liabilities

in

excess

of

other

assets

—

(4.8)%

(34,377,778)

NET

ASSETS

—

100.0%

$

718,768,170

NVIT

Wells

Fargo

Discovery

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

91

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$89,628,364,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$38,340,984

and

by

$51,829,084

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/8/2021

–

2/15/2051,

a

total

value

of

$90,170,068.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$38,340,984.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

92

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Wells

Fargo

Discovery

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Wells

Fargo

Discovery

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

93

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

714,804,964

$

–

$

–

$

714,804,964

Repurchase

Agreements

–

38,340,984

–

38,340,984

Total

$

714,804,964

$

38,340,984

$

–

$

753,145,948

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

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

5.5%

Principal

Amount

($)

Value

($)

Airlines

1.2%

Air

Canada

Pass-Through

Trust,

Series

2020-2,

Class

A,

5.25%,

4/1/2029(a)

1,240,000

1,332,553

Alaska

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A,

4.80%,

8/15/2027(a)

778,253

849,027

British

Airways

Pass-Through

Trust

Series

2020-1,

Class

B,

8.38%,

11/15/2028(a)

334,305

380,460

Series

2020-1,

Class

A,

4.25%,

11/15/2032(a)

356,866

373,903

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

357,000

370,388

3,306,331

Automobiles

1.7%

CIG

Auto

Receivables

Trust,

Series

2019-1A,

Class

D,

4.85%,

5/15/2026(a)

1,150,000

1,171,223

United

Auto

Credit

Securitization

Trust,

Series

2019-1,

Class

E,

4.29%,

8/12/2024(a)

1,450,000

1,480,871

Westlake

Automobile

Receivables

Trust,

Series

2019-1A,

Class

E,

4.49%,

7/15/2024(a)

2,000,000

2,082,319

4,734,413

Credit

Card

0.4%

Continental

Credit

Card

ABS

LLC,

Series

2019-1A,

Class

C,

6.16%,

8/15/2026(a)

1,200,000

1,259,456

Other

2.2%

Amur

Equipment

Finance

Receivables

V

LLC,

Series

2018-1A,

Class

E,

5.36%,

4/22/2024(a)

800,000

809,164

Amur

Equipment

Finance

Receivables

VI

LLC,

Series

2018-2A,

Class

E,

5.45%,

11/20/2023(a)

300,000

302,080

Kabbage

Funding

LLC,

Series

2019-1,

Class

D,

5.69%,

3/15/2024(a)

781,257

781,316

Progress

Residential

Trust,

Series

2020-SFR2,

Class

E,

5.12%,

6/17/2037(a)

730,000

769,990

Race

Point

VIII

CLO

Ltd.,

Series

2013-8A,

Class

CR2,

2.23%,

2/20/2030(a)(b)

650,000

650,157

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2019-1A,

Class

D,

4.75%,

1/20/2036(a)

378,904

390,689

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

C,

2.37%,

4/18/2033(a)(b)

400,000

397,627

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

1,033,141

York

CLO-4

Ltd.,

Series

2016-2A,

Class

CR,

2.37%,

4/20/2032(a)(b)

1,000,000

1,000,110

6,134,274

Total

Asset-Backed

Securities

(cost

$14,902,001)

15,434,474

Collateralized

Mortgage

Obligations

16.7%

Angel

Oak

Mortgage

Trust

I

LLC,

Series

2019-2,

Class

B2,

6.29%,

3/25/2049(a)(b)

2,250,000

2,299,555

Bellemeade

Re

Ltd.

Series

2019-1A,

Class

B1,

4.11%,

3/25/2029(a)(b)

880,000

879,999

Series

2020-4A,

Class

B1,

5.11%,

6/25/2030(a)(b)

295,000

300,075

Series

2020-2A,

Class

B1,

8.61%,

8/26/2030(a)(b)

800,000

840,155

Bunker

Hill

Loan

Depositary

Trust,

Series

2020-1,

Class

M1,

4.35%,

2/25/2055(a)(b)

1,311,000

1,374,357

Connecticut

Avenue

Securities

Trust,

Series

2019-

HRP1,

Class

B1,

9.36%,

11/25/2039(a)(b)

4,100,000

4,110,298

Eagle

RE

Ltd.

Series

2019-1,

Class

B1,

4.61%,

4/25/2029(a)(b)

2,850,000

2,847,695

Series

2020-2,

Class

B1,

7.11%,

10/25/2030(a)(b)

1,360,000

1,364,480

FHLMC

STACR

REMIC

Trust

Series

2021-HQA1,

Class

B2,

5.02%,

8/25/2033(a)(b)

2,080,000

1,955,688

Series

2020-DNA5,

Class

B2,

11.52%,

10/25/2050(a)

(b)

1,280,000

1,523,296

Series

2020-DNA6,

Class

B2,

5.67%,

12/25/2050(a)(b)

1,070,000

1,037,886

Series

2021-DNA1,

Class

B2,

4.77%,

1/25/2051(a)(b)

1,550,000

1,446,472

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

11.11%,

10/25/2048(a)

(b)

2,800,000

3,257,593

Series

2019-HQA1,

Class

B2,

12.36%,

2/25/2049(a)(b)

2,550,000

2,941,144

Series

2019-DNA2,

Class

B2,

10.61%,

3/25/2049(a)(b)

2,110,000

2,369,677

Series

2019-HQA2,

Class

B2,

11.36%,

4/25/2049(a)(b)

1,130,000

1,265,070

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-DNA3,

Class

B2,

8.26%,

7/25/2049(a)(b)

3,050,000

3,216,147

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-HQA5,

Class

B2,

7.42%,

11/25/2050(a)(b)

1,140,000

1,242,272

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

3,291,250

498,614

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

1,867,955

259,120

Home

RE

Ltd.

Series

2020-1,

Class

M2,

5.36%,

10/25/2030(a)(b)

1,150,000

1,186,946

Series

2020-1,

Class

B1,

7.11%,

10/25/2030(a)(b)

300,000

315,242

Oaktown

Re

III

Ltd.,

Series

2019-1A,

Class

B1B,

4.46%,

7/25/2029(a)(b)

3,270,000

3,254,724

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

10.61%,

2/25/2047(a)(b)

2,000,000

2,191,415

Traingle

Re

Ltd.,

Series

2020-1,

Class

B1,

7.86%,

10/25/2030(a)(b)

250,000

257,589

Verus

Securitization

Trust

Series

2019-2,

Class

B1,

4.44%,

5/25/2059(a)(b)

850,000

856,703

Series

2019-INV2,

Class

B1,

4.45%,

7/25/2059(a)(b)

850,000

834,174

Series

2020-INV1,

Class

A3,

3.89%,

3/25/2060(a)(b)

650,000

674,285

Series

2020-INV1,

Class

B1,

5.75%,

3/25/2060(a)(b)

100,000

104,116

Series

2020-INV1,

Class

B2,

6.00%,

3/25/2060(a)(b)

110,000

111,941

Series

2020-2,

Class

M1,

5.36%,

5/25/2060(a)(b)

740,000

789,130

Series

2020-2,

Class

B1,

5.36%,

5/25/2060(a)(b)

350,000

366,740

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

3/25/2065(a)(b)

970,000

1,012,623

Total

Collateralized

Mortgage

Obligations

(cost

$44,890,285)

46,985,221

Commercial

Mortgage-Backed

Securities

5.0%

COMM

Mortgage

Trust

Series

2015-CR26,

Class

D,

3.48%,

10/10/2048(b)

3,000,000

2,938,096

Series

2019-GC44,

Class

D,

2.50%,

8/15/2057(a)

2,120,000

1,807,267

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Multifamily

Structured

Credit

Risk

REMICS,

Series

2021-MN1,

Class

M2,

3.77%,

1/25/2051(a)(b)

1,275,000

1,329,742

JPMDB

Commercial

Mortgage

Securities

Trust

,

Series

2016-C2,

Class

D,

3.35%,

6/15/2049(a)(b)

2,500,000

1,813,999

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.21%,

4/15/2048(a)(b)

2,000,000

1,504,852

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,973,414

Multifamily

Connecticut

Avenue

Securities

Trust

,

Series

2019-01,

Class

CE,

8.86%,

10/15/2049(a)(b)

2,136,000

1,883,145

Total

Commercial

Mortgage-Backed

Securities

(cost

$14,618,525)

14,250,515

Common

Stocks

0.3%

Shares

Energy

Equipment

&

Services

0.3%

FTS

International,

Inc.,

Class A

*(c)

35,815

886,063

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

$728,769)

886,063

Convertible

Bonds

1.9%

Principal

Amount

($)

Airlines

1.4%

Air

Canada,

4.00%,

7/1/2025(a)

1,377,000

2,170,496

Southwest

Airlines

Co.,

1.25%,

5/1/2025

1,110,000

1,905,732

4,076,228

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Summit

Hotel

Properties,

Inc.,

1.50%,

2/15/2026

205,000

225,884

Hotels,

Restaurants

&

Leisure

0.2%

DraftKings

,

Inc.,

0.00%,

3/15/2028(a)

590,000

583,805

Pharmaceuticals

0.2%

Tricida

,

Inc.,

3.50%,

5/15/2027(a)

1,260,000

495,020

Total

Convertible

Bonds

(cost

$4,589,486)

5,380,937

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Convertible

Preferred

Stock

1.0%

Principal

Amount

($)

Value

($)

Banks

1.0%

Wells

Fargo

&

Co.,

7.50%,

1,926

2,729,932

Total

Convertible

Preferred

Stock

(cost

$2,766,607)

2,729,932

Corporate

Bonds

56.1%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

0.5%

Boeing

Co.

(The)

,

5.81%,

5/1/2050

1,040,000

1,309,308

Air

Freight

&

Logistics

0.6%

Western

Global

Airlines

LLC

,

10.38%,

8/15/2025(a)(c)

1,530,000

1,721,250

Airlines

1.5%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)(c)

415,000

431,887

5.75%,

4/20/2029(a)

345,000

366,959

Delta

Air

Lines,

Inc.

,

4.75%,

10/20/2028(a)

600,000

652,437

Gol

Finance

SA

,

8.00%,

6/30/2026(a)

1,440,000

1,396,800

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

1,335,000

1,463,494

4,311,577

Auto

Components

0.5%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

1,247,000

1,315,585

Automobiles

1.1%

Ford

Motor

Co.

,

8.50%,

4/21/2023

695,000

774,925

9.00%,

4/22/2025

695,000

841,725

General

Motors

Co.

,

6.13%,

10/1/2025(c)

1,269,000

1,492,228

3,108,878

Banks

4.1%

Banco

Santander

SA

,

2.75%,

12/3/2030

400,000

381,010

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%,

6/15/2024(d)(e)

1,750,000

1,942,500

Citigroup,

Inc.

,

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(d)(e)

1,505,000

1,515,535

JPMorgan

Chase

&

Co.

,

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(d)(e)

1,390,000

1,405,638

Natwest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/2035(e)

1,815,000

1,731,655

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%,

11/18/2030(a)(c)(d)

(e)

1,130,000

1,162,487

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(e)

3,000,000

3,321,108

11,459,933

Beverages

0.2%

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

532,000

653,733

Biotechnology

0.8%

Cidron

Aida

Finco

Sarl

,

5.00%,

4/1/2028(a)

EUR

1,800,000

2,137,246

Building

Products

0.8%

Standard

Industries,

Inc.

,

4.38%,

7/15/2030(a)

1,190,000

1,200,710

Summit

Materials

LLC

,

6.50%,

3/15/2027(a)

1,122,000

1,179,503

2,380,213

Capital

Markets

2.9%

Charles

Schwab

Corp.

(The)

,

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%,

6/01/2026(d)(e)

2,835,000

2,876,958

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%,

12/01/2030(d)(e)

1,465,000

1,440,095

Credit

Suisse

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%),

4.50%,

9/03/2030(a)(c)(d)

(e)

815,000

764,062

LPL

Holdings,

Inc.

,

4.00%,

3/15/2029(a)

3,180,000

3,203,850

8,284,965

Chemicals

1.9%

INEOS

Finance

plc

,

2.88%,

5/1/2026(a)

1,685,000

1,995,740

NOVA

Chemicals

Corp.

,

5.25%,

6/1/2027(a)

1,355,000

1,421,896

Scotts

Miracle-

Gro

Co.

(The)

,

4.00%,

4/1/2031(a)

910,000

897,260

Trinseo

Materials

Operating

SCA

,

5.13%,

4/1/2029(a)

935,000

964,219

5,279,115

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

0.5%

Verisure

Holding

AB

,

3.25%,

2/15/2027(a)

EUR

705,000

832,954

Verisure

Midholding

AB

,

5.25%,

2/15/2029(a)

460,000

557,244

1,390,198

Construction

&

Engineering

1.9%

Arcosa

,

Inc.

,

4.38%,

4/15/2029(a)

490,000

497,350

Dycom

Industries,

Inc.

,

4.50%,

4/15/2029(a)

1,109,000

1,111,772

PowerTeam

Services

LLC

,

9.03%,

12/4/2025(a)(c)

2,105,000

2,320,763

Stoneway

Capital

Corp.

,

10.00%,

3/1/2027(a)(f)

3,542,332

1,310,663

5,240,548

Consumer

Finance

3.2%

ASG

Finance

Designated

Activity

Co.

,

7.88%,

12/3/2024(a)(c)

1,995,000

1,885,275

Avation

Capital

SA

,

8.25%,

10/31/2026(a)

2,000,000

1,610,000

Ford

Motor

Credit

Co.

LLC

,

2.33%,

11/25/2025

1,890,000

2,272,921

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(g)

1,283,207

1,226,203

VistaJet

Malta

Finance

plc

,

10.50%,

6/1/2024(a)

1,938,000

2,112,420

9,106,819

Diversified

Telecommunication

Services

0.5%

Altice

France

SA

,

5.13%,

1/15/2029(a)(c)

200,000

202,500

Windstream

Escrow

LLC

,

7.75%,

8/15/2028(a)(c)

1,135,000

1,155,912

1,358,412

Electric

Utilities

0.9%

Vistra

Operations

Co.

LLC

,

5.00%,

7/31/2027(a)(c)

2,500,000

2,575,050

Energy

Equipment

&

Services

0.9%

Shelf

Drilling

Holdings

Ltd.

,

8.88%,

11/15/2024(a)(c)

710,000

710,000

Transocean

Sentry

Ltd.

,

5.38%,

5/15/2023(a)

1,663,864

1,555,713

Transocean,

Inc.

,

8.00%,

2/1/2027(a)

297,000

175,601

2,441,314

Entertainment

0.3%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(a)

880,000

880,097

Equity

Real

Estate

Investment

Trusts

(REITs)

3.0%

iStar

,

Inc.

,

4.75%,

10/1/2024

840,000

873,940

4.25%,

8/1/2025

1,955,000

1,968,490

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

MPT

Operating

Partnership

LP

,

2.50%,

3/24/2026

GBP

1,370,000

1,896,974

4.63%,

8/1/2029

1,070,000

1,125,672

3.50%,

3/15/2031

1,360,000

1,334,595

Uniti

Group

LP

,

6.50%,

2/15/2029(a)(c)

1,215,000

1,199,812

8,399,483

Food

Products

1.4%

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

2,245,000

2,194,487

Simmons

Foods,

Inc.

,

4.63%,

3/1/2029(a)

1,736,000

1,751,225

3,945,712

Hotels,

Restaurants

&

Leisure

5.4%

Caesars

Entertainment,

Inc.

,

8.13%,

7/1/2027(a)(c)

2,470,000

2,723,780

Genting

New

York

LLC

,

3.30%,

2/15/2026(a)

605,000

603,955

Grupo

Posadas

SAB

de

CV

,

7.88%,

6/30/2022(a)(c)(f)

768,000

405,366

Hilton

Domestic

Operating

Co.,

Inc.

,

3.75%,

5/1/2029(a)

905,000

895,950

4.00%,

5/1/2031(a)(c)

865,000

865,000

3.63%,

2/15/2032(a)

2,385,000

2,314,881

Marriott

International,

Inc.

,

Series

FF,

4.63%,

6/15/2030

343,000

383,712

Series

HH,

2.85%,

4/15/2031

1,145,000

1,123,757

Series

GG,

3.50%,

10/15/2032

920,000

954,679

NCL

Corp.

Ltd.

,

5.88%,

3/15/2026(a)

655,000

661,550

Resorts

World

Las

Vegas

LLC

,

4.63%,

4/6/2031(a)

400,000

399,570

Sands

China

Ltd.

,

4.38%,

6/18/2030

515,000

544,762

Scientific

Games

International,

Inc.

,

7.00%,

5/15/2028(a)(c)

965,000

1,031,209

Station

Casinos

LLC

,

4.50%,

2/15/2028(a)

1,415,000

1,409,701

Viking

Ocean

Cruises

Ship

VII

Ltd.

,

5.63%,

2/15/2029(a)

910,000

919,373

15,237,245

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Clearway

Energy

Operating

LLC

,

3.75%,

2/15/2031(a)

705,000

676,363

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

1.7%

Farmers

Exchange

Capital

III

,

(ICE

LIBOR

USD

3

Month

+

3.45%),

5.45%,

10/15/2054(a)(e)

2,510,000

3,043,021

Liberty

Mutual

Group,

Inc.

,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.62%,

5/23/2059(a)(e)

EUR

450,000

537,831

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

1,054,604

Mutual

of

Omaha

Insurance

Co.

,

(ICE

LIBOR

USD

3

Month

+

2.64%),

4.30%,

7/15/2054(a)(e)

170,000

177,189

4,812,645

Internet

&

Direct

Marketing

Retail

0.6%

Expedia

Group,

Inc.

,

4.63%,

8/1/2027(a)(c)

1,460,000

1,624,607

Machinery

0.5%

Hillenbrand,

Inc.

,

3.75%,

3/1/2031

700,000

685,328

Terex

Corp.

,

5.00%,

5/15/2029(a)

660,000

683,232

1,368,560

Marine

0.7%

Danaos

Corp.

,

8.50%,

3/1/2028(a)

975,000

1,042,031

Hidrovias

International

Finance

SARL

,

4.95%,

2/8/2031(a)

970,000

970,000

2,012,031

Media

2.6%

Clear

Channel

International

BV

,

6.63%,

8/1/2025(a)

300,000

313,533

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.75%,

4/15/2028(a)(c)

485,000

479,665

Clear

Channel

Worldwide

Holdings,

Inc.

,

9.25%,

2/15/2024

682,000

709,485

CSC

Holdings

LLC

,

4.63%,

12/1/2030(a)

1,400,000

1,377,061

Diamond

Sports

Group

LLC

,

6.63%,

8/15/2027(a)(c)

958,000

498,160

MDC

Partners,

Inc.

,

7.50%,

5/1/2024(a)(h)

3,343,000

3,393,145

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)(c)

550,000

529,496

7,300,545

Metals

&

Mining

2.3%

Alcoa

Nederland

Holding

BV

,

4.13%,

3/31/2029(a)

570,000

574,868

Arconic

Corp.

,

6.13%,

2/15/2028(a)

655,000

697,575

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

860,000

822,117

FMG

Resources

August

2006

Pty.

Ltd.

,

4.38%,

4/1/2031(a)

1,145,000

1,165,759

Hudbay

Minerals,

Inc.

,

4.50%,

4/1/2026(a)

400,000

415,724

Joseph

T

Ryerson

&

Son,

Inc.

,

8.50%,

8/1/2028(a)

434,000

486,080

Metinvest

BV

,

7.75%,

10/17/2029(a)

1,000,000

1,058,960

Novelis

Corp.

,

4.75%,

1/30/2030(a)

761,000

784,362

Novelis

Sheet

Ingot

GmbH

,

3.38%,

4/15/2029(a)

EUR

345,000

416,792

6,422,237

Oil,

Gas

&

Consumable

Fuels

8.9%

Aethon

United

BR

LP

,

8.25%,

2/15/2026(a)

1,725,000

1,785,375

Baytex

Energy

Corp.

,

8.75%,

4/1/2027(a)

1,750,000

1,588,125

Cameron

LNG

LLC

,

3.40%,

1/15/2038(a)

888,000

895,478

Cheniere

Energy

Partners

LP

,

4.00%,

3/1/2031(a)

1,175,000

1,195,562

Enable

Midstream

Partners

LP

,

4.95%,

5/15/2028(c)

1,350,000

1,488,192

Energy

Transfer

Operating

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(e)

2,538,000

2,472,773

EnLink

Midstream

Partners

LP

,

5.60%,

4/1/2044

540,000

448,200

5.05%,

4/1/2045

420,000

324,883

5.45%,

6/1/2047

1,620,000

1,306,724

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

865,000

874,515

Indigo

Natural

Resources

LLC

,

5.38%,

2/1/2029(a)

615,000

605,904

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

1,755,000

1,838,363

Midwest

Connector

Capital

Co.

LLC

,

4.63%,

4/1/2029(a)

1,467,000

1,487,589

MPLX

LP

,

5.50%,

2/15/2049

345,000

405,314

Neptune

Energy

Bondco

plc

,

6.63%,

5/15/2025(a)

1,450,000

1,455,437

PBF

Holding

Co.

LLC

,

9.25%,

5/15/2025(a)(c)

725,000

740,189

6.00%,

2/15/2028

1,795,000

1,326,056

Petroleos

Mexicanos

,

6.84%,

1/23/2030

1,940,000

1,968,906

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Petroleos

Mexicanos,

5.95%,

1/28/2031(c)

328,000

314,880

6.75%,

9/21/2047

640,000

544,128

Tengizchevroil

Finance

Co.

International

Ltd.

,

2.63%,

8/15/2025(a)

1,955,000

1,973,330

25,039,923

Paper

&

Forest

Products

1.0%

Clearwater

Paper

Corp.

,

4.75%,

8/15/2028(a)

845,000

851,337

Mercer

International,

Inc.

,

5.13%,

2/1/2029(a)

1,970,000

2,040,920

2,892,257

Pharmaceuticals

0.8%

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

6.00%,

1/31/2025

EUR

515,000

664,335

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026

1,550,000

1,482,187

2,146,522

Software

0.8%

Citrix

Systems,

Inc.

,

3.30%,

3/1/2030

2,170,000

2,231,920

Specialty

Retail

1.1%

Carvana

Co.

,

5.50%,

4/15/2027(a)

300,000

301,575

Michaels

Stores,

Inc.

,

8.00%,

7/15/2027(a)(c)

2,003,000

2,213,315

Party

City

Holdings,

Inc.

,

8.75%,

2/15/2026(a)(c)

624,000

642,720

3,157,610

Thrifts

&

Mortgage

Finance

1.0%

Nationstar

Mortgage

Holdings,

Inc.

,

6.00%,

1/15/2027(a)

660,000

684,750

5.50%,

8/15/2028(a)

870,000

873,524

5.13%,

12/15/2030(a)

360,000

355,050

United

Wholesale

Mortgage

LLC

,

5.50%,

4/15/2029(a)

850,000

850,000

2,763,324

Trading

Companies

&

Distributors

0.3%

Air

Lease

Corp.

,

3.13%,

12/1/2030

880,000

877,391

Wireless

Telecommunication

Services

0.7%

T-Mobile

USA,

Inc.

,

2.55%,

2/15/2031(a)

1,090,000

1,067,862

3.30%,

2/15/2051(a)

1,090,000

1,018,681

2,086,543

Total

Corporate

Bonds

(cost

$156,448,975)

157,949,159

Foreign

Government

Securities

2.0%

Principal

Amount

($)

Value

($)

OMAN

0.3%

Sultanate

of

Oman

Government

Bond

,

6.25%,

1/25/2031(a)(c)

855,000

893,475

QATAR

0.8%

State

of

Qatar

,

5.10%,

4/23/2048(a)

240,000

303,312

4.82%,

3/14/2049(a)

1,500,000

1,835,760

2,139,072

UNITED

ARAB

EMIRATES

0.9%

United

Arab

Emirates

Government

Bond

,

3.13%,

9/30/2049(a)

2,640,000

2,514,283

Total

Foreign

Government

Securities

(cost

$5,180,088)

5,546,830

Loan

Participations

3.5%

Airlines

0.6%

Grupo

Aeromexico

SAB

de

CV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

0.00%),

9.00%,

12/31/2021

∞(e)

1,680,000

1,711,500

0

Auto

Components

0.8%

First

Brands

Group,

LLC,

First

Lien

Term

Loan

B,

(ICE

LIBOR

USD

3

Month

+

7.50%),

8.50%,

2/2/2024

(e)

2,240,345

2,275,810

0

Health

Care

Equipment

&

Supplies

0.3%

Petco

Health

and

Wellness

Co.

Inc.,

1st

Lien

Term

Loan,

+

3.25%),

4.00%,

3/3/2028

(e)

860,000

856,104

0

Hotels,

Restaurants

&

Leisure

1.8%

Enterprise

Development

Authority,

(The)

-

Term

Loan

B,

+

0.00%),

–%,

2/18/2028

(e)

1,870,000

1,874,675

Spectacle

Gary

Holdings,

LLC,

Term

Loan,

(ICE

LIBOR

USD

3

Month

+

9.00%),

11.00%,

12/23/2025

(e)

2,922,700

3,185,743

5,060,418

0

Total

Loan

Participations

(cost

$9,437,792)

9,903,832

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Preferred

Stock

0.0%

†

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Templar

Energy

LLC,

0.00%,

*^∞(

i

)

5,423

0

Total

Preferred

Stock

(cost

$41,720)

0

Repurchase

Agreements

2.7%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,106,092,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$3,168,212.

(j)

3,106,090

3,106,090

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,500,009,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$3,571,438.

(j)

3,500,000

3,500,000

NatWest

Markets

Securities,

Inc.

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$1,020,003.

(j)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$7,606,090)

7,606,090

Total

Investments

(cost

$261,210,338)

—

94.7%

266,673,053

Other

assets

in

excess

of

liabilities

—

5.3%

14,962,759

NET

ASSETS

—

100.0%

$

281,635,812

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$193,907,521

which

represents

68.85%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$17,139,902,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,606,090

and

by

$10,302,670

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.25%,

and

maturity

dates

ranging

from

4/29/2021

–

2/15/2050,

a

total

value

of

$17,908,760.

(d)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(f)

Security

in

default.

(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

cash

rate.

(h)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(

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

March

31,

2021.

(j)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$7,606,090.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2021

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

2.66

USD

90,000,000

(281,530)

(7,404,485)

(7,686,015)

Markit

CDX

North

American

High

Yield

Index

Series

35-V1

5.00

Quarterly

12/20/2025

2.88

USD

13,000,000

(816,600)

(381,040)

(1,197,640)

Markit

CDX

North

American

Investment

Grade

Index

Series

36-V1

1.00

Quarterly

6/20/2026

0.57

USD

25,000,000

(566,553)

(7,241)

(573,794)

(1,664,683)

(7,792,766)

(9,457,449)

At

March

31,

2021,

the

Fund

had

$5,389,488

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

March

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

1,739,577

EUR

1,479,778

Bank

of

America

NA

4/16/2021

3,846

USD

797,707

EUR

680,000

Brown

Brothers

Harriman

&

Co.

4/16/2021

89

USD

3,513,223

EUR

2,941,993

Morgan

Stanley

Co.,

Inc.

4/16/2021

62,360

USD

1,878,127

GBP

1,369,137

Morgan

Stanley

Co.,

Inc.

4/16/2021

(9,432)

Net

unrealized

appreciation

56,863

Currency:

EUR

Euro

GBP

British

pound

USD

United

States

dollar

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Short

Contracts

Euro-

Bobl

(16)

6/2021

EUR

(2,534,533)

(2,540)

Euro-Bund

(30)

6/2021

EUR

(6,025,802)

7,253

U.S.

Treasury

2

Year

Note

(61)

6/2021

USD

(13,464,320)

13,190

U.S.

Treasury

5

Year

Note

(261)

6/2021

USD

(32,206,992)

121,022

U.S.

Treasury

10

Year

Ultra

Note

(208)

6/2021

USD

(29,887,000)

844,999

U.S.

Treasury

Ultra

Bond

(105)

6/2021

USD

(19,027,969)

1,136,689

2,120,613

At

March

31,

2021,

the

Fund

had

$1,680,794

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

EUR

Euro

USD

United

States

Dollar

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

15,434,474

$

–

$

15,434,474

Collateralized

Mortgage

Obligations

–

46,985,221

–

46,985,221

Commercial

Mortgage-Backed

Securities

–

14,250,515

–

14,250,515

  Common

Stocks

Energy

Equipment

&

Services

886,063

–

–

886,063

Oil,

Gas

&

Consumable

Fuels

–

–

–

–

Paper

&

Forest

Products

–

–

–

–

Total

Common

Stocks

$

886,063

$

–

$

–

$

886,063

Convertible

Bonds

–

5,380,937

–

5,380,937

Convertible

Preferred

Stock

2,729,932

–

–

2,729,932

Corporate

Bonds

–

157,949,159

–

157,949,159

Foreign

Government

Securities

–

5,546,830

–

5,546,830

Forward

Foreign

Currency

Contracts

–

66,295

–

66,295

Futures

Contracts

2,123,153

–

–

2,123,153

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(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

March

31,

2021.

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

March

31,

2021

.

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.

Level

1

Level

2

Level

3

Total

Assets:

Loan

Participations

$

–

$

9,903,832

$

–

$

9,903,832

Preferred

Stock

–

–

–

–

Repurchase

Agreements

–

7,606,090

–

7,606,090

Total

Assets

$

5,739,148

$

263,123,353

$

–

$

268,862,501

$

–

$

–

$

–

$

–

Liabilities:

Credit

Default

Swaps*

$

–

$

(7,792,766)

$

–

$

(7,792,766)

Forward

Foreign

Currency

Contracts

–

(9,432)

–

(9,432)

Futures

Contracts

(2,540)

–

–

(2,540)

Total

Liabilities

$

(2,540)

$

(7,802,198)

$

–

$

(7,804,738)

Total

$

5,736,608

$

255,321,155

$

–

$

261,057,763

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

March

31,

2021,

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

-

March

31,

2021

(Unaudited)

-

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/

performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

March

31,

2021

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

NVIT

Amundi

Multi

Sector

Bond

Fund

(formerly,

Amundi

NVIT

Multi

Sector

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

66,295

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

2,123,153

Total

$

2,189,448

Liabilities:

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(7,792,766)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(9,432)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(2,540)

Total

$

(7,804,738)

(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

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Asset-Backed

Securities

14.0%

Principal

Amount

($)

Value

($)

Automobiles

0.4%

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

D,

1.08%,

11/16/2026

250,000

247,795

Flagship

Credit

Auto

Trust,

Series

2017-4,

Class

C,

2.92%,

11/15/2023(a)

478,623

483,112

730,907

Home

Equity

5.7%

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB4,

Class

AV3,

0.41%,

5/25/2036(b)

2,859,068

2,329,291

JP

Morgan

Mortgage

Acquisition

Trust

Series

2006-RM1,

Class

A5,

0.35%,

8/25/2036(b)

1,880,166

1,078,984

Series

2007-CH3,

Class

M2,

0.43%,

3/25/2037(b)

1,500,000

1,403,346

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

0.32%,

5/25/2037(b)

2,055,204

1,993,637

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-HE3,

Class

A4,

0.61%,

6/25/2037(b)

2,362,985

950,367

New

Century

Home

Equity

Loan

Trust,

Series

2006-

1,

Class

A2C,

0.39%,

5/25/2036(b)

1,500,000

1,264,248

Securitized

Asset-Backed

Receivables

LLC

Trust,

Series

2006-FR4,

Class

A2B,

0.28%,

8/25/2036(b)

4,431,721

1,931,503

10,951,376

Other

7.6%

Affirm

Asset

Securitization

Trust,

Series

2020-

Z1,

Class

A,

3.46%,

10/15/2024(a)

152,483

154,530

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

A,

1.54%,

1/15/2033(a)(b)

1,000,000

1,004,046

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

A,

1.67%,

6/15/2031(a)(b)

500,000

500,188

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2014-3RA,

Class

A1A,

1.26%,

7/27/2031(a)(b)

495,916

495,949

CFIP

CLO

Ltd.,

Series

2017-1A,

Class

B,

1.87%,

1/18/2030(a)(b)

500,000

499,998

CLNC

Ltd.,

Series

2019-

FL1,

Class

A,

1.36%,

8/20/2035(a)(b)

196,000

197,600

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Columbia

Cent

CLO

29

Ltd.,

Series

2020-29A,

Class

B1,

2.68%,

7/20/2031(a)(b)

500,000

501,372

Dryden

75

CLO

Ltd.,

Series

2019-75A,

Class

AR2,

1.00%,

4/15/2034(a)(b)

500,000

500,049

Gulf

Stream

Meridian

3

Ltd.,

Series

2021-IIIA,

Class

A1,

1.48%,

4/15/2034(a)(b)

500,000

500,709

LCM

XV

LP,

Series

15A,

Class

DR,

3.92%,

7/20/2030(a)(b)

250,000

247,420

LoanCore

Issuer

Ltd.,

Series

2019-CRE2,

Class

AS,

1.61%,

5/15/2036(a)(b)

188,000

187,942

Marble

Point

CLO

XIV

Ltd.,

Series

2018-2A,

Class

A1R,

1.50%,

1/20/2032(a)(b)

500,000

500,277

Marlette

Funding

Trust,

Series

2019-4A,

Class

C,

3.76%,

12/17/2029(a)

500,000

518,922

MP

CLO

IV

Ltd.,

Series

2013-

2A,

Class

ARR,

1.50%,

7/25/2029(a)(b)

500,000

498,510

New

Residential

Mortgage

Loan

Trust,

Series

2020-

NPL2,

Class

A1,

3.23%,

8/25/2060(a)(c)

858,068

864,947

Pagaya

AI

Debt

Selection

Trust,

Series

2021-1,

Class

B,

2.13%,

11/15/2027(a)

350,000

349,168

PMT

Issuer

Trust-FMSR,

Series

2021-FT1,

Class

A,

3.11%,

3/25/2026(a)(b)

850,000

849,754

Pretium

Mortgage

Credit

Partners

I

LLC,

Series

2020-NPL2,

Class

A1,

3.72%,

2/27/2060(a)(c)

887,346

887,764

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

1.41%,

10/20/2030(a)(b)

500,000

500,126

Sprite

Ltd.,

Series

2017-

1,

Class

A,

4.25%,

12/15/2037(a)

321,052

324,406

SUNNOVA

HELIOS

II

ISSUER

LLC,

Series

2021-A,

Class

A,

1.80%,

2/20/2048(a)

494,915

489,019

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

484,198

511,051

Symphony

CLO

XV

Ltd.,

Series

2014-15A,

Class

AR3,

1.21%,

1/17/2032(a)

(b)

500,000

500,050

Taco

Bell

Funding

LLC,

Series

2018-1A,

Class

A2I,

4.32%,

11/25/2048(a)

488,750

491,198

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

860,286

851,835

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

TRTX

Issuer

Ltd.,

Series

2019-FL3,

Class

AS,

1.56%,

10/15/2034(a)(b)

196,000

195,999

Upstart

Pass-Through

Trust,

Series

2021-ST3,

Class

A,

2.00%,

5/20/2027(a)

500,000

499,575

Venture

XV

CLO

Ltd.,

Series

2013-15A,

Class

A1R2,

1.61%,

7/15/2032(a)(b)

496,957

497,217

Venture

XX

CLO

Ltd.,

Series

2015-20A,

Class

AR,

1.06%,

4/15/2027(a)(b)

245,233

245,244

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

438,896

431,937

14,796,802

Student

Loan

0.3%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

524,064

Total

Asset-Backed

Securities

(cost

$27,106,613)

27,003,149

Collateralized

Mortgage

Obligations

24.1%

Alternative

Loan

Trust

Series

2005-64CB,

Class

1A12,

0.91%,

12/25/2035(b)

1,465,774

1,203,624

Series

2006-13T1,

Class

A1,

6.00%,

5/25/2036

2,123,983

1,428,582

Series

2006-OA7,

Class

1A2,

1.20%,

6/25/2046(b)

2,098,462

1,896,407

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

0.59%,

2/25/2036(b)

1,718,488

1,729,728

BRAVO

Residential

Funding

Trust,

Series

2021-A,

Class

A1,

1.99%,

10/25/2059(a)(c)

992,241

991,399

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1,884,177

1,314,752

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,373,426

995,990

CIM

Trust,

Series

2017-

6,

Class

A1,

3.02%,

6/25/2057(a)(b)

823,210

823,609

FHLMC

REMICS

Series

4749,

Class

LV,

3.50%,

4/15/2038

4,000,000

4,126,494

Series

4729,

Class

AG,

3.00%,

1/15/2044

3,891,035

3,938,641

Series

4748,

Class

KW,

3.50%,

9/15/2044

3,000,000

3,058,710

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

4750,

Class

PA,

3.00%,

7/15/2046

1,407,216

1,455,781

Series

4752,

Class

PL,

3.00%,

9/15/2046

1,431,118

1,491,427

Series

5004,

Class

LS,

IO,

6.04%,

7/25/2050(b)

4,214,192

995,920

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

992,369

FNMA

REMICS

Series

2013-20,

Class

MA,

2.50%,

3/25/2033

2,477,809

2,608,811

Series

2014-11,

Class

KZ,

2.50%,

10/25/2041

2,267,670

2,309,491

Series

2018-33,

Class

A,

3.00%,

5/25/2048

1,439,116

1,524,090

Series

2019-64,

Class

D,

2.50%,

11/25/2049

916,715

954,084

Series

2020-77,

Class

S,

IO,

4.13%,

11/25/2050(b)

7,380,808

1,137,853

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

689,231

GNMA

REMICS,

Series

2019-

84,

Class

SA,

IO,

3.29%,

7/20/2049(b)

9,569,905

794,160

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

0.29%,

7/25/2047(b)

932,287

746,119

JP

Morgan

Mortgage

Trust,

Series

2006-S1,

Class

2A9,

6.50%,

4/25/2036

532,616

548,362

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1,

2.69%,

10/25/2060(a)(b)

708,845

704,766

NRPL

Trust,

Series

2018-

2A,

Class

A1,

4.25%,

7/25/2067(a)(c)

1,392,188

1,401,643

RALI

Series

Trust,

Series

2006-QS17,

Class

A7,

6.00%,

12/25/2036

1,467,773

1,418,999

Seasoned

Credit

Risk

Transfer

Trust,

Series

2019-4,

Class

MV,

3.00%,

2/25/2059

2,008,943

2,123,541

Toorak

Mortgage

Corp.

Ltd.

Series

2018-1,

Class

A1,

4.34%,

8/25/2021(a)(c)

973,164

975,598

Series

2020-1,

Class

A2,

3.23%,

3/25/2023(a)(c)

1,100,000

1,077,761

VOLT

XCIV

LLC,

Series

2021-

NPL3,

Class

A1,

2.24%,

2/27/2051(a)(c)

571,406

570,964

VOLT

XCVI

LLC,

Series

2021-

NPL5,

Class

A1,

2.12%,

3/27/2051(a)(c)

549,196

548,592

Total

Collateralized

Mortgage

Obligations

(cost

$46,687,074)

46,577,498

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Commercial

Mortgage-Backed

Securities

6.7%

Principal

Amount

($)

Value

($)

BANK

Series

2020-BN30,

Class

XB,

IO,

0.72%,

12/15/2053(b)

3,036,000

185,747

Series

2017-BNK6,

Class

XA,

IO,

0.82%,

7/15/2060(b)

4,500,531

170,129

Series

2018-BN10,

Class

XA,

IO,

0.73%,

2/15/2061(b)

2,855,209

118,899

Series

2020-BN26,

Class

ASB,

2.31%,

3/15/2063

255,000

264,589

Series

2020-BN26,

Class

AS,

2.69%,

3/15/2063

255,000

258,997

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.06%,

2/15/2053(b)

1,992,389

147,654

Series

2021-C9,

Class

XA,

IO,

1.77%,

2/15/2054(b)

1,502,000

189,453

BBCMS

Trust

,

Series

2018-

BXH,

Class

A,

1.11%,

10/15/2037(a)(b)

51,744

51,786

BB-UBS

Trust

Series

2012-SHOW,

Class

XB,

IO,

0.14%,

11/5/2036(a)

(b)

4,823,000

30,968

Series

2012-SHOW,

Class

XA,

IO,

0.60%,

11/5/2036(a)

(b)

8,760,000

178,200

Benchmark

Mortgage

Trust

,

Series

2020-B19,

Class

XA,

IO,

1.78%,

9/15/2053(b)

1,320,591

146,679

BX

Trust

Series

2018-EXCL,

Class

A,

1.19%,

9/15/2037(a)(b)

56,258

54,573

Series

2019-OC11,

Class

E,

4.08%,

12/9/2041(a)(b)

221,000

219,788

Series

2019-OC11,

Class

D,

4.08%,

12/9/2041(a)(b)

100,000

103,867

CD

Mortgage

Trust

,

Series

2017-CD6,

Class

XA,

IO,

0.92%,

11/13/2050(b)

5,653,806

222,426

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C4,

Class

XA,

IO,

1.65%,

5/10/2058(b)

2,132,302

141,771

Citigroup

Commercial

Mortgage

Trust

Series

2020-555,

Class

E,

3.50%,

12/10/2041(a)(b)

115,000

101,515

Series

2014-GC19,

Class

XA,

IO,

1.14%,

3/10/2047(b)

3,574,854

97,996

Series

2014-GC21,

Class

XA,

IO,

1.16%,

5/10/2047(b)

3,168,689

96,756

Series

2016-GC36,

Class

D,

2.85%,

2/10/2049(a)

139,000

101,103

COMM

Mortgage

Trust

Series

2017-PANW,

Class

E,

3.81%,

10/10/2029(a)(b)

254,000

254,370

Series

2017-PANW,

Class

D,

3.93%,

10/10/2029(a)(b)

152,000

156,557

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

COMM

Mortgage

Trust

Series

2014-CR20,

Class

XA,

IO,

1.02%,

11/10/2047(b)

5,899,773

175,673

Series

2015-CR23,

Class

C,

4.29%,

5/10/2048(b)

407,000

432,814

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

1.92%,

1/15/2049(b)

694,306

49,326

Series

2017-CX10,

Class

XA,

IO,

0.72%,

11/15/2050(b)

7,040,255

256,472

Series

2017-CX10,

Class

C,

4.11%,

11/15/2050(b)

405,000

396,713

Series

2019-C18,

Class

B,

3.59%,

12/15/2052

255,000

268,050

CSMC

,

Series

2020-

NET,

Class

A,

2.26%,

8/15/2037(a)

162,000

164,844

CSMC

Trust

Series

2017-CALI,

Class

F,

3.78%,

11/10/2032(a)(b)

250,000

242,233

Series

2017-CALI,

Class

E,

3.78%,

11/10/2032(a)(b)

250,000

249,552

FNMA

ACES

REMICS,

Series

2020-M7,

Class

X2,

IO,

1.24%,

3/25/2031(b)

5,207,567

481,113

GNMA

REMICS,

Series

2021-

52

IO,

0.85%,

4/16/2063(b)

5,858,000

479,040

Grace

Trust

,

Series

2020-

GRCE,

Class

D,

2.68%,

12/10/2040(a)(b)

164,000

155,048

Great

Wolf

Trust

Series

2019-WOLF,

Class

E,

2.84%,

12/15/2036(a)(b)

100,000

97,115

Series

2019-WOLF,

Class

F,

3.24%,

12/15/2036(a)(b)

100,000

95,486

GS

Mortgage

Securities

Corp.

Trust

Series

2018-TWR,

Class

A,

1.01%,

7/15/2031(a)(b)

100,000

99,498

Series

2018-TWR,

Class

D,

1.71%,

7/15/2031(a)(b)

100,000

98,373

Series

2018-LUAU,

Class

A,

1.11%,

11/15/2032(a)(b)

184,000

183,942

Series

2019-SOHO,

Class

E,

1.98%,

6/15/2036(a)(b)

125,000

118,705

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.50%,

11/10/2049(b)

6,670,061

158,489

Series

2017-GS8,

Class

XA,

IO,

0.97%,

11/10/2050(b)

5,289,806

248,970

Series

2018-GS9,

Class

C,

4.36%,

3/10/2051(b)

175,000

188,120

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

HPLY

Trust

,

Series

2019-

HIT,

Class

F,

3.26%,

11/15/2036(a)(b)

93,557

89,568

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2018-LAQ,

Class

A,

1.11%,

6/15/2032(a)(b)

94,479

94,478

Series

2018-WPT,

Class

FFX,

5.54%,

7/5/2033(a)(b)

113,000

113,742

Series

2011-C5,

Class

B,

5.42%,

8/15/2046(a)(b)

200,000

201,585

Series

2014-C20,

Class

B,

4.40%,

7/15/2047(b)

200,000

215,872

Series

2016-JP3,

Class

B,

3.40%,

8/15/2049(b)

190,000

198,103

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2020-COR7,

Class

XA,

IO,

1.66%,

5/13/2053(b)

1,361,315

146,906

Series

2020-COR7,

Class

B,

3.29%,

5/13/2053(b)

158,000

165,368

MF1

Ltd.

,

Series

2020-

FL3,

Class

A,

2.16%,

7/15/2035(a)(b)

157,000

158,657

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2017-C33,

Class

XA,

IO,

1.39%,

5/15/2050(b)

3,060,157

161,367

Morgan

Stanley

Capital

I

Trust

Series

2017-ASHF,

Class

D,

2.31%,

11/15/2034(a)(b)

111,000

109,920

Series

2017-ASHF,

Class

E,

3.26%,

11/15/2034(a)(b)

167,000

162,848

Series

2019-H7,

Class

C,

4.13%,

7/15/2052

200,000

198,701

Series

2019-L3,

Class

XA,

IO,

0.64%,

11/15/2052(b)

3,039,205

146,339

Series

2020-L4,

Class

B,

3.08%,

2/15/2053

114,000

115,025

One

New

York

Plaza

Trust

,

Series

2020-1NYP,

Class

C,

2.31%,

1/15/2026(a)(b)

150,000

151,574

SG

Commercial

Mortgage

Securities

Trust

,

Series

2016-C5,

Class

XA,

IO,

1.95%,

10/10/2048(b)

3,235,146

211,837

UBS

Commercial

Mortgage

Trust

Series

2017-C3,

Class

B,

4.09%,

8/15/2050(b)

194,000

204,936

Series

2017-C4,

Class

B,

4.24%,

10/15/2050(b)

161,000

170,463

Series

2017-C5,

Class

C,

4.31%,

11/15/2050(b)

349,000

359,931

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

C,

4.69%,

10/15/2045(b)

405,000

415,652

Series

2015-C28,

Class

XA,

IO,

0.61%,

5/15/2048(b)

8,812,995

183,669

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C35,

Class

B,

3.44%,

7/15/2048

200,000

205,367

Series

2017-C41,

Class

B,

4.19%,

11/15/2050(b)

251,000

267,970

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

170,438

Series

2020-C58,

Class

C,

3.16%,

7/15/2053

200,000

199,358

Series

2020-C57,

Class

XA,

IO,

2.10%,

8/15/2053(b)

1,088,042

164,263

Total

Commercial

Mortgage-Backed

Securities

(cost

$12,918,223)

12,917,336

Corporate

Bonds

13.5%

Aerospace

&

Defense

0.3%

Boeing

Co.

(The)

,

2.95%,

2/1/2030

120,000

119,666

Bombardier,

Inc.

,

6.00%,

10/15/2022(a)

45,000

45,000

Textron,

Inc.

,

2.45%,

3/15/2031

190,000

183,998

TransDigm

,

Inc.

,

8.00%,

12/15/2025(a)

10,000

10,890

6.25%,

3/15/2026(a)

70,000

74,214

6.38%,

6/15/2026

30,000

31,012

5.50%,

11/15/2027

45,000

46,581

Triumph

Group,

Inc.

,

7.75%,

8/15/2025

30,000

30,150

541,511

Air

Freight

&

Logistics

0.0%

†

FedEx

Corp.

,

4.75%,

11/15/2045

45,000

52,688

Airlines

0.1%

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)

70,000

74,455

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(a)

55,000

60,294

134,749

Auto

Components

0.1%

Clarios

Global

LP

,

6.25%,

5/15/2026(a)

55,000

58,412

Icahn

Enterprises

LP

,

5.25%,

5/15/2027

40,000

41,300

99,712

Automobiles

0.1%

Ford

Motor

Co.

,

9.00%,

4/22/2025

40,000

48,444

Hyundai

Capital

America

,

3.00%,

2/10/2027(a)

115,000

119,646

168,090

18

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

1.4%

Banco

de

Credito

del

Peru

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

3.13%,

7/1/2030(a)(d)

100,000

100,210

Banco

Internacional

del

Peru

SAA

Interbank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.71%),

4.00%,

7/8/2030(d)

150,000

152,944

Banco

Mercantil

del

Norte

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.47%),

7.50%,

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

200,000

218,840

Banistmo

SA

,

3.65%,

9/19/2022(a)

300,000

306,000

Bank

of

America

Corp.

,

(SOFR

+

1.53%),

1.90%,

7/23/2031(d)

190,000

178,475

Bank

of

Nova

Scotia

(The)

,

1.63%,

5/1/2023

5,000

5,126

3.40%,

2/11/2024

120,000

129,155

CIMB

Bank

Bhd.

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

0.78%),

1.00%,

10/9/2024(d)

200,000

200,314

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

1.39%),

3.67%,

7/24/2028(d)

215,000

235,129

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

0.93%,

3/2/2023(d)

125,000

126,039

Oversea-Chinese

Banking

Corp.

Ltd.

,

Reg.

S,

4.25%,

6/19/2024

200,000

219,084

Royal

Bank

of

Canada

,

2.55%,

7/16/2024

250,000

263,656

Santander

Holdings

USA,

Inc.

,

3.40%,

1/18/2023

110,000

114,846

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.74%),

0.96%,

1/17/2023(d)

90,000

90,625

Wells

Fargo

&

Co.

,

(ICE

LIBOR

USD

3

Month

+

1.31%),

3.58%,

5/22/2028(d)

110,000

119,929

Woori

Bank

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%,

10/04/2024(d)(e)

200,000

208,800

2,669,172

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.1%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

5.55%,

1/23/2049

70,000

90,329

Constellation

Brands,

Inc.

,

3.15%,

8/1/2029

80,000

83,794

2.88%,

5/1/2030

25,000

25,544

Triton

Water

Holdings,

Inc.

,

6.25%,

4/1/2029(a)

40,000

40,800

240,467

Biotechnology

0.1%

AbbVie,

Inc.

,

3.85%,

6/15/2024

10,000

10,887

3.80%,

3/15/2025

95,000

103,791

Amgen,

Inc.

,

2.45%,

2/21/2030

100,000

100,692

215,370

Building

Products

0.1%

Builders

FirstSource

,

Inc.

,

6.75%,

6/1/2027(a)

59,000

63,499

Carrier

Global

Corp.

,

3.58%,

4/5/2050

65,000

63,830

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

42,550

169,879

Capital

Markets

0.6%

Goldman

Sachs

Group,

Inc.

(The)

,

(ICE

LIBOR

USD

3

Month

+

1.17%),

1.36%,

5/15/2026(d)

234,000

237,056

Macquarie

Group

Ltd.

,

(ICE

LIBOR

USD

3

Month

+

1.02%),

3.19%,

11/28/2023(a)(d)

85,000

88,474

(ICE

LIBOR

USD

3

Month

+

1.33%),

4.15%,

3/27/2024(a)(d)

130,000

138,542

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

0.85%),

3.74%,

4/24/2024(d)

225,000

239,201

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

170,000

188,736

Temasek

Financial

I

Ltd.

,

1.00%,

10/6/2030(a)

250,000

229,203

1,121,212

Chemicals

0.1%

Braskem

Netherlands

Finance

BV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

1/23/2081(a)(d)

200,000

226,502

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

DuPont

de

Nemours,

Inc.

,

5.42%,

11/15/2048

40,000

51,562

278,064

Commercial

Services

&

Supplies

0.3%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

35,000

37,117

9.75%,

7/15/2027(a)

70,000

76,804

Garda

World

Security

Corp.

,

8.75%,

5/15/2025(a)

55,000

57,544

GFL

Environmental,

Inc.

,

4.00%,

8/1/2028(a)

80,000

77,400

3.50%,

9/1/2028(a)

85,000

82,450

NongHyup

Bank

,

1.25%,

7/20/2025(a)

200,000

198,798

Prime

Security

Services

Borrower

LLC

,

3.38%,

8/31/2027(a)

60,000

58,200

588,313

Communications

Equipment

0.0%

†

Avaya,

Inc.

,

6.13%,

9/15/2028(a)

40,000

42,463

CommScope

,

Inc.

,

5.50%,

3/1/2024(a)

50,000

51,562

94,025

Construction

&

Engineering

0.0%

†

Pike

Corp.

,

5.50%,

9/1/2028(a)

45,000

45,788

Consumer

Finance

0.6%

Avolon

Holdings

Funding

Ltd.

,

2.13%,

2/21/2026(a)

75,000

71,739

3.25%,

2/15/2027(a)

35,000

34,713

Credito

Real

SAB

de

CV

SOFOM

ER

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.03%),

9.12%,

11/29/2022(d)(e)

200,000

179,000

Discover

Financial

Services

,

4.10%,

2/9/2027

110,000

122,079

General

Motors

Financial

Co.,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.23%,

1/5/2023(d)

180,000

181,540

3.95%,

4/13/2024

15,000

16,143

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(a)(f)

59,059

56,435

Mexarrend

SAPI

de

CV

,

10.25%,

7/24/2024(a)

200,000

197,752

Navient

Corp.

,

5.00%,

3/15/2027

30,000

30,075

OneMain

Finance

Corp.

,

6.63%,

1/15/2028

50,000

56,666

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Unifin

Financiera

SAB

de

CV

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.31%),

8.88%,

1/29/2025(d)(e)

200,000

164,000

1,110,142

Containers

&

Packaging

0.2%

Berry

Global,

Inc.

,

0.95%,

2/15/2024(a)

115,000

114,458

5.63%,

7/15/2027(a)

70,000

73,938

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

45,000

45,684

Silgan

Holdings,

Inc.

,

4.13%,

2/1/2028

65,000

66,776

WRKCo

,

Inc.

,

3.75%,

3/15/2025

110,000

120,035

420,891

Distributors

0.0%

†

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

55,000

57,517

Diversified

Financial

Services

0.2%

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)

70,000

68,250

Petronas

Capital

Ltd.

,

3.50%,

4/21/2030(a)

200,000

213,922

Verscend

Escrow

Corp.

,

9.75%,

8/15/2026(a)

100,000

107,222

389,394

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

,

2.25%,

2/1/2032

135,000

128,404

3.30%,

2/1/2052

75,000

67,548

CCO

Holdings

LLC

,

4.75%,

3/1/2030(a)

50,000

51,813

Cincinnati

Bell,

Inc.

,

7.00%,

7/15/2024(a)

40,000

41,250

Frontier

Communications

Corp.

,

5.88%,

10/15/2027(a)

15,000

15,900

5.00%,

5/1/2028(a)

30,000

30,551

6.75%,

5/1/2029(a)

15,000

15,821

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

60,000

61,750

Lumen

Technologies,

Inc.

,

5.13%,

12/15/2026(a)

45,000

47,402

4.00%,

2/15/2027(a)

40,000

40,857

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

70,000

88,268

Telesat

Canada

,

6.50%,

10/15/2027(a)

15,000

15,026

Verizon

Communications,

Inc.

,

1.75%,

1/20/2031

190,000

176,935

Zayo

Group

Holdings,

Inc.

,

4.00%,

3/1/2027(a)

45,000

44,212

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Zayo

Group

Holdings,

Inc.,

6.13%,

3/1/2028(a)

15,000

15,394

841,131

Electric

Utilities

0.8%

AEP

Texas,

Inc.

,

Series

H,

3.45%,

1/15/2050

70,000

68,291

AES

Andres

BV

,

Reg.

S,

7.95%,

5/11/2026

200,000

207,502

Duke

Energy

Corp.

,

2.65%,

9/1/2026

165,000

172,645

Empresa

Electrica

Guacolda

SA

,

Reg.

S,

4.56%,

4/30/2025

200,000

168,039

Korea

East-West

Power

Co.

Ltd.

,

1.75%,

5/6/2025(a)

200,000

202,700

Monongahela

Power

Co.

,

5.40%,

12/15/2043(a)

30,000

36,945

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

5/1/2025

120,000

126,809

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(a)

80,000

78,000

Pacific

Gas

and

Electric

Co.

,

1.37%,

3/10/2023

70,000

70,020

2.50%,

2/1/2031

60,000

56,610

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

60,000

60,975

PG&E

Corp.

,

5.00%,

7/1/2028

25,000

26,412

Southern

Co.

(The)

,

Series

A,

3.70%,

4/30/2030

115,000

124,259

TNB

Global

Ventures

Capital

Bhd.

,

Reg.

S,

3.24%,

10/19/2026

200,000

212,356

1,611,563

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

,

3.88%,

1/12/2028

85,000

92,240

Vontier

Corp.

,

1.80%,

4/1/2026(a)

130,000

129,322

221,562

Energy

Equipment

&

Services

0.2%

Delek

&

Avner

Tamar

Bond

Ltd.

,

5.41%,

12/30/2025(a)

100,000

104,809

Halliburton

Co.

,

2.92%,

3/1/2030

60,000

59,882

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

85,000

78,566

Transocean,

Inc.

,

11.50%,

1/30/2027(a)

18,000

15,439

USA

Compression

Partners

LP

,

6.88%,

9/1/2027

105,000

108,150

366,846

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

2.50%,

9/15/2050

125,000

104,897

Lions

Gate

Capital

Holdings

LLC

,

6.38%,

2/1/2024(a)

70,000

72,232

5.50%,

4/15/2029(a)

50,000

50,005

Live

Nation

Entertainment,

Inc.

,

6.50%,

5/15/2027(a)

55,000

61,050

4.75%,

10/15/2027(a)

75,000

75,563

363,747

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033

155,000

140,926

Boston

Properties

LP

,

3.65%,

2/1/2026

215,000

234,680

Crown

Castle

International

Corp.

,

4.30%,

2/15/2029

100,000

112,091

ESH

Hospitality,

Inc.

,

5.25%,

5/1/2025(a)

40,000

40,800

Iron

Mountain,

Inc.

,

4.50%,

2/15/2031(a)

30,000

29,658

Uniti

Group

LP

,

6.50%,

2/15/2029(a)

40,000

39,500

VICI

Properties

LP

,

3.75%,

2/15/2027(a)

5,000

5,000

4.13%,

8/15/2030(a)

35,000

35,305

637,960

Food

&

Staples

Retailing

0.2%

Albertsons

Cos.,

Inc.

,

3.50%,

3/15/2029(a)

40,000

38,066

CK

Hutchison

International

20

Ltd.

,

2.50%,

5/8/2030(a)

200,000

198,554

Sysco

Corp.

,

3.25%,

7/15/2027

50,000

53,838

3.30%,

2/15/2050

55,000

51,372

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

45,000

48,094

US

Foods,

Inc.

,

6.25%,

4/15/2025(a)

10,000

10,720

400,644

Food

Products

0.3%

B&G

Foods,

Inc.

,

5.25%,

9/15/2027

25,000

26,016

Kraft

Heinz

Foods

Co.

,

5.00%,

7/15/2035

30,000

34,528

5.20%,

7/15/2045

70,000

80,959

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

200,000

195,500

Pilgrim's

Pride

Corp.

,

5.88%,

9/30/2027(a)

45,000

48,227

Post

Holdings,

Inc.

,

4.63%,

4/15/2030(a)

50,000

50,125

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

Smithfield

Foods,

Inc.

,

4.25%,

2/1/2027(a)

120,000

132,240

567,595

Gas

Utilities

0.1%

Ferrellgas

Escrow

LLC

,

5.38%,

4/1/2026(a)

35,000

34,766

Superior

Plus

LP

,

4.50%,

3/15/2029(a)

70,000

70,714

105,480

Health

Care

Equipment

&

Supplies

0.1%

Becton

Dickinson

and

Co.

,

2.89%,

6/6/2022

141,000

144,654

Ortho-Clinical

Diagnostics,

Inc.

,

7.25%,

2/1/2028(a)

45,000

49,305

193,959

Health

Care

Providers

&

Services

0.7%

Anthem,

Inc.

,

3.30%,

1/15/2023

115,000

120,709

Centene

Corp.

,

3.00%,

10/15/2030

35,000

34,942

2.50%,

3/1/2031

65,000

62,076

Cigna

Corp.

,

(ICE

LIBOR

USD

3

Month

+

0.89%),

1.13%,

7/15/2023(d)

90,000

91,085

4.90%,

12/15/2048

85,000

104,113

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

60,000

63,450

6.88%,

4/15/2029(a)

40,000

41,875

HCA,

Inc.

,

4.13%,

6/15/2029

55,000

60,950

Laboratory

Corp.

of

America

Holdings

,

3.60%,

2/1/2025

210,000

227,279

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

30,000

31,875

4.38%,

2/15/2027(a)

40,000

39,200

Radiology

Partners,

Inc.

,

9.25%,

2/1/2028(a)

45,000

48,994

RP

Escrow

Issuer

LLC

,

5.25%,

12/15/2025(a)

60,000

62,175

Select

Medical

Corp.

,

6.25%,

8/15/2026(a)

125,000

132,845

Tenet

Healthcare

Corp.

,

5.13%,

11/1/2027(a)

65,000

67,971

6.13%,

10/1/2028(a)

75,000

78,281

1,267,820

Hotels,

Restaurants

&

Leisure

0.6%

Bally's

Corp.

,

6.75%,

6/1/2027(a)

75,000

80,438

Boyd

Gaming

Corp.

,

4.75%,

12/1/2027

80,000

81,538

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

55,000

58,631

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Caesars

Resort

Collection

LLC

,

5.25%,

10/15/2025(a)

55,000

55,203

Carnival

Corp.

,

11.50%,

4/1/2023(a)

20,000

22,925

5.75%,

3/1/2027(a)

60,000

61,575

Cedar

Fair

LP

,

5.25%,

7/15/2029

40,000

41,116

Golden

Nugget,

Inc.

,

6.75%,

10/15/2024(a)

80,000

80,893

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

10,000

10,540

5.75%,

5/1/2028(a)

10,000

10,763

IRB

Holding

Corp.

,

6.75%,

2/15/2026(a)

55,000

56,925

Marriott

International,

Inc.

,

Series

HH,

2.85%,

4/15/2031

115,000

112,866

MGM

Resorts

International

,

6.75%,

5/1/2025

75,000

80,807

Scientific

Games

International,

Inc.

,

7.25%,

11/15/2029(a)

45,000

48,825

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

105,000

113,531

Viking

Cruises

Ltd.

,

13.00%,

5/15/2025(a)

20,000

23,512

5.88%,

9/15/2027(a)

105,000

102,638

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(a)

40,000

40,460

1,083,186

Household

Durables

0.1%

Mattamy

Group

Corp.

,

4.63%,

3/1/2030(a)

60,000

59,597

Tempur

Sealy

International,

Inc.

,

5.50%,

6/15/2026

93,000

96,371

4.00%,

4/15/2029(a)

35,000

34,825

190,793

Household

Products

0.1%

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

60,000

61,875

Kronos

Acquisition

Holdings,

Inc.

,

5.00%,

12/31/2026(a)

60,000

60,000

7.00%,

12/31/2027(a)

40,000

38,335

Spectrum

Brands,

Inc.

,

3.88%,

3/15/2031(a)

65,000

63,619

223,829

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Calpine

Corp.

,

5.13%,

3/15/2028(a)

45,000

45,209

22

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Calpine

Corp.,

4.63%,

2/1/2029(a)

30,000

29,229

74,438

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.88%,

1/14/2038

50,000

64,703

6.88%,

1/10/2039

35,000

49,223

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028

85,000

95,767

209,693

Insurance

0.3%

Acrisure

LLC

,

4.25%,

2/15/2029(a)

75,000

73,759

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

40,000

42,575

Brown

&

Brown,

Inc.

,

2.38%,

3/15/2031

80,000

76,914

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

45,000

48,319

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

115,000

113,450

NFP

Corp.

,

6.88%,

8/15/2028(a)

35,000

36,312

Willis

North

America,

Inc.

,

3.88%,

9/15/2049

105,000

111,423

502,752

Interactive

Media

&

Services

0.2%

Baidu,

Inc.

,

3.43%,

4/7/2030

200,000

209,523

Tencent

Holdings

Ltd.

,

2.39%,

6/3/2030(a)

200,000

193,157

402,680

Internet

&

Direct

Marketing

Retail

0.1%

Amazon.com,

Inc.

,

2.80%,

8/22/2024

95,000

101,778

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

135,000

142,989

244,767

IT

Services

0.0%

†

Endure

Digital,

Inc.

,

6.00%,

2/15/2029(a)

60,000

58,644

GTT

Communications,

Inc.

,

7.88%,

12/31/2024(a)

30,000

4,950

63,594

Machinery

0.1%

Caterpillar,

Inc.

,

3.40%,

5/15/2024

220,000

237,373

Media

0.3%

Cengage

Learning,

Inc.

,

9.50%,

6/15/2024(a)

50,000

50,937

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Charter

Communications

Operating

LLC

,

2.30%,

2/1/2032

150,000

139,413

Comcast

Corp.

,

4.70%,

10/15/2048

90,000

111,208

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

25,000

18,000

DISH

DBS

Corp.

,

5.88%,

11/15/2024

45,000

47,062

GCI

LLC

,

4.75%,

10/15/2028(a)

50,000

51,188

iHeartCommunications

,

Inc.

,

8.38%,

5/1/2027

10,000

10,725

Nexstar

Broadcasting,

Inc.

,

5.63%,

7/15/2027(a)

25,000

26,203

Omnicom

Group,

Inc.

,

2.45%,

4/30/2030

100,000

98,922

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(a)

40,000

40,450

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

25,000

24,562

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

35,000

36,225

654,895

Metals

&

Mining

0.3%

Arconic

Corp.

,

6.13%,

2/15/2028(a)

75,000

79,875

CSN

Islands

XII

Corp.

,

Reg.

S,

7.00%,

6/23/2021(e)(g)

200,000

200,500

Novelis

Corp.

,

4.75%,

1/30/2030(a)

25,000

25,767

SunCoke

Energy

Partners

LP

,

7.50%,

6/15/2025(a)

60,000

62,325

Vedanta

Resources

Finance

II

plc

,

9.25%,

4/23/2026(a)

200,000

168,244

536,711

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.50%,

4/3/2030

95,000

102,423

Dollar

Tree,

Inc.

,

4.00%,

5/15/2025

105,000

115,931

218,354

Oil,

Gas

&

Consumable

Fuels

1.8%

Antero

Midstream

Partners

LP

,

5.75%,

3/1/2027(a)

24,000

24,005

Apache

Corp.

,

4.63%,

11/15/2025

20,000

20,606

4.38%,

10/15/2028

35,000

34,895

Canadian

Natural

Resources

Ltd.

,

2.95%,

1/15/2023

120,000

124,539

Cheniere

Energy

Partners

LP

,

5.63%,

10/1/2026

55,000

57,513

Chesapeake

Energy

Corp.

,

5.88%,

2/1/2029(a)

65,000

68,900

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

CNX

Resources

Corp.

,

6.00%,

1/15/2029(a)

35,000

36,371

Empresa

Electrica

Cochrane

SpA

,

Reg.

S,

5.50%,

5/14/2027

180,560

188,764

Energy

Transfer

Operating

LP

,

4.75%,

1/15/2026

65,000

72,173

Enterprise

Products

Operating

LLC

,

3.75%,

2/15/2025

110,000

120,541

EQM

Midstream

Partners

LP

,

4.75%,

1/15/2031(a)

85,000

82,450

EQT

Corp.

,

8.50%,

2/1/2030(c)

30,000

38,259

Exxon

Mobil

Corp.

,

2.99%,

3/19/2025

75,000

80,369

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

2.16%,

3/31/2034(a)

200,000

193,750

Gran

Tierra

Energy

International

Holdings

Ltd.

,

Reg.

S,

6.25%,

2/15/2025

200,000

165,500

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

60,000

60,660

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(a)

45,000

46,350

5.75%,

2/1/2029(a)

30,000

30,262

Indigo

Natural

Resources

LLC

,

5.38%,

2/1/2029(a)

40,000

39,408

MEG

Energy

Corp.

,

7.13%,

2/1/2027(a)

60,000

62,850

5.88%,

2/1/2029(a)

10,000

10,025

MPLX

LP

,

1.75%,

3/1/2026

60,000

60,092

NGL

Energy

Operating

LLC

,

7.50%,

2/1/2026(a)

85,000

87,338

NuStar

Logistics

LP

,

6.38%,

10/1/2030

45,000

48,656

Occidental

Petroleum

Corp.

,

8.00%,

7/15/2025

25,000

28,698

3.50%,

8/15/2029

40,000

37,532

6.63%,

9/1/2030

30,000

33,714

6.13%,

1/1/2031

50,000

55,210

ONGC

Videsh

Ltd.

,

Reg.

S,

4.63%,

7/15/2024

200,000

218,964

Ovintiv

,

Inc.

,

7.38%,

11/1/2031

35,000

44,520

Parkland

Corp.

,

4.50%,

10/1/2029(a)

55,000

55,069

Peabody

Energy

Corp.

,

8.50%,

12/31/2024(a)

15,000

6,160

Peru

LNG

Srl

,

Reg.

S,

5.38%,

3/22/2030

200,000

179,252

Pioneer

Natural

Resources

Co.

,

1.13%,

1/15/2026

70,000

68,724

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

PTTEP

Treasury

Center

Co.

Ltd.

,

2.59%,

6/10/2027(a)

200,000

205,668

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

30,000

31,324

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

80,000

91,060

Sunoco

LP

,

6.00%,

4/15/2027

35,000

36,619

4.50%,

5/15/2029(a)

20,000

19,925

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

60,000

63,000

Total

Capital

International

SA

,

3.39%,

6/29/2060

100,000

95,337

UEP

Penonome

II

SA

,

6.50%,

10/1/2038(a)

200,000

201,502

Valero

Energy

Corp.

,

2.85%,

4/15/2025

75,000

78,408

Western

Midstream

Operating

LP

,

4.35%,

2/1/2025(c)

45,000

46,575

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027

60,000

65,405

3,416,942

Paper

&

Forest

Products

0.1%

Georgia-Pacific

LLC

,

3.60%,

3/1/2025(a)

101,000

109,118

Pharmaceuticals

0.1%

Bausch

Health

Cos.,

Inc.

,

6.25%,

2/15/2029(a)

100,000

106,296

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%,

4/1/2029(a)

35,000

35,306

Royalty

Pharma

plc

,

3.30%,

9/2/2040(a)

115,000

110,860

Viatris

,

Inc.

,

1.65%,

6/22/2025(a)

30,000

30,106

282,568

Professional

Services

0.0%

†

Dun

&

Bradstreet

Corp.

(The)

,

6.88%,

8/15/2026(a)

30,000

32,031

Jaguar

Holding

Co.

II

,

5.00%,

6/15/2028(a)

25,000

26,038

58,069

Real

Estate

Management

&

Development

0.0%

†

Realogy

Group

LLC

,

7.63%,

6/15/2025(a)

30,000

32,754

5.75%,

1/15/2029(a)

45,000

44,381

77,135

Road

&

Rail

0.2%

CSX

Corp.

,

3.35%,

9/15/2049

105,000

103,059

Kenan

Advantage

Group,

Inc.

(The)

,

7.88%,

7/31/2023(a)

10,000

9,975

24

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

NESCO

Holdings

II,

Inc.

,

5.50%,

4/15/2029(a)

15,000

15,387

Penske

Truck

Leasing

Co.

LP

,

4.20%,

4/1/2027(a)

45,000

50,365

Uber

Technologies,

Inc.

,

7.50%,

9/15/2027(a)

40,000

44,183

Union

Pacific

Corp.

,

2.97%,

9/16/2062(a)

90,000

80,132

303,101

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

3.15%,

11/15/2025

27,000

28,778

3.42%,

4/15/2033(a)

88,000

88,252

Intel

Corp.

,

3.10%,

2/15/2060

50,000

47,221

Micron

Technology,

Inc.

,

2.50%,

4/24/2023

115,000

119,357

283,608

Software

0.1%

Oracle

Corp.

,

3.60%,

4/1/2050

105,000

101,701

Specialty

Retail

0.1%

Asbury

Automotive

Group,

Inc.

,

4.50%,

3/1/2028

6,000

6,138

4.75%,

3/1/2030

6,000

6,198

Home

Depot,

Inc.

(The)

,

3.90%,

6/15/2047

100,000

112,389

Staples,

Inc.

,

7.50%,

4/15/2026(a)

55,000

58,011

182,736

Technology

Hardware,

Storage

&

Peripherals

0.2%

Apple,

Inc.

,

1.25%,

8/20/2030

235,000

217,351

Dell

International

LLC

,

6.02%,

6/15/2026(a)

100,000

118,384

NetApp,

Inc.

,

1.88%,

6/22/2025

55,000

56,142

391,877

Textiles,

Apparel

&

Luxury

Goods

0.1%

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

110,000

117,320

Thrifts

&

Mortgage

Finance

0.1%

Nationstar

Mortgage

Holdings,

Inc.

,

5.50%,

8/15/2028(a)

45,000

45,182

PennyMac

Financial

Services,

Inc.

,

4.25%,

2/15/2029(a)

75,000

71,719

116,901

Tobacco

0.1%

BAT

Capital

Corp.

,

2.73%,

3/25/2031

230,000

222,439

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

3.25%,

3/1/2025

120,000

126,438

Beacon

Roofing

Supply,

Inc.

,

4.88%,

11/1/2025(a)

75,000

76,687

203,125

Transportation

Infrastructure

0.1%

PSA

Treasury

Pte.

Ltd.

,

Reg.

S,

2.13%,

9/5/2029

200,000

198,096

Water

Utilities

0.1%

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

115,000

111,281

Wireless

Telecommunication

Services

0.2%

Gogo

Intermediate

Holdings

LLC

,

9.88%,

5/1/2024(a)

45,000

47,362

Sprint

Corp.

,

7.13%,

6/15/2024

65,000

74,831

T-Mobile

USA,

Inc.

,

2.25%,

2/15/2026

110,000

110,791

3.38%,

4/15/2029

20,000

20,150

3.88%,

4/15/2030(a)

105,000

113,963

2.88%,

2/15/2031

20,000

19,330

386,427

Total

Corporate

Bonds

(cost

$25,655,776)

26,180,800

Foreign

Government

Securities

1.7%

BRAZIL

0.1%

Federative

Republic

of

Brazil

,

5.63%,

2/21/2047

200,000

203,674

CHILE

0.1%

Republic

of

Chile

,

3.10%,

1/22/2061

200,000

185,258

COLOMBIA

0.1%

Republic

of

Colombia

,

4.13%,

5/15/2051

250,000

237,835

INDONESIA

0.1%

Republic

of

Indonesia

,

4.35%,

1/11/2048

200,000

216,997

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.38%,

1/15/2050

200,000

202,000

MEXICO

0.2%

United

Mexican

States

,

4.60%,

2/10/2048

200,000

204,732

3.77%,

5/24/2061

200,000

176,850

381,582

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

PANAMA

0.1%

Republic

of

Panama

,

3.87%,

7/23/2060

200,000

197,664

PERU

0.2%

Republic

of

Peru

,

3.30%,

3/11/2041

250,000

243,320

PHILIPPINES

0.2%

Republic

of

Philippines

,

1.65%,

6/10/2031

200,000

188,892

3.70%,

3/1/2041

200,000

208,774

397,666

SAUDI

ARABIA

0.2%

Kingdom

of

Saudi

Arabia

,

2.90%,

10/22/2025(a)

200,000

212,000

Reg.

S,

3.75%,

1/21/2055

200,000

195,840

407,840

THAILAND

0.1%

Export

Import

Bank

of

Thailand

,

Reg.

S,

(ICE

LIBOR

USD

3

Month

+

0.85%),

1.03%,

5/23/2024(d)

200,000

201,392

UNITED

ARAB

EMIRATES

0.2%

United

Arab

Emirates

Government

Bond

,

3.13%,

4/16/2030(a)

200,000

214,315

Reg.

S,

3.13%,

9/30/2049

200,000

190,476

404,791

Total

Foreign

Government

Securities

(cost

$3,278,637)

3,280,019

Mortgage-Backed

Securities

14.8%

FHLMC

Gold

Pool

Pool#

T65102

2.50%,

10/1/2042

1,152,530

1,170,364

Pool#

Q50135

3.50%,

8/1/2047

2,882,676

3,060,917

Pool#

G08775

4.00%,

8/1/2047

995,816

1,074,854

Pool#

Q51461

3.50%,

10/1/2047

1,219,689

1,294,722

FHLMC

Pool

Gold

Pool

Pool

#

RE6066

,

2.00%,

10/1/2050

2,778,598

2,751,122

FNMA

Pool

Pool#

BL4468

2.41%,

10/1/2029

4,000,000

4,173,375

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

2,132,549

Pool#

BL5315

2.44%,

1/1/2032

2,200,000

2,256,023

Pool#

BL5793

2.54%,

2/1/2032

2,113,000

2,194,779

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

BL4073

2.96%,

9/1/2034

2,500,000

2,627,590

FNMA

UMBS

Pool

Pool#

BE2453

3.00%,

12/1/2046

2,193,074

2,312,076

Pool#

MA2888

2.50%,

1/1/2047

1,772,075

1,825,263

Pool#

AS9937

3.00%,

7/1/2047

1,613,911

1,701,883

Total

Mortgage-Backed

Securities

(cost

$28,209,550)

28,575,517

U.S.

Treasury

Obligations

17.9%

U.S.

Treasury

Bonds

1.63%,

11/15/2050

8,100,000

6,749,578

1.88%,

2/15/2051

7,300,000

6,478,750

U.S.

Treasury

Notes

1.50%,

8/31/2021

3,950,000

3,974,071

0.25%,

11/15/2023

4,000,000

3,997,969

2.13%,

7/31/2024

1,500,000

1,583,262

0.25%,

6/30/2025

2,700,000

2,645,367

2.25%,

11/15/2025

2,950,000

3,141,404

1.63%,

5/15/2026

750,000

774,580

0.50%,

6/30/2027

2,150,000

2,051,822

0.63%,

5/15/2030

1,100,000

1,001,000

0.63%,

8/15/2030

2,500,000

2,265,625

Total

U.S.

Treasury

Obligations

(cost

$36,256,714)

34,663,428

Investment

Company

2.8%

Shares

Fixed

Income

Fund

2.8%

DoubleLine

Floating

Rate

Fund,

Class

I

560,459

5,329,965

Total

Investment

Company

(cost

$5,449,882)

5,329,965

26

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

Short-Term

Investments

2.6%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Obligations

2.6%

U.S.

Treasury

Bills

0.10%,

4/29/2021

700,000

699,995

0.09%,

6/3/2021

4,300,000

4,299,887

Total

U.S.

Treasury

Obligations

(cost

$4,999,293)

4,999,882

Total

Short-Term

Investments

(cost

$4,999,293)

4,999,882

Total

Investments

(cost

$190,561,762)

—

98.1%

189,527,594

Other

assets

in

excess

of

liabilities

—

1.9%

3,649,854

NET

ASSETS

—

100.0%

$

193,177,448

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$40,638,734

which

represents

21.04%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

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.

(g)

Perpetual

bo

nd

security.

The

maturity

date

reflects

the

next

call

date.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

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

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

28

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

(formerly,

DoubleLine

NVIT

Total

Return

Tactical

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

27,003,149

$

–

$

27,003,149

Collateralized

Mortgage

Obligations

–

46,577,498

–

46,577,498

Commercial

Mortgage-Backed

Securities

–

12,917,336

–

12,917,336

Corporate

Bonds

–

26,180,800

–

26,180,800

Foreign

Government

Securities

–

3,280,019

–

3,280,019

Investment

Company

5,329,965

–

–

5,329,965

Mortgage-Backed

Securities

–

28,575,517

–

28,575,517

Short-Term

Investments

–

4,999,882

–

4,999,882

U.S.

Treasury

Obligations

–

34,663,428

–

34,663,428

Total

$

5,329,965

$

184,197,629

$

–

$

189,527,594

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.

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

29

Common

Stocks

0.7%

Shares

Value

($)

Chemicals

0.1%

Hexion

Holdings

Corp.,

Class B

*

7,485

112,275

Independent

Energy

0.3%

Oasis

Petroleum,

Inc.

4,603

273,372

Whiting

Petroleum

Corp.

*

1,063

37,683

311,055

Media

Entertainment

0.1%

iHeartMedia

,

Inc.,

Class A

*

4,485

81,403

Oil

Field

Services

0.2%

Superior

Energy

Services

LLC

*∞

9,956

308,636

Retailers

0.0%

†

Party

City

Holdco,

Inc.

*

4,961

28,774

Total

Common

Stocks

(cost

$1,066,815)

842,143

Corporate

Bonds

96.0%

Principal

Amount

($)

Aerospace

&

Defense

1.5%

TransDigm

UK

Holdings

plc

,

6.88%,

5/15/2026

300,000

315,750

TransDigm

,

Inc.

,

6.50%,

5/15/2025

275,000

280,156

6.25%,

3/15/2026(a)

475,000

503,595

5.50%,

11/15/2027

675,000

698,713

1,798,214

Airlines

0.5%

American

Airlines,

Inc.

,

5.50%,

4/20/2026(a)

325,000

338,224

5.75%,

4/20/2029(a)

250,000

265,913

Hawaiian

Brand

Intellectual

Property

Ltd.

,

5.75%,

1/20/2026(a)

25,000

26,565

630,702

Automotive

5.5%

Adient

Global

Holdings

Ltd.

,

4.88%,

8/15/2026(a)

450,000

465,111

American

Axle

&

Manufacturing,

Inc.

,

6.50%,

4/1/2027

225,000

233,437

Clarios

Global

LP

,

6.75%,

5/15/2025(a)

25,000

26,743

6.25%,

5/15/2026(a)

50,000

53,102

8.50%,

5/15/2027(a)

825,000

887,906

Dana

Financing

Luxembourg

Sarl

,

5.75%,

4/15/2025(a)

100,000

102,875

6.50%,

6/1/2026(a)

300,000

311,250

Ford

Motor

Credit

Co.

LLC

,

3.81%,

10/12/2021

450,000

454,777

3.38%,

11/13/2025

475,000

483,075

4.39%,

1/8/2026

450,000

472,981

4.27%,

1/9/2027

575,000

596,563

5.11%,

5/3/2029

475,000

509,889

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automotive

Ford

Motor

Credit

Co.

LLC,

4.00%,

11/13/2030

475,000

471,195

IHO

Verwaltungs

GmbH

,

6.00%,

5/15/2027(a)(b)

450,000

472,108

JB

Poindexter

&

Co.,

Inc.

,

7.13%,

4/15/2026(a)

375,000

396,094

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(a)

325,000

330,866

Real

Hero

Merger

Sub

2,

Inc.

,

6.25%,

2/1/2029(a)

350,000

361,375

6,629,347

Building

Materials

2.8%

American

Builders

&

Contractors

Supply

Co.,

Inc.

,

5.88%,

5/15/2026(a)

575,000

593,791

4.00%,

1/15/2028(a)

75,000

75,000

Core

&

Main

LP

,

6.13%,

8/15/2025(a)

575,000

590,146

Cornerstone

Building

Brands,

Inc.

,

8.00%,

4/15/2026(a)

375,000

390,487

6.13%,

1/15/2029(a)

100,000

106,500

CP

Atlas

Buyer,

Inc.

,

7.00%,

12/1/2028(a)

225,000

236,486

Foundation

Building

Materials,

Inc.

,

6.00%,

3/1/2029(a)

100,000

98,750

Interface,

Inc.

,

5.50%,

12/1/2028(a)

25,000

25,844

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(a)

600,000

625,500

3.38%,

1/15/2031(a)

275,000

260,562

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(a)

250,000

265,423

White

Cap

Parent

LLC

,

8.25%,

3/15/2026(a)(b)

150,000

156,375

3,424,864

Cable

Satellite

7.8%

CCO

Holdings

LLC

,

5.50%,

5/1/2026(a)

175,000

180,478

5.88%,

5/1/2027(a)

325,000

335,400

5.00%,

2/1/2028(a)

525,000

555,266

5.38%,

6/1/2029(a)

200,000

214,500

4.75%,

3/1/2030(a)

625,000

647,656

4.50%,

8/15/2030(a)

75,000

76,440

4.25%,

2/1/2031(a)

150,000

150,333

4.50%,

5/1/2032(a)

400,000

405,000

CSC

Holdings

LLC

,

5.88%,

9/15/2022

200,000

211,181

5.25%,

6/1/2024

425,000

458,469

5.50%,

5/15/2026(a)

250,000

257,750

5.50%,

4/15/2027(a)

725,000

761,504

7.50%,

4/1/2028(a)

250,000

275,700

5.75%,

1/15/2030(a)

200,000

210,649

4.63%,

12/1/2030(a)

350,000

344,265

DISH

DBS

Corp.

,

5.88%,

11/15/2024

325,000

339,891

30

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Cable

Satellite

DISH

DBS

Corp.,

7.75%,

7/1/2026

275,000

303,527

7.38%,

7/1/2028

50,000

52,453

Intelsat

Jackson

Holdings

SA

,

5.50%,

8/1/2023(c)

225,000

137,813

8.50%,

10/15/2024(a)(c)

75,000

47,023

9.75%,

7/15/2025(a)(c)

100,000

61,750

Sirius

XM

Radio,

Inc.

,

3.88%,

8/1/2022(a)

150,000

150,562

4.63%,

7/15/2024(a)

200,000

206,020

5.38%,

7/15/2026(a)

550,000

567,875

5.50%,

7/1/2029(a)

75,000

81,094

Telenet

Finance

Luxembourg

Notes

Sarl

,

5.50%,

3/1/2028(a)

600,000

630,000

Virgin

Media

Secured

Finance

plc

,

5.50%,

8/15/2026(a)

275,000

285,342

5.50%,

5/15/2029(a)

225,000

238,781

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(a)

325,000

330,687

Ziggo

Bond

Co.

BV

,

6.00%,

1/15/2027(a)

275,000

286,687

5.13%,

2/28/2030(a)

200,000

204,500

Ziggo

BV

,

5.50%,

1/15/2027(a)

383,000

398,799

9,407,395

Chemicals

3.0%

Axalta

Coating

Systems

LLC

,

4.75%,

6/15/2027(a)

150,000

156,795

3.38%,

2/15/2029(a)

150,000

146,280

Compass

Minerals

International,

Inc.

,

4.88%,

7/15/2024(a)

350,000

362,768

6.75%,

12/1/2027(a)

150,000

160,500

Element

Solutions,

Inc.

,

3.88%,

9/1/2028(a)

225,000

222,019

HB

Fuller

Co.

,

4.25%,

10/15/2028

75,000

76,204

Hexion

,

Inc.

,

7.88%,

7/15/2027(a)

450,000

483,862

Illuminate

Buyer

LLC

,

9.00%,

7/1/2028(a)

125,000

140,662

INEOS

Quattro

Finance

2

plc

,

3.38%,

1/15/2026(a)

200,000

200,000

Koppers

,

Inc.

,

6.00%,

2/15/2025(a)

750,000

773,093

Nouryon

Holding

BV

,

8.00%,

10/1/2026(a)

550,000

585,063

PQ

Corp.

,

5.75%,

12/15/2025(a)

175,000

179,375

WR

Grace

&

Co.-Conn

,

4.88%,

6/15/2027(a)

125,000

129,400

3,616,021

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Machinery

0.8%

H&E

Equipment

Services,

Inc.

,

3.88%,

12/15/2028(a)

275,000

267,438

Terex

Corp.

,

5.00%,

5/15/2029(a)

125,000

129,400

United

Rentals

North

America,

Inc.

,

5.88%,

9/15/2026

175,000

183,094

5.50%,

5/15/2027

150,000

159,975

4.88%,

1/15/2028

150,000

158,005

3.88%,

2/15/2031

50,000

50,250

948,162

Consumer

Cyclical

Services

2.3%

Allied

Universal

Holdco

LLC

,

6.63%,

7/15/2026(a)

250,000

265,120

9.75%,

7/15/2027(a)

875,000

960,050

Brink's

Co.

(The)

,

5.50%,

7/15/2025(a)

75,000

79,219

Garda

World

Security

Corp.

,

4.63%,

2/15/2027(a)

125,000

125,000

9.50%,

11/1/2027(a)

732,000

810,229

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

250,000

264,375

Signal

Parent,

Inc.

,

6.13%,

4/1/2029(a)

275,000

272,250

2,776,243

Consumer

Products

0.6%

Edgewell

Personal

Care

Co.

,

4.13%,

4/1/2029(a)

275,000

273,405

Energizer

Holdings,

Inc.

,

4.75%,

6/15/2028(a)

125,000

128,906

4.38%,

3/31/2029(a)

175,000

175,613

Prestige

Brands,

Inc.

,

5.13%,

1/15/2028(a)

50,000

52,429

3.75%,

4/1/2031(a)

100,000

95,375

725,728

Diversified

Manufacturing

1.1%

Gates

Global

LLC

,

6.25%,

1/15/2026(a)

550,000

576,125

WESCO

Distribution,

Inc.

,

5.38%,

6/15/2024

200,000

203,750

7.13%,

6/15/2025(a)

100,000

109,350

7.25%,

6/15/2028(a)

350,000

390,738

1,279,963

Finance

Companies

2.1%

LD

Holdings

Group

LLC

,

6.13%,

4/1/2028(a)

200,000

202,480

Navient

Corp.

,

5.88%,

10/25/2024

600,000

630,066

6.75%,

6/25/2025

250,000

271,437

6.75%,

6/15/2026

75,000

81,300

5.00%,

3/15/2027

25,000

25,063

Quicken

Loans

LLC

,

5.25%,

1/15/2028(a)

275,000

288,750

3.63%,

3/1/2029(a)

150,000

144,375

3.88%,

3/1/2031(a)

200,000

192,500

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Finance

Companies

United

Wholesale

Mortgage

LLC

,

5.50%,

11/15/2025(a)

500,000

521,250

5.50%,

4/15/2029(a)

175,000

175,000

2,532,221

Food

&

Beverage

2.2%

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(a)

475,000

503,500

Kraft

Heinz

Foods

Co.

,

4.25%,

3/1/2031

300,000

330,281

5.20%,

7/15/2045

375,000

433,708

4.38%,

6/1/2046

125,000

130,671

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(a)

725,000

762,526

4.50%,

9/15/2031(a)

325,000

321,425

US

Foods,

Inc.

,

4.75%,

2/15/2029(a)

175,000

175,000

2,657,111

Food

&

Staples

Retailing

0.0%

†

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(c)

100,000

0

Gaming

4.4%

Affinity

Gaming

,

6.88%,

12/15/2027(a)

225,000

237,094

Bally's

Corp.

,

6.75%,

6/1/2027(a)

125,000

134,063

Boyd

Gaming

Corp.

,

8.63%,

6/1/2025(a)

50,000

55,600

6.38%,

4/1/2026

250,000

258,125

6.00%,

8/15/2026

400,000

416,470

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(a)

225,000

239,853

8.13%,

7/1/2027(a)

300,000

330,824

Caesars

Resort

Collection

LLC

,

5.75%,

7/1/2025(a)

25,000

26,383

5.25%,

10/15/2025(a)

275,000

276,013

CCM

Merger,

Inc.

,

6.38%,

5/1/2026(a)

50,000

53,094

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

225,000

241,508

3.88%,

2/15/2029(a)

50,000

49,806

MGM

Resorts

International

,

6.75%,

5/1/2025

100,000

107,743

4.63%,

9/1/2026

77,000

80,746

5.50%,

4/15/2027

216,000

232,200

4.75%,

10/15/2028

125,000

129,109

Mohegan

Gaming

&

Entertainment

,

7.88%,

10/15/2024(a)

125,000

130,469

8.00%,

2/1/2026(a)

525,000

528,937

Scientific

Games

International,

Inc.

,

8.25%,

3/15/2026(a)

25,000

26,812

7.25%,

11/15/2029(a)

100,000

108,500

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gaming

Stars

Group

Holdings

BV

,

7.00%,

7/15/2026(a)

625,000

653,125

Station

Casinos

LLC

,

5.00%,

10/1/2025(a)

225,000

227,812

4.50%,

2/15/2028(a)

175,000

174,345

VICI

Properties

LP

,

3.50%,

2/15/2025(a)

25,000

25,453

4.25%,

12/1/2026(a)

175,000

179,040

3.75%,

2/15/2027(a)

25,000

25,000

4.63%,

12/1/2029(a)

125,000

129,670

4.13%,

8/15/2030(a)

225,000

226,958

5,304,752

Health

Insurance

1.1%

Centene

Corp.

,

5.38%,

6/1/2026(a)

75,000

78,428

5.38%,

8/15/2026(a)

100,000

105,490

4.25%,

12/15/2027

325,000

341,860

4.63%,

12/15/2029

400,000

432,922

3.38%,

2/15/2030

125,000

126,171

3.00%,

10/15/2030

200,000

199,668

Molina

Healthcare,

Inc.

,

3.88%,

11/15/2030(a)

50,000

51,437

1,335,976

Healthcare

6.1%

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(a)

50,000

52,637

5.00%,

4/15/2029(a)

25,000

25,943

AdaptHealth

LLC

,

4.63%,

8/1/2029(a)

75,000

74,625

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

375,000

391,635

Charles

River

Laboratories

International,

Inc.

,

3.75%,

3/15/2029(a)

75,000

75,119

4.00%,

3/15/2031(a)

75,000

76,241

Community

Health

Systems,

Inc.

,

6.63%,

2/15/2025(a)

75,000

79,172

8.00%,

3/15/2026(a)

175,000

189,228

5.63%,

3/15/2027(a)

100,000

104,750

6.00%,

1/15/2029(a)

25,000

26,437

6.88%,

4/15/2029(a)

350,000

366,405

DaVita,

Inc.

,

4.63%,

6/1/2030(a)

75,000

76,414

Global

Medical

Response,

Inc.

,

6.50%,

10/1/2025(a)

575,000

595,125

HCA,

Inc.

,

5.38%,

2/1/2025

175,000

195,215

5.88%,

2/15/2026

725,000

831,031

5.38%,

9/1/2026

100,000

112,750

3.50%,

9/1/2030

350,000

352,965

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

275,000

285,656

Legacy

LifePoint

Health

LLC

,

6.75%,

4/15/2025(a)

150,000

159,375

4.38%,

2/15/2027(a)

100,000

98,000

32

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Healthcare

MEDNAX,

Inc.

,

6.25%,

1/15/2027(a)

225,000

240,593

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(a)

625,000

609,375

RegionalCare

Hospital

Partners

Holdings,

Inc.

,

9.75%,

12/1/2026(a)

475,000

514,188

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(a)

375,000

330,443

Teleflex,

Inc.

,

4.63%,

11/15/2027

75,000

79,406

4.25%,

6/1/2028(a)

25,000

25,906

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023

300,000

325,170

5.13%,

5/1/2025

375,000

380,269

4.88%,

1/1/2026(a)

175,000

181,958

6.25%,

2/1/2027(a)

250,000

263,966

5.13%,

11/1/2027(a)

175,000

182,997

4.63%,

6/15/2028(a)

25,000

25,625

Vizient

,

Inc.

,

6.25%,

5/15/2027(a)

100,000

106,125

7,434,744

Hotels,

Restaurants

&

Leisure

0.5%

Hilton

Domestic

Operating

Co.,

Inc.

,

5.38%,

5/1/2025(a)

75,000

79,050

5.75%,

5/1/2028(a)

75,000

80,720

4.88%,

1/15/2030

125,000

132,600

3.63%,

2/15/2032(a)

175,000

169,855

Wyndham

Hotels

&

Resorts,

Inc.

,

4.38%,

8/15/2028(a)

100,000

101,150

563,375

Independent

Energy

5.7%

Antero

Resources

Corp.

,

5.63%,

6/1/2023

75,000

75,253

5.00%,

3/1/2025

250,000

250,193

7.63%,

2/1/2029(a)

25,000

26,625

Apache

Corp.

,

4.63%,

11/15/2025

50,000

51,515

4.88%,

11/15/2027

100,000

102,500

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(a)

300,000

299,813

8.25%,

12/31/2028(a)

50,000

52,000

Berry

Petroleum

Co.

LLC

,

7.00%,

2/15/2026(a)

225,000

217,687

Callon

Petroleum

Co.

,

6.25%,

4/15/2023

150,000

133,500

8.25%,

7/15/2025

125,000

106,250

6.38%,

7/1/2026

150,000

118,500

Centennial

Resource

Production

LLC

,

6.88%,

4/1/2027(a)

225,000

200,250

Chesapeake

Energy

Corp.

,

7.00%,

10/1/2024

200,000

4,250

5.50%,

2/1/2026(a)

25,000

26,022

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Energy

Chesapeake

Energy

Corp.,

5.88%,

2/1/2029(a)

25,000

26,500

Comstock

Resources,

Inc.

,

6.75%,

3/1/2029(a)

250,000

256,250

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

150,000

157,725

5.75%,

1/15/2031(a)

200,000

225,972

CrownRock

LP

,

5.63%,

10/15/2025(a)

450,000

459,099

Double

Eagle

III

Midco

1

LLC

,

7.75%,

12/15/2025(a)

275,000

293,623

Endeavor

Energy

Resources

LP

,

6.63%,

7/15/2025(a)

125,000

133,592

5.50%,

1/30/2026(a)

25,000

25,945

5.75%,

1/30/2028(a)

100,000

105,632

EQT

Corp.

,

3.90%,

10/1/2027

50,000

51,000

5.00%,

1/15/2029

50,000

53,500

8.50%,

2/1/2030(d)

100,000

127,530

Occidental

Petroleum

Corp.

,

2.90%,

8/15/2024

275,000

271,986

3.50%,

6/15/2025

200,000

198,000

8.00%,

7/15/2025

125,000

143,491

5.88%,

9/1/2025

175,000

187,040

3.20%,

8/15/2026

150,000

143,926

8.88%,

7/15/2030

225,000

283,725

6.63%,

9/1/2030

175,000

196,665

6.45%,

9/15/2036

225,000

248,346

4.30%,

8/15/2039

200,000

169,602

4.10%,

2/15/2047

100,000

80,127

4.40%,

8/15/2049

125,000

104,534

PDC

Energy,

Inc.

,

6.13%,

9/15/2024

175,000

179,572

5.75%,

5/15/2026

100,000

103,725

Range

Resources

Corp.

,

4.88%,

5/15/2025

173,000

171,270

9.25%,

2/1/2026

125,000

135,815

8.25%,

1/15/2029(a)

100,000

107,000

SM

Energy

Co.

,

5.00%,

1/15/2024

325,000

305,663

6.75%,

9/15/2026

100,000

92,400

Ultratech

CH

,

7.13%,

4/15/2025^∞(c)

100,000

0

WPX

Energy,

Inc.

,

5.75%,

6/1/2026

50,000

52,360

5.25%,

10/15/2027

75,000

79,914

5.88%,

6/15/2028

15,000

16,535

6,852,422

Industrial

-

Other

0.5%

Booz

Allen

Hamilton,

Inc.

,

3.88%,

9/1/2028(a)

50,000

50,263

Cushman

&

Wakefield

US

Borrower

LLC

,

6.75%,

5/15/2028(a)

50,000

54,062

Vertical

Holdco

GmbH

,

7.63%,

7/15/2028(a)

200,000

215,050

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

-

Other

Vertical

US

Newco

,

Inc.

,

5.25%,

7/15/2027(a)

225,000

235,547

554,922

Insurance

-

P&C

4.5%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(a)

600,000

638,622

AmWINS

Group,

Inc.

,

7.75%,

7/1/2026(a)

650,000

695,500

Ardonagh

Midco

2

plc

,

12.75%,

1/15/2027(a)(b)

266,026

277,487

AssuredPartners

,

Inc.

,

7.00%,

8/15/2025(a)

550,000

568,480

5.63%,

1/15/2029(a)

25,000

25,475

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(a)

150,000

161,063

HUB

International

Ltd.

,

7.00%,

5/1/2026(a)

1,400,000

1,453,774

NFP

Corp.

,

7.00%,

5/15/2025(a)

50,000

53,625

6.88%,

8/15/2028(a)

825,000

855,937

USI,

Inc.

,

6.88%,

5/1/2025(a)

700,000

712,250

5,442,213

Leisure

0.4%

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(a)

250,000

259,063

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(a)

125,000

135,156

VOC

Escrow

Ltd.

,

5.00%,

2/15/2028(a)

100,000

98,787

493,006

Media

Entertainment

7.0%

AMC

Networks,

Inc.

,

5.00%,

4/1/2024

169,000

171,112

4.25%,

2/15/2029

350,000

340,375

Cumulus

Media

New

Holdings,

Inc.

,

6.75%,

7/1/2026(a)

213,000

216,994

Diamond

Sports

Group

LLC

,

5.38%,

8/15/2026(a)

250,000

180,000

6.63%,

8/15/2027(a)

425,000

221,000

Entercom

Media

Corp.

,

7.25%,

11/1/2024(a)

350,000

362,250

6.50%,

5/1/2027(a)

275,000

284,281

6.75%,

3/31/2029(a)

75,000

77,884

Gray

Television,

Inc.

,

5.88%,

7/15/2026(a)

350,000

362,688

7.00%,

5/15/2027(a)

125,000

135,937

4.75%,

10/15/2030(a)

75,000

74,344

iHeartCommunications

,

Inc.

,

6.38%,

5/1/2026

75,360

79,976

8.38%,

5/1/2027

645,964

692,796

5.25%,

8/15/2027(a)

150,000

154,292

4.75%,

1/15/2028(a)

100,000

100,750

Lamar

Media

Corp.

,

4.88%,

1/15/2029

100,000

104,250

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Entertainment

Lamar

Media

Corp.,

3.63%,

1/15/2031(a)

50,000

48,302

Match

Group

Holdings

II

LLC

,

5.00%,

12/15/2027(a)

275,000

288,063

4.13%,

8/1/2030(a)

400,000

401,124

Nexstar

Broadcasting,

Inc.

,

5.63%,

7/15/2027(a)

375,000

393,045

4.75%,

11/1/2028(a)

275,000

277,897

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(a)

275,000

281,187

Nielsen

Finance

LLC

,

5.00%,

4/15/2022(a)

126,000

126,026

5.63%,

10/1/2028(a)

50,000

52,563

5.88%,

10/1/2030(a)

75,000

81,281

Outfront

Media

Capital

LLC

,

4.25%,

1/15/2029(a)

75,000

72,204

Scripps

Escrow

II,

Inc.

,

3.88%,

1/15/2029(a)

75,000

73,687

5.38%,

1/15/2031(a)

50,000

49,625

Scripps

Escrow,

Inc.

,

5.88%,

7/15/2027(a)

250,000

258,750

Sinclair

Television

Group,

Inc.

,

5.88%,

3/15/2026(a)

575,000

585,062

5.50%,

3/1/2030(a)

75,000

72,938

TEGNA,

Inc.

,

4.63%,

3/15/2028

300,000

305,250

5.00%,

9/15/2029

450,000

466,992

Terrier

Media

Buyer,

Inc.

,

8.88%,

12/15/2027(a)

700,000

753,235

Townsquare

Media,

Inc.

,

6.88%,

2/1/2026(a)

100,000

106,500

Urban

One,

Inc.

,

7.38%,

2/1/2028(a)

200,000

207,066

8,459,726

Metals

&

Mining

1.2%

Cleveland-Cliffs,

Inc.

,

4.63%,

3/1/2029(a)

275,000

274,532

4.88%,

3/1/2031(a)

275,000

274,313

Coeur

Mining,

Inc.

,

5.13%,

2/15/2029(a)

225,000

215,089

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027

100,000

106,260

4.38%,

8/1/2028

125,000

132,594

5.25%,

9/1/2029

100,000

109,352

4.63%,

8/1/2030

200,000

217,645

5.40%,

11/14/2034

125,000

148,814

1,478,599

Midstream

7.8%

AmeriGas

Partners

LP

,

5.50%,

5/20/2025

75,000

81,563

5.88%,

8/20/2026

350,000

385,140

5.75%,

5/20/2027

75,000

81,750

Antero

Midstream

Partners

LP

,

5.38%,

9/15/2024

425,000

428,719

5.75%,

3/1/2027(a)

250,000

250,055

5.75%,

1/15/2028(a)

525,000

525,000

34

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Midstream

Cheniere

Energy

Partners

LP

,

5.63%,

10/1/2026

225,000

235,282

4.50%,

10/1/2029

75,000

77,777

4.00%,

3/1/2031(a)

275,000

279,812

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(a)

125,000

129,817

CNX

Midstream

Partners

LP

,

6.50%,

3/15/2026(a)

575,000

585,063

EQM

Midstream

Partners

LP

,

4.75%,

7/15/2023

26,000

26,975

6.00%,

7/1/2025(a)

100,000

107,625

6.50%,

7/1/2027(a)

200,000

217,450

5.50%,

7/15/2028

325,000

341,165

4.50%,

1/15/2029(a)

125,000

121,808

4.75%,

1/15/2031(a)

325,000

315,250

6.50%,

7/15/2048

100,000

99,750

Hess

Midstream

Operations

LP

,

5.13%,

6/15/2028(a)

200,000

202,200

Holly

Energy

Partners

LP

,

5.00%,

2/1/2028(a)

225,000

227,880

NuStar

Logistics

LP

,

6.00%,

6/1/2026

100,000

107,808

5.63%,

4/28/2027

450,000

470,743

6.38%,

10/1/2030

25,000

27,031

Oasis

Midstream

Partners

LP

,

8.00%,

4/1/2029(a)

175,000

179,375

Rattler

Midstream

LP

,

5.63%,

7/15/2025(a)

150,000

156,618

Solaris

Midstream

Holdings

LLC

,

7.63%,

4/1/2026(a)

75,000

76,687

Suburban

Propane

Partners

LP

,

5.50%,

6/1/2024

525,000

533,059

5.88%,

3/1/2027

150,000

156,000

Summit

Midstream

Holdings

LLC

,

5.50%,

8/15/2022

175,000

169,313

5.75%,

4/15/2025

325,000

264,875

Targa

Resources

Partners

LP

,

5.88%,

4/15/2026

300,000

314,063

5.38%,

2/1/2027

350,000

362,973

6.50%,

7/15/2027

75,000

81,501

5.00%,

1/15/2028

50,000

52,062

5.50%,

3/1/2030

350,000

367,500

4.00%,

1/15/2032(a)

50,000

47,026

TransMontaigne

Partners

LP

,

6.13%,

2/15/2026

150,000

150,750

Western

Midstream

Operating

LP

,

4.00%,

7/1/2022

75,000

76,877

4.65%,

7/1/2026

75,000

79,104

4.50%,

3/1/2028

325,000

337,389

5.45%,

4/1/2044

50,000

51,275

5.30%,

3/1/2048

500,000

501,770

5.50%,

8/15/2048

100,000

98,412

9,382,292

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil

Field

Services

1.6%

Archrock

Partners

LP

,

6.88%,

4/1/2027(a)

400,000

417,000

6.25%,

4/1/2028(a)

225,000

228,555

Nabors

Industries

Ltd.

,

7.25%,

1/15/2026(a)

200,000

166,000

7.50%,

1/15/2028(a)

75,000

61,687

Precision

Drilling

Corp.

,

7.75%,

12/15/2023

150,000

150,563

7.13%,

1/15/2026(a)

75,000

72,822

Shelf

Drilling

Holdings

Ltd.

,

8.25%,

2/15/2025(a)

200,000

146,000

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

450,000

461,531

6.88%,

9/1/2027

250,000

257,500

1,961,658

Packaging

5.7%

ARD

Finance

SA

,

6.50%,

6/30/2027(a)

575,000

603,750

Ardagh

Metal

Packaging

Finance

USA

LLC

,

4.00%,

9/1/2029(a)

200,000

199,674

Ardagh

Packaging

Finance

plc

,

5.25%,

8/15/2027(a)

400,000

408,032

5.25%,

8/15/2027(a)

200,000

204,016

Ball

Corp.

,

2.88%,

8/15/2030

175,000

168,569

Berry

Global,

Inc.

,

5.13%,

7/15/2023

72,000

72,810

4.88%,

7/15/2026(a)

225,000

238,085

5.63%,

7/15/2027(a)

175,000

184,844

Crown

Americas

LLC

,

4.75%,

2/1/2026

250,000

259,250

Flex

Acquisition

Co.,

Inc.

,

6.88%,

1/15/2025(a)

900,000

913,680

7.88%,

7/15/2026(a)

350,000

367,063

Mauser

Packaging

Solutions

Holding

Co.

,

5.50%,

4/15/2024(a)

250,000

253,437

7.25%,

4/15/2025(a)

475,000

475,000

Owens-Brockway

Glass

Container,

Inc.

,

5.88%,

8/15/2023(a)

200,000

214,250

5.38%,

1/15/2025(a)

400,000

421,500

6.38%,

8/15/2025(a)

50,000

55,250

6.63%,

5/13/2027(a)

75,000

81,534

Reynolds

Group

Issuer,

Inc.

,

4.00%,

10/15/2027(a)

425,000

416,500

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

225,000

230,344

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(a)

200,000

213,000

6.63%,

11/1/2025(a)

425,000

432,437

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(a)(d)

475,000

515,470

6,928,495

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Paper

0.7%

Clearwater

Paper

Corp.

,

5.38%,

2/1/2025(a)

550,000

583,000

Graphic

Packaging

International

LLC

,

4.75%,

7/15/2027(a)

100,000

109,250

3.50%,

3/1/2029(a)

100,000

97,250

789,500

Pharmaceuticals

3.7%

Bausch

Health

Americas,

Inc.

,

9.25%,

4/1/2026(a)

150,000

166,200

8.50%,

1/31/2027(a)

325,000

360,547

Bausch

Health

Cos.,

Inc.

,

7.00%,

3/15/2024(a)

90,000

92,070

6.13%,

4/15/2025(a)

850,000

871,420

9.00%,

12/15/2025(a)

25,000

27,162

5.75%,

8/15/2027(a)

150,000

161,437

5.00%,

1/30/2028(a)

175,000

177,187

5.00%,

2/15/2029(a)

125,000

124,141

6.25%,

2/15/2029(a)

100,000

106,296

7.25%,

5/30/2029(a)

400,000

446,500

5.25%,

2/15/2031(a)

125,000

124,403

Endo

Dac

,

9.50%,

7/31/2027(a)

150,000

162,937

6.00%,

6/30/2028(a)

361,000

292,410

Endo

Luxembourg

Finance

Co.

I

Sarl

,

6.13%,

4/1/2029(a)

75,000

75,656

Jaguar

Holding

Co.

II

,

4.63%,

6/15/2025(a)

200,000

208,660

5.00%,

6/15/2028(a)

150,000

156,225

Mallinckrodt

International

Finance

SA

,

5.63%,

10/15/2023(a)(c)

450,000

318,375

5.50%,

4/15/2025(a)(c)

775,000

544,438

Syneos

Health,

Inc.

,

3.63%,

1/15/2029(a)

75,000

72,938

4,489,002

Restaurants

1.6%

1011778

BC

ULC

,

4.38%,

1/15/2028(a)

75,000

75,354

4.00%,

10/15/2030(a)

1,150,000

1,109,750

KFC

Holding

Co.

,

5.25%,

6/1/2026(a)

275,000

283,410

4.75%,

6/1/2027(a)

150,000

157,312

Yum!

Brands,

Inc.

,

4.75%,

1/15/2030(a)

100,000

105,730

4.63%,

1/31/2032

150,000

153,001

1,884,557

Retailers

0.7%

Academy

Ltd.

,

6.00%,

11/15/2027(a)

125,000

131,563

Levi

Strauss

&

Co.

,

3.50%,

3/1/2031(a)

50,000

48,250

Michaels

Stores,

Inc.

,

8.00%,

7/15/2027(a)

250,000

276,250

NMG

Holding

Co.,

Inc.

,

7.13%,

4/1/2026(a)

150,000

153,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retailers

Party

City

Holdings,

Inc.

,

(ICE

LIBOR

USD

6

Month

+

5.00%,

5.75%

Floor),

5.75%,

7/15/2025(a)(e)

99,119

91,189

William

Carter

Co.

(The)

,

5.50%,

5/15/2025(a)

50,000

53,327

5.63%,

3/15/2027(a)

50,000

52,813

806,392

Supermarkets

0.6%

Albertsons

Cos.,

Inc.

,

5.75%,

3/15/2025

100,000

103,270

5.88%,

2/15/2028(a)

100,000

106,625

3.50%,

3/15/2029(a)

525,000

499,611

4.88%,

2/15/2030(a)

75,000

77,100

786,606

Technology

7.0%

ams

AG

,

7.00%,

7/31/2025(a)

225,000

240,820

Banff

Merger

Sub,

Inc.

,

9.75%,

9/1/2026(a)

200,000

213,000

Black

Knight

InfoServ

LLC

,

3.63%,

9/1/2028(a)

150,000

147,391

BY

Crown

Parent

LLC

,

7.38%,

10/15/2024(a)

625,000

635,156

4.25%,

1/31/2026(a)

50,000

51,922

Cars.com,

Inc.

,

6.38%,

11/1/2028(a)

250,000

260,625

CDW

LLC

,

4.25%,

4/1/2028

175,000

181,125

3.25%,

2/15/2029

50,000

49,375

Dell

International

LLC

,

7.13%,

6/15/2024(a)

825,000

849,234

Diebold

Nixdorf,

Inc.

,

9.38%,

7/15/2025(a)

25,000

27,844

Dun

&

Bradstreet

Corp.

(The)

,

6.88%,

8/15/2026(a)

90,000

96,093

10.25%,

2/15/2027(a)

420,000

468,825

Gartner,

Inc.

,

4.50%,

7/1/2028(a)

75,000

77,344

3.75%,

10/1/2030(a)

75,000

74,380

LogMeIn,

Inc.

,

5.50%,

9/1/2027(a)

250,000

261,720

NCR

Corp.

,

8.13%,

4/15/2025(a)

25,000

27,375

5.75%,

9/1/2027(a)

75,000

79,359

5.00%,

10/1/2028(a)

200,000

202,000

5.13%,

4/15/2029(a)

150,000

151,126

5.25%,

10/1/2030(a)

350,000

354,419

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(a)

100,000

102,865

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

125,000

126,711

PTC,

Inc.

,

3.63%,

2/15/2025(a)

125,000

128,281

Qorvo

,

Inc.

,

4.38%,

10/15/2029

175,000

186,814

36

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Rackspace

Technology

Global,

Inc.

,

3.50%,

2/15/2028(a)

250,000

240,287

5.38%,

12/1/2028(a)

150,000

152,524

Rocket

Software,

Inc.

,

6.50%,

2/15/2029(a)

325,000

327,925

Science

Applications

International

Corp.

,

4.88%,

4/1/2028(a)

50,000

51,688

Seagate

HDD

Cayman

,

3.13%,

7/15/2029(a)

200,000

193,165

3.38%,

7/15/2031(a)

175,000

168,254

Sensata

Technologies,

Inc.

,

4.38%,

2/15/2030(a)

75,000

78,563

3.75%,

2/15/2031(a)

25,000

24,648

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(a)

525,000

559,151

Synaptics

,

Inc.

,

4.00%,

6/15/2029(a)

75,000

74,423

Tempo

Acquisition

LLC

,

6.75%,

6/1/2025(a)

1,125,000

1,149,609

TTM

Technologies,

Inc.

,

4.00%,

3/1/2029(a)

100,000

98,750

Veritas

US,

Inc.

,

7.50%,

9/1/2025(a)

375,000

389,494

8,502,285

Transportation

Services

0.4%

Stena

International

SA

,

6.13%,

2/1/2025(a)

225,000

227,221

Watco

Cos.

LLC

,

6.50%,

6/15/2027(a)

250,000

263,500

490,721

Utility

-

Electric

2.8%

Calpine

Corp.

,

5.25%,

6/1/2026(a)

34,000

34,961

4.50%,

2/15/2028(a)

225,000

226,890

5.13%,

3/15/2028(a)

200,000

200,930

4.63%,

2/1/2029(a)

25,000

24,357

5.00%,

2/1/2031(a)

50,000

48,800

3.75%,

3/1/2031(a)

175,000

166,792

Enviva

Partners

LP

,

6.50%,

1/15/2026(a)

650,000

680,875

NRG

Energy,

Inc.

,

6.63%,

1/15/2027

250,000

260,000

3.38%,

2/15/2029(a)

50,000

48,813

5.25%,

6/15/2029(a)

300,000

321,000

3.63%,

2/15/2031(a)

50,000

48,750

Pattern

Energy

Operations

LP

,

4.50%,

8/15/2028(a)

100,000

101,625

TerraForm

Power

Operating

LLC

,

5.00%,

1/31/2028(a)

300,000

323,715

4.75%,

1/15/2030(a)

250,000

259,577

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

150,000

155,438

5.63%,

2/15/2027(a)

300,000

311,814

Corporate

Bonds

Principal

Amount

($)

Value

($)

Utility

-

Electric

Vistra

Operations

Co.

LLC,

5.00%,

7/31/2027(a)

225,000

231,754

3,446,091

Wireless

Communications

1.8%

Altice

France

SA

,

7.38%,

5/1/2026(a)

650,000

676,065

Sprint

Corp.

,

7.88%,

9/15/2023

125,000

142,875

7.13%,

6/15/2024

475,000

546,844

T-Mobile

USA,

Inc.

,

6.00%,

4/15/2024

250,000

251,875

4.50%,

2/1/2026

200,000

204,625

4.75%,

2/1/2028

275,000

292,398

2.63%,

2/15/2029

25,000

24,276

2,138,958

Total

Corporate

Bonds

(cost

$112,330,871)

115,952,263

Loan

Participation

0.2%

Healthcare

0.2%

Envision

Healthcare

Corp.,

(ICE

LIBOR

USD

3

Month

+

0.00%),

5.50%,

10/11/2025

(e)

259,679

208,263

0

Total

Loan

Participation

(cost

$357,304)

208,263

Warrants

0.0%

†

Number

of

Warrants

Independent

Energy

0.0%

†

Chesapeake

Energy

Corp.,

expiring

2/9/2026

*

3,954

75,159

Total

Warrants

(cost

$0)

75,159

Total

Investments

(cost

$113,754,990)

—

96.9%

117,077,828

Other

assets

in

excess

of

liabilities

—

3.1%

3,748,124

NET

ASSETS

—

100.0%

$

120,825,952

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

37

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$85,223,506

which

represents

70.53%

of

net

assets.

(b)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(c)

Security

in

default.

(d)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

Currency:

USD

United

States

Dollar

38

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

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.

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

-

March

31,

2021

(Unaudited)

-

State-

ment

of

Investments

-

39

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Chemicals

$

112,275

$

–

$

–

$

112,275

Independent

Energy

311,055

–

–

311,055

Media

Entertainment

81,403

–

–

81,403

Oil

Field

Services

–

–

308,636

308,636

Retailers

28,774

–

–

28,774

Total

Common

Stocks

$

533,507

$

–

$

308,636

$

842,143

  Corporate

Bonds

Aerospace

&

Defense

–

1,798,214

–

1,798,214

Airlines

–

630,702

–

630,702

Automotive

–

6,629,347

–

6,629,347

Building

Materials

–

3,424,864

–

3,424,864

Cable

Satellite

–

9,407,395

–

9,407,395

Chemicals

–

3,616,021

–

3,616,021

Construction

Machinery

–

948,162

–

948,162

Consumer

Cyclical

Services

–

2,776,243

–

2,776,243

Consumer

Products

–

725,728

–

725,728

Diversified

Manufacturing

–

1,279,963

–

1,279,963

Finance

Companies

–

2,532,221

–

2,532,221

Food

&

Beverage

–

2,657,111

–

2,657,111

Food

&

Staples

Retailing

–

–

–

–

Gaming

–

5,304,752

–

5,304,752

Health

Insurance

–

1,335,976

–

1,335,976

Healthcare

–

7,434,744

–

7,434,744

Hotels,

Restaurants

&

Leisure

–

563,375

–

563,375

Independent

Energy

–

6,852,422

–

6,852,422

Industrial

-

Other

–

554,922

–

554,922

Insurance

-

P&C

–

5,442,213

–

5,442,213

Leisure

–

493,006

–

493,006

Media

Entertainment

–

8,459,726

–

8,459,726

Metals

&

Mining

–

1,478,599

–

1,478,599

Midstream

–

9,382,292

–

9,382,292

Oil

Field

Services

–

1,961,658

–

1,961,658

Packaging

–

6,928,495

–

6,928,495

Paper

–

789,500

–

789,500

Pharmaceuticals

–

4,489,002

–

4,489,002

Restaurants

–

1,884,557

–

1,884,557

Retailers

–

806,392

–

806,392

Supermarkets

–

786,606

–

786,606

Technology

–

8,502,285

–

8,502,285

Transportation

Services

–

490,721

–

490,721

Utility

-

Electric

–

3,446,091

–

3,446,091

Wireless

Communications

–

2,138,958

–

2,138,958

Total

Corporate

Bonds

$

–

$

115,952,263

$

–

$

115,952,263

Loan

Participation

–

208,263

–

208,263

Warrants

75,159

–

–

75,159

Total

$

608,666

$

116,160,526

$

308,636

$

117,077,828

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

40

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Federated

High

Income

Bond

Fund

(formerly,

Federated

NVIT

High

Income

Bond

Fund)

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

During

the

period

ended

March

31,

2021,

the

Fund

held

two

corporate

bond

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Common

Stocks

Corporate

Bonds

Total

Balance

as

of

12/31/2020

$

—

$

—

$—

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

—

355

355

Purchases

288,724

—

288,724

Sales

—

(355)

(355)

Change

in

Unrealized

Appreciation/Depreciation

19,912

(96)

19,816

Transfers

into

Level

3

—

96

96

Transfers

out

of

Level

3

—

—

—

Balance

as

of

3/31/2021

$

308,636

$

—

$308,636

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

held

as

of

3/31/2021

$

19,912

$

(96)

$19,816

Amounts

designated

as

"−"

are

zero

or

have

been

rounded

to

zero.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

.

Asset-Backed

Securities

17.9%

Principal

Amount

($)

Value

($)

Airlines

1.7%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

7,614,351

7,602,566

American

Airlines

Pass-

Through

Trust,

Series

2017-1,

Class

B,

4.95%,

2/15/2025

2,279,375

2,119,819

British

Airways

Pass-Through

Trust,

Series

2013-1,

Class

A,

4.63%,

6/20/2024(a)

5,825,418

6,043,284

Continental

Airlines

Pass-

Through

Trust,

Series

2000-2,

Class

A-1,

7.71%,

4/2/2021

18,075

18,070

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

6,315,972

6,236,830

22,020,569

Automobiles

0.4%

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

5,654,358

5,692,078

Home

Equity

1.3%

Newcastle

Mortgage

Securities

Trust,

Series

2006-1,

Class

M2,

0.66%,

3/25/2036(b)

6,222,674

6,221,846

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.35%,

1/25/2036(b)

1,479,341

1,484,830

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.80%,

1/25/2036(b)

7,911,541

7,890,300

Structured

Asset

Investment

Loan

Trust,

Series

2004-

7,

Class

A7,

0.95%,

8/25/2034(b)

1,074,399

1,072,789

16,669,765

Other

14.5%

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

11,122,008

11,970,706

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

9,691,438

10,488,933

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.25%,

4/25/2031(a)(b)

11,500,000

11,465,235

Series

2018-22A,

Class

B,

1.67%,

4/25/2031(a)(b)

5,000,000

4,976,985

Apidos

CLO

XXII,

Series

2015-22A,

Class

A1R,

1.28%,

4/20/2031(a)(b)

5,000,000

4,996,530

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

1.49%,

10/25/2031(a)(b)

2,050,000

2,052,462

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

0.00%,

4/15/2034(a)

(b)

10,000,000

10,000,000

Bayview

Opportunity

Master

Fund

IVa

Trust

Series

2017-SPL5,

Class

B2,

4.50%,

6/28/2057(a)(b)

5,297,400

5,808,719

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,937,273

3,038,893

Bayview

Opportunity

Master

Fund

IVb

Trust,

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

3,391,032

3,508,796

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A2,

1.57%,

10/17/2030(a)(b)

6,500,000

6,500,221

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

732,012

762,487

CVS

Pass-Through

Trust

6.04%,

12/10/2028

4,591,705

5,356,790

6.94%,

1/10/2030

8,357,985

9,724,382

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

B,

1.92%,

7/18/2030(a)(b)

8,000,000

8,000,560

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,109,324

1,116,320

FCI

Funding

LLC,

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

510,883

518,428

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

3,167,601

3,273,465

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

10/15/2054(a)

5,895,954

5,981,415

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

536,949

556,329

HERO

Funding

Trust

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

2,982,709

3,123,018

Series

2014-2A,

Class

A,

3.99%,

9/21/2040(a)

999,899

1,043,676

Series

2015-3,

Class

A,

4.28%,

9/20/2041(a)

1,309,322

1,384,547

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.11%,

7/17/2037(a)(b)

12,267,589

12,290,527

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

1.49%,

10/25/2031(a)(b)

7,950,000

7,962,752

42

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

4,038,622

4,251,220

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.18%,

1/20/2032(a)(b)

1,000,000

999,601

Series

2019-32A,

Class

BR,

1.59%,

1/20/2032(a)(b)

500,000

499,710

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

A,

1.52%,

10/20/2032(a)(b)

7,800,000

7,817,495

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

7,300,000

7,322,881

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

1,100,000

1,103,429

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

1,500,000

1,502,246

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

199,650

Renew,

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

4,190,135

4,486,302

TLF

National

Tax

Lien

Trust,

Series

2017-1A,

Class

A,

3.09%,

12/15/2029(a)

40,346

40,602

Towd

Point

Mortgage

Trust,

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

3,089,877

3,242,184

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

13,810,154

14,129,406

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,632,000

7,908,634

189,405,536

Total

Asset-Backed

Securities

(cost

$230,005,627)

233,787,948

Collateralized

Mortgage

Obligations

2.9%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

3,363,002

3,384,398

Chase

Mortgage

Finance

Corp.

Series

2016-SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,062,108

1,078,976

Series

2016-SH2,

Class

M2,

3.75%,

12/25/2045(a)(b)

5,891,459

6,107,148

Citigroup

Mortgage

Loan

Trust,

Series

2015-A,

Class

A1,

3.50%,

6/25/2058(a)(b)

278,896

283,103

FNMA

REMICS

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

96,961

107,494

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2009-78,

Class

BM,

4.00%,

6/25/2039

237,752

245,804

GNMA

REMICS,

Series

2010-

112,

Class

QM,

2.50%,

9/20/2039

154,898

155,741

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

6,227,565

6,428,220

New

Residential

Mortgage

Loan

Trust

Series

2014-2A,

Class

A3,

3.75%,

5/25/2054(a)(b)

785,150

831,984

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,471,106

1,565,828

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

1,411,294

1,513,419

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

1,010,349

1,071,820

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

4,115,580

4,347,829

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,724,568

1,839,516

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

7,006,484

7,593,804

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

1,453,111

1,551,130

Total

Collateralized

Mortgage

Obligations

(cost

$37,052,519)

38,106,214

Commercial

Mortgage-Backed

Securities

2.7%

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

5,000,000

5,036,586

Aventura

Mall

Trust

,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(b)

1,400,000

1,548,917

BB-UBS

Trust

,

Series

2012-

SHOW,

Class

B,

3.88%,

11/5/2036(a)

5,000,000

5,141,299

Benchmark

Mortgage

Trust

Series

2019-B11,

Class

AS,

3.78%,

5/15/2052

1,550,000

1,692,403

Series

2019-B10,

Class

AM,

3.98%,

3/15/2062

1,400,000

1,560,575

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

CityLine

Commercial

Mortgage

Trust

,

Series

2016-CLNE,

Class

A,

2.78%,

11/10/2031(a)(b)

7,388,000

7,675,921

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C18,

Class

300B,

4.00%,

8/15/2031

10,500,000

11,121,577

Natixis

Commercial

Mortgage

Securities

Trust

,

Series

2019-LVL,

Class

A,

3.89%,

8/15/2038(a)

850,000

927,662

Total

Commercial

Mortgage-Backed

Securities

(cost

$33,535,024)

34,704,940

Corporate

Bonds

35.4%

Aerospace

&

Defense

1.2%

Huntington

Ingalls

Industries,

Inc.

,

4.20%,

5/1/2030

3,980,000

4,414,930

L3Harris

Technologies,

Inc.

,

1.80%,

1/15/2031

4,000,000

3,746,435

Moog,

Inc.

,

4.25%,

12/15/2027(a)

865,000

882,300

Raytheon

Technologies

Corp.

,

4.13%,

11/16/2028

4,000,000

4,504,534

4.15%,

5/15/2045

2,000,000

2,209,261

15,757,460

Auto

Components

0.0%

†

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

440,000

467,632

Automobiles

0.4%

Daimler

Finance

North

America

LLC

,

3.75%,

2/22/2028(a)(c)

1,000,000

1,089,453

3.10%,

8/15/2029(a)

3,550,000

3,695,047

Hyundai

Capital

America

,

1.80%,

1/10/2028(a)

422,000

403,526

5,188,026

Banks

4.3%

Bank

of

America

Corp.

,

Series

L,

3.95%,

4/21/2025

3,500,000

3,837,604

4.25%,

10/22/2026

3,000,000

3,364,159

Series

L,

4.18%,

11/25/2027

4,000,000

4,448,282

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.97%,

2/7/2030(d)

2,340,000

2,597,132

(SOFR

+

1.53%),

1.90%,

7/23/2031(d)

2,500,000

2,348,348

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

440,000

403,955

Citigroup,

Inc.

,

4.45%,

9/29/2027

5,000,000

5,642,933

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)

3,250,000

3,708,939

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(a)

6,200,000

5,936,502

Cooperatieve

Rabobank

UA

,

4.63%,

12/1/2023

5,000,000

5,479,571

HSBC

Holdings

plc

,

4.38%,

11/23/2026

3,500,000

3,898,273

ING

Groep

NV

,

3.95%,

3/29/2027

5,000,000

5,540,558

(SOFR

+

1.32%),

1.00%,

4/1/2032(d)

4,125,000

4,122,523

JPMorgan

Chase

&

Co.

,

Series

I,

(ICE

LIBOR

USD

3

Month

+

3.47%),

3.68%,

4/30/2021(c)(d)(e)

488,000

487,146

(SOFR

+

1.51%),

2.53%,

11/19/2041(d)

1,850,000

1,694,498

PNC

Financial

Services

Group,

Inc.

(The)

,

3.45%,

4/23/2029(c)

3,000,000

3,241,732

56,752,155

Beverages

0.9%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

4,350,000

4,782,780

4.90%,

2/1/2046

2,000,000

2,389,088

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.50%,

6/1/2050

1,435,000

1,628,175

Bacardi

Ltd.

,

5.30%,

5/15/2048(a)

2,975,000

3,655,746

12,455,789

Biotechnology

0.5%

AbbVie,

Inc.

,

3.20%,

11/21/2029

2,115,000

2,249,878

4.25%,

11/21/2049

1,350,000

1,527,574

Gilead

Sciences,

Inc.

,

4.80%,

4/1/2044

2,775,000

3,336,138

7,113,590

Building

Products

0.0%

†

Johnson

Controls

International

plc

,

4.63%,

7/2/2044

440,000

515,920

Capital

Markets

2.9%

Credit

Suisse

Group

AG

,

(ICE

LIBOR

USD

3

Month

+

1.41%),

3.87%,

1/12/2029(a)(d)

3,000,000

3,216,813

(SOFR

+

3.73%),

4.19%,

4/1/2031(a)(d)

1,000,000

1,087,824

FMR

LLC

,

6.50%,

12/14/2040(a)

2,000,000

2,828,858

5.15%,

2/1/2043(a)

1,000,000

1,239,260

Moody's

Corp.

,

3.25%,

5/20/2050

2,600,000

2,523,677

44

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley

,

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(d)

5,000,000

5,450,928

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(d)

5,000,000

5,468,701

MSCI,

Inc.

,

3.88%,

2/15/2031(a)

870,000

888,488

Nuveen

Finance

LLC

,

4.13%,

11/1/2024(a)

10,900,000

12,101,325

S&P

Global,

Inc.

,

2.30%,

8/15/2060

1,350,000

1,096,882

UBS

Group

AG

,

4.13%,

4/15/2026(a)

2,000,000

2,231,733

38,134,489

Chemicals

0.6%

CF

Industries,

Inc.

,

5.15%,

3/15/2034

860,000

982,959

Cytec

Industries,

Inc.

,

3.95%,

5/1/2025

5,750,000

6,120,051

Mosaic

Co.

(The)

,

5.63%,

11/15/2043

1,175,000

1,462,130

8,565,140

Commercial

Services

&

Supplies

0.1%

Clean

Harbors,

Inc.

,

5.13%,

7/15/2029(a)

865,000

918,310

Stericycle,

Inc.

,

3.88%,

1/15/2029(a)

875,000

864,062

1,782,372

Communications

Equipment

0.3%

Motorola

Solutions,

Inc.

,

5.50%,

9/1/2044

2,435,000

2,952,214

Viasat

,

Inc.

,

5.63%,

4/15/2027(a)

875,000

917,801

3,870,015

Consumer

Finance

1.2%

Ford

Motor

Credit

Co.

LLC

,

4.00%,

11/13/2030

870,000

863,031

Navient

Solutions

LLC

,

0.00%,

10/3/2022(f)

14,956,000

14,633,043

15,496,074

Containers

&

Packaging

0.8%

Ball

Corp.

,

2.88%,

8/15/2030(c)

860,000

828,395

Berry

Global,

Inc.

,

4.88%,

7/15/2026(a)

2,250,000

2,380,849

5.63%,

7/15/2027(a)

865,000

913,656

Crown

Americas

LLC

,

4.25%,

9/30/2026

435,000

462,188

Sealed

Air

Corp.

,

4.00%,

12/1/2027(a)

865,000

885,544

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

4,750,000

4,649,062

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Silgan

Holdings,

Inc.,

4.13%,

2/1/2028

875,000

898,905

11,018,599

Diversified

Consumer

Services

0.1%

Service

Corp.

International

,

3.38%,

8/15/2030

1,155,000

1,127,338

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

,

3.65%,

6/1/2051(c)

6,920,000

6,692,972

CCO

Holdings

LLC

,

4.50%,

5/1/2032(a)

1,160,000

1,174,500

Level

3

Financing,

Inc.

,

4.63%,

9/15/2027(a)

575,000

591,772

Verizon

Communications,

Inc.

,

2.55%,

3/21/2031

2,105,000

2,103,090

4.00%,

3/22/2050

3,345,000

3,599,989

14,162,323

Electric

Utilities

2.9%

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)

7,525,000

8,427,834

Appalachian

Power

Co.

,

Series

Z,

3.70%,

5/1/2050

2,805,000

2,838,531

Entergy

Arkansas

LLC

,

3.50%,

4/1/2026

4,880,000

5,330,412

4.00%,

6/1/2028

3,750,000

4,177,040

Evergy

,

Inc.

,

2.90%,

9/15/2029

3,505,000

3,572,078

Exelon

Corp.

,

4.05%,

4/15/2030

695,000

774,424

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

2,185,598

Metropolitan

Edison

Co.

,

4.30%,

1/15/2029(a)

6,000,000

6,610,865

NextEra

Energy

Operating

Partners

LP

,

4.50%,

9/15/2027(a)

855,000

924,469

Public

Service

Co.

of

Colorado

,

2.90%,

5/15/2025(c)

2,000,000

2,106,232

Vistra

Operations

Co.

LLC

,

5.63%,

2/15/2027(a)

920,000

956,229

37,903,712

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

800,000

814,424

Electronic

Equipment,

Instruments

&

Components

0.1%

Sensata

Technologies,

Inc.

,

3.75%,

2/15/2031(a)

865,000

852,838

Energy

Equipment

&

Services

0.5%

Helmerich

&

Payne,

Inc.

,

4.65%,

3/15/2025

1,200,000

1,312,468

Schlumberger

Holdings

Corp.

,

4.00%,

12/21/2025(a)

321,000

355,108

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

Schlumberger

Holdings

Corp.,

3.90%,

5/17/2028(a)

4,389,000

4,777,325

6,444,901

Entertainment

0.3%

Walt

Disney

Co.

(The)

,

2.65%,

1/13/2031

3,500,000

3,572,574

Equity

Real

Estate

Investment

Trusts

(REITs)

2.9%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

3,730,000

3,790,318

2.75%,

4/15/2031

4,750,000

4,593,146

Crown

Castle

International

Corp.

,

4.15%,

7/1/2050(c)

1,290,000

1,385,256

Lexington

Realty

Trust

,

2.70%,

9/15/2030

5,000,000

4,880,391

Piedmont

Operating

Partnership

LP

,

4.45%,

3/15/2024

9,050,000

9,763,750

Spirit

Realty

LP

,

2.10%,

3/15/2028

3,500,000

3,402,921

4.00%,

7/15/2029

4,750,000

5,145,008

Welltower

,

Inc.

,

2.80%,

6/1/2031

4,750,000

4,721,162

37,681,952

Food

Products

1.1%

Cargill,

Inc.

,

3.25%,

5/23/2029(a)(c)

6,050,000

6,487,014

Grupo

Bimbo

SAB

de

CV

,

4.00%,

9/6/2049(a)

580,000

575,373

Ingredion,

Inc.

,

3.90%,

6/1/2050(c)

2,315,000

2,444,921

J

M

Smucker

Co.

(The)

,

3.55%,

3/15/2050

2,245,000

2,270,641

Kraft

Heinz

Foods

Co.

,

4.88%,

10/1/2049

1,750,000

1,962,822

Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)

870,000

939,426

14,680,197

Health

Care

Equipment

&

Supplies

0.2%

Boston

Scientific

Corp.

,

4.70%,

3/1/2049

2,050,000

2,477,810

Health

Care

Providers

&

Services

0.9%

CVS

Health

Corp.

,

4.25%,

4/1/2050(c)

115,000

129,088

Dignity

Health

,

3.13%,

11/1/2022

6,000,000

6,202,582

3.81%,

11/1/2024

4,000,000

4,314,630

HCA,

Inc.

,

3.50%,

9/1/2030

860,000

867,284

11,513,584

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

5/15/2027(a)

870,000

918,542

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.2%

International

Game

Technology

plc

,

5.25%,

1/15/2029(a)

870,000

907,410

KFC

Holding

Co.

,

4.75%,

6/1/2027(a)

870,000

912,412

MGM

Resorts

International

,

5.50%,

4/15/2027

880,000

946,000

2,765,822

Household

Durables

0.1%

Newell

Brands,

Inc.

,

5.87%,

4/1/2036(g)

865,000

1,059,625

Industrial

Conglomerates

0.1%

General

Electric

Co.

,

5.40%,

5/15/2022

1,125,000

1,178,719

Insurance

1.2%

MassMutual

Global

Funding

II

,

3.40%,

3/8/2026(a)

5,000,000

5,484,399

1.55%,

10/9/2030(a)

2,000,000

1,871,463

Metropolitan

Life

Global

Funding

I

,

3.45%,

12/18/2026(a)(c)

7,500,000

8,248,804

15,604,666

IT

Services

0.2%

Global

Payments,

Inc.

,

4.15%,

8/15/2049

2,290,000

2,498,783

Life

Sciences

Tools

&

Services

0.1%

Charles

River

Laboratories

International,

Inc.

,

4.00%,

3/15/2031(a)

860,000

874,233

Machinery

0.1%

Amsted

Industries,

Inc.

,

4.63%,

5/15/2030(a)

870,000

880,875

Media

1.1%

Charter

Communications

Operating

LLC

,

5.75%,

4/1/2048

2,000,000

2,431,476

3.70%,

4/1/2051

1,250,000

1,169,130

Comcast

Corp.

,

2.65%,

2/1/2030

2,555,000

2,615,502

4.70%,

10/15/2048(c)

4,000,000

4,942,575

CSC

Holdings

LLC

,

3.38%,

2/15/2031(a)

860,000

810,550

Discovery

Communications

LLC

,

5.30%,

5/15/2049

1,000,000

1,196,536

Sirius

XM

Radio,

Inc.

,

5.00%,

8/1/2027(a)

860,000

902,183

14,067,952

Metals

&

Mining

0.1%

Compass

Minerals

International,

Inc.

,

6.75%,

12/1/2027(a)

1,170,000

1,251,900

46

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Glencore

Funding

LLC

,

1.63%,

9/1/2025(a)

420,000

419,853

1,671,753

Multi-Utilities

1.7%

Black

Hills

Corp.

,

3.95%,

1/15/2026

6,890,000

7,548,769

3.05%,

10/15/2029

1,350,000

1,392,485

Dominion

Energy,

Inc.

,

Series

A,

4.60%,

3/15/2049

3,500,000

4,150,781

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025(c)

7,000,000

7,732,636

3.25%,

6/15/2026

1,250,000

1,349,035

22,173,706

Oil,

Gas

&

Consumable

Fuels

2.1%

Aker

BP

ASA

,

3.75%,

1/15/2030(a)

5,500,000

5,673,147

Apache

Corp.

,

4.38%,

10/15/2028(c)

875,000

872,375

BP

Capital

Markets

America,

Inc.

,

2.94%,

6/4/2051(c)

1,800,000

1,605,392

Continental

Resources,

Inc.

,

4.38%,

1/15/2028

865,000

909,547

DCP

Midstream

Operating

LP

,

5.38%,

7/15/2025

435,000

471,377

Enbridge

Energy

Partners

LP

,

7.38%,

10/15/2045

725,000

1,025,719

Energy

Transfer

Operating

LP

,

6.50%,

2/1/2042

1,350,000

1,609,923

Exxon

Mobil

Corp.

,

3.45%,

4/15/2051

2,250,000

2,272,167

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

450,000

538,116

3.25%,

8/1/2050(c)

395,000

345,373

Marathon

Oil

Corp.

,

6.60%,

10/1/2037(c)

1,200,000

1,494,343

MPLX

LP

,

5.50%,

2/15/2049

1,270,000

1,492,024

Occidental

Petroleum

Corp.

,

3.50%,

6/15/2025

435,000

430,650

ONEOK,

Inc.

,

7.15%,

1/15/2051

2,000,000

2,696,599

Sabine

Pass

Liquefaction

LLC

,

4.50%,

5/15/2030

2,140,000

2,401,482

Targa

Resources

Partners

LP

,

5.38%,

2/1/2027

865,000

897,061

Williams

Cos.,

Inc.

(The)

,

5.75%,

6/24/2044

1,925,000

2,357,726

27,093,021

Pharmaceuticals

0.6%

Bristol-Myers

Squibb

Co.

,

4.25%,

10/26/2049

1,800,000

2,120,175

Catalent

Pharma

Solutions,

Inc.

,

3.13%,

2/15/2029(a)

575,000

552,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Shire

Acquisitions

Investments

Ireland

DAC

,

3.20%,

9/23/2026

2,100,000

2,262,452

Takeda

Pharmaceutical

Co.

Ltd.

,

3.18%,

7/9/2050

2,385,000

2,277,903

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

3.15%,

10/1/2026

900,000

860,625

8,073,155

Road

&

Rail

1.0%

Ashtead

Capital,

Inc.

,

4.00%,

5/1/2028(a)

6,500,000

6,790,160

4.25%,

11/1/2029(a)

3,530,000

3,784,548

Union

Pacific

Corp.

,

3.84%,

3/20/2060

2,800,000

2,975,832

13,550,540

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom,

Inc.

,

2.60%,

2/15/2033(a)

1,000,000

931,536

Software

1.0%

Microsoft

Corp.

,

3.30%,

2/6/2027

5,500,000

6,070,393

Open

Text

Holdings,

Inc.

,

4.13%,

2/15/2030(a)

855,000

866,705

Oracle

Corp.

,

2.88%,

3/25/2031

2,500,000

2,544,833

3.60%,

4/1/2050

2,375,000

2,300,382

PTC,

Inc.

,

4.00%,

2/15/2028(a)

855,000

867,825

12,650,138

Specialty

Retail

0.5%

Lowe's

Cos.,

Inc.

,

1.70%,

10/15/2030

6,750,000

6,340,364

Technology

Hardware,

Storage

&

Peripherals

0.4%

Apple,

Inc.

,

2.45%,

8/4/2026

4,000,000

4,213,968

HP,

Inc.

,

3.40%,

6/17/2030(c)

1,000,000

1,043,943

5,257,911

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

4.63%,

5/15/2024(a)

870,000

922,987

Thrifts

&

Mortgage

Finance

0.5%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,233,520

5.70%,

10/22/2023(a)

3,000,000

3,352,035

6,585,555

Trading

Companies

&

Distributors

0.3%

GATX

Corp.

,

1.90%,

6/1/2031

2,000,000

1,842,906

4.50%,

3/30/2045

1,315,000

1,415,711

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Trading

Companies

&

Distributors

United

Rentals

North

America,

Inc.

,

3.88%,

2/15/2031

860,000

864,300

4,122,917

Wireless

Telecommunication

Services

0.4%

T-Mobile

USA,

Inc.

,

2.88%,

2/15/2031

1,000,000

966,500

3.50%,

4/15/2031

1,145,000

1,153,588

3.30%,

2/15/2051(a)

3,960,000

3,700,897

5,820,985

Total

Corporate

Bonds

(cost

$449,804,788)

463,392,699

Loan

Participations

0.4%

Electrical

Equipment

0.1%

Sensata

Technologies

BV,

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

1.75%),

1.75%,

9/20/2026

(d)

1,004,544

1,004,544

0

Software

0.3%

TIBCO

Software,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.75%),

3.75%,

6/30/2026

(d)

4,729,780

4,663,279

0

Total

Loan

Participations

(cost

$5,637,133)

5,667,823

Mortgage-Backed

Securities

27.7%

FHLMC

UMBS

Pool

Pool#

SB8000

3.00%,

7/1/2034

9,019,997

9,520,312

Pool#

SB8083

1.50%,

1/1/2036

19,542,224

19,648,736

Pool#

SB8088

1.50%,

2/1/2036

24,578,717

24,705,325

Pool#

SD8018

4.00%,

10/1/2049

4,549,000

4,875,042

Pool#

SD8080

2.00%,

6/1/2050

5,927,565

5,922,316

Pool#

SD8079

2.00%,

7/1/2050

11,950,702

11,967,013

Pool#

SD8089

2.50%,

7/1/2050

4,870,243

5,002,347

Pool#

SD8084

3.00%,

8/1/2050

16,449,122

17,171,103

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,333,759

2,734,920

Pool#

468516

5.17%,

6/1/2028

852,515

951,881

Pool#

AM7073

6.41%,

1/1/2030

1,494,823

1,790,156

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

468127

5.70%,

5/1/2041

1,138,921

1,339,915

Pool#

AN0360

3.95%,

12/1/2045

10,000,000

11,351,280

FNMA

UMBS

Pool

Pool#

FM2052

2.50%,

5/1/2028

15,889,509

16,528,495

Pool#

AR9398

3.50%,

6/1/2043

1,264,894

1,374,935

Pool#

BC0180

4.00%,

1/1/2046

4,176,664

4,562,346

Pool#

AS7908

3.00%,

9/1/2046

9,461,613

9,948,672

Pool#

AS8483

3.00%,

12/1/2046

3,810,365

4,021,004

Pool#

MA2863

3.00%,

1/1/2047

11,754,409

12,311,906

Pool#

AS8784

3.00%,

2/1/2047

3,921,098

4,120,898

Pool#

BE7557

3.50%,

2/1/2047

6,734,373

7,188,427

Pool#

BM2003

4.00%,

10/1/2047

7,550,246

8,147,927

Pool#

BJ3716

3.50%,

12/1/2047

4,231,828

4,492,725

Pool#

MA3210

3.50%,

12/1/2047

1,835,809

1,947,687

Pool#

BM3355

3.50%,

2/1/2048

2,895,127

3,065,421

Pool#

CA1532

3.50%,

4/1/2048

9,314,964

9,900,913

Pool#

CA2208

4.50%,

8/1/2048

2,613,048

2,848,240

Pool#

CA2469

4.00%,

10/1/2048

5,157,152

5,535,355

Pool#

MA3745

3.50%,

8/1/2049

12,258,685

12,944,410

Pool#

BP5843

2.50%,

5/1/2050

20,570,228

21,128,193

Pool#

MA4210

2.50%,

12/1/2050

9,749,275

10,013,723

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

4/25/2051

15,000,000

14,491,406

2.00%,

4/25/2051

45,000,000

44,915,626

2.50%,

4/25/2051

45,000,000

46,177,735

Total

Mortgage-Backed

Securities

(cost

$359,528,921)

362,646,390

Municipal

Bonds

1.4%

California

0.4

%

Northern

California

Power

Agency,

RB,

Series

B,

7.31%,

6/1/2040

3,885,000

5,643,695

48

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

District

of

Columbia

1.0

%

Metropolitan

Washington

Airports

Authority,

RB

Series

D,

7.46%,

10/1/2046

6,000,000

9,748,709

Series

D,

8.00%,

10/1/2047

2,000,000

3,253,550

13,002,259

Total

Municipal

Bonds

(cost

$14,244,104)

18,645,954

Purchased

Option

0.0%

†

Number

of

Contracts

Call

Option

0.0%

†

Future

Interest

Rate

Options

0.0%

†

U.S.

Treasury

30

Year

Bond

5/21/2021

at

USD

161.00,

American

Style,

Notional

Amount:

USD

40,000,000

Exchange

Traded*

400

137,500

0

Total

Purchased

Option

(cost

$306,149)

137,500

U.S.

Government

Agency

Security

1.3%

Principal

Amount

($)

Tennessee

Valley

Authority,

5.88%,

4/1/2036

11,793,000

17,012,746

Total

U.S.

Government

Agency

Security

(cost

$14,050,976)

17,012,746

U.S.

Treasury

Obligations

9.7%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

1,000,000

1,130,899

U.S.

Treasury

Notes

0.13%,

10/15/2023

47,000,000

46,845,781

0.25%,

3/15/2024

(c)

15,000,000

14,960,156

2.63%,

1/31/2026

11,000,000

11,908,359

1.50%,

2/15/2030

(c)

53,000,000

52,347,852

Total

U.S.

Treasury

Obligations

(cost

$130,441,514)

127,193,047

Repurchase

Agreements

0.9%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,331,657,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,358,289.

(h)

1,331,656

1,331,656

CF

Secured,

LLC

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

4/22/2021

-

10/20/2069;

total

market

value

$3,060,002.

(h)

3,000,000

3,000,000

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,000,013,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$5,102,054.

(h)

5,000,000

5,000,000

MetLife,

Inc.

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,818.

(h)

2,000,000

2,000,000

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$1,020,003.

(h)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$12,331,656)

12,331,656

Total

Investments

(cost

$1,286,938,411)

—

100.3%

1,313,626,917

Liabilities

in

excess

of

other

assets

—

(0.3)%

(4,021,537)

NET

ASSETS

—

100.0%

$

1,309,605,380

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$392,674,402

which

represents

29.98%

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

March

31,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$87,331,068,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,331,656

and

by

$77,178,066

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

4/22/2021

–

2/15/2051,

a

total

value

of

$89,509,722.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$12,331,656.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

RB

Revenue

Bond

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

50

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

March

31,

2021

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

Investment

Grade

Index

Series

36-V1

1.00

Quarterly

6/20/2026

0.54

USD

5,000,000

(108,714)

(9,585)

(118,299)

Markit

CDX

North

American

Investment

Grade

Index

Series

36-V1

1.00

Quarterly

6/20/2026

0.54

USD

35,000,000

(763,169)

(64,922)

(828,091)

(871,883)

(74,507)

(946,390)

At

March

31,

2021,

the

Fund

had

$530,245

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

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

623

6/2021

USD

137,512,648

(128,042)

U.S.

Treasury

5

Year

Note

764

6/2021

USD

94,276,406

(1,207,522)

U.S.

Treasury

Long

Bond

1,434

6/2021

USD

221,687,438

(8,553,578)

3

Month

Eurodollar

1,040

12/2021

USD

259,311,000

(90,410)

(9,979,552)

Short

Contracts

U.S.

Treasury

10

Year

Note

(19)

6/2021

USD

(2,487,812)

18,064

U.S.

Treasury

10

Year

Ultra

Note

(1,477)

6/2021

USD

(212,226,438)

7,919,706

U.S.

Treasury

Ultra

Bond

(51)

6/2021

USD

(9,242,156)

558,885

3

Month

Eurodollar

(1,040)

12/2022

USD

(258,700,000)

461,586

8,958,241

(1,021,311)

At

March

31,

2021,

the

Fund

had

$4,098,512

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

Written

Call

Options

Contracts

as

of

March

31,

2021

:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

U.S.

Treasury

30

Year

Bond

Exchange

Traded

800

USD

80,000,000

USD

165.00

5/21/2021

(87,500)

Total

Written

Options

Contracts

(Premiums

Received

($196,300))

(87,500)

Currency:

USD

United

States

dollar

52

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

233,787,948

$

–

$

233,787,948

Collateralized

Mortgage

Obligations

–

38,106,214

–

38,106,214

Commercial

Mortgage-Backed

Securities

–

34,704,940

–

34,704,940

Corporate

Bonds

–

463,392,699

–

463,392,699

Futures

Contracts

8,958,241

–

–

8,958,241

Loan

Participations

–

5,667,823

–

5,667,823

Mortgage-Backed

Securities

–

362,646,390

–

362,646,390

Municipal

Bonds

–

18,645,954

–

18,645,954

Purchased

Options

137,500

–

–

137,500

Repurchase

Agreements

–

12,331,656

–

12,331,656

U.S.

Government

Agency

Security

–

17,012,746

–

17,012,746

U.S.

Treasury

Obligations

–

127,193,047

–

127,193,047

Total

Assets

$

9,095,741

$

1,313,489,417

$

–

$

1,322,585,158

$

–

$

–

$

–

$

–

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

T

he

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021

.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

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

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

Level

1

Level

2

Level

3

Total

Liabilities:

Credit

Default

Swaps*

$

–

$

(74,507)

$

–

$

(74,507)

Futures

Contracts

(9,979,552)

–

–

(9,979,552)

Options

Written

(87,500)

–

–

(87,500)

Total

Liabilities

$

(10,067,052)

$

(74,507)

$

–

$

(10,141,559)

Total

$

(971,311)

$

1,313,414,910

$

–

$

1,312,443,599

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).

54

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

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.

Swap

Contracts

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts

during

the

six

months

ended

March

31,

2021

.

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

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

March

31,

2021

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

NVIT

Core

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

55

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).

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.

56

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Purchased

Options

Interest

rate

risk

Investment

securities,

at

value

$

137,500

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

8,958,241

Total

$

9,095,741

Liabilities:

Written

Options

Interest

rate

risk

Written

options,

at

value

(87,500)

Swap

Contracts(a)

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(74,507)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(9,979,552)

Total

$

(10,141,559)

(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

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Asset-Backed

Securities

5.3%

Principal

Amount

($)

Value

($)

Airlines

0.0%

†

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

B,

4.88%,

1/15/2026

55,000

57,063

Home

Equity

0.2%

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-

WFH4,

Class

M1,

0.53%,

11/25/2036(a)

2,047,529

2,042,310

Other

4.7%

AM

Capital

Funding

LLC,

Series

2018-1,

Class

A,

4.98%,

12/15/2023(b)

5,010,000

5,205,234

Assurant

CLO

Ltd.,

Series

2019-5A,

Class

A1,

1.63%,

1/15/2033(a)(b)

3,600,000

3,606,973

CIFC

Funding

Ltd.,

Series

2019-5A,

Class

A1,

1.58%,

10/15/2032(a)(b)

7,300,000

7,307,570

Corevest

American

Finance

Trust,

Series

2019-1,

Class

A,

3.32%,

3/15/2052(b)

2,341,505

2,491,896

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

1.61%,

10/15/2032(a)(b)

8,600,000

8,610,802

Kayne

CLO

5

Ltd.,

Series

2019-5A,

Class

A,

1.57%,

7/24/2032(a)(b)

7,300,000

7,311,811

Magnetite

XXIV

Ltd.,

Series

2019-24A,

Class

A,

1.57%,

1/15/2033(a)(b)

4,400,000

4,406,745

Octagon

Investment

Partners

44

Ltd.,

Series

2019-

1A,

Class

A,

1.52%,

7/20/2032(a)(b)

10,100,000

10,103,383

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1,

1.52%,

7/20/2032(a)(b)

10,600,000

10,609,752

Voya

CLO

Ltd.,

Series

2019-2A,

Class

A,

1.49%,

7/20/2032(a)(b)

14,600,000

14,605,344

74,259,510

Student

Loan

0.4%

Navient

Student

Loan

Trust,

Series

2019-7A,

Class

A1,

0.61%,

1/25/2068(a)(b)

6,683,105

6,695,452

Total

Asset-Backed

Securities

(cost

$82,385,800)

83,054,335

Collateralized

Mortgage

Obligations

8.3%

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A1,

2.62%,

11/25/2059(a)(b)

2,934,911

2,986,744

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Connecticut

Avenue

Securities

Trust,

Series

2019-

R05,

Class

1M2,

2.11%,

7/25/2039(a)(b)

4,571,713

4,571,710

FHLMC

REMICS

Series

4073,

Class

SB,

IO,

5.89%,

7/15/2042(a)

5,415,377

930,524

Series

4122,

Class

,

IO,

4.00%,

10/15/2042

5,849,347

926,773

Series

4120,

Class

SV,

IO,

6.04%,

10/15/2042(a)

5,571,013

1,125,079

Series

4159,

Class

KS,

IO,

6.04%,

1/15/2043(a)

3,172,070

694,008

Series

4459,

Class

IB,

IO,

4.00%,

8/15/2043

5,194,486

754,337

Series

4468,

Class

SY,

IO,

5.99%,

5/15/2045(a)

2,960,707

639,302

Series

4583,

Class

ST,

IO,

5.89%,

5/15/2046(a)

6,212,761

1,146,188

Series

4623,

Class

MS,

IO,

5.89%,

10/15/2046(a)

5,664,046

1,349,348

Series

4994,

Class

IB,

IO,

2.50%,

7/25/2050

5,827,943

988,905

FHLMC

Employees

Pension

Plan

,

0.11%,

10/25/2032(a)

7,738,218

7,682,010

FHLMC

Structured

Agency

Credit

Risk

Debt

Notes

Series

2017-DNA2,

Class

M2,

3.56%,

10/25/2029(a)

10,600,000

10,984,540

Series

2017-HQA2,

Class

M2,

2.76%,

12/25/2029(a)

5,609,951

5,647,704

Series

2017-DNA3,

Class

M2,

2.61%,

3/25/2030(a)

5,410,000

5,512,699

Series

2017-HQA3,

Class

M2,

2.46%,

4/25/2030(a)

8,989,678

9,103,056

Series

2018-DNA1,

Class

M2,

1.91%,

7/25/2030(a)

2,145,583

2,130,773

Series

2018-HQA1,

Class

M2,

2.41%,

9/25/2030(a)

7,759,855

7,759,849

FNMA

REMICS

Series

2012-15,

Class

S,

IO,

5.84%,

3/25/2042(a)

5,540,662

1,134,683

Series

2012-70,

Class

HS,

IO,

5.89%,

7/25/2042(a)

7,153,968

1,495,251

Series

2012-68,

Class

SL,

IO,

5.94%,

7/25/2042(a)

5,826,817

1,266,666

Series

2013-6,

Class

SB,

IO,

5.99%,

2/25/2043(a)

4,838,410

970,003

Series

418,

Class

C24,

IO,

4.00%,

8/25/2043

5,337,787

834,043

Series

2014-90,

Class

SA,

IO,

6.04%,

1/25/2045(a)

5,986,765

1,332,012

Series

2016-3,

Class

IP,

IO,

4.00%,

2/25/2046

6,355,323

1,006,274

Series

2020-24,

Class

MI,

IO,

4.00%,

4/25/2050

5,084,637

890,426

FNMA

Connecticut

Avenue

Securities

Series

2016-C07,

Class

2M2,

4.46%,

5/25/2029(a)

4,980,519

5,183,261

58

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-C03,

Class

1M2,

3.11%,

10/25/2029(a)

5,016,079

5,127,794

Series

2017-C04,

Class

2M2,

2.96%,

11/25/2029(a)

3,872,378

3,918,951

Series

2017-C05,

Class

1M2,

2.31%,

1/25/2030(a)

1,823,323

1,841,018

Series

2017-C06,

Class

2M2,

2.91%,

2/25/2030(a)

2,289,981

2,302,631

Series

2017-C07,

Class

2M2,

2.61%,

5/25/2030(a)

4,341,304

4,363,363

Series

2018-C01,

Class

1M2,

2.36%,

7/25/2030(a)

9,794,966

9,801,098

Series

2018-C02,

Class

2M2,

2.31%,

8/25/2030(a)

1,165,940

1,164,457

GCAT

Trust

Series

2019-NQM2,

Class

A1,

2.86%,

9/25/2059(b)(c)

4,557,884

4,623,927

Series

2019-NQM3,

Class

A1,

2.69%,

11/25/2059(a)(b)

2,697,684

2,766,598

GNMA

REMICS

Series

2013-23,

Class

IT,

IO,

3.50%,

2/20/2043

3,570,456

705,134

Series

2018-124,

Class

DS,

IO,

5.99%,

12/16/2043(a)

2,758,248

576,082

Series

2016-77,

Class

TS,

IO,

6.04%,

12/20/2044(a)

3,836,433

739,977

Series

2019-22,

Class

SA,

IO,

5.49%,

2/20/2045(a)

6,717,636

1,394,114

Series

2019-65,

Class

IE,

IO,

3.50%,

5/20/2046

8,034,151

949,868

Series

2020-77,

Class

ES,

IO,

5.94%,

11/20/2049(a)

9,693,302

1,475,248

New

Residential

Mortgage

Loan

Trust,

Series

2019-

NQM5,

Class

A1,

2.71%,

11/25/2059(a)(b)

3,290,788

3,372,337

OBX

Trust,

Series

2019-

EXP3,

Class

2A1A,

1.01%,

10/25/2059(a)(b)

403,206

403,583

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A1,

2.61%,

9/27/2049(a)(b)

2,710,023

2,749,994

Verus

Securitization

Trust

Series

2019-4,

Class

A1,

2.64%,

11/25/2059(b)(c)

1,977,470

2,012,732

Series

2019-INV1,

Class

A1,

3.40%,

12/25/2059(a)(b)

1,878,527

1,900,587

Total

Collateralized

Mortgage

Obligations

(cost

$127,411,698)

131,235,661

Commercial

Mortgage-Backed

Securities

6.1%

Citigroup

Commercial

Mortgage

Trust

Series

2013-GC11,

Class

B,

3.73%,

4/10/2046(a)

4,100,000

4,252,238

Series

2013-GC17,

Class

B,

5.10%,

11/10/2046(a)

1,465,000

1,564,562

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC23,

Class

B,

4.17%,

7/10/2047(a)

2,915,000

3,135,608

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

5,156,244

COMM

Mortgage

Trust

Series

2012-CR4,

Class

AM,

3.25%,

10/15/2045

3,325,000

3,360,662

Series

2014-CR16,

Class

XA,

IO,

0.95%,

4/10/2047(a)

33,756,035

835,816

Series

2014-CR17,

Class

XA,

IO,

0.97%,

5/10/2047(a)

25,493,199

603,004

Series

2014-UBS3,

Class

XA,

IO,

1.07%,

6/10/2047(a)

20,918,347

590,956

Series

2014-UBS6,

Class

XA,

IO,

0.89%,

12/10/2047(a)

17,503,622

445,966

Series

2014-CR21,

Class

AM,

3.99%,

12/10/2047

6,850,000

7,427,823

Series

2015-LC21,

Class

A4,

3.71%,

7/10/2048

2,160,000

2,364,820

Series

2015-CR25,

Class

A4,

3.76%,

8/10/2048

3,075,000

3,383,452

Series

2017-COR2,

Class

A1,

2.11%,

9/10/2050

1,239,788

1,250,609

CSAIL

Commercial

Mortgage

Trust

Series

2016-C7,

Class

A5,

3.50%,

11/15/2049

1,800,000

1,952,838

Series

2015-C2,

Class

XA,

IO,

0.75%,

6/15/2057(a)

35,106,900

885,091

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS,

Series

K098,

Class

XAM,

IO,

1.39%,

8/25/2029(a)

17,661,000

1,860,606

GS

Mortgage

Securities

Trust

Series

2012-GCJ7,

Class

B,

4.74%,

5/10/2045

4,325,000

4,463,413

Series

2012-GCJ9,

Class

B,

3.75%,

11/10/2045(b)

3,330,000

3,443,738

Series

2014-GC18,

Class

XA,

IO,

1.00%,

1/10/2047(a)

51,884,873

1,194,084

Series

2014-GC26,

Class

XA,

IO,

0.96%,

11/10/2047(a)

29,466,548

840,798

Series

2015-GC30,

Class

XA,

IO,

0.74%,

5/10/2050(a)

38,212,479

992,332

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2014-C16,

Class

XA,

IO,

0.99%,

6/15/2047(a)

25,640,475

606,087

Morgan

Stanley

Capital

I

Trust

,

Series

2015-

MS1,

Class

A4,

3.78%,

5/15/2048(a)

4,550,000

4,992,229

UBS

Commercial

Mortgage

Trust

Series

2017-C4,

Class

A1,

2.13%,

10/15/2050

497,288

498,365

Series

2017-C4,

Class

A4,

3.56%,

10/15/2050

2,502,000

2,721,721

Series

2017-C4,

Class

AS,

3.84%,

10/15/2050(a)

2,820,000

3,098,069

Series

2018-C14,

Class

A1,

3.38%,

12/15/2051

4,450,234

4,563,877

Wells

Fargo

Commercial

Mortgage

Trust

Series

2012-LC5,

Class

B,

4.14%,

10/15/2045

3,110,000

3,216,944

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

3,795,000

4,128,005

Series

2015-NXS4,

Class

C,

4.70%,

12/15/2048(a)

3,553,000

3,826,796

Series

2016-LC24,

Class

A4,

2.94%,

10/15/2049

1,695,000

1,802,690

Series

2016-NXS6,

Class

A4,

2.92%,

11/15/2049

4,700,000

4,971,017

Series

2017-C40,

Class

A1,

2.11%,

10/15/2050

800,052

804,553

Series

2018-C46,

Class

A4,

4.15%,

8/15/2051

1,610,000

1,811,382

Series

2018-C48,

Class

A5,

4.30%,

1/15/2052

5,650,000

6,418,016

WFRBS

Commercial

Mortgage

Trust

Series

2014-LC14,

Class

XA,

IO,

1.26%,

3/15/2047(a)

17,686,185

524,769

Series

2014-C22,

Class

AS,

4.07%,

9/15/2057(a)

2,620,000

2,846,632

Total

Commercial

Mortgage-Backed

Securities

(cost

$94,088,275)

96,835,812

Convertible

Bond

0.0%

†

Media

0.0%

†

DISH

Network

Corp.,

3.38%,

8/15/2026

778,000

747,891

Total

Convertible

Bond

(cost

$710,094)

747,891

Corporate

Bonds

46.5%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.6%

Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,592,714

3.63%,

2/1/2031

9,995,000

10,456,812

5.71%,

5/1/2040

1,560,000

1,909,013

5.81%,

5/1/2050

2,410,000

3,034,070

5.93%,

5/1/2060

1,930,000

2,476,432

TransDigm

,

Inc.

,

6.25%,

3/15/2026(b)

705,000

747,441

6.38%,

6/15/2026

500,000

516,875

7.50%,

3/15/2027

425,000

452,625

5.50%,

11/15/2027

995,000

1,029,954

4.63%,

1/15/2029(b)

195,000

192,280

25,408,216

Airlines

0.2%

American

Airlines

Group,

Inc.

,

5.00%,

6/1/2022(b)

330,000

324,225

American

Airlines,

Inc.

,

5.50%,

4/20/2026(b)

615,000

640,024

5.75%,

4/20/2029(b)

500,000

531,825

Delta

Air

Lines,

Inc.

,

7.38%,

1/15/2026

75,000

87,697

4.75%,

10/20/2028(b)

730,000

793,799

Mileage

Plus

Holdings

LLC

,

6.50%,

6/20/2027(b)

655,000

718,044

United

Airlines

Holdings,

Inc.

,

4.25%,

10/1/2022

85,000

86,488

3,182,102

Auto

Components

0.1%

Dealer

Tire

LLC

,

8.00%,

2/1/2028(b)

355,000

374,525

Goodyear

Tire

&

Rubber

Co.

(The)

,

9.50%,

5/31/2025

430,000

482,374

856,899

Automobiles

1.0%

Ford

Motor

Co.

,

9.63%,

4/22/2030(d)

470,000

655,904

7.45%,

7/16/2031

80,000

100,867

4.75%,

1/15/2043

360,000

362,664

5.29%,

12/8/2046

360,000

378,457

General

Motors

Co.

,

6.80%,

10/1/2027

3,845,000

4,769,963

Volkswagen

Group

of

America

Finance

LLC

,

3.13%,

5/12/2023(b)

1,545,000

1,623,359

3.35%,

5/13/2025(b)

3,050,000

3,274,822

3.75%,

5/13/2030(b)

4,385,000

4,756,448

15,922,484

Banks

8.3%

Banco

de

Credito

e

Inversiones

SA

,

3.50%,

10/12/2027(b)

200,000

213,712

Banco

Santander

SA

,

Reg.

S,

(USD

ICE

Swap

Rate

5

Year

+

4.99%),

7.50%,

2/08/2024(e)(f)

1,200,000

1,318,428

60

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Santander

SA,

2.75%,

12/3/2030

4,400,000

4,191,109

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

204,000

Bank

of

America

Corp.

,

Series

JJ,

(SOFR

+

3.55%),

5.12%,

6/20/2024(d)(e)(f)

2,910,000

3,091,875

Series

X,

(ICE

LIBOR

USD

3

Month

+

3.71%),

6.25%,

9/05/2024(e)(f)

1,240,000

1,372,432

4.45%,

3/3/2026

4,155,000

4,670,290

(ICE

LIBOR

USD

3

Month

+

1.51%),

3.71%,

4/24/2028(f)

3,125,000

3,418,109

(SOFR

+

2.15%),

2.59%,

4/29/2031(f)

4,605,000

4,595,386

Banque

Centrale

de

Tunisie

,

Reg.

S,

5.75%,

1/30/2025

200,000

174,054

BNP

Paribas

SA

,

(USD

Swap

Semi

5

Year

+

4.92%),

6.75%,

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

2,045,000

2,126,371

3.50%,

3/1/2023(b)

7,020,000

7,401,348

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%,

2/25/2031(b)(d)(e)(f)

1,290,000

1,281,937

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

4.23%),

5.90%,

2/15/2023(d)(e)(f)

1,235,000

1,305,420

Series

U,

(SOFR

+

3.81%),

5.00%,

9/12/2024(d)(e)(f)

1,239,000

1,276,542

Series

V,

(SOFR

+

3.23%),

4.70%,

1/30/2025(e)(f)

750,000

755,250

(ICE

LIBOR

USD

3

Month

+

0.90%),

3.35%,

4/24/2025(f)

5,475,000

5,859,396

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%,

12/10/2025(e)(f)

840,000

848,190

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(f)

2,080,000

2,286,301

Citizens

Financial

Group,

Inc.

,

Series

B,

(ICE

LIBOR

USD

3

Month

+

3.00%),

6.00%,

7/06/2023(e)(f)

2,650,000

2,726,187

Comerica,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.29%),

5.63%,

7/01/2025(e)(f)

1,305,000

1,437,131

Development

Bank

of

Japan,

Inc.

,

0.50%,

3/4/2024(b)

2,480,000

2,473,719

1.00%,

8/27/2030(b)

2,105,000

1,932,425

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Development

Bank

of

Japan,

Inc.,

1.25%,

1/28/2031(b)

3,320,000

3,105,004

Development

Bank

of

Mongolia

LLC

,

7.25%,

10/23/2023(b)

200,000

216,454

Fifth

Third

Bancorp

,

Series

H,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.10%,

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

2,560,000

2,592,696

Series

L,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.22%),

4.50%,

9/30/2025(e)(f)

655,000

695,610

Grupo

Aval

Ltd.

,

4.38%,

2/4/2030(b)

200,000

201,750

HSBC

Holdings

plc

,

(SOFR

+

1.73%),

2.01%,

9/22/2028(f)

4,085,000

4,014,155

Huntington

Bancshares,

Inc.

,

Series

E,

(ICE

LIBOR

USD

3

Month

+

2.88%),

5.70%,

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

2,285,000

2,319,275

Series

F,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.95%),

5.63%,

7/15/2030(e)(f)

700,000

778,050

ING

Groep

NV

,

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%,

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

1,000,000

1,104,400

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.34%),

5.75%,

11/16/2026(e)(f)

1,385,000

1,510,689

JPMorgan

Chase

&

Co.

,

Series

CC,

(ICE

LIBOR

USD

3

Month

+

2.58%),

4.62%,

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

1,430,000

1,412,125

Series

FF,

(SOFR

+

3.38%),

5.00%,

8/01/2024(d)(e)(f)

1,385,000

1,431,744

Series

HH,

(SOFR

+

3.13%),

4.60%,

2/01/2025(e)(f)

775,000

783,719

(ICE

LIBOR

USD

3

Month

+

1.16%),

3.22%,

3/1/2025(f)

9,650,000

10,295,378

(SOFR

+

1.51%),

2.74%,

10/15/2030(f)

4,550,000

4,624,256

(SOFR

+

1.07%),

1.95%,

2/4/2032(f)

4,610,000

4,369,183

(SOFR

+

1.51%),

2.53%,

11/19/2041(f)

2,385,000

2,184,529

M&T

Bank

Corp.

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

5.00%,

8/01/2024(d)(e)(f)

1,295,000

1,364,723

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

61

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

NBK

Tier

1

Financing

2

Ltd.

,

(USD

Swap

Semi

6

Year

+

2.83%),

4.50%,

8/27/2025(b)(e)(f)

200,000

207,684

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

715,812

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.49%,

12/14/2026(b)(f)

6,195,000

6,087,327

Truist

Bank

,

2.25%,

3/11/2030

2,210,000

2,156,412

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

2,291,125

Series

L,

(ICE

LIBOR

USD

3

Month

+

3.10%),

5.05%,

12/15/2024(d)(e)(f)

760,000

770,450

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

639,413

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.35%),

5.10%,

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

650,000

708,695

Turkiye

Vakiflar

Bankasi

TAO

,

6.50%,

1/8/2026(b)

200,000

191,431

Wells

Fargo

&

Co.

,

Series

S,

(ICE

LIBOR

USD

3

Month

+

3.11%),

5.90%,

6/15/2024(d)(e)(f)

1,290,000

1,370,947

Series

U,

(ICE

LIBOR

USD

3

Month

+

3.99%),

5.87%,

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

645,000

710,145

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%,

3/15/2026(e)(f)

1,335,000

1,348,217

(SOFR

+

2.00%),

2.19%,

4/30/2026(f)

1,680,000

1,733,894

(ICE

LIBOR

USD

3

Month

+

1.17%),

2.88%,

10/30/2030(f)

8,980,000

9,250,403

(SOFR

+

2.53%),

3.07%,

4/30/2041(f)

5,055,000

4,956,968

131,102,275

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

0.5%

Anheuser-Busch

Cos.

LLC

,

4.90%,

2/1/2046

6,770,000

8,087,062

Biotechnology

1.3%

AbbVie,

Inc.

,

2.30%,

11/21/2022

2,105,000

2,166,037

2.95%,

11/21/2026

12,930,000

13,766,322

4.25%,

11/21/2049

1,435,000

1,623,754

Gilead

Sciences,

Inc.

,

2.80%,

10/1/2050

2,675,000

2,377,497

19,933,610

Building

Products

0.6%

Carrier

Global

Corp.

,

2.49%,

2/15/2027(d)

4,710,000

4,864,011

2.72%,

2/15/2030

3,515,000

3,546,962

Cornerstone

Building

Brands,

Inc.

,

8.00%,

4/15/2026(b)(d)

415,000

432,140

6.13%,

1/15/2029(b)(d)

470,000

500,550

Standard

Industries,

Inc.

,

5.00%,

2/15/2027(b)

80,000

83,400

4.38%,

7/15/2030(b)(d)

425,000

428,825

Votorantim

Cimentos

International

SA

,

Reg.

S,

7.25%,

4/5/2041

200,000

256,640

10,112,528

Capital

Markets

2.6%

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(d)(e)(f)

1,425,000

1,543,916

Series

F,

(ICE

LIBOR

USD

3

Month

+

3.13%),

4.62%,

9/20/2026(e)(f)

1,395,000

1,471,725

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

1,704,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.29%),

5.10%,

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

1,705,000

1,643,620

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

1,725,840

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

1,210,123

62

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(ICE

LIBOR

USD

3

Month

+

1.20%),

3.27%,

9/29/2025(f)

2,200,000

2,360,754

Series

O,

(ICE

LIBOR

USD

3

Month

+

3.83%),

5.30%,

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

1,050,000

1,157,625

(SOFR

+

1.09%),

1.99%,

1/27/2032(d)(f)

4,720,000

4,479,493

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

401,973

Morgan

Stanley

,

3.63%,

1/20/2027

4,000,000

4,389,005

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(f)

2,705,000

2,958,567

(SOFR

+

1.14%),

2.70%,

1/22/2031(f)

7,235,000

7,361,818

(SOFR

+

1.02%),

1.93%,

4/28/2032(f)

4,630,000

4,373,985

UBS

Group

AG

,

Reg.

S,

(USD

Swap

Semi

5

Year

+

4.59%),

6.87%,

8/07/2025(e)(f)

2,205,000

2,487,218

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%,

2/10/2031(b)(d)(e)(f)

1,040,000

1,025,960

40,295,622

Chemicals

0.1%

NOVA

Chemicals

Corp.

,

4.88%,

6/1/2024(b)

355,000

370,975

5.25%,

6/1/2027(b)(d)

348,000

365,181

Sasol

Financing

USA

LLC

,

5.88%,

3/27/2024

400,000

424,240

4.38%,

9/18/2026

200,000

204,030

6.50%,

9/27/2028

200,000

215,100

Tronox

,

Inc.

,

4.63%,

3/15/2029(b)

290,000

290,362

1,869,888

Commercial

Services

&

Supplies

0.5%

APX

Group,

Inc.

,

7.63%,

9/1/2023

285,000

294,263

6.75%,

2/15/2027(b)(d)

245,000

262,816

Aramark

Services,

Inc.

,

6.38%,

5/1/2025(b)(d)

520,000

551,200

5.00%,

2/1/2028(b)(d)

795,000

825,011

Garda

World

Security

Corp.

,

8.75%,

5/15/2025(b)

325,000

340,031

9.50%,

11/1/2027(b)

259,000

286,680

Harsco

Corp.

,

5.75%,

7/31/2027(b)

530,000

542,587

IAA,

Inc.

,

5.50%,

6/15/2027(b)

695,000

728,881

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

KAR

Auction

Services,

Inc.

,

5.13%,

6/1/2025(b)(d)

875,000

890,794

Nielsen

Co.

Luxembourg

SARL

(The)

,

5.00%,

2/1/2025(b)(d)

640,000

654,400

Nielsen

Finance

LLC

,

5.00%,

4/15/2022(b)

26,000

26,005

5.63%,

10/1/2028(b)

445,000

467,806

5.88%,

10/1/2030(b)

290,000

314,288

Prime

Security

Services

Borrower

LLC

,

5.75%,

4/15/2026(b)

590,000

638,409

3.38%,

8/31/2027(b)

150,000

145,500

6.25%,

1/15/2028(b)

935,000

973,326

7,941,997

Communications

Equipment

0.2%

CommScope

Technologies

LLC

,

6.00%,

6/15/2025(b)

622,000

634,471

5.00%,

3/15/2027(b)(d)

560,000

554,753

CommScope

,

Inc.

,

6.00%,

3/1/2026(b)

80,000

84,295

8.25%,

3/1/2027(b)(d)

430,000

460,100

7.13%,

7/1/2028(b)(d)

650,000

690,352

2,423,971

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

860,880

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

260,485

IHS

Netherlands

Holdco

BV

,

8.00%,

9/18/2027(b)

200,000

215,000

Mexico

City

Airport

Trust

,

5.50%,

7/31/2047(b)

200,000

198,500

1,534,865

Consumer

Finance

1.1%

Avolon

Holdings

Funding

Ltd.

,

3.25%,

2/15/2027(b)

6,155,000

6,104,573

Capital

One

Financial

Corp.

,

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.80%),

3.99%,

6/01/2021(d)(e)(f)

4,525,000

4,502,375

Discover

Financial

Services

,

Series

C,

(ICE

LIBOR

USD

3

Month

+

3.08%),

5.50%,

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

3,050,000

3,165,290

Ford

Motor

Credit

Co.

LLC

,

4.69%,

6/9/2025(d)

235,000

249,412

5.13%,

6/16/2025

200,000

216,000

4.39%,

1/8/2026

725,000

762,026

5.11%,

5/3/2029

585,000

627,968

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

63

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Global

Aircraft

Leasing

Co.

Ltd.

,

6.50%,

9/15/2024(b)(g)

612,559

585,347

OneMain

Finance

Corp.

,

6.13%,

3/15/2024

350,000

378,000

8.88%,

6/1/2025

70,000

77,546

7.13%,

3/15/2026

335,000

386,372

17,054,909

Containers

&

Packaging

0.1%

Graham

Packaging

Co.,

Inc.

,

7.13%,

8/15/2028(b)

295,000

313,806

Intelligent

Packaging

Ltd.

Finco

,

Inc.

,

6.00%,

9/15/2028(b)

330,000

340,725

Mauser

Packaging

Solutions

Holding

Co.

,

7.25%,

4/15/2025(b)(d)

690,000

690,000

Reynolds

Group

Issuer,

Inc.

,

4.00%,

10/15/2027(b)(d)

280,000

274,400

Trident

TPI

Holdings,

Inc.

,

9.25%,

8/1/2024(b)

305,000

324,825

Trivium

Packaging

Finance

BV

,

8.50%,

8/15/2027(b)(c)

220,000

238,744

2,182,500

Distributors

0.1%

Performance

Food

Group,

Inc.

,

6.88%,

5/1/2025(b)

55,000

58,712

5.50%,

10/15/2027(b)

500,000

522,880

Univar

Solutions

USA,

Inc.

,

5.13%,

12/1/2027(b)

745,000

775,262

1,356,854

Diversified

Consumer

Services

0.0%

†

frontdoor

,

Inc.

,

6.75%,

8/15/2026(b)

260,000

276,575

Diversified

Financial

Services

0.2%

Charming

Light

Investments

Ltd.

,

Reg.

S,

4.38%,

12/21/2027

400,000

449,312

Gazprom

PJSC

,

5.15%,

2/11/2026(b)

391,000

427,879

Gtlk

Europe

Capital

DAC

,

Reg.

S,

4.95%,

2/18/2026

273,000

287,109

Reg.

S,

4.65%,

3/10/2027

200,000

202,720

MDGH

-

GMTN

BV

,

3.70%,

11/7/2049(b)

200,000

204,250

MPH

Acquisition

Holdings

LLC

,

5.75%,

11/1/2028(b)(d)

550,000

536,250

Power

Finance

Corp.

Ltd.

,

3.95%,

4/23/2030(b)

200,000

204,496

2,312,016

Diversified

Telecommunication

Services

2.2%

Altice

France

Holding

SA

,

6.00%,

2/15/2028(b)

665,000

655,218

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Altice

France

SA

,

7.38%,

5/1/2026(b)

610,000

634,461

8.13%,

2/1/2027(b)

355,000

389,115

5.50%,

1/15/2028(b)(d)

540,000

553,360

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

3,342,633

3.50%,

6/1/2041(d)

1,420,000

1,400,745

3.30%,

2/1/2052(d)

2,040,000

1,837,321

3.50%,

9/15/2053(b)

5,335,000

4,930,265

3.55%,

9/15/2055(b)

6,673,000

6,106,505

3.85%,

6/1/2060

1,235,000

1,180,938

CCO

Holdings

LLC

,

5.75%,

2/15/2026(b)

381,000

393,097

5.50%,

5/1/2026(b)

200,000

206,260

5.00%,

2/1/2028(b)

190,000

200,953

4.75%,

3/1/2030(b)

55,000

56,994

4.50%,

8/15/2030(b)

1,110,000

1,131,312

Frontier

Communications

Corp.

,

5.88%,

10/15/2027(b)(d)

310,000

328,600

5.00%,

5/1/2028(b)

220,000

224,043

6.75%,

5/1/2029(b)

330,000

348,051

Intelsat

Jackson

Holdings

SA

,

8.00%,

2/15/2024(b)(c)

735,000

760,725

Ooredoo

International

Finance

Ltd.

,

2.63%,

4/8/2031(b)

200,000

197,844

QualityTech

LP

,

3.88%,

10/1/2028(b)

185,000

184,075

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

195,000

245,889

8.75%,

3/15/2032

265,000

391,869

Verizon

Communications,

Inc.

,

1.50%,

9/18/2030

2,685,000

2,465,131

2.65%,

11/20/2040

1,185,000

1,082,913

3.70%,

3/22/2061

5,420,000

5,355,596

Virgin

Media

Finance

plc

,

5.00%,

7/15/2030(b)

585,000

584,269

35,188,182

Electric

Utilities

1.8%

ABY

Transmision

Sur

SA

,

6.88%,

4/30/2043(b)

193,820

258,994

Adani

Electricity

Mumbai

Ltd.

,

3.95%,

2/12/2030(b)

200,000

201,496

Comision

Federal

de

Electricidad

,

Reg.

S,

4.75%,

2/23/2027

200,000

219,400

3.35%,

2/9/2031(b)

200,000

192,202

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

5,310,000

5,956,115

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

3,660,000

3,611,938

Empresa

de

Transmision

Electrica

SA

,

5.13%,

5/2/2049(b)

400,000

439,000

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031

2,905,000

2,696,977

64

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Eskom

Holdings

SOC

Ltd.

,

Reg.

S,

6.75%,

8/6/2023

200,000

206,320

7.13%,

2/11/2025(b)

200,000

206,086

Evergy

,

Inc.

,

2.45%,

9/15/2024

1,490,000

1,560,022

FirstEnergy

Corp.

,

Series

C,

7.38%,

11/15/2031

45,000

60,174

Series

C,

5.35%,

7/15/2047(c)

450,000

505,428

Interstate

Power

and

Light

Co.

,

2.30%,

6/1/2030

1,790,000

1,765,574

Kentucky

Utilities

Co.

,

3.30%,

6/1/2050

2,345,000

2,281,794

NRG

Energy,

Inc.

,

3.63%,

2/15/2031(b)

490,000

477,750

Pacific

Gas

and

Electric

Co.

,

3.30%,

8/1/2040(d)

1,410,000

1,276,219

3.50%,

8/1/2050

4,235,000

3,674,986

Perusahaan

Listrik

Negara

PT

,

Reg.

S,

5.25%,

10/24/2042

200,000

221,000

Southwestern

Public

Service

Co.

,

Series

8,

3.15%,

5/1/2050

2,825,000

2,750,372

28,561,847

Electrical

Equipment

0.0%

†

EnerSys

,

4.38%,

12/15/2027(b)

385,000

393,663

Energy

Equipment

&

Services

0.1%

Archrock

Partners

LP

,

6.25%,

4/1/2028(b)

375,000

380,925

TechnipFMC

plc

,

6.50%,

2/1/2026(b)

465,000

486,549

USA

Compression

Partners

LP

,

6.88%,

4/1/2026

425,000

435,891

6.88%,

9/1/2027

85,000

87,550

1,390,915

Entertainment

0.1%

Lions

Gate

Capital

Holdings

LLC

,

5.50%,

4/15/2029(b)

495,000

495,054

Live

Nation

Entertainment,

Inc.

,

4.88%,

11/1/2024(b)

270,000

274,779

6.50%,

5/15/2027(b)

785,000

871,350

4.75%,

10/15/2027(b)

385,000

387,888

2,029,071

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Crown

Castle

International

Corp.

,

1.05%,

7/15/2026

1,655,000

1,602,415

2.10%,

4/1/2031(d)

1,655,000

1,562,610

EPR

Properties

,

4.50%,

6/1/2027

385,000

395,139

4.95%,

4/15/2028

340,000

349,961

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

EPR

Properties,

3.75%,

8/15/2029(d)

140,000

133,355

ESH

Hospitality,

Inc.

,

5.25%,

5/1/2025(b)

405,000

413,100

Essex

Portfolio

LP

,

2.65%,

3/15/2032

5,825,000

5,731,362

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(b)

440,000

450,175

5.25%,

3/15/2028(b)(d)

785,000

815,419

5.00%,

7/15/2028(b)

70,000

71,575

4.88%,

9/15/2029(b)(d)

110,000

111,369

5.25%,

7/15/2030(b)

215,000

221,837

5.63%,

7/15/2032(b)(d)

895,000

935,275

RHP

Hotel

Properties

LP

,

4.75%,

10/15/2027(d)

350,000

358,267

Uniti

Group

LP

,

6.00%,

4/15/2023(b)

480,000

487,800

7.13%,

12/15/2024(b)

345,000

354,919

7.88%,

2/15/2025(b)

785,000

848,385

6.50%,

2/15/2029(b)(d)

850,000

839,375

Ventas

Realty

LP

,

3.50%,

4/15/2024

6,105,000

6,579,608

22,261,946

Food

&

Staples

Retailing

0.8%

7-Eleven,

Inc.

,

1.80%,

2/10/2031(b)(d)

3,130,000

2,922,985

2.80%,

2/10/2051(b)

2,500,000

2,239,065

Cencosud

SA

,

4.38%,

7/17/2027(b)(d)

260,000

287,152

Reg.

S,

4.38%,

7/17/2027

200,000

220,886

Sysco

Corp.

,

6.60%,

4/1/2050(d)

5,100,000

7,366,291

Walmart,

Inc.

,

4.05%,

6/29/2048

20,000

23,682

13,060,061

Food

Products

0.9%

Kraft

Heinz

Foods

Co.

,

3.75%,

4/1/2030

5,575,000

5,917,008

5.20%,

7/15/2045

35,000

40,479

4.88%,

10/1/2049

5,265,000

5,905,291

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

590,000

587,775

Post

Holdings,

Inc.

,

5.75%,

3/1/2027(b)

100,000

105,176

5.63%,

1/15/2028(b)

780,000

820,739

4.63%,

4/15/2030(b)

705,000

706,763

4.50%,

9/15/2031(b)

345,000

341,205

14,424,436

Health

Care

Equipment

&

Supplies

0.2%

Ortho-Clinical

Diagnostics,

Inc.

,

7.38%,

6/1/2025(b)

216,000

232,221

7.25%,

2/1/2028(b)(d)

341,000

373,620

Stryker

Corp.

,

0.60%,

12/1/2023

2,350,000

2,351,447

2,957,288

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

1.6%

Acadia

Healthcare

Co.,

Inc.

,

5.50%,

7/1/2028(b)(d)

410,000

431,628

5.00%,

4/15/2029(b)

120,000

124,526

Centene

Corp.

,

3.38%,

2/15/2030

360,000

363,373

Cigna

Corp.

,

3.75%,

7/15/2023

5,207,000

5,568,617

2.40%,

3/15/2030

3,865,000

3,832,260

Community

Health

Systems,

Inc.

,

8.13%,

6/30/2024(b)

390,000

409,130

6.63%,

2/15/2025(b)

70,000

73,894

5.63%,

3/15/2027(b)

125,000

130,937

8.00%,

12/15/2027(b)(d)

350,000

383,656

6.00%,

1/15/2029(b)

135,000

142,762

6.88%,

4/15/2029(b)(d)

850,000

889,840

4.75%,

2/15/2031(b)

220,000

214,918

CVS

Health

Corp.

,

3.00%,

8/15/2026

3,045,000

3,253,747

1.75%,

8/21/2030

4,080,000

3,808,270

2.70%,

8/21/2040

690,000

635,436

DaVita,

Inc.

,

4.63%,

6/1/2030(b)

425,000

433,015

Envision

Healthcare

Corp.

,

8.75%,

10/15/2026(b)

215,000

159,100

HCA,

Inc.

,

7.69%,

6/15/2025

85,000

102,472

5.38%,

9/1/2026

690,000

777,975

5.63%,

9/1/2028

145,000

166,750

3.50%,

9/1/2030

175,000

176,482

Molina

Healthcare,

Inc.

,

3.88%,

11/15/2030(b)

180,000

185,175

Team

Health

Holdings,

Inc.

,

6.38%,

2/1/2025(b)(d)

660,000

581,579

Tenet

Healthcare

Corp.

,

6.75%,

6/15/2023(d)

340,000

368,526

4.63%,

6/15/2028(b)

90,000

92,248

6.13%,

10/1/2028(b)(d)

1,940,000

2,024,875

25,331,191

Hotels,

Restaurants

&

Leisure

0.9%

Boyd

Gaming

Corp.

,

6.38%,

4/1/2026

255,000

263,288

6.00%,

8/15/2026(d)

525,000

546,617

Caesars

Entertainment,

Inc.

,

6.25%,

7/1/2025(b)(d)

225,000

239,853

8.13%,

7/1/2027(b)(d)

770,000

849,114

Caesars

Resort

Collection

LLC

,

5.25%,

10/15/2025(b)

335,000

336,234

Carnival

Corp.

,

11.50%,

4/1/2023(b)

625,000

716,406

10.50%,

2/1/2026(b)

210,000

247,013

7.63%,

3/1/2026(b)(d)

365,000

392,120

5.75%,

3/1/2027(b)(d)

325,000

333,531

9.88%,

8/1/2027(b)

895,000

1,053,764

Cedar

Fair

LP

,

5.50%,

5/1/2025(b)

595,000

626,261

5.38%,

4/15/2027

615,000

630,375

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Hilton

Domestic

Operating

Co.,

Inc.

,

5.75%,

5/1/2028(b)(d)

580,000

624,237

Hilton

Worldwide

Finance

LLC

,

4.88%,

4/1/2027(d)

40,000

41,750

International

Game

Technology

plc

,

4.13%,

4/15/2026(b)

200,000

205,516

NCL

Corp.

Ltd.

,

3.63%,

12/15/2024(b)

395,000

372,781

5.88%,

3/15/2026(b)

270,000

272,700

NCL

Finance

Ltd.

,

6.13%,

3/15/2028(b)

460,000

468,625

Royal

Caribbean

Cruises

Ltd.

,

5.25%,

11/15/2022

270,000

278,005

10.88%,

6/1/2023(b)

70,000

80,521

11.50%,

6/1/2025(b)

880,000

1,026,300

5.50%,

4/1/2028(b)

205,000

206,025

Scientific

Games

International,

Inc.

,

5.00%,

10/15/2025(b)

175,000

181,247

8.25%,

3/15/2026(b)

330,000

353,925

7.00%,

5/15/2028(b)(d)

655,000

699,940

SeaWorld

Parks

&

Entertainment,

Inc.

,

9.50%,

8/1/2025(b)

185,000

201,063

Six

Flags

Entertainment

Corp.

,

5.50%,

4/15/2027(b)

715,000

740,919

Six

Flags

Theme

Parks,

Inc.

,

7.00%,

7/1/2025(b)

630,000

681,188

Wyndham

Hotels

&

Resorts,

Inc.

,

5.38%,

4/15/2026(b)(d)

115,000

117,587

4.38%,

8/15/2028(b)

370,000

374,255

Wynn

Las

Vegas

LLC

,

5.50%,

3/1/2025(b)(d)

1,063,000

1,123,059

5.25%,

5/15/2027(b)(d)

375,000

392,674

14,676,893

Household

Durables

0.1%

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(b)

260,000

287,300

5.75%,

1/15/2028(b)

465,000

512,221

5.13%,

8/1/2030(b)

180,000

191,250

TRI

Pointe

Group,

Inc.

,

5.25%,

6/1/2027

250,000

267,500

5.70%,

6/15/2028(d)

495,000

547,079

1,805,350

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Calpine

Corp.

,

4.50%,

2/15/2028(b)

735,000

741,174

5.13%,

3/15/2028(b)

590,000

592,744

4.63%,

2/1/2029(b)(d)

662,000

644,980

5.00%,

2/1/2031(b)

553,000

539,728

Talen

Energy

Supply

LLC

,

10.50%,

1/15/2026(b)

235,000

210,325

66

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Talen

Energy

Supply

LLC,

7.25%,

5/15/2027(b)

245,000

250,478

2,979,429

Industrial

Conglomerates

0.7%

General

Electric

Co.

,

5.88%,

1/14/2038

4,495,000

5,816,830

4.25%,

5/1/2040

760,000

834,185

4.35%,

5/1/2050

4,310,000

4,783,862

11,434,877

Insurance

0.2%

Alliant

Holdings

Intermediate

LLC

,

6.75%,

10/15/2027(b)(d)

830,000

883,427

AssuredPartners

,

Inc.

,

7.00%,

8/15/2025(b)

340,000

351,424

5.63%,

1/15/2029(b)

775,000

789,725

GTCR

AP

Finance,

Inc.

,

8.00%,

5/15/2027(b)(d)

255,000

273,806

HUB

International

Ltd.

,

7.00%,

5/1/2026(b)

705,000

732,079

3,030,461

Interactive

Media

&

Services

0.0%

†

Cars.com,

Inc.

,

6.38%,

11/1/2028(b)

115,000

119,887

Tencent

Holdings

Ltd.

,

3.24%,

6/3/2050(b)

216,000

198,891

318,778

IT

Services

0.3%

Endure

Digital,

Inc.

,

6.00%,

2/15/2029(b)

320,000

312,768

Fiserv,

Inc.

,

2.65%,

6/1/2030

1,364,000

1,373,717

International

Business

Machines

Corp.

,

3.30%,

5/15/2026

2,635,000

2,870,037

Presidio

Holdings,

Inc.

,

4.88%,

2/1/2027(b)

550,000

563,761

8.25%,

2/1/2028(b)

255,000

277,312

5,397,595

Machinery

0.1%

Terex

Corp.

,

5.63%,

2/1/2025(b)

780,000

801,941

5.00%,

5/15/2029(b)

340,000

351,968

1,153,909

Media

2.1%

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

3,880,000

4,046,663

2.80%,

4/1/2031

2,835,000

2,797,828

4.80%,

3/1/2050

1,720,000

1,845,071

3.70%,

4/1/2051(d)

2,565,000

2,399,056

Comcast

Corp.

,

2.35%,

1/15/2027

7,820,000

8,162,861

3.30%,

2/1/2027

2,740,000

2,989,747

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

CSC

Holdings

LLC

,

5.50%,

5/15/2026(b)

245,000

252,595

7.50%,

4/1/2028(b)

210,000

231,588

6.50%,

2/1/2029(b)

200,000

221,000

5.75%,

1/15/2030(b)

1,445,000

1,521,939

4.63%,

12/1/2030(b)

310,000

304,921

DISH

DBS

Corp.

,

7.75%,

7/1/2026

340,000

375,270

7.38%,

7/1/2028

355,000

372,413

Fox

Corp.

,

5.58%,

1/25/2049

2,745,000

3,499,358

Outfront

Media

Capital

LLC

,

5.00%,

8/15/2027(b)(d)

401,000

405,010

4.63%,

3/15/2030(b)

120,000

115,500

Radiate

Holdco

LLC

,

4.50%,

9/15/2026(b)

160,000

161,800

6.50%,

9/15/2028(b)

395,000

417,100

Sirius

XM

Radio,

Inc.

,

4.63%,

7/15/2024(b)

225,000

231,773

5.38%,

7/15/2026(b)

65,000

67,112

5.00%,

8/1/2027(b)

130,000

136,376

5.50%,

7/1/2029(b)

719,000

777,419

4.13%,

7/1/2030(b)(d)

646,000

646,743

Virgin

Media

Vendor

Financing

Notes

IV

DAC

,

5.00%,

7/15/2028(b)

440,000

447,700

32,426,843

Metals

&

Mining

0.3%

ArcelorMittal

SA

,

7.25%,

10/15/2039(c)

285,000

390,165

7.00%,

3/1/2041(c)(d)

95,000

129,628

Chinalco

Capital

Holdings

Ltd.

,

Reg.

S,

4.25%,

4/21/2022

200,000

203,543

Corp.

Nacional

del

Cobre

de

Chile

,

3.15%,

1/14/2030(b)

260,000

269,584

Reg.

S,

5.63%,

9/21/2035

100,000

129,258

CSN

Inova

Ventures

,

6.75%,

1/28/2028(b)

219,000

232,041

CSN

Resources

SA

,

7.63%,

4/17/2026(b)

200,000

212,478

First

Quantum

Minerals

Ltd.

,

6.88%,

3/1/2026(b)

405,000

419,175

Freeport-McMoRan,

Inc.

,

5.00%,

9/1/2027(d)

135,000

143,451

4.13%,

3/1/2028

70,000

73,584

5.25%,

9/1/2029(d)

245,000

267,913

4.25%,

3/1/2030

70,000

74,550

5.40%,

11/14/2034

385,000

458,348

5.45%,

3/15/2043

825,000

992,475

Hudbay

Minerals,

Inc.

,

4.50%,

4/1/2026(b)

190,000

197,469

6.13%,

4/1/2029(b)

250,000

266,875

Minera

Mexico

SA

de

CV

,

4.50%,

1/26/2050(b)

200,000

205,802

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

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

209,879

Nexa

Resources

SA

,

5.38%,

5/4/2027(b)

318,000

347,097

5,223,315

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(e)(f)

1,035,000

1,089,648

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(d)

2,645,000

2,610,510

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

3,120,000

2,870,294

6,570,452

Oil,

Gas

&

Consumable

Fuels

6.2%

Abu

Dhabi

Crude

Oil

Pipeline

LLC

,

Reg.

S,

4.60%,

11/2/2047

550,000

620,191

4.60%,

11/2/2047(b)

200,000

225,524

Antero

Midstream

Partners

LP

,

5.38%,

9/15/2024

290,000

292,538

7.88%,

5/15/2026(b)

420,000

451,718

5.75%,

3/1/2027(b)

195,000

195,043

5.75%,

1/15/2028(b)

660,000

660,000

Ascent

Resources

Utica

Holdings

LLC

,

7.00%,

11/1/2026(b)

670,000

669,581

9.00%,

11/1/2027(b)

115,000

146,050

8.25%,

12/31/2028(b)

100,000

104,000

Buckeye

Partners

LP

,

4.15%,

7/1/2023

30,000

30,787

4.13%,

3/1/2025(b)(d)

205,000

209,160

3.95%,

12/1/2026(d)

120,000

118,615

4.13%,

12/1/2027

75,000

74,063

4.50%,

3/1/2028(b)

430,000

431,075

5.85%,

11/15/2043

120,000

116,564

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

795,000

824,431

Comstock

Resources,

Inc.

,

9.75%,

8/15/2026(d)

279,000

303,413

6.75%,

3/1/2029(b)

611,000

626,275

DCP

Midstream

Operating

LP

,

3.88%,

3/15/2023

45,000

46,953

5.63%,

7/15/2027

290,000

314,844

(ICE

LIBOR

USD

3

Month

+

3.85%),

5.85%,

5/21/2043(b)(f)

90,000

80,137

5.60%,

4/1/2044

545,000

545,000

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Diamondback

Energy,

Inc.

,

3.13%,

3/24/2031(d)

3,530,000

3,524,160

Double

Eagle

III

Midco

1

LLC

,

7.75%,

12/15/2025(b)

355,000

379,041

Empresa

Nacional

del

Petroleo

,

Reg.

S,

4.50%,

9/14/2047

200,000

200,183

Energy

Transfer

Operating

LP

,

2.90%,

5/15/2025

2,930,000

3,049,011

Energy

Transfer

Partners

LP

,

4.50%,

11/1/2023

4,000,000

4,305,660

Enterprise

Products

Operating

LLC

,

4.25%,

2/15/2048

5,310,000

5,640,162

Series

E,

(ICE

LIBOR

USD

3

Month

+

3.03%),

5.25%,

8/16/2077(f)

2,500,000

2,493,037

EQM

Midstream

Partners

LP

,

6.00%,

7/1/2025(b)

100,000

107,625

4.13%,

12/1/2026

195,000

193,537

6.50%,

7/1/2027(b)

260,000

282,685

5.50%,

7/15/2028

465,000

488,129

4.50%,

1/15/2029(b)(d)

145,000

141,297

4.75%,

1/15/2031(b)

145,000

140,650

EQT

Corp.

,

5.00%,

1/15/2029

345,000

369,150

Exxon

Mobil

Corp.

,

4.23%,

3/19/2040

1,665,000

1,873,126

4.33%,

3/19/2050

3,120,000

3,581,114

Galaxy

Pipeline

Assets

Bidco

Ltd.

,

2.63%,

3/31/2036(b)

200,000

191,240

2.94%,

9/30/2040(b)

200,000

192,824

Genesis

Energy

LP

,

6.50%,

10/1/2025

115,000

112,729

6.25%,

5/15/2026

330,000

315,150

8.00%,

1/15/2027(d)

95,000

96,189

Harvest

Midstream

I

LP

,

7.50%,

9/1/2028(b)

280,000

300,916

Hilcorp

Energy

I

LP

,

6.25%,

11/1/2028(b)

125,000

128,750

5.75%,

2/1/2029(b)(d)

154,000

155,347

6.00%,

2/1/2031(b)

170,000

172,550

KazMunayGas

National

Co.

JSC

,

Reg.

S,

5.38%,

4/24/2030

1,200,000

1,419,891

5.38%,

4/24/2030(b)

299,000

353,789

3.50%,

4/14/2033(b)

297,000

303,871

5.75%,

4/19/2047(b)

200,000

237,020

Reg.

S,

5.75%,

4/19/2047

200,000

237,020

Kinder

Morgan,

Inc.

,

5.55%,

6/1/2045

2,120,000

2,535,123

Leviathan

Bond

Ltd.

,

Reg.

S,

6.75%,

6/30/2030(b)

105,286

115,415

Magellan

Midstream

Partners

LP

,

3.25%,

6/1/2030

2,270,000

2,376,472

Marathon

Oil

Corp.

,

4.40%,

7/15/2027(d)

1,710,000

1,882,401

68

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

,

4.70%,

5/1/2025

9,845,000

11,064,923

Matador

Resources

Co.

,

5.88%,

9/15/2026(d)

480,000

467,400

MPLX

LP

,

2.65%,

8/15/2030

6,175,000

6,051,227

4.50%,

4/15/2038

6,580,000

7,188,294

New

Fortress

Energy,

Inc.

,

6.50%,

9/30/2026(b)

835,000

841,263

Oil

and

Gas

Holding

Co.

BSCC

(The)

,

Reg.

S,

7.50%,

10/25/2027

630,000

702,286

Petrobras

Global

Finance

BV

,

5.09%,

1/15/2030

31,000

32,206

6.90%,

3/19/2049

290,000

317,550

6.90%,

3/19/2049

39,000

42,705

Petroleos

de

Venezuela

SA

,

Reg.

S,

6.00%,

5/16/2024(h)

322,820

14,043

Reg.

S,

+

0.00%),

6.00%,

11/15/2026(f)(h)

830,693

36,135

Reg.

S,

5.38%,

4/12/2027(h)

789,800

34,356

Petroleos

del

Peru

SA

,

4.75%,

6/19/2032(b)

200,000

210,900

4.75%,

6/19/2032(b)

200,000

210,900

Petroleos

Mexicanos

,

6.88%,

10/16/2025(b)

97,000

105,051

5.35%,

2/12/2028

690,000

670,956

6.50%,

1/23/2029

52,000

52,513

6.84%,

1/23/2030

83,000

84,237

5.95%,

1/28/2031

295,000

283,200

5.95%,

1/28/2031

140,000

134,400

6.75%,

9/21/2047

382,000

324,777

6.35%,

2/12/2048

267,000

219,941

6.35%,

2/12/2048

207,000

170,516

7.69%,

1/23/2050

116,000

107,300

6.95%,

1/28/2060

131,000

112,357

Phillips

66

,

1.30%,

2/15/2026

2,420,000

2,392,977

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031

4,585,000

4,334,733

Plains

All

American

Pipeline

LP

,

3.55%,

12/15/2029

2,075,000

2,068,897

Range

Resources

Corp.

,

4.88%,

5/15/2025(d)

250,000

247,500

9.25%,

2/1/2026

285,000

309,658

8.25%,

1/15/2029(b)

245,000

262,150

Saudi

Arabian

Oil

Co.

,

Reg.

S,

4.25%,

4/16/2039

950,000

1,024,839

4.25%,

4/16/2039(b)

200,000

215,755

Southern

Gas

Corridor

CJSC

,

Reg.

S,

6.88%,

3/24/2026

2,000,000

2,364,920

6.88%,

3/24/2026(b)

206,000

243,587

State

Oil

Co.

of

the

Azerbaijan

Republic

,

Reg.

S,

4.75%,

3/13/2023

500,000

526,750

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Summit

Midstream

Holdings

LLC

,

5.75%,

4/15/2025

270,000

220,050

Suncor

Energy,

Inc.

,

3.10%,

5/15/2025(d)

2,810,000

3,000,893

Tallgrass

Energy

Partners

LP

,

5.50%,

9/15/2024(b)

57,000

57,855

7.50%,

10/1/2025(b)

165,000

177,598

6.00%,

3/1/2027(b)(d)

220,000

222,200

5.50%,

1/15/2028(b)

85,000

83,015

6.00%,

12/31/2030(b)

185,000

182,872

Targa

Resources

Partners

LP

,

4.25%,

11/15/2023

205,000

205,820

5.38%,

2/1/2027

33,000

34,223

5.50%,

3/1/2030

635,000

666,750

Tengizchevroil

Finance

Co.

International

Ltd.

,

3.25%,

8/15/2030(b)

200,000

199,050

Transcanada

Trust

,

Series

16-A,

(ICE

LIBOR

USD

3

Month

+

4.64%),

5.87%,

8/15/2076(d)(f)

1,515,000

1,651,350

Western

Midstream

Operating

LP

,

4.35%,

2/1/2025(c)

105,000

108,675

5.30%,

2/1/2030(c)

560,000

608,093

6.50%,

2/1/2050(c)

10,000

10,812

Williams

Cos.,

Inc.

(The)

,

4.50%,

11/15/2023

1,955,000

2,128,972

98,010,656

Paper

&

Forest

Products

0.0%

†

Suzano

Austria

GmbH

,

6.00%,

1/15/2029

200,000

235,250

Pharmaceuticals

0.3%

Bausch

Health

Americas,

Inc.

,

8.50%,

1/31/2027(b)

225,000

249,610

Bausch

Health

Cos.,

Inc.

,

7.00%,

3/15/2024(b)

172,000

175,956

6.13%,

4/15/2025(b)

440,000

451,088

5.50%,

11/1/2025(b)

340,000

349,309

5.75%,

8/15/2027(b)

40,000

43,050

Viatris

,

Inc.

,

4.00%,

6/22/2050(b)

3,970,000

4,045,634

5,314,647

Professional

Services

0.1%

ASGN,

Inc.

,

4.63%,

5/15/2028(b)

670,000

691,226

Real

Estate

Management

&

Development

0.1%

Realogy

Group

LLC

,

4.88%,

6/1/2023(b)

100,000

102,750

7.63%,

6/15/2025(b)

275,000

300,245

9.38%,

4/1/2027(b)

585,000

647,878

5.75%,

1/15/2029(b)

870,000

858,037

1,908,910

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

69

Corporate

Bonds

Principal

Amount

($)

Value

($)

Road

&

Rail

0.1%

AerCap

Global

Aviation

Trust

,

(ICE

LIBOR

USD

3

Month

+

4.30%),

6.50%,

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

229,000

238,732

Avis

Budget

Car

Rental

LLC

,

4.75%,

4/1/2028(b)

885,000

900,487

5.38%,

3/1/2029(b)(d)

220,000

227,574

Watco

Cos.

LLC

,

6.50%,

6/15/2027(b)

230,000

242,420

1,609,213

Semiconductors

&

Semiconductor

Equipment

1.7%

Broadcom,

Inc.

,

3.15%,

11/15/2025

694,000

739,688

5.00%,

4/15/2030

4,730,000

5,390,858

2.45%,

2/15/2031(b)(d)

3,025,000

2,855,014

4.30%,

11/15/2032

4,475,000

4,872,096

3.42%,

4/15/2033(b)

4,411,000

4,423,633

3.50%,

2/15/2041(b)

490,000

469,294

Microchip

Technology,

Inc.

,

3.92%,

6/1/2021

7,250,000

7,291,903

ON

Semiconductor

Corp.

,

3.88%,

9/1/2028(b)

240,000

246,876

26,289,362

Software

1.2%

Fortinet,

Inc.

,

1.00%,

3/15/2026

3,405,000

3,329,077

Oracle

Corp.

,

3.65%,

3/25/2041

3,010,000

3,045,918

4.00%,

7/15/2046

2,510,000

2,584,024

3.60%,

4/1/2050

3,585,000

3,472,366

3.95%,

3/25/2051

2,295,000

2,365,833

3.85%,

4/1/2060

3,295,000

3,233,139

Solera

LLC

,

10.50%,

3/1/2024(b)

585,000

604,364

SS&C

Technologies,

Inc.

,

5.50%,

9/30/2027(b)

765,000

814,763

19,449,484

Specialty

Retail

0.2%

Asbury

Automotive

Group,

Inc.

,

4.75%,

3/1/2030

5,000

5,165

L

Brands,

Inc.

,

9.38%,

7/1/2025(b)

100,000

124,500

5.25%,

2/1/2028

140,000

150,150

6.63%,

10/1/2030(b)

495,000

565,191

PetSmart,

Inc.

,

4.75%,

2/15/2028(b)

170,000

173,861

7.75%,

2/15/2029(b)

660,000

714,417

Staples,

Inc.

,

7.50%,

4/15/2026(b)(d)

580,000

611,755

White

Cap

Buyer

LLC

,

6.88%,

10/15/2028(b)

125,000

132,711

2,477,750

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple,

Inc.

,

3.35%,

2/9/2027

2,545,000

2,796,113

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

2.38%,

2/8/2041

2,595,000

2,410,896

2.65%,

2/8/2051(d)

5,735,000

5,240,536

2.55%,

8/20/2060

2,035,000

1,751,027

Dell

International

LLC

,

5.45%,

6/15/2023(b)

4,880,000

5,333,141

6.02%,

6/15/2026(b)

1,800,000

2,130,924

6.20%,

7/15/2030(b)

590,000

732,606

20,395,243

Tobacco

1.1%

Altria

Group,

Inc.

,

3.40%,

2/4/2041(d)

3,535,000

3,279,888

BAT

Capital

Corp.

,

2.26%,

3/25/2028(d)

4,275,000

4,208,958

2.73%,

3/25/2031(d)

8,550,000

8,268,926

5.28%,

4/2/2050

1,960,000

2,153,779

17,911,551

Trading

Companies

&

Distributors

0.1%

Beacon

Roofing

Supply,

Inc.

,

4.88%,

11/1/2025(b)

975,000

996,938

Wireless

Telecommunication

Services

1.1%

Sprint

Corp.

,

7.13%,

6/15/2024

640,000

736,800

7.63%,

3/1/2026

315,000

385,780

T-Mobile

USA,

Inc.

,

2.05%,

2/15/2028(b)

2,985,000

2,926,852

2.63%,

2/15/2029

215,000

208,774

3.88%,

4/15/2030(b)

5,240,000

5,687,286

2.55%,

2/15/2031(b)

2,990,000

2,929,273

2.88%,

2/15/2031

550,000

531,575

4.38%,

4/15/2040(b)

2,975,000

3,305,404

16,711,744

Total

Corporate

Bonds

(cost

$712,159,547)

734,472,849

Foreign

Government

Securities

3.0%

ANGOLA

0.1%

Republic

of

Angola

,

Reg.

S,

8.25%,

5/9/2028(d)

200,000

191,580

Reg.

S,

8.00%,

11/26/2029

240,000

224,864

Reg.

S,

9.38%,

5/8/2048

1,000,000

940,800

Reg.

S,

9.13%,

11/26/2049

200,000

185,642

1,542,886

ARGENTINA

0.1%

Argentine

Republic

,

1.00%,

7/9/2029

128,076

45,915

0.12%,

1/9/2038(c)

1,780,588

650,947

0.12%,

7/9/2041(c)

1,840,000

633,531

1,330,393

ARMENIA

0.0%

†

Republic

of

Armenia

,

Reg.

S,

3.95%,

9/26/2029

200,000

189,028

70

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ARMENIA

Republic

of

Armenia

(continued)

Reg.

S,

3.60%,

2/2/2031

200,000

182,856

371,884

BELIZE

0.0%

†

Belize

Government

Bond

,

Reg.

S,

4.94%,

2/20/2034(c)(g)

228,931

88,599

BERMUDA

0.1%

Bermuda

Government

Bond

,

Reg.

S,

3.72%,

1/25/2027

200,000

217,000

Reg.

S,

4.75%,

2/15/2029

472,000

545,821

762,821

BRAZIL

0.1%

Federative

Republic

of

Brazil

,

3.88%,

6/12/2030

200,000

194,022

5.63%,

1/7/2041

520,000

540,722

State

of

Minas

Gerais

,

Reg.

S,

5.33%,

2/15/2028

280,000

303,800

1,038,544

CAMEROON

0.0%

†

Republic

of

Cameroon

,

Reg.

S,

9.50%,

11/19/2025

200,000

216,874

COLOMBIA

0.1%

Republic

of

Colombia

,

3.00%,

1/30/2030

208,000

203,709

7.38%,

9/18/2037

132,000

174,306

6.13%,

1/18/2041

290,000

344,366

5.00%,

6/15/2045

210,000

223,736

946,117

COSTA

RICA

0.1%

Republic

of

Costa

Rica

,

Reg.

S,

6.13%,

2/19/2031

205,000

206,027

Reg.

S,

7.16%,

3/12/2045

700,000

679,707

7.16%,

3/12/2045(b)

438,000

425,302

1,311,036

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond

,

Reg.

S,

5.30%,

1/21/2041

150,000

147,375

Reg.

S,

7.45%,

4/30/2044

100,000

117,750

Reg.

S,

6.85%,

1/27/2045

320,000

353,600

Reg.

S,

6.40%,

6/5/2049

150,000

156,975

Reg.

S,

5.88%,

1/30/2060

650,000

621,725

1,397,425

ECUADOR

0.1%

Republic

of

Ecuador

,

0.00%,

7/31/2030(b)

97,034

38,815

0.50%,

7/31/2030(b)(c)

396,900

231,198

Reg.

S,

0.50%,

7/31/2030(c)

310,000

180,578

0.50%,

7/31/2035(b)(c)

1,040,130

473,259

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ECUADOR

Republic

of

Ecuador

(continued)

0.50%,

7/31/2040(b)(c)(d)

476,700

206,173

1,130,023

EGYPT

0.1%

Arab

Republic

of

Egypt

,

Reg.

S,

7.60%,

3/1/2029

200,000

212,724

Reg.

S,

7.05%,

1/15/2032

200,000

197,137

Reg.

S,

7.63%,

5/29/2032

200,000

204,540

Reg.

S,

8.50%,

1/31/2047

400,000

397,520

Reg.

S,

7.90%,

2/21/2048

430,000

404,278

Reg.

S,

8.70%,

3/1/2049

600,000

600,797

Reg.

S,

7.50%,

2/16/2061

200,000

180,750

2,197,746

EL

SALVADOR

0.0%

†

Republic

of

El

Salvador

,

Reg.

S,

7.75%,

1/24/2023

80,000

83,600

Reg.

S,

8.63%,

2/28/2029

62,000

65,968

Reg.

S,

7.12%,

1/20/2050

152,000

135,660

Reg.

S,

9.50%,

7/15/2052

300,000

318,750

603,978

GHANA

0.1%

Republic

of

Ghana

,

Reg.

S,

7.75%,

4/7/2029

200,000

198,000

Reg.

S,

10.75%,

10/14/2030

530,000

659,585

Reg.

S,

8.63%,

4/7/2034

200,000

195,500

Reg.

S,

7.88%,

2/11/2035

200,000

185,756

Reg.

S,

8.88%,

5/7/2042

242,000

232,380

Reg.

S,

8.95%,

3/26/2051

200,000

189,132

1,660,353

INDONESIA

0.1%

Republic

of

Indonesia

,Reg

S

Reg.

S,

8.50%,

10/12/2035

940,000

1,469,009

Reg.

S,

7.75%,

1/17/2038

185,000

272,387

Reg.

S,

5.25%,

1/17/2042

440,000

525,762

2,267,158

ISRAEL

0.0%

†

State

of

Israel

Government

Bond

,

3.88%,

7/3/2050

200,000

219,826

IVORY

COAST

0.1%

Republic

of

Cote

d'Ivoire

,

Reg.

S,

5.75%,

12/31/2032(c)(d)

2,120,835

2,118,205

JAPAN

0.3%

Japan

Bank

for

International

Cooperation

,

0.63%,

7/15/2025

5,010,000

4,919,419

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

71

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

LEBANON

0.0%

†

Lebanese

Republic

,

Reg.

S,

6.60%,

11/27/2026(h)

595,000

68,544

Reg.

S,

6.65%,

2/26/2030(h)

46,000

5,268

8.25%,

5/17/2034(h)

742,000

83,163

156,975

MEXICO

0.3%

United

Mexican

States

,

2.66%,

5/24/2031

200,000

188,616

4.75%,

4/27/2032

3,615,000

4,025,303

5.00%,

4/27/2051

200,000

216,786

3.77%,

5/24/2061

200,000

176,850

5.75%,

10/12/2110

582,000

645,694

5,253,249

MONGOLIA

0.1%

State

of

Mongolia

,

Reg.

S,

8.75%,

3/9/2024

650,000

747,449

Reg.

S,

5.13%,

4/7/2026

200,000

213,480

960,929

NIGERIA

0.0%

†

Federal

Republic

of

Nigeria

,

5.63%,

6/27/2022

200,000

206,306

Reg.

S,

7.63%,

11/21/2025(d)

400,000

450,492

656,798

OMAN

0.1%

Sultanate

of

Oman

Government

Bond

,

Reg.

S,

6.50%,

3/8/2047

200,000

187,911

Reg.

S,

6.75%,

1/17/2048

549,000

522,988

Reg.

S,

7.00%,

1/25/2051

200,000

197,000

907,899

PANAMA

0.0%

†

Republic

of

Panama

,

8.88%,

9/30/2027(d)

400,000

551,216

2.25%,

9/29/2032

200,000

190,102

741,318

PARAGUAY

0.1%

Republic

of

Paraguay

,

Reg.

S,

4.95%,

4/28/2031(d)

735,000

830,557

Reg.

S,

6.10%,

8/11/2044

200,000

240,000

1,070,557

PERU

0.0%

†

Republic

of

Peru

,

8.75%,

11/21/2033(d)

360,000

560,700

560,700

QATAR

0.1%

State

of

Qatar

,

Reg.

S,

3.75%,

4/16/2030

230,000

257,025

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

QATAR

State

of

Qatar

(continued)

Reg.

S,

4.82%,

3/14/2049

1,000,000

1,223,840

1,480,865

ROMANIA

0.1%

Romania

Government

Bond

,

Reg.

S,

3.00%,

2/14/2031(d)

718,000

717,249

Reg.

S,

5.13%,

6/15/2048

290,000

327,484

1,044,733

RUSSIA

0.1%

Russian

Federation

,

Reg.

S,

4.25%,

6/23/2027

1,200,000

1,312,615

Reg.

S,

4.38%,

3/21/2029

400,000

437,000

Reg.

S,

7.50%,

3/31/2030(c)

9,897

11,429

1,761,044

SENEGAL

0.0%

†

Republic

of

Senegal

,

Reg.

S,

6.75%,

3/13/2048

400,000

380,040

SERBIA

0.0%

†

Republic

of

Serbia

,

Reg.

S,

2.13%,

12/1/2030

528,000

486,658

SOUTH

AFRICA

0.1%

Republic

of

South

Africa

,

4.85%,

9/30/2029

200,000

201,072

5.75%,

9/30/2049

602,000

553,930

755,002

SRI

LANKA

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka

,

Reg.

S,

5.88%,

7/25/2022

267,000

206,925

Reg.

S,

6.85%,

11/3/2025

617,000

384,551

Reg.

S,

6.20%,

5/11/2027

200,000

121,418

Reg.

S,

6.75%,

4/18/2028

1,207,000

732,577

Reg.

S,

7.85%,

3/14/2029

400,000

243,228

1,688,699

TURKEY

0.1%

Republic

of

Turkey

,

6.25%,

9/26/2022

200,000

202,870

7.25%,

12/23/2023

250,000

257,450

5.60%,

11/14/2024

224,000

219,112

6.38%,

10/14/2025

200,000

197,880

4.75%,

1/26/2026

200,000

185,974

6.00%,

3/25/2027

520,000

497,557

5.95%,

1/15/2031

358,000

324,098

Turkiye

Ihracat

Kredi

Bankasi

A/S

,

5.38%,

10/24/2023(b)

200,000

195,808

8.25%,

1/24/2024(b)

200,000

207,650

2,288,399

72

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

UKRAINE

0.2%

Ukraine

Government

Bond

,

Reg.

S,

7.75%,

9/1/2025

120,000

130,346

Reg.

S,

7.75%,

9/1/2027(d)

410,000

438,118

Reg.

S,

9.75%,

11/1/2028

1,200,000

1,397,109

Reg.

S,

7.38%,

9/25/2032

290,000

291,467

0.00%,

5/31/2040(a)(b)

228,000

234,840

Ukreximbank

,

9.63%,

4/27/2022(b)

60,000

61,932

2,553,812

UNITED

ARAB

EMIRATES

0.0%

†

United

Arab

Emirates

Government

Bond

,

Reg.

S,

2.70%,

9/2/2070

200,000

169,000

URUGUAY

0.0%

†

Oriental

Republic

of

Uruguay

,

4.38%,

1/23/2031

44,000

51,033

5.10%,

6/18/2050(d)

216,000

267,594

318,627

UZBEKISTAN

0.1%

Republic

of

Uzbekistan

,

Reg.

S,

4.75%,

2/20/2024

200,000

210,526

Reg.

S,

5.38%,

2/20/2029

600,000

655,488

866,014

VENEZUELA,

BOLIVARIAN

REPUBLIC

OF

0.0%

†

Bolivarian

Republic

of

Venezuela

,

Reg.

S,

8.25%,

10/13/2024(h)

542,900

55,104

Total

Foreign

Government

Securities

(cost

$49,294,759)

48,279,709

Mortgage-Backed

Securities

30.1%

FHLMC

Gold

Pool

Pool#

G13072

5.00%,

4/1/2023

828

870

Pool#

G13122

5.00%,

4/1/2023

364

382

Pool#

G13225

5.00%,

6/1/2023

8,862

9,308

Pool#

J08443

5.00%,

7/1/2023

3,960

4,159

Pool#

A24611

4.50%,

6/1/2034

1,197

1,314

Pool#

G08084

4.50%,

10/1/2035

16,916

18,885

Pool#

G08331

4.50%,

2/1/2039

1,762

1,977

Pool#

A84655

4.50%,

3/1/2039

98,764

111,398

Pool#

A86968

4.50%,

6/1/2039

7,685

8,623

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G05472

4.50%,

6/1/2039

3,145

3,529

Pool#

A89385

4.50%,

10/1/2039

4,085

4,583

Pool#

G05849

4.50%,

5/1/2040

230,418

258,541

Pool#

C03486

4.50%,

7/1/2040

2,603

2,921

Pool#

C03531

4.00%,

10/1/2040

428,119

469,751

Pool#

A94833

4.00%,

11/1/2040

1,759,351

1,948,640

Pool#

A95230

4.00%,

12/1/2040

630,322

698,144

Pool#

A96634

4.50%,

2/1/2041

72,406

80,521

Pool#

G08443

4.50%,

4/1/2041

330,733

371,053

Pool#

A97942

4.50%,

4/1/2041

101,905

114,329

Pool#

Q00876

4.50%,

5/1/2041

448,163

499,291

Pool#

G06956

4.50%,

8/1/2041

434,984

487,908

Pool#

Z40047

4.00%,

10/1/2041

114,154

125,100

Pool#

Q06344

4.00%,

2/1/2042

1,398,323

1,548,537

Pool#

G08479

3.50%,

3/1/2042

176,040

190,390

Pool#

C03795

3.50%,

4/1/2042

711,580

771,800

Pool#

Q08997

3.50%,

6/1/2042

431,290

469,113

Pool#

Q09004

3.50%,

6/1/2042

277,092

299,682

Pool#

C04008

4.00%,

6/1/2042

340,885

373,984

Pool#

C09004

3.50%,

7/1/2042

406,273

439,397

Pool#

G08500

3.50%,

7/1/2042

246,549

266,649

Pool#

G07083

4.00%,

7/1/2042

223,249

247,214

Pool#

Z40054

4.00%,

7/1/2042

162,773

179,275

Pool#

Q09896

3.50%,

8/1/2042

213,109

230,484

Pool#

Q11348

3.50%,

9/1/2042

967,169

1,051,743

Pool#

Q11095

3.50%,

9/1/2042

203,018

220,122

Pool#

Q12143

3.50%,

10/1/2042

133,679

144,989

Pool#

G07155

4.00%,

10/1/2042

283,723

312,228

Pool#

Q13765

4.00%,

12/1/2042

190,186

210,618

Pool#

Q16893

3.50%,

4/1/2043

275,858

299,970

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

73

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q18305

3.50%,

5/1/2043

155,667

168,321

Pool#

Q19476

3.50%,

6/1/2043

215,067

232,548

Pool#

Q19480

4.00%,

6/1/2043

930,657

1,021,144

Pool#

G07459

3.50%,

8/1/2043

499,012

541,100

Pool#

G08541

3.50%,

8/1/2043

413,243

446,666

Pool#

Q20860

3.50%,

8/1/2043

157,253

170,445

Pool#

V80509

4.00%,

10/1/2043

178,527

196,795

Pool#

G08558

4.00%,

11/1/2043

76,742

84,201

Pool#

G08559

4.50%,

11/1/2043

505,800

570,555

Pool#

G08582

4.00%,

4/1/2044

114,393

125,475

Pool#

G08583

4.50%,

4/1/2044

170,832

190,740

Pool#

Q26367

4.00%,

5/1/2044

89,211

98,314

Pool#

G08596

4.50%,

7/1/2044

584,490

654,019

Pool#

G07943

4.50%,

8/1/2044

5,128

5,745

Pool#

Q29697

3.50%,

11/1/2044

562,973

606,145

Pool#

Q45219

3.50%,

1/1/2045

566,484

607,017

Pool#

G07961

3.50%,

3/1/2045

445,667

480,140

Pool#

G08633

4.00%,

3/1/2045

1,314,230

1,445,571

Pool#

Q32070

4.00%,

3/1/2045

362,926

397,937

Pool#

G08636

3.50%,

4/1/2045

1,139,537

1,223,701

Pool#

Q35164

4.00%,

5/1/2045

471,036

519,164

Pool#

Q33869

4.00%,

6/1/2045

315,155

347,428

Pool#

G08659

3.50%,

8/1/2045

1,089,076

1,169,035

Pool#

V81992

4.00%,

10/1/2045

1,065,810

1,165,734

Pool#

Q36814

4.00%,

10/1/2045

621,724

678,254

Pool#

G08672

4.00%,

10/1/2045

505,109

551,402

Pool#

G08676

3.50%,

11/1/2045

917,072

984,927

Pool#

G08681

3.50%,

12/1/2045

403,588

433,091

Pool#

Q38473

4.00%,

1/1/2046

834,975

912,898

Pool#

Q38470

4.00%,

1/1/2046

353,780

385,710

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V82196

4.50%,

1/1/2046

224,646

249,480

Pool#

Q39644

3.50%,

3/1/2046

1,573,764

1,683,607

Pool#

G08693

3.50%,

3/1/2046

502,727

539,375

Pool#

Q39438

4.00%,

3/1/2046

679,453

742,279

Pool#

G08699

4.00%,

3/1/2046

603,932

657,644

Pool#

G08700

4.50%,

3/1/2046

244,309

271,161

Pool#

G08702

3.50%,

4/1/2046

744,025

797,577

Pool#

Q40718

3.50%,

5/1/2046

649,773

695,578

Pool#

Q40375

3.50%,

5/1/2046

268,658

287,217

Pool#

G08706

3.50%,

5/1/2046

262,320

282,854

Pool#

G08708

4.50%,

5/1/2046

60,261

66,667

Pool#

Q40728

4.50%,

5/1/2046

11,175

12,198

Pool#

Q45458

4.00%,

8/1/2046

1,402,381

1,531,403

Pool#

G08735

4.50%,

10/1/2046

202,253

224,082

Pool#

G08744

4.50%,

12/1/2046

641,934

709,555

Pool#

Q46279

3.50%,

2/1/2047

1,005,278

1,068,819

Pool#

Q46251

4.00%,

2/1/2047

517,336

561,683

Pool#

G08753

4.50%,

2/1/2047

174,824

192,987

Pool#

G08762

4.00%,

5/1/2047

1,384,498

1,496,585

Pool#

V83204

4.50%,

5/1/2047

375,753

410,244

Pool#

G08767

4.00%,

6/1/2047

1,495,499

1,616,586

Pool#

G08770

3.50%,

7/1/2047

463,412

493,612

Pool#

G08772

4.50%,

7/1/2047

14,958

16,328

Pool#

Q50035

3.50%,

8/1/2047

1,159,488

1,233,190

Pool#

G08775

4.00%,

8/1/2047

1,375,886

1,485,090

Pool#

G61228

4.00%,

8/1/2047

1,147,584

1,239,787

Pool#

G08779

3.50%,

9/1/2047

781,795

829,915

Pool#

Q51268

3.50%,

10/1/2047

1,348,527

1,431,476

Pool#

G08785

4.00%,

10/1/2047

1,508,783

1,628,255

Pool#

G61631

3.50%,

11/1/2047

2,314,784

2,471,508

74

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q52319

3.50%,

11/1/2047

918,298

974,488

Pool#

G61467

4.00%,

11/1/2047

1,408,335

1,516,752

Pool#

G08789

4.00%,

11/1/2047

954,084

1,030,742

Pool#

G61281

3.50%,

1/1/2048

1,318,516

1,409,997

Pool#

Q54463

4.00%,

2/1/2048

931,746

1,004,168

Pool#

V84282

4.50%,

6/1/2048

41,010

44,843

FHLMC

UMBS

Pool

Pool#

ZS4759

3.50%,

3/1/2048

1,247,310

1,320,180

Pool#

ZA6388

4.50%,

2/1/2049

2,375,855

2,584,490

Pool#

QA1790

3.00%,

8/1/2049

673,486

702,398

Pool#

SI2009

3.00%,

10/1/2049

2,475,000

2,593,653

Pool#

QA5549

3.00%,

12/1/2049

2,077,981

2,169,526

Pool#

QA7325

3.00%,

2/1/2050

2,179,280

2,274,150

Pool#

QA6750

3.00%,

2/1/2050

293,292

307,549

Pool#

QA8311

3.00%,

3/1/2050

1,971,068

2,065,559

Pool#

QB0098

2.50%,

6/1/2050

1,419,796

1,458,308

Pool#

QB0211

2.50%,

6/1/2050

93,029

95,552

Pool#

QB1457

2.50%,

7/1/2050

2,113,448

2,170,775

Pool#

RA2970

2.50%,

7/1/2050

1,524,231

1,569,848

Pool#

RA2480

2.50%,

7/1/2050

1,470,447

1,510,332

Pool#

SD8074

3.00%,

7/1/2050

2,357,596

2,462,888

Pool#

QB1146

3.00%,

7/1/2050

2,101,473

2,193,582

Pool#

QB2634

2.50%,

8/1/2050

2,123,114

2,180,703

Pool#

SD8091

2.50%,

9/1/2050

2,344,378

2,408,413

Pool#

SD8092

3.00%,

9/1/2050

2,266,727

2,363,138

Pool#

QB4785

2.50%,

10/1/2050

2,410,762

2,476,614

Pool#

QB6037

2.50%,

11/1/2050

1,348,227

1,385,055

Pool#

SD8128

2.00%,

2/1/2051

2,731,276

2,728,020

Pool#

SD8129

2.50%,

2/1/2051

3,645,518

3,745,538

Pool#

RA4527

2.50%,

2/1/2051

747,656

768,293

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

QB9401

2.00%,

3/1/2051

3,069,284

3,066,804

Pool#

SD8135

2.50%,

3/1/2051

2,255,792

2,316,980

FNMA

UMBS

Pool

Pool#

190404

4.50%,

5/1/2040

56,456

63,333

Pool#

AB1389

4.50%,

8/1/2040

266,134

298,393

Pool#

AE0691

4.50%,

10/1/2040

33,360

37,150

Pool#

AH3952

4.00%,

1/1/2041

1,557,137

1,723,231

Pool#

AH1560

4.00%,

1/1/2041

211,702

234,382

Pool#

AE0725

4.50%,

1/1/2041

54,093

60,666

Pool#

AL0791

4.00%,

2/1/2041

283,052

313,282

Pool#

AE0984

4.50%,

2/1/2041

10,625

11,907

Pool#

AH9471

4.50%,

4/1/2041

353,676

389,331

Pool#

AH4038

4.50%,

4/1/2041

347,549

391,829

Pool#

AI0213

4.50%,

4/1/2041

85,604

95,319

Pool#

AI1193

4.50%,

4/1/2041

44,213

49,586

Pool#

AI2468

4.50%,

5/1/2041

429,672

481,889

Pool#

AI4211

4.50%,

6/1/2041

259,818

292,918

Pool#

AI3506

4.50%,

6/1/2041

16,344

18,202

Pool#

AI8194

4.50%,

8/1/2041

276,381

307,804

Pool#

AB3505

4.00%,

9/1/2041

851,117

937,674

Pool#

AJ1414

4.50%,

9/1/2041

134,868

152,169

Pool#

FM0040

3.00%,

10/1/2041

1,199,129

1,266,823

Pool#

AL1319

4.50%,

10/1/2041

56,912

63,401

Pool#

AJ5269

4.00%,

11/1/2041

1,325,143

1,457,639

Pool#

AJ9278

3.50%,

12/1/2041

415,838

449,490

Pool#

AB4102

3.50%,

12/1/2041

139,623

150,923

Pool#

AX5302

4.00%,

1/1/2042

372,164

409,974

Pool#

AL4300

4.50%,

1/1/2042

183,547

206,569

Pool#

AK2818

4.50%,

1/1/2042

162,160

183,576

Pool#

AK2415

4.00%,

2/1/2042

416,281

458,666

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AK4520

4.00%,

3/1/2042

211,577

234,182

Pool#

AK6743

4.00%,

3/1/2042

74,587

82,178

Pool#

AK6568

3.50%,

4/1/2042

600,240

648,925

Pool#

AK6846

3.50%,

4/1/2042

439,635

476,647

Pool#

AK9393

3.50%,

4/1/2042

372,287

402,482

Pool#

AL4029

4.50%,

4/1/2042

176,195

198,352

Pool#

AP7363

4.00%,

10/1/2042

1,581,871

1,750,698

Pool#

AL3714

3.50%,

1/1/2043

647,118

699,448

Pool#

AQ9328

3.50%,

1/1/2043

136,618

148,501

Pool#

AB9046

3.50%,

4/1/2043

838,416

911,345

Pool#

AT2021

3.50%,

4/1/2043

573,735

621,886

Pool#

AT1001

3.50%,

4/1/2043

442,041

480,497

Pool#

AB9374

3.50%,

5/1/2043

441,163

479,540

Pool#

AT7207

3.50%,

6/1/2043

1,032,158

1,119,889

Pool#

AB9864

3.50%,

7/1/2043

302,285

328,580

Pool#

AS0212

3.50%,

8/1/2043

1,272,572

1,381,980

Pool#

AS0210

3.50%,

8/1/2043

841,958

915,202

Pool#

AU3742

3.50%,

8/1/2043

481,840

523,755

Pool#

AS0225

4.00%,

8/1/2043

1,422,979

1,568,079

Pool#

AU6857

4.00%,

9/1/2043

508,707

563,199

Pool#

AS0531

4.00%,

9/1/2043

327,774

361,195

Pool#

AS0358

4.00%,

9/1/2043

261,214

287,850

Pool#

MA1600

3.50%,

10/1/2043

695,473

751,154

Pool#

AS0657

4.00%,

10/1/2043

435,464

482,113

Pool#

AU4386

4.00%,

10/1/2043

150,904

165,480

Pool#

AU6939

4.50%,

10/1/2043

132,422

149,582

Pool#

AU9522

4.50%,

10/1/2043

65,050

73,356

Pool#

AU5057

4.00%,

11/1/2043

396,088

438,232

Pool#

AS1042

4.00%,

11/1/2043

113,016

124,346

Pool#

AV0691

4.00%,

12/1/2043

150,263

166,359

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AV0664

4.50%,

12/1/2043

634,354

716,731

Pool#

AS1559

4.00%,

1/1/2044

838,799

925,840

Pool#

AS1764

4.00%,

2/1/2044

191,194

211,535

Pool#

AW1847

4.50%,

4/1/2044

52,329

57,611

Pool#

AS2322

4.50%,

4/1/2044

15,610

17,568

Pool#

AS2276

4.50%,

4/1/2044

8,661

9,633

Pool#

MA1926

4.50%,

6/1/2044

363,066

407,930

Pool#

AW2478

4.50%,

6/1/2044

240,448

265,807

Pool#

AW9189

4.50%,

7/1/2044

116,431

126,676

Pool#

AL6223

4.50%,

8/1/2044

1,456,536

1,635,002

Pool#

AX2491

4.00%,

10/1/2044

326,161

357,536

Pool#

AS3656

4.50%,

10/1/2044

21,538

23,767

Pool#

AL6432

4.00%,

1/1/2045

885,254

979,385

Pool#

MA2145

4.00%,

1/1/2045

535,728

590,191

Pool#

AL6520

4.00%,

2/1/2045

2,059,911

2,268,875

Pool#

AZ1897

3.50%,

5/1/2045

403,705

433,587

Pool#

AS5175

3.50%,

6/1/2045

878,866

948,153

Pool#

AL9578

4.00%,

6/1/2045

584,785

643,297

Pool#

AZ0862

3.50%,

7/1/2045

508,568

545,877

Pool#

AZ7108

3.50%,

7/1/2045

175,016

187,215

Pool#

AZ0869

4.00%,

7/1/2045

425,822

465,743

Pool#

MA2415

4.00%,

10/1/2045

650,066

710,115

Pool#

CA2929

3.50%,

12/1/2045

1,287,828

1,382,365

Pool#

AS6400

4.00%,

12/1/2045

353,519

384,479

Pool#

AS6464

3.50%,

1/1/2046

742,450

799,529

Pool#

BA4782

4.00%,

1/1/2046

1,223,780

1,346,961

Pool#

BC4114

3.50%,

2/1/2046

1,509,869

1,619,638

Pool#

BC1105

3.50%,

2/1/2046

743,396

797,377

Pool#

BC0300

3.50%,

3/1/2046

141,726

151,585

Pool#

BC2495

4.00%,

3/1/2046

2,268,061

2,505,642

76

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6795

4.00%,

3/1/2046

559,506

606,342

Pool#

FM1370

3.00%,

4/1/2046

2,134,560

2,239,548

Pool#

BC0793

3.50%,

4/1/2046

1,779,084

1,907,700

Pool#

AS7248

4.00%,

5/1/2046

414,974

451,244

Pool#

AS7401

4.00%,

6/1/2046

931,982

1,012,566

Pool#

AS7580

3.00%,

7/1/2046

1,555,142

1,635,907

Pool#

AS7558

4.00%,

7/1/2046

460,590

499,624

Pool#

AS7801

3.50%,

8/1/2046

380,587

405,602

Pool#

MA2737

3.00%,

9/1/2046

1,455,595

1,530,739

Pool#

MA2771

3.00%,

10/1/2046

1,411,766

1,485,965

Pool#

AS8056

3.00%,

10/1/2046

891,251

937,001

Pool#

BM3932

3.50%,

10/1/2046

1,095,846

1,172,010

Pool#

AS8143

4.00%,

10/1/2046

885,306

961,684

Pool#

AS8144

4.00%,

10/1/2046

401,011

435,253

Pool#

AS8157

4.50%,

10/1/2046

96,036

106,318

Pool#

AS8269

3.00%,

11/1/2046

3,531,450

3,702,971

Pool#

BM3803

3.50%,

11/1/2046

779,748

832,668

Pool#

BE5067

3.50%,

11/1/2046

581,876

624,650

Pool#

MA2836

4.50%,

12/1/2046

363,122

399,696

Pool#

AS8659

4.00%,

1/1/2047

920,517

995,586

Pool#

AS8661

4.00%,

1/1/2047

876,992

947,931

Pool#

AS8699

4.00%,

1/1/2047

298,250

322,369

Pool#

MA2872

4.50%,

1/1/2047

360,825

399,226

Pool#

BE5475

3.50%,

2/1/2047

1,086,250

1,154,459

Pool#

BM3688

3.50%,

2/1/2047

757,346

810,734

Pool#

AS8807

3.50%,

2/1/2047

87,176

93,783

Pool#

FM1000

3.00%,

4/1/2047

3,984,014

4,173,735

Pool#

CA5843

3.00%,

4/1/2047

1,857,542

1,935,748

Pool#

MA2959

3.50%,

4/1/2047

2,014,214

2,150,355

Pool#

BM5784

3.50%,

5/1/2047

1,596,142

1,701,503

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM5347

3.50%,

5/1/2047

538,264

573,457

Pool#

BM5348

3.50%,

5/1/2047

388,179

412,673

Pool#

BE3619

4.00%,

5/1/2047

1,625,378

1,757,743

Pool#

MA2995

4.00%,

5/1/2047

162,891

176,392

Pool#

AS9829

3.50%,

6/1/2047

552,331

586,343

Pool#

AS9831

4.00%,

6/1/2047

2,164,319

2,338,228

Pool#

BE3702

4.00%,

6/1/2047

770,388

832,285

Pool#

BM5179

3.00%,

7/1/2047

937,021

985,811

Pool#

BE3767

3.50%,

7/1/2047

413,174

438,743

Pool#

BM1538

4.00%,

7/1/2047

2,111,724

2,287,886

Pool#

AS9975

4.00%,

7/1/2047

655,717

707,330

Pool#

CA0062

4.00%,

7/1/2047

579,810

625,566

Pool#

MA3058

4.00%,

7/1/2047

570,773

616,636

Pool#

CA0237

4.00%,

8/1/2047

1,563,806

1,686,962

Pool#

MA3088

4.00%,

8/1/2047

1,405,172

1,520,493

Pool#

BH4019

4.00%,

9/1/2047

1,646,361

1,778,983

Pool#

MA3121

4.00%,

9/1/2047

761,370

821,351

Pool#

BH9360

4.00%,

10/1/2047

671,968

735,039

Pool#

FM1467

3.00%,

12/1/2047

925,461

977,625

Pool#

BM2005

4.00%,

12/1/2047

923,589

995,674

Pool#

BM3392

4.00%,

1/1/2048

1,274,634

1,375,123

Pool#

CA4140

3.00%,

2/1/2048

946,819

989,810

Pool#

FM2897

3.00%,

2/1/2048

857,338

899,758

Pool#

BM3590

3.50%,

3/1/2048

804,127

859,249

Pool#

BJ0650

3.50%,

3/1/2048

692,446

732,777

Pool#

BM3900

4.00%,

4/1/2048

919,331

991,293

Pool#

BK4740

4.00%,

8/1/2048

382,307

410,451

Pool#

CA2194

4.00%,

8/1/2048

342,645

367,632

Pool#

FM1572

3.00%,

9/1/2048

2,922,012

3,071,756

Pool#

FM2385

3.00%,

9/1/2048

2,267,476

2,371,229

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM2915

3.00%,

11/1/2048

1,005,046

1,060,839

Pool#

BM5024

3.00%,

11/1/2048

917,569

956,118

Pool#

CA2922

3.00%,

12/1/2048

447,169

466,414

Pool#

FM1526

3.00%,

9/1/2049

189,037

197,112

Pool#

BO1464

3.50%,

10/1/2049

1,617,738

1,708,235

Pool#

BO8947

3.00%,

1/1/2050

1,583,130

1,652,879

Pool#

BO6164

3.00%,

1/1/2050

1,312,099

1,368,920

Pool#

BP2099

3.00%,

2/1/2050

2,978,965

3,110,369

Pool#

BP1424

3.00%,

3/1/2050

2,216,590

2,314,862

Pool#

FM4334

3.00%,

4/1/2050

2,862,465

2,996,652

Pool#

CA5519

3.00%,

4/1/2050

1,760,164

1,837,403

Pool#

BP6817

2.50%,

5/1/2050

86,200

88,538

Pool#

CA5668

3.00%,

5/1/2050

2,905,361

3,034,414

Pool#

CA5670

3.00%,

5/1/2050

2,708,757

2,828,064

Pool#

CA6291

3.00%,

7/1/2050

1,091,128

1,142,072

Pool#

BP9581

2.50%,

8/1/2050

2,115,545

2,187,193

Pool#

BK2829

2.50%,

8/1/2050

1,913,252

1,965,512

Pool#

BQ0188

3.00%,

8/1/2050

1,770,203

1,848,562

Pool#

BK3044

2.50%,

9/1/2050

3,417,979

3,511,343

Pool#

BP6716

2.50%,

9/1/2050

2,978,613

3,059,408

Pool#

MA4120

2.50%,

9/1/2050

2,121,158

2,178,694

Pool#

BQ5749

2.50%,

10/1/2050

2,428,898

2,498,602

Pool#

FM4640

2.50%,

11/1/2050

3,610,001

3,713,591

Pool#

FM5316

2.00%,

12/1/2050

1,888,661

1,887,572

Pool#

MA4237

2.00%,

1/1/2051

1,979,253

1,976,909

Pool#

CA8817

2.00%,

2/1/2051

4,124,438

4,122,055

Pool#

BQ4495

2.00%,

2/1/2051

2,994,060

2,990,506

Pool#

BR4515

2.00%,

2/1/2051

2,743,919

2,740,647

Pool#

BR4029

2.00%,

2/1/2051

2,493,319

2,492,187

Pool#

BQ4516

2.00%,

2/1/2051

2,491,665

2,490,225

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BR4051

2.00%,

2/1/2051

1,996,072

1,995,166

Pool#

BR2667

2.00%,

2/1/2051

1,996,005

1,994,392

Pool#

MA4256

2.50%,

2/1/2051

1,778,845

1,827,096

Pool#

MA4282

2.50%,

3/1/2051

1,346,017

1,382,527

Pool#

MA4325

2.00%,

4/1/2051

3,200,000

3,196,185

Pool#

MA4306

2.50%,

4/1/2051

3,750,000

3,851,718

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

4/25/2051

50,985,006

50,889,410

2.50%,

4/25/2051

46,360,000

47,573,329

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

741,719

797,381

Pool#

MA0783

3.50%,

2/20/2043

920,121

1,001,504

Pool#

MA2679

4.00%,

3/20/2045

15,643

17,304

Pool#

MA2892

3.50%,

6/20/2045

54,934

58,859

Pool#

MA3035

4.00%,

8/20/2045

29,306

32,161

Pool#

MA3106

4.00%,

9/20/2045

790,748

868,147

Pool#

MA3245

4.00%,

11/20/2045

841,159

924,379

Pool#

MA3663

3.50%,

5/20/2046

678,150

728,533

Pool#

MA3803

3.50%,

7/20/2046

326,956

348,152

Pool#

MA4262

3.50%,

2/20/2047

27,101

28,912

Pool#

MA4510

3.50%,

6/20/2047

1,103,446

1,173,343

Pool#

MA4586

3.50%,

7/20/2047

751,757

799,946

Pool#

MA4837

3.50%,

11/20/2047

1,333,010

1,421,521

Pool#

MA4962

3.50%,

1/20/2048

806,984

859,463

Pool#

MA6542

3.50%,

3/20/2050

243,231

256,696

Pool#

MA7192

2.00%,

2/20/2051

1,670,673

1,688,127

Pool#

MA7193

2.50%,

2/20/2051

1,545,422

1,595,191

Pool#

MA7254

2.00%,

3/20/2051

1,700,000

1,718,103

Pool#

MA7255

2.50%,

3/20/2051

2,975,000

3,072,877

Pool#

MA7311

2.00%,

4/20/2051

1,925,000

1,944,628

Pool#

MA7312

2.50%,

4/20/2051

3,000,000

3,098,305

78

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

TBA

2.00%,

4/15/2051

14,740,000

14,882,794

2.50%,

4/15/2051

33,900,000

34,977,914

Total

Mortgage-Backed

Securities

(cost

$470,077,198)

475,261,707

Supranational

0.9%

African

Export-Import

Bank

(The),

3.99%,

9/21/2029(b)

200,000

209,750

Banque

Ouest

Africaine

de

Developpement

(b)

5.00%,

7/27/2027

200,000

220,900

4.70%,

10/22/2031(b)

200,000

213,235

Eastern

&

Southern

African

Trade

&

Development

Bank,

4.88%,

5/23/2024

200,000

208,580

European

Investment

Bank,

0.63%,

10/21/2027

1,365,000

1,300,351

International

Bank

for

Reconstruction

&

Development

0.50%,

10/28/2025

3,870,000

3,799,322

0.75%,

11/24/2027

5,280,000

5,054,362

0.75%,

8/26/2030

3,450,000

3,132,575

Total

Supranational

(cost

$14,745,066)

14,139,075

U.S.

Government

Agency

Securities

2.2%

FHLB,

5.50%,

7/15/2036

7,955,000

11,477,658

FHLMC,

0.38%,

9/23/2025

1,965,000

1,929,361

FNMA

0.50%,

11/7/2025

2,245,000

2,210,836

0.75%,

10/8/2027

6,060,000

5,835,289

0.88%,

8/5/2030(d)

4,705,000

4,350,320

5.63%,

7/15/2037

3,060,000

4,505,295

Tennessee

Valley

Authority,

5.25%,

9/15/2039

3,000,000

4,114,235

Total

U.S.

Government

Agency

Securities

(cost

$33,077,910)

34,422,994

U.S.

Treasury

Obligations

5.9%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

14,435,000

11,778,058

3.00%,

5/15/2045

2,560,000

2,853,600

1.63%,

11/15/2050

(d)

11,085,000

9,236,922

U.S.

Treasury

Inflation

Linked

Bonds

2.13%,

2/15/2040

(

i

)

2,360,000

4,094,877

1.38%,

2/15/2044

(

i

)

2,945,000

4,316,954

0.25%,

2/15/2050

(d)(

i

)

8,150,000

8,658,457

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

1/15/2030

(

i

)

38,305,000

42,137,255

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Inflation

Linked

Bonds

U.S.

Treasury

Notes,

1.13%,

2/15/2031

(d)

10,140,000

9,580,716

Total

U.S.

Treasury

Obligations

(cost

$94,810,029)

92,656,839

Repurchase

Agreements

2.8%

Bank

of

America

NA

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$9,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$9,180,000.

(j)

9,000,000

9,000,000

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,509,012,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,539,191.

(j)

1,509,011

1,509,011

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$21,400,054,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$21,836,790.

(j)

21,400,000

21,400,000

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$12,000,010,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$12,244,908.

(j)

12,000,000

12,000,000

Total

Repurchase

Agreements

(cost

$43,909,011)

43,909,011

Total

Investments

(cost

$1,722,669,387)

—

111.1%

1,755,015,883

Liabilities

in

excess

of

other

assets

—

(11.1)%

(175,621,728)

NET

ASSETS

—

100.0%

$

1,579,394,155

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$310,457,588

which

represents

19.66%

of

net

assets.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$101,854,382,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$43,909,011

and

by

$60,954,370

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

4/1/2021

–

2/15/2051,

a

total

value

of

$104,863,381.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

March

31,

2021.

The

maturity

date

reflects

the

next

call

date.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(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

cash

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

March

31,

2021

was

$43,909,011.

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

80

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

1,673

6/2021

USD

206,445,586

(2,224,862)

U.S.

Treasury

10

Year

Note

15

6/2021

USD

1,964,063

(49,621)

U.S.

Treasury

3

Year

Note

101

6/2021

USD

23,420,164

(88,700)

U.S.

Treasury

Ultra

Bond

85

6/2021

USD

15,403,594

(445,586)

(2,808,769)

Short

Contracts

U.S.

Treasury

2

Year

Note

(113)

6/2021

USD

(24,942,102)

24,276

U.S.

Treasury

10

Year

Ultra

Note

(1,367)

6/2021

USD

(196,420,813)

5,298,674

U.S.

Treasury

Long

Bond

(32)

6/2021

USD

(4,947,000)

196,303

5,519,253

2,710,484

At

March

31,

2021,

the

Fund

had

$2,135,010

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Core

Plus

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

81

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

83,054,335

$

–

$

83,054,335

Collateralized

Mortgage

Obligations

–

131,235,661

–

131,235,661

Commercial

Mortgage-Backed

Securities

–

96,835,812

–

96,835,812

Convertible

Bond

–

747,891

–

747,891

Corporate

Bonds

–

734,472,849

–

734,472,849

Foreign

Government

Securities

–

48,279,709

–

48,279,709

Futures

Contracts

5,519,253

–

–

5,519,253

Mortgage-Backed

Securities

–

475,261,707

–

475,261,707

Repurchase

Agreements

–

43,909,011

–

43,909,011

Supranational

–

14,139,075

–

14,139,075

U.S.

Government

Agency

Securities

–

34,422,994

–

34,422,994

U.S.

Treasury

Obligations

–

92,656,839

–

92,656,839

Total

Assets

$

5,519,253

$

1,755,015,883

$

–

$

1,760,535,136

$

–

$

–

$

–

$

–

82

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Core

Plus

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(2,808,769)

$

–

$

–

$

(2,808,769)

Total

Liabilities

$

(2,808,769)

$

–

$

–

$

(2,808,769)

Total

$

2,710,484

$

1,755,015,883

$

–

$

1,757,726,367

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

$

5,519,253

Total

$

5,519,253

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(2,808,769)

Total

$

(2,808,769)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Government

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

83

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)

4,091,280

4,145,880

NextGear

Floorplan

Master

Owner

Trust

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

4,999,999

5,089,424

Series

2019-1A,

Class

A2,

3.21%,

2/15/2024(a)

4,500,000

4,609,934

13,845,238

Other

5.5%

CCG

Receivables

Trust,

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

3,974,232

4,025,210

New

Residential

Advance

Receivables

Trust

Advance

Receivables

Backed

Series

2020-T1,

Class

AT1,

1.43%,

8/15/2053(a)

2,180,000

2,184,907

Series

2020-T1,

Class

BT1,

1.82%,

8/15/2053(a)

250,000

250,840

Series

2020-T1,

Class

CT1,

2.27%,

8/15/2053(a)

250,000

251,227

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

400,000

401,254

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

2,200,000

2,203,294

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

200,000

199,650

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,266,835

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A2,

3.75%,

3/25/2058(a)(b)

5,900,000

6,330,314

Series

2018-3,

Class

A2,

3.88%,

5/25/2058(a)(b)

5,900,000

6,279,654

24,393,185

Total

Asset-Backed

Securities

(cost

$38,036,734)

38,238,423

Collateralized

Mortgage

Obligations

7.4%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

1,018,007

1,024,483

FHLMC

REMICS,

Series

2985,

Class

JR,

4.50%,

6/15/2025

1,598,220

1,682,478

FNMA

REMICS

REMICS

Series

2003-64,

Class

HQ,

5.00%,

7/25/2023

361,989

375,464

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

1993-149,

Class

M,

7.00%,

8/25/2023

104,324

110,105

Series

2005-40,

Class

YG,

5.00%,

5/25/2025

1,504,369

1,587,019

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

4,386,398

4,574,850

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

15,672,134

16,329,618

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

3,145,662

3,281,852

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(b)

1,177,222

1,252,151

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(b)

2,393,061

2,595,356

Total

Collateralized

Mortgage

Obligations

(cost

$31,525,859)

32,813,376

Corporate

Bonds

8.3%

Diversified

Financial

Services

8.3%

Private

Export

Funding

Corp.

,

Series

II,

2.05%,

11/15/2022

5,000,000

5,140,909

Series

GG,

2.45%,

7/15/2024

5,500,000

5,835,061

1.75%,

11/15/2024

10,000,000

10,384,545

Series

NN,

3.25%,

6/15/2025

14,000,000

15,236,124

Total

Corporate

Bonds

(cost

$34,442,171)

36,596,639

Mortgage-Backed

Securities

31.3%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

3,910,763

4,209,367

Pool#

G08881

3.50%,

6/1/2049

2,994,594

3,161,292

FHLMC

Non

Gold

Pool

Pool

#

847558

,

3.30%,

6/1/2035

(b)

896,334

940,344

FHLMC

UMBS

Pool

Pool#

QN1359

3.00%,

1/1/2035

4,466,129

4,716,447

Pool#

SB8083

1.50%,

1/1/2036

10,748,223

10,806,804

Pool#

SD8025

3.50%,

11/1/2049

6,508,715

6,869,464

Pool#

SD8030

3.00%,

12/1/2049

3,046,747

3,172,539

Pool#

SD8050

3.00%,

3/1/2050

4,438,927

4,628,174

Pool#

SD8080

2.00%,

6/1/2050

3,387,180

3,384,180

84

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Government

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

745684

2.33%,

4/1/2034(b)

1,557,299

1,638,195

Pool#

790760

2.13%,

9/1/2034(b)

555,033

564,562

Pool#

799144

1.79%,

4/1/2035(b)

283,618

286,778

Pool#

822705

2.87%,

4/1/2035(b)

270,512

270,683

Pool#

821377

2.65%,

5/1/2035(b)

285,027

286,731

Pool#

783609

2.83%,

5/1/2035(b)

461,302

462,573

Pool#

815217

2.93%,

5/1/2035(b)

600,879

604,567

Pool#

826181

2.38%,

7/1/2035(b)

675,223

683,868

Pool#

873932

6.31%,

8/1/2036

6,333,732

6,475,441

Pool#

745866

2.48%,

9/1/2036(b)

2,230,074

2,370,685

FNMA

UMBS

Pool

Pool#

MA4228

1.50%,

1/1/2036

5,900,992

5,931,327

Pool#

BM5426

3.00%,

12/1/2047

15,421,837

16,194,595

Pool#

CA1564

4.50%,

4/1/2048

2,984,678

3,258,665

Pool#

BM5267

4.50%,

12/1/2048

6,598,664

7,190,839

Pool#

MA3664

4.00%,

5/1/2049

3,203,838

3,435,392

Pool#

MA3746

4.00%,

8/1/2049

3,345,701

3,589,130

Pool#

BP5843

2.50%,

5/1/2050

7,405,282

7,606,149

Pool#

MA4096

2.50%,

8/1/2050

5,974,148

6,136,196

Pool#

MA4119

2.00%,

9/1/2050

6,001,683

5,994,528

Pool#

MA4183

2.50%,

11/1/2050

4,810,061

4,940,534

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

4/25/2051

4,000,000

3,864,375

2.00%,

4/25/2051

9,000,000

8,983,125

2.50%,

4/25/2051

3,000,000

3,078,516

GNMA

I

Pool

Pool#

748484

3.50%,

8/15/2025

115,191

123,001

Pool#

682492

3.50%,

10/15/2025

303,824

324,425

Pool#

719433

3.50%,

10/15/2025

243,870

260,405

Pool#

733504

3.50%,

11/15/2025

388,036

414,347

Pool#

682497

3.50%,

11/15/2025

328,956

351,261

Pool#

749618

3.50%,

11/15/2025

228,256

243,733

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

740930

3.50%,

11/15/2025

171,813

183,463

Pool#

742371

3.50%,

11/15/2025

99,786

106,552

Pool#

750403

3.50%,

11/15/2025

51,801

55,313

Pool#

705178

3.50%,

11/15/2025

49,438

52,790

Pool#

755650

3.50%,

12/15/2025

818,434

873,928

Pool#

682502

3.50%,

12/15/2025

267,229

285,349

Total

Mortgage-Backed

Securities

(cost

$137,056,719)

139,010,632

U.S.

Government

Agency

Securities

27.5%

FFCB

3.14%,

7/2/2026

13,500,000

14,979,845

2.75%,

11/6/2026

2,000,000

2,182,729

2.43%,

9/13/2027

22,000,000

23,625,155

1.95%,

11/27/2029

1,500,000

1,540,463

3.19%,

3/9/2033

2,475,000

2,807,023

FHLB

2.75%,

12/11/2026

11,500,000

12,545,737

3.00%,

12/11/2026

10,000,000

11,037,259

2.13%,

12/14/2029

2,590,000

2,685,500

Hashemite

Kingdom

of

Jordan

AID

Bond

2.58%,

6/30/2022

2,000,000

2,058,795

3.00%,

6/30/2025

2,125,000

2,281,078

Republic

of

Iraq

AID

Bond,

2.15%,

1/18/2022

10,000,000

10,146,197

Tennessee

Valley

Authority,

7.13%,

5/1/2030(c)

20,721,000

30,122,450

Ukraine

Government

AID

Bond,

1.47%,

9/29/2021

6,000,000

6,030,587

Total

U.S.

Government

Agency

Securities

(cost

$114,266,985)

122,042,818

U.S.

Treasury

Obligations

14.5%

U.S.

Treasury

Bonds

1.13%,

5/15/2040

2,000,000

1,631,875

2.50%,

2/15/2046

13,000,000

13,249,844

2.25%,

8/15/2046

8,500,000

8,248,652

1.25%,

5/15/2050

(c)

5,000,000

3,773,242

U.S.

Treasury

Inflation

Linked

Notes,

0.13%,

4/15/2021

(c)(d)

8,000,000

8,847,455

U.S.

Treasury

Notes

2.25%,

11/15/2025

5,500,000

5,856,855

1.63%,

5/15/2026

(e)

3,000,000

3,098,320

1.63%,

11/30/2026

8,000,000

8,227,500

0.50%,

5/31/2027

5,000,000

4,779,102

NVIT

Government

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

85

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

3.13%,

11/15/2028

6,000,000

6,709,922

Total

U.S.

Treasury

Obligations

(cost

$64,341,901)

64,422,767

Short-Term

Investment

1.9%

U.S.

Government

Agency

Security

1.9%

Resolution

Funding

Corp.,

1.30%,

1/15/2030(f)

10,000,000

8,431,701

Total

Short-Term

Investment

(cost

$8,938,324)

8,431,701

Repurchase

Agreements

1.9%

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,723,869,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,758,345.

(g)

1,723,868

1,723,868

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,700,010,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$3,775,520.

(g)

3,700,000

3,700,000

MetLife,

Inc.

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$800,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$816,327.

(g)

800,000

800,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$2,040,000.

(g)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$8,223,868)

8,223,868

Total

Investments

(cost

$436,832,561)

—

101.4%

449,780,224

Liabilities

in

excess

of

other

assets

—

(1.4)%

(6,172,109)

NET

ASSETS

—

100.0%

$

443,608,115

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$43,110,413

which

represents

9.72%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$20,441,690,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,223,868

and

by

$12,915,327

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

4/22/2021

–

2/15/2051,

a

total

value

of

$21,139,195.

(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

March

31,

2021

was

$8,223,868.

86

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Government

Bond

Fund

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

REMICS

Real

Estate

Mortgage

Investment

Conduits

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

80

6/2021

USD

12,367,500

(548,642)

U.S.

Treasury

Ultra

Bond

79

6/2021

USD

14,316,281

(849,865)

(1,398,507)

Short

Contracts

U.S.

Treasury

5

Year

Note

(160)

6/2021

USD

(19,743,750)

193,210

U.S.

Treasury

10

Year

Ultra

Note

(73)

6/2021

USD

(10,489,187)

409,879

603,089

(795,418)

Currency:

USD

United

States

Dollar

NVIT

Government

Bond

Fund

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

38,238,423

$

–

$

38,238,423

Collateralized

Mortgage

Obligations

–

32,813,376

–

32,813,376

Corporate

Bonds

–

36,596,639

–

36,596,639

Futures

Contracts

603,089

–

–

603,089

Mortgage-Backed

Securities

–

139,010,632

–

139,010,632

Repurchase

Agreements

–

8,223,868

–

8,223,868

Short-Term

Investment

–

8,431,701

–

8,431,701

U.S.

Government

Agency

Securities

–

122,042,818

–

122,042,818

U.S.

Treasury

Obligations

–

64,422,767

–

64,422,767

Total

Assets

$

603,089

$

449,780,224

$

–

$

450,383,313

$

–

$

–

$

–

$

–

88

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Government

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(1,398,507)

$

–

$

–

$

(1,398,507)

Total

Liabilities

$

(1,398,507)

$

–

$

–

$

(1,398,507)

Total

$

(795,418)

$

449,780,224

$

–

$

448,984,806

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

$

603,089

Total

$

603,089

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,398,507)

Total

$

(1,398,507)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Short

Term

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Asset-Backed

Securities

23.9%

Principal

Amount

($)

Value

($)

Airlines

1.2%

Air

Canada

Pass-Through

Trust,

Series

2015-1,

Class

B,

3.88%,

3/15/2023(a)

6,712,343

6,701,955

American

Airlines

Pass-

Through

Trust

Series

2015-1,

Class

B,

3.70%,

5/1/2023

2,059,438

1,920,110

Series

2015-2,

Class

B,

4.40%,

9/22/2023

2,776,464

2,623,150

Series

2016-3,

Class

B,

3.75%,

10/15/2025

2,571,973

2,421,008

United

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

B,

3.65%,

1/7/2026

7,430,556

7,337,447

21,003,670

Automobiles

2.0%

Credit

Acceptance

Auto

Loan

Trust

Series

2019-3A,

Class

A,

2.38%,

11/15/2028(a)

6,050,000

6,176,509

Series

2020-1A,

Class

A,

2.01%,

2/15/2029(a)

5,000,000

5,084,819

Flagship

Credit

Auto

Trust

Series

2019-3,

Class

A,

2.33%,

2/15/2024(a)

1,945,180

1,964,980

Series

2019-4,

Class

A,

2.17%,

6/17/2024(a)

1,729,557

1,749,715

Ford

Credit

Auto

Owner

Trust,

Series

2016-2,

Class

A,

2.03%,

12/15/2027(a)

5,000,000

5,017,568

Foursight

Capital

Automobile

Receivables

Trust

Series

2020-1,

Class

A2,

1.97%,

9/15/2023(a)

923,856

928,354

Series

2020-1,

Class

A3,

2.05%,

10/15/2024(a)

3,150,000

3,192,899

NextGear

Floorplan

Master

Owner

Trust

Series

2018-2A,

Class

A2,

3.69%,

10/15/2023(a)

1,666,667

1,696,475

Series

2019-2A,

Class

A2,

2.07%,

10/15/2024(a)

4,000,000

4,099,690

OneMain

Direct

Auto

Receivables

Trust,

Series

2018-1A,

Class

A,

3.43%,

12/16/2024(a)

6,089,309

6,129,931

36,040,940

Electric

Utilities

0.6%

AEP

Texas

Restoration

Funding

LLC,

Series

2019-1,

Class

A1,

2.06%,

2/1/2027

10,561,718

10,655,362

Home

Equity

1.8%

Citigroup

Mortgage

Loan

Trust,

Series

2007-

WFH1,

Class

M1,

0.37%,

1/25/2037(b)

5,322,471

5,315,851

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Home

Equity

Long

Beach

Mortgage

Loan

Trust,

Series

2005-

WL2,

Class

M2,

0.84%,

8/25/2035(b)

3,012,111

3,014,809

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-

NC1,

Class

A2C,

0.87%,

1/25/2035(b)

4,058,264

4,050,862

Park

Place

Securities,

Inc.

Asset-Backed

Pass-

Through

Certificates,

Series

2005-WCH1,

Class

M4,

1.35%,

1/25/2036(b)

1,232,784

1,237,359

RASC

Trust,

Series

2005-

KS12,

Class

M2,

0.80%,

1/25/2036(b)

11,515,248

11,484,332

Soundview

Home

Loan

Trust

Series

2005-CTX1,

Class

M3,

0.81%,

11/25/2035(b)

4,607,269

4,602,874

Series

2006-WF2,

Class

M1,

0.44%,

12/25/2036(b)

2,654,309

2,639,826

32,345,913

Other

18.3%

ALM

VII

Ltd.,

Series

2012-

7A,

Class

A1A2,

1.41%,

7/15/2029(a)(b)

19,000,000

19,002,413

American

Homes

4

Rent

Trust

Series

2014-SFR3,

Class

A,

3.68%,

12/17/2036(a)

3,533,624

3,803,267

Series

2015-SFR2,

Class

A,

3.73%,

10/17/2052(a)

10,379,218

11,233,309

AMMC

CLO

22

Ltd.

Series

2018-22A,

Class

A,

1.25%,

4/25/2031(a)(b)

5,000,000

4,984,885

Series

2018-22A,

Class

B,

1.67%,

4/25/2031(a)(b)

5,000,000

4,976,985

AMMC

CLO

XIII

Ltd.,

Series

2013-13A,

Class

A2LR,

1.92%,

7/24/2029(a)(b)

9,000,000

9,000,999

Apidos

CLO

XXXV

Series

2021-35A,

Class

A,

1.25%,

4/20/2034(a)(b)

7,600,000

7,607,790

Series

2021-35A,

Class

B,

1.60%,

4/20/2034(a)(b)

1,900,000

1,901,936

Ares

LVI

CLO

Ltd.,

Series

2020-56A,

Class

A1,

1.49%,

10/25/2031(a)(b)

2,700,000

2,703,243

ARES

XLIV

CLO

Ltd.

Series

2017-44A,

Class

A1R,

0.00%,

4/15/2034(a)

(b)

15,000,000

15,000,000

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series

2017-SPL1,

Class

A,

4.00%,

10/28/2064(a)(b)

2,937,273

3,038,893

90

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Bayview

Opportunity

Master

Fund

IVb

Trust

Series

2017-SPL2,

Class

A,

4.00%,

6/28/2054(a)(b)

3,391,032

3,508,796

Series

2017-SPL4,

Class

A,

3.50%,

1/28/2055(a)(b)

1,715,080

1,757,374

Carlyle

US

CLO

Ltd.

Series

2021-1A,

Class

A1,

1.33%,

4/15/2034(a)(b)

7,000,000

7,004,256

Series

2021-1A,

Class

A2,

1.64%,

4/15/2034(a)(b)

3,000,000

3,000,591

CCG

Receivables

Trust

Series

2018-2,

Class

A2,

3.09%,

12/15/2025(a)

1,052,043

1,059,364

Series

2019-1,

Class

A2,

2.80%,

9/14/2026(a)

2,510,719

2,542,924

Series

2019-2,

Class

A2,

2.11%,

3/15/2027(a)

4,504,929

4,562,704

Cedar

Funding

II

CLO

Ltd.

Series

2013-1A,

Class

A1R,

1.42%,

6/9/2030(a)(b)

10,000,000

10,001,520

Series

2013-1A,

Class

BR,

1.94%,

6/9/2030(a)(b)

7,000,000

7,006,762

Series

2013-1A,

Class

ARR,

0.00%,

4/20/2034(a)(b)

17,000,000

17,001,836

Cedar

Funding

VII

CLO

Ltd.,

Series

2018-7A,

Class

A1,

1.22%,

1/20/2031(a)(b)

3,000,000

3,000,210

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

A2,

1.57%,

10/17/2030(a)(b)

8,500,000

8,500,289

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2018-

RP1,

Class

A1,

3.00%,

9/25/2064(a)(b)

2,814,047

2,931,201

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

B,

1.92%,

7/18/2030(a)(b)

4,500,000

4,500,315

E3,

Series

2019-1,

Class

A,

3.10%,

9/20/2055(a)

1,939,572

1,951,805

FCI

Funding

LLC,

Series

2019-1A,

Class

A,

3.63%,

2/18/2031(a)

510,883

518,428

Federal

Express

Corp.

Pass-

Through

Trust,

Series

1998

6.72%,

1/15/2022

32,215

33,652

Golden

Bear

LLC,

Series

2016-1A,

Class

A,

3.75%,

9/20/2047(a)

924,043

954,925

GoldentTree

Loan

Management

US

CLO

1

Ltd.,

Series

2021-9A,

Class

A,

1.19%,

1/20/2033(a)(b)

19,500,000

19,506,123

Goodgreen

,

Series

2019-

2A,

Class

A,

2.76%,

10/15/2054(a)

7,511,512

7,620,391

Goodgreen

Trust,

Series

2017-1A,

Class

A,

3.74%,

10/15/2052(a)

377,175

390,788

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

HERO

Funding

Trust,

Series

2015-2A,

Class

A,

3.99%,

9/20/2040(a)

497,011

520,391

Invitation

Homes

Trust,

Series

2018-SFR3,

Class

A,

1.11%,

7/17/2037(a)(b)

4,543,551

4,552,047

Magnetite

XXVIII

Ltd.,

Series

2020-28A,

Class

A,

1.49%,

10/25/2031(a)(b)

10,600,000

10,617,002

Mill

City

Mortgage

Loan

Trust,

Series

2018-4,

Class

A1B,

3.50%,

4/25/2066(a)(b)

8,863,871

9,330,477

Neuberger

Berman

Loan

Advisers

CLO

32

Ltd.

Series

2019-32A,

Class

AR,

1.18%,

1/20/2032(a)(b)

2,000,000

1,999,202

Series

2019-32A,

Class

BR,

1.59%,

1/20/2032(a)(b)

1,000,000

999,419

Neuberger

Berman

Loan

Advisers

CLO

38

Ltd.,

Series

2020-38A,

Class

A,

1.52%,

10/20/2032(a)(b)

10,400,000

10,423,327

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

A,

1.25%,

4/16/2033(a)(b)

11,000,000

11,004,609

NRZ

Advance

Receivables

Trust

Series

2020-T3,

Class

AT3,

1.32%,

10/15/2052(a)

6,600,000

6,620,687

Series

2020-T3,

Class

BT3,

1.57%,

10/15/2052(a)

900,000

902,805

Series

2020-T2,

Class

AT2,

1.48%,

9/15/2053(a)

9,000,000

9,013,477

Series

2020-T2,

Class

BT2,

1.72%,

9/15/2053(a)

600,000

598,950

Owl

Rock

CLO

I

Ltd.,

Series

2019-1A,

Class

A,

1.98%,

5/20/2031(a)(b)

10,000,000

10,017,060

Renew

Series

2018-1,

Class

A,

3.95%,

9/20/2053(a)

2,793,423

2,990,868

Series

2017-2A,

Class

A,

3.22%,

9/22/2053(a)

2,508,397

2,551,378

Southwick

Park

CLO

LLC

Series

2019-4A,

Class

A1,

1.52%,

7/20/2032(a)(b)

14,500,000

14,513,340

Series

2019-4A,

Class

B1,

1.97%,

7/20/2032(a)(b)

2,500,000

2,502,445

Tax

Ease

Funding

LLC,

Series

2016-1A,

Class

A,

3.13%,

6/15/2028(a)

864,384

866,250

TLF

National

Tax

Lien

Trust,

Series

2017-1A,

Class

A,

3.09%,

12/15/2029(a)

40,346

40,602

Towd

Point

Mortgage

Trust

Series

2018-6,

Class

A1,

3.75%,

3/25/2058(a)(b)

3,309,806

3,472,953

NVIT

Short

Term

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

91

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

698,496

739,519

Series

2019-4,

Class

A1,

2.90%,

10/25/2059(a)(b)

7,581,610

7,903,287

Tricon

American

Homes

Trust

Series

2017-SFR2,

Class

A,

2.93%,

1/17/2036(a)

14,023,851

14,348,043

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

5,190,500

5,378,638

322,514,750

Total

Asset-Backed

Securities

(cost

$420,430,262)

422,560,635

Collateralized

Mortgage

Obligations

7.2%

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(b)

8,440,282

8,493,980

Chase

Mortgage

Finance

Corp.,

Series

2016-

SH1,

Class

M2,

3.75%,

4/25/2045(a)(b)

1,062,108

1,078,976

FHLMC

REMICS,

Series

3616,

Class

PA,

4.50%,

11/15/2039

8,332

8,384

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

4,086

4,132

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A2,

0.77%,

10/25/2035(b)

1,635,444

1,653,423

Mello

Warehouse

Securitization

Trust

Series

2019-1,

Class

A,

0.91%,

6/25/2052(a)(b)

6,700,000

6,703,471

Series

2019-1,

Class

B,

1.11%,

6/25/2052(a)(b)

1,430,000

1,430,950

MFA

Trust,

Series

2017-

RPL1,

Class

A1,

2.59%,

2/25/2057(a)(b)

2,754,444

2,786,496

Mill

City

Mortgage

Loan

Trust,

Series

2019-GS1,

Class

A1,

2.75%,

7/25/2059(a)(b)

7,572,873

7,816,875

New

Residential

Mortgage

Loan

Trust

Series

2016-2A,

Class

A1,

3.75%,

11/26/2035(a)(b)

6,868,694

7,274,789

Series

2014-3A,

Class

AFX3,

3.75%,

11/25/2054(a)

(b)

3,014,934

3,211,491

Series

2016-3A,

Class

A1,

3.75%,

9/25/2056(a)(b)

1,430,941

1,525,890

Series

2016-4A,

Class

A1,

3.75%,

11/25/2056(a)(b)

1,471,106

1,565,828

Series

2017-1A,

Class

A1,

4.00%,

2/25/2057(a)(b)

3,763,450

4,035,785

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2017-2A,

Class

A3,

4.00%,

3/25/2057(a)(b)

5,273,259

5,627,235

Series

2017-3A,

Class

A1,

4.00%,

4/25/2057(a)(b)

2,270,732

2,409,099

Series

2019-1A,

Class

A1,

4.00%,

9/25/2057(a)(b)

2,464,211

2,603,576

Series

2018-1A,

Class

A1A,

4.00%,

12/25/2057(a)(b)

3,827,085

4,085,390

Series

2019-2A,

Class

A1,

4.25%,

12/25/2057(a)(b)

5,917,756

6,277,801

Series

2018-5A,

Class

A1,

4.75%,

12/25/2057(a)(b)

4,115,580

4,347,829

Series

2018-2A,

Class

A1,

4.50%,

2/25/2058(a)(b)

1,508,997

1,609,576

Series

2018-3A,

Class

A1,

4.50%,

5/25/2058(a)(b)

9,138,892

9,904,962

Series

2019-3A,

Class

A1A,

3.75%,

11/25/2058(a)(b)

2,544,206

2,715,824

Series

2019-4A,

Class

A1B,

3.50%,

12/25/2058(a)(b)

5,941,526

6,250,947

Series

2019-6A,

Class

A1B,

3.50%,

9/25/2059(a)(b)

4,449,308

4,689,674

Series

2020-RPL1,

Class

A1,

2.75%,

11/25/2059(a)(b)

7,580,877

7,899,842

RALI

Trust,

Series

2003-

QS20,

Class

CB,

5.00%,

11/25/2018

29,635

30,950

Sequoia

Mortgage

Trust,

Series

2017-CH1,

Class

A2,

3.50%,

8/25/2047(a)(b)

548,847

556,777

Visio

Trust

Series

2019-1,

Class

A1,

3.57%,

6/25/2054(a)(b)

10,753,688

10,823,734

Series

2019-2,

Class

A1,

2.72%,

11/25/2054(a)(b)

10,435,309

10,705,449

Total

Collateralized

Mortgage

Obligations

(cost

$125,100,515)

128,129,135

Commercial

Mortgage-Backed

Securities

0.2%

AOA

Mortgage

Trust

,

Series

2015-1177,

Class

A,

2.96%,

12/13/2029(a)

4,000,000

4,029,269

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2013-C8,

Class

XA,

IO,

0.97%,

12/15/2048(b)

20,682,586

261,753

Total

Commercial

Mortgage-Backed

Securities

(cost

$4,271,370)

4,291,022

Corporate

Bonds

19.6%

Aerospace

&

Defense

0.2%

Raytheon

Technologies

Corp.

,

3.65%,

8/16/2023

2,596,000

2,777,168

92

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

0.5%

Daimler

Finance

North

America

LLC

,

3.65%,

2/22/2024(a)

5,000,000

5,392,061

2.70%,

6/14/2024(a)

3,000,000

3,159,207

8,551,268

Banks

2.7%

Bank

of

America

Corp.

,

(ICE

LIBOR

USD

3

Month

+

1.16%),

1.38%,

1/20/2023(d)

5,000,000

5,039,100

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(d)

8,623,000

8,968,307

Citigroup,

Inc.

,

4.40%,

6/10/2025

7,000,000

7,778,557

Citizens

Financial

Group,

Inc.

,

2.64%,

9/30/2032(a)

2,075,000

1,986,813

Cooperatieve

Rabobank

UA

,

3.95%,

11/9/2022

7,770,000

8,181,121

4.63%,

12/1/2023

2,386,000

2,614,852

ING

Groep

NV

,

3.15%,

3/29/2022(e)

5,000,000

5,137,777

Wells

Fargo

&

Co.

,

4.13%,

8/15/2023

7,000,000

7,572,778

47,279,305

Beverages

0.8%

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.15%,

1/23/2025

6,950,000

7,723,569

Bacardi

Ltd.

,

4.45%,

5/15/2025(a)(e)

5,000,000

5,558,298

13,281,867

Biotechnology

0.7%

AbbVie,

Inc.

,

3.45%,

3/15/2022

10,000,000

10,230,450

2.60%,

11/21/2024

2,000,000

2,111,597

12,342,047

Building

Products

0.2%

Carrier

Global

Corp.

,

2.24%,

2/15/2025

3,750,000

3,882,930

Capital

Markets

1.6%

Goldman

Sachs

Group,

Inc.

(The)

,

5.25%,

7/27/2021

4,000,000

4,061,694

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(d)

7,000,000

7,187,753

3.75%,

5/22/2025

2,000,000

2,183,289

MSCI,

Inc.

,

5.38%,

5/15/2027(a)

1,870,000

1,999,965

UBS

Group

AG

,

2.65%,

2/1/2022(a)

9,000,000

9,170,674

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

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

4,000,000

4,023,256

28,626,631

Chemicals

0.2%

Ashland

LLC

,

4.75%,

8/15/2022(c)

1,810,000

1,877,875

CF

Industries,

Inc.

,

3.45%,

6/1/2023

1,820,000

1,898,510

3,776,385

Consumer

Finance

0.1%

Ford

Motor

Credit

Co.

LLC

,

3.81%,

1/9/2024

1,850,000

1,907,813

Containers

&

Packaging

0.4%

Ball

Corp.

,

4.00%,

11/15/2023

2,420,000

2,572,762

Berry

Global,

Inc.

,

5.13%,

7/15/2023

2,320,000

2,346,100

Crown

Americas

LLC

,

4.50%,

1/15/2023

920,000

967,725

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,000,000

1,957,500

7,844,087

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

,

2.55%,

12/1/2033(a)

1,992,000

1,891,187

CCO

Holdings

LLC

,

5.75%,

2/15/2026(a)(e)

1,238,000

1,277,306

Lumen

Technologies,

Inc.

,

Series

T,

5.80%,

3/15/2022

1,380,000

1,428,438

4,596,931

Electric

Utilities

0.9%

Alliant

Energy

Finance

LLC

,

1.40%,

3/15/2026(a)

4,650,000

4,561,454

Evergy

,

Inc.

,

5.29%,

6/15/2022(c)

11,510,000

12,011,367

16,572,821

Electrical

Equipment

0.1%

Sensata

Technologies

BV

,

4.88%,

10/15/2023(a)

1,880,000

2,013,668

Entertainment

0.2%

Walt

Disney

Co.

(The)

,

3.70%,

3/23/2027

3,250,000

3,627,250

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Corporate

Office

Properties

LP

,

2.25%,

3/15/2026

2,015,000

2,047,584

MGM

Growth

Properties

Operating

Partnership

LP

,

5.63%,

5/1/2024

1,870,000

2,007,199

NVIT

Short

Term

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

93

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Spirit

Realty

LP

,

2.10%,

3/15/2028

1,500,000

1,458,395

5,513,178

Food

Products

0.3%

Kraft

Heinz

Foods

Co.

,

3.00%,

6/1/2026

4,625,000

4,867,097

Health

Care

Providers

&

Services

0.6%

CVS

Health

Corp.

,

3.70%,

3/9/2023

4,646,000

4,930,648

3.63%,

4/1/2027

4,000,000

4,390,282

HCA,

Inc.

,

5.88%,

5/1/2023

1,830,000

1,992,550

11,313,480

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

5.00%,

10/15/2026(a)

1,870,000

1,942,462

Hotels,

Restaurants

&

Leisure

0.1%

International

Game

Technology

plc

,

4.13%,

4/15/2026(a)

1,000,000

1,027,580

Household

Durables

0.1%

Newell

Brands,

Inc.

,

4.35%,

4/1/2023(c)

1,870,000

1,972,850

Insurance

1.2%

Five

Corners

Funding

Trust

,

4.42%,

11/15/2023(a)

7,577,000

8,311,706

MassMutual

Global

Funding

II

,

0.85%,

6/9/2023(a)

7,000,000

7,058,354

Principal

Life

Global

Funding

II

,

2.25%,

11/21/2024(a)

6,000,000

6,264,653

21,634,713

Machinery

0.1%

Amsted

Industries,

Inc.

,

5.63%,

7/1/2027(a)

1,850,000

1,963,313

Media

1.1%

Charter

Communications

Operating

LLC

,

4.91%,

7/23/2025

6,000,000

6,801,880

Comcast

Corp.

,

3.70%,

4/15/2024

7,500,000

8,190,961

CSC

Holdings

LLC

,

5.50%,

4/15/2027(a)

1,870,000

1,964,154

Sirius

XM

Radio,

Inc.

,

4.63%,

7/15/2024(a)

1,860,000

1,915,986

18,872,981

Oil,

Gas

&

Consumable

Fuels

3.0%

Aker

BP

ASA

,

4.75%,

6/15/2024(a)

17,000,000

17,434,615

BP

Capital

Markets

America,

Inc.

,

3.79%,

2/6/2024

5,000,000

5,424,013

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

BP

Capital

Markets

plc

,

3.81%,

2/10/2024

3,975,000

4,332,722

Continental

Resources,

Inc.

,

4.50%,

4/15/2023

2,810,000

2,910,317

DCP

Midstream

Operating

LP

,

3.88%,

3/15/2023

1,190,000

1,241,646

Marathon

Oil

Corp.

,

3.85%,

6/1/2025

3,000,000

3,214,470

MPLX

LP

,

4.25%,

12/1/2027

2,500,000

2,810,439

Occidental

Petroleum

Corp.

,

2.70%,

2/15/2023

1,840,000

1,835,805

ONEOK,

Inc.

,

6.35%,

1/15/2031(e)

2,000,000

2,511,207

Sabine

Pass

Liquefaction

LLC

,

5.75%,

5/15/2024

4,000,000

4,513,388

Targa

Resources

Partners

LP

,

4.25%,

11/15/2023

1,860,000

1,867,440

Williams

Cos.,

Inc.

(The)

,

3.90%,

1/15/2025

4,500,000

4,873,048

52,969,110

Pharmaceuticals

1.8%

Bristol-Myers

Squibb

Co.

,

2.90%,

7/26/2024(e)

5,676,000

6,064,566

Royalty

Pharma

plc

,

0.75%,

9/2/2023(a)

9,957,000

9,947,110

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

10,210,000

10,728,262

Viatris

,

Inc.

,

1.65%,

6/22/2025(a)

5,000,000

5,017,661

31,757,599

Professional

Services

0.3%

Equifax,

Inc.

,

2.60%,

12/1/2024

5,000,000

5,281,324

Road

&

Rail

0.4%

Ashtead

Capital,

Inc.

,

4.13%,

8/15/2025(a)

7,500,000

7,693,725

Semiconductors

&

Semiconductor

Equipment

0.2%

QUALCOMM,

Inc.

,

1.30%,

5/20/2028

4,200,000

4,020,533

Technology

Hardware,

Storage

&

Peripherals

0.1%

EMC

Corp.

,

3.38%,

6/1/2023

930,000

958,263

HP,

Inc.

,

3.40%,

6/17/2030(e)

562,000

586,696

1,544,959

Textiles,

Apparel

&

Luxury

Goods

0.1%

Hanesbrands,

Inc.

,

5.38%,

5/15/2025(a)

1,860,000

1,968,113

Thrifts

&

Mortgage

Finance

0.6%

BPCE

SA

,

4.00%,

9/12/2023(a)

3,000,000

3,233,520

94

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Thrifts

&

Mortgage

Finance

BPCE

SA,

5.70%,

10/22/2023(a)

6,800,000

7,597,947

10,831,467

Trading

Companies

&

Distributors

0.1%

United

Rentals

North

America,

Inc.

,

5.88%,

9/15/2026

1,840,000

1,925,100

Wireless

Telecommunication

Services

0.2%

T-Mobile

USA,

Inc.

,

4.00%,

4/15/2022

1,870,000

1,909,775

2.63%,

4/15/2026(e)

1,000,000

1,018,800

2,928,575

Total

Corporate

Bonds

(cost

$338,146,900)

347,108,330

Exchange

Traded

Fund

0.6%

Shares

Debt

Funds

0.6%

iShares

Trust

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF(e)

186,220

10,182,510

Total

Exchange

Traded

Fund

(cost

$10,011,187)

10,182,510

Loan

Participations

0.6%

Principal

Amount

($)

Software

0.6%

Open

Text

Corp.,

1st

Lien

Term

Loan

B,

(ICE

LIBOR

USD

+

1.75%),

1.75%,

5/30/2025

(d)

938,163

937,769

TIBCO

Software,

Inc.,

1st

Lien

Term

Loan,

(ICE

LIBOR

USD

1

Month

+

3.75%),

3.75%,

6/30/2026

(d)

9,459,560

9,326,559

10,264,328

0

Total

Loan

Participations

(cost

$10,203,229)

10,264,328

Mortgage-Backed

Securities

12.4%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

2.01%,

6/1/2037(b)

266,208

280,696

Pool#

1B3601

2.57%,

10/1/2037(b)

121,522

121,319

FHLMC

UMBS

Pool

Pool#

SB8004

2.50%,

7/1/2034

946,239

984,291

Pool#

SB8057

2.00%,

8/1/2035

21,178,538

21,753,420

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8083

1.50%,

1/1/2036

39,084,448

39,297,471

Pool#

SB8088

1.50%,

2/1/2036

9,831,487

9,882,130

FNMA

Pool

Pool#

747271

2.77%,

7/1/2034(b)

266,732

272,476

Pool#

886345

2.35%,

8/1/2036(b)

61,554

61,880

Pool#

949691

2.36%,

9/1/2037(b)

69,760

69,880

FNMA

UMBS

Pool

Pool#

CA4488

2.50%,

7/1/2034

3,272,066

3,403,650

Pool#

BN0906

4.00%,

11/1/2048

4,612,885

4,947,212

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

2.00%,

4/25/2051

77,000,000

76,855,626

2.50%,

4/25/2051

59,000,000

60,544,141

Total

Mortgage-Backed

Securities

(cost

$219,753,492)

218,474,192

U.S.

Treasury

Obligations

36.6%

U.S.

Treasury

Bonds,

7.13%,

2/15/2023

5,000,000

5,654,492

U.S.

Treasury

Notes

2.63%,

5/15/2021

4,000,000

4,012,418

1.75%,

7/31/2021

(e)

7,000,000

7,039,922

1.50%,

9/30/2021

(e)

4,000,000

4,029,062

0.13%,

6/30/2022

29,700,000

29,706,961

2.00%,

11/30/2022

10,000,000

10,308,203

2.13%,

12/31/2022

5,135,000

5,311,315

0.25%,

4/15/2023

(e)

145,000,000

145,209,570

0.13%,

10/15/2023

40,000,000

39,868,750

2.50%,

1/31/2024

24,000,000

25,475,625

2.00%,

5/31/2024

51,000,000

53,555,977

1.75%,

7/31/2024

100,000,000

104,308,594

2.38%,

8/15/2024

50,000,000

53,212,891

2.25%,

10/31/2024

5,000,000

5,305,078

2.25%,

11/15/2024

(e)

8,000,000

8,489,688

2.00%,

8/15/2025

15,000,000

15,805,664

2.25%,

11/15/2025

4,000,000

4,259,531

2.63%,

1/31/2026

54,000,000

58,459,218

1.50%,

2/15/2030

(e)

67,000,000

66,175,586

Total

U.S.

Treasury

Obligations

(cost

$640,987,009)

646,188,545

NVIT

Short

Term

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

95

Repurchase

Agreements

1.7%

Principal

Amount

($)

Value

($)

Bank

of

America

NA

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

3.50%,

maturing

7/20/2049;

total

market

value

$4,080,000.

(f)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,890,889,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,928,706.

(f)

1,890,888

1,890,888

CF

Secured,

LLC

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

4/22/2021

-

10/20/2069;

total

market

value

$3,060,002.

(f)

3,000,000

3,000,000

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$10,400,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$10,612,272.

(f)

10,400,000

10,400,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$10,000,025,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.

(f)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$29,290,888)

29,290,888

Total

Investments

(cost

$1,798,194,852)

—

102.8%

1,816,489,585

Liabilities

in

excess

of

other

assets

—

(2.8)%

(49,113,031)

NET

ASSETS

—

100.0%

$

1,767,376,554

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$622,017,796

which

represents

35.19%

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

March

31,

2021.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(e)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$112,428,952,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$29,216,063

and

by

$85,795,185

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

4.75%,

and

maturity

dates

ranging

from

4/22/2021

–

2/15/2051,

a

total

value

of

$115,011,248.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$29,290,888.

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

96

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

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

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

1,810

6/2021

USD

399,515,078

(372,001)

3

Month

Eurodollar

1,500

12/2021

USD

374,006,250

(130,399)

(502,400)

Short

Contracts

U.S.

Treasury

5

Year

Note

(1,693)

6/2021

USD

(208,913,555)

2,614,797

U.S.

Treasury

10

Year

Note

(516)

6/2021

USD

(67,563,750)

1,139,918

U.S.

Treasury

10

Year

Ultra

Note

(811)

6/2021

USD

(116,530,562)

4,553,593

3

Month

Eurodollar

(1,500)

12/2022

USD

(373,125,000)

665,749

8,974,057

8,471,657

At

March

31,

2021,

the

Fund

had

$4,152,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Short

Term

Bond

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

97

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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

422,560,635

$

–

$

422,560,635

Collateralized

Mortgage

Obligations

–

128,129,135

–

128,129,135

Commercial

Mortgage-Backed

Securities

–

4,291,022

–

4,291,022

Corporate

Bonds

–

347,108,330

–

347,108,330

Exchange

Traded

Fund

10,182,510

–

–

10,182,510

Futures

Contracts

8,974,057

–

–

8,974,057

Loan

Participations

–

10,264,328

–

10,264,328

Mortgage-Backed

Securities

–

218,474,192

–

218,474,192

Repurchase

Agreements

–

29,290,888

–

29,290,888

U.S.

Treasury

Obligations

–

646,188,545

–

646,188,545

Total

Assets

$

19,156,567

$

1,806,307,075

$

–

$

1,825,463,642

$

–

$

–

$

–

$

–

98

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Level

1

Level

2

Level

3

Total

Liabilities:

Futures

Contracts

$

(502,400)

$

–

$

–

$

(502,400)

Total

Liabilities

$

(502,400)

$

–

$

–

$

(502,400)

Total

$

18,654,167

$

1,806,307,075

$

–

$

1,824,961,242

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

$

8,974,057

Total

$

8,974,057

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(502,400)

Total

$

(502,400)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0.4%

Principal

Amount

($)

Value

($)

Airlines

0.1%

Continental

Airlines

Pass-

Through

Trust,

Series

2012-1,

Class

A,

4.15%,

4/11/2024

212,188

221,637

United

Airlines

Pass-Through

Trust

Series

2013-1,

Class

A,

4.30%,

8/15/2025

338,941

352,041

Series

2020-1,

Class

A,

5.88%,

10/15/2027

351,297

389,481

963,159

Automobiles

0.2%

Americredit

Automobile

Receivables

Trust,

Series

2018-1,

Class

D,

3.82%,

3/18/2024

1,600,000

1,675,320

Carmax

Auto

Owner

Trust

Series

2021-1,

Class

A3,

0.34%,

12/15/2025

1,120,000

1,117,221

Series

2021-1,

Class

A4,

0.53%,

10/15/2026

510,000

505,575

GM

Financial

Automobile

Leasing

Trust,

Series

2020-2,

Class

A3,

0.80%,

7/20/2023

520,000

523,020

World

Omni

Select

Auto

Trust,

Series

2020-A,

Class

A3,

0.55%,

7/15/2025

1,290,000

1,293,360

5,114,496

Credit

Card

0.1%

Citibank

Credit

Card

Issuance

Trust,

Series

2018-A6,

Class

A6,

3.21%,

12/7/2024

2,000,000

2,098,888

Electric

Utilities

0.0%

†

Evergy

Metro,

Inc.,

3.65%,

8/15/2025

500,000

547,042

Total

Asset-Backed

Securities

(cost

$8,425,322)

8,723,585

Commercial

Mortgage-Backed

Securities

2.5%

BBCMS

Mortgage

Trust

,

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

1,375,000

1,514,478

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A2,

3.98%,

7/15/2051

490,135

518,619

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

1,128,149

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

3,189,227

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC25,

Class

AS,

4.02%,

10/10/2047

1,500,000

1,625,071

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust

Series

2016-P5,

Class

A4,

2.94%,

10/10/2049

600,000

636,133

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,651,617

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

3,099,600

COMM

Mortgage

Trust

Series

2012-CR1,

Class

A3,

3.39%,

5/15/2045

1,416,099

1,438,627

Series

2013-CR8,

Class

A5,

3.61%,

6/10/2046(a)

1,000,000

1,056,579

Series

2014-UBS2,

Class

A5,

3.96%,

3/10/2047

1,500,000

1,619,368

Series

2014-UBS3,

Class

A4,

3.82%,

6/10/2047

1,500,000

1,625,685

Series

2015-DC1,

Class

A5,

3.35%,

2/10/2048

1,000,000

1,076,542

Series

2015-PC1,

Class

A5,

3.90%,

7/10/2050

1,000,000

1,100,054

CSAIL

Commercial

Mortgage

Trust

,

Series

2018-

CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,388,070

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K020,

Class

A2,

2.37%,

5/25/2022

1,500,000

1,528,482

Series

K024,

Class

A2,

2.57%,

9/25/2022

100,000

102,841

Series

K026,

Class

A2,

2.51%,

11/25/2022

900,000

928,685

Series

K031,

Class

A2,

3.30%,

4/25/2023(a)

400,000

422,413

Series

K033,

Class

A2,

3.06%,

7/25/2023(a)

950,000

1,002,218

Series

K034,

Class

A2,

3.53%,

7/25/2023(a)

5,400,000

5,755,750

Series

K038,

Class

A1,

2.60%,

10/25/2023

3,575

3,647

Series

K037,

Class

A2,

3.49%,

1/25/2024

800,000

860,129

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,500,000

2,754,374

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

921,030

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,859,351

FNMA

ACES

REMICS

Series

2014-M6,

Class

A2,

2.68%,

5/25/2021(a)

20,531

20,534

Series

2013-M6,

Class

1AC,

3.44%,

2/25/2043(a)

207,837

227,891

GS

Mortgage

Securities

Trust

Series

2012-GCJ7,

Class

A4,

3.38%,

5/10/2045

1,487,879

1,497,122

Series

2015-GC30,

Class

A4,

3.38%,

5/10/2050

1,500,000

1,618,880

2

-

Statement

of

Investments

-

March

31,

2021

(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

115,881

116,225

JPMBB

Commercial

Mortgage

Securities

Trust

,

Series

2014-C22,

Class

A4,

3.80%,

9/15/2047

1,000,000

1,082,398

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2013-C10,

Class

A5,

4.08%,

7/15/2046(a)

500,000

534,125

Series

2015-C24,

Class

A4,

3.73%,

5/15/2048

1,000,000

1,097,687

Morgan

Stanley

Capital

I

Trust

,

Series

2019-H6,

Class

A4,

3.42%,

6/15/2052

1,180,000

1,271,978

UBS-Barclays

Commercial

Mortgage

Trust

,

Series

2013-C5,

Class

A4,

3.18%,

3/10/2046

2,500,000

2,595,838

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-C28,

Class

A4,

3.54%,

5/15/2048

1,500,000

1,631,623

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,640,822

WFRBS

Commercial

Mortgage

Trust

Series

2013-C14,

Class

A5,

3.34%,

6/15/2046

1,750,000

1,840,867

Series

2013-C15,

Class

A4,

4.15%,

8/15/2046(a)

1,175,000

1,256,080

Total

Commercial

Mortgage-Backed

Securities

(cost

$54,028,320)

56,238,809

Corporate

Bonds

27.0%

Aerospace

&

Defense

0.6%

Boeing

Co.

(The)

,

1.43%,

2/4/2024

250,000

253,174

2.20%,

2/4/2026

250,000

249,225

2.25%,

6/15/2026

500,000

500,703

5.04%,

5/1/2027

500,000

570,034

3.20%,

3/1/2029

500,000

506,356

2.95%,

2/1/2030

85,000

84,763

5.15%,

5/1/2030

1,000,000

1,151,746

3.25%,

2/1/2035

100,000

96,912

5.71%,

5/1/2040

500,000

611,863

3.75%,

2/1/2050

340,000

325,668

5.81%,

5/1/2050

500,000

629,475

3.95%,

8/1/2059

100,000

96,131

5.93%,

5/1/2060

200,000

256,625

General

Dynamics

Corp.

,

2.63%,

11/15/2027

500,000

529,797

3.63%,

4/1/2030

200,000

221,086

4.25%,

4/1/2050

200,000

238,977

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

L3Harris

Technologies,

Inc.

,

3.95%,

5/28/2024

257,000

278,906

2.90%,

12/15/2029

100,000

103,022

1.80%,

1/15/2031

185,000

173,273

4.85%,

4/27/2035

90,000

109,110

Lockheed

Martin

Corp.

,

2.90%,

3/1/2025

500,000

534,700

3.55%,

1/15/2026

250,000

275,648

3.60%,

3/1/2035

110,000

122,540

4.07%,

12/15/2042

393,000

454,541

4.70%,

5/15/2046

250,000

312,159

Northrop

Grumman

Corp.

,

2.93%,

1/15/2025

500,000

532,088

4.75%,

6/1/2043

250,000

300,310

4.03%,

10/15/2047

500,000

556,071

Raytheon

Technologies

Corp.

,

3.95%,

8/16/2025(b)

400,000

444,254

6.13%,

7/15/2038

400,000

542,345

4.70%,

12/15/2041

150,000

176,902

4.50%,

6/1/2042

700,000

834,747

4.63%,

11/16/2048

500,000

598,211

Textron,

Inc.

,

4.30%,

3/1/2024

250,000

270,838

12,942,200

Air

Freight

&

Logistics

0.2%

FedEx

Corp.

,

3.80%,

5/15/2025(b)

1,000,000

1,099,112

3.30%,

3/15/2027

70,000

75,992

3.10%,

8/5/2029(b)

100,000

104,872

3.90%,

2/1/2035

380,000

414,076

4.55%,

4/1/2046

500,000

566,513

5.25%,

5/15/2050(b)

200,000

256,208

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

300,000

327,815

6.20%,

1/15/2038

295,000

414,352

3.40%,

9/1/2049

320,000

334,526

5.30%,

4/1/2050

150,000

203,416

3,796,882

Airlines

0.0%

†

Southwest

Airlines

Co.

,

5.13%,

6/15/2027

275,000

316,159

2.63%,

2/10/2030(b)

400,000

392,843

709,002

Auto

Components

0.1%

Aptiv

Corp.

,

4.15%,

3/15/2024

475,000

518,021

Aptiv

plc

,

5.40%,

3/15/2049

150,000

183,309

BorgWarner,

Inc.

,

3.38%,

3/15/2025(b)

135,000

146,204

2.65%,

7/1/2027(b)

55,000

57,109

Lear

Corp.

,

5.25%,

5/15/2049

150,000

175,750

1,080,393

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobiles

0.1%

Daimler

Finance

North

America

LLC

,

8.50%,

1/18/2031

250,000

369,155

General

Motors

Co.

,

6.13%,

10/1/2025

400,000

470,363

4.20%,

10/1/2027

250,000

274,364

6.80%,

10/1/2027

300,000

372,169

5.15%,

4/1/2038

250,000

286,271

5.20%,

4/1/2045

250,000

287,052

5.40%,

4/1/2048

250,000

296,358

2,355,732

Banks

4.6%

Australia

&

New

Zealand

Banking

Group

Ltd.

,

2.05%,

11/21/2022

250,000

256,952

Banco

Santander

SA

,

2.75%,

5/28/2025

200,000

208,966

3.80%,

2/23/2028

600,000

647,477

3.49%,

5/28/2030(b)

200,000

208,218

Bank

of

America

Corp.

,

3.30%,

1/11/2023

500,000

525,284

4.10%,

7/24/2023

250,000

270,076

(ICE

LIBOR

USD

3

Month

+

0.79%),

3.00%,

12/20/2023(c)

1,515,000

1,575,668

4.00%,

4/1/2024

350,000

382,488

(ICE

LIBOR

USD

3

Month

+

0.94%),

3.86%,

7/23/2024(c)

400,000

428,429

(SOFR

+

0.74%),

0.81%,

10/24/2024(b)(c)

300,000

300,744

Series

L,

3.95%,

4/21/2025

310,000

339,902

3.88%,

8/1/2025

250,000

276,125

(ICE

LIBOR

USD

3

Month

+

0.64%),

2.01%,

2/13/2026(c)

300,000

307,274

4.45%,

3/3/2026

125,000

140,502

3.50%,

4/19/2026

290,000

317,912

(SOFR

+

1.15%),

1.32%,

6/19/2026(b)(c)

500,000

498,475

4.25%,

10/22/2026

435,000

487,803

(SOFR

+

1.01%),

1.20%,

10/24/2026(c)

200,000

197,408

(ICE

LIBOR

USD

3

Month

+

1.06%),

3.56%,

4/23/2027(c)

1,500,000

1,632,259

3.25%,

10/21/2027

500,000

537,542

(ICE

LIBOR

USD

3

Month

+

1.58%),

3.82%,

1/20/2028(c)

500,000

549,306

(ICE

LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/2028(c)

1,000,000

1,073,880

(ICE

LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/2030(c)

200,000

205,607

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

600,000

598,747

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

376,426

(ICE

LIBOR

USD

3

Month

+

1.81%),

4.24%,

4/24/2038(c)

250,000

284,393

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

300,000

280,855

5.88%,

2/7/2042

250,000

342,002

5.00%,

1/21/2044

350,000

430,689

(ICE

LIBOR

USD

3

Month

+

1.99%),

4.44%,

1/20/2048(c)

500,000

581,111

(ICE

LIBOR

USD

3

Month

+

1.52%),

4.33%,

3/15/2050(c)

500,000

576,545

(ICE

LIBOR

USD

3

Month

+

3.15%),

4.08%,

3/20/2051(c)

600,000

666,184

(SOFR

+

1.88%),

2.83%,

10/24/2051(c)

60,000

55,085

Bank

of

Montreal

,

1.85%,

5/1/2025(b)

500,000

512,512

Bank

of

Nova

Scotia

(The)

,

2.45%,

9/19/2022

1,000,000

1,031,872

Barclays

plc

,

4.34%,

1/10/2028

1,000,000

1,109,763

(ICE

LIBOR

USD

3

Month

+

1.90%),

4.97%,

5/16/2029(c)

400,000

459,936

(ICE

LIBOR

USD

3

Month

+

3.05%),

5.09%,

6/20/2030(c)

200,000

226,518

5.25%,

8/17/2045

205,000

253,795

4.95%,

1/10/2047

200,000

241,535

BBVA

USA

,

3.88%,

4/10/2025

500,000

546,297

Canadian

Imperial

Bank

of

Commerce

,

(ICE

LIBOR

USD

3

Month

+

0.79%),

2.61%,

7/22/2023(c)

500,000

513,368

0.50%,

12/14/2023

200,000

199,215

Citigroup,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.95%),

2.88%,

7/24/2023(c)

500,000

515,028

3.88%,

10/25/2023

750,000

813,112

3.75%,

6/16/2024

500,000

545,033

3.30%,

4/27/2025

560,000

603,244

4.60%,

3/9/2026

350,000

394,935

3.40%,

5/1/2026

500,000

543,124

4.30%,

11/20/2026

500,000

557,737

4.45%,

9/29/2027

500,000

564,293

(ICE

LIBOR

USD

3

Month

+

1.56%),

3.89%,

1/10/2028(c)

500,000

549,592

4

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(ICE

LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/2028(c)

1,500,000

1,622,535

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.98%,

3/20/2030(c)

500,000

553,527

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

206,838

(SOFR

+

1.15%),

2.67%,

1/29/2031(b)(c)

300,000

301,418

(SOFR

+

2.11%),

2.57%,

6/3/2031(b)(c)

300,000

299,765

6.63%,

6/15/2032

333,000

440,995

8.13%,

7/15/2039

350,000

574,653

(SOFR

+

4.55%),

5.32%,

3/26/2041(c)

300,000

386,244

6.68%,

9/13/2043

250,000

365,370

4.65%,

7/23/2048

200,000

245,414

Citizens

Bank

NA

,

2.65%,

5/26/2022(b)

250,000

255,914

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

170,000

168,462

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

279,053

Cooperatieve

Rabobank

UA

,

4.63%,

12/1/2023

250,000

273,979

3.38%,

5/21/2025

250,000

272,652

5.25%,

5/24/2041

175,000

226,405

5.25%,

8/4/2045(b)

250,000

319,727

Credit

Suisse

Group

Funding

Guernsey

Ltd.

,

3.80%,

9/15/2022

440,000

458,276

Discover

Bank

,

4.20%,

8/8/2023

500,000

539,489

2.45%,

9/12/2024

300,000

314,022

2.70%,

2/6/2030

310,000

312,102

Fifth

Third

Bancorp

,

2.60%,

6/15/2022

500,000

512,331

3.65%,

1/25/2024

500,000

538,706

Fifth

Third

Bank

NA

,

1.80%,

1/30/2023(b)

250,000

256,326

3.95%,

7/28/2025

200,000

222,657

3.85%,

3/15/2026

300,000

330,248

2.25%,

2/1/2027

295,000

305,508

First

Republic

Bank

,

2.50%,

6/6/2022

750,000

766,758

HSBC

Holdings

plc

,

4.25%,

3/14/2024

500,000

544,177

(ICE

LIBOR

USD

3

Month

+

0.99%),

3.95%,

5/18/2024(b)(c)

200,000

213,452

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.80%,

3/11/2025(c)

500,000

539,925

4.30%,

3/8/2026

500,000

559,706

(SOFR

+

1.54%),

1.64%,

4/18/2026(c)

390,000

390,239

3.90%,

5/25/2026

500,000

551,320

4.95%,

3/31/2030

200,000

233,516

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

6.50%,

5/2/2036

400,000

524,465

6.50%,

9/15/2037

600,000

798,371

6.80%,

6/1/2038(b)

200,000

274,296

5.25%,

3/14/2044

250,000

305,055

HSBC

USA,

Inc.

,

3.50%,

6/23/2024

500,000

540,400

Huntington

Bancshares,

Inc.

,

2.55%,

2/4/2030

200,000

200,504

ING

Groep

NV

,

4.10%,

10/2/2023

500,000

541,307

4.55%,

10/2/2028(b)

200,000

228,834

JPMorgan

Chase

&

Co.

,

3.25%,

9/23/2022

1,000,000

1,043,301

(ICE

LIBOR

USD

3

Month

+

0.70%),

3.21%,

4/1/2023(c)

1,000,000

1,027,138

(ICE

LIBOR

USD

3

Month

+

0.94%),

2.78%,

4/25/2023(c)

1,000,000

1,024,056

2.70%,

5/18/2023

500,000

521,621

3.88%,

9/10/2024

1,000,000

1,096,303

3.13%,

1/23/2025

500,000

535,691

(SOFR

+

1.16%),

2.30%,

10/15/2025(c)

250,000

260,234

(SOFR

+

1.59%),

2.00%,

3/13/2026(c)

300,000

308,505

3.30%,

4/1/2026

500,000

544,036

8.00%,

4/29/2027

290,000

392,978

4.25%,

10/1/2027

500,000

566,675

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.54%,

5/1/2028(c)

500,000

544,175

(ICE

LIBOR

USD

3

Month

+

1.12%),

4.01%,

4/23/2029(c)

1,000,000

1,115,180

(SOFR

+

2.04%),

2.52%,

4/22/2031(c)

400,000

399,158

5.60%,

7/15/2041

400,000

535,499

5.40%,

1/6/2042

500,000

660,875

4.85%,

2/1/2044

500,000

626,348

(ICE

LIBOR

USD

3

Month

+

1.58%),

4.26%,

2/22/2048(c)

750,000

870,791

(ICE

LIBOR

USD

3

Month

+

1.38%),

3.96%,

11/15/2048(c)

250,000

275,701

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

600,000

587,617

KeyBank

NA

,

6.95%,

2/1/2028

225,000

277,122

KeyCorp

,

2.25%,

4/6/2027

50,000

51,281

2.55%,

10/1/2029

250,000

253,102

Korea

Development

Bank

(The)

,

3.00%,

1/13/2026

500,000

541,065

Kreditanstalt

fuer

Wiederaufbau

,

2.13%,

6/15/2022

2,000,000

2,046,510

1.75%,

8/22/2022

1,000,000

1,021,520

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Kreditanstalt

fuer

Wiederaufbau,

2.38%,

12/29/2022

1,250,000

1,296,920

2.63%,

2/28/2024

2,500,000

2,659,852

0.00%,

6/29/2037(d)

750,000

517,125

Landwirtschaftliche

Rentenbank

,

1.75%,

7/27/2026

1,000,000

1,034,275

Lloyds

Banking

Group

plc

,

4.50%,

11/4/2024(b)

205,000

227,868

4.58%,

12/10/2025

350,000

390,786

4.65%,

3/24/2026

500,000

559,869

(ICE

LIBOR

USD

3

Month

+

1.21%),

3.57%,

11/7/2028(c)

1,000,000

1,079,827

Mitsubishi

UFJ

Financial

Group,

Inc.

,

2.62%,

7/18/2022

500,000

513,803

3.46%,

3/2/2023

750,000

790,816

3.85%,

3/1/2026

750,000

827,882

3.74%,

3/7/2029

1,000,000

1,085,883

3.20%,

7/18/2029

500,000

525,153

Mizuho

Financial

Group,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

0.99%),

1.24%,

7/10/2024(c)

200,000

202,104

(ICE

LIBOR

USD

3

Month

+

1.10%),

2.55%,

9/13/2025(c)

455,000

475,904

3.17%,

9/11/2027(b)

750,000

808,044

(ICE

LIBOR

USD

3

Month

+

1.51%),

2.20%,

7/10/2031(c)

400,000

386,171

MUFG

Americas

Holdings

Corp.

,

3.00%,

2/10/2025

400,000

424,558

National

Australia

Bank

Ltd.

,

2.50%,

7/12/2026

750,000

787,541

Natwest

Group

plc

,

3.88%,

9/12/2023

365,000

391,418

4.80%,

4/5/2026

500,000

567,062

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(c)

200,000

208,108

(ICE

LIBOR

USD

3

Month

+

1.75%),

4.89%,

5/18/2029(c)

250,000

284,810

(ICE

LIBOR

USD

3

Month

+

1.91%),

5.08%,

1/27/2030(c)

500,000

578,717

Oesterreichische

Kontrollbank

AG

,

1.63%,

9/17/2022

1,000,000

1,020,354

1.50%,

2/12/2025

1,000,000

1,029,603

PNC

Bank

NA

,

2.95%,

1/30/2023

250,000

260,606

3.80%,

7/25/2023(b)

500,000

536,169

2.95%,

2/23/2025

500,000

534,206

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The)

,

2.55%,

1/22/2030

500,000

507,361

Regions

Financial

Corp.

,

2.25%,

5/18/2025(b)

400,000

415,060

Royal

Bank

of

Canada

,

1.95%,

1/17/2023

170,000

174,629

2.55%,

7/16/2024

350,000

369,118

2.25%,

11/1/2024(b)

500,000

524,105

Santander

Holdings

USA,

Inc.

,

3.50%,

6/7/2024

500,000

534,613

3.24%,

10/5/2026

300,000

317,186

Santander

UK

Group

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.25%),

1.53%,

8/21/2026(c)

500,000

495,830

Santander

UK

plc

,

4.00%,

3/13/2024

500,000

545,594

Sumitomo

Mitsui

Financial

Group,

Inc.

,

2.78%,

7/12/2022

1,000,000

1,029,568

2.45%,

9/27/2024

500,000

523,827

2.63%,

7/14/2026

750,000

786,473

3.35%,

10/18/2027

500,000

541,226

3.20%,

9/17/2029

500,000

515,412

Toronto-Dominion

Bank

(The)

,

1.90%,

12/1/2022

500,000

513,093

0.55%,

3/4/2024

250,000

249,667

3.25%,

3/11/2024(b)

500,000

537,806

0.75%,

1/6/2026(b)

200,000

195,399

Truist

Bank

,

2.15%,

12/6/2024

400,000

418,727

3.63%,

9/16/2025

250,000

272,823

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.15%),

2.64%,

9/17/2029(b)(c)

250,000

261,883

Truist

Financial

Corp.

,

3.05%,

6/20/2022

500,000

515,549

2.85%,

10/26/2024

250,000

266,991

4.00%,

5/1/2025(b)

1,000,000

1,105,232

1.13%,

8/3/2027

300,000

287,850

US

Bancorp

,

3.90%,

4/26/2028

500,000

560,641

US

Bank

NA

,

2.80%,

1/27/2025

1,000,000

1,065,023

Wells

Fargo

&

Co.

,

3.75%,

1/24/2024

2,000,000

2,162,731

(SOFR

+

1.60%),

1.65%,

6/2/2024(c)

600,000

612,926

3.00%,

2/19/2025

825,000

877,822

3.00%,

4/22/2026

500,000

534,306

5.38%,

11/2/2043

250,000

312,720

5.61%,

1/15/2044

388,000

499,106

4.65%,

11/4/2044

500,000

575,842

4.90%,

11/17/2045

500,000

600,103

4.40%,

6/14/2046

350,000

389,918

4.75%,

12/7/2046

200,000

236,058

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(ICE

LIBOR

USD

3

Month

+

4.24%),

5.01%,

4/4/2051(c)

500,000

641,221

Wells

Fargo

Bank

NA

,

3.55%,

8/14/2023

1,000,000

1,070,536

Westpac

Banking

Corp.

,

2.00%,

1/13/2023

30,000

30,880

3.40%,

1/25/2028(b)

500,000

546,081

2.65%,

1/16/2030(b)

120,000

124,832

(USD

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(c)

300,000

331,374

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(b)(c)

500,000

533,905

Zions

Bancorp

NA

,

3.25%,

10/29/2029

250,000

252,897

104,532,044

Beverages

0.7%

Anheuser-Busch

Cos.

LLC

,

3.65%,

2/1/2026

750,000

824,617

4.90%,

2/1/2046

770,000

919,799

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

171,083

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.15%,

1/23/2025

500,000

555,652

4.00%,

4/13/2028

250,000

278,618

4.75%,

1/23/2029

400,000

467,419

4.60%,

4/15/2048

500,000

572,390

4.44%,

10/6/2048

581,000

652,557

5.55%,

1/23/2049

1,000,000

1,290,410

4.50%,

6/1/2050

500,000

567,309

5.80%,

1/23/2059

200,000

271,242

Coca-Cola

Co.

(The)

,

1.75%,

9/6/2024(b)

500,000

520,365

2.90%,

5/25/2027

500,000

538,750

3.45%,

3/25/2030(b)

400,000

440,638

2.00%,

3/5/2031

95,000

92,854

2.60%,

6/1/2050

400,000

362,177

3.00%,

3/5/2051

90,000

88,445

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027

500,000

545,410

3.60%,

2/15/2028

400,000

435,006

2.88%,

5/1/2030

500,000

510,887

Diageo

Capital

plc

,

2.63%,

4/29/2023

500,000

520,896

2.38%,

10/24/2029

210,000

211,422

Diageo

Investment

Corp.

,

7.45%,

4/15/2035

250,000

381,638

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050(b)

200,000

199,216

Keurig

Dr

Pepper,

Inc.

,

4.60%,

5/25/2028

750,000

866,332

5.09%,

5/25/2048

250,000

313,135

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Molson

Coors

Beverage

Co.

,

3.00%,

7/15/2026(b)

190,000

202,308

5.00%,

5/1/2042

250,000

288,323

PepsiCo,

Inc.

,

0.75%,

5/1/2023

65,000

65,626

0.40%,

10/7/2023

35,000

35,118

2.25%,

3/19/2025

300,000

315,919

2.75%,

3/19/2030

700,000

728,905

1.63%,

5/1/2030(b)

130,000

124,277

1.40%,

2/25/2031(b)

200,000

186,346

4.45%,

4/14/2046

500,000

605,280

3.63%,

3/19/2050

600,000

661,811

15,812,180

Biotechnology

0.6%

AbbVie,

Inc.

,

3.25%,

10/1/2022

200,000

206,865

2.30%,

11/21/2022

200,000

205,799

3.85%,

6/15/2024

325,000

353,806

2.60%,

11/21/2024

400,000

422,319

3.80%,

3/15/2025

250,000

273,135

3.60%,

5/14/2025

500,000

544,713

3.20%,

5/14/2026

1,020,000

1,101,922

4.55%,

3/15/2035

195,000

226,450

4.50%,

5/14/2035

500,000

587,091

4.30%,

5/14/2036

250,000

288,200

4.05%,

11/21/2039

580,000

649,372

4.40%,

11/6/2042

625,000

726,433

4.75%,

3/15/2045

168,000

200,463

4.25%,

11/21/2049

675,000

763,787

Amgen,

Inc.

,

2.45%,

2/21/2030

400,000

402,771

2.30%,

2/25/2031

500,000

492,950

4.40%,

5/1/2045

200,000

231,549

4.56%,

6/15/2048

524,000

624,155

4.66%,

6/15/2051

618,000

749,462

Baxalta,

Inc.

,

4.00%,

6/23/2025

60,000

66,506

Biogen,

Inc.

,

2.25%,

5/1/2030

200,000

194,022

3.15%,

5/1/2050

230,000

211,223

3.25%,

2/15/2051(e)

280,000

261,236

Gilead

Sciences,

Inc.

,

0.75%,

9/29/2023

50,000

50,058

3.70%,

4/1/2024

1,000,000

1,077,064

3.50%,

2/1/2025

240,000

260,694

3.65%,

3/1/2026

145,000

159,295

1.20%,

10/1/2027

60,000

57,524

1.65%,

10/1/2030(b)

215,000

201,783

2.60%,

10/1/2040

100,000

91,892

4.50%,

2/1/2045

500,000

580,729

4.75%,

3/1/2046

500,000

604,356

2.80%,

10/1/2050

95,000

84,434

12,952,058

Building

Products

0.1%

Allegion

plc

,

3.50%,

10/1/2029

250,000

262,518

Carrier

Global

Corp.

,

2.24%,

2/15/2025

120,000

124,254

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Carrier

Global

Corp.,

2.49%,

2/15/2027

135,000

139,414

2.72%,

2/15/2030

200,000

201,819

3.58%,

4/5/2050

500,000

490,998

Fortune

Brands

Home

&

Security,

Inc.

,

3.25%,

9/15/2029

250,000

260,426

Johnson

Controls

International

plc

,

3.90%,

2/14/2026

183,000

202,331

1.75%,

9/15/2030

100,000

93,788

4.63%,

7/2/2044

350,000

410,391

Masco

Corp.

,

2.00%,

2/15/2031

250,000

237,084

3.13%,

2/15/2051(b)

60,000

56,345

Owens

Corning

,

4.30%,

7/15/2047

200,000

216,458

2,695,826

Capital

Markets

1.6%

Bank

of

New

York

Mellon

Corp.

(The)

,

3.25%,

9/11/2024

750,000

814,409

2.10%,

10/24/2024

250,000

263,123

Series

G,

3.00%,

2/24/2025

205,000

219,697

3.00%,

10/30/2028

500,000

530,822

Brookfield

Finance

LLC

,

3.45%,

4/15/2050(b)

200,000

189,311

Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

500,000

563,179

4.85%,

3/29/2029

300,000

346,676

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030(b)

300,000

279,389

Charles

Schwab

Corp.

(The)

,

0.90%,

3/11/2026

170,000

167,799

4.00%,

2/1/2029(b)

500,000

564,607

1.65%,

3/11/2031

200,000

186,815

CME

Group,

Inc.

,

3.00%,

3/15/2025

500,000

534,592

Credit

Suisse

AG

,

1.00%,

5/5/2023

1,250,000

1,256,810

3.63%,

9/9/2024

250,000

270,924

2.95%,

4/9/2025

400,000

424,017

Credit

Suisse

Group

AG

,

3.75%,

3/26/2025

390,000

420,223

4.55%,

4/17/2026

500,000

559,381

Credit

Suisse

USA,

Inc.

,

7.13%,

7/15/2032

55,000

77,301

Deutsche

Bank

AG

,

3.95%,

2/27/2023

750,000

792,119

3.70%,

5/30/2024

470,000

502,011

(SOFR

+

2.16%),

2.22%,

9/18/2024(c)

275,000

282,279

(SOFR

+

2.58%),

3.96%,

11/26/2025(c)

200,000

216,556

(SOFR

+

1.87%),

2.13%,

11/24/2026(c)

155,000

155,390

(SOFR

+

3.04%),

3.55%,

9/18/2031(c)

150,000

154,888

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Franklin

Resources,

Inc.

,

2.80%,

9/15/2022(b)

500,000

517,266

Goldman

Sachs

Group,

Inc.

(The)

,

3.63%,

1/22/2023

750,000

790,813

3.20%,

2/23/2023

500,000

523,219

(ICE

LIBOR

USD

3

Month

+

1.05%),

2.91%,

6/5/2023(c)

1,000,000

1,026,822

3.85%,

7/8/2024

385,000

418,438

3.50%,

4/1/2025

670,000

725,886

3.75%,

5/22/2025

500,000

545,822

(SOFR

+

0.80%),

1.43%,

3/9/2027(c)

250,000

247,762

3.80%,

3/15/2030

500,000

550,710

6.45%,

5/1/2036

400,000

543,452

6.75%,

10/1/2037

150,000

212,043

(ICE

LIBOR

USD

3

Month

+

1.37%),

4.02%,

10/31/2038(c)

500,000

554,455

(ICE

LIBOR

USD

3

Month

+

1.43%),

4.41%,

4/23/2039(c)

500,000

582,761

6.25%,

2/1/2041

350,000

495,439

4.80%,

7/8/2044

500,000

614,237

Intercontinental

Exchange,

Inc.

,

4.00%,

10/15/2023

500,000

541,439

3.75%,

12/1/2025

160,000

175,771

2.10%,

6/15/2030

165,000

158,375

1.85%,

9/15/2032

500,000

457,998

4.25%,

9/21/2048

250,000

278,585

3.00%,

6/15/2050(b)

75,000

68,851

Jefferies

Group

LLC

,

5.13%,

1/20/2023

250,000

269,606

4.85%,

1/15/2027

500,000

575,202

Legg

Mason,

Inc.

,

4.75%,

3/15/2026

500,000

574,378

Moody's

Corp.

,

4.50%,

9/1/2022

150,000

157,117

3.25%,

5/20/2050

35,000

33,973

Morgan

Stanley

,

4.88%,

11/1/2022

500,000

533,081

4.10%,

5/22/2023

650,000

695,064

(SOFR

+

0.47%),

0.56%,

11/10/2023(b)(c)

300,000

300,096

(SOFR

+

0.46%),

0.53%,

1/25/2024(c)

400,000

399,271

Series

F,

3.88%,

4/29/2024

625,000

682,748

(SOFR

+

1.99%),

2.19%,

4/28/2026(c)

640,000

661,269

3.13%,

7/27/2026

500,000

538,140

4.35%,

9/8/2026

500,000

564,928

3.63%,

1/20/2027

750,000

822,938

3.95%,

4/23/2027

500,000

553,288

(ICE

LIBOR

USD

3

Month

+

1.34%),

3.59%,

7/22/2028(c)

500,000

545,093

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(ICE

LIBOR

USD

3

Month

+

1.14%),

3.77%,

1/24/2029(c)

1,000,000

1,093,740

(ICE

LIBOR

USD

3

Month

+

1.63%),

4.43%,

1/23/2030(c)

1,000,000

1,145,010

(SOFR

+

3.12%),

3.62%,

4/1/2031(c)

820,000

890,310

7.25%,

4/1/2032

324,000

455,382

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

472,353

4.30%,

1/27/2045

300,000

351,474

(SOFR

+

4.84%),

5.60%,

3/24/2051(c)

100,000

139,270

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

205,000

188,696

Nasdaq,

Inc.

,

1.65%,

1/15/2031

400,000

365,969

Nomura

Holdings,

Inc.

,

3.10%,

1/16/2030(b)

500,000

507,749

Raymond

James

Financial,

Inc.

,

4.95%,

7/15/2046

250,000

306,425

S&P

Global,

Inc.

,

2.50%,

12/1/2029

80,000

81,945

1.25%,

8/15/2030

110,000

100,711

3.25%,

12/1/2049

65,000

66,534

2.30%,

8/15/2060

40,000

32,500

State

Street

Corp.

,

3.70%,

11/20/2023(b)

500,000

542,986

3.30%,

12/16/2024(b)

310,000

338,033

2.40%,

1/24/2030(b)

200,000

203,475

34,991,216

Chemicals

0.4%

Air

Products

and

Chemicals,

Inc.

,

1.50%,

10/15/2025

25,000

25,363

1.85%,

5/15/2027(b)

105,000

106,205

2.05%,

5/15/2030

145,000

142,718

2.70%,

5/15/2040

65,000

62,173

2.80%,

5/15/2050

40,000

37,010

Dow

Chemical

Co.

(The)

,

3.50%,

10/1/2024

500,000

539,405

9.40%,

5/15/2039

260,000

439,684

4.80%,

5/15/2049

350,000

418,460

DuPont

de

Nemours,

Inc.

,

2.17%,

5/1/2023(b)

500,000

502,111

5.42%,

11/15/2048(b)

300,000

386,718

Eastman

Chemical

Co.

,

3.60%,

8/15/2022

100,000

103,443

4.65%,

10/15/2044

200,000

231,729

Ecolab,

Inc.

,

3.25%,

1/14/2023

500,000

521,578

1.30%,

1/30/2031(b)

200,000

183,728

2.13%,

8/15/2050(b)

200,000

162,555

FMC

Corp.

,

3.45%,

10/1/2029

60,000

63,163

4.50%,

10/1/2049

85,000

95,293

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Linde,

Inc.

,

3.20%,

1/30/2026(b)

250,000

272,123

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

206,635

LYB

International

Finance

III

LLC

,

3.38%,

5/1/2030

500,000

530,215

2.25%,

10/1/2030(b)

135,000

130,151

4.20%,

5/1/2050

300,000

322,510

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

250,000

277,971

Mosaic

Co.

(The)

,

4.25%,

11/15/2023

250,000

270,008

4.05%,

11/15/2027(b)

250,000

277,509

Nutrien

Ltd.

,

3.15%,

10/1/2022

50,000

51,606

3.00%,

4/1/2025

150,000

159,120

5.88%,

12/1/2036(b)

125,000

163,504

5.25%,

1/15/2045

350,000

432,796

PPG

Industries,

Inc.

,

1.20%,

3/15/2026

110,000

107,806

2.80%,

8/15/2029(b)

500,000

519,717

RPM

International,

Inc.

,

3.45%,

11/15/2022

350,000

362,298

Sherwin-Williams

Co.

(The)

,

3.95%,

1/15/2026

1,000,000

1,112,000

2.95%,

8/15/2029

200,000

208,283

4.50%,

6/1/2047(b)

300,000

350,466

Westlake

Chemical

Corp.

,

4.38%,

11/15/2047

200,000

216,970

9,993,024

Commercial

Services

&

Supplies

0.1%

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

22,549

Republic

Services,

Inc.

,

3.20%,

3/15/2025

500,000

535,877

1.45%,

2/15/2031

165,000

150,845

Waste

Management,

Inc.

,

3.50%,

5/15/2024

500,000

539,947

3.90%,

3/1/2035

130,000

147,481

4.15%,

7/15/2049

250,000

286,100

1,682,799

Communications

Equipment

0.1%

Cisco

Systems,

Inc.

,

3.50%,

6/15/2025(b)

400,000

443,034

5.90%,

2/15/2039

500,000

706,934

Motorola

Solutions,

Inc.

,

4.00%,

9/1/2024

500,000

547,618

2.30%,

11/15/2030

300,000

283,736

1,981,322

Construction

Materials

0.0%

†

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030

500,000

497,294

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Materials

Vulcan

Materials

Co.

,

4.50%,

6/15/2047

250,000

282,915

780,209

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

,

3.88%,

1/23/2028(b)

500,000

523,916

Ally

Financial,

Inc.

,

4.63%,

5/19/2022

100,000

104,427

3.88%,

5/21/2024

600,000

648,154

4.63%,

3/30/2025

100,000

111,234

8.00%,

11/1/2031

150,000

208,901

American

Express

Co.

,

2.75%,

5/20/2022

1,000,000

1,024,909

2.50%,

7/30/2024

400,000

422,240

3.00%,

10/30/2024

500,000

536,450

3.63%,

12/5/2024

500,000

545,222

American

Honda

Finance

Corp.

,

1.95%,

5/20/2022

100,000

101,848

2.60%,

11/16/2022

500,000

517,388

1.95%,

5/10/2023

175,000

180,112

2.15%,

9/10/2024(b)

500,000

521,193

2.35%,

1/8/2027

100,000

103,287

Capital

One

Financial

Corp.

,

3.20%,

1/30/2023(b)

1,000,000

1,046,880

3.75%,

4/24/2024

700,000

757,110

3.75%,

7/28/2026

250,000

271,617

3.65%,

5/11/2027

300,000

328,087

Caterpillar

Financial

Services

Corp.

,

3.30%,

6/9/2024(b)

250,000

270,055

2.15%,

11/8/2024

500,000

523,262

3.25%,

12/1/2024(b)

500,000

541,727

Discover

Financial

Services

,

4.10%,

2/9/2027

250,000

277,452

General

Motors

Financial

Co.,

Inc.

,

5.20%,

3/20/2023

500,000

542,245

5.25%,

3/1/2026

1,055,000

1,208,587

3.60%,

6/21/2030

200,000

210,965

John

Deere

Capital

Corp.

,

2.80%,

3/6/2023(b)

500,000

523,528

0.45%,

1/17/2024(b)

250,000

249,892

0.70%,

1/15/2026(b)

200,000

196,091

2.25%,

9/14/2026

250,000

261,828

1.50%,

3/6/2028

250,000

243,452

1.45%,

1/15/2031(b)

200,000

186,302

Synchrony

Financial

,

4.25%,

8/15/2024

350,000

380,733

4.50%,

7/23/2025

375,000

415,831

Toyota

Motor

Credit

Corp.

,

2.90%,

3/30/2023

1,000,000

1,049,125

1.80%,

2/13/2025

500,000

513,708

3.20%,

1/11/2027

200,000

217,218

2.15%,

2/13/2030(b)

500,000

496,588

16,261,564

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

0.1%

Amcor

Flexibles

North

America,

Inc.

,

2.63%,

6/19/2030

50,000

49,871

International

Paper

Co.

,

3.80%,

1/15/2026

500,000

552,314

6.00%,

11/15/2041

550,000

746,037

Packaging

Corp.

of

America

,

4.50%,

11/1/2023

250,000

272,280

3.00%,

12/15/2029

50,000

52,135

4.05%,

12/15/2049

100,000

111,234

WRKCo,

Inc.

,

4.90%,

3/15/2029

250,000

291,896

2,075,767

Diversified

Consumer

Services

0.1%

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

38,192

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

106,534

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

85,184

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

32,342

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

136,745

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

152,768

4.68%,

7/1/2114

75,000

96,623

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050(b)

28,000

26,605

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

79,131

3.30%,

7/15/2056

200,000

217,506

Trustees

of

Boston

University

,

Series

CC,

4.06%,

10/1/2048

16,000

18,728

Trustees

of

Princeton

University

(The)

,

Series

2020,

2.52%,

7/1/2050(b)

84,000

78,525

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

43,084

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

55,947

1,167,914

10

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Financial

Services

0.4%

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043

250,000

299,721

Block

Financial

LLC

,

5.50%,

11/1/2022

250,000

262,370

Equitable

Holdings,

Inc.

,

7.00%,

4/1/2028

133,000

169,591

4.35%,

4/20/2028

650,000

727,815

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035

1,283,000

1,468,727

Jefferies

Financial

Group,

Inc.

,

5.50%,

10/18/2023

250,000

271,459

National

Rural

Utilities

Cooperative

Finance

Corp.

,

3.70%,

3/15/2029

500,000

547,437

2.40%,

3/15/2030(b)

185,000

183,371

8.00%,

3/1/2032

159,000

234,465

Shell

International

Finance

BV

,

3.40%,

8/12/2023(b)

1,000,000

1,072,017

2.88%,

5/10/2026(b)

500,000

533,361

2.38%,

11/7/2029(b)

250,000

252,288

4.13%,

5/11/2035

500,000

568,800

6.38%,

12/15/2038

250,000

358,243

4.55%,

8/12/2043

500,000

594,656

3.75%,

9/12/2046

500,000

533,417

Voya

Financial,

Inc.

,

3.65%,

6/15/2026

250,000

276,710

8,354,448

Diversified

Telecommunication

Services

1.0%

AT&T,

Inc.

,

4.45%,

4/1/2024

500,000

548,427

3.95%,

1/15/2025(b)

500,000

550,633

1.65%,

2/1/2028

200,000

193,754

4.35%,

3/1/2029

1,000,000

1,131,179

4.30%,

2/15/2030

500,000

562,886

2.25%,

2/1/2032(b)

300,000

285,341

2.55%,

12/1/2033(b)(e)

860,000

816,476

4.50%,

5/15/2035

310,000

349,638

4.85%,

3/1/2039

500,000

580,467

3.10%,

2/1/2043(b)

100,000

93,306

4.65%,

6/1/2044

250,000

281,596

3.65%,

6/1/2051(b)

300,000

290,158

3.30%,

2/1/2052(b)

100,000

90,065

3.50%,

9/15/2053(b)(e)

1,740,000

1,607,996

3.55%,

9/15/2055(e)

975,000

892,229

3.80%,

12/1/2057(e)

1,114,000

1,059,845

3.65%,

9/15/2059(e)

429,000

392,135

British

Telecommunications

plc

,

9.62%,

12/15/2030(f)

250,000

385,148

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

547,268

Orange

SA

,

9.00%,

3/1/2031(f)

407,000

629,103

5.38%,

1/13/2042

250,000

323,776

Telefonica

Emisiones

SA

,

4.57%,

4/27/2023(b)

700,000

754,525

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Telefonica

Emisiones

SA,

5.21%,

3/8/2047

250,000

292,320

5.52%,

3/1/2049

500,000

610,899

TELUS

Corp.

,

2.80%,

2/16/2027

500,000

531,718

4.30%,

6/15/2049

250,000

278,799

Verizon

Communications,

Inc.

,

0.75%,

3/22/2024

105,000

105,115

3.38%,

2/15/2025

996,000

1,080,329

0.85%,

11/20/2025(b)

500,000

489,312

1.45%,

3/20/2026(b)

105,000

105,008

2.10%,

3/22/2028

125,000

125,524

4.33%,

9/21/2028

783,000

896,432

3.88%,

2/8/2029

110,000

122,369

1.75%,

1/20/2031

900,000

838,111

2.55%,

3/21/2031

215,000

214,805

4.81%,

3/15/2039(b)

385,000

460,757

3.40%,

3/22/2041

230,000

233,493

4.52%,

9/15/2048

750,000

869,911

2.88%,

11/20/2050

1,000,000

888,782

3.55%,

3/22/2051

120,000

119,832

2.99%,

10/30/2056(e)

1,170,000

1,032,809

3.00%,

11/20/2060

500,000

434,086

22,096,362

Electric

Utilities

1.5%

Alabama

Power

Co.

,

4.15%,

8/15/2044

350,000

388,143

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

500,000

512,120

3.50%,

12/1/2049

200,000

203,893

Baltimore

Gas

and

Electric

Co.

,

3.20%,

9/15/2049

115,000

111,667

2.90%,

6/15/2050

60,000

55,479

CenterPoint

Energy

Houston

Electric

LLC

,

4.50%,

4/1/2044

500,000

601,783

Series

AD,

2.90%,

7/1/2050

60,000

56,141

Cleveland

Electric

Illuminating

Co.

(The)

,

5.50%,

8/15/2024

400,000

455,916

Commonwealth

Edison

Co.

,

4.35%,

11/15/2045

200,000

231,634

3.65%,

6/15/2046

250,000

266,527

4.00%,

3/1/2048

500,000

559,056

Series

127,

3.20%,

11/15/2049

155,000

151,728

Dominion

Energy

South

Carolina,

Inc.

,

6.05%,

1/15/2038(b)

150,000

204,183

5.10%,

6/1/2065

100,000

132,568

DTE

Electric

Co.

,

4.30%,

7/1/2044

500,000

573,997

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026

500,000

538,382

2.45%,

2/1/2030

100,000

100,655

3.70%,

12/1/2047

500,000

531,135

3.20%,

8/15/2049

50,000

49,033

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Corp.

,

3.05%,

8/15/2022

350,000

360,025

0.90%,

9/15/2025

50,000

48,915

2.45%,

6/1/2030(b)

420,000

414,440

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

270,269

2.50%,

12/1/2029

70,000

71,385

3.40%,

10/1/2046

500,000

508,684

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

150,782

Duke

Energy

Progress

LLC

,

4.15%,

12/1/2044

500,000

565,531

4.20%,

8/15/2045

500,000

565,326

Edison

International

,

3.55%,

11/15/2024

175,000

188,036

4.13%,

3/15/2028

500,000

536,521

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

222,948

Entergy

Corp.

,

4.00%,

7/15/2022

400,000

415,434

2.80%,

6/15/2030

80,000

80,556

3.75%,

6/15/2050

35,000

35,127

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

750,000

831,821

1.75%,

3/15/2031

400,000

371,357

3.55%,

9/30/2049

200,000

198,688

Evergy

Kansas

Central,

Inc.

,

4.10%,

4/1/2043

200,000

221,975

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

254,784

Eversource

Energy

,

Series

H,

3.15%,

1/15/2025

245,000

261,181

Series

Q,

0.80%,

8/15/2025

100,000

97,476

Series

O,

4.25%,

4/1/2029

400,000

454,176

Series

R,

1.65%,

8/15/2030

100,000

92,744

3.45%,

1/15/2050

100,000

99,340

Exelon

Corp.

,

5.63%,

6/15/2035

400,000

503,401

Florida

Power

&

Light

Co.

,

2.85%,

4/1/2025(b)

60,000

64,039

3.13%,

12/1/2025

500,000

539,551

5.65%,

2/1/2037

450,000

591,042

3.95%,

3/1/2048

500,000

570,311

Georgia

Power

Co.

,

Series

A,

2.20%,

9/15/2024

1,000,000

1,043,273

4.30%,

3/15/2042

500,000

557,038

Iberdrola

International

BV

,

5.81%,

3/15/2025(b)

118,000

137,010

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046

350,000

410,005

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

623,000

679,513

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

250,000

284,602

MidAmerican

Energy

Co.

,

5.80%,

10/15/2036

550,000

731,375

4.80%,

9/15/2043

500,000

610,243

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

99,657

Series

EE,

3.13%,

8/1/2050

100,000

95,999

NextEra

Energy

Capital

Holdings,

Inc.

,

2.75%,

11/1/2029

245,000

251,070

Northern

States

Power

Co.

,

2.15%,

8/15/2022

250,000

253,225

4.00%,

8/15/2045

165,000

185,351

NSTAR

Electric

Co.

,

2.38%,

10/15/2022

500,000

512,495

3.95%,

4/1/2030

500,000

561,855

Oncor

Electric

Delivery

Co.

LLC

,

4.55%,

12/1/2041

150,000

176,826

5.30%,

6/1/2042

150,000

193,459

3.10%,

9/15/2049

250,000

242,704

Pacific

Gas

and

Electric

Co.

,

4.25%,

8/1/2023

500,000

533,386

3.75%,

7/1/2028(b)

800,000

847,481

4.55%,

7/1/2030

500,000

542,300

2.50%,

2/1/2031

150,000

141,525

4.50%,

7/1/2040(b)

500,000

507,267

4.95%,

7/1/2050

500,000

513,847

PacifiCorp

,

5.25%,

6/15/2035

177,000

224,010

PECO

Energy

Co.

,

3.70%,

9/15/2047

250,000

267,913

Potomac

Electric

Power

Co.

,

4.15%,

3/15/2043

200,000

225,909

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030

500,000

561,967

5.00%,

3/15/2044

250,000

297,972

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

236,000

330,058

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031(b)

200,000

192,710

4.30%,

3/15/2044

250,000

288,277

Series

34,

3.20%,

3/1/2050

200,000

200,421

Series

36,

2.70%,

1/15/2051(b)

200,000

180,941

Public

Service

Electric

and

Gas

Co.

,

3.95%,

5/1/2042

400,000

445,254

3.20%,

8/1/2049

250,000

248,893

Southern

California

Edison

Co.

,

Series

C,

3.50%,

10/1/2023

500,000

531,062

6.00%,

1/15/2034

177,000

231,507

4.00%,

4/1/2047

200,000

206,023

Series

B,

4.88%,

3/1/2049

500,000

580,414

Southern

Co.

(The)

,

3.25%,

7/1/2026

295,000

315,761

4.40%,

7/1/2046(b)

200,000

222,717

Southwestern

Electric

Power

Co.

,

Series

L,

3.85%,

2/1/2048

750,000

764,365

12

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Tampa

Electric

Co.

,

3.63%,

6/15/2050

40,000

41,166

Union

Electric

Co.

,

3.65%,

4/15/2045

250,000

263,130

3.25%,

10/1/2049

250,000

248,575

Virginia

Electric

and

Power

Co.

,

3.45%,

9/1/2022

500,000

517,252

Series

B,

4.20%,

5/15/2045

200,000

226,865

Wisconsin

Electric

Power

Co.

,

5.63%,

5/15/2033(b)

59,000

74,208

Xcel

Energy,

Inc.

,

3.30%,

6/1/2025(b)

500,000

536,426

6.50%,

7/1/2036

177,000

250,343

33,895,550

Electrical

Equipment

0.1%

Eaton

Corp.

,

2.75%,

11/2/2022

750,000

778,138

3.10%,

9/15/2027

500,000

538,701

1,316,839

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

2.80%,

2/15/2030

250,000

256,316

Arrow

Electronics,

Inc.

,

4.50%,

3/1/2023

250,000

265,362

Corning,

Inc.

,

4.38%,

11/15/2057

500,000

546,081

Jabil,

Inc.

,

3.00%,

1/15/2031

270,000

268,028

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029

75,000

77,866

1,413,653

Energy

Equipment

&

Services

0.1%

Baker

Hughes

a

GE

Co.

LLC

,

3.34%,

12/15/2027

285,000

305,163

3.14%,

11/7/2029

85,000

88,937

Baker

Hughes

Holdings

LLC

,

5.13%,

9/15/2040

200,000

243,714

Halliburton

Co.

,

3.80%,

11/15/2025(b)

133,000

146,267

6.70%,

9/15/2038

300,000

390,863

5.00%,

11/15/2045

300,000

334,456

1,509,400

Entertainment

0.2%

Activision

Blizzard,

Inc.

,

1.35%,

9/15/2030

25,000

22,585

2.50%,

9/15/2050

200,000

167,836

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

200,000

280,991

TWDC

Enterprises

18

Corp.

,

3.15%,

9/17/2025

325,000

351,452

3.00%,

2/13/2026

150,000

161,389

3.00%,

7/30/2046(b)

150,000

144,417

Walt

Disney

Co.

(The)

,

3.35%,

3/24/2025(b)

300,000

324,730

1.75%,

1/13/2026

100,000

102,282

Corporate

Bonds

Principal

Amount

($)

Value

($)

Entertainment

Walt

Disney

Co.

(The),

2.00%,

9/1/2029

300,000

296,284

2.65%,

1/13/2031

600,000

612,441

6.55%,

3/15/2033

300,000

415,398

6.20%,

12/15/2034

245,000

339,563

6.65%,

11/15/2037

150,000

219,678

3.50%,

5/13/2040

100,000

105,739

5.40%,

10/1/2043

500,000

664,710

4.70%,

3/23/2050

200,000

250,636

3.60%,

1/13/2051

500,000

532,007

4,992,138

Equity

Real

Estate

Investment

Trusts

(REITs)

0.9%

Alexandria

Real

Estate

Equities,

Inc.

,

4.85%,

4/15/2049

300,000

359,091

American

Campus

Communities

Operating

Partnership

LP

,

2.85%,

2/1/2030

250,000

250,216

American

Tower

Corp.

,

3.50%,

1/31/2023

250,000

263,057

0.60%,

1/15/2024(b)

155,000

154,744

2.40%,

3/15/2025

125,000

130,408

1.50%,

1/31/2028(b)

300,000

286,111

3.95%,

3/15/2029

1,000,000

1,100,863

2.90%,

1/15/2030

110,000

111,821

1.88%,

10/15/2030

165,000

154,360

2.95%,

1/15/2051(b)

200,000

176,813

AvalonBay

Communities,

Inc.

,

3.45%,

6/1/2025(b)

695,000

756,195

3.30%,

6/1/2029

20,000

21,223

2.45%,

1/15/2031

210,000

209,264

Boston

Properties

LP

,

3.80%,

2/1/2024

250,000

269,120

2.75%,

10/1/2026(b)

750,000

790,348

2.90%,

3/15/2030

100,000

100,895

Brixmor

Operating

Partnership

LP

,

3.65%,

6/15/2024

500,000

537,999

CC

Holdings

GS

V

LLC

,

3.85%,

4/15/2023

250,000

266,184

Crown

Castle

International

Corp.

,

3.70%,

6/15/2026

60,000

65,636

3.65%,

9/1/2027

750,000

817,301

3.10%,

11/15/2029(b)

260,000

268,372

CubeSmart

LP

,

2.00%,

2/15/2031

300,000

280,773

CyrusOne

LP

,

2.90%,

11/15/2024

50,000

52,826

3.45%,

11/15/2029

50,000

51,401

Duke

Realty

LP

,

2.88%,

11/15/2029

125,000

128,279

1.75%,

7/1/2030(b)

65,000

60,512

Equinix,

Inc.

,

2.63%,

11/18/2024

80,000

84,294

1.00%,

9/15/2025

300,000

294,582

1.55%,

3/15/2028(b)

100,000

95,556

3.20%,

11/18/2029(b)

105,000

109,163

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Equinix,

Inc.,

2.95%,

9/15/2051(b)

100,000

88,036

ERP

Operating

LP

,

3.00%,

4/15/2023

200,000

208,911

4.50%,

7/1/2044

350,000

412,237

Essex

Portfolio

LP

,

4.00%,

3/1/2029

100,000

110,666

3.00%,

1/15/2030

75,000

76,840

2.65%,

3/15/2032

35,000

34,437

Federal

Realty

Investment

Trust

,

3.50%,

6/1/2030(b)

200,000

209,556

GLP

Capital

LP

,

5.30%,

1/15/2029

500,000

560,475

Healthcare

Trust

of

America

Holdings

LP

,

3.10%,

2/15/2030

250,000

257,990

Healthpeak

Properties,

Inc.

,

3.50%,

7/15/2029

125,000

133,992

3.00%,

1/15/2030

180,000

185,676

Highwoods

Realty

LP

,

3.05%,

2/15/2030

250,000

252,449

Host

Hotels

&

Resorts

LP

,

Series

D,

3.75%,

10/15/2023

525,000

555,586

Series

E,

4.00%,

6/15/2025

375,000

398,345

Series

H,

3.38%,

12/15/2029

100,000

99,227

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

100,714

Kimco

Realty

Corp.

,

3.13%,

6/1/2023(b)

500,000

523,985

4.45%,

9/1/2047

250,000

277,908

Mid-America

Apartments

LP

,

2.75%,

3/15/2030

50,000

50,479

National

Retail

Properties,

Inc.

,

2.50%,

4/15/2030

500,000

490,284

3.50%,

4/15/2051

40,000

39,280

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

599,498

3.63%,

10/1/2029

100,000

102,108

Prologis

LP

,

2.25%,

4/15/2030

160,000

158,205

1.25%,

10/15/2030

65,000

58,963

3.00%,

4/15/2050

65,000

62,305

2.13%,

10/15/2050

155,000

124,122

Realty

Income

Corp.

,

0.75%,

3/15/2026

70,000

67,453

3.25%,

1/15/2031

265,000

279,728

1.80%,

3/15/2033

55,000

50,506

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

50,858

3.70%,

6/15/2030

300,000

320,749

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

250,000

255,100

Simon

Property

Group

LP

,

3.38%,

10/1/2024

500,000

537,624

2.45%,

9/13/2029

250,000

247,487

Corporate

Bonds

Principal

Amount

($)

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Simon

Property

Group

LP,

4.25%,

11/30/2046(b)

500,000

538,391

SITE

Centers

Corp.

,

3.63%,

2/1/2025

500,000

522,127

Spirit

Realty

LP

,

3.40%,

1/15/2030

250,000

259,274

UDR,

Inc.

,

3.00%,

8/15/2031

250,000

254,168

1.90%,

3/15/2033(b)

55,000

49,588

Ventas

Realty

LP

,

3.13%,

6/15/2023

500,000

522,818

4.00%,

3/1/2028

250,000

276,148

3.00%,

1/15/2030

100,000

101,974

VEREIT

Operating

Partnership

LP

,

2.85%,

12/15/2032

400,000

387,381

Welltower,

Inc.

,

4.25%,

4/1/2026

500,000

561,713

3.10%,

1/15/2030

100,000

102,779

2.75%,

1/15/2031

500,000

497,303

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

500,000

702,205

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

129,046

21,134,101

Food

&

Staples

Retailing

0.4%

Costco

Wholesale

Corp.

,

1.60%,

4/20/2030

500,000

478,857

Kroger

Co.

(The)

,

4.00%,

2/1/2024

500,000

543,332

1.70%,

1/15/2031(b)

290,000

270,829

7.50%,

4/1/2031

257,000

357,728

5.40%,

7/15/2040

200,000

252,413

5.40%,

1/15/2049

50,000

63,948

3.95%,

1/15/2050

100,000

108,055

Sysco

Corp.

,

2.40%,

2/15/2030(b)

300,000

297,881

5.95%,

4/1/2030(b)

500,000

624,789

6.60%,

4/1/2050

300,000

433,311

Walgreens

Boots

Alliance,

Inc.

,

3.45%,

6/1/2026(b)

55,000

59,187

3.20%,

4/15/2030(b)

500,000

519,227

4.50%,

11/18/2034

400,000

445,036

4.80%,

11/18/2044

150,000

166,088

Walmart,

Inc.

,

2.55%,

4/11/2023(b)

750,000

780,933

3.30%,

4/22/2024

725,000

780,422

2.65%,

12/15/2024(b)

500,000

535,165

3.05%,

7/8/2026

500,000

543,287

3.70%,

6/26/2028

200,000

224,938

7.55%,

2/15/2030

118,000

169,463

3.63%,

12/15/2047

500,000

549,764

4.05%,

6/29/2048

500,000

592,064

2.95%,

9/24/2049(b)

250,000

246,153

9,042,870

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.3%

Archer-Daniels-Midland

Co.

,

4.02%,

4/16/2043

172,000

195,698

Campbell

Soup

Co.

,

4.15%,

3/15/2028(b)

500,000

560,281

Conagra

Brands,

Inc.

,

7.00%,

10/1/2028

221,000

285,821

5.30%,

11/1/2038

250,000

308,417

General

Mills,

Inc.

,

4.20%,

4/17/2028

500,000

564,715

3.00%,

2/1/2051(e)

100,000

93,494

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

256,028

J

M

Smucker

Co.

(The)

,

4.25%,

3/15/2035

400,000

446,829

Kellogg

Co.

,

3.25%,

4/1/2026

125,000

134,753

4.50%,

4/1/2046(b)

250,000

291,506

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

250,000

305,393

Mondelez

International,

Inc.

,

1.50%,

5/4/2025(b)

60,000

60,654

3.63%,

2/13/2026(b)

300,000

329,827

2.75%,

4/13/2030

200,000

204,187

1.50%,

2/4/2031

70,000

64,019

2.63%,

9/4/2050

40,000

34,434

Tyson

Foods,

Inc.

,

3.95%,

8/15/2024

500,000

545,942

3.55%,

6/2/2027

500,000

545,920

4.55%,

6/2/2047

100,000

117,626

5.10%,

9/28/2048

250,000

316,553

Unilever

Capital

Corp.

,

2.00%,

7/28/2026(b)

500,000

517,033

1.38%,

9/14/2030(b)

165,000

154,858

5.90%,

11/15/2032

206,000

278,048

6,612,036

Gas

Utilities

0.1%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

533,470

3.38%,

9/15/2049(b)

160,000

159,037

Eastern

Energy

Gas

Holdings

LLC

,

Series

A,

2.50%,

11/15/2024

100,000

105,137

Series

B,

3.00%,

11/15/2029(b)

200,000

207,465

Series

C,

3.90%,

11/15/2049

100,000

102,060

National

Fuel

Gas

Co.

,

3.75%,

3/1/2023(b)

250,000

261,554

ONE

Gas,

Inc.

,

4.66%,

2/1/2044

250,000

283,467

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

105,533

1,757,723

Health

Care

Equipment

&

Supplies

0.3%

Abbott

Laboratories

,

3.88%,

9/15/2025

90,000

99,822

3.75%,

11/30/2026(b)

498,000

558,986

1.15%,

1/30/2028

90,000

86,490

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Abbott

Laboratories,

1.40%,

6/30/2030(b)

95,000

88,747

5.30%,

5/27/2040(b)

500,000

661,790

4.90%,

11/30/2046

250,000

325,594

Baxter

International,

Inc.

,

2.60%,

8/15/2026

460,000

488,588

Becton

Dickinson

and

Co.

,

3.73%,

12/15/2024

570,000

622,625

3.70%,

6/6/2027

326,000

359,584

4.67%,

6/6/2047

200,000

238,742

3.79%,

5/20/2050

200,000

212,489

Boston

Scientific

Corp.

,

3.85%,

5/15/2025(b)

255,000

281,763

4.00%,

3/1/2029

500,000

556,174

4.70%,

3/1/2049

150,000

181,303

Danaher

Corp.

,

3.35%,

9/15/2025(b)

250,000

272,794

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029

100,000

102,215

3.25%,

11/15/2039

100,000

101,965

3.40%,

11/15/2049

140,000

141,748

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

250,000

320,435

Medtronic,

Inc.

,

4.38%,

3/15/2035

350,000

420,864

4.63%,

3/15/2045

300,000

378,323

Stryker

Corp.

,

3.38%,

11/1/2025

160,000

173,875

3.50%,

3/15/2026

70,000

76,796

4.63%,

3/15/2046

400,000

487,201

Zimmer

Biomet

Holdings,

Inc.

,

4.45%,

8/15/2045

150,000

166,045

7,404,958

Health

Care

Providers

&

Services

1.1%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

68,012

Series

2020,

3.01%,

6/15/2050

66,000

63,004

Aetna,

Inc.

,

2.80%,

6/15/2023

500,000

521,554

3.50%,

11/15/2024

500,000

540,001

6.63%,

6/15/2036

250,000

348,925

3.88%,

8/15/2047

200,000

209,360

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

56,316

AmerisourceBergen

Corp.

,

4.30%,

12/15/2047

200,000

221,572

Anthem,

Inc.

,

4.10%,

3/1/2028(b)

750,000

843,509

2.25%,

5/15/2030

200,000

196,833

4.63%,

5/15/2042

250,000

295,179

5.10%,

1/15/2044

300,000

372,628

4.65%,

8/15/2044

250,000

298,331

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

223,076

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Banner

Health

,

Series

2020,

3.18%,

1/1/2050

39,000

39,136

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

80,929

Cardinal

Health,

Inc.

,

3.75%,

9/15/2025

340,000

372,461

3.41%,

6/15/2027(b)

500,000

540,553

4.37%,

6/15/2047

200,000

217,269

Cigna

Corp.

,

3.00%,

7/15/2023

500,000

525,788

3.50%,

6/15/2024

500,000

539,185

3.25%,

4/15/2025

250,000

268,907

3.05%,

10/15/2027(b)

400,000

427,868

4.38%,

10/15/2028

300,000

343,220

2.38%,

3/15/2031

110,000

108,195

4.80%,

7/15/2046

250,000

299,628

4.90%,

12/15/2048

600,000

734,915

CommonSpirit

Health

,

1.55%,

10/1/2025

37,000

37,216

2.78%,

10/1/2030

77,000

77,909

3.82%,

10/1/2049

108,000

114,235

4.19%,

10/1/2049

37,000

39,906

3.91%,

10/1/2050

149,000

151,787

CVS

Health

Corp.

,

3.70%,

3/9/2023

603,000

639,944

4.10%,

3/25/2025

61,000

67,574

4.30%,

3/25/2028

391,000

444,012

1.75%,

8/21/2030

360,000

336,024

1.88%,

2/28/2031

210,000

197,249

4.88%,

7/20/2035

500,000

588,349

4.13%,

4/1/2040

200,000

220,861

5.13%,

7/20/2045

500,000

612,126

5.05%,

3/25/2048

1,000,000

1,227,640

4.25%,

4/1/2050(b)

85,000

95,413

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050(b)

117,000

109,103

HCA,

Inc.

,

5.00%,

3/15/2024

1,000,000

1,112,654

4.13%,

6/15/2029

250,000

277,046

5.50%,

6/15/2047

350,000

435,328

Humana,

Inc.

,

3.15%,

12/1/2022

1,000,000

1,036,264

3.95%,

8/15/2049

150,000

161,421

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046

20,000

22,642

Kaiser

Foundation

Hospitals

,

4.88%,

4/1/2042

250,000

317,731

Series

2019,

3.27%,

11/1/2049

122,000

125,637

Laboratory

Corp.

of

America

Holdings

,

3.75%,

8/23/2022

350,000

362,608

2.95%,

12/1/2029

250,000

257,613

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

47,193

Series

2020,

3.19%,

7/1/2049

100,000

99,926

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

78,806

McKesson

Corp.

,

3.95%,

2/16/2028

250,000

279,485

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

54,686

Mount

Sinai

Hospitals

Group,

Inc.

,

Series

2017,

3.98%,

7/1/2048

33,000

35,210

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

213,270

Northwell

Healthcare,

Inc.

,

4.26%,

11/1/2047

35,000

39,373

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

41,955

Quest

Diagnostics,

Inc.

,

3.50%,

3/30/2025

370,000

401,080

4.20%,

6/30/2029

100,000

114,191

2.95%,

6/30/2030

75,000

77,529

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

33,589

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

43,821

Series

2018,

4.09%,

8/15/2048

50,000

55,303

Series

20A,

3.36%,

8/15/2050

134,000

132,601

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

64,915

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027

500,000

548,679

2.95%,

10/15/2027

200,000

214,682

3.88%,

12/15/2028

500,000

563,551

4.63%,

7/15/2035

105,000

128,194

5.80%,

3/15/2036

708,000

959,973

3.95%,

10/15/2042

250,000

287,044

4.75%,

7/15/2045

250,000

315,036

3.70%,

8/15/2049

500,000

543,303

3.88%,

8/15/2059

300,000

335,017

3.13%,

5/15/2060

100,000

98,169

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

49,466

23,680,693

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

0.2%

Las

Vegas

Sands

Corp.

,

3.20%,

8/8/2024

50,000

52,131

3.50%,

8/18/2026

55,000

57,348

3.90%,

8/8/2029

40,000

41,104

Marriott

International,

Inc.

,

Series

EE,

5.75%,

5/1/2025

300,000

344,248

Series

GG,

3.50%,

10/15/2032

200,000

207,539

McDonald's

Corp.

,

3.80%,

4/1/2028

500,000

553,455

4.70%,

12/9/2035

400,000

472,960

4.88%,

7/15/2040

250,000

305,449

4.88%,

12/9/2045

250,000

302,635

3.63%,

9/1/2049

200,000

208,773

4.20%,

4/1/2050

200,000

227,150

Sands

China

Ltd.

,

4.60%,

8/8/2023

500,000

534,695

5.40%,

8/8/2028

200,000

228,488

Starbucks

Corp.

,

1.30%,

5/7/2022

40,000

40,410

3.50%,

3/1/2028(b)

750,000

812,725

2.55%,

11/15/2030

200,000

200,397

4.45%,

8/15/2049

250,000

290,062

3.50%,

11/15/2050(b)

200,000

200,222

5,079,791

Household

Durables

0.0%

†

DR

Horton,

Inc.

,

2.50%,

10/15/2024

215,000

225,780

Whirlpool

Corp.

,

3.70%,

5/1/2025(b)

500,000

543,912

769,692

Household

Products

0.1%

Kimberly-Clark

Corp.

,

2.40%,

6/1/2023

500,000

521,264

6.63%,

8/1/2037

130,000

194,059

3.20%,

7/30/2046

165,000

169,513

2.88%,

2/7/2050

100,000

98,231

Procter

&

Gamble

Co.

(The)

,

2.15%,

8/11/2022

1,000,000

1,024,310

0.55%,

10/29/2025(b)

240,000

235,902

2.85%,

8/11/2027

250,000

271,156

1.20%,

10/29/2030(b)

300,000

277,616

3.60%,

3/25/2050(b)

300,000

341,260

3,133,311

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

AES

Corp.

(The)

,

2.45%,

1/15/2031(e)

400,000

382,433

Oglethorpe

Power

Corp.

,

5.25%,

9/1/2050

200,000

232,016

614,449

Industrial

Conglomerates

0.3%

3M

Co.

,

2.00%,

2/14/2025(b)

200,000

207,794

3.00%,

8/7/2025(b)

400,000

433,441

2.38%,

8/26/2029

200,000

203,941

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

Conglomerates

3M

Co.,

3.05%,

4/15/2030(b)

300,000

318,450

5.70%,

3/15/2037

415,000

548,250

3.25%,

8/26/2049(b)

90,000

91,329

General

Electric

Co.

,

2.70%,

10/9/2022

250,000

258,513

3.38%,

3/11/2024

500,000

538,188

3.45%,

5/15/2024(b)

144,000

154,672

3.63%,

5/1/2030(b)

400,000

430,666

6.75%,

3/15/2032

323,000

432,615

6.15%,

8/7/2037

201,000

264,087

5.88%,

1/14/2038

144,000

186,345

6.88%,

1/10/2039

200,000

281,272

4.25%,

5/1/2040

400,000

439,045

4.13%,

10/9/2042

48,000

51,469

4.35%,

5/1/2050

300,000

332,983

Honeywell

International,

Inc.

,

1.35%,

6/1/2025

40,000

40,577

2.50%,

11/1/2026(b)

500,000

530,784

2.70%,

8/15/2029

500,000

521,283

2.80%,

6/1/2050(b)

90,000

85,272

Roper

Technologies,

Inc.

,

2.35%,

9/15/2024

50,000

52,261

1.00%,

9/15/2025

60,000

58,973

2.95%,

9/15/2029

90,000

93,725

1.75%,

2/15/2031

245,000

227,505

Trane

Technologies

Luxembourg

Finance

SA

,

4.50%,

3/21/2049

250,000

291,706

7,075,146

Insurance

0.7%

Aflac,

Inc.

,

3.60%,

4/1/2030(b)

500,000

546,827

Alleghany

Corp.

,

4.95%,

6/27/2022

400,000

421,114

Allstate

Corp.

(The)

,

(ICE

LIBOR

USD

3

Month

+

2.12%),

6.50%,

5/15/2057(b)(c)

195,000

250,087

American

International

Group,

Inc.

,

3.90%,

4/1/2026

475,000

524,533

4.25%,

3/15/2029

500,000

562,780

3.88%,

1/15/2035

250,000

271,847

4.80%,

7/10/2045

150,000

177,276

4.38%,

6/30/2050

200,000

228,299

4.38%,

1/15/2055

250,000

278,983

Aon

Corp.

,

2.80%,

5/15/2030

400,000

408,756

Aon

plc

,

4.60%,

6/14/2044

250,000

297,397

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046

250,000

304,944

Berkshire

Hathaway

Finance

Corp.

,

1.45%,

10/15/2030

200,000

186,655

4.30%,

5/15/2043

250,000

294,812

4.25%,

1/15/2049

300,000

347,303

2.85%,

10/15/2050

45,000

41,476

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Berkshire

Hathaway

Finance

Corp.,

2.50%,

1/15/2051

230,000

197,535

Brighthouse

Financial,

Inc.

,

3.70%,

6/22/2027(b)

281,000

297,279

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

228,401

Chubb

INA

Holdings,

Inc.

,

2.70%,

3/13/2023

500,000

521,487

3.35%,

5/3/2026

90,000

98,077

4.35%,

11/3/2045

250,000

295,793

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

239,935

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

97,783

Hartford

Financial

Services

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

422,127

Lincoln

National

Corp.

,

3.05%,

1/15/2030

500,000

517,686

Loews

Corp.

,

4.13%,

5/15/2043(b)

200,000

215,407

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(c)

500,000

550,182

Markel

Corp.

,

3.35%,

9/17/2029

475,000

504,226

Marsh

&

McLennan

Cos.,

Inc.

,

4.20%,

3/1/2048

500,000

579,057

MetLife,

Inc.

,

3.60%,

11/13/2025

500,000

549,582

5.70%,

6/15/2035

159,000

214,447

6.40%,

12/15/2036

500,000

627,524

4.88%,

11/13/2043

250,000

314,058

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(g)

105,000

123,900

Principal

Financial

Group,

Inc.

,

3.40%,

5/15/2025

500,000

539,597

4.30%,

11/15/2046(b)

200,000

227,512

Progressive

Corp.

(The)

,

6.25%,

12/1/2032

162,000

219,075

3.70%,

1/26/2045

250,000

265,469

Prudential

Financial,

Inc.

,

(ICE

LIBOR

USD

3

Month

+

3.92%),

5.63%,

6/15/2043(c)

250,000

267,911

4.60%,

5/15/2044(b)

250,000

298,294

3.91%,

12/7/2047

186,000

201,240

3.94%,

12/7/2049

605,000

662,308

Travelers

Cos.,

Inc.

(The)

,

5.35%,

11/1/2040

250,000

328,681

4.10%,

3/4/2049

200,000

233,808

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

192,000

267,472

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

270,817

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Willis

North

America,

Inc.

,

4.50%,

9/15/2028

400,000

454,883

2.95%,

9/15/2029

65,000

67,119

XLIT

Ltd.

,

4.45%,

3/31/2025

500,000

557,441

16,599,202

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

3.38%,

2/25/2024

750,000

813,216

0.45%,

8/15/2025

45,000

44,247

2.00%,

8/15/2026

500,000

520,560

0.80%,

8/15/2027(b)

90,000

86,176

1.10%,

8/15/2030(b)

165,000

151,670

1.90%,

8/15/2040

100,000

86,395

2.05%,

8/15/2050

200,000

165,387

Baidu,

Inc.

,

3.88%,

9/29/2023

400,000

427,696

4.38%,

3/29/2028

200,000

221,190

2,516,537

Internet

&

Direct

Marketing

Retail

0.2%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027

500,000

536,408

4.20%,

12/6/2047

500,000

552,048

Amazon.com,

Inc.

,

2.80%,

8/22/2024

250,000

267,837

3.15%,

8/22/2027

250,000

273,543

1.50%,

6/3/2030

500,000

476,441

4.80%,

12/5/2034

500,000

628,113

3.88%,

8/22/2037

350,000

401,024

4.05%,

8/22/2047

500,000

585,193

4.25%,

8/22/2057

250,000

299,092

Booking

Holdings,

Inc.

,

4.63%,

4/13/2030

200,000

232,971

eBay,

Inc.

,

3.60%,

6/5/2027

500,000

544,631

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

200,000

211,835

3.25%,

2/15/2030

165,000

166,063

5,175,199

IT

Services

0.5%

Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030(b)

400,000

366,451

Broadridge

Financial

Solutions,

Inc.

,

3.40%,

6/27/2026

215,000

233,072

Fidelity

National

Information

Services,

Inc.

,

1.15%,

3/1/2026

95,000

93,410

1.65%,

3/1/2028

110,000

107,573

2.25%,

3/1/2031

270,000

265,279

3.10%,

3/1/2041

75,000

73,672

Fiserv,

Inc.

,

2.75%,

7/1/2024

350,000

369,851

2.25%,

6/1/2027

400,000

408,884

3.50%,

7/1/2029

300,000

323,580

2.65%,

6/1/2030

215,000

216,531

18

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

Fiserv,

Inc.,

4.40%,

7/1/2049

350,000

403,879

Global

Payments,

Inc.

,

2.65%,

2/15/2025

250,000

262,670

4.45%,

6/1/2028(b)

300,000

344,007

3.20%,

8/15/2029

150,000

157,981

International

Business

Machines

Corp.

,

2.85%,

5/13/2022

1,000,000

1,028,503

3.50%,

5/15/2029

400,000

435,140

1.95%,

5/15/2030

400,000

387,201

5.88%,

11/29/2032

433,000

578,112

4.00%,

6/20/2042(b)

500,000

562,388

4.25%,

5/15/2049

300,000

345,338

Mastercard,

Inc.

,

2.00%,

3/3/2025(b)

300,000

312,991

3.30%,

3/26/2027

60,000

65,952

2.95%,

6/1/2029

200,000

214,455

3.35%,

3/26/2030

370,000

407,529

3.80%,

11/21/2046

250,000

275,769

PayPal

Holdings,

Inc.

,

1.35%,

6/1/2023

70,000

71,238

2.40%,

10/1/2024

85,000

89,317

1.65%,

6/1/2025

95,000

96,748

2.85%,

10/1/2029

170,000

177,112

2.30%,

6/1/2030

100,000

99,061

3.25%,

6/1/2050(b)

120,000

119,395

Visa,

Inc.

,

2.80%,

12/14/2022

250,000

259,681

3.15%,

12/14/2025

135,000

147,245

1.10%,

2/15/2031(b)

300,000

272,979

4.30%,

12/14/2045

750,000

904,573

2.00%,

8/15/2050(b)

200,000

161,817

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

185,097

10,824,481

Leisure

Products

0.0%

†

Hasbro,

Inc.

,

2.60%,

11/19/2022

45,000

46,416

3.00%,

11/19/2024

100,000

106,432

3.55%,

11/19/2026

100,000

107,925

3.90%,

11/19/2029

100,000

107,546

5.10%,

5/15/2044

100,000

111,235

479,554

Life

Sciences

Tools

&

Services

0.0%

†

Agilent

Technologies,

Inc.

,

3.88%,

7/15/2023

250,000

266,439

2.75%,

9/15/2029

165,000

168,937

PerkinElmer,

Inc.

,

3.30%,

9/15/2029

100,000

105,481

Thermo

Fisher

Scientific,

Inc.

,

2.60%,

10/1/2029

325,000

333,184

5.30%,

2/1/2044

100,000

132,237

1,006,278

Machinery

0.2%

Caterpillar,

Inc.

,

2.60%,

9/19/2029

70,000

72,042

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Caterpillar,

Inc.,

6.05%,

8/15/2036(b)

177,000

245,084

3.25%,

9/19/2049

330,000

338,423

Deere

&

Co.

,

3.90%,

6/9/2042

250,000

284,756

Dover

Corp.

,

2.95%,

11/4/2029

45,000

47,258

5.38%,

3/1/2041

100,000

121,280

Flowserve

Corp.

,

3.50%,

9/15/2022

100,000

102,831

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

252,643

Otis

Worldwide

Corp.

,

3.11%,

2/15/2040

300,000

295,338

Parker-Hannifin

Corp.

,

4.20%,

11/21/2034

500,000

566,144

Stanley

Black

&

Decker,

Inc.

,

4.25%,

11/15/2028

250,000

286,574

2.30%,

3/15/2030

500,000

502,414

Westinghouse

Air

Brake

Technologies

Corp.

,

4.95%,

9/15/2028(f)

250,000

284,840

3,399,627

Media

0.8%

Charter

Communications

Operating

LLC

,

4.46%,

7/23/2022

1,000,000

1,042,954

4.91%,

7/23/2025

410,000

464,795

5.05%,

3/30/2029

250,000

287,355

2.30%,

2/1/2032

300,000

278,826

6.38%,

10/23/2035

500,000

647,496

5.38%,

5/1/2047

250,000

290,201

5.75%,

4/1/2048

500,000

607,869

4.80%,

3/1/2050

400,000

429,086

3.85%,

4/1/2061

310,000

284,193

Comcast

Cable

Communications

Holdings,

Inc.

,

9.46%,

11/15/2022

118,000

135,303

Comcast

Corp.

,

3.60%,

3/1/2024

1,000,000

1,087,921

3.15%,

2/15/2028

500,000

539,463

3.40%,

4/1/2030

365,000

395,195

1.95%,

1/15/2031

200,000

192,621

4.25%,

1/15/2033

250,000

288,654

7.05%,

3/15/2033(b)

295,000

420,924

4.40%,

8/15/2035

500,000

584,730

6.50%,

11/15/2035

100,000

141,407

3.90%,

3/1/2038

250,000

280,802

3.40%,

7/15/2046

250,000

258,512

3.97%,

11/1/2047

743,000

829,690

4.70%,

10/15/2048

1,000,000

1,235,644

4.00%,

11/1/2049

863,000

968,268

2.45%,

8/15/2052(b)

300,000

256,515

Discovery

Communications

LLC

,

3.45%,

3/15/2025

270,000

289,838

4.90%,

3/11/2026

115,000

131,046

3.95%,

3/20/2028

500,000

546,176

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Discovery

Communications

LLC,

3.63%,

5/15/2030

200,000

214,026

5.00%,

9/20/2037

125,000

146,663

4.00%,

9/15/2055(e)

387,000

380,930

Fox

Corp.

,

5.58%,

1/25/2049

300,000

382,443

Grupo

Televisa

SAB

,

6.63%,

1/15/2040

250,000

321,250

5.00%,

5/13/2045

250,000

274,468

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031

160,000

156,939

3.38%,

3/1/2041(b)

220,000

213,820

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

900,000

1,205,807

ViacomCBS,

Inc.

,

3.88%,

4/1/2024

500,000

538,522

5.50%,

5/15/2033

118,000

142,846

4.38%,

3/15/2043

459,000

495,291

5.85%,

9/1/2043

200,000

255,442

4.60%,

1/15/2045

250,000

279,985

WPP

Finance

2010

,

3.75%,

9/19/2024

550,000

598,787

18,522,703

Metals

&

Mining

0.2%

Barrick

Gold

Corp.

,

5.25%,

4/1/2042

150,000

185,692

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

250,000

329,290

BHP

Billiton

Finance

USA

Ltd.

,

6.42%,

3/1/2026

80,000

98,870

5.00%,

9/30/2043

500,000

646,710

Newmont

Corp.

,

5.88%,

4/1/2035

236,000

308,689

4.88%,

3/15/2042

150,000

181,031

Nucor

Corp.

,

4.00%,

8/1/2023

500,000

534,400

Reliance

Steel

&

Aluminum

Co.

,

4.50%,

4/15/2023

250,000

266,621

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

206,000

277,292

Rio

Tinto

Finance

USA

plc

,

4.13%,

8/21/2042(b)

250,000

286,445

Southern

Copper

Corp.

,

3.88%,

4/23/2025

500,000

548,983

6.75%,

4/16/2040

250,000

343,994

5.88%,

4/23/2045(b)

230,000

300,884

Teck

Resources

Ltd.

,

6.25%,

7/15/2041

250,000

307,697

Vale

Overseas

Ltd.

,

6.88%,

11/10/2039(b)

250,000

333,850

4,950,448

Multiline

Retail

0.1%

Dollar

General

Corp.

,

3.25%,

4/15/2023

250,000

263,059

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multiline

Retail

Dollar

General

Corp.,

3.50%,

4/3/2030

500,000

539,066

Target

Corp.

,

2.25%,

4/15/2025

280,000

293,360

2.50%,

4/15/2026(b)

750,000

795,611

2.35%,

2/15/2030

105,000

106,454

2.65%,

9/15/2030(b)

450,000

466,041

3.63%,

4/15/2046

200,000

218,530

2,682,121

Multi-Utilities

0.4%

Ameren

Corp.

,

2.50%,

9/15/2024

310,000

325,913

Ameren

Illinois

Co.

,

2.70%,

9/1/2022(b)

450,000

461,716

Berkshire

Hathaway

Energy

Co.

,

5.15%,

11/15/2043

500,000

620,228

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

216,609

3.88%,

10/15/2049

100,000

100,318

Consolidated

Edison

Co.

of

New

York,

Inc.

,

3.95%,

3/1/2043

500,000

540,294

4.50%,

12/1/2045

500,000

577,594

3.70%,

11/15/2059

300,000

295,913

Consumers

Energy

Co.

,

4.35%,

4/15/2049

300,000

358,955

3.10%,

8/15/2050

45,000

44,271

2.50%,

5/1/2060

265,000

220,042

Delmarva

Power

&

Light

Co.

,

3.50%,

11/15/2023

250,000

267,760

Dominion

Energy,

Inc.

,

Series

E,

6.30%,

3/15/2033

10,000

13,066

Series

B,

5.95%,

6/15/2035

251,000

327,559

Series

C,

4.90%,

8/1/2041

700,000

839,196

DTE

Energy

Co.

,

Series

F,

1.05%,

6/1/2025(b)

170,000

167,783

2.95%,

3/1/2030

250,000

254,304

NiSource,

Inc.

,

0.95%,

8/15/2025(b)

160,000

156,956

1.70%,

2/15/2031

85,000

78,729

5.95%,

6/15/2041

300,000

388,666

Puget

Energy,

Inc.

,

3.65%,

5/15/2025

250,000

270,239

Puget

Sound

Energy,

Inc.

,

5.64%,

4/15/2041

200,000

260,365

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030

100,000

93,951

4.15%,

5/15/2048

500,000

563,634

Sempra

Energy

,

4.05%,

12/1/2023

150,000

161,426

6.00%,

10/15/2039

220,000

291,778

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

229,991

4.40%,

6/1/2043

250,000

270,763

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

WEC

Energy

Group,

Inc.

,

3.55%,

6/15/2025

420,000

455,329

8,853,348

Oil,

Gas

&

Consumable

Fuels

2.0%

BP

Capital

Markets

America,

Inc.

,

3.41%,

2/11/2026(b)

500,000

543,616

3.00%,

2/24/2050

500,000

458,293

2.77%,

11/10/2050(b)

300,000

261,608

BP

Capital

Markets

plc

,

3.54%,

11/4/2024

250,000

272,995

3.72%,

11/28/2028(b)

500,000

550,599

Canadian

Natural

Resources

Ltd.

,

3.90%,

2/1/2025

500,000

539,526

6.25%,

3/15/2038

340,000

431,304

Cenovus

Energy,

Inc.

,

5.40%,

6/15/2047

200,000

222,665

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027

250,000

285,905

3.70%,

11/15/2029

65,000

68,507

Chevron

Corp.

,

1.14%,

5/11/2023

55,000

55,955

1.55%,

5/11/2025

200,000

204,081

2.95%,

5/16/2026

500,000

536,185

2.00%,

5/11/2027

120,000

122,687

2.24%,

5/11/2030

160,000

159,196

2.98%,

5/11/2040

40,000

39,607

3.08%,

5/11/2050

25,000

23,899

Chevron

USA,

Inc.

,

0.69%,

8/12/2025(b)

140,000

137,314

1.02%,

8/12/2027(b)

120,000

115,463

3.85%,

1/15/2028

250,000

278,570

5.25%,

11/15/2043

150,000

194,066

4.95%,

8/15/2047

250,000

314,319

2.34%,

8/12/2050(b)

200,000

166,219

CNOOC

Finance

2013

Ltd.

,

3.00%,

5/9/2023

750,000

780,210

3.30%,

9/30/2049

200,000

182,751

CNOOC

Finance

2015

USA

LLC

,

3.50%,

5/5/2025

500,000

530,344

CNOOC

Petroleum

North

America

ULC

,

5.88%,

3/10/2035

133,000

164,631

6.40%,

5/15/2037

200,000

261,229

ConocoPhillips

,

3.75%,

10/1/2027(e)

500,000

552,478

5.90%,

10/15/2032

177,000

230,230

6.50%,

2/1/2039

400,000

570,915

ConocoPhillips

Co.

,

6.95%,

4/15/2029

250,000

332,611

4.30%,

11/15/2044(b)

155,000

176,548

Devon

Energy

Corp.

,

4.75%,

5/15/2042

500,000

530,455

Diamondback

Energy,

Inc.

,

4.75%,

5/31/2025

300,000

335,244

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ecopetrol

SA

,

5.88%,

5/28/2045

400,000

426,800

Enable

Midstream

Partners

LP

,

5.00%,

5/15/2044(f)

150,000

147,467

Enbridge

Energy

Partners

LP

,

5.88%,

10/15/2025(b)

250,000

294,500

Enbridge,

Inc.

,

3.70%,

7/15/2027

500,000

543,763

3.13%,

11/15/2029(b)

150,000

155,974

4.00%,

11/15/2049

250,000

250,829

Energy

Transfer

Operating

LP

,

3.60%,

2/1/2023

500,000

520,704

4.90%,

2/1/2024

250,000

272,816

4.75%,

1/15/2026

250,000

277,587

3.75%,

5/15/2030(b)

60,000

61,858

6.05%,

6/1/2041(b)

75,000

85,705

5.30%,

4/15/2047

500,000

527,693

6.25%,

4/15/2049

500,000

586,903

Enterprise

Products

Operating

LLC

,

3.90%,

2/15/2024

750,000

812,686

2.80%,

1/31/2030(b)

120,000

123,896

6.13%,

10/15/2039(b)

285,000

372,910

6.45%,

9/1/2040

250,000

334,894

4.45%,

2/15/2043

500,000

544,131

4.25%,

2/15/2048

250,000

265,544

3.70%,

1/31/2051

350,000

344,575

3.20%,

2/15/2052

300,000

273,658

Equinor

ASA

,

3.70%,

3/1/2024

500,000

543,442

3.25%,

11/10/2024

500,000

541,261

3.70%,

4/6/2050

500,000

530,991

Exxon

Mobil

Corp.

,

1.57%,

4/15/2023

300,000

307,353

3.18%,

3/15/2024

500,000

535,209

2.02%,

8/16/2024

100,000

104,110

2.71%,

3/6/2025(b)

500,000

529,203

2.99%,

3/19/2025

300,000

321,475

3.04%,

3/1/2026

235,000

253,576

2.28%,

8/16/2026

100,000

104,234

3.29%,

3/19/2027(b)

200,000

219,228

3.48%,

3/19/2030

250,000

271,443

2.61%,

10/15/2030

250,000

254,761

4.23%,

3/19/2040

200,000

225,000

4.11%,

3/1/2046

250,000

274,718

3.10%,

8/16/2049

250,000

237,048

4.33%,

3/19/2050

326,000

374,180

3.45%,

4/15/2051

374,000

377,685

Hess

Corp.

,

4.30%,

4/1/2027

500,000

544,920

7.30%,

8/15/2031

164,000

209,416

5.60%,

2/15/2041

250,000

288,399

Kinder

Morgan

Energy

Partners

LP

,

4.25%,

9/1/2024

250,000

275,383

5.80%,

3/15/2035

206,000

251,797

6.38%,

3/1/2041

250,000

316,974

5.00%,

8/15/2042

350,000

393,718

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.

,

4.30%,

6/1/2025(b)

160,000

178,675

2.00%,

2/15/2031(b)

300,000

279,203

5.30%,

12/1/2034

350,000

413,348

5.05%,

2/15/2046

250,000

282,602

3.25%,

8/1/2050(b)

200,000

174,872

Magellan

Midstream

Partners

LP

,

4.25%,

9/15/2046

350,000

356,195

3.95%,

3/1/2050

25,000

24,629

Marathon

Oil

Corp.

,

2.80%,

11/1/2022

85,000

87,186

3.85%,

6/1/2025

500,000

535,745

6.80%,

3/15/2032

118,000

147,108

Marathon

Petroleum

Corp.

,

3.63%,

9/15/2024

250,000

270,208

6.50%,

3/1/2041

250,000

332,361

MPLX

LP

,

4.50%,

7/15/2023

150,000

161,584

4.88%,

6/1/2025

250,000

281,586

1.75%,

3/1/2026

160,000

160,244

4.25%,

12/1/2027

750,000

843,132

4.00%,

3/15/2028

500,000

552,185

2.65%,

8/15/2030

190,000

186,192

4.50%,

4/15/2038

250,000

273,111

4.70%,

4/15/2048

250,000

270,475

ONEOK

Partners

LP

,

4.90%,

3/15/2025

500,000

555,391

6.13%,

2/1/2041

100,000

117,155

ONEOK,

Inc.

,

4.00%,

7/13/2027

500,000

542,201

4.35%,

3/15/2029

500,000

545,398

5.20%,

7/15/2048

250,000

273,499

Phillips

66

,

4.65%,

11/15/2034

200,000

229,041

5.88%,

5/1/2042

382,000

491,360

Phillips

66

Partners

LP

,

3.61%,

2/15/2025

500,000

534,925

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030

200,000

185,613

Plains

All

American

Pipeline

LP

,

4.65%,

10/15/2025

500,000

547,859

5.15%,

6/1/2042

350,000

354,995

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027

1,000,000

1,138,247

Suncor

Energy,

Inc.

,

6.50%,

6/15/2038

500,000

668,096

Sunoco

Logistics

Partners

Operations

LP

,

3.45%,

1/15/2023

250,000

259,515

5.35%,

5/15/2045

500,000

526,238

Total

Capital

Canada

Ltd.

,

2.75%,

7/15/2023

750,000

789,908

Total

Capital

International

SA

,

2.83%,

1/10/2030(b)

500,000

520,025

TransCanada

PipeLines

Ltd.

,

4.88%,

1/15/2026

285,000

327,434

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

TransCanada

PipeLines

Ltd.,

4.25%,

5/15/2028

500,000

562,023

4.63%,

3/1/2034

250,000

282,161

5.85%,

3/15/2036(b)

750,000

949,290

Valero

Energy

Corp.

,

4.00%,

4/1/2029(b)

250,000

269,392

7.50%,

4/15/2032

118,000

159,020

6.63%,

6/15/2037

200,000

260,215

Williams

Cos.,

Inc.

(The)

,

4.00%,

9/15/2025

500,000

548,247

3.50%,

11/15/2030(b)

400,000

424,030

6.30%,

4/15/2040(b)

150,000

192,866

5.80%,

11/15/2043(b)

250,000

307,048

4.90%,

1/15/2045(b)

350,000

387,682

44,900,157

Paper

&

Forest

Products

0.0%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

250,000

382,374

Suzano

Austria

GmbH

,

5.00%,

1/15/2030

200,000

221,100

603,474

Personal

Products

0.0%

†

Estee

Lauder

Cos.,

Inc.

(The)

,

2.00%,

12/1/2024(b)

85,000

88,512

2.38%,

12/1/2029

35,000

35,430

1.95%,

3/15/2031

100,000

96,913

3.13%,

12/1/2049

150,000

152,038

372,893

Pharmaceuticals

1.1%

AstraZeneca

plc

,

3.38%,

11/16/2025

1,000,000

1,088,550

0.70%,

4/8/2026(b)

200,000

192,626

1.38%,

8/6/2030

200,000

183,444

6.45%,

9/15/2037

200,000

284,786

4.00%,

9/18/2042

250,000

278,196

2.13%,

8/6/2050(b)

85,000

68,092

Bristol-Myers

Squibb

Co.

,

2.00%,

8/1/2022

700,000

714,752

3.25%,

8/15/2022

300,000

311,910

3.25%,

2/20/2023

242,000

253,937

2.90%,

7/26/2024

319,000

340,838

3.88%,

8/15/2025

237,000

263,543

3.90%,

2/20/2028

250,000

281,224

3.25%,

8/1/2042

250,000

257,669

5.00%,

8/15/2045

300,000

385,738

4.55%,

2/20/2048(b)

250,000

304,812

4.25%,

10/26/2049

500,000

588,937

Eli

Lilly

&

Co.

,

2.75%,

6/1/2025(b)

95,000

101,073

3.95%,

3/15/2049

450,000

508,729

2.25%,

5/15/2050(b)

300,000

253,558

GlaxoSmithKline

Capital

plc

,

0.53%,

10/1/2023

1,000,000

1,001,350

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

300,000

339,445

5.38%,

4/15/2034

201,000

265,570

4.20%,

3/18/2043

300,000

352,993

22

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Johnson

&

Johnson

,

2.45%,

3/1/2026

250,000

266,003

4.95%,

5/15/2033

663,000

848,270

3.63%,

3/3/2037

600,000

677,304

3.70%,

3/1/2046

250,000

279,372

3.75%,

3/3/2047

100,000

112,193

2.45%,

9/1/2060

500,000

443,037

Merck

&

Co.,

Inc.

,

2.80%,

5/18/2023

500,000

526,330

2.75%,

2/10/2025(b)

220,000

234,509

3.90%,

3/7/2039

300,000

341,838

3.60%,

9/15/2042

250,000

271,257

4.15%,

5/18/2043

350,000

410,976

4.00%,

3/7/2049

350,000

404,435

Novartis

Capital

Corp.

,

2.40%,

9/21/2022

500,000

516,033

3.10%,

5/17/2027

500,000

543,445

4.40%,

5/6/2044

200,000

243,620

4.00%,

11/20/2045

200,000

230,638

Pfizer,

Inc.

,

3.40%,

5/15/2024

500,000

542,319

0.80%,

5/28/2025(b)

125,000

124,083

3.00%,

12/15/2026

500,000

543,581

2.63%,

4/1/2030

500,000

519,019

1.70%,

5/28/2030(b)

140,000

135,290

7.20%,

3/15/2039

525,000

822,897

2.55%,

5/28/2040

45,000

42,893

4.00%,

3/15/2049

600,000

695,795

2.70%,

5/28/2050(b)

65,000

60,861

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

234,610

Royalty

Pharma

plc

,

2.20%,

9/2/2030(e)

200,000

190,858

3.55%,

9/2/2050(b)(e)

300,000

285,885

Shire

Acquisitions

Investments

Ireland

DAC

,

2.88%,

9/23/2023

500,000

525,380

3.20%,

9/23/2026

925,000

996,556

Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

192,757

3.03%,

7/9/2040

200,000

193,433

3.18%,

7/9/2050

300,000

286,529

Utah

Acquisition

Sub,

Inc.

,

3.95%,

6/15/2026

800,000

881,193

5.25%,

6/15/2046

200,000

235,257

Viatris,

Inc.

,

1.65%,

6/22/2025(e)

200,000

200,707

2.30%,

6/22/2027(e)

400,000

403,352

2.70%,

6/22/2030(e)

150,000

148,123

4.00%,

6/22/2050(e)

200,000

203,810

Wyeth

LLC

,

6.50%,

2/1/2034

206,000

294,953

Zoetis,

Inc.

,

3.25%,

2/1/2023

600,000

625,280

4.50%,

11/13/2025

230,000

260,696

3.90%,

8/20/2028(b)

650,000

722,784

3.00%,

5/15/2050

300,000

285,658

25,625,591

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

0.1%

Thomson

Reuters

Corp.

,

4.30%,

11/23/2023

500,000

541,996

3.35%,

5/15/2026

280,000

302,585

Verisk

Analytics,

Inc.

,

4.00%,

6/15/2025

250,000

275,723

3.63%,

5/15/2050

85,000

83,557

1,203,861

Real

Estate

Management

&

Development

0.0%

†

CBRE

Services,

Inc.

,

4.88%,

3/1/2026

500,000

574,379

Road

&

Rail

0.5%

Burlington

Northern

Santa

Fe

LLC

,

3.85%,

9/1/2023

150,000

161,014

3.75%,

4/1/2024

500,000

542,364

3.65%,

9/1/2025(b)

250,000

274,795

3.25%,

6/15/2027(b)

500,000

542,449

4.55%,

9/1/2044

250,000

295,593

4.70%,

9/1/2045

250,000

305,530

3.90%,

8/1/2046

200,000

218,199

4.05%,

6/15/2048

250,000

280,224

3.55%,

2/15/2050

250,000

261,723

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

317,540

6.20%,

6/1/2036

236,000

328,293

2.45%,

5/1/2050

85,000

74,908

Canadian

Pacific

Railway

Co.

,

5.95%,

5/15/2037

250,000

335,486

6.13%,

9/15/2115

100,000

145,849

CSX

Corp.

,

4.10%,

3/15/2044(b)

250,000

275,754

4.30%,

3/1/2048

250,000

284,965

4.50%,

3/15/2049

250,000

289,129

3.95%,

5/1/2050

350,000

378,159

Kansas

City

Southern

,

2.88%,

11/15/2029

160,000

163,572

4.20%,

11/15/2069

65,000

67,324

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

102,073

4.45%,

6/15/2045(b)

500,000

580,984

3.40%,

11/1/2049

170,000

169,003

Ryder

System,

Inc.

,

2.50%,

9/1/2024

75,000

78,585

2.90%,

12/1/2026

270,000

287,075

Union

Pacific

Corp.

,

2.75%,

4/15/2023

750,000

779,886

3.25%,

8/15/2025

500,000

540,527

2.15%,

2/5/2027

55,000

56,491

3.95%,

9/10/2028(b)

500,000

560,204

3.60%,

9/15/2037

500,000

533,762

4.05%,

11/15/2045

220,000

239,059

4.05%,

3/1/2046

340,000

378,032

4.50%,

9/10/2048

250,000

293,992

3.95%,

8/15/2059

60,000

64,597

10,207,140

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0.6%

Applied

Materials,

Inc.

,

3.30%,

4/1/2027

200,000

217,626

1.75%,

6/1/2030

60,000

57,770

5.10%,

10/1/2035(b)

250,000

318,870

2.75%,

6/1/2050

85,000

78,879

Broadcom

Corp.

,

3.88%,

1/15/2027

500,000

542,952

Broadcom,

Inc.

,

3.15%,

11/15/2025

26,000

27,712

4.75%,

4/15/2029

500,000

562,189

4.15%,

11/15/2030

285,000

307,618

4.30%,

11/15/2032

200,000

217,747

3.42%,

4/15/2033(e)

84,000

84,241

3.47%,

4/15/2034(e)

1,500,000

1,505,128

3.50%,

2/15/2041(e)

800,000

766,195

Intel

Corp.

,

3.40%,

3/25/2025(b)

300,000

326,468

3.70%,

7/29/2025

500,000

551,391

3.75%,

3/25/2027(b)

200,000

223,443

3.90%,

3/25/2030

400,000

453,981

4.10%,

5/11/2047

500,000

564,514

3.73%,

12/8/2047

443,000

477,196

4.75%,

3/25/2050

400,000

501,397

KLA

Corp.

,

4.65%,

11/1/2024

215,000

240,245

3.30%,

3/1/2050

320,000

307,357

Lam

Research

Corp.

,

3.80%,

3/15/2025(b)

255,000

280,180

1.90%,

6/15/2030

90,000

87,226

2.88%,

6/15/2050(b)

85,000

81,025

Maxim

Integrated

Products,

Inc.

,

3.38%,

3/15/2023

350,000

366,484

Micron

Technology,

Inc.

,

4.64%,

2/6/2024

60,000

66,070

5.33%,

2/6/2029

150,000

176,465

NVIDIA

Corp.

,

2.85%,

4/1/2030

360,000

378,072

3.50%,

4/1/2050

480,000

506,979

NXP

BV

,

2.70%,

5/1/2025(e)

25,000

26,219

3.88%,

6/18/2026(e)

35,000

38,524

4.30%,

6/18/2029(e)

100,000

111,843

3.40%,

5/1/2030(e)

35,000

36,958

QUALCOMM,

Inc.

,

3.25%,

5/20/2027

250,000

273,003

1.30%,

5/20/2028

73,000

69,881

2.15%,

5/20/2030

80,000

79,314

1.65%,

5/20/2032

1,090,000

1,005,675

4.65%,

5/20/2035

500,000

610,163

3.25%,

5/20/2050

100,000

101,478

Texas

Instruments,

Inc.

,

1.38%,

3/12/2025(b)

200,000

203,490

2.25%,

9/4/2029

300,000

301,668

Xilinx,

Inc.

,

2.38%,

6/1/2030

300,000

293,195

13,426,831

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

0.6%

Adobe,

Inc.

,

1.70%,

2/1/2023

30,000

30,758

1.90%,

2/1/2025

30,000

31,015

3.25%,

2/1/2025(b)

135,000

146,005

2.15%,

2/1/2027

245,000

252,799

2.30%,

2/1/2030(b)

600,000

606,782

Microsoft

Corp.

,

2.65%,

11/3/2022

500,000

517,675

2.00%,

8/8/2023

250,000

259,201

3.63%,

12/15/2023

400,000

431,993

2.88%,

2/6/2024

365,000

389,298

2.40%,

8/8/2026

465,000

491,623

3.50%,

2/12/2035

325,000

363,370

3.45%,

8/8/2036

239,000

264,876

2.53%,

6/1/2050

1,836,000

1,671,813

2.92%,

3/17/2052

1,075,000

1,058,931

Oracle

Corp.

,

2.50%,

10/15/2022

500,000

515,983

2.63%,

2/15/2023

500,000

517,770

2.40%,

9/15/2023

1,000,000

1,040,429

2.50%,

4/1/2025

100,000

105,072

2.65%,

7/15/2026

190,000

199,390

2.95%,

4/1/2030

600,000

618,687

3.25%,

5/15/2030(b)

250,000

262,202

5.38%,

7/15/2040

350,000

429,276

4.50%,

7/8/2044

650,000

717,635

4.13%,

5/15/2045

200,000

209,278

4.00%,

7/15/2046

500,000

514,746

4.00%,

11/15/2047

500,000

516,351

3.60%,

4/1/2050

400,000

387,433

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

131,062

VMware,

Inc.

,

4.70%,

5/15/2030(b)

300,000

345,804

13,027,257

Specialty

Retail

0.4%

AutoZone,

Inc.

,

3.25%,

4/15/2025

325,000

347,625

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030

125,000

117,739

Home

Depot,

Inc.

(The)

,

2.70%,

4/1/2023

500,000

520,352

2.50%,

4/15/2027

200,000

210,512

2.80%,

9/14/2027

750,000

802,887

0.90%,

3/15/2028(b)

130,000

124,068

3.90%,

12/6/2028

300,000

343,604

1.38%,

3/15/2031(b)

300,000

277,416

5.95%,

4/1/2041

150,000

208,174

4.20%,

4/1/2043

250,000

290,351

4.40%,

3/15/2045

600,000

720,400

3.35%,

4/15/2050(b)

335,000

347,435

2.38%,

3/15/2051

200,000

171,636

Lowe's

Cos.,

Inc.

,

3.13%,

9/15/2024

400,000

429,349

4.00%,

4/15/2025(b)

500,000

553,178

3.10%,

5/3/2027

250,000

268,922

1.30%,

4/15/2028

170,000

161,530

6.50%,

3/15/2029

236,000

298,649

3.65%,

4/5/2029

400,000

437,838

24

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Lowe’s

Cos.,

Inc.,

1.70%,

10/15/2030

75,000

70,449

4.05%,

5/3/2047

250,000

274,121

3.00%,

10/15/2050

345,000

321,788

O'Reilly

Automotive,

Inc.

,

3.55%,

3/15/2026(b)

300,000

327,577

TJX

Cos.,

Inc.

(The)

,

2.25%,

9/15/2026

500,000

519,499

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

50,741

8,195,840

Technology

Hardware,

Storage

&

Peripherals

0.5%

Apple,

Inc.

,

1.70%,

9/11/2022

260,000

265,596

0.75%,

5/11/2023

75,000

75,794

2.50%,

2/9/2025

595,000

629,248

1.13%,

5/11/2025

140,000

140,912

0.55%,

8/20/2025(b)

500,000

491,350

3.25%,

2/23/2026

1,130,000

1,234,205

2.45%,

8/4/2026

625,000

658,433

3.35%,

2/9/2027

1,000,000

1,098,669

2.20%,

9/11/2029

235,000

238,118

1.65%,

5/11/2030

300,000

286,946

1.25%,

8/20/2030

500,000

462,449

1.65%,

2/8/2031

250,000

238,374

3.85%,

5/4/2043

550,000

622,053

4.38%,

5/13/2045

355,000

426,363

4.65%,

2/23/2046

460,000

571,966

2.65%,

5/11/2050

300,000

272,764

2.40%,

8/20/2050(b)

400,000

344,543

2.65%,

2/8/2051

100,000

91,378

2.55%,

8/20/2060(b)

400,000

344,182

Dell

International

LLC

,

5.45%,

6/15/2023(e)

350,000

382,500

4.00%,

7/15/2024(e)

500,000

542,608

8.35%,

7/15/2046(e)

400,000

608,557

Hewlett

Packard

Enterprise

Co.

,

2.25%,

4/1/2023

500,000

515,016

4.90%,

10/15/2025(f)

500,000

570,196

6.35%,

10/15/2045(f)

250,000

325,704

HP,

Inc.

,

6.00%,

9/15/2041

250,000

314,943

11,752,867

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

NIKE,

Inc.

,

2.85%,

3/27/2030

400,000

421,322

3.88%,

11/1/2045(b)

250,000

285,125

3.38%,

3/27/2050

200,000

209,947

916,394

Thrifts

&

Mortgage

Finance

0.0%

†

BPCE

SA

,

4.00%,

4/15/2024

475,000

519,454

Tobacco

0.3%

Altria

Group,

Inc.

,

4.40%,

2/14/2026

260,000

293,189

4.25%,

8/9/2042

250,000

254,809

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Altria

Group,

Inc.,

4.50%,

5/2/2043

250,000

260,793

5.38%,

1/31/2044

170,000

198,144

5.95%,

2/14/2049

500,000

622,546

3.70%,

2/4/2051

300,000

273,316

BAT

Capital

Corp.

,

3.22%,

8/15/2024

500,000

532,682

4.70%,

4/2/2027

300,000

337,694

3.56%,

8/15/2027

750,000

798,390

2.73%,

3/25/2031(b)

200,000

193,425

4.39%,

8/15/2037

500,000

524,212

4.54%,

8/15/2047

300,000

302,066

4.76%,

9/6/2049

300,000

308,186

Philip

Morris

International,

Inc.

,

2.63%,

3/6/2023

1,000,000

1,042,555

6.38%,

5/16/2038

460,000

635,306

3.88%,

8/21/2042

250,000

264,853

Reynolds

American,

Inc.

,

4.45%,

6/12/2025

500,000

554,820

5.70%,

8/15/2035

120,000

142,326

7,539,312

Trading

Companies

&

Distributors

0.1%

Air

Lease

Corp.

,

2.30%,

2/1/2025

75,000

76,605

3.25%,

3/1/2025

1,000,000

1,053,646

3.25%,

10/1/2029

250,000

250,791

Aircastle

Ltd.

,

5.00%,

4/1/2023

100,000

106,586

4.13%,

5/1/2024(b)

300,000

316,888

GATX

Corp.

,

3.25%,

9/15/2026

500,000

536,707

WW

Grainger,

Inc.

,

3.75%,

5/15/2046

250,000

261,300

2,602,523

Water

Utilities

0.0%

†

American

Water

Capital

Corp.

,

4.30%,

9/1/2045

500,000

572,959

Essential

Utilities,

Inc.

,

3.35%,

4/15/2050

200,000

193,533

766,492

Wireless

Telecommunication

Services

0.4%

America

Movil

SAB

de

CV

,

3.13%,

7/16/2022

750,000

774,846

6.38%,

3/1/2035

177,000

243,878

6.13%,

3/30/2040

350,000

472,665

Rogers

Communications,

Inc.

,

3.00%,

3/15/2023

600,000

624,179

5.00%,

3/15/2044

250,000

297,953

3.70%,

11/15/2049

100,000

99,293

T-Mobile

USA,

Inc.

,

3.50%,

4/15/2025(e)

500,000

539,440

3.75%,

4/15/2027(e)

500,000

546,580

2.05%,

2/15/2028(e)

100,000

98,052

3.88%,

4/15/2030(e)

750,000

814,020

2.55%,

2/15/2031(e)

500,000

489,845

4.38%,

4/15/2040(e)

250,000

277,765

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

T-Mobile

USA,

Inc.,

3.00%,

2/15/2041(e)

400,000

371,260

4.50%,

4/15/2050(e)

300,000

336,867

Vodafone

Group

plc

,

4.13%,

5/30/2025

500,000

559,077

4.38%,

5/30/2028

250,000

287,108

7.88%,

2/15/2030

206,000

289,990

4.38%,

2/19/2043

500,000

556,818

5.25%,

5/30/2048

500,000

624,219

4.25%,

9/17/2050(b)

40,000

44,067

8,347,922

Total

Corporate

Bonds

(cost

$573,061,037)

611,285,177

Foreign

Government

Securities

1.9%

CANADA

0.4%

Export

Development

Canada

,

2.00%,

5/17/2022

1,000,000

1,020,193

1.75%,

7/18/2022

500,000

509,997

Province

of

Alberta

,

3.35%,

11/1/2023(b)

500,000

536,895

3.30%,

3/15/2028

500,000

550,290

Province

of

British

Columbia

,

2.00%,

10/23/2022

500,000

513,759

Province

of

Ontario

,

2.25%,

5/18/2022

1,000,000

1,022,073

2.20%,

10/3/2022

1,000,000

1,028,751

3.05%,

1/29/2024

500,000

535,787

2.00%,

10/2/2029

1,000,000

1,007,703

Province

of

Quebec

,

2.63%,

2/13/2023(b)

500,000

521,644

2.50%,

4/9/2024(b)

500,000

529,853

7.50%,

9/15/2029

578,000

820,242

8,597,187

CHILE

0.1%

Republic

of

Chile

,

3.13%,

3/27/2025

750,000

806,010

2.55%,

1/27/2032

500,000

503,850

3.63%,

10/30/2042

400,000

417,988

1,727,848

COLOMBIA

0.1%

Republic

of

Colombia

,

4.50%,

1/28/2026(b)

1,000,000

1,097,720

7.38%,

9/18/2037

225,000

297,112

6.13%,

1/18/2041

200,000

237,494

5.63%,

2/26/2044

500,000

567,455

5.00%,

6/15/2045

700,000

745,787

2,945,568

GERMANY

0.0%

†

FMS

Wertmanagement

AoeR

,

2.75%,

1/30/2024

600,000

638,944

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

HUNGARY

0.0%

†

Hungary

Government

Bond

,

5.38%,

3/25/2024

500,000

566,234

7.63%,

3/29/2041(b)

250,000

403,750

969,984

INDONESIA

0.1%

Republic

of

Indonesia

,

4.10%,

4/24/2028

1,000,000

1,106,550

2.85%,

2/14/2030

500,000

509,011

5.35%,

2/11/2049

200,000

248,537

4.20%,

10/15/2050

200,000

218,950

4.45%,

4/15/2070

200,000

218,739

2,301,787

ISRAEL

0.1%

State

of

Israel

Government

Bond

,

3.15%,

6/30/2023

500,000

528,800

3.25%,

1/17/2028(b)

1,000,000

1,102,500

3.38%,

1/15/2050

200,000

202,000

3.88%,

7/3/2050

200,000

219,826

4.50%,

4/3/2120

200,000

238,198

2,291,324

ITALY

0.0%

†

Italian

Republic

Government

Bond

,

6.88%,

9/27/2023

251,000

288,208

5.38%,

6/15/2033

291,000

354,286

4.00%,

10/17/2049

400,000

409,162

1,051,656

JAPAN

0.2%

Japan

Bank

for

International

Cooperation

,

2.38%,

11/16/2022

1,000,000

1,033,143

2.50%,

5/23/2024

2,000,000

2,117,738

2.38%,

4/20/2026

500,000

528,256

1.88%,

7/21/2026

500,000

516,347

4,195,484

MEXICO

0.3%

United

Mexican

States

,

4.00%,

10/2/2023

500,000

538,135

3.75%,

1/11/2028

1,000,000

1,069,280

2.66%,

5/24/2031(b)

700,000

660,156

6.75%,

9/27/2034

996,000

1,273,894

6.05%,

1/11/2040

400,000

480,116

4.75%,

3/8/2044(b)

600,000

632,418

5.55%,

1/21/2045

500,000

576,790

4.60%,

1/23/2046

347,000

354,641

4.35%,

1/15/2047(b)

500,000

495,995

6,081,425

PANAMA

0.1%

Republic

of

Panama

,

6.70%,

1/26/2036

250,000

336,253

4.30%,

4/29/2053

500,000

536,170

4.50%,

4/1/2056

400,000

437,388

26

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

PANAMA

Republic

of

Panama

(continued)

3.87%,

7/23/2060

200,000

197,664

1,507,475

PERU

0.1%

Republic

of

Peru

,

4.13%,

8/25/2027

750,000

837,600

2.78%,

1/23/2031

500,000

500,105

8.75%,

11/21/2033

500,000

778,750

5.63%,

11/18/2050

300,000

396,870

2,513,325

PHILIPPINES

0.1%

Republic

of

Philippines

,

4.20%,

1/21/2024

500,000

546,875

9.50%,

2/2/2030

500,000

776,861

7.75%,

1/14/2031

200,000

290,558

6.38%,

10/23/2034

500,000

684,672

3.70%,

2/2/2042

600,000

626,353

2,925,319

POLAND

0.0%

†

Republic

of

Poland

,

4.00%,

1/22/2024

500,000

547,500

SOUTH

KOREA

0.1%

Export-Import

Bank

of

Korea

,

2.38%,

4/21/2027

1,000,000

1,052,450

Republic

of

Korea

,

5.63%,

11/3/2025(b)

300,000

358,362

4.13%,

6/10/2044(b)

250,000

300,282

1,711,094

SWEDEN

0.1%

Svensk

Exportkredit

AB

,

1.63%,

11/14/2022

200,000

204,400

0.75%,

4/6/2023

1,000,000

1,009,010

1,213,410

URUGUAY

0.1%

Oriental

Republic

of

Uruguay

,

4.38%,

10/27/2027

1,250,000

1,418,287

5.10%,

6/18/2050

700,000

867,202

2,285,489

Total

Foreign

Government

Securities

(cost

$41,383,053)

43,504,819

Mortgage-Backed

Securities

27.2%

FHLMC

Gold

Pool

Pool#

J01570

5.50%,

4/1/2021

18

18

Pool#

J01771

5.00%,

5/1/2021

330

346

Pool#

G18122

5.00%,

6/1/2021

138

145

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

J01980

6.00%,

6/1/2021

272

272

Pool#

J03074

5.00%,

7/1/2021

29

30

Pool#

C90719

5.00%,

10/1/2023

73,552

81,260

Pool#

J09912

4.00%,

6/1/2024

169,720

180,596

Pool#

C00351

8.00%,

7/1/2024

153

164

Pool#

G13900

5.00%,

12/1/2024

23

24

Pool#

D60780

8.00%,

6/1/2025

509

526

Pool#

G30267

5.00%,

8/1/2025

34,180

37,793

Pool#

E02746

3.50%,

11/1/2025

117,512

125,397

Pool#

J13883

3.50%,

12/1/2025

247,678

264,352

Pool#

J14732

4.00%,

3/1/2026

129,998

138,811

Pool#

E02896

3.50%,

5/1/2026

139,434

148,808

Pool#

J18127

3.00%,

3/1/2027

140,894

149,023

Pool#

J18702

3.00%,

3/1/2027

135,782

143,600

Pool#

J19106

3.00%,

5/1/2027

58,426

61,970

Pool#

J20471

3.00%,

9/1/2027

271,851

287,585

Pool#

D82854

7.00%,

10/1/2027

151

152

Pool#

G14609

3.00%,

11/1/2027

367,460

388,638

Pool#

C00566

7.50%,

12/1/2027

605

693

Pool#

G15100

2.50%,

7/1/2028

162,259

169,730

Pool#

C18271

7.00%,

11/1/2028

1,877

2,082

Pool#

C00678

7.00%,

11/1/2028

722

829

Pool#

C00836

7.00%,

7/1/2029

440

511

Pool#

C31285

7.00%,

9/1/2029

968

1,085

Pool#

C31282

7.00%,

9/1/2029

58

60

Pool#

G18536

2.50%,

1/1/2030

2,305,131

2,407,368

Pool#

C37436

8.00%,

1/1/2030

1,191

1,402

Pool#

C36429

7.00%,

2/1/2030

579

598

Pool#

C36306

7.00%,

2/1/2030

571

595

Pool#

C00921

7.50%,

2/1/2030

825

971

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01108

7.00%,

4/1/2030

319

365

Pool#

C37703

7.50%,

4/1/2030

630

664

Pool#

G18552

3.00%,

5/1/2030

845,338

894,769

Pool#

U49055

3.00%,

6/1/2030

91,932

97,536

Pool#

J32243

3.00%,

7/1/2030

590,815

627,076

Pool#

J32257

3.00%,

7/1/2030

141,788

150,980

Pool#

J32255

3.00%,

7/1/2030

113,892

120,891

Pool#

C41561

8.00%,

8/1/2030

1,804

1,882

Pool#

C01051

8.00%,

9/1/2030

1,505

1,793

Pool#

C43550

7.00%,

10/1/2030

1,340

1,385

Pool#

C44017

7.50%,

10/1/2030

421

428

Pool#

C43967

8.00%,

10/1/2030

3,278

3,292

Pool#

C44957

8.00%,

11/1/2030

821

839

Pool#

G18578

3.00%,

12/1/2030

282,146

298,624

Pool#

J33361

3.00%,

12/1/2030

268,993

284,690

Pool#

J33315

3.00%,

12/1/2030

118,647

125,583

Pool#

C01103

7.50%,

12/1/2030

691

821

Pool#

C46932

7.50%,

1/1/2031

614

637

Pool#

G18587

3.00%,

2/1/2031

210,090

222,352

Pool#

G18592

3.00%,

3/1/2031

233,214

246,832

Pool#

C48206

7.50%,

3/1/2031

1,626

1,632

Pool#

C91366

4.50%,

4/1/2031

66,718

73,576

Pool#

G18601

3.00%,

5/1/2031

137,702

145,726

Pool#

G18605

3.00%,

6/1/2031

79,505

84,139

Pool#

J34627

3.00%,

6/1/2031

15,877

16,808

Pool#

C91377

4.50%,

6/1/2031

35,565

39,221

Pool#

C53324

7.00%,

6/1/2031

1,494

1,596

Pool#

C01209

8.00%,

6/1/2031

433

452

Pool#

J35107

2.50%,

8/1/2031

128,562

134,631

Pool#

G01309

7.00%,

8/1/2031

996

1,146

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G01311

7.00%,

9/1/2031

6,887

7,923

Pool#

C01222

7.00%,

9/1/2031

850

1,002

Pool#

G01315

7.00%,

9/1/2031

235

272

Pool#

J35522

2.50%,

10/1/2031

487,066

506,989

Pool#

C60012

7.00%,

11/1/2031

673

695

Pool#

C61298

8.00%,

11/1/2031

2,380

2,447

Pool#

J35957

2.50%,

12/1/2031

678,006

705,741

Pool#

C61105

7.00%,

12/1/2031

5,108

5,536

Pool#

C01305

7.50%,

12/1/2031

679

767

Pool#

C63171

7.00%,

1/1/2032

4,906

5,613

Pool#

V61548

2.50%,

2/1/2032

615,322

645,399

Pool#

D99004

3.50%,

3/1/2032

114,672

123,269

Pool#

G30577

3.50%,

4/1/2032

245,460

263,866

Pool#

G01391

7.00%,

4/1/2032

11,814

13,685

Pool#

C01345

7.00%,

4/1/2032

3,959

4,695

Pool#

C01370

8.00%,

4/1/2032

982

1,129

Pool#

C01381

8.00%,

5/1/2032

11,158

13,145

Pool#

C68290

7.00%,

6/1/2032

2,239

2,454

Pool#

C68300

7.00%,

6/1/2032

950

953

Pool#

D99266

3.50%,

7/1/2032

182,893

197,738

Pool#

G01449

7.00%,

7/1/2032

7,461

8,614

Pool#

C69908

7.00%,

8/1/2032

23,295

26,526

Pool#

C91558

3.50%,

9/1/2032

37,955

41,038

Pool#

G16407

2.50%,

1/1/2033

351,389

369,318

Pool#

G16408

2.50%,

1/1/2033

249,218

262,171

Pool#

G01536

7.00%,

3/1/2033

9,489

11,138

Pool#

C01528

5.00%,

4/1/2033

54,659

62,849

Pool#

G30646

3.00%,

5/1/2033

226,820

239,280

Pool#

G30642

3.00%,

5/1/2033

114,682

120,965

Pool#

K90535

3.00%,

5/1/2033

46,176

48,909

28

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G18693

4.00%,

5/1/2033

103,772

111,005

Pool#

G18696

3.50%,

7/1/2033

29,276

31,268

Pool#

A16419

6.50%,

11/1/2033

14,741

16,552

Pool#

C01806

7.00%,

1/1/2034

11,765

12,528

Pool#

A21356

6.50%,

4/1/2034

46,704

54,046

Pool#

C01851

6.50%,

4/1/2034

23,845

27,943

Pool#

A24301

6.50%,

5/1/2034

27,197

30,538

Pool#

A22067

6.50%,

5/1/2034

24,279

28,289

Pool#

G18737

3.50%,

6/1/2034

201,882

215,275

Pool#

A24988

6.50%,

7/1/2034

10,862

12,197

Pool#

G01741

6.50%,

10/1/2034

8,444

9,676

Pool#

G08023

6.50%,

11/1/2034

18,229

21,611

Pool#

A33137

6.50%,

1/1/2035

3,695

4,149

Pool#

G01947

7.00%,

5/1/2035

8,587

9,979

Pool#

G08073

5.50%,

8/1/2035

87,440

102,363

Pool#

A37135

5.50%,

9/1/2035

99,404

115,876

Pool#

A47368

5.00%,

10/1/2035

101,377

117,998

Pool#

A38531

5.50%,

10/1/2035

195,719

229,134

Pool#

A38255

5.50%,

10/1/2035

127,587

149,364

Pool#

G08088

6.50%,

10/1/2035

84,353

99,684

Pool#

A39759

5.50%,

11/1/2035

7,684

8,934

Pool#

A40376

5.50%,

12/1/2035

3,935

4,509

Pool#

A42305

5.50%,

1/1/2036

8,494

9,620

Pool#

A41548

7.00%,

1/1/2036

11,611

12,184

Pool#

G08111

5.50%,

2/1/2036

117,918

138,047

Pool#

A43886

5.50%,

3/1/2036

321,863

371,956

Pool#

A43885

5.50%,

3/1/2036

214,342

243,195

Pool#

A43884

5.50%,

3/1/2036

161,089

182,170

Pool#

A48378

5.50%,

3/1/2036

98,344

110,102

Pool#

A43861

5.50%,

3/1/2036

47,730

53,703

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08116

5.50%,

3/1/2036

25,298

29,616

Pool#

A48735

5.50%,

5/1/2036

7,007

7,829

Pool#

A53039

6.50%,

10/1/2036

44,974

50,499

Pool#

G05254

5.00%,

1/1/2037

84,007

97,708

Pool#

G04331

5.00%,

2/1/2037

79,277

92,203

Pool#

G05941

6.00%,

2/1/2037

397,926

475,453

Pool#

G03620

6.50%,

10/1/2037

2,307

2,756

Pool#

G03721

6.00%,

12/1/2037

34,766

41,320

Pool#

G03969

6.00%,

2/1/2038

38,642

45,387

Pool#

C91982

3.50%,

3/1/2038

161,794

171,655

Pool#

G04913

5.00%,

3/1/2038

142,494

165,860

Pool#

G05299

4.50%,

6/1/2038

135,431

150,862

Pool#

G04581

6.50%,

8/1/2038

71,437

81,874

Pool#

C92013

3.50%,

9/1/2038

448,467

475,735

Pool#

A81674

6.00%,

9/1/2038

217,939

254,232

Pool#

G05459

5.50%,

5/1/2039

1,024,943

1,186,671

Pool#

G05535

4.50%,

7/1/2039

394,414

442,558

Pool#

A89500

4.50%,

10/1/2039

43,658

48,644

Pool#

A91165

5.00%,

2/1/2040

1,719,866

2,002,146

Pool#

G60342

4.50%,

5/1/2042

412,695

464,879

Pool#

G60195

4.00%,

6/1/2042

514,970

567,410

Pool#

Q08977

4.00%,

6/1/2042

106,576

117,853

Pool#

Q09824

4.00%,

8/1/2042

64,871

71,504

Pool#

Q11087

4.00%,

9/1/2042

50,127

53,905

Pool#

G07158

3.50%,

10/1/2042

321,574

346,228

Pool#

G07163

3.50%,

10/1/2042

235,614

256,248

Pool#

Q11532

3.50%,

10/1/2042

175,354

190,677

Pool#

Q12051

3.50%,

10/1/2042

153,362

165,866

Pool#

Q12052

3.50%,

10/1/2042

67,739

73,470

Pool#

C09020

3.50%,

11/1/2042

454,202

492,631

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

29

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G07264

3.50%,

12/1/2042

403,650

436,534

Pool#

Q14292

3.50%,

1/1/2043

93,122

101,279

Pool#

Q15884

3.00%,

2/1/2043

581,988

619,058

Pool#

Q16470

3.00%,

3/1/2043

1,130,347

1,202,427

Pool#

V80002

2.50%,

4/1/2043

442,512

458,793

Pool#

Q16915

3.00%,

4/1/2043

415,869

442,389

Pool#

Q17675

3.50%,

4/1/2043

443,756

482,536

Pool#

Q18523

3.50%,

5/1/2043

567,084

612,722

Pool#

Q18751

3.50%,

6/1/2043

686,737

744,665

Pool#

G07410

3.50%,

7/1/2043

179,288

194,963

Pool#

Q20332

3.50%,

7/1/2043

68,024

73,762

Pool#

G07459

3.50%,

8/1/2043

590,044

639,811

Pool#

G60038

3.50%,

1/1/2044

1,207,396

1,309,079

Pool#

Q26869

4.00%,

6/1/2044

624,278

686,914

Pool#

G07946

4.00%,

7/1/2044

18,157

20,106

Pool#

Q28607

3.50%,

9/1/2044

227,432

245,427

Pool#

G61231

3.50%,

9/1/2044

67,743

73,218

Pool#

G08609

3.50%,

10/1/2044

224,355

241,306

Pool#

Q30833

4.00%,

1/1/2045

25,978

28,481

Pool#

G60400

4.50%,

1/1/2045

178,464

199,877

Pool#

G07925

4.00%,

2/1/2045

48,880

54,196

Pool#

Q34165

4.00%,

6/1/2045

330,573

364,237

Pool#

V81873

4.00%,

8/1/2045

233,722

255,453

Pool#

G08669

4.00%,

9/1/2045

362,585

396,022

Pool#

V82126

3.50%,

12/1/2045

175,714

189,701

Pool#

Q38199

3.50%,

1/1/2046

18,189

19,461

Pool#

Q38357

4.00%,

1/1/2046

108,834

118,522

Pool#

G61365

4.50%,

1/1/2046

67,484

75,180

Pool#

G08697

3.00%,

3/1/2046

920,424

965,619

Pool#

Q39364

3.50%,

3/1/2046

132,233

142,745

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q39434

3.50%,

3/1/2046

129,458

138,629

Pool#

Q39440

4.00%,

3/1/2046

66,088

71,980

Pool#

G08704

4.50%,

4/1/2046

35,823

39,759

Pool#

Q40097

4.50%,

4/1/2046

3,059

3,341

Pool#

G60582

3.50%,

5/1/2046

340,657

367,310

Pool#

Q40718

3.50%,

5/1/2046

131,769

141,058

Pool#

G08707

4.00%,

5/1/2046

169,497

184,387

Pool#

G08708

4.50%,

5/1/2046

25,900

28,653

Pool#

Q40728

4.50%,

5/1/2046

2,774

3,028

Pool#

Q41548

3.00%,

7/1/2046

118,119

124,774

Pool#

Q41903

3.50%,

7/1/2046

186,955

200,011

Pool#

Q41491

3.50%,

7/1/2046

17,299

18,452

Pool#

Q41407

3.50%,

7/1/2046

9,344

9,897

Pool#

G61791

4.00%,

7/1/2046

123,057

135,459

Pool#

Q41947

4.50%,

7/1/2046

14,367

15,938

Pool#

G08715

3.00%,

8/1/2046

923,938

972,293

Pool#

Q42596

3.50%,

8/1/2046

161,193

172,766

Pool#

Q42203

3.50%,

8/1/2046

35,161

37,543

Pool#

Q42393

3.50%,

8/1/2046

29,146

30,995

Pool#

G61237

3.50%,

8/1/2046

27,371

29,583

Pool#

Q42680

4.00%,

8/1/2046

7,144

7,759

Pool#

G08720

4.50%,

8/1/2046

17,740

19,538

Pool#

G61323

3.00%,

9/1/2046

769,129

817,544

Pool#

G08721

3.00%,

9/1/2046

511,952

538,593

Pool#

V82617

3.50%,

9/1/2046

350,017

376,546

Pool#

G08722

3.50%,

9/1/2046

109,853

117,680

Pool#

G60733

4.50%,

9/1/2046

166,328

185,132

Pool#

G60722

3.00%,

10/1/2046

1,297,786

1,372,159

Pool#

Q44035

3.00%,

10/1/2046

745,051

783,633

Pool#

G61815

4.00%,

10/1/2046

66,507

72,590

30

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G61257

3.00%,

11/1/2046

1,422,432

1,492,265

Pool#

Q44452

3.00%,

11/1/2046

310,511

326,019

Pool#

G08732

3.00%,

11/1/2046

91,332

96,615

Pool#

Q44473

3.50%,

11/1/2046

39,428

41,939

Pool#

Q44223

3.50%,

11/1/2046

27,530

29,329

Pool#

G08734

4.00%,

11/1/2046

474,369

516,026

Pool#

G08737

3.00%,

12/1/2046

2,975,984

3,129,243

Pool#

G60989

3.00%,

12/1/2046

467,455

493,584

Pool#

Q45878

3.00%,

12/1/2046

118,345

124,256

Pool#

G08738

3.50%,

12/1/2046

2,063,277

2,198,349

Pool#

Q45024

3.50%,

12/1/2046

119,098

128,573

Pool#

G08741

3.00%,

1/1/2047

804,368

850,138

Pool#

G08747

3.00%,

2/1/2047

1,478,946

1,564,352

Pool#

G08748

3.50%,

2/1/2047

430,901

459,525

Pool#

G08749

4.00%,

2/1/2047

785,687

850,677

Pool#

G61890

4.00%,

2/1/2047

52,961

57,623

Pool#

G08751

3.50%,

3/1/2047

654,140

695,326

Pool#

Q47592

3.50%,

4/1/2047

130,774

138,924

Pool#

Q47484

3.50%,

4/1/2047

23,146

24,767

Pool#

G60988

3.00%,

5/1/2047

1,588,750

1,679,842

Pool#

Q48098

3.50%,

5/1/2047

88,262

94,480

Pool#

Q48237

4.50%,

5/1/2047

144,455

158,484

Pool#

G61390

3.00%,

6/1/2047

1,054,757

1,111,666

Pool#

Q48414

4.50%,

6/1/2047

98,414

107,389

Pool#

Q48365

4.50%,

6/1/2047

25,053

27,444

Pool#

G08770

3.50%,

7/1/2047

1,364,876

1,453,823

Pool#

V83270

3.50%,

7/1/2047

306,011

324,836

Pool#

G61339

3.00%,

8/1/2047

267,576

281,355

Pool#

G08774

3.50%,

8/1/2047

152,476

161,882

Pool#

Q49917

3.50%,

8/1/2047

111,183

118,021

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q53085

3.00%,

9/1/2047

278,349

293,597

Pool#

G61295

3.50%,

9/1/2047

550,818

594,327

Pool#

G08779

3.50%,

9/1/2047

402,006

426,749

Pool#

G61622

3.00%,

10/1/2047

604,519

635,969

Pool#

G08785

4.00%,

10/1/2047

46,557

50,243

Pool#

Q52075

4.00%,

11/1/2047

296,411

319,737

Pool#

V83598

3.50%,

12/1/2047

141,800

150,476

Pool#

G67707

3.50%,

1/1/2048

640,034

694,205

Pool#

V83909

4.00%,

1/1/2048

373,909

403,360

Pool#

G61311

3.50%,

2/1/2048

795,424

844,659

Pool#

T65458

3.50%,

2/1/2048

170,444

177,334

Pool#

G08801

4.00%,

2/1/2048

259,249

278,861

Pool#

Q54460

4.00%,

2/1/2048

206,731

227,775

Pool#

G61298

4.00%,

2/1/2048

101,748

111,272

Pool#

Q54727

3.50%,

3/1/2048

314,782

334,342

Pool#

Q55401

5.00%,

4/1/2048

75,037

83,669

Pool#

V84237

3.50%,

5/1/2048

583,218

617,614

Pool#

G08813

3.50%,

5/1/2048

63,739

67,381

Pool#

G08820

4.50%,

5/1/2048

571,587

624,121

Pool#

G08821

5.00%,

5/1/2048

21,974

24,417

Pool#

G67712

4.00%,

6/1/2048

186,801

206,508

Pool#

G67713

4.00%,

6/1/2048

178,532

195,977

Pool#

G08817

4.00%,

6/1/2048

83,763

89,840

Pool#

G08818

4.50%,

6/1/2048

302,594

330,187

Pool#

Q56472

4.50%,

6/1/2048

67,675

74,316

Pool#

Q56473

4.50%,

6/1/2048

65,879

71,999

Pool#

G08827

4.50%,

7/1/2048

197,403

215,090

Pool#

Q57401

4.50%,

7/1/2048

77,747

85,456

Pool#

Q57402

4.50%,

7/1/2048

26,063

28,567

Pool#

G08833

5.00%,

7/1/2048

9,706

10,789

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

31

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08831

4.00%,

8/1/2048

235,448

252,545

Pool#

G08836

4.00%,

9/1/2048

944,789

1,012,638

Pool#

G67716

4.50%,

10/1/2048

122,017

135,105

Pool#

G08843

4.50%,

10/1/2048

72,929

79,541

Pool#

V85044

4.00%,

12/1/2048

242,790

263,615

Pool#

V85082

4.50%,

12/1/2048

58,499

63,673

Pool#

G61846

4.00%,

1/1/2049

5,819

6,241

Pool#

V85139

4.50%,

1/1/2049

77,334

84,161

FHLMC

Non

Gold

Pool

Pool#

1B8478

2.75%,

7/1/2041(a)

83,128

88,040

Pool#

2B0108

2.32%,

1/1/2042(a)

9,948

10,073

Pool#

2B1381

2.37%,

6/1/2043(a)

1,442

1,461

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

112,111

119,323

Pool#

SB0383

2.50%,

4/1/2032

1,102,397

1,156,219

Pool#

ZS8701

3.50%,

6/1/2033

96,086

102,675

Pool#

SB0218

3.00%,

10/1/2033

161,425

170,501

Pool#

SB0366

3.50%,

2/1/2034

194,969

210,203

Pool#

QN0248

3.00%,

7/1/2034

98,574

104,101

Pool#

SB0095

3.50%,

7/1/2034

205,614

221,589

Pool#

SB0069

3.00%,

9/1/2034

288,776

307,271

Pool#

SB8021

3.00%,

12/1/2034

612,546

646,817

Pool#

SB8500

2.50%,

7/1/2035

1,075,766

1,132,843

Pool#

SB8505

2.50%,

10/1/2035

3,194,047

3,357,548

Pool#

SB8506

2.00%,

2/1/2036

2,505,050

2,581,510

Pool#

SB8508

2.00%,

2/1/2036

1,743,847

1,795,806

Pool#

RC1826

2.00%,

2/1/2036

504,977

518,684

Pool#

RC1887

2.00%,

3/1/2036

925,304

952,421

Pool#

QA2237

3.00%,

7/1/2046

1,813,066

1,901,250

Pool#

QA2226

3.00%,

7/1/2046

1,118,448

1,172,847

Pool#

ZS4693

3.00%,

12/1/2046

1,361,124

1,430,688

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

ZM2339

3.50%,

1/1/2047

281,432

298,778

Pool#

ZS4746

3.00%,

12/1/2047

738,437

770,329

Pool#

ZA5785

4.50%,

10/1/2048

402,619

437,927

Pool#

ZT1321

4.50%,

11/1/2048

531,641

579,123

Pool#

ZA6139

4.50%,

12/1/2048

209,766

228,234

Pool#

ZA6536

4.00%,

3/1/2049

204,882

219,703

Pool#

ZA6380

4.00%,

3/1/2049

160,508

172,103

Pool#

ZT1858

4.50%,

4/1/2049

78,226

86,525

Pool#

RA1859

3.00%,

12/1/2049

976,840

1,019,601

Pool#

SD8045

3.50%,

2/1/2050

301,133

317,851

Pool#

SD8051

3.50%,

3/1/2050

416,685

439,783

Pool#

QA8965

3.00%,

4/1/2050

995,203

1,038,551

Pool#

RA2579

3.00%,

5/1/2050

426,685

452,169

Pool#

SD8063

3.50%,

5/1/2050

768,989

812,172

Pool#

RA2621

4.00%,

5/1/2050

150,972

161,688

Pool#

RA3022

2.50%,

6/1/2050

764,210

785,437

Pool#

SD7521

2.50%,

7/1/2050

1,163,049

1,204,609

Pool#

SD8074

3.00%,

7/1/2050

3,323,607

3,472,042

Pool#

RA3174

3.00%,

7/1/2050

1,087,831

1,146,731

Pool#

SD7523

2.50%,

8/1/2050

307,757

317,528

Pool#

SD8084

3.00%,

8/1/2050

822,456

858,555

Pool#

RA3382

3.00%,

8/1/2050

742,576

787,094

Pool#

SD8092

3.00%,

9/1/2050

1,648,649

1,718,771

Pool#

SD0514

2.00%,

10/1/2050

1,074,000

1,073,849

Pool#

RA3723

2.00%,

10/1/2050

351,000

350,633

Pool#

RA3935

2.50%,

11/1/2050

3,690,781

3,796,700

Pool#

RA3932

2.50%,

11/1/2050

1,992,730

2,063,544

Pool#

RA3934

2.50%,

11/1/2050

1,001,009

1,031,042

Pool#

RA3987

2.50%,

11/1/2050

491,067

504,580

Pool#

RA4411

2.50%,

1/1/2051

2,560,686

2,633,654

32

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA4351

2.50%,

1/1/2051

1,192,054

1,224,388

Pool#

RA4410

2.50%,

1/1/2051

896,919

923,919

Pool#

RA4652

2.00%,

2/1/2051

3,767,227

3,769,861

Pool#

RA4493

2.00%,

2/1/2051

1,713,591

1,712,601

Pool#

QB9104

2.00%,

2/1/2051

947,955

947,408

Pool#

RA4737

2.00%,

3/1/2051

3,413,578

3,411,606

Pool#

RA4718

2.00%,

3/1/2051

1,547,250

1,546,064

Pool#

SD8146

2.00%,

4/1/2051

14,191,000

14,174,081

Pool#

SD8140

2.00%,

4/1/2051

6,286,000

6,278,505

Pool#

SD8141

2.50%,

4/1/2051

775,000

796,022

FNMA

Pool

Pool#

AC9890

3.21%,

4/1/2040(a)

553,886

582,720

Pool#

AC9895

3.44%,

4/1/2040(a)

396,568

403,438

Pool#

AJ1249

2.32%,

9/1/2041(a)

89,442

94,473

Pool#

AK0714

2.18%,

2/1/2042(a)

10,811

11,054

Pool#

AT4250

2.43%,

6/1/2043(a)

29,683

30,847

Pool#

BF0203

3.00%,

2/1/2047

737,951

774,300

Pool#

BF0206

4.00%,

2/1/2047

461,576

489,213

Pool#

BF0200

3.50%,

11/1/2051

300,657

326,912

Pool#

BF0171

4.00%,

1/1/2057

257,972

288,930

Pool#

BF0184

4.00%,

2/1/2057

291,315

326,275

FNMA

UMBS

Pool

Pool#

811559

5.50%,

5/1/2021

113

113

Pool#

885440

5.50%,

5/1/2021

24

24

Pool#

879115

5.50%,

5/1/2021

20

20

Pool#

845489

5.50%,

6/1/2021

12

12

Pool#

880950

5.50%,

7/1/2021

193

193

Pool#

870092

5.50%,

8/1/2021

61

62

Pool#

896599

5.50%,

8/1/2021

9

10

Pool#

903350

5.00%,

10/1/2021

72

75

Pool#

894126

5.50%,

10/1/2021

8

8

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

902789

5.50%,

11/1/2021

1,053

1,062

Pool#

906708

5.00%,

12/1/2021

1,316

1,381

Pool#

901509

5.00%,

12/1/2021

365

383

Pool#

928106

5.50%,

2/1/2022

4,021

4,072

Pool#

914385

5.50%,

3/1/2022

76

77

Pool#

913323

5.50%,

4/1/2022

143

144

Pool#

899438

5.50%,

6/1/2022

6,634

6,722

Pool#

AA2549

4.00%,

4/1/2024

40,843

43,463

Pool#

934863

4.00%,

6/1/2024

88,892

94,612

Pool#

AC1374

4.00%,

8/1/2024

47,909

50,963

Pool#

AC1529

4.50%,

9/1/2024

161,657

170,361

Pool#

AD0244

4.50%,

10/1/2024

21,276

22,426

Pool#

AD4089

4.50%,

5/1/2025

173,133

184,424

Pool#

890216

4.50%,

7/1/2025

38,726

41,131

Pool#

AB1609

4.00%,

10/1/2025

108,581

115,667

Pool#

AH1361

3.50%,

12/1/2025

95,514

101,883

Pool#

AH1518

3.50%,

12/1/2025

46,561

49,674

Pool#

AH5616

3.50%,

2/1/2026

269,857

287,938

Pool#

AL0298

4.00%,

5/1/2026

217,707

232,378

Pool#

AB4277

3.00%,

1/1/2027

371,079

392,407

Pool#

AL1391

3.50%,

1/1/2027

5,464

5,831

Pool#

AP4746

3.00%,

8/1/2027

102,720

109,159

Pool#

AP7855

3.00%,

9/1/2027

548,083

582,488

Pool#

AP4640

3.00%,

9/1/2027

62,411

66,316

Pool#

AQ5096

3.00%,

11/1/2027

145,235

154,328

Pool#

AB6887

3.00%,

11/1/2027

112,494

119,530

Pool#

AQ4532

3.00%,

11/1/2027

84,522

89,815

Pool#

AQ3758

3.00%,

11/1/2027

61,955

65,832

Pool#

AQ7406

3.00%,

11/1/2027

57,736

61,352

Pool#

AB6886

3.00%,

11/1/2027

54,640

58,088

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

33

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ2884

3.00%,

12/1/2027

48,821

51,877

Pool#

AS0487

2.50%,

9/1/2028

290,817

304,462

Pool#

930998

4.50%,

4/1/2029

24,942

27,121

Pool#

BM1507

2.50%,

12/1/2029

164,096

171,146

Pool#

AL8077

3.50%,

12/1/2029

18,131

19,543

Pool#

BM4299

3.00%,

3/1/2030

702,474

741,375

Pool#

AS4874

3.00%,

4/1/2030

383,929

407,226

Pool#

AS5412

2.50%,

7/1/2030

146,844

153,320

Pool#

AS5420

3.00%,

7/1/2030

314,448

333,611

Pool#

AL7152

3.50%,

7/1/2030

354,354

382,822

Pool#

AS5702

2.50%,

8/1/2030

555,377

579,652

Pool#

AZ4898

2.50%,

8/1/2030

452,291

471,855

Pool#

AY8448

3.00%,

8/1/2030

1,163,953

1,231,537

Pool#

AZ2953

3.00%,

9/1/2030

999,387

1,057,273

Pool#

AZ5718

3.00%,

9/1/2030

740,548

782,536

Pool#

AS6060

3.00%,

10/1/2030

671,746

710,245

Pool#

AZ9234

3.50%,

10/1/2030

40,973

43,923

Pool#

BA2993

3.00%,

11/1/2030

172,185

182,072

Pool#

AS6174

3.50%,

11/1/2030

21,681

23,356

Pool#

AS6272

2.50%,

12/1/2030

208,541

217,730

Pool#

AS6295

3.00%,

12/1/2030

312,040

330,022

Pool#

BA3545

3.00%,

12/1/2030

131,556

139,179

Pool#

AH1515

4.00%,

12/1/2030

287,475

311,113

Pool#

AD0716

6.50%,

12/1/2030

853,895

973,853

Pool#

BA6532

2.50%,

1/1/2031

175,463

183,128

Pool#

BM5016

3.00%,

1/1/2031

459,735

488,551

Pool#

AB2121

4.00%,

1/1/2031

44,406

48,056

Pool#

AL8060

3.00%,

2/1/2031

322,910

343,743

Pool#

MA0641

4.00%,

2/1/2031

212,132

229,525

Pool#

560868

7.50%,

2/1/2031

629

638

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS6799

3.00%,

3/1/2031

259,573

274,490

Pool#

BC0774

3.00%,

3/1/2031

146,135

155,666

Pool#

AS6919

3.50%,

3/1/2031

17,777

19,149

Pool#

BC4410

3.50%,

3/1/2031

17,011

18,189

Pool#

BC0320

3.50%,

3/1/2031

11,878

12,813

Pool#

BC4430

3.00%,

4/1/2031

46,679

49,508

Pool#

AL8566

3.00%,

6/1/2031

156,086

165,904

Pool#

AL8565

3.00%,

6/1/2031

152,816

162,793

Pool#

AL8561

3.50%,

6/1/2031

159,619

174,159

Pool#

AS8028

2.50%,

9/1/2031

595,229

619,349

Pool#

AL9378

3.00%,

9/1/2031

74,664

79,721

Pool#

MA2775

2.50%,

10/1/2031

1,192,249

1,240,579

Pool#

BM1888

2.50%,

10/1/2031

1,120,690

1,168,896

Pool#

AS8038

2.50%,

10/1/2031

536,679

558,421

Pool#

BC4777

2.50%,

10/1/2031

427,876

445,220

Pool#

AL9323

2.50%,

10/1/2031

26,033

27,089

Pool#

AS8612

3.00%,

10/1/2031

192,570

203,741

Pool#

607212

7.50%,

10/1/2031

3,339

3,439

Pool#

MA0895

3.50%,

11/1/2031

218,923

234,163

Pool#

607632

6.50%,

11/1/2031

56

63

Pool#

MA2830

2.50%,

12/1/2031

458,804

477,411

Pool#

BM3814

2.50%,

12/1/2031

315,846

328,872

Pool#

AS8594

2.50%,

1/1/2032

344,741

361,913

Pool#

AS8597

2.50%,

1/1/2032

291,974

305,703

Pool#

AS8609

3.00%,

1/1/2032

233,560

247,756

Pool#

AL9786

3.00%,

1/1/2032

208,241

222,589

Pool#

AL9585

3.50%,

1/1/2032

81,275

88,845

Pool#

BM1036

2.50%,

2/1/2032

1,571,641

1,649,689

Pool#

BM4624

3.00%,

2/1/2032

240,152

256,142

Pool#

AL9872

3.00%,

2/1/2032

173,139

184,738

34

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9740

3.00%,

2/1/2032

145,416

155,093

Pool#

AL9871

3.00%,

2/1/2032

105,686

112,944

Pool#

AS8767

3.00%,

2/1/2032

18,796

20,031

Pool#

BM1007

2.50%,

3/1/2032

484,707

504,199

Pool#

AL9899

3.00%,

3/1/2032

31,590

33,704

Pool#

BM3269

2.50%,

4/1/2032

723,787

752,894

Pool#

MA1029

3.50%,

4/1/2032

182,930

198,015

Pool#

545556

7.00%,

4/1/2032

3,116

3,586

Pool#

AO2565

3.50%,

5/1/2032

70,447

76,124

Pool#

AS9695

3.50%,

5/1/2032

37,082

40,236

Pool#

545605

7.00%,

5/1/2032

4,294

5,001

Pool#

BM4088

3.00%,

6/1/2032

301,792

319,205

Pool#

AO5103

3.50%,

6/1/2032

185,780

200,778

Pool#

890786

3.50%,

6/1/2032

32,792

35,843

Pool#

MA1107

3.50%,

7/1/2032

25,819

27,621

Pool#

FM1664

4.00%,

7/1/2032

202,102

215,338

Pool#

651361

7.00%,

7/1/2032

1,099

1,133

Pool#

BM1669

3.00%,

8/1/2032

180,323

193,304

Pool#

AP1990

3.50%,

8/1/2032

90,783

98,075

Pool#

AP1997

3.50%,

8/1/2032

58,434

62,759

Pool#

BH5355

3.50%,

8/1/2032

10,522

11,293

Pool#

AO7202

3.50%,

9/1/2032

174,975

187,998

Pool#

MA1166

3.50%,

9/1/2032

142,977

154,532

Pool#

BM5167

3.50%,

9/1/2032

28,736

30,921

Pool#

CA0586

2.50%,

10/1/2032

68,203

71,591

Pool#

AP3673

3.50%,

10/1/2032

161,696

174,746

Pool#

BH9391

3.50%,

10/1/2032

13,945

15,192

Pool#

BM3389

3.00%,

11/1/2032

276,730

296,459

Pool#

AB6962

3.50%,

11/1/2032

227,207

244,445

Pool#

AQ3343

3.50%,

11/1/2032

138,936

150,155

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3977

3.00%,

12/1/2032

454,797

483,542

Pool#

CA0951

3.00%,

12/1/2032

247,272

262,579

Pool#

FM1661

2.50%,

1/1/2033

902,438

941,195

Pool#

BM4338

2.50%,

1/1/2033

477,458

496,659

Pool#

BM3919

3.00%,

2/1/2033

257,641

276,138

Pool#

BM3750

3.50%,

3/1/2033

220,003

239,345

Pool#

BM4129

3.50%,

4/1/2033

300,280

326,367

Pool#

555346

5.50%,

4/1/2033

43,579

50,612

Pool#

713560

5.50%,

4/1/2033

8,419

9,594

Pool#

694846

6.50%,

4/1/2033

6,978

7,868

Pool#

701261

7.00%,

4/1/2033

301

319

Pool#

AB9402

3.00%,

5/1/2033

251,409

266,196

Pool#

AB9403

3.00%,

5/1/2033

116,217

122,534

Pool#

AB9300

3.00%,

5/1/2033

88,181

93,443

Pool#

BM4132

3.50%,

5/1/2033

213,152

232,500

Pool#

MA3372

4.00%,

5/1/2033

243,468

260,152

Pool#

555421

5.00%,

5/1/2033

938,894

1,079,151

Pool#

MA3393

4.00%,

6/1/2033

106,046

113,101

Pool#

MA3427

4.00%,

7/1/2033

83,545

89,109

Pool#

720087

5.50%,

7/1/2033

238,459

278,333

Pool#

728721

5.50%,

7/1/2033

23,187

26,565

Pool#

555684

5.50%,

7/1/2033

7,385

8,605

Pool#

MA1527

3.00%,

8/1/2033

964,849

1,022,199

Pool#

743235

5.50%,

10/1/2033

12,701

14,803

Pool#

750229

6.50%,

10/1/2033

22,492

25,281

Pool#

FM2154

4.00%,

12/1/2033

417,032

443,978

Pool#

755872

5.50%,

12/1/2033

157,775

183,500

Pool#

725221

5.50%,

1/1/2034

4,022

4,687

Pool#

725223

5.50%,

3/1/2034

468

546

Pool#

725228

6.00%,

3/1/2034

382,874

449,585

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

35

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

725425

5.50%,

4/1/2034

230,644

269,115

Pool#

725423

5.50%,

5/1/2034

22,712

26,482

Pool#

725594

5.50%,

7/1/2034

95,791

111,982

Pool#

MA3739

3.50%,

8/1/2034

218,954

233,254

Pool#

788027

6.50%,

9/1/2034

22,676

25,452

Pool#

MA3827

2.50%,

11/1/2034

1,081,696

1,125,265

Pool#

FM1905

3.00%,

11/1/2034

122,708

130,571

Pool#

807310

7.00%,

11/1/2034

2,038

2,379

Pool#

FM2412

3.50%,

1/1/2035

63,824

68,487

Pool#

735141

5.50%,

1/1/2035

300,892

352,084

Pool#

889852

5.50%,

5/1/2035

8,668

10,099

Pool#

MA4156

2.50%,

10/1/2035

726,757

756,488

Pool#

FM5474

2.50%,

10/1/2035

724,981

754,398

Pool#

FM4900

2.00%,

12/1/2035

88,479

90,903

Pool#

256023

6.00%,

12/1/2035

301,266

360,020

Pool#

CA8793

2.00%,

2/1/2036

2,130,531

2,191,743

Pool#

CA8789

2.00%,

2/1/2036

966,786

993,029

Pool#

CA8736

2.00%,

2/1/2036

960,857

989,076

Pool#

FM5908

2.00%,

2/1/2036

728,218

750,363

Pool#

CA9141

2.00%,

2/1/2036

668,482

688,967

Pool#

CA9145

2.00%,

2/1/2036

593,659

609,773

Pool#

FM5571

2.00%,

2/1/2036

370,363

381,664

Pool#

CA9435

2.00%,

3/1/2036

600,000

616,287

Pool#

CA9475

2.00%,

3/1/2036

557,000

572,120

Pool#

CA9441

2.50%,

3/1/2036

450,000

473,983

Pool#

745418

5.50%,

4/1/2036

45,527

53,271

Pool#

745516

5.50%,

5/1/2036

25,853

30,238

Pool#

889745

5.50%,

6/1/2036

4,735

5,533

Pool#

995065

5.50%,

9/1/2036

167,111

194,082

Pool#

888635

5.50%,

9/1/2036

107,217

124,952

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

995024

5.50%,

8/1/2037

61,250

71,673

Pool#

995050

6.00%,

9/1/2037

562,723

672,515

Pool#

955194

7.00%,

11/1/2037

39,753

47,225

Pool#

928940

7.00%,

12/1/2037

59,491

66,068

Pool#

MA3389

4.00%,

6/1/2038

154,169

166,411

Pool#

MA3464

3.50%,

9/1/2038

250,903

265,834

Pool#

990810

7.00%,

10/1/2038

50,769

53,379

Pool#

AD8536

5.00%,

8/1/2040

196,216

224,682

Pool#

AB1735

3.50%,

11/1/2040

5,199

5,496

Pool#

AE9747

4.50%,

12/1/2040

658,773

742,831

Pool#

AB2067

3.50%,

1/1/2041

248,101

268,796

Pool#

932888

3.50%,

1/1/2041

187,384

204,880

Pool#

AB2068

3.50%,

1/1/2041

130,401

140,912

Pool#

932891

3.50%,

1/1/2041

34,923

38,003

Pool#

AL3650

5.00%,

2/1/2041

13,710

15,834

Pool#

AL6521

5.00%,

4/1/2041

1,007,013

1,171,453

Pool#

AL0390

5.00%,

5/1/2041

390,705

452,330

Pool#

AL5863

4.50%,

6/1/2041

2,112,298

2,348,532

Pool#

AI9851

4.50%,

9/1/2041

32,600

36,306

Pool#

AL0761

5.00%,

9/1/2041

129,024

150,102

Pool#

BM3907

5.50%,

9/1/2041

267,419

312,148

Pool#

AJ5431

4.50%,

10/1/2041

103,455

117,103

Pool#

AJ4861

4.00%,

12/1/2041

128,930

142,704

Pool#

AX5316

4.50%,

1/1/2042

60,898

68,285

Pool#

AL2499

4.50%,

1/1/2042

25,785

28,724

Pool#

AW8167

3.50%,

2/1/2042

794,828

858,941

Pool#

AB5185

3.50%,

5/1/2042

359,647

391,028

Pool#

AO3575

4.50%,

5/1/2042

47,768

52,282

Pool#

AO4647

3.50%,

6/1/2042

728,561

792,143

Pool#

AO8036

4.50%,

7/1/2042

394,598

443,227

36

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AP2092

4.50%,

8/1/2042

31,403

34,333

Pool#

AP6579

3.50%,

9/1/2042

642,739

698,342

Pool#

AL2782

4.50%,

9/1/2042

114,262

129,118

Pool#

AB6524

3.50%,

10/1/2042

1,072,506

1,165,879

Pool#

AB7074

3.00%,

11/1/2042

576,582

609,953

Pool#

AP8785

3.00%,

11/1/2042

205,717

218,710

Pool#

AL2677

3.50%,

11/1/2042

626,230

680,867

Pool#

AB6786

3.50%,

11/1/2042

374,311

404,677

Pool#

MA1273

3.50%,

12/1/2042

302,607

328,085

Pool#

AR4210

3.50%,

1/1/2043

146,979

159,310

Pool#

AT4040

3.00%,

3/1/2043

154,704

164,488

Pool#

AR8213

3.50%,

4/1/2043

158,848

172,663

Pool#

AB9238

3.00%,

5/1/2043

888,825

945,091

Pool#

AB9237

3.00%,

5/1/2043

658,967

700,682

Pool#

AB9236

3.00%,

5/1/2043

202,013

215,065

Pool#

AB9362

3.50%,

5/1/2043

931,465

1,012,488

Pool#

AT4145

3.00%,

6/1/2043

256,874

273,137

Pool#

AB9814

3.00%,

7/1/2043

813,628

865,134

Pool#

AT6871

3.00%,

7/1/2043

114,892

120,780

Pool#

AS0203

3.00%,

8/1/2043

613,861

652,723

Pool#

AS0255

4.50%,

8/1/2043

230,438

256,902

Pool#

AS0516

3.00%,

9/1/2043

452,556

479,759

Pool#

AL4471

4.00%,

9/1/2043

352,948

390,748

Pool#

AL6951

3.50%,

10/1/2043

505,712

547,728

Pool#

BM4222

3.00%,

1/1/2044

642,989

683,120

Pool#

AS2276

4.50%,

4/1/2044

395,783

440,166

Pool#

AW1006

4.00%,

5/1/2044

138,795

153,802

Pool#

AL7767

4.50%,

6/1/2044

37,145

41,592

Pool#

AS3161

4.00%,

8/1/2044

830,519

914,631

Pool#

BM4650

3.00%,

10/1/2044

1,154,016

1,226,273

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0688

3.50%,

10/1/2044

375,907

407,275

Pool#

BC5090

4.00%,

10/1/2044

94,353

103,442

Pool#

AS3946

4.00%,

12/1/2044

1,032,868

1,137,859

Pool#

AL8303

3.00%,

1/1/2045

207,299

220,235

Pool#

BM4384

4.00%,

1/1/2045

383,011

420,915

Pool#

BM3611

4.00%,

1/1/2045

322,186

352,974

Pool#

BM3804

3.50%,

2/1/2045

131,117

142,003

Pool#

AL9555

4.00%,

2/1/2045

2,019,350

2,217,844

Pool#

AX9524

4.00%,

2/1/2045

1,083,313

1,200,667

Pool#

AS4418

4.00%,

2/1/2045

733,046

812,446

Pool#

AS4375

4.00%,

2/1/2045

523,492

580,200

Pool#

AL6889

4.50%,

2/1/2045

129,757

146,107

Pool#

BM3931

3.00%,

3/1/2045

566,163

601,567

Pool#

AY1312

3.50%,

3/1/2045

1,827,411

1,977,814

Pool#

AX9567

3.50%,

3/1/2045

92,973

100,165

Pool#

BM4975

4.00%,

3/1/2045

183,310

201,661

Pool#

AS4578

4.00%,

3/1/2045

136,936

151,770

Pool#

BM3664

3.00%,

5/1/2045

637,780

677,614

Pool#

AS4921

3.50%,

5/1/2045

911,977

984,155

Pool#

AS5012

4.00%,

5/1/2045

1,444,024

1,600,445

Pool#

BM5562

4.00%,

6/1/2045

262,800

289,358

Pool#

AS5312

3.50%,

7/1/2045

179,085

193,022

Pool#

AZ7111

4.00%,

7/1/2045

23,692

25,836

Pool#

AZ9866

4.00%,

8/1/2045

19,906

21,762

Pool#

AL7207

4.50%,

8/1/2045

155,988

175,643

Pool#

AL9634

3.50%,

10/1/2045

123,080

133,312

Pool#

BA2164

3.00%,

11/1/2045

154,641

163,298

Pool#

AS6311

3.50%,

12/1/2045

1,677,141

1,794,134

Pool#

AS6282

3.50%,

12/1/2045

1,391,440

1,498,078

Pool#

BC0326

3.50%,

12/1/2045

960,062

1,029,972

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0092

3.50%,

12/1/2045

92,782

99,520

Pool#

BC0475

3.50%,

12/1/2045

63,310

68,194

Pool#

AS6362

4.50%,

12/1/2045

27,909

30,767

Pool#

AS6474

3.50%,

1/1/2046

303,971

330,164

Pool#

AS6539

3.50%,

1/1/2046

275,248

298,942

Pool#

AL9849

3.50%,

1/1/2046

173,599

188,045

Pool#

AS6527

4.00%,

1/1/2046

246,751

268,752

Pool#

BC0178

4.50%,

1/1/2046

4,584

5,045

Pool#

BC1158

3.50%,

2/1/2046

1,301,294

1,395,696

Pool#

BC2667

4.00%,

2/1/2046

35,583

38,655

Pool#

BC0605

4.00%,

2/1/2046

27,104

29,601

Pool#

AL9781

4.50%,

2/1/2046

316,322

353,105

Pool#

BC0300

3.50%,

3/1/2046

1,015,791

1,086,457

Pool#

BM4621

3.50%,

3/1/2046

436,621

471,546

Pool#

AS6833

3.50%,

3/1/2046

21,776

23,314

Pool#

AS6795

4.00%,

3/1/2046

161,037

174,517

Pool#

BA6972

4.00%,

3/1/2046

49,091

53,741

Pool#

BC0311

4.50%,

3/1/2046

3,376

3,715

Pool#

BC0823

3.50%,

4/1/2046

190,015

203,640

Pool#

BA7692

3.50%,

4/1/2046

15,308

16,479

Pool#

AS7026

4.00%,

4/1/2046

118,623

128,999

Pool#

AS7171

3.50%,

5/1/2046

61,678

65,846

Pool#

AS7251

4.00%,

5/1/2046

20,541

22,324

Pool#

AS7387

3.50%,

6/1/2046

172,265

183,702

Pool#

AL8833

4.00%,

6/1/2046

864,575

957,440

Pool#

AS7593

3.50%,

7/1/2046

845,510

909,440

Pool#

AS7594

3.50%,

7/1/2046

812,435

873,685

Pool#

AS7545

3.50%,

7/1/2046

257,792

274,600

Pool#

AL8824

3.50%,

7/1/2046

197,931

214,970

Pool#

AS7490

3.50%,

7/1/2046

127,171

137,205

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC1452

4.00%,

7/1/2046

1,478,275

1,606,754

Pool#

BD5180

4.50%,

7/1/2046

7,440

8,192

Pool#

MA2705

3.00%,

8/1/2046

758,874

798,395

Pool#

BC1489

3.00%,

8/1/2046

147,921

156,696

Pool#

BD4890

3.50%,

8/1/2046

1,020,709

1,089,402

Pool#

BC9501

3.50%,

8/1/2046

25,267

26,972

Pool#

AS7760

4.00%,

8/1/2046

170,635

186,743

Pool#

AS7648

4.00%,

8/1/2046

99,895

108,248

Pool#

AS7795

4.00%,

8/1/2046

75,095

81,462

Pool#

BD3911

4.00%,

8/1/2046

23,459

25,554

Pool#

BD3923

4.00%,

8/1/2046

12,864

14,002

Pool#

AS7770

4.50%,

8/1/2046

51,560

56,731

Pool#

BD5232

4.50%,

8/1/2046

8,786

9,730

Pool#

AL8947

3.50%,

9/1/2046

238,178

256,894

Pool#

BD4944

3.50%,

9/1/2046

51,046

54,490

Pool#

AL9263

3.00%,

10/1/2046

227,394

240,313

Pool#

AL9234

3.50%,

10/1/2046

92,362

100,457

Pool#

BM3932

3.50%,

10/1/2046

67,660

72,363

Pool#

AS8125

3.50%,

10/1/2046

61,777

66,376

Pool#

FM1871

4.00%,

10/1/2046

148,964

164,014

Pool#

BC4766

4.50%,

10/1/2046

46,961

51,910

Pool#

AS8154

4.50%,

10/1/2046

25,710

28,260

Pool#

FM1368

3.00%,

11/1/2046

1,532,200

1,610,487

Pool#

MA2806

3.00%,

11/1/2046

489,418

517,063

Pool#

BC9003

3.00%,

11/1/2046

189,331

200,142

Pool#

AS8369

3.50%,

11/1/2046

678,745

730,106

Pool#

BE5067

3.50%,

11/1/2046

498,751

535,415

Pool#

BE0065

3.50%,

11/1/2046

15,698

16,871

Pool#

BE5038

4.00%,

11/1/2046

15,466

17,229

Pool#

MA2833

3.00%,

12/1/2046

4,012,452

4,241,672

38

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AS8483

3.00%,

12/1/2046

932,927

984,500

Pool#

BC9067

3.00%,

12/1/2046

405,156

427,270

Pool#

AS8488

3.00%,

12/1/2046

317,847

335,972

Pool#

AS8509

3.00%,

12/1/2046

98,862

104,837

Pool#

BM1121

3.50%,

12/1/2046

721,449

780,035

Pool#

AS8492

3.50%,

12/1/2046

652,850

709,461

Pool#

AS8572

3.50%,

12/1/2046

551,483

586,600

Pool#

AS8417

3.50%,

12/1/2046

472,945

503,030

Pool#

BE4224

3.50%,

12/1/2046

21,474

22,847

Pool#

AS8650

3.00%,

1/1/2047

1,592,972

1,672,932

Pool#

AL9697

3.00%,

1/1/2047

819,847

866,630

Pool#

AS8647

3.00%,

1/1/2047

584,107

616,980

Pool#

BE5775

3.00%,

1/1/2047

551,418

581,296

Pool#

AL9774

3.50%,

1/1/2047

416,236

454,875

Pool#

BM3204

3.50%,

1/1/2047

345,989

376,013

Pool#

AS8692

3.50%,

1/1/2047

317,842

338,424

Pool#

BD2440

3.50%,

1/1/2047

291,652

310,420

Pool#

BD2450

3.50%,

1/1/2047

222,873

237,551

Pool#

BE6548

3.50%,

1/1/2047

97,705

104,002

Pool#

BE7115

4.50%,

1/1/2047

17,375

19,241

Pool#

BE5856

4.50%,

1/1/2047

11,432

12,567

Pool#

BE6503

4.50%,

1/1/2047

7,116

7,813

Pool#

BM3908

5.50%,

1/1/2047

55,050

64,398

Pool#

MA2895

3.00%,

2/1/2047

4,907,192

5,187,797

Pool#

BM3688

3.50%,

2/1/2047

663,975

710,781

Pool#

BD5046

3.50%,

2/1/2047

123,990

131,768

Pool#

BM5274

4.00%,

2/1/2047

132,723

144,209

Pool#

BE8495

4.50%,

2/1/2047

8,884

9,824

Pool#

BE7869

4.50%,

2/1/2047

4,017

4,397

Pool#

AL9859

3.00%,

3/1/2047

1,516,150

1,599,565

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9848

3.00%,

3/1/2047

486,569

511,052

Pool#

BM5383

4.00%,

3/1/2047

71,014

77,842

Pool#

AS8966

4.00%,

3/1/2047

66,862

72,245

Pool#

AS8979

4.50%,

3/1/2047

77,041

85,060

Pool#

BE9247

4.50%,

3/1/2047

7,792

8,605

Pool#

BM3707

2.50%,

4/1/2047

231,624

238,677

Pool#

AS9463

3.50%,

4/1/2047

219,644

236,941

Pool#

AS9451

3.50%,

4/1/2047

180,459

191,359

Pool#

BD7122

4.00%,

4/1/2047

869,773

940,234

Pool#

AS9467

4.00%,

4/1/2047

369,538

401,841

Pool#

AS9470

4.50%,

4/1/2047

265,180

292,775

Pool#

BH0304

4.50%,

4/1/2047

13,693

15,005

Pool#

AS9562

3.00%,

5/1/2047

92,403

97,033

Pool#

BM3237

3.50%,

5/1/2047

492,211

531,334

Pool#

AS9577

3.50%,

5/1/2047

206,819

222,683

Pool#

BM1268

4.00%,

5/1/2047

387,685

423,047

Pool#

BE3670

3.50%,

6/1/2047

280,992

298,294

Pool#

AS9794

3.50%,

6/1/2047

182,767

197,366

Pool#

AS9747

4.00%,

6/1/2047

1,031,485

1,124,994

Pool#

BM3549

4.00%,

6/1/2047

425,277

461,705

Pool#

BE3702

4.00%,

6/1/2047

172,944

186,840

Pool#

BM1295

4.50%,

6/1/2047

183,474

202,646

Pool#

BE9624

4.50%,

6/1/2047

28,278

30,975

Pool#

BM3801

3.00%,

7/1/2047

823,877

865,153

Pool#

AS9938

3.50%,

7/1/2047

179,877

194,979

Pool#

BM1551

3.50%,

7/1/2047

171,765

185,496

Pool#

AS9909

3.50%,

7/1/2047

89,652

96,751

Pool#

BM1492

4.00%,

7/1/2047

763,104

829,681

Pool#

AS9973

4.00%,

7/1/2047

65,508

70,457

Pool#

890673

3.00%,

8/1/2047

415,991

437,082

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

39

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3087

3.50%,

8/1/2047

423,339

449,167

Pool#

CA0240

3.50%,

8/1/2047

228,740

242,048

Pool#

BM1658

3.50%,

8/1/2047

150,199

161,371

Pool#

BH7375

3.50%,

8/1/2047

126,640

134,474

Pool#

CA0123

4.00%,

8/1/2047

582,728

640,116

Pool#

BH2597

4.00%,

8/1/2047

472,730

509,816

Pool#

BH5359

4.00%,

8/1/2047

235,188

256,756

Pool#

CA0133

4.00%,

8/1/2047

98,857

106,600

Pool#

BM5787

4.00%,

8/1/2047

23,448

25,428

Pool#

CA0407

3.50%,

9/1/2047

391,659

415,270

Pool#

BH4004

4.00%,

9/1/2047

415,775

448,160

Pool#

CA0392

4.00%,

9/1/2047

189,282

203,572

Pool#

BM3556

4.00%,

9/1/2047

172,288

191,306

Pool#

CA0265

4.00%,

9/1/2047

60,312

65,068

Pool#

CA0487

3.50%,

10/1/2047

1,006,439

1,066,225

Pool#

BM1959

3.50%,

10/1/2047

476,957

517,294

Pool#

CA0493

4.00%,

10/1/2047

473,347

509,685

Pool#

CA0549

4.00%,

10/1/2047

364,333

391,178

Pool#

BM3015

4.00%,

10/1/2047

205,505

227,246

Pool#

CA0496

4.50%,

10/1/2047

232,226

258,580

Pool#

CA0623

4.50%,

10/1/2047

76,937

84,423

Pool#

CA0693

3.50%,

11/1/2047

654,466

694,386

Pool#

CA0680

3.50%,

11/1/2047

237,905

257,878

Pool#

BM3358

3.50%,

11/1/2047

217,046

235,312

Pool#

CA0696

4.00%,

11/1/2047

843,719

906,387

Pool#

BM3191

4.00%,

11/1/2047

156,705

169,301

Pool#

CA0808

4.00%,

11/1/2047

144,676

156,213

Pool#

BM3379

3.00%,

12/1/2047

697,432

736,674

Pool#

BJ2492

3.50%,

12/1/2047

391,870

416,241

Pool#

MA3211

4.00%,

12/1/2047

1,144,487

1,234,977

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BJ1699

4.00%,

12/1/2047

273,659

300,477

Pool#

MA3238

3.50%,

1/1/2048

631,326

669,691

Pool#

CA0991

3.50%,

1/1/2048

466,802

505,993

Pool#

CA1015

4.00%,

1/1/2048

424,010

457,177

Pool#

CA1025

4.50%,

1/1/2048

694,021

758,908

Pool#

CA1189

3.50%,

2/1/2048

2,387,829

2,535,247

Pool#

BH9280

3.50%,

2/1/2048

1,036,995

1,118,444

Pool#

CA1242

3.50%,

2/1/2048

208,413

226,771

Pool#

MA3277

4.00%,

2/1/2048

25,556

27,493

Pool#

BJ8271

4.50%,

2/1/2048

686,334

754,641

Pool#

BJ8270

4.50%,

2/1/2048

429,854

475,859

Pool#

BK1586

4.50%,

2/1/2048

338,461

374,686

Pool#

BJ8269

4.50%,

2/1/2048

312,903

348,376

Pool#

CA4341

3.00%,

3/1/2048

199,863

208,950

Pool#

MA3305

3.50%,

3/1/2048

69,795

74,021

Pool#

BK1972

4.50%,

3/1/2048

92,531

102,299

Pool#

BJ0640

5.00%,

3/1/2048

27,378

30,454

Pool#

CA1510

3.50%,

4/1/2048

183,522

194,565

Pool#

CA1531

3.50%,

4/1/2048

165,200

179,753

Pool#

CA1551

4.00%,

4/1/2048

1,302,542

1,400,261

Pool#

CA1560

4.50%,

4/1/2048

226,604

251,608

Pool#

BJ2681

5.00%,

4/1/2048

95,552

106,190

Pool#

MA3348

5.00%,

4/1/2048

13,930

15,487

Pool#

BM4024

3.50%,

5/1/2048

110,531

120,267

Pool#

MA3358

4.50%,

5/1/2048

382,193

415,715

Pool#

MA3374

5.00%,

5/1/2048

31,083

34,558

Pool#

CA1898

4.50%,

6/1/2048

246,381

274,313

Pool#

CA1951

4.00%,

7/1/2048

307,300

330,003

Pool#

BK6577

4.50%,

7/1/2048

37,346

40,765

Pool#

CA1988

4.50%,

7/1/2048

9,816

10,710

40

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BK4766

4.50%,

8/1/2048

409,081

451,668

Pool#

CA2376

4.00%,

9/1/2048

374,190

401,597

Pool#

MA3472

5.00%,

9/1/2048

34,848

38,588

Pool#

MA3495

4.00%,

10/1/2048

435,542

467,074

Pool#

CA2493

4.50%,

10/1/2048

205,435

224,055

Pool#

BM4664

4.50%,

10/1/2048

158,468

175,430

Pool#

BM5024

3.00%,

11/1/2048

1,064,980

1,109,723

Pool#

FM1001

3.50%,

11/1/2048

83,950

88,852

Pool#

MA3521

4.00%,

11/1/2048

450,478

482,952

Pool#

MA3536

4.00%,

12/1/2048

341,788

366,727

Pool#

BN0340

4.50%,

12/1/2048

532,864

580,214

Pool#

CA2779

4.50%,

12/1/2048

518,512

572,529

Pool#

BM5212

4.50%,

12/1/2048

170,594

185,849

Pool#

FM2888

3.50%,

1/1/2049

2,884,364

3,043,221

Pool#

BN3944

4.00%,

1/1/2049

185,388

201,299

Pool#

BN3960

4.50%,

1/1/2049

336,510

366,663

Pool#

BN6135

4.00%,

2/1/2049

189,867

203,692

Pool#

FM2337

4.50%,

2/1/2049

638,309

692,714

Pool#

CA3387

4.00%,

4/1/2049

547,769

600,146

Pool#

CA3394

5.00%,

4/1/2049

68,084

75,717

Pool#

CA3489

4.00%,

5/1/2049

408,937

448,038

Pool#

MA3665

4.50%,

5/1/2049

554,974

604,634

Pool#

FM1051

4.50%,

5/1/2049

354,689

386,594

Pool#

CA3669

4.00%,

6/1/2049

584,810

635,799

Pool#

CA3639

4.00%,

6/1/2049

235,995

256,250

Pool#

CA3825

4.00%,

7/1/2049

461,744

508,780

Pool#

CA3844

4.50%,

7/1/2049

265,018

288,604

Pool#

CA4030

4.00%,

8/1/2049

1,136,107

1,219,094

Pool#

CA4035

4.50%,

8/1/2049

313,977

342,024

Pool#

BO2258

3.00%,

10/1/2049

1,493,445

1,559,103

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BO5494

3.00%,

11/1/2049

168,030

175,357

Pool#

MA3835

3.50%,

11/1/2049

306,569

323,702

Pool#

MA3836

4.00%,

11/1/2049

445,085

477,122

Pool#

BO6220

3.00%,

12/1/2049

1,641,052

1,713,260

Pool#

BO6225

3.00%,

12/1/2049

1,333,135

1,390,898

Pool#

BO5380

3.00%,

12/1/2049

205,763

214,750

Pool#

MA3873

4.00%,

12/1/2049

322,854

346,087

Pool#

FM2432

3.00%,

2/1/2050

1,491,814

1,557,956

Pool#

CA5152

3.00%,

2/1/2050

434,067

456,163

Pool#

MA3939

3.50%,

2/1/2050

851,675

899,362

Pool#

FM2887

3.00%,

3/1/2050

831,031

870,991

Pool#

FM0077

3.00%,

3/1/2050

201,659

212,907

Pool#

CA5510

3.00%,

4/1/2050

755,601

794,606

Pool#

MA4020

3.00%,

5/1/2050

2,427,839

2,529,377

Pool#

CA5754

4.00%,

5/1/2050

99,949

107,336

Pool#

CA6317

3.00%,

7/1/2050

805,254

846,823

Pool#

CA6598

2.50%,

8/1/2050

1,247,030

1,286,262

Pool#

BQ4909

2.00%,

9/1/2050

2,238,676

2,236,007

Pool#

CA6985

2.00%,

9/1/2050

1,192,646

1,193,063

Pool#

FM4226

2.50%,

9/1/2050

3,083,621

3,176,717

Pool#

FM4231

2.50%,

9/1/2050

3,024,481

3,107,092

Pool#

FM4222

2.50%,

9/1/2050

695,187

722,563

Pool#

CA7029

2.50%,

9/1/2050

632,484

657,819

Pool#

CA7572

2.50%,

10/1/2050

4,707,572

4,886,058

Pool#

CA7368

2.50%,

10/1/2050

1,860,696

1,914,092

Pool#

CA7369

2.50%,

10/1/2050

1,559,104

1,603,846

Pool#

MA4159

Pool#

CA7573

2.50%,

11/1/2050

6,932,143

7,189,585

Pool#

FM4859

2.50%,

11/1/2050

1,471,098

1,518,281

Pool#

FM4808

2.50%,

11/1/2050

1,141,810

1,172,999

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

41

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4210

2.50%,

12/1/2050

9,278,774

9,530,460

Pool#

CA8442

2.00%,

1/1/2051

2,585,694

2,585,787

Pool#

FM6031

2.00%,

2/1/2051

3,158,045

3,161,148

Pool#

CA8823

2.00%,

2/1/2051

1,389,239

1,388,436

Pool#

CA8893

2.00%,

2/1/2051

1,347,121

1,346,343

Pool#

BQ9747

2.00%,

2/1/2051

998,122

997,545

Pool#

CA8954

2.50%,

2/1/2051

1,886,550

1,940,149

Pool#

CA8866

2.50%,

2/1/2051

995,816

1,023,492

Pool#

FM6554

2.00%,

3/1/2051

2,434,000

2,432,654

Pool#

FM6569

2.50%,

3/1/2051

2,979,000

3,059,805

Pool#

CB0235

2.00%,

4/1/2051

1,552,000

1,551,103

Pool#

BR7647

2.00%,

4/1/2051

322,000

321,618

Pool#

MA4306

2.50%,

4/1/2051

1,037,000

1,065,129

Pool#

BR7703

2.50%,

4/1/2051

553,000

568,000

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

4/25/2036

7,675,000

7,709,650

2.00%,

4/25/2036

6,657,000

6,831,896

2.50%,

4/25/2036

1,741,000

1,811,388

3.00%,

4/25/2036

602,663

636,398

3.50%,

4/25/2036

1,293,000

1,378,691

4.00%,

4/25/2036

143,000

152,267

4.50%,

4/25/2036

215,000

225,775

5.00%,

4/25/2036

35,000

36,782

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

1.50%,

4/25/2051

11,450,000

11,061,774

2.00%,

4/25/2051

8,733,000

8,716,626

2.50%,

4/25/2051

2,518,000

2,583,901

4.00%,

4/25/2051

1,825,000

1,958,025

4.50%,

4/25/2051

25,000

27,215

2.00%,

5/25/2051

6,000,000

5,977,734

GNMA

I

Pool

Pool#

376510

7.00%,

5/15/2024

385

406

Pool#

457801

7.00%,

8/15/2028

1,879

2,046

Pool#

486936

6.50%,

2/15/2029

862

976

Pool#

502969

6.00%,

3/15/2029

2,769

3,119

Pool#

487053

7.00%,

3/15/2029

851

938

Pool#

781014

6.00%,

4/15/2029

1,970

2,221

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

509099

7.00%,

6/15/2029

2,847

2,930

Pool#

470643

7.00%,

7/15/2029

7,477

7,699

Pool#

434505

7.50%,

8/15/2029

49

50

Pool#

416538

7.00%,

10/15/2029

44

44

Pool#

781124

7.00%,

12/15/2029

6,402

7,472

Pool#

507396

7.50%,

9/15/2030

36,409

38,065

Pool#

531352

7.50%,

9/15/2030

2,307

2,386

Pool#

536334

7.50%,

10/15/2030

164

169

Pool#

540659

7.00%,

1/15/2031

758

768

Pool#

486019

7.50%,

1/15/2031

844

881

Pool#

535388

7.50%,

1/15/2031

519

529

Pool#

528589

6.50%,

3/15/2031

18,384

20,529

Pool#

508473

7.50%,

4/15/2031

3,542

3,823

Pool#

544470

8.00%,

4/15/2031

2,039

2,048

Pool#

781287

7.00%,

5/15/2031

2,958

3,476

Pool#

781319

7.00%,

7/15/2031

909

1,085

Pool#

485879

7.00%,

8/15/2031

6,775

7,631

Pool#

572554

6.50%,

9/15/2031

40,412

45,284

Pool#

781328

7.00%,

9/15/2031

2,902

3,396

Pool#

550991

6.50%,

10/15/2031

485

542

Pool#

571267

7.00%,

10/15/2031

741

830

Pool#

555171

6.50%,

12/15/2031

1,198

1,337

Pool#

781380

7.50%,

12/15/2031

952

1,138

Pool#

781481

7.50%,

1/15/2032

4,191

5,049

Pool#

580972

6.50%,

2/15/2032

171

193

Pool#

781401

7.50%,

2/15/2032

2,888

3,461

Pool#

781916

6.50%,

3/15/2032

43,387

49,956

Pool#

552474

7.00%,

3/15/2032

4,454

5,142

Pool#

781478

7.50%,

3/15/2032

1,708

2,054

Pool#

781429

8.00%,

3/15/2032

2,917

3,436

42

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781431

7.00%,

4/15/2032

11,226

13,404

Pool#

552616

7.00%,

6/15/2032

36,394

41,746

Pool#

570022

7.00%,

7/15/2032

13,670

16,021

Pool#

595077

6.00%,

10/15/2032

5,584

6,690

Pool#

552903

6.50%,

11/15/2032

90,685

104,805

Pool#

552952

6.00%,

12/15/2032

4,950

5,698

Pool#

602102

6.00%,

2/15/2033

14,272

16,058

Pool#

588192

6.00%,

2/15/2033

3,947

4,465

Pool#

553144

5.50%,

4/15/2033

16,657

19,231

Pool#

604243

6.00%,

4/15/2033

7,876

9,437

Pool#

611526

6.00%,

5/15/2033

8,001

8,993

Pool#

553320

6.00%,

6/15/2033

21,215

25,454

Pool#

573916

6.00%,

11/15/2033

22,806

25,608

Pool#

604788

6.50%,

11/15/2033

52,801

59,237

Pool#

781688

6.00%,

12/15/2033

28,267

33,896

Pool#

604875

6.00%,

12/15/2033

23,787

28,529

Pool#

781690

6.00%,

12/15/2033

11,013

13,209

Pool#

781699

7.00%,

12/15/2033

3,857

4,406

Pool#

621856

6.00%,

1/15/2034

8,868

9,963

Pool#

564799

6.00%,

3/15/2034

15,461

17,370

Pool#

630038

6.50%,

8/15/2034

61,966

70,531

Pool#

781804

6.00%,

9/15/2034

31,236

37,431

Pool#

781847

6.00%,

12/15/2034

21,581

25,697

Pool#

486921

5.50%,

2/15/2035

9,009

10,428

Pool#

781902

6.00%,

2/15/2035

26,781

31,799

Pool#

781933

6.00%,

6/15/2035

3,144

3,745

Pool#

649513

5.50%,

10/15/2035

225,002

255,939

Pool#

649510

5.50%,

10/15/2035

89,271

102,690

Pool#

652207

5.50%,

3/15/2036

42,170

46,854

Pool#

655519

5.00%,

5/15/2036

19,654

22,163

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

652539

5.00%,

5/15/2036

9,320

10,502

Pool#

606308

5.50%,

5/15/2036

9,665

10,886

Pool#

606314

5.50%,

5/15/2036

6,962

7,730

Pool#

657912

6.50%,

8/15/2036

4,448

4,967

Pool#

697957

4.50%,

3/15/2039

762,422

858,506

Pool#

704630

5.50%,

7/15/2039

34,233

39,230

Pool#

710724

4.50%,

8/15/2039

261,281

295,079

Pool#

722292

5.00%,

9/15/2039

448,694

522,782

Pool#

782803

6.00%,

11/15/2039

256,867

301,435

Pool#

736666

4.50%,

4/15/2040

579,156

650,459

Pool#

733312

4.00%,

9/15/2040

65,913

72,978

Pool#

742235

4.00%,

12/15/2040

155,834

172,606

Pool#

759075

4.00%,

1/15/2041

135,977

151,141

Pool#

755958

4.00%,

1/15/2041

130,167

144,200

Pool#

755959

4.00%,

1/15/2041

125,759

139,867

Pool#

742244

4.00%,

1/15/2041

108,511

119,241

Pool#

753826

4.00%,

1/15/2041

61,995

68,682

Pool#

690662

4.00%,

1/15/2041

44,731

49,131

Pool#

719486

4.00%,

1/15/2041

14,569

15,646

Pool#

759207

4.00%,

2/15/2041

234,982

261,221

Pool#

757555

4.00%,

2/15/2041

27,354

29,852

Pool#

757557

4.00%,

2/15/2041

22,463

24,352

Pool#

738107

4.00%,

3/15/2041

301,203

333,679

Pool#

784637

4.00%,

8/15/2041

99,027

110,710

Pool#

778869

4.00%,

2/15/2042

158,247

174,333

Pool#

783745

3.50%,

3/15/2043

963,480

1,109,637

Pool#

AD8789

3.50%,

3/15/2043

529,628

568,509

Pool#

AD2254

3.50%,

3/15/2043

101,658

108,981

Pool#

AA6403

3.00%,

5/15/2043

704,524

746,541

Pool#

AD2411

3.50%,

5/15/2043

448,285

480,577

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

43

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

783781

3.50%,

6/15/2043

363,095

391,667

Pool#

784015

3.00%,

7/15/2043

136,617

143,873

Pool#

784459

3.00%,

12/15/2046

329,838

344,974

Pool#

784293

3.00%,

12/15/2046

62,089

69,209

Pool#

784355

4.00%,

12/15/2046

163,548

178,570

Pool#

784500

3.00%,

2/15/2047

594,950

621,582

Pool#

784713

3.00%,

2/15/2047

138,411

144,894

Pool#

784458

3.50%,

12/15/2047

1,242,945

1,426,703

Pool#

784747

4.00%,

5/15/2048

228,772

245,606

Pool#

784715

4.00%,

5/15/2048

163,095

174,795

Pool#

785073

4.00%,

9/15/2049

190,934

205,627

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

331,055

379,618

Pool#

4245

6.00%,

9/20/2038

126,393

144,965

Pool#

4559

5.00%,

10/20/2039

303,931

349,265

Pool#

4715

5.00%,

6/20/2040

77,195

88,711

Pool#

4747

5.00%,

7/20/2040

889,370

1,022,046

Pool#

4771

4.50%,

8/20/2040

752,664

842,523

Pool#

4802

5.00%,

9/20/2040

579,857

666,362

Pool#

4834

4.50%,

10/20/2040

193,397

216,865

Pool#

737727

4.00%,

12/20/2040

1,075,309

1,187,526

Pool#

737730

4.00%,

12/20/2040

356,734

394,136

Pool#

4923

4.50%,

1/20/2041

302,651

343,822

Pool#

4978

4.50%,

3/20/2041

43,488

48,766

Pool#

5017

4.50%,

4/20/2041

458,892

514,583

Pool#

5056

5.00%,

5/20/2041

144,048

165,539

Pool#

5082

4.50%,

6/20/2041

175,136

196,392

Pool#

5175

4.50%,

9/20/2041

201,642

226,115

Pool#

675523

3.50%,

3/20/2042

219,376

238,146

Pool#

5332

4.00%,

3/20/2042

200,742

224,068

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA0392

3.50%,

9/20/2042

1,824,837

1,982,050

Pool#

MA0462

3.50%,

10/20/2042

1,443,431

1,565,531

Pool#

MA0534

3.50%,

11/20/2042

3,260,564

3,541,089

Pool#

MA0625

3.50%,

12/20/2042

679,903

738,399

Pool#

MA0698

3.00%,

1/20/2043

736,293

786,403

Pool#

MA0852

3.50%,

3/20/2043

751,346

815,987

Pool#

MA0934

3.50%,

4/20/2043

689,140

748,470

Pool#

AF1001

3.50%,

6/20/2043

545,417

595,555

Pool#

MA1376

4.00%,

10/20/2043

329,410

359,863

Pool#

AJ9335

3.50%,

10/20/2044

70,465

76,474

Pool#

MA2754

3.50%,

4/20/2045

548,194

587,321

Pool#

MA2824

2.50%,

5/20/2045

544,546

567,990

Pool#

MA2825

3.00%,

5/20/2045

1,161,878

1,229,386

Pool#

AM4381

3.50%,

5/20/2045

660,077

706,003

Pool#

MA2891

3.00%,

6/20/2045

1,966,317

2,082,779

Pool#

MA2960

3.00%,

7/20/2045

660,818

700,155

Pool#

784156

4.00%,

8/20/2045

290,572

315,416

Pool#

AO1103

3.50%,

9/20/2045

976,843

1,060,186

Pool#

AO1099

3.50%,

9/20/2045

511,497

555,156

Pool#

MA3106

4.00%,

9/20/2045

162,673

178,596

Pool#

MA3172

3.00%,

10/20/2045

316,887

335,860

Pool#

MA3173

3.50%,

10/20/2045

228,827

245,166

Pool#

MA3174

4.00%,

10/20/2045

20,051

21,971

Pool#

MA3243

3.00%,

11/20/2045

591,017

625,374

Pool#

MA3244

3.50%,

11/20/2045

586,698

628,593

Pool#

784098

3.00%,

12/20/2045

1,157,307

1,225,714

Pool#

MA3309

3.00%,

12/20/2045

1,013,409

1,072,879

Pool#

MA3310

3.50%,

12/20/2045

439,556

470,984

Pool#

784111

3.00%,

1/20/2046

632,624

670,645

Pool#

MA3377

4.00%,

1/20/2046

89,860

98,525

44

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784119

3.00%,

2/20/2046

1,175,669

1,245,164

Pool#

784115

3.00%,

2/20/2046

53,760

56,937

Pool#

MA3520

3.00%,

3/20/2046

831,245

879,960

Pool#

MA3521

3.50%,

3/20/2046

1,595,706

1,706,264

Pool#

MA3522

4.00%,

3/20/2046

609,321

669,578

Pool#

MA3596

3.00%,

4/20/2046

439,870

464,571

Pool#

MA3597

3.50%,

4/20/2046

458,160

490,260

Pool#

MA3662

3.00%,

5/20/2046

1,667,615

1,766,194

Pool#

MA3735

3.00%,

6/20/2046

1,019,064

1,079,817

Pool#

MA3736

3.50%,

6/20/2046

2,686,459

2,868,786

Pool#

MA3804

4.00%,

7/20/2046

96,987

106,056

Pool#

MA3873

3.00%,

8/20/2046

2,184,389

2,313,537

Pool#

MA3876

4.50%,

8/20/2046

93,458

104,568

Pool#

MA3936

3.00%,

9/20/2046

2,233,807

2,355,470

Pool#

MA3939

4.50%,

9/20/2046

14,537

16,271

Pool#

MA4006

4.50%,

10/20/2046

288,162

322,471

Pool#

MA4068

3.00%,

11/20/2046

327,390

345,227

Pool#

MA4069

3.50%,

11/20/2046

34,766

37,206

Pool#

MA4070

4.00%,

11/20/2046

59,287

64,773

Pool#

MA4071

4.50%,

11/20/2046

20,961

23,495

Pool#

MA4125

2.50%,

12/20/2046

172,944

179,591

Pool#

MA4126

3.00%,

12/20/2046

3,282,803

3,466,193

Pool#

MA4127

3.50%,

12/20/2046

790,708

841,244

Pool#

MA4194

2.50%,

1/20/2047

678,094

704,129

Pool#

MA4196

3.50%,

1/20/2047

215,676

229,542

Pool#

MA4261

3.00%,

2/20/2047

827,072

875,055

Pool#

MA4262

3.50%,

2/20/2047

3,291,274

3,511,169

Pool#

MA4264

4.50%,

2/20/2047

25,102

27,791

Pool#

MA4321

3.50%,

3/20/2047

1,716,611

1,830,138

Pool#

AZ1974

3.50%,

4/20/2047

358,083

388,597

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4382

3.50%,

4/20/2047

294,814

313,891

Pool#

MA4383

4.00%,

4/20/2047

1,504,109

1,626,507

Pool#

MA4384

4.50%,

4/20/2047

34,541

38,040

Pool#

MA4509

3.00%,

6/20/2047

314,139

332,795

Pool#

MA4511

4.00%,

6/20/2047

688,120

745,661

Pool#

MA4512

4.50%,

6/20/2047

78,138

85,830

Pool#

MA4585

3.00%,

7/20/2047

58,894

62,227

Pool#

MA4587

4.00%,

7/20/2047

2,172,388

2,355,181

Pool#

MA4652

3.50%,

8/20/2047

694,148

739,159

Pool#

BC1888

3.50%,

8/20/2047

571,862

620,567

Pool#

784471

3.50%,

8/20/2047

542,013

580,221

Pool#

MA4653

4.00%,

8/20/2047

107,762

116,375

Pool#

784408

3.50%,

10/20/2047

245,091

262,351

Pool#

MA4780

4.50%,

10/20/2047

27,697

30,372

Pool#

MA4836

3.00%,

11/20/2047

619,640

654,356

Pool#

MA4837

3.50%,

11/20/2047

627,221

668,867

Pool#

MA4838

4.00%,

11/20/2047

2,939,056

3,177,383

Pool#

MA4899

3.00%,

12/20/2047

492,242

518,206

Pool#

MA4900

3.50%,

12/20/2047

454,125

483,303

Pool#

784421

3.50%,

12/20/2047

352,952

402,187

Pool#

MA4961

3.00%,

1/20/2048

920,658

972,046

Pool#

MA4962

3.50%,

1/20/2048

870,005

926,583

Pool#

MA5018

3.00%,

2/20/2048

233,749

243,703

Pool#

MA5019

3.50%,

2/20/2048

48,160

51,410

Pool#

784480

3.50%,

4/20/2048

436,890

486,338

Pool#

784479

3.50%,

4/20/2048

296,766

331,642

Pool#

784481

3.50%,

4/20/2048

142,730

155,022

Pool#

MA5137

4.00%,

4/20/2048

699,661

748,959

Pool#

BD4034

4.00%,

4/20/2048

194,097

212,708

Pool#

MA5138

4.50%,

4/20/2048

282,509

307,705

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

45

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA5192

4.00%,

5/20/2048

1,243,933

1,337,294

Pool#

MA5265

4.50%,

6/20/2048

532,136

577,383

Pool#

MA5331

4.50%,

7/20/2048

242,133

265,031

Pool#

MA5398

4.00%,

8/20/2048

1,224,472

1,316,749

Pool#

MA5399

4.50%,

8/20/2048

631,624

690,860

Pool#

MA5466

4.00%,

9/20/2048

267,319

288,255

Pool#

BJ2692

4.00%,

11/20/2048

143,883

154,385

Pool#

MA5597

5.00%,

11/20/2048

25,224

27,630

Pool#

MA5652

4.50%,

12/20/2048

301,873

327,064

Pool#

784656

4.50%,

12/20/2048

284,841

309,231

Pool#

BK2856

4.50%,

12/20/2048

43,465

47,419

Pool#

MA5653

5.00%,

12/20/2048

70,917

77,600

Pool#

MA5712

5.00%,

1/20/2049

275,122

301,351

Pool#

MA5818

4.50%,

3/20/2049

225,325

243,834

Pool#

MA5878

5.00%,

4/20/2049

28,978

31,705

Pool#

MA5987

4.50%,

6/20/2049

1,403,514

1,518,661

Pool#

MA6041

4.50%,

7/20/2049

408,859

446,416

Pool#

MA6092

4.50%,

8/20/2049

175,066

189,412

Pool#

MA6153

3.00%,

9/20/2049

269,853

282,834

Pool#

MA6409

3.00%,

1/20/2050

1,795,518

1,880,194

Pool#

MA6474

3.00%,

2/20/2050

1,787,270

1,862,474

Pool#

MA6542

3.50%,

3/20/2050

534,551

564,142

Pool#

MA6657

3.50%,

5/20/2050

935,932

987,893

Pool#

BW4732

2.50%,

8/20/2050

1,683,304

1,737,899

Pool#

BW6206

2.50%,

8/20/2050

1,444,237

1,491,112

Pool#

MA6820

3.00%,

8/20/2050

1,392,933

1,451,940

Pool#

MA6821

3.50%,

8/20/2050

1,466,082

1,551,519

Pool#

BW4741

2.50%,

9/20/2050

1,534,822

1,584,543

Pool#

BY0805

2.50%,

9/20/2050

983,423

1,015,349

Pool#

BY0776

2.50%,

9/20/2050

972,770

1,004,331

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA7053

3.00%,

12/20/2050

1,722,516

1,817,037

Pool#

MA7136

2.50%,

1/20/2051

2,882,920

2,977,312

Pool#

MA7137

3.00%,

1/20/2051

3,700,172

3,876,267

Pool#

MA7193

2.50%,

2/20/2051

772,711

797,596

GNMA

TBA

2.00%,

4/15/2051

8,800,000

8,885,250

2.50%,

4/15/2051

16,453,001

16,976,155

3.00%,

4/15/2051

1,822,000

1,898,083

4.00%,

4/15/2051

514,000

549,529

4.50%,

4/15/2051

575,000

637,891

3.00%,

5/15/2051

425,000

442,963

Total

Mortgage-Backed

Securities

(cost

$601,225,398)

616,621,613

Municipal

Bonds

0.7%

California

0.3

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

155,254

Bay

Area

Toll

Authority,

RB

Series

F-1,

2.57%,

4/1/2031

60,000

61,990

Series

F-2,

6.26%,

4/1/2049

250,000

386,257

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

88,219

City

of

San

Francisco

California

Public

Utilities

Commission

Water

Revenue,

RB,

Series

B,

6.00%,

11/1/2040

100,000

133,984

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

492,009

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

118,352

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

311,330

Los

Angeles

Unified

School

District,

GO,

Series

RY,

6.76%,

7/1/2034

420,000

593,259

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

144,867

Santa

Clara

Valley

Transportation

Authority,

RB,

Series

A,

5.88%,

4/1/2032

200,000

247,043

46

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

California

State

of

California,

GO

7.55%,

4/1/2039

1,410,000

2,277,783

7.63%,

3/1/2040

425,000

681,560

University

of

California,

RB

Series

AB,

3.35%,

7/1/2029

200,000

220,789

Series

H,

6.55%,

5/15/2048

150,000

225,981

Series

F,

6.58%,

5/15/2049

200,000

296,895

Series

N,

3.26%,

5/15/2060

230,000

229,474

University

of

Texas

System,

RB,

Series

F,

5.95%,

5/15/2045

300,000

407,589

University

of

Virginia,

RB,

Series

AQ,

4.77%,

5/15/2115

150,000

186,297

7,258,932

Connecticut

0.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

663,780

Florida

0.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB

Series

A,

1.26%,

7/1/2025

95,000

95,881

Series

A,

2.15%,

7/1/2030

105,000

104,915

200,796

Georgia

0.0

%

†

Municipal

Electric

Authority

of

Georgia,

Refunding,

RB,

Series

A,

6.66%,

4/1/2057

490,000

706,278

Illinois

0.1

%

Chicago

Transit

Authority,

RB,

Series

A,

6.90%,

12/1/2040

300,000

419,170

State

of

Illinois,

GO

4.95%,

6/1/2023

113,455

117,714

5.10%,

6/1/2033

945,000

1,063,941

1,600,825

New

Jersey

0.1

%

New

Jersey

Economic

Development

Authority,

RB,

NATL-RE

Insured,

Series

A,

7.43%,

2/15/2029

125,000

159,895

New

Jersey

State

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

691,303

New

Jersey

Transportation

Trust

Fund

Authority,

RB,

4.13%,

6/15/2042

30,000

31,344

Rutgers-State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

334,041

1,216,583

Municipal

Bonds

Principal

Amount

($)

Value

($)

New

York

0.1

%

Metropolitan

Transportation

Authority,

RB,

Series

C,

7.34%,

11/15/2039

460,000

720,668

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

411,615

New

York

City

Transitional

Finance

Authority,

RB,

Series

B,

5.57%,

11/1/2038

500,000

644,227

New

York

State

Dormitory

Authority,

RB,

5.63%,

3/15/2039

250,000

313,032

Port

Authority

of

New

York

&

New

Jersey,

3.18%,

7/15/2060

135,000

127,835

Port

Authority

of

New

York

&

New

Jersey,

RB,

6.04%,

12/1/2029

620,000

807,820

3,025,197

Ohio

0.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

120,716

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

194,153

314,869

South

Carolina

0.0

%

†

South

Carolina

State

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

148,065

Texas

0.1

%

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

288,397

Dallas-Fort

Worth

International

Airport,

RB,

Series

C,

2.92%,

11/1/2050

100,000

95,026

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

45,243

State

of

Texas,

GO,

Series

A,

4.63%,

4/1/2033

350,000

423,867

Texas

Transportation

Commission,

RB,

Series

B,

5.18%,

4/1/2030

150,000

182,925

University

of

Texas

System,

RB

Series

A,

5.26%,

7/1/2039

260,000

353,086

Series

C,

4.79%,

8/15/2046

200,000

254,696

1,643,240

Virginia

0.0

%

†

University

of

Virginia,

RB,

Series

VA,

2.26%,

9/1/2050

90,000

78,810

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

47

Municipal

Bonds

Principal

Amount

($)

Value

($)

Washington

0.0

%

†

State

of

Washington

Motor

Vehicle

Fuel

Tax,

GO,

Series

F,

5.14%,

8/1/2040

200,000

270,270

Total

Municipal

Bonds

(cost

$13,554,074)

17,127,645

Supranational

1.3%

African

Development

Bank

0.75%,

4/3/2023

1,000,000

1,009,712

3.00%,

9/20/2023

500,000

532,315

Asian

Development

Bank

1.88%,

7/19/2022

500,000

510,886

1.75%,

9/13/2022

1,000,000

1,022,246

2.75%,

3/17/2023

1,000,000

1,048,762

2.63%,

1/30/2024

1,000,000

1,062,383

1.50%,

10/18/2024

500,000

516,010

0.63%,

4/29/2025

1,000,000

996,181

1.88%,

1/24/2030

500,000

504,881

Corp.

Andina

de

Fomento,

4.38%,

6/15/2022

350,000

365,064

European

Bank

for

Reconstruction

&

Development,

1.50%,

2/13/2025

1,000,000

1,030,526

European

Investment

Bank

2.63%,

5/20/2022

1,000,000

1,027,536

2.50%,

3/15/2023(b)

500,000

522,011

1.38%,

5/15/2023(b)

3,000,000

3,071,094

3.25%,

1/29/2024

1,000,000

1,079,390

2.38%,

5/24/2027

2,000,000

2,135,140

Inter-American

Development

Bank

2.50%,

1/18/2023(b)

2,000,000

2,081,820

2.63%,

1/16/2024

1,000,000

1,061,180

1.75%,

3/14/2025

500,000

520,139

0.63%,

7/15/2025

1,000,000

990,548

2.00%,

7/23/2026

1,000,000

1,045,968

2.25%,

6/18/2029

250,000

261,231

International

Bank

for

Reconstruction

&

Development

2.13%,

7/1/2022

500,000

511,970

7.63%,

1/19/2023

973,000

1,101,532

1.88%,

6/19/2023

1,000,000

1,035,477

3.00%,

9/27/2023

750,000

798,952

0.63%,

4/22/2025

1,000,000

996,170

2.50%,

11/22/2027(b)

1,000,000

1,068,473

0.88%,

5/14/2030

1,000,000

924,711

Nordic

Investment

Bank,

2.25%,

5/21/2024

500,000

527,497

Total

Supranational

(cost

$28,776,519)

29,359,805

U.S.

Government

Agency

Securities

1.5%

Principal

Amount

($)

Value

($)

FFCB,

2.85%,

9/20/2021

945,000

957,506

FHLB

3.63%,

6/11/2021

3,500,000

3,524,046

3.00%,

12/9/2022

1,535,000

1,607,956

2.75%,

12/13/2024

1,000,000

1,080,515

5.50%,

7/15/2036

1,500,000

2,164,235

FHLMC

0.13%,

7/25/2022

3,325,000

3,324,693

0.25%,

6/26/2023

2,700,000

2,702,729

0.25%,

8/24/2023

3,535,000

3,535,805

0.25%,

12/4/2023

1,030,000

1,028,463

0.38%,

7/21/2025(b)

1,165,000

1,146,583

6.75%,

9/15/2029

557,000

790,002

6.25%,

7/15/2032

1,245,000

1,795,402

FNMA

2.63%,

1/11/2022

1,055,000

1,075,920

2.38%,

1/19/2023

490,000

509,515

0.50%,

6/17/2025

1,000,000

990,420

6.25%,

5/15/2029

2,500,000

3,380,864

7.25%,

5/15/2030

2,000,000

2,926,675

0.88%,

8/5/2030

440,000

406,831

Tennessee

Valley

Authority,

4.88%,

1/15/2048

500,000

687,135

Total

U.S.

Government

Agency

Securities

(cost

$32,237,098)

33,635,295

U.S.

Treasury

Obligations

36.9%

U.S.

Treasury

Bonds

7.63%,

11/15/2022

(b)

2,000,000

2,243,672

6.25%,

8/15/2023

4,000,000

4,570,469

6.88%,

8/15/2025

(b)

449,000

567,441

6.00%,

2/15/2026

(b)

4,042,000

5,029,606

6.50%,

11/15/2026

(b)

3,000,000

3,889,102

5.50%,

8/15/2028

4,000,000

5,139,062

5.38%,

2/15/2031

(b)

3,000,000

4,013,320

4.75%,

2/15/2037

(b)

709,600

970,489

5.00%,

5/15/2037

(b)

305,000

428,251

4.38%,

2/15/2038

250,000

330,664

4.25%,

5/15/2039

1,500,000

1,970,684

4.50%,

8/15/2039

(b)

1,080,000

1,462,556

4.38%,

11/15/2039

300,000

400,969

3.88%,

8/15/2040

(b)

1,000,000

1,260,859

1.38%,

11/15/2040

2,500,000

2,126,563

4.25%,

11/15/2040

1,400,000

1,852,266

4.75%,

2/15/2041

(b)

2,000,000

2,815,781

3.75%,

8/15/2041

4,900,000

6,093,801

3.13%,

11/15/2041

7,100,000

8,085,957

3.13%,

2/15/2042

1,000,000

1,139,766

3.00%,

5/15/2042

(b)

1,000,000

1,116,758

2.75%,

8/15/2042

7,200,000

7,723,125

2.75%,

11/15/2042

1,500,000

1,607,461

3.13%,

2/15/2043

4,050,000

4,607,982

2.88%,

5/15/2043

5,350,000

5,852,607

3.63%,

2/15/2044

5,000,000

6,146,875

3.38%,

5/15/2044

4,000,000

4,735,312

3.13%,

8/15/2044

5,700,000

6,486,422

3.00%,

11/15/2044

5,500,000

6,131,641

2.50%,

2/15/2045

12,500,000

12,760,742

48

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.00%,

5/15/2045

(b)

5,500,000

6,130,781

2.88%,

8/15/2045

3,300,000

3,603,187

2.50%,

2/15/2046

7,000,000

7,134,531

2.50%,

5/15/2046

3,000,000

3,057,188

2.88%,

11/15/2046

6,000,000

6,555,469

3.00%,

2/15/2047

2,000,000

2,238,438

3.00%,

5/15/2047

3,500,000

3,917,539

2.75%,

8/15/2047

2,500,000

2,672,070

2.75%,

11/15/2047

4,200,000

4,490,555

3.00%,

2/15/2048

5,000,000

5,604,883

3.38%,

11/15/2048

5,500,000

6,605,371

2.88%,

5/15/2049

5,000,000

5,490,625

2.25%,

8/15/2049

3,000,000

2,900,977

2.38%,

11/15/2049

1,800,000

1,788,258

2.00%,

2/15/2050

(b)

500,000

457,246

1.25%,

5/15/2050

(b)

1,700,000

1,282,902

1.38%,

8/15/2050

5,000,000

3,901,562

1.63%,

11/15/2050

(b)

6,800,000

5,666,312

1.88%,

2/15/2051

(b)

3,900,000

3,461,250

U.S.

Treasury

Notes

1.75%,

3/31/2022

1,500,000

1,524,961

1.88%,

3/31/2022

10,000,000

10,178,906

1.88%,

4/30/2022

(b)

2,500,000

2,547,949

1.75%,

5/15/2022

4,000,000

4,073,750

1.75%,

5/31/2022

17,000,000

17,324,727

2.13%,

6/30/2022

3,500,000

3,587,773

1.50%,

8/15/2022

18,000,000

18,341,016

1.75%,

9/30/2022

20,500,000

20,994,883

1.88%,

10/31/2022

6,000,000

6,164,297

2.00%,

10/31/2022

5,000,000

5,146,680

1.63%,

11/15/2022

1,300,000

1,331,129

0.13%,

11/30/2022

15,000,000

14,997,070

2.00%,

11/30/2022

8,500,000

8,761,973

2.13%,

12/31/2022

10,000,000

10,343,359

1.75%,

1/31/2023

7,600,000

7,820,875

2.00%,

2/15/2023

6,000,000

6,205,312

1.50%,

2/28/2023

7,000,000

7,178,281

2.63%,

2/28/2023

(b)

5,000,000

5,234,570

0.13%,

3/31/2023

5,000,000

4,996,680

1.50%,

3/31/2023

3,900,000

4,003,594

2.75%,

4/30/2023

5,000,000

5,265,625

1.75%,

5/15/2023

(b)

1,000,000

1,032,891

1.63%,

5/31/2023

2,000,000

2,061,484

2.75%,

8/31/2023

3,000,000

3,181,875

1.38%,

9/30/2023

3,500,000

3,599,121

2.88%,

10/31/2023

5,000,000

5,335,547

2.75%,

11/15/2023

(b)

1,500,000

1,597,383

2.13%,

11/30/2023

(b)

1,500,000

1,573,945

2.25%,

12/31/2023

3,500,000

3,686,758

2.63%,

12/31/2023

8,000,000

8,509,687

2.25%,

1/31/2024

5,500,000

5,799,922

2.50%,

1/31/2024

9,000,000

9,553,359

2.75%,

2/15/2024

2,500,000

2,673,633

2.00%,

4/30/2024

10,000,000

10,495,703

2.50%,

5/15/2024

7,000,000

7,460,469

2.00%,

5/31/2024

3,800,000

3,990,445

1.75%,

6/30/2024

6,000,000

6,255,937

2.13%,

7/31/2024

6,500,000

6,860,801

2.38%,

8/15/2024

24,353,000

25,917,870

1.50%,

9/30/2024

14,000,000

14,482,344

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.13%,

9/30/2024

(b)

9,000,000

9,506,953

1.50%,

10/31/2024

(b)

5,000,000

5,171,094

2.25%,

11/15/2024

7,550,000

8,012,143

2.13%,

11/30/2024

3,800,000

4,016,867

2.25%,

12/31/2024

5,000,000

5,312,305

2.00%,

2/15/2025

18,700,000

19,695,629

2.63%,

3/31/2025

4,300,000

4,635,770

2.13%,

5/15/2025

8,300,000

8,785,680

0.25%,

5/31/2025

7,500,000

7,357,031

0.25%,

7/31/2025

15,000,000

14,673,047

2.88%,

7/31/2025

6,500,000

7,090,078

2.00%,

8/15/2025

6,000,000

6,322,266

0.25%,

8/31/2025

4,000,000

3,906,875

2.75%,

8/31/2025

(b)

4,000,000

4,344,688

0.25%,

9/30/2025

8,000,000

7,802,812

0.25%,

10/31/2025

(b)

8,000,000

7,789,688

2.25%,

11/15/2025

8,500,000

9,051,504

0.38%,

11/30/2025

15,200,000

14,868,094

0.38%,

12/31/2025

10,000,000

9,766,016

0.38%,

1/31/2026

8,000,000

7,801,875

1.63%,

2/15/2026

8,500,000

8,790,195

0.50%,

2/28/2026

(b)

2,000,000

1,960,937

0.75%,

3/31/2026

4,000,000

3,965,312

1.50%,

8/15/2026

9,700,000

9,933,406

1.38%,

8/31/2026

4,500,000

4,577,871

1.63%,

9/30/2026

(b)

10,000,000

10,300,781

1.63%,

10/31/2026

8,000,000

8,232,188

2.25%,

2/15/2027

(b)

1,200,000

1,274,531

2.38%,

5/15/2027

5,700,000

6,092,098

0.50%,

5/31/2027

1,000,000

955,820

2.25%,

8/15/2027

8,300,000

8,797,027

0.50%,

8/31/2027

8,000,000

7,604,375

2.25%,

11/15/2027

5,390,000

5,705,610

0.63%,

11/30/2027

10,500,000

10,012,734

0.75%,

1/31/2028

4,000,000

3,835,000

2.75%,

2/15/2028

11,000,000

11,998,164

1.13%,

2/29/2028

(b)

3,000,000

2,947,500

1.25%,

3/31/2028

1,500,000

1,484,532

2.88%,

5/15/2028

10,000,000

10,992,578

2.88%,

8/15/2028

11,500,000

12,649,102

3.13%,

11/15/2028

7,000,000

7,828,242

2.63%,

2/15/2029

(b)

8,772,000

9,488,152

2.38%,

5/15/2029

5,700,000

6,057,141

1.63%,

8/15/2029

(b)

3,000,000

3,010,664

1.75%,

11/15/2029

(b)

4,000,000

4,047,344

0.63%,

5/15/2030

4,800,000

4,368,000

0.63%,

8/15/2030

(b)

7,000,000

6,343,750

0.88%,

11/15/2030

(b)

11,600,000

10,728,187

1.13%,

2/15/2031

(b)

8,500,000

8,031,172

Total

U.S.

Treasury

Obligations

(cost

$811,413,935)

836,534,759

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

49

Repurchase

Agreements

2.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,210,932,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,235,150.

(h)

1,210,931

1,210,931

HSBC

Bank

plc

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$35,800,090,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$36,530,704.

(h)

35,800,000

35,800,000

MetLife,

Inc.

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$12,000,010,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$12,244,908.

(h)

12,000,000

12,000,000

NatWest

Markets

Securities,

Inc.

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$5,000,013,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$5,100,014.

(h)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$54,010,931)

54,010,931

Total

Investments

Before

TBA

Sale

Commitments

(cost

$2,218,115,687)

—

101.8%

2,307,042,438

TBA

Sale

Commitments

0.0%

†

Principal

Amount

($)

Value

($)

Mortgage-Backed

Securities

0.0%

†

GNMA

TBA

5.00%,

4/15/2051

(74,000)

(81,008)

Total

Mortgage-Backed

Security

(cost

$(80,313))

(81,008)

Total

Investments

(cost

$2,218,035,374)

—

101.8%

2,306,961,430

Liabilities

in

excess

of

other

assets

—

(1.8)%

(41,882,400)

NET

ASSETS

—

100.0%

$

2,265,079,030

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$190,981,577,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$54,011,933

and

by

$142,394,323

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.50%,

and

maturity

dates

ranging

from

4/1/2021

–

2/15/2051,

a

total

value

of

$196,406,256.

(c)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

March

31,

2021.

(d)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$16,481,398

which

represents

0.73%

of

net

assets.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

at

March

31,

2021.

(g)

Investment

in

affiliate.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$54,010,931.

50

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

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

NVIT

Bond

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

51

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.

52

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Bond

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

8,723,585

$

–

$

8,723,585

Commercial

Mortgage-Backed

Securities

–

56,238,809

–

56,238,809

Corporate

Bonds

–

611,285,177

–

611,285,177

Foreign

Government

Securities

–

43,504,819

–

43,504,819

Mortgage-Backed

Securities

–

616,621,613

–

616,621,613

Municipal

Bonds

–

17,127,645

–

17,127,645

Repurchase

Agreements

–

54,010,931

–

54,010,931

Supranational

–

29,359,805

–

29,359,805

U.S.

Government

Agency

Securities

–

33,635,295

–

33,635,295

U.S.

Treasury

Obligations

–

836,534,759

–

836,534,759

Total

Assets

$

–

$

2,307,042,438

$

–

$

2,307,042,438

$

–

$

–

$

–

$

–

Liabilities:

Mortgage-Backed

Security

$

–

$

(81,008)

$

–

$

(81,008)

Total

Liabilities

$

–

$

(81,008)

$

–

$

(81,008)

Total

$

–

$

2,306,961,430

$

–

$

2,306,961,430

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

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

98.6%

Shares

Value

($)

AUSTRALIA

7.9%

Airlines

0.0%

†

Qantas

Airways

Ltd.*

102,103

396,158

Banks

1.9%

Australia

&

New

Zealand

Banking

Group

Ltd.

343,436

7,375,556

Commonwealth

Bank

of

Australia

215,808

14,167,912

National

Australia

Bank

Ltd.

402,960

7,985,627

Westpac

Banking

Corp.

439,670

8,164,624

37,693,719

Beverages

0.1%

Coca-Cola

Amatil

Ltd.

58,517

597,174

Treasury

Wine

Estates

Ltd.

89,903

708,370

1,305,544

Biotechnology

0.6%

CSL

Ltd.(a)

55,430

11,169,923

Capital

Markets

0.3%

ASX

Ltd.

24,524

1,325,125

Macquarie

Group

Ltd.

41,424

4,802,922

Magellan

Financial

Group

Ltd.

15,563

536,609

6,664,656

Chemicals

0.0%

†

Orica

Ltd.

50,673

537,188

Commercial

Services

&

Supplies

0.1%

Brambles

Ltd.

184,763

1,487,885

Construction

&

Engineering

0.0%

†

CIMIC

Group

Ltd.*(a)

10,069

135,011

Diversified

Financial

Services

0.0%

†

AMP

Ltd.(a)

412,538

396,783

Diversified

Telecommunication

Services

0.1%

Telstra

Corp.

Ltd.

488,209

1,263,570

TPG

Telecom

Ltd.

39,729

191,008

1,454,578

Electric

Utilities

0.0%

†

AusNet

Services

229,923

321,245

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Dexus

124,103

920,937

Goodman

Group

201,975

2,782,421

GPT

Group

(The)

247,625

867,539

Mirvac

Group

499,382

951,598

Scentre

Group

619,366

1,329,872

Stockland

291,193

976,264

Vicinity

Centres

451,549

568,904

8,397,535

Food

&

Staples

Retailing

0.3%

Coles

Group

Ltd.

162,617

1,981,211

Woolworths

Group

Ltd.

153,738

4,784,982

6,766,193

Gas

Utilities

0.1%

APA

Group

149,161

1,136,895

Health

Care

Equipment

&

Supplies

0.1%

Cochlear

Ltd.

8,150

1,309,899

Health

Care

Providers

&

Services

0.1%

Ramsay

Health

Care

Ltd.

23,217

1,186,464

Common

Stocks

Shares

Value

($)

AUSTRALIA

Health

Care

Providers

&

Services

Sonic

Healthcare

Ltd.

53,641

1,434,489

2,620,953

Hotels,

Restaurants

&

Leisure

0.2%

Aristocrat

Leisure

Ltd.

72,408

1,895,992

Crown

Resorts

Ltd.*

43,675

390,028

Tabcorp

Holdings

Ltd.

261,447

933,663

3,219,683

Insurance

0.2%

Insurance

Australia

Group

Ltd.

293,785

1,047,602

Medibank

Pvt

Ltd.

317,030

675,033

QBE

Insurance

Group

Ltd.

171,878

1,262,357

Suncorp

Group

Ltd.

160,295

1,202,298

4,187,290

Interactive

Media

&

Services

0.1%

REA

Group

Ltd.

6,011

648,913

SEEK

Ltd.*

40,571

881,087

1,530,000

IT

Services

0.1%

Afterpay

Ltd.*

26,057

2,042,684

Computershare

Ltd.(a)

56,152

642,779

Computershare

Ltd.*

6,373

72,952

2,758,415

Metals

&

Mining

2.4%

BHP

Group

Ltd.

358,054

12,385,523

BHP

Group

plc

257,242

7,426,914

BlueScope

Steel

Ltd.

63,796

941,478

Evolution

Mining

Ltd.(a)

205,834

644,697

Fortescue

Metals

Group

Ltd.

208,264

3,179,356

Glencore

plc*

1,209,735

4,739,719

Newcrest

Mining

Ltd.

97,786

1,830,295

Northern

Star

Resources

Ltd.

135,290

987,876

Rio

Tinto

Ltd.

44,938

3,800,563

Rio

Tinto

plc

136,874

10,471,120

South32

Ltd.

605,914

1,299,076

47,706,617

Multiline

Retail

0.3%

Wesfarmers

Ltd.

138,943

5,572,692

Multi-Utilities

0.0%

†

AGL

Energy

Ltd.

76,700

563,721

Oil,

Gas

&

Consumable

Fuels

0.3%

Ampol

Ltd.

30,859

576,207

Oil

Search

Ltd.

235,941

732,599

Origin

Energy

Ltd.

223,889

799,783

Santos

Ltd.

225,087

1,218,053

Washington

H

Soul

Pattinson

&

Co.

Ltd.

10,720

257,941

Woodside

Petroleum

Ltd.

114,946

2,092,472

5,677,055

Real

Estate

Management

&

Development

0.0%

†

Lendlease

Corp.

Ltd.

81,891

805,892

Road

&

Rail

0.0%

†

Aurizon

Holdings

Ltd.

210,441

625,330

Software

0.0%

†

WiseTech

Global

Ltd.

15,888

354,893

Transportation

Infrastructure

0.2%

Sydney

Airport*

168,097

792,253

54

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

AUSTRALIA

Transportation

Infrastructure

Transurban

Group

329,338

3,340,184

4,132,437

158,928,190

AUSTRIA

0.2%

Banks

0.1%

Erste

Group

Bank

AG

34,513

1,170,944

Raiffeisen

Bank

International

AG

16,664

365,705

1,536,649

Electric

Utilities

0.0%

†

Verbund

AG

8,656

629,523

Metals

&

Mining

0.0%

†

voestalpine

AG

12,978

538,773

Oil,

Gas

&

Consumable

Fuels

0.1%

OMV

AG

18,678

947,456

3,652,401

BELGIUM

0.8%

Banks

0.1%

KBC

Group

NV*

30,412

2,208,376

Beverages

0.3%

Anheuser-Busch

InBev

SA/

NV

92,316

5,820,113

Biotechnology

0.0%

†

Galapagos

NV*

5,343

414,383

Chemicals

0.1%

Solvay

SA

8,685

1,081,527

Umicore

SA

23,313

1,236,886

2,318,413

Diversified

Financial

Services

0.1%

Groupe

Bruxelles

Lambert

SA

9,391

971,280

Groupe

Bruxelles

Lambert

SA

4,876

503,376

Sofina

SA

1,846

625,834

2,100,490

Diversified

Telecommunication

Services

0.0%

†

Proximus

SADP

20,547

447,310

Electric

Utilities

0.0%

†

Elia

Group

SA/NV(a)

3,487

384,160

Food

&

Staples

Retailing

0.0%

†

Etablissements

Franz

Colruyt

NV

7,190

428,860

Insurance

0.1%

Ageas

SA/NV

21,353

1,289,889

Pharmaceuticals

0.1%

UCB

SA

16,072

1,528,816

16,940,810

BRAZIL

0.1%

Chemicals

0.1%

Yara

International

ASA

20,475

1,065,049

Common

Stocks

Shares

Value

($)

CHILE

0.1%

Metals

&

Mining

0.1%

Antofagasta

plc

49,511

1,153,387

CHINA

0.5%

Banks

0.1%

BOC

Hong

Kong

Holdings

Ltd.

438,500

1,529,217

Beverages

0.0%

†

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S(a)(b)

215,200

643,171

Food

Products

0.1%

Wilmar

International

Ltd.

221,594

895,900

Internet

&

Direct

Marketing

Retail

0.3%

Prosus

NV*

59,318

6,613,385

Real

Estate

Management

&

Development

0.0%

†

ESR

Cayman

Ltd.

Reg.

S*(b)

211,600

695,595

10,377,268

DENMARK

2.3%

Air

Freight

&

Logistics

0.2%

DSV

Panalpina

A/S

25,054

4,912,937

Banks

0.1%

Danske

Bank

A/S

82,276

1,541,809

Beverages

0.1%

Carlsberg

A/S,

Class

B

12,344

1,898,654

Biotechnology

0.1%

Genmab

A/S*

8,027

2,638,191

Building

Products

0.0%

†

ROCKWOOL

International

A/S,

Class

B

1,014

427,186

Chemicals

0.1%

Chr

Hansen

Holding

A/S*

12,268

1,114,656

Novozymes

A/S,

Class

B

25,796

1,652,466

2,767,122

Electric

Utilities

0.2%

Orsted

A/S

Reg.

S(b)

22,940

3,711,348

Electrical

Equipment

0.2%

Vestas

Wind

Systems

A/S

23,778

4,893,704

Health

Care

Equipment

&

Supplies

0.3%

Ambu

A/S,

Class

B

20,226

950,036

Coloplast

A/S,

Class

B

14,412

2,169,724

Demant

A/S*

12,491

529,911

GN

Store

Nord

A/S

16,277

1,282,978

4,932,649

Insurance

0.1%

Tryg

A/S

39,784

938,656

Marine

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

384

837,338

AP

Moller

-

Maersk

A/S,

Class

B

763

1,775,272

2,612,610

Pharmaceuticals

0.7%

H

Lundbeck

A/S

8,050

275,337

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

DENMARK

Pharmaceuticals

Novo

Nordisk

A/S,

Class

B

210,055

14,185,415

14,460,752

Textiles,

Apparel

&

Luxury

Goods

0.1%

Pandora

A/S

11,945

1,280,034

47,015,652

FINLAND

1.2%

Banks

0.2%

Nordea

Bank

Abp

389,912

3,837,698

Communications

Equipment

0.1%

Nokia

OYJ*

695,224

2,778,980

Diversified

Telecommunication

Services

0.1%

Elisa

OYJ

18,081

1,084,821

Electric

Utilities

0.1%

Fortum

OYJ

51,827

1,385,100

Food

&

Staples

Retailing

0.1%

Kesko

OYJ,

Class

B

34,359

1,051,008

Insurance

0.1%

Sampo

OYJ,

Class

A

57,705

2,607,708

Machinery

0.2%

Kone

OYJ,

Class

B

40,983

3,347,257

Wartsila

OYJ

Abp

56,217

590,023

3,937,280

Oil,

Gas

&

Consumable

Fuels

0.1%

Neste

OYJ

50,919

2,700,789

Paper

&

Forest

Products

0.2%

Stora

Enso

OYJ,

Class

R

68,693

1,284,779

UPM-

Kymmene

OYJ

65,213

2,342,232

3,627,011

Pharmaceuticals

0.0%

†

Orion

OYJ,

Class

B(a)

12,329

494,452

23,504,847

FRANCE

10.6%

Aerospace

&

Defense

0.7%

Airbus

SE*

71,735

8,125,097

Dassault

Aviation

SA

278

309,443

Safran

SA

39,158

5,330,619

Thales

SA

12,493

1,241,551

15,006,710

Auto

Components

0.2%

Cie

Generale

des

Etablissements

Michelin

SCA

20,818

3,117,142

Faurecia

SE

10,811

576,158

Faurecia

SE

2,073

110,160

Valeo

SA

27,298

927,724

4,731,184

Automobiles

0.0%

†

Renault

SA*(a)

24,047

1,038,610

Banks

0.6%

BNP

Paribas

SA*

137,214

8,337,136

Credit

Agricole

SA

137,929

1,997,568

Societe

Generale

SA*

98,326

2,569,222

12,903,926

Common

Stocks

Shares

Value

($)

FRANCE

Beverages

0.3%

Pernod

Ricard

SA

25,479

4,782,959

Remy

Cointreau

SA(a)

2,674

493,956

5,276,915

Building

Products

0.2%

Cie

de

Saint-Gobain

61,854

3,650,981

Capital

Markets

0.1%

Amundi

SA

Reg.

S*(b)

7,471

597,626

Natixis

SA

102,339

490,021

1,087,647

Chemicals

0.5%

Air

Liquide

SA

57,743

9,434,362

Arkema

SA

8,767

1,062,478

10,496,840

Construction

&

Engineering

0.4%

Bouygues

SA

28,788

1,154,550

Eiffage

SA*

9,902

991,514

Vinci

SA

63,500

6,507,432

8,653,496

Diversified

Financial

Services

0.0%

†

Eurazeo

SE*

4,217

320,734

Wendel

SE

2,947

365,776

686,510

Diversified

Telecommunication

Services

0.2%

Iliad

SA

2,027

385,300

Orange

SA

237,714

2,926,116

3,311,416

Electric

Utilities

0.0%

†

Electricite

de

France

SA*

76,431

1,025,607

Electrical

Equipment

0.7%

Legrand

SA

32,826

3,054,136

Schneider

Electric

SE

65,709

10,039,397

13,093,533

Entertainment

0.2%

Bollore

SA

115,816

559,505

Ubisoft

Entertainment

SA*

11,503

875,338

Vivendi

SE

99,499

3,267,779

4,702,622

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Covivio

6,510

557,031

Gecina

SA

5,521

760,233

Klepierre

SA

22,902

533,471

Unibail

-

Rodamco

-Westfield*

17,591

1,409,630

3,260,365

Food

&

Staples

Retailing

0.1%

Carrefour

SA(a)

76,966

1,394,314

Food

Products

0.3%

Danone

SA

75,689

5,193,351

Health

Care

Equipment

&

Supplies

0.0%

†

BioMerieux

4,979

634,706

Health

Care

Providers

&

Services

0.0%

†

Orpea

SA

6,511

754,174

Hotels,

Restaurants

&

Leisure

0.1%

Accor

SA*

21,011

792,669

La

Francaise

des

Jeux

SAEM

Reg.

S(b)

9,606

436,223

56

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Hotels,

Restaurants

&

Leisure

Sodexo

SA*

11,247

1,079,072

2,307,964

Household

Durables

0.0%

†

SEB

SA

2,933

517,386

Insurance

0.4%

AXA

SA

232,797

6,241,463

CNP

Assurances(a)

18,297

347,937

SCOR

SE

17,616

600,289

7,189,689

Interactive

Media

&

Services

0.0%

†

Adevinta

ASA*

30,391

447,670

IT

Services

0.4%

Atos

SE

12,427

969,711

Capgemini

SE

19,824

3,374,263

Edenred

29,234

1,527,231

Worldline

SA

Reg.

S*(b)

28,437

2,383,051

8,254,256

Life

Sciences

Tools

&

Services

0.1%

Sartorius

Stedim

Biotech

3,306

1,361,528

Machinery

0.1%

Alstom

SA*

32,271

1,609,589

Media

0.1%

Publicis

Groupe

SA

25,530

1,558,468

Multi-Utilities

0.3%

Engie

SA

219,551

3,117,554

Suez

SA

41,504

879,065

Veolia

Environnement

SA

64,904

1,665,181

5,661,800

Oil,

Gas

&

Consumable

Fuels

0.7%

TOTAL

SE

306,791

14,288,424

Personal

Products

0.6%

L'Oreal

SA

30,701

11,767,601

Pharmaceuticals

0.7%

Ipsen

SA

5,106

438,065

Sanofi

138,217

13,661,080

14,099,145

Professional

Services

0.2%

Bureau

Veritas

SA*

37,343

1,063,072

Teleperformance

7,182

2,613,747

3,676,819

Software

0.2%

Dassault

Systemes

SE

16,232

3,472,852

Textiles,

Apparel

&

Luxury

Goods

1.9%

EssilorLuxottica

SA

34,889

5,683,556

Hermes

International

3,845

4,257,501

Kering

SA

9,222

6,367,438

LVMH

Moet

Hennessy

Louis

Vuitton

SE

33,714

22,466,720

38,775,215

Transportation

Infrastructure

0.1%

Aeroports

de

Paris*

3,812

455,663

Getlink

SE

55,934

858,160

1,313,823

213,205,136

Common

Stocks

Shares

Value

($)

GERMANY

9.4%

Aerospace

&

Defense

0.1%

MTU

Aero

Engines

AG

6,340

1,492,196

Air

Freight

&

Logistics

0.3%

Deutsche

Post

AG

(Registered)

119,953

6,572,077

Airlines

0.0%

†

Deutsche

Lufthansa

AG

(Registered)*

33,579

445,174

Auto

Components

0.1%

Continental

AG

13,202

1,743,656

Automobiles

1.2%

Bayerische

Motoren

Werke

AG

41,012

4,251,996

Bayerische

Motoren

Werke

AG

(Preference)

6,641

528,592

Daimler

AG

(Registered)

104,405

9,302,330

Porsche

Automobil

Holding

SE

(Preference)

17,919

1,900,404

Volkswagen

AG

4,089

1,483,390

Volkswagen

AG

(Preference)

22,525

6,294,908

23,761,620

Banks

0.0%

†

Commerzbank

AG*

125,621

770,226

Capital

Markets

0.3%

Deutsche

Bank

AG

(Registered)*

241,172

2,881,616

Deutsche

Boerse

AG

23,049

3,831,081

6,712,697

Chemicals

0.7%

BASF

SE

111,675

9,275,339

Covestro

AG

Reg.

S(b)

21,715

1,460,109

Evonik

Industries

AG

26,658

942,653

Fuchs

Petrolub

SE

(Preference)

7,629

365,373

LANXESS

AG

10,547

777,427

Symrise

AG

15,605

1,892,025

14,712,926

Construction

&

Engineering

0.0%

†

Hochtief

AG

2,901

259,628

Construction

Materials

0.1%

HeidelbergCement

AG

17,614

1,599,759

Diversified

Telecommunication

Services

0.5%

Deutsche

Telekom

AG

(Registered)

408,220

8,220,281

Telefonica

Deutschland

Holding

AG

145,367

426,139

United

Internet

AG

(Registered)

12,388

496,995

9,143,415

Electrical

Equipment

0.1%

Siemens

Energy

AG*

48,305

1,734,077

Health

Care

Equipment

&

Supplies

0.2%

Carl

Zeiss

Meditec

AG

4,927

742,627

Sartorius

AG

(Preference)

4,290

2,139,161

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

GERMANY

Health

Care

Equipment

&

Supplies

Siemens

Healthineers

AG

Reg.

S(b)

32,307

1,749,047

4,630,835

Health

Care

Providers

&

Services

0.2%

Fresenius

Medical

Care

AG

&

Co.

KGaA

25,911

1,904,698

Fresenius

SE

&

Co.

KGaA

51,043

2,273,584

4,178,282

Household

Products

0.2%

Henkel

AG

&

Co.

KGaA

12,152

1,202,452

Henkel

AG

&

Co.

KGaA

(Preference)

21,775

2,448,172

3,650,624

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Uniper

SE

24,425

883,815

Industrial

Conglomerates

0.8%

Siemens

AG

(Registered)

93,320

15,325,121

Insurance

1.0%

Allianz

SE

(Registered)

50,112

12,757,531

Hannover

Rueck

SE

7,665

1,400,570

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

17,071

5,257,962

19,416,063

Interactive

Media

&

Services

0.1%

Scout24

AG

Reg.

S(b)

13,678

1,037,850

Internet

&

Direct

Marketing

Retail

0.3%

Delivery

Hero

SE

Reg.

S*(b)

15,641

2,027,069

HelloFresh

SE*

18,591

1,387,247

Just

Eat

Takeaway.com

NV

Reg.

S*(a)(b)

15,428

1,426,059

Zalando

SE

Reg.

S*(b)

18,451

1,808,465

6,648,840

IT

Services

0.0%

†

Bechtle

AG

3,434

643,946

Machinery

0.2%

GEA

Group

AG

17,480

716,444

KION

Group

AG

7,894

779,540

Knorr-

Bremse

AG

9,192

1,146,536

Rational

AG

644

499,791

3,142,311

Multi-Utilities

0.3%

E.ON

SE

276,733

3,220,166

RWE

AG

79,390

3,110,288

6,330,454

Personal

Products

0.1%

Beiersdorf

AG

11,969

1,264,596

Pharmaceuticals

0.5%

Bayer

AG

(Registered)

118,788

7,516,976

Merck

KGaA

15,857

2,711,290

10,228,266

Real

Estate

Management

&

Development

0.4%

Aroundtown

SA

118,978

846,881

Deutsche

Wohnen

SE

41,594

1,940,312

LEG

Immobilien

SE

8,773

1,153,882

Common

Stocks

Shares

Value

($)

GERMANY

Real

Estate

Management

&

Development

Vonovia

SE

64,246

4,196,430

8,137,505

Semiconductors

&

Semiconductor

Equipment

0.3%

Infineon

Technologies

AG

159,245

6,753,633

Software

0.8%

Nemetschek

SE

6,877

438,721

SAP

SE

127,383

15,601,109

TeamViewer

AG

Reg.

S*(b)

18,970

810,574

16,850,404

Textiles,

Apparel

&

Luxury

Goods

0.4%

adidas

AG*

23,071

7,201,784

Puma

SE*

12,355

1,211,216

8,413,000

Trading

Companies

&

Distributors

0.1%

Brenntag

SE

18,411

1,571,789

188,054,785

HONG

KONG

2.8%

Banks

0.1%

Bank

of

East

Asia

Ltd.

(The)

155,740

332,045

Hang

Seng

Bank

Ltd.

91,700

1,778,295

2,110,340

Building

Products

0.0%

†

Xinyi

Glass

Holdings

Ltd.

228,000

749,380

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

146,800

8,681,016

Diversified

Telecommunication

Services

0.1%

HKT

Trust

&

HKT

Ltd.

469,220

669,710

PCCW

Ltd.

513,000

289,182

958,892

Electric

Utilities

0.2%

CK

Infrastructure

Holdings

Ltd.

72,000

428,130

CLP

Holdings

Ltd.

198,000

1,923,660

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

Reg.

S

314,000

311,905

Power

Assets

Holdings

Ltd.

172,000

1,016,037

3,679,732

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

Link

REIT

251,500

2,292,829

Food

Products

0.1%

WH

Group

Ltd.

Reg.

S(b)

1,217,000

988,203

Gas

Utilities

0.1%

Hong

Kong

&

China

Gas

Co.

Ltd.(a)

1,293,587

2,048,053

Hotels,

Restaurants

&

Leisure

0.0%

†

Melco

Resorts

&

Entertainment

Ltd.,

ADR*(a)

24,061

479,054

Industrial

Conglomerates

0.1%

Jardine

Matheson

Holdings

Ltd.

26,400

1,734,480

Jardine

Matheson

Holdings

Ltd.

600

39,268

58

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

Jardine

Strategic

Holdings

Ltd.

21,700

714,364

Jardine

Strategic

Holdings

Ltd.(a)

4,100

135,675

2,623,787

Insurance

0.9%

AIA

Group

Ltd.

1,475,000

17,944,115

Machinery

0.1%

Techtronic

Industries

Co.

Ltd.

167,500

2,879,354

Real

Estate

Management

&

Development

0.5%

CK

Asset

Holdings

Ltd.

308,516

1,875,336

Hang

Lung

Properties

Ltd.

244,000

635,051

Henderson

Land

Development

Co.

Ltd.

182,775

821,664

Hongkong

Land

Holdings

Ltd.

133,400

660,330

Hongkong

Land

Holdings

Ltd.

8,100

39,818

New

World

Development

Co.

Ltd.

195,231

1,011,269

Sino

Land

Co.

Ltd.

359,000

500,655

Sun

Hung

Kai

Properties

Ltd.

158,500

2,404,301

Swire

Pacific

Ltd.,

Class

A

56,500

425,098

Swire

Properties

Ltd.

138,400

428,401

Wharf

Real

Estate

Investment

Co.

Ltd.

210,500

1,182,418

9,984,341

Road

&

Rail

0.1%

MTR

Corp.

Ltd.

191,500

1,086,669

Semiconductors

&

Semiconductor

Equipment

0.0%

†

ASM

Pacific

Technology

Ltd.

35,400

453,526

56,959,291

IRELAND

0.7%

Building

Products

0.1%

Kingspan

Group

plc

19,420

1,646,399

Construction

Materials

0.2%

CRH

plc

95,162

4,463,982

Containers

&

Packaging

0.1%

Smurfit

Kappa

Group

plc

28,730

1,353,367

Food

Products

0.1%

Kerry

Group

plc,

Class

A

19,524

2,443,284

Hotels,

Restaurants

&

Leisure

0.2%

Flutter

Entertainment

plc*

19,620

4,178,487

14,085,519

ISRAEL

0.6%

Aerospace

&

Defense

0.0%

†

Elbit

Systems

Ltd.

3,266

462,159

Banks

0.2%

Bank

Hapoalim

BM*

143,449

1,116,786

Bank

Leumi

Le-Israel

BM*

181,689

1,197,770

Israel

Discount

Bank

Ltd.,

Class

A*

137,812

573,639

Mizrahi

Tefahot

Bank

Ltd.*

15,695

409,845

3,298,040

Common

Stocks

Shares

Value

($)

ISRAEL

Chemicals

0.0%

†

ICL

Group

Ltd.

80,791

473,982

IT

Services

0.1%

Wix.com

Ltd.*

6,636

1,852,904

Pharmaceuticals

0.1%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

131,179

1,513,806

Real

Estate

Management

&

Development

0.0%

†

Azrieli

Group

Ltd.

5,444

336,034

Software

0.2%

Check

Point

Software

Technologies

Ltd.*

14,061

1,574,410

Nice

Ltd.*

7,488

1,628,686

3,203,096

11,140,021

ITALY

2.1%

Automobiles

0.2%

Ferrari

NV

15,578

3,261,723

Banks

0.5%

FinecoBank

Banca

Fineco

SpA

*

71,528

1,173,687

Intesa

Sanpaolo

SpA

*

2,016,358

5,481,262

Mediobanca

Banca

di

Credito

Finanziario

SpA

*

72,156

802,706

UniCredit

SpA

*

260,610

2,767,547

10,225,202

Beverages

0.0%

†

Davide

Campari-Milano

NV

73,262

821,729

Diversified

Telecommunication

Services

0.1%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(b)

42,276

471,754

Telecom

Italia

SpA

1,735,504

965,112

1,436,866

Electric

Utilities

0.6%

Enel

SpA

992,166

9,913,229

Terna

Rete

Elettrica

Nazionale

SpA

165,409

1,251,072

11,164,301

Electrical

Equipment

0.0%

†

Prysmian

SpA

27,567

897,588

Gas

Utilities

0.1%

Snam

SpA

241,540

1,341,140

Health

Care

Equipment

&

Supplies

0.0%

†

DiaSorin

SpA

3,044

488,146

Health

Care

Providers

&

Services

0.0%

†

Amplifon

SpA

15,663

583,925

Insurance

0.2%

Assicurazioni

Generali

SpA

133,977

2,688,645

Poste

Italiane

SpA

Reg.

S(b)

66,235

844,923

3,533,568

IT

Services

0.0%

†

Nexi

SpA

Reg.

S*(b)

55,382

969,619

Oil,

Gas

&

Consumable

Fuels

0.2%

Eni

SpA

305,092

3,763,032

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

ITALY

Pharmaceuticals

0.0%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

13,060

701,957

Textiles,

Apparel

&

Luxury

Goods

0.1%

Moncler

SpA

*

23,300

1,338,433

Transportation

Infrastructure

0.1%

Atlantia

SpA

*

62,985

1,181,710

41,708,939

JAPAN

24.5%

Air

Freight

&

Logistics

0.1%

SG

Holdings

Co.

Ltd.

41,200

947,828

Yamato

Holdings

Co.

Ltd.

34,000

933,358

1,881,186

Airlines

0.0%

†

ANA

Holdings,

Inc.*(a)

16,200

377,119

Japan

Airlines

Co.

Ltd.*

15,686

351,922

729,041

Auto

Components

0.6%

Aisin

Corp.(a)

20,200

770,572

Bridgestone

Corp.

65,300

2,652,464

Denso

Corp.

53,100

3,544,526

Koito

Manufacturing

Co.

Ltd.

13,300

896,682

NGK

Spark

Plug

Co.

Ltd.(a)

17,500

303,717

Stanley

Electric

Co.

Ltd.

17,200

514,192

Sumitomo

Electric

Industries

Ltd.

95,900

1,443,562

Toyoda

Gosei

Co.

Ltd.

8,700

229,695

Toyota

Industries

Corp.(a)

17,500

1,564,809

11,920,219

Automobiles

1.7%

Honda

Motor

Co.

Ltd.

196,400

5,911,824

Isuzu

Motors

Ltd.

68,100

735,085

Mazda

Motor

Corp.

65,680

539,315

Nissan

Motor

Co.

Ltd.*

277,400

1,552,702

Subaru

Corp.(a)

73,000

1,461,495

Suzuki

Motor

Corp.

45,000

2,049,112

Toyota

Motor

Corp.

257,294

20,101,625

Yamaha

Motor

Co.

Ltd.

36,300

897,038

33,248,196

Banks

1.2%

Bank

of

Kyoto

Ltd.

(The)(a)

6,500

401,627

Chiba

Bank

Ltd.

(The)(a)

61,400

401,061

Concordia

Financial

Group

Ltd.(a)

122,400

495,150

Fukuoka

Financial

Group,

Inc.(a)

19,500

371,448

Japan

Post

Bank

Co.

Ltd.(a)

46,500

446,306

Mitsubishi

UFJ

Financial

Group,

Inc.(a)

1,490,467

7,953,201

Mizuho

Financial

Group,

Inc.

(a)

292,851

4,223,423

Resona

Holdings,

Inc.

265,900

1,114,411

Shinsei

Bank

Ltd.

16,500

265,896

Shizuoka

Bank

Ltd.

(The)(a)

52,900

415,302

Sumitomo

Mitsui

Financial

Group,

Inc.

159,653

5,805,457

Common

Stocks

Shares

Value

($)

JAPAN

Banks

Sumitomo

Mitsui

Trust

Holdings,

Inc.

39,840

1,386,793

23,280,075

Beverages

0.3%

Asahi

Group

Holdings

Ltd.

55,000

2,328,876

Coca-Cola

Bottlers

Japan

Holdings,

Inc.(a)

18,000

314,227

Ito

En

Ltd.(a)

6,100

374,837

Kirin

Holdings

Co.

Ltd.

100,200

1,921,203

Suntory

Beverage

&

Food

Ltd.

17,100

636,725

5,575,868

Biotechnology

0.0%

†

PeptiDream

,

Inc.*

11,200

513,463

Building

Products

0.4%

AGC,

Inc.

23,800

1,000,102

Daikin

Industries

Ltd.

30,200

6,114,827

Lixil

Corp.

32,000

891,709

TOTO

Ltd.(a)

16,900

1,043,253

9,049,891

Capital

Markets

0.3%

Daiwa

Securities

Group,

Inc.

(a)

178,300

925,499

Japan

Exchange

Group,

Inc.

60,900

1,431,483

Nomura

Holdings,

Inc.

381,900

2,018,774

SBI

Holdings,

Inc.

29,190

794,352

5,170,108

Chemicals

1.0%

Air

Water,

Inc.(a)

22,500

393,972

Asahi

Kasei

Corp.

149,500

1,721,248

JSR

Corp.(a)

23,400

708,990

Kansai

Paint

Co.

Ltd.(a)

22,200

594,672

Kuraray

Co.

Ltd.

42,900

489,792

Mitsubishi

Chemical

Holdings

Corp.

162,800

1,219,587

Mitsubishi

Gas

Chemical

Co.,

Inc.

18,400

453,362

Mitsui

Chemicals,

Inc.(a)

22,000

698,286

Nippon

Paint

Holdings

Co.

Ltd.(a)

89,000

1,286,948

Nippon

Sanso

Holdings

Corp.

20,000

379,980

Nissan

Chemical

Corp.(a)

14,900

796,481

Nitto

Denko

Corp.

19,100

1,639,789

Shin-Etsu

Chemical

Co.

Ltd.

43,100

7,282,414

Sumitomo

Chemical

Co.

Ltd.

(a)

183,700

951,508

Teijin

Ltd.(a)

22,800

392,824

Toray

Industries,

Inc.

176,300

1,134,724

Tosoh

Corp.

31,700

606,813

20,751,390

Commercial

Services

&

Supplies

0.2%

Dai

Nippon

Printing

Co.

Ltd.

32,400

682,163

Secom

Co.

Ltd.

25,700

2,169,853

Sohgo

Security

Services

Co.

Ltd.

8,300

392,913

Toppan

Printing

Co.

Ltd.

29,000

490,006

3,734,935

60

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Construction

&

Engineering

0.2%

Kajima

Corp.

54,800

781,362

Obayashi

Corp.

82,500

759,939

Shimizu

Corp.

70,400

572,123

Taisei

Corp.(a)

24,300

936,938

3,050,362

Construction

Materials

0.0%

†

Taiheiyo

Cement

Corp.

12,100

319,217

Consumer

Finance

0.0%

†

Acom

Co.

Ltd.

59,900

277,978

Diversified

Financial

Services

0.2%

Mitsubishi

HC

Capital,

Inc.(a)

80,200

486,244

ORIX

Corp.

162,000

2,743,186

Tokyo

Century

Corp.(a)

4,800

324,181

3,553,611

Diversified

Telecommunication

Services

0.2%

Nippon

Telegraph

&

Telephone

Corp.

155,956

4,013,845

Electric

Utilities

0.2%

Chubu

Electric

Power

Co.,

Inc.(a)

81,900

1,057,172

Chugoku

Electric

Power

Co.,

Inc.

(The)(a)

32,400

398,585

Kansai

Electric

Power

Co.,

Inc.

(The)(a)

89,500

971,432

Kyushu

Electric

Power

Co.,

Inc.(a)

48,400

476,905

Tohoku

Electric

Power

Co.,

Inc.

50,100

474,372

Tokyo

Electric

Power

Co.

Holdings,

Inc.*

173,600

580,441

3,958,907

Electrical

Equipment

0.5%

Fuji

Electric

Co.

Ltd.

15,000

628,253

Mitsubishi

Electric

Corp.

225,500

3,454,073

Nidec

Corp.

54,400

6,645,248

10,727,574

Electronic

Equipment,

Instruments

&

Components

1.6%

Azbil

Corp.(a)

15,500

670,471

Hamamatsu

Photonics

KK

16,900

1,001,744

Hirose

Electric

Co.

Ltd.

3,694

569,969

Hitachi

Ltd.

117,900

5,355,786

Ibiden

Co.

Ltd.

13,300

616,032

Keyence

Corp.

22,144

10,107,554

Kyocera

Corp.(a)

39,100

2,489,537

Murata

Manufacturing

Co.

Ltd.

69,400

5,595,418

Omron

Corp.

22,500

1,763,335

Shimadzu

Corp.

28,200

1,025,881

TDK

Corp.

15,800

2,203,407

Yokogawa

Electric

Corp.(a)

28,800

533,047

31,932,181

Entertainment

0.6%

Capcom

Co.

Ltd.

22,200

723,791

Koei

Tecmo

Holdings

Co.

Ltd.

7,410

333,908

Konami

Holdings

Corp.(a)

10,700

639,814

Nexon

Co.

Ltd.

58,600

1,905,419

Common

Stocks

Shares

Value

($)

JAPAN

Entertainment

Nintendo

Co.

Ltd.

13,600

7,612,561

Square

Enix

Holdings

Co.

Ltd.

11,500

639,905

Toho

Co.

Ltd.

13,000

529,041

12,384,439

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

Daiwa

House

REIT

Investment

Corp.

251

674,923

GLP

J-REIT

454

746,190

Japan

Metropolitan

Fund

Invest

852

871,025

Japan

Real

Estate

Investment

Corp.

167

986,732

Nippon

Building

Fund,

Inc.

186

1,096,064

Nippon

Prologis

REIT,

Inc.

262

842,372

Nomura

Real

Estate

Master

Fund,

Inc.

528

794,038

Orix

JREIT,

Inc.

304

529,703

United

Urban

Investment

Corp.

320

430,614

6,971,661

Food

&

Staples

Retailing

0.4%

Aeon

Co.

Ltd.

79,900

2,386,906

Cosmos

Pharmaceutical

Corp.

2,300

359,234

Kobe

Bussan

Co.

Ltd.(a)

14,400

386,238

Lawson,

Inc.

6,200

304,528

Seven

&

i

Holdings

Co.

Ltd.

92,800

3,750,255

Sundrug

Co.

Ltd.

8,400

307,914

Tsuruha

Holdings,

Inc.

4,700

605,645

Welcia

Holdings

Co.

Ltd.

12,400

425,240

8,525,960

Food

Products

0.3%

Ajinomoto

Co.,

Inc.

57,700

1,183,496

Calbee

,

Inc.(a)

11,500

293,458

Kikkoman

Corp.(a)

16,900

1,009,147

MEIJI

Holdings

Co.

Ltd.(a)

14,280

918,930

NH

Foods

Ltd.(a)

10,300

442,634

Nisshin

Seifun

Group,

Inc.(a)

20,923

350,664

Nissin

Foods

Holdings

Co.

Ltd.(a)

8,000

593,689

Toyo

Suisan

Kaisha

Ltd.(a)

11,200

470,045

Yakult

Honsha

Co.

Ltd.

15,200

770,830

Yamazaki

Baking

Co.

Ltd.(a)

12,100

195,369

6,228,262

Gas

Utilities

0.1%

Osaka

Gas

Co.

Ltd.

47,700

932,615

Toho

Gas

Co.

Ltd.(a)

8,700

538,535

Tokyo

Gas

Co.

Ltd.

47,800

1,062,401

2,533,551

Health

Care

Equipment

&

Supplies

0.7%

Asahi

Intecc

Co.

Ltd.

23,200

640,671

Hoya

Corp.

45,400

5,347,250

Olympus

Corp.

143,700

2,980,969

Sysmex

Corp.

20,400

2,204,135

Terumo

Corp.

77,200

2,798,407

13,971,432

Health

Care

Providers

&

Services

0.1%

Alfresa

Holdings

Corp.

24,400

470,934

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Providers

&

Services

Medipal

Holdings

Corp.(a)

20,500

394,259

Suzuken

Co.

Ltd.(a)

7,820

306,028

1,171,221

Health

Care

Technology

0.2%

M3,

Inc.

53,700

3,691,325

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

7,526

346,876

Oriental

Land

Co.

Ltd.(a)

24,200

3,646,323

3,993,199

Household

Durables

1.2%

Casio

Computer

Co.

Ltd.(a)

23,500

445,043

Iida

Group

Holdings

Co.

Ltd.

17,300

420,017

Panasonic

Corp.

271,800

3,511,549

Rinnai

Corp.

4,700

527,517

Sekisui

Chemical

Co.

Ltd.(a)

45,300

873,180

Sekisui

House

Ltd.

74,000

1,591,683

Sharp

Corp.(a)

22,900

396,837

Sony

Group

Corp.

153,800

16,192,287

23,958,113

Household

Products

0.2%

Lion

Corp.

27,600

537,865

Pigeon

Corp.

14,300

541,935

Unicharm

Corp.

49,300

2,066,169

3,145,969

Industrial

Conglomerates

0.1%

Keihan

Holdings

Co.

Ltd.

11,900

496,376

Toshiba

Corp.

46,300

1,568,689

2,065,065

Insurance

0.6%

Dai-ichi

Life

Holdings,

Inc.(a)

130,400

2,256,780

Japan

Post

Holdings

Co.

Ltd.*

188,400

1,685,244

Japan

Post

Insurance

Co.

Ltd.(a)

25,500

525,903

MS&AD

Insurance

Group

Holdings,

Inc.

53,241

1,568,974

Sompo

Holdings,

Inc.

39,750

1,520,792

T&D

Holdings,

Inc.

63,700

827,056

Tokio

Marine

Holdings,

Inc.

(a)

77,300

3,701,146

12,085,895

Interactive

Media

&

Services

0.1%

Kakaku.com,

Inc.

15,800

432,774

Z

Holdings

Corp.

322,500

1,610,224

2,042,998

Internet

&

Direct

Marketing

Retail

0.1%

Mercari

,

Inc.*

10,600

483,335

Rakuten

Group,

Inc.

109,400

1,303,757

ZOZO,

Inc.

11,500

340,600

2,127,692

IT

Services

0.6%

Fujitsu

Ltd.

23,600

3,425,385

GMO

Payment

Gateway,

Inc.

4,900

656,165

Itochu

Techno-Solutions

Corp.

11,300

365,776

NEC

Corp.

31,500

1,858,690

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

Nomura

Research

Institute

Ltd.

40,715

1,265,536

NTT

Data

Corp.(a)

80,200

1,245,814

Obic

Co.

Ltd.

8,300

1,527,158

Otsuka

Corp.

12,100

566,520

SCSK

Corp.

5,700

338,842

TIS,

Inc.

26,900

643,058

11,892,944

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

24,200

1,730,195

Sega

Sammy

Holdings,

Inc.

20,700

323,748

Shimano,

Inc.

8,900

2,125,815

Yamaha

Corp.

16,800

914,606

5,094,364

Machinery

1.4%

Amada

Co.

Ltd.

41,200

461,967

Daifuku

Co.

Ltd.(a)

12,500

1,228,179

FANUC

Corp.

23,200

5,521,256

Harmonic

Drive

Systems,

Inc.(a)

4,800

325,984

Hino

Motors

Ltd.

40,100

343,753

Hitachi

Construction

Machinery

Co.

Ltd.

13,400

431,190

Hoshizaki

Corp.

6,000

534,597

Komatsu

Ltd.

107,400

3,318,087

Kubota

Corp.

127,100

2,902,367

Kurita

Water

Industries

Ltd.

11,200

482,029

Makita

Corp.

28,000

1,202,166

MINEBEA

MITSUMI,

Inc.

46,100

1,185,280

MISUMI

Group,

Inc.

36,100

1,051,009

Mitsubishi

Heavy

Industries

Ltd.

38,000

1,186,911

Miura

Co.

Ltd.(a)

10,000

541,869

Nabtesco

Corp.

13,000

597,590

NGK

Insulators

Ltd.

33,600

618,043

NSK

Ltd.(a)

42,600

436,560

SMC

Corp.

6,900

4,025,828

THK

Co.

Ltd.

13,800

477,431

Yaskawa

Electric

Corp.

28,600

1,432,180

28,304,276

Marine

0.0%

†

Nippon

Yusen

KK(a)

20,300

696,547

Media

0.1%

CyberAgent

,

Inc.

47,600

861,431

Dentsu

Group,

Inc.

26,901

867,148

Hakuhodo

DY

Holdings,

Inc.

31,200

523,028

2,251,607

Metals

&

Mining

0.2%

Hitachi

Metals

Ltd.

23,900

393,251

JFE

Holdings,

Inc.

57,200

703,068

Nippon

Steel

Corp.

95,844

1,632,162

Sumitomo

Metal

Mining

Co.

Ltd.

27,500

1,194,769

3,923,250

Multiline

Retail

0.1%

Marui

Group

Co.

Ltd.(a)

25,000

471,623

Pan

Pacific

International

Holdings

Corp.

52,400

1,237,608

62

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Multiline

Retail

Ryohin

Keikaku

Co.

Ltd.

27,300

647,032

2,356,263

Oil,

Gas

&

Consumable

Fuels

0.2%

ENEOS

Holdings,

Inc.(a)

366,739

1,660,981

Idemitsu

Kosan

Co.

Ltd.(a)

23,056

594,214

Inpex

Corp.

129,700

885,089

3,140,284

Paper

&

Forest

Products

0.0%

†

Oji

Holdings

Corp.

101,000

656,269

Personal

Products

0.4%

Kao

Corp.

58,700

3,888,627

Kobayashi

Pharmaceutical

Co.

Ltd.

6,100

569,812

Kose

Corp.

4,200

595,110

Pola

Orbis

Holdings,

Inc.

13,200

318,732

Shiseido

Co.

Ltd.

48,100

3,240,235

8,612,516

Pharmaceuticals

1.5%

Astellas

Pharma,

Inc.

224,000

3,458,599

Chugai

Pharmaceutical

Co.

Ltd.

81,400

3,312,788

Daiichi

Sankyo

Co.

Ltd.

207,400

6,062,270

Eisai

Co.

Ltd.

30,600

2,055,663

Hisamitsu

Pharmaceutical

Co.,

Inc.(a)

5,600

366,002

Kyowa

Kirin

Co.

Ltd.

31,600

947,211

Nippon

Shinyaku

Co.

Ltd.(a)

5,300

394,694

Ono

Pharmaceutical

Co.

Ltd.

43,600

1,142,011

Otsuka

Holdings

Co.

Ltd.

47,200

2,002,880

Santen

Pharmaceutical

Co.

Ltd.

42,900

591,442

Shionogi

&

Co.

Ltd.(a)

32,500

1,753,062

Sumitomo

Dainippon

Pharma

Co.

Ltd.(a)

24,600

429,759

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

3,400

219,863

Takeda

Pharmaceutical

Co.

Ltd.

192,349

6,950,164

29,686,408

Professional

Services

0.5%

Nihon

M&A

Center,

Inc.

38,000

1,031,815

Persol

Holdings

Co.

Ltd.

19,600

385,384

Recruit

Holdings

Co.

Ltd.

164,500

8,072,433

9,489,632

Real

Estate

Management

&

Development

0.5%

Aeon

Mall

Co.

Ltd.

14,830

258,306

Daito

Trust

Construction

Co.

Ltd.

7,900

919,048

Daiwa

House

Industry

Co.

Ltd.

68,600

2,015,758

Hulic

Co.

Ltd.

33,300

394,169

Mitsubishi

Estate

Co.

Ltd.

144,800

2,539,319

Mitsui

Fudosan

Co.

Ltd.

113,800

2,597,633

Nomura

Real

Estate

Holdings,

Inc.

13,200

319,114

Sumitomo

Realty

&

Development

Co.

Ltd.(a)

39,300

1,393,795

Common

Stocks

Shares

Value

($)

JAPAN

Real

Estate

Management

&

Development

Tokyu

Fudosan

Holdings

Corp.

66,700

396,837

10,833,979

Road

&

Rail

0.7%

Central

Japan

Railway

Co.

17,600

2,636,494

East

Japan

Railway

Co.(a)

37,076

2,631,482

Hankyu

Hanshin

Holdings,

Inc.

29,100

931,874

Keikyu

Corp.(a)

24,799

374,926

Keio

Corp.

13,099

881,453

Keisei

Electric

Railway

Co.

Ltd.

14,400

471,539

Kintetsu

Group

Holdings

Co.

Ltd.*

20,200

771,326

Kyushu

Railway

Co.(a)

19,200

448,759

Nagoya

Railroad

Co.

Ltd.*(a)

21,999

524,682

Nippon

Express

Co.

Ltd.

8,700

650,340

Odakyu

Electric

Railway

Co.

Ltd.(a)

34,200

937,177

Seibu

Holdings,

Inc.

29,200

322,962

Tobu

Railway

Co.

Ltd.

23,800

639,772

Tokyu

Corp.(a)

63,200

845,982

West

Japan

Railway

Co.(a)

19,000

1,055,919

14,124,687

Semiconductors

&

Semiconductor

Equipment

0.7%

Advantest

Corp.

24,000

2,126,643

Disco

Corp.

3,500

1,108,906

Lasertec

Corp.

9,400

1,251,067

Renesas

Electronics

Corp.*

93,400

1,025,996

Rohm

Co.

Ltd.

10,600

1,048,971

SUMCO

Corp.

30,700

709,262

Tokyo

Electron

Ltd.

18,000

7,706,673

14,977,518

Software

0.1%

Oracle

Corp.

Japan

4,300

422,680

Trend

Micro,

Inc.

16,600

832,129

1,254,809

Specialty

Retail

0.5%

ABC-Mart,

Inc.

3,300

186,432

Fast

Retailing

Co.

Ltd.

7,000

5,601,153

Hikari

Tsushin,

Inc.

2,400

483,659

Nitori

Holdings

Co.

Ltd.

9,700

1,882,486

Shimamura

Co.

Ltd.

3,100

357,834

USS

Co.

Ltd.

29,200

572,217

Yamada

Holdings

Co.

Ltd.

94,500

510,572

9,594,353

Technology

Hardware,

Storage

&

Peripherals

0.4%

Brother

Industries

Ltd.(a)

27,200

604,622

Canon,

Inc.

121,700

2,757,682

FUJIFILM

Holdings

Corp.

44,000

2,620,637

Ricoh

Co.

Ltd.(a)

82,400

835,443

Seiko

Epson

Corp.(a)

32,700

534,995

7,353,379

Tobacco

0.1%

Japan

Tobacco,

Inc.

147,800

2,842,174

Trading

Companies

&

Distributors

1.0%

ITOCHU

Corp.(a)

164,300

5,341,525

Marubeni

Corp.(a)

206,100

1,724,830

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

JAPAN

Trading

Companies

&

Distributors

Mitsubishi

Corp.(a)

163,600

4,643,894

Mitsui

&

Co.

Ltd.

199,800

4,176,625

MonotaRO

Co.

Ltd.

31,600

859,272

Sumitomo

Corp.

143,800

2,056,861

Toyota

Tsusho

Corp.

26,800

1,132,573

19,935,580

Transportation

Infrastructure

0.0%

†

Japan

Airport

Terminal

Co.

Ltd.(a)

6,100

300,452

Wireless

Telecommunication

Services

1.3%

KDDI

Corp.(a)

194,900

5,988,724

SoftBank

Corp.(a)

347,600

4,523,709

SoftBank

Group

Corp.

190,200

16,126,474

26,638,907

492,545,027

JORDAN

0.0%

†

Pharmaceuticals

0.0%

†

Hikma

Pharmaceuticals

plc

20,299

636,768

LUXEMBOURG

0.2%

Life

Sciences

Tools

&

Services

0.1%

Eurofins

Scientific

SE(a)

15,743

1,505,146

Media

0.0%

†

SES

SA,

FDR

49,601

393,994

Metals

&

Mining

0.1%

ArcelorMittal

SA(a)

87,271

2,532,508

4,431,648

MACAU

0.2%

Hotels,

Restaurants

&

Leisure

0.2%

Galaxy

Entertainment

Group

Ltd.*

264,000

2,387,705

Sands

China

Ltd.*

308,300

1,546,059

SJM

Holdings

Ltd.

229,000

300,461

Wynn

Macau

Ltd.*(a)

181,200

353,154

4,587,379

MALTA

0.0%

†

Capital

Markets

0.0%

†

BGP

Holdings

plc*^∞

848,508

0

MEXICO

0.0%

†

Metals

&

Mining

0.0%

†

Fresnillo

plc

23,174

276,159

NETHERLANDS

4.7%

Banks

0.3%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

50,658

614,582

ING

Groep

NV

475,145

5,830,960

6,445,542

Beverages

0.2%

Heineken

Holding

NV

13,555

1,206,634

Heineken

NV

32,060

3,294,660

4,501,294

Biotechnology

0.1%

Argenx

SE*

5,328

1,463,836

Chemicals

0.3%

Akzo

Nobel

NV

23,570

2,634,025

Common

Stocks

Shares

Value

($)

NETHERLANDS

Chemicals

Koninklijke

DSM

NV

21,336

3,610,293

6,244,318

Diversified

Financial

Services

0.1%

EXOR

NV

12,587

1,065,737

Diversified

Telecommunication

Services

0.1%

Koninklijke

KPN

NV

444,705

1,511,952

Food

&

Staples

Retailing

0.2%

Koninklijke

Ahold

Delhaize

NV

133,233

3,711,078

Food

Products

0.0%

†

JDE

Peet's

NV*

9,429

346,089

Health

Care

Equipment

&

Supplies

0.3%

Koninklijke

Philips

NV*

110,940

6,333,953

Insurance

0.1%

Aegon

NV

220,482

1,045,789

NN

Group

NV

34,887

1,703,842

2,749,631

IT

Services

0.2%

Adyen

NV

Reg.

S*(b)

2,204

4,941,143

Oil,

Gas

&

Consumable

Fuels

0.9%

Koninklijke

Vopak

NV

8,867

441,929

Royal

Dutch

Shell

plc,

Class

A

499,546

9,725,093

Royal

Dutch

Shell

plc,

Class

B

450,541

8,286,805

18,453,827

Professional

Services

0.2%

Randstad

NV

13,972

982,995

Wolters

Kluwer

NV

32,381

2,814,827

3,797,822

Semiconductors

&

Semiconductor

Equipment

1.7%

ASM

International

NV

5,750

1,682,541

ASML

Holding

NV

51,737

31,556,403

33,238,944

94,805,166

NEW

ZEALAND

0.3%

Diversified

Telecommunication

Services

0.0%

†

Spark

New

Zealand

Ltd.

222,747

696,237

Electric

Utilities

0.0%

†

Mercury

NZ

Ltd.

82,594

375,253

Food

Products

0.0%

†

a2

Milk

Co.

Ltd.

(The)*

91,571

552,354

Health

Care

Equipment

&

Supplies

0.1%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

73,038

1,639,987

Health

Care

Providers

&

Services

0.0%

†

Ryman

Healthcare

Ltd.

44,774

478,363

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Meridian

Energy

Ltd.(a)

151,540

572,576

Software

0.1%

Xero

Ltd.*

14,285

1,386,108

64

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

Transportation

Infrastructure

0.1%

Auckland

International

Airport

Ltd.*

148,060

811,644

6,512,522

NORWAY

0.5%

Banks

0.1%

DNB

ASA

115,364

2,456,130

Diversified

Telecommunication

Services

0.1%

Telenor

ASA

86,178

1,517,405

Food

Products

0.1%

Mowi

ASA

51,434

1,275,970

Orkla

ASA

92,531

907,234

2,183,204

Insurance

0.0%

†

Gjensidige

Forsikring

ASA

24,367

572,091

Media

0.0%

†

Schibsted

ASA,

Class

A*

9,510

399,386

Schibsted

ASA,

Class

B

12,017

430,167

829,553

Metals

&

Mining

0.1%

Norsk

Hydro

ASA

161,292

1,033,487

Oil,

Gas

&

Consumable

Fuels

0.1%

Equinor

ASA

115,936

2,264,051

10,855,921

PORTUGAL

0.2%

Electric

Utilities

0.1%

EDP

-

Energias

de

Portugal

SA

337,597

1,930,914

Food

&

Staples

Retailing

0.0%

†

Jeronimo

Martins

SGPS

SA

32,215

542,342

Oil,

Gas

&

Consumable

Fuels

0.1%

Galp

Energia

SGPS

SA

62,894

730,984

3,204,240

RUSSIA

0.0%

†

Metals

&

Mining

0.0%

†

Evraz

plc

53,945

429,988

SINGAPORE

1.1%

Aerospace

&

Defense

0.0%

†

Singapore

Technologies

Engineering

Ltd.

185,100

537,538

Airlines

0.0%

†

Singapore

Airlines

Ltd.*

160,114

665,975

Banks

0.6%

DBS

Group

Holdings

Ltd.

222,800

4,806,227

Oversea-Chinese

Banking

Corp.

Ltd.

406,900

3,562,690

United

Overseas

Bank

Ltd.

143,600

2,773,897

11,142,814

Capital

Markets

0.1%

Singapore

Exchange

Ltd.

99,400

738,415

Diversified

Telecommunication

Services

0.1%

Singapore

Telecommunications

Ltd.

983,950

1,788,274

Common

Stocks

Shares

Value

($)

SINGAPORE

Electronic

Equipment,

Instruments

&

Components

0.0%

†

Venture

Corp.

Ltd.

32,800

490,413

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Ascendas

REIT

405,407

920,599

CapitaLand

Integrated

Commercial

Trust

530,767

857,957

Mapletree

Commercial

Trust

281,700

445,012

Mapletree

Logistics

Trust

319,558

459,480

Suntec

REIT

232,800

270,383

2,953,431

Hotels,

Restaurants

&

Leisure

0.0%

†

Genting

Singapore

Ltd.

706,796

484,373

Industrial

Conglomerates

0.0%

†

Keppel

Corp.

Ltd.

182,400

723,165

Real

Estate

Management

&

Development

0.1%

CapitaLand

Ltd.

340,097

953,025

City

Developments

Ltd.

61,200

363,817

UOL

Group

Ltd.

47,500

279,479

1,596,321

21,120,719

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

149,857

5,871,580

SPAIN

2.4%

Banks

0.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

808,851

4,213,207

Banco

Santander

SA

2,099,627

7,136,570

CaixaBank

SA

540,243

1,672,505

13,022,282

Biotechnology

0.1%

Grifols

SA

37,919

992,673

Construction

&

Engineering

0.1%

ACS

Actividades

de

Construccion

y

Servicios

SA(a)

28,769

953,728

Ferrovial

SA

58,687

1,530,214

2,483,942

Diversified

Telecommunication

Services

0.2%

Cellnex

Telecom

SA

Reg.

S(b)

38,868

2,238,233

Telefonica

SA

607,898

2,726,127

4,964,360

Electric

Utilities

0.6%

Endesa

SA

36,518

967,121

Iberdrola

SA

746,410

9,623,115

Red

Electrica

Corp.

SA

54,857

971,835

11,562,071

Electrical

Equipment

0.1%

Siemens

Gamesa

Renewable

Energy

SA

27,758

1,074,622

Gas

Utilities

0.1%

Enagas

SA

28,047

609,205

Naturgy

Energy

Group

SA(a)

37,531

920,055

1,529,260

IT

Services

0.2%

Amadeus

IT

Group

SA*

55,739

3,945,570

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

65

Common

Stocks

Shares

Value

($)

SPAIN

Oil,

Gas

&

Consumable

Fuels

0.1%

Repsol

SA

177,413

2,195,428

Specialty

Retail

0.2%

Industria

de

Diseno

Textil

SA

132,419

4,364,934

Transportation

Infrastructure

0.1%

Aena

SME

SA

Reg.

S*(b)

7,986

1,295,545

47,430,687

SWEDEN

3.4%

Banks

0.3%

Skandinaviska

Enskilda

Banken

AB,

Class

A

198,015

2,413,916

Svenska

Handelsbanken

AB,

Class

A

187,985

2,040,813

Swedbank

AB,

Class

A

109,936

1,935,116

6,389,845

Building

Products

0.2%

Assa

Abloy

AB,

Class

B

123,470

3,545,687

Nibe

Industrier

AB,

Class

B

36,725

1,139,008

4,684,695

Capital

Markets

0.1%

EQT

AB

29,411

967,206

Commercial

Services

&

Supplies

0.0%

†

Securitas

AB,

Class

B

38,118

648,293

Communications

Equipment

0.2%

Telefonaktiebolaget

LM

Ericsson,

Class

B

355,700

4,705,120

Construction

&

Engineering

0.1%

Skanska

AB,

Class

B(a)

39,600

993,171

Diversified

Financial

Services

0.4%

Industrivarden

AB,

Class

A*

13,441

493,995

Industrivarden

AB,

Class

C*

20,799

729,159

Investor

AB,

Class

B

55,259

4,407,174

Kinnevik

AB,

Class

B*(a)

30,484

1,480,330

L

E

Lundbergforetagen

AB,

Class

B*

9,028

492,932

7,603,590

Diversified

Telecommunication

Services

0.1%

Telia

Co.

AB

298,698

1,293,997

Electronic

Equipment,

Instruments

&

Components

0.2%

Hexagon

AB,

Class

B

34,645

3,195,003

Food

&

Staples

Retailing

0.0%

†

ICA

Gruppen

AB

12,291

600,924

Hotels,

Restaurants

&

Leisure

0.1%

Evolution

Gaming

Group

AB

Reg.

S(b)

19,371

2,853,274

Household

Durables

0.1%

Electrolux

AB

Series B

26,142

724,330

Husqvarna

AB,

Class

B

48,561

698,516

1,422,846

Household

Products

0.1%

Essity

AB,

Class

B(a)

73,947

2,336,279

Industrial

Conglomerates

0.0%

†

Investment

AB

Latour

,

Class

B

16,568

428,719

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

1.0%

Alfa

Laval

AB*

39,992

1,207,730

Atlas

Copco

AB,

Class

A

81,752

4,977,595

Atlas

Copco

AB,

Class

B

47,480

2,470,085

Epiroc

AB,

Class

A

78,853

1,786,249

Epiroc

AB,

Class

B

45,014

937,965

Sandvik

AB*

135,661

3,707,226

SKF

AB,

Class

B(a)

48,390

1,375,629

Volvo

AB,

Class

B

175,003

4,427,958

20,890,437

Metals

&

Mining

0.1%

Boliden

AB

31,959

1,184,077

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Lundin

Energy

AB(a)

21,049

661,467

Paper

&

Forest

Products

0.1%

Svenska

Cellulosa

AB

SCA,

Class

B*

77,019

1,361,615

Real

Estate

Management

&

Development

0.0%

†

Fastighets

AB

Balder,

Class

B*

12,738

630,619

Specialty

Retail

0.1%

H

&

M

Hennes

&

Mauritz

AB,

Class

B*

97,618

2,195,258

Tobacco

0.1%

Swedish

Match

AB

19,250

1,503,037

Wireless

Telecommunication

Services

0.1%

Tele2

AB,

Class

B

63,483

856,362

67,405,834

SWITZERLAND

9.2%

Banks

0.0%

†

Banque

Cantonale

Vaudoise

(Registered)

4,204

410,145

Beverages

0.0%

†

Coca-Cola

HBC

AG

25,379

807,936

Building

Products

0.1%

Geberit

AG

(Registered)

4,553

2,897,897

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

301,256

3,180,587

Julius

Baer

Group

Ltd.

26,765

1,710,160

Partners

Group

Holding

AG

2,288

2,923,512

UBS

Group

AG

(Registered)

445,479

6,897,468

14,711,727

Chemicals

0.5%

Clariant

AG

(Registered)

25,170

507,549

EMS-

Chemie

Holding

AG

(Registered)

968

864,365

Givaudan

SA

(Registered)

1,128

4,346,451

Sika

AG

(Registered)

17,291

4,939,042

10,657,407

Construction

Materials

0.2%

LafargeHolcim

Ltd.

(Registered)*

62,982

3,701,743

66

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Diversified

Telecommunication

Services

0.1%

Swisscom

AG

(Registered)

(a)

3,110

1,668,368

Electrical

Equipment

0.3%

ABB

Ltd.

(Registered)

223,972

6,812,038

Food

Products

2.1%

Barry

Callebaut

AG

(Registered)

380

858,831

Chocoladefabriken

Lindt

&

Spruengli

AG(a)

126

1,099,847

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

12

1,098,232

Nestle

SA

(Registered)

350,172

39,028,534

42,085,444

Health

Care

Equipment

&

Supplies

0.4%

Alcon,

Inc.*

59,673

4,178,040

Sonova

Holding

AG

(Registered)*

6,566

1,739,401

Straumann

Holding

AG

(Registered)

1,232

1,536,208

7,453,649

Insurance

0.7%

Baloise

Holding

AG

(Registered)

5,893

1,001,754

Swiss

Life

Holding

AG

(Registered)

3,826

1,880,559

Swiss

Re

AG

34,233

3,366,767

Zurich

Insurance

Group

AG

18,251

7,782,693

14,031,773

Life

Sciences

Tools

&

Services

0.3%

Lonza

Group

AG

(Registered)

9,018

5,039,876

Machinery

0.1%

Schindler

Holding

AG

4,816

1,414,734

Schindler

Holding

AG

(Registered)

2,558

732,988

2,147,722

Marine

0.1%

Kuehne

+

Nagel

International

AG

(Registered)

6,437

1,836,732

Pharmaceuticals

2.6%

Novartis

AG

(Registered)

269,720

23,040,240

Roche

Holding

AG(a)

89,282

28,931,708

Vifor

Pharma

AG(a)

5,784

787,234

52,759,182

Professional

Services

0.2%

Adecco

Group

AG

(Registered)

19,726

1,328,513

SGS

SA

(Registered)

736

2,087,989

3,416,502

Real

Estate

Management

&

Development

0.0%

†

Swiss

Prime

Site

AG

(Registered)

8,889

819,260

Semiconductors

&

Semiconductor

Equipment

0.2%

STMicroelectronics

NV

76,245

2,906,419

Software

0.1%

Temenos

AG

(Registered)

8,324

1,198,089

Common

Stocks

Shares

Value

($)

SWITZERLAND

Technology

Hardware,

Storage

&

Peripherals

0.1%

Logitech

International

SA

(Registered)

19,989

2,095,161

Textiles,

Apparel

&

Luxury

Goods

0.4%

Cie

Financiere

Richemont

SA

(Registered)

63,103

6,059,516

Swatch

Group

AG

(The)

3,348

963,468

Swatch

Group

AG

(The)

(Registered)(a)

6,136

341,402

7,364,386

184,821,456

UNITED

ARAB

EMIRATES

0.0%

†

Health

Care

Providers

&

Services

0.0%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11.7%

Aerospace

&

Defense

0.2%

BAE

Systems

plc

393,559

2,739,684

Rolls-Royce

Holdings

plc*

1,053,423

1,530,143

4,269,827

Banks

1.4%

Barclays

plc

2,101,271

5,387,972

HSBC

Holdings

plc

2,479,382

14,462,115

Lloyds

Banking

Group

plc*

8,551,373

5,006,909

Natwest

Group

plc

576,798

1,560,914

Standard

Chartered

plc

326,524

2,246,656

28,664,566

Beverages

0.6%

Coca-Cola

European

Partners

plc

24,148

1,259,559

Diageo

plc

285,141

11,726,685

12,986,244

Capital

Markets

0.5%

3i

Group

plc

116,799

1,857,892

Hargreaves

Lansdown

plc

41,299

877,925

London

Stock

Exchange

Group

plc

38,398

3,674,887

Schroders

plc

15,324

739,633

St

James's

Place

plc

67,351

1,181,542

Standard

Life

Aberdeen

plc

269,980

1,077,682

9,409,561

Chemicals

0.1%

Croda

International

plc

16,385

1,434,158

Johnson

Matthey

plc

24,344

1,011,438

2,445,596

Commercial

Services

&

Supplies

0.1%

Rentokil

Initial

plc*

221,090

1,476,746

Diversified

Financial

Services

0.0%

†

M&G

plc

320,496

916,559

Diversified

Telecommunication

Services

0.1%

BT

Group

plc*

1,077,162

2,299,303

Electric

Utilities

0.1%

SSE

plc

126,152

2,531,135

Electronic

Equipment,

Instruments

&

Components

0.1%

Halma

plc

44,796

1,466,413

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

British

Land

Co.

plc

(The)

100,664

699,903

Land

Securities

Group

plc

88,471

841,990

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

67

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Equity

Real

Estate

Investment

Trusts

(REITs)

Segro

plc

146,129

1,889,152

3,431,045

Food

&

Staples

Retailing

0.2%

J

Sainsbury

plc

203,562

680,665

Tesco

plc

935,245

2,951,547

Wm

Morrison

Supermarkets

plc

284,900

717,052

4,349,264

Food

Products

0.1%

Associated

British

Foods

plc*

42,130

1,403,092

Health

Care

Equipment

&

Supplies

0.1%

Smith

&

Nephew

plc

106,494

2,010,885

Hotels,

Restaurants

&

Leisure

0.4%

Compass

Group

plc*

216,523

4,364,311

Entain

plc*

72,004

1,507,399

InterContinental

Hotels

Group

plc*

20,641

1,419,923

Whitbread

plc*

25,167

1,189,071

8,480,704

Household

Durables

0.2%

Barratt

Developments

plc*

119,018

1,225,769

Berkeley

Group

Holdings

plc

15,692

960,618

Persimmon

plc

37,887

1,536,188

Taylor

Wimpey

plc*

463,064

1,152,483

4,875,058

Household

Products

0.4%

Reckitt

Benckiser

Group

plc

87,110

7,804,265

Industrial

Conglomerates

0.3%

CK

Hutchison

Holdings

Ltd.

329,016

2,625,240

DCC

plc

12,508

1,084,926

Melrose

Industries

plc*

575,558

1,324,705

Smiths

Group

plc

45,546

965,725

6,000,596

Insurance

0.8%

Admiral

Group

plc

24,267

1,037,544

Aviva

plc

476,400

2,681,939

Direct

Line

Insurance

Group

plc

174,605

753,788

Legal

&

General

Group

plc

730,435

2,806,242

Phoenix

Group

Holdings

plc

69,128

699,631

Prudential

plc

318,444

6,750,863

RSA

Insurance

Group

plc

129,955

1,220,079

15,950,086

Interactive

Media

&

Services

0.0%

†

Auto

Trader

Group

plc

Reg.

S*(b)

120,561

921,715

Internet

&

Direct

Marketing

Retail

0.1%

Ocado

Group

plc*

58,591

1,644,011

Machinery

0.2%

CNH

Industrial

NV(a)

122,705

1,905,819

Spirax-Sarco

Engineering

plc

9,177

1,442,571

3,348,390

Media

0.2%

Informa

plc*

177,670

1,371,681

Pearson

plc

88,677

943,482

WPP

plc

147,585

1,873,685

4,188,848

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Multiline

Retail

0.1%

Next

plc*

15,817

1,715,078

Multi-Utilities

0.3%

National

Grid

plc

430,228

5,131,030

Oil,

Gas

&

Consumable

Fuels

0.5%

BP

plc

2,467,748

10,012,053

Paper

&

Forest

Products

0.1%

Mondi

plc

57,726

1,472,781

Personal

Products

0.9%

Unilever

plc

318,873

17,793,102

Pharmaceuticals

1.3%

AstraZeneca

plc

159,091

15,864,526

GlaxoSmithKline

plc

612,054

10,864,052

26,728,578

Professional

Services

0.6%

Experian

plc

110,227

3,797,147

Intertek

Group

plc

19,234

1,485,800

RELX

plc

233,934

5,874,130

11,157,077

Software

0.1%

AVEVA

Group

plc

13,500

636,966

Sage

Group

plc

(The)

136,141

1,150,398

1,787,364

Specialty

Retail

0.1%

JD

Sports

Fashion

plc*

62,695

712,962

Kingfisher

plc*

268,244

1,177,301

1,890,263

Textiles,

Apparel

&

Luxury

Goods

0.1%

Burberry

Group

plc*

51,442

1,346,820

Tobacco

0.6%

British

American

Tobacco

plc

279,867

10,704,670

Imperial

Brands

plc

115,643

2,379,199

13,083,869

Trading

Companies

&

Distributors

0.2%

Ashtead

Group

plc

55,092

3,287,237

Bunzl

plc

39,700

1,271,236

4,558,473

Water

Utilities

0.1%

Severn

Trent

plc

30,249

961,778

United

Utilities

Group

plc

78,704

1,004,696

1,966,474

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

3,279,382

5,967,789

235,484,660

UNITED

STATES

0.6%

Automobiles

0.2%

Stellantis

NV

251,986

4,463,862

Construction

Materials

0.1%

James

Hardie

Industries

plc

CHDI(a)

55,550

1,688,226

Energy

Equipment

&

Services

0.0%

†

Tenaris

SA(a)

50,581

572,813

Life

Sciences

Tools

&

Services

0.1%

QIAGEN

NV*

27,488

1,330,701

68

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

0.0%

†

CyberArk

Software

Ltd.*(a)

4,491

580,866

Trading

Companies

&

Distributors

0.2%

Ferguson

plc

26,982

3,224,889

11,861,357

Total

Common

Stocks

(cost

$1,390,538,139)

1,980,072,406

Rights

0.0%

†

Number

of

Rights

ITALY

0.0%

†

Gas

Utilities

0.0%

†

Snam

SpA

,

expiring

4/7/2021*∞

241,540

248

Total

Rights

(cost

$–)

248

Repurchase

Agreements

2.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,827,344,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,863,890.(c)

1,827,343

1,827,343

CF

Secured,

LLC,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,000,002,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

4/22/2021

-

10/20/2069;

total

market

value

$3,060,002.(c)

3,000,000

3,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$14,800,037,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$15,102,079.(c)

14,800,000

14,800,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,000,005,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$5,102,045.(c)

5,000,000

5,000,000

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$15,000,038,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$15,300,041.(c)

15,000,000

15,000,000

Pershing

LLC,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,000,003,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.00%

-

8.50%,

maturing

12/15/2021

-

2/20/2071;

total

market

value

$3,060,000.(c)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$42,627,343)

42,627,343

Total

Investments

(cost

$1,433,165,482)

—

100.7%

2,022,699,997

Liabilities

in

excess

of

other

assets

—

(0.7)%

(13,756,797)

NET

ASSETS

—

100.0%

$

2,008,943,200

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

69

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$105,991,232,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$42,627,343

and

by

$70,964,254

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$113,591,597.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$34,925,178

which

represents

1.74%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$42,627,343.

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

70

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

206

6/2021

EUR

9,339,336

144,234

FTSE

100

Index

61

6/2021

GBP

5,617,099

(22,021)

Nikkei

225

Index

45

6/2021

JPY

5,937,683

38,075

SPI

200

Index

25

6/2021

AUD

3,211,947

17,539

177,827

At

March

31,

2021,

the

Fund

had

$1,835,590

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

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

71

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.

72

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

–

$

21,768,430

$

–

$

21,768,430

Air

Freight

&

Logistics

–

13,366,200

–

13,366,200

Airlines

–

2,236,348

–

2,236,348

Auto

Components

110,160

18,284,899

–

18,395,059

Automobiles

–

65,774,011

–

65,774,011

Banks

–

169,466,601

–

169,466,601

Beverages

1,259,559

38,377,909

–

39,637,468

Biotechnology

–

17,192,469

–

17,192,469

Building

Products

–

23,106,429

–

23,106,429

Capital

Markets

–

54,143,033

–

54,143,033

Chemicals

–

72,470,231

–

72,470,231

Commercial

Services

&

Supplies

–

7,347,859

–

7,347,859

Communications

Equipment

–

7,484,100

–

7,484,100

Construction

&

Engineering

–

15,575,610

–

15,575,610

Construction

Materials

–

11,772,927

–

11,772,927

Consumer

Finance

–

277,978

–

277,978

Containers

&

Packaging

–

1,353,367

–

1,353,367

Diversified

Financial

Services

503,376

15,819,904

–

16,323,280

Diversified

Telecommunication

Services

–

37,591,039

–

37,591,039

Electric

Utilities

–

42,659,296

–

42,659,296

Electrical

Equipment

–

39,233,136

–

39,233,136

Electronic

Equipment,

Instruments

&

Components

–

37,084,010

–

37,084,010

Energy

Equipment

&

Services

–

572,813

–

572,813

Entertainment

–

17,087,061

–

17,087,061

Equity

Real

Estate

Investment

Trusts

(REITs)

–

27,306,866

–

27,306,866

Food

&

Staples

Retailing

–

27,369,943

–

27,369,943

Food

Products

–

62,319,183

–

62,319,183

Gas

Utilities

–

8,588,899

–

8,588,899

Health

Care

Equipment

&

Supplies

–

43,406,141

–

43,406,141

Health

Care

Providers

&

Services

–

9,786,918

–

9,786,918

Health

Care

Technology

–

3,691,325

–

3,691,325

Hotels,

Restaurants

&

Leisure

479,054

30,105,063

–

30,584,117

Household

Durables

–

30,773,403

–

30,773,403

Household

Products

–

16,937,137

–

16,937,137

Independent

Power

and

Renewable

Electricity

Producers

–

1,456,391

–

1,456,391

Industrial

Conglomerates

2,448,844

24,717,609

–

27,166,453

Insurance

–

102,496,454

–

102,496,454

Interactive

Media

&

Services

–

5,980,233

–

5,980,233

Internet

&

Direct

Marketing

Retail

–

17,033,928

–

17,033,928

IT

Services

1,925,856

33,332,941

–

35,258,797

Leisure

Products

–

5,094,364

–

5,094,364

Life

Sciences

Tools

&

Services

–

9,237,251

–

9,237,251

Machinery

–

66,259,359

–

66,259,359

Marine

–

5,145,889

–

5,145,889

Media

–

9,222,470

–

9,222,470

Metals

&

Mining

–

64,649,826

–

64,649,826

Multiline

Retail

–

9,644,033

–

9,644,033

Multi-Utilities

–

17,687,005

–

17,687,005

Oil,

Gas

&

Consumable

Fuels

–

64,834,850

–

64,834,850

Paper

&

Forest

Products

–

7,117,676

–

7,117,676

Personal

Products

–

39,437,815

–

39,437,815

Pharmaceuticals

1,513,806

151,324,324

–

152,838,130

Professional

Services

–

31,537,852

–

31,537,852

Real

Estate

Management

&

Development

660,330

33,179,216

–

33,839,546

Road

&

Rail

–

15,836,686

–

15,836,686

NVIT

International

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

73

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

March

31,

2021.

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:

Semiconductors

&

Semiconductor

Equipment

$

–

$

58,330,040

$

–

$

58,330,040

Software

2,155,276

27,933,205

–

30,088,481

Specialty

Retail

–

18,044,808

–

18,044,808

Technology

Hardware,

Storage

&

Peripherals

–

9,448,540

–

9,448,540

Textiles,

Apparel

&

Luxury

Goods

–

58,517,888

–

58,517,888

Tobacco

–

17,429,080

–

17,429,080

Trading

Companies

&

Distributors

–

29,290,731

–

29,290,731

Transportation

Infrastructure

–

9,035,611

–

9,035,611

Water

Utilities

–

1,966,474

–

1,966,474

Wireless

Telecommunication

Services

–

33,463,058

–

33,463,058

Total

Common

Stocks

$

11,056,261

$

1,969,016,145

$

–

$

1,980,072,406

Futures

Contracts

199,848

–

–

199,848

Repurchase

Agreements

–

42,627,343

–

42,627,343

Rights

–

248

–

248

Total

Assets

$

11,256,109

$

2,011,643,736

$

–

$

2,022,899,845

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(22,021)

$

–

$

–

$

(22,021)

Total

Liabilities

$

(22,021)

$

–

$

–

$

(22,021)

Total

$

11,234,088

$

2,011,643,736

$

–

$

2,022,877,824

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2021,

the

Fund

held

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

74

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Index

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

199,848

Total

$

199,848

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(22,021)

Total

$

(22,021)

The

Statement

of

Investments

should

be

read

in

conjunction

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

Mid

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

75

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

1.0%

Axon

Enterprise,

Inc.*

46,076

6,562,144

Curtiss-Wright

Corp.

29,727

3,525,622

Hexcel

Corp.*(a)

60,391

3,381,896

Mercury

Systems,

Inc.*

40,813

2,883,439

16,353,101

Air

Freight

&

Logistics

0.5%

XPO

Logistics,

Inc.*

73,830

9,103,239

Airlines

0.3%

JetBlue

Airways

Corp.*(a)

228,293

4,643,480

Auto

Components

1.7%

Adient

plc*

67,933

3,002,639

Dana,

Inc.

104,508

2,542,680

Fox

Factory

Holding

Corp.*

30,197

3,836,831

Gentex

Corp.

176,020

6,278,633

Goodyear

Tire

&

Rubber

Co.

(The)*

168,532

2,961,107

Lear

Corp.

39,518

7,162,637

Visteon

Corp.*

20,329

2,479,122

28,263,649

Automobiles

0.6%

Harley-Davidson,

Inc.

110,885

4,446,489

Thor

Industries,

Inc.(a)

39,995

5,388,926

9,835,415

Banks

7.4%

Associated

Banc-Corp.

110,403

2,356,000

BancorpSouth

Bank

69,654

2,262,362

Bank

of

Hawaii

Corp.(a)

28,993

2,594,584

Bank

OZK

87,325

3,567,226

Cathay

General

Bancorp

53,990

2,201,712

CIT

Group,

Inc.

71,305

3,672,921

Commerce

Bancshares,

Inc.

(a)

76,117

5,831,323

Cullen/Frost

Bankers,

Inc.(a)

40,611

4,416,852

East

West

Bancorp,

Inc.

102,264

7,547,083

First

Financial

Bankshares

,

Inc.

102,755

4,801,741

First

Horizon

Corp.

401,260

6,785,307

FNB

Corp.

232,262

2,949,727

Fulton

Financial

Corp.

117,279

1,997,261

Glacier

Bancorp,

Inc.

69,015

3,939,376

Hancock

Whitney

Corp.

63,170

2,653,772

Home

BancShares

,

Inc.

109,753

2,968,819

International

Bancshares

Corp.

40,278

1,869,705

PacWest

Bancorp

84,379

3,219,059

Pinnacle

Financial

Partners,

Inc.(a)

54,895

4,866,991

Prosperity

Bancshares,

Inc.

67,132

5,027,515

Signature

Bank

41,226

9,321,199

Sterling

Bancorp

139,753

3,217,114

Synovus

Financial

Corp.

107,378

4,912,544

TCF

Financial

Corp.

110,239

5,121,704

Texas

Capital

Bancshares,

Inc.*

36,461

2,585,814

Trustmark

Corp.

46,130

1,552,736

UMB

Financial

Corp.

31,325

2,892,237

Umpqua

Holdings

Corp.

160,744

2,821,057

United

Bankshares

,

Inc.

92,867

3,582,809

Valley

National

Bancorp

293,006

4,025,902

Common

Stocks

Shares

Value

($)

Banks

Webster

Financial

Corp.(a)

65,356

3,601,769

Wintrust

Financial

Corp.

40,724

3,086,879

122,251,100

Beverages

0.5%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

6,649

8,020,556

Biotechnology

1.9%

Arrowhead

Pharmaceuticals,

Inc.*(a)

74,977

4,971,725

Emergent

BioSolutions

,

Inc.*

32,758

3,043,546

Exelixis

,

Inc.*

225,376

5,091,244

Halozyme

Therapeutics,

Inc.*(a)

91,982

3,834,729

Ligand

Pharmaceuticals,

Inc.*

12,000

1,829,400

Neurocrine

Biosciences,

Inc.*

67,683

6,582,172

United

Therapeutics

Corp.*

32,178

5,382,414

30,735,230

Building

Products

2.0%

Builders

FirstSource

,

Inc.*

149,123

6,914,834

Lennox

International,

Inc.

24,912

7,762,330

Owens

Corning

75,797

6,980,146

Simpson

Manufacturing

Co.,

Inc.

31,588

3,276,623

Trex

Co.,

Inc.*

83,652

7,657,504

32,591,437

Capital

Markets

2.3%

Affiliated

Managers

Group,

Inc.

30,789

4,588,485

Evercore

,

Inc.,

Class

A

30,357

3,999,231

FactSet

Research

Systems,

Inc.

27,435

8,466,167

Federated

Hermes,

Inc.,

Class

B

68,755

2,152,031

Interactive

Brokers

Group,

Inc.,

Class

A

58,364

4,262,906

Janus

Henderson

Group

plc

122,754

3,823,787

SEI

Investments

Co.

86,049

5,242,966

Stifel

Financial

Corp.

75,831

4,857,734

37,393,307

Chemicals

2.6%

Ashland

Global

Holdings,

Inc.

39,493

3,505,794

Avient

Corp.

66,589

3,147,662

Cabot

Corp.

40,899

2,144,743

Chemours

Co.

(The)

119,510

3,335,524

Ingevity

Corp.*

29,110

2,198,678

Minerals

Technologies,

Inc.

24,670

1,858,144

NewMarket

Corp.

5,286

2,009,526

Olin

Corp.

103,147

3,916,492

RPM

International,

Inc.

93,984

8,632,430

Scotts

Miracle-

Gro

Co.

(The)

29,374

7,195,749

Sensient

Technologies

Corp.

30,642

2,390,076

Valvoline,

Inc.

130,668

3,406,515

43,741,333

Commercial

Services

&

Supplies

1.8%

Brink's

Co.

(The)

35,767

2,833,819

Clean

Harbors,

Inc.*

36,675

3,082,901

76

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Healthcare

Services

Group,

Inc.(a)

54,214

1,519,619

Herman

Miller,

Inc.

42,725

1,758,134

IAA,

Inc.*

97,198

5,359,498

KAR

Auction

Services,

Inc.*(a)

93,612

1,404,180

MSA

Safety,

Inc.

26,261

3,939,675

Stericycle,

Inc.*

66,177

4,467,609

Tetra

Tech,

Inc.

39,174

5,316,695

29,682,130

Communications

Equipment

0.9%

Ciena

Corp.*

112,083

6,133,182

Lumentum

Holdings,

Inc.*(a)

54,684

4,995,383

NetScout

Systems,

Inc.*(a)

52,630

1,482,061

ViaSat

,

Inc.*(a)

47,012

2,259,867

14,870,493

Construction

&

Engineering

1.4%

AECOM*

106,174

6,806,815

Dycom

Industries,

Inc.*

21,964

2,039,357

EMCOR

Group,

Inc.

39,702

4,452,976

Fluor

Corp.*

90,497

2,089,576

MasTec

,

Inc.*(a)

40,741

3,817,432

Valmont

Industries,

Inc.

15,325

3,642,293

22,848,449

Construction

Materials

0.2%

Eagle

Materials,

Inc.

30,296

4,072,085

Consumer

Finance

0.7%

FirstCash

,

Inc.

29,945

1,966,488

LendingTree

,

Inc.*(a)

7,905

1,683,765

Navient

Corp.

132,212

1,891,954

PROG

Holdings,

Inc.

49,323

2,135,192

SLM

Corp.

242,270

4,353,592

12,030,991

Containers

&

Packaging

0.9%

AptarGroup,

Inc.

47,073

6,668,832

Greif,

Inc.,

Class

A

19,505

1,111,785

Silgan

Holdings,

Inc.

56,707

2,383,395

Sonoco

Products

Co.

72,577

4,594,124

14,758,136

Diversified

Consumer

Services

1.1%

Adtalem

Global

Education,

Inc.*

35,403

1,399,835

Graham

Holdings

Co.,

Class

B

2,923

1,644,012

Grand

Canyon

Education,

Inc.*

33,861

3,626,513

H&R

Block,

Inc.

132,573

2,890,091

Service

Corp.

International

121,693

6,212,428

Strategic

Education,

Inc.

17,783

1,634,435

WW

International,

Inc.*

34,521

1,079,817

18,487,131

Diversified

Financial

Services

0.3%

Jefferies

Financial

Group,

Inc.

145,359

4,375,306

Diversified

Telecommunication

Services

0.2%

Iridium

Communications,

Inc.*

85,361

3,521,141

Electric

Utilities

1.1%

ALLETE,

Inc.

37,944

2,549,458

Common

Stocks

Shares

Value

($)

Electric

Utilities

Hawaiian

Electric

Industries,

Inc.

78,870

3,504,194

IDACORP,

Inc.

36,588

3,657,702

OGE

Energy

Corp.

144,491

4,675,729

PNM

Resources,

Inc.

62,006

3,041,394

17,428,477

Electrical

Equipment

1.7%

Acuity

Brands,

Inc.(a)

25,810

4,258,650

EnerSys

30,955

2,810,714

Hubbell,

Inc.

39,223

7,330,386

nVent

Electric

plc

121,492

3,390,842

Regal

Beloit

Corp.

29,342

4,186,517

Sunrun

,

Inc.*(a)

115,611

6,992,153

28,969,262

Electronic

Equipment,

Instruments

&

Components

3.3%

Arrow

Electronics,

Inc.*

54,066

5,991,594

Avnet,

Inc.

72,119

2,993,660

Belden,

Inc.

32,491

1,441,626

Cognex

Corp.

127,159

10,552,925

Coherent,

Inc.*

17,661

4,466,290

II-VI,

Inc.*(a)

75,678

5,174,105

Jabil,

Inc.

97,828

5,102,708

Littelfuse

,

Inc.

17,725

4,687,199

National

Instruments

Corp.

95,070

4,105,598

SYNNEX

Corp.

29,818

3,424,299

Vishay

Intertechnology

,

Inc.

95,812

2,307,153

Vontier

Corp.*

121,755

3,685,524

53,932,681

Energy

Equipment

&

Services

0.2%

ChampionX

Corp.*

134,675

2,926,488

Entertainment

0.2%

Cinemark

Holdings,

Inc.*(a)

75,962

1,550,384

World

Wrestling

Entertainment,

Inc.,

Class

A

33,787

1,833,283

3,383,667

Equity

Real

Estate

Investment

Trusts

(REITs)

8.6%

American

Campus

Communities,

Inc.

99,429

4,292,350

Apartment

Income

REIT

Corp.

107,538

4,598,325

Brixmor

Property

Group,

Inc.

214,377

4,336,847

Camden

Property

Trust

70,478

7,746,237

CoreSite

Realty

Corp.

30,990

3,714,151

Corporate

Office

Properties

Trust

81,037

2,133,704

Cousins

Properties,

Inc.(a)

107,550

3,801,892

CyrusOne

,

Inc.

87,019

5,892,927

Douglas

Emmett,

Inc.

119,389

3,748,815

EastGroup

Properties,

Inc.

28,650

4,104,972

EPR

Properties

54,010

2,516,326

First

Industrial

Realty

Trust,

Inc.

93,279

4,271,245

Healthcare

Realty

Trust,

Inc.

100,951

3,060,834

Highwoods

Properties,

Inc.

75,071

3,223,549

Hudson

Pacific

Properties,

Inc.

109,936

2,982,564

JBG

SMITH

Properties

80,797

2,568,537

Kilroy

Realty

Corp.

76,497

5,020,498

Lamar

Advertising

Co.,

Class

A

62,480

5,868,122

Life

Storage,

Inc.

54,512

4,685,306

NVIT

Mid

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

77

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Macerich

Co.

(The)

83,851

981,057

Medical

Properties

Trust,

Inc.

418,981

8,915,916

National

Retail

Properties,

Inc.

126,614

5,579,879

Omega

Healthcare

Investors,

Inc.

167,431

6,132,997

Park

Hotels

&

Resorts,

Inc.*(a)

170,932

3,688,713

Pebblebrook

Hotel

Trust

94,860

2,304,149

Physicians

Realty

Trust

152,125

2,688,049

PotlatchDeltic

Corp.

48,341

2,558,206

PS

Business

Parks,

Inc.

14,496

2,240,792

Rayonier,

Inc.

99,564

3,210,939

Rexford

Industrial

Realty,

Inc.

94,943

4,785,127

Sabra

Health

Care

REIT,

Inc.

152,220

2,642,539

Service

Properties

Trust

119,880

1,421,777

SL

Green

Realty

Corp.

50,098

3,506,359

Spirit

Realty

Capital,

Inc.(a)

82,974

3,526,395

STORE

Capital

Corp.

173,279

5,804,846

Urban

Edge

Properties

80,253

1,325,780

Weingarten

Realty

Investors

86,850

2,337,133

142,217,854

Food

&

Staples

Retailing

0.9%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

99,168

4,448,677

Casey's

General

Stores,

Inc.

26,690

5,770,111

Grocery

Outlet

Holding

Corp.*

62,614

2,309,830

Sprouts

Farmers

Market,

Inc.*

85,363

2,272,363

14,800,981

Food

Products

1.9%

Darling

Ingredients,

Inc.*

117,459

8,642,633

Flowers

Foods,

Inc.

142,973

3,402,757

Hain

Celestial

Group,

Inc.

(The)*(a)

58,910

2,568,476

Ingredion,

Inc.

48,480

4,359,321

Lancaster

Colony

Corp.

14,130

2,477,837

Pilgrim's

Pride

Corp.*

36,444

867,003

Post

Holdings,

Inc.*

42,994

4,545,326

Sanderson

Farms,

Inc.

14,356

2,236,378

Tootsie

Roll

Industries,

Inc.(a)

12,060

399,548

TreeHouse

Foods,

Inc.*(a)

40,825

2,132,698

31,631,977

Gas

Utilities

1.3%

National

Fuel

Gas

Co.

65,854

3,292,041

New

Jersey

Resources

Corp.

70,085

2,794,289

ONE

Gas,

Inc.

38,633

2,971,264

Southwest

Gas

Holdings,

Inc.

41,339

2,840,403

Spire,

Inc.(a)

37,322

2,757,723

UGI

Corp.

150,655

6,178,361

20,834,081

Health

Care

Equipment

&

Supplies

3.2%

Avanos

Medical,

Inc.*

34,776

1,521,102

Cantel

Medical

Corp.*

27,037

2,158,634

Globus

Medical,

Inc.,

Class

A*

55,829

3,442,974

Haemonetics

Corp.*

36,713

4,075,510

Hill-Rom

Holdings,

Inc.

47,939

5,296,301

ICU

Medical,

Inc.*

14,201

2,917,453

Integra

LifeSciences

Holdings

Corp.*(a)

51,365

3,548,808

LivaNova

plc*

35,153

2,591,831

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Masimo

Corp.*

36,730

8,435,412

Neogen

Corp.*

38,462

3,418,887

NuVasive

,

Inc.*

37,115

2,433,259

Penumbra,

Inc.*

24,487

6,625,693

Quidel

Corp.*(a)

27,819

3,558,885

STAAR

Surgical

Co.*(a)

33,638

3,545,782

53,570,531

Health

Care

Providers

&

Services

2.7%

Acadia

Healthcare

Co.,

Inc.*

64,321

3,675,302

Amedisys

,

Inc.*

23,730

6,283,467

Chemed

Corp.

11,582

5,325,635

Encompass

Health

Corp.

71,708

5,872,885

HealthEquity

,

Inc.*(a)

59,898

4,073,064

LHC

Group,

Inc.*

22,844

4,368,001

Molina

Healthcare,

Inc.*

41,898

9,794,076

Patterson

Cos.,

Inc.(a)

62,827

2,007,323

Tenet

Healthcare

Corp.*

76,714

3,989,128

45,388,881

Hotels,

Restaurants

&

Leisure

2.8%

Boyd

Gaming

Corp.*

58,308

3,437,840

Choice

Hotels

International,

Inc.

20,860

2,238,069

Churchill

Downs,

Inc.

24,964

5,677,313

Cracker

Barrel

Old

Country

Store,

Inc.

17,138

2,962,817

Jack

in

the

Box,

Inc.

16,491

1,810,382

Marriott

Vacations

Worldwide

Corp.*

29,760

5,183,597

Papa

John's

International,

Inc.

23,618

2,093,500

Scientific

Games

Corp.*

40,656

1,566,069

Six

Flags

Entertainment

Corp.*

54,759

2,544,651

Texas

Roadhouse,

Inc.*

47,274

4,535,468

Travel

+

Leisure

Co.

62,106

3,798,403

Wendy's

Co.

(The)

129,359

2,620,813

Wingstop

,

Inc.

21,596

2,746,363

Wyndham

Hotels

&

Resorts,

Inc.

67,304

4,696,473

45,911,758

Household

Durables

1.6%

Helen

of

Troy

Ltd.*(a)

17,623

3,712,461

KB

Home

64,267

2,990,344

Taylor

Morrison

Home

Corp.*(a)

93,468

2,879,749

Tempur

Sealy

International,

Inc.

138,436

5,061,220

Toll

Brothers,

Inc.(a)

80,938

4,591,613

TopBuild

Corp.*

23,852

4,995,324

TRI

Pointe

Group,

Inc.*

86,111

1,753,220

25,983,931

Household

Products

0.1%

Energizer

Holdings,

Inc.

42,034

1,994,934

Industrial

Conglomerates

0.4%

Carlisle

Cos.,

Inc.

38,496

6,335,672

Insurance

4.1%

Alleghany

Corp.*

10,066

6,304,235

American

Financial

Group,

Inc.

50,555

5,768,326

Brighthouse

Financial,

Inc.*

62,392

2,760,846

78

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Brown

&

Brown,

Inc.

169,134

7,731,115

CNO

Financial

Group,

Inc.

97,264

2,362,543

First

American

Financial

Corp.

79,908

4,526,788

Genworth

Financial,

Inc.,

Class

A*

371,365

1,232,932

Hanover

Insurance

Group,

Inc.

(The)

26,224

3,394,959

Kemper

Corp.

44,582

3,554,077

Kinsale

Capital

Group,

Inc.

15,464

2,548,467

Mercury

General

Corp.

19,523

1,187,194

Old

Republic

International

Corp.

204,354

4,463,091

Primerica,

Inc.

28,421

4,201,192

Reinsurance

Group

of

America,

Inc.

49,102

6,189,307

RenaissanceRe

Holdings

Ltd.

36,636

5,870,919

RLI

Corp.

28,790

3,212,100

Selective

Insurance

Group,

Inc.

43,530

3,157,666

68,465,757

Interactive

Media

&

Services

0.3%

TripAdvisor,

Inc.*(a)

69,640

3,745,936

Yelp,

Inc.*

51,125

1,993,875

5,739,811

Internet

&

Direct

Marketing

Retail

0.2%

Grubhub

,

Inc.*

67,366

4,041,960

IT

Services

1.7%

Alliance

Data

Systems

Corp.

35,899

4,023,919

Concentrix

Corp.*

30,038

4,497,289

LiveRamp

Holdings,

Inc.*

48,341

2,507,931

MAXIMUS,

Inc.

44,493

3,961,657

Perspecta

,

Inc.

98,901

2,873,074

Sabre

Corp.*(a)

229,232

3,394,926

WEX,

Inc.*(a)

31,923

6,678,930

27,937,726

Leisure

Products

1.2%

Brunswick

Corp.

56,313

5,370,571

Mattel,

Inc.*

251,511

5,010,099

Polaris,

Inc.

42,080

5,617,680

YETI

Holdings,

Inc.*

54,157

3,910,677

19,909,027

Life

Sciences

Tools

&

Services

2.6%

Bio-

Techne

Corp.

28,028

10,704,734

Charles

River

Laboratories

International,

Inc.*

35,951

10,419,678

Medpace

Holdings,

Inc.*

19,876

3,260,658

PRA

Health

Sciences,

Inc.*

46,625

7,149,011

Repligen

Corp.*

36,796

7,153,511

Syneos

Health,

Inc.*

59,815

4,536,968

43,224,560

Machinery

5.2%

AGCO

Corp.

44,557

6,400,613

Colfax

Corp.*(a)

83,333

3,650,819

Crane

Co.

35,897

3,371,087

Donaldson

Co.,

Inc.

91,110

5,298,958

Flowserve

Corp.

94,109

3,652,370

Graco

,

Inc.

121,914

8,731,481

Common

Stocks

Shares

Value

($)

Machinery

ITT,

Inc.

62,486

5,680,602

Kennametal,

Inc.

60,897

2,434,053

Lincoln

Electric

Holdings,

Inc.

43,099

5,298,591

Middleby

Corp.

(The)*

40,192

6,661,824

Nordson

Corp.

39,038

7,756,070

Oshkosh

Corp.

49,399

5,861,685

Terex

Corp.

50,133

2,309,627

Timken

Co.

(The)

49,223

3,995,431

Toro

Co.

(The)

77,743

8,018,413

Trinity

Industries,

Inc.(a)

58,218

1,658,631

Woodward,

Inc.

42,354

5,109,163

85,889,418

Marine

0.2%

Kirby

Corp.*

43,405

2,616,453

Media

1.0%

Cable

One,

Inc.

3,924

7,174,485

John

Wiley

&

Sons,

Inc.,

Class

A(a)

31,726

1,719,549

New

York

Times

Co.

(The),

Class

A

104,739

5,301,888

TEGNA,

Inc.

158,675

2,987,850

17,183,772

Metals

&

Mining

2.2%

Cleveland-Cliffs,

Inc.

331,555

6,667,571

Commercial

Metals

Co.(a)

87,792

2,707,505

Compass

Minerals

International,

Inc.

24,677

1,547,742

Reliance

Steel

&

Aluminum

Co.

45,945

6,996,964

Royal

Gold,

Inc.

47,393

5,100,435

Steel

Dynamics,

Inc.

144,805

7,350,302

United

States

Steel

Corp.(a)

189,605

4,961,963

Worthington

Industries,

Inc.

24,749

1,660,410

36,992,892

Multiline

Retail

0.8%

Kohl's

Corp.

113,885

6,788,685

Nordstrom,

Inc.*

78,917

2,988,587

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

41,230

3,587,010

13,364,282

Multi-Utilities

0.6%

Black

Hills

Corp.(a)

45,361

3,028,754

MDU

Resources

Group,

Inc.

144,899

4,580,257

NorthWestern

Corp.

36,564

2,383,973

9,992,984

Oil,

Gas

&

Consumable

Fuels

1.1%

Antero

Midstream

Corp.(a)

206,705

1,866,546

Cimarex

Energy

Co.

74,267

4,410,717

CNX

Resources

Corp.*

158,078

2,323,746

EQT

Corp.*

201,439

3,742,737

Equitrans

Midstream

Corp.

298,187

2,433,206

Murphy

Oil

Corp.(a)

104,586

1,716,256

World

Fuel

Services

Corp.

46,183

1,625,642

18,118,850

Paper

&

Forest

Products

0.3%

Domtar

Corp.

40,149

1,483,505

NVIT

Mid

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

79

Common

Stocks

Shares

Value

($)

Paper

&

Forest

Products

Louisiana-Pacific

Corp.

76,732

4,255,557

5,739,062

Personal

Products

0.2%

Coty,

Inc.,

Class

A*(a)

205,199

1,848,843

Nu

Skin

Enterprises,

Inc.,

Class

A

37,186

1,966,768

3,815,611

Pharmaceuticals

0.6%

Jazz

Pharmaceuticals

plc*

40,688

6,687,887

Nektar

Therapeutics*(a)

131,605

2,632,100

9,319,987

Professional

Services

1.8%

ASGN,

Inc.*

38,286

3,654,016

CACI

International,

Inc.,

Class

A*

18,226

4,495,625

CoreLogic

,

Inc.

52,844

4,187,887

FTI

Consulting,

Inc.*(a)

24,735

3,465,621

Insperity

,

Inc.

26,021

2,178,999

KBR,

Inc.

100,364

3,852,974

ManpowerGroup

,

Inc.

39,727

3,929,000

Science

Applications

International

Corp.

42,060

3,515,795

29,279,917

Real

Estate

Management

&

Development

0.4%

Jones

Lang

LaSalle,

Inc.*

36,922

6,610,515

Road

&

Rail

1.0%

Avis

Budget

Group,

Inc.*

37,335

2,708,281

Knight-Swift

Transportation

Holdings,

Inc.

88,804

4,270,584

Landstar

System,

Inc.

27,737

4,578,269

Ryder

System,

Inc.

38,647

2,923,646

Werner

Enterprises,

Inc.

40,913

1,929,866

16,410,646

Semiconductors

&

Semiconductor

Equipment

3.9%

Amkor

Technology,

Inc.

77,892

1,846,819

Brooks

Automation,

Inc.

53,615

4,377,665

Cirrus

Logic,

Inc.*

41,931

3,555,330

CMC

Materials,

Inc.

21,070

3,724,965

Cree,

Inc.*

83,246

9,001,390

First

Solar,

Inc.*

61,246

5,346,776

MKS

Instruments,

Inc.(a)

39,891

7,396,589

Semtech

Corp.*

46,957

3,240,033

Silicon

Laboratories,

Inc.*

31,731

4,476,292

SolarEdge

Technologies,

Inc.*(a)

37,262

10,710,589

Synaptics

,

Inc.*(a)

25,231

3,416,782

Universal

Display

Corp.

30,968

7,332,294

64,425,524

Software

4.0%

ACI

Worldwide,

Inc.*

84,730

3,223,976

Blackbaud

,

Inc.*

34,398

2,445,010

CDK

Global,

Inc.

87,954

4,754,793

Ceridian

HCM

Holding,

Inc.*(a)

94,593

7,971,352

CommVault

Systems,

Inc.*

34,377

2,217,317

Fair

Isaac

Corp.*

21,120

10,265,376

InterDigital

,

Inc.

22,452

1,424,579

J2

Global,

Inc.*(a)

30,845

3,697,082

Common

Stocks

Shares

Value

($)

Software

Manhattan

Associates,

Inc.*

46,089

5,409,927

Paylocity

Holding

Corp.*

27,102

4,873,753

PTC,

Inc.*

75,943

10,453,554

Qualys

,

Inc.*

24,358

2,552,231

SailPoint

Technologies

Holdings,

Inc.*

66,047

3,344,620

Teradata

Corp.*

78,756

3,035,256

65,668,826

Specialty

Retail

3.1%

American

Eagle

Outfitters,

Inc.

(a)

108,529

3,173,388

AutoNation,

Inc.*

39,800

3,710,156

Dick's

Sporting

Goods,

Inc.

47,661

3,629,385

Five

Below,

Inc.*

40,361

7,700,475

Foot

Locker,

Inc.

75,281

4,234,556

Lithia

Motors,

Inc.,

Class

A

19,238

7,504,552

Murphy

USA,

Inc.

18,306

2,646,315

RH*

11,790

7,033,914

Urban

Outfitters,

Inc.*

49,447

1,838,934

Williams-Sonoma,

Inc.

55,326

9,914,419

51,386,094

Technology

Hardware,

Storage

&

Peripherals

0.4%

NCR

Corp.*(a)

93,982

3,566,617

Xerox

Holdings

Corp.

120,543

2,925,578

6,492,195

Textiles,

Apparel

&

Luxury

Goods

1.3%

Capri

Holdings

Ltd.*

109,111

5,564,661

Carter's,

Inc.*

31,823

2,830,019

Columbia

Sportswear

Co.(a)

22,060

2,330,198

Deckers

Outdoor

Corp.*

20,349

6,723,717

Skechers

U.S.A.,

Inc.,

Class

A*

98,771

4,119,738

21,568,333

Thrifts

&

Mortgage

Finance

0.8%

Essent

Group

Ltd.

81,523

3,871,527

MGIC

Investment

Corp.

244,578

3,387,405

New

York

Community

Bancorp,

Inc.

336,413

4,245,532

Washington

Federal,

Inc.

54,926

1,691,721

13,196,185

Trading

Companies

&

Distributors

0.9%

GATX

Corp.(a)

25,356

2,351,516

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

33,748

3,043,732

Univar

Solutions,

Inc.*

122,363

2,635,699

Watsco

,

Inc.

23,744

6,191,248

14,222,195

Water

Utilities

0.4%

Essential

Utilities,

Inc.

161,314

7,218,801

Wireless

Telecommunication

Services

0.1%

Telephone

&

Data

Systems,

Inc.

72,310

1,660,238

Total

Common

Stocks

(cost

$1,028,644,143)

1,633,380,505

80

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Repurchase

Agreements

0.1%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$368,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$376,053.(b)

368,680

368,680

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$300,001,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$306,123.(b)

300,000

300,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$1,000,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$1,020,003.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$1,668,680)

1,668,680

Total

Investments

(cost

$1,030,312,823)

—

98.8%

1,635,049,185

Other

assets

in

excess

of

liabilities

—

1.2%

19,829,721

NET

ASSETS

—

100.0%

$

1,654,878,906

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$112,941,157,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,668,680

and

by

$113,566,501

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$115,235,181.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$1,668,680.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

82

6/2021

USD

21,363,460

(180,011)

(180,011)

At

March

31,

2021,

the

Fund

had

$1,105,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

NVIT

Mid

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

81

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

82

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,633,380,505

$

–

$

–

$

1,633,380,505

Repurchase

Agreements

–

1,668,680

–

1,668,680

Total

Assets

$

1,633,380,505

$

1,668,680

$

–

$

1,635,049,185

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(180,011)

$

–

$

–

$

(180,011)

Total

Liabilities

$

(180,011)

$

–

$

–

$

(180,011)

Total

$

1,633,200,494

$

1,668,680

$

–

$

1,634,869,174

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(180,011)

Total

$

(180,011)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

83

Common

Stocks

98.6%

Shares

Value

($)

Aerospace

&

Defense

1.7%

Boeing

Co.

(The)*

78,158

19,908,406

General

Dynamics

Corp.

33,191

6,026,158

Howmet

Aerospace,

Inc.*

55,924

1,796,838

Huntington

Ingalls

Industries,

Inc.

5,724

1,178,285

L3Harris

Technologies,

Inc.

29,073

5,892,516

Lockheed

Martin

Corp.

35,156

12,990,142

Northrop

Grumman

Corp.

22,139

7,165,066

Raytheon

Technologies

Corp.

216,858

16,756,618

Teledyne

Technologies,

Inc.*

5,266

2,178,281

Textron,

Inc.

32,249

1,808,524

TransDigm

Group,

Inc.*

7,773

4,569,902

80,270,736

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

(a)

19,124

1,825,003

Expeditors

International

of

Washington,

Inc.

24,252

2,611,698

FedEx

Corp.

34,862

9,902,203

United

Parcel

Service,

Inc.,

Class

B

102,126

17,360,399

31,699,303

Airlines

0.3%

Alaska

Air

Group,

Inc.*

17,658

1,222,110

American

Airlines

Group,

Inc.*

91,118

2,177,720

Delta

Air

Lines,

Inc.*

91,062

4,396,474

Southwest

Airlines

Co.*

84,285

5,146,442

United

Airlines

Holdings,

Inc.*

45,229

2,602,477

15,545,223

Auto

Components

0.1%

Aptiv

plc*

38,557

5,317,010

BorgWarner,

Inc.

34,372

1,593,486

6,910,496

Automobiles

1.9%

Ford

Motor

Co.*

557,965

6,835,071

General

Motors

Co.*

179,852

10,334,296

Tesla,

Inc.*

109,386

73,062,191

90,231,558

Banks

4.4%

Bank

of

America

Corp.

1,081,591

41,846,756

Citigroup,

Inc.

297,284

21,627,411

Citizens

Financial

Group,

Inc.

60,658

2,678,051

Comerica,

Inc.

20,065

1,439,463

Fifth

Third

Bancorp

101,727

3,809,676

First

Republic

Bank

24,987

4,166,582

Huntington

Bancshares,

Inc.

(a)

145,262

2,283,519

JPMorgan

Chase

&

Co.

434,503

66,144,392

KeyCorp

138,956

2,776,341

M&T

Bank

Corp.

18,319

2,777,343

People's

United

Financial,

Inc.

60,897

1,090,056

PNC

Financial

Services

Group,

Inc.

(The)

60,501

10,612,480

Regions

Financial

Corp.

136,571

2,821,557

SVB

Financial

Group*

7,382

3,644,198

Truist

Financial

Corp.

192,499

11,226,542

US

Bancorp

193,971

10,728,536

Wells

Fargo

&

Co.

587,938

22,970,738

Common

Stocks

Shares

Value

($)

Banks

Zions

Bancorp

NA

23,711

1,303,156

213,946,797

Beverages

1.4%

Brown-Forman

Corp.,

Class

B

25,995

1,792,875

Coca-Cola

Co.

(The)

552,270

29,110,152

Constellation

Brands,

Inc.,

Class

A

24,204

5,518,512

Molson

Coors

Beverage

Co.,

Class

B*(a)

26,439

1,352,355

Monster

Beverage

Corp.*

52,767

4,806,546

PepsiCo,

Inc.

196,336

27,771,727

70,352,167

Biotechnology

1.8%

AbbVie,

Inc.

251,231

27,188,219

Alexion

Pharmaceuticals,

Inc.*

31,249

4,778,284

Amgen,

Inc.

82,207

20,453,924

Biogen,

Inc.*

21,605

6,043,999

Gilead

Sciences,

Inc.

178,992

11,568,253

Incyte

Corp.*

26,291

2,136,669

Regeneron

Pharmaceuticals,

Inc.*

14,973

7,084,325

Vertex

Pharmaceuticals,

Inc.*

37,131

7,979,081

87,232,754

Building

Products

0.5%

A

O

Smith

Corp.

19,687

1,331,038

Allegion

plc

13,041

1,638,210

Carrier

Global

Corp.

116,329

4,911,410

Fortune

Brands

Home

&

Security,

Inc.

19,838

1,900,877

Johnson

Controls

International

plc

103,367

6,167,909

Masco

Corp.

37,365

2,238,164

Trane

Technologies

plc

33,716

5,582,021

23,769,629

Capital

Markets

2.9%

Ameriprise

Financial,

Inc.

16,846

3,915,853

Bank

of

New

York

Mellon

Corp.

(The)

114,044

5,393,141

BlackRock,

Inc.

20,253

15,269,952

Cboe

Global

Markets,

Inc.

15,427

1,522,490

Charles

Schwab

Corp.

(The)

212,999

13,883,275

CME

Group,

Inc.

51,260

10,468,830

Franklin

Resources,

Inc.

38,616

1,143,033

Goldman

Sachs

Group,

Inc.

(The)

49,130

16,065,510

Intercontinental

Exchange,

Inc.

80,146

8,950,705

Invesco

Ltd.

54,835

1,382,939

MarketAxess

Holdings,

Inc.

5,421

2,699,224

Moody's

Corp.

23,062

6,886,544

Morgan

Stanley

214,156

16,631,355

MSCI,

Inc.

11,837

4,963,017

Nasdaq,

Inc.

16,387

2,416,427

Northern

Trust

Corp.

29,718

3,123,659

Raymond

James

Financial,

Inc.

17,297

2,119,920

S&P

Global,

Inc.(a)

34,355

12,122,849

State

Street

Corp.

50,376

4,232,088

84

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Capital

Markets

T.

Rowe

Price

Group,

Inc.

32,333

5,548,343

138,739,154

Chemicals

1.8%

Air

Products

&

Chemicals,

Inc.

31,561

8,879,372

Albemarle

Corp.

16,532

2,415,490

Celanese

Corp.

16,027

2,401,005

CF

Industries

Holdings,

Inc.

31,155

1,413,814

Corteva

,

Inc.

106,381

4,959,482

Dow,

Inc.

105,915

6,772,205

DuPont

de

Nemours,

Inc.

76,585

5,918,489

Eastman

Chemical

Co.

19,344

2,130,161

Ecolab,

Inc.

35,460

7,590,922

FMC

Corp.

18,476

2,043,630

International

Flavors

&

Fragrances,

Inc.

35,498

4,955,876

Linde

plc

74,399

20,842,136

LyondellBasell

Industries

NV,

Class

A

36,714

3,820,092

Mosaic

Co.

(The)

48,892

1,545,476

PPG

Industries,

Inc.

33,728

5,067,969

Sherwin-Williams

Co.

(The)

11,455

8,453,905

89,210,024

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

12,549

4,283,099

Copart

,

Inc.*

29,671

3,222,567

Republic

Services,

Inc.

30,037

2,984,176

Rollins,

Inc.(a)

30,806

1,060,343

Waste

Management,

Inc.

55,517

7,162,803

18,712,988

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

7,833

2,364,704

Cisco

Systems,

Inc.(a)

601,440

31,100,463

F5

Networks,

Inc.*(a)

8,844

1,845,035

Juniper

Networks,

Inc.

46,294

1,172,627

Motorola

Solutions,

Inc.

24,206

4,551,938

41,034,767

Construction

&

Engineering

0.0%

†

Quanta

Services,

Inc.

20,058

1,764,703

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

8,876

2,980,738

Vulcan

Materials

Co.

18,921

3,192,919

6,173,657

Consumer

Finance

0.6%

American

Express

Co.

93,130

13,172,307

Capital

One

Financial

Corp.

65,312

8,309,646

Discover

Financial

Services

43,765

4,157,237

Synchrony

Financial

76,898

3,126,673

28,765,863

Containers

&

Packaging

0.3%

Amcor

plc(a)

223,965

2,615,911

Avery

Dennison

Corp.

11,793

2,165,785

Ball

Corp.

46,709

3,958,121

International

Paper

Co.

56,130

3,034,949

Packaging

Corp.

of

America

13,490

1,814,135

Sealed

Air

Corp.

22,683

1,039,335

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Westrock

Co.

37,780

1,966,449

16,594,685

Distributors

0.1%

Genuine

Parts

Co.

20,467

2,365,781

LKQ

Corp.*

39,791

1,684,353

Pool

Corp.

5,697

1,966,832

6,016,966

Diversified

Financial

Services

1.4%

Berkshire

Hathaway,

Inc.,

Class

B*

271,577

69,379,776

Diversified

Telecommunication

Services

1.4%

AT&T,

Inc.

1,017,526

30,800,512

Lumen

Technologies,

Inc.

139,710

1,865,129

Verizon

Communications,

Inc.

589,116

34,257,095

66,922,736

Electric

Utilities

1.7%

Alliant

Energy

Corp.

35,548

1,925,280

American

Electric

Power

Co.,

Inc.

70,880

6,003,536

Duke

Energy

Corp.

109,363

10,556,810

Edison

International

54,048

3,167,213

Entergy

Corp.

28,591

2,843,947

Evergy

,

Inc.

32,228

1,918,533

Eversource

Energy

49,028

4,245,335

Exelon

Corp.

139,303

6,093,113

FirstEnergy

Corp.

77,477

2,687,677

NextEra

Energy,

Inc.

279,737

21,150,915

NRG

Energy,

Inc.

34,740

1,310,740

Pinnacle

West

Capital

Corp.

15,838

1,288,421

PPL

Corp.

109,781

3,166,084

Southern

Co.

(The)

150,821

9,375,033

Xcel

Energy,

Inc.

76,537

5,090,476

80,823,113

Electrical

Equipment

0.6%

AMETEK,

Inc.

32,851

4,196,058

Eaton

Corp.

plc

56,916

7,870,345

Emerson

Electric

Co.

85,395

7,704,337

Generac

Holdings,

Inc.*(a)

8,867

2,903,499

Rockwell

Automation,

Inc.

16,589

4,403,384

27,077,623

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.,

Class

A

85,434

5,636,081

CDW

Corp.

19,810

3,283,508

Corning,

Inc.

109,093

4,746,636

FLIR

Systems,

Inc.

18,030

1,018,154

IPG

Photonics

Corp.*

5,177

1,092,036

Keysight

Technologies,

Inc.*

26,459

3,794,221

TE

Connectivity

Ltd.

47,227

6,097,478

Trimble,

Inc.*

35,693

2,776,559

Zebra

Technologies

Corp.,

Class

A*

7,613

3,693,675

32,138,348

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.

103,183

2,229,785

Halliburton

Co.

125,627

2,695,955

NOV,

Inc.*

55,858

766,372

NVIT

S&P

500

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

85

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Schlumberger

NV

198,769

5,404,529

11,096,641

Entertainment

2.1%

Activision

Blizzard,

Inc.

110,357

10,263,201

Electronic

Arts,

Inc.

40,695

5,508,882

Live

Nation

Entertainment,

Inc.*(a)

20,096

1,701,126

Netflix,

Inc.*

63,084

32,908,400

Take-Two

Interactive

Software,

Inc.*

16,375

2,893,463

Walt

Disney

Co.

(The)*

258,520

47,702,110

100,977,182

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Alexandria

Real

Estate

Equities,

Inc.

18,246

2,997,818

American

Tower

Corp.

63,429

15,163,337

AvalonBay

Communities,

Inc.

19,935

3,678,207

Boston

Properties,

Inc.

20,226

2,048,085

Crown

Castle

International

Corp.

61,585

10,600,626

Digital

Realty

Trust,

Inc.

40,005

5,634,304

Duke

Realty

Corp.

52,560

2,203,841

Equinix

,

Inc.

12,723

8,646,424

Equity

Residential

48,427

3,468,826

Essex

Property

Trust,

Inc.

9,311

2,531,102

Extra

Space

Storage,

Inc.

18,413

2,440,643

Federal

Realty

Investment

Trust

9,748

988,935

Healthpeak

Properties,

Inc.

76,873

2,439,949

Host

Hotels

&

Resorts,

Inc.*

100,715

1,697,048

Iron

Mountain,

Inc.

40,439

1,496,647

Kimco

Realty

Corp.

61,757

1,157,944

Mid-America

Apa

rtment

Communities,

Inc.

16,304

2,353,645

Prologis,

Inc.

105,554

11,188,724

Public

Storage

21,707

5,356,419

Realty

Income

Corp.

52,959

3,362,896

Regency

Centers

Corp.

22,533

1,277,846

SBA

Communications

Corp.

15,512

4,305,356

Simon

Property

Group,

Inc.

46,820

5,326,711

UDR,

Inc.

41,815

1,834,006

Ventas,

Inc.

53,477

2,852,463

Vornado

Realty

Trust

21,969

997,173

Welltower

,

Inc.

59,587

4,268,217

Weyerhaeuser

Co.

106,582

3,794,319

114,111,511

Food

&

Staples

Retailing

1.3%

Costco

Wholesale

Corp.

63,003

22,207,297

Kroger

Co.

(The)(a)

107,830

3,880,802

Sysco

Corp.

72,732

5,726,918

Walgreens

Boots

Alliance,

Inc.

102,237

5,612,811

Walmart,

Inc.

197,958

26,888,635

64,316,463

Food

Products

1.0%

Archer-Daniels-Midland

Co.

79,447

4,528,479

Campbell

Soup

Co.

29,032

1,459,439

Conagra

Brands,

Inc.

69,734

2,621,998

General

Mills,

Inc.

87,288

5,352,500

Common

Stocks

Shares

Value

($)

Food

Products

Hershey

Co.

(The)

21,066

3,331,799

Hormel

Foods

Corp.

39,901

1,906,470

J

M

Smucker

Co.

(The)

15,399

1,948,435

Kellogg

Co.

36,453

2,307,475

Kraft

Heinz

Co.

(The)(a)

92,527

3,701,080

Lamb

Weston

Holdings,

Inc.

20,703

1,604,068

McCormick

&

Co.,

Inc.

(Non-Voting)

35,511

3,166,161

Mondelez

International,

Inc.,

Class

A

201,113

11,771,144

Tyson

Foods,

Inc.,

Class

A

41,998

3,120,451

46,819,499

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.

17,824

1,761,902

Health

Care

Equipment

&

Supplies

3.6%

Abbott

Laboratories

252,169

30,219,933

ABIOMED,

Inc.*

6,551

2,088,000

Align

Technology,

Inc.*

10,246

5,548,516

Baxter

International,

Inc.

71,729

6,049,624

Becton

Dickinson

and

Co.

41,414

10,069,814

Boston

Scientific

Corp.*

201,915

7,804,015

Cooper

Cos.,

Inc.

(The)

7,002

2,689,398

Danaher

Corp.

90,277

20,319,547

DENTSPLY

SIRONA,

Inc.

31,208

1,991,382

DexCom

,

Inc.*

13,712

4,927,956

Edwards

Lifesciences

Corp.*

88,994

7,443,458

Hologic

,

Inc.*

36,699

2,729,671

IDEXX

Laboratories,

Inc.*

12,180

5,959,796

Intuitive

Surgical,

Inc.*

16,786

12,403,847

Medtronic

plc

192,199

22,704,468

ResMed

,

Inc.

20,693

4,014,856

STERIS

plc

12,143

2,312,999

Stryker

Corp.

46,684

11,371,289

Teleflex,

Inc.

6,649

2,762,393

Varian

Medical

Systems,

Inc.*

12,988

2,292,772

West

Pharmaceutical

Services,

Inc.

10,556

2,974,470

Zimmer

Biomet

Holdings,

Inc.

29,597

4,737,888

173,416,092

Health

Care

Providers

&

Services

2.6%

AmerisourceBergen

Corp.

20,999

2,479,352

Anthem,

Inc.

34,849

12,509,049

Cardinal

Health,

Inc.

41,740

2,535,705

Centene

Corp.*

82,790

5,291,109

Cigna

Corp.

50,073

12,104,647

CVS

Health

Corp.

186,901

14,060,562

DaVita,

Inc.*

10,555

1,137,512

HCA

Healthcare,

Inc.

37,687

7,097,970

Henry

Schein,

Inc.*

20,387

1,411,596

Humana,

Inc.

18,351

7,693,657

Laboratory

Corp.

of

America

Holdings*

13,908

3,546,957

McKesson

Corp.

22,927

4,471,682

Quest

Diagnostics,

Inc.

19,131

2,455,272

UnitedHealth

Group,

Inc.

134,686

50,112,620

Universal

Health

Services,

Inc.,

Class

B

11,098

1,480,362

128,388,052

86

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Technology

0.1%

Cerner

Corp.

43,761

3,145,541

Hotels,

Restaurants

&

Leisure

1.8%

Caesars

Entertainment,

Inc.*

29,547

2,583,885

Carnival

Corp.*

113,468

3,011,441

Chipotle

Mexican

Grill,

Inc.*

3,995

5,676,176

Darden

Restaurants,

Inc.

18,456

2,620,752

Domino's

Pizza,

Inc.(a)

5,584

2,053,739

Hilton

Worldwide

Holdings,

Inc.*

39,617

4,790,488

Las

Vegas

Sands

Corp.*

46,899

2,849,583

Marriott

International,

Inc.,

Class

A*

37,975

5,624,477

McDonald's

Corp.

106,395

23,847,375

MGM

Resorts

International

59,265

2,251,477

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

51,582

1,423,148

Penn

National

Gaming,

Inc.*

21,076

2,209,608

Royal

Caribbean

Cruises

Ltd.*

31,148

2,666,580

Starbucks

Corp.

167,593

18,312,887

Wynn

Resorts

Ltd.*

14,894

1,867,261

Yum!

Brands,

Inc.

43,075

4,659,854

86,448,731

Household

Durables

0.4%

DR

Horton,

Inc.

47,349

4,219,743

Garmin

Ltd.

21,155

2,789,287

Leggett

&

Platt,

Inc.(a)

19,045

869,404

Lennar

Corp.,

Class

A

39,284

3,976,719

Mohawk

Industries,

Inc.*

8,338

1,603,481

Newell

Brands,

Inc.

53,401

1,430,079

NVR,

Inc.*

492

2,317,777

PulteGroup,

Inc.

38,281

2,007,456

Whirlpool

Corp.

8,999

1,982,930

21,196,876

Household

Products

1.4%

Church

&

Dwight

Co.,

Inc.

35,316

3,084,852

Clorox

Co.

(The)

17,999

3,471,647

Colgate-Palmolive

Co.

120,689

9,513,914

Kimberly-Clark

Corp.

47,857

6,654,516

Procter

&

Gamble

Co.

(The)

350,888

47,520,762

70,245,691

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

94,900

2,544,269

Industrial

Conglomerates

1.2%

3M

Co.

82,365

15,870,088

General

Electric

Co.

1,250,828

16,423,372

Honeywell

International,

Inc.

98,883

21,464,533

Roper

Technologies,

Inc.

14,975

6,040,016

59,798,009

Insurance

1.9%

Aflac,

Inc.

90,094

4,611,011

Allstate

Corp.

(The)

43,418

4,988,728

American

International

Group,

Inc.

123,018

5,684,662

Aon

plc,

Class

A(a)

32,110

7,388,832

Arthur

J

Gallagher

&

Co.

27,272

3,402,728

Assurant,

Inc.

8,581

1,216,528

Common

Stocks

Shares

Value

($)

Insurance

Chubb

Ltd.

63,898

10,093,967

Cincinnati

Financial

Corp.

21,366

2,202,621

Everest

Re

Group

Ltd.

5,677

1,406,817

Globe

Life,

Inc.

13,749

1,328,566

Hartford

Financial

Services

Group,

Inc.

(The)

51,166

3,417,377

Lincoln

National

Corp.(a)

25,941

1,615,346

Loews

Corp.

33,362

1,710,803

Marsh

&

McLennan

Cos.,

Inc.

72,422

8,821,000

MetLife,

Inc.

105,818

6,432,676

Principal

Financial

Group,

Inc.

36,046

2,161,318

Progressive

Corp.

(The)

83,618

7,994,717

Prudential

Financial,

Inc.

56,545

5,151,250

Travelers

Cos.,

Inc.

(The)

36,170

5,439,968

Unum

Group

29,643

824,965

W

R

Berkley

Corp.

19,899

1,499,390

Willis

Towers

Watson

plc

18,406

4,212,765

91,606,035

Interactive

Media

&

Services

5.8%

Alphabet,

Inc.,

Class

A*

42,843

88,364,544

Alphabet,

Inc.,

Class

C*

41,063

84,944,154

Facebook,

Inc.,

Class

A*

342,693

100,933,369

Twitter,

Inc.*

113,498

7,221,878

281,463,945

Internet

&

Direct

Marketing

Retail

4.4%

Amazon.com,

Inc.*

60,970

188,646,058

Booking

Holdings,

Inc.*

5,848

13,624,904

eBay,

Inc.

91,846

5,624,649

Etsy,

Inc.*

18,005

3,631,068

Expedia

Group,

Inc.*

19,929

3,430,180

214,956,859

IT

Services

5.1%

Accenture

plc,

Class

A

90,467

24,991,509

Akamai

Technologies,

Inc.*

23,219

2,366,016

Automatic

Data

Processing,

Inc.

60,724

11,444,652

Broadridge

Financial

Solutions,

Inc.

16,430

2,515,433

Cognizant

Technology

Solutions

Corp.,

Class

A

75,118

5,868,218

DXC

Technology

Co.*

36,630

1,145,054

Fidelity

National

Information

Services,

Inc.

88,603

12,458,468

Fiserv,

Inc.*(a)

81,909

9,750,447

FleetCor

Technologies,

Inc.*

11,909

3,199,115

Gartner,

Inc.*

12,713

2,320,758

Global

Payments,

Inc.

42,044

8,475,229

International

Business

Machines

Corp.(a)

127,235

16,955,336

Jack

Henry

&

Associates,

Inc.

10,885

1,651,472

Mastercard

,

Inc.,

Class

A

124,903

44,471,713

Paychex,

Inc.

45,687

4,478,240

PayPal

Holdings,

Inc.*

166,800

40,505,712

VeriSign,

Inc.*

14,339

2,850,020

Visa,

Inc.,

Class

A(a)

241,675

51,169,848

Western

Union

Co.

(The)

58,704

1,447,641

248,064,881

NVIT

S&P

500

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

87

Common

Stocks

Shares

Value

($)

Leisure

Products

0.0%

†

Hasbro,

Inc.

18,086

1,738,426

Life

Sciences

Tools

&

Services

1.1%

Agilent

Technologies,

Inc.

43,694

5,555,255

Bio-Rad

Laboratories,

Inc.,

Class

A*

3,095

1,767,771

Illumina,

Inc.*

20,847

8,006,499

IQVIA

Holdings,

Inc.*

27,377

5,287,594

Mettler

-Toledo

International,

Inc.*

3,310

3,825,334

PerkinElmer,

Inc.

15,926

2,043,146

Thermo

Fisher

Scientific,

Inc.

56,057

25,583,294

Waters

Corp.*

8,840

2,512,063

54,580,956

Machinery

1.8%

Caterpillar,

Inc.

77,572

17,986,620

Cummins,

Inc.

21,134

5,476,031

Deere

&

Co.

44,747

16,741,643

Dover

Corp.

20,577

2,821,724

Fortive

Corp.

47,984

3,389,590

IDEX

Corp.

10,759

2,252,074

Illinois

Tool

Works,

Inc.

41,128

9,110,675

Ingersoll

Rand,

Inc.*

53,077

2,611,919

Otis

Worldwide

Corp.

58,145

3,980,025

PACCAR,

Inc.

49,468

4,596,566

Parker-Hannifin

Corp.

18,391

5,801,073

Pentair

plc(a)

24,150

1,505,028

Snap-on,

Inc.

7,620

1,758,239

Stanley

Black

&

Decker,

Inc.

22,878

4,568,050

Westinghouse

Air

Brake

Technologies

Corp.

25,546

2,022,221

Xylem,

Inc.

25,735

2,706,807

87,328,285

Media

1.3%

Charter

Communications,

Inc.,

Class

A*(a)

20,114

12,410,740

Comcast

Corp.,

Class

A

651,965

35,277,826

Discovery,

Inc.,

Class

A*

22,892

994,886

Discovery,

Inc.,

Class

C*

42,123

1,553,918

DISH

Network

Corp.,

Class

A*

35,309

1,278,186

Fox

Corp.,

Class

A

48,198

1,740,430

Fox

Corp.,

Class

B

22,089

771,569

Interpublic

Group

of

Cos.,

Inc.

(The)

54,940

1,604,248

News

Corp.,

Class

A

56,666

1,441,017

News

Corp.,

Class

B

16,744

392,814

Omnicom

Group,

Inc.

31,102

2,306,213

ViacomCBS

,

Inc.

80,674

3,638,397

63,410,244

Metals

&

Mining

0.4%

Freeport-McMoRan,

Inc.*

207,456

6,831,526

Newmont

Corp.

114,712

6,913,693

Nucor

Corp.(a)

42,823

3,437,402

17,182,621

Multiline

Retail

0.5%

Dollar

General

Corp.

34,984

7,088,458

Dollar

Tree,

Inc.*

33,583

3,843,910

Common

Stocks

Shares

Value

($)

Multiline

Retail

Target

Corp.

71,506

14,163,194

25,095,562

Multi-Utilities

0.8%

Ameren

Corp.

35,299

2,871,927

CenterPoint

Energy,

Inc.

77,378

1,752,612

CMS

Energy

Corp.

40,886

2,503,041

Consolidated

Edison,

Inc.

48,687

3,641,788

Dominion

Energy,

Inc.

114,915

8,728,943

DTE

Energy

Co.

27,639

3,679,856

NiSource,

Inc.

55,683

1,342,517

Public

Service

Enterprise

Group,

Inc.

72,230

4,348,968

Sempra

Energy

43,110

5,715,524

WEC

Energy

Group,

Inc.

45,041

4,215,387

38,800,563

Oil,

Gas

&

Consumable

Fuels

2.5%

APA

Corp.

55,000

984,500

Cabot

Oil

&

Gas

Corp.

55,441

1,041,182

Chevron

Corp.

274,879

28,804,570

ConocoPhillips

193,302

10,239,207

Devon

Energy

Corp.

82,796

1,809,093

Diamondback

Energy,

Inc.

23,922

1,758,028

EOG

Resources,

Inc.(a)

83,301

6,041,822

Exxon

Mobil

Corp.

603,752

33,707,474

Hess

Corp.

37,523

2,655,128

HollyFrontier

Corp.

21,703

776,533

Kinder

Morgan,

Inc.

277,994

4,628,600

Marathon

Oil

Corp.

115,167

1,229,984

Marathon

Petroleum

Corp.

92,907

4,969,595

Occidental

Petroleum

Corp.

117,707

3,133,360

ONEOK,

Inc.

63,456

3,214,681

Phillips

66

62,371

5,085,731

Pioneer

Natural

Resources

Co.

29,456

4,678,202

Valero

Energy

Corp.

58,228

4,169,125

Williams

Cos.,

Inc.

(The)

173,289

4,105,216

123,032,031

Personal

Products

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

32,687

9,507,014

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

319,148

20,147,813

Catalent

,

Inc.*

24,477

2,577,673

Eli

Lilly

&

Co.

113,370

21,179,783

Johnson

&

Johnson

374,606

61,566,496

Merck

&

Co.,

Inc.

360,021

27,754,019

Perrigo

Co.

plc

18,946

766,745

Pfizer,

Inc.

793,687

28,755,280

Viatris

,

Inc.*

169,192

2,363,612

Zoetis,

Inc.

67,864

10,687,223

175,798,644

Professional

Services

0.4%

Equifax,

Inc.

17,369

3,146,047

IHS

Markit

Ltd.

53,218

5,150,438

Jacobs

Engineering

Group,

Inc.

18,509

2,392,658

Leidos

Holdings,

Inc.

18,942

1,823,736

Nielsen

Holdings

plc

49,686

1,249,603

88

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Robert

Half

International,

Inc.

(a)

15,999

1,249,042

Verisk

Analytics,

Inc.

23,216

4,102,035

19,113,559

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

47,900

3,789,369

Road

&

Rail

1.0%

CSX

Corp.

108,164

10,429,173

JB

Hunt

Transport

Services,

Inc.

11,921

2,003,562

Kansas

City

Southern

12,873

3,397,442

Norfolk

Southern

Corp.

35,830

9,621,072

Old

Dominion

Freight

Line,

Inc.

13,750

3,305,638

Union

Pacific

Corp.

95,396

21,026,232

49,783,119

Semiconductors

&

Semiconductor

Equipment

5.5%

Advanced

Micro

Devices,

Inc.*(a)

172,891

13,571,943

Analog

Devices,

Inc.

52,759

8,181,866

Applied

Materials,

Inc.

130,408

17,422,509

Broadcom,

Inc.

58,147

26,960,438

Enphase

Energy,

Inc.*

18,605

3,016,987

Intel

Corp.

578,936

37,051,904

KLA

Corp.

22,055

7,286,972

Lam

Research

Corp.

20,357

12,117,301

Maxim

Integrated

Products,

Inc.

38,168

3,487,410

Microchip

Technology,

Inc.

38,298

5,944,616

Micron

Technology,

Inc.*

158,958

14,021,685

Monolithic

Power

Systems,

Inc.

6,049

2,136,567

NVIDIA

Corp.

88,387

47,192,471

NXP

Semiconductors

NV

39,330

7,918,702

Qorvo

,

Inc.*

16,286

2,975,452

QUALCOMM,

Inc.

161,496

21,412,755

Skyworks

Solutions,

Inc.

23,715

4,351,228

Teradyne,

Inc.

23,600

2,871,648

Texas

Instruments,

Inc.

131,074

24,771,675

Xilinx,

Inc.

35,001

4,336,624

267,030,753

Software

8.2%

Adobe,

Inc.*

68,287

32,461,591

ANSYS,

Inc.*

12,263

4,164,024

Autodesk,

Inc.*

31,398

8,701,956

Cadence

Design

Systems,

Inc.*

39,829

5,456,175

Citrix

Systems,

Inc.

17,581

2,467,669

Fortinet,

Inc.*

19,215

3,543,630

Intuit,

Inc.

38,983

14,932,828

Microsoft

Corp.

1,074,555

253,347,832

NortonLifeLock

,

Inc.

81,236

1,727,077

Oracle

Corp.

264,128

18,533,862

Paycom

Software,

Inc.*

6,925

2,562,666

salesforce.com,

Inc.*

130,653

27,681,451

ServiceNow

,

Inc.*

27,981

13,993,578

Synopsys,

Inc.*

21,791

5,399,374

Tyler

Technologies,

Inc.*(a)

5,777

2,452,510

397,426,223

Common

Stocks

Shares

Value

($)

Specialty

Retail

2.3%

Advance

Auto

Parts,

Inc.

9,156

1,680,034

AutoZone,

Inc.*

3,137

4,405,289

Best

Buy

Co.,

Inc.

32,693

3,753,483

CarMax,

Inc.*

23,254

3,084,875

Gap,

Inc.

(The)*

29,374

874,758

Home

Depot,

Inc.

(The)

153,275

46,787,194

L

Brands,

Inc.*

33,683

2,083,630

Lowe's

Cos.,

Inc.

103,987

19,776,248

O'Reilly

Automotive,

Inc.*

9,920

5,031,920

Ross

Stores,

Inc.

50,834

6,095,505

TJX

Cos.,

Inc.

(The)

171,439

11,340,690

Tractor

Supply

Co.

16,535

2,928,018

Ulta

Beauty,

Inc.*

8,040

2,485,727

110,327,371

Technology

Hardware,

Storage

&

Peripherals

6.0%

Apple,

Inc.

2,248,361

274,637,296

Hewlett

Packard

Enterprise

Co.

183,571

2,889,408

HP,

Inc.

178,452

5,665,851

NetApp,

Inc.

32,055

2,329,437

Seagate

Technology

plc

28,533

2,189,908

Western

Digital

Corp.

43,287

2,889,407

290,601,307

Textiles,

Apparel

&

Luxury

Goods

0.7%

Hanesbrands,

Inc.

50,717

997,603

NIKE,

Inc.,

Class

B

180,963

24,048,173

PVH

Corp.*

9,872

1,043,470

Ralph

Lauren

Corp.*

6,962

857,440

Tapestry,

Inc.*

39,988

1,647,906

Under

Armour

,

Inc.,

Class

A*

26,578

588,969

Under

Armour

,

Inc.,

Class

C*(a)

26,953

497,552

VF

Corp.

45,665

3,649,547

33,330,660

Tobacco

0.7%

Altria

Group,

Inc.

265,365

13,576,073

Philip

Morris

International,

Inc.

222,370

19,733,114

33,309,187

Trading

Companies

&

Distributors

0.2%

Fastenal

Co.

81,976

4,121,753

United

Rentals,

Inc.*(a)

10,300

3,391,893

WW

Grainger,

Inc.

6,192

2,482,559

9,996,205

Water

Utilities

0.1%

American

Water

Works

Co.,

Inc.

25,884

3,880,529

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.*

83,298

10,436,406

Total

Common

Stocks

(cost

$1,762,944,543)

4,789,170,279

NVIT

S&P

500

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

89

Repurchase

Agreements

0.3%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$7,043,763,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$7,184,634.(b)

7,043,759

7,043,759

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$5,200,013,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$5,306,136.(b)

5,200,000

5,200,000

Total

Repurchase

Agreements

(cost

$12,243,759)

12,243,759

Total

Investments

(cost

$1,775,188,302)

—

98.9%

4,801,414,038

Other

assets

in

excess

of

liabilities

—

1.1%

53,988,933

NET

ASSETS

—

100.0%

$

4,855,402,971

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$141,841,469,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,243,759

and

by

$133,065,041

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/8/2021

–

11/15/2050,

a

total

value

of

$145,308,800.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$12,243,759.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

338

6/2021

USD

67,049,060

628,012

628,012

At

March

31,

2021,

the

Fund

had

$3,600,000

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

90

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

91

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,789,170,279

$

–

$

–

$

4,789,170,279

Futures

Contracts

628,012

–

–

628,012

Repurchase

Agreements

–

12,243,759

–

12,243,759

Total

$

4,789,798,291

$

12,243,759

$

–

$

4,802,042,050

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

$

628,012

Total

$

628,012

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

92

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

97.3%

Shares

Value

($)

Aerospace

&

Defense

0.8%

AAR

Corp.*

5,966

248,484

Aerojet

Rocketdyne

Holdings,

Inc.

12,857

603,765

AeroVironment,

Inc.*

3,854

447,295

Astronics

Corp.*

4,253

76,724

Cubic

Corp.

5,701

425,124

Ducommun,

Inc.*

1,883

112,980

Kaman

Corp.

4,929

252,808

Kratos

Defense

&

Security

Solutions,

Inc.*

21,729

592,767

Maxar

Technologies,

Inc.

12,745

482,016

Moog,

Inc.,

Class

A

5,189

431,465

National

Presto

Industries,

Inc.

915

93,394

PAE,

Inc.*(a)

10,578

95,414

Park

Aerospace

Corp.

3,760

49,707

Parsons

Corp.*(a)

3,998

161,679

Triumph

Group,

Inc.*

9,179

168,710

Vectrus,

Inc.*

2,081

111,209

4,353,541

Air

Freight

&

Logistics

0.3%

Air

Transport

Services

Group,

Inc.*(a)

10,469

306,323

Atlas

Air

Worldwide

Holdings,

Inc.*(a)

4,593

277,601

Echo

Global

Logistics,

Inc.*

4,546

142,790

Forward

Air

Corp.

4,899

435,080

Hub

Group,

Inc.,

Class

A*

5,835

392,579

Radiant

Logistics,

Inc.*

6,586

45,772

1,600,145

Airlines

0.4%

Allegiant

Travel

Co.*

2,334

569,636

Hawaiian

Holdings,

Inc.*

8,538

227,709

Mesa

Air

Group,

Inc.*

5,941

79,906

SkyWest,

Inc.*

8,756

477,027

Spirit

Airlines,

Inc.*(a)

17,509

646,082

2,000,360

Auto

Components

1.4%

Adient

plc*

16,814

743,179

American

Axle

&

Manufacturing

Holdings,

Inc.*

20,051

193,693

Cooper

Tire

&

Rubber

Co.

8,962

501,693

Cooper-Standard

Holdings,

Inc.*

3,006

109,178

Dana,

Inc.

25,740

626,254

Dorman

Products,

Inc.*

4,753

487,848

Fox

Factory

Holding

Corp.*

7,375

937,067

Gentherm,

Inc.*

5,852

433,692

Goodyear

Tire

&

Rubber

Co.

(The)*

41,107

722,250

LCI

Industries

4,396

581,503

Modine

Manufacturing

Co.*

8,931

131,911

Motorcar

Parts

of

America,

Inc.*(a)

3,321

74,722

Patrick

Industries,

Inc.

3,996

339,660

Standard

Motor

Products,

Inc.

3,741

155,551

Stoneridge,

Inc.*

4,614

146,771

Tenneco,

Inc.,

Class

A*

9,116

97,724

Common

Stocks

Shares

Value

($)

Auto

Components

Visteon

Corp.*

4,940

602,433

XPEL,

Inc.

Reg.

S*

2,964

153,920

7,039,049

Automobiles

0.1%

Winnebago

Industries,

Inc.

5,526

423,900

Workhorse

Group,

Inc.*(a)

16,929

233,112

657,012

Banks

8.4%

1st

Constitution

Bancorp

1,841

32,420

1st

Source

Corp.

2,855

135,841

ACNB

Corp.

1,564

45,825

Allegiance

Bancshares,

Inc.

3,172

128,593

Altabancorp

2,939

123,556

Amalgamated

Financial

Corp.

2,311

38,339

Amerant

Bancorp,

Inc.*(a)

4,125

76,601

American

National

Bankshares,

Inc.

1,983

65,578

Ameris

Bancorp

11,880

623,819

Ames

National

Corp.

1,701

43,512

Arrow

Financial

Corp.

2,526

84,141

Atlantic

Capital

Bancshares,

Inc.*

3,670

88,447

Atlantic

Union

Bankshares

Corp.

13,997

536,925

Auburn

National

Bancorp,

Inc.

(a)

518

19,876

Banc

of

California,

Inc.(a)

8,018

144,965

BancFirst

Corp.

3,384

239,215

Bancorp,

Inc.

(The)*

9,211

190,852

BancorpSouth

Bank

17,704

575,026

Bank

First

Corp.(a)

1,148

86,089

Bank

of

Commerce

Holdings

2,924

37,281

Bank

of

Marin

Bancorp

2,384

93,357

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

8,975

343,024

Bank

of

Princeton

(The)

1,126

32,226

Bank7

Corp.

666

11,728

BankFinancial

Corp.

2,483

25,625

BankUnited,

Inc.(a)

16,331

717,747

Bankwell

Financial

Group,

Inc.

1,207

32,529

Banner

Corp.

5,471

291,768

Bar

Harbor

Bankshares

2,536

74,609

BayCom

Corp.*

1,787

32,202

BCB

Bancorp,

Inc.

2,763

38,129

Berkshire

Hills

Bancorp,

Inc.

7,613

169,922

Boston

Private

Financial

Holdings,

Inc.

14,139

188,331

Brookline

Bancorp,

Inc.

13,344

200,160

Bryn

Mawr

Bank

Corp.

3,549

161,515

Business

First

Bancshares,

Inc.

3,364

80,501

Byline

Bancorp,

Inc.

4,367

92,362

C&F

Financial

Corp.(a)

640

28,346

Cadence

Bancorp

20,381

422,498

California

Bancorp*(a)

1,325

23,598

Cambridge

Bancorp

1,164

98,148

Camden

National

Corp.

2,666

127,595

Capital

Bancorp,

Inc.*

1,347

25,984

Capital

City

Bank

Group,

Inc.

2,494

64,894

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

Banks

Capstar

Financial

Holdings,

Inc.

2,858

49,301

Carter

Bankshares,

Inc.*

4,072

56,845

Cathay

General

Bancorp

13,574

553,548

CB

Financial

Services,

Inc.

941

20,824

CBTX,

Inc.

3,071

94,341

Central

Pacific

Financial

Corp.

4,275

114,057

Central

Valley

Community

Bancorp

2,068

38,072

Century

Bancorp,

Inc.,

Class

A

493

46,002

Chemung

Financial

Corp.(a)

604

25,259

ChoiceOne

Financial

Services,

Inc.(a)

1,292

31,073

CIT

Group,

Inc.

17,568

904,928

Citizens

&

Northern

Corp.

2,453

58,332

Citizens

Holding

Co.(a)

994

19,781

City

Holding

Co.

2,795

228,575

Civista

Bancshares,

Inc.

3,025

69,394

CNB

Financial

Corp.

2,659

65,438

Coastal

Financial

Corp.*

1,704

44,679

Codorus

Valley

Bancorp,

Inc.

(a)

1,676

30,855

Colony

Bankcorp,

Inc.

1,526

23,806

Columbia

Banking

System,

Inc.

12,820

552,414

Community

Bank

System,

Inc.

9,421

722,779

Community

Bankers

Trust

Corp.

3,358

29,618

Community

Financial

Corp.

(The)

755

25,859

Community

Trust

Bancorp,

Inc.

2,834

124,781

ConnectOne

Bancorp,

Inc.

6,546

165,941

County

Bancorp,

Inc.(a)

857

20,542

CrossFirst

Bankshares,

Inc.*

8,567

118,139

Customers

Bancorp,

Inc.*

4,802

152,800

CVB

Financial

Corp.

23,096

510,191

Dime

Community

Bancshares,

Inc.

6,348

191,329

Eagle

Bancorp

Montana,

Inc.

1,271

30,911

Eagle

Bancorp,

Inc.

5,628

299,466

Eastern

Bankshares,

Inc.(a)

29,591

570,810

Enterprise

Bancorp,

Inc.

1,688

54,894

Enterprise

Financial

Services

Corp.

4,218

208,538

Equity

Bancshares,

Inc.,

Class

A*

2,654

72,720

Esquire

Financial

Holdings,

Inc.*

1,394

31,797

Evans

Bancorp,

Inc.

849

28,773

Farmers

&

Merchants

Bancorp,

Inc.(a)

1,782

44,799

Farmers

National

Banc

Corp.

4,886

81,596

FB

Financial

Corp.

5,668

251,999

Fidelity

D&D

Bancorp,

Inc.(a)

707

43,480

Financial

Institutions,

Inc.

2,929

88,719

First

Bancorp,

Inc.

(The)

2,016

58,847

First

Bancorp/NC

5,100

221,850

First

Bancorp/PR

38,677

435,503

First

Bancshares,

Inc.

(The)

3,690

135,091

First

Bank

2,813

34,234

Common

Stocks

Shares

Value

($)

Banks

First

Busey

Corp.

9,233

236,826

First

Business

Financial

Services,

Inc.

1,460

36,106

First

Capital,

Inc.(a)

622

30,298

First

Choice

Bancorp

2,037

49,519

First

Commonwealth

Financial

Corp.

14,809

212,805

First

Community

Bankshares,

Inc.

3,157

94,678

First

Community

Corp.

1,345

26,833

First

Financial

Bancorp

17,145

411,480

First

Financial

Bankshares,

Inc.

23,025

1,075,958

First

Financial

Corp.

2,359

106,179

First

Foundation,

Inc.

7,007

164,384

First

Guaranty

Bancshares,

Inc.

451

8,077

First

Internet

Bancorp

1,729

60,913

First

Interstate

BancSystem,

Inc.,

Class

A

7,274

334,895

First

Merchants

Corp.

9,653

448,865

First

Mid

Bancshares,

Inc.

2,726

119,753

First

Midwest

Bancorp,

Inc.

20,274

444,203

First

Northwest

Bancorp

1,753

29,135

First

of

Long

Island

Corp.

(The)

4,323

91,864

First

Savings

Financial

Group,

Inc.(a)

365

24,506

First

United

Corp.

1,304

22,976

First

Western

Financial,

Inc.*

1,162

29,062

Flushing

Financial

Corp.

5,383

114,281

FNCB

Bancorp,

Inc.

3,053

23,020

Franklin

Financial

Services

Corp.

746

23,260

Fulton

Financial

Corp.

28,424

484,061

FVCBankcorp,

Inc.*

1,843

31,921

German

American

Bancorp,

Inc.

4,413

203,969

Glacier

Bancorp,

Inc.

17,089

975,440

Great

Southern

Bancorp,

Inc.

1,895

107,390

Great

Western

Bancorp,

Inc.

9,787

296,448

Guaranty

Bancshares,

Inc.

1,545

56,779

Hancock

Whitney

Corp.

15,402

647,038

Hanmi

Financial

Corp.

5,514

108,791

HarborOne

Bancorp,

Inc.

9,572

128,935

Hawthorn

Bancshares,

Inc.

1,095

23,313

HBT

Financial,

Inc.

1,923

32,922

Heartland

Financial

USA,

Inc.

6,213

312,265

Heritage

Commerce

Corp.

10,831

132,355

Heritage

Financial

Corp.

5,919

167,153

Hilltop

Holdings,

Inc.

11,718

399,935

Home

BancShares,

Inc.

27,278

737,870

HomeTrust

Bancshares,

Inc.

2,717

66,159

Hope

Bancorp,

Inc.

21,019

316,546

Horizon

Bancorp,

Inc.

7,628

141,728

Howard

Bancorp,

Inc.*

2,455

40,360

Independent

Bank

Corp./MA

5,867

493,943

Independent

Bank

Corp./MI

3,710

87,704

Independent

Bank

Group,

Inc.

6,638

479,529

International

Bancshares

Corp.

9,529

442,336

94

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

Investar

Holding

Corp.

1,779

36,558

Investors

Bancorp,

Inc.(a)

41,363

607,622

Lakeland

Bancorp,

Inc.

9,006

156,975

Lakeland

Financial

Corp.

4,359

301,599

Landmark

Bancorp,

Inc.(a)

739

19,524

LCNB

Corp.

2,345

41,037

Level

One

Bancorp,

Inc.

959

24,723

Limestone

Bancorp,

Inc.*

925

14,661

Live

Oak

Bancshares,

Inc.

5,066

346,970

Macatawa

Bank

Corp.

4,756

47,322

Mackinac

Financial

Corp.

1,953

27,381

MainStreet

Bancshares,

Inc.*

1,133

23,521

Mercantile

Bank

Corp.

2,747

89,195

Meridian

Corp.

913

23,738

Metrocity

Bankshares,

Inc.

3,127

48,093

Metropolitan

Bank

Holding

Corp.*

1,264

63,655

Mid

Penn

Bancorp,

Inc.

1,068

28,633

Middlefield

Banc

Corp.(a)

1,140

23,894

Midland

States

Bancorp,

Inc.

3,792

105,190

MidWestOne

Financial

Group,

Inc.

2,578

79,841

MVB

Financial

Corp.

1,609

54,384

National

Bank

Holdings

Corp.,

Class

A

5,315

210,899

National

Bankshares,

Inc.

1,221

43,358

NBT

Bancorp,

Inc.

7,564

301,804

Nicolet

Bankshares,

Inc.*

1,685

140,630

Northeast

Bank

1,084

28,607

Northrim

Bancorp,

Inc.

1,166

49,567

Norwood

Financial

Corp.

1,111

29,564

Oak

Valley

Bancorp

1,041

17,853

OceanFirst

Financial

Corp.

10,656

255,105

OFG

Bancorp

9,043

204,553

Ohio

Valley

Banc

Corp.

831

20,177

Old

National

Bancorp

27,950

540,553

Old

Second

Bancorp,

Inc.

5,318

70,251

Origin

Bancorp,

Inc.

3,876

164,381

Orrstown

Financial

Services,

Inc.

2,157

48,101

Pacific

Premier

Bancorp,

Inc.

14,285

620,540

Park

National

Corp.(a)

2,576

333,077

Parke

Bancorp,

Inc.

2,113

42,239

Partners

Bancorp(a)

1,694

12,383

PCB

Bancorp

2,152

32,280

Peapack-Gladstone

Financial

Corp.

3,237

99,959

Penns

Woods

Bancorp,

Inc.

1,298

31,269

Peoples

Bancorp

of

North

Carolina,

Inc.

776

18,345

Peoples

Bancorp,

Inc.

3,252

107,869

Peoples

Financial

Services

Corp.

1,299

54,870

Plumas

Bancorp

953

27,875

Preferred

Bank

2,456

156,398

Premier

Financial

Bancorp,

Inc.

2,326

43,240

Primis

Financial

Corp.

3,404

49,494

Professional

Holding

Corp.,

Class

A*

2,128

39,091

Common

Stocks

Shares

Value

($)

Banks

QCR

Holdings,

Inc.

2,641

124,708

RBB

Bancorp

2,959

59,979

Red

River

Bancshares,

Inc.

901

50,465

Reliant

Bancorp,

Inc.

2,714

77,946

Renasant

Corp.(a)

9,671

400,186

Republic

Bancorp,

Inc.,

Class

A

1,872

82,911

Republic

First

Bancorp,

Inc.*

8,842

33,334

Richmond

Mutual

Bancorp,

Inc.

2,547

34,537

S&T

Bancorp,

Inc.

6,754

226,259

Salisbury

Bancorp,

Inc.

484

21,494

Sandy

Spring

Bancorp,

Inc.

8,212

356,647

SB

Financial

Group,

Inc.

1,216

22,204

Seacoast

Banking

Corp.

of

Florida*

9,096

329,639

Select

Bancorp,

Inc.*

3,085

34,151

ServisFirst

Bancshares,

Inc.

8,674

531,976

Shore

Bancshares,

Inc.

2,225

37,870

Sierra

Bancorp

2,674

71,663

Silvergate

Capital

Corp.,

Class

A*

3,466

492,761

Simmons

First

National

Corp.,

Class

A

18,593

551,654

SmartFinancial,

Inc.

2,666

57,719

South

Plains

Financial,

Inc.

1,722

39,124

South

State

Corp.

12,481

979,883

Southern

First

Bancshares,

Inc.*

1,286

60,288

Southside

Bancshares,

Inc.

5,643

217,312

Spirit

of

Texas

Bancshares,

Inc.

2,337

52,138

Stock

Yards

Bancorp,

Inc.(a)

3,694

188,616

Summit

Financial

Group,

Inc.

1,901

50,472

Texas

Capital

Bancshares,

Inc.*

9,008

638,847

Tompkins

Financial

Corp.

2,556

211,381

Towne

Bank

12,030

365,712

TriCo

Bancshares

4,761

225,529

TriState

Capital

Holdings,

Inc.*

4,878

112,487

Triumph

Bancorp,

Inc.*

4,016

310,798

Trustmark

Corp.

11,256

378,877

UMB

Financial

Corp.

7,771

717,496

United

Bankshares,

Inc.

22,044

850,458

United

Community

Banks,

Inc.

12,726

434,211

United

Security

Bancshares

2,744

22,473

Unity

Bancorp,

Inc.

1,542

33,924

Univest

Financial

Corp.

5,328

152,328

Valley

National

Bancorp

71,203

978,329

Veritex

Holdings,

Inc.

8,240

269,613

Washington

Trust

Bancorp,

Inc.

3,055

157,730

WesBanco,

Inc.

11,692

421,614

West

Bancorp,

Inc.

3,074

74,053

Westamerica

Bancorp

4,697

294,878

43,407,517

Beverages

0.3%

Celsius

Holdings,

Inc.*

6,473

311,028

Coca-Cola

Consolidated,

Inc.

843

243,441

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

Beverages

MGP

Ingredients,

Inc.

2,309

136,577

National

Beverage

Corp.(a)

4,214

206,107

NewAge,

Inc.*(a)

16,742

47,882

Primo

Water

Corp.

27,977

454,906

1,399,941

Biotechnology

9.7%

4D

Molecular

Therapeutics,

Inc.*(a)

1,358

58,910

89bio,

Inc.*

1,566

37,083

Abeona

Therapeutics,

Inc.*(a)

10,125

19,035

ADMA

Biologics,

Inc.*(a)

10,654

18,751

Adverum

Biotechnologies,

Inc.*(a)

15,944

157,208

Aeglea

BioTherapeutics,

Inc.*(a)

7,844

62,124

Affimed

NV*

20,066

158,722

Agenus,

Inc.*

27,976

76,095

Akebia

Therapeutics,

Inc.*

25,470

86,216

Akero

Therapeutics,

Inc.*

2,432

70,552

Akouos,

Inc.*

4,313

59,821

Albireo

Pharma,

Inc.*(a)

3,056

107,724

Alector,

Inc.*(a)

8,205

165,249

Aligos

Therapeutics,

Inc.*(a)

1,822

41,432

Allakos,

Inc.*

4,679

537,056

Allogene

Therapeutics,

Inc.*

9,643

340,398

Allovir,

Inc.*

5,252

122,897

ALX

Oncology

Holdings,

Inc.*(a)

3,100

228,594

Amicus

Therapeutics,

Inc.*

45,884

453,334

AnaptysBio,

Inc.*(a)

3,690

79,519

Anavex

Life

Sciences

Corp.*(a)

10,413

155,674

Anika

Therapeutics,

Inc.*

2,587

105,524

Annexon,

Inc.*(a)

4,703

130,932

Apellis

Pharmaceuticals,

Inc.*(a)

10,765

461,926

Applied

Genetic

Technologies

Corp.*(a)

7,548

38,268

Applied

Molecular

Transport,

Inc.*(a)

3,937

173,267

Applied

Therapeutics,

Inc.*

2,728

51,164

Aprea

Therapeutics,

Inc.*

1,299

6,625

Aptinyx,

Inc.*(a)

5,883

17,649

Aravive,

Inc.*(a)

2,285

15,058

Arcturus

Therapeutics

Holdings,

Inc.*(a)

3,609

149,052

Arcus

Biosciences,

Inc.*(a)

7,599

213,380

Arcutis

Biotherapeutics,

Inc.*

4,110

118,902

Ardelyx,

Inc.*

13,170

87,185

Arena

Pharmaceuticals,

Inc.*

10,383

720,476

Arrowhead

Pharmaceuticals,

Inc.*(a)

18,246

1,209,892

Assembly

Biosciences,

Inc.*

5,596

25,742

Atara

Biotherapeutics,

Inc.*

14,285

205,133

Athenex,

Inc.*(a)

12,789

54,993

Athersys,

Inc.*(a)

30,891

55,604

Atreca,

Inc.,

Class

A*(a)

5,008

76,773

AVEO

Pharmaceuticals,

Inc.*(a)

3,755

27,487

Common

Stocks

Shares

Value

($)

Biotechnology

Avid

Bioservices,

Inc.*

10,632

193,821

Avidity

Biosciences,

Inc.*(a)

5,407

117,927

Avrobio,

Inc.*

6,314

80,125

Axcella

Health,

Inc.*

2,743

13,057

Aziyo

Biologics,

Inc.,

Class

A*(a)

370

5,113

Beam

Therapeutics,

Inc.*(a)

7,118

569,725

Beyondspring,

Inc.*(a)

3,414

37,793

BioAtla,

Inc.*

2,047

104,069

BioCryst

Pharmaceuticals,

Inc.*(a)

31,540

320,762

Biohaven

Pharmaceutical

Holding

Co.

Ltd.*

8,586

586,853

Bioxcel

Therapeutics,

Inc.*(a)

2,306

99,527

Black

Diamond

Therapeutics,

Inc.*(a)

3,244

78,699

Blueprint

Medicines

Corp.*

9,872

959,855

Bolt

Biotherapeutics,

Inc.*(a)

2,215

72,896

BrainStorm

Cell

Therapeutics,

Inc.*(a)

4,837

18,526

Bridgebio

Pharma,

Inc.*(a)

16,772

1,033,155

C4

Therapeutics,

Inc.*(a)

1,926

71,243

Cabaletta

Bio,

Inc.*

2,289

25,408

Calithera

Biosciences,

Inc.*

12,048

29,156

Calyxt,

Inc.*(a)

1,996

12,016

CareDx,

Inc.*

8,954

609,678

CASI

Pharmaceuticals,

Inc.*(a)

12,979

31,150

Catabasis

Pharmaceuticals,

Inc.*(a)

3,356

9,699

Catalyst

Biosciences,

Inc.*

5,312

26,772

Catalyst

Pharmaceuticals,

Inc.*

17,311

79,804

CEL-SCI

Corp.*

6,295

95,747

Centogene

NV*

1,694

20,548

Checkmate

Pharmaceuticals,

Inc.*

1,488

18,064

Checkpoint

Therapeutics,

Inc.*(a)

8,467

26,586

ChemoCentryx,

Inc.*

8,882

455,114

Chimerix,

Inc.*

10,567

101,866

Chinook

Therapeutics,

Inc.*

2,552

39,658

Cidara

Therapeutics,

Inc.*(a)

6,154

16,370

Clovis

Oncology,

Inc.*(a)

14,861

104,324

Codiak

Biosciences,

Inc.*

1,002

15,110

Cohbar,

Inc.

Reg.

S*(a)

6,717

9,135

Coherus

Biosciences,

Inc.*(a)

10,568

154,398

Concert

Pharmaceuticals,

Inc.*

5,273

26,312

Constellation

Pharmaceuticals,

Inc.*

5,525

129,230

ContraFect

Corp.*(a)

4,828

23,174

Corbus

Pharmaceuticals

Holdings,

Inc.*(a)

12,520

24,664

Cortexyme,

Inc.*(a)

2,870

103,406

Crinetics

Pharmaceuticals,

Inc.*(a)

4,819

73,634

Cue

Biopharma,

Inc.*

5,073

61,891

Cullinan

Oncology,

Inc.*(a)

2,315

96,466

Cyclerion

Therapeutics,

Inc.*

3,820

10,658

Cytokinetics,

Inc.*(a)

11,954

278,050

CytomX

Therapeutics,

Inc.*

10,912

84,350

96

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Decibel

Therapeutics,

Inc.*(a)

1,209

13,734

Deciphera

Pharmaceuticals,

Inc.*

6,881

308,544

Denali

Therapeutics,

Inc.*

11,218

640,548

DermTech,

Inc.*(a)

1,821

92,489

Dicerna

Pharmaceuticals,

Inc.*

11,803

301,803

Dyadic

International,

Inc.*(a)

3,692

20,269

Dynavax

Technologies

Corp.*(a)

19,060

187,360

Dyne

Therapeutics,

Inc.*(a)

2,885

44,804

Eagle

Pharmaceuticals,

Inc.*(a)

1,919

80,099

Editas

Medicine,

Inc.*(a)

11,900

499,800

Eiger

BioPharmaceuticals,

Inc.*(a)

5,304

46,940

Emergent

BioSolutions,

Inc.*

8,044

747,368

Enanta

Pharmaceuticals,

Inc.*

3,456

170,450

Enochian

Biosciences,

Inc.*

2,332

8,255

Epizyme,

Inc.*(a)

15,774

137,392

Esperion

Therapeutics,

Inc.*(a)

4,592

128,806

Evelo

Biosciences,

Inc.*(a)

4,066

43,506

Exicure,

Inc.*(a)

10,693

23,311

Fate

Therapeutics,

Inc.*

13,576

1,119,341

Fennec

Pharmaceuticals,

Inc.*(a)

4,021

24,970

FibroGen,

Inc.*(a)

15,031

521,726

Five

Prime

Therapeutics,

Inc.*(a)

5,788

218,034

Flexion

Therapeutics,

Inc.*

7,843

70,195

Foghorn

Therapeutics,

Inc.*(a)

1,298

17,108

Forma

Therapeutics

Holdings,

Inc.*(a)

5,363

150,271

Fortress

Biotech,

Inc.*

12,213

43,112

Frequency

Therapeutics,

Inc.*

4,536

43,092

G1

Therapeutics,

Inc.*(a)

6,110

147,007

Galectin

Therapeutics,

Inc.*(a)

6,784

14,721

Galera

Therapeutics,

Inc.*

1,286

11,343

Generation

Bio

Co.*(a)

7,142

203,261

Genprex,

Inc.*(a)

4,875

21,011

Geron

Corp.*(a)

51,412

81,231

GlycoMimetics,

Inc.*(a)

6,866

20,667

Gossamer

Bio,

Inc.*(a)

10,165

94,026

Gritstone

Oncology,

Inc.*(a)

5,523

52,082

Halozyme

Therapeutics,

Inc.*(a)

23,732

989,387

Harpoon

Therapeutics,

Inc.*(a)

2,394

50,082

Heron

Therapeutics,

Inc.*(a)

15,648

253,654

Homology

Medicines,

Inc.*(a)

6,242

58,737

Hookipa

Pharma,

Inc.*

2,375

31,944

iBio,

Inc.*(a)

37,700

58,058

Ideaya

Biosciences,

Inc.*(a)

3,231

75,928

IGM

Biosciences,

Inc.*(a)

1,301

99,774

Immunic,

Inc.*(a)

1,095

17,454

ImmunityBio,

Inc.*(a)

5,636

133,799

ImmunoGen,

Inc.*

34,187

276,915

Immunome,

Inc.*(a)

351

11,892

Immunovant,

Inc.*

6,766

108,527

Inhibrx,

Inc.*

1,467

29,443

Inovio

Pharmaceuticals,

Inc.*(a)

33,002

306,259

Common

Stocks

Shares

Value

($)

Biotechnology

Inozyme

Pharma,

Inc.*(a)

2,082

41,224

Insmed,

Inc.*

18,065

615,294

Intellia

Therapeutics,

Inc.*(a)

9,778

784,733

Intercept

Pharmaceuticals,

Inc.*(a)

4,713

108,776

Invitae

Corp.*

21,614

825,871

Ironwood

Pharmaceuticals,

Inc.*

28,532

318,988

iTeos

Therapeutics,

Inc.*

3,485

119,117

IVERIC

bio,

Inc.*(a)

14,359

88,739

Jounce

Therapeutics,

Inc.*

2,840

29,167

Kadmon

Holdings,

Inc.*(a)

31,129

121,092

KalVista

Pharmaceuticals,

Inc.*(a)

3,381

86,858

Karuna

Therapeutics,

Inc.*

2,798

336,404

Karyopharm

Therapeutics,

Inc.*(a)

12,771

134,351

Keros

Therapeutics,

Inc.*

2,353

144,827

Kezar

Life

Sciences,

Inc.*

5,327

31,749

Kindred

Biosciences,

Inc.*(a)

6,273

31,177

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

4,789

88,644

Kinnate

Biopharma,

Inc.*(a)

2,371

73,880

Kodiak

Sciences,

Inc.*(a)

5,862

664,692

Kronos

Bio,

Inc.*(a)

2,637

77,185

Krystal

Biotech,

Inc.*

2,681

206,544

Kura

Oncology,

Inc.*

11,161

315,521

Kymera

Therapeutics,

Inc.*

1,819

70,686

La

Jolla

Pharmaceutical

Co.*(a)

3,164

13,415

Lexicon

Pharmaceuticals,

Inc.*(a)

8,813

51,732

Ligand

Pharmaceuticals,

Inc.*(a)

2,566

391,187

LogicBio

Therapeutics,

Inc.*(a)

3,095

22,532

MacroGenics,

Inc.*

9,724

309,709

Madrigal

Pharmaceuticals,

Inc.*(a)

1,543

180,485

Magenta

Therapeutics,

Inc.*

3,594

42,553

MannKind

Corp.*(a)

40,392

158,337

Marker

Therapeutics,

Inc.*

4,374

9,798

MediciNova,

Inc.*(a)

7,448

37,612

MEI

Pharma,

Inc.*

19,172

65,760

MeiraGTx

Holdings

plc*

4,173

60,216

Mersana

Therapeutics,

Inc.*(a)

9,593

155,215

Metacrine,

Inc.*

1,193

7,397

Minerva

Neurosciences,

Inc.*(a)

5,849

17,079

Mirati

Therapeutics,

Inc.*

7,630

1,307,019

Mirum

Pharmaceuticals,

Inc.*

1,125

22,298

Molecular

Templates,

Inc.*

4,401

55,541

Morphic

Holding,

Inc.*

2,505

158,516

Mustang

Bio,

Inc.*

9,085

30,162

Myriad

Genetics,

Inc.*

12,711

387,050

Natera,

Inc.*

13,490

1,369,775

Neoleukin

Therapeutics,

Inc.*(a)

5,382

66,252

NeuBase

Therapeutics,

Inc.*(a)

3,240

23,944

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Biotechnology

NeuroBo

Pharmaceuticals,

Inc.*(a)

816

3,590

NexImmune,

Inc.*(a)

1,071

20,435

NextCure,

Inc.*

2,915

29,179

Nkarta,

Inc.*(a)

3,612

118,835

Novavax,

Inc.*

10,988

1,992,234

Nurix

Therapeutics,

Inc.*(a)

4,249

132,101

Nymox

Pharmaceutical

Corp.*

7,125

15,817

Olema

Pharmaceuticals,

Inc.*(a)

2,126

70,541

Oncocyte

Corp.*(a)

12,650

65,653

Oncorus,

Inc.*

1,195

16,634

OPKO

Health,

Inc.*(a)

71,206

305,474

Organogenesis

Holdings,

Inc.*

4,339

79,057

Orgenesis,

Inc.*(a)

3,446

19,746

ORIC

Pharmaceuticals,

Inc.*(a)

4,003

98,074

Ovid

therapeutics,

Inc.*

8,042

32,329

Oyster

Point

Pharma,

Inc.*(a)

953

17,421

Pandion

Therapeutics,

Inc.*

2,231

133,972

Passage

Bio,

Inc.*(a)

5,102

89,183

PhaseBio

Pharmaceuticals,

Inc.*

2,678

9,266

Pieris

Pharmaceuticals,

Inc.*(a)

9,307

23,919

PMV

Pharmaceuticals,

Inc.*(a)

2,465

81,074

Poseida

Therapeutics,

Inc.*(a)

5,799

55,380

Praxis

Precision

Medicines,

Inc.*(a)

1,990

65,192

Precigen,

Inc.*(a)

12,523

86,283

Precision

BioSciences,

Inc.*

8,486

87,830

Prelude

Therapeutics,

Inc.*

1,762

76,347

Protagonist

Therapeutics,

Inc.*

6,270

162,393

Protara

Therapeutics,

Inc.*(a)

377

5,934

Prothena

Corp.

plc*

5,519

138,637

PTC

Therapeutics,

Inc.*

11,044

522,933

Puma

Biotechnology,

Inc.*(a)

5,459

53,061

Radius

Health,

Inc.*

8,068

168,298

RAPT

Therapeutics,

Inc.*(a)

2,070

45,954

REGENXBIO,

Inc.*

6,877

234,574

Relay

Therapeutics,

Inc.*

8,158

282,022

Replimune

Group,

Inc.*

4,293

130,979

REVOLUTION

Medicines,

Inc.*

7,610

349,147

Rhythm

Pharmaceuticals,

Inc.*

6,779

144,189

Rigel

Pharmaceuticals,

Inc.*

30,502

104,317

Rocket

Pharmaceuticals,

Inc.*(a)

6,660

295,504

Rubius

Therapeutics,

Inc.*(a)

6,421

170,156

Sangamo

Therapeutics,

Inc.*(a)

20,553

257,529

Savara,

Inc.*(a)

8,351

17,370

Scholar

Rock

Holding

Corp.*

4,536

229,794

Scopus

Biopharma,

Inc.*(a)

866

7,318

Selecta

Biosciences,

Inc.*(a)

11,936

54,010

Sensei

Biotherapeutics,

Inc.*(a)

1,285

18,671

Seres

Therapeutics,

Inc.*(a)

9,842

202,647

Shattuck

Labs,

Inc.*(a)

2,365

69,153

Sigilon

Therapeutics,

Inc.*

1,317

29,435

Common

Stocks

Shares

Value

($)

Biotechnology

Silverback

Therapeutics,

Inc.*

2,233

97,426

Soleno

Therapeutics,

Inc.*

11,408

14,374

Solid

Biosciences,

Inc.*(a)

4,952

27,385

Sorrento

Therapeutics,

Inc.*(a)

44,648

369,239

Spectrum

Pharmaceuticals,

Inc.*

25,766

83,997

Spero

Therapeutics,

Inc.*(a)

3,689

54,302

SpringWorks

Therapeutics,

Inc.*

4,266

313,850

Spruce

Biosciences,

Inc.*(a)

1,257

20,866

SQZ

Biotechnologies

Co.*(a)

804

10,999

Stoke

Therapeutics,

Inc.*

2,423

94,109

Sutro

Biopharma,

Inc.*(a)

5,780

131,553

Syndax

Pharmaceuticals,

Inc.*(a)

5,538

123,830

Syros

Pharmaceuticals,

Inc.*

8,378

62,667

Taysha

Gene

Therapies,

Inc.*(a)

1,566

31,790

TCR2

Therapeutics,

Inc.*

5,152

113,756

TG

Therapeutics,

Inc.*(a)

21,682

1,045,072

Translate

Bio,

Inc.*

12,223

201,557

Travere

Therapeutics,

Inc.*

9,832

245,505

Turning

Point

Therapeutics,

Inc.*

6,668

630,726

Twist

Bioscience

Corp.*

8,368

1,036,460

Tyme

Technologies,

Inc.*(a)

12,332

21,951

Ultragenyx

Pharmaceutical,

Inc.*

11,335

1,290,603

UNITY

Biotechnology,

Inc.*(a)

6,035

36,210

UroGen

Pharma

Ltd.*(a)

3,543

69,018

Vanda

Pharmaceuticals,

Inc.*

9,716

145,934

Vaxart,

Inc.*(a)

9,413

56,949

Vaxcyte,

Inc.*(a)

5,133

101,377

VBI

Vaccines,

Inc.*(a)

32,191

100,114

Veracyte,

Inc.*

11,815

635,056

Verastem,

Inc.*

30,843

76,182

Vericel

Corp.*(a)

8,125

451,344

Viking

Therapeutics,

Inc.*(a)

12,181

77,045

Vir

Biotechnology,

Inc.*(a)

9,588

491,577

Vor

BioPharma,

Inc.*(a)

2,001

86,243

Voyager

Therapeutics,

Inc.*(a)

4,843

22,811

vTv

Therapeutics,

Inc.,

Class

A*(a)

1,897

5,350

X4

Pharmaceuticals,

Inc.*

3,262

28,086

XBiotech,

Inc.*(a)

2,425

41,637

Xencor,

Inc.*

9,914

426,897

XOMA

Corp.*(a)

1,053

42,973

Y-mAbs

Therapeutics,

Inc.*(a)

5,506

166,501

Zentalis

Pharmaceuticals,

Inc.*(a)

5,187

225,064

ZIOPHARM

Oncology,

Inc.*(a)

38,224

137,606

50,112,224

Building

Products

1.7%

AAON,

Inc.(a)

7,323

512,683

Advanced

Drainage

Systems,

Inc.

10,040

1,038,036

Alpha

Pro

Tech

Ltd.*

2,088

20,379

American

Woodmark

Corp.*

3,030

298,697

Apogee

Enterprises,

Inc.

4,595

187,844

98

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Building

Products

Builders

FirstSource,

Inc.*

36,333

1,684,761

Caesarstone

Ltd.

4,077

55,977

Cornerstone

Building

Brands,

Inc.*

7,951

111,553

CSW

Industrials,

Inc.

2,436

328,860

Gibraltar

Industries,

Inc.*

5,823

532,863

Griffon

Corp.

8,144

221,272

Insteel

Industries,

Inc.

3,264

100,662

JELD-WEN

Holding,

Inc.*

12,149

336,406

Masonite

International

Corp.*

4,367

503,253

PGT

Innovations,

Inc.*

10,192

257,348

Quanex

Building

Products

Corp.

5,843

153,262

Resideo

Technologies,

Inc.*

25,629

724,019

Simpson

Manufacturing

Co.,

Inc.

7,762

805,152

UFP

Industries,

Inc.

10,637

806,710

8,679,737

Capital

Markets

1.5%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

10,063

524,987

Assetmark

Financial

Holdings,

Inc.*

3,032

70,767

Associated

Capital

Group,

Inc.,

Class

A

391

14,021

B.

Riley

Financial,

Inc.

3,552

200,262

BGC

Partners,

Inc.,

Class

A

55,337

267,278

Blucora,

Inc.*

8,570

142,605

Brightsphere

Investment

Group,

Inc.

11,015

224,486

Cohen

&

Steers,

Inc.

4,368

285,361

Cowen,

Inc.,

Class

A

4,585

161,163

Diamond

Hill

Investment

Group,

Inc.

540

84,245

Donnelley

Financial

Solutions,

Inc.*

5,319

148,028

Federated

Hermes,

Inc.,

Class

B

16,955

530,691

Focus

Financial

Partners,

Inc.,

Class

A*

6,821

283,890

GAMCO

Investors,

Inc.,

Class

A

1,077

19,978

Greenhill

&

Co.,

Inc.

2,718

44,793

Hamilton

Lane,

Inc.,

Class

A

5,731

507,537

Houlihan

Lokey,

Inc.

9,229

613,821

Moelis

&

Co.,

Class

A

9,398

515,762

Oppenheimer

Holdings,

Inc.,

Class

A

1,645

65,882

Piper

Sandler

Cos.

3,120

342,108

PJT

Partners,

Inc.,

Class

A

4,153

280,950

Pzena

Investment

Management,

Inc.,

Class

A

3,204

33,738

Safeguard

Scientifics,

Inc.*

3,893

26,550

Sculptor

Capital

Management,

Inc.(a)

3,253

71,176

Siebert

Financial

Corp.*

2,167

8,776

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,384

19,902

Common

Stocks

Shares

Value

($)

Capital

Markets

StepStone

Group,

Inc.,

Class

A(a)

3,507

123,692

Stifel

Financial

Corp.

17,818

1,141,421

StoneX

Group,

Inc.*

2,954

193,133

Value

Line,

Inc.

289

8,147

Virtus

Investment

Partners,

Inc.

1,307

307,799

Waddell

&

Reed

Financial,

Inc.,

Class

A

10,949

274,272

Westwood

Holdings

Group,

Inc.

1,441

20,837

WisdomTree

Investments,

Inc.

24,754

154,713

7,712,771

Chemicals

1.7%

Advanced

Emissions

Solutions,

Inc.*

2,872

15,796

AdvanSix,

Inc.*

4,891

131,177

AgroFresh

Solutions,

Inc.*

5,205

10,410

American

Vanguard

Corp.

5,212

106,377

Amyris,

Inc.*

18,955

362,041

Avient

Corp.

16,280

769,556

Balchem

Corp.

5,728

718,348

Chase

Corp.

1,303

151,656

Ferro

Corp.*(a)

14,530

244,976

FutureFuel

Corp.

4,472

64,978

GCP

Applied

Technologies,

Inc.*

8,771

215,240

Hawkins,

Inc.

3,428

114,907

HB

Fuller

Co.

9,268

583,050

Ingevity

Corp.*

7,377

557,185

Innospec,

Inc.

4,376

449,371

Intrepid

Potash,

Inc.*

1,734

56,459

Koppers

Holdings,

Inc.*

3,675

127,743

Kraton

Corp.*

5,583

204,282

Kronos

Worldwide,

Inc.

3,897

59,624

Livent

Corp.*(a)

26,045

451,099

Marrone

Bio

Innovations,

Inc.*(a)

11,788

24,637

Minerals

Technologies,

Inc.

6,076

457,644

Orion

Engineered

Carbons

SA*

10,831

213,587

PQ

Group

Holdings,

Inc.

6,824

113,961

Quaker

Chemical

Corp.(a)

2,367

577,004

Rayonier

Advanced

Materials,

Inc.*(a)

11,107

100,740

Sensient

Technologies

Corp.

7,551

588,978

Stepan

Co.

3,826

486,323

Trecora

Resources*(a)

4,692

36,457

Tredegar

Corp.

4,689

70,382

Trinseo

SA

6,861

436,840

Tronox

Holdings

plc,

Class

A

19,326

353,666

8,854,494

Commercial

Services

&

Supplies

1.8%

ABM

Industries,

Inc.

12,004

612,324

ACCO

Brands

Corp.

16,601

140,112

Brady

Corp.,

Class

A

8,432

450,690

BrightView

Holdings,

Inc.*

7,224

121,869

Brink's

Co.

(The)

8,768

694,689

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Casella

Waste

Systems,

Inc.,

Class

A*

8,690

552,423

CECO

Environmental

Corp.*

5,736

45,487

Cimpress

plc*(a)

3,186

319,014

CompX

International,

Inc.

256

4,611

CoreCivic,

Inc.

21,241

192,231

Covanta

Holding

Corp.

21,241

294,400

Deluxe

Corp.

7,442

312,266

Ennis,

Inc.

4,363

93,150

Harsco

Corp.*

13,925

238,814

Healthcare

Services

Group,

Inc.(a)

13,337

373,836

Heritage-Crystal

Clean,

Inc.*

2,825

76,642

Herman

Miller,

Inc.

10,566

434,791

HNI

Corp.

7,598

300,577

Interface,

Inc.

10,530

131,414

KAR

Auction

Services,

Inc.*(a)

23,137

347,055

Kimball

International,

Inc.,

Class

B

6,445

90,230

Knoll,

Inc.

8,854

146,180

Matthews

International

Corp.,

Class

A

5,519

218,276

Montrose

Environmental

Group,

Inc.*

3,793

190,371

NL

Industries,

Inc.

1,098

8,180

Pitney

Bowes,

Inc.

30,135

248,312

Quad/Graphics,

Inc.*

5,740

20,262

SP

Plus

Corp.*

4,164

136,538

Steelcase,

Inc.,

Class

A

15,331

220,613

Team,

Inc.*

5,305

61,167

Tetra

Tech,

Inc.

9,607

1,303,862

UniFirst

Corp.

2,687

601,109

US

Ecology,

Inc.*(a)

5,609

233,559

Viad

Corp.*

3,632

151,636

Vidler

Water

Resouces,

Inc.*

3,189

28,382

VSE

Corp.

1,797

70,982

9,466,054

Communications

Equipment

0.7%

ADTRAN,

Inc.

8,589

143,265

Applied

Optoelectronics,

Inc.*(a)

3,850

32,186

CalAmp

Corp.*

6,103

66,218

Calix,

Inc.*

9,414

326,289

Cambium

Networks

Corp.*

1,431

66,856

Casa

Systems,

Inc.*

5,741

54,712

Clearfield,

Inc.*

1,957

58,964

Comtech

Telecommunications

Corp.

4,376

108,700

Digi

International,

Inc.*

5,261

99,906

DZS,

Inc.*

2,642

41,083

Extreme

Networks,

Inc.*

21,618

189,158

Genasys,

Inc.*

5,926

39,645

Harmonic,

Inc.*

17,041

133,601

Infinera

Corp.*(a)

29,093

280,166

Inseego

Corp.*(a)

12,753

127,530

KVH

Industries,

Inc.*

2,780

35,250

NETGEAR,

Inc.*

5,355

220,090

NetScout

Systems,

Inc.*(a)

12,581

354,281

PC-Tel,

Inc.*

3,383

23,512

Common

Stocks

Shares

Value

($)

Communications

Equipment

Plantronics,

Inc.*(a)

6,137

238,791

Resonant,

Inc.*

9,124

38,686

Ribbon

Communications,

Inc.*

12,026

98,733

Viavi

Solutions,

Inc.*

40,756

639,869

3,417,491

Construction

&

Engineering

1.5%

Aegion

Corp.*

5,383

154,761

Ameresco,

Inc.,

Class

A*

4,393

213,632

API

Group

Corp.

Reg.

S*(b)

24,853

513,960

Arcosa,

Inc.

8,625

561,401

Argan,

Inc.(a)

2,648

141,271

Comfort

Systems

USA,

Inc.

6,420

480,023

Concrete

Pumping

Holdings,

Inc.*

4,739

35,116

Construction

Partners,

Inc.,

Class

A*

4,980

148,802

Dycom

Industries,

Inc.*

5,496

510,304

EMCOR

Group,

Inc.

9,683

1,086,045

Fluor

Corp.*

25,241

582,815

Granite

Construction,

Inc.(a)

8,376

337,134

Great

Lakes

Dredge

&

Dock

Corp.*

11,467

167,189

HC2

Holdings,

Inc.*

8,326

32,804

IES

Holdings,

Inc.*

1,382

69,667

MasTec,

Inc.*(a)

10,102

946,557

Matrix

Service

Co.*

4,727

61,971

MYR

Group,

Inc.*

2,921

209,348

Northwest

Pipe

Co.*

1,633

54,575

NV5

Global,

Inc.*

1,966

189,857

Primoris

Services

Corp.

8,494

281,406

Sterling

Construction

Co.,

Inc.*

4,950

114,840

Tutor

Perini

Corp.*

7,177

136,004

WillScot

Mobile

Mini

Holdings

Corp.*

30,877

856,837

7,886,319

Construction

Materials

0.2%

Forterra,

Inc.*

5,249

122,039

Summit

Materials,

Inc.,

Class

A*

20,506

574,578

United

States

Lime

&

Minerals,

Inc.

366

48,938

US

Concrete,

Inc.*

2,851

209,036

954,591

Consumer

Finance

0.7%

Atlanticus

Holdings

Corp.*(a)

933

28,298

Curo

Group

Holdings

Corp.

3,196

46,630

Encore

Capital

Group,

Inc.*(a)

5,562

223,759

Enova

International,

Inc.*

6,211

220,366

EZCORP,

Inc.,

Class

A*

8,674

43,110

FirstCash,

Inc.

7,220

474,137

Green

Dot

Corp.,

Class

A*

9,109

417,101

LendingClub

Corp.*(a)

12,582

207,855

Navient

Corp.

32,811

469,525

Nelnet,

Inc.,

Class

A

3,073

223,530

Oportun

Financial

Corp.*

3,644

75,467

PRA

Group,

Inc.*

8,026

297,524

PROG

Holdings,

Inc.

12,017

520,216

100

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Consumer

Finance

Regional

Management

Corp.

(a)

1,473

51,054

World

Acceptance

Corp.*

784

101,732

3,400,304

Containers

&

Packaging

0.2%

Greif,

Inc.,

Class

A

4,532

258,324

Greif,

Inc.,

Class

B

1,114

63,766

Myers

Industries,

Inc.

6,386

126,187

O-I

Glass,

Inc.*

28,069

413,737

Pactiv

Evergreen,

Inc.

7,138

98,076

Ranpak

Holdings

Corp.*

5,120

102,707

UFP

Technologies,

Inc.*

1,278

63,670

1,126,467

Distributors

0.1%

Core-Mark

Holding

Co.,

Inc.

7,980

308,746

Funko,

Inc.,

Class

A*(a)

4,391

86,415

Greenlane

Holdings,

Inc.,

Class

A*(a)

2,016

10,695

Weyco

Group,

Inc.

1,073

23,209

429,065

Diversified

Consumer

Services

0.5%

Adtalem

Global

Education,

Inc.*

9,006

356,097

American

Public

Education,

Inc.*

2,548

90,785

Aspen

Group,

Inc.*

4,118

24,708

Carriage

Services,

Inc.

2,897

101,945

Houghton

Mifflin

Harcourt

Co.*

19,079

145,382

Laureate

Education,

Inc.,

Class

A*

19,224

261,254

OneSpaWorld

Holdings

Ltd.*(a)

7,840

83,496

Perdoceo

Education

Corp.*

12,248

146,486

Regis

Corp.*(a)

4,085

51,308

Strategic

Education,

Inc.

4,317

396,776

Stride,

Inc.*(a)

7,109

214,052

Universal

Technical

Institute,

Inc.*

5,235

30,572

Vivint

Smart

Home,

Inc.*

14,375

205,850

WW

International,

Inc.*

8,420

263,378

2,372,089

Diversified

Financial

Services

0.2%

Alerus

Financial

Corp.

2,521

75,075

A-Mark

Precious

Metals,

Inc.

917

33,012

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

5,394

81,611

Cannae

Holdings,

Inc.*

15,375

609,158

GWG

Holdings,

Inc.*

936

6,543

Marlin

Business

Services

Corp.

1,548

21,115

SWK

Holdings

Corp.*

610

8,869

835,383

Diversified

Telecommunication

Services

0.7%

Alaska

Communications

Systems

Group,

Inc.

8,811

28,636

Anterix,

Inc.*(a)

1,942

91,585

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

ATN

International,

Inc.

1,984

97,454

Bandwidth,

Inc.,

Class

A*(a)

3,438

435,732

Cincinnati

Bell,

Inc.*

8,127

124,749

Cogent

Communications

Holdings,

Inc.

7,598

522,438

Consolidated

Communications

Holdings,

Inc.*

13,165

94,788

IDT

Corp.,

Class

B*

3,577

81,055

Iridium

Communications,

Inc.*

21,336

880,110

Liberty

Latin

America

Ltd.,

Class

A*

8,636

110,800

Liberty

Latin

America

Ltd.,

Class

C*

27,300

354,354

Ooma,

Inc.*

3,826

60,642

ORBCOMM,

Inc.*

13,277

101,304

Vonage

Holdings

Corp.*

41,813

494,230

3,477,877

Electric

Utilities

0.6%

ALLETE,

Inc.

9,299

624,800

Genie

Energy

Ltd.,

Class

B

2,326

14,747

MGE

Energy,

Inc.

6,484

462,893

Otter

Tail

Corp.

7,273

335,794

PNM

Resources,

Inc.

15,220

746,541

Portland

General

Electric

Co.

16,018

760,374

Spark

Energy,

Inc.,

Class

A(a)

2,151

22,973

2,968,122

Electrical

Equipment

1.6%

Allied

Motion

Technologies,

Inc.

1,287

66,062

American

Superconductor

Corp.*

4,857

92,089

Atkore,

Inc.*

8,338

599,502

AZZ,

Inc.

4,520

227,582

Bloom

Energy

Corp.,

Class

A*(a)

15,732

425,551

Encore

Wire

Corp.

3,650

245,025

EnerSys

7,561

686,539

FuelCell

Energy,

Inc.*(a)

56,113

808,588

LSI

Industries,

Inc.

4,445

37,916

Orion

Energy

Systems,

Inc.*(a)

5,102

35,510

Plug

Power,

Inc.*

73,447

2,632,340

Powell

Industries,

Inc.

1,599

54,158

Preformed

Line

Products

Co.

520

35,750

Sunrun,

Inc.*(a)

28,295

1,711,282

Thermon

Group

Holdings,

Inc.*

5,852

114,055

TPI

Composites,

Inc.*

5,482

309,349

Ultralife

Corp.*

1,100

9,108

Vicor

Corp.*

3,468

294,884

8,385,290

Electronic

Equipment,

Instruments

&

Components

2.0%

908

Devices,

Inc.*(a)

1,251

60,674

Akoustis

Technologies,

Inc.*(a)

6,422

85,670

Arlo

Technologies,

Inc.*(a)

14,199

89,170

Badger

Meter,

Inc.

5,180

482,103

Bel

Fuse,

Inc.,

Class

B

1,738

34,569

Belden,

Inc.

7,866

349,014

Benchmark

Electronics,

Inc.

6,487

200,578

CTS

Corp.

5,692

176,794

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

101

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Daktronics,

Inc.*(a)

6,149

38,554

ePlus,

Inc.*

2,375

236,645

Fabrinet*

6,572

594,043

FARO

Technologies,

Inc.*

3,189

276,072

II-VI,

Inc.*(a)

18,296

1,250,898

Insight

Enterprises,

Inc.*

6,213

592,844

Intellicheck,

Inc.*(a)

3,054

25,593

Iteris,

Inc.*

6,815

42,049

Itron,

Inc.*

7,842

695,193

Kimball

Electronics,

Inc.*

4,328

111,662

Knowles

Corp.*

15,762

329,741

Luna

Innovations,

Inc.*

4,982

52,460

Methode

Electronics,

Inc.

6,497

272,744

MTS

Systems

Corp.*

3,497

203,525

Napco

Security

Technologies,

Inc.*

2,498

87,005

nLight,

Inc.*

6,372

206,453

Novanta,

Inc.*

6,115

806,507

OSI

Systems,

Inc.*

3,014

289,645

PAR

Technology

Corp.*(a)

3,367

220,235

PC

Connection,

Inc.

1,906

88,419

Plexus

Corp.*

5,058

464,527

Powerfleet,

Inc.*

5,663

46,550

Research

Frontiers,

Inc.*(a)

4,797

13,623

Rogers

Corp.*

3,319

624,669

Sanmina

Corp.*

11,437

473,263

ScanSource,

Inc.*

4,547

136,183

TTM

Technologies,

Inc.*

17,528

254,156

Vishay

Intertechnology,

Inc.

23,728

571,370

Vishay

Precision

Group,

Inc.*

2,284

70,370

Wrap

Technologies,

Inc.*(a)

2,355

13,094

10,566,664

Energy

Equipment

&

Services

0.7%

Archrock,

Inc.

22,882

217,150

Aspen

Aerogels,

Inc.*

3,543

72,065

Bristow

Group,

Inc.*

1,210

31,315

Cactus,

Inc.,

Class

A

8,395

257,055

ChampionX

Corp.*

33,195

721,327

DMC

Global,

Inc.*(a)

2,579

139,937

Dril-Quip,

Inc.*

6,236

207,222

Exterran

Corp.*

4,892

16,437

Frank's

International

NV*

27,806

98,711

Helix

Energy

Solutions

Group,

Inc.*(a)

25,481

128,679

Liberty

Oilfield

Services,

Inc.,

Class

A*(a)

14,725

166,245

Nabors

Industries

Ltd.*(a)

1,250

116,812

National

Energy

Services

Reunited

Corp.*(a)

3,788

46,858

Newpark

Resources,

Inc.*

16,272

51,094

NexTier

Oilfield

Solutions,

Inc.*(a)

29,273

108,896

Oceaneering

International,

Inc.*

17,719

202,351

Oil

States

International,

Inc.*

10,630

64,099

Patterson-UTI

Energy,

Inc.

32,715

233,258

ProPetro

Holding

Corp.*

14,323

152,683

RPC,

Inc.*(a)

10,115

54,621

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Select

Energy

Services,

Inc.,

Class

A*

10,593

52,753

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

5,267

64,626

Tidewater,

Inc.*

6,677

83,663

Transocean

Ltd.*(a)

103,742

368,284

US

Silica

Holdings,

Inc.*

13,192

162,130

3,818,271

Entertainment

0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

67,488

689,053

Cinemark

Holdings,

Inc.*(a)

19,145

390,749

Eros

STX

Global

Corp.*(a)

29,394

53,203

Gaia,

Inc.*

2,217

26,360

Glu

Mobile,

Inc.*

26,327

328,561

IMAX

Corp.*

8,820

177,282

Liberty

Media

Corp.-Liberty

Braves,

Class

C*

6,538

181,887

Liberty

Media

Corp-Liberty

Braves,

Class

A*(a)

1,676

47,783

LiveXLive

Media,

Inc.*(a)

8,608

37,359

Marcus

Corp.

(The)*

3,993

79,820

2,012,057

Equity

Real

Estate

Investment

Trusts

(REITs)

5.0%

Acadia

Realty

Trust

15,048

285,461

Agree

Realty

Corp.

10,994

740,006

Alexander

&

Baldwin,

Inc.

12,838

215,550

Alexander's,

Inc.

401

111,197

Alpine

Income

Property

Trust,

Inc.

1,331

23,106

American

Assets

Trust,

Inc.

8,993

291,733

American

Finance

Trust,

Inc.

(a)

19,345

189,968

Armada

Hoffler

Properties,

Inc.

10,308

129,262

Bluerock

Residential

Growth

REIT,

Inc.

4,063

41,077

Broadstone

Net

Lease,

Inc.

6,404

117,193

BRT

Apartments

Corp.

1,701

28,645

CareTrust

REIT,

Inc.

16,893

393,353

CatchMark

Timber

Trust,

Inc.,

Class

A

8,740

88,973

Centerspace

2,331

158,508

Chatham

Lodging

Trust*

8,292

109,123

CIM

Commercial

Trust

Corp.

2,223

28,654

City

Office

REIT,

Inc.

7,617

80,893

Clipper

Realty,

Inc.

2,768

21,923

Colony

Capital,

Inc.*(a)

86,069

557,727

Columbia

Property

Trust,

Inc.

20,370

348,327

Community

Healthcare

Trust,

Inc.

3,969

183,050

CorEnergy

Infrastructure

Trust,

Inc.

2,457

17,371

CorePoint

Lodging,

Inc.*

6,927

62,551

CTO

Realty

Growth,

Inc.

1,023

53,206

DiamondRock

Hospitality

Co.*

35,614

366,824

Diversified

Healthcare

Trust

42,454

202,930

Easterly

Government

Properties,

Inc.

14,528

301,165

EastGroup

Properties,

Inc.

6,966

998,088

102

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Essential

Properties

Realty

Trust,

Inc.

18,533

423,108

Farmland

Partners,

Inc.

4,621

51,801

Four

Corners

Property

Trust,

Inc.

13,080

358,392

Franklin

Street

Properties

Corp.

18,492

100,781

GEO

Group,

Inc.

(The)

20,885

162,068

Getty

Realty

Corp.

6,166

174,621

Gladstone

Commercial

Corp.

5,850

114,426

Gladstone

Land

Corp.

3,563

65,203

Global

Medical

REIT,

Inc.

8,088

106,034

Global

Net

Lease,

Inc.

16,014

289,213

Healthcare

Realty

Trust,

Inc.

24,763

750,814

Hersha

Hospitality

Trust*

6,163

65,020

Independence

Realty

Trust,

Inc.

17,837

271,122

Indus

Realty

Trust,

Inc.

554

33,329

Industrial

Logistics

Properties

Trust

11,631

269,025

Innovative

Industrial

Properties,

Inc.

4,172

751,628

iStar,

Inc.

12,783

227,282

Kite

Realty

Group

Trust

14,844

286,341

Lexington

Realty

Trust

49,002

544,412

LTC

Properties,

Inc.

6,889

287,409

Macerich

Co.

(The)

26,811

313,689

Mack-Cali

Realty

Corp.

15,398

238,361

Monmouth

Real

Estate

Investment

Corp.

16,948

299,810

National

Health

Investors,

Inc.

7,770

561,616

National

Storage

Affiliates

Trust

11,230

448,414

NETSTREIT

Corp.

3,831

70,835

New

Senior

Investment

Group,

Inc.

14,744

91,855

NexPoint

Residential

Trust,

Inc.

3,940

181,595

Office

Properties

Income

Trust

8,480

233,370

One

Liberty

Properties,

Inc.

2,767

61,621

Pebblebrook

Hotel

Trust

23,305

566,078

Physicians

Realty

Trust

37,128

656,052

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

22,096

383,808

Plymouth

Industrial

REIT,

Inc.

4,427

74,595

PotlatchDeltic

Corp.

11,637

615,830

Preferred

Apartment

Communities,

Inc.,

Class

A

8,768

86,365

PS

Business

Parks,

Inc.

3,577

552,933

QTS

Realty

Trust,

Inc.,

Class

A(a)

11,411

707,938

Retail

Opportunity

Investments

Corp.

20,666

327,969

Retail

Properties

of

America,

Inc.,

Class

A

38,364

402,055

Retail

Value,

Inc.

2,954

55,269

RLJ

Lodging

Trust

29,390

454,957

RPT

Realty

14,409

164,407

Common

Stocks

Shares

Value

($)

Equity

Real

Estate

Investment

Trusts

(REITs)

Ryman

Hospitality

Properties,

Inc.*

8,982

696,195

Sabra

Health

Care

REIT,

Inc.

36,581

635,046

Safehold,

Inc.(a)

3,206

224,741

Saul

Centers,

Inc.

2,097

84,111

Seritage

Growth

Properties,

Class

A*

6,137

112,614

Service

Properties

Trust

29,232

346,692

SITE

Centers

Corp.

27,390

371,408

STAG

Industrial,

Inc.

28,354

952,978

Summit

Hotel

Properties,

Inc.*

18,454

187,493

Sunstone

Hotel

Investors,

Inc.*

38,527

480,046

Tanger

Factory

Outlet

Centers,

Inc.

16,103

243,638

Terreno

Realty

Corp.

12,035

695,262

UMH

Properties,

Inc.

6,766

129,704

Uniti

Group,

Inc.

34,678

382,498

Universal

Health

Realty

Income

Trust

2,313

156,775

Urban

Edge

Properties

20,784

343,352

Urstadt

Biddle

Properties,

Inc.,

Class

A

5,192

86,447

Washington

REIT

15,049

332,583

Whitestone

REIT

6,971

67,619

Xenia

Hotels

&

Resorts,

Inc.*

20,276

395,382

25,951,899

Food

&

Staples

Retailing

0.8%

Andersons,

Inc.

(The)

5,490

150,316

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

24,408

1,094,943

Chefs'

Warehouse,

Inc.

(The)*

5,379

163,844

HF

Foods

Group,

Inc.*

6,759

48,800

Ingles

Markets,

Inc.,

Class

A

2,555

157,516

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,615

28,343

Performance

Food

Group

Co.*

23,352

1,345,309

PriceSmart,

Inc.

4,060

392,805

Rite

Aid

Corp.*

9,760

199,690

SpartanNash

Co.

6,304

123,747

United

Natural

Foods,

Inc.*(a)

9,970

328,412

Village

Super

Market,

Inc.,

Class

A

1,556

36,675

Weis

Markets,

Inc.

1,713

96,819

4,167,219

Food

Products

1.4%

Alico,

Inc.

885

26,426

B&G

Foods,

Inc.(a)

11,423

354,798

Bridgford

Foods

Corp.*

271

4,201

Calavo

Growers,

Inc.

2,951

229,116

Cal-Maine

Foods,

Inc.*

6,556

251,882

Darling

Ingredients,

Inc.*

28,678

2,110,127

Farmer

Brothers

Co.*

3,076

32,113

Fresh

Del

Monte

Produce,

Inc.

5,548

158,839

Freshpet,

Inc.*

7,270

1,154,549

Hostess

Brands,

Inc.*(a)

22,269

319,338

J

&

J

Snack

Foods

Corp.(a)

2,680

420,840

John

B

Sanfilippo

&

Son,

Inc.

1,555

140,525

Laird

Superfood,

Inc.*(a)

561

21,021

Lancaster

Colony

Corp.

3,364

589,911

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Food

Products

Landec

Corp.*

4,386

46,492

Limoneira

Co.

2,804

49,070

Mission

Produce,

Inc.*(a)

1,312

24,941

Sanderson

Farms,

Inc.

3,603

561,275

Seneca

Foods

Corp.,

Class

A*

1,127

53,070

Simply

Good

Foods

Co.

(The)*

15,117

459,859

Tootsie

Roll

Industries,

Inc.(a)

2,890

95,746

Vital

Farms,

Inc.*(a)

4,216

92,077

7,196,216

Gas

Utilities

0.8%

Brookfield

Infrastructure

Corp.,

Class

A(a)

5,662

432,407

Chesapeake

Utilities

Corp.(a)

3,051

354,160

New

Jersey

Resources

Corp.

(a)

16,973

676,713

Northwest

Natural

Holding

Co.

5,445

293,758

ONE

Gas,

Inc.

9,345

718,724

RGC

Resources,

Inc.(a)

1,192

26,439

South

Jersey

Industries,

Inc.

(a)

17,927

404,792

Southwest

Gas

Holdings,

Inc.

10,130

696,032

Spire,

Inc.

8,947

661,094

4,264,119

Health

Care

Equipment

&

Supplies

3.2%

Accelerate

Diagnostics,

Inc.*(a)

5,503

45,785

Accuray,

Inc.*(a)

16,401

81,185

Acutus

Medical,

Inc.*

2,531

33,839

Alphatec

Holdings,

Inc.*

9,936

156,889

AngioDynamics,

Inc.*

6,513

152,404

Antares

Pharma,

Inc.*(a)

29,501

121,249

Apyx

Medical

Corp.*

5,895

56,946

Aspira

Women's

Health,

Inc.*(a)

15,151

102,269

AtriCure,

Inc.*

7,824

512,628

Atrion

Corp.

249

159,686

Avanos

Medical,

Inc.*

8,514

372,402

Axogen,

Inc.*

6,537

132,440

Axonics

Modulation

Technologies,

Inc.*(a)

5,401

323,466

Bellerophon

Therapeutics,

Inc.*(a)

682

3,540

Beyond

Air,

Inc.*(a)

2,829

15,559

BioLife

Solutions,

Inc.*

2,450

88,200

BioSig

Technologies,

Inc.*(a)

4,930

21,248

Bioventus,

Inc.,

Class

A*(a)

1,263

19,299

Cantel

Medical

Corp.*

6,789

542,034

Cardiovascular

Systems,

Inc.*

7,024

269,300

Cerus

Corp.*(a)

29,255

175,822

Chembio

Diagnostics,

Inc.*(a)

3,417

11,994

Co-Diagnostics,

Inc.*(a)

4,621

44,084

CONMED

Corp.

4,864

635,190

CryoLife,

Inc.*(a)

6,608

149,209

CryoPort,

Inc.*(a)

7,107

369,635

Cutera,

Inc.*(a)

3,174

95,379

CytoSorbents

Corp.*

7,402

64,249

Eargo,

Inc.*(a)

1,443

72,078

Electromed,

Inc.*

1,298

13,681

FONAR

Corp.*

1,129

20,424

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

GenMark

Diagnostics,

Inc.*

12,299

293,946

Glaukos

Corp.*

7,587

636,777

Heska

Corp.*

1,250

210,575

Inari

Medical,

Inc.*

2,944

315,008

Inogen,

Inc.*

3,284

172,476

Integer

Holdings

Corp.*

5,846

538,417

Intersect

ENT,

Inc.*

5,692

118,849

IntriCon

Corp.*

1,365

34,999

Invacare

Corp.(a)

6,434

51,601

iRadimed

Corp.*

1,287

33,166

iRhythm

Technologies,

Inc.*

5,151

715,268

Lantheus

Holdings,

Inc.*(a)

11,861

253,470

LeMaitre

Vascular,

Inc.(a)

2,940

143,413

LENSAR,

Inc.*

1,510

10,963

LivaNova

plc*

8,709

642,114

Lucira

Health,

Inc.*(a)

1,772

21,441

Meridian

Bioscience,

Inc.*

7,561

198,476

Merit

Medical

Systems,

Inc.*

9,701

580,896

Mesa

Laboratories,

Inc.

847

206,244

Milestone

Scientific,

Inc.*

7,483

26,714

Misonix,

Inc.*(a)

2,235

43,784

Natus

Medical,

Inc.*

5,936

152,021

Nemaura

Medical,

Inc.*(a)

1,389

10,612

Neogen

Corp.*

9,411

836,544

Nevro

Corp.*

6,063

845,788

NuVasive,

Inc.*

9,162

600,661

OraSure

Technologies,

Inc.*

12,770

149,026

Ortho

Clinical

Diagnostics

Holdings

plc*

15,553

300,095

Orthofix

Medical,

Inc.*

3,267

141,624

OrthoPediatrics

Corp.*(a)

2,353

114,709

Outset

Medical,

Inc.*(a)

1,797

97,739

PAVmed,

Inc.*(a)

10,919

48,480

Pulmonx

Corp.*(a)

2,095

95,825

Pulse

Biosciences,

Inc.*

2,578

61,047

Quotient

Ltd.*(a)

13,079

48,131

Repro-Med

Systems,

Inc.*(a)

4,414

15,537

Retractable

Technologies,

Inc.*(a)

2,369

30,371

Rockwell

Medical,

Inc.*(a)

12,140

14,082

SeaSpine

Holdings

Corp.*

4,873

84,790

Shockwave

Medical,

Inc.*

5,054

658,334

SI-BONE,

Inc.*

5,212

165,794

Sientra,

Inc.*(a)

9,268

67,564

Silk

Road

Medical,

Inc.*

4,881

247,223

Soliton,

Inc.*(a)

1,224

21,506

STAAR

Surgical

Co.*

8,149

858,986

Stereotaxis,

Inc.*

7,677

51,589

Surgalign

Holdings,

Inc.*(a)

17,126

37,335

Surmodics,

Inc.*

2,424

135,914

Tactile

Systems

Technology,

Inc.*

3,328

181,343

Talis

Biomedical

Corp.*(a)

2,287

29,388

Tela

Bio,

Inc.*

1,335

19,891

TransMedics

Group,

Inc.*

4,461

185,087

Utah

Medical

Products,

Inc.

624

54,038

Vapotherm,

Inc.*

3,483

83,662

Varex

Imaging

Corp.*

6,829

139,926

Venus

Concept,

Inc.*

3,785

8,895

ViewRay,

Inc.*

21,072

91,663

104

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

VolitionRX

Ltd.*(a)

5,460

20,639

Zynex,

Inc.*(a)

3,345

51,078

16,867,647

Health

Care

Providers

&

Services

2.6%

1Life

Healthcare,

Inc.*

14,073

549,973

Accolade,

Inc.*(a)

5,684

257,883

AdaptHealth

Corp.*

13,350

490,746

Addus

HomeCare

Corp.*

2,627

274,758

AMN

Healthcare

Services,

Inc.*

8,287

610,752

Apollo

Medical

Holdings,

Inc.*

3,627

98,255

Apria,

Inc.*(a)

1,271

35,499

Avalon

GloboCare

Corp.*(a)

3,326

3,559

Biodesix,

Inc.*(a)

676

13,730

Brookdale

Senior

Living,

Inc.*

32,611

197,297

Castle

Biosciences,

Inc.*

2,587

177,106

Community

Health

Systems,

Inc.*

15,194

205,423

CorVel

Corp.*

1,573

161,374

Covetrus,

Inc.*

20,727

621,188

Cross

Country

Healthcare,

Inc.*

6,364

79,486

Ensign

Group,

Inc.

(The)

9,217

864,923

Enzo

Biochem,

Inc.*

8,220

28,277

Exagen,

Inc.*(a)

820

14,350

Five

Star

Senior

Living,

Inc.*(a)

3,935

24,082

Fulgent

Genetics,

Inc.*(a)

2,398

231,695

Hanger,

Inc.*

6,583

150,224

HealthEquity,

Inc.*

14,307

972,876

InfuSystem

Holdings,

Inc.*

2,693

54,829

Joint

Corp.

(The)*

2,350

113,669

LHC

Group,

Inc.*

5,412

1,034,829

Magellan

Health,

Inc.*

4,255

396,736

MEDNAX,

Inc.*(a)

13,274

338,089

ModivCare,

Inc.*

2,167

320,976

National

HealthCare

Corp.

2,218

172,804

National

Research

Corp.*

2,404

112,579

Ontrak,

Inc.*(a)

1,492

48,580

Option

Care

Health,

Inc.*

15,188

269,435

Owens

&

Minor,

Inc.

12,950

486,790

Patterson

Cos.,

Inc.(a)

15,187

485,225

Pennant

Group,

Inc.

(The)*

4,550

208,390

PetIQ,

Inc.*(a)

3,752

132,295

Progenity,

Inc.*

2,837

13,504

Progyny,

Inc.*

4,755

211,645

R1

RCM,

Inc.*

19,342

477,361

RadNet,

Inc.*

7,779

169,193

Select

Medical

Holdings

Corp.*

19,407

661,779

Sharps

Compliance

Corp.*

2,554

36,701

Surgery

Partners,

Inc.*

4,591

203,198

Tenet

Healthcare

Corp.*

18,619

968,188

Tivity

Health,

Inc.*

7,755

173,092

Triple-S

Management

Corp.,

Class

B*

4,057

105,604

US

Physical

Therapy,

Inc.

2,265

235,786

Viemed

Healthcare,

Inc.*

6,207

62,815

13,557,548

Common

Stocks

Shares

Value

($)

Health

Care

Technology

1.1%

Allscripts

Healthcare

Solutions,

Inc.*

28,044

421,081

Computer

Programs

&

Systems,

Inc.

2,205

67,473

Evolent

Health,

Inc.,

Class

A*(a)

13,394

270,559

Health

Catalyst,

Inc.*

6,003

280,760

HealthStream,

Inc.*

4,648

103,836

HMS

Holdings

Corp.*

15,731

581,654

iCAD,

Inc.*

3,489

74,037

Inovalon

Holdings,

Inc.,

Class

A*

13,249

381,306

Inspire

Medical

Systems,

Inc.*

4,667

966,022

NantHealth,

Inc.*

5,112

16,409

NextGen

Healthcare,

Inc.*

10,056

182,014

Omnicell,

Inc.*

7,576

983,895

OptimizeRx

Corp.*(a)

2,903

141,521

Phreesia,

Inc.*

5,998

312,496

Schrodinger,

Inc.*(a)

5,364

409,220

Simulations

Plus,

Inc.(a)

2,700

170,748

Tabula

Rasa

HealthCare,

Inc.*(a)

3,801

175,036

Vocera

Communications,

Inc.*

5,705

219,414

5,757,481

Hotels,

Restaurants

&

Leisure

3.9%

Accel

Entertainment,

Inc.*

9,083

99,277

Bally's

Corp.*

3,222

209,366

Biglari

Holdings,

Inc.,

Class

A*

16

10,809

Biglari

Holdings,

Inc.,

Class

B*

149

19,781

BJ's

Restaurants,

Inc.*

3,961

230,055

Bloomin'

Brands,

Inc.*(a)

15,587

421,628

Bluegreen

Vacations

Corp.(a)

1,093

11,783

Bluegreen

Vacations

Holding

Corp.*

1,926

35,708

Boyd

Gaming

Corp.*

14,469

853,092

Brinker

International,

Inc.*

8,049

571,962

Caesars

Entertainment,

Inc.*

32,090

2,806,271

Carrols

Restaurant

Group,

Inc.*

6,289

37,640

Century

Casinos,

Inc.*

4,715

48,423

Cheesecake

Factory,

Inc.

(The)*

7,543

441,341

Churchill

Downs,

Inc.

6,770

1,539,633

Chuy's

Holdings,

Inc.*

3,503

155,253

Cracker

Barrel

Old

Country

Store,

Inc.

4,230

731,282

Dave

&

Buster's

Entertainment,

Inc.*

7,836

375,344

Del

Taco

Restaurants,

Inc.

5,092

48,781

Denny's

Corp.*

11,090

200,840

Dine

Brands

Global,

Inc.*

2,776

249,923

El

Pollo

Loco

Holdings,

Inc.*

3,390

54,647

Everi

Holdings,

Inc.*

14,556

205,385

Fiesta

Restaurant

Group,

Inc.*

3,155

39,721

GAN

Ltd.*(a)

5,688

103,522

Golden

Entertainment,

Inc.*

3,008

75,982

Hilton

Grand

Vacations,

Inc.*

15,173

568,836

International

Game

Technology

plc*(a)

17,859

286,637

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

105

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Jack

in

the

Box,

Inc.

4,098

449,878

Kura

Sushi

USA,

Inc.,

Class

A*(a)

540

17,086

Lindblad

Expeditions

Holdings,

Inc.*(a)

4,580

86,562

Marriott

Vacations

Worldwide

Corp.*

7,226

1,258,625

Monarch

Casino

&

Resort,

Inc.*

2,246

136,153

Nathan's

Famous,

Inc.

498

31,419

NEOGAMES

SA*

959

34,303

Noodles

&

Co.*(a)

5,625

58,219

Papa

John's

International,

Inc.

5,852

518,721

Penn

National

Gaming,

Inc.*(a)

27,767

2,911,092

PlayAGS,

Inc.*

4,754

38,412

RCI

Hospitality

Holdings,

Inc.

1,532

97,420

Red

Robin

Gourmet

Burgers,

Inc.*

2,749

109,658

Red

Rock

Resorts,

Inc.,

Class

A*

11,797

384,464

Ruth's

Hospitality

Group,

Inc.*

5,792

143,815

Scientific

Games

Corp.*

10,129

390,169

SeaWorld

Entertainment,

Inc.*

9,030

448,520

Shake

Shack,

Inc.,

Class

A*(a)

6,234

703,008

Target

Hospitality

Corp.*(a)

5,268

13,223

Texas

Roadhouse,

Inc.*

11,720

1,124,417

Wingstop,

Inc.

5,283

671,839

20,059,925

Household

Durables

2.1%

Beazer

Homes

USA,

Inc.*

5,140

107,529

Casper

Sleep,

Inc.*

4,507

32,631

Cavco

Industries,

Inc.*

1,632

368,195

Century

Communities,

Inc.*

5,178

312,337

Ethan

Allen

Interiors,

Inc.

3,957

109,253

GoPro,

Inc.,

Class

A*(a)

21,838

254,194

Green

Brick

Partners,

Inc.*

5,422

122,971

Hamilton

Beach

Brands

Holding

Co.,

Class

A

1,210

21,937

Helen

of

Troy

Ltd.*

4,361

918,688

Hooker

Furniture

Corp.(a)

1,998

72,847

Installed

Building

Products,

Inc.

4,094

453,943

iRobot

Corp.*

4,912

600,148

KB

Home

15,817

735,965

La-Z-Boy,

Inc.

7,893

335,295

Legacy

Housing

Corp.*

1,523

27,003

LGI

Homes,

Inc.*(a)

3,971

592,910

Lifetime

Brands,

Inc.(a)

1,965

28,866

Lovesac

Co.

(The)*(a)

1,770

100,182

M/I

Homes,

Inc.*

5,008

295,823

MDC

Holdings,

Inc.

10,066

597,920

Meritage

Homes

Corp.*

6,620

608,510

Purple

Innovation,

Inc.*

5,771

182,652

Skyline

Champion

Corp.*

9,381

424,584

Sonos,

Inc.*

21,427

802,870

Taylor

Morrison

Home

Corp.*

22,480

692,609

TopBuild

Corp.*

5,898

1,235,218

TRI

Pointe

Group,

Inc.*

22,512

458,344

Common

Stocks

Shares

Value

($)

Household

Durables

Tupperware

Brands

Corp.*

8,668

228,922

Turtle

Beach

Corp.*

2,516

67,102

Universal

Electronics,

Inc.*

2,368

130,169

VOXX

International

Corp.*

3,503

66,767

10,986,384

Household

Products

0.2%

Central

Garden

&

Pet

Co.*

1,736

100,705

Central

Garden

&

Pet

Co.,

Class

A*

7,129

369,924

Oil-Dri

Corp.

of

America

1,006

34,647

WD-40

Co.

2,429

743,711

1,248,987

Independent

Power

and

Renewable

Electricity

Producers

0.5%

Atlantic

Power

Corp.*

14,902

43,067

Brookfield

Renewable

Corp.

22,910

1,072,188

Clearway

Energy,

Inc.,

Class

A

6,383

169,213

Clearway

Energy,

Inc.,

Class

C

14,485

407,608

Ormat

Technologies,

Inc.

7,797

612,298

Sunnova

Energy

International,

Inc.*

9,964

406,731

2,711,105

Industrial

Conglomerates

0.0%

†

Raven

Industries,

Inc.

6,322

242,322

Insurance

1.9%

Ambac

Financial

Group,

Inc.*

8,089

135,410

American

Equity

Investment

Life

Holding

Co.

15,937

502,494

AMERISAFE,

Inc.

3,412

218,368

Argo

Group

International

Holdings

Ltd.

5,780

290,850

BRP

Group,

Inc.,

Class

A*

7,606

207,263

Citizens,

Inc.*(a)

9,044

52,365

CNO

Financial

Group,

Inc.

24,148

586,555

Crawford

&

Co.,

Class

A

2,764

29,437

Donegal

Group,

Inc.,

Class

A

1,894

28,145

eHealth,

Inc.*

4,575

332,740

Employers

Holdings,

Inc.

4,361

187,785

Enstar

Group

Ltd.*(a)

2,152

530,963

FBL

Financial

Group,

Inc.,

Class

A

1,689

94,449

FedNat

Holding

Co.

2,158

9,992

Genworth

Financial,

Inc.,

Class

A*

90,415

300,178

Goosehead

Insurance,

Inc.,

Class

A

2,357

252,623

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

5,065

44,065

HCI

Group,

Inc.

1,136

87,267

Heritage

Insurance

Holdings,

Inc.

4,542

50,325

Horace

Mann

Educators

Corp.

7,362

318,112

Independence

Holding

Co.

852

33,952

Investors

Title

Co.

252

41,832

James

River

Group

Holdings

Ltd.

5,338

243,520

Kinsale

Capital

Group,

Inc.

3,770

621,296

MBIA,

Inc.*

8,874

85,368

106

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Midwest

Holding,

Inc.*(a)

147

7,348

National

Western

Life

Group,

Inc.,

Class

A

453

112,797

NI

Holdings,

Inc.*(a)

1,981

36,609

Palomar

Holdings,

Inc.*(a)

3,584

240,271

ProAssurance

Corp.

9,603

256,976

ProSight

Global,

Inc.*

1,462

18,421

Protective

Insurance

Corp.,

Class

B

1,595

36,478

RLI

Corp.

7,056

787,238

Safety

Insurance

Group,

Inc.

2,558

215,511

Selective

Insurance

Group,

Inc.

10,543

764,789

Selectquote,

Inc.*

23,235

685,665

SiriusPoint

Ltd.*

15,240

154,991

State

Auto

Financial

Corp.

3,105

61,200

Stewart

Information

Services

Corp.

4,725

245,842

Tiptree,

Inc.

4,844

43,354

Trean

Insurance

Group,

Inc.*

2,047

33,059

Trupanion,

Inc.*(a)

5,396

411,229

United

Fire

Group,

Inc.

3,777

131,440

United

Insurance

Holdings

Corp.

3,629

26,165

Universal

Insurance

Holdings,

Inc.

4,819

69,104

Watford

Holdings

Ltd.*

3,125

108,156

9,731,997

Interactive

Media

&

Services

0.4%

Cargurus,

Inc.*

15,628

372,415

Cars.com,

Inc.*

12,156

157,542

DHI

Group,

Inc.*

8,485

28,425

Eventbrite,

Inc.,

Class

A*(a)

11,463

254,020

EverQuote,

Inc.,

Class

A*(a)

2,461

89,310

Liberty

TripAdvisor

Holdings,

Inc.,

Class

A*

13,061

83,329

MediaAlpha,

Inc.,

Class

A*

3,172

112,384

QuinStreet,

Inc.*

8,607

174,722

TrueCar,

Inc.*

17,758

84,972

Yelp,

Inc.*

12,782

498,498

1,855,617

Internet

&

Direct

Marketing

Retail

0.8%

1-800-Flowers.com,

Inc.,

Class

A*(a)

4,497

124,162

CarParts.com,

Inc.*(a)

6,163

88,008

Duluth

Holdings,

Inc.,

Class

B*(a)

1,988

33,677

Groupon,

Inc.*(a)

4,121

208,296

Lands'

End,

Inc.*

2,093

51,927

Liquidity

Services,

Inc.*

4,815

89,463

Magnite,

Inc.*(a)

19,736

821,215

Overstock.com,

Inc.*(a)

7,583

502,450

PetMed

Express,

Inc.(a)

3,483

122,514

Quotient

Technology,

Inc.*

15,501

253,286

RealReal,

Inc.

(The)*(a)

11,348

256,805

Shutterstock,

Inc.

3,929

349,838

Stamps.com,

Inc.*

3,020

602,520

Stitch

Fix,

Inc.,

Class

A*(a)

10,542

522,251

Common

Stocks

Shares

Value

($)

Internet

&

Direct

Marketing

Retail

Waitr

Holdings,

Inc.*(a)

15,203

44,545

4,070,957

IT

Services

1.5%

Brightcove,

Inc.*

6,924

139,311

Cardtronics

plc,

Class

A*

6,407

248,592

Cass

Information

Systems,

Inc.

2,597

120,163

Conduent,

Inc.*

29,682

197,682

CONTRA

BMTECHNOLOGIES*∞

739

8,609

CSG

Systems

International,

Inc.

5,739

257,624

EVERTEC,

Inc.

10,776

401,083

Evo

Payments,

Inc.,

Class

A*

8,083

222,444

ExlService

Holdings,

Inc.*

5,899

531,854

GreenSky,

Inc.,

Class

A*

10,993

68,047

Grid

Dynamics

Holdings,

Inc.*

4,916

78,312

GTT

Communications,

Inc.*(a)

6,460

11,822

Hackett

Group,

Inc.

(The)

4,491

73,607

I3

Verticals,

Inc.,

Class

A*

3,344

104,082

IBEX

Holdings

Ltd.*

961

21,142

Information

Services

Group,

Inc.*(a)

6,694

29,454

International

Money

Express,

Inc.*

5,163

77,497

Limelight

Networks,

Inc.*(a)

21,306

76,062

LiveRamp

Holdings,

Inc.*

11,604

602,015

MAXIMUS,

Inc.

10,889

969,557

MoneyGram

International,

Inc.*

10,700

70,299

NIC,

Inc.

11,741

398,372

Paysign,

Inc.*(a)

6,054

26,456

Perficient,

Inc.*

5,824

341,985

Perspecta,

Inc.

24,792

720,208

PFSweb,

Inc.*

2,759

18,623

Priority

Technology

Holdings,

Inc.*(a)

949

6,586

Rackspace

Technology,

Inc.*(a)

6,029

143,370

Repay

Holdings

Corp.*

11,840

278,003

ServiceSource

International,

Inc.*

15,198

22,341

StarTek,

Inc.*(a)

3,210

25,519

Sykes

Enterprises,

Inc.*

6,772

298,510

TTEC

Holdings,

Inc.

3,252

326,663

Tucows,

Inc.,

Class

A*(a)

1,643

127,332

Unisys

Corp.*

11,034

280,484

Verra

Mobility

Corp.*

23,869

323,067

7,646,777

Leisure

Products

0.6%

Acushnet

Holdings

Corp.

6,123

253,064

American

Outdoor

Brands,

Inc.*

2,478

62,446

Callaway

Golf

Co.

16,735

447,661

Clarus

Corp.

3,410

58,140

Escalade,

Inc.(a)

1,777

37,157

Johnson

Outdoors,

Inc.,

Class

A

945

134,899

Malibu

Boats,

Inc.,

Class

A*

3,703

295,055

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Leisure

Products

Marine

Products

Corp.

1,173

19,085

MasterCraft

Boat

Holdings,

Inc.*

3,325

88,412

Nautilus,

Inc.*(a)

5,442

85,113

Smith

&

Wesson

Brands,

Inc.

9,916

173,034

Sturm

Ruger

&

Co.,

Inc.(a)

3,013

199,069

Vista

Outdoor,

Inc.*(a)

10,406

333,720

YETI

Holdings,

Inc.*

14,268

1,030,292

3,217,147

Life

Sciences

Tools

&

Services

0.9%

Champions

Oncology,

Inc.*

1,218

13,763

ChromaDex

Corp.*(a)

7,354

68,686

Codexis,

Inc.*(a)

10,274

235,172

Fluidigm

Corp.*(a)

13,315

60,184

Harvard

Bioscience,

Inc.*

6,593

35,998

Luminex

Corp.

7,721

246,300

Medpace

Holdings,

Inc.*

4,930

808,766

NanoString

Technologies,

Inc.*(a)

7,874

517,401

NeoGenomics,

Inc.*

19,346

933,058

Pacific

Biosciences

of

California,

Inc.*

32,498

1,082,508

Personalis,

Inc.*

4,697

115,593

Quanterix

Corp.*

4,280

250,252

Seer,

Inc.*(a)

2,558

127,951

4,495,632

Machinery

3.6%

Agrify

Corp.*(a)

1,023

12,767

Alamo

Group,

Inc.

1,776

277,322

Albany

International

Corp.,

Class

A

5,506

459,586

Altra

Industrial

Motion

Corp.

11,478

634,963

Astec

Industries,

Inc.

3,977

299,945

Barnes

Group,

Inc.

8,389

415,591

Blue

Bird

Corp.*

2,789

69,809

Chart

Industries,

Inc.*(a)

6,435

916,022

CIRCOR

International,

Inc.*

3,491

121,557

Columbus

McKinnon

Corp.

4,239

223,650

Douglas

Dynamics,

Inc.

4,000

184,600

Eastern

Co.

(The)

838

22,458

Energy

Recovery,

Inc.*(a)

7,061

129,499

Enerpac

Tool

Group

Corp.

10,611

277,159

EnPro

Industries,

Inc.

3,682

313,964

ESCO

Technologies,

Inc.

4,580

498,716

Evoqua

Water

Technologies

Corp.*

20,517

539,597

ExOne

Co.

(The)*(a)

2,551

79,999

Federal

Signal

Corp.

10,661

408,316

Franklin

Electric

Co.,

Inc.

8,189

646,440

Gencor

Industries,

Inc.*

1,670

22,395

Gorman-Rupp

Co.

(The)

3,159

104,594

Graham

Corp.

1,825

25,988

Greenbrier

Cos.,

Inc.

(The)(a)

5,749

271,468

Helios

Technologies,

Inc.

5,546

404,137

Hillenbrand,

Inc.

13,174

628,532

Hurco

Cos.,

Inc.

1,080

38,124

Hydrofarm

Holdings

Group,

Inc.*(a)

1,669

100,674

Common

Stocks

Shares

Value

($)

Machinery

Hyster-Yale

Materials

Handling,

Inc.

1,786

155,596

John

Bean

Technologies

Corp.

(a)

5,575

743,371

Kadant,

Inc.(a)

2,042

377,790

Kennametal,

Inc.(a)

14,810

591,956

L

B

Foster

Co.,

Class

A*(a)

1,729

30,949

Lindsay

Corp.

1,932

321,910

Luxfer

Holdings

plc

4,969

105,740

Lydall,

Inc.*

3,070

103,582

Manitowoc

Co.,

Inc.

(The)*

6,057

124,895

Mayville

Engineering

Co.,

Inc.*

1,347

19,370

Meritor,

Inc.*

12,369

363,896

Miller

Industries,

Inc.

1,952

90,163

Mueller

Industries,

Inc.

9,936

410,854

Mueller

Water

Products,

Inc.,

Class

A

27,896

387,475

Navistar

International

Corp.*

8,877

390,854

NN,

Inc.*

7,679

54,291

Omega

Flex,

Inc.

525

82,887

Park-Ohio

Holdings

Corp.

1,549

48,778

Proto

Labs,

Inc.*(a)

4,766

580,261

RBC

Bearings,

Inc.*

4,393

864,411

REV

Group,

Inc.

4,926

94,382

Rexnord

Corp.

21,459

1,010,504

Shyft

Group,

Inc.

(The)

6,197

230,528

SPX

Corp.*

7,700

448,679

SPX

FLOW,

Inc.

7,614

482,195

Standex

International

Corp.

2,188

209,107

Tennant

Co.

3,248

259,483

Terex

Corp.

12,040

554,683

TriMas

Corp.*

7,348

222,791

Wabash

National

Corp.

9,433

177,340

Watts

Water

Technologies,

Inc.,

Class

A

4,878

579,555

Welbilt,

Inc.*

23,242

377,683

18,623,831

Marine

0.2%

Costamare,

Inc.

9,016

86,734

Eagle

Bulk

Shipping,

Inc.*(a)

1,175

42,441

Eneti,

Inc.

1,363

28,664

Genco

Shipping

&

Trading

Ltd.

3,120

31,450

Matson,

Inc.

7,594

506,520

Pangaea

Logistics

Solutions

Ltd.(a)

1,703

5,381

Safe

Bulkers,

Inc.*

8,372

20,511

SEACOR

Holdings,

Inc.*

3,552

144,744

866,445

Media

0.8%

AMC

Networks,

Inc.,

Class

A*

5,061

269,043

Boston

Omaha

Corp.,

Class

A*(a)

2,358

69,703

Cardlytics,

Inc.*(a)

5,323

583,933

comScore,

Inc.*

10,670

39,052

Daily

Journal

Corp.*

218

68,986

Emerald

Holding,

Inc.*(a)

4,244

23,427

Entercom

Communications

Corp.,

Class

A*

20,960

110,040

108

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Media

Entravision

Communications

Corp.,

Class

A

10,332

41,741

EW

Scripps

Co.

(The),

Class

A(a)

9,989

192,488

Fluent,

Inc.*

7,726

31,677

Gannett

Co.,

Inc.*(a)

23,552

126,710

Gray

Television,

Inc.

15,530

285,752

Hemisphere

Media

Group,

Inc.*

2,947

34,333

iHeartMedia,

Inc.,

Class

A*

11,026

200,122

Loral

Space

&

Communications,

Inc.

2,278

85,812

Meredith

Corp.*(a)

7,068

210,485

MSG

Networks,

Inc.,

Class

A*

5,458

82,088

National

CineMedia,

Inc.

10,991

50,778

Saga

Communications,

Inc.,

Class

A*

698

15,251

Scholastic

Corp.

5,124

154,284

Sinclair

Broadcast

Group,

Inc.,

Class

A

7,924

231,856

TechTarget,

Inc.*

4,262

295,996

TEGNA,

Inc.

39,028

734,897

Tribune

Publishing

Co.*

2,966

53,358

WideOpenWest,

Inc.*

9,351

127,080

4,118,892

Metals

&

Mining

1.8%

Alcoa

Corp.*

33,347

1,083,444

Allegheny

Technologies,

Inc.*

22,697

477,999

Arconic

Corp.*

17,651

448,159

Caledonia

Mining

Corp.

plc(a)

1,888

26,979

Carpenter

Technology

Corp.(a)

8,444

347,471

Century

Aluminum

Co.*(a)

9,024

159,364

Cleveland-Cliffs,

Inc.(a)

80,053

1,609,866

Coeur

Mining,

Inc.*

43,181

389,924

Commercial

Metals

Co.(a)

21,207

654,024

Compass

Minerals

International,

Inc.

6,087

381,777

Gatos

Silver,

Inc.*(a)

4,265

42,522

Gold

Resource

Corp.(a)

11,746

31,009

Haynes

International,

Inc.

2,286

67,826

Hecla

Mining

Co.

93,419

531,554

Kaiser

Aluminum

Corp.

2,808

310,284

Materion

Corp.

3,614

239,391

Novagold

Resources,

Inc.*

42,555

372,782

Olympic

Steel,

Inc.(a)

1,562

46,001

Ryerson

Holding

Corp.*

2,740

46,690

Schnitzer

Steel

Industries,

Inc.,

Class

A

4,631

193,529

SunCoke

Energy,

Inc.

15,035

105,395

TimkenSteel

Corp.*

8,058

94,681

United

States

Steel

Corp.(a)

46,501

1,216,931

Warrior

Met

Coal,

Inc.

9,174

157,151

Worthington

Industries,

Inc.

6,233

418,172

9,452,925

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.2%

Apollo

Commercial

Real

Estate

Finance,

Inc.

25,179

351,751

Arbor

Realty

Trust,

Inc.

20,510

326,109

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

Ares

Commercial

Real

Estate

Corp.

5,374

73,731

Arlington

Asset

Investment

Corp.,

Class

A*

6,231

25,173

ARMOUR

Residential

REIT,

Inc.

11,500

140,300

Blackstone

Mortgage

Trust,

Inc.,

Class

A

24,785

768,335

Broadmark

Realty

Capital,

Inc.

(a)

22,999

240,569

Capstead

Mortgage

Corp.

17,304

107,804

Cherry

Hill

Mortgage

Investment

Corp.

2,618

24,452

Chimera

Investment

Corp.

34,344

436,169

Colony

Credit

Real

Estate,

Inc.

15,034

128,090

Dynex

Capital,

Inc.

4,471

84,636

Ellington

Financial,

Inc.

7,400

118,474

Ellington

Residential

Mortgage

REIT(a)

1,601

19,708

Granite

Point

Mortgage

Trust,

Inc.

9,734

116,516

Great

Ajax

Corp.

3,653

39,818

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

13,091

734,405

Invesco

Mortgage

Capital,

Inc.

41,212

165,260

KKR

Real

Estate

Finance

Trust,

Inc.

5,030

92,502

Ladder

Capital

Corp.

18,771

221,498

MFA

Financial,

Inc.

81,455

331,522

New

York

Mortgage

Trust,

Inc.

67,293

300,800

Orchid

Island

Capital,

Inc.

14,690

88,287

PennyMac

Mortgage

Investment

Trust

17,481

342,627

Ready

Capital

Corp.

10,047

134,831

Redwood

Trust,

Inc.

20,243

210,730

TPG

RE

Finance

Trust,

Inc.

10,783

120,769

Two

Harbors

Investment

Corp.

49,122

360,064

Western

Asset

Mortgage

Capital

Corp.

10,247

32,688

6,137,618

Multiline

Retail

0.3%

Big

Lots,

Inc.

6,622

452,283

Dillard's,

Inc.,

Class

A(a)

1,265

122,161

Franchise

Group,

Inc.

3,902

140,901

Macy's,

Inc.*

55,664

901,200

1,616,545

Multi-Utilities

0.4%

Avista

Corp.(a)

12,272

585,988

Black

Hills

Corp.(a)

11,218

749,026

NorthWestern

Corp.

9,089

592,603

Unitil

Corp.

2,688

122,814

2,050,431

Oil,

Gas

&

Consumable

Fuels

1.8%

Adams

Resources

&

Energy,

Inc.

473

13,249

Antero

Resources

Corp.*

43,339

442,058

Arch

Resources,

Inc.*

2,649

110,198

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Ardmore

Shipping

Corp.*

5,585

25,356

Berry

Corp.

12,366

68,137

Bonanza

Creek

Energy,

Inc.*

3,702

132,272

Brigham

Minerals,

Inc.,

Class

A

7,511

109,961

Clean

Energy

Fuels

Corp.*

23,105

317,463

CNX

Resources

Corp.*

38,915

572,051

Comstock

Resources,

Inc.*

3,957

21,922

CONSOL

Energy,

Inc.*

5,279

51,312

Contango

Oil

&

Gas

Co.*(a)

20,268

79,045

CVR

Energy,

Inc.

5,371

103,016

Delek

US

Holdings,

Inc.

11,195

243,827

DHT

Holdings,

Inc.

19,708

116,868

Diamond

S

Shipping,

Inc.*(a)

5,137

51,524

Dorian

LPG

Ltd.*

6,589

86,514

Earthstone

Energy,

Inc.,

Class

A*

4,120

29,458

Energy

Fuels,

Inc.*(a)

23,743

134,860

Evolution

Petroleum

Corp.

6,069

20,513

Falcon

Minerals

Corp.

7,052

31,663

Frontline

Ltd.(a)

21,283

152,173

Golar

LNG

Ltd.*(a)

18,193

186,114

Goodrich

Petroleum

Corp.*

1,267

11,986

Green

Plains,

Inc.*(a)

6,034

163,340

International

Seaways,

Inc.

4,257

82,501

Kosmos

Energy

Ltd.*

72,015

221,086

Magnolia

Oil

&

Gas

Corp.,

Class

A*

21,867

251,033

Matador

Resources

Co.

19,676

461,402

NACCO

Industries,

Inc.,

Class

A(a)

590

14,720

NextDecade

Corp.*

2,175

5,807

Nordic

American

Tankers

Ltd.

(a)

25,538

82,999

Overseas

Shipholding

Group,

Inc.,

Class

A*

12,144

25,017

Ovintiv,

Inc.

46,628

1,110,679

Par

Pacific

Holdings,

Inc.*

7,151

100,972

PBF

Energy,

Inc.,

Class

A*

17,229

243,790

PDC

Energy,

Inc.*(a)

17,743

610,359

Peabody

Energy

Corp.*

11,706

35,820

Penn

Virginia

Corp.*

2,815

37,721

PrimeEnergy

Resources

Corp.*

81

4,244

Range

Resources

Corp.*

38,232

394,937

Renewable

Energy

Group,

Inc.*(a)

6,844

451,978

REX

American

Resources

Corp.*

968

81,477

Scorpio

Tankers,

Inc.(a)

8,986

165,882

SFL

Corp.

Ltd.

16,735

134,215

SM

Energy

Co.

20,373

333,506

Southwestern

Energy

Co.*

115,530

537,215

Talos

Energy,

Inc.*(a)

2,607

31,388

Tellurian,

Inc.*(a)

29,042

67,958

Uranium

Energy

Corp.*(a)

35,092

100,363

W&T

Offshore,

Inc.*(a)

17,083

61,328

Whiting

Petroleum

Corp.*

205

7,267

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

World

Fuel

Services

Corp.

11,075

389,840

9,320,384

Paper

&

Forest

Products

0.4%

Clearwater

Paper

Corp.*

2,843

106,954

Domtar

Corp.

9,838

363,514

Glatfelter

Corp.

7,951

136,360

Louisiana-Pacific

Corp.

19,583

1,086,073

Neenah,

Inc.

2,948

151,468

Schweitzer-Mauduit

International,

Inc.

5,524

270,510

Verso

Corp.,

Class

A

5,593

81,602

2,196,481

Personal

Products

0.3%

BellRing

Brands,

Inc.,

Class

A*

7,032

166,025

Edgewell

Personal

Care

Co.(a)

9,768

386,813

elf

Beauty,

Inc.*

8,194

219,845

Inter

Parfums,

Inc.

3,175

225,203

Lifevantage

Corp.*

2,228

20,832

Medifast,

Inc.

2,007

425,123

Nature's

Sunshine

Products,

Inc.

1,586

31,656

Revlon,

Inc.,

Class

A*(a)

1,213

14,956

USANA

Health

Sciences,

Inc.*

2,051

200,178

Veru,

Inc.*(a)

9,886

106,522

1,797,153

Pharmaceuticals

1.4%

AcelRx

Pharmaceuticals,

Inc.*

17,555

29,844

Aerie

Pharmaceuticals,

Inc.*(a)

6,463

115,494

Agile

Therapeutics,

Inc.*(a)

11,745

24,430

Amneal

Pharmaceuticals,

Inc.*

17,737

119,370

Amphastar

Pharmaceuticals,

Inc.*(a)

6,409

117,413

Angion

Biomedica

Corp.*(a)

977

17,654

ANI

Pharmaceuticals,

Inc.*

1,708

61,727

Aquestive

Therapeutics,

Inc.*(a)

3,949

20,535

Arvinas,

Inc.*

6,442

425,816

Atea

Pharmaceuticals,

Inc.*(a)

2,617

161,600

Athira

Pharma,

Inc.*(a)

2,572

47,325

Avenue

Therapeutics,

Inc.*(a)

993

6,028

Axsome

Therapeutics,

Inc.*(a)

4,947

280,099

Aytu

BioPharma,

Inc.*(a)

3,806

28,926

BioDelivery

Sciences

International,

Inc.*

16,618

64,976

Cara

Therapeutics,

Inc.*(a)

7,260

157,615

Cassava

Sciences,

Inc.*(a)

5,792

260,350

Cerecor,

Inc.*

8,102

24,468

Chiasma,

Inc.*(a)

9,085

28,436

Collegium

Pharmaceutical,

Inc.*

6,117

144,973

Corcept

Therapeutics,

Inc.*

17,353

412,828

CorMedix,

Inc.*(a)

5,849

58,432

Cymabay

Therapeutics,

Inc.*

12,054

54,725

Durect

Corp.*(a)

39,438

78,087

Eloxx

Pharmaceuticals,

Inc.*(a)

4,261

14,147

Endo

International

plc*

40,443

299,683

Eton

Pharmaceuticals,

Inc.*(a)

2,795

20,459

110

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Evofem

Biosciences,

Inc.*

13,573

23,753

Evolus,

Inc.*(a)

3,956

51,388

Fulcrum

Therapeutics,

Inc.*

2,958

34,845

Graybug

Vision,

Inc.*(a)

1,178

6,538

Harmony

Biosciences

Holdings,

Inc.*(a)

1,121

37,038

Harrow

Health,

Inc.*(a)

4,440

29,970

IMARA,

Inc.*(a)

971

8,195

Innoviva,

Inc.*

11,183

133,637

Intra-Cellular

Therapies,

Inc.*

11,846

401,935

Kala

Pharmaceuticals,

Inc.*(a)

6,937

46,755

Kaleido

Biosciences,

Inc.*

2,432

19,699

Landos

Biopharma,

Inc.*(a)

1,057

10,179

Lannett

Co.,

Inc.*

5,753

30,376

Liquidia

Corp.*(a)

5,485

14,755

Lyra

Therapeutics,

Inc.*(a)

1,258

14,580

Marinus

Pharmaceuticals,

Inc.*(a)

5,154

79,784

NGM

Biopharmaceuticals,

Inc.*

4,577

133,053

Ocular

Therapeutix,

Inc.*

12,979

212,985

Odonate

Therapeutics,

Inc.*

2,843

9,723

Omeros

Corp.*(a)

10,607

188,805

Optinose,

Inc.*(a)

5,581

20,594

Osmotica

Pharmaceuticals

plc*(a)

2,808

9,154

Pacira

BioSciences,

Inc.*

7,611

533,455

Paratek

Pharmaceuticals,

Inc.*

7,777

54,906

Phathom

Pharmaceuticals,

Inc.*(a)

2,013

75,608

Phibro

Animal

Health

Corp.,

Class

A

3,727

90,939

Pliant

Therapeutics,

Inc.*(a)

4,237

166,641

Prestige

Consumer

Healthcare,

Inc.*

8,930

393,634

Provention

Bio,

Inc.*

9,442

99,094

Recro

Pharma,

Inc.*

3,324

9,274

Relmada

Therapeutics,

Inc.*(a)

2,577

90,736

Revance

Therapeutics,

Inc.*

11,257

314,633

Satsuma

Pharmaceuticals,

Inc.*

1,706

10,082

scPharmaceuticals,

Inc.*

1,065

7,082

SIGA

Technologies,

Inc.*

9,238

60,047

Strongbridge

Biopharma

plc*

6,841

18,881

Supernus

Pharmaceuticals,

Inc.*(a)

8,737

228,735

Tarsus

Pharmaceuticals,

Inc.*

1,109

35,743

Terns

Pharmaceuticals,

Inc.*(a)

1,493

32,846

TherapeuticsMD,

Inc.*(a)

59,601

79,865

Theravance

Biopharma,

Inc.*(a)

8,406

171,566

Tricida,

Inc.*(a)

5,089

26,921

Verrica

Pharmaceuticals,

Inc.*(a)

2,273

34,436

VYNE

Therapeutics,

Inc.*(a)

6,259

42,843

WaVe

Life

Sciences

Ltd.*(a)

5,915

33,183

Xeris

Pharmaceuticals,

Inc.*(a)

7,869

35,489

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zogenix,

Inc.*

9,943

194,087

7,433,907

Professional

Services

1.5%

Acacia

Research

Corp.*

7,232

48,093

Akerna

Corp.*

3,417

16,880

ASGN,

Inc.*

9,063

864,973

Barrett

Business

Services,

Inc.

1,332

91,722

BGSF,

Inc.

1,650

23,100

CBIZ,

Inc.*

9,070

296,226

CRA

International,

Inc.

1,359

101,436

Exponent,

Inc.

9,153

891,960

Forrester

Research,

Inc.*

1,960

83,261

Franklin

Covey

Co.*

2,199

62,210

GP

Strategies

Corp.*

2,243

39,140

Heidrick

&

Struggles

International,

Inc.

3,452

123,305

Huron

Consulting

Group,

Inc.*

4,025

202,779

ICF

International,

Inc.

3,254

284,400

Insperity,

Inc.

6,395

535,517

KBR,

Inc.

25,372

974,031

Kelly

Services,

Inc.,

Class

A*

5,983

133,241

Kforce,

Inc.

3,534

189,422

Korn

Ferry

9,592

598,253

ManTech

International

Corp.,

Class

A

4,821

419,186

Mastech

Digital,

Inc.*

814

14,335

Mistras

Group,

Inc.*

3,322

37,904

Red

Violet,

Inc.*(a)

1,168

21,515

Resources

Connection,

Inc.(a)

5,474

74,118

TriNet

Group,

Inc.*

7,320

570,667

TrueBlue,

Inc.*

6,281

138,308

Upwork,

Inc.*

16,535

740,272

Willdan

Group,

Inc.*(a)

1,850

75,942

7,652,196

Real

Estate

Management

&

Development

0.7%

Alset

EHome

International,

Inc.*(a)

527

6,097

Altisource

Portfolio

Solutions

SA*(a)

1,085

9,971

American

Realty

Investors,

Inc.*

423

3,735

Cushman

&

Wakefield

plc*(a)

19,822

323,495

eXp

World

Holdings,

Inc.*(a)

8,866

403,846

Fathom

Holdings,

Inc.*(a)

862

31,575

Forestar

Group,

Inc.*

3,097

72,098

FRP

Holdings,

Inc.*

1,232

60,639

Kennedy-Wilson

Holdings,

Inc.

21,496

434,434

Marcus

&

Millichap,

Inc.*

4,138

139,451

Maui

Land

&

Pineapple

Co.,

Inc.*

983

11,354

Newmark

Group,

Inc.,

Class

A

25,999

260,120

Rafael

Holdings,

Inc.,

Class

B*

1,686

67,305

RE/MAX

Holdings,

Inc.,

Class

A

3,247

127,899

Realogy

Holdings

Corp.*(a)

20,375

308,274

Redfin

Corp.*(a)

17,772

1,183,438

RMR

Group,

Inc.

(The),

Class

A

2,737

111,697

St

Joe

Co.

(The)

5,916

253,796

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Stratus

Properties,

Inc.*

994

30,317

Tejon

Ranch

Co.*

3,556

59,528

Transcontinental

Realty

Investors,

Inc.*

231

4,971

3,904,040

Road

&

Rail

0.6%

ArcBest

Corp.

4,507

317,158

Avis

Budget

Group,

Inc.*

9,415

682,964

Covenant

Logistics

Group,

Inc.*

1,963

40,418

Daseke,

Inc.*

8,195

69,576

Heartland

Express,

Inc.

8,679

169,935

Marten

Transport

Ltd.

10,529

178,677

PAM

Transportation

Services,

Inc.*

334

20,608

Saia,

Inc.*

4,686

1,080,498

Universal

Logistics

Holdings,

Inc.

1,382

36,360

US

Xpress

Enterprises,

Inc.,

Class

A*

4,013

47,153

Werner

Enterprises,

Inc.

10,702

504,813

3,148,160

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Energy

Industries,

Inc.

6,769

738,972

Alpha

&

Omega

Semiconductor

Ltd.*

3,746

122,494

Ambarella,

Inc.*

6,036

605,954

Amkor

Technology,

Inc.

17,773

421,398

Atomera,

Inc.*(a)

3,255

79,747

Axcelis

Technologies,

Inc.*

5,921

243,294

AXT,

Inc.*(a)

7,086

82,623

Brooks

Automation,

Inc.

12,954

1,057,694

CEVA,

Inc.*

3,910

219,546

CMC

Materials,

Inc.

5,177

915,242

Cohu,

Inc.*

7,500

313,800

CyberOptics

Corp.*

1,306

33,917

Diodes,

Inc.*

7,647

610,536

DSP

Group,

Inc.*

3,941

56,159

FormFactor,

Inc.*

13,757

620,578

GSI

Technology,

Inc.*

2,388

15,976

Ichor

Holdings

Ltd.*

4,790

257,702

Impinj,

Inc.*(a)

3,066

174,363

Lattice

Semiconductor

Corp.*

24,247

1,091,600

MACOM

Technology

Solutions

Holdings,

Inc.*

8,554

496,303

Maxeon

Solar

Technologies

Ltd.*(a)

1,880

59,333

MaxLinear,

Inc.*(a)

12,227

416,696

NeoPhotonics

Corp.*

8,876

106,068

NVE

Corp.

875

61,337

Onto

Innovation,

Inc.*

8,448

555,118

PDF

Solutions,

Inc.*

5,110

90,856

Photronics,

Inc.*

11,099

142,733

Pixelworks,

Inc.*

7,863

26,027

Power

Integrations,

Inc.

10,516

856,844

Rambus,

Inc.*

20,324

395,099

Semtech

Corp.*

11,519

794,811

Silicon

Laboratories,

Inc.*

7,731

1,090,612

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

SiTime

Corp.*

2,112

208,243

SMART

Global

Holdings,

Inc.*(a)

2,626

120,849

SunPower

Corp.*(a)

13,588

454,519

Synaptics,

Inc.*(a)

6,233

844,073

Ultra

Clean

Holdings,

Inc.*

7,171

416,205

Veeco

Instruments,

Inc.*

8,600

178,364

14,975,685

Software

5.0%

8x8,

Inc.*

19,030

617,333

A10

Networks,

Inc.*

10,757

103,375

ACI

Worldwide,

Inc.*

20,412

776,677

Agilysys,

Inc.*(a)

3,392

162,680

Alarm.com

Holdings,

Inc.*

8,472

731,811

Altair

Engineering,

Inc.,

Class

A*(a)

7,748

484,792

American

Software,

Inc.,

Class

A

5,525

114,367

Appfolio,

Inc.,

Class

A*(a)

2,926

413,766

Appian

Corp.*(a)

6,344

843,435

Asure

Software,

Inc.*

1,992

15,219

Avaya

Holdings

Corp.*

14,962

419,385

Benefitfocus,

Inc.*

5,231

72,240

Blackbaud,

Inc.*

8,677

616,761

Blackline,

Inc.*

9,090

985,356

Bottomline

Technologies

DE,

Inc.*

7,896

357,294

Box,

Inc.,

Class

A*

25,532

586,215

Cerence,

Inc.*(a)

6,776

606,994

ChannelAdvisor

Corp.*

4,957

116,737

Cloudera,

Inc.*(a)

36,691

446,529

Cognyte

Software

Ltd.*

11,542

320,983

CommVault

Systems,

Inc.*

7,546

486,717

Cornerstone

OnDemand,

Inc.*

10,957

477,506

Digimarc

Corp.*

2,138

63,413

Digital

Turbine,

Inc.*

15,014

1,206,525

Domo,

Inc.,

Class

B*

4,768

268,391

Ebix,

Inc.(a)

4,717

151,085

eGain

Corp.*

3,894

36,954

Envestnet,

Inc.*

9,435

681,490

GTY

Technology

Holdings,

Inc.*(a)

8,361

53,427

Intelligent

Systems

Corp.*(a)

1,334

54,574

InterDigital,

Inc.(a)

5,465

346,754

J2

Global,

Inc.*(a)

7,732

926,758

LivePerson,

Inc.*(a)

11,114

586,152

MicroStrategy,

Inc.,

Class

A*(a)

1,304

885,155

Mimecast

Ltd.*

10,350

416,173

Mitek

Systems,

Inc.*(a)

7,221

105,282

Model

N,

Inc.*(a)

6,239

219,800

ON24,

Inc.*

1,518

73,638

OneSpan,

Inc.*(a)

6,008

147,196

Park

City

Group,

Inc.*(a)

1,860

11,365

Ping

Identity

Holding

Corp.*(a)

6,587

144,453

Progress

Software

Corp.

7,901

348,118

PROS

Holdings,

Inc.*

7,149

303,832

Q2

Holdings,

Inc.*(a)

8,988

900,598

QAD,

Inc.,

Class

A

2,142

142,614

112

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Software

Qualys,

Inc.*

6,047

633,605

Rapid7,

Inc.*(a)

9,224

688,203

Rimini

Street,

Inc.*

3,995

35,835

SailPoint

Technologies

Holdings,

Inc.*

15,711

795,605

Sapiens

International

Corp.

NV

4,938

156,979

SeaChange

International,

Inc.*(a)

4,305

6,673

SecureWorks

Corp.,

Class

A*

1,334

17,849

ShotSpotter,

Inc.*(a)

1,435

50,325

Smith

Micro

Software,

Inc.*(a)

5,952

32,766

Sprout

Social,

Inc.,

Class

A*

4,980

287,645

SPS

Commerce,

Inc.*

6,343

629,923

Sumo

Logic,

Inc.*(a)

2,565

48,376

SVMK,

Inc.*

21,882

400,878

Synchronoss

Technologies,

Inc.*(a)

6,938

24,769

Telos

Corp.*(a)

2,891

109,627

Tenable

Holdings,

Inc.*

12,674

458,609

Upland

Software,

Inc.*

4,678

220,755

Varonis

Systems,

Inc.*

18,096

929,049

Verint

Systems,

Inc.*

11,575

526,547

Veritone,

Inc.*(a)

4,703

112,778

Viant

Technology,

Inc.,

Class

A*(a)

1,885

99,698

VirnetX

Holding

Corp.(a)

11,591

64,562

Workiva,

Inc.*

7,089

625,675

Xperi

Holding

Corp.

18,628

405,532

Yext,

Inc.*(a)

18,856

273,035

Zix

Corp.*

9,871

74,526

Zuora,

Inc.,

Class

A*(a)

18,369

271,861

25,811,604

Specialty

Retail

3.4%

Aaron's

Co.,

Inc.

(The)

6,021

154,619

Abercrombie

&

Fitch

Co.,

Class

A*

11,135

382,042

Academy

Sports

&

Outdoors,

Inc.*(a)

5,354

144,505

American

Eagle

Outfitters,

Inc.

26,808

783,866

America's

Car-Mart,

Inc.*

1,085

165,321

Asbury

Automotive

Group,

Inc.*

3,435

674,978

At

Home

Group,

Inc.*

9,663

277,328

Bed

Bath

&

Beyond,

Inc.*

21,661

631,418

Boot

Barn

Holdings,

Inc.*

5,121

319,090

Buckle,

Inc.

(The)

5,143

202,017

Caleres,

Inc.

6,344

138,299

Camping

World

Holdings,

Inc.,

Class

A

5,863

213,296

Cato

Corp.

(The),

Class

A*

3,795

45,540

Chico's

FAS,

Inc.*(a)

22,008

72,847

Children's

Place,

Inc.

(The)*

2,529

176,271

Citi

Trends,

Inc.*

1,703

142,677

Conn's,

Inc.*

3,057

59,459

Container

Store

Group,

Inc.

(The)*

5,622

93,550

Designer

Brands,

Inc.,

Class

A*

11,010

191,574

Common

Stocks

Shares

Value

($)

Specialty

Retail

Envela

Corp.*(a)

1,899

9,533

Express,

Inc.*(a)

11,106

44,646

GameStop

Corp.,

Class

A*(a)

10,194

1,935,025

Genesco,

Inc.*

2,626

124,735

Group

1

Automotive,

Inc.

3,111

490,885

GrowGeneration

Corp.*(a)

7,247

360,103

Guess?,

Inc.(a)

7,103

166,921

Haverty

Furniture

Cos.,

Inc.(a)

2,897

107,739

Hibbett

Sports,

Inc.*(a)

2,948

203,088

Lithia

Motors,

Inc.,

Class

A(a)

4,635

1,808,067

Lumber

Liquidators

Holdings,

Inc.*

5,047

126,781

MarineMax,

Inc.*

3,796

187,371

Michaels

Cos.,

Inc.

(The)*

13,279

291,341

Monro,

Inc.(a)

5,858

385,456

Murphy

USA,

Inc.

4,590

663,530

National

Vision

Holdings,

Inc.*(a)

14,315

627,426

ODP

Corp.

(The)*

9,463

409,653

OneWater

Marine,

Inc.,

Class

A*

1,788

71,449

Rent-A-Center,

Inc.

8,629

497,548

RH*

2,811

1,677,043

Sally

Beauty

Holdings,

Inc.*

20,108

404,774

Shoe

Carnival,

Inc.

1,667

103,154

Signet

Jewelers

Ltd.*

9,328

540,837

Sleep

Number

Corp.*

4,823

692,052

Sonic

Automotive,

Inc.,

Class

A

4,169

206,657

Sportsman's

Warehouse

Holdings,

Inc.*

7,633

131,593

Tilly's,

Inc.,

Class

A*

4,152

47,001

Urban

Outfitters,

Inc.*

12,297

457,325

Winmark

Corp.

518

96,571

Zumiez,

Inc.*

3,655

156,800

17,893,801

Technology

Hardware,

Storage

&

Peripherals

0.3%

3D

Systems

Corp.*(a)

21,542

591,112

Avid

Technology,

Inc.*

5,700

120,327

Corsair

Gaming,

Inc.*(a)

4,121

137,188

Diebold

Nixdorf,

Inc.*

12,530

177,049

Eastman

Kodak

Co.*(a)

2,838

22,335

Immersion

Corp.*(a)

3,095

29,650

Intevac,

Inc.*

3,715

26,562

Quantum

Corp.*

7,235

60,268

Super

Micro

Computer,

Inc.*

7,725

301,739

1,466,230

Textiles,

Apparel

&

Luxury

Goods

1.0%

Crocs,

Inc.*

11,907

957,918

Deckers

Outdoor

Corp.*

4,991

1,649,126

Fossil

Group,

Inc.*

8,400

104,160

G-III

Apparel

Group

Ltd.*

7,856

236,780

Kontoor

Brands,

Inc.

9,146

443,855

Lakeland

Industries,

Inc.*

1,346

37,500

Movado

Group,

Inc.

2,805

79,802

Oxford

Industries,

Inc.

2,915

254,829

Rocky

Brands,

Inc.

1,288

69,629

Steven

Madden

Ltd.

14,664

546,381

Superior

Group

of

Cos.,

Inc.

1,870

47,536

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

Unifi,

Inc.*

2,412

66,475

Vera

Bradley,

Inc.*

3,634

36,703

Wolverine

World

Wide,

Inc.

14,414

552,345

5,083,039

Thrifts

&

Mortgage

Finance

1.7%

Axos

Financial,

Inc.*

10,231

480,959

Bogota

Financial

Corp.*(a)

1,268

13,010

Bridgewater

Bancshares,

Inc.*

3,959

63,938

Capitol

Federal

Financial,

Inc.

23,453

310,635

Columbia

Financial,

Inc.*

8,478

148,195

ESSA

Bancorp,

Inc.

1,831

29,296

Essent

Group

Ltd.

19,654

933,368

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,660

167,195

Flagstar

Bancorp,

Inc.

8,632

389,303

FS

Bancorp,

Inc.

664

44,621

Greene

County

Bancorp,

Inc.

609

15,231

Hingham

Institution

for

Savings

266

75,480

Home

Bancorp,

Inc.

1,203

43,368

Home

Point

Capital,

Inc.*

1,076

10,007

HomeStreet,

Inc.

2,988

131,681

Kearny

Financial

Corp.

13,571

163,938

Luther

Burbank

Corp.

3,310

39,157

Merchants

Bancorp

1,541

64,630

Meridian

Bancorp,

Inc.

8,505

156,662

Meta

Financial

Group,

Inc.

5,555

251,697

MMA

Capital

Holdings,

Inc.*(a)

767

17,495

Mr.

Cooper

Group,

Inc.*

13,484

468,704

NMI

Holdings,

Inc.,

Class

A*

14,729

348,194

Northfield

Bancorp,

Inc.

8,708

138,631

Northwest

Bancshares,

Inc.

21,078

304,577

Oconee

Federal

Financial

Corp.(a)

303

7,902

OP

Bancorp

2,329

24,501

PCSB

Financial

Corp.

2,303

38,253

PDL

Community

Bancorp*

1,297

14,410

PennyMac

Financial

Services,

Inc.

7,411

495,574

Pioneer

Bancorp,

Inc.*

2,469

28,764

Premier

Financial

Corp.

6,648

221,112

Provident

Bancorp,

Inc.

3,056

44,006

Provident

Financial

Holdings,

Inc.

1,275

21,548

Provident

Financial

Services,

Inc.

12,423

276,784

Prudential

Bancorp,

Inc.

1,380

20,369

Radian

Group,

Inc.

34,031

791,221

Riverview

Bancorp,

Inc.

4,197

29,085

Security

National

Financial

Corp.,

Class

A*

2,182

20,402

Southern

Missouri

Bancorp,

Inc.

1,276

50,300

Standard

AVB

Financial

Corp.

540

17,631

Sterling

Bancorp,

Inc.*(a)

2,706

15,316

Territorial

Bancorp,

Inc.

1,489

39,399

Timberland

Bancorp,

Inc.

1,234

34,318

TrustCo

Bank

Corp.

17,133

126,270

Walker

&

Dunlop,

Inc.

5,047

518,529

Common

Stocks

Shares

Value

($)

Thrifts

&

Mortgage

Finance

Washington

Federal,

Inc.

13,488

415,430

Waterstone

Financial,

Inc.

3,849

78,597

Western

New

England

Bancorp,

Inc.

4,014

33,838

WSFS

Financial

Corp.

8,470

421,721

8,595,252

Tobacco

0.1%

Turning

Point

Brands,

Inc.(a)

2,119

110,548

Universal

Corp.

4,325

255,132

Vector

Group

Ltd.

25,021

349,043

714,723

Trading

Companies

&

Distributors

1.5%

Alta

Equipment

Group,

Inc.*(a)

3,306

42,978

Applied

Industrial

Technologies,

Inc.

6,891

628,253

Beacon

Roofing

Supply,

Inc.*

9,783

511,847

Boise

Cascade

Co.

6,969

416,955

CAI

International,

Inc.

2,899

131,963

DXP

Enterprises,

Inc.*

2,984

90,027

EVI

Industries,

Inc.*(a)

923

26,555

GATX

Corp.(a)

6,195

574,524

General

Finance

Corp.*

2,166

26,317

GMS,

Inc.*(a)

7,451

311,079

H&E

Equipment

Services,

Inc.

5,738

218,044

Herc

Holdings,

Inc.*

4,360

441,799

Lawson

Products,

Inc.*

707

36,665

McGrath

RentCorp

4,316

348,085

MRC

Global,

Inc.*

13,969

126,140

Nesco

Holdings,

Inc.*(a)

2,326

21,748

NOW,

Inc.*

19,435

196,099

Rush

Enterprises,

Inc.,

Class

A

7,369

367,197

Rush

Enterprises,

Inc.,

Class

B

1,177

53,071

SiteOne

Landscape

Supply,

Inc.*(a)

7,830

1,336,894

Systemax,

Inc.

2,153

88,531

Textainer

Group

Holdings

Ltd.*

8,811

252,435

Titan

Machinery,

Inc.*

3,404

86,802

Transcat,

Inc.*

1,170

57,424

Triton

International

Ltd.

10,745

590,868

Veritiv

Corp.*

2,543

108,179

WESCO

International,

Inc.*

8,748

756,965

Willis

Lease

Finance

Corp.*

498

21,643

7,869,087

Water

Utilities

0.4%

American

States

Water

Co.

6,552

495,462

Artesian

Resources

Corp.,

Class

A

1,355

53,360

Cadiz,

Inc.*(a)

3,666

35,157

California

Water

Service

Group

8,788

495,116

Consolidated

Water

Co.

Ltd.

2,443

32,858

Global

Water

Resources,

Inc.

2,176

35,491

Middlesex

Water

Co.

3,090

244,172

Pure

Cycle

Corp.*

3,634

48,768

SJW

Group

4,667

293,974

York

Water

Co.

(The)

2,364

115,765

1,850,123

114

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

0.1%

Boingo

Wireless,

Inc.*

7,692

108,226

Gogo,

Inc.*(a)

9,921

95,837

Shenandoah

Telecommunications

Co.

8,616

420,547

Spok

Holdings,

Inc.

2,885

30,264

654,874

Total

Common

Stocks

(cost

$321,674,675)

504,195,240

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

CONTRA

ADURO

BIOTECH

I,

CVR*^∞(a)

2,552

0

Oncternal

Therapeutics,

Inc.,

CVR*∞

97

199

199

Total

Rights

(cost

$7,656)

199

Repurchase

Agreements

3.1%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$3,808,958,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$3,885,134.(c)

3,808,955

3,808,955

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,300,006,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$2,346,945.(c)

2,300,000

2,300,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$10,000,026,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$10,200,028.(c)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$16,108,955)

16,108,955

Total

Investments

(cost

$337,791,286)

—

100.4%

520,304,394

Liabilities

in

excess

of

other

assets

—

(0.4)%

(2,148,555)

NET

ASSETS

—

100.0%

$

518,155,839

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$66,296,787,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,125,455

and

by

$50,533,210

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.25%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$66,658,665.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$513,960

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

March

31,

2021

was

$16,108,955.

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

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

115

Futures

contracts

outstanding

as

of

March

31,

2021:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

130

6/2021

USD

14,446,250

(479,741)

(479,741)

At

March

31,

2021,

the

Fund

had

$794,400

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

116

-

Statement

of

Investments

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

117

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

4,353,541

$

–

$

–

$

4,353,541

Air

Freight

&

Logistics

1,600,145

–

–

1,600,145

Airlines

2,000,360

–

–

2,000,360

Auto

Components

7,039,049

–

–

7,039,049

Automobiles

657,012

–

–

657,012

Banks

43,407,517

–

–

43,407,517

Beverages

1,399,941

–

–

1,399,941

Biotechnology

50,112,224

–

–

50,112,224

Building

Products

8,679,737

–

–

8,679,737

Capital

Markets

7,712,771

–

–

7,712,771

Chemicals

8,854,494

–

–

8,854,494

Commercial

Services

&

Supplies

9,466,054

–

–

9,466,054

Communications

Equipment

3,417,491

–

–

3,417,491

Construction

&

Engineering

7,886,319

–

–

7,886,319

Construction

Materials

954,591

–

–

954,591

Consumer

Finance

3,400,304

–

–

3,400,304

Containers

&

Packaging

1,126,467

–

–

1,126,467

Distributors

429,065

–

–

429,065

Diversified

Consumer

Services

2,372,089

–

–

2,372,089

Diversified

Financial

Services

835,383

–

–

835,383

Diversified

Telecommunication

Services

3,477,877

–

–

3,477,877

Electric

Utilities

2,968,122

–

–

2,968,122

Electrical

Equipment

8,385,290

–

–

8,385,290

Electronic

Equipment,

Instruments

&

Components

10,566,664

–

–

10,566,664

Energy

Equipment

&

Services

3,818,271

–

–

3,818,271

Entertainment

2,012,057

–

–

2,012,057

Equity

Real

Estate

Investment

Trusts

(REITs)

25,951,899

–

–

25,951,899

Food

&

Staples

Retailing

4,167,219

–

–

4,167,219

Food

Products

7,196,216

–

–

7,196,216

Gas

Utilities

4,264,119

–

–

4,264,119

Health

Care

Equipment

&

Supplies

16,867,647

–

–

16,867,647

Health

Care

Providers

&

Services

13,557,548

–

–

13,557,548

Health

Care

Technology

5,757,481

–

–

5,757,481

Hotels,

Restaurants

&

Leisure

20,059,925

–

–

20,059,925

Household

Durables

10,986,384

–

–

10,986,384

Household

Products

1,248,987

–

–

1,248,987

Independent

Power

and

Renewable

Electricity

Producers

2,711,105

–

–

2,711,105

Industrial

Conglomerates

242,322

–

–

242,322

Insurance

9,731,997

–

–

9,731,997

Interactive

Media

&

Services

1,855,617

–

–

1,855,617

Internet

&

Direct

Marketing

Retail

4,070,957

–

–

4,070,957

IT

Services

7,638,168

8,609

–

7,646,777

Leisure

Products

3,217,147

–

–

3,217,147

Life

Sciences

Tools

&

Services

4,495,632

–

–

4,495,632

Machinery

18,623,831

–

–

18,623,831

Marine

866,445

–

–

866,445

Media

4,118,892

–

–

4,118,892

Metals

&

Mining

9,452,925

–

–

9,452,925

Mortgage

Real

Estate

Investment

Trusts

(REITs)

6,137,618

–

–

6,137,618

Multiline

Retail

1,616,545

–

–

1,616,545

Multi-Utilities

2,050,431

–

–

2,050,431

Oil,

Gas

&

Consumable

Fuels

9,320,384

–

–

9,320,384

Paper

&

Forest

Products

2,196,481

–

–

2,196,481

Personal

Products

1,797,153

–

–

1,797,153

118

-

Statement

of

Investments

-

March

31,

2021

(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

March

31,

2021.

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

Level

1

Level

2

Level

3

Total

Assets:

Pharmaceuticals

$

7,433,907

$

–

$

–

$

7,433,907

Professional

Services

7,652,196

–

–

7,652,196

Real

Estate

Management

&

Development

3,904,040

–

–

3,904,040

Road

&

Rail

3,148,160

–

–

3,148,160

Semiconductors

&

Semiconductor

Equipment

14,975,685

–

–

14,975,685

Software

25,811,604

–

–

25,811,604

Specialty

Retail

17,893,801

–

–

17,893,801

Technology

Hardware,

Storage

&

Peripherals

1,466,230

–

–

1,466,230

Textiles,

Apparel

&

Luxury

Goods

5,083,039

–

–

5,083,039

Thrifts

&

Mortgage

Finance

8,595,252

–

–

8,595,252

Tobacco

714,723

–

–

714,723

Trading

Companies

&

Distributors

7,869,087

–

–

7,869,087

Water

Utilities

1,850,123

–

–

1,850,123

Wireless

Telecommunication

Services

654,874

–

–

654,874

Total

Common

Stocks

$

504,186,631

$

8,609

$

–

$

504,195,240

Repurchase

Agreements

–

16,108,955

–

16,108,955

Rights  

–

199

–

199

Total

Assets

$

504,186,631

$

16,117,763

$

–

$

520,304,394

$

–

$

–

$

–

$

–

Liabilities:

Futures

Contracts

$

(479,741)

$

–

$

–

$

(479,741)

Total

Liabilities

$

(479,741)

$

–

$

–

$

(479,741)

Total

$

503,706,890

$

16,117,763

$

–

$

519,824,653

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2021,

the

Fund

held

one

rights

investment

that

as

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Small

Cap

Index

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

119

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(479,741)

Total

$

(479,741)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.2%

Shares

Value

($)

ARGENTINA

4.0%

Internet

&

Direct

Marketing

Retail

4.0%

MercadoLibre

,

Inc.

*

7,257

10,683,320

AUSTRALIA

3.7%

Biotechnology

0.7%

CSL

Ltd.

8,869

1,787,228

Hotels,

Restaurants

&

Leisure

3.0%

Domino's

Pizza

Enterprises

Ltd.

(a)

112,162

8,209,033

9,996,261

BRAZIL

3.3%

IT

Services

3.3%

StoneCo

Ltd.,

Class

A

*

145,625

8,915,163

CANADA

5.1%

Food

&

Staples

Retailing

1.4%

Alimentation

Couche-Tard,

Inc.,

Class

B

119,391

3,849,545

IT

Services

1.6%

Shopify,

Inc.,

Class

A

*

3,964

4,386,166

Software

2.1%

Constellation

Software,

Inc.

3,828

5,345,980

13,581,691

CHINA

13.0%

Diversified

Consumer

Services

0.5%

TAL

Education

Group,

ADR

*

23,886

1,286,261

Entertainment

2.5%

Tencent

Music

Entertainment

Group,

ADR

*

331,606

6,794,607

Interactive

Media

&

Services

3.8%

Tencent

Holdings

Ltd.

129,207

10,186,289

Internet

&

Direct

Marketing

Retail

6.2%

Alibaba

Group

Holding

Ltd.,

ADR

*

50,215

11,385,246

Prosus

NV

*

47,546

5,300,921

16,686,167

34,953,324

DENMARK

14.8%

Air

Freight

&

Logistics

3.0%

DSV

Panalpina

A/S

41,374

8,113,190

Health

Care

Equipment

&

Supplies

7.1%

Ambu

A/S,

Class

B

396,574

18,627,500

Coloplast

A/S,

Class

B

3,374

507,955

19,135,455

Pharmaceuticals

0.9%

Novo

Nordisk

A/S,

Class

B

35,699

2,410,822

Software

3.8%

Netcompany

Group

A/S

Reg.

S

(b)

106,331

10,125,941

39,785,408

GERMANY

9.1%

Diversified

Financial

Services

0.4%

GRENKE

AG

28,620

1,084,061

Common

Stocks

Shares

Value

($)

GERMANY

Internet

&

Direct

Marketing

Retail

1.4%

Zalando

SE

Reg.

S

*(b)

38,075

3,731,902

IT

Services

1.6%

Bechtle

AG

22,962

4,305,847

Semiconductors

&

Semiconductor

Equipment

4.1%

Infineon

Technologies

AG

261,610

11,094,967

Software

0.8%

SAP

SE

17,448

2,136,927

Textiles,

Apparel

&

Luxury

Goods

0.8%

adidas

AG

*

6,862

2,142,024

24,495,728

HONG

KONG

2.5%

Insurance

2.5%

AIA

Group

Ltd.

542,838

6,603,897

INDIA

4.2%

Banks

4.2%

HDFC

Bank

Ltd.

*

546,448

11,120,732

IRELAND

1.3%

Building

Products

1.3%

Kingspan

Group

plc

41,062

3,481,168

ISRAEL

5.9%

IT

Services

5.9%

Wix.com

Ltd.

*

56,224

15,698,865

JAPAN

1.8%

Electronic

Equipment,

Instruments

&

Components

0.9%

Keyence

Corp.

(a)

5,608

2,559,753

Trading

Companies

&

Distributors

0.9%

MonotaRO

Co.

Ltd.

84,162

2,288,545

4,848,298

NETHERLANDS

6.4%

IT

Services

1.3%

Adyen

NV

Reg.

S

*(b)

1,554

3,483,909

Semiconductors

&

Semiconductor

Equipment

4.9%

ASML

Holding

NV

21,544

13,140,522

Software

0.2%

Topicus.com,

Inc.

*(a)

7,120

467,641

17,092,072

NEW

ZEALAND

1.7%

Air

Freight

&

Logistics

1.7%

Mainfreight

Ltd.

95,453

4,634,535

SOUTH

AFRICA

1.0%

Banks

1.0%

Capitec

Bank

Holdings

Ltd.

*

27,653

2,660,440

SWEDEN

7.8%

Building

Products

0.6%

Assa

Abloy

AB,

Class

B

55,156

1,583,915

Chemicals

2.0%

Hexpol

AB

464,020

5,232,250

Electronic

Equipment,

Instruments

&

Components

1.2%

Hexagon

AB,

Class

B

35,800

3,301,518

2

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

AllianzGI

International

Growth

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

2.3%

Atlas

Copco

AB,

Class

A

59,687

3,634,134

Epiroc

AB,

Class

A

110,732

2,508,401

6,142,535

Trading

Companies

&

Distributors

1.7%

AddTech

AB,

Class

B

305,110

4,541,367

20,801,585

SWITZERLAND

3.9%

Capital

Markets

1.4%

Partners

Group

Holding

AG

2,824

3,608,389

Chemicals

1.3%

Sika

AG

(Registered)

12,083

3,451,417

Machinery

1.1%

VAT

Group

AG

Reg.

S

(b)

10,731

3,007,752

Software

0.1%

Temenos

AG

(Registered)

2,458

353,785

10,421,343

TAIWAN

7.5%

Entertainment

6.0%

Sea

Ltd.,

ADR

*

71,780

16,023,449

Semiconductors

&

Semiconductor

Equipment

1.5%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

33,549

3,968,176

19,991,625

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

1.2%

Industrial

Conglomerates

1.2%

DCC

plc

35,507

3,079,826

Total

Investments

(cost

$143,497,485)

  —

98.2%

262,845,281

Other

assets

in

excess

of

liabilities

—

1.8%

4,839,791

NET

ASSETS

—

100.0%

$

267,685,072

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$543,207,

which

was

collateralized

by

$570,960

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.07%

-

6.88%,

and

maturity

dates

ranging

from

6/15/2021

-

5/15/2050.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$20,349,504

which

represents

7.60%

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

-

March

31,

2021

(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

-

March

31,

2021

(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

March

31,

2021.

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

$

–

$

12,747,725

$

–

$

12,747,725

Banks

–

13,781,172

–

13,781,172

Biotechnology

–

1,787,228

–

1,787,228

Building

Products

–

5,065,083

–

5,065,083

Capital

Markets

–

3,608,389

–

3,608,389

Chemicals

–

8,683,667

–

8,683,667

Diversified

Consumer

Services

1,286,261

–

–

1,286,261

Diversified

Financial

Services

–

1,084,061

–

1,084,061

Electronic

Equipment,

Instruments

&

Components

–

5,861,271

–

5,861,271

Entertainment

22,818,056

–

–

22,818,056

Food

&

Staples

Retailing

3,849,545

–

–

3,849,545

Health

Care

Equipment

&

Supplies

–

19,135,455

–

19,135,455

Hotels,

Restaurants

&

Leisure

–

8,209,033

–

8,209,033

Industrial

Conglomerates

–

3,079,826

–

3,079,826

Insurance

–

6,603,897

–

6,603,897

Interactive

Media

&

Services

–

10,186,289

–

10,186,289

Internet

&

Direct

Marketing

Retail

22,068,566

9,032,823

–

31,101,389

IT

Services

29,000,194

7,789,756

–

36,789,950

Machinery

–

9,150,287

–

9,150,287

Pharmaceuticals

–

2,410,822

–

2,410,822

Semiconductors

&

Semiconductor

Equipment

3,968,176

24,235,489

–

28,203,665

Software

5,813,621

12,616,653

–

18,430,274

Textiles,

Apparel

&

Luxury

Goods

–

2,142,024

–

2,142,024

Trading

Companies

&

Distributors

–

6,829,912

–

6,829,912

Total

Common

Stocks

$

88,804,419

$

174,040,862

$

–

$

262,845,281

Total

$

88,804,419

$

174,040,862

$

–

$

262,845,281

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

98.2%

Shares

Value

($)

AUSTRALIA

1.6%

Health

Care

Equipment

&

Supplies

0.5%

Ansell

Ltd.

51,704

1,545,062

Metals

&

Mining

1.1%

BHP

Group

Ltd.,

ADR

(a)

48,536

3,367,913

4,912,975

AUSTRIA

1.7%

Machinery

1.7%

ANDRITZ

AG

114,233

5,145,096

BERMUDA

0.6%

Oil,

Gas

&

Consumable

Fuels

0.6%

Teekay

Tankers

Ltd.,

Class

A

*(a)

137,550

1,911,945

BRAZIL

0.7%

Chemicals

0.7%

Yara

International

ASA

39,702

2,065,180

CANADA

5.5%

Food

&

Staples

Retailing

1.9%

Alimentation

Couche-Tard,

Inc.,

Class

B

179,928

5,801,450

Metals

&

Mining

2.0%

Teck

Resources

Ltd.,

Class

B

138,535

2,657,101

Yamana

Gold,

Inc.

(a)

751,355

3,260,881

5,917,982

Oil,

Gas

&

Consumable

Fuels

0.8%

Cameco

Corp.

151,565

2,517,495

Paper

&

Forest

Products

0.8%

West

Fraser

Timber

Co.

Ltd.

33,934

2,441,293

16,678,220

FINLAND

2.0%

Paper

&

Forest

Products

2.0%

UPM-

Kymmene

OYJ

169,674

6,094,120

FRANCE

12.4%

Banks

2.7%

BNP

Paribas

SA

*

133,896

8,135,534

Biotechnology

0.1%

DBV

Technologies

SA,

ADR

*(a)

41,126

219,202

Construction

&

Engineering

0.6%

Eiffage

SA

*

19,474

1,949,984

Insurance

2.6%

AXA

SA

297,212

7,968,477

IT

Services

1.6%

Atos

SE

61,422

4,792,917

Oil,

Gas

&

Consumable

Fuels

3.2%

TOTAL

SE

(a)

208,548

9,712,874

Pharmaceuticals

1.6%

Sanofi

48,018

4,745,999

37,524,987

GERMANY

8.4%

Automobiles

0.9%

Volkswagen

AG

(Preference)

9,678

2,704,645

Common

Stocks

Shares

Value

($)

GERMANY

Chemicals

1.6%

Covestro

AG

Reg.

S

(b)

72,353

4,864,990

Insurance

0.9%

Allianz

SE

(Registered)

10,796

2,748,450

Machinery

2.6%

Duerr

AG

101,497

4,225,418

KION

Group

AG

37,612

3,714,223

7,939,641

Multi-Utilities

1.1%

E.ON

SE

287,199

3,341,952

Pharmaceuticals

0.7%

Bayer

AG

(Registered)

33,986

2,150,655

Real

Estate

Management

&

Development

0.6%

Aroundtown

SA

247,934

1,764,787

25,515,120

HONG

KONG

1.3%

Food

Products

1.3%

WH

Group

Ltd.

Reg.

S

(b)

4,988,500

4,050,657

IRELAND

0.1%

Biotechnology

0.1%

Amarin

Corp.

plc,

ADR

*(a)

35,986

223,473

ISRAEL

2.3%

Banks

1.7%

Bank

Hapoalim

BM

*

633,629

4,932,959

Diversified

Telecommunication

Services

0.6%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

*

1,822,427

1,951,183

6,884,142

JAPAN

21.5%

Auto

Components

1.1%

Koito

Manufacturing

Co.

Ltd.

47,800

3,222,662

Automobiles

1.4%

Toyota

Motor

Corp.

54,700

4,273,550

Banks

1.6%

Sumitomo

Mitsui

Financial

Group,

Inc.

132,500

4,818,093

Construction

&

Engineering

0.8%

Kinden

Corp.

(a)

142,700

2,430,205

Diversified

Financial

Services

2.2%

ORIX

Corp.

387,300

6,558,247

Diversified

Telecommunication

Services

1.0%

Nippon

Telegraph

&

Telephone

Corp.

(a)

121,200

3,119,329

Electronic

Equipment,

Instruments

&

Components

1.2%

Daiwabo

Holdings

Co.

Ltd.

(a)

239,500

3,653,754

Equity

Real

Estate

Investment

Trusts

(REITs)

0.4%

Invincible

Investment

Corp.

3,100

1,171,491

Food

&

Staples

Retailing

1.6%

Matsumotokiyoshi

Holdings

Co.

Ltd.

(a)

108,400

4,840,211

6

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Providers

&

Services

1.3%

Ship

Healthcare

Holdings,

Inc.

(a)

143,800

4,051,470

Household

Durables

0.8%

Sony

Group

Corp.

22,400

2,358,304

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

(a)

147,200

2,547,531

IT

Services

0.8%

Fujitsu

Ltd.

17,100

2,481,953

Machinery

0.8%

Takuma

Co.

Ltd.

(a)

107,600

2,341,103

Pharmaceuticals

2.1%

Shionogi

&

Co.

Ltd.

(a)

41,900

2,260,101

Takeda

Pharmaceutical

Co.

Ltd.

111,900

4,043,293

6,303,394

Real

Estate

Management

&

Development

0.3%

Starts

Corp.,

Inc.

36,400

957,733

Trading

Companies

&

Distributors

2.6%

ITOCHU

Corp.

(a)

211,300

6,869,534

Mitsui

&

Co.

Ltd.

(a)

45,300

946,953

7,816,487

Wireless

Telecommunication

Services

0.7%

SoftBank

Group

Corp.

25,200

2,136,631

65,082,148

NETHERLANDS

9.5%

Banks

3.5%

ABN

AMRO

Bank

NV,

CVA

Reg.

S

(b)

264,258

3,205,976

ING

Groep

NV

600,042

7,363,691

10,569,667

Electrical

Equipment

1.4%

Signify

NV

Reg.

S

*(b)

82,598

4,259,429

Insurance

2.1%

ASR

Nederland

NV

143,475

6,421,713

Oil,

Gas

&

Consumable

Fuels

2.5%

Royal

Dutch

Shell

plc,

Class

B

406,743

7,481,228

28,732,037

NORWAY

1.2%

Food

Products

1.2%

Leroy

Seafood

Group

ASA

437,866

3,743,542

PORTUGAL

0.0%

†

Banks

0.0%

†

Banco

Espirito

Santo

SA

(Registered)

*^∞

146,163

0

RUSSIA

1.4%

Banks

1.4%

Sberbank

of

Russia

PJSC,

ADR

144,372

2,224,772

Sberbank

of

Russia

PJSC,

ADR

126,345

1,947,182

4,171,954

Common

Stocks

Shares

Value

($)

SINGAPORE

3.2%

Banks

1.0%

DBS

Group

Holdings

Ltd.

141,400

3,050,271

Electronic

Equipment,

Instruments

&

Components

1.6%

Venture

Corp.

Ltd.

316,900

4,738,169

Oil,

Gas

&

Consumable

Fuels

0.6%

BW

LPG

Ltd.

Reg.

S

(b)

276,691

1,896,653

9,685,093

SOUTH

KOREA

1.9%

Food

&

Staples

Retailing

0.9%

GS

Retail

Co.

Ltd.

80,371

2,713,639

Internet

&

Direct

Marketing

Retail

0.4%

Hyundai

Home

Shopping

Network

Corp.

16,162

1,157,250

Textiles,

Apparel

&

Luxury

Goods

0.6%

Youngone

Corp.

54,089

1,915,757

5,786,646

SPAIN

2.3%

Construction

&

Engineering

0.8%

ACS

Actividades

de

Construccion

y

Servicios

SA

74,621

2,473,779

Electric

Utilities

1.2%

Endesa

SA

136,846

3,624,150

Energy

Equipment

&

Services

0.3%

Tecnicas

Reunidas

SA

*(a)

62,171

908,089

7,006,018

SWITZERLAND

1.1%

Pharmaceuticals

1.1%

Novartis

AG

(Registered)

39,222

3,350,453

TAIWAN

1.5%

Insurance

1.5%

Fubon

Financial

Holding

Co.

Ltd.

2,350,000

4,689,062

UNITED

KINGDOM

16.5%

Air

Freight

&

Logistics

0.5%

Royal

Mail

plc

*

211,859

1,473,654

Banks

1.4%

Barclays

plc

1,034,293

2,652,081

HSBC

Holdings

plc

279,255

1,628,881

4,280,962

Capital

Markets

1.9%

TP

ICAP

Group

plc

1,724,413

5,787,478

Diversified

Telecommunication

Services

2.3%

BT

Group

plc

*

1,200,335

2,562,228

Liberty

Global

plc,

Class

C

*

170,542

4,355,642

6,917,870

Energy

Equipment

&

Services

0.4%

John

Wood

Group

plc

*

289,914

1,080,163

Household

Durables

0.4%

Crest

Nicholson

Holdings

plc

*

198,926

1,118,940

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Industrial

Conglomerates

1.6%

DCC

plc

57,251

4,965,870

Insurance

1.4%

Just

Group

plc

*

3,053,241

4,256,198

Media

0.9%

WPP

plc

210,717

2,675,185

Oil,

Gas

&

Consumable

Fuels

1.2%

BP

plc

898,111

3,643,782

Personal

Products

0.6%

Unilever

plc

33,580

1,873,982

Software

0.3%

Micro

Focus

International

plc

121,047

923,342

Tobacco

2.5%

British

American

Tobacco

plc

201,798

7,718,600

Wireless

Telecommunication

Services

1.1%

Vodafone

Group

plc

1,887,391

3,434,656

50,150,682

UNITED

STATES

1.5%

Biotechnology

0.4%

Insmed

,

Inc.

*

16,900

575,614

Sage

Therapeutics,

Inc.

*

6,836

511,675

1,087,289

Diversified

Financial

Services

0.8%

Burford

Capital

Ltd.

*(a)

281,781

2,536,028

Health

Care

Equipment

&

Supplies

0.1%

Quotient

Ltd.

*(a)

108,867

400,631

Pharmaceuticals

0.2%

Aerie

Pharmaceuticals,

Inc.

*(a)

29,387

525,146

4,549,094

Total

Common

Stocks

(cost

$224,630,167)

297,952,644

Exchange

Traded

Fund

0.6%

UNITED

STATES

0.6%

iShares

MSCI

EAFE

Value

ETF

(a)

34,397

1,753,215

Total

Exchange

Traded

Fund

(cost

$1,757,687)

1,753,215

Repurchase

Agreements

7.2%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

0.01%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,001,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

4.00%,

maturing

5/20/2042

-

3/20/2051;

total

market

value

$2,040,000.(c)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$4,015,359,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$4,095,663.(c)

4,015,356

4,015,356

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$7,900,020,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$8,061,245.(c)

7,900,000

7,900,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$2,000,002,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$2,040,818.(c)

2,000,000

2,000,000

8

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

NatWest

Markets

Securities,

Inc.,

0.02%,

dated

3/26/2021,

due

4/1/2021,

repurchase

price

$6,000,015,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

8.13%,

maturing

5/15/2021

-

2/15/2051;

total

market

value

$6,120,017.(c)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$21,915,356)

21,915,356

Total

Investments

(cost

$248,303,210)

  —

106.0%

321,621,215

Liabilities

in

excess

of

other

assets

—

(6.0)%

(18,332,640)

NET

ASSETS

—

100.0%

$

303,288,575

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$35,290,730,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,915,356

and

by

$19,558,516

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$41,473,872.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$18,277,705

which

represents

6.03%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$21,915,356.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

ETF

Exchange

Traded

Fund

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

Forward

Foreign

Currency

Contracts

outstanding

as

of

March

31,

2021:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

6,149,291

CAD

7,628,000

Morgan

Stanley

Co.,

Inc.

5/11/2021

79,029

USD

3,063,948

ILS

10,052,000

Morgan

Stanley

Co.,

Inc.

5/11/2021

56,110

USD

4,600,534

JPY

500,549,000

Morgan

Stanley

Co.,

Inc.

5/11/2021

78,201

USD

3,073,214

SGD

4,120,000

Morgan

Stanley

Co.,

Inc.

5/11/2021

11,046

Total

unrealized

appreciation

224,386

AUD

13,860,000

USD

10,821,680

Morgan

Stanley

Co.,

Inc.

5/11/2021

(292,294)

SEK

26,016,000

USD

3,080,456

Morgan

Stanley

Co.,

Inc.

5/11/2021

(100,563)

Total

unrealized

depreciation

(392,857)

Net

unrealized

depreciation

(168,471)

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

ILS

Israeli

shekel

JPY

Japanese

yen

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

NVIT

Columbia

Overseas

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

–

$

1,473,654

$

–

$

1,473,654

Auto

Components

–

3,222,662

–

3,222,662

Automobiles

–

6,978,195

–

6,978,195

Banks

2,224,772

37,734,668

–

39,959,440

Biotechnology

1,529,964

–

–

1,529,964

Capital

Markets

5,787,478

–

–

5,787,478

Chemicals

–

6,930,170

–

6,930,170

Construction

&

Engineering

–

6,853,968

–

6,853,968

Diversified

Financial

Services

2,536,028

6,558,247

–

9,094,275

Diversified

Telecommunication

Services

4,355,642

7,632,740

–

11,988,382

Electric

Utilities

–

3,624,150

–

3,624,150

Electrical

Equipment

–

4,259,429

–

4,259,429

Electronic

Equipment,

Instruments

&

Components

–

8,391,923

–

8,391,923

Energy

Equipment

&

Services

–

1,988,252

–

1,988,252

Equity

Real

Estate

Investment

Trusts

(REITs)

–

1,171,491

–

1,171,491

Food

&

Staples

Retailing

5,801,450

7,553,850

–

13,355,300

Food

Products

–

7,794,199

–

7,794,199

Health

Care

Equipment

&

Supplies

400,631

1,545,062

–

1,945,693

Health

Care

Providers

&

Services

–

4,051,470

–

4,051,470

Household

Durables

–

3,477,244

–

3,477,244

Industrial

Conglomerates

–

4,965,870

–

4,965,870

Insurance

–

28,631,431

–

28,631,431

Internet

&

Direct

Marketing

Retail

–

1,157,250

–

1,157,250

IT

Services

–

7,274,870

–

7,274,870

Machinery

–

15,425,840

–

15,425,840

Media

–

2,675,185

–

2,675,185

Metals

&

Mining

9,285,895

–

–

9,285,895

Multi-Utilities

–

3,341,952

–

3,341,952

Oil,

Gas

&

Consumable

Fuels

4,429,440

22,734,537

–

27,163,977

Paper

&

Forest

Products

2,441,293

6,094,120

–

8,535,413

Personal

Products

–

1,873,982

–

1,873,982

Pharmaceuticals

525,146

16,550,501

–

17,075,647

Real

Estate

Management

&

Development

–

2,722,520

–

2,722,520

Software

–

923,342

–

923,342

Textiles,

Apparel

&

Luxury

Goods

–

1,915,757

–

1,915,757

Tobacco

–

7,718,600

–

7,718,600

Trading

Companies

&

Distributors

–

7,816,487

–

7,816,487

Wireless

Telecommunication

Services

–

5,571,287

–

5,571,287

Total

Common

Stocks

$

39,317,739

$

258,634,905

$

–

$

297,952,644

Exchange

Traded

Fund

1,753,215

–

–

1,753,215

Forward

Foreign

Currency

Contracts

–

224,386

–

224,386

Repurchase

Agreements

–

21,915,356

–

21,915,356

Total

Assets

$

41,070,954

$

280,774,647

$

–

$

321,845,601

$

–

$

–

$

–

$

–

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(392,857)

$

–

$

(392,857)

Total

Liabilities

$

–

$

(392,857)

$

–

$

(392,857)

Total

$

41,070,954

$

280,381,790

$

–

$

321,452,744

Amounts

designated

as

"—

",

which

may

include

fair

valued

securities,

are

zero

or

have

been

rounded

to

zero.

During

the

period

ended

March

31,

2021,

the

Fund

held

one

common

stock

investment

that

as

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Columbia

Overseas

Value

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

11

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

March

31,

2021.

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

March

31,

2021:

Fair

Values

of

Derivatives

not

Accounted

for

as

Hedging

Instruments

as

of

March

31,

2021:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

224,386

Total

$

224,386

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(392,857)

Total

$

(392,857)

The

Statement

of

Investments

should

be

read

in

conjunction

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

-

March

31,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

98.8%

Shares

Value

($)

ARGENTINA

0.4%

Internet

&

Direct

Marketing

Retail

0.4%

MercadoLibre

,

Inc.

*

1,705

2,509,999

BRAZIL

4.8%

Airlines

0.2%

Azul

SA,

ADR

*(a)

57,472

1,160,360

Banks

1.1%

Banco

Bradesco

SA

(Preference)

*

716,839

3,409,304

Banco

do

Brasil

SA

*

399,100

2,159,060

Itau

Unibanco

Holding

SA,

ADR

341,495

1,693,815

7,262,179

Capital

Markets

0.5%

Banco

BTG

Pactual

SA

*

172,408

2,972,684

Diversified

Consumer

Services

0.1%

YDUQS

Participacoes

SA

110,678

525,208

Diversified

Telecommunication

Services

0.4%

Telefonica

Brasil

SA,

ADR

(a)

180,996

1,424,439

Telefonica

Brasil

SA

104,854

823,944

2,248,383

Household

Durables

0.1%

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

128,291

561,835

Metals

&

Mining

1.2%

Vale

SA

407,463

7,092,135

Multiline

Retail

0.3%

Lojas

Renner

SA

247,830

1,875,242

Road

&

Rail

0.3%

Rumo

SA

*

544,328

1,958,310

Specialty

Retail

0.4%

Pet

Center

Comercio

e

Participacoes

SA

*

692,073

2,433,288

Transportation

Infrastructure

0.2%

CCR

SA

394,900

906,453

28,996,077

CANADA

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

Parex

Resources,

Inc.

*

131,000

2,336,047

CHINA

35.8%

Banks

2.9%

China

Construction

Bank

Corp.,

Class

H

5,824,544

4,897,300

China

Merchants

Bank

Co.

Ltd.,

Class

H

597,341

4,570,802

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

10,961,000

7,880,617

17,348,719

Beverages

1.4%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(a)(b)

1,448,835

4,330,155

Wuliangye

Yibin

Co.

Ltd.,

Class

A

94,892

3,892,038

8,222,193

Common

Stocks

Shares

Value

($)

CHINA

Communications

Equipment

0.2%

Shenzhen

Sunway

Communication

Co.

Ltd.,

Class

A

227,000

986,230

Construction

&

Engineering

0.2%

China

Conch

Venture

Holdings

Ltd.

308,443

1,450,931

Construction

Materials

0.7%

China

National

Building

Material

Co.

Ltd.,

Class

H

3,076,000

4,462,441

Diversified

Consumer

Services

0.9%

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

386,962

5,417,468

Electrical

Equipment

0.9%

NARI

Technology

Co.

Ltd.,

Class

A

780,250

3,717,728

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

90,800

1,000,744

Xinjiang

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(a)

390,600

738,222

5,456,694

Electronic

Equipment,

Instruments

&

Components

0.6%

Hollysys

Automation

Technologies

Ltd.

112,356

1,406,697

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

169,800

2,057,681

3,464,378

Entertainment

2.4%

Bilibili

,

Inc.,

ADR

*(a)

25,231

2,701,231

NetEase

,

Inc.,

ADR

86,436

8,925,382

NetEase

,

Inc.

62,200

1,285,517

Tencent

Music

Entertainment

Group,

ADR

*

82,667

1,693,847

14,605,977

Food

Products

0.3%

Dali

Foods

Group

Co.

Ltd.

Reg.

S

(b)

2,836,000

1,613,035

Gas

Utilities

0.6%

China

Gas

Holdings

Ltd.

(a)

500,400

2,049,917

China

Resources

Gas

Group

Ltd.

312,000

1,734,552

3,784,469

Hotels,

Restaurants

&

Leisure

1.0%

Huazhu

Group

Ltd.,

ADR

*(a)

56,601

3,107,395

Yum

China

Holdings,

Inc.

46,864

2,774,817

5,882,212

Household

Durables

0.3%

Midea

Group

Co.

Ltd.,

Class

A

133,672

1,677,785

Insurance

3.0%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

1,977,000

1,718,307

NVIT

Emerging

Markets

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

Shares

Value

($)

CHINA

Insurance

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

1,347,643

16,094,033

17,812,340

Interactive

Media

&

Services

6.4%

Autohome

,

Inc.,

ADR

(a)

44,565

4,156,578

Kuaishou

Technology

Reg.

S

*(b)

6,800

236,169

Tencent

Holdings

Ltd.

429,948

33,895,798

38,288,545

Internet

&

Direct

Marketing

Retail

8.6%

Alibaba

Group

Holding

Ltd.,

ADR

*

155,175

35,182,827

Alibaba

Group

Holding

Ltd.

*

55,400

1,567,712

JD.com,

Inc.,

ADR

*

72,885

6,146,392

Prosus

NV

*

56,227

6,268,768

Trip.com

Group

Ltd.,

ADR

*

44,768

1,774,156

50,939,855

IT

Services

1.0%

21Vianet

Group,

Inc.,

ADR

*

126,349

4,081,073

Kingsoft

Cloud

Holdings

Ltd.,

ADR

*

49,957

1,964,309

6,045,382

Leisure

Products

0.1%

Goodbaby

International

Holdings

Ltd.

*

3,613,838

666,972

Life

Sciences

Tools

&

Services

1.1%

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

Reg.

S

*(b)

48,100

831,561

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

462,593

5,835,155

6,666,716

Marine

0.4%

SITC

International

Holdings

Co.

Ltd.

768,050

2,614,456

Real

Estate

Management

&

Development

0.6%

China

Resources

Land

Ltd.

754,393

3,654,592

Semiconductors

&

Semiconductor

Equipment

0.8%

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

246,000

3,342,039

Xinyi

Solar

Holdings

Ltd.

946,000

1,585,707

4,927,746

Textiles,

Apparel

&

Luxury

Goods

1.4%

ANTA

Sports

Products

Ltd.

(a)

149,021

2,438,777

Li

Ning

Co.

Ltd.

305,900

1,998,451

Shenzhou

International

Group

Holdings

Ltd.

200,986

4,177,746

8,614,974

214,604,110

GEORGIA

0.6%

Banks

0.3%

Bank

of

Georgia

Group

plc

*

152,158

2,307,440

Capital

Markets

0.3%

Georgia

Capital

plc

*

188,478

1,502,964

3,810,404

Common

Stocks

Shares

Value

($)

HONG

KONG

1.3%

Machinery

0.9%

Techtronic

Industries

Co.

Ltd.

317,000

5,449,285

Marine

0.4%

Pacific

Basin

Shipping

Ltd.

9,139,000

2,477,434

7,926,719

INDIA

10.8%

Auto

Components

0.3%

Motherson

Sumi

Systems

Ltd.

*

636,229

1,758,563

Automobiles

0.3%

Maruti

Suzuki

India

Ltd.

21,928

2,061,386

Banks

2.1%

Axis

Bank

Ltd.,

GDR

Reg.

S

*

29,769

1,423,639

Bandhan

Bank

Ltd.

Reg.

S

*(b)

258,772

1,204,463

HDFC

Bank

Ltd.,

ADR

*(a)

123,615

9,603,650

12,231,752

Biotechnology

0.3%

Biocon

Ltd.

*

320,816

1,798,123

Chemicals

0.6%

UPL

Ltd.

416,289

3,667,701

Construction

&

Engineering

0.7%

Larsen

&

Toubro

Ltd.

230,468

4,479,602

Diversified

Financial

Services

0.2%

Bajaj

Holdings

&

Investment

Ltd.

*

31,209

1,406,505

Electric

Utilities

0.3%

Power

Grid

Corp.

of

India

Ltd.

601,590

1,776,557

Gas

Utilities

0.3%

Mahanagar

Gas

Ltd.

Reg.

S

104,447

1,675,473

Household

Durables

0.2%

Crompton

Greaves

Consumer

Electricals

Ltd.

214,500

1,153,240

IT

Services

1.8%

Infosys

Ltd.,

ADR

234,021

4,380,874

Tata

Consultancy

Services

Ltd.

84,186

3,664,244

Tech

Mahindra

Ltd.

199,122

2,707,398

10,752,516

Metals

&

Mining

0.7%

Hindalco

Industries

Ltd.

900,426

4,041,676

Oil,

Gas

&

Consumable

Fuels

1.3%

Reliance

Industries

Ltd.

278,600

7,657,590

Real

Estate

Management

&

Development

0.2%

Oberoi

Realty

Ltd.

*

179,158

1,412,739

Thrifts

&

Mortgage

Finance

0.9%

Housing

Development

Finance

Corp.

Ltd.

165,185

5,664,725

Tobacco

0.6%

ITC

Ltd.

1,178,679

3,526,610

65,064,758

14

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Common

Stocks

Shares

Value

($)

INDONESIA

1.0%

Banks

0.8%

Bank

Mandiri

Persero

Tbk

.

PT

4,949,000

2,099,486

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

*

8,461,451

2,567,745

4,667,231

Diversified

Telecommunication

Services

0.2%

Telkom

Indonesia

Persero

Tbk

.

PT,

ADR

(a)

61,405

1,451,614

Real

Estate

Management

&

Development

0.0%

†

Pakuwon

Jati

Tbk

.

PT

*

735,925

27,470

6,146,315

KAZAKHSTAN

0.6%

Consumer

Finance

0.6%

Kaspi.KZ

JSC,

GDR

∞(b)

46,883

3,328,693

MACAU

1.6%

Hotels,

Restaurants

&

Leisure

1.6%

Sands

China

Ltd.

*

1,951,640

9,787,063

MEXICO

3.8%

Banks

0.6%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

*

688,169

3,876,264

Beverages

0.3%

Arca

Continental

SAB

de

CV

318,125

1,569,652

Equity

Real

Estate

Investment

Trusts

(REITs)

0.3%

PLA

Administradora

Industrial

S

de

RL

de

CV

1,113,255

1,659,030

Food

Products

0.3%

Gruma

SAB

de

CV,

Class

B

156,215

1,844,895

Metals

&

Mining

1.4%

Grupo

Mexico

SAB

de

CV

Series B

931,226

4,895,890

Ternium

SA,

ADR

*

93,189

3,619,461

8,515,351

Transportation

Infrastructure

0.9%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

*

588,198

3,698,486

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

*

17,777

1,869,963

5,568,449

23,033,641

NIGERIA

0.2%

Oil,

Gas

&

Consumable

Fuels

0.2%

SEPLAT

Petroleum

Development

Co.

plc

Reg.

S

(b)

1,129,080

1,245,599

PERU

0.2%

Banks

0.2%

Credicorp

Ltd.

8,993

1,228,174

PHILIPPINES

0.4%

Banks

0.4%

BDO

Unibank

,

Inc.

1,081,915

2,274,344

POLAND

1.4%

Air

Freight

&

Logistics

0.5%

InPost

SA

*

169,142

2,770,168

Common

Stocks

Shares

Value

($)

POLAND

Entertainment

0.1%

CD

Projekt

SA

*

18,586

896,029

Metals

&

Mining

0.8%

KGHM

Polska

Miedz

SA

*

102,697

4,942,692

8,608,889

RUSSIA

4.2%

Banks

1.4%

Sberbank

of

Russia

PJSC,

ADR

286,462

4,414,380

Sberbank

of

Russia

PJSC,

ADR

232,752

3,587,086

8,001,466

Food

&

Staples

Retailing

0.3%

X5

Retail

Group

NV,

GDR

Reg.

S

64,009

2,066,599

Interactive

Media

&

Services

0.3%

Yandex

NV,

Class

A

*

30,774

1,971,382

Metals

&

Mining

0.5%

MMC

Norilsk

Nickel

PJSC,

ADR

86,767

2,714,939

Severstal

PAO

21,266

432,747

3,147,686

Multiline

Retail

0.2%

Fix

Price

Group

Ltd.,

GDR

*

∞

(b)

130,289

1,270,318

Fix

Price

Group

Ltd.,

GDR

Reg.

S

*

18,695

182,463

1,452,781

Oil,

Gas

&

Consumable

Fuels

1.5%

Lukoil

PJSC,

ADR

57,420

4,638,962

Lukoil

PJSC,

ADR

39,534

3,197,998

Novatek

PJSC

38,687

763,256

8,600,216

25,240,130

SOUTH

AFRICA

3.3%

Internet

&

Direct

Marketing

Retail

2.4%

Naspers

Ltd.,

Class

N

59,932

14,372,496

Metals

&

Mining

0.2%

Anglo

American

plc

35,786

1,402,139

Wireless

Telecommunication

Services

0.7%

Vodacom

Group

Ltd.

459,376

3,930,035

19,704,670

SOUTH

KOREA

13.5%

Banks

0.4%

Shinhan

Financial

Group

Co.

Ltd.

66,406

2,201,801

Chemicals

1.6%

LG

Chem

Ltd.

2,734

1,954,637

LG

Chem

Ltd.

(Preference)

23,204

7,912,898

9,867,535

Electronic

Equipment,

Instruments

&

Components

0.4%

Samsung

SDI

Co.

Ltd.

3,830

2,244,427

Entertainment

0.7%

NCSoft

Corp.

5,316

4,113,783

NVIT

Emerging

Markets

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Food

Products

0.3%

Orion

Corp.

17,360

2,016,291

Insurance

0.2%

DB

Insurance

Co.

Ltd.

31,078

1,297,531

Interactive

Media

&

Services

0.4%

NAVER

Corp.

6,945

2,322,928

Semiconductors

&

Semiconductor

Equipment

3.6%

SK

Hynix,

Inc.

168,103

19,795,393

WONIK

IPS

Co.

Ltd.

40,060

1,835,239

21,630,632

Technology

Hardware,

Storage

&

Peripherals

5.9%

Samsung

Electronics

Co.

Ltd.

340,120

24,567,252

Samsung

Electronics

Co.

Ltd.

(Preference)

158,158

10,232,521

34,799,773

80,494,701

TAIWAN

12.8%

Communications

Equipment

0.6%

Accton

Technology

Corp.

361,000

3,496,053

Electronic

Equipment,

Instruments

&

Components

1.9%

Chroma

ATE,

Inc.

557,595

3,720,407

Hon

Hai

Precision

Industry

Co.

Ltd.

604,482

2,651,356

Largan

Precision

Co.

Ltd.

19,000

2,145,878

Taiwan

Union

Technology

Corp.

682,828

2,868,082

11,385,723

Food

&

Staples

Retailing

0.2%

President

Chain

Store

Corp.

107,017

1,020,830

Machinery

0.2%

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

538,000

1,001,078

Semiconductors

&

Semiconductor

Equipment

9.4%

Globalwafers

Co.

Ltd.

155,559

4,136,531

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,441,055

29,964,454

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

176,837

20,916,280

Win

Semiconductors

Corp.

124,000

1,713,985

56,731,250

Technology

Hardware,

Storage

&

Peripherals

0.5%

Micro-Star

International

Co.

Ltd.

456,000

2,806,900

76,441,834

THAILAND

0.3%

Wireless

Telecommunication

Services

0.3%

Advanced

Info

Service

PCL

201,656

1,121,806

Intouch

Holdings

PCL,

Class

F

491,300

913,208

2,035,014

TURKEY

0.2%

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

660,377

1,196,742

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

1.2%

Paper

&

Forest

Products

0.6%

Mondi

plc

138,051

3,522,138

Personal

Products

0.6%

Unilever

plc,

ADR

(a)

67,389

3,762,328

7,284,466

Total

Common

Stocks

(cost

$430,958,783)

593,298,389

Repurchase

Agreements

0.7%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,776,251,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,811,774.(c)

1,776,250

1,776,250

CF

Secured,

LLC,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,000,001,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.00%,

maturing

4/22/2021

-

10/20/2069;

total

market

value

$1,020,001.(c)

1,000,000

1,000,000

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,600,004,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$1,632,657.(c)

1,600,000

1,600,000

Total

Repurchase

Agreements

(cost

$4,376,250)

4,376,250

Total

Investments

(cost

$435,335,033)

  —

99.5%

597,674,639

Other

assets

in

excess

of

liabilities

—

0.5%

3,146,701

NET

ASSETS

—

100.0%

$

600,821,340

*

Denotes

a

non-income

producing

security.

16

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$14,641,608,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,376,250

and

by

$10,891,133

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

5/15/2050,

a

total

value

of

$15,267,383.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$19,895,148

which

represents

3.31%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$4,376,250.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

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

-

March

31,

2021

(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

March

31,

2021.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

  Common

Stocks

Air

Freight

&

Logistics

$

–

$

2,770,168

$

–

$

2,770,168

Airlines

1,160,360

–

–

1,160,360

Auto

Components

–

1,758,563

–

1,758,563

18

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

Emerging

Markets

Fund

Level

1

Level

2

Level

3

Total

Assets:

Automobiles

$

–

$

2,061,386

$

–

$

2,061,386

Banks

26,384,647

35,014,723

–

61,399,370

Beverages

1,569,652

8,222,193

–

9,791,845

Biotechnology

–

1,798,123

–

1,798,123

Capital

Markets

2,972,684

1,502,964

–

4,475,648

Chemicals

–

13,535,236

–

13,535,236

Communications

Equipment

–

4,482,283

–

4,482,283

Construction

&

Engineering

–

5,930,533

–

5,930,533

Construction

Materials

–

4,462,441

–

4,462,441

Consumer

Finance

–

3,328,693

–

3,328,693

Diversified

Consumer

Services

5,942,676

–

–

5,942,676

Diversified

Financial

Services

–

1,406,505

–

1,406,505

Diversified

Telecommunication

Services

3,699,997

–

–

3,699,997

Electric

Utilities

–

1,776,557

–

1,776,557

Electrical

Equipment

–

5,456,694

–

5,456,694

Electronic

Equipment,

Instruments

&

Components

1,406,697

15,687,831

–

17,094,528

Entertainment

13,320,460

6,295,329

–

19,615,789

Equity

Real

Estate

Investment

Trusts

(REITs)

1,659,030

–

–

1,659,030

Food

&

Staples

Retailing

–

3,087,429

–

3,087,429

Food

Products

1,844,895

3,629,326

–

5,474,221

Gas

Utilities

–

5,459,942

–

5,459,942

Hotels,

Restaurants

&

Leisure

5,882,212

9,787,063

–

15,669,275

Household

Durables

561,835

2,831,025

–

3,392,860

Insurance

–

19,109,871

–

19,109,871

Interactive

Media

&

Services

6,364,129

36,218,726

–

42,582,855

Internet

&

Direct

Marketing

Retail

45,613,374

22,208,976

–

67,822,350

IT

Services

10,426,256

6,371,642

–

16,797,898

Leisure

Products

–

666,972

–

666,972

Life

Sciences

Tools

&

Services

831,561

5,835,155

–

6,666,716

Machinery

–

6,450,363

–

6,450,363

Marine

–

5,091,890

–

5,091,890

Metals

&

Mining

18,322,425

10,819,254

–

29,141,679

Multiline

Retail

2,057,705

1,270,318

–

3,328,023

Oil,

Gas

&

Consumable

Fuels

6,975,009

12,864,443

–

19,839,452

Paper

&

Forest

Products

–

3,522,138

–

3,522,138

Personal

Products

3,762,328

–

–

3,762,328

Real

Estate

Management

&

Development

–

5,094,801

–

5,094,801

Road

&

Rail

1,958,310

–

–

1,958,310

Semiconductors

&

Semiconductor

Equipment

20,916,280

62,373,348

–

83,289,628

Specialty

Retail

2,433,288

–

–

2,433,288

Technology

Hardware,

Storage

&

Peripherals

–

37,606,673

–

37,606,673

Textiles,

Apparel

&

Luxury

Goods

–

8,614,974

–

8,614,974

Thrifts

&

Mortgage

Finance

–

5,664,725

–

5,664,725

Tobacco

–

3,526,610

–

3,526,610

Transportation

Infrastructure

6,474,902

–

–

6,474,902

Wireless

Telecommunication

Services

–

7,161,791

–

7,161,791

Total

Common

Stocks

$

192,540,712

$

400,757,677

$

–

$

593,298,389

Repurchase

Agreements

–

4,376,250

–

4,376,250

Total

$

192,540,712

$

405,133,927

$

–

$

597,674,639

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

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

19

ICON

Common

Stocks

98.3%

Shares

Value

($)

AUSTRALIA

4.8%

Biotechnology

0.6%

CSL

Ltd.

3,202

645,248

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Goodman

Group

57,444

791,352

Metals

&

Mining

2.7%

Fortescue

Metals

Group

Ltd.

81,248

1,240,332

Newcrest

Mining

Ltd.

9,243

173,004

Regis

Resources

Ltd.

101,245

224,663

Rio

Tinto

Ltd.

4,486

379,397

Rio

Tinto

plc

11,598

887,269

2,904,665

Oil,

Gas

&

Consumable

Fuels

0.2%

Santos

Ltd.

36,921

199,797

Specialty

Retail

0.5%

Nick

Scali

Ltd.

14,731

111,708

Super

Retail

Group

Ltd.

43,170

387,254

498,962

5,040,024

BELGIUM

1.1%

Insurance

0.9%

Ageas

SA/NV

15,590

941,759

Media

0.2%

Telenet

Group

Holding

NV

6,286

255,108

1,196,867

BRAZIL

2.3%

Banks

0.2%

Banco

Santander

Brasil

SA

29,800

209,656

Beverages

0.2%

Ambev

SA

72,400

196,672

Chemicals

0.7%

Yara

International

ASA

14,525

755,547

Diversified

Telecommunication

Services

0.1%

Telefonica

Brasil

SA

17,600

138,301

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Engie

Brasil

Energia

SA

13,000

96,611

Metals

&

Mining

0.6%

Vale

SA,

ADR

(a)

37,369

649,473

Specialty

Retail

0.2%

Lojas

Quero

Quero

S/A

*

70,300

191,342

Water

Utilities

0.2%

Cia

de

Saneamento

de

Minas

Gerais-COPASA

22,800

61,166

Cia

de

Saneamento

do

Parana

*

28,100

109,831

170,997

2,408,599

CANADA

6.5%

Auto

Components

1.7%

Linamar

Corp.

4,892

288,413

Magna

International,

Inc.

16,395

1,443,940

1,732,353

Common

Stocks

Shares

Value

($)

CANADA

Banks

0.1%

Canadian

Western

Bank

3,961

100,829

Food

&

Staples

Retailing

0.6%

Alimentation

Couche-Tard,

Inc.,

Class

B

20,625

665,016

Insurance

0.3%

Manulife

Financial

Corp.

17,008

365,820

IT

Services

0.5%

CGI,

Inc.

*

6,423

535,020

Media

0.2%

Quebecor,

Inc.,

Class

B

9,176

246,358

Multiline

Retail

1.2%

Dollarama,

Inc.

27,887

1,232,025

Oil,

Gas

&

Consumable

Fuels

0.2%

Tourmaline

Oil

Corp.

10,954

208,498

Road

&

Rail

1.3%

Canadian

Pacific

Railway

Ltd.

(a)

3,450

1,317,737

Software

0.4%

Constellation

Software,

Inc.

311

434,326

6,837,982

CHINA

12.2%

Automobiles

0.4%

Yadea

Group

Holdings

Ltd.

Reg.

S

(b)

194,000

432,927

Banks

3.3%

Agricultural

Bank

of

China

Ltd.,

Class

H

1,200,000

480,353

Bank

of

China

Ltd.,

Class

H

2,158,000

821,574

Bank

of

Communications

Co.

Ltd.,

Class

H

1,155,000

736,019

China

Construction

Bank

Corp.,

Class

H

378,000

317,824

China

Everbright

Bank

Co.

Ltd.,

Class

H

394,000

172,147

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(a)

1,486,500

863,588

3,391,505

Capital

Markets

0.2%

CSC

Financial

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

192,500

253,617

Construction

Materials

0.1%

China

Resources

Cement

Holdings

Ltd.

96,000

108,019

Electronic

Equipment,

Instruments

&

Components

0.2%

Sunny

Optical

Technology

Group

Co.

Ltd.

11,200

258,626

Food

Products

0.5%

China

Feihe

Ltd.

Reg.

S

(b)

195,000

553,706

Gas

Utilities

0.1%

ENN

Energy

Holdings

Ltd.

8,400

134,939

20

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Insurance

0.3%

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

28,000

334,386

Interactive

Media

&

Services

1.5%

Baidu,

Inc.,

ADR

*

946

205,802

Tencent

Holdings

Ltd.

16,100

1,269,276

1,475,078

Internet

&

Direct

Marketing

Retail

0.9%

Alibaba

Group

Holding

Ltd.,

ADR

*

3,643

825,978

Vipshop

Holdings

Ltd.,

ADR

*

3,540

105,704

931,682

Life

Sciences

Tools

&

Services

0.2%

Pharmaron

Beijing

Co.

Ltd.,

Class

H

Reg.

S

(b)

12,600

239,689

Machinery

0.5%

Sinotruk

Hong

Kong

Ltd.

173,500

520,920

Marine

0.5%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

*

224,500

290,766

SITC

International

Holdings

Co.

Ltd.

62,000

211,049

501,815

Oil,

Gas

&

Consumable

Fuels

1.6%

China

Petroleum

&

Chemical

Corp.,

Class

H

1,252,000

668,886

China

Shenhua

Energy

Co.

Ltd.,

Class

H

220,000

454,342

PetroChina

Co.

Ltd.,

Class

H

1,140,000

412,272

1,535,500

Pharmaceuticals

0.8%

CSPC

Pharmaceutical

Group

Ltd.

497,200

603,211

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

*(b)

44,000

211,081

814,292

Textiles,

Apparel

&

Luxury

Goods

1.1%

Bosideng

International

Holdings

Ltd.

(a)

382,000

172,123

Li

Ning

Co.

Ltd.

96,500

630,437

Shenzhou

International

Group

Holdings

Ltd.

15,400

320,108

1,122,668

12,609,369

DENMARK

2.3%

Pharmaceuticals

2.3%

Novo

Nordisk

A/S,

Class

B

36,330

2,453,434

FINLAND

0.8%

Machinery

0.8%

Valmet

OYJ

23,154

843,895

FRANCE

4.7%

Auto

Components

0.5%

Cie

Generale

des

Etablissements

Michelin

SCA

3,611

540,686

Faurecia

SE

(a)

434

23,130

563,816

Common

Stocks

Shares

Value

($)

FRANCE

Banks

0.5%

BNP

Paribas

SA

*

8,986

545,990

Building

Products

0.4%

Cie

de

Saint-Gobain

6,674

393,938

Chemicals

0.7%

Air

Liquide

SA

4,341

709,256

Electrical

Equipment

1.7%

Schneider

Electric

SE

11,390

1,740,230

Hotels,

Restaurants

&

Leisure

0.4%

La

Francaise

des

Jeux

SAEM

Reg.

S

(b)

8,617

391,311

Personal

Products

0.5%

L'Oreal

SA

1,361

521,667

4,866,208

GERMANY

6.5%

Air

Freight

&

Logistics

1.2%

Deutsche

Post

AG

(Registered)

23,536

1,289,508

Auto

Components

0.1%

Schaeffler

AG

(Preference)

11,006

97,733

Automobiles

1.3%

Daimler

AG

(Registered)

15,458

1,377,285

Capital

Markets

0.5%

Deutsche

Bank

AG

(Registered)

*

47,020

561,813

Insurance

2.5%

Allianz

SE

(Registered)

7,327

1,865,311

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

2,146

660,980

2,526,291

Software

0.8%

SAP

SE

6,488

794,612

Specialty

Retail

0.1%

Hornbach

Holding

AG

&

Co.

KGaA

1,595

155,638

6,802,880

HONG

KONG

2.1%

Building

Products

0.5%

Xinyi

Glass

Holdings

Ltd.

148,000

486,440

Food

Products

0.6%

WH

Group

Ltd.

Reg.

S

(b)

941,500

764,497

Machinery

0.7%

Techtronic

Industries

Co.

Ltd.

42,000

721,987

Real

Estate

Management

&

Development

0.3%

Sun

Hung

Kai

Properties

Ltd.

17,500

265,459

2,238,383

HUNGARY

0.2%

Pharmaceuticals

0.2%

Richter

Gedeon

Nyrt.

5,601

165,332

NVIT

International

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

Shares

Value

($)

INDIA

3.4%

Automobiles

0.1%

Tata

Motors

Ltd.,

ADR

*(a)

6,700

139,293

Banks

0.4%

HDFC

Bank

Ltd.,

ADR

*

3,185

247,443

State

Bank

of

India,

GDR

Reg.

S

*(a)

3,438

170,498

417,941

IT

Services

2.9%

Infosys

Ltd.,

ADR

105,224

1,969,793

Tata

Consultancy

Services

Ltd.

10,864

472,862

Wipro

Ltd.,

ADR

81,161

514,561

2,957,216

3,514,450

INDONESIA

0.4%

Metals

&

Mining

0.3%

Vale

Indonesia

Tbk.

PT

*

836,800

253,353

Tobacco

0.1%

Gudang

Garam

Tbk.

PT

*

52,800

131,606

384,959

IRELAND

0.1%

Life

Sciences

Tools

&

Services

0.1%

ICON

plc

*

492

96,614

ISRAEL

0.2%

Diversified

Financial

Services

0.2%

Plus500

Ltd.

11,464

221,249

ITALY

1.4%

Banks

0.3%

Banco

BPM

SpA

*

105,489

302,369

Construction

Materials

0.8%

Buzzi

Unicem

SpA

32,255

841,400

Electronic

Equipment,

Instruments

&

Components

0.1%

Esprinet

SpA

*

8,657

109,216

IT

Services

0.2%

Reply

SpA

1,330

168,240

1,421,225

JAPAN

14.9%

Banks

1.1%

77

Bank

Ltd.

(The)

(a)

7,900

111,244

Japan

Post

Bank

Co.

Ltd.

(a)

61,200

587,396

Nishi-Nippon

Financial

Holdings,

Inc.

12,500

89,671

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(a)

6,800

236,702

1,025,013

Building

Products

0.8%

Daikin

Industries

Ltd.

4,100

830,159

Capital

Markets

0.1%

Nomura

Holdings,

Inc.

27,700

146,426

Chemicals

1.3%

Nitto

Denko

Corp.

(a)

6,900

592,384

Shin-Etsu

Chemical

Co.

Ltd.

4,200

709,656

1,302,040

Common

Stocks

Shares

Value

($)

JAPAN

Commercial

Services

&

Supplies

0.4%

Dai

Nippon

Printing

Co.

Ltd.

(a)

19,700

414,772

Construction

Materials

0.1%

Taiheiyo

Cement

Corp.

(a)

5,000

131,908

Consumer

Finance

0.1%

Credit

Saison

Co.

Ltd.

(a)

8,200

98,088

Diversified

Financial

Services

1.0%

ORIX

Corp.

60,000

1,015,995

Electric

Utilities

0.7%

Hokkaido

Electric

Power

Co.,

Inc.

(a)

34,100

155,991

Okinawa

Electric

Power

Co.,

Inc.

(The)

(a)

6,000

84,235

Tohoku

Electric

Power

Co.,

Inc.

49,700

470,585

710,811

Electrical

Equipment

0.1%

Mitsubishi

Electric

Corp.

8,700

133,261

Entertainment

1.5%

Nintendo

Co.

Ltd.

2,700

1,511,317

Food

&

Staples

Retailing

0.3%

Seven

&

i

Holdings

Co.

Ltd.

7,600

307,133

Food

Products

0.2%

Ajinomoto

Co.,

Inc.

5,200

106,658

NH

Foods

Ltd.

(a)

2,200

94,543

201,201

Gas

Utilities

0.3%

Osaka

Gas

Co.

Ltd.

18,200

355,841

Health

Care

Equipment

&

Supplies

0.1%

Hoya

Corp.

1,100

129,559

Hotels,

Restaurants

&

Leisure

0.2%

McDonald's

Holdings

Co.

Japan

Ltd.

4,000

184,361

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Electric

Power

Development

Co.

Ltd.

(a)

24,500

428,927

Insurance

0.8%

Dai-ichi

Life

Holdings,

Inc.

49,300

853,215

Leisure

Products

0.1%

Yamaha

Corp.

1,900

103,438

Machinery

0.8%

Amada

Co.

Ltd.

47,500

532,608

Makita

Corp.

6,400

274,781

807,389

Media

0.1%

SKY

Perfect

JSAT

Holdings,

Inc.

33,600

149,555

Personal

Products

0.2%

Kao

Corp.

2,700

178,864

22

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

0.1%

Chugai

Pharmaceutical

Co.

Ltd.

3,200

130,232

Real

Estate

Management

&

Development

0.8%

Daito

Trust

Construction

Co.

Ltd.

4,800

558,409

Sumitomo

Realty

&

Development

Co.

Ltd.

(a)

7,300

258,898

817,307

Semiconductors

&

Semiconductor

Equipment

0.9%

Tokyo

Electron

Ltd.

2,300

984,741

Specialty

Retail

0.5%

DCM

Holdings

Co.

Ltd.

35,400

370,610

EDION

Corp.

15,500

173,734

544,344

Tobacco

0.2%

Japan

Tobacco,

Inc.

11,800

226,912

Wireless

Telecommunication

Services

1.7%

SoftBank

Corp.

(a)

131,000

1,704,851

15,427,660

KYRGYZSTAN

0.3%

Metals

&

Mining

0.3%

Centerra

Gold,

Inc.

32,539

287,924

MALAYSIA

0.3%

Health

Care

Equipment

&

Supplies

0.3%

Hartalega

Holdings

Bhd.

147,500

317,209

MALTA

0.4%

Hotels,

Restaurants

&

Leisure

0.4%

Kindred

Group

plc,

SDR

23,679

416,244

MEXICO

0.2%

Metals

&

Mining

0.2%

Ternium

SA,

ADR

*

6,478

251,606

NETHERLANDS

2.7%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.2%

Eurocommercial

Properties

NV,

CVA

7,682

169,697

Food

&

Staples

Retailing

0.1%

Koninklijke

Ahold

Delhaize

NV

4,446

123,839

Insurance

0.7%

NN

Group

NV

15,814

772,338

Oil,

Gas

&

Consumable

Fuels

1.0%

Royal

Dutch

Shell

plc,

Class

A

49,822

969,928

Professional

Services

0.2%

Randstad

NV

3,114

219,084

Semiconductors

&

Semiconductor

Equipment

0.5%

ASM

International

NV

1,067

312,221

ASML

Holding

NV

427

260,444

572,665

2,827,551

Common

Stocks

Shares

Value

($)

NEW

ZEALAND

0.4%

Health

Care

Equipment

&

Supplies

0.4%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

20,521

460,776

NORWAY

0.2%

Banks

0.2%

DNB

ASA

10,709

227,997

POLAND

0.3%

Oil,

Gas

&

Consumable

Fuels

0.3%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

206,458

314,240

RUSSIA

0.9%

Oil,

Gas

&

Consumable

Fuels

0.9%

Lukoil

PJSC,

ADR

3,512

283,734

Lukoil

PJSC,

ADR

2,564

207,408

Rosneft

Oil

Co.

PJSC,

GDR

Reg.

S

44,907

339,247

Transneft

PJSC

(Preference)

56

108,526

938,915

SAUDI

ARABIA

0.6%

Health

Care

Providers

&

Services

0.6%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

15,465

511,400

Mouwasat

Medical

Services

Co.

2,693

112,756

624,156

SINGAPORE

0.8%

Banks

0.5%

DBS

Group

Holdings

Ltd.

8,600

185,519

Oversea-Chinese

Banking

Corp.

Ltd.

39,300

344,098

529,617

Real

Estate

Management

&

Development

0.1%

UOL

Group

Ltd.

23,500

138,269

Semiconductors

&

Semiconductor

Equipment

0.2%

AEM

Holdings

Ltd.

69,800

215,563

883,449

SOUTH

AFRICA

1.1%

Metals

&

Mining

0.6%

African

Rainbow

Minerals

Ltd.

11,549

218,299

Anglo

American

Platinum

Ltd.

1,025

150,206

Kumba

Iron

Ore

Ltd.

3,267

134,641

Sibanye

Stillwater

Ltd.

42,705

189,962

693,108

Wireless

Telecommunication

Services

0.5%

Vodacom

Group

Ltd.

55,806

477,429

1,170,537

SOUTH

KOREA

4.5%

Banks

1.1%

Hana

Financial

Group,

Inc.

31,138

1,174,811

Electric

Utilities

0.2%

Korea

Electric

Power

Corp.

12,327

252,903

Technology

Hardware,

Storage

&

Peripherals

3.2%

Samsung

Electronics

Co.

Ltd.

45,373

3,277,342

4,705,056

NVIT

International

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

SPAIN

2.0%

Electric

Utilities

0.5%

Iberdrola

SA

41,928

540,558

Hotels,

Restaurants

&

Leisure

0.1%

Melia

Hotels

International

SA

*

9,423

70,028

Specialty

Retail

1.4%

Industria

de

Diseno

Textil

SA

44,902

1,480,107

2,090,693

SWEDEN

2.0%

Hotels,

Restaurants

&

Leisure

0.9%

Evolution

Gaming

Group

AB

Reg.

S

(b)

6,071

894,235

Household

Durables

1.0%

Husqvarna

AB,

Class

B

76,514

1,100,602

Software

0.1%

Fortnox

AB

2,172

96,765

2,091,602

SWITZERLAND

4.1%

Building

Products

0.5%

Geberit

AG

(Registered)

801

509,821

Capital

Markets

0.7%

Credit

Suisse

Group

AG

(Registered)

39,300

414,919

Partners

Group

Holding

AG

254

324,551

739,470

Pharmaceuticals

2.9%

Novartis

AG

(Registered)

8,521

727,888

Roche

Holding

AG

7,190

2,324,093

3,051,981

4,301,272

TAIWAN

4.5%

Electronic

Equipment,

Instruments

&

Components

0.9%

Delta

Electronics,

Inc.

93,000

947,518

Marine

0.1%

Yang

Ming

Marine

Transport

Corp.

*

89,000

118,793

Semiconductors

&

Semiconductor

Equipment

3.3%

Novatek

Microelectronics

Corp.

12,000

244,514

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

152,000

3,160,599

3,405,113

Technology

Hardware,

Storage

&

Peripherals

0.1%

Micro-Star

International

Co.

Ltd.

24,000

147,732

Textiles,

Apparel

&

Luxury

Goods

0.1%

Feng

TAY

Enterprise

Co.

Ltd.

15,720

107,547

4,726,703

THAILAND

0.4%

Electronic

Equipment,

Instruments

&

Components

0.2%

Hana

Microelectronics

PCL

118,700

210,554

Common

Stocks

Shares

Value

($)

THAILAND

Oil,

Gas

&

Consumable

Fuels

0.2%

PTT

Exploration

&

Production

PCL

64,700

235,890

446,444

TURKEY

0.2%

Food

&

Staples

Retailing

0.1%

BIM

Birlesik

Magazalar

A/S

10,272

88,106

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

137,416

225,522

UNITED

KINGDOM

8.1%

Banks

2.5%

Barclays

plc

519,256

1,331,449

Natwest

Group

plc

239,102

647,051

Standard

Chartered

plc

90,822

624,903

2,603,403

Capital

Markets

0.2%

Standard

Life

Aberdeen

plc

52,889

211,118

Diversified

Telecommunication

Services

0.9%

BT

Group

plc

*

451,042

962,792

Food

Products

0.7%

Tate

&

Lyle

plc

65,822

696,261

Household

Durables

0.1%

Redrow

plc

13,617

117,917

Leisure

Products

0.4%

Games

Workshop

Group

plc

2,668

366,504

Media

0.1%

ITV

plc

*

91,508

151,556

Personal

Products

0.7%

Unilever

plc

12,406

692,194

Pharmaceuticals

0.2%

GlaxoSmithKline

plc

13,005

230,841

Professional

Services

0.3%

RELX

plc

10,907

273,622

Tobacco

1.2%

Imperial

Brands

plc

62,530

1,286,470

Wireless

Telecommunication

Services

0.8%

Vodafone

Group

plc

475,975

866,175

8,458,853

UNITED

STATES

0.4%

Automobiles

0.4%

Stellantis

NV

25,537

451,557

Total

Common

Stocks

(cost

$81,505,571)

102,747,436

24

-

Statement

of

Investments

-

March

31,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

Repurchase

Agreements

2.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

0.02%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,020,961,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

8/25/2022

-

1/16/2061;

total

market

value

$1,041,380.(c)

1,020,960

1,020,960

HSBC

Bank

plc,

0.09%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$1,200,003,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

3.75%,

maturing

6/3/2021

-

11/15/2050;

total

market

value

$1,224,493.(c)

1,200,000

1,200,000

MetLife,

Inc.,

0.03%,

dated

3/31/2021,

due

4/1/2021,

repurchase

price

$300,001,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

8/15/2027

-

11/15/2050;

total

market

value

$306,123.(c)

300,000

300,000

Total

Repurchase

Agreements

(cost

$2,520,960)

2,520,960

Total

Investments

(cost

$84,026,531)

  —

100.7%

105,268,396

Liabilities

in

excess

of

other

assets

—

(0.7)%

(742,475)

NET

ASSETS

—

100.0%

$

104,525,921

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

March

31,

2021.

The

total

value

of

securities

on

loan

at

March

31,

2021

was

$7,000,221,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,520,960

and

by

$4,849,647

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.88%,

and

maturity

dates

ranging

from

4/6/2021

–

2/15/2051,

a

total

value

of

$7,370,607.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

at

March

31,

2021

was

$3,741,063

which

represents

3.58%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

March

31,

2021

was

$2,520,960.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SDR

Swedish

Depository

Receipt

NVIT

International

Equity

Fund

-

March

31,

2021

(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

-

March

31,

2021

(Unaudited)

-

NVIT

International

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

March

31,

2021.

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

$

–

$

1,289,508

$

–

$

1,289,508

Auto

Components

1,732,353

661,549

–

2,393,902

Automobiles

139,293

2,261,769

–

2,401,062

Banks

557,928

9,971,203

–

10,529,131

Beverages

196,672

–

–

196,672

Biotechnology

–

645,248

–

645,248

Building

Products

–

2,220,358

–

2,220,358

Capital

Markets

–

1,912,444

–

1,912,444

Chemicals

–

2,766,843

–

2,766,843

Commercial

Services

&

Supplies

–

414,772

–

414,772

Construction

Materials

–

1,081,327

–

1,081,327

Consumer

Finance

–

98,088

–

98,088

Diversified

Financial

Services

–

1,237,244

–

1,237,244

Diversified

Telecommunication

Services

138,301

962,792

–

1,101,093

Electric

Utilities

–

1,504,272

–

1,504,272

Electrical

Equipment

–

1,873,491

–

1,873,491

Electronic

Equipment,

Instruments

&

Components

–

1,525,914

–

1,525,914

Entertainment

–

1,511,317

–

1,511,317

Equity

Real

Estate

Investment

Trusts

(REITs)

–

961,049

–

961,049

Food

&

Staples

Retailing

665,016

519,078

–

1,184,094

Food

Products

–

2,215,665

–

2,215,665

Gas

Utilities

–

490,780

–

490,780

Health

Care

Equipment

&

Supplies

–

907,544

–

907,544

Health

Care

Providers

&

Services

–

624,156

–

624,156

Hotels,

Restaurants

&

Leisure

–

1,956,179

–

1,956,179

Household

Durables

–

1,218,519

–

1,218,519

Independent

Power

and

Renewable

Electricity

Producers

96,611

428,927

–

525,538

Insurance

365,820

5,427,989

–

5,793,809

Interactive

Media

&

Services

205,802

1,269,276

–

1,475,078

Internet

&

Direct

Marketing

Retail

931,682

–

–

931,682

IT

Services

3,019,374

641,102

–

3,660,476

Leisure

Products

–

469,942

–

469,942

Life

Sciences

Tools

&

Services

96,614

239,689

–

336,303

Machinery

–

2,894,191

–

2,894,191

Marine

–

620,608

–

620,608

Media

246,358

556,219

–

802,577

Metals

&

Mining

1,189,003

3,851,126

–

5,040,129

Multiline

Retail

1,232,025

–

–

1,232,025

Oil,

Gas

&

Consumable

Fuels

492,232

3,910,536

–

4,402,768

Personal

Products

–

1,392,725

–

1,392,725

Pharmaceuticals

–

6,846,112

–

6,846,112

Professional

Services

–

492,706

–

492,706

Real

Estate

Management

&

Development

–

1,221,035

–

1,221,035

Road

&

Rail

1,317,737

–

–

1,317,737

Semiconductors

&

Semiconductor

Equipment

–

5,178,082

–

5,178,082

Software

434,326

891,377

–

1,325,703

Specialty

Retail

191,342

2,679,051

–

2,870,393

Technology

Hardware,

Storage

&

Peripherals

–

3,425,074

–

3,425,074

Textiles,

Apparel

&

Luxury

Goods

–

1,230,215

–

1,230,215

Tobacco

–

1,644,988

–

1,644,988

Water

Utilities

170,997

–

–

170,997

NVIT

International

Equity

Fund

-

March

31,

2021

(Unaudited)

-

Statement

of

Investments

-

27

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

3,185,871

$

–

$

3,185,871

Total

Common

Stocks

$

13,419,486

$

89,327,950

$

–

$

102,747,436

Repurchase

Agreements

–

2,520,960

–

2,520,960

Total

$

13,419,486

$

91,848,910

$

–

$

105,268,396

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.