NVIT American Funds Asset Allocation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Investment Company 100.1%

Shares

Value ($)

Balanced Fund 100.1%

American Funds Asset

Allocation Fund, Class 1(a)

236,322,411

6,111,297,544

Total Investment Company

(cost $4,292,515,006)

6,111,297,544

Total Investments

(cost $4,292,515,006) — 100.1%

6,111,297,544

Liabilities in excess of other assets — (0.1)%

(

3,507,285

)

NET ASSETS — 100.0%

$

6,107,790,259

(a)

Investment in master fund.

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT American Funds Asset Allocation Fund

NVIT American Funds 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.

As of March 31, 2025, 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 - March 31, 2025 (Unaudited) - Statement of Investments - 3

Investment Company  100.1%

Shares

Value ($)

Fixed Income Fund

100.1%

American Funds The Bond

Fund of America, Class

1(a)

353,220,675

3,366,193,030

Total Investment Company

(cost $3,650,760,212)

3,366,193,030

Total Investments

(cost $3,650,760,212) — 100.1%

3,366,193,030

Liabilities in excess of other

assets — (0.1)%

(

1,901,795

)

NET ASSETS — 100.0%

$

3,364,291,235

(a)

Investment in master fund.

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT American Funds Bond Fund

NVIT American Funds Bond Fund (“the Fund”) operates as a “feeder fund,” which means that the Fund does not buy individual

securities directly, and may have additional investment and concentration risks. Instead, the Fund invests all of its assets in Class 1

shares of another mutual fund, the American Funds The Bond Fund of America (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.

As of March 31, 2025, 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 - March 31, 2025 (Unaudited) - Statement of Investments - 5

Investment Company 100.1%

Shares

Value ($)

Equity Fund 100.1%

American Funds Global

Growth Fund, Class 1(a)

15,904,067

571,592,152

Total Investment Company

(cost $438,017,636)

571,592,152

Total Investments

(cost $438,017,636) — 100.1%

571,592,152

Liabilities in excess of other assets — (0.1)%

(

377,794

)

NET ASSETS — 100.0%

$

571,214,358

(a)

Investment in master fund.

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT American Funds Global Growth Fund

NVIT American Funds 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.

As of March 31, 2025, 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 - March 31, 2025 (Unaudited) - Statement of Investments - 7

Investment Company 100.1%

Shares

Value ($)

Equity Fund 100.1%

American Funds Growth Fund,

Class 1(a)

16,248,171

1,924,595,890

Total Investment Company

(cost $1,291,180,881)

1,924,595,890

Total Investments

(cost $1,291,180,881) — 100.1%

1,924,595,890

Liabilities in excess of other assets — (0.1)%

(

1,104,042

)

NET ASSETS — 100.0%

$

1,923,491,848

(a)

Investment in master fund.

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT American Funds Growth Fund

NVIT American Funds 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.

As of March 31, 2025, 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 - March 31, 2025 (Unaudited) - Statement of Investments - 9

Investment Company 100.1%

Shares

Value ($)

Equity Fund 100.1%

American Funds Growth-

Income Fund, Class 1(a)

56,861,347

3,838,709,504

Total Investment Company

(cost $2,432,125,729)

3,838,709,504

Total Investments

(cost $2,432,125,729) — 100.1%

3,838,709,504

Liabilities in excess of other assets — (0.1)%

(

2,195,152

)

NET ASSETS — 100.0%

$

3,836,514,352

(a)

Investment in master fund.

10 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT American Funds Growth-Income Fund

NVIT American Funds 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.

As of March 31, 2025, 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, 2025 (Unaudited) - Statement of Investments - 1

Investment Companies 92.7%

Shares

Value ($)

Equity Funds

84.1%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

11,435,545

137,455,255

Nationwide International Equity

Portfolio, Class R6(a)

3,639,775

40,146,723

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

2,411,406

21,075,685

NVIT International Index Fund,

Class Y(a)

2,811,545

31,967,271

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

3,154,223

62,295,909

NVIT Mid Cap Index Fund, Class

Y(a)

1,444,221

27,396,874

Total Equity Funds

(cost $295,869,420)

320,337,717

Fixed Income Fund 8.6%

NVIT Bond Index Fund, Class

Y(a)

3,530,355

32,761,692

Total Fixed Income Funds

(cost $33,232,997)

32,761,692

Total Investment Companies

(cost $329,102,417)

353,099,409

Exchange Traded Funds 7.3%

Equity Funds

6.2%

iShares Core MSCI EAFE ETF

106,127

8,028,508

iShares Core S&P 500 ETF

19,705

11,072,239

iShares Core S&P Small-Cap

ETF

44,903

4,695,507

Total Equity Funds

(cost $24,760,098)

23,796,254

Fixed Income Fund 1.1%

iShares 7-10 Year Treasury Bond

ETF(b)

42,984

4,099,384

Total Fixed Income Funds

(cost  $4,612,563)

4,099,384

Total Exchange Traded Funds

(cost $29,372,661)

27,895,638

  Repurchase Agreement 1.1%

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,169,858,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $4,252,738.(c)

4,169,351

4,169,351

Total Repurchase Agreement

(cost $4,169,351)

4,169,351

Total Investments

(cost $362,644,429) — 101.1%

385,164,398

Liabilities in excess of other assets — (1.1)%

(4,373,050)

NET ASSETS — 100.0%

$

380,791,348

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $4,099,289, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $4,169,351.

(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, 2025 was $4,169,351.

ETF

Exchange Traded Fund

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Aggressive Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Investor Destinations Aggressive Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

27,895,638

$

–

$

–

$

27,895,638

Investment Companies

353,099,409

–

–

353,099,409

Repurchase Agreement

–

4,169,351

–

4,169,351

Total

$

380,995,047

$

4,169,351

$

–

$

385,164,398

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT Investor Destinations Balanced Fund

Investment Companies 91.0%

Shares

Value ($)

Equity Funds

44.7%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

18,795,098

225,917,079

Nationwide International Equity

Portfolio, Class R6(a)

4,077,246

44,972,023

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

3,587,991

31,359,043

NVIT International Index Fund,

Class Y(a)

2,353,764

26,762,292

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

6,338,144

125,178,344

NVIT Mid Cap Index Fund, Class

Y(a)

809,737

15,360,715

Total Equity Funds

(cost $441,089,582)

469,549,496

Fixed Income Funds

46.3%

Nationwide Bond Portfolio, Class

R6(a)

3,623,801

30,657,353

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

482,108

4,411,291

NVIT Bond Index Fund, Class

Y(a)

37,047,746

343,803,082

NVIT Loomis Core Bond Fund,

Class Y(a)

6,901,701

63,564,667

NVIT Loomis Short Term Bond

Fund, Class Y(a)

4,395,318

43,469,697

Total Fixed Income Funds

(cost $521,026,435)

485,906,090

Total Investment Companies

(cost $962,116,017)

955,455,586

Exchange Traded Funds 7.0%

Equity Funds

5.7%

iShares Core MSCI EAFE ETF

287,478

21,747,711

iShares Core S&P 500 ETF

53,523

30,074,573

iShares Core S&P Small-Cap

ETF

72,235

7,553,614

Total Equity Funds

(cost $61,528,453)

59,375,898

Fixed Income Funds

1.3%

iShares 20+ Year Treasury Bond

ETF(b)

49,308

4,488,507

iShares 7-10 Year Treasury

Bond ETF

93,911

8,956,292

Total Fixed Income Funds

(cost $16,100,191)

13,444,799

Total Exchange Traded Funds

(cost $77,628,644)

72,820,697

Short-Term Investment 2.1%

Shares

Value ($)

Money Market Fund

2.1%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

21,728,910

21,728,910

Total Short-Term Investment

(cost $21,728,910)

21,728,910

  Repurchase Agreement 0.4%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,534,330,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $4,624,454.(d)

4,533,779

4,533,779

Total Repurchase Agreement

(cost $4,533,779)

4,533,779

Total Investments

(cost $1,066,007,350) — 100.5%

1,054,538,972

Liabilities in excess of other assets — (0.5)%

(

5,023,065

)

NET ASSETS — 100.0%

$

1,049,515,907

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $4,488,416, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $4,533,779.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $4,533,779.

ETF

Exchange Traded Fund

NVIT Investor Destinations Balanced Fund - March 31, 2025 (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.

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Balanced Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

72,820,697

$

–

$

–

$

72,820,697

Investment Companies

955,455,586

–

–

955,455,586

Repurchase Agreement

–

4,533,779

–

4,533,779

Short-Term Investment

21,728,910

–

–

21,728,910

Total

$

1,050,005,193

$

4,533,779

$

–

$

1,054,538,972

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Investor Destinations Capital Appreciation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Investment Companies 92.0%

Shares

Value ($)

Equity Funds

62.1%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

25,895,854

311,268,162

Nationwide International Equity

Portfolio, Class R6(a)

5,843,429

64,453,017

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

4,890,738

42,745,049

NVIT International Index Fund,

Class Y(a)

3,070,421

34,910,691

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

7,523,913

148,597,277

NVIT Mid Cap Index Fund, Class

Y(a)

1,251,458

23,740,151

Total Equity Funds

(cost $580,439,794)

625,714,347

Fixed Income Funds

29.9%

Nationwide Bond Portfolio, Class

R6(a)

1,285,352

10,874,076

NVIT Bond Index Fund, Class

Y(a)

25,540,834

237,018,937

NVIT Loomis Core Bond Fund,

Class Y(a)

2,873,387

26,463,897

NVIT Loomis Short Term Bond

Fund, Class Y(a)

2,674,765

26,453,428

Total Fixed Income Funds

(cost $321,158,788)

300,810,338

Total Investment Companies

(cost $901,598,582)

926,524,685

Exchange Traded Funds 7.4%

Equity Funds

6.1%

iShares Core MSCI EAFE ETF

279,728

21,161,423

iShares Core S&P 500 ETF

52,056

29,250,267

iShares Core S&P Small-Cap

ETF

107,523

11,243,680

Total Equity Funds

(cost $63,993,819)

61,655,370

Fixed Income Funds

1.3%

iShares 20+ Year Treasury Bond

ETF(b)

108,130

9,843,074

iShares 7-10 Year Treasury Bond

ETF(b)

34,296

3,270,809

Total Fixed Income Funds

(cost $18,462,935)

13,113,883

Total Exchange Traded Funds

(cost $82,456,754)

74,769,253

Short-Term Investment 0.6%

Money Market Fund

0.6%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

6,314,056

6,314,056

Total Short-Term Investment

(cost $6,314,056)

6,314,056

  Repurchase Agreement 1.0%

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $10,050,384,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $10,250,145.

(d)

10,049,162

10,049,162

Total Repurchase Agreement

(cost $10,049,162)

10,049,162

Total Investments

(cost $1,000,418,554) — 101.0%

1,017,657,156

Liabilities in excess of other assets — (1.0)%

(10,555,439)

NET ASSETS — 100.0%

$

1,007,101,717

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $9,947,890, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $10,049,162.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $10,049,162.

ETF

Exchange Traded Fund

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Capital Appreciation Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Investor Destinations Capital Appreciation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 9

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

74,769,253

$

–

$

–

$

74,769,253

Investment Companies

926,524,685

–

–

926,524,685

Repurchase Agreement

–

10,049,162

–

10,049,162

Short-Term Investment

6,314,056

–

–

6,314,056

Total

$

1,007,607,994

$

10,049,162

$

–

$

1,017,657,156

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

10 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Conservative Fund

Investment Companies 88.8%

Shares

Value ($)

Equity Funds

16.8%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

2,761,825

33,197,136

Nationwide International Equity

Portfolio, Class R6(a)

565,411

6,236,485

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

576,081

5,034,948

NVIT International Index Fund,

Class Y(a)

358,946

4,081,220

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

1,194,099

23,583,464

NVIT Mid Cap Index Fund, Class

Y(a)

14,678

278,438

Total Equity Funds

(cost $68,128,259)

72,411,691

Fixed Income Funds

72.0%

Nationwide Bond Portfolio, Class

R6(a)

1,677,849

14,194,604

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

2,418,845

22,132,427

NVIT Bond Index Fund, Class

Y(a)

18,882,941

175,233,696

NVIT Loomis Core Bond Fund,

Class Y(a)

5,966,256

54,949,222

NVIT Loomis Short Term Bond

Fund, Class Y(a)

4,410,509

43,619,930

Total Fixed Income Funds

(cost $324,172,468)

310,129,879

Total Investment Companies

(cost $392,300,727)

382,541,570

Exchange Traded Funds 8.2%

Equity Funds

4.0%

iShares Core MSCI EAFE ETF

71,944

5,442,564

iShares Core S&P 500 ETF

18,934

10,639,014

iShares Core S&P Small-Cap

ETF

10,470

1,094,848

Total Equity Funds

(cost $17,948,788)

17,176,426

Fixed Income Funds

4.2%

iShares 20+ Year Treasury Bond

ETF(b)

111,014

10,105,605

iShares 7-10 Year Treasury Bond

ETF(b)

82,220

7,841,321

Total Fixed Income Funds

(cost $22,942,621)

17,946,926

Total Exchange Traded Funds

(cost $40,891,409)

35,123,352

Short-Term Investment 3.1%

Shares

Value ($)

Money Market Fund

3.1%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

13,341,337

13,341,337

Total Short-Term Investment

(cost $13,341,337)

13,341,337

  Repurchase Agreement 2.4%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $10,415,760,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $10,622,782.

(d)

10,414,493

10,414,493

Total Repurchase Agreement

(cost $10,414,493)

10,414,493

Total Investments

(cost $456,947,966) — 102.5%

441,420,752

Liabilities in excess of other assets — (2.5)%

(

10,640,849

)

NET ASSETS — 100.0%

$

430,779,903

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $10,256,070, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $10,414,493.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $10,414,493.

ETF

Exchange Traded Fund

NVIT Investor Destinations Conservative Fund - March 31, 2025 (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.

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Conservative Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

35,123,352

$

–

$

–

$

35,123,352

Investment Companies

382,541,570

–

–

382,541,570

Repurchase Agreement

–

10,414,493

–

10,414,493

Short-Term Investment

13,341,337

–

–

13,341,337

Total

$

431,006,259

$

10,414,493

$

–

$

441,420,752

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 13

Investment Companies 90.3%

Shares

Value ($)

Equity Funds

53.2%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

37,042,369

445,249,281

Nationwide International Equity

Portfolio, Class R6(a)

8,128,573

89,658,163

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

6,987,018

61,066,535

NVIT International Index Fund,

Class Y(a)

4,506,317

51,236,819

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

11,426,441

225,672,205

NVIT Mid Cap Index Fund, Class

Y(a)

1,449,986

27,506,233

Total Equity Funds

(cost $837,402,854)

900,389,236

Fixed Income Funds

37.1%

Nationwide Bond Portfolio, Class

R6(a)

4,200,361

35,535,054

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

782,340

7,158,407

NVIT Bond Index Fund, Class

Y(a)

52,062,227

483,137,470

NVIT Loomis Core Bond Fund,

Class Y(a)

7,241,182

66,691,287

NVIT Loomis Short Term Bond

Fund, Class Y(a)

3,566,274

35,270,446

Total Fixed Income Funds

(cost $672,517,357)

627,792,664

Total Investment Companies

(cost $1,509,920,211)

1,528,181,900

Exchange Traded Funds 8.2%

Equity Funds

5.8%

iShares Core MSCI EAFE ETF

465,316

35,201,155

iShares Core S&P 500 ETF

86,595

48,657,731

iShares Core S&P Small-Cap

ETF

133,928

14,004,851

Total Equity Funds

(cost $101,474,580)

97,863,737

Fixed Income Funds

2.4%

iShares 20+ Year Treasury Bond

ETF(b)

239,715

21,821,257

iShares 7-10 Year Treasury

Bond ETF

190,052

18,125,259

Total Fixed Income Funds

(cost $53,343,427)

39,946,516

Total Exchange Traded Funds

(cost $154,818,007)

137,810,253

Short-Term Investment 1.6%

Shares

Value ($)

Money Market Fund

1.6%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

26,470,625

26,470,625

Total Short-Term Investment

(cost $26,470,625)

26,470,625

  Repurchase Agreements 1.3%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $13,016,620,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $13,275,338.

(d)

13,015,037

13,015,037

Pershing LLC, 4.35%,

dated 3/31/2025, due

4/1/2025, repurchase price

$9,001,088, collateralized

by U.S. Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $9,180,000.(d)

9,000,000

9,000,000

Total Repurchase Agreements

(cost $22,015,037)

22,015,037

Total Investments

(cost $1,713,223,880) — 101.4%

1,714,477,815

Liabilities in excess of other assets — (1.4)%

(22,932,079)

NET ASSETS — 100.0%

$

1,691,545,736

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $21,794,767, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $22,015,037.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $22,015,037.

ETF

Exchange Traded Fund

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Moderate Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Investor Destinations Moderate Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

137,810,253

$

–

$

–

$

137,810,253

Investment Companies

1,528,181,900

–

–

1,528,181,900

Repurchase Agreements

–

22,015,037

–

22,015,037

Short-Term Investment

26,470,625

–

–

26,470,625

Total

$

1,692,462,778

$

22,015,037

$

–

$

1,714,477,815

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Moderately Aggressive Fund

Investment Companies 93.4%

Shares

Value ($)

Equity Funds

71.3%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

26,212,673

315,076,333

Nationwide International Equity

Portfolio, Class R6(a)

7,423,924

81,885,883

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

5,298,566

46,309,463

NVIT International Index Fund,

Class Y(a)

3,431,221

39,012,982

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

7,744,637

152,956,587

NVIT Mid Cap Index Fund, Class

Y(a)

2,213,856

41,996,852

Total Equity Funds

(cost $628,041,583)

677,238,100

Fixed Income Funds

22.1%

Nationwide Bond Portfolio, Class

R6(a)

2,113,970

17,884,188

NVIT Bond Index Fund, Class

Y(a)

18,468,672

171,389,279

NVIT Loomis Core Bond Fund,

Class Y(a)

2,196,213

20,227,122

Total Fixed Income Funds

(cost $218,954,852)

209,500,589

Total Investment Companies

(cost $846,996,435)

886,738,689

Exchange Traded Funds 6.4%

Equity Funds

5.3%

iShares Core MSCI EAFE ETF

262,969

19,893,605

iShares Core S&P 500 ETF

32,730

18,390,987

iShares Core S&P Small-Cap

ETF

109,565

11,457,212

Total Equity Funds

(cost $51,838,010)

49,741,804

Fixed Income Fund 1.1%

iShares 7-10 Year Treasury

Bond ETF

107,836

10,284,319

Total Fixed Income Funds

(cost  $11,524,166)

10,284,319

Total Exchange Traded Funds

(cost $63,362,176)

60,026,123

Short-Term Investment 0.3%

Shares

Value ($)

Money Market Fund

0.3%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (b)

2,994,158

2,994,158

Total Short-Term Investment

(cost $2,994,158)

2,994,158

Total Investments

(cost $913,352,769) — 100.1%

949,758,970

Liabilities in excess of other assets — (0.1)%

(

484,165

)

NET ASSETS — 100.0%

$

949,274,805

(a)

Investment in affiliate.

(b)

Represents 7-day effective yield as of March 31, 2025.

ETF

Exchange Traded Fund

NVIT Investor Destinations Moderately Aggressive Fund - March 31, 2025 (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.

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Moderately Aggressive Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

60,026,123

$

–

$

–

$

60,026,123

Investment Companies

886,738,689

–

–

886,738,689

Short-Term Investment

2,994,158

–

–

2,994,158

Total

$

949,758,970

$

–

$

–

$

949,758,970

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 19

Investment Companies 89.6%

Shares

Value ($)

Equity Funds

34.5%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

6,433,154

77,326,510

Nationwide International Equity

Portfolio, Class R6(a)

1,398,069

15,420,704

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

1,317,430

11,514,335

NVIT International Index Fund,

Class Y(a)

1,426,236

16,216,299

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

2,082,168

41,122,817

NVIT Mid Cap Index Fund, Class

Y(a)

323,646

6,139,558

Total Equity Funds

(cost $154,862,428)

167,740,223

Fixed Income Funds

55.1%

Nationwide Bond Portfolio, Class

R6(a)

1,592,167

13,469,731

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

1,659,792

15,187,095

NVIT Bond Index Fund, Class

Y(a)

19,377,668

179,824,761

NVIT Loomis Core Bond Fund,

Class Y(a)

3,506,805

32,297,675

NVIT Loomis Short Term Bond

Fund, Class Y(a)

2,774,138

27,436,222

Total Fixed Income Funds

(cost $285,062,448)

268,215,484

Total Investment Companies

(cost $439,924,876)

435,955,707

Exchange Traded Funds 8.2%

Equity Funds

5.6%

iShares Core MSCI EAFE ETF

132,197

10,000,703

iShares Core S&P 500 ETF

24,613

13,830,045

iShares Core S&P Small-Cap

ETF

32,611

3,410,132

Total Equity Funds

(cost $28,249,534)

27,240,880

Fixed Income Funds

2.6%

iShares 20+ Year Treasury Bond

ETF

90,849

8,269,984

iShares 7-10 Year Treasury

Bond ETF

45,934

4,380,726

Total Fixed Income Funds

(cost $17,884,012)

12,650,710

Total Exchange Traded Funds

(cost $46,133,546)

39,891,590

Short-Term Investment 2.3%

Shares

Value ($)

Money Market Fund

2.3%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (b)

11,250,648

11,250,648

Total Short-Term Investment

(cost $11,250,648)

11,250,648

Total Investments

(cost $497,309,070) — 100.1%

487,097,945

Liabilities in excess of other assets — (0.1)%

(

290,078

)

NET ASSETS — 100.0%

$

486,807,867

(a)

Investment in affiliate.

(b)

Represents 7-day effective yield as of March 31, 2025.

ETF

Exchange Traded Fund

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Moderately Conservative Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Investor Destinations Moderately Conservative Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

39,891,590

$

–

$

–

$

39,891,590

Investment Companies

435,955,707

–

–

435,955,707

Short-Term Investment

11,250,648

–

–

11,250,648

Total

$

487,097,945

$

–

$

–

$

487,097,945

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.

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Managed Growth Fund

Investment Companies 83.7%

Shares

Value ($)

Equity Funds

49.3%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

18,865,467

226,762,911

Nationwide International Equity

Portfolio, Class R6(a)

4,143,047

45,697,809

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

3,559,804

31,112,685

NVIT International Index Fund,

Class Y(a)

2,296,491

26,111,105

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

5,819,156

114,928,332

NVIT Mid Cap Index Fund, Class

Y(a)

738,438

14,008,166

Total Equity Funds

(cost $429,173,814)

458,621,008

Fixed Income Funds

34.4%

Nationwide Bond Portfolio, Class

R6(a)

2,140,653

18,109,927

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

398,709

3,648,188

NVIT Bond Index Fund, Class

Y(a)

26,532,915

246,225,448

NVIT Loomis Core Bond Fund,

Class Y(a)

3,690,367

33,988,281

NVIT Loomis Short Term Bond

Fund, Class Y(a)

1,817,410

17,974,183

Total Fixed Income Funds

(cost $331,703,042)

319,946,027

Total Investment Companies

(cost $760,876,856)

778,567,035

Exchange Traded Funds 7.6%

Equity Funds

5.4%

iShares Core MSCI EAFE ETF

239,009

18,081,031

iShares Core S&P 500 ETF

44,443

24,972,522

iShares Core S&P Small-Cap

ETF

68,787

7,193,056

Total Equity Funds

(cost $52,066,653)

50,246,609

Fixed Income Funds

2.2%

iShares 20+ Year Treasury Bond

ETF(b)

122,992

11,195,962

iShares 7-10 Year Treasury

Bond ETF

97,651

9,312,976

Total Fixed Income Funds

(cost $27,084,113)

20,508,938

Total Exchange Traded Funds

(cost $79,150,766)

70,755,547

Short-Term Investment 1.4%

Shares

Value ($)

Money Market Fund

1.4%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

13,454,934

13,454,934

Total Short-Term Investment

(cost $13,454,934)

13,454,934

  Repurchase Agreements 0.9%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,332,763,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $1,359,253.(d)

1,332,601

1,332,601

Pershing LLC, 4.35%,

dated 3/31/2025, due

4/1/2025, repurchase price

$7,000,846, collateralized

by U.S. Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $7,140,000.(d)

7,000,000

7,000,000

Total Repurchase Agreements

(cost $8,332,601)

8,332,601

Total Investments

(cost $861,815,157) — 93.6%

871,110,117

Other assets in excess of liabilities — 6.4%

59,167,785

NET ASSETS — 100.0%

$

930,277,902

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $8,249,230, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $8,332,601.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $8,332,601.

ETF

Exchange Traded Fund

NVIT Investor Destinations Managed Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(

221

)

6/2025

USD

(26,700,115)

632,131

Russell 2000 E-Mini Index

(

35

)

6/2025

USD

(3,547,425)

40,324

S&P 500 E-Mini Index

(

237

)

6/2025

USD

(66,991,013)

170,380

S&P Midcap 400 E-Mini Index

(

19

)

6/2025

USD

(5,583,340)

7,237

Net contracts

850,072

Currency:

USD

United States Dollar

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Managed Growth Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Investor Destinations Managed Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 25

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

70,755,547

$

–

$

–

$

70,755,547

Futures Contracts

850,072

–

–

850,072

Investment Companies

778,567,035

–

–

778,567,035

Repurchase Agreements

–

8,332,601

–

8,332,601

Short-Term Investment

13,454,934

–

–

13,454,934

Total

$

863,627,588

$

8,332,601

$

–

$

871,960,189

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

850,072

Total

$

850,072

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations Managed Growth & Income Fund

Investment Companies 84.8%

Shares

Value ($)

Equity Funds

41.7%

Nationwide Fundamental All Cap

Equity Portfolio, Class R6(a)

6,483,749

77,934,660

Nationwide International Equity

Portfolio, Class R6(a)

1,406,511

15,513,820

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

1,237,627

10,816,860

NVIT International Index Fund,

Class Y(a)

811,921

9,231,543

NVIT J.P. Morgan U.S. Equity

Fund, Class Y(a)

2,186,441

43,182,218

NVIT Mid Cap Index Fund, Class

Y(a)

279,324

5,298,769

Total Equity Funds

(cost $152,677,517)

161,977,870

Fixed Income Funds

43.1%

Nationwide Bond Portfolio, Class

R6(a)

1,250,218

10,576,847

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

166,329

1,521,909

NVIT Bond Index Fund, Class

Y(a)

12,781,557

118,612,846

NVIT Loomis Core Bond Fund,

Class Y(a)

2,381,094

21,929,874

NVIT Loomis Short Term Bond

Fund, Class Y(a)

1,516,337

14,996,571

Total Fixed Income Funds

(cost $174,219,606)

167,638,047

Total Investment Companies

(cost $326,897,123)

329,615,917

Exchange Traded Funds 6.5%

Equity Funds

5.3%

iShares Core MSCI EAFE ETF

99,543

7,530,428

iShares Core S&P 500 ETF

18,461

10,373,236

iShares Core S&P Small-Cap

ETF

25,012

2,615,505

Total Equity Funds

(cost $21,250,379)

20,519,169

Fixed Income Funds

1.2%

iShares 20+ Year Treasury Bond

ETF(b)

17,037

1,550,878

iShares 7-10 Year Treasury

Bond ETF

32,465

3,096,187

Total Fixed Income Funds

(cost $5,461,963)

4,647,065

Total Exchange Traded Funds

(cost $26,712,342)

25,166,234

Short-Term Investment 1.9%

Shares

Value ($)

Money Market Fund

1.9%

Fidelity Investments Money

Market Government Portfolio -

Institutional Class, 4.27% (c)

7,489,339

7,489,339

Total Short-Term Investment

(cost $7,489,339)

7,489,339

  Repurchase Agreement 0.4%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,566,651,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $1,597,789.(d)

1,566,460

1,566,460

Total Repurchase Agreement

(cost $1,566,460)

1,566,460

Total Investments

(cost $362,665,264) — 93.6%

363,837,950

Other assets in excess of liabilities — 6.4%

25,006,879

NET ASSETS — 100.0%

$

388,844,829

(a)

Investment in affiliate.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $1,550,787, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $1,566,460.

(c)

Represents 7-day effective yield as of March 31, 2025.

(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, 2025 was $1,566,460.

ETF

Exchange Traded Fund

NVIT Investor Destinations Managed Growth & Income Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(

64

)

6/2025

USD

(7,732,160)

236,190

Russell 2000 E-Mini Index

(

11

)

6/2025

USD

(1,114,905)

16,028

S&P 500 E-Mini Index

(

69

)

6/2025

USD

(19,503,713)

86,499

S&P Midcap 400 E-Mini Index

(

6

)

6/2025

USD

(1,763,160)

2,426

Net contracts

341,143

Currency:

USD

United States Dollar

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Investor Destinations 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.

NVIT Investor Destinations Managed Growth & Income Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

25,166,234

$

–

$

–

$

25,166,234

Futures Contracts

341,143

–

–

341,143

Investment Companies

329,615,917

–

–

329,615,917

Repurchase Agreement

–

1,566,460

–

1,566,460

Short-Term Investment

7,489,339

–

–

7,489,339

Total

$

362,612,633

$

1,566,460

$

–

$

364,179,093

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

341,143

Total

$

341,143

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 1

Investment Companies 96.4%

Shares

Value ($)

Equity Funds

86.7%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

1,536,753

13,431,219

NVIT GS International Equity

Insights Fund, Class Y(a)

4,091,448

47,378,972

NVIT GS Large Cap Equity

Fund, Class Y(a)

7,067,484

92,584,047

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

960,097

10,887,496

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

3,813,972

44,814,169

Total Equity Funds

(cost $176,472,961)

209,095,903

Fixed Income Funds

9.7%

Nationwide Loomis Core Bond

Fund, Class R6(a)

274,846

2,608,293

Investment Companies

Shares

Value ($)

NVIT Loomis Core Bond Fund,

Class Y(a)

2,263,896

20,850,482

Total Fixed Income Funds

(cost $23,718,436)

23,458,775

Total Investment Companies

(cost $200,191,397)

232,554,678

Exchange Traded Funds 3.6%

Equity Funds

3.6%

iShares Core MSCI EAFE ETF

20,382

1,541,898

iShares Core S&P 500 ETF

12,641

7,102,978

Total Exchange Traded Funds

(cost $9,119,705)

8,644,876

Total Investments

(cost $209,311,102) — 100.0%

241,199,554

Liabilities in excess of other assets — 0.0%

†

(

113,633

)

NET ASSETS — 100.0%

$

241,085,921

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

2 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

8,644,876

$

–

$

–

$

8,644,876

Investment Companies

232,554,678

–

–

232,554,678

Total

$

241,199,554

$

–

$

–

$

241,199,554

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Blueprint

SM

Moderately Aggressive Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

Investment Companies 96.8%

Shares

Value ($)

Equity Funds

73.3%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

2,482,964

21,701,103

NVIT GS International Equity

Insights Fund, Class Y(a)

5,805,584

67,228,660

NVIT GS Large Cap Equity

Fund, Class Y(a)

11,191,460

146,608,127

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

1,518,079

17,215,018

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

6,078,917

71,427,273

Total Equity Funds

(cost $269,925,368)

324,180,181

Fixed Income Funds

23.5%

Nationwide Loomis Core Bond

Fund, Class R6(a)

999,185

9,482,263

NVIT Loomis Core Bond Fund,

Class Y(a)

9,257,558

85,262,108

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

950,445

9,399,899

Total Fixed Income Funds

(cost $110,268,906)

104,144,270

Total Investment Companies

(cost $380,194,274)

428,324,451

Exchange Traded Funds 3.2%

Equity Funds

3.2%

iShares Core MSCI EAFE ETF

18,499

1,399,449

iShares Core S&P 500 ETF

23,045

12,948,986

Total Exchange Traded Funds

(cost $15,368,937)

14,348,435

Total Investments

(cost $395,563,211) — 100.0%

442,672,886

Liabilities in excess of other assets — 0.0%

†

(

175,899

)

NET ASSETS — 100.0%

$

442,496,987

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

4 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

14,348,435

$

–

$

–

$

14,348,435

Investment Companies

428,324,451

–

–

428,324,451

Total

$

442,672,886

$

–

$

–

$

442,672,886

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 5

Investment Companies 96.2%

Shares

Value ($)

Equity Funds

54.0%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

7,316,587

63,946,968

NVIT GS International Equity

Insights Fund, Class Y(a)

12,625,063

146,198,225

NVIT GS Large Cap Equity

Fund, Class Y(a)

36,304,843

475,593,441

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

3,224,364

36,564,292

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

19,517,007

229,324,828

Total Equity Funds

(cost $790,765,696)

951,627,754

Fixed Income Funds

42.2%

Nationwide Loomis Core Bond

Fund, Class R6(a)

4,908,246

46,579,250

NVIT Loomis Core Bond Fund,

Class Y(a)

63,668,326

586,385,286

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

11,204,549

110,812,990

Total Fixed Income Funds

(cost $813,975,022)

743,777,526

Total Investment Companies

(cost $1,604,740,718)

1,695,405,280

Exchange Traded Funds 3.8%

Equity Funds

3.8%

iShares Core MSCI EAFE ETF

220,991

16,717,969

iShares Core S&P 500 ETF

91,054

51,163,243

Total Exchange Traded Funds

(cost $70,527,200)

67,881,212

Total Investments

(cost $1,675,267,918) — 100.0%

1,763,286,492

Liabilities in excess of other assets — 0.0%

†

(

667,980

)

NET ASSETS — 100.0%

$

1,762,618,512

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

6 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

67,881,212

$

–

$

–

$

67,881,212

Investment Companies

1,695,405,280

–

–

1,695,405,280

Total

$

1,763,286,492

$

–

$

–

$

1,763,286,492

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 7

Investment Companies 96.3%

Shares

Value ($)

Equity Funds

34.2%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

1,264,028

11,047,603

NVIT GS International Equity

Insights Fund, Class Y(a)

2,305,960

26,703,016

NVIT GS Large Cap Equity

Fund, Class Y(a)

5,549,898

72,703,658

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

475,488

5,392,029

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

3,669,790

43,120,027

Total Equity Funds

(cost $132,177,319)

158,966,333

Fixed Income Funds

62.1%

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

1,061,505

9,712,771

Nationwide Loomis Core Bond

Fund, Class R6(a)

2,034,845

19,310,677

NVIT Loomis Core Bond Fund,

Class Y(a)

22,521,015

207,418,552

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

5,322,727

52,641,767

Total Fixed Income Funds

(cost $315,503,967)

289,083,767

Total Investment Companies

(cost $447,681,286)

448,050,100

Exchange Traded Funds 3.7%

Equity Funds

3.7%

iShares Core MSCI EAFE ETF

56,685

4,288,220

iShares Core S&P 500 ETF

23,551

13,233,307

Total Exchange Traded Funds

(cost $18,193,035)

17,521,527

Total Investments

(cost $465,874,321) — 100.0%

465,571,627

Liabilities in excess of other assets — 0.0%

†

(

207,261

)

NET ASSETS — 100.0%

$

465,364,366

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

8 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

17,521,527

$

–

$

–

$

17,521,527

Investment Companies

448,050,100

–

–

448,050,100

Total

$

465,571,627

$

–

$

–

$

465,571,627

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 9

Investment Companies 97.0%

Shares

Value ($)

Equity Funds

16.5%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

513,024

4,483,830

NVIT GS International Equity

Insights Fund, Class Y(a)

931,995

10,792,507

NVIT GS Large Cap Equity

Fund, Class Y(a)

2,507,189

32,844,176

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

144,778

1,641,779

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

2,242,985

26,355,073

Total Equity Funds

(cost $60,614,198)

76,117,365

Fixed Income Funds

80.5%

Nationwide Inflation-Protected

Securities Fund, Class R6(a)

2,067,373

18,916,460

Nationwide Loomis Core Bond

Fund, Class R6(a)

2,724,537

25,855,856

NVIT Loomis Core Bond Fund,

Class Y(a)

28,815,741

265,392,975

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

6,125,847

60,584,629

Total Fixed Income Funds

(cost $397,985,297)

370,749,920

Total Investment Companies

(cost $458,599,495)

446,867,285

Exchange Traded Funds 3.0%

Equity Funds

3.0%

iShares Core MSCI EAFE ETF

36,721

2,777,943

iShares Core S&P 500 ETF

19,813

11,132,925

Total Exchange Traded Funds

(cost $14,574,380)

13,910,868

Total Investments

(cost $473,173,875) — 100.0%

460,778,153

Liabilities in excess of other assets — 0.0%

†

(

225,451

)

NET ASSETS — 100.0%

$

460,552,702

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

10 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

13,910,868

$

–

$

–

$

13,910,868

Investment Companies

446,867,285

–

–

446,867,285

Total

$

460,778,153

$

–

$

–

$

460,778,153

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 11

Investment Companies 96.2%

Shares

Value ($)

Equity Funds

44.0%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

4,980,186

43,526,829

NVIT GS International Equity

Insights Fund, Class Y(a)

10,221,157

118,360,999

NVIT GS Large Cap Equity

Fund, Class Y(a)

22,770,744

298,296,748

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

2,060,093

23,361,450

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

13,377,145

157,181,448

Total Equity Funds

(cost $534,100,297)

640,727,474

Fixed Income Funds

52.2%

Nationwide Loomis Core Bond

Fund, Class R6(a)

5,612,621

53,263,777

NVIT Loomis Core Bond Fund,

Class Y(a)

61,910,619

570,196,800

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

13,727,701

135,766,963

Total Fixed Income Funds

(cost $832,666,946)

759,227,540

Total Investment Companies

(cost $1,366,767,243)

1,399,955,014

Exchange Traded Funds 3.8%

Equity Funds

3.8%

iShares Core MSCI EAFE ETF

179,277

13,562,305

iShares Core S&P 500 ETF

74,336

41,769,397

Total Exchange Traded Funds

(cost $57,462,890)

55,331,702

Total Investments

(cost $1,424,230,133) — 100.0%

1,455,286,716

Liabilities in excess of other assets — 0.0%

†

(

555,564

)

NET ASSETS — 100.0%

$

1,454,731,152

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

12 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

55,331,702

$

–

$

–

$

55,331,702

Investment Companies

1,399,955,014

–

–

1,399,955,014

Total

$

1,455,286,716

$

–

$

–

$

1,455,286,716

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 13

Investment Companies 96.2%

Shares

Value ($)

Equity Funds

64.3%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

8,686,429

75,919,387

NVIT GS International Equity

Insights Fund, Class Y(a)

17,818,390

206,336,956

NVIT GS Large Cap Equity

Fund, Class Y(a)

43,707,754

572,571,574

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

4,668,460

52,940,337

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

20,113,629

236,335,143

Total Equity Funds

(cost $949,580,371)

1,144,103,397

Fixed Income Funds

31.9%

Nationwide Loomis Core Bond

Fund, Class R6(a)

3,995,284

37,915,246

NVIT Loomis Core Bond Fund,

Class Y(a)

51,418,267

473,562,235

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

5,700,495

56,377,898

Total Fixed Income Funds

(cost $619,940,395)

567,855,379

Total Investment Companies

(cost $1,569,520,766)

1,711,958,776

Exchange Traded Funds 3.8%

Equity Funds

3.8%

iShares Core MSCI EAFE ETF

223,060

16,874,489

iShares Core S&P 500 ETF

92,452

51,948,779

Total Exchange Traded Funds

(cost $71,507,486)

68,823,268

Total Investments

(cost $1,641,028,252) — 100.0%

1,780,782,044

Liabilities in excess of other assets — 0.0%

†

(

660,414

)

NET ASSETS — 100.0%

$

1,780,121,630

†

Amount rounds to less than 0.1%.

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

14 - Statement of Investments - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

68,823,268

$

–

$

–

$

68,823,268

Investment Companies

1,711,958,776

–

–

1,711,958,776

Total

$

1,780,782,044

$

–

$

–

$

1,780,782,044

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 15

Investment Companies 89.8%

Shares

Value ($)

Equity Funds

41.1%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

1,466,908

12,820,779

NVIT GS International Equity

Insights Fund, Class Y(a)

3,010,071

34,856,622

NVIT GS Large Cap Equity

Fund, Class Y(a)

6,709,666

87,896,628

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

607,105

6,884,570

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

3,942,114

46,319,836

Total Equity Funds

(cost $155,665,261)

188,778,435

Fixed Income Funds

48.7%

Nationwide Loomis Core Bond

Fund, Class R6(a)

1,652,924

15,686,253

NVIT Loomis Core Bond Fund,

Class Y(a)

18,232,921

167,925,199

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

4,043,039

39,985,658

Total Fixed Income Funds

(cost $236,098,639)

223,597,110

Total Investment Companies

(cost $391,763,900)

412,375,545

Exchange Traded Funds 3.5%

Equity Funds

3.5%

iShares Core MSCI EAFE ETF

52,206

3,949,384

iShares Core S&P 500 ETF

21,829

12,265,715

Total Exchange Traded Funds

(cost $16,832,560)

16,215,099

Total Investments

(cost $408,596,460) — 93.3%

428,590,644

Other assets in excess of liabilities — 6.7%

30,606,474

NET ASSETS — 100.0%

$

459,197,118

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(

56

)

6/2025

USD

(6,765,640)

191,323

Russell 2000 E-Mini Index

(

8

)

6/2025

USD

(810,840)

10,561

S&P 500 E-Mini Index

(

55

)

6/2025

USD

(15,546,438)

60,270

Net contracts

262,154

Currency:

USD

United States Dollar

16 - Statement of Investments - March 31, 2025 (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 table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

16,215,099

$

–

$

–

$

16,215,099

Futures Contracts

262,154

–

–

262,154

Investment Companies

412,375,545

–

–

412,375,545

Total

$

428,852,798

$

–

$

–

$

428,852,798

NVIT Blueprint

SM

Managed Growth & Income Fund - March 31, 2025 (Unaudited) - Statement of Investments - 17

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) Futures Contracts       

Financial futures contracts (“futures contracts”) are contracts for delayed delivery of securities or currencies at a specific future

date and at a specific price or currency amount. The Fund is subject to equity risk in the normal course of pursuing its objective(s)

in two respects. First, the Fund has set a baseline target equity exposure of 50%, which is represented by the Fund’s allocations to

underlying equity funds. Second, the Fund enters into stock index futures contracts in order to increase or decrease the baseline

equity exposure consistent with NFA’s view of current equity market conditions. Through the use of these futures contracts, the

Fund may increase its equity exposure to a maximum of 65% or to a minimum of 0% of the Fund’s assets.

Upon entering into a futures contract, the Fund is required to segregate an initial margin deposit of cash and/or other assets equal

to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay

to a broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments,

known as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value of the futures

contract, and are recognized by the Fund as unrealized gains or losses. Futures contracts are generally valued daily at their

settlement price as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized

as Level 1 investments within the hierarchy.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract

at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to

acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the

Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened

and its value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may

realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the

price of the futures contracts and the underlying assets. The Fund’s investments in futures contracts entail limited counterparty

credit risk because the Fund invests only in exchange traded futures contracts, which are settled through the exchange and whose

fulfillment is guaranteed by the credit of the exchange.

The following is a summary of the Fund's derivative instruments categorized by risk exposure as of March 31, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

262,154

Total

$

262,154

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Blueprint

SM

Managed Growth Fund

Investment Companies 89.1%

Shares

Value ($)

Equity Funds

50.0%

NVIT GS Emerging Markets

Equity Insights Fund, Class

Y(a)

4,129,510

36,091,916

NVIT GS International Equity

Insights Fund, Class Y(a)

7,125,132

82,509,033

NVIT GS Large Cap Equity

Fund, Class Y(a)

20,491,796

268,442,527

NVIT GS Small Cap Equity

Insights Fund, Class Y(a)

1,819,997

20,638,768

NVIT U.S. 130/30 Equity Fund,

Class Y(a)

11,016,482

129,443,661

Total Equity Funds

(cost $442,025,663)

537,125,905

Fixed Income Funds

39.1%

Nationwide Loomis Core Bond

Fund, Class R6(a)

2,769,933

26,286,662

NVIT Loomis Core Bond Fund,

Class Y(a)

35,931,006

330,924,567

Investment Companies

Shares

Value ($)

NVIT Loomis Short Term Bond

Fund, Class Y(a)

6,323,390

62,538,326

Total Fixed Income Funds

(cost $441,529,627)

419,749,555

Total Investment Companies

(cost $883,555,290)

956,875,460

Exchange Traded Funds 3.6%

Equity Funds

3.6%

iShares Core MSCI EAFE ETF

123,183

9,318,794

iShares Core S&P 500 ETF

51,328

28,841,203

Total Exchange Traded Funds

(cost $39,620,418)

38,159,997

Total Investments

(cost $923,175,708) — 92.7%

995,035,457

Other assets in excess of liabilities — 7.3%

78,760,129

NET ASSETS — 100.0%

$

1,073,795,586

(a)

Investment in affiliate.

ETF

Exchange Traded Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(289)

6/2025

USD

(34,915,535)

906,781

Russell 2000 E-Mini Index

(47)

6/2025

USD

(4,763,685)

53,457

S&P 500 E-Mini Index

(314)

6/2025

USD

(88,756,025)

226,981

S&P Midcap 400 E-Mini Index

(2)

6/2025

USD

(587,720)

(2,451)

Net contracts

1,184,768

Currency:

USD

United States Dollar

NVIT Blueprint

SM

Managed Growth Fund - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

38,159,997

$

–

$

–

$

38,159,997

Futures Contracts

1,187,219

–

–

1,187,219

Investment Companies

956,875,460

–

–

956,875,460

Total Assets

$

996,222,676

$

–

$

–

$

996,222,676

Liabilities:

Futures Contracts

$

(2,451)

$

–

$

–

$

(2,451)

Total Liabilities

$

(2,451)

$

–

$

–

$

(2,451)

Total

$

996,220,225

$

–

$

–

$

996,220,225

20 - Statement of Investments - March 31, 2025 (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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

1,187,219

Total

$

1,187,219

Liabilities:

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(2,451)

Total

$

(2,451)

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT BlackRock Managed Global Allocation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Investment Company 95.1%

Shares

Value ($)

Alternative Assets 95.1%

BlackRock Global Allocation VI

Fund, Class I

17,993,120

296,526,623

Total Alternative Assets

(cost $285,523,013)

296,526,623

Total Investment Company

(cost $285,523,013)

296,526,623

Total Investments

(cost $285,523,013) — 95.1%

296,526,623

Other assets in excess of liabilities — 4.9%

15,296,982

NET ASSETS — 100.0%

$

311,823,605

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(72)

6/2025

USD

(8,698,680)

261,976

Russell 2000 E-Mini Index

(1)

6/2025

USD

(101,355)

1,867

S&P 500 E-Mini Index

(61)

6/2025

USD

(17,242,413)

80,931

S&P Midcap 400 E-Mini Index

(2)

6/2025

USD

(587,720)

2,464

Net contracts

347,238

Currency:

USD

United States Dollar

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BlackRock 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Futures Contracts

$

347,238

$

–

$

–

$

347,238

Investment Company

296,526,623

–

–

296,526,623

Total

$

296,873,861

$

–

$

–

$

296,873,861

NVIT BlackRock Managed Global Allocation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

347,238

Total

$

347,238

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT iShares

®

Fixed Income ETF Fund

Exchange Traded Funds 99.8%

Shares

Value ($)

Fixed Income Funds

99.8%

iShares Core 10+ Year USD

Bond ETF(a)

165,286

8,264,300

iShares Core 1-5 Year USD

Bond ETF(a)

258,912

12,518,395

iShares Core Total USD Bond

Market ETF(a)

179,307

8,262,467

iShares Core U.S. Aggregate

Bond ETF(a)

419,331

41,480,222

iShares MBS ETF

88,482

8,297,842

iShares U.S. Treasury Bond ETF

180,695

4,153,275

Total Exchange Traded Funds

(cost $87,441,192)

82,976,501

  Repurchase Agreement 25.4%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $21,132,497,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $21,552,525.

(b)

21,129,926

21,129,926

Total Repurchase Agreement

(cost $21,129,926)

21,129,926

Total Investments

(cost $108,571,118) — 125.2%

104,106,427

Liabilities in excess of other assets

— (25.2)%

(

20,982,410

)

NET ASSETS — 100.0%

$

83,124,017

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $20,741,003, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $21,129,926.

(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, 2025 was $21,129,926.

ETF

Exchange Traded Fund

NVIT iShares

®

Fixed Income ETF Fund - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

82,976,501

$

–

$

–

$

82,976,501

Repurchase Agreement

–

21,129,926

–

21,129,926

Total

$

82,976,501

$

21,129,926

$

–

$

104,106,427

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT iShares

®

Global Equity ETF Fund

Exchange Traded Funds 100.0%

Shares

Value ($)

Equity Funds

100.0%

iShares Core MSCI EAFE ETF

140,167

10,603,634

iShares Core MSCI International

Developed Markets ETF(a)

180,405

12,428,100

iShares Core S&P 500 ETF

11,289

6,343,289

iShares Core S&P Mid-Cap ETF

280,285

16,354,630

iShares Core S&P Small-Cap

ETF

25,466

2,662,980

iShares Core S&P Total U.S.

Stock Market ETF(a)

209,386

25,547,186

iShares MSCI USA Momentum

Factor ETF

9,644

1,949,342

iShares MSCI USA Quality

Factor ETF

11,133

1,902,518

iShares MSCI USA Size Factor

ETF(a)

12,219

1,777,131

iShares MSCI USA Value Factor

ETF(a)

16,488

1,758,445

iShares U.S. Equity Factor

ETF(a)

141,095

8,166,579

iShares U.S. Small-Cap Equity

Factor ETF(a)

28,044

1,743,215

Total Exchange Traded Funds

(cost $72,607,076)

91,237,049

  Repurchase Agreements 6.8%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,203,805,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $1,227,732.(b)

1,203,659

1,203,659

  Repurchase Agreements

Principal

Amount ($)

Value ($)

MetLife, Inc., 4.36%,

dated 3/31/2025, due

4/1/2025, repurchase price

$1,000,121, collateralized

by U.S. Government

Treasury Securities, 0.00%,

maturing 11/15/2027 -

11/15/2045; total market

value $1,020,532.(b)

1,000,000

1,000,000

Pershing LLC, 4.35%,

dated 3/31/2025, due

4/1/2025, repurchase price

$4,000,483, collateralized

by U.S. Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $4,080,000.(b)

4,000,000

4,000,000

Total Repurchase Agreements

(cost $6,203,659)

6,203,659

Total Investments

(cost $78,810,735) — 106.8%

97,440,708

Liabilities in excess of other assets — (6.8)%

(

6,207,849

)

NET ASSETS — 100.0%

$

91,232,859

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $20,021,590, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $6,203,659 and by $14,363,205 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.25% - 4.75%, and maturity

dates ranging from 6/30/2025 - 11/15/2053, a total value of

$20,566,864.

(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, 2025 was $6,203,659.

ETF

Exchange Traded Fund

NVIT iShares

®

Global Equity ETF Fund - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Exchange Traded Funds

$

91,237,049

$

–

$

–

$

91,237,049

Repurchase Agreements

–

6,203,659

–

6,203,659

Total

$

91,237,049

$

6,203,659

$

–

$

97,440,708

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Managed American Funds Growth-Income Fund

Investment Company 96.1%

Shares

Value ($)

Equity Fund 96.1%

American Funds Growth-Income

Fund, Class 1

9,996,618

674,871,698

Total Investment Company

(cost $463,176,666)

674,871,698

Total Investments

(cost $463,176,666) — 96.1%

674,871,698

Other assets in excess of liabilities — 3.9%

27,435,476

NET ASSETS — 100.0%

$

702,307,174

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(27)

6/2025

USD

(3,262,005)

98,967

S&P 500 E-Mini Index

(242)

6/2025

USD

(68,404,325)

327,843

S&P Midcap 400 E-Mini Index

(15)

6/2025

USD

(4,407,900)

11,283

Net contracts

438,093

Currency:

USD

United States Dollar

NVIT Managed American Funds Growth-Income Fund - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Futures Contracts

$

438,093

$

–

$

–

$

438,093

Investment Company

674,871,698

–

–

674,871,698

Total

$

675,309,791

$

–

$

–

$

675,309,791

10 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Managed American Funds Growth-Income Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

438,093

Total

$

438,093

The Statement of Investments should be read in conjunction 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 Asset Allocation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

Investment Companies 92.2%

Shares

Value ($)

Balanced Fund 27.7%

American Balanced Fund, Class

R6

21,640,765

739,248,545

Total Balanced Fund

(cost $720,564,470)

739,248,545

Equity Funds

45.9%

American Funds Growth Fund,

Class 1

6,162,643

729,965,104

American Funds Washington

Mutual Investors Fund, Class

1

29,282,346

495,750,120

Total Equity Funds

(cost $1,056,249,866)

1,225,715,224

Investment Companies

Shares

Value ($)

Fixed Income Funds

18.6%

American Funds U.S.

Government Securities Fund,

Class 1

12,557,630

124,446,111

Bond Fund of America (The),

Class R6

32,995,140

373,834,936

Total Fixed Income Funds

(cost $532,866,113)

498,281,047

Total Investment Companies

(cost $2,309,680,449)

2,463,244,816

Total Investments

(cost $2,309,680,449) — 92.2%

2,463,244,816

Other assets in excess of liabilities — 7.8%

209,081,424

NET ASSETS — 100.0%

$

2,672,326,240

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Short Contracts

MSCI EAFE Index

(105)

6/2025

USD

(12,685,575)

398,238

Russell 2000 E-Mini Index

(24)

6/2025

USD

(2,432,520)

38,693

S&P 500 E-Mini Index

(962)

6/2025

USD

(271,921,325)

1,428,388

S&P Midcap 400 E-Mini Index

(60)

6/2025

USD

(17,631,600)

53,105

Net contracts

1,918,424

Currency:

USD

United States Dollar

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Managed American Funds Asset 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.

NVIT Managed American Funds Asset Allocation Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Futures Contracts

$

1,918,424

$

–

$

–

$

1,918,424

Investment Companies

2,463,244,816

–

–

2,463,244,816

Total

$

2,465,163,240

$

–

$

–

$

2,465,163,240

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

1,918,424

Total

$

1,918,424

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Common Stocks 99.1%

Shares

Value ($)

BRAZIL 4.4%

Aerospace & Defense 0.3%

Embraer SA, ADR *

36,575

1,689,765

Automobile Components 0.0%

†

Iochpe Maxion SA

109,400

223,346

Banks 1.6%

Banco Bradesco SA, ADR

1,009,100

2,250,293

Itau Unibanco Holding SA

55,000

267,364

Itau Unibanco Holding SA

(Preference)

1,095,820

6,031,720

8,549,377

Electric Utilities 0.1%

Cia Energetica de Minas Gerais,

ADR

225,500

396,880

Transmissora Alianca de Energia

Eletrica SA

18,600

109,714

506,594

Electrical Equipment 0.3%

WEG SA

184,400

1,463,192

Food Products 0.1%

BRF SA *

98,500

339,700

Insurance 0.2%

BB Seguridade Participacoes SA

176,400

1,245,769

Machinery 0.0%

†

Kepler Weber SA

94,300

126,748

Marcopolo SA (Preference)

132,100

141,673

268,421

Metals & Mining 1.1%

Gerdau SA (Preference)

380,000

1,077,447

Vale SA, Class B, ADR (a)

507,100

5,060,858

6,138,305

Oil, Gas & Consumable Fuels 0.5%

Petroleo Brasileiro SA (Preference)

383,500

2,497,325

Passenger Airlines 0.1%

Azul SA (Preference) *

690,200

397,928

Transportation Infrastructure 0.1%

Santos Brasil Participacoes SA

149,300

348,235

Water Utilities 0.0%

†

Cia de Saneamento Basico do

Estado de Sao Paulo SABESP,

ADR *(a)

12,700

226,822

23,894,779

CHILE 0.6%

Banks 0.2%

Banco de Chile

9,365,964

1,237,893

Electric Utilities 0.2%

Enel Americas SA

9,407,355

915,432

Marine Transportation 0.1%

Cia Sud Americana de Vapores SA

13,157,700

720,560

Passenger Airlines 0.1%

Latam Airlines Group SA

33,235,185

520,820

3,394,705

CHINA 31.3%

Air Freight & Logistics 0.3%

ZTO Express Cayman, Inc.

92,600

1,842,909

Common Stocks

Shares

Value ($)

CHINA

Automobiles 3.1%

BYD Co. Ltd., Class A

11,900

620,086

BYD Co. Ltd., Class H

92,500

4,675,585

Dongfeng Motor Group Co. Ltd.,

Class H

288,000

176,091

Geely Automobile Holdings Ltd.

2,365,000

5,106,028

Great Wall Motor Co. Ltd., Class A

107,400

387,132

Great Wall Motor Co. Ltd., Class H

908,000

1,591,495

Guangzhou Automobile Group Co.

Ltd., Class H (a)

2,052,000

851,026

Li Auto, Inc., Class A *

80,000

1,017,934

XPeng, Inc., Class A *

173,100

1,797,843

Zhejiang Leapmotor Technology

Co. Ltd. Reg. S *(b)

87,000

562,819

16,786,039

Banks 3.8%

Agricultural Bank of China Ltd.,

Class H

2,383,000

1,430,536

Bank of Shanghai Co. Ltd., Class

A

2,213,880

3,009,097

China Construction Bank Corp.,

Class H

6,051,000

5,368,596

China Minsheng Banking Corp.

Ltd., Class A

201,600

108,488

Industrial & Commercial Bank of

China Ltd., Class H

12,532,000

8,953,915

Postal Savings Bank of China Co.

Ltd., Class H Reg. S (b)

417,000

258,218

Shanghai Pudong Development

Bank Co. Ltd., Class A

547,900

788,646

19,917,496

Beverages 0.4%

Eastroc Beverage Group Co. Ltd.,

Class A

29,489

1,012,631

Tsingtao Brewery Co. Ltd., Class A

121,300

1,278,083

2,290,714

Biotechnology 0.0%

†

3SBio, Inc. Reg. S (b)

135,500

208,173

Broadline Retail 5.9%

Alibaba Group Holding Ltd.

1,319,100

21,871,526

JD.com, Inc., Class A

238,650

4,924,903

PDD Holdings, Inc., ADR *

29,580

3,500,793

Vipshop Holdings Ltd., ADR *

70,400

1,103,872

31,401,094

Capital Markets 0.7%

Guoyuan Securities Co. Ltd.,

Class A

294,900

317,271

Huatai Securities Co. Ltd., Class A

239,200

547,991

Huatai Securities Co. Ltd., Class H

Reg. S (b)

596,800

965,620

Shenwan Hongyuan Group Co.

Ltd., Class A

2,885,100

1,968,434

3,799,316

Communications Equipment 0.6%

BYD Electronic International Co.

Ltd. (a)

290,000

1,516,627

Yealink Network Technology Corp.

Ltd., Class A

286,696

1,618,931

3,135,558

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Emerging Markets Equity Insights Fund

Common Stocks

Shares

Value ($)

CHINA

Construction Materials 0.2%

Anhui Conch Cement Co. Ltd.,

Class A

96,000

321,620

Beijing Oriental Yuhong

Waterproof Technology Co. Ltd.,

Class A

139,200

261,855

China Jushi Co. Ltd., Class A

293,279

522,248

1,105,723

Consumer Finance 0.1%

Qifu Technology, Inc., Class A,

ADR

11,600

520,956

Electronic Equipment, Instruments & Components 0.2%

AAC Technologies Holdings, Inc.

204,000

1,243,332

Entertainment 1.1%

Kingsoft Corp. Ltd.

264,600

1,283,600

Maoyan Entertainment Reg. S *(a)

(b)

202,400

198,095

NetDragon Websoft Holdings Ltd.

266,500

349,565

NetEase Cloud Music, Inc. Reg.

S *(b)

46,000

880,802

NetEase, Inc.

169,800

3,499,519

6,211,581

Food Products 0.4%

China Feihe Ltd. Reg. S (b)

1,661,000

1,254,677

Guangdong Haid Group Co. Ltd.,

Class A

24,900

171,780

Tingyi Cayman Islands Holding

Corp.

458,000

768,881

2,195,338

Hotels, Restaurants & Leisure 2.0%

Meituan, Class B Reg. S *(b)

490,260

9,912,376

Tongcheng Travel Holdings Ltd.

Reg. S

361,600

976,761

10,889,137

Household Durables 0.0%

†

TCL Electronics Holdings Ltd. *

172,000

207,847

Industrial Conglomerates 0.4%

CITIC Ltd.

1,773,000

2,187,131

Insurance 2.5%

China Life Insurance Co. Ltd.,

Class H

2,179,000

4,222,745

China Pacific Insurance Group Co.

Ltd., Class A

293,700

1,304,487

China Pacific Insurance Group Co.

Ltd., Class H

550,200

1,736,850

China Taiping Insurance Holdings

Co. Ltd.

146,400

222,947

People's Insurance Co. Group of

China Ltd. (The), Class H

9,334,000

4,829,755

PICC Property & Casualty Co.

Ltd., Class H

590,000

1,092,416

Ping An Insurance Group Co. of

China Ltd., Class A

33,400

238,118

13,647,318

Interactive Media & Services 5.3%

Bilibili, Inc., Class Z *(a)

126,780

2,432,487

Tencent Holdings Ltd.

400,200

25,505,756

Weibo Corp., ADR (a)

45,600

431,832

28,370,075

Common Stocks

Shares

Value ($)

CHINA

Machinery 0.8%

Airtac International Group

36,000

912,041

Sinotruk Hong Kong Ltd.

74,000

201,017

Yutong Bus Co. Ltd., Class A

673,028

2,463,962

Zhejiang Dingli Machinery Co.

Ltd., Class A

112,789

920,212

4,497,232

Metals & Mining 0.9%

Shandong Nanshan Aluminum Co.

Ltd., Class A

2,052,600

1,080,264

Tianshan Aluminum Group Co.

Ltd., Class A

1,004,086

1,232,058

Zijin Mining Group Co. Ltd., Class

A

1,059,450

2,664,351

4,976,673

Passenger Airlines 0.1%

Air China Ltd., Class A *

476,700

469,439

Pharmaceuticals 0.3%

China Medical System Holdings

Ltd.

897,000

858,978

Consun Pharmaceutical Group

Ltd.

764,000

909,725

1,768,703

Real Estate Management & Development 0.1%

KE Holdings, Inc., ADR (a)

36,000

723,240

Specialty Retail 0.1%

China Yongda Automobiles

Services Holdings Ltd. (a)

1,420,500

491,697

Technology Hardware, Storage & Peripherals 1.9%

Lenovo Group Ltd.

1,166,000

1,582,743

Xiaomi Corp., Class B Reg. S *(b)

1,339,600

8,507,449

10,090,192

Water Utilities 0.1%

Guangdong Investment Ltd.

856,000

629,389

169,606,302

CZECH REPUBLIC 0.3%

Banks 0.3%

Komercni Banka A/S

34,628

1,679,562

GREECE 0.1%

Banks 0.1%

Piraeus Financial Holdings SA

97,208

535,231

HONG KONG 0.3%

Entertainment 0.1%

Alibaba Pictures Group Ltd. *

5,310,000

364,978

Food Products 0.1%

WH Group Ltd. Reg. S (b)

688,000

632,622

Pharmaceuticals 0.1%

Sino Biopharmaceutical Ltd.

1,406,000

681,879

1,679,479

HUNGARY 0.1%

Diversified Telecommunication Services 0.1%

Magyar Telekom

Telecommunications plc

114,365

500,751

INDIA 17.9%

Aerospace & Defense 0.6%

Bharat Electronics Ltd.

117,903

412,034

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

Common Stocks

Shares

Value ($)

INDIA

Aerospace & Defense

Hindustan Aeronautics Ltd. Reg. S

56,707

2,759,775

3,171,809

Automobiles 0.3%

Tata Motors Ltd.

175,999

1,385,403

Banks 2.5%

Bank of Baroda

106,421

283,302

Bank of India

217,393

270,639

Federal Bank Ltd.

754,522

1,690,830

HDFC Bank Ltd.

213,046

4,537,866

ICICI Bank Ltd., ADR

74,662

2,353,346

IDBI Bank Ltd.

204,325

184,699

IndusInd Bank Ltd.

149,461

1,127,695

Punjab National Bank

559,735

625,289

State Bank of India

256,419

2,305,255

13,378,921

Biotechnology 0.0%

†

Biocon Ltd.

40,632

161,860

Capital Markets 0.2%

Central Depository Services India

Ltd. Reg. S

9,076

128,507

JM Financial Ltd.

357,172

400,533

Motilal Oswal Financial Services

Ltd.

58,620

420,734

UTI Asset Management Co. Ltd.

8,124

100,494

1,050,268

Chemicals 0.5%

Chambal Fertilisers and Chemicals

Ltd.

162,868

1,185,135

PI Industries Ltd.

14,336

573,614

Pidilite Industries Ltd.

2,013

67,037

Solar Industries India Ltd.

2,829

369,532

UPL Ltd.

75,981

563,088

2,758,406

Construction & Engineering 0.3%

Larsen & Toubro Ltd.

35,978

1,462,318

Construction Materials 0.1%

Ramco Cements Ltd. (The)

54,118

563,563

Consumer Finance 0.4%

Muthoot Finance Ltd.

67,424

1,876,065

Shriram Finance Ltd.

62,144

474,613

2,350,678

Diversified Telecommunication Services 0.0%

†

Indus Towers Ltd. *

39,087

151,953

Electrical Equipment 0.1%

ABB India Ltd.

11,403

735,796

Entertainment 0.1%

PVR Inox Ltd. *

29,103

309,953

Financial Services 0.3%

Power Finance Corp. Ltd.

268,377

1,289,997

REC Ltd.

25,100

125,478

1,415,475

Health Care Providers & Services 0.4%

Apollo Hospitals Enterprise Ltd.

10,923

843,637

Fortis Healthcare Ltd.

49,788

404,970

Max Healthcare Institute Ltd.

69,999

899,833

Narayana Hrudayalaya Ltd. Reg. S

13,925

274,144

2,422,584

Common Stocks

Shares

Value ($)

INDIA

Hotels, Restaurants & Leisure 0.3%

Jubilant Foodworks Ltd.

18,005

139,732

MakeMyTrip Ltd. *(a)

3,600

352,764

Zomato Ltd. *

468,619

1,101,194

1,593,690

Household Durables 0.4%

Dixon Technologies India Ltd. Reg.

S

13,532

2,072,990

Insurance 0.3%

HDFC Life Insurance Co. Ltd. Reg.

S (b)

173,998

1,386,985

Interactive Media & Services 0.2%

Info Edge India Ltd.

10,679

892,607

IT Services 3.1%

Coforge Ltd.

1,593

149,796

HCL Technologies Ltd.

245,618

4,552,472

Infosys Ltd., ADR

478,546

8,733,465

Mphasis Ltd.

57,527

1,667,841

Persistent Systems Ltd.

2,667

170,330

Wipro Ltd.

700,188

2,133,750

17,407,654

Machinery 0.1%

Force Motors Ltd.

3,217

340,095

Kirloskar Brothers Ltd.

4,828

96,506

436,601

Media 0.0%

†

Zee Entertainment Enterprises Ltd.

145,675

166,740

Metals & Mining 1.3%

Hindalco Industries Ltd.

479,259

3,819,899

Hindustan Zinc Ltd.

503,051

2,711,344

Vedanta Ltd.

102,609

552,683

7,083,926

Oil, Gas & Consumable Fuels 0.9%

Petronet LNG Ltd.

504,732

1,727,360

Reliance Industries Ltd.

217,460

3,234,386

4,961,746

Passenger Airlines 0.5%

InterGlobe Aviation Ltd. Reg. S

*(b)

43,057

2,571,815

Pharmaceuticals 2.2%

Ajanta Pharma Ltd.

40,704

1,244,609

Cipla Ltd.

80,510

1,355,282

Eris Lifesciences Ltd. Reg. S (b)

17,670

293,099

Glenmark Pharmaceuticals Ltd.

35,379

633,565

JB Chemicals & Pharmaceuticals

Ltd.

25,875

489,405

Lupin Ltd.

106,643

2,530,899

Torrent Pharmaceuticals Ltd.

96,977

3,645,186

Zydus Lifesciences Ltd.

163,877

1,695,933

11,887,978

Real Estate Management & Development 0.5%

Godrej Properties Ltd. *

70,990

1,760,198

Macrotech Developers Ltd. Reg.

S (b)

24,613

343,393

Oberoi Realty Ltd.

36,565

697,664

2,801,255

Software 0.0%

†

Oracle Financial Services

Software Ltd.

1,631

149,034

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Emerging Markets Equity Insights Fund

Common Stocks

Shares

Value ($)

INDIA

Textiles, Apparel & Luxury Goods 0.3%

Kalyan Jewellers India Ltd.

302,913

1,645,919

Tobacco 0.2%

ITC Ltd.

242,790

1,162,840

Transportation Infrastructure 0.1%

Gujarat Pipavav Port Ltd.

229,066

368,247

Wireless Telecommunication Services 1.7%

Bharti Airtel Ltd.

456,425

9,233,975

97,142,989

INDONESIA 1.6%

Banks 1.5%

Bank Central Asia Tbk. PT

4,512,000

2,297,910

Bank CIMB Niaga Tbk. PT

3,918,000

399,802

Bank Mandiri Persero Tbk. PT *

13,074,100

4,092,963

Bank Rakyat Indonesia Persero

Tbk. PT

4,258,600

1,030,031

Bank Syariah Indonesia Tbk. PT

2,806,900

393,386

8,214,092

Diversified Telecommunication Services 0.0%

†

Telkom Indonesia Persero Tbk. PT

402,000

58,641

Household Products 0.0%

†

Unilever Indonesia Tbk. PT

1,637,100

125,035

Media 0.1%

Elang Mahkota Teknologi Tbk. PT

4,112,600

134,603

Surya Citra Media Tbk. PT

18,497,500

220,986

355,589

Metals & Mining 0.0%

†

Aneka Tambang Tbk.

1,495,900

147,525

8,900,882

LUXEMBOURG 0.0%

†

Capital Markets 0.0%

†

Reinet Investments SCA

8,996

218,751

MEXICO 1.4%

Banks 0.5%

Grupo Financiero Banorte SAB de

CV, Class O

138,133

958,011

Grupo Financiero Inbursa SAB de

CV, Class O *

635,300

1,427,713

2,385,724

Beverages 0.4%

Arca Continental SAB de CV

84,800

886,682

Coca-Cola Femsa SAB de CV,

ADR

10,554

963,475

1,850,157

Construction Materials 0.1%

Cemex SAB de CV, ADR

112,570

631,518

Diversified REITs 0.1%

Fibra Uno Administracion SA de

CV

396,100

462,789

Industrial REITs 0.0%

†

FIBRA Macquarie Mexico Reg. S

(b)

72,076

106,646

Media 0.0%

†

Megacable Holdings SAB de CV

51,800

108,716

Metals & Mining 0.1%

Industrias Penoles SAB de CV *

39,200

727,320

Common Stocks

Shares

Value ($)

MEXICO

Transportation Infrastructure 0.2%

Grupo Aeroportuario del Sureste

SAB de CV, ADR

638

174,697

Promotora y Operadora de

Infraestructura SAB de CV

108,951

1,100,451

1,275,148

7,548,018

PERU 0.0%

†

Banks 0.0%

†

Credicorp Ltd.

1,000

186,160

PHILIPPINES 0.6%

Banks 0.2%

Metropolitan Bank & Trust Co.

980,600

1,251,804

Transportation Infrastructure 0.4%

International Container Terminal

Services, Inc.

286,980

1,781,531

3,033,335

POLAND 1.0%

Banks 0.9%

Alior Bank SA

21,627

673,615

Bank Handlowy w Warszawie SA

22,186

668,684

Bank Millennium SA *

80,633

295,286

Bank Polska Kasa Opieki SA

54,851

2,510,583

Powszechna Kasa Oszczednosci

Bank Polski SA

15,117

295,445

4,443,613

Capital Markets 0.1%

Warsaw Stock Exchange

34,402

403,041

XTB SA Reg. S (b)

8,498

149,711

552,752

Consumer Finance 0.0%

†

KRUK SA

2,436

238,813

Insurance 0.0%

†

Powszechny Zaklad Ubezpieczen

SA

16,058

233,461

Media 0.0%

†

Cyfrowy Polsat SA *

24,178

94,955

5,563,594

QATAR 0.5%

Banks 0.3%

Qatar International Islamic Bank

QSC

262,196

733,432

Qatar Islamic Bank QPSC

65,207

369,221

Qatar National Bank QPSC

73,236

321,809

1,424,462

Diversified Telecommunication Services 0.1%

Ooredoo QPSC

182,910

591,955

Oil, Gas & Consumable Fuels 0.1%

Qatar Gas Transport Co. Ltd.

359,284

458,532

2,474,949

RUSSIA 0.0%

†

Banks 0.0%

†

Sberbank of Russia PJSC ^∞

819,980

0

VTB Bank PJSC *^∞

109,749

0

0

Chemicals 0.0%

†

PhosAgro PJSC Reg. S *^∞

7,500

0

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 5

Common Stocks

Shares

Value ($)

RUSSIA

Chemicals

PhosAgro PJSC, GDR Reg. S *^∞

48

0

0

0

SAUDI ARABIA 4.6%

Banks 3.6%

Al Rajhi Bank

239,936

6,520,111

Alinma Bank

63,883

521,597

Arab National Bank

463,753

2,854,650

Banque Saudi Fransi

114,414

565,237

Riyad Bank

656,391

5,750,512

Saudi Awwal Bank

267,638

2,662,795

Saudi National Bank (The)

57,021

544,529

19,419,431

Capital Markets 0.0%

†

Saudi Tadawul Group Holding Co.

4,121

223,614

Chemicals 0.2%

SABIC Agri-Nutrients Co.

34,418

969,337

Construction Materials 0.2%

Riyadh Cement Co.

89,395

874,732

Diversified Telecommunication Services 0.3%

Saudi Telecom Co.

134,043

1,615,438

Hotels, Restaurants & Leisure 0.0%

†

Jahez International Co. *

12,148

96,799

Wireless Telecommunication Services 0.3%

Etihad Etisalat Co.

117,134

1,903,446

25,102,797

SOUTH AFRICA 3.7%

Broadline Retail 0.6%

Naspers Ltd., Class N

12,445

3,091,449

Financial Services 1.3%

FirstRand Ltd.

1,860,699

7,304,860

Insurance 0.6%

Old Mutual Ltd.

2,569,834

1,669,252

Sanlam Ltd.

335,847

1,511,355

3,180,607

Metals & Mining 1.2%

Gold Fields Ltd., ADR

149,292

3,297,860

Harmony Gold Mining Co. Ltd.,

ADR

220,110

3,251,025

6,548,885

Retail REITs 0.0%

†

Hyprop Investments Ltd.

30,988

70,622

20,196,423

SOUTH KOREA 9.6%

Aerospace & Defense 0.3%

Hanwha Aerospace Co. Ltd.

973

414,277

LIG Nex1 Co. Ltd.

6,084

1,030,168

1,444,445

Banks 0.9%

Hana Financial Group, Inc.

37,778

1,537,442

JB Financial Group Co. Ltd.

19,528

232,225

KB Financial Group, Inc.

35,448

1,905,406

Shinhan Financial Group Co. Ltd.

36,323

1,159,807

4,834,880

Common Stocks

Shares

Value ($)

SOUTH KOREA

Broadline Retail 0.0%

†

Hyundai Department Store Co.

Ltd. *

2,270

92,842

Electrical Equipment 0.2%

HD Hyundai Electric Co. Ltd.

5,077

1,023,805

Entertainment 0.0%

†

JYP Entertainment Corp.

4,098

165,798

Health Care Technology 0.0%

†

Lunit, Inc. *

5,048

171,064

Industrial Conglomerates 0.2%

Hanwha Corp.

2,434

68,396

SK Square Co. Ltd. *

14,305

921,380

989,776

Insurance 0.1%

DB Insurance Co. Ltd.

8,781

529,979

Hanwha Life Insurance Co. Ltd. *

100,913

175,449

705,428

Interactive Media & Services 0.4%

NAVER Corp.

15,420

2,011,716

IT Services 0.1%

Cafe24 Corp. *

11,051

379,440

Hyundai Autoever Corp.

2,439

198,658

578,098

Machinery 1.7%

HD Hyundai Heavy Industries Co.

Ltd. *

7,969

1,524,633

HD HYUNDAI MIPO

11,276

810,605

HD Korea Shipbuilding & Offshore

Engineering Co. Ltd.

34,938

4,795,566

Hyundai Rotem Co. Ltd.

12,200

877,798

Samsung Heavy Industries Co.

Ltd. *

109,341

1,009,694

9,018,296

Semiconductors & Semiconductor Equipment 1.5%

SK Hynix, Inc.

62,901

8,341,440

Technology Hardware, Storage & Peripherals 3.5%

Samsung Electronics Co. Ltd.

445,961

17,660,829

Samsung Electronics Co. Ltd.

(Preference)

48,440

1,566,886

19,227,715

Tobacco 0.7%

KT&G Corp.

55,012

3,794,849

52,400,152

TAIWAN 17.2%

Banks 0.6%

CTBC Financial Holding Co. Ltd.

85,000

101,366

E.Sun Financial Holding Co. Ltd.

1,509,000

1,309,812

First Financial Holding Co. Ltd.

309,000

252,424

Taishin Financial Holding Co. Ltd.

2,861,000

1,487,686

3,151,288

Communications Equipment 0.2%

Accton Technology Corp.

66,000

1,166,424

Construction & Engineering 0.1%

United Integrated Services Co.

Ltd.

21,000

290,117

Construction Materials 0.2%

Asia Cement Corp.

566,000

798,702

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Emerging Markets Equity Insights Fund

Common Stocks

Shares

Value ($)

TAIWAN

Construction Materials

TCC Group Holdings Co. Ltd.

517,000

500,168

1,298,870

Electronic Equipment, Instruments & Components 0.8%

Hon Hai Precision Industry Co.

Ltd.

929,000

4,151,179

Entertainment 0.3%

Gamania Digital Entertainment Co.

Ltd.

356,000

778,101

International Games System Co.

Ltd.

42,000

982,266

1,760,367

Food Products 0.4%

Uni-President Enterprises Corp.

844,000

2,053,863

Hotels, Restaurants & Leisure 0.1%

Lion Travel Service Co. Ltd.

83,000

313,447

Insurance 1.8%

Cathay Financial Holding Co. Ltd.

1,678,000

3,114,759

Fubon Financial Holding Co. Ltd.

2,084,400

5,371,148

KGI Financial Holding Co. Ltd.

2,136,000

1,110,204

9,596,111

Passenger Airlines 0.9%

China Airlines Ltd.

3,524,000

2,395,915

Eva Airways Corp.

1,801,000

2,210,405

Tigerair Taiwan Co. Ltd. *

47,000

128,348

4,734,668

Real Estate Management & Development 0.2%

Kindom Development Co. Ltd.

177,000

284,352

Ruentex Development Co. Ltd.

952,000

1,009,202

1,293,554

Semiconductors & Semiconductor Equipment 11.0%

Advanced Power Electronics Corp.

87,000

213,571

ASE Technology Holding Co. Ltd.

339,000

1,485,502

Global Mixed Mode Technology,

Inc.

65,000

447,987

Integrated Service Technology, Inc.

18,000

60,000

MediaTek, Inc.

136,000

5,734,706

Realtek Semiconductor Corp.

180,000

2,855,411

Taiwan Semiconductor

Manufacturing Co. Ltd.

1,761,000

49,092,816

Topco Scientific Co. Ltd.

49,000

387,664

60,277,657

Technology Hardware, Storage & Peripherals 0.6%

Advantech Co. Ltd.

78,087

884,665

Asustek Computer, Inc.

22,000

406,162

Compal Electronics, Inc.

2,121,000

2,048,875

3,339,702

Wireless Telecommunication Services 0.0%

†

Taiwan Mobile Co. Ltd.

77,000

270,814

93,698,061

THAILAND 1.7%

Banks 1.0%

Kiatnakin Phatra Bank PCL

110,300

177,341

Krung Thai Bank PCL

3,543,100

2,516,984

SCB X PCL

629,400

2,282,859

4,977,184

Consumer Staples Distribution & Retail 0.0%

†

CP AXTRA PCL

74,800

57,566

Common Stocks

Shares

Value ($)

THAILAND

Food Products 0.4%

Charoen Pokphand Foods PCL

2,946,500

2,074,113

Health Care Providers & Services 0.0%

†

Chularat Hospital PCL, Class F

1,132,400

57,412

Praram 9 Hospital PCL

282,800

171,013

228,425

Hotels, Restaurants & Leisure 0.0%

†

Central Plaza Hotel PCL

130,600

111,375

Real Estate Management & Development 0.1%

Supalai PCL

1,169,800

551,664

Specialty Retail 0.2%

Com7 PCL, Class F

2,003,500

1,141,767

9,142,094

TURKEY 0.9%

Banks 0.3%

Turkiye Halk Bankasi A/S *

709,471

397,446

Turkiye Is Bankasi A/S, Class C

3,928,310

1,267,746

1,665,192

Construction & Engineering 0.1%

Enka Insaat ve Sanayi A/S

479,120

799,566

Diversified REITs 0.1%

Torunlar Gayrimenkul Yatirim

Ortakligi A/S

181,660

290,352

Health Care Providers & Services 0.0%

†

MLP Saglik Hizmetleri A/S, Class

B Reg. S *(b)

13,867

115,771

Industrial Conglomerates 0.3%

KOC Holding A/S

333,098

1,434,450

Passenger Airlines 0.1%

Pegasus Hava Tasimaciligi A/S *

111,483

756,515

5,061,846

UNITED ARAB EMIRATES 1.2%

Banks 0.7%

Abu Dhabi Commercial Bank

PJSC

727,101

2,159,156

Abu Dhabi Islamic Bank PJSC

32,360

141,417

Dubai Islamic Bank PJSC

129,893

253,531

Emirates NBD Bank PJSC

289,197

1,591,830

Sharjah Islamic Bank

227,932

151,274

4,297,208

Hotels, Restaurants & Leisure 0.0%

†

Abu Dhabi National Hotels *

442,836

65,990

Industrial Conglomerates 0.0%

†

Dubai Investments PJSC

123,082

79,204

Passenger Airlines 0.2%

Air Arabia PJSC

1,066,887

900,004

Real Estate Management & Development 0.3%

Deyaar Development PJSC

2,802,678

692,852

Emaar Development PJSC

228,471

762,726

1,455,578

6,797,984

UNITED STATES 0.1%

Construction Materials 0.1%

GCC SAB de CV

58,300

535,296

Total Common Stocks

(cost $479,787,509)

539,294,140

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Repurchase Agreements 1.0%

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$3,646,542, collateralized

by U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $3,719,020.(c)

3,646,098

3,646,098

MetLife, Inc., 4.36%, dated

3/31/2025, due 4/1/2025,

repurchase price $2,000,242,

collateralized by U.S.

Government Treasury

Securities, 0.00%, maturing

11/15/2027 - 11/15/2045; total

market value $2,041,063.(c)

2,000,000

2,000,000

Total Repurchase Agreements

(cost $5,646,098)

5,646,098

Total Investments

(cost $485,433,607) — 100.1%

544,940,238

Liabilities in excess of other assets — (0.1)%

(

646,417

)

NET ASSETS — 100.0%

$544,293,821

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $5,800,975, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $5,646,098 and by $595,991 of collateral in the

form of U.S. Government Treasury Securities, interest rates

ranging from 0.00% - 5.00%, and maturity dates ranging from

4/30/2025 - 8/15/2054, a total value of $6,242,089.

(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 as of March 31, 2025

was $28,348,271 which represents 5.21% 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, 2025 was $5,646,098.

ADR

American Depositary Receipt

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

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Emerging Markets Equity Insights Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

MSCI Emerging Markets E-Mini Index

72

6/2025

USD

3,998,880

(134,105)

Net contracts

(134,105)

Currency:

USD

United States Dollar

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (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, 2025 (Unaudited) - NVIT GS Emerging Markets Equity Insights Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

Aerospace & Defense

$

1,689,765

$

4,616,253

$

–

$

6,306,018

Air Freight & Logistics

–

1,842,909

–

1,842,909

Automobile Components

223,346

–

–

223,346

Automobiles

–

18,171,442

–

18,171,442

Banks

17,229,486

84,320,034

–

101,549,520

Beverages

1,850,157

2,290,713

–

4,140,870

Biotechnology

–

370,033

–

370,033

Broadline Retail

4,604,665

29,980,720

–

34,585,385

Capital Markets

–

5,844,701

–

5,844,701

Chemicals

–

3,727,743

–

3,727,743

Communications Equipment

–

4,301,982

–

4,301,982

Construction & Engineering

–

2,552,000

–

2,552,000

Construction Materials

1,166,814

3,842,888

–

5,009,702

Consumer Finance

520,956

2,589,491

–

3,110,447

Consumer Staples Distribution & Retail

–

57,566

–

57,566

Diversified REITs

462,789

290,352

–

753,141

Diversified Telecommunication Services

–

2,918,738

–

2,918,738

Electric Utilities

1,422,026

–

–

1,422,026

Electrical Equipment

1,463,192

1,759,601

–

3,222,793

Electronic Equipment, Instruments &

Components

–

5,394,511

–

5,394,511

Entertainment

–

8,812,677

–

8,812,677

Financial Services

–

8,720,335

–

8,720,335

Food Products

339,700

6,955,936

–

7,295,636

Health Care Providers & Services

–

2,766,779

–

2,766,779

Health Care Technology

–

171,064

–

171,064

Hotels, Restaurants & Leisure

352,764

12,717,675

–

13,070,439

Household Durables

–

2,280,837

–

2,280,837

Household Products

–

125,035

–

125,035

Industrial Conglomerates

–

4,690,560

–

4,690,560

Industrial REITs

106,646

–

–

106,646

Insurance

1,245,769

28,749,911

–

29,995,680

Interactive Media & Services

431,832

30,842,566

–

31,274,398

IT Services

8,733,465

9,252,287

–

17,985,752

Machinery

268,421

13,952,130

–

14,220,551

Marine Transportation

720,560

–

–

720,560

Media

108,716

617,283

–

725,999

Metals & Mining

13,414,510

12,208,124

–

25,622,634

Oil, Gas & Consumable Fuels

2,497,325

5,420,278

–

7,917,603

Passenger Airlines

918,748

9,432,443

–

10,351,191

Pharmaceuticals

–

14,338,560

–

14,338,560

Real Estate Management & Development

723,240

6,102,051

–

6,825,291

Retail REITs

–

70,622

–

70,622

Semiconductors & Semiconductor

Equipment

–

68,619,098

–

68,619,098

Software

–

149,034

–

149,034

Specialty Retail

–

1,633,463

–

1,633,463

Technology Hardware, Storage &

Peripherals

–

32,657,610

–

32,657,610

Textiles, Apparel & Luxury Goods

–

1,645,919

–

1,645,919

Tobacco

–

4,957,689

–

4,957,689

Transportation Infrastructure

1,623,383

2,149,777

–

3,773,160

Water Utilities

226,822

629,389

–

856,211

Wireless Telecommunication Services

–

11,408,234

–

11,408,234

Total Common Stocks

$

62,345,097

$

476,949,043

$

–

$

539,294,140

Repurchase Agreements

–

5,646,098

–

5,646,098

Total Assets

$

62,345,097

$

482,595,141

$

–

$

544,940,238

NVIT GS Emerging Markets Equity Insights Fund - March 31, 2025 (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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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.

As of March 31, 2025, the Fund had no open futures contracts.  

Level 1

Level 2

Level 3

Total

Liabilities:

Futures Contracts

$

(

134,105

)

$

–

$

–

$

(

134,105

)

Total Liabilities

$

(

134,105

)

$

–

$

–

$

(

134,105

)

Total

$

62,210,992

$

482,595,141

$

–

$

544,806,133

As of March 31, 2025, the Fund held four common stock investments that were categorized as Level 3 investments which were

each valued at $0.

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(

134,105

)

Total

$

(

134,105

)

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT GS International Equity Insights Fund

Common Stocks 98.1%

Shares

Value ($)

AUSTRALIA 6.0%

Banks 1.6%

Commonwealth Bank of Australia

94,208

8,952,184

National Australia Bank Ltd.

93,820

2,008,453

Westpac Banking Corp.

40,407

802,210

11,762,847

Health Care Technology 0.2%

Pro Medicus Ltd.

10,020

1,266,277

Hotels, Restaurants & Leisure 0.2%

Aristocrat Leisure Ltd.

30,911

1,248,335

Industrial REITs 0.2%

Goodman Group

93,332

1,678,504

Insurance 0.6%

Suncorp Group Ltd.

390,342

4,726,600

Interactive Media & Services 0.2%

CAR Group Ltd.

30,952

614,878

REA Group Ltd.

4,983

690,064

1,304,942

Metals & Mining 1.5%

BHP Group Ltd.

293,775

7,124,838

Evolution Mining Ltd.

67,471

301,783

Glencore plc

199,058

732,262

Northern Star Resources Ltd.

192,252

2,219,866

Perseus Mining Ltd.

158,501

333,577

Ramelius Resources Ltd.

139,134

207,011

10,919,337

Multi-Utilities 0.0%

†

AGL Energy Ltd.

42,430

278,430

Passenger Airlines 0.8%

Qantas Airways Ltd.

1,031,076

5,879,910

Professional Services 0.7%

Computershare Ltd.

205,897

5,065,165

44,130,347

AUSTRIA 0.2%

Banks 0.2%

BAWAG Group AG Reg. S (a)

14,275

1,475,157

BELGIUM 0.5%

Beverages 0.4%

Anheuser-Busch InBev SA/NV

41,499

2,555,316

Chemicals 0.0%

†

Umicore SA

27,332

283,536

Distributors 0.1%

D'ieteren Group

3,980

685,709

3,524,561

CHINA 0.9%

Broadline Retail 0.5%

Prosus NV

74,012

3,452,732

Distributors 0.0%

†

China Tobacco International HK

Co. Ltd. Reg. S

82,000

245,142

Electronic Equipment, Instruments & Components 0.1%

AAC Technologies Holdings, Inc.

122,000

743,562

Machinery 0.3%

Yangzijiang Shipbuilding Holdings

Ltd.

1,442,900

2,519,247

6,960,683

Common Stocks

Shares

Value ($)

DENMARK 2.1%

Banks 0.1%

Sydbank A/S

7,277

457,060

Biotechnology 0.4%

Genmab A/S *

16,581

3,237,009

Electrical Equipment 0.1%

Vestas Wind Systems A/S *

43,396

598,414

Pharmaceuticals 1.3%

Novo Nordisk A/S, Class B

142,974

9,909,866

Textiles, Apparel & Luxury Goods 0.2%

Pandora A/S

10,862

1,663,324

15,865,673

FINLAND 1.6%

Banks 0.7%

Nordea Bank Abp

436,045

5,576,005

Communications Equipment 0.5%

Nokia OYJ

692,718

3,653,032

Diversified Telecommunication Services 0.3%

Elisa OYJ

38,052

1,854,164

Machinery 0.1%

Cargotec Oyj, Class B

6,464

294,679

Wartsila OYJ Abp

34,957

624,042

918,721

12,001,922

FRANCE 9.6%

Aerospace & Defense 3.1%

Dassault Aviation SA

17,373

5,780,250

Safran SA

44,044

11,619,069

Thales SA

18,914

5,078,227

22,477,546

Automobile Components 0.6%

Cie Generale des Etablissements

Michelin SCA

81,467

2,858,694

Valeo SE

205,499

1,939,399

4,798,093

Chemicals 1.8%

Air Liquide SA

65,809

12,523,566

Construction & Engineering 0.5%

Bouygues SA

54,431

2,146,371

Vinci SA

11,968

1,512,374

3,658,745

Diversified REITs 0.1%

Covivio SA

6,609

371,280

Electrical Equipment 0.8%

Legrand SA

59,191

6,267,395

Entertainment 0.0%

†

Vivendi SE

111,906

335,311

Insurance 1.3%

AXA SA

232,415

9,921,886

Multi-Utilities 0.5%

Engie SA

150,627

2,935,088

Veolia Environnement SA

15,637

537,464

3,472,552

Office REITs 0.1%

Gecina SA

9,213

867,956

NVIT GS International Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

Common Stocks

Shares

Value ($)

FRANCE

Retail REITs 0.1%

Klepierre SA

27,973

935,506

Software 0.0%

†

Dassault Systemes SE

8,917

339,809

Textiles, Apparel & Luxury Goods 0.7%

Hermes International SCA

1,857

4,866,226

70,835,871

GEORGIA 0.2%

Banks 0.2%

Lion Finance Group plc

9,558

676,083

TBC Bank Group plc

11,918

638,370

1,314,453

GERMANY 13.9%

Aerospace & Defense 0.5%

MTU Aero Engines AG

1,456

504,288

Rheinmetall AG

2,094

3,003,230

3,507,518

Air Freight & Logistics 1.2%

Deutsche Post AG

210,408

8,980,948

Automobile Components 0.4%

Continental AG

39,582

2,766,720

Automobiles 0.5%

Mercedes-Benz Group AG

57,451

3,369,112

Volkswagen AG (Preference)

3,650

369,673

3,738,785

Banks 0.2%

Commerzbank AG

51,524

1,169,650

Capital Markets 0.8%

Deutsche Bank AG (Registered)

114,662

2,707,872

Deutsche Boerse AG

9,332

2,750,465

DWS Group GmbH & Co. KGaA

Reg. S (a)

2,048

111,677

5,570,014

Chemicals 0.2%

Symrise AG, Class A

12,341

1,278,178

Electrical Equipment 0.2%

Siemens Energy AG *

27,656

1,614,837

Health Care Equipment & Supplies 0.1%

Siemens Healthineers AG Reg.

S (a)

18,990

1,018,906

Health Care Providers & Services 1.5%

Fresenius Medical Care AG

116,346

5,745,980

Fresenius SE & Co. KGaA *

138,969

5,924,348

11,670,328

Household Products 1.0%

Henkel AG & Co. KGaA

50,854

3,662,583

Henkel AG & Co. KGaA

(Preference)

47,554

3,780,495

7,443,078

Industrial Conglomerates 0.3%

Siemens AG (Registered)

9,463

2,171,084

Insurance 1.0%

Hannover Rueck SE

10,319

3,063,335

Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen

(Registered)

6,613

4,168,370

7,231,705

Common Stocks

Shares

Value ($)

GERMANY

Interactive Media & Services 0.8%

Scout24 SE Reg. S (a)

54,757

5,707,495

Life Sciences Tools & Services 0.2%

Sartorius AG (Preference)

6,952

1,608,002

Machinery 0.5%

GEA Group AG

17,001

1,028,563

Knorr-Bremse AG

33,136

3,001,945

4,030,508

Media 0.1%

Stroeer SE & Co. KGaA

6,376

372,999

Metals & Mining 0.0%

†

thyssenkrupp AG

33,513

344,425

Multi-Utilities 1.4%

E.ON SE

662,367

9,995,915

Semiconductors & Semiconductor Equipment 0.5%

Infineon Technologies AG

101,395

3,348,539

Software 2.5%

Nemetschek SE

9,335

1,082,523

SAP SE

69,100

18,345,440

19,427,963

102,997,597

HONG KONG 1.8%

Capital Markets 0.4%

Hong Kong Exchanges & Clearing

Ltd.

66,900

2,976,053

Food Products 0.5%

WH Group Ltd. Reg. S (a)

4,464,500

4,105,148

Insurance 0.3%

AIA Group Ltd.

248,800

1,880,732

Machinery 0.1%

Techtronic Industries Co. Ltd.

54,000

650,370

Real Estate Management & Development 0.4%

Hongkong Land Holdings Ltd.

103,700

449,236

Sun Hung Kai Properties Ltd.

119,000

1,129,614

Swire Properties Ltd.

724,800

1,592,828

3,171,678

Textiles, Apparel & Luxury Goods 0.1%

Yue Yuen Industrial Holdings Ltd.

299,500

482,782

13,266,763

INDONESIA 0.0%

†

Food Products 0.0%

†

First Pacific Co. Ltd.

434,000

263,366

IRELAND 0.0%

†

Food Products 0.0%

†

Greencore Group plc

105,440

231,929

ISRAEL 0.2%

Capital Markets 0.2%

Plus500 Ltd.

46,731

1,657,604

ITALY 2.8%

Aerospace & Defense 0.1%

Leonardo SpA

13,330

650,585

Automobile Components 0.2%

Pirelli & C SpA Reg. S (a)

198,503

1,180,364

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS International Equity Insights Fund

Common Stocks

Shares

Value ($)

ITALY

Automobiles 0.2%

Ferrari NV

3,168

1,351,221

Banks 1.5%

Banca Monte dei Paschi di Siena

SpA (b)

34,602

274,865

Banco BPM SpA

361,060

3,671,426

FinecoBank Banca Fineco SpA

64,191

1,271,764

Intesa Sanpaolo SpA

155,621

801,208

UniCredit SpA

72,233

4,054,253

10,073,516

Beverages 0.2%

Coca-Cola HBC AG

35,014

1,585,473

Capital Markets 0.1%

Banca Generali SpA

13,681

769,448

Financial Services 0.2%

Banca Mediolanum SpA

112,804

1,816,597

Leisure Products 0.0%

†

Technogym SpA Reg. S (a)

19,554

252,573

Media 0.0%

†

MFE-MediaForEurope NV, Class A

62,170

225,291

Multi-Utilities 0.3%

A2A SpA

1,034,555

2,491,968

20,397,036

JAPAN 22.1%

Automobile Components 0.9%

Bridgestone Corp.

14,300

574,307

Sumitomo Electric Industries Ltd.

341,800

5,704,135

Sumitomo Rubber Industries Ltd.

18,000

227,195

6,505,637

Automobiles 1.4%

Isuzu Motors Ltd.

154,400

2,091,160

Mazda Motor Corp. (b)

65,200

412,121

Subaru Corp.

137,300

2,444,525

Suzuki Motor Corp.

62,200

758,377

Toyota Motor Corp.

257,500

4,541,917

10,248,100

Banks 0.8%

Iyogin Holdings, Inc. (b)

46,100

543,821

Shizuoka Financial Group, Inc. (b)

86,800

944,834

Sumitomo Mitsui Financial Group,

Inc.

55,000

1,403,371

Sumitomo Mitsui Trust Group, Inc.

131,900

3,291,371

6,183,397

Beverages 0.7%

Kirin Holdings Co. Ltd.

391,700

5,430,002

Broadline Retail 0.6%

Isetan Mitsukoshi Holdings Ltd. (b)

119,600

1,712,839

J Front Retailing Co. Ltd.

40,400

497,414

Rakuten Group, Inc. *

441,400

2,525,943

4,736,196

Capital Markets 1.4%

Daiwa Securities Group, Inc. (b)

663,700

4,428,192

Japan Exchange Group, Inc.

77,800

797,114

Marusan Securities Co. Ltd. (b)

63,400

383,023

Nomura Holdings, Inc.

206,600

1,266,598

SBI Holdings, Inc.

117,900

3,162,052

10,036,979

Common Stocks

Shares

Value ($)

JAPAN

Chemicals 0.2%

Lintec Corp.

37,000

682,319

Sakai Chemical Industry Co. Ltd.

(b)

9,800

177,649

Sanyo Chemical Industries Ltd.

6,700

174,687

Sumitomo Seika Chemicals Co.

Ltd. (b)

4,200

140,543

Teijin Ltd.

57,900

507,593

1,682,791

Commercial Services & Supplies 0.5%

Secom Co. Ltd.

106,800

3,636,240

Construction & Engineering 0.9%

Obayashi Corp.

495,800

6,591,659

Construction Materials 0.0%

†

Taiheiyo Cement Corp.

10,900

285,037

Consumer Finance 0.1%

Credit Saison Co. Ltd. (b)

26,200

620,269

Consumer Staples Distribution & Retail 0.0%

†

Tsuruha Holdings, Inc.

5,700

354,329

Diversified Telecommunication Services 0.4%

Nippon Telegraph & Telephone

Corp.

3,208,400

3,098,954

Electric Utilities 0.2%

Hokuriku Electric Power Co.

54,500

303,194

Shikoku Electric Power Co., Inc.

(b)

104,500

808,026

1,111,220

Electronic Equipment, Instruments & Components 0.8%

Keyence Corp.

8,500

3,336,312

Yokogawa Electric Corp.

124,100

2,410,395

5,746,707

Energy Equipment & Services 0.3%

Modec, Inc.

81,800

2,265,254

Entertainment 0.6%

DeNA Co. Ltd. *(b)

34,600

815,458

Konami Group Corp.

21,600

2,551,239

MIXI, Inc. (b)

37,400

829,851

4,196,548

Financial Services 1.0%

ORIX Corp.

350,700

7,255,732

Ground Transportation 0.2%

Tokyu Corp. (b)

162,400

1,827,989

Health Care Equipment & Supplies 0.2%

Olympus Corp.

117,300

1,540,694

PHC Holdings Corp. (b)

29,700

203,037

1,743,731

Health Care Technology 0.1%

M3, Inc. *(b)

38,300

438,556

Hotels, Restaurants & Leisure 0.2%

Heiwa Corp. (b)

49,900

782,474

Kyoritsu Maintenance Co. Ltd. (b)

17,900

371,639

Resorttrust, Inc.

28,600

278,205

Saizeriya Co. Ltd.

8,000

229,495

1,661,813

Household Durables 0.5%

Sekisui House Ltd.

57,000

1,274,774

Sony Group Corp.

80,800

2,058,097

3,332,871

NVIT GS International Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

Common Stocks

Shares

Value ($)

JAPAN

Household Products 0.1%

Pigeon Corp.

15,500

190,220

Unicharm Corp.

105,900

842,335

1,032,555

Industrial Conglomerates 1.5%

Hitachi Ltd.

466,500

10,799,978

Insurance 1.8%

Dai-ichi Life Holdings, Inc.

311,600

2,372,161

Japan Post Holdings Co. Ltd.

143,500

1,433,465

MS&AD Insurance Group

Holdings, Inc.

395,700

8,571,697

Tokio Marine Holdings, Inc.

50,700

1,955,378

14,332,701

Interactive Media & Services 0.0%

†

Kakaku.com, Inc.

10,600

152,350

IT Services 1.7%

Fujitsu Ltd.

92,500

1,838,869

NEC Corp.

414,500

8,796,687

Nomura Research Institute Ltd. (b)

23,700

769,107

NS Solutions Corp. (b)

9,000

231,899

Obic Co. Ltd.

39,300

1,133,955

12,770,517

Leisure Products 0.4%

Bandai Namco Holdings, Inc.

91,200

3,056,777

Machinery 0.6%

Mitsubishi Heavy Industries Ltd.

226,200

3,865,533

NGK Insulators Ltd. (b)

41,700

512,912

4,378,445

Marine Transportation 0.8%

Kawasaki Kisen Kaisha Ltd. (b)

173,200

2,340,659

Nippon Yusen KK (b)

108,000

3,556,038

5,896,697

Metals & Mining 0.4%

Kobe Steel Ltd.

26,800

310,005

Mitsui Mining & Smelting Co. Ltd.

4,600

134,172

Nippon Steel Corp. (b)

89,900

1,919,151

Tokyo Tekko Co. Ltd. (b)

6,300

242,336

2,605,664

Pharmaceuticals 1.0%

Astellas Pharma, Inc. (b)

397,800

3,843,997

Chugai Pharmaceutical Co. Ltd.

38,100

1,740,176

Santen Pharmaceutical Co. Ltd.

56,200

532,677

Shionogi & Co. Ltd.

44,500

670,868

Tsumura & Co.

18,500

533,009

7,320,727

Professional Services 0.1%

Recruit Holdings Co. Ltd.

13,900

722,110

Real Estate Management & Development 0.3%

Hulic Co. Ltd.

200,500

1,924,026

Semiconductors & Semiconductor Equipment 0.2%

Yamaichi Electronics Co. Ltd. (b)

120,300

1,666,493

Software 0.4%

Oracle Corp. Japan

28,300

2,975,962

Textiles, Apparel & Luxury Goods 0.2%

Asics Corp.

76,000

1,614,097

Wireless Telecommunication Services 0.6%

KDDI Corp.

15,000

236,717

Common Stocks

Shares

Value ($)

JAPAN

Wireless Telecommunication Services

SoftBank Group Corp.

76,800

3,886,272

4,122,989

164,362,099

LUXEMBOURG 0.1%

Life Sciences Tools & Services 0.1%

Eurofins Scientific SE (b)

20,109

1,071,498

NETHERLANDS 2.4%

Banks 0.1%

ING Groep NV

29,477

577,060

Beverages 0.3%

Heineken Holding NV

11,545

838,236

Heineken NV

15,397

1,257,419

2,095,655

Capital Markets 0.1%

Van Lanschot Kempen NV, CVA

12,269

632,229

Financial Services 0.0%

†

EXOR NV

3,516

319,933

Insurance 0.1%

Aegon Ltd.

131,069

862,103

Professional Services 0.7%

Wolters Kluwer NV

31,476

4,889,037

Retail REITs 0.0%

†

Wereldhave NV

9,027

156,199

Semiconductors & Semiconductor Equipment 1.1%

ASM International NV

539

246,958

ASML Holding NV (b)

11,603

7,677,673

7,924,631

17,456,847

NEW ZEALAND 0.3%

Health Care Equipment & Supplies 0.2%

Fisher & Paykel Healthcare Corp.

Ltd.

99,511

1,899,637

Software 0.1%

Xero Ltd. *

5,308

518,942

2,418,579

NORWAY 1.1%

Banks 0.8%

DNB Bank ASA

208,681

5,488,768

SpareBank 1 SMN

18,520

322,926

5,811,694

Energy Equipment & Services 0.0%

†

Aker Solutions ASA

67,783

217,122

Food Products 0.2%

Mowi ASA

20,802

387,494

Orkla ASA

99,546

1,092,821

1,480,315

Metals & Mining 0.1%

Norsk Hydro ASA

112,767

657,715

8,166,846

PORTUGAL 0.1%

Banks 0.1%

Banco Comercial Portugues SA,

Class R

860,829

520,059

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS International Equity Insights Fund

Common Stocks

Shares

Value ($)

SINGAPORE 1.9%

Aerospace & Defense 0.2%

Singapore Technologies

Engineering Ltd.

343,400

1,728,011

Banks 0.9%

Oversea-Chinese Banking Corp.

Ltd.

69,000

881,773

United Overseas Bank Ltd.

195,500

5,506,096

6,387,869

Capital Markets 0.7%

Singapore Exchange Ltd.

496,900

4,946,823

Diversified Telecommunication Services 0.1%

Singapore Telecommunications

Ltd.

313,700

795,352

13,858,055

SPAIN 1.5%

Banks 1.0%

Banco Bilbao Vizcaya Argentaria

SA

335,173

4,568,828

Banco Santander SA

120,617

812,411

Unicaja Banco SA Reg. S (a)

1,309,502

2,427,972

7,809,211

Diversified Telecommunication Services 0.1%

Cellnex Telecom SA Reg. S (a)

12,900

457,903

Food Products 0.1%

Viscofan SA (b)

5,704

394,036

Specialty Retail 0.3%

Industria de Diseno Textil SA

45,861

2,287,648

10,948,798

SWEDEN 4.3%

Banks 0.7%

Svenska Handelsbanken AB,

Class A (b)

237,862

2,685,403

Swedbank AB, Class A (b)

101,139

2,300,764

4,986,167

Commercial Services & Supplies 0.1%

Loomis AB, Class B

20,412

827,694

Communications Equipment 0.7%

Telefonaktiebolaget LM Ericsson,

Class B

642,331

4,982,911

Electronic Equipment, Instruments & Components 0.4%

Hexagon AB, Class B

306,544

3,284,734

Financial Services 1.3%

Investor AB, Class B

293,689

8,766,508

Health Care Providers & Services 0.2%

Ambea AB Reg. S (a)

104,338

1,137,807

Hotels, Restaurants & Leisure 0.4%

Evolution AB Reg. S (a)

38,319

2,858,447

Household Products 0.1%

Essity AB, Class B (b)

37,192

1,057,082

Interactive Media & Services 0.0%

†

Hemnet Group AB

8,512

282,939

Machinery 0.0%

†

Indutrade AB (b)

10,794

299,939

Metals & Mining 0.4%

Boliden AB

24,590

805,128

Common Stocks

Shares

Value ($)

SWEDEN

Metals & Mining

SSAB AB, Class A

248,193

1,543,059

SSAB AB, Class B

113,453

692,752

3,040,939

31,525,167

SWITZERLAND 3.9%

Building Products 0.1%

Belimo Holding AG (Registered)

1,026

629,854

Geberit AG (Registered)

608

379,598

1,009,452

Capital Markets 1.1%

UBS Group AG (Registered)

233,541

7,156,072

Chemicals 0.4%

Givaudan SA (Registered)

330

1,418,090

Sika AG (Registered)

7,524

1,822,507

3,240,597

Consumer Finance 0.1%

Cembra Money Bank AG

4,301

485,215

Electric Utilities 0.1%

BKW AG

3,710

650,989

Electrical Equipment 0.8%

ABB Ltd. (Registered)

113,750

5,886,701

Insurance 0.0%

†

Baloise Holding AG (Registered)

1,229

258,011

Machinery 0.4%

Schindler Holding AG

9,421

2,943,294

Schindler Holding AG (Registered)

1,136

343,492

3,286,786

Marine Transportation 0.0%

†

Kuehne + Nagel International AG

(Registered)

731

169,254

Real Estate Management & Development 0.1%

PSP Swiss Property AG

(Registered)

4,200

656,181

Textiles, Apparel & Luxury Goods 0.8%

Cie Financiere Richemont SA

(Registered)

34,243

5,979,705

28,778,963

UNITED KINGDOM 10.7%

Aerospace & Defense 0.5%

BAE Systems plc

144,613

2,926,310

Rolls-Royce Holdings plc *

63,112

610,202

3,536,512

Banks 2.4%

HSBC Holdings plc

790,837

8,967,057

Lloyds Banking Group plc

4,600,726

4,304,310

NatWest Group plc

579,643

3,396,039

Standard Chartered plc

102,884

1,524,845

18,192,251

Broadline Retail 0.5%

Next plc

24,239

3,489,509

Capital Markets 0.4%

3i Group plc

17,752

831,591

IG Group Holdings plc

125,035

1,541,649

Investec plc

67,063

415,373

2,788,613

NVIT GS International Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 17

Common Stocks

Shares

Value ($)

UNITED KINGDOM

Consumer Staples Distribution & Retail 0.2%

Tesco plc

351,557

1,510,339

Diversified Consumer Services 0.1%

Pearson plc

30,809

486,812

Diversified Telecommunication Services 0.6%

BT Group plc (b)

2,149,231

4,615,152

Electric Utilities 0.3%

SSE plc

106,499

2,191,578

Electronic Equipment, Instruments & Components 0.2%

Halma plc

33,741

1,128,464

Financial Services 0.2%

M&G plc

470,762

1,213,647

Paragon Banking Group plc

20,690

197,710

1,411,357

Food Products 0.1%

Associated British Foods plc

34,423

851,435

Hotels, Restaurants & Leisure 0.1%

Greggs plc

14,586

327,480

InterContinental Hotels Group plc

5,668

610,015

937,495

Industrial Conglomerates 0.3%

DCC plc

16,336

1,090,619

Smiths Group plc

45,666

1,143,739

2,234,358

Insurance 0.7%

Admiral Group plc

28,137

1,039,746

Beazley plc

199,628

2,401,826

Hiscox Ltd.

70,426

1,070,811

Lancashire Holdings Ltd.

89,346

665,721

5,178,104

Interactive Media & Services 0.1%

Auto Trader Group plc Reg. S (a)

53,770

518,761

Passenger Airlines 0.1%

easyJet plc

152,289

874,012

Pharmaceuticals 1.6%

AstraZeneca plc, ADR (b)

165,462

12,161,457

Professional Services 0.8%

RELX plc

122,929

6,174,877

Software 0.2%

Sage Group plc (The)

88,461

1,381,889

Specialty Retail 0.1%

Kingfisher plc

144,715

476,280

Tobacco 1.2%

Imperial Brands plc

245,915

9,094,162

79,233,417

UNITED STATES 9.9%

Construction Materials 0.7%

Holcim AG

49,106

5,282,495

Electrical Equipment 1.0%

Schneider Electric SE

31,370

7,261,620

Food Products 2.7%

Nestle SA (Registered)

194,958

19,715,613

Oil, Gas & Consumable Fuels 1.7%

BP plc, ADR

187,820

6,346,438

Common Stocks

Shares

Value ($)

UNITED STATES

Oil, Gas & Consumable Fuels

Shell plc

179,435

6,576,501

12,922,939

Pharmaceuticals 3.8%

GSK plc, ADR (b)

195,470

7,572,508

Novartis AG (Registered)

140,096

15,583,937

Roche Holding AG

14,754

4,851,152

28,007,597

73,190,264

Total Common Stocks

(cost $639,538,571)

726,453,554

Repurchase Agreements 3.4%

Principal

Amount ($)

Bank of America NA, 4.36%,

dated 3/31/2025, due

4/1/2025, repurchase price

$8,000,969, collateralized

by U.S. Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $8,160,000.(c)

8,000,000

8,000,000

BofA Securities, Inc., 4.36%,

dated 3/31/2025, due

4/1/2025, repurchase price

$4,000,484, collateralized

by U.S. Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070; total

market value $4,080,000.(c)

4,000,000

4,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$224,874, collateralized by

U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $229,344.(c)

224,847

224,847

ING Financial Services LLC,

4.34%, dated 3/31/2025, due

4/7/2025, repurchase price

$2,001,688, collateralized by

U.S. Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031; total

market value $2,040,001.(c)

2,000,000

2,000,000

MetLife, Inc., 4.36%, dated

3/31/2025, due 4/1/2025,

repurchase price $1,000,121,

collateralized by U.S.

Government Treasury

Securities, 0.00%, maturing

11/15/2027 - 11/15/2045; total

market value $1,020,532.(c)

1,000,000

1,000,000

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS International Equity Insights Fund

Repurchase Agreements

Principal

Amount ($)

Value ($)

Pershing LLC, 4.35%,

dated 3/31/2025, due

4/1/2025, repurchase price

$10,001,208, collateralized by

U.S. Government Agency and

Treasury Securities, ranging

from 0.00% - 9.00%, maturing

4/1/2025 - 3/20/2075; total

market value $10,200,000.(c)

10,000,000

10,000,000

Total Repurchase Agreements

(cost $25,224,847)

25,224,847

Total Investments

(cost $664,763,418) — 101.5%

751,678,401

Liabilities in excess of other assets — (1.5)%

(11,446,419)

NET ASSETS — 100.0%

$740,231,982

*

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 as of March 31, 2025

was $21,252,210 which represents 2.87% of net assets.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $48,568,876, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $25,224,847 and by $26,187,466 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/24/2025 - 2/15/2055, a total value of

$51,412,313.

(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, 2025 was $25,224,847.

ADR

American Depositary Receipt

CVA

Dutch Certification

Preference

A special type of equity investment that shares in

the earnings of the company, has limited voting

rights, and may have a dividend preference.

Preference shares may also have liquidation

preference.

Reg. S

Regulation S - Security was purchased pursuant

to Regulation S under the Securities Act of

1933, which exempts from registration securities

offered and sold outside of the United States.

Such security cannot be sold in the United States

without either an effective registration statement

filed pursuant to the Securities Act of 1933 or

pursuant to an exemption from registration.

Currently there is no restriction on trading this

security.

REIT

Real Estate Investment Trust

NVIT GS International Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 19

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Hang Seng Index

2

4/2025

HKD

297,657

(7,528)

MSCI Singapore Index

3

4/2025

SGD

87,027

(485)

EURO STOXX 50 Index

51

6/2025

EUR

2,861,541

(130,740)

FTSE 100 Index

10

6/2025

GBP

1,109,872

(16,242)

SPI 200 Index

4

6/2025

AUD

492,194

(5,903)

TOPIX Index

8

6/2025

JPY

1,419,828

2,234

Net contracts

(158,664)

Currency:

AUD

Australian Dollar

EUR

Euro

GBP

British Pound

HKD

Hong Kong Dollar

JPY

Japanese Yen

SGD

Singapore Dollar

20 - Statement of Investments - March 31, 2025 (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, 2025 (Unaudited) - Statement of Investments - 21

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. 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

$

–

$

31,900,171

$

–

$

31,900,171

Air Freight & Logistics

–

8,980,948

–

8,980,948

Automobile Components

–

15,250,813

–

15,250,813

Automobiles

–

15,338,105

–

15,338,105

Banks

–

82,296,398

–

82,296,398

Beverages

–

11,666,446

–

11,666,446

Biotechnology

–

3,237,009

–

3,237,009

Broadline Retail

–

11,678,437

–

11,678,437

Building Products

–

1,009,452

–

1,009,452

Capital Markets

–

36,533,833

–

36,533,833

Chemicals

–

19,008,668

–

19,008,668

Commercial Services & Supplies

–

4,463,934

–

4,463,934

Communications Equipment

–

8,635,943

–

8,635,943

Construction & Engineering

–

10,250,404

–

10,250,404

Construction Materials

–

5,567,531

–

5,567,531

Consumer Finance

–

1,105,484

–

1,105,484

Consumer Staples Distribution & Retail

–

1,864,668

–

1,864,668

Distributors

–

930,851

–

930,851

Diversified Consumer Services

–

486,812

–

486,812

Diversified REITs

–

371,280

–

371,280

Diversified Telecommunication Services

–

10,821,526

–

10,821,526

Electric Utilities

–

3,953,787

–

3,953,787

Electrical Equipment

–

21,628,967

–

21,628,967

Electronic Equipment, Instruments &

Components

–

10,903,467

–

10,903,467

Energy Equipment & Services

–

2,482,376

–

2,482,376

Entertainment

–

4,531,859

–

4,531,859

Financial Services

–

19,570,127

–

19,570,127

Food Products

–

27,041,842

–

27,041,842

Ground Transportation

–

1,827,989

–

1,827,989

Health Care Equipment & Supplies

–

4,662,273

–

4,662,273

Health Care Providers & Services

–

12,808,136

–

12,808,136

Health Care Technology

–

1,704,833

–

1,704,833

Hotels, Restaurants & Leisure

–

6,706,090

–

6,706,090

Household Durables

–

3,332,871

–

3,332,871

Household Products

–

9,532,714

–

9,532,714

Industrial Conglomerates

–

15,205,421

–

15,205,421

Industrial REITs

–

1,678,504

–

1,678,504

Insurance

–

44,391,843

–

44,391,843

Interactive Media & Services

–

7,966,486

–

7,966,486

IT Services

–

12,770,518

–

12,770,518

Leisure Products

–

3,309,350

–

3,309,350

Life Sciences Tools & Services

–

2,679,500

–

2,679,500

Machinery

–

16,084,015

–

16,084,015

Marine Transportation

–

6,065,951

–

6,065,951

Media

–

598,290

–

598,290

Metals & Mining

–

17,568,081

–

17,568,081

Multi-Utilities

–

16,238,865

–

16,238,865

Office REITs

–

867,956

–

867,956

Oil, Gas & Consumable Fuels

6,346,438

6,576,501

–

12,922,939

Passenger Airlines

–

6,753,922

–

6,753,922

Pharmaceuticals

19,733,965

37,665,683

–

57,399,648

Professional Services

–

16,851,189

–

16,851,189

Real Estate Management & Development

–

5,751,884

–

5,751,884

Retail REITs

–

1,091,706

–

1,091,706

Semiconductors & Semiconductor

Equipment

–

12,939,663

–

12,939,663

Software

–

24,644,566

–

24,644,566

Specialty Retail

–

2,763,928

–

2,763,928

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS International Equity Insights Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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:

Textiles, Apparel & Luxury Goods

$

–

$

14,606,134

$

–

$

14,606,134

Tobacco

–

9,094,162

–

9,094,162

Wireless Telecommunication Services

–

4,122,989

–

4,122,989

Total Common Stocks

$

26,080,403

$

700,373,151

$

–

$

726,453,554

Futures Contracts

2,234

–

–

2,234

Repurchase Agreements

–

25,224,847

–

25,224,847

Total Assets

$

26,082,637

$

725,597,998

$

–

$

751,680,635

Liabilities:

Futures Contracts

$

(160,898)

$

–

$

–

$

(160,898)

Total Liabilities

$

(160,898)

$

–

$

–

$

(160,898)

Total

$

25,921,739

$

725,597,998

$

–

$

751,519,737

NVIT GS International Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

The following is a summary of the Fund's derivative instruments categorized by risk exposure as of March 31, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

2,234

Total

$

2,234

Liabilities:

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(160,898)

Total

$

(160,898)

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Small Cap Equity Insights Fund

Closed End Fund 0.0%

†

Principal

Amount ($)

Value ($)

Diversified REITs 0.0%

†

NexPoint Diversified Real

Estate Trust

11,056

42,344

Total Closed End Fund

(cost  $58,596)

42,344

Common Stocks 98.8%

Shares

Value ($)

Aerospace & Defense 0.9%

AeroVironment, Inc.*

190

22,646

Archer Aviation, Inc., Class

A*(a)

19,507

138,695

Kratos Defense & Security

Solutions, Inc.*(a)

22,011

653,507

Park Aerospace Corp.

4,449

59,839

Rocket Lab USA, Inc.*(a)

39,007

697,445

1,572,132

Automobile Components 0.9%

Adient plc*

16,038

206,249

American Axle &

Manufacturing Holdings,

Inc.*

36,443

148,323

Cooper-Standard Holdings,

Inc.*

4,394

67,316

Dorman Products, Inc.*(a)

339

40,863

Fox Factory Holding Corp.*

4,282

99,942

Goodyear Tire & Rubber Co.

(The)*

95,723

884,481

LCI Industries

363

31,737

Stoneridge, Inc.*

19,528

89,633

1,568,544

Banks 10.4%

1st Source Corp.

820

49,044

Amalgamated Financial Corp.

3,103

89,211

Ameris Bancorp

13,714

789,515

BancFirst Corp.(a)

3,214

353,122

Bancorp, Inc. (The)*

1,417

74,874

Bank of Hawaii Corp.

2,542

175,322

BankUnited, Inc.

20,245

697,238

Byline Bancorp, Inc.

1,310

34,270

Cadence Bank

30,316

920,394

Capital City Bank Group, Inc.

2,898

104,212

Capitol Federal Financial, Inc.

105,721

592,038

Central Pacific Financial Corp.

6,148

166,242

Chemung Financial Corp.

459

21,835

Community Trust Bancorp, Inc.

5,414

272,649

CVB Financial Corp.(a)

35,929

663,249

Eastern Bankshares, Inc.

13,009

213,348

Equity Bancshares, Inc., Class

A(a)

4,626

182,264

Esquire Financial Holdings,

Inc.

417

31,433

FB Financial Corp.

3,114

144,365

First Bancorp

11,881

227,759

First Bancorp, Inc. (The)

1,691

41,801

First Busey Corp.

4,241

91,606

First Commonwealth Financial

Corp.

28,266

439,254

First Financial Bancorp

3,086

77,088

Common Stocks

Shares

Value ($)

Banks

First Financial Bankshares,

Inc.

19,199

689,628

First Internet Bancorp

3,844

102,942

First Merchants Corp.

10,946

442,656

Flushing Financial Corp.

3,557

45,174

Fulton Financial Corp.(a)

11,791

213,299

Hancock Whitney Corp.

16,126

845,809

Hanmi Financial Corp.

25,158

570,080

Hilltop Holdings, Inc.

2,387

72,684

Home Bancorp, Inc.

6,563

294,022

HomeTrust Bancshares, Inc.

2,702

92,625

Independent Bank Corp.

1,629

50,157

International Bancshares Corp.

12,650

797,709

Kearny Financial Corp.

18,993

118,896

Metrocity Bankshares, Inc.

717

19,768

Northeast Community

Bancorp, Inc.

10,067

235,970

Northrim Bancorp, Inc.

3,035

222,223

OFG Bancorp(a)

11,966

478,879

Old Second Bancorp, Inc.

34,612

575,944

Origin Bancorp, Inc.

727

25,205

Park National Corp.

389

58,895

Plumas Bancorp

519

22,457

Red River Bancshares, Inc.

8,749

451,886

Renasant Corp.(a)

6,713

227,772

ServisFirst Bancshares, Inc.

977

80,700

Sierra Bancorp

4,630

129,084

SmartFinancial, Inc.

1,234

38,353

Southern First Bancshares,

Inc.*

5,940

195,545

Southside Bancshares, Inc.

10,034

290,585

SouthState Corp.(a)

1,477

137,095

Stock Yards Bancorp, Inc.

3,761

259,735

Texas Capital Bancshares,

Inc.*

8,307

620,533

Timberland Bancorp, Inc.

1,867

56,290

TrustCo Bank Corp.

17,438

531,510

Trustmark Corp.

16,827

580,363

UMB Financial Corp.

8,151

824,066

United Community Banks, Inc.

27,888

784,489

WesBanco, Inc.

12,734

394,245

Westamerica Bancorp

4,630

234,417

18,263,823

Beverages 0.4%

National Beverage Corp.

4,178

173,554

Primo Brands Corp., Class A

12,593

446,926

620,480

Biotechnology 8.0%

ACADIA Pharmaceuticals,

Inc.*(a)

59,030

980,488

ADMA Biologics, Inc.*

24,419

484,473

Agios Pharmaceuticals, Inc.*

1,038

30,413

Amicus Therapeutics, Inc.*

123,587

1,008,470

Apogee Therapeutics, Inc.*

287

10,722

Arcturus Therapeutics

Holdings, Inc.*

7,198

76,227

Arcus Biosciences, Inc.*

10,326

81,059

Aurinia Pharmaceuticals, Inc.*

55,277

444,427

BioCryst Pharmaceuticals,

Inc.*

11,277

84,578

Biohaven Ltd.*

4,492

107,988

NVIT GS Small Cap Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 25

Common Stocks

Shares

Value ($)

Biotechnology

Blueprint Medicines Corp.*(a)

7,687

680,376

Bridgebio Pharma, Inc.*

4,984

172,297

CareDx, Inc.*

10,831

192,250

Catalyst Pharmaceuticals,

Inc.*

51,083

1,238,763

Celldex Therapeutics, Inc.*

10,651

193,316

Cytokinetics, Inc.*(a)

17,595

707,143

Denali Therapeutics, Inc.*(a)

16,557

225,092

Design Therapeutics, Inc.*

21,319

82,291

Dyne Therapeutics, Inc.*

4,799

50,198

Enanta Pharmaceuticals, Inc.*

6,182

34,125

Erasca, Inc.*(a)

48,209

66,046

Heron Therapeutics, Inc.*

20,341

44,750

Insmed, Inc.*(a)

4,087

311,797

Keros Therapeutics, Inc.*

1,301

13,257

Krystal Biotech, Inc.*(a)

2,879

519,084

Larimar Therapeutics, Inc.*(a)

9,544

20,520

Madrigal Pharmaceuticals,

Inc.*(a)

1,795

594,558

MannKind Corp.*

45,226

227,487

MeiraGTx Holdings plc*

8,242

55,881

Myriad Genetics, Inc.*

4,941

43,827

Nuvalent, Inc., Class A*

3,438

243,823

Olema Pharmaceuticals,

Inc.*(a)

31,873

119,843

Organogenesis Holdings, Inc.,

Class A*(a)

24,844

107,326

ORIC Pharmaceuticals, Inc.*

4,384

24,463

Protagonist Therapeutics, Inc.*

2,619

126,655

Prothena Corp. plc*

3,729

46,146

PTC Therapeutics, Inc.*

23,124

1,178,399

RAPT Therapeutics, Inc.*(a)

48,461

59,122

Recursion Pharmaceuticals,

Inc., Class A*(a)

4,252

22,493

Relay Therapeutics, Inc.*

56,536

148,124

Replimune Group, Inc.*

12,487

121,748

Revolution Medicines, Inc.*(a)

1,700

60,112

Rhythm Pharmaceuticals, Inc.*

900

47,673

Rocket Pharmaceuticals, Inc.*

22,215

148,174

Sutro Biopharma, Inc.*(a)

131,037

85,253

Tenaya Therapeutics, Inc.*(a)

28,624

16,319

TG Therapeutics, Inc.*(a)

21,775

858,588

Travere Therapeutics, Inc.*

3,395

60,838

Twist Bioscience Corp.*

11,354

445,758

Vanda Pharmaceuticals, Inc.*

15,083

69,231

Veracyte, Inc.*

25,595

758,892

Vericel Corp.*

7,798

347,947

Verve Therapeutics, Inc.*

19,962

91,226

13,970,056

Building Products 1.0%

Griffon Corp.(a)

16,109

1,151,794

Tecnoglass, Inc.(a)

8,835

632,144

1,783,938

Capital Markets 1.3%

BGC Group, Inc., Class A

106,387

975,569

DigitalBridge Group, Inc.(a)

71,812

633,382

Donnelley Financial Solutions,

Inc.*(a)

779

34,050

Moelis & Co., Class A

3,615

210,971

Open Lending Corp.*

17,146

47,323

Common Stocks

Shares

Value ($)

Capital Markets

Silvercrest Asset Management

Group, Inc., Class A

2,025

33,129

WisdomTree, Inc.(a)

31,735

283,076

2,217,500

Chemicals 0.9%

American Vanguard Corp.

9,590

42,196

Aspen Aerogels, Inc.*

43,823

280,029

Hawkins, Inc.

2,863

303,249

Innospec, Inc.

1,317

124,786

Kronos Worldwide, Inc.

7,265

54,342

LSB Industries, Inc.*(a)

3,623

23,876

Mativ Holdings, Inc.

2,805

17,475

Minerals Technologies, Inc.

5,614

356,882

Quaker Chemical Corp.(a)

1,473

182,077

Stepan Co.

2,479

136,444

Tronox Holdings plc

18,995

133,725

1,655,081

Commercial Services & Supplies 1.2%

ACCO Brands Corp.

5,614

23,523

ACV Auctions, Inc., Class A*

3,127

44,059

BrightView Holdings, Inc.*

4,765

61,183

Deluxe Corp.

16,376

258,904

Healthcare Services Group,

Inc.*

110,628

1,115,130

Liquidity Services, Inc.*

761

23,599

Montrose Environmental

Group, Inc.*

23,698

337,933

OPENLANE, Inc.*

9,103

175,506

Pitney Bowes, Inc.

2,912

26,354

2,066,191

Communications Equipment 0.9%

CommScope Holding Co.,

Inc.*

79,903

424,285

Harmonic, Inc.*

1,647

15,794

NetScout Systems, Inc.*

56,682

1,190,889

1,630,968

Construction & Engineering 1.9%

Fluor Corp.*

11,549

413,685

Great Lakes Dredge & Dock

Corp.*

4,548

39,568

IES Holdings, Inc.*

3,986

658,128

Limbach Holdings, Inc.*(a)

10,238

762,424

Matrix Service Co.*

10,155

126,227

MYR Group, Inc.*

165

18,660

Orion Group Holdings, Inc.*

2,996

15,669

Primoris Services Corp.

4,657

267,358

Sterling Infrastructure, Inc.*(a)

6,469

732,355

Tutor Perini Corp.*

14,565

337,617

3,371,691

Construction Materials 0.7%

Knife River Corp.*(a)

3,641

328,455

United States Lime & Minerals,

Inc.

9,574

846,150

1,174,605

Consumer Finance 1.9%

Encore Capital Group, Inc.*

6,808

233,378

Enova International, Inc.*

6,759

652,649

FirstCash Holdings, Inc.

9,348

1,124,751

Green Dot Corp., Class A*

6,461

54,531

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Small Cap Equity Insights Fund

Common Stocks

Shares

Value ($)

Consumer Finance

LendingTree, Inc.*

703

35,340

Regional Management Corp.

15,882

478,207

Upstart Holdings, Inc.*

15,092

694,685

World Acceptance Corp.*

949

120,096

3,393,637

Consumer Staples Distribution & Retail 1.0%

Sprouts Farmers Market, Inc.*

11,632

1,775,508

Containers & Packaging 0.1%

O-I Glass, Inc.*

19,738

226,395

Distributors 0.0%

†

A-Mark Precious Metals, Inc.

3,201

81,209

Diversified Consumer Services 0.9%

Adtalem Global Education,

Inc.*(a)

12,566

1,264,642

Frontdoor, Inc.*

1,423

54,672

Graham Holdings Co., Class

B(a)

26

24,982

Mister Car Wash, Inc.*(a)

15,791

124,591

Udemy, Inc.*

18,098

140,441

1,609,328

Diversified REITs 0.7%

Armada Hoffler Properties, Inc.

33,517

251,713

Empire State Realty Trust,

Inc., Class A

123,383

964,855

1,216,568

Diversified Telecommunication Services 0.4%

AST SpaceMobile, Inc., Class

A*(a)

6,641

151,016

ATN International, Inc.

3,414

69,338

Bandwidth, Inc., Class A*

21,402

280,366

Cogent Communications

Holdings, Inc.

2,045

125,379

Globalstar, Inc.*

822

17,147

Lumen Technologies, Inc.*

4,295

16,837

660,083

Electrical Equipment 1.6%

American Superconductor

Corp.*

16,912

306,784

Blink Charging Co.*(a)

39,198

35,972

Bloom Energy Corp., Class

A*(a)

20,605

405,094

Enovix Corp.*(a)

12,456

91,427

NEXTracker, Inc., Class A*

21,334

899,015

NuScale Power Corp., Class

A*(a)

3,887

55,040

Plug Power, Inc.*(a)

7,663

10,345

Powell Industries, Inc.(a)

3,672

625,452

Shoals Technologies Group,

Inc., Class A*

62,597

207,822

Thermon Group Holdings, Inc.*

7,979

222,215

Vicor Corp.*(a)

600

28,068

2,887,234

Electronic Equipment, Instruments & Components 2.2%

Arlo Technologies, Inc.*

51,487

508,177

Badger Meter, Inc.

1,320

251,130

Fabrinet*

6,225

1,229,500

Insight Enterprises, Inc.*

412

61,796

Itron, Inc.*

3,677

385,203

Common Stocks

Shares

Value ($)

Electronic Equipment, Instruments & Components

Napco Security Technologies,

Inc.

7,095

163,327

nLight, Inc.*

6,329

49,176

TTM Technologies, Inc.*

6,895

141,416

Vishay Intertechnology, Inc.(a)

65,939

1,048,430

Vishay Precision Group, Inc.*

1,066

25,680

3,863,835

Energy Equipment & Services 1.3%

Archrock, Inc.

7,369

193,363

Borr Drilling Ltd.(a)

21,123

46,259

Cactus, Inc., Class A

6,481

297,024

Expro Group Holdings NV*

41,524

412,749

Natural Gas Services Group,

Inc.*

1,019

22,387

Noble Corp. plc(a)

1,257

29,791

Oceaneering International,

Inc.*(a)

21,922

478,119

Oil States International, Inc.*

28,531

146,935

Seadrill Ltd.*

2,958

73,950

Tidewater, Inc.*(a)

9,856

416,613

Transocean Ltd.*(a)

27,302

86,547

2,203,737

Entertainment 0.4%

AMC Entertainment Holdings,

Inc., Class A*

34,040

97,695

Lions Gate Entertainment

Corp., Class B*

14,299

113,248

Madison Square Garden

Entertainment Corp., Class

A*

13,977

457,607

668,550

Financial Services 3.1%

Alerus Financial Corp.

1,821

33,616

AvidXchange Holdings, Inc.*

9,903

83,977

Banco Latinoamericano de

Comercio Exterior SA, Class

E

32,177

1,177,678

Burford Capital Ltd.

22,788

301,029

Enact Holdings, Inc.

8,858

307,815

Jackson Financial, Inc., Class

A

11,633

974,613

Merchants Bancorp

10,745

397,565

Mr. Cooper Group, Inc.*

2,332

278,907

NMI Holdings, Inc., Class A*

9,813

353,759

Pagseguro Digital Ltd., Class

A*

64,176

489,663

Remitly Global, Inc.*

37,137

772,450

Sezzle, Inc.*(a)

408

14,235

Velocity Financial, Inc.*

10,801

202,087

5,387,394

Food Products 0.8%

BRC, Inc., Class A*(a)

11,968

25,013

Cal-Maine Foods, Inc.

9,460

859,914

Lancaster Colony Corp.

3,229

565,075

1,450,002

Gas Utilities 0.4%

ONE Gas, Inc.(a)

10,089

762,628

Ground Transportation 0.2%

PAMT Corp.*

1,440

17,482

NVIT GS Small Cap Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

Common Stocks

Shares

Value ($)

Ground Transportation

Werner Enterprises, Inc.

11,747

344,187

361,669

Health Care Equipment & Supplies 2.2%

Alphatec Holdings, Inc.*

2,817

28,564

AtriCure, Inc.*

34,952

1,127,552

Cerus Corp.*

24,945

34,674

Embecta Corp.

20,455

260,801

Inmode Ltd.*(a)

16,275

288,718

Inogen, Inc.*

8,968

63,942

Integra LifeSciences Holdings

Corp.*(a)

5,199

114,326

iRadimed Corp.

11,518

604,465

iRhythm Technologies, Inc.*

5,039

527,482

LeMaitre Vascular, Inc.(a)

720

60,408

LivaNova plc*

1,639

64,380

Orthofix Medical, Inc.*

2,457

40,074

PROCEPT BioRobotics

Corp.*(a)

5,458

317,983

RxSight, Inc.*

5,114

129,128

Tandem Diabetes Care,

Inc.*(a)

7,316

140,175

Zimvie, Inc.*

6,149

66,409

3,869,081

Health Care Providers & Services 3.0%

agilon health, Inc.*

84,576

366,214

Ardent Health Partners, Inc.*

66,288

911,460

Aveanna Healthcare Holdings,

Inc.*

11,246

60,953

CorVel Corp.*

4,833

541,151

Enhabit, Inc.*

22,569

198,382

HealthEquity, Inc.*(a)

1,370

121,067

Hims & Hers Health, Inc.*(a)

14,798

437,281

Joint Corp. (The)*

36,044

450,190

LifeStance Health Group, Inc.*

117,237

780,798

National HealthCare Corp.(a)

692

64,218

National Research Corp.

1,298

16,614

PACS Group, Inc.*

9,892

111,186

Pennant Group, Inc. (The)*

11,443

287,791

Privia Health Group, Inc.*

28,151

631,990

Viemed Healthcare, Inc.*

36,908

268,690

5,247,985

Health Care REITs 0.9%

CareTrust REIT, Inc.

24,968

713,585

Sabra Health Care REIT, Inc.

(a)

33,006

576,615

Universal Health Realty

Income Trust

6,578

269,435

1,559,635

Health Care Technology 0.5%

Definitive Healthcare Corp.,

Class A*(a)

7,553

21,828

Evolent Health, Inc., Class A*

19,876

188,226

Health Catalyst, Inc.*

17,581

79,642

HealthStream, Inc.

1,198

38,552

Phreesia, Inc.*

16,585

423,912

Waystar Holding Corp.*

4,694

175,368

927,528

Hotel & Resort REITs 1.3%

Apple Hospitality REIT, Inc.(a)

39,669

512,127

Chatham Lodging Trust

102,655

731,930

Common Stocks

Shares

Value ($)

Hotel & Resort REITs

RLJ Lodging Trust(a)

106,893

843,386

Service Properties Trust

77,004

200,980

2,288,423

Hotels, Restaurants & Leisure 2.7%

BJ's Restaurants, Inc.*(a)

21,879

749,575

Brinker International, Inc.*

2,170

323,438

Denny's Corp.*

5,947

21,825

Dine Brands Global, Inc.(a)

18,868

439,058

Hilton Grand Vacations,

Inc.*(a)

11,416

427,073

International Game

Technology plc

61,993

1,008,006

Life Time Group Holdings,

Inc.*

5,221

157,674

Nathan's Famous, Inc.

691

66,595

Portillo's, Inc., Class A*(a)

1,293

15,374

RCI Hospitality Holdings, Inc.

7,839

336,607

Red Rock Resorts, Inc., Class

A

23,235

1,007,702

Shake Shack, Inc., Class A*(a)

1,983

174,841

4,727,768

Household Durables 1.7%

Beazer Homes USA, Inc.*

13,390

273,022

Century Communities, Inc.

768

51,533

GoPro, Inc., Class A*(a)

78,966

52,347

Green Brick Partners, Inc.*

9,213

537,210

LGI Homes, Inc.*(a)

13,077

869,228

M/I Homes, Inc.*

10,069

1,149,678

2,933,018

Independent Power and Renewable Electricity Producers

0.1%

Ormat Technologies, Inc.

2,804

198,439

Industrial REITs 0.7%

LXP Industrial Trust(a)

148,135

1,281,368

Insurance 2.4%

Ambac Financial Group, Inc.*

13,724

120,085

AMERISAFE, Inc.

13,024

684,411

Fidelis Insurance Holdings Ltd.

62,504

1,012,565

Goosehead Insurance, Inc.,

Class A

758

89,490

Horace Mann Educators Corp.

6,933

296,247

James River Group Holdings

Ltd.

15,752

66,158

Lemonade, Inc.*(a)

9,927

312,006

Mercury General Corp.

7,044

393,760

Selective Insurance Group,

Inc.

4,104

375,680

Universal Insurance Holdings,

Inc.

33,092

784,280

4,134,682

Interactive Media & Services 0.7%

Bumble, Inc., Class A*(a)

75,738

328,703

fuboTV, Inc.*(a)

10,585

30,908

MediaAlpha, Inc., Class A*

15,814

146,121

QuinStreet, Inc.*

5,799

103,454

Vimeo, Inc.*

124,298

653,808

1,262,994

IT Services 0.8%

Backblaze, Inc., Class A*

8,352

40,340

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Small Cap Equity Insights Fund

Common Stocks

Shares

Value ($)

IT Services

BigCommerce Holdings, Inc.,

Series 1*

23,307

134,248

DigitalOcean Holdings, Inc.*(a)

23,331

779,022

Fastly, Inc., Class A*

76,647

485,176

1,438,786

Leisure Products 0.8%

Peloton Interactive, Inc., Class

A*(a)

50,921

321,821

Smith & Wesson Brands, Inc.

44,832

417,834

Topgolf Callaway Brands

Corp.*

105,074

692,438

1,432,093

Life Sciences Tools & Services 0.4%

Adaptive Biotechnologies

Corp.*

51,535

382,905

BioLife Solutions, Inc.*(a)

3,496

79,849

Cytek Biosciences, Inc.*

61,154

245,227

707,981

Machinery 3.2%

Atmus Filtration Technologies,

Inc.

15,432

566,817

Chart Industries, Inc.*(a)

3,457

499,052

Federal Signal Corp.(a)

11,898

875,098

Gencor Industries, Inc.*

5,075

61,712

Gorman-Rupp Co. (The)

1,967

69,042

Hillman Solutions Corp.*

26,357

231,678

Kennametal, Inc.(a)

28,508

607,220

Manitowoc Co., Inc. (The)*

5,700

48,963

Miller Industries, Inc.(a)

12,943

548,395

Mueller Industries, Inc.(a)

19,714

1,501,024

Omega Flex, Inc.

3,376

117,417

SPX Technologies, Inc.*

1,779

229,100

Twin Disc, Inc.(a)

3,673

27,805

Watts Water Technologies,

Inc., Class A

1,280

261,018

5,644,341

Marine Transportation 0.8%

Costamare, Inc.

36,208

356,286

Golden Ocean Group Ltd.(a)

87,404

697,484

Safe Bulkers, Inc.

112,878

416,520

1,470,290

Media 0.7%

AMC Networks, Inc., Class A*

1,869

12,859

Entravision Communications

Corp., Class A(a)

64,323

135,078

EW Scripps Co. (The), Class

A*(a)

72,094

213,398

Gannett Co., Inc.*(a)

38,275

110,615

Gray Media, Inc.

134,729

582,029

Thryv Holdings, Inc.*(a)

7,771

99,547

Townsquare Media, Inc., Class

A(a)

13,256

107,904

1,261,430

Metals & Mining 1.1%

Carpenter Technology Corp.(a)

4,402

797,554

Coeur Mining, Inc.*

46,915

277,737

Commercial Metals Co.

2,675

123,077

Constellium SE, Class A*

11,123

112,231

Kaiser Aluminum Corp.

360

21,823

Common Stocks

Shares

Value ($)

Metals & Mining

Materion Corp.

995

81,192

Olympic Steel, Inc.(a)

8,334

262,688

Ryerson Holding Corp.(a)

4,291

98,521

Worthington Steel, Inc.

7,305

185,036

1,959,859

Mortgage Real Estate Investment Trusts (REITs) 1.1%

Angel Oak Mortgage REIT, Inc.

14,581

138,957

Arbor Realty Trust, Inc.(a)

5,851

68,749

ARMOUR Residential REIT,

Inc.(a)

10,595

181,175

BrightSpire Capital, Inc., Class

A

49,151

273,280

MFA Financial, Inc.

24,171

247,994

Orchid Island Capital, Inc.(a)

43,307

325,669

TPG RE Finance Trust, Inc.

78,670

641,160

1,876,984

Multi-Utilities 0.8%

Black Hills Corp.

24,412

1,480,588

Office REITs 0.1%

Easterly Government

Properties, Inc., Class A

14,919

158,141

Oil, Gas & Consumable Fuels 3.2%

California Resources Corp.

494

21,721

CVR Energy, Inc.

3,925

76,145

Delek US Holdings, Inc.

19,662

296,306

Diversified Energy Co. plc

Reg. S

78,450

1,060,644

Excelerate Energy, Inc., Class

A

6,440

184,699

Golar LNG Ltd.(a)

23,104

877,721

Murphy Oil Corp.(a)

27,999

795,172

Nordic American Tankers Ltd.

(a)

161,882

398,230

Northern Oil & Gas, Inc.(a)

25,753

778,513

PBF Energy, Inc., Class A(a)

3,032

57,881

Ring Energy, Inc.*(a)

28,561

32,845

Scorpio Tankers, Inc.

16,721

628,375

SFL Corp. Ltd.

12,254

100,483

SM Energy Co.

3,737

111,923

VAALCO Energy, Inc.(a)

65,235

245,284

5,665,942

Passenger Airlines 0.9%

Frontier Group Holdings, Inc.*

54,478

236,434

Joby Aviation, Inc.*(a)

21,130

127,203

SkyWest, Inc.*

13,280

1,160,274

1,523,911

Personal Care Products 0.4%

Herbalife Ltd.*

48,537

418,875

Nu Skin Enterprises, Inc.,

Class A

30,343

220,290

639,165

Pharmaceuticals 2.0%

Amphastar Pharmaceuticals,

Inc.*(a)

13,931

403,860

Arvinas, Inc.*

2,614

18,350

Axsome Therapeutics, Inc.*

5,986

698,147

Collegium Pharmaceutical,

Inc.*(a)

3,298

98,445

Evolus, Inc.*(a)

10,707

128,805

NVIT GS Small Cap Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

Common Stocks

Shares

Value ($)

Pharmaceuticals

Ligand Pharmaceuticals,

Inc.*(a)

373

39,217

Phibro Animal Health Corp.,

Class A

13,519

288,766

Prestige Consumer

Healthcare, Inc.*(a)

7,320

629,301

Supernus Pharmaceuticals,

Inc.*

31,080

1,017,870

Xeris Biopharma Holdings,

Inc.*(a)

29,231

160,478

3,483,239

Professional Services 2.4%

Alight, Inc., Class A

99,424

589,584

Conduent, Inc.*

46,633

125,909

CSG Systems International,

Inc.

1,898

114,772

ExlService Holdings, Inc.*

31,255

1,475,549

Franklin Covey Co.*

16,680

460,702

Innodata, Inc.*

7,573

271,871

Legalzoom.com, Inc.*

12,640

108,830

NV5 Global, Inc.*

7,564

145,758

Planet Labs PBC*

27,420

92,680

TriNet Group, Inc.

8,266

654,998

TTEC Holdings, Inc.(a)

6,979

22,961

Upwork, Inc.*

7,390

96,439

4,160,053

Real Estate Management & Development 0.7%

Compass, Inc., Class A*

53,221

464,619

FRP Holdings, Inc.*

16,488

471,062

Kennedy-Wilson Holdings, Inc.

(a)

26,794

232,572

1,168,253

Residential REITs 1.5%

Elme Communities

31,471

547,595

NexPoint Residential Trust,

Inc.

30,352

1,199,815

Veris Residential, Inc.

52,337

885,542

2,632,952

Retail REITs 1.2%

Alexander's, Inc.

66

13,805

Kite Realty Group Trust

23,686

529,856

Macerich Co. (The)

10,595

181,916

Phillips Edison & Co., Inc.

34,788

1,269,414

Saul Centers, Inc.

300

10,821

Tanger, Inc.

4,984

168,409

2,174,221

Semiconductors & Semiconductor Equipment 1.4%

ACM Research, Inc., Class A*

9,998

233,353

Alpha & Omega

Semiconductor Ltd.*(a)

1,063

26,426

Ambarella, Inc.*

4,813

242,238

CEVA, Inc.*

1,834

46,969

Credo Technology Group

Holding Ltd.*

12,771

512,883

Impinj, Inc.*(a)

2,470

224,029

MaxLinear, Inc., Class A*

8,021

87,108

Power Integrations, Inc.

9,173

463,236

Rambus, Inc.*

2,113

109,401

Rigetti Computing, Inc.*(a)

3,490

27,641

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

Semtech Corp.*

12,122

416,997

SiTime Corp.*

439

67,110

Ultra Clean Holdings, Inc.*

2,943

63,010

2,520,401

Software 7.2%

ACI Worldwide, Inc.*

16,463

900,691

Agilysys, Inc.*

169

12,259

Alarm.com Holdings, Inc.*(a)

22,951

1,277,223

Alkami Technology, Inc.*

18,794

493,343

AudioEye, Inc.*

7,743

85,947

BlackLine, Inc.*(a)

8,025

388,570

Box, Inc., Class A*

16,373

505,271

C3.ai, Inc., Class A*(a)

6,189

130,278

Cleanspark, Inc.*(a)

9,017

60,594

Clear Secure, Inc., Class A(a)

14,335

371,420

Clearwater Analytics Holdings,

Inc., Class A*

32,119

860,789

Commvault Systems, Inc.*

10,308

1,626,190

Consensus Cloud Solutions,

Inc.*

19,762

456,107

D-Wave Quantum, Inc.*(a)

2,384

18,118

Freshworks, Inc., Class A*

55,187

778,689

MARA Holdings, Inc.*(a)

18,356

211,094

Olo, Inc., Class A*(a)

69,095

417,334

Ooma, Inc.*

9,122

119,407

PagerDuty, Inc.*(a)

12,493

228,247

Q2 Holdings, Inc.*(a)

3,258

260,673

Red Violet, Inc.

8,665

325,717

Riot Platforms, Inc.*(a)

9,341

66,508

Sapiens International Corp.

NV

35,528

962,454

SoundHound AI, Inc., Class

A*(a)

13,345

108,361

SoundThinking, Inc.*

2,931

49,680

Varonis Systems, Inc., Class

B*

18,395

744,078

Verint Systems, Inc.*

46,309

826,616

Workiva, Inc., Class A*

4,558

345,998

12,631,656

Specialized REITs 0.4%

Uniti Group, Inc.(a)

126,087

635,478

Specialty Retail 2.8%

America's Car-Mart, Inc.*(a)

7,346

333,435

Arko Corp.

5,874

23,202

Asbury Automotive Group,

Inc.*

3,855

851,338

Boot Barn Holdings, Inc.*

2,339

251,279

EVgo, Inc., Class A*(a)

27,310

72,645

Haverty Furniture Cos., Inc.

23,508

463,578

Monro, Inc.

22,128

320,192

OneWater Marine, Inc., Class

A*(a)

1,372

22,199

Petco Health & Wellness Co.,

Inc., Class A*(a)

15,132

46,153

RealReal, Inc. (The)*

30,530

164,557

Revolve Group, Inc., Class A*

14,998

322,307

Sonic Automotive, Inc., Class

A(a)

12,524

713,367

Stitch Fix, Inc., Class A*

9,664

31,408

Warby Parker, Inc., Class A*

44,385

809,138

30 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Small Cap Equity Insights Fund

Common Stocks

Shares

Value ($)

Specialty Retail

Zumiez, Inc.*

29,410

437,915

4,862,713

Technology Hardware, Storage & Peripherals 0.3%

Corsair Gaming, Inc.*(a)

11,471

101,633

IonQ, Inc.*(a)

9,903

218,559

Turtle Beach Corp.*(a)

14,085

200,993

521,185

Textiles, Apparel & Luxury Goods 0.3%

G-III Apparel Group Ltd.*

555

15,179

Movado Group, Inc.

26,752

447,294

462,473

Tobacco 0.7%

Turning Point Brands, Inc.

899

53,437

Universal Corp.(a)

19,600

1,098,580

1,152,017

Trading Companies & Distributors 2.4%

Custom Truck One Source,

Inc.*

20,134

84,965

DNOW, Inc.*

42,672

728,838

DXP Enterprises, Inc.*

2,251

185,167

FTAI Aviation Ltd.(a)

12,629

1,402,198

Herc Holdings, Inc.(a)

8,778

1,178,622

Rush Enterprises, Inc., Class A

6,840

365,324

Xometry, Inc., Class A*(a)

9,155

228,143

4,173,257

Water Utilities 0.8%

American States Water Co.

6,470

509,060

California Water Service

Group

6,636

321,580

Consolidated Water Co. Ltd.(a)

4,377

107,193

Global Water Resources, Inc.

2,739

28,239

Middlesex Water Co.

5,483

351,460

1,317,532

Wireless Telecommunication Services 0.7%

Spok Holdings, Inc.

32,554

535,188

Telephone & Data Systems,

Inc.

19,195

743,614

1,278,802

Total Common Stocks

(cost $175,323,776)

173,307,450

Repurchase Agreements 13.3%

Principal

Amount ($)

Bank of America NA,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $2,000,242,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $2,040,000.

(b)

2,000,000

2,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,264,729,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$5,369,370.(b)

5,264,089

5,264,089

ING Financial Services LLC,

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $1,000,844,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$1,020,001.(b)

1,000,000

1,000,000

MetLife, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,000,484,

collateralized by U.S.

Government Treasury

Securities, 0.00%,

maturing 11/15/2027 -

11/15/2045; total market

value $4,082,127.(b)

4,000,000

4,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $11,001,329,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $11,220,000.(b)

11,000,000

11,000,000

Total Repurchase Agreements

(cost $23,264,089)

23,264,089

Total Investments

(cost $198,646,461) — 112.1%

196,613,883

Liabilities in excess of other assets

— (12.1)%

(

21,164,474

)

NET ASSETS — 100.0%

$

175,449,409

NVIT GS Small Cap Equity Insights Fund - March 31, 2025 (Unaudited) - Statement of Investments - 31

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $32,941,202, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $23,264,089 and by $11,251,130 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/24/2025 - 2/15/2055, a total value of

$34,515,219.

(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, 2025 was $23,264,089.

Reg. S

Regulation S - Security was purchased pursuant

to Regulation S under the Securities Act of

1933, which exempts from registration securities

offered and sold outside of the United States.

Such security cannot be sold in the United States

without either an effective registration statement

filed pursuant to the Securities Act of 1933 or

pursuant to an exemption from registration.

Currently there is no restriction on trading this

security.

REIT

Real Estate Investment Trust

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Russell 2000 E-Mini Index

16

6/2025

USD

1,621,680

(47,001)

Net contracts

(47,001)

Currency:

USD

United States Dollar

32 - Statement of Investments - March 31, 2025 (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, 2025 (Unaudited) - Statement of Investments - 33

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Closed End Fund

$

42,344

$

–

$

–

$

42,344

Common Stocks

173,307,450

–

–

173,307,450

Repurchase Agreements

–

23,264,089

–

23,264,089

Total Assets

$

173,349,794

$

23,264,089

$

–

$

196,613,883

Liabilities:

Futures Contracts

$

(

47,001

)

$

–

$

–

$

(

47,001

)

Total Liabilities

$

(

47,001

)

$

–

$

–

$

(

47,001

)

Total

$

173,302,793

$

23,264,089

$

–

$

196,566,882

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(

47,001

)

Total

$

(

47,001

)

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT GS Large Cap Equity Fund

Common Stocks 99.4%

Shares

Value ($)

Aerospace & Defense 1.5%

GE Aerospace

1,853

370,878

General Dynamics Corp.

47,651

12,988,709

Howmet Aerospace, Inc.

27,670

3,589,629

L3Harris Technologies, Inc.

30,518

6,387,723

Textron, Inc.

17,303

1,250,142

Woodward, Inc.(a)

36,262

6,617,452

31,204,533

Air Freight & Logistics 0.8%

United Parcel Service, Inc.,

Class B

148,858

16,372,891

Automobiles 1.4%

Tesla, Inc.*

108,060

28,004,830

Banks 3.9%

Bank of America Corp.

301,512

12,582,096

Citigroup, Inc.

164,142

11,652,440

Commerce Bancshares, Inc.

32,704

2,035,170

Cullen/Frost Bankers, Inc.

17,003

2,128,776

East West Bancorp, Inc.(a)

64,634

5,801,548

Huntington Bancshares, Inc.

150,174

2,254,112

JPMorgan Chase & Co.

59,682

14,639,994

M&T Bank Corp.

37,396

6,684,535

PNC Financial Services

Group, Inc. (The)

69,094

12,144,652

Synovus Financial Corp.

18,449

862,306

Wells Fargo & Co.

134,540

9,658,627

80,444,256

Beverages 1.6%

Coca-Cola Co. (The)

72,287

5,177,195

Coca-Cola Consolidated, Inc.

2,003

2,704,050

Coca-Cola Europacific

Partners plc(a)

74,260

6,462,848

Molson Coors Beverage Co.,

Class B

56,452

3,436,233

Monster Beverage Corp.*

164,530

9,628,296

PepsiCo, Inc.

37,245

5,584,515

32,993,137

Biotechnology 2.0%

AbbVie, Inc.

66,487

13,930,356

BioMarin Pharmaceutical, Inc.*

59,546

4,209,307

Gilead Sciences, Inc.

10,387

1,163,863

Moderna, Inc.*

11,584

328,406

Natera, Inc.*

24,239

3,427,637

Neurocrine Biosciences, Inc.*

45,718

5,056,411

Regeneron Pharmaceuticals,

Inc.

19,150

12,145,505

40,261,485

Broadline Retail 4.0%

Amazon.com, Inc.*

430,622

81,930,142

Building Products 0.2%

Carrier Global Corp.

52,444

3,324,950

Capital Markets 2.8%

Ameriprise Financial, Inc.

18,126

8,774,978

Charles Schwab Corp. (The)

66,971

5,242,490

CME Group, Inc.

50,784

13,472,487

Coinbase Global, Inc., Class

A*

1,120

192,898

Invesco Ltd.

49,579

752,113

Morgan Stanley

117,267

13,681,541

Common Stocks

Shares

Value ($)

Capital Markets

MSCI, Inc., Class A

8,615

4,871,782

Nasdaq, Inc.

45,880

3,480,457

Raymond James Financial,

Inc.

39,420

5,475,832

Stifel Financial Corp.

11,187

1,054,487

XP, Inc., Class A

85,676

1,178,045

58,177,110

Chemicals 2.0%

Ecolab, Inc.

49,596

12,573,578

Linde plc

20,858

9,712,319

RPM International, Inc.

48,210

5,576,933

Sherwin-Williams Co. (The)

21,555

7,526,791

Westlake Corp.

47,871

4,788,536

40,178,157

Commercial Services & Supplies 0.7%

Cintas Corp.

61,678

12,676,680

Republic Services, Inc., Class

A

8,789

2,128,344

14,805,024

Communications Equipment 0.8%

Arista Networks, Inc.*

41,979

3,252,533

Cisco Systems, Inc.

159,691

9,854,532

Motorola Solutions, Inc.

8,319

3,642,141

16,749,206

Construction & Engineering 0.4%

Comfort Systems USA, Inc.

11,916

3,840,884

MasTec, Inc.*

31,590

3,686,869

7,527,753

Construction Materials 0.4%

Vulcan Materials Co.

33,916

7,912,603

Consumer Finance 1.1%

American Express Co.

35,205

9,471,906

Capital One Financial Corp.

71,064

12,741,775

Synchrony Financial

3,280

173,643

22,387,324

Consumer Staples Distribution & Retail 1.9%

BJ's Wholesale Club Holdings,

Inc.*

46,312

5,284,199

Costco Wholesale Corp.

5,644

5,337,982

Performance Food Group Co.*

81,750

6,428,003

Sysco Corp.

72,409

5,433,571

US Foods Holding Corp.*

64,629

4,230,614

Walmart, Inc.

141,754

12,444,584

39,158,953

Diversified Consumer Services 0.1%

Bright Horizons Family

Solutions, Inc.*

17,266

2,193,473

H&R Block, Inc.

2,879

158,086

2,351,559

Diversified Telecommunication Services 1.1%

AT&T, Inc.

268,175

7,583,989

Verizon Communications, Inc.

339,242

15,388,017

22,972,006

Electric Utilities 1.3%

Constellation Energy Corp.

5,429

1,094,649

NRG Energy, Inc.

30,491

2,910,671

PG&E Corp.

624,342

10,726,196

PPL Corp.

218,639

7,895,054

NVIT GS Large Cap Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 35

Common Stocks

Shares

Value ($)

Electric Utilities

Xcel Energy, Inc.

65,108

4,608,995

27,235,565

Electrical Equipment 1.1%

AMETEK, Inc.

65,611

11,294,277

GE Vernova, Inc.

14,753

4,503,796

Rockwell Automation, Inc.

24,205

6,254,088

22,052,161

Electronic Equipment, Instruments & Components 0.4%

Corning, Inc.

129,847

5,944,396

Teledyne Technologies, Inc.*

4,014

1,997,808

7,942,204

Energy Equipment & Services 0.3%

Halliburton Co.

153,667

3,898,532

TechnipFMC plc

87,175

2,762,576

6,661,108

Entertainment 1.9%

Live Nation Entertainment,

Inc.*(a)

41,516

5,421,159

Netflix, Inc.*

17,641

16,450,762

ROBLOX Corp., Class A*

18,586

1,083,378

Roku, Inc., Class A*

24,962

1,758,323

Walt Disney Co. (The)

144,020

14,214,774

38,928,396

Financial Services 5.2%

Affirm Holdings, Inc., Class A*

29,980

1,354,796

Berkshire Hathaway, Inc.,

Class B*

74,232

39,534,478

Corebridge Financial, Inc.

35,370

1,116,631

Corpay, Inc.*

18,898

6,590,110

Equitable Holdings, Inc.

108,874

5,671,247

Euronet Worldwide, Inc.*

34,970

3,736,544

Fidelity National Information

Services, Inc.

62,751

4,686,245

Fiserv, Inc.*

61,749

13,636,032

Global Payments, Inc.

31,780

3,111,898

Mastercard, Inc., Class A

40,365

22,124,864

Visa, Inc., Class A(a)

16,722

5,860,392

107,423,237

Ground Transportation 0.3%

Old Dominion Freight Line, Inc.

35,482

5,870,497

Health Care Equipment & Supplies 2.7%

Abbott Laboratories

127,379

16,896,824

Align Technology, Inc.*

16,788

2,666,941

Boston Scientific Corp.*

185,560

18,719,293

Edwards Lifesciences Corp.*

1,673

121,259

GE HealthCare Technologies,

Inc.

12,032

971,103

Intuitive Surgical, Inc.*

28,710

14,219,202

Medtronic plc

10,229

919,178

54,513,800

Health Care Providers & Services 2.9%

Cencora, Inc.

29,056

8,080,183

CVS Health Corp.

193,951

13,140,180

Encompass Health Corp.

19,452

1,970,099

HCA Healthcare, Inc.

11,909

4,115,155

Humana, Inc.

10,875

2,877,525

UnitedHealth Group, Inc.

38,146

19,978,968

Common Stocks

Shares

Value ($)

Health Care Providers & Services

Universal Health Services,

Inc., Class B

50,617

9,510,934

59,673,044

Health Care REITs 0.8%

Healthpeak Properties, Inc.

66,140

1,337,351

Omega Healthcare Investors,

Inc.

6,995

266,370

Ventas, Inc.

150,881

10,374,577

Welltower, Inc.

23,576

3,612,079

15,590,377

Hotel & Resort REITs 0.1%

Park Hotels & Resorts, Inc.

138,215

1,476,136

Hotels, Restaurants & Leisure 2.2%

Airbnb, Inc., Class A*

63,088

7,536,493

Booking Holdings, Inc.

2,646

12,189,884

Domino's Pizza, Inc.

6,500

2,986,425

DoorDash, Inc., Class A*

10,103

1,846,525

McDonald's Corp.

33,606

10,497,506

Starbucks Corp.

49,656

4,870,757

Texas Roadhouse, Inc., Class

A

32,944

5,489,459

45,417,049

Household Durables 0.3%

Garmin Ltd.

3,694

802,078

Lennar Corp., Class A

44,433

5,100,020

5,902,098

Household Products 1.9%

Colgate-Palmolive Co.

71,945

6,741,246

Procter & Gamble Co. (The)

188,840

32,182,113

38,923,359

Independent Power and Renewable Electricity Producers

0.2%

Vistra Corp.

28,420

3,337,645

Industrial Conglomerates 0.4%

Honeywell International, Inc.

43,703

9,254,110

Industrial REITs 0.5%

Americold Realty Trust, Inc.

139,115

2,985,408

Prologis, Inc.

58,770

6,569,898

9,555,306

Insurance 2.3%

Allstate Corp. (The)

37,930

7,854,165

American Financial Group, Inc.

36,934

4,850,912

Marsh & McLennan Cos., Inc.

48,805

11,909,884

Principal Financial Group, Inc.

12,965

1,093,857

Travelers Cos., Inc. (The)

75,966

20,089,968

W R Berkley Corp.

5,200

370,032

46,168,818

Interactive Media & Services 6.3%

Alphabet, Inc., Class A

350,921

54,266,423

Alphabet, Inc., Class C

79,238

12,379,353

Meta Platforms, Inc., Class A

106,666

61,478,016

Pinterest, Inc., Class A*

12,227

379,037

128,502,829

IT Services 1.1%

Gartner, Inc.*

23,503

9,865,149

GoDaddy, Inc., Class A*

27,982

5,040,678

36 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Large Cap Equity Fund

Common Stocks

Shares

Value ($)

IT Services

International Business

Machines Corp.

18,170

4,518,152

Snowflake, Inc., Class A*

23,388

3,418,390

22,842,369

Life Sciences Tools & Services 1.0%

Bruker Corp.

8,084

337,426

IQVIA Holdings, Inc.*

63,389

11,175,481

Medpace Holdings, Inc.*

3,769

1,148,377

Mettler-Toledo International,

Inc.*

4,467

5,275,125

West Pharmaceutical

Services, Inc.

8,781

1,965,890

19,902,299

Machinery 2.0%

Caterpillar, Inc.

17,199

5,672,230

IDEX Corp.

32,282

5,842,073

Illinois Tool Works, Inc.

32,255

7,999,563

ITT, Inc.

41,789

5,397,467

Parker-Hannifin Corp.

17,614

10,706,670

Westinghouse Air Brake

Technologies Corp.

33,099

6,002,504

41,620,507

Media 0.4%

News Corp., Class A

48,049

1,307,894

Omnicom Group, Inc.

72,128

5,980,132

7,288,026

Metals & Mining 0.3%

Steel Dynamics, Inc.

47,974

6,000,588

Mortgage Real Estate Investment Trusts (REITs) 0.2%

Annaly Capital Management,

Inc.

153,585

3,119,311

Multi-Utilities 0.4%

Ameren Corp.

10,729

1,077,192

CMS Energy Corp.

94,484

7,096,693

Sempra

5,504

392,765

8,566,650

Oil, Gas & Consumable Fuels 2.8%

Antero Midstream Corp.

27,122

488,196

Antero Resources Corp.*

138,488

5,600,455

ConocoPhillips

73,551

7,724,326

Exxon Mobil Corp.

142,973

17,003,779

Kinder Morgan, Inc.

366,925

10,468,370

Marathon Petroleum Corp.

19,901

2,899,377

Ovintiv, Inc.

70,651

3,023,863

Phillips 66

54,923

6,781,892

Targa Resources Corp.

4,967

995,734

Williams Cos., Inc. (The)

37,209

2,223,610

57,209,602

Passenger Airlines 0.7%

Alaska Air Group, Inc.*

67,697

3,332,046

Delta Air Lines, Inc.

142,908

6,230,789

United Airlines Holdings, Inc.*

75,043

5,181,719

14,744,554

Personal Care Products 0.3%

Kenvue, Inc.

292,691

7,018,730

Pharmaceuticals 2.7%

AstraZeneca plc, ADR-UK(a)

87,484

6,430,074

Elanco Animal Health, Inc.*

76,960

808,080

Common Stocks

Shares

Value ($)

Pharmaceuticals

Eli Lilly & Co.

20,672

17,073,211

Johnson & Johnson

15,244

2,528,065

Merck & Co., Inc.

181,321

16,275,373

Pfizer, Inc.

30,981

785,059

Zoetis, Inc., Class A

74,411

12,251,771

56,151,633

Professional Services 0.7%

Broadridge Financial

Solutions, Inc.

11,205

2,716,764

Equifax, Inc.

47,843

11,652,641

14,369,405

Residential REITs 0.8%

American Homes 4 Rent,

Class A

146,442

5,536,972

AvalonBay Communities, Inc.

(a)

27,307

5,860,629

Camden Property Trust

44,547

5,448,098

16,845,699

Semiconductors & Semiconductor Equipment 8.2%

Broadcom, Inc.

207,733

34,780,736

KLA Corp.

12,055

8,194,989

Marvell Technology, Inc.

92,881

5,718,683

Micron Technology, Inc.

46,352

4,027,525

NVIDIA Corp.

848,178

91,925,532

QUALCOMM, Inc.

66,417

10,202,315

Texas Instruments, Inc.

77,711

13,964,667

168,814,447

Software 9.7%

Adobe, Inc.*

21,236

8,144,643

AppLovin Corp., Class A*

19,917

5,277,407

Atlassian Corp., Class A*

3,965

841,413

CCC Intelligent Solutions

Holdings, Inc.*

59,901

540,906

Datadog, Inc., Class A*

107,055

10,620,927

Dynatrace, Inc.*

106,236

5,009,027

Fair Isaac Corp.*

2,395

4,416,763

Fortinet, Inc.*

5,013

482,551

Manhattan Associates, Inc.*

16,413

2,840,106

Microsoft Corp.

326,131

122,426,316

MicroStrategy, Inc., Class A*

3,120

899,402

Monday.com Ltd.*

21,417

5,207,758

Salesforce, Inc.

84,513

22,679,909

ServiceNow, Inc.*

3,322

2,644,777

Tyler Technologies, Inc.*

10,769

6,260,989

198,292,894

Specialized REITs 0.8%

Digital Realty Trust, Inc.

17,342

2,484,935

Public Storage

15,429

4,617,745

SBA Communications Corp.,

Class A

9,159

2,015,072

VICI Properties, Inc., Class A

224,162

7,312,165

16,429,917

Specialty Retail 1.7%

Carvana Co., Class A*

4,525

946,087

Home Depot, Inc. (The)

20,028

7,340,062

Lithia Motors, Inc., Class A

3,897

1,143,925

Lowe's Cos., Inc.

39,583

9,231,943

O'Reilly Automotive, Inc.*

571

818,003

NVIT GS Large Cap Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 37

Common Stocks

Shares

Value ($)

Specialty Retail

Penske Automotive Group,

Inc.

6,125

881,878

RH*

6,643

1,557,186

TJX Cos., Inc. (The)

44,173

5,380,271

Ulta Beauty, Inc.*

8,356

3,062,808

Williams-Sonoma, Inc.

33,280

5,261,568

35,623,731

Technology Hardware, Storage & Peripherals 6.6%

Apple, Inc.

610,864

135,691,220

Textiles, Apparel & Luxury Goods 0.6%

Birkenstock Holding plc*

65,450

3,000,883

Lululemon Athletica, Inc.*

7,374

2,087,284

PVH Corp.

56,594

3,658,236

Skechers USA, Inc., Class A*

50,028

2,840,590

11,586,993

Trading Companies & Distributors 0.6%

Fastenal Co.

101,838

7,897,537

Watsco, Inc.

7,891

4,010,995

11,908,532

Total Common Stocks

(cost $1,648,577,548)

2,035,210,765

Repurchase Agreement 0.3%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,898,730,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$6,015,973.(b)

5,898,012

5,898,012

Total Repurchase Agreement

(cost $5,898,012)

5,898,012

Total Investments

(cost $1,654,475,560) — 99.7%

2,041,108,777

Other assets in excess of liabilities — 0.3%

6,927,365

NET ASSETS — 100.0%

$

2,048,036,142

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $24,925,608, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $5,898,012 and by $19,353,946 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/30/2025 - 5/15/2054, a total value of

$25,251,958.

(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, 2025 was $5,898,012.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

UK

United Kingdom

38 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Large Cap Equity Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

20

6/2025

USD

5,653,250

(78,303)

Net contracts

(78,303)

Currency:

USD

United States Dollar

NVIT GS Large Cap Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 39

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.  

40 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT GS Large Cap Equity Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

2,035,210,765

$

–

$

–

$

2,035,210,765

Repurchase Agreement

–

5,898,012

–

5,898,012

Total Assets

$

2,035,210,765

$

5,898,012

$

–

$

2,041,108,777

Liabilities:

Futures Contracts

$

(

78,303

)

$

–

$

–

$

(

78,303

)

Total Liabilities

$

(

78,303

)

$

–

$

–

$

(

78,303

)

Total

$

2,035,132,462

$

5,898,012

$

–

$

2,041,030,474

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(

78,303

)

Total

$

(

78,303

)

The Statement of Investments should be read in conjunction 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 U.S. 130/30 Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 41

Common Stocks 96.3%

Shares

Value ($)

Aerospace & Defense 0.5%

Huntington Ingalls Industries,

Inc.

3,965

809,018

Leonardo DRS, Inc.

112,128

3,686,769

4,495,787

Air Freight & Logistics 0.3%

Expeditors International of

Washington, Inc.

26,097

3,138,164

Automobile Components 0.1%

Lear Corp.

6,343

559,579

Banks 0.2%

BOK Financial Corp.

16,701

1,739,409

Biotechnology 1.9%

Alnylam Pharmaceuticals, Inc.*

5,877

1,586,908

Biogen, Inc.*

32,503

4,447,711

Blueprint Medicines Corp.*

11,345

1,004,146

Exelixis, Inc.*

57,311

2,115,922

Incyte Corp.*

108,280

6,556,354

Moderna, Inc.*

91,867

2,604,429

18,315,470

Broadline Retail 2.3%

Amazon.com, Inc.*

85,853

16,334,392

Coupang, Inc.*

280,292

6,146,803

22,481,195

Building Products 1.5%

Builders FirstSource, Inc.*

20,126

2,514,542

Lennox International, Inc.

22,048

12,365,180

14,879,722

Capital Markets 3.4%

Houlihan Lokey, Inc., Class A

3,624

585,276

Interactive Brokers Group,

Inc., Class A

65,613

10,864,857

Moelis & Co., Class A

75,084

4,381,902

MSCI, Inc., Class A

20,112

11,373,336

Northern Trust Corp.

61,348

6,051,980

SEI Investments Co.

8,230

638,895

33,896,246

Chemicals 1.9%

Huntsman Corp.

322,935

5,099,143

LyondellBasell Industries NV,

Class A

168,172

11,839,309

Westlake Corp.

18,725

1,873,062

18,811,514

Commercial Services & Supplies 0.4%

Rollins, Inc.

37,759

2,040,119

Tetra Tech, Inc.

21,640

632,970

Veralto Corp.

16,475

1,605,489

4,278,578

Communications Equipment 1.1%

Arista Networks, Inc.*

141,853

10,990,770

Construction & Engineering 0.5%

Comfort Systems USA, Inc.

15,019

4,841,074

Consumer Finance 0.9%

Ally Financial, Inc.

257,985

9,408,713

Consumer Staples Distribution & Retail 4.2%

Costco Wholesale Corp.

10,018

9,474,824

Dollar General Corp.

189,332

16,647,963

Common Stocks

Shares

Value ($)

Consumer Staples Distribution & Retail

Maplebear, Inc.*

26,050

1,039,134

Target Corp.

132,775

13,856,399

41,018,320

Containers & Packaging 1.0%

Crown Holdings, Inc.

114,687

10,236,962

Electric Utilities 0.9%

Pinnacle West Capital Corp.

94,646

9,015,032

Electrical Equipment 1.2%

AMETEK, Inc.

69,805

12,016,233

Electronic Equipment, Instruments & Components 0.8%

Jabil, Inc.

55,824

7,595,972

Entertainment 1.9%

Live Nation Entertainment,

Inc.*

106,031

13,845,528

Playtika Holding Corp.

40,658

210,202

Roku, Inc., Class A*

68,080

4,795,555

18,851,285

Financial Services 1.9%

Corebridge Financial, Inc.

359,265

11,341,996

Mastercard, Inc., Class A

12,969

7,108,568

18,450,564

Food Products 0.9%

Pilgrim's Pride Corp.*

78,857

4,298,495

Tyson Foods, Inc., Class A

65,364

4,170,877

8,469,372

Ground Transportation 2.1%

JB Hunt Transport Services,

Inc.

56,079

8,296,888

Landstar System, Inc.

3,875

582,025

Lyft, Inc., Class A*

619,608

7,354,747

Old Dominion Freight Line, Inc.

1,907

315,513

Ryder System, Inc.

22,205

3,193,301

Schneider National, Inc., Class

B

25,978

593,598

20,336,072

Health Care Equipment & Supplies 3.8%

Align Technology, Inc.*

33,194

5,273,199

Edwards Lifesciences Corp.*

210,577

15,262,621

GE HealthCare Technologies,

Inc.

138,952

11,214,816

Insulet Corp.*

20,759

5,451,521

37,202,157

Health Care Providers & Services 1.4%

Elevance Health, Inc.

7,433

3,233,058

McKesson Corp.

2,183

1,469,137

Molina Healthcare, Inc.*

29,182

9,612,259

14,314,454

Hotels, Restaurants & Leisure 4.3%

Airbnb, Inc., Class A*

2,357

281,567

Booking Holdings, Inc.

4,323

19,915,672

Domino's Pizza, Inc.

32,473

14,919,720

Life Time Group Holdings,

Inc.*

90,283

2,726,547

Wingstop, Inc.

20,983

4,733,345

42,576,851

Household Durables 1.1%

Lennar Corp., Class A

68,393

7,850,149

42 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT U.S. 130/30 Equity Fund

Common Stocks

Shares

Value ($)

Household Durables

Whirlpool Corp.

33,093

2,982,672

10,832,821

Household Products 2.6%

Church & Dwight Co., Inc.

81,743

8,999,087

Clorox Co. (The)

51,493

7,582,344

Kimberly-Clark Corp.

65,324

9,290,379

25,871,810

Insurance 5.9%

Allstate Corp. (The)

2,415

500,074

Arch Capital Group Ltd.

10,784

1,037,205

Brighthouse Financial, Inc.*

116,628

6,763,258

CNA Financial Corp.

10,262

521,207

First American Financial Corp.

27,403

1,798,459

Globe Life, Inc.

134,145

17,669,579

Hanover Insurance Group, Inc.

(The)

6,244

1,086,144

Hartford Insurance Group, Inc.

(The)

35,170

4,351,584

Reinsurance Group of

America, Inc.

45,445

8,948,121

RLI Corp.

18,122

1,455,740

Travelers Cos., Inc. (The)

18,707

4,947,253

W R Berkley Corp.

129,619

9,223,688

58,302,312

Interactive Media & Services 4.7%

Alphabet, Inc., Class C

116,881

18,260,319

Match Group, Inc.

361,744

11,286,413

Meta Platforms, Inc., Class A

21,434

12,353,700

Snap, Inc., Class A*

340,729

2,967,749

TripAdvisor, Inc.*

77,240

1,094,491

45,962,672

IT Services 4.8%

Accenture plc, Class A

55,021

17,168,753

Cognizant Technology

Solutions Corp., Class A

89,770

6,867,405

EPAM Systems, Inc.*

40,549

6,846,293

VeriSign, Inc.*

62,850

15,955,729

46,838,180

Life Sciences Tools & Services 0.7%

10X Genomics, Inc., Class A*

47,153

411,646

Illumina, Inc.*

81,033

6,429,158

6,840,804

Machinery 1.3%

Cummins, Inc.

2,588

811,183

Graco, Inc.

37,133

3,100,977

Otis Worldwide Corp.

84,173

8,686,653

12,598,813

Media 1.3%

Omnicom Group, Inc.

124,342

10,309,195

Trade Desk, Inc. (The), Class

A*

40,223

2,201,003

12,510,198

Metals & Mining 0.3%

Commercial Metals Co.

8,820

405,808

Reliance, Inc.

6,551

1,891,601

Southern Copper Corp.

7,658

715,717

3,013,126

Common Stocks

Shares

Value ($)

Multi-Utilities 0.1%

CenterPoint Energy, Inc.

39,548

1,432,824

Oil, Gas & Consumable Fuels 1.3%

Coterra Energy, Inc.

62,284

1,800,008

Phillips 66

92,477

11,419,060

13,219,068

Paper & Forest Products 0.7%

Louisiana-Pacific Corp.

79,423

7,305,328

Passenger Airlines 1.4%

Southwest Airlines Co.

401,716

13,489,623

Pharmaceuticals 0.8%

Corcept Therapeutics, Inc.*

43,773

4,999,752

Merck & Co., Inc.

30,295

2,719,279

7,719,031

Professional Services 1.1%

FTI Consulting, Inc.*

1,552

254,652

KBR, Inc.

171,409

8,537,882

ManpowerGroup, Inc.

7,456

431,553

Robert Half, Inc.

26,237

1,431,229

10,655,316

Residential REITs 2.6%

Camden Property Trust

113,755

13,912,237

Essex Property Trust, Inc.

38,178

11,704,229

25,616,466

Semiconductors & Semiconductor Equipment 7.5%

Amkor Technology, Inc.

113,448

2,048,871

Lam Research Corp.

181,041

13,161,681

NVIDIA Corp.

481,173

52,149,530

Teradyne, Inc.

75,094

6,202,764

73,562,846

Software 10.3%

Adobe, Inc.*

46,841

17,964,929

Appfolio, Inc., Class A*

4,868

1,070,473

Dropbox, Inc., Class A*

165,236

4,413,453

Manhattan Associates, Inc.*

36,650

6,341,916

Microsoft Corp.

84,053

31,552,656

Palo Alto Networks, Inc.*

103,453

17,653,220

Pegasystems, Inc.

70,159

4,877,454

Salesforce, Inc.

52,399

14,061,795

UiPath, Inc., Class A*

327,323

3,371,427

101,307,323

Specialized REITs 0.1%

Millrose Properties, Inc., Class

A*

34,196

906,536

Specialty Retail 2.1%

O'Reilly Automotive, Inc.*

7,703

11,035,164

Tractor Supply Co.

147,966

8,152,926

Williams-Sonoma, Inc.

11,970

1,892,457

21,080,547

Technology Hardware, Storage & Peripherals 5.1%

Apple, Inc.

224,033

49,764,450

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 43

Common Stocks

Shares

Value ($)

Textiles, Apparel & Luxury Goods 1.1%

Deckers Outdoor Corp.*

99,186

11,089,987

Total Investments

(cost $849,580,573) — 96.3%

947,839,576

Other assets in excess of liabilities — 3.7%

36,358,110

NET ASSETS — 100.0%

$

984,197,686

*

Denotes a non-income producing security.

REIT

Real Estate Investment Trust

44 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT U.S. 130/30 Equity Fund

OTC Total return swap contracts outstanding as of March 31, 2025:

Reference Entity

Payments Made by

Fund

Payments Received

by Fund

Frequency of

Payments Made/

Received

Counterparty

Maturity Date

Quantity

Unrealized

Appreciation

(Depreciation) ($)

Value ($)

Advanced Micro

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

12/31/2025

23,665

11,359

11,359

Alcoa Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

81,468

13,035

13,035

Apple, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

154,470

653,408

653,408

Axsome

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

4/30/2026

15,876

30,164

30,164

BOK Financial Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

8/29/2025

6,805

3,471

3,471

Bridgebio Pharma,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

36,530

19,726

19,726

Brighthouse

Financial, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

38,560

16,966

16,966

Builders FirstSource,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

4,097

1,762

1,762

CenterPoint Energy,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

71,108

14,222

14,222

Chart Industries, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

12,362

35,850

35,850

Charter

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

2/27/2026

15,740

7,713

7,713

Chemours Co. (The)

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

163,679

31,099

31,099

Coherent Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

76,378

60,339

60,339

Columbia

Sportswear Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

34,011

13,264

13,264

Commercial Metals

Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

94,381

944

944

Concentrix Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/29/2026

20,368

14,971

14,971

Constellation 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

4/30/2026

6,466

24,312

24,312

Corcept

Therapeutics, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

41,766

2,488,836

2,488,836

Corebridge

Financial, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

3,666

1,650

1,650

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (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 ($)

Crown Holdings, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

29,713

39,221

39,221

Cummins, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

6/30/2025

10,440

12,946

12,946

Doximity, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

32,053

15,385

15,385

Dropbox, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

312,572

46,886

46,886

Dutch Bros, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

67,787

52,874

52,874

elf Beauty, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

52,909

107,934

107,934

Essex Property

Trust, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

11,617

36,477

36,477

Expeditors

International of

Washington, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

44,521

23,151

23,151

Five9, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

139,934

83,960

83,960

Fortrea Holdings,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

94,911

45,557

45,557

FTI Consulting, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

35,067

70,485

70,485

GE HealthCare

Technologies, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/30/2025

42,157

29,510

29,510

Graphic Packaging

Holding Co.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

199,284

9,964

9,964

Guardant Health,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

35,982

19,430

19,430

GXO Logistics, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

133,391

32,014

32,014

Hanover Insurance

Group, Inc. (The)

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

26,416

58,644

58,644

Hartford Insurance

Group, Inc. (The)

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

76,963

156,235

156,235

Houlihan Lokey, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

22,521

76,571

76,571

Huntington Ingalls

Industries, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

64,683

4,528

4,528

46 - Statement of Investments - March 31, 2025 (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 ($)

Huntsman Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

83,360

18,339

18,339

Insmed, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

23,755

40,384

40,384

Interactive Brokers

Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

3,613

4,047

4,047

Jabil, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

38,632

6,181

6,181

JB Hunt Transport

Services, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

24,829

45,437

45,437

Joby Aviation, Inc.

Increases in total

return of reference

entity

OBFR - 0.58% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

389,044

35,014

35,014

Kyndryl Holdings,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

7/31/2025

9,731

778

778

Lam Research Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

57,320

18,342

18,342

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

12/31/2025

79,279

225,945

225,945

Leonardo DRS, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

6,143

860

860

Louisiana-Pacific

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

63,796

45,295

45,295

LPL Financial

Holdings, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

15,342

149,585

149,585

Lumentum Holdings,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

79,903

19,177

19,177

Lyft, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

121,920

36,576

36,576

Maplebear, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

79,938

12,790

12,790

Marvell Technology,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

51,038

23,988

23,988

Match Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

21,879

12,471

12,471

McKesson Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

26,156

147,520

147,520

MDU Resources

Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

12,464

4,861

4,861

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (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 ($)

Meta Platforms, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

2,560

371

371

Micron Technology,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

55,924

80,251

80,251

Molina Healthcare,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

17,988

117,642

117,642

New Fortress

Energy, Inc.

Increases in total

return of reference

entity

OBFR - 0.58% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

314,267

169,704

169,704

NEXTracker, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

76,287

77,050

77,050

NVR, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

19

1,191

1,191

Old Dominion

Freight Line, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/30/2025

662

583

583

Oracle Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

34,594

36,670

36,670

Pegasystems, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

18,643

–

–

Phillips 66

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

36,005

103,334

103,334

Playtika Holding

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

125,785

8,805

8,805

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

2/27/2026

17,364

66,504

66,504

Reinsurance Group

of America, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

1,785

3,445

3,445

Revolution

Medicines, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

88,080

175,279

175,279

RLI Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

28,809

13,047

13,047

Robert Half, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

436

549

549

Rollins, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

13,563

13,156

13,156

Schneider National,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/30/2025

46,459

13,705

13,705

Scotts Miracle-Gro

Co. (The)

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

60,103

47,481

47,481

48 - Statement of Investments - March 31, 2025 (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 ($)

SEI Investments Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

26,993

14,036

14,036

Shift4 Payments,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

46,828

134,396

134,396

SoFi Technologies,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

57,111

12,564

12,564

Super Micro

Computer, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

782

16

16

Tractor Supply Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

116,855

217,350

217,350

Travelers Cos., Inc.

(The)

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

48,888

181,863

181,863

TripAdvisor, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

6/30/2025

97,784

8,312

8,312

Tyson Foods, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

175,820

341,091

341,091

Unity 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

4/30/2026

102,788

97,649

97,649

UWM Holdings

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

694,809

41,689

41,689

Valero Energy Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

48,351

28,527

28,527

Vaxcyte, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

69,484

2,202,643

2,202,643

Westlake Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

12,821

18,398

18,398

Whirlpool Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

43,959

27,255

27,255

WillScot Holdings

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

157,967

44,231

44,231

ZoomInfo

Technologies, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

292,618

14,631

14,631

–

–

Total unrealized appreciation

9,525,871

9,525,871

–

–

10X Genomics, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

62,565

(26,903)

(26,903)

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

4/30/2026

174,061

(34,812)

(34,812)

AGNC Investment

Corp.

Increases in total

return of reference

entity

OBFR - 0.46% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

574,856

(172,457)

(172,457)

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (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 ($)

Agree 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

2/27/2026

78,196

(83,357)

(83,357)

Airbnb, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

4,716

(5,801)

(5,801)

Align Technology,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

28,784

(10,074)

(10,074)

Ally Financial, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

111,254

(109,029)

(109,029)

Amazon.com, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

20,512

(50,460)

(50,460)

Amkor Technology,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

54,524

(8,577)

(8,577)

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

12/31/2025

26,515

(29,167)

(29,167)

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

3/31/2026

40,848

(18,075)

(18,075)

Appfolio, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

15,583

(21,816)

(21,816)

Arista Networks, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

69,663

(32,045)

(32,045)

Asbury Automotive

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

5/29/2026

17,312

(45,839)

(45,839)

Avantor, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

290,412

(8,712)

(8,712)

Azenta, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

78,666

(2,360)

(2,360)

BellRing Brands,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

71,912

(20,135)

(20,135)

Blueprint Medicines

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

45,773

(9,612)

(9,612)

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

11/28/2025

51,506

(41,720)

(41,720)

Celsius Holdings,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

72,507

(142,839)

(142,839)

Civitas Resources,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

98,123

(36,306)

(36,306)

Clearwater Analytics

Holdings, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

186,320

(50,306)

(50,306)

50 - Statement of Investments - March 31, 2025 (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 ($)

Columbia Banking

System, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

57,286

(32,653)

(32,653)

Comfort Systems

USA, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

5,917

(8,165)

(8,165)

Dillard's, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

3,757

(1,691)

(1,691)

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

2/27/2026

188,318

(16,949)

(16,949)

Enovis Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

21,698

(9,764)

(9,764)

Enphase 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

12/31/2025

41,990

(16,796)

(16,796)

EPAM Systems, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

9,525

(857)

(857)

EQT Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

102,006

(42,843)

(42,843)

Expand 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

4/30/2026

47,427

(18,022)

(18,022)

Gen Digital, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

203,512

(47,825)

(47,825)

Globus Medical, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2025

65,362

(42,485)

(42,485)

GRAIL, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

6,974

(9,694)

(9,694)

Grocery Outlet

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

4/30/2026

216,367

(157,948)

(157,948)

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

3/31/2026

83,479

(98,923)

(98,923)

Incyte Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

69,950

(3,498)

(3,498)

IPG Photonics Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

14,524

(28,903)

(28,903)

JBT Marel Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

44,923

(2,695)

(2,695)

KBR, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

8,077

(3,029)

(3,029)

Lazard, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

19,598

(2,548)

(2,548)

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 51

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.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

48,108

(962)

(962)

Lithia Motors, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

11,192

(46,894)

(46,894)

Loar Holdings, Inc.

Increases in total

return of reference

entity

OBFR - 0.46% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

57,312

(268,220)

(268,220)

Manhattan

Associates, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

13,393

(5,893)

(5,893)

ManpowerGroup,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

30,257

(23,600)

(23,600)

Medical Properties

Trust, Inc.

Increases in total

return of reference

entity

OBFR - 1.33% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

391,156

(94,411)

(94,411)

Medpace Holdings,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

100

(767)

(767)

Microchip

Technology, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

84,734

(13,981)

(13,981)

Microsoft Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

18,945

(48,878)

(48,878)

Nutanix, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

49,632

(60,055)

(60,055)

NVIDIA Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

162,429

(207,909)

(207,909)

Old National

Bancorp

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

261,963

(78,589)

(78,589)

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

12/31/2025

32,205

(100,480)

(100,480)

Planet Fitness, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

48,265

(18,823)

(18,823)

Polaris, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

100,220

(44,097)

(44,097)

RingCentral, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

100,449

(81,364)

(81,364)

Snap, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2025

123,143

(22,166)

(22,166)

Somnigroup

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

4/30/2026

80,764

(124,377)

(124,377)

Talen 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

4/30/2026

24,679

(54,047)

(54,047)

52 - Statement of Investments - March 31, 2025 (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 ($)

Tapestry, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

68,311

(10,930)

(10,930)

Teradata Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

28,721

(14,360)

(14,360)

Teradyne, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

56,956

(3,417)

(3,417)

Ubiquiti, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

1,574

(205)

(205)

UGI Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

188,659

(124,912)

(124,912)

UiPath, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

204,979

(79,942)

(79,942)

Virtu Financial, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

58,611

(21,100)

(21,100)

Warner Bros

Discovery, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

593,026

(213,489)

(213,489)

Wendy's Co. (The)

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/29/2026

332,371

(413)

(413)

Williams-Sonoma,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

41,297

(36,341)

(36,341)

Wolfspeed, Inc.

Increases in total

return of reference

entity

OBFR - 0.96% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

585,417

(275,146)

(275,146)

Wyndham Hotels &

Resorts, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

4,007

(5,049)

(5,049)

Zurn Elkay Water

Solutions Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

94,485

(10,393)

(10,393)

–

–

Total unrealized depreciation

(3,596,900)

(3,596,900)

–

–

Net unrealized appreciation

5,928,971

5,928,971

Financing Costs of Swap Contracts

(

295,397

)

(

295,397

)

Total Unrealized Appreciation (Depreciation) including Financing Costs of Swap Contracts

5,633,574

5,633,574

OBFR

Overnight Bank Funding Rate

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 53

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.  

54 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT U.S. 130/30 Equity Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using swap contracts.

(a) Swap Contracts             

Total Return Swap Contracts

— The Fund entered into total return swap contracts to take long and short positions in equities or 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.

Total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means

that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic

benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the

counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all

of which are reflected in the swap’s market value.

The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short

positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or

minus a specified spread determined based upon the country and/or currency of the positions in the portfolio. Positions within the

swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued

financing fees become available for cash settlement between the Fund and the counterparty. Cash settlement in and out of the

swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement.

Certain swaps have no stated expiration and can be terminated by either party at any time.

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

947,839,576

$

–

$

–

$

947,839,576

Total Return Swaps†

–

9,525,871

–

9,525,871

Total Assets

$

947,839,576

$

9,525,871

$

–

$

957,365,447

Liabilities:

Total Return Swaps†

$

–

$

(

3,892,297

)

$

–

$

(

3,892,297

)

Total Liabilities

$

–

$

(

3,892,297

)

$

–

$

(

3,892,297

)

Total

$

947,839,576

$

5,633,574

$

–

$

953,473,150

†

Swap contracts are included in the table at value, with the exception of centrally cleared swap contracts which are included in

the table at unrealized appreciation/(depreciation).

Assets:

Fair Value

Swap Contracts†

Equity risk

Swap contracts, at value

$

9,525,871

Total

$

9,525,871

NVIT U.S. 130/30 Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 55

Liabilities:

Swap Contracts†

Equity risk

Swap contracts, at value

$

(

3,892,297

)

Total

$

(

3,892,297

)

†

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 BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Common Stocks 92.6%

Shares

Value ($)

Aerospace & Defense 1.9%

Axon Enterprise, Inc.*

3,122

1,642,016

Boeing Co. (The)*(a)

32,325

5,513,029

GE Aerospace

46,254

9,257,738

General Dynamics Corp.

10,934

2,980,390

Howmet Aerospace, Inc.

17,456

2,264,567

Huntington Ingalls Industries,

Inc.

1,545

315,242

L3Harris Technologies, Inc.

8,116

1,698,760

Lockheed Martin Corp.

9,030

4,033,791

Northrop Grumman Corp.

5,864

3,002,426

RTX Corp.

57,407

7,604,131

Textron, Inc.

7,705

556,686

TransDigm Group, Inc.(a)

2,417

3,343,412

42,212,188

Air Freight & Logistics 0.3%

CH Robinson Worldwide, Inc.

5,204

532,890

Expeditors International of

Washington, Inc.(a)

6,086

731,841

FedEx Corp.

9,549

2,327,855

United Parcel Service, Inc.,

Class B

31,518

3,466,665

7,059,251

Automobile Components 0.0%

†

Aptiv plc*(a)

9,607

571,617

Automobiles 1.6%

Ford Motor Co.

167,619

1,681,218

General Motors Co.

43,301

2,036,446

Tesla, Inc.*

120,598

31,254,178

34,971,842

Banks 3.2%

Bank of America Corp.

285,364

11,908,240

Citigroup, Inc.

80,895

5,742,736

Citizens Financial Group, Inc.

18,332

751,062

Fifth Third Bancorp(a)

29,251

1,146,639

Huntington Bancshares, Inc.

63,953

959,935

JPMorgan Chase & Co.

120,503

29,559,386

KeyCorp

44,099

705,143

M&T Bank Corp.

7,147

1,277,526

PNC Financial Services

Group, Inc. (The)

17,062

2,998,988

Regions Financial Corp.

40,099

871,351

Truist Financial Corp.

56,711

2,333,658

US Bancorp

67,228

2,838,366

Wells Fargo & Co.

141,742

10,175,658

71,268,688

Beverages 1.2%

Brown-Forman Corp., Class

B(a)

7,579

257,231

Coca-Cola Co. (The)

166,861

11,950,585

Constellation Brands, Inc.,

Class A

6,695

1,228,666

Keurig Dr Pepper, Inc.

51,455

1,760,790

Molson Coors Beverage Co.,

Class B

6,915

420,916

Monster Beverage Corp.*

30,172

1,765,666

PepsiCo, Inc.

59,106

8,862,354

26,246,208

Biotechnology 1.8%

AbbVie, Inc.

76,081

15,940,491

Common Stocks

Shares

Value ($)

Biotechnology

Amgen, Inc.

23,151

7,212,694

Biogen, Inc.*

6,399

875,639

Gilead Sciences, Inc.

53,708

6,017,982

Incyte Corp.*

6,524

395,028

Moderna, Inc.*(a)

14,264

404,384

Regeneron Pharmaceuticals,

Inc.

4,534

2,875,599

Vertex Pharmaceuticals, Inc.*

11,067

5,365,503

39,087,320

Broadline Retail 3.6%

Amazon.com, Inc.*

406,475

77,335,933

eBay, Inc.

20,641

1,398,015

78,733,948

Building Products 0.5%

A O Smith Corp.

4,826

315,427

Allegion plc

3,569

465,612

Builders FirstSource, Inc.*

5,123

640,068

Carrier Global Corp.

34,805

2,206,637

Johnson Controls International

plc

28,451

2,279,209

Lennox International, Inc.

1,411

791,331

Masco Corp.

9,511

661,395

Trane Technologies plc

9,666

3,256,669

10,616,348

Capital Markets 3.0%

Ameriprise Financial, Inc.

4,147

2,007,604

Bank of New York Mellon

Corp. (The)(a)

30,189

2,531,951

Blackrock, Inc.

6,274

5,938,216

Blackstone, Inc.

31,542

4,408,941

Cboe Global Markets, Inc.

4,530

1,025,094

Charles Schwab Corp. (The)

73,442

5,749,040

CME Group, Inc.

15,531

4,120,219

FactSet Research Systems,

Inc.(a)

1,570

713,785

Franklin Resources, Inc.(a)

12,909

248,498

Goldman Sachs Group, Inc.

(The)

13,448

7,346,508

Intercontinental Exchange, Inc.

24,761

4,271,272

Invesco Ltd.

21,075

319,708

KKR & Co., Inc.

29,091

3,363,211

MarketAxess Holdings, Inc.

1,474

318,900

Moody's Corp.

6,671

3,106,618

Morgan Stanley

53,329

6,221,894

MSCI, Inc., Class A

3,347

1,892,728

Nasdaq, Inc.

17,913

1,358,880

Northern Trust Corp.

8,441

832,705

Raymond James Financial,

Inc.

7,943

1,103,362

S&P Global, Inc.

13,576

6,897,966

State Street Corp.

12,536

1,122,348

T. Rowe Price Group, Inc.

9,783

898,764

65,798,212

Chemicals 1.2%

Air Products & Chemicals, Inc.

9,589

2,827,988

Albemarle Corp.(a)

4,758

342,671

CF Industries Holdings, Inc.

7,145

558,382

Corteva, Inc.

29,545

1,859,267

Dow, Inc.

30,312

1,058,495

DuPont de Nemours, Inc.

18,019

1,345,659

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Core Fund

Common Stocks

Shares

Value ($)

Chemicals

Eastman Chemical Co.

5,247

462,313

Ecolab, Inc.

10,861

2,753,481

International Flavors &

Fragrances, Inc.

11,318

878,390

Linde plc

20,520

9,554,933

LyondellBasell Industries NV,

Class A

11,297

795,309

Mosaic Co. (The)

12,828

346,484

PPG Industries, Inc.

9,687

1,059,273

Sherwin-Williams Co. (The)(a)

9,985

3,486,662

27,329,307

Commercial Services & Supplies 0.6%

Cintas Corp.

14,786

3,038,967

Copart, Inc.*

37,777

2,137,800

Republic Services, Inc., Class

A

8,749

2,118,658

Rollins, Inc.

12,151

656,519

Veralto Corp.

10,744

1,047,003

Waste Management, Inc.

15,740

3,643,967

12,642,914

Communications Equipment 0.8%

Arista Networks, Inc.*

44,518

3,449,255

Cisco Systems, Inc.

171,646

10,592,275

F5, Inc.*

2,567

683,515

Juniper Networks, Inc.

13,615

492,727

Motorola Solutions, Inc.(a)

7,203

3,153,545

18,371,317

Construction & Engineering 0.1%

Quanta Services, Inc.

6,360

1,616,585

Construction Materials 0.1%

Martin Marietta Materials, Inc.

(a)

2,678

1,280,432

Vulcan Materials Co.

5,689

1,327,244

2,607,676

Consumer Finance 0.5%

American Express Co.

23,920

6,435,676

Capital One Financial Corp.

16,426

2,945,182

Discover Financial Services(a)

10,818

1,846,633

Synchrony Financial

16,742

886,321

12,113,812

Consumer Staples Distribution & Retail 1.9%

Costco Wholesale Corp.

19,129

18,091,826

Dollar General Corp.

9,733

855,823

Dollar Tree, Inc.*

9,134

685,689

Kroger Co. (The)

28,681

1,941,417

Sysco Corp.

21,085

1,582,218

Target Corp.

19,748

2,060,901

Walgreens Boots Alliance, Inc.

28,446

317,742

Walmart, Inc.

186,967

16,413,833

41,949,449

Containers & Packaging 0.2%

Amcor plc(a)

64,280

623,516

Avery Dennison Corp.

3,550

631,794

Ball Corp.

12,450

648,272

International Paper Co.

22,721

1,212,165

Packaging Corp. of America

3,952

782,575

Smurfit WestRock plc(a)

21,341

961,625

4,859,947

Common Stocks

Shares

Value ($)

Distributors 0.1%

Genuine Parts Co.

6,235

742,838

LKQ Corp.

11,897

506,098

Pool Corp.

1,688

537,375

1,786,311

Diversified Telecommunication Services 0.8%

AT&T, Inc.(a)

309,378

8,749,210

Verizon Communications, Inc.

181,418

8,229,120

16,978,330

Electric Utilities 1.5%

Alliant Energy Corp.

11,298

727,026

American Electric Power Co.,

Inc.(a)

22,981

2,511,134

Constellation Energy Corp.

13,480

2,717,972

Duke Energy Corp.

33,438

4,078,433

Edison International

17,164

1,011,303

Entergy Corp.

18,509

1,582,334

Evergy, Inc.

10,108

696,947

Eversource Energy

16,025

995,313

Exelon Corp.

43,310

1,995,725

FirstEnergy Corp.

21,471

867,858

NextEra Energy, Inc.

88,621

6,282,343

NRG Energy, Inc.

8,842

844,057

PG&E Corp.

94,542

1,624,232

Pinnacle West Capital Corp.

4,763

453,676

PPL Corp.(a)

31,811

1,148,695

Southern Co. (The)

47,219

4,341,787

Xcel Energy, Inc.

24,741

1,751,415

33,630,250

Electrical Equipment 0.7%

AMETEK, Inc.

9,968

1,715,891

Eaton Corp. plc

17,032

4,629,809

Emerson Electric Co.

24,304

2,664,690

GE Vernova, Inc.

11,889

3,629,474

Generac Holdings, Inc.*

2,432

308,013

Hubbell, Inc., Class B

2,369

783,926

Rockwell Automation, Inc.

4,873

1,259,086

14,990,889

Electronic Equipment, Instruments & Components 0.5%

Amphenol Corp., Class A

52,183

3,422,683

CDW Corp.

5,500

881,430

Corning, Inc.

33,235

1,521,498

Jabil, Inc.

4,903

667,151

Keysight Technologies, Inc.*

7,467

1,118,333

TE Connectivity plc

12,858

1,817,092

Teledyne Technologies, Inc.*

1,932

961,576

Trimble, Inc.*

10,583

694,774

Zebra Technologies Corp.,

Class A*

2,307

651,866

11,736,403

Energy Equipment & Services 0.2%

Baker Hughes Co., Class A(a)

42,664

1,875,083

Halliburton Co.

38,113

966,927

Schlumberger NV

60,365

2,523,257

5,365,267

Entertainment 1.4%

Electronic Arts, Inc.

10,223

1,477,428

Live Nation Entertainment,

Inc.*

6,984

911,971

Netflix, Inc.*

18,436

17,192,123

NVIT BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

Common Stocks

Shares

Value ($)

Entertainment

Take-Two Interactive Software,

Inc.*

7,073

1,465,879

TKO Group Holdings, Inc.,

Class A

2,700

412,587

Walt Disney Co. (The)

77,910

7,689,717

Warner Bros Discovery, Inc.*

96,447

1,034,876

30,184,581

Financial Services 4.6%

Apollo Global Management,

Inc.

19,263

2,637,875

Berkshire Hathaway, Inc.,

Class B*

78,994

42,070,624

Corpay, Inc.*

3,048

1,062,899

Fidelity National Information

Services, Inc.

22,830

1,704,944

Fiserv, Inc.*

24,517

5,414,089

Global Payments, Inc.

10,761

1,053,717

Jack Henry & Associates, Inc.

(a)

3,091

564,417

Mastercard, Inc., Class A

35,097

19,237,368

PayPal Holdings, Inc.*

42,632

2,781,738

Visa, Inc., Class A(a)

74,270

26,028,664

102,556,335

Food Products 0.6%

Archer-Daniels-Midland Co.

20,609

989,438

Bunge Global SA

6,145

469,601

Campbell's Co. (The)(a)

8,592

342,993

Conagra Brands, Inc.

20,575

548,735

General Mills, Inc.(a)

23,761

1,420,670

Hershey Co. (The)(a)

6,364

1,088,435

Hormel Foods Corp.

12,154

376,045

J M Smucker Co. (The)

4,703

556,882

Kellanova

11,682

963,648

Kraft Heinz Co. (The)

37,588

1,143,803

Lamb Weston Holdings, Inc.(a)

6,090

324,597

McCormick & Co., Inc. (Non-

Voting)(a)

11,226

924,012

Mondelez International, Inc.,

Class A

55,752

3,782,773

Tyson Foods, Inc., Class A

12,567

801,901

13,733,533

Gas Utilities 0.0%

†

Atmos Energy Corp.(a)

6,837

1,056,863

Ground Transportation 0.9%

CSX Corp.

83,131

2,446,545

JB Hunt Transport Services,

Inc.

3,485

515,606

Norfolk Southern Corp.

9,758

2,311,182

Old Dominion Freight Line, Inc.

8,096

1,339,483

Uber Technologies, Inc.*

90,026

6,559,294

Union Pacific Corp.

26,044

6,152,635

19,324,745

Health Care Equipment & Supplies 2.3%

Abbott Laboratories

74,747

9,915,190

Align Technology, Inc.*

3,158

501,680

Baxter International, Inc.

22,080

755,798

Becton Dickinson & Co.

12,376

2,834,847

Boston Scientific Corp.*

63,514

6,407,292

Cooper Cos., Inc. (The)*

8,881

749,112

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies

Dexcom, Inc.*

16,837

1,149,799

Edwards Lifesciences Corp.*

25,422

1,842,587

GE HealthCare Technologies,

Inc.

19,710

1,590,794

Hologic, Inc.*

9,205

568,593

IDEXX Laboratories, Inc.*

3,528

1,481,584

Insulet Corp.*(a)

3,061

803,849

Intuitive Surgical, Inc.*

15,369

7,611,805

Medtronic plc

55,261

4,965,753

ResMed, Inc.

6,327

1,416,299

Solventum Corp.*

5,593

425,292

STERIS plc

4,256

964,622

Stryker Corp.

14,799

5,508,928

Zimmer Biomet Holdings, Inc.

8,575

970,518

50,464,342

Health Care Providers & Services 2.2%

Cardinal Health, Inc.(a)

10,413

1,434,599

Cencora, Inc.

7,440

2,068,990

Centene Corp.*

21,371

1,297,433

Cigna Group (The)

11,799

3,881,871

CVS Health Corp.

54,332

3,680,993

DaVita, Inc.*

1,840

281,465

Elevance Health, Inc.

9,995

4,347,425

HCA Healthcare, Inc.(a)

7,707

2,663,154

Henry Schein, Inc.*(a)

5,302

363,134

Humana, Inc.

5,199

1,375,655

Labcorp Holdings, Inc.

3,629

844,614

McKesson Corp.

5,400

3,634,146

Molina Healthcare, Inc.*(a)

2,469

813,264

Quest Diagnostics, Inc.

4,856

821,635

UnitedHealth Group, Inc.

39,661

20,772,449

Universal Health Services,

Inc., Class B

2,567

482,339

48,763,166

Health Care REITs 0.3%

Alexandria Real Estate

Equities, Inc.

6,878

636,284

Healthpeak Properties, Inc.

30,797

622,715

Ventas, Inc.

18,838

1,295,301

Welltower, Inc.

26,254

4,022,375

6,576,675

Hotel & Resort REITs 0.0%

†

Host Hotels & Resorts, Inc.(a)

29,994

426,215

Hotels, Restaurants & Leisure 1.9%

Airbnb, Inc., Class A*

18,655

2,228,526

Booking Holdings, Inc.

1,426

6,569,454

Caesars Entertainment, Inc.*

8,678

216,950

Carnival Corp.*

46,318

904,591

Chipotle Mexican Grill, Inc.,

Class A*

58,409

2,932,716

Darden Restaurants, Inc.

5,102

1,059,992

Domino's Pizza, Inc.

1,427

655,635

DoorDash, Inc., Class A*

14,619

2,671,915

Expedia Group, Inc.

5,350

899,335

Hilton Worldwide Holdings,

Inc.(a)

10,370

2,359,694

Las Vegas Sands Corp.

14,335

553,761

Marriott International, Inc.,

Class A

9,861

2,348,890

McDonald's Corp.

30,882

9,646,610

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Core Fund

Common Stocks

Shares

Value ($)

Hotels, Restaurants & Leisure

MGM Resorts International*

10,208

302,565

Norwegian Cruise Line

Holdings Ltd.*

17,555

332,843

Royal Caribbean Cruises Ltd.

10,670

2,192,045

Starbucks Corp.(a)

48,949

4,801,407

Wynn Resorts Ltd.(a)

3,705

309,367

Yum! Brands, Inc.(a)

12,026

1,892,411

42,878,707

Household Durables 0.3%

DR Horton, Inc.

12,366

1,572,090

Garmin Ltd.

6,618

1,436,966

Lennar Corp., Class A

10,059

1,154,572

Mohawk Industries, Inc.*

2,118

241,833

NVR, Inc.*

129

934,526

PulteGroup, Inc.

8,597

883,772

6,223,759

Household Products 1.1%

Church & Dwight Co., Inc.

10,282

1,131,945

Clorox Co. (The)(a)

5,460

803,985

Colgate-Palmolive Co.

34,975

3,277,158

Kimberly-Clark Corp.

14,296

2,033,177

Procter & Gamble Co. (The)

101,053

17,221,452

24,467,717

Independent Power and Renewable Electricity Producers

0.1%

AES Corp. (The)

29,726

369,197

Vistra Corp.

14,663

1,722,023

2,091,220

Industrial Conglomerates 0.4%

3M Co.

23,397

3,436,083

Honeywell International, Inc.

28,022

5,933,659

9,369,742

Industrial REITs 0.2%

Prologis, Inc.

39,942

4,465,116

Insurance 2.2%

Aflac, Inc.

21,334

2,372,128

Allstate Corp. (The)

11,421

2,364,947

American International Group,

Inc.

25,574

2,223,404

Aon plc, Class A

9,320

3,719,519

Arch Capital Group Ltd.

16,158

1,554,076

Arthur J Gallagher & Co.

10,961

3,784,176

Assurant, Inc.

2,104

441,314

Brown & Brown, Inc.

10,223

1,271,741

Chubb Ltd.

16,062

4,850,563

Cincinnati Financial Corp.

6,768

999,769

Erie Indemnity Co., Class A(a)

1,031

432,041

Everest Group Ltd.

1,768

642,367

Globe Life, Inc.

3,460

455,751

Hartford Insurance Group, Inc.

(The)

12,394

1,533,510

Loews Corp.

7,312

672,046

Marsh & McLennan Cos., Inc.

21,166

5,165,139

MetLife, Inc.

24,948

2,003,075

Principal Financial Group, Inc.

9,222

778,060

Progressive Corp. (The)

25,245

7,144,587

Prudential Financial, Inc.

15,255

1,703,678

Travelers Cos., Inc. (The)(a)

9,770

2,583,774

W R Berkley Corp.

13,021

926,574

Common Stocks

Shares

Value ($)

Insurance

Willis Towers Watson plc

4,301

1,453,523

49,075,762

Interactive Media & Services 5.7%

Alphabet, Inc., Class A

251,393

38,875,414

Alphabet, Inc., Class C

203,754

31,832,487

Match Group, Inc.

11,833

369,189

Meta Platforms, Inc., Class A

94,374

54,393,399

125,470,489

IT Services 1.1%

Accenture plc, Class A

26,954

8,410,726

Akamai Technologies, Inc.*(a)

6,789

546,515

Cognizant Technology

Solutions Corp., Class A

21,315

1,630,598

EPAM Systems, Inc.*

2,291

386,812

Gartner, Inc.*

3,310

1,389,339

GoDaddy, Inc., Class A*

6,085

1,096,152

International Business

Machines Corp.

39,848

9,908,604

VeriSign, Inc.*

3,553

902,000

24,270,746

Leisure Products 0.0%

†

Hasbro, Inc.(a)

5,182

318,641

Life Sciences Tools & Services 0.9%

Agilent Technologies, Inc.

12,296

1,438,386

Bio-Techne Corp.

7,258

425,537

Charles River Laboratories

International, Inc.*(a)

2,094

315,189

Danaher Corp.

27,584

5,654,720

IQVIA Holdings, Inc.*

7,211

1,271,299

Mettler-Toledo International,

Inc.*

907

1,071,085

Revvity, Inc.(a)

4,954

524,133

Thermo Fisher Scientific, Inc.

16,486

8,203,434

Waters Corp.*

2,633

970,445

West Pharmaceutical

Services, Inc.(a)

2,972

665,371

20,539,599

Machinery 1.5%

Caterpillar, Inc.

20,597

6,792,891

Cummins, Inc.

5,925

1,857,132

Deere & Co.

10,915

5,122,955

Dover Corp.

5,913

1,038,796

Fortive Corp.

14,701

1,075,819

IDEX Corp.

3,086

558,473

Illinois Tool Works, Inc.

11,510

2,854,595

Ingersoll Rand, Inc.

17,359

1,389,241

Nordson Corp.

2,463

496,836

Otis Worldwide Corp.

17,088

1,763,482

PACCAR, Inc.

22,604

2,200,952

Parker-Hannifin Corp.

5,551

3,374,175

Pentair plc

7,378

645,428

Snap-on, Inc.(a)

2,309

778,156

Stanley Black & Decker, Inc.

6,782

521,400

Westinghouse Air Brake

Technologies Corp.

7,365

1,335,643

Xylem, Inc.(a)

10,472

1,250,985

33,056,959

NVIT BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 5

Common Stocks

Shares

Value ($)

Media 0.5%

Charter Communications, Inc.,

Class A*(a)

4,159

1,532,716

Comcast Corp., Class A

162,547

5,997,984

Fox Corp., Class A

8,860

501,476

Fox Corp., Class B

5,758

303,504

Interpublic Group of Cos., Inc.

(The)

14,933

405,580

News Corp., Class A

17,146

466,714

News Corp., Class B(a)

4,547

138,093

Omnicom Group, Inc.

8,645

716,757

Paramount Global, Class B

25,553

305,614

10,368,438

Metals & Mining 0.3%

Freeport-McMoRan, Inc.

61,939

2,345,011

Newmont Corp.

49,044

2,367,844

Nucor Corp.(a)

10,139

1,220,127

Steel Dynamics, Inc.

5,861

733,094

6,666,076

Multi-Utilities 0.6%

Ameren Corp.

11,668

1,171,467

CenterPoint Energy, Inc.(a)

28,442

1,030,454

CMS Energy Corp.

12,873

966,891

Consolidated Edison, Inc.

14,929

1,650,998

Dominion Energy, Inc.

36,201

2,029,790

DTE Energy Co.

8,995

1,243,739

NiSource, Inc.

20,725

830,865

Public Service Enterprise

Group, Inc.

21,473

1,767,228

Sempra

27,306

1,948,556

WEC Energy Group, Inc.

13,684

1,491,282

14,131,270

Office REITs 0.0%

†

BXP, Inc.

6,304

423,566

Oil, Gas & Consumable Fuels 3.1%

APA Corp.(a)

15,636

328,669

Chevron Corp.

72,025

12,049,062

ConocoPhillips

54,987

5,774,735

Coterra Energy, Inc.

32,365

935,348

Devon Energy Corp.

28,283

1,057,784

Diamondback Energy, Inc.

8,053

1,287,514

EOG Resources, Inc.

24,236

3,108,025

EQT Corp.

25,931

1,385,493

Expand Energy Corp.

9,060

1,008,559

Exxon Mobil Corp.

187,592

22,310,316

Hess Corp.

11,909

1,902,225

Kinder Morgan, Inc.

83,307

2,376,749

Marathon Petroleum Corp.

13,617

1,983,861

Occidental Petroleum Corp.(a)

29,116

1,437,166

ONEOK, Inc.

26,739

2,653,044

Phillips 66

17,797

2,197,573

Targa Resources Corp.

9,398

1,884,017

Texas Pacific Land Corp.(a)

784

1,038,792

Valero Energy Corp.(a)

13,642

1,801,699

Williams Cos., Inc. (The)

52,542

3,139,910

69,660,541

Passenger Airlines 0.1%

Delta Air Lines, Inc.

27,639

1,205,060

Southwest Airlines Co.(a)

26,034

874,222

Common Stocks

Shares

Value ($)

Passenger Airlines

United Airlines Holdings, Inc.*

14,167

978,231

3,057,513

Personal Care Products 0.1%

Estee Lauder Cos., Inc. (The),

Class A

9,638

636,108

Kenvue, Inc.

82,618

1,981,180

2,617,288

Pharmaceuticals 3.2%

Bristol-Myers Squibb Co.(a)

87,452

5,333,698

Eli Lilly & Co.

33,957

28,045,426

Johnson & Johnson

103,757

17,207,061

Merck & Co., Inc.

109,019

9,785,545

Pfizer, Inc.

244,220

6,188,535

Viatris, Inc.

51,158

445,586

Zoetis, Inc., Class A

19,299

3,177,580

70,183,431

Professional Services 0.6%

Automatic Data Processing,

Inc.

17,534

5,357,163

Broadridge Financial

Solutions, Inc.

5,087

1,233,394

Dayforce, Inc.*(a)

6,651

387,953

Equifax, Inc.

5,344

1,301,584

Jacobs Solutions, Inc.

5,061

611,824

Leidos Holdings, Inc.

5,483

739,876

Paychex, Inc.(a)

13,810

2,130,607

Paycom Software, Inc.(a)

1,935

422,759

Verisk Analytics, Inc., Class

A(a)

6,084

1,810,720

13,995,880

Real Estate Management & Development 0.1%

CBRE Group, Inc., Class A*

12,743

1,666,529

CoStar Group, Inc.*

18,156

1,438,500

3,105,029

Residential REITs 0.3%

AvalonBay Communities, Inc.

6,119

1,313,260

Camden Property Trust

4,541

555,364

Equity Residential

14,948

1,069,978

Essex Property Trust, Inc.(a)

2,769

848,892

Invitation Homes, Inc.

24,911

868,149

Mid-America Apartment

Communities, Inc.(a)

5,123

858,512

UDR, Inc.

12,968

585,765

6,099,920

Retail REITs 0.3%

Federal Realty Investment

Trust

3,176

310,676

Kimco Realty Corp.(a)

28,138

597,651

Realty Income Corp.

37,705

2,187,267

Regency Centers Corp.(a)

6,976

514,550

Simon Property Group, Inc.

13,221

2,195,744

5,805,888

Semiconductors & Semiconductor Equipment 9.2%

Advanced Micro Devices, Inc.*

69,837

7,175,053

Analog Devices, Inc.

21,380

4,311,705

Applied Materials, Inc.

35,025

5,082,828

Broadcom, Inc.

202,008

33,822,200

Enphase Energy, Inc.*

5,492

340,779

First Solar, Inc.*(a)

4,420

558,821

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Core Fund

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

Intel Corp.

186,605

4,237,800

KLA Corp.

5,728

3,893,894

Lam Research Corp.

55,323

4,021,982

Microchip Technology, Inc.(a)

23,179

1,122,095

Micron Technology, Inc.(a)

48,015

4,172,023

Monolithic Power Systems,

Inc.

2,061

1,195,339

NVIDIA Corp.

1,055,430

114,387,503

NXP Semiconductors NV

10,953

2,081,727

ON Semiconductor Corp.*

18,329

745,807

QUALCOMM, Inc.

47,664

7,321,667

Skyworks Solutions, Inc.

7,224

466,887

Teradyne, Inc.

6,752

557,715

Texas Instruments, Inc.

39,233

7,050,170

202,545,995

Software 9.1%

Adobe, Inc.*

18,761

7,195,406

ANSYS, Inc.*

3,824

1,210,525

Autodesk, Inc.*

9,263

2,425,053

Cadence Design Systems,

Inc.*

11,821

3,006,435

Crowdstrike Holdings, Inc.,

Class A*

10,615

3,742,637

Fair Isaac Corp.*

1,052

1,940,056

Fortinet, Inc.*

27,411

2,638,583

Gen Digital, Inc.(a)

22,275

591,179

Intuit, Inc.

12,064

7,407,175

Microsoft Corp.

320,376

120,265,947

Oracle Corp.

69,911

9,774,257

Palantir Technologies, Inc.,

Class A*

88,343

7,456,149

Palo Alto Networks, Inc.*(a)

28,532

4,868,700

PTC, Inc.*

5,007

775,835

Roper Technologies, Inc.

4,622

2,725,039

Salesforce, Inc.

41,241

11,067,435

ServiceNow, Inc.*

8,878

7,068,131

Synopsys, Inc.*

6,662

2,856,999

Tyler Technologies, Inc.*

1,844

1,072,083

Workday, Inc., Class A*

9,222

2,153,614

200,241,238

Specialized REITs 0.9%

American Tower Corp.

20,138

4,382,029

Crown Castle, Inc.

18,729

1,952,124

Digital Realty Trust, Inc.

13,637

1,954,046

Equinix, Inc.

4,193

3,418,762

Extra Space Storage, Inc.

9,133

1,356,159

Iron Mountain, Inc.

12,191

1,048,913

Public Storage

6,793

2,033,077

SBA Communications Corp.,

Class A

4,655

1,024,146

VICI Properties, Inc., Class A

45,443

1,482,351

Weyerhaeuser Co.

31,756

929,816

19,581,423

Specialty Retail 1.8%

AutoZone, Inc.*

723

2,756,640

Best Buy Co., Inc.

8,625

634,886

CarMax, Inc.*

6,275

488,948

Home Depot, Inc. (The)

42,811

15,689,804

Lowe's Cos., Inc.

24,336

5,675,885

O'Reilly Automotive, Inc.*

2,478

3,549,933

Common Stocks

Shares

Value ($)

Specialty Retail

Ross Stores, Inc.

14,220

1,817,174

TJX Cos., Inc. (The)

48,450

5,901,210

Tractor Supply Co.(a)

23,010

1,267,851

Ulta Beauty, Inc.*

2,040

747,742

Williams-Sonoma, Inc.

5,343

844,728

39,374,801

Technology Hardware, Storage & Peripherals 6.8%

Apple, Inc.

647,395

143,805,851

Dell Technologies, Inc., Class

C

13,443

1,225,330

Hewlett Packard Enterprise

Co.(a)

57,217

882,858

HP, Inc.(a)

40,415

1,119,091

NetApp, Inc.

8,862

778,438

Seagate Technology Holdings

plc

9,209

782,305

Super Micro Computer, Inc.*(a)

22,020

753,965

Western Digital Corp.*

15,584

630,061

149,977,899

Textiles, Apparel & Luxury Goods 0.3%

Deckers Outdoor Corp.*

6,678

746,667

Lululemon Athletica, Inc.*

4,829

1,366,897

NIKE, Inc., Class B

50,907

3,231,576

Ralph Lauren Corp., Class A

1,620

357,599

Tapestry, Inc.

8,606

605,949

6,308,688

Tobacco 0.7%

Altria Group, Inc.(a)

73,044

4,384,101

Philip Morris International, Inc.

67,007

10,636,021

15,020,122

Trading Companies & Distributors 0.3%

Fastenal Co.

24,711

1,916,338

United Rentals, Inc.(a)

2,814

1,763,534

WW Grainger, Inc.

1,910

1,886,755

5,566,627

Water Utilities 0.1%

American Water Works Co.,

Inc.(a)

8,064

1,189,601

Wireless Telecommunication Services 0.2%

T-Mobile US, Inc.

20,669

5,512,629

Total Common Stocks

(cost $1,041,800,874)

2,049,292,854

Purchased Options 0.2%

Number of

Contracts

Call Options 0.2%

Future Equity Index Options: 0.2%

S&P 500 E-Mini Index

4/30/2025 at USD 6,300.00,

European Style

Notional Amount: USD

236,871,175

Exchange Traded

*

838

14,665

NVIT BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Purchased Options

Number of

Contracts

Value ($)

Call Options

S&P 500 E-Mini Index

5/16/2025 at USD 6,000.00,

European Style

Notional Amount: USD

237,153,838

Exchange Traded

*

839

681,687

S&P 500 E-Mini Index

6/20/2025 at USD 5,850.00,

American Style

Notional Amount: USD

237,153,838

Exchange Traded

839

3,544,775

Total Purchased Options

(cost $10,462,047)

4,241,127

Short-Term Investment 2.5%

Shares

U.S. Treasury Obligation 2.5%

U.S. Treasury Bills, 4.25%,

8/7/2025(a)

56,000,000

55,171,574

Total Short-Term Investment

(cost $55,171,499)

55,171,574

Repurchase Agreements 4.0%

Principal

Amount ($)

Bank of America NA,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,606,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $5,100,000.

(b)

5,000,000

5,000,000

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $57,006,935,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$58,140,001.(b)

57,000,000

57,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,110,691,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$1,132,767.(b)

1,110,556

1,110,556

MetLife, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $20,002,422,

collateralized by U.S.

Government Treasury

Securities, 0.00%,

maturing 11/15/2027 -

11/15/2045; total market

value $20,410,635.(b)

20,000,000

20,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,604,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $5,100,000.(b)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $88,110,556)

88,110,556

Total Investments

(cost $1,195,544,976) — 99.3%

2,196,816,111

Other assets in excess of liabilities — 0.7%

14,772,226

NET ASSETS — 100.0%

$

2,211,588,337

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $119,342,304, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $88,110,556 and by $32,734,535 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$120,845,091.

(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, 2025 was $88,110,556.

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Core Fund

REIT

Real Estate Investment Trust

Currency:

USD

United States Dollar

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

U.S. Treasury Long Bond

1,923

6/2025

USD

225,531,844

3,936,425

Total long contracts

3,936,425

Short Contracts

S&P 500 E-Mini Index

(

39

)

6/2025

USD

(11,023,838)

209,928

Total short contracts

209,928

Net contracts

4,146,353

Currency:

USD

United States Dollar

NVIT BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (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, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Core Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using options and financial futures contracts.

(a) Options      

The Fund purchased and/or wrote options on futures contracts, single stocks, ETFs, 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 and equity movements, 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

2,049,292,854

$

–

$

–

$

2,049,292,854

Futures Contracts

4,146,353

–

–

4,146,353

Purchased Option

4,241,127

–

–

4,241,127

Repurchase Agreements

–

88,110,556

–

88,110,556

Short-Term Investment

–

55,171,574

–

55,171,574

Total

$

2,057,680,334

$

143,282,130

$

–

$

2,200,962,464

NVIT BNY Mellon Dynamic U.S. Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

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.

(b) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Purchased Options

Equity risk

Investment securities, at value

$

4,241,127

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

209,928

Interest rate risk

Unrealized appreciation from futures contracts

3,936,425

Total

$

8,387,480

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Common Stocks 89.0%

Shares

Value ($)

Aerospace & Defense 3.3%

Howmet Aerospace, Inc.

38,764

5,028,854

L3Harris Technologies, Inc.

60,105

12,580,577

17,609,431

Automobiles 0.5%

General Motors Co.

52,963

2,490,850

Banks 9.1%

Bank of America Corp.

376,914

15,728,621

First Horizon Corp.

365,119

7,090,611

JPMorgan Chase & Co.

75,578

18,539,283

PNC Financial Services

Group, Inc. (The)

26,942

4,735,595

US Bancorp

51,443

2,171,924

48,266,034

Biotechnology 1.1%

Gilead Sciences, Inc.

53,759

6,023,696

Building Products 0.9%

Johnson Controls International

plc

58,084

4,653,109

Capital Markets 3.4%

CME Group, Inc.

21,089

5,594,701

Goldman Sachs Group, Inc.

(The)

10,466

5,717,471

Intercontinental Exchange, Inc.

39,921

6,886,372

18,198,544

Communications Equipment 3.2%

Cisco Systems, Inc.

275,954

17,029,121

Construction Materials 1.4%

CRH plc

85,802

7,548,002

Consumer Finance 1.4%

Capital One Financial Corp.

41,447

7,431,447

Containers & Packaging 2.6%

Crown Holdings, Inc.

54,670

4,879,844

International Paper Co.

170,251

9,082,891

13,962,735

Diversified Telecommunication Services 3.4%

AT&T, Inc.

634,413

17,941,200

Electric Utilities 0.4%

Constellation Energy Corp.

9,947

2,005,614

Electrical Equipment 3.0%

AMETEK, Inc.

30,166

5,192,775

GE Vernova, Inc.

7,434

2,269,452

Hubbell, Inc., Class B

26,112

8,640,722

16,102,949

Electronic Equipment, Instruments & Components 0.4%

TE Connectivity plc

16,572

2,341,955

Entertainment 1.2%

Walt Disney Co. (The)

64,161

6,332,691

Financial Services 4.6%

Berkshire Hathaway, Inc.,

Class B*

39,160

20,855,833

Voya Financial, Inc.

51,193

3,468,837

24,324,670

Ground Transportation 1.5%

CSX Corp.

272,895

8,031,300

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies 4.9%

Alcon AG CHF

75,869

7,202,244

Baxter International, Inc.

168,200

5,757,486

Medtronic plc

148,542

13,347,984

26,307,714

Health Care Providers & Services 3.8%

Labcorp Holdings, Inc.

22,797

5,305,774

UnitedHealth Group, Inc.

27,980

14,654,525

19,960,299

Hotels, Restaurants & Leisure 3.3%

International Game

Technology plc

144,044

2,342,155

Las Vegas Sands Corp.

211,560

8,172,563

Royal Caribbean Cruises Ltd.

(a)

34,233

7,032,828

17,547,546

Industrial Conglomerates 0.7%

3M Co.

24,212

3,555,774

Insurance 8.3%

American International Group,

Inc.

113,146

9,836,913

Aon plc, Class A

27,835

11,108,670

Assurant, Inc.

66,680

13,986,130

MetLife, Inc.

71,783

5,763,457

RenaissanceRe Holdings Ltd.

(a)

15,345

3,682,800

44,377,970

IT Services 0.9%

International Business

Machines Corp.

19,813

4,926,701

Life Sciences Tools & Services 1.7%

Danaher Corp.

44,353

9,092,365

Media 0.8%

Omnicom Group, Inc.

50,758

4,208,346

Metals & Mining 2.7%

Freeport-McMoRan, Inc.

151,021

5,717,655

Newmont Corp.

174,470

8,423,412

14,141,067

Multi-Utilities 1.3%

Dominion Energy, Inc.

122,739

6,881,976

Oil, Gas & Consumable Fuels 7.8%

ConocoPhillips

36,676

3,851,713

Diamondback Energy, Inc.

24,191

3,867,657

EQT Corp.

118,109

6,310,564

Exxon Mobil Corp.

92,034

10,945,604

Hess Corp.

24,458

3,906,676

Marathon Petroleum Corp.(a)

38,524

5,612,562

Phillips 66

56,742

7,006,502

41,501,278

Passenger Airlines 0.6%

Delta Air Lines, Inc.

78,584

3,426,262

Personal Care Products 0.9%

Kenvue, Inc.

202,917

4,865,950

Pharmaceuticals 4.9%

Bristol-Myers Squibb Co.

181,747

11,084,749

Johnson & Johnson

76,006

12,604,835

NVIT BNY Mellon Dynamic U.S. Equity Income Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

Common Stocks

Shares

Value ($)

Pharmaceuticals

Sanofi SA, ADR

46,197

2,562,086

26,251,670

Semiconductors & Semiconductor Equipment 0.6%

Applied Materials, Inc.

23,638

3,430,347

Software 1.5%

Dolby Laboratories, Inc., Class

A

102,220

8,209,288

Specialized REITs 0.7%

Weyerhaeuser Co.

121,804

3,566,421

Specialty Retail 0.4%

Best Buy Co., Inc.

28,626

2,107,160

Tobacco 1.3%

Philip Morris International, Inc.

44,780

7,107,929

Trading Companies & Distributors 0.5%

Ferguson Enterprises, Inc.

16,756

2,684,814

Total Common Stocks

(cost $375,530,449)

474,444,225

Purchased Options 0.2%

Number of

Contracts

Call Options 0.2%

Future Equity Index Options: 0.2%

S&P 500 E-Mini Index

4/30/2025 at USD 6,300.00,

European Style

Notional Amount: USD

55,119,188

Exchange Traded

*

195

3,412

S&P 500 E-Mini Index

5/16/2025 at USD 6,000.00,

European Style

Notional Amount: USD

55,119,188

Exchange Traded

*

195

158,438

S&P 500 E-Mini Index

6/20/2025 at USD 5,850.00,

American Style

Notional Amount: USD

55,119,188

Exchange Traded

195

823,875

Total Purchased Options

(cost $2,432,293)

985,725

Short-Term Investment 4.1%

Shares

Value ($)

U.S. Treasury Obligation 4.1%

U.S. Treasury Bills, 4.25%,

8/7/2025

22,000,000

21,674,547

Total Short-Term Investment

(cost $21,674,599)

21,674,547

Total Investments

(cost $399,637,341) — 93.3%

497,104,497

Other assets in excess of liabilities — 6.7%

35,722,603

NET ASSETS — 100.0%

$

532,827,100

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $8,696,826, which was collateralized

by $8,973,105 in the form of U.S Government Treasury

Securities, interest rates ranging from 0.00% - 6.25%, and

maturity dates ranging from 4/15/2025 - 8/15/2054.

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

Currency:

CHF

Switzerland Franc

USD

United States Dollar

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Russell 1000 Value E-Mini Index

655

6/2025

USD

61,052,550

76,393

U.S. Treasury Long Bond

438

6/2025

USD

51,369,188

896,596

Total long contracts

972,989

Short Contracts

S&P 500 E-Mini Index

(187)

6/2025

USD

(52,857,888)

289,401

Total short contracts

289,401

Net contracts

1,262,390

Currency:

USD

United States Dollar

NVIT BNY Mellon Dynamic U.S. Equity Income Fund - March 31, 2025 (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, 2025 (Unaudited) - NVIT BNY 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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using options and financial futures contracts.

(a) Options      

The Fund purchased and/or wrote options on futures contracts, single stocks, ETFs, 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 and equity movements, 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

474,444,225

$

–

$

–

$

474,444,225

Futures Contracts

1,262,390

–

–

1,262,390

Purchased Option

985,725

–

–

985,725

Short-Term Investment

–

21,674,547

–

21,674,547

Total

$

476,692,340

$

21,674,547

$

–

$

498,366,887

NVIT BNY Mellon Dynamic U.S. Equity Income Fund - March 31, 2025 (Unaudited) - Statement of Investments - 17

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.

(b) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Purchased Options

Equity risk

Investment securities, at value

$

985,725

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

365,794

Interest rate risk

Unrealized appreciation from futures contracts

896,596

Total

$

2,248,115

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT J.P. Morgan Digital Evolution Strategy Fund

Common Stocks 95.1%

Shares

Value ($)

Broadline Retail 2.1%

Amazon.com, Inc.*

1,100

209,286

Communications Equipment 5.4%

Arista Networks, Inc.*

2,515

194,862

Cisco Systems, Inc.

5,311

327,742

522,604

Electronic Equipment, Instruments & Components 1.2%

Coherent Corp.*

1,846

119,879

Entertainment 2.4%

Spotify Technology SA*

98

53,903

Take-Two Interactive Software,

Inc.*

854

176,992

230,895

Financial Services 1.4%

Toast, Inc., Class A*

3,989

132,315

Hotels, Restaurants & Leisure 1.2%

DoorDash, Inc., Class A*

624

114,049

Interactive Media & Services 15.5%

Alphabet, Inc., Class A

3,309

511,704

Meta Platforms, Inc., Class A

1,421

819,007

Pinterest, Inc., Class A*

1,655

51,305

ZoomInfo Technologies, Inc.,

Class A*

12,117

121,170

1,503,186

IT Services 8.4%

International Business

Machines Corp.

1,451

360,805

MongoDB, Inc., Class A*

787

138,040

Shopify, Inc., Class A*

1,787

170,623

Snowflake, Inc., Class A*

1,032

150,837

820,305

Semiconductors & Semiconductor Equipment 23.1%

ASML Holding NV

(Registered), ADR-NL

230

152,405

Astera Labs, Inc.*

1,556

92,847

Broadcom, Inc.

2,909

487,054

Marvell Technology, Inc.

2,365

145,613

Microchip Technology, Inc.

3,607

174,615

Micron Technology, Inc.

2,379

206,711

NVIDIA Corp.

7,988

865,739

ON Semiconductor Corp.*

3,042

123,779

2,248,763

Software 27.4%

Adobe, Inc.*

623

238,939

AppLovin Corp., Class A*

623

165,076

Cadence Design Systems,

Inc.*

742

188,713

Crowdstrike Holdings, Inc.,

Class A*

469

165,360

Dynatrace, Inc.*

2,827

133,293

Guidewire Software, Inc.*

808

151,387

Klaviyo, Inc., Class A*

1,500

45,390

Microsoft Corp.

2,448

918,955

Monday.com Ltd.*

339

82,431

Oracle Corp.

914

127,786

Palantir Technologies, Inc.,

Class A*

1,072

90,477

Common Stocks

Shares

Value ($)

Software

Salesforce, Inc.

1,336

358,529

2,666,336

Technology Hardware, Storage & Peripherals 7.0%

Apple, Inc.

2,442

542,441

Seagate Technology Holdings

plc

1,667

141,612

684,053

Total Investments

(cost $7,424,960) — 95.1%

9,251,671

Other assets in excess of liabilities — 4.9%

472,028

NET ASSETS — 100.0%

$

9,723,699

*

Denotes a non-income producing security.

ADR

American Depositary Receipt

NL

Netherlands

NVIT J.P. Morgan Digital Evolution Strategy Fund - March 31, 2025 (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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

9,251,671

$

–

$

–

$

9,251,671

Total

$

9,251,671

$

–

$

–

$

9,251,671

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan Innovators Fund

Common Stocks 95.9%

Shares

Value ($)

Aerospace & Defense 1.3%

Boeing Co. (The)*

541

92,268

Beverages 2.7%

Celsius Holdings, Inc.*

3,810

135,712

PepsiCo, Inc.

396

59,376

195,088

Broadline Retail 6.8%

Amazon.com, Inc.*

2,330

443,306

Global-e Online Ltd.*

1,568

55,899

499,205

Building Products 1.3%

Trane Technologies plc

287

96,696

Capital Markets 3.3%

Charles Schwab Corp. (The)

2,652

207,599

Coinbase Global, Inc., Class

A*

215

37,029

244,628

Chemicals 2.7%

Sherwin-Williams Co. (The)

573

200,086

Communications Equipment 1.3%

Arista Networks, Inc.*

1,219

94,448

Construction & Engineering 0.9%

Quanta Services, Inc.

251

63,799

Consumer Finance 0.5%

American Express Co.

143

38,474

Electric Utilities 2.0%

NextEra Energy, Inc.

2,079

147,380

Electrical Equipment 2.5%

Eaton Corp. plc

430

116,887

GE Vernova, Inc.

215

65,635

182,522

Electronic Equipment, Instruments & Components 1.3%

Amphenol Corp., Class A

1,398

91,695

Energy Equipment & Services 1.6%

Schlumberger NV

2,724

113,863

Entertainment 1.4%

Netflix, Inc.*

108

100,713

Financial Services 8.3%

Corpay, Inc.*

502

175,057

Fiserv, Inc.*

1,111

245,342

Mastercard, Inc., Class A

215

117,846

Toast, Inc., Class A*

2,186

72,510

610,755

Ground Transportation 1.9%

Old Dominion Freight Line, Inc.

215

35,572

Uber Technologies, Inc.*

1,400

102,004

137,576

Health Care Equipment & Supplies 3.2%

Boston Scientific Corp.*

1,113

112,279

Stryker Corp.

323

120,237

232,516

Health Care Providers & Services 4.2%

Humana, Inc.

323

85,466

UnitedHealth Group, Inc.

430

225,212

310,678

Common Stocks

Shares

Value ($)

Hotels, Restaurants & Leisure 3.1%

Carnival Corp.*

4,150

81,049

Cava Group, Inc.*

573

49,513

Domino's Pizza, Inc.

215

98,782

229,344

Insurance 1.4%

Kinsale Capital Group, Inc.

215

104,643

Interactive Media & Services 4.2%

Alphabet, Inc., Class A

757

117,063

Meta Platforms, Inc., Class A

215

123,917

Reddit, Inc., Class A*

611

64,094

305,074

Life Sciences Tools & Services 1.0%

Thermo Fisher Scientific, Inc.

143

71,157

Machinery 0.9%

Deere & Co.

143

67,117

Pharmaceuticals 2.1%

Bristol-Myers Squibb Co.

1,505

91,790

Eli Lilly & Co.

72

59,466

151,256

Professional Services 1.4%

Automatic Data Processing,

Inc.

323

98,686

Real Estate Management & Development 1.8%

Zillow Group, Inc., Class C*

1,935

132,664

Semiconductors & Semiconductor Equipment 11.5%

Broadcom, Inc.

1,147

192,042

NVIDIA Corp.

4,068

440,890

Taiwan Semiconductor

Manufacturing Co. Ltd.,

ADR-TW

502

83,332

Texas Instruments, Inc.

717

128,845

845,109

Software 11.3%

Autodesk, Inc.*

466

121,999

Braze, Inc., Class A*

1,684

60,759

Datadog, Inc., Class A*

788

78,178

Microsoft Corp.

1,147

430,572

Salesforce, Inc.

504

135,253

826,761

Technology Hardware, Storage & Peripherals 5.6%

Apple, Inc.

1,613

358,296

Western Digital Corp.*

1,362

55,065

413,361

Textiles, Apparel & Luxury Goods 0.9%

NIKE, Inc., Class B

1,075

68,241

Tobacco 3.5%

Philip Morris International, Inc.

1,613

256,032

Total Investments

(cost $5,988,586) — 95.9%

7,021,835

Other assets in excess of liabilities — 4.1%

298,102

NET ASSETS — 100.0%

$

7,319,937

NVIT J.P. Morgan Innovators Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

*

Denotes a non-income producing security.

ADR

American Depositary Receipt

TW

Taiwan

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan Innovators 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

7,021,835

$

–

$

–

$

7,021,835

Total

$

7,021,835

$

–

$

–

$

7,021,835

The Statement of Investments should be read in conjunction 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 Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

Common Stocks 96.1%

Shares

Value ($)

Aerospace & Defense 1.0%

TransDigm Group, Inc.

142

196,427

Automobiles 2.6%

Tesla, Inc.*

2,099

543,977

Beverages 1.9%

Coca-Cola Co. (The)

5,117

366,480

Monster Beverage Corp.*

491

28,733

395,213

Biotechnology 0.8%

AbbVie, Inc.

253

53,009

Gilead Sciences, Inc.

584

65,437

Natera, Inc.*

401

56,705

175,151

Broadline Retail 8.0%

Alibaba Group Holding Ltd.,

ADR-CN

1,605

212,229

Amazon.com, Inc.*

6,724

1,279,308

MercadoLibre, Inc.*

85

165,824

1,657,361

Building Products 0.4%

Trane Technologies plc

273

91,979

Capital Markets 2.9%

Blackstone, Inc.

1,070

149,565

Goldman Sachs Group, Inc.

(The)

376

205,405

Intercontinental Exchange, Inc.

377

65,032

KKR & Co., Inc.

1,503

173,762

593,764

Communications Equipment 0.6%

Arista Networks, Inc.*

1,642

127,222

Construction & Engineering 0.4%

Quanta Services, Inc.

319

81,083

Consumer Staples Distribution & Retail 1.8%

Walmart, Inc.

4,304

377,848

Electrical Equipment 0.4%

Eaton Corp. plc

215

58,444

Vertiv Holdings Co., Class A

330

23,826

82,270

Electronic Equipment, Instruments & Components 0.4%

Amphenol Corp., Class A

1,327

87,038

Entertainment 4.6%

Netflix, Inc.*

746

695,667

Spotify Technology SA*

459

252,464

948,131

Financial Services 9.1%

Berkshire Hathaway, Inc.,

Class B*

595

316,885

Block, Inc., Class A*

114

6,194

Fiserv, Inc.*

1,083

239,159

Mastercard, Inc., Class A

1,271

696,660

PayPal Holdings, Inc.*

73

4,763

Visa, Inc., Class A

1,758

616,109

1,879,770

Ground Transportation 1.4%

Uber Technologies, Inc.*

815

59,381

Common Stocks

Shares

Value ($)

Ground Transportation

Union Pacific Corp.

974

230,098

289,479

Health Care Equipment & Supplies 2.8%

Abbott Laboratories

2,225

295,146

Edwards Lifesciences Corp.*

712

51,606

Intuitive Surgical, Inc.*

487

241,197

587,949

Health Care Providers & Services 1.0%

McKesson Corp.

306

205,935

Hotels, Restaurants & Leisure 4.5%

Airbnb, Inc., Class A*

81

9,676

Booking Holdings, Inc.

37

170,456

Chipotle Mexican Grill, Inc.,

Class A*

602

30,227

DoorDash, Inc., Class A*

1,488

271,962

McDonald's Corp.

833

260,204

Starbucks Corp.

1,979

194,120

936,645

Household Durables 1.0%

DR Horton, Inc.

1,618

205,696

Industrial Conglomerates 1.4%

3M Co.

2,033

298,566

Interactive Media & Services 10.7%

Alphabet, Inc., Class C

6,057

946,285

Meta Platforms, Inc., Class A

2,217

1,277,790

2,224,075

IT Services 3.4%

International Business

Machines Corp.

1,615

401,586

MongoDB, Inc., Class A*

101

17,715

Shopify, Inc., Class A*

1,845

176,161

Snowflake, Inc., Class A*

301

43,994

Twilio, Inc., Class A*

678

66,383

705,839

Life Sciences Tools & Services 0.2%

Thermo Fisher Scientific, Inc.

62

30,851

Media 0.2%

Trade Desk, Inc. (The), Class

A*

739

40,438

Metals & Mining 0.1%

Freeport-McMoRan, Inc.

378

14,311

Oil, Gas & Consumable Fuels 0.5%

Cheniere Energy, Inc.

169

39,106

ConocoPhillips

687

72,149

111,255

Pharmaceuticals 3.3%

Eli Lilly & Co.

473

390,656

Johnson & Johnson

1,793

297,351

688,007

Semiconductors & Semiconductor Equipment 9.4%

ASML Holding NV

(Registered), ADR-NL

16

10,602

Broadcom, Inc.

2,490

416,901

Lam Research Corp.

1,056

76,771

NVIDIA Corp.

12,413

1,345,321

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan Large Cap Growth Fund

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

Taiwan Semiconductor

Manufacturing Co. Ltd.,

ADR-TW

629

104,414

1,954,009

Software 13.3%

Adobe, Inc.*

15

5,753

AppLovin Corp., Class A*

383

101,484

Fair Isaac Corp.*

50

92,208

HubSpot, Inc.*

170

97,119

Intuit, Inc.

289

177,443

Microsoft Corp.

3,670

1,377,681

Oracle Corp.

1,053

147,220

Palo Alto Networks, Inc.*

622

106,138

Salesforce, Inc.

905

242,866

ServiceNow, Inc.*

455

362,244

Synopsys, Inc.*

119

51,033

2,761,189

Specialty Retail 1.3%

AutoZone, Inc.*

55

209,703

Home Depot, Inc. (The)

167

61,204

270,907

Technology Hardware, Storage & Peripherals 5.2%

Apple, Inc.

4,877

1,083,328

Tobacco 1.1%

Philip Morris International, Inc.

1,463

232,222

Trading Companies & Distributors 0.4%

WW Grainger, Inc.

82

81,002

Total Investments

(cost $16,151,780) — 96.1%

19,958,937

Other assets in excess of liabilities — 3.9%

818,815

NET ASSETS — 100.0%

$

20,777,752

*

Denotes a non-income producing security.

ADR

American Depositary Receipt

CN

China

NL

Netherlands

TW

Taiwan

NVIT J.P. Morgan Large Cap Growth Fund - March 31, 2025 (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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

19,958,937

$

–

$

–

$

19,958,937

Total

$

19,958,937

$

–

$

–

$

19,958,937

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan U.S. Equity Fund

Common Stocks 99.8%

Shares

Value ($)

Aerospace & Defense 3.3%

Howmet Aerospace, Inc.

115,443

14,976,420

Northrop Grumman Corp.

38,443

19,683,201

34,659,621

Automobiles 1.2%

Tesla, Inc.*

46,931

12,162,638

Banks 3.9%

US Bancorp

163,692

6,911,076

Wells Fargo & Co.

477,073

34,249,071

41,160,147

Biotechnology 4.4%

AbbVie, Inc.

105,351

22,073,142

Regeneron Pharmaceuticals,

Inc.

21,745

13,791,331

Vertex Pharmaceuticals, Inc.*

21,516

10,431,387

46,295,860

Broadline Retail 4.4%

Amazon.com, Inc.*

243,907

46,405,746

Building Products 2.1%

Carrier Global Corp.

148,499

9,414,836

Trane Technologies plc

37,003

12,467,051

21,881,887

Capital Markets 3.0%

Ameriprise Financial, Inc.

40,041

19,384,249

Morgan Stanley

103,338

12,056,444

31,440,693

Construction Materials 1.9%

Vulcan Materials Co.

84,073

19,614,231

Consumer Finance 2.3%

American Express Co.

91,001

24,483,819

Consumer Staples Distribution & Retail 1.8%

Walmart, Inc.

209,348

18,378,661

Electric Utilities 4.6%

Entergy Corp.

82,285

7,034,545

NextEra Energy, Inc.

163,036

11,557,622

PG&E Corp.

839,819

14,428,090

Southern Co. (The)

159,451

14,661,519

47,681,776

Electrical Equipment 2.1%

Eaton Corp. plc

80,123

21,779,835

Energy Equipment & Services 2.9%

Baker Hughes Co., Class A

688,917

30,277,902

Financial Services 2.9%

Mastercard, Inc., Class A

54,869

30,074,796

Food Products 1.2%

Mondelez International, Inc.,

Class A

177,973

12,075,468

Ground Transportation 1.1%

CSX Corp.

386,201

11,365,895

Health Care Equipment & Supplies 4.1%

Edwards Lifesciences Corp.*

124,134

8,997,232

Medtronic plc

154,881

13,917,607

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies

Stryker Corp.

53,648

19,970,468

42,885,307

Health Care Providers & Services 2.7%

UnitedHealth Group, Inc.

54,907

28,757,541

Hotels, Restaurants & Leisure 4.4%

Chipotle Mexican Grill, Inc.,

Class A*

243,666

12,234,470

Marriott International, Inc.,

Class A

46,882

11,167,292

McDonald's Corp.

72,891

22,768,962

46,170,724

Industrial REITs 0.7%

Prologis, Inc.

66,621

7,447,562

Insurance 3.4%

Arthur J Gallagher & Co.

73,676

25,435,902

Travelers Cos., Inc. (The)

39,573

10,465,476

35,901,378

Interactive Media & Services 6.4%

Alphabet, Inc., Class A

159,016

24,590,234

Meta Platforms, Inc., Class A

73,662

42,455,831

67,046,065

Machinery 1.6%

Deere & Co.

34,743

16,306,627

Oil, Gas & Consumable Fuels 2.4%

Exxon Mobil Corp.

208,477

24,794,170

Pharmaceuticals 0.8%

Eli Lilly & Co.

9,963

8,228,541

Semiconductors & Semiconductor Equipment 10.4%

ASML Holding NV

(Registered), ADR-NL

4,464

2,957,980

Broadcom, Inc.

152,304

25,500,259

Micron Technology, Inc.

63,906

5,552,792

NVIDIA Corp.

503,593

54,579,410

NXP Semiconductors NV

104,170

19,798,550

108,388,991

Software 10.3%

Intuit, Inc.

22,086

13,560,583

Microsoft Corp.

214,460

80,506,139

Oracle Corp.

95,234

13,314,666

107,381,388

Specialty Retail 2.2%

Lowe's Cos., Inc.

100,453

23,428,653

Technology Hardware, Storage & Peripherals 7.3%

Apple, Inc.

345,312

76,704,155

Total Investments

(cost $1,031,357,020) — 99.8%

1,043,180,077

Other assets in excess of liabilities — 0.2%

2,068,452

NET ASSETS — 100.0%

$

1,045,248,529

NVIT J.P. Morgan U.S. Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

*

Denotes a non-income producing security.

ADR

American Depositary Receipt

NL

Netherlands

REIT

Real Estate Investment Trust

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan U.S. Equity Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value

pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted

or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level

2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available,

such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is

traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and

liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S.

dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.  

NVIT J.P. Morgan U.S. Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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.

As of March 31, 2025, the Fund had no open futures contracts.  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

1,043,180,077

$

–

$

–

$

1,043,180,077

Total

$

1,043,180,077

$

–

$

–

$

1,043,180,077

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

30 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan US Technology Leaders Fund

Common Stocks 97.9%

Shares

Value ($)

Automobiles 1.3%

Tesla, Inc.*

791

204,996

Banks 1.8%

NU Holdings Ltd., Class A*

27,407

280,648

Broadline Retail 8.8%

Alibaba Group Holding Ltd.,

ADR-CN

4,282

566,209

Amazon.com, Inc.*

2,681

510,087

MercadoLibre, Inc.*

156

304,336

1,380,632

Capital Markets 2.1%

Robinhood Markets, Inc.,

Class A*

7,907

329,089

Communications Equipment 2.2%

Arista Networks, Inc.*

2,671

206,949

Ciena Corp.*

2,205

133,248

340,197

Electrical Equipment 0.9%

Vicor Corp.*

3,022

141,369

Entertainment 13.0%

Netflix, Inc.*

778

725,508

Sea Ltd., ADR-SG*

2,670

348,408

Spotify Technology SA*

555

305,267

Take-Two Interactive Software,

Inc.*

3,147

652,216

2,031,399

Ground Transportation 1.7%

Uber Technologies, Inc.*

3,672

267,542

Health Care Technology 2.2%

Veeva Systems, Inc., Class A*

1,450

335,864

Hotels, Restaurants & Leisure 1.8%

Booking Holdings, Inc.

62

285,628

Insurance 0.4%

Lemonade, Inc.*

1,741

54,720

Interactive Media & Services 7.9%

Alphabet, Inc., Class C

2,508

391,825

Meta Platforms, Inc., Class A

1,342

773,475

Reddit, Inc., Class A*

715

75,003

1,240,303

IT Services 10.0%

Cloudflare, Inc., Class A*

344

38,765

International Business

Machines Corp.

519

129,055

MongoDB, Inc., Class A*

999

175,225

Shopify, Inc., Class A*

4,730

451,620

Snowflake, Inc., Class A*

3,612

527,930

Twilio, Inc., Class A*

2,407

235,669

1,558,264

Life Sciences Tools & Services 0.6%

Tempus AI, Inc., Class A*(a)

1,979

95,467

Media 1.2%

Trade Desk, Inc. (The), Class

A*

3,373

184,571

Semiconductors & Semiconductor Equipment 14.5%

Allegro MicroSystems, Inc.*

3,510

88,206

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

ASML Holding NV

(Registered), ADR-NL

94

62,287

Broadcom, Inc.

1,926

322,470

Credo Technology Group

Holding Ltd.*

2,526

101,444

Intel Corp.

16,030

364,041

Lam Research Corp.

3,849

279,822

MACOM Technology Solutions

Holdings, Inc.*

451

45,272

Micron Technology, Inc.

1,343

116,693

NVIDIA Corp.

1,931

209,282

Onto Innovation, Inc.*

1,150

139,541

Taiwan Semiconductor

Manufacturing Co. Ltd.,

ADR-TW

2,305

382,630

Texas Instruments, Inc.

815

146,456

2,258,144

Software 25.6%

AppLovin Corp., Class A*

132

34,976

Atlassian Corp., Class A*

1,397

296,457

Cadence Design Systems,

Inc.*

197

50,103

Confluent, Inc., Class A*

7,768

182,082

Crowdstrike Holdings, Inc.,

Class A*

448

157,956

Datadog, Inc., Class A*

1,534

152,188

Elastic NV*

1,942

173,032

Gitlab, Inc., Class A*

4,356

204,732

Guidewire Software, Inc.*

665

124,594

HubSpot, Inc.*

573

327,349

Intuit, Inc.

741

454,967

Monday.com Ltd.*

365

88,753

Oracle Corp.

2,834

396,222

Palo Alto Networks, Inc.*

1,237

211,082

Procore Technologies, Inc.*

2,451

161,815

ServiceNow, Inc.*

623

495,995

Synopsys, Inc.*

470

201,560

Zoom Communications, Inc.,

Class A*

3,966

292,572

4,006,435

Specialized REITs 0.8%

SBA Communications Corp.,

Class A

532

117,045

Technology Hardware, Storage & Peripherals 1.1%

Sandisk Corp.*

1,061

50,514

Western Digital Corp.*

3,158

127,678

178,192

Total Common Stocks

(cost $12,780,816)

15,290,505

NVIT J.P. Morgan US Technology Leaders Fund - March 31, 2025 (Unaudited) - Statement of Investments - 31

Repurchase Agreement 0.6%

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $96,927,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$98,853.(b)

96,915

96,915

Total Repurchase Agreement

(cost $96,915)

96,915

Total Investments

(cost $12,877,731) — 98.5%

15,387,420

Other assets in excess of liabilities — 1.5%

234,064

NET ASSETS — 100.0%

$

15,621,484

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $95,419, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $96,915.

(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, 2025 was $96,915.

ADR

American Depositary Receipt

CN

China

NL

Netherlands

REIT

Real Estate Investment Trust

SG

Singapore

TW

Taiwan

32 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT J.P. Morgan US Technology Leaders 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

15,290,505

$

–

$

–

$

15,290,505

Repurchase Agreement

–

96,915

–

96,915

Total

$

15,290,505

$

96,915

$

–

$

15,387,420

The Statement of Investments should be read in conjunction 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 Allspring Discovery Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Common Stocks 99.1%

Shares

Value ($)

BRAZIL 1.4%

Broadline Retail 1.4%

MercadoLibre, Inc. *

2,916

5,688,737

CANADA 3.3%

Commercial Services & Supplies 1.8%

RB Global, Inc.

71,207

7,142,063

Software 1.5%

Descartes Systems Group, Inc.

(The) *

58,421

5,890,589

13,032,652

DENMARK 1.0%

Biotechnology 1.0%

Ascendis Pharma A/S, ADR *

24,976

3,892,759

ISRAEL 2.9%

Broadline Retail 0.8%

Global-e Online Ltd. *

92,614

3,301,689

IT Services 0.9%

Wix.com Ltd. *

21,913

3,580,146

Pharmaceuticals 1.2%

Teva Pharmaceutical Industries

Ltd., ADR *

296,897

4,563,307

11,445,142

UNITED STATES 90.5%

Aerospace & Defense 2.1%

Axon Enterprise, Inc. *

5,025

2,642,899

Curtiss-Wright Corp.

18,241

5,787,322

8,430,221

Biotechnology 5.7%

ADMA Biologics, Inc. *

208,208

4,130,847

Insmed, Inc. *(a)

54,371

4,147,964

Natera, Inc. *

65,957

9,326,979

Neurocrine Biosciences, Inc. *

28,715

3,175,879

Vaxcyte, Inc. *

42,475

1,603,856

22,385,525

Building Products 1.1%

AAON, Inc. (a)

53,874

4,209,176

Capital Markets 4.8%

Morningstar, Inc.

25,102

7,527,337

Robinhood Markets, Inc., Class A

*(a)

106,782

4,444,267

Tradeweb Markets, Inc., Class A

(a)

48,551

7,207,881

19,179,485

Commercial Services & Supplies 3.9%

Casella Waste Systems, Inc.,

Class A *(a)

96,767

10,790,488

Tetra Tech, Inc. (a)

156,324

4,572,477

15,362,965

Construction & Engineering 3.4%

Construction Partners, Inc., Class

A *(a)

105,548

7,585,734

EMCOR Group, Inc.

15,455

5,712,632

13,298,366

Electronic Equipment, Instruments & Components 2.9%

Novanta, Inc. *

44,229

5,655,562

Teledyne Technologies, Inc. *

11,691

5,818,728

11,474,290

Common Stocks

Shares

Value ($)

UNITED STATES

Entertainment 3.6%

Liberty Media Corp-Liberty Live,

Class C *(a)

103,618

7,060,531

TKO Group Holdings, Inc., Class A

47,881

7,316,695

14,377,226

Financial Services 4.0%

Equitable Holdings, Inc.

187,800

9,782,502

Toast, Inc., Class A *

184,490

6,119,533

15,902,035

Ground Transportation 1.7%

Saia, Inc. *(a)

18,746

6,550,415

Health Care Equipment & Supplies 6.0%

Glaukos Corp. *

38,437

3,782,970

Inspire Medical Systems, Inc. *

32,582

5,189,661

iRhythm Technologies, Inc. *(a)

64,523

6,754,268

Penumbra, Inc. *

29,395

7,860,516

23,587,415

Health Care Providers & Services 6.4%

GeneDx Holdings Corp., Class A *

17,375

1,538,817

HealthEquity, Inc. *(a)

83,393

7,369,439

Option Care Health, Inc. *

159,230

5,565,089

RadNet, Inc. *

132,960

6,610,771

Tenet Healthcare Corp. *(a)

31,616

4,252,352

25,336,468

Hotels, Restaurants & Leisure 6.2%

DraftKings, Inc., Class A *(a)

132,211

4,390,727

Dutch Bros, Inc., Class A *

94,030

5,805,412

Hyatt Hotels Corp., Class A

36,447

4,464,758

Viking Holdings Ltd. *

119,672

4,756,962

Wingstop, Inc.

22,590

5,095,852

24,513,711

Household Durables 1.4%

Taylor Morrison Home Corp.,

Class A *

93,325

5,603,233

Independent Power and Renewable Electricity Producers 0.9%

Talen Energy Corp. *(a)

17,590

3,512,195

IT Services 0.9%

Globant SA *(a)

30,415

3,580,454

Life Sciences Tools & Services 1.9%

Bio-Techne Corp.

54,917

3,219,784

Repligen Corp. *

34,551

4,396,269

7,616,053

Machinery 3.2%

Esab Corp. (a)

50,786

5,916,569

RBC Bearings, Inc. *

21,557

6,936,396

12,852,965

Metals & Mining 3.0%

ATI, Inc. *

71,977

3,744,963

Carpenter Technology Corp. (a)

45,777

8,293,877

12,038,840

Professional Services 1.3%

Parsons Corp. *

88,213

5,223,092

Real Estate Management & Development 1.5%

Jones Lang LaSalle, Inc. *

23,257

5,765,643

Semiconductors & Semiconductor Equipment 3.6%

Entegris, Inc.

43,892

3,839,672

Impinj, Inc. *(a)

29,768

2,699,958

Monolithic Power Systems, Inc.

7,070

4,100,459

Onto Innovation, Inc. *(a)

28,977

3,516,069

14,156,158

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Allspring Discovery Fund

Common Stocks

Shares

Value ($)

UNITED STATES

Software 11.2%

CCC Intelligent Solutions

Holdings, Inc. *(a)

331,758

2,995,775

Clearwater Analytics Holdings,

Inc., Class A *

195,228

5,232,110

Commvault Systems, Inc. *(a)

50,841

8,020,676

CyberArk Software Ltd. *(a)

18,649

6,303,362

Monday.com Ltd. *

23,735

5,771,403

Procore Technologies, Inc. *(a)

109,655

7,239,423

Samsara, Inc., Class A *

113,601

4,354,326

Tyler Technologies, Inc. *

7,578

4,405,773

44,322,848

Specialty Retail 4.5%

Burlington Stores, Inc. *(a)

21,139

5,038,058

Carvana Co., Class A *(a)

24,222

5,064,336

Chewy, Inc., Class A *(a)

98,757

3,210,590

Floor & Decor Holdings, Inc.,

Class A *(a)

53,421

4,298,788

17,611,772

Technology Hardware, Storage & Peripherals 1.0%

Pure Storage, Inc., Class A *(a)

92,374

4,089,397

Trading Companies & Distributors 4.3%

Applied Industrial Technologies,

Inc.

30,083

6,778,903

SiteOne Landscape Supply, Inc.

*(a)

40,514

4,920,020

Watsco, Inc. (a)

10,253

5,211,600

16,910,523

357,890,471

Total Common Stocks

(cost $330,738,211)

391,949,761

Repurchase Agreements 3.8%

Principal

Amount ($)

BNP Paribas Securities Corp.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$5,000,608, collateralized by

U.S. Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054; total

market value $5,100,000.(b)

5,000,000

5,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$5,165,500, collateralized

by U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $5,268,169.(b)

5,164,872

5,164,872

Repurchase Agreements

Principal

Amount ($)

Value ($)

Pershing LLC, 4.35%, dated

3/31/2025, due 4/1/2025,

repurchase price $5,000,604,

collateralized by U.S.

Government Agency and

Treasury Securities, ranging

from 0.00% - 9.00%, maturing

4/1/2025 - 3/20/2075; total

market value $5,100,000.(b)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $15,164,872)

15,164,872

Total Investments

(cost $345,903,083) — 102.9%

407,114,633

Liabilities in excess of other assets — (2.9)%

(

11,351,918

)

NET ASSETS — 100.0%

$395,762,715

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $67,785,477, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $15,164,872 and by $54,225,206 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 7/15/2025 - 8/15/2054, a total value of

$69,390,078.

(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, 2025 was $15,164,872.

ADR

American Depositary Receipt

NVIT Allspring Discovery Fund - March 31, 2025 (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, 2025 (Unaudited) - NVIT Allspring Discovery Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

391,949,761

$

–

$

–

$

391,949,761

Repurchase Agreements

–

15,164,872

–

15,164,872

Total

$

391,949,761

$

15,164,872

$

–

$

407,114,633

The Statement of Investments should be read in conjunction 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 AQR Large Cap Defensive Style Fund - March 31, 2025 (Unaudited) - Statement of Investments - 5

Common Stocks 98.8%

Shares

Value ($)

Aerospace & Defense 4.3%

GE Aerospace

39,144

7,834,671

General Dynamics Corp.

18,762

5,114,146

Lockheed Martin Corp.

17,928

8,008,617

Northrop Grumman Corp.

11,564

5,920,884

RTX Corp.

21,659

2,868,951

29,747,269

Banks 0.1%

JPMorgan Chase & Co.

1,597

391,744

M&T Bank Corp.

1,064

190,190

581,934

Beverages 4.1%

Coca-Cola Co. (The)

132,358

9,479,480

Coca-Cola Consolidated, Inc.

151

203,850

Keurig Dr Pepper, Inc.

13,810

472,578

Molson Coors Beverage Co.,

Class B

13,066

795,327

Monster Beverage Corp.*

163,734

9,581,714

PepsiCo, Inc.

51,453

7,714,863

28,247,812

Biotechnology 2.0%

AbbVie, Inc.

1,183

247,862

Alnylam Pharmaceuticals,

Inc.*(a)

752

203,055

Natera, Inc.*

1,336

188,924

Neurocrine Biosciences, Inc.*

19,615

2,169,419

Regeneron Pharmaceuticals,

Inc.

4,448

2,821,055

United Therapeutics Corp.*

19,015

5,861,754

Vertex Pharmaceuticals, Inc.*

4,055

1,965,945

Viking Therapeutics, Inc.*(a)

26,321

635,652

14,093,666

Broadline Retail 0.1%

Dillard's, Inc., Class A(a)

1,350

483,476

Capital Markets 3.7%

Bank of New York Mellon

Corp. (The)(a)

2,693

225,862

Cboe Global Markets, Inc.

47,988

10,859,205

CME Group, Inc.

43,362

11,503,505

Intercontinental Exchange, Inc.

18,611

3,210,397

25,798,969

Chemicals 0.9%

Corteva, Inc.

24,926

1,568,593

Linde plc(a)

10,688

4,976,761

6,545,354

Commercial Services & Supplies 4.3%

Cintas Corp.

17,936

3,686,386

Copart, Inc.*(a)

60,632

3,431,165

Republic Services, Inc., Class

A

47,175

11,423,898

Rollins, Inc.

13,275

717,248

Waste Management, Inc.

46,656

10,801,331

30,060,028

Communications Equipment 2.5%

Arista Networks, Inc.*

62,264

4,824,215

Cisco Systems, Inc.

154,116

9,510,498

Motorola Solutions, Inc.

5,160

2,259,100

Ubiquiti, Inc.

2,002

620,900

17,214,713

Common Stocks

Shares

Value ($)

Consumer Staples Distribution & Retail 4.5%

BJ's Wholesale Club Holdings,

Inc.*

3,990

455,259

Casey's General Stores, Inc.

(a)

3,560

1,545,182

Costco Wholesale Corp.

10,659

10,081,069

Kroger Co. (The)(a)

137,270

9,291,806

Walmart, Inc.

108,311

9,508,623

30,881,939

Containers & Packaging 0.5%

AptarGroup, Inc.

2,115

313,824

Packaging Corp. of America

14,863

2,943,171

3,256,995

Diversified Consumer Services 0.1%

Grand Canyon Education,

Inc.*(a)

2,845

492,242

Diversified Telecommunication Services 2.9%

AT&T, Inc.

352,957

9,981,624

Verizon Communications, Inc.

228,744

10,375,828

20,357,452

Electric Utilities 0.8%

Duke Energy Corp.(a)

44,721

5,454,621

IDACORP, Inc.

3,055

355,052

5,809,673

Entertainment 3.2%

Electronic Arts, Inc.

59,322

8,573,215

Netflix, Inc.*

2,952

2,752,829

Spotify Technology SA*(a)

17,578

9,668,427

Take-Two Interactive Software,

Inc.*

5,816

1,205,366

22,199,837

Financial Services 2.8%

Fiserv, Inc.*

1,913

422,448

Mastercard, Inc., Class A

14,337

7,858,396

Visa, Inc., Class A(a)

31,104

10,900,708

19,181,552

Food Products 3.4%

Flowers Foods, Inc.

68,867

1,309,162

General Mills, Inc.(a)

50,887

3,042,534

Hershey Co. (The)

24,604

4,208,022

Hormel Foods Corp.

104,076

3,220,111

J M Smucker Co. (The)(a)

7,350

870,313

Kraft Heinz Co. (The)(a)

128,974

3,924,679

McCormick & Co., Inc. (Non-

Voting)(a)

23,716

1,952,064

Mondelez International, Inc.,

Class A

39,768

2,698,259

Pilgrim's Pride Corp.*(a)

22,498

1,226,366

Seaboard Corp.

287

774,073

23,225,583

Ground Transportation 0.4%

Landstar System, Inc.

13,976

2,099,195

U-Haul Holding Co.*(a)

4,550

297,388

2,396,583

Health Care Equipment & Supplies 3.5%

Abbott Laboratories

82,933

11,001,062

Becton Dickinson & Co.

12,973

2,971,595

Boston Scientific Corp.*

16,619

1,676,525

Edwards Lifesciences Corp.*

12,445

902,014

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT AQR Large Cap Defensive Style Fund

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies

Hologic, Inc.*

12,645

781,082

Medtronic plc

40,526

3,641,666

Stryker Corp.

8,166

3,039,794

24,013,738

Health Care Providers & Services 5.6%

Cardinal Health, Inc.

33,504

4,615,846

Cencora, Inc.

21,827

6,069,870

Chemed Corp.(a)

4,929

3,032,912

Cigna Group (The)

5,259

1,730,211

Elevance Health, Inc.

8,193

3,563,627

McKesson Corp.

16,351

11,004,060

Quest Diagnostics, Inc.

1,458

246,694

UnitedHealth Group, Inc.

16,687

8,739,816

39,003,036

Health Care REITs 0.1%

Welltower, Inc.(a)

2,622

401,717

Health Care Technology 0.3%

Veeva Systems, Inc., Class A*

9,013

2,087,681

Hotels, Restaurants & Leisure 2.2%

Booking Holdings, Inc.

370

1,704,557

Cava Group, Inc.*(a)

4,010

346,504

Chipotle Mexican Grill, Inc.,

Class A*

56,450

2,834,355

McDonald's Corp.

33,655

10,512,812

15,398,228

Household Durables 0.6%

Garmin Ltd.(a)

19,414

4,215,362

Household Products 3.5%

Church & Dwight Co., Inc.

58,480

6,438,063

Colgate-Palmolive Co.(a)

77,768

7,286,861

Kimberly-Clark Corp.

1,731

246,183

Procter & Gamble Co. (The)(a)

60,542

10,317,568

24,288,675

Insurance 8.0%

Allstate Corp. (The)

18,454

3,821,270

Arch Capital Group Ltd.

29,212

2,809,610

Assured Guaranty Ltd.

2,764

243,508

Chubb Ltd.

34,725

10,486,603

Everest Group Ltd.

7,945

2,886,657

Markel Group, Inc.*

1,456

2,722,152

Marsh & McLennan Cos., Inc.

21,592

5,269,096

Old Republic International

Corp.

24,286

952,497

Progressive Corp. (The)(a)

41,596

11,772,084

RenaissanceRe Holdings Ltd.

6,276

1,506,240

Travelers Cos., Inc. (The)(a)

30,909

8,174,194

Unum Group

23,096

1,881,400

White Mountains Insurance

Group Ltd.(a)

1,527

2,940,712

55,466,023

Interactive Media & Services 2.5%

Alphabet, Inc., Class A

50,568

7,819,836

Meta Platforms, Inc., Class

A(a)

16,007

9,225,794

Pinterest, Inc., Class A*

18,434

571,454

17,617,084

IT Services 2.0%

Accenture plc, Class A

13,497

4,211,604

Common Stocks

Shares

Value ($)

IT Services

Amdocs Ltd.(a)

8,422

770,613

International Business

Machines Corp.(a)

34,393

8,552,163

13,534,380

Life Sciences Tools & Services 0.9%

Danaher Corp.

13,614

2,790,870

Medpace Holdings, Inc.*(a)

3,685

1,122,782

Thermo Fisher Scientific, Inc.

(a)

4,968

2,472,077

6,385,729

Machinery 0.8%

Cummins, Inc.

835

261,723

IDEX Corp.

2,089

378,046

Illinois Tool Works, Inc.

19,835

4,919,278

5,559,047

Media 1.1%

Fox Corp., Class A

51,737

2,928,314

New York Times Co. (The),

Class A(a)

93,676

4,646,330

7,574,644

Metals & Mining 0.1%

Royal Gold, Inc.(a)

3,893

636,544

Multi-Utilities 0.1%

Consolidated Edison, Inc.

8,446

934,043

Oil, Gas & Consumable Fuels 4.0%

Chevron Corp.

9,563

1,599,794

ConocoPhillips

32,957

3,461,144

Coterra Energy, Inc.

88,274

2,551,119

DT Midstream, Inc.

41,760

4,029,005

EOG Resources, Inc.(a)

59,869

7,677,600

Exxon Mobil Corp.

36,242

4,310,261

Texas Pacific Land Corp.(a)

3,212

4,255,868

27,884,791

Pharmaceuticals 3.6%

Eli Lilly & Co.

9,056

7,479,441

Johnson & Johnson

62,254

10,324,203

Merck & Co., Inc.

78,864

7,078,833

24,882,477

Professional Services 3.7%

Automatic Data Processing,

Inc.

27,303

8,341,886

Booz Allen Hamilton Holding

Corp., Class A

20,680

2,162,714

CACI International, Inc., Class

A*(a)

13,311

4,884,072

FTI Consulting, Inc.*

26,144

4,289,708

Leidos Holdings, Inc.

24,234

3,270,136

Paychex, Inc.(a)

2,348

362,249

Verisk Analytics, Inc., Class A

8,292

2,467,865

25,778,630

Semiconductors & Semiconductor Equipment 0.5%

NVIDIA Corp.

34,312

3,718,735

Software 6.5%

Adobe, Inc.*

1,734

665,041

AppLovin Corp., Class A*

559

148,118

Crowdstrike Holdings, Inc.,

Class A*(a)

8,210

2,894,682

NVIT AQR Large Cap Defensive Style Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Common Stocks

Shares

Value ($)

Software

Datadog, Inc., Class A*

6,218

616,888

Dolby Laboratories, Inc., Class

A(a)

8,637

693,637

Fair Isaac Corp.*(a)

1,581

2,915,617

Fortinet, Inc.*

32,876

3,164,644

Intuit, Inc.

2,289

1,405,423

Manhattan Associates, Inc.*

837

144,834

Microsoft Corp.

19,506

7,322,357

Nutanix, Inc., Class A*

4,059

283,359

Palo Alto Networks, Inc.*(a)

4,704

802,691

Roper Technologies, Inc.

15,191

8,956,310

ServiceNow, Inc.*

4,118

3,278,505

Tyler Technologies, Inc.*(a)

6,692

3,890,662

Zoom Communications, Inc.,

Class A*

105,433

7,777,792

44,960,560

Specialty Retail 3.7%

AutoZone, Inc.*

2,774

10,576,652

Murphy USA, Inc.(a)

3,409

1,601,582

O'Reilly Automotive, Inc.*(a)

8,125

11,639,712

TJX Cos., Inc. (The)

3,736

455,045

Williams-Sonoma, Inc.

9,086

1,436,497

25,709,488

Technology Hardware, Storage & Peripherals 1.5%

Apple, Inc.

45,230

10,046,940

Textiles, Apparel & Luxury Goods 0.4%

Deckers Outdoor Corp.*(a)

25,906

2,896,550

Tobacco 2.3%

Altria Group, Inc.(a)

59,912

3,595,918

Philip Morris International, Inc.

78,347

12,436,020

16,031,938

Wireless Telecommunication Services 0.7%

T-Mobile US, Inc.

16,857

4,495,930

Total Common Stocks

(cost $458,250,715)

684,097,047

Repurchase Agreements 14.5%

Principal

Amount ($)

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $80,009,733,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$81,600,001.(b)

80,000,000

80,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,365,683,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$4,452,455.(b)

4,365,151

4,365,151

ING Financial Services LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $9,001,088,

collateralized by U.S.

Government Agency

Securities, 2.00%,

maturing 7/1/2051; total

market value $9,180,000.

(b)

9,000,000

9,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $7,000,846,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $7,140,000.(b)

7,000,000

7,000,000

Total Repurchase Agreements

(cost $100,365,151)

100,365,151

Total Investments

(cost $558,615,866) — 113.3%

784,462,198

Liabilities in excess of other assets

— (13.3)%

(

92,312,070

)

NET ASSETS — 100.0%

$

692,150,128

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $118,293,949, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $100,365,151 and by $19,395,943 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$119,761,094.

(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, 2025 was $100,365,151.

REIT

Real Estate Investment Trust

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT AQR Large Cap Defensive Style Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

8

6/2025

USD

2,261,300

29,619

Net contracts

29,619

Currency:

USD

United States Dollar

NVIT AQR Large Cap Defensive Style Fund - March 31, 2025 (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, 2025 (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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

684,097,047

$

–

$

–

$

684,097,047

Futures Contracts

29,619

–

–

29,619

Repurchase Agreements

–

100,365,151

–

100,365,151

Total

$

684,126,666

$

100,365,151

$

–

$

784,491,817

Assets:

Fair Value

Futures Contracts

Equity risk

Unrealized appreciation from futures contracts

$

29,619

Total

$

29,619

The Statement of Investments should be read in conjunction 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 Equity Dividend Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

Common Stocks 95.7%

Shares

Value ($)

Aerospace & Defense 3.9%

Airbus SE

15,294

2,696,685

Boeing Co. (The)*

22,826

3,892,974

L3Harris Technologies, Inc.

50,453

10,560,318

RTX Corp.

31,019

4,108,777

21,258,754

Air Freight & Logistics 0.6%

FedEx Corp.

12,917

3,148,906

Automobile Components 0.4%

Lear Corp.

24,194

2,134,395

Automobiles 0.7%

General Motors Co.

84,336

3,966,322

Banks 11.4%

Bank of America Corp.

109,224

4,557,917

Citigroup, Inc.

236,695

16,802,978

First Citizens BancShares,

Inc., Class A(a)

7,047

13,065,984

JPMorgan Chase & Co.

34,562

8,478,059

Wells Fargo & Co.

265,407

19,053,568

61,958,506

Beverages 0.9%

Constellation Brands, Inc.,

Class A

10,309

1,891,907

Keurig Dr Pepper, Inc.

96,631

3,306,713

5,198,620

Broadline Retail 1.0%

Amazon.com, Inc.*

29,718

5,654,147

Building Products 1.0%

Allegion plc

12,750

1,663,365

Johnson Controls International

plc

51,020

4,087,212

5,750,577

Capital Markets 3.0%

Carlyle Group, Inc. (The)

102,864

4,483,842

Charles Schwab Corp. (The)

30,219

2,365,543

Intercontinental Exchange, Inc.

56,155

9,686,738

16,536,123

Chemicals 2.8%

Air Products & Chemicals, Inc.

16,027

4,726,683

Corteva, Inc.

18,084

1,138,026

International Flavors &

Fragrances, Inc.

53,129

4,123,341

PPG Industries, Inc.(a)

50,985

5,575,210

15,563,260

Commercial Services & Supplies 0.7%

Rentokil Initial plc

816,399

3,689,372

Communications Equipment 1.7%

Cisco Systems, Inc.

152,069

9,384,178

Consumer Staples Distribution & Retail 1.3%

Dollar General Corp.

81,004

7,122,682

Containers & Packaging 1.3%

Crown Holdings, Inc.

20,694

1,847,146

Sealed Air Corp.

178,284

5,152,408

6,999,554

Diversified Telecommunication Services 1.1%

Verizon Communications, Inc.

128,907

5,847,222

Common Stocks

Shares

Value ($)

Electric Utilities 3.2%

American Electric Power Co.,

Inc.(a)

27,148

2,966,462

Entergy Corp.

26,836

2,294,209

Exelon Corp.

135,052

6,223,196

PG&E Corp.

346,237

5,948,352

17,432,219

Electrical Equipment 0.2%

Acuity, Inc.(a)

4,291

1,130,035

Entertainment 2.1%

Electronic Arts, Inc.

49,938

7,217,040

Walt Disney Co. (The)

40,823

4,029,230

11,246,270

Financial Services 2.4%

Fidelity National Information

Services, Inc.(a)

108,580

8,108,754

Visa, Inc., Class A(a)

13,877

4,863,334

12,972,088

Food Products 2.2%

Kraft Heinz Co. (The)(a)

267,438

8,138,138

Lamb Weston Holdings, Inc.

77,295

4,119,824

12,257,962

Ground Transportation 0.2%

Norfolk Southern Corp.

4,010

949,769

Health Care Equipment & Supplies 5.5%

Baxter International, Inc.

347,531

11,895,986

Becton Dickinson & Co.

6,259

1,433,687

Koninklijke Philips NV*

170,742

4,337,989

Medtronic plc

137,223

12,330,859

29,998,521

Health Care Providers & Services 9.1%

Cardinal Health, Inc.

113,266

15,604,657

Cigna Group (The)

15,041

4,948,489

CVS Health Corp.

228,255

15,464,276

Elevance Health, Inc.

13,555

5,895,883

Labcorp Holdings, Inc.

32,332

7,524,950

49,438,255

Health Care REITs 0.0%

†

Healthcare Realty Trust, Inc.,

Class A

13,356

225,716

Household Durables 1.6%

Sony Group Corp.

337,500

8,596,630

Household Products 0.8%

Henkel AG & Co. KGaA

(Preference)

52,119

4,143,407

Industrial Conglomerates 0.6%

Honeywell International, Inc.

14,662

3,104,678

Industrial REITs 0.3%

STAG Industrial, Inc.(a)

41,826

1,510,755

Insurance 4.9%

American International Group,

Inc.

93,445

8,124,108

Fidelity National Financial, Inc.

104,457

6,798,062

Willis Towers Watson plc

35,403

11,964,444

26,886,614

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BlackRock Equity Dividend Fund

Common Stocks

Shares

Value ($)

IT Services 1.3%

Cognizant Technology

Solutions Corp., Class A

93,407

7,145,636

Leisure Products 1.0%

Hasbro, Inc.

88,059

5,414,748

Life Sciences Tools & Services 0.1%

Fortrea Holdings, Inc.*

79,855

602,905

Machinery 2.2%

CNH Industrial NV(a)

386,009

4,740,190

Fortive Corp.

35,182

2,574,619

Komatsu Ltd.

51,800

1,503,168

Westinghouse Air Brake

Technologies Corp.

18,999

3,445,469

12,263,446

Media 2.6%

Comcast Corp., Class A

266,368

9,828,979

WPP plc

560,272

4,233,899

14,062,878

Metals & Mining 0.4%

Teck Resources Ltd., Class B

68,266

2,486,930

Multi-Utilities 1.5%

Dominion Energy, Inc.

42,882

2,404,394

Sempra

78,756

5,620,028

8,024,422

Oil, Gas & Consumable Fuels 4.9%

BP plc

1,964,309

11,079,339

Hess Corp.

36,694

5,861,133

Shell plc

263,839

9,602,511

26,542,983

Pharmaceuticals 2.0%

AstraZeneca plc

21,777

3,182,594

Eli Lilly & Co.

2,635

2,176,273

Sanofi SA

48,769

5,404,089

10,762,956

Professional Services 3.7%

Leidos Holdings, Inc.

36,331

4,902,505

SS&C Technologies Holdings,

Inc.(a)

179,809

15,019,446

19,921,951

Residential REITs 0.7%

Mid-America Apartment

Communities, Inc.(a)

24,595

4,121,630

Semiconductors & Semiconductor Equipment 2.6%

Applied Materials, Inc.

7,905

1,147,174

Intel Corp.

131,285

2,981,482

Microchip Technology, Inc.(a)

51,558

2,495,923

Micron Technology, Inc.

8,763

761,417

NVIDIA Corp.

13,935

1,510,275

STMicroelectronics NV

88,900

1,945,955

Taiwan Semiconductor

Manufacturing Co. Ltd.,

ADR-TW

18,603

3,088,098

13,930,324

Software 2.3%

Microsoft Corp.

33,057

12,409,267

Specialized REITs 1.2%

Crown Castle, Inc.

61,902

6,452,045

Common Stocks

Shares

Value ($)

Technology Hardware, Storage & Peripherals 3.1%

Hewlett Packard Enterprise

Co.(a)

140,515

2,168,146

HP, Inc.

220,221

6,097,919

Samsung Electronics Co. Ltd.,

GDR-KR Reg. S

8,529

8,392,327

16,658,392

Tobacco 1.1%

British American Tobacco plc,

ADR-UK(a)

140,765

5,823,448

Trading Companies & Distributors 0.1%

WESCO International, Inc.

3,192

495,718

Total Common Stocks

(cost $427,755,760)

521,225,216

Master Limited Partnership 1.0%

Oil, Gas & Consumable Fuels 1.0%

Enterprise Products Partners

LP

164,559

5,618,044

Total Master Limited Partnership

(cost  $3,046,663)

5,618,044

Repurchase Agreements 3.0%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $6,314,845,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$6,440,358.(b)

6,314,076

6,314,076

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $10,001,208,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $10,200,000.(b)

10,000,000

10,000,000

Total Repurchase Agreements

(cost $16,314,076)

16,314,076

Total Investments

(cost $447,116,499) — 99.7%

543,157,336

Other assets in excess of liabilities — 0.3%

1,443,518

NET ASSETS — 100.0%

$

544,600,854

NVIT BlackRock Equity Dividend Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $44,239,119, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $16,314,076 and by $28,310,453 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/30/2025 - 5/15/2054, a total value of

$44,624,529.

(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, 2025 was $16,314,076.

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.

REIT

Real Estate Investment Trust

TW

Taiwan

UK

United Kingdom

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT BlackRock Equity Dividend 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 BlackRock Equity Dividend Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. 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

$

18,562,069

$

2,696,685

$

–

$

21,258,754

Air Freight & Logistics

3,148,906

–

–

3,148,906

Automobile Components

2,134,395

–

–

2,134,395

Automobiles

3,966,322

–

–

3,966,322

Banks

61,958,504

–

–

61,958,504

Beverages

5,198,621

–

–

5,198,621

Broadline Retail

5,654,147

–

–

5,654,147

Building Products

5,750,577

–

–

5,750,577

Capital Markets

16,536,123

–

–

16,536,123

Chemicals

15,563,260

–

–

15,563,260

Commercial Services & Supplies

–

3,689,372

–

3,689,372

Communications Equipment

9,384,178

–

–

9,384,178

Consumer Staples Distribution & Retail

7,122,682

–

–

7,122,682

Containers & Packaging

6,999,554

–

–

6,999,554

Diversified Telecommunication Services

5,847,222

–

–

5,847,222

Electric Utilities

17,432,219

–

–

17,432,219

Electrical Equipment

1,130,035

–

–

1,130,035

Entertainment

11,246,270

–

–

11,246,270

Financial Services

12,972,088

–

–

12,972,088

Food Products

12,257,962

–

–

12,257,962

Ground Transportation

949,769

–

–

949,769

Health Care Equipment & Supplies

25,660,532

4,337,989

–

29,998,521

Health Care Providers & Services

49,438,255

–

–

49,438,255

Health Care REITs

225,716

–

–

225,716

Household Durables

–

8,596,630

–

8,596,630

Household Products

–

4,143,407

–

4,143,407

Industrial Conglomerates

3,104,679

–

–

3,104,679

Industrial REITs

1,510,755

–

–

1,510,755

Insurance

26,886,614

–

–

26,886,614

IT Services

7,145,636

–

–

7,145,636

Leisure Products

5,414,748

–

–

5,414,748

Life Sciences Tools & Services

602,905

–

–

602,905

Machinery

10,760,278

1,503,168

–

12,263,446

Media

9,828,979

4,233,899

–

14,062,878

Metals & Mining

2,486,930

–

–

2,486,930

Multi-Utilities

8,024,422

–

–

8,024,422

Oil, Gas & Consumable Fuels

5,861,133

20,681,850

–

26,542,983

Pharmaceuticals

2,176,273

8,586,683

–

10,762,956

Professional Services

19,921,951

–

–

19,921,951

Residential REITs

4,121,630

–

–

4,121,630

Semiconductors & Semiconductor

Equipment

11,984,369

1,945,955

–

13,930,324

Software

12,409,267

–

–

12,409,267

Specialized REITs

6,452,045

–

–

6,452,045

Technology Hardware, Storage &

Peripherals

8,266,065

8,392,327

–

16,658,392

Tobacco

5,823,448

–

–

5,823,448

Trading Companies & Distributors

495,718

–

–

495,718

Total Common Stocks

$

452,417,251

$

68,807,965

$

–

$

521,225,216

Master Limited Partnership

5,618,044

–

–

5,618,044

Repurchase Agreements

–

16,314,076

–

16,314,076

Total

$

458,035,295

$

85,122,041

$

–

$

543,157,336

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Calvert Equity Fund

Common Stocks 96.6%

Shares

Value ($)

Capital Markets 8.9%

Intercontinental Exchange, Inc.

14,841

2,560,072

Moody's Corp.

2,487

1,158,171

MSCI, Inc., Class A

1,997

1,129,304

S&P Global, Inc.

8,000

4,064,800

8,912,347

Chemicals 7.7%

Air Products & Chemicals, Inc.

4,337

1,279,068

Ecolab, Inc.

13,231

3,354,323

Linde plc

6,457

3,006,638

7,640,029

Commercial Services & Supplies 1.1%

Veralto Corp.

11,691

1,139,288

Consumer Staples Distribution & Retail 1.8%

Costco Wholesale Corp.

602

569,359

Dollar General Corp.

14,273

1,255,025

1,824,384

Containers & Packaging 0.7%

Ball Corp.

12,464

649,000

Electronic Equipment, Instruments & Components 4.1%

Amphenol Corp., Class A

47,494

3,115,132

TE Connectivity plc

6,541

924,374

4,039,506

Financial Services 12.2%

Fiserv, Inc.*

6,348

1,401,829

Mastercard, Inc., Class A

8,765

4,804,272

PayPal Holdings, Inc.*

17,138

1,118,254

Visa, Inc., Class A(a)

13,869

4,860,530

12,184,885

Health Care Equipment & Supplies 2.3%

IDEXX Laboratories, Inc.*

3,644

1,530,298

Intuitive Surgical, Inc.*

1,457

721,608

2,251,906

Hotels, Restaurants & Leisure 0.7%

Starbucks Corp.

7,502

735,871

Insurance 3.3%

Aon plc, Class A

2,606

1,040,029

Marsh & McLennan Cos., Inc.

9,268

2,261,670

3,301,699

Interactive Media & Services 4.0%

Alphabet, Inc., Class C

25,281

3,949,651

IT Services 6.3%

Accenture plc, Class A

2,265

706,771

Gartner, Inc.*

6,775

2,843,738

VeriSign, Inc.*

10,883

2,762,867

6,313,376

Life Sciences Tools & Services 11.8%

Agilent Technologies, Inc.

11,198

1,309,942

Common Stocks

Shares

Value ($)

Life Sciences Tools & Services

Danaher Corp.

22,325

4,576,625

Thermo Fisher Scientific, Inc.

8,548

4,253,485

West Pharmaceutical

Services, Inc.

7,180

1,607,458

11,747,510

Machinery 3.6%

IDEX Corp.

6,763

1,223,900

Xylem, Inc.

20,179

2,410,583

3,634,483

Personal Care Products 0.6%

Estee Lauder Cos., Inc. (The),

Class A

8,803

580,998

Pharmaceuticals 3.7%

Zoetis, Inc., Class A

22,086

3,636,460

Professional Services 5.2%

Equifax, Inc.

5,665

1,379,768

Verisk Analytics, Inc., Class A

12,902

3,839,893

5,219,661

Software 9.2%

Adobe, Inc.*

2,871

1,101,115

Intuit, Inc.

5,519

3,388,611

Microsoft Corp.

11,108

4,169,832

Tyler Technologies, Inc.*

888

516,274

9,175,832

Specialized REITs 3.9%

American Tower Corp.

13,697

2,980,467

Crown Castle, Inc.

8,431

878,763

3,859,230

Specialty Retail 4.8%

O'Reilly Automotive, Inc.*

867

1,242,047

TJX Cos., Inc. (The)

29,318

3,570,932

4,812,979

Textiles, Apparel & Luxury Goods 0.7%

NIKE, Inc., Class B

11,001

698,344

Total Investments

(cost $75,004,009) — 96.6%

96,307,439

Other assets in excess of liabilities — 3.4%

3,427,973

NET ASSETS — 100.0%

$

99,735,412

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $4,860,179, which was collateralized

by $4,853,120 in the form of U.S Government Treasury

Securities, interest rates ranging from 0.00% - 6.13%, and

maturity dates ranging from 4/30/2025 - 5/15/2054.

REIT

Real Estate Investment Trust

NVIT Calvert Equity Fund - March 31, 2025 (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.  

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Calvert Equity Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

96,307,439

$

–

$

–

$

96,307,439

Total

$

96,307,439

$

–

$

–

$

96,307,439

The Statement of Investments should be read in conjunction 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 Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 19

Common Stocks 99.5%

Shares

Value ($)

Aerospace & Defense 1.4%

Huntington Ingalls Industries,

Inc.(a)

6,147

1,254,234

Leonardo DRS, Inc.

13,853

455,486

Lockheed Martin Corp.

3,325

1,485,311

3,195,031

Air Freight & Logistics 0.4%

Expeditors International of

Washington, Inc.

8,313

999,638

Automobiles 2.5%

Ford Motor Co.(a)

237,598

2,383,108

General Motors Co.

68,622

3,227,293

5,610,401

Banks 1.7%

BOK Financial Corp.

1,660

172,889

Wells Fargo & Co.

49,769

3,572,917

3,745,806

Biotechnology 0.4%

Amgen, Inc.

1,089

339,278

Incyte Corp.*

6,572

397,935

Moderna, Inc.*(a)

5,132

145,492

882,705

Broadline Retail 2.2%

Amazon.com, Inc.*

24,237

4,611,332

Coupang, Inc.*

17,935

393,314

5,004,646

Building Products 1.5%

Builders FirstSource, Inc.*

291

36,357

Lennox International, Inc.

3,894

2,183,872

Masco Corp.

18,035

1,254,154

3,474,383

Capital Markets 3.8%

Bank of New York Mellon

Corp. (The)

46,250

3,878,987

Houlihan Lokey, Inc., Class A

1,986

320,739

Interactive Brokers Group,

Inc., Class A

6,034

999,170

MSCI, Inc., Class A

2,140

1,210,170

Northern Trust Corp.

21,068

2,078,358

SEI Investments Co.

2,220

172,339

8,659,763

Chemicals 2.4%

Huntsman Corp.

34,562

545,734

Linde plc

7,051

3,283,227

LyondellBasell Industries NV,

Class A(a)

15,197

1,069,869

Westlake Corp.

5,889

589,077

5,487,907

Commercial Services & Supplies 1.5%

Cintas Corp.

10,864

2,232,878

Rollins, Inc.

18,724

1,011,658

Tetra Tech, Inc.(a)

2,610

76,342

Veralto Corp.

533

51,941

3,372,819

Communications Equipment 1.5%

Arista Networks, Inc.*

41,279

3,198,297

Ubiquiti, Inc.(a)

892

276,645

3,474,942

Common Stocks

Shares

Value ($)

Construction & Engineering 0.3%

Comfort Systems USA, Inc.

2,284

736,202

Consumer Staples Distribution & Retail 2.9%

Costco Wholesale Corp.

5,245

4,960,616

Maplebear, Inc.*

3,605

143,803

Target Corp.(a)

13,852

1,445,595

6,550,014

Containers & Packaging 1.3%

Amcor plc(a)

91,988

892,283

Ball Corp.

17,723

922,837

Crown Holdings, Inc.

13,658

1,219,113

3,034,233

Electrical Equipment 0.3%

AMETEK, Inc.

3,828

658,952

Electronic Equipment, Instruments & Components 0.7%

Jabil, Inc.

10,880

1,480,442

Energy Equipment & Services 0.2%

Halliburton Co.

16,078

407,899

Entertainment 0.4%

Live Nation Entertainment,

Inc.*(a)

6,234

814,036

Roku, Inc., Class A*

2,613

184,059

998,095

Financial Services 2.8%

Corebridge Financial, Inc.

18,665

589,254

Mastercard, Inc., Class A

10,381

5,690,034

6,279,288

Food Products 1.4%

Freshpet, Inc.*(a)

4,040

336,007

Hormel Foods Corp.

16,540

511,748

Pilgrim's Pride Corp.*(a)

8,026

437,497

Tyson Foods, Inc., Class A

27,832

1,775,960

3,061,212

Ground Transportation 1.8%

JB Hunt Transport Services,

Inc.

17,073

2,525,950

Old Dominion Freight Line, Inc.

7,835

1,296,301

Ryder System, Inc.

1,000

143,810

3,966,061

Health Care Equipment & Supplies 2.0%

Align Technology, Inc.*

4,375

695,013

Dexcom, Inc.*

5,477

374,024

Edwards Lifesciences Corp.*

42,651

3,091,344

GE HealthCare Technologies,

Inc.(a)

4,670

376,916

4,537,297

Health Care Providers & Services 3.2%

Cardinal Health, Inc.

6,130

844,530

Elevance Health, Inc.

1,379

599,810

McKesson Corp.

6,278

4,225,031

Molina Healthcare, Inc.*

4,584

1,509,924

7,179,295

Health Care Technology 0.0%

†

Waystar Holding Corp.*

657

24,546

Hotels, Restaurants & Leisure 2.7%

Airbnb, Inc., Class A*

686

81,950

Booking Holdings, Inc.

964

4,441,061

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large Cap Core Fund

Common Stocks

Shares

Value ($)

Hotels, Restaurants & Leisure

Domino's Pizza, Inc.(a)

2,760

1,268,082

Wingstop, Inc.

1,009

227,610

6,018,703

Household Durables 2.5%

DR Horton, Inc.

5,527

702,648

Garmin Ltd.

7,556

1,640,634

Lennar Corp., Class A

12,845

1,474,349

NVR, Inc.*

192

1,390,923

Whirlpool Corp.(a)

5,850

527,260

5,735,814

Household Products 1.7%

Church & Dwight Co., Inc.

8,347

918,921

Clorox Co. (The)

5,055

744,349

Kimberly-Clark Corp.

5,168

734,993

Procter & Gamble Co. (The)

8,788

1,497,651

3,895,914

Insurance 6.5%

Allstate Corp. (The)

3,404

704,866

Arch Capital Group Ltd.

7,898

759,630

CNA Financial Corp.

8,067

409,723

Everest Group Ltd.

2,331

846,922

Globe Life, Inc.

12,573

1,656,116

MetLife, Inc.

2,359

189,404

Progressive Corp. (The)

15,273

4,322,412

Prudential Financial, Inc.

13,652

1,524,655

RLI Corp.

4,732

380,122

Travelers Cos., Inc. (The)

11,022

2,914,878

W R Berkley Corp.

14,269

1,015,382

14,724,110

Interactive Media & Services 4.1%

Alphabet, Inc., Class C

27,139

4,239,926

Meta Platforms, Inc., Class

A(a)

8,685

5,005,687

9,245,613

IT Services 1.8%

EPAM Systems, Inc.*

4,777

806,549

Kyndryl Holdings, Inc.*

1,929

60,570

VeriSign, Inc.*

12,992

3,298,279

4,165,398

Leisure Products 0.1%

Polaris, Inc.(a)

6,400

262,016

Life Sciences Tools & Services 0.1%

10X Genomics, Inc., Class

A*(a)

2,874

25,090

Illumina, Inc.*(a)

3,700

293,558

318,648

Machinery 2.5%

Cummins, Inc.

6,624

2,076,226

Graco, Inc.

8,082

674,928

Otis Worldwide Corp.

28,698

2,961,634

5,712,788

Media 1.6%

Comcast Corp., Class A

57,443

2,119,647

Omnicom Group, Inc.

15,580

1,291,738

Trade Desk, Inc. (The), Class

A*

2,313

126,567

3,537,952

Common Stocks

Shares

Value ($)

Metals & Mining 1.0%

Commercial Metals Co.

6,180

284,342

Nucor Corp.(a)

5,372

646,466

Reliance, Inc.

2,521

727,939

Southern Copper Corp.(a)

1,400

130,844

Steel Dynamics, Inc.

4,657

582,498

2,372,089

Multi-Utilities 0.7%

Public Service Enterprise

Group, Inc.

20,166

1,659,662

Oil, Gas & Consumable Fuels 3.4%

EOG Resources, Inc.

7,623

977,574

Exxon Mobil Corp.

41,967

4,991,135

Phillips 66

13,378

1,651,915

7,620,624

Passenger Airlines 0.6%

Southwest Airlines Co.

37,481

1,258,612

Pharmaceuticals 2.0%

Corcept Therapeutics, Inc.*

5,782

660,420

Merck & Co., Inc.

42,011

3,770,907

4,431,327

Professional Services 1.6%

Automatic Data Processing,

Inc.

6,921

2,114,573

FTI Consulting, Inc.*

4,763

781,513

Jacobs Solutions, Inc.

5,849

707,086

3,603,172

Residential REITs 0.8%

Essex Property Trust, Inc.(a)

6,041

1,851,989

Semiconductors & Semiconductor Equipment 7.1%

Lam Research Corp.

54,878

3,989,631

NVIDIA Corp.

89,375

9,686,462

QUALCOMM, Inc.

15,179

2,331,646

16,007,739

Software 11.0%

Adobe, Inc.*

5,680

2,178,450

Appfolio, Inc., Class A*(a)

2,849

626,495

Dropbox, Inc., Class A*

60,424

1,613,925

Manhattan Associates, Inc.*

6,717

1,162,310

Microsoft Corp.

29,448

11,054,485

Palantir Technologies, Inc.,

Class A*(a)

4,748

400,731

Palo Alto Networks, Inc.*

24,423

4,167,541

Pegasystems, Inc.

11,443

795,517

Salesforce, Inc.

10,714

2,875,209

24,874,663

Specialized REITs 0.1%

Millrose Properties, Inc., Class

A*

6,422

170,247

Specialty Retail 1.4%

Tractor Supply Co.

45,533

2,508,868

Williams-Sonoma, Inc.

3,698

584,654

3,093,522

Technology Hardware, Storage & Peripherals 8.8%

Apple, Inc.

89,078

19,786,896

Textiles, Apparel & Luxury Goods 0.8%

Columbia Sportswear Co.(a)

6,090

460,952

Deckers Outdoor Corp.*

10,122

1,131,741

NVIT Jacobs Levy Large Cap Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

Common Stocks

Shares

Value ($)

Textiles, Apparel & Luxury Goods

NIKE, Inc., Class B

2,193

139,212

1,731,905

Total Common Stocks

(cost $187,626,221)

224,900,980

Repurchase Agreement 3.1%

Principal

Amount ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $6,987,663,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$7,126,549.(b)

6,986,813

6,986,813

Total Repurchase Agreement

(cost $6,986,813)

6,986,813

Total Investments

(cost $194,613,034) — 102.6%

231,887,793

Liabilities in excess of other assets — (2.6)%

(

5,966,965

)

NET ASSETS — 100.0%

$

225,920,828

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $18,462,729, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $6,986,813 and by $11,759,399 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 8/15/2025 - 8/15/2054, a total value of

$18,746,212.

(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, 2025 was $6,986,813.

REIT

Real Estate Investment Trust

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large Cap 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 Jacobs Levy Large Cap Core Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

224,900,980

$

–

$

–

$

224,900,980

Repurchase Agreement

–

6,986,813

–

6,986,813

Total

$

224,900,980

$

6,986,813

$

–

$

231,887,793

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Victory Mid Cap Value Fund

Common Stocks 97.9%

Shares

Value ($)

Aerospace & Defense 1.3%

Textron, Inc.

55,200

3,988,200

Automobile Components 1.8%

Aptiv plc*(a)

37,000

2,201,500

BorgWarner, Inc.

123,925

3,550,451

5,751,951

Banks 3.3%

Huntington Bancshares, Inc.

285,400

4,283,854

Prosperity Bancshares, Inc.

40,625

2,899,406

Truist Financial Corp.

76,500

3,147,975

10,331,235

Beverages 0.8%

Primo Brands Corp., Class A

68,000

2,413,320

Broadline Retail 1.3%

eBay, Inc.

58,000

3,928,340

Building Products 1.1%

Carrier Global Corp.

55,700

3,531,380

Capital Markets 1.0%

Raymond James Financial,

Inc.

21,400

2,972,674

Chemicals 5.6%

Axalta Coating Systems Ltd.*

133,300

4,421,561

CF Industries Holdings, Inc.

50,000

3,907,500

RPM International, Inc.

35,800

4,141,344

Westlake Corp.

50,500

5,051,515

17,521,920

Commercial Services & Supplies 0.8%

Republic Services, Inc., Class

A

10,200

2,470,032

Consumer Staples Distribution & Retail 6.2%

BJ's Wholesale Club Holdings,

Inc.*(a)

27,875

3,180,538

Maplebear, Inc.*(a)

94,450

3,767,610

Performance Food Group

Co.*(a)

62,800

4,937,964

US Foods Holding Corp.*(a)

111,200

7,279,152

19,165,264

Containers & Packaging 6.4%

AptarGroup, Inc.

29,175

4,328,986

Avery Dennison Corp.

19,000

3,381,430

Crown Holdings, Inc.

68,700

6,132,162

Graphic Packaging Holding

Co.

109,075

2,831,587

Packaging Corp. of America

16,300

3,227,726

19,901,891

Electric Utilities 3.7%

Alliant Energy Corp.

131,000

8,429,850

Xcel Energy, Inc.

42,300

2,994,417

11,424,267

Electrical Equipment 1.5%

Hubbell, Inc., Class B

4,500

1,489,095

Regal Rexnord Corp.(a)

28,700

3,267,495

4,756,590

Electronic Equipment, Instruments & Components 4.1%

Flex Ltd.*(a)

22,825

755,051

Keysight Technologies, Inc.*

24,725

3,703,063

Trimble, Inc.*

66,800

4,385,420

Common Stocks

Shares

Value ($)

Electronic Equipment, Instruments & Components

Zebra Technologies Corp.,

Class A*

13,800

3,899,328

12,742,862

Energy Equipment & Services 1.8%

Baker Hughes Co., Class A

128,900

5,665,155

Ground Transportation 3.7%

JB Hunt Transport Services,

Inc.

26,400

3,905,880

Knight-Swift Transportation

Holdings, Inc., Class A

102,075

4,439,242

Landstar System, Inc.

21,200

3,184,240

11,529,362

Health Care Equipment & Supplies 3.3%

Cooper Cos., Inc. (The)*

58,500

4,934,475

Hologic, Inc.*(a)

84,375

5,211,844

10,146,319

Health Care Providers & Services 2.1%

Quest Diagnostics, Inc.

38,900

6,581,880

Hotels, Restaurants & Leisure 2.6%

Expedia Group, Inc.

34,875

5,862,488

Hilton Worldwide Holdings,

Inc.

9,600

2,184,480

8,046,968

Insurance 10.2%

American Financial Group,

Inc.(a)

26,900

3,533,046

Fidelity National Financial, Inc.

95,300

6,202,124

Hartford Insurance Group, Inc.

(The)

56,300

6,965,999

Old Republic International

Corp.

126,375

4,956,427

Principal Financial Group, Inc.

45,600

3,847,272

Willis Towers Watson plc

18,600

6,285,870

31,790,738

IT Services 2.1%

Akamai Technologies, Inc.*(a)

46,600

3,751,300

Globant SA*(a)

22,500

2,648,700

6,400,000

Life Sciences Tools & Services 0.5%

Agilent Technologies, Inc.

13,750

1,608,475

Machinery 4.9%

AGCO Corp.(a)

42,600

3,943,482

Lincoln Electric Holdings, Inc.

(a)

17,200

3,253,552

Middleby Corp. (The)*

29,100

4,422,618

Xylem, Inc.

29,700

3,547,962

15,167,614

Metals & Mining 2.5%

Franco-Nevada Corp.

33,500

5,278,260

Steel Dynamics, Inc.(a)

21,125

2,642,315

7,920,575

Oil, Gas & Consumable Fuels 4.3%

Chord Energy Corp.

38,000

4,283,360

Coterra Energy, Inc.

193,800

5,600,820

Devon Energy Corp.

92,700

3,466,980

13,351,160

NVIT Victory Mid Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 25

Common Stocks

Shares

Value ($)

Professional Services 4.2%

FTI Consulting, Inc.*

20,400

3,347,232

Genpact Ltd.(a)

125,500

6,322,690

TransUnion

40,300

3,344,497

13,014,419

Residential REITs 3.1%

Camden Property Trust

46,975

5,745,042

Equity LifeStyle Properties,

Inc.(a)

60,300

4,022,010

9,767,052

Retail REITs 1.8%

NNN REIT, Inc.

131,275

5,598,879

Semiconductors & Semiconductor Equipment 1.7%

MKS Instruments, Inc.(a)

40,800

3,270,120

ON Semiconductor Corp.*

49,700

2,022,293

5,292,413

Software 1.2%

Check Point Software

Technologies Ltd.*

16,500

3,760,680

Specialized REITs 3.4%

Lamar Advertising Co., Class

A(a)

42,800

4,869,784

SBA Communications Corp.,

Class A

25,400

5,588,254

10,458,038

Specialty Retail 1.9%

Bath & Body Works, Inc.(a)

79,500

2,410,440

GCI Liberty, Inc. Escrow, Class

Class A*^∞

32,251

0

Ross Stores, Inc.

26,425

3,376,851

5,787,291

Textiles, Apparel & Luxury Goods 1.8%

Ralph Lauren Corp., Class A

11,500

2,538,510

Skechers USA, Inc., Class A*

51,675

2,934,107

5,472,617

Water Utilities 1.9%

American Water Works Co.,

Inc.(a)

40,600

5,989,312

Total Common Stocks

(cost $285,946,871)

304,248,873

Repurchase Agreements 8.1%

Principal

Amount ($)

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $22,002,677,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$22,440,000.(b)

22,000,000

22,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $76,986,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$78,516.(b)

76,976

76,976

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $3,000,363,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $3,060,000.(b)

3,000,000

3,000,000

Total Repurchase Agreements

(cost $25,076,976)

25,076,976

Total Investments

(cost $311,023,847) — 106.0%

329,325,849

Liabilities in excess of other assets — (6.0)%

(

18,614,589

)

NET ASSETS — 100.0%

$

310,711,260

*

Denotes a non-income producing security.

^

Value determined using significant unobservable inputs.

∞

Fair valued security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $34,708,548, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $25,076,976 and by $10,335,047 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 8/15/2025 - 8/15/2054, a total value of

$35,412,023.

(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, 2025 was $25,076,976.

REIT

Real Estate Investment Trust

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Victory 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 Victory Mid Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

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, 2025. 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

$

3,988,200

$

–

$

–

$

3,988,200

Automobile Components

5,751,951

–

–

5,751,951

Banks

10,331,235

–

–

10,331,235

Beverages

2,413,320

–

–

2,413,320

Broadline Retail

3,928,340

–

–

3,928,340

Building Products

3,531,380

–

–

3,531,380

Capital Markets

2,972,674

–

–

2,972,674

Chemicals

17,521,920

–

–

17,521,920

Commercial Services & Supplies

2,470,032

–

–

2,470,032

Consumer Staples Distribution & Retail

19,165,263

–

–

19,165,263

Containers & Packaging

19,901,891

–

–

19,901,891

Electric Utilities

11,424,267

–

–

11,424,267

Electrical Equipment

4,756,590

–

–

4,756,590

Electronic Equipment, Instruments &

Components

12,742,862

–

–

12,742,862

Energy Equipment & Services

5,665,155

–

–

5,665,155

Ground Transportation

11,529,362

–

–

11,529,362

Health Care Equipment & Supplies

10,146,319

–

–

10,146,319

Health Care Providers & Services

6,581,880

–

–

6,581,880

Hotels, Restaurants & Leisure

8,046,968

–

–

8,046,968

Insurance

31,790,738

–

–

31,790,738

IT Services

6,400,000

–

–

6,400,000

Life Sciences Tools & Services

1,608,475

–

–

1,608,475

Machinery

15,167,614

–

–

15,167,614

Metals & Mining

7,920,575

–

–

7,920,575

Oil, Gas & Consumable Fuels

13,351,160

–

–

13,351,160

Professional Services

13,014,419

–

–

13,014,419

Residential REITs

9,767,053

–

–

9,767,053

Retail REITs

5,598,879

–

–

5,598,879

Semiconductors & Semiconductor

Equipment

5,292,413

–

–

5,292,413

Software

3,760,680

–

–

3,760,680

Specialized REITs

10,458,038

–

–

10,458,038

Specialty Retail

5,787,291

–

–

5,787,291

Textiles, Apparel & Luxury Goods

5,472,617

–

–

5,472,617

Water Utilities

5,989,312

–

–

5,989,312

Total Common Stocks

$

304,248,873

$

–

$

–

$

304,248,873

Repurchase Agreements

–

25,076,976

–

25,076,976

Total

$

304,248,873

$

25,076,976

$

–

$

329,325,849

As of March 31, 2025, the Fund held one common stock investment that was categorized as a Level 3 investment which was

valued at $0.

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Victory Mid Cap Value Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency contracts.

(a) 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, to hedge the U.S. dollar value of portfolio securities

denominated in a foreign currency, and/or to seek to protect against anticipated changes in future foreign currency exchange rate,

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.

As of March 31, 2025, the Fund had no open forward foreign currency contracts.

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

Common Stocks 97.3%

Shares

Value ($)

Aerospace & Defense 1.5%

Leonardo DRS, Inc.

46,888

1,541,678

Lockheed Martin Corp.

9,116

4,072,208

5,613,886

Automobiles 0.8%

Tesla, Inc.*

12,134

3,144,647

Banks 0.9%

Popular, Inc.

39,307

3,630,788

Biotechnology 2.0%

ACADIA Pharmaceuticals,

Inc.*

47,817

794,240

Blueprint Medicines Corp.*

19,508

1,726,653

Exelixis, Inc.*

29,200

1,078,064

Incyte Corp.*

56,004

3,391,042

Natera, Inc.*

4,202

594,205

7,584,204

Broadline Retail 3.4%

Amazon.com, Inc.*

50,398

9,588,723

Coupang, Inc.*

155,976

3,420,554

13,009,277

Building Products 1.5%

Builders FirstSource, Inc.*

8,159

1,019,385

Lennox International, Inc.

8,225

4,612,827

5,632,212

Capital Markets 2.3%

Houlihan Lokey, Inc., Class

A(a)

30,071

4,856,466

Moelis & Co., Class A

33,552

1,958,095

MSCI, Inc., Class A

3,806

2,152,293

8,966,854

Chemicals 0.0%

†

Innospec, Inc.

1,206

114,269

Commercial Services & Supplies 2.3%

Cintas Corp.

4,589

943,177

Rollins, Inc.

39,557

2,137,265

Tetra Tech, Inc.(a)

141,581

4,141,244

Veralto Corp.

17,484

1,703,816

8,925,502

Communications Equipment 1.7%

Arista Networks, Inc.*

74,451

5,768,464

Ubiquiti, Inc.(a)

2,044

633,926

6,402,390

Construction & Engineering 2.2%

Comfort Systems USA, Inc.

14,358

4,628,014

EMCOR Group, Inc.

9,122

3,371,765

Fluor Corp.*

11,952

428,121

8,427,900

Consumer Finance 1.4%

Ally Financial, Inc.(a)

147,379

5,374,912

Electronic Equipment, Instruments & Components 1.6%

Jabil, Inc.

27,109

3,688,722

Zebra Technologies Corp.,

Class A*

8,076

2,281,954

5,970,676

Entertainment 4.2%

Live Nation Entertainment,

Inc.*

28,298

3,695,153

Common Stocks

Shares

Value ($)

Entertainment

ROBLOX Corp., Class A*

44,045

2,567,383

Roku, Inc., Class A*

35,299

2,486,461

Spotify Technology SA*

13,596

7,478,208

16,227,205

Financial Services 1.5%

Mastercard, Inc., Class A

8,746

4,793,857

Visa, Inc., Class A(a)

3,099

1,086,076

5,879,933

Food Products 1.0%

Freshpet, Inc.*

13,377

1,112,565

Pilgrim's Pride Corp.*(a)

49,145

2,678,894

3,791,459

Ground Transportation 0.7%

ArcBest Corp.

10,305

727,327

Lyft, Inc., Class A*

167,441

1,987,524

Old Dominion Freight Line, Inc.

95

15,718

Werner Enterprises, Inc.

2,720

79,696

2,810,265

Health Care Equipment & Supplies 3.6%

Align Technology, Inc.*

16,414

2,607,528

Edwards Lifesciences Corp.*

80,985

5,869,793

GE HealthCare Technologies,

Inc.

64,530

5,208,216

13,685,537

Health Care Providers & Services 3.3%

Elevance Health, Inc.

225

97,866

McKesson Corp.

10,647

7,165,325

Molina Healthcare, Inc.*(a)

16,500

5,434,935

12,698,126

Hotels, Restaurants & Leisure 4.7%

Airbnb, Inc., Class A*

27,438

3,277,743

Booking Holdings, Inc.

1,826

8,412,218

Domino's Pizza, Inc.(a)

6,690

3,073,721

Wingstop, Inc.

13,593

3,066,309

17,829,991

Household Durables 0.6%

Cavco Industries, Inc.*

2,653

1,378,578

SharkNinja, Inc.*(a)

12,472

1,040,290

2,418,868

Household Products 0.0%

†

Central Garden & Pet Co.,

Class A*

1,240

40,585

Insurance 2.0%

Everest Group Ltd.

4,125

1,498,736

Kinsale Capital Group, Inc.

1,769

860,990

RLI Corp.(a)

29,942

2,405,241

Selective Insurance Group,

Inc.

29,893

2,736,405

7,501,372

Interactive Media & Services 6.5%

Alphabet, Inc., Class C

72,291

11,294,023

Meta Platforms, Inc., Class A

18,569

10,702,429

TripAdvisor, Inc.*

149,063

2,112,223

Yelp, Inc., Class A*

14,505

537,120

24,645,795

IT Services 2.3%

DigitalOcean Holdings, Inc.*

42,023

1,403,148

30 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large Cap Growth Fund

Common Stocks

Shares

Value ($)

IT Services

EPAM Systems, Inc.*

12,289

2,074,875

VeriSign, Inc.*

20,392

5,176,917

8,654,940

Machinery 2.2%

Atmus Filtration Technologies,

Inc.

58,326

2,142,314

Franklin Electric Co., Inc.

3,748

351,862

Illinois Tool Works, Inc.(a)

23,976

5,946,288

8,440,464

Media 0.9%

Trade Desk, Inc. (The), Class

A*

61,328

3,355,868

Oil, Gas & Consumable Fuels 0.1%

Matador Resources Co.

5,423

277,061

Paper & Forest Products 0.9%

Louisiana-Pacific Corp.

36,435

3,351,291

Pharmaceuticals 2.2%

Corcept Therapeutics, Inc.*

57,045

6,515,680

Eli Lilly & Co.

2,243

1,852,516

8,368,196

Professional Services 1.8%

Insperity, Inc.

33,692

3,006,337

KBR, Inc.

68,212

3,397,640

TriNet Group, Inc.

7,340

581,621

6,985,598

Semiconductors & Semiconductor Equipment 6.9%

Broadcom, Inc.

20,261

3,392,299

Lam Research Corp.

101,840

7,403,768

Monolithic Power Systems,

Inc.

5,391

3,126,672

NVIDIA Corp.

72,568

7,864,920

Teradyne, Inc.

38,518

3,181,587

Universal Display Corp.

10,228

1,426,602

26,395,848

Software 14.5%

Adobe, Inc.*

20,945

8,033,036

Appfolio, Inc., Class A*

4,046

889,715

Atlassian Corp., Class A*

22,172

4,705,120

Blackbaud, Inc.*

6,150

381,608

Dropbox, Inc., Class A*

205,437

5,487,222

Manhattan Associates, Inc.*

9,461

1,637,132

Microsoft Corp.

44,915

16,860,642

Nutanix, Inc., Class A*

52,627

3,673,891

Palo Alto Networks, Inc.*(a)

44,080

7,521,811

Pegasystems, Inc.

25,045

1,741,128

RingCentral, Inc., Class A*

30,223

748,322

Teradata Corp.*(a)

4,540

102,059

UiPath, Inc., Class A*(a)

234,997

2,420,469

Workiva, Inc., Class A*

12,430

943,561

55,145,716

Specialty Retail 3.0%

Boot Barn Holdings, Inc.*(a)

10,939

1,175,177

O'Reilly Automotive, Inc.*(a)

2,192

3,140,215

Tractor Supply Co.(a)

86,810

4,783,231

Williams-Sonoma, Inc.

14,236

2,250,712

11,349,335

Common Stocks

Shares

Value ($)

Technology Hardware, Storage & Peripherals 11.8%

Apple, Inc.

202,459

44,972,218

Textiles, Apparel & Luxury Goods 1.0%

Deckers Outdoor Corp.*(a)

34,306

3,835,754

Total Common Stocks

(cost $325,251,851)

371,458,942

Repurchase Agreements 7.7%

Principal

Amount ($)

Bank of America NA,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $2,000,242,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $2,040,000.

(b)

2,000,000

2,000,000

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,608,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$5,100,000.(b)

5,000,000

5,000,000

BofA Securities, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $2,000,242,

collateralized by U.S.

Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070;

total market value

$2,040,000.(b)

2,000,000

2,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $3,183,016,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$3,246,281.(b)

3,182,628

3,182,628

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 31

Repurchase Agreements

Principal

Amount ($)

Value ($)

ING Financial Services LLC,

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $1,000,844,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$1,020,001.(b)

1,000,000

1,000,000

ING Financial Services LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $10,001,208,

collateralized by U.S.

Government Agency

Securities, 2.00%,

maturing 7/1/2051;

total market value

$10,200,000.(b)

10,000,000

10,000,000

MetLife, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,000,121,

collateralized by U.S.

Government Treasury

Securities, 0.00%,

maturing 11/15/2027 -

11/15/2045; total market

value $1,020,532.(b)

1,000,000

1,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,604,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $5,100,000.(b)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $29,182,628)

29,182,628

Total Investments

(cost $354,434,479) — 105.0%

400,641,570

Liabilities in excess of other assets — (5.0)%

(

19,235,189

)

NET ASSETS — 100.0%

$

381,406,381

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $34,410,707, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $29,182,628 and by $5,672,290 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/30/2025 - 8/15/2054, a total value of

$34,854,918.

(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, 2025 was $29,182,628.

32 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large Cap Growth Fund

OTC Total return swap contracts outstanding as of March 31, 2025:

Reference Entity

Payments Made by

Fund

Payments Received

by Fund

Frequency of

Payments Made/

Received

Counterparty

Maturity Date

Quantity

Unrealized

Appreciation

(Depreciation) ($)

Value ($)

Advanced Micro

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

11/28/2025

13,690

6,571

6,571

AeroVironment, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

9,777

17,012

17,012

Akero Therapeutics,

Inc.

Increases in total

return of reference

entity

OBFR - 0.46% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

4,708

10,546

10,546

Alphabet, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

65,235

24,137

24,137

Amicus

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

3/31/2026

188,716

50,953

50,953

Atlanta Braves

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

2/27/2026

58,009

2,320

2,320

Avidity Biosciences,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

36,121

75,132

75,132

Axsome

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

4/30/2026

12,196

23,172

23,172

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

12/31/2025

21,161

14,178

14,178

Boot Barn Holdings,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

1,235

4,026

4,026

Bridgebio Pharma,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

27,195

14,685

14,685

Builders FirstSource,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

8/29/2025

1,508

648

648

Calix, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

34,893

13,957

13,957

Central Garden &

Pet Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

7/31/2025

1,234

753

753

Cintas Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

5,236

14,137

14,137

Cleanspark, Inc.

Increases in total

return of reference

entity

OBFR - 0.46% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

23,856

11,212

11,212

Constellation 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

4/30/2026

9,058

34,058

34,058

Crinetics

Pharmaceuticals,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

58,895

70,085

70,085

Deckers Outdoor

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

726

182

182

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 33

Reference Entity

Payments Made by

Fund

Payments Received

by Fund

Frequency of

Payments Made/

Received

Counterparty

Maturity Date

Quantity

Unrealized

Appreciation

(Depreciation) ($)

Value ($)

Doximity, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

29,228

14,029

14,029

Dutch Bros, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

37,262

29,064

29,064

Edgewise

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

4/30/2026

49,159

62,432

62,432

Everest Group Ltd.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

730

2,438

2,438

Exelixis, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

34,350

7,557

7,557

Five9, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

69,619

41,771

41,771

Freshworks, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

74,670

31,361

31,361

Impinj, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

18,335

20,169

20,169

Insmed, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

12,336

20,971

20,971

Jabil, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

4,772

764

764

Joby Aviation, Inc.

Increases in total

return of reference

entity

OBFR - 0.58% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

324,372

29,193

29,193

KB Home

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

3,055

1,191

1,191

Kratos Defense &

Security Solutions,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

62,954

62,324

62,324

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

9/30/2025

43,633

124,354

124,354

LCI Industries

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

5,441

163

163

Lennox

International, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

8/29/2025

1,230

9,569

9,569

Leonardo DRS, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

14,287

2,000

2,000

Live Nation

Entertainment, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

5,123

28,433

28,433

LPL Financial

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

5/29/2026

466

164

164

34 - Statement of Investments - March 31, 2025 (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 ($)

Lyft, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

136,215

40,864

40,864

Marvell Technology,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

13,982

6,572

6,572

Mirion Technologies,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/29/2026

123,984

15,590

15,590

Modine

Manufacturing Co.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

20,865

52,163

52,163

Molina Healthcare,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

698

4,565

4,565

nCino, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

61,942

89,816

89,816

New Fortress

Energy, Inc.

Increases in total

return of reference

entity

OBFR - 0.58% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

200,802

108,433

108,433

Oracle Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

7/31/2025

14,264

15,120

15,120

O'Reilly Automotive,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

1,453

34,916

34,916

PAR Technology

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

30,408

3,041

3,041

Pegasystems, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/29/2026

21,472

2,601

2,601

Pilgrim's Pride Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

15,704

17,588

17,588

PROCEPT

BioRobotics Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

30,567

54,715

54,715

Protagonist

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

4/30/2026

18,140

9,433

9,433

Rambus, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

37,568

72,318

72,318

Revolution

Medicines, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

52,593

104,660

104,660

RLI Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

5,658

2,829

2,829

Rollins, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

1,918

1,860

1,860

Scholar Rock

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

3/31/2026

5,800

4,002

4,002

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 35

Reference Entity

Payments Made by

Fund

Payments Received

by Fund

Frequency of

Payments Made/

Received

Counterparty

Maturity Date

Quantity

Unrealized

Appreciation

(Depreciation) ($)

Value ($)

Selective Insurance

Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

8,206

1,067

1,067

Shift4 Payments,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

22,179

63,654

63,654

SpringWorks

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

4/30/2026

38,117

125,024

125,024

Sweetgreen, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

47,291

24,118

24,118

Tidewater, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

36,964

43,987

43,987

Tractor Supply Co.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

17,795

33,099

33,099

Trex Co., Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

16,445

12,992

12,992

TriNet Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

20,911

3,764

3,764

TripAdvisor, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

13,924

1,184

1,184

Unity 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

3/31/2026

82,200

78,090

78,090

Uranium 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

4/30/2026

332,173

63,113

63,113

UWM Holdings

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

324,385

22,201

22,201

Vaxcyte, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

28,020

888,234

888,234

Warby Parker, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

39,666

17,453

17,453

WillScot Holdings

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

12/31/2025

62,457

17,488

17,488

Wingstop, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

2,249

4,161

4,161

–

–

Total unrealized appreciation

2,916,426

2,916,426

–

–

10X Genomics, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

137,037

(58,926)

(58,926)

ACADIA

Pharmaceuticals,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

66,226

(30,464)

(30,464)

Advanced Energy

Industries, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

10,420

(6,356)

(6,356)

36 - Statement of Investments - March 31, 2025 (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 ($)

Alamo Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

277

(729)

(729)

Ally Financial, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

7/31/2025

3,142

(3,079)

(3,079)

Amazon.com, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

49,000

(120,540)

(120,540)

American Tower

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

4,142

(8,450)

(8,450)

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

9/30/2025

18,471

(8,173)

(8,173)

Appfolio, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

7,758

(10,861)

(10,861)

ArcBest Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

14,106

(3,103)

(3,103)

Arista Networks, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

12,825

(5,900)

(5,900)

Atlassian Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

3,851

(22,259)

(22,259)

Atmus Filtration

Technologies, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

5/30/2025

39,544

(30,844)

(30,844)

Aurora Innovation,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

39,274

(1,571)

(1,571)

Axos Financial, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

30,480

(30,175)

(30,175)

Blackbaud, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

8,246

(495)

(495)

Blueprint Medicines

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

12,562

(2,638)

(2,638)

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

4/30/2026

21,367

(17,307)

(17,307)

Celsius Holdings,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

46,129

(90,874)

(90,874)

Clearwater Analytics

Holdings, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

79,604

(21,493)

(21,493)

Coupang, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

56,016

(24,087)

(24,087)

Crocs, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

19,634

(4,123)

(4,123)

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 37

Reference Entity

Payments Made by

Fund

Payments Received

by Fund

Frequency of

Payments Made/

Received

Counterparty

Maturity Date

Quantity

Unrealized

Appreciation

(Depreciation) ($)

Value ($)

DigitalOcean

Holdings, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

18,586

(14,497)

(14,497)

EMCOR Group, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

2,412

(2,991)

(2,991)

Energizer Holdings,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

8/29/2025

4,420

(2,431)

(2,431)

Enphase Energy,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

34,811

(13,924)

(13,924)

EQT Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

36,923

(15,508)

(15,508)

Franklin Electric

Co., Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

2,106

(1,516)

(1,516)

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

3/31/2026

43,803

(51,907)

(51,907)

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

2/27/2026

16,506

(23,273)

(23,273)

Hilton Grand

Vacations, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

52,744

(2,110)

(2,110)

Howmet Aerospace,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

20,962

(838)

(838)

JBT Marel Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

12,939

(776)

(776)

KBR, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

1,464

(549)

(549)

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

1/30/2026

1,373

(618)

(618)

LiveRamp Holdings,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

43,935

(8,787)

(8,787)

Loar Holdings, Inc.

Increases in total

return of reference

entity

OBFR - 0.46% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

29,359

(137,400)

(137,400)

Manhattan

Associates, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

17,757

(7,813)

(7,813)

McDonald'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

7/31/2025

2,548

(17,963)

(17,963)

MGE 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

5/30/2025

19,217

(9,609)

(9,609)

Microsoft Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

42,164

(108,783)

(108,783)

38 - Statement of Investments - March 31, 2025 (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 ($)

Mueller Industries,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

11/28/2025

2,942

(588)

(588)

Northern Oil & Gas,

Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

17,980

(9,529)

(9,529)

Nutanix, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

10,041

(12,150)

(12,150)

NVIDIA Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

9/30/2025

314,425

(402,393)

(402,393)

OSI Systems, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

13,931

(14,210)

(14,210)

Otter Tail Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

20,000

(3,300)

(3,300)

Palantir

Technologies, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

65,490

(94,961)

(94,961)

Progress Software

Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

38,087

(4,570)

(4,570)

RadNet, Inc.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

30,847

(8,637)

(8,637)

Rapid7, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

13,024

(14,066)

(14,066)

RingCentral, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

43,849

(35,518)

(35,518)

ROBLOX Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

37,676

(29,387)

(29,387)

Simply Good Foods

Co. (The)

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

1/30/2026

11,922

(1,073)

(1,073)

SiTime Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

7,020

(3,229)

(3,229)

Teradata Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

2/27/2026

34,307

(17,154)

(17,154)

Ubiquiti, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

853

(111)

(111)

Universal Display

Corp.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

10,367

(54,323)

(54,323)

VSE Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

7,603

(25,546)

(25,546)

Werner Enterprises,

Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

4/30/2026

5,710

(171)

(171)

NVIT Jacobs Levy Large Cap Growth Fund - March 31, 2025 (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 ($)

Workiva, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

10/31/2025

6,292

(17,743)

(17,743)

Yelp, Inc.

OBFR + 0.30% and

decreases in total

return of reference

entity

Increases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

3/31/2026

10,558

(1,900)

(1,900)

Zurn Elkay Water

Solutions Corp.

Increases in total

return of reference

entity

OBFR - 0.25% and

decreases in total

return of reference

entity

Monthly

JPMorgan Chase

Bank NA

6/30/2025

57,795

(6,357)

(6,357)

–

–

Total unrealized depreciation

(1,680,656)

(1,680,656)

–

–

Net unrealized appreciation

1,235,770

1,235,770

Financing Costs of Swap Contracts

(

113,514

)

(

113,514

)

Total Unrealized Appreciation (Depreciation) including Financing Costs of Swap Contracts

1,122,256

1,122,256

OBFR

Overnight Bank Funding Rate

40 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large 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 Jacobs Levy Large Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 41

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using swap contracts.

(a) Swap Contracts             

Total Return Swap Contracts

— The Fund entered into total return swap contracts to take long and short positions in equities or 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.

Total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means

that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic

benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the

counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all

of which are reflected in the swap’s market value.

The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short

positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or

minus a specified spread determined based upon the country and/or currency of the positions in the portfolio. Positions within the

swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued

financing fees become available for cash settlement between the Fund and the counterparty. Cash settlement in and out of the

swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement.

Certain swaps have no stated expiration and can be terminated by either party at any time.

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

371,458,942

$

–

$

–

$

371,458,942

Repurchase Agreements

–

29,182,628

–

29,182,628

Total Return Swaps†

–

2,916,426

–

2,916,426

Total Assets

$

371,458,942

$

32,099,054

$

–

$

403,557,996

Liabilities:

Total Return Swaps†

$

–

$

(

1,794,170

)

$

–

$

(

1,794,170

)

Total Liabilities

$

–

$

(

1,794,170

)

$

–

$

(

1,794,170

)

Total

$

371,458,942

$

30,304,884

$

–

$

401,763,826

†

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†

Equity risk

Swap contracts, at value

$

2,916,426

Total

$

2,916,426

42 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Jacobs Levy Large Cap Growth Fund

Liabilities:

Swap Contracts†

Equity risk

Swap contracts, at value

$

(

1,794,170

)

Total

$

(

1,794,170

)

†

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 Invesco Small Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 43

Common Stocks 94.7%

Shares

Value ($)

Aerospace & Defense 4.8%

Curtiss-Wright Corp.

8,746

2,774,843

Embraer SA, ADR-BR*

51,808

2,393,530

Karman Holdings, Inc.*

21,596

721,738

Loar Holdings, Inc.*(a)

22,671

1,601,706

Rocket Lab USA, Inc.*(a)

63,068

1,127,656

8,619,473

Automobile Components 0.7%

Modine Manufacturing Co.*(a)

15,430

1,184,253

Banks 1.0%

Bancorp, Inc. (The)*

33,993

1,796,190

Biotechnology 6.6%

ADMA Biologics, Inc.*

46,400

920,576

Blueprint Medicines Corp.*

14,245

1,260,825

Bridgebio Pharma, Inc.*(a)

31,425

1,086,362

Cytokinetics, Inc.*(a)

10,502

422,075

Halozyme Therapeutics,

Inc.*(a)

21,422

1,366,938

Insmed, Inc.*(a)

24,385

1,860,332

Janux Therapeutics, Inc.*(a)

7,027

189,729

Krystal Biotech, Inc.*(a)

3,845

693,254

Merus NV*

14,159

595,952

SpringWorks Therapeutics,

Inc.*

12,852

567,159

Twist Bioscience Corp.*(a)

36,648

1,438,800

Vaxcyte, Inc.*(a)

11,467

432,994

Vericel Corp.*(a)

23,263

1,037,995

11,872,991

Broadline Retail 1.8%

Ollie's Bargain Outlet

Holdings, Inc.*(a)

27,415

3,190,009

Building Products 1.3%

AAON, Inc.(a)

16,985

1,327,038

AZEK Co., Inc. (The), Class A*

21,413

1,046,882

2,373,920

Capital Markets 6.1%

Cohen & Steers, Inc.(a)

11,210

899,602

Evercore, Inc., Class A

9,668

1,930,893

Hamilton Lane, Inc., Class A(a)

19,725

2,932,516

Piper Sandler Cos.

6,054

1,499,334

StepStone Group, Inc., Class

A

72,340

3,778,318

11,040,663

Commercial Services & Supplies 2.5%

Casella Waste Systems, Inc.,

Class A*(a)

31,531

3,516,022

Clean Harbors, Inc.*

4,535

893,848

4,409,870

Construction & Engineering 3.3%

Comfort Systems USA, Inc.

4,582

1,476,916

Construction Partners, Inc.,

Class A*(a)

24,508

1,761,390

Primoris Services Corp.

28,532

1,638,022

Sterling Infrastructure, Inc.*

9,644

1,091,797

5,968,125

Consumer Finance 0.5%

Upstart Holdings, Inc.*

20,208

930,174

Common Stocks

Shares

Value ($)

Diversified Consumer Services 2.0%

Duolingo, Inc., Class A*

11,610

3,605,369

Electrical Equipment 0.4%

Powell Industries, Inc.(a)

4,534

772,276

Electronic Equipment, Instruments & Components 4.2%

Celestica, Inc.*

44,431

3,501,607

Coherent Corp.*

15,546

1,009,557

Itron, Inc.*

11,041

1,156,655

PAR Technology Corp.*(a)

29,992

1,839,710

7,507,529

Energy Equipment & Services 2.6%

Archrock, Inc.

83,396

2,188,311

TechnipFMC plc(a)

80,819

2,561,154

4,749,465

Financial Services 2.4%

Mr. Cooper Group, Inc.*

28,320

3,387,072

Paymentus Holdings, Inc.,

Class A*

35,485

926,159

4,313,231

Health Care Equipment & Supplies 5.2%

Glaukos Corp.*(a)

18,964

1,866,437

Inspire Medical Systems,

Inc.*(a)

10,243

1,631,505

Integer Holdings Corp.*

15,947

1,881,905

Lantheus Holdings, Inc.*

6,509

635,278

Merit Medical Systems, Inc.*

24,621

2,602,686

PROCEPT BioRobotics

Corp.*(a)

12,287

715,841

9,333,652

Health Care Providers & Services 7.6%

Alignment Healthcare, Inc.*

43,502

810,007

BrightSpring Health Services,

Inc.*(a)

100,068

1,810,230

Concentra Group Holdings

Parent, Inc.(a)

29,511

640,389

Encompass Health Corp.

42,274

4,281,511

GeneDx Holdings Corp., Class

A*(a)

11,560

1,023,812

Guardant Health, Inc.*

16,370

697,362

HealthEquity, Inc.*(a)

29,336

2,592,422

RadNet, Inc.*(a)

35,456

1,762,872

13,618,605

Health Care Technology 1.1%

Waystar Holding Corp.*(a)

51,680

1,930,765

Hotels, Restaurants & Leisure 4.9%

Dutch Bros, Inc., Class A*

14,526

896,835

Planet Fitness, Inc., Class

A*(a)

20,622

1,992,291

Shake Shack, Inc., Class A*(a)

21,753

1,917,962

Sweetgreen, Inc., Class A*(a)

56,339

1,409,602

Texas Roadhouse, Inc., Class

A

15,477

2,578,933

8,795,623

Household Durables 0.6%

Taylor Morrison Home Corp.,

Class A*

17,291

1,038,152

44 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Invesco Small Cap Growth Fund

Common Stocks

Shares

Value ($)

Independent Power and Renewable Electricity Producers

0.7%

Talen Energy Corp.*(a)

6,741

1,345,976

Life Sciences Tools & Services 1.0%

Repligen Corp.*(a)

14,264

1,814,951

Machinery 7.5%

Crane Co.

18,259

2,796,914

Esab Corp.(a)

24,403

2,842,949

Federal Signal Corp.

22,532

1,657,229

Flowserve Corp.

33,340

1,628,326

Mueller Water Products, Inc.,

Class A(a)

81,853

2,080,703

SPX Technologies, Inc.*

19,784

2,547,783

13,553,904

Metals & Mining 3.3%

ATI, Inc.*

28,657

1,491,024

Carpenter Technology Corp.(a)

24,580

4,453,404

5,944,428

Office REITs 1.1%

Highwoods Properties, Inc.

32,273

956,572

SL Green Realty Corp.(a)

17,891

1,032,311

1,988,883

Personal Care Products 1.1%

BellRing Brands, Inc.*

27,540

2,050,628

Pharmaceuticals 0.4%

Axsome Therapeutics, Inc.*

6,254

729,404

Semiconductors & Semiconductor Equipment 4.3%

Astera Labs, Inc.*

14,830

884,906

MACOM Technology Solutions

Holdings, Inc.*

27,136

2,723,912

Silicon Laboratories, Inc.*(a)

7,106

799,922

SiTime Corp.*(a)

13,910

2,126,422

Tower Semiconductor Ltd.*

33,541

1,196,072

7,731,234

Software 13.4%

Alkami Technology, Inc.*(a)

40,022

1,050,578

Appfolio, Inc., Class A*(a)

7,039

1,547,876

Braze, Inc., Class A*(a)

25,302

912,896

Cellebrite DI Ltd.*

57,410

1,115,476

Clearwater Analytics Holdings,

Inc., Class A*

114,445

3,067,126

Commvault Systems, Inc.*

13,400

2,113,984

CyberArk Software Ltd.*

11,271

3,809,598

Intapp, Inc.*(a)

37,779

2,205,538

nCino, Inc.*(a)

41,649

1,144,098

Pegasystems, Inc.

28,284

1,966,304

Q2 Holdings, Inc.*(a)

36,171

2,894,042

Vertex, Inc., Class A*(a)

41,634

1,457,606

Workiva, Inc., Class A*(a)

9,735

738,984

24,024,106

Specialty Retail 1.0%

Boot Barn Holdings, Inc.*

11,890

1,277,343

RH*(a)

2,550

597,745

1,875,088

Common Stocks

Shares

Value ($)

Trading Companies & Distributors 1.3%

Applied Industrial

Technologies, Inc.

10,315

2,324,382

Total Common Stocks

(cost $155,142,549)

170,433,319

Repurchase Agreements 3.8%

Principal

Amount ($)

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,608,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$5,100,000.(b)

5,000,000

5,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,761,041,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$1,796,043.(b)

1,760,827

1,760,827

Total Repurchase Agreements

(cost $6,760,827)

6,760,827

Total Investments

(cost $161,903,376) — 98.5%

177,194,146

Other assets in excess of liabilities — 1.5%

2,743,865

NET ASSETS — 100.0%

$

179,938,011

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $51,362,717, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $6,760,827 and by $46,401,390 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$53,162,217.

(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, 2025 was $6,760,827.

ADR

American Depositary Receipt

BR

Brazil

REIT

Real Estate Investment Trust

NVIT Invesco Small Cap Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 45

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.  

46 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Invesco Small Cap Growth Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

170,433,319

$

–

$

–

$

170,433,319

Repurchase Agreements

–

6,760,827

–

6,760,827

Total

$

170,433,319

$

6,760,827

$

–

$

177,194,146

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Multi-Manager Small Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 47

Common Stocks 97.6%

Shares

Value ($)

Aerospace & Defense 1.4%

AerSale Corp.*

1,846

13,827

Cadre Holdings, Inc.(a)

56,896

1,684,691

Huntington Ingalls Industries,

Inc.(a)

2,004

408,896

V2X, Inc.*

10,485

514,289

2,621,703

Air Freight & Logistics 0.1%

Hub Group, Inc., Class A(a)

4,260

158,344

Radiant Logistics, Inc.*

4,328

26,617

184,961

Automobile Components 2.3%

American Axle &

Manufacturing Holdings,

Inc.*

91,840

373,789

Cooper-Standard Holdings,

Inc.*

11,100

170,052

Dana, Inc.(a)

94,322

1,257,312

Dorman Products, Inc.*(a)

19,182

2,312,198

Phinia, Inc.

1,941

82,357

Stoneridge, Inc.*

8,009

36,761

4,232,469

Banks 10.8%

1st Source Corp.

470

28,111

Amalgamated Financial Corp.

6,503

186,961

Amerant Bancorp, Inc., Class

A

15,162

312,944

Banc of California, Inc.

44,620

633,158

Bank of NT Butterfield & Son

Ltd. (The)

14,340

558,113

Bank7 Corp.

360

13,946

BankUnited, Inc.

48,150

1,658,286

BayCom Corp.

860

21,646

BCB Bancorp, Inc.

3,196

31,512

Berkshire Hills Bancorp, Inc.

28,744

749,931

Business First Bancshares,

Inc.

5,756

140,159

Byline Bancorp, Inc.

4,874

127,504

Capital Bancorp, Inc.

2,375

67,284

Capital City Bank Group, Inc.

3,672

132,045

Central Pacific Financial Corp.

11,316

305,985

Chemung Financial Corp.

500

23,785

Civista Bancshares, Inc.

3,867

75,561

CNB Financial Corp.

3,380

75,205

Community Trust Bancorp, Inc.

6,849

344,916

ConnectOne Bancorp, Inc.(a)

5,702

138,616

FB Financial Corp.

14,242

660,259

First Bancorp

90,266

1,730,399

First Bank

1,000

14,810

First Business Financial

Services, Inc.

401

18,907

First Commonwealth Financial

Corp.

6,050

94,017

First Financial Corp.

5,964

292,117

First Foundation, Inc.(a)

1,000

5,190

First Internet Bancorp

3,677

98,470

First Savings Financial Group,

Inc.

103

2,653

Flushing Financial Corp.

12,995

165,036

FS Bancorp, Inc.

1,120

42,571

Common Stocks

Shares

Value ($)

Banks

Great Southern Bancorp, Inc.

(a)

1,259

69,711

Guaranty Bancshares, Inc.

3,052

122,172

Hanmi Financial Corp.

19,973

452,588

HarborOne Bancorp, Inc.

23,385

242,502

HBT Financial, Inc.(a)

3,264

73,146

Hilltop Holdings, Inc.

33,375

1,016,269

Home Bancorp, Inc.

843

37,766

HomeStreet, Inc.*

7,005

82,239

HomeTrust Bancshares, Inc.

4,289

147,027

Independent Bank Corp.

8,927

274,862

Investar Holding Corp.(a)

257

4,526

Kearny Financial Corp.

36,195

226,581

Live Oak Bancshares, Inc.

1,360

36,258

Mercantile Bank Corp.

1,860

80,798

Metropolitan Bank Holding

Corp.*(a)

2,740

153,413

Midland States Bancorp, Inc.

7,844

134,289

MVB Financial Corp.

85

1,472

NBT Bancorp, Inc.(a)

4,680

200,772

Nicolet Bankshares, Inc.

1,528

166,491

Northeast Community

Bancorp, Inc.

4,785

112,160

Northfield Bancorp, Inc.

26,211

285,962

Northrim Bancorp, Inc.

2,505

183,416

OceanFirst Financial Corp.

12,100

205,821

OFG Bancorp

31,207

1,248,904

Orange County Bancorp, Inc.

2,100

49,119

Origin Bancorp, Inc.(a)

1,840

63,793

Peapack-Gladstone Financial

Corp.

5,163

146,629

Primis Financial Corp.

5,470

53,442

QCR Holdings, Inc.

5,879

419,290

RBB Bancorp

3,770

62,205

Red River Bancshares, Inc.

100

5,165

Republic Bancorp, Inc., Class

A(a)

1,200

76,584

Sierra Bancorp

2,845

79,319

SmartFinancial, Inc.

1,332

41,398

South Plains Financial, Inc.

2,905

96,214

Southern First Bancshares,

Inc.*

196

6,452

Texas Capital Bancshares,

Inc.*

24,976

1,865,707

Third Coast Bancshares, Inc.*

7,537

251,510

Tompkins Financial Corp.

3,661

230,570

Towne Bank(a)

5,177

177,002

TriCo Bancshares

3,820

152,685

Trustmark Corp.

1,745

60,185

UMB Financial Corp.

3,474

351,221

United Bankshares, Inc.

16,180

560,961

Unity Bancorp, Inc.

2,900

118,030

Veritex Holdings, Inc.

9,140

228,226

Westamerica Bancorp

5,620

284,541

19,689,490

Beverages 0.0%

†

Zevia PBC, Class A*

6,275

13,554

Biotechnology 1.5%

Anika Therapeutics, Inc.*

6,037

90,736

CareDx, Inc.*(a)

35,162

624,125

Caribou Biosciences, Inc.*(a)

125,584

114,671

48 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Cap Value Fund

Common Stocks

Shares

Value ($)

Biotechnology

Enanta Pharmaceuticals, Inc.*

15,179

83,788

Entrada Therapeutics, Inc.*(a)

12,550

113,452

Fate Therapeutics, Inc.*(a)

97,966

77,403

Foghorn Therapeutics, Inc.*(a)

1,500

5,475

Generation Bio Co.*

2,500

1,013

Ironwood Pharmaceuticals,

Inc., Class A*

19,749

29,031

iTeos Therapeutics, Inc.*

45,356

270,775

Kodiak Sciences, Inc.*(a)

25,384

71,202

Kyverna Therapeutics, Inc.*(a)

1,093

2,109

Lyell Immunopharma, Inc.*

3,600

1,937

MacroGenics, Inc.*

8,938

11,351

Organogenesis Holdings, Inc.,

Class A*(a)

4,138

17,876

PMV Pharmaceuticals, Inc.*

2,132

2,324

Sage Therapeutics, Inc.*

30,363

241,386

Travere Therapeutics, Inc.*(a)

17,998

322,524

Vanda Pharmaceuticals, Inc.*

28,945

132,858

Verve Therapeutics, Inc.*(a)

18,604

85,020

Voyager Therapeutics, Inc.*(a)

12,881

43,538

Xencor, Inc.*(a)

31,337

333,426

Zentalis Pharmaceuticals, Inc.*

6,386

10,154

2,686,174

Broadline Retail 1.0%

1stdibs.com, Inc.*(a)

7,323

22,262

Ollie's Bargain Outlet

Holdings, Inc.*(a)

15,709

1,827,899

1,850,161

Building Products 4.4%

American Woodmark Corp.*

17,775

1,045,703

AZEK Co., Inc. (The), Class A*

47,043

2,299,932

CSW Industrials, Inc.(a)

6,678

1,946,771

Hayward Holdings, Inc.*

180,477

2,512,240

Insteel Industries, Inc.(a)

6,520

171,476

JELD-WEN Holding, Inc.*

4,300

25,671

8,001,793

Capital Markets 1.1%

SEI Investments Co.(a)

2,860

222,022

Virtus Investment Partners,

Inc.

10,871

1,873,725

2,095,747

Chemicals 4.2%

AdvanSix, Inc.

4,920

111,438

American Vanguard Corp.

25,941

114,140

Ashland, Inc.

25,056

1,485,570

Core Molding Technologies,

Inc.*

6,300

95,760

Element Solutions, Inc.

161,026

3,640,798

Huntsman Corp.

9,380

148,110

Koppers Holdings, Inc.

6,242

174,776

Kronos Worldwide, Inc.(a)

19,055

142,532

Origin Materials, Inc.*(a)

8,219

5,454

Quaker Chemical Corp.(a)

11,702

1,446,484

Rayonier Advanced Materials,

Inc.*

58,404

335,823

Valhi, Inc.

1,103

17,924

7,718,809

Commercial Services & Supplies 1.3%

Ennis, Inc.

7,107

142,780

Enviri Corp.*

26,259

174,622

Common Stocks

Shares

Value ($)

Commercial Services & Supplies

Healthcare Services Group,

Inc.*

25,350

255,528

Steelcase, Inc., Class A

57,458

629,740

UniFirst Corp.

6,833

1,188,942

2,391,612

Communications Equipment 0.8%

ADTRAN Holdings, Inc.*

1,750

15,260

Aviat Networks, Inc.*

18,257

349,987

NETGEAR, Inc.*

35,011

856,369

Ribbon Communications, Inc.*

41,120

161,190

1,382,806

Construction & Engineering 0.9%

Great Lakes Dredge & Dock

Corp.*

2,700

23,490

Matrix Service Co.*

12,029

149,521

Orion Group Holdings, Inc.*(a)

37,083

193,944

Primoris Services Corp.

3,558

204,265

Tutor Perini Corp.*

48,085

1,114,610

1,685,830

Consumer Finance 1.8%

Bread Financial Holdings, Inc.

31,367

1,570,859

Green Dot Corp., Class A*

47,586

401,626

LendingTree, Inc.*

8,581

431,367

PROG Holdings, Inc.

27,596

734,053

Regional Management Corp.

4,180

125,860

3,263,765

Consumer Staples Distribution & Retail 0.9%

Andersons, Inc. (The)

17,303

742,818

Maplebear, Inc.*(a)

5,003

199,569

PriceSmart, Inc.

4,380

384,783

SpartanNash Co.

19,396

392,963

1,720,133

Containers & Packaging 0.2%

AptarGroup, Inc.

1,450

215,151

Greif, Inc., Class A

2,750

151,223

366,374

Diversified REITs 0.1%

Alpine Income Property Trust,

Inc.

4,850

81,092

Armada Hoffler Properties, Inc.

5,774

43,363

124,455

Diversified Telecommunication Services 0.3%

ATN International, Inc.

10,367

210,554

Bandwidth, Inc., Class A*(a)

24,702

323,596

534,150

Electronic Equipment, Instruments & Components 3.1%

ePlus, Inc.*

43,265

2,640,463

Insight Enterprises, Inc.*

9,838

1,475,602

Jabil, Inc.

2,661

362,082

Methode Electronics, Inc.

1,462

9,328

PC Connection, Inc.

6,167

384,944

Rogers Corp.*

5,934

400,723

ScanSource, Inc.*

11,168

379,824

SmartRent, Inc., Class A*(a)

27,006

32,677

5,685,643

Energy Equipment & Services 0.6%

DMC Global, Inc.*(a)

8,297

69,861

Kodiak Gas Services, Inc.

12,418

463,191

NVIT Multi-Manager Small Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 49

Common Stocks

Shares

Value ($)

Energy Equipment & Services

NPK International, Inc.*

29,900

173,719

Oil States International, Inc.*

2,453

12,633

Ranger Energy Services, Inc.,

Class A

16,808

238,506

RPC, Inc.

23,300

128,150

1,086,060

Entertainment 0.6%

Eventbrite, Inc., Class A*

7,568

15,968

Madison Square Garden

Entertainment Corp., Class

A*

18,651

610,634

Playstudios, Inc.*

13,740

17,450

Playtika Holding Corp.

8,882

45,920

Roku, Inc., Class A*

5,375

378,615

1,068,587

Financial Services 1.5%

Enact Holdings, Inc.

23,263

808,389

Jack Henry & Associates, Inc.

(a)

1,167

213,094

Jackson Financial, Inc., Class

A

5,594

468,666

Marqeta, Inc., Class A*

34,400

141,728

Merchants Bancorp(a)

6,550

242,350

Onity Group, Inc.*

3,757

121,426

Paysafe Ltd.*(a)

29,909

469,272

Radian Group, Inc.

11,085

366,581

2,831,506

Food Products 1.3%

Calavo Growers, Inc.

3,226

77,392

Dole plc

31,664

457,545

Fresh Del Monte Produce, Inc.

1,069

32,957

Lancaster Colony Corp.(a)

9,583

1,677,025

Limoneira Co.(a)

1,650

29,238

Pilgrim's Pride Corp.*(a)

2,832

154,372

2,428,529

Gas Utilities 0.3%

Northwest Natural Holding Co.

7,984

341,077

Southwest Gas Holdings, Inc.

2,640

189,552

530,629

Ground Transportation 2.6%

Covenant Logistics Group,

Inc., Class A

14,716

326,695

Heartland Express, Inc.

26,938

248,368

Landstar System, Inc.

13,783

2,070,207

Lyft, Inc., Class A*

86,434

1,025,971

Marten Transport Ltd.

23,900

327,908

Ryder System, Inc.

1,175

168,977

Werner Enterprises, Inc.

18,969

555,792

4,723,918

Health Care Equipment & Supplies 2.3%

ICU Medical, Inc.*

22,744

3,158,232

Inogen, Inc.*

24,800

176,824

OraSure Technologies, Inc.*

76,035

256,238

Varex Imaging Corp.*

50,775

588,990

Zimvie, Inc.*

7,237

78,159

4,258,443

Health Care Providers & Services 4.9%

Addus HomeCare Corp.*

47,551

4,702,318

Common Stocks

Shares

Value ($)

Health Care Providers & Services

Aveanna Healthcare Holdings,

Inc.*

12,042

65,268

Chemed Corp.

320

196,902

DocGo, Inc.*(a)

327,286

864,035

Ensign Group, Inc. (The)(a)

23,602

3,054,099

8,882,622

Health Care REITs 0.0%

†

Diversified Healthcare Trust(a)

9,186

22,046

Health Care Technology 0.1%

HealthStream, Inc.

4,482

144,231

Hotel & Resort REITs 2.2%

Apple Hospitality REIT, Inc.(a)

57,700

744,907

Chatham Lodging Trust

22,612

161,223

RLJ Lodging Trust(a)

76,922

606,915

Summit Hotel Properties, Inc.

(a)

31,900

172,579

Sunstone Hotel Investors, Inc.

144,882

1,363,340

Xenia Hotels & Resorts, Inc.

77,896

916,057

3,965,021

Hotels, Restaurants & Leisure 2.1%

Life Time Group Holdings,

Inc.*

47,878

1,445,916

Wyndham Hotels & Resorts,

Inc.

26,292

2,379,689

3,825,605

Household Durables 3.5%

Cricut, Inc., Class A(a)

10,400

53,560

Flexsteel Industries, Inc.(a)

1,826

66,667

GoPro, Inc., Class A*(a)

73,867

48,966

Helen of Troy Ltd.*

7,490

400,640

Hooker Furnishings Corp.

1,098

11,024

KB Home(a)

20,207

1,174,431

Landsea Homes Corp.*(a)

25,671

164,808

La-Z-Boy, Inc.

9,520

372,137

Meritage Homes Corp.

25,484

1,806,306

Sonos, Inc.*

45,650

487,086

Taylor Morrison Home Corp.,

Class A*

20,529

1,232,561

Traeger, Inc.*

8,758

14,713

Tri Pointe Homes, Inc.*

17,253

550,716

Universal Electronics, Inc.*

3,420

20,930

6,404,545

Independent Power and Renewable Electricity Producers

0.0%

†

Infinity Bio-energy Ltd. Reg.

S*^∞

155,500

0

Industrial REITs 0.0%

†

Plymouth Industrial REIT, Inc.

(a)

400

6,520

Insurance 7.5%

Bowhead Specialty Holdings,

Inc.*(a)

8,819

358,492

CNO Financial Group, Inc.

35,392

1,474,077

Donegal Group, Inc., Class

A(a)

5,895

115,719

eHealth, Inc.*

9,000

60,120

Employers Holdings, Inc.

15,485

784,161

50 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Cap Value Fund

Common Stocks

Shares

Value ($)

Insurance

Fidelis Insurance Holdings Ltd.

(a)

49,262

798,044

Genworth Financial, Inc.,

Class A*

40,694

288,521

Globe Life, Inc.

2,430

320,080

Greenlight Capital Re Ltd.,

Class A*

4,124

55,880

Hamilton Insurance Group

Ltd., Class B*

4,576

94,861

Heritage Insurance Holdings,

Inc.*

32,603

470,135

Horace Mann Educators Corp.

(a)

1,320

56,404

James River Group Holdings

Ltd.

23,940

100,548

Mercury General Corp.(a)

10,968

613,111

Reinsurance Group of

America, Inc.

5,551

1,092,992

RLI Corp.(a)

1,706

137,043

Safety Insurance Group, Inc.

4,890

385,723

Selectquote, Inc.*

24,564

82,044

Skyward Specialty Insurance

Group, Inc.*

65,108

3,445,515

United Fire Group, Inc.

7,353

216,619

Universal Insurance Holdings,

Inc.

15,116

358,249

White Mountains Insurance

Group Ltd.(a)

1,220

2,349,488

13,657,826

Interactive Media & Services 0.1%

Nextdoor Holdings, Inc.*

54,700

83,691

Outbrain, Inc.*(a)

20,963

78,192

Travelzoo*

1,700

23,171

185,054

IT Services 0.2%

Rackspace Technology,

Inc.*(a)

81,300

137,397

Unisys Corp.*

50,791

233,131

370,528

Leisure Products 1.1%

American Outdoor Brands,

Inc.*

1,398

17,000

Funko, Inc., Class A*(a)

17,055

116,997

Johnson Outdoors, Inc., Class

A(a)

3,059

75,986

Latham Group, Inc.*

29,482

189,569

MasterCraft Boat Holdings,

Inc.*(a)

5,871

101,099

Solo Brands, Inc., Class A*(a)

6,211

1,042

YETI Holdings, Inc.*(a)

42,864

1,418,798

1,920,491

Life Sciences Tools & Services 0.1%

Codexis, Inc.*(a)

39,456

106,136

Cytek Biosciences, Inc.*

9,800

39,298

Personalis, Inc.*

766

2,689

148,123

Machinery 3.0%

Albany International Corp.,

Class A

2,970

205,049

Common Stocks

Shares

Value ($)

Machinery

Astec Industries, Inc.

11,871

408,956

Donaldson Co., Inc.

4,552

305,257

Graco, Inc.

5,054

422,059

Hillman Solutions Corp.*

318,466

2,799,316

Kennametal, Inc.

2,080

44,304

L B Foster Co., Class A*

1,500

29,520

Lindsay Corp.

2,079

263,035

Manitowoc Co., Inc. (The)*

31,542

270,946

Mayville Engineering Co., Inc.*

8,851

118,869

Shyft Group, Inc. (The)(a)

8,986

72,697

Wabash National Corp.

34,700

383,435

Worthington Enterprises, Inc.

3,580

179,322

5,502,765

Marine Transportation 0.1%

Golden Ocean Group Ltd.(a)

18,450

147,231

Media 0.5%

iHeartMedia, Inc., Class A*

52,800

87,120

Scholastic Corp.

27,918

527,092

Stagwell, Inc., Class A*(a)

65,153

394,176

1,008,388

Metals & Mining 2.0%

Caledonia Mining Corp. plc(a)

3,850

48,087

Coeur Mining, Inc.*(a)

108,500

642,320

Commercial Metals Co.

7,494

344,799

Olympic Steel, Inc.

10,194

321,315

Reliance, Inc.

586

169,207

Ryerson Holding Corp.(a)

23,693

543,991

SSR Mining, Inc.*

61,383

615,671

SunCoke Energy, Inc.

74,948

689,522

Worthington Steel, Inc.(a)

7,900

200,107

3,575,019

Mortgage Real Estate Investment Trusts (REITs) 0.0%

†

Angel Oak Mortgage REIT, Inc.

1,400

13,342

Multi-Utilities 0.8%

Avista Corp.

34,600

1,448,702

Office REITs 0.6%

Easterly Government

Properties, Inc., Class A

93,722

993,453

Orion Properties, Inc.(a)

44,900

96,086

1,089,539

Oil, Gas & Consumable Fuels 1.7%

Amplify Energy Corp.*

6,798

25,425

Berry Corp.

50,600

162,426

BKV Corp.*

1,600

33,600

Excelerate Energy, Inc., Class

A

21,010

602,567

Teekay Tankers Ltd., Class A

26,405

1,010,519

World Kinect Corp.(a)

47,011

1,333,232

3,167,769

Paper & Forest Products 0.5%

Clearwater Paper Corp.*

12,743

323,290

Louisiana-Pacific Corp.

6,148

565,493

888,783

Passenger Airlines 0.6%

Allegiant Travel Co.(a)

22,222

1,147,766

Personal Care Products 1.6%

Herbalife Ltd.*

66,117

570,590

Interparfums, Inc.(a)

16,881

1,922,239

NVIT Multi-Manager Small Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 51

Common Stocks

Shares

Value ($)

Personal Care Products

Medifast, Inc.*(a)

6,121

82,511

Nature's Sunshine Products,

Inc.*

4,838

60,717

USANA Health Sciences, Inc.*

10,214

275,472

2,911,529

Pharmaceuticals 1.6%

Atea Pharmaceuticals, Inc.*

8,566

25,612

Biote Corp., Class A*

6,506

21,665

Ligand Pharmaceuticals,

Inc.*(a)

6,849

720,104

Nektar Therapeutics, Class A*

91,696

62,353

Pacira BioSciences, Inc.*(a)

64,949

1,613,983

Phibro Animal Health Corp.,

Class A

12,640

269,991

Terns Pharmaceuticals, Inc.*

4,736

13,071

Theravance Biopharma,

Inc.*(a)

13,003

116,117

2,842,896

Professional Services 4.0%

Barrett Business Services, Inc.

3,020

124,273

Conduent, Inc.*

120,866

326,338

Forrester Research, Inc.*

1,100

10,164

FTI Consulting, Inc.*

1,296

212,648

Heidrick & Struggles

International, Inc.(a)

8,227

352,362

IBEX Holdings Ltd.*

11,223

273,280

ICF International, Inc.

10,459

888,701

KBR, Inc.

5,166

257,319

Kelly Services, Inc., Class A

20,337

267,838

Mistras Group, Inc.*

9,800

103,684

Resources Connection, Inc.

35,391

231,457

Skillsoft Corp.*

1,000

19,240

TrueBlue, Inc.*

21,068

111,871

Verra Mobility Corp., Class A*

179,546

4,041,581

7,220,756

Real Estate Management & Development 1.9%

Cushman & Wakefield plc*(a)

243,301

2,486,536

Douglas Elliman, Inc.*

5,273

9,069

Forestar Group, Inc.*

14,198

300,146

Howard Hughes Holdings,

Inc.*

3,526

261,206

Kennedy-Wilson Holdings, Inc.

(a)

6,700

58,156

Newmark Group, Inc., Class A

3,227

39,273

Opendoor Technologies,

Inc.*(a)

92,400

94,248

RE/MAX Holdings, Inc., Class

A*

9,769

81,766

RMR Group, Inc. (The), Class

A

6,824

113,620

3,444,020

Residential REITs 0.1%

Equity LifeStyle Properties,

Inc.

3,268

217,976

NexPoint Residential Trust,

Inc.

620

24,508

242,484

Retail REITs 1.3%

Curbline Properties Corp.(a)

8,760

211,905

Common Stocks

Shares

Value ($)

Retail REITs

InvenTrust Properties Corp.

32,506

954,701

Macerich Co. (The)

26,836

460,774

Phillips Edison & Co., Inc.(a)

15,027

548,335

Whitestone REIT

9,635

140,382

2,316,097

Semiconductors & Semiconductor Equipment 0.5%

Ambarella, Inc.*

17,980

904,934

Amkor Technology, Inc.

4,540

81,992

986,926

Software 2.5%

CS Disco, Inc.*

8,147

33,321

Dropbox, Inc., Class A*(a)

33,477

894,171

E2open Parent Holdings,

Inc.*(a)

69,957

139,914

Life360, Inc.*(a)

6,000

230,340

Meridianlink, Inc.*(a)

128,257

2,376,602

ON24, Inc.*

3,808

19,802

Rimini Street, Inc.*

1,730

6,020

Telos Corp.*

11,079

26,368

UiPath, Inc., Class A*(a)

53,168

547,630

Xperi, Inc.*(a)

31,237

241,150

4,515,318

Specialized REITs 0.1%

Uniti Group, Inc.

24,100

121,464

Specialty Retail 3.1%

1-800-Flowers.com, Inc.,

Class A*(a)

29,100

171,690

America's Car-Mart, Inc.*(a)

32,279

1,465,144

BARK, Inc.*(a)

64,675

89,898

Foot Locker, Inc.*

73,391

1,034,813

Genesco, Inc.*

15,793

335,285

Haverty Furniture Cos., Inc.

14,984

295,485

Lands' End, Inc.*(a)

12,050

122,669

Sleep Number Corp.*(a)

24,608

156,015

Sonic Automotive, Inc., Class

A(a)

17,951

1,022,489

Sportsman's Warehouse

Holdings, Inc.*

15,200

15,110

Stitch Fix, Inc., Class A*

128,369

417,199

ThredUp, Inc., Class A*

16,500

39,765

Winmark Corp.

509

161,796

Zumiez, Inc.*

24,954

371,565

5,698,923

Technology Hardware, Storage & Peripherals 0.1%

Xerox Holdings Corp.(a)

25,611

123,701

Textiles, Apparel & Luxury Goods 0.3%

Columbia Sportswear Co.(a)

3,000

227,070

Movado Group, Inc.

18,919

316,325

Superior Group of Cos., Inc.

3,954

43,257

586,652

Trading Companies & Distributors 2.8%

Beacon Roofing Supply, Inc.*

26,492

3,277,060

BlueLinx Holdings, Inc.*(a)

4,710

353,156

Boise Cascade Co.

1,957

191,962

DNOW, Inc.*

57,015

973,816

Hudson Technologies, Inc.*

26,272

162,098

Watsco, Inc.(a)

365

185,530

5,143,622

52 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Cap Value Fund

Common Stocks

Shares

Value ($)

Water Utilities 0.6%

American States Water Co.

7,539

593,169

California Water Service

Group

8,740

423,540

1,016,709

Wireless Telecommunication Services 0.1%

Spok Holdings, Inc.(a)

10,607

174,379

Total Common Stocks

(cost $168,356,363)

178,044,693

Rights 0.0%

†

Number of

Rights

Biotechnology 0.0%

†

Aduro Biotech, Inc. CVR*^∞(a)

2,406

0

Total Rights

(cost $6,109)

0

Repurchase Agreements 5.3%

Principal

Amount ($)

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $3,000,365,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$3,060,000.(b)

3,000,000

3,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $6,571,428,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$6,702,041.(b)

6,570,628

6,570,628

Total Repurchase Agreements

(cost $9,570,628)

9,570,628

Total Investments

(cost $177,933,100) — 102.9%

187,615,321

Liabilities in excess of other assets — (2.9)%

(

5,331,501

)

NET ASSETS — 100.0%

$

182,283,820

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $33,085,207, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $9,570,628 and by $24,575,581 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 2/15/2055, a total value of

$34,146,209.

(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, 2025 was $9,570,628.

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 Multi-Manager Small Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 53

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.  

54 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Cap Value Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

Aerospace & Defense

$

2,621,703

$

–

$

–

$

2,621,703

Air Freight & Logistics

184,961

–

–

184,961

Automobile Components

4,232,469

–

–

4,232,469

Banks

19,689,491

–

–

19,689,491

Beverages

13,554

–

–

13,554

Biotechnology

2,686,174

–

–

2,686,174

Broadline Retail

1,850,161

–

–

1,850,161

Building Products

8,001,793

–

–

8,001,793

Capital Markets

2,095,747

–

–

2,095,747

Chemicals

7,718,809

–

–

7,718,809

Commercial Services & Supplies

2,391,612

–

–

2,391,612

Communications Equipment

1,382,806

–

–

1,382,806

Construction & Engineering

1,685,830

–

–

1,685,830

Consumer Finance

3,263,765

–

–

3,263,765

Consumer Staples Distribution & Retail

1,720,133

–

–

1,720,133

Containers & Packaging

366,374

–

–

366,374

Diversified REITs

124,455

–

–

124,455

Diversified Telecommunication Services

534,150

–

–

534,150

Electronic Equipment, Instruments &

Components

5,685,643

–

–

5,685,643

Energy Equipment & Services

1,086,060

–

–

1,086,060

Entertainment

1,068,587

–

–

1,068,587

Financial Services

2,831,506

–

–

2,831,506

Food Products

2,428,529

–

–

2,428,529

Gas Utilities

530,628

–

–

530,628

Ground Transportation

4,723,918

–

–

4,723,918

Health Care Equipment & Supplies

4,258,443

–

–

4,258,443

Health Care Providers & Services

8,882,622

–

–

8,882,622

Health Care REITs

22,046

–

–

22,046

Health Care Technology

144,231

–

–

144,231

Hotel & Resort REITs

3,965,021

–

–

3,965,021

Hotels, Restaurants & Leisure

3,825,605

–

–

3,825,605

Household Durables

6,404,545

–

–

6,404,545

Independent Power and Renewable

Electricity Producers

–

–

–

–

Industrial REITs

6,520

–

–

6,520

Insurance

13,657,827

–

–

13,657,827

Interactive Media & Services

185,054

–

–

185,054

IT Services

370,528

–

–

370,528

Leisure Products

1,920,491

–

–

1,920,491

Life Sciences Tools & Services

148,123

–

–

148,123

Machinery

5,502,765

–

–

5,502,765

Marine Transportation

147,231

–

–

147,231

Media

1,008,387

–

–

1,008,387

Metals & Mining

3,575,019

–

–

3,575,019

Mortgage Real Estate Investment Trusts

(REITs)

13,342

–

–

13,342

Multi-Utilities

1,448,702

–

–

1,448,702

Office REITs

1,089,539

–

–

1,089,539

Oil, Gas & Consumable Fuels

3,167,769

–

–

3,167,769

Paper & Forest Products

888,783

–

–

888,783

Passenger Airlines

1,147,766

–

–

1,147,766

Personal Care Products

2,911,529

–

–

2,911,529

Pharmaceuticals

2,842,896

–

–

2,842,896

Professional Services

7,220,756

–

–

7,220,756

Real Estate Management & Development

3,444,020

–

–

3,444,020

Residential REITs

242,484

–

–

242,484

Retail REITs

2,316,097

–

–

2,316,097

NVIT Multi-Manager Small Cap Value Fund - March 31, 2025 (Unaudited) - Statement of Investments - 55

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as

market news, the progress of judicial and regulatory proceedings, and subadviser recommendations. 

Level 1

Level 2

Level 3

Total

Assets:

Semiconductors & Semiconductor

Equipment

$

986,926

$

–

$

–

$

986,926

Software

4,515,318

–

–

4,515,318

Specialized REITs

121,464

–

–

121,464

Specialty Retail

5,698,923

–

–

5,698,923

Technology Hardware, Storage &

Peripherals

123,701

–

–

123,701

Textiles, Apparel & Luxury Goods

586,652

–

–

586,652

Trading Companies & Distributors

5,143,622

–

–

5,143,622

Water Utilities

1,016,709

–

–

1,016,709

Wireless Telecommunication Services

174,379

–

–

174,379

Total Common Stocks

$

178,044,693

$

–

$

–

$

178,044,693

Repurchase Agreements

–

9,570,628

–

9,570,628

Rights

–

–

–

–

Total

$

178,044,693

$

9,570,628

$

–

$

187,615,321

As of March 31, 2025, the Fund held one common stock investment and one rights investment 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.

56 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Company Fund

Common Stocks 97.4%

Shares

Value ($)

AUSTRALIA 0.0%

†

Capital Markets 0.0%

†

Aet & D Holdings No. 1 *^∞

106,305

0

BERMUDA 0.4%

Banks 0.3%

Bank of NT Butterfield & Son Ltd.

(The)

26,514

1,031,925

Insurance 0.1%

Hamilton Insurance Group Ltd.,

Class B *

13,077

271,086

1,303,011

BRAZIL 0.5%

Aerospace & Defense 0.5%

Embraer SA, ADR *

35,426

1,636,681

CANADA 1.4%

Electronic Equipment, Instruments & Components 0.7%

Celestica, Inc. *

30,399

2,395,745

Metals & Mining 0.2%

SSR Mining, Inc. *

51,900

520,557

Oil, Gas & Consumable Fuels 0.5%

Teekay Tankers Ltd., Class A

47,112

1,802,976

4,719,278

ISRAEL 0.5%

Semiconductors & Semiconductor Equipment 0.3%

Tower Semiconductor Ltd. *(a)

22,702

809,554

Software 0.2%

Cellebrite DI Ltd. *

38,645

750,872

1,560,426

NETHERLANDS 0.1%

Biotechnology 0.1%

Merus NV *

9,640

405,748

NORWAY 0.2%

Marine Transportation 0.1%

Golden Ocean Group Ltd.

53,039

423,252

Oil, Gas & Consumable Fuels 0.1%

SFL Corp. Ltd.

42,427

347,901

771,153

PUERTO RICO 1.7%

Banks 1.7%

First Bancorp

170,917

3,276,479

OFG Bancorp

61,143

2,446,943

5,723,422

SOUTH AFRICA 0.0%

†

Metals & Mining 0.0%

†

Caledonia Mining Corp. plc (a)

7,888

98,521

THAILAND 0.0%

†

Oil, Gas & Consumable Fuels 0.0%

†

BKV Corp. *

3,000

63,000

UNITED KINGDOM 1.0%

Energy Equipment & Services 0.5%

TechnipFMC plc

55,815

1,768,778

Independent Power and Renewable Electricity Producers

0.0%

†

Infinity Bio-energy Ltd. Reg. S *^∞

94,500

0

Common Stocks

Shares

Value ($)

UNITED KINGDOM

Insurance 0.5%

Fidelis Insurance Holdings Ltd.

93,597

1,516,271

3,285,049

UNITED STATES 91.6%

Aerospace & Defense 1.6%

Curtiss-Wright Corp.

6,190

1,963,900

Karman Holdings, Inc. *

14,906

498,159

Loar Holdings, Inc. *(a)

14,898

1,052,544

Rocket Lab USA, Inc. *(a)

43,159

771,683

V2X, Inc. *(a)

18,917

927,879

5,214,165

Air Freight & Logistics 0.1%

Hub Group, Inc., Class A

9,234

343,228

Radiant Logistics, Inc. *

18,440

113,406

456,634

Automobile Components 1.3%

American Axle & Manufacturing

Holdings, Inc. *(a)

191,692

780,186

Cooper-Standard Holdings, Inc.

*(a)

17,086

261,758

Dana, Inc.

166,041

2,213,326

Modine Manufacturing Co. *(a)

10,545

809,329

Phinia, Inc.

5,146

218,345

Stoneridge, Inc. *

12,190

55,952

4,338,896

Banks 9.9%

1st Source Corp.

1,300

77,753

Amalgamated Financial Corp.

11,632

334,420

Amerant Bancorp, Inc., Class A

23,104

476,867

Banc of California, Inc.

84,700

1,201,893

Bancorp, Inc. (The) *(a)

22,261

1,176,271

Bank7 Corp.

2,940

113,896

BankUnited, Inc.

91,549

3,152,948

Bankwell Financial Group, Inc.

1,851

55,863

BayCom Corp.

2,023

50,919

BCB Bancorp, Inc.

7,431

73,270

Berkshire Hills Bancorp, Inc.

52,714

1,375,308

Business First Bancshares, Inc.

7,174

174,687

Byline Bancorp, Inc.

13,352

349,288

Capital Bancorp, Inc.

1,992

56,433

Capital City Bank Group, Inc.

6,687

240,465

Central Pacific Financial Corp.

23,426

633,439

Chemung Financial Corp.

881

41,909

Civista Bancshares, Inc.

5,763

112,609

Community Trust Bancorp, Inc.

12,640

636,550

ConnectOne Bancorp, Inc.

10,158

246,941

Eastern Bankshares, Inc.

12,750

209,100

Enterprise Financial Services

Corp.

8,706

467,860

FB Financial Corp.

22,565

1,046,113

First Bank

1,200

17,772

First Business Financial Services,

Inc.

2,511

118,394

First Commonwealth Financial

Corp.

11,350

176,379

First Financial Corp.

9,106

446,012

First Foundation, Inc.

1,332

6,913

First Internet Bancorp

7,101

190,165

First Savings Financial Group, Inc.

1,238

31,891

Flushing Financial Corp.

33,178

421,361

FS Bancorp, Inc.

2,350

89,324

NVIT Multi-Manager Small Company Fund - March 31, 2025 (Unaudited) - Statement of Investments - 57

Common Stocks

Shares

Value ($)

UNITED STATES

Banks

Great Southern Bancorp, Inc. (a)

2,833

156,863

Guaranty Bancshares, Inc. (a)

4,215

168,726

Hanmi Financial Corp.

37,728

854,916

HarborOne Bancorp, Inc.

36,551

379,034

HBT Financial, Inc.

6,368

142,707

Hilltop Holdings, Inc.

61,777

1,881,110

Home Bancorp, Inc.

1,500

67,200

HomeStreet, Inc. *

15,053

176,722

HomeTrust Bancshares, Inc.

8,347

286,135

Independent Bank Corp.

16,000

492,640

Kearny Financial Corp.

72,748

455,402

Live Oak Bancshares, Inc.

4,271

113,865

Mercantile Bank Corp.

3,127

135,837

Metropolitan Bank Holding Corp. *

5,794

324,406

Midland States Bancorp, Inc.

14,801

253,393

MVB Financial Corp.

963

16,679

NBT Bancorp, Inc.

8,780

376,662

Nicolet Bankshares, Inc. (a)

2,700

294,192

Northeast Community Bancorp,

Inc.

3,660

85,790

Northfield Bancorp, Inc.

51,292

559,596

Northrim Bancorp, Inc.

4,095

299,836

OceanFirst Financial Corp.

33,317

566,722

Orange County Bancorp, Inc.

4,698

109,886

Origin Bancorp, Inc. (a)

3,880

134,520

Peapack-Gladstone Financial

Corp.

15,401

437,388

Primis Financial Corp.

10,029

97,983

QCR Holdings, Inc.

13,607

970,451

RBB Bancorp (a)

10,692

176,418

Red River Bancshares, Inc.

200

10,330

Republic Bancorp, Inc., Class A

2,590

165,294

Sierra Bancorp

3,626

101,093

South Plains Financial, Inc.

5,592

185,207

Southern First Bancshares, Inc. *

1,278

42,072

Texas Capital Bancshares, Inc. *

50,098

3,742,321

Third Coast Bancshares, Inc. *

15,732

524,977

Tompkins Financial Corp.

8,527

537,030

Towne Bank (a)

7,741

264,665

TriCo Bancshares

10,263

410,212

Trustmark Corp.

3,080

106,229

UMB Financial Corp.

8,293

838,422

United Bankshares, Inc.

33,140

1,148,964

Unity Bancorp, Inc.

6,548

266,504

Westamerica Bancorp

10,585

535,919

32,697,331

Beverages 0.0%

†

Zevia PBC, Class A *

14,900

32,184

Biotechnology 4.0%

ADMA Biologics, Inc. *

31,306

621,111

Anika Therapeutics, Inc. *

11,924

179,218

Blueprint Medicines Corp. *(a)

9,742

862,264

Bridgebio Pharma, Inc. *

21,377

739,003

CareDx, Inc. *

71,511

1,269,320

Caribou Biosciences, Inc. *

227,830

208,032

Cytokinetics, Inc. *(a)

7,107

285,630

Enanta Pharmaceuticals, Inc. *

17,826

98,400

Entrada Therapeutics, Inc. *

21,950

198,428

Fate Therapeutics, Inc. *

193,162

152,617

Foghorn Therapeutics, Inc. *

4,000

14,600

Common Stocks

Shares

Value ($)

UNITED STATES

Biotechnology

Generation Bio Co. *

2,016

816

Halozyme Therapeutics, Inc. *(a)

14,647

934,625

Insmed, Inc. *(a)

17,022

1,298,607

Ironwood Pharmaceuticals, Inc.,

Class A *

32,847

48,285

iTeos Therapeutics, Inc. *

85,520

510,554

Janux Therapeutics, Inc. *(a)

4,675

126,225

Kodiak Sciences, Inc. *

47,774

134,006

Krystal Biotech, Inc. *(a)

2,645

476,894

Kyverna Therapeutics, Inc. *

4,488

8,662

Lyell Immunopharma, Inc. *

13,779

7,413

MacroGenics, Inc. *

16,463

20,908

Organogenesis Holdings, Inc.,

Class A *

7,100

30,672

PMV Pharmaceuticals, Inc. *

3,096

3,375

Sage Therapeutics, Inc. *

64,690

514,286

SpringWorks Therapeutics, Inc.

*(a)

8,662

382,254

Travere Therapeutics, Inc. *(a)

40,712

729,559

Twist Bioscience Corp. *(a)

24,503

961,988

Vanda Pharmaceuticals, Inc. *

86,269

395,975

Vaxcyte, Inc. *(a)

8,178

308,801

Vericel Corp. *(a)

15,611

696,563

Verve Therapeutics, Inc. *

33,808

154,503

Xencor, Inc. *

64,435

685,588

Zentalis Pharmaceuticals, Inc. *

51,403

81,731

Zymeworks, Inc. *(a)

9,504

113,193

13,254,106

Broadline Retail 0.7%

1stdibs.com, Inc. *

6,323

19,222

Ollie's Bargain Outlet Holdings,

Inc. *(a)

18,677

2,173,256

2,192,478

Building Products 0.6%

AAON, Inc. (a)

11,607

906,855

AZEK Co., Inc. (The), Class A *

15,979

781,213

Insteel Industries, Inc. (a)

14,209

373,697

2,061,765

Capital Markets 2.4%

Cohen & Steers, Inc. (a)

7,770

623,543

Evercore, Inc., Class A

6,662

1,330,535

Hamilton Lane, Inc., Class A (a)

13,924

2,070,081

Piper Sandler Cos. (a)

4,145

1,026,551

SEI Investments Co. (a)

5,446

422,773

StepStone Group, Inc., Class A

50,167

2,620,221

8,093,704

Chemicals 0.6%

AdvanSix, Inc.

8,140

184,371

American Vanguard Corp.

37,512

165,053

Core Molding Technologies, Inc. *

10,889

165,513

Huntsman Corp.

17,400

274,746

Koppers Holdings, Inc.

14,838

415,464

Kronos Worldwide, Inc.

32,831

245,576

Origin Materials, Inc. *(a)

14,396

9,553

Rayonier Advanced Materials,

Inc. *

93,880

539,810

Valhi, Inc.

2,068

33,605

2,033,691

Commercial Services & Supplies 1.7%

Casella Waste Systems, Inc.,

Class A *

20,869

2,327,103

58 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Company Fund

Common Stocks

Shares

Value ($)

UNITED STATES

Commercial Services & Supplies

Clean Harbors, Inc. *

3,130

616,923

Ennis, Inc.

10,760

216,168

Enviri Corp. *

37,983

252,587

Healthcare Services Group, Inc. *

83,101

837,658

Steelcase, Inc., Class A

119,178

1,306,191

5,556,630

Communications Equipment 0.8%

Aviat Networks, Inc. *

36,574

701,124

NETGEAR, Inc. *

63,704

1,558,199

Ribbon Communications, Inc. *

82,425

323,106

2,582,429

Construction & Engineering 2.1%

Arcosa, Inc. (a)

2,110

162,723

Comfort Systems USA, Inc.

3,184

1,026,299

Construction Partners, Inc., Class

A *(a)

16,951

1,218,268

Great Lakes Dredge & Dock Corp.

*

5,251

45,684

MasTec, Inc. *(a)

978

114,142

Matrix Service Co. *

21,442

266,524

Orion Group Holdings, Inc. *

65,531

342,727

Primoris Services Corp.

18,946

1,087,690

Sterling Infrastructure, Inc. *

6,636

751,262

Tutor Perini Corp. *

89,344

2,070,994

7,086,313

Consumer Finance 2.1%

Ally Financial, Inc.

10,207

372,249

Bread Financial Holdings, Inc.

57,993

2,904,290

Green Dot Corp., Class A *

88,254

744,864

LendingTree, Inc. *

13,522

679,751

PROG Holdings, Inc.

56,570

1,504,762

Regional Management Corp.

6,022

181,322

Upstart Holdings, Inc. *

13,670

629,230

7,016,468

Consumer Staples Distribution & Retail 1.0%

Andersons, Inc. (The)

32,256

1,384,749

Maplebear, Inc. *

13,546

540,350

PriceSmart, Inc.

8,230

723,006

SpartanNash Co.

36,468

738,842

3,386,947

Containers & Packaging 0.2%

AptarGroup, Inc.

2,252

334,152

Greif, Inc., Class A

4,260

234,257

568,409

Diversified Consumer Services 0.7%

Duolingo, Inc., Class A *

7,913

2,457,303

Diversified REITs 0.1%

Alpine Income Property Trust, Inc.

10,802

180,610

Armada Hoffler Properties, Inc.

12,118

91,006

271,616

Diversified Telecommunication Services 0.3%

ATN International, Inc.

17,865

362,838

Bandwidth, Inc., Class A *

48,027

629,154

991,992

Electrical Equipment 0.2%

Powell Industries, Inc. (a)

3,094

527,001

Electronic Equipment, Instruments & Components 1.8%

Coherent Corp. *

11,341

736,485

Itron, Inc. *

7,392

774,386

Jabil, Inc.

8,363

1,137,953

Common Stocks

Shares

Value ($)

UNITED STATES

Electronic Equipment, Instruments & Components

Methode Electronics, Inc.

1,795

11,452

PAR Technology Corp. *(a)

20,614

1,264,464

PC Connection, Inc.

11,608

724,571

Rogers Corp. *

6,580

444,347

ScanSource, Inc. *

28,949

984,555

6,078,213

Energy Equipment & Services 1.2%

Archrock, Inc.

57,061

1,497,280

DMC Global, Inc. *(a)

27,705

233,276

Kodiak Gas Services, Inc.

24,109

899,266

NPK International, Inc. *

66,958

389,026

Oil States International, Inc. *

2,094

10,784

Ranger Energy Services, Inc.,

Class A

24,898

353,303

RPC, Inc.

91,456

503,008

3,885,943

Entertainment 0.4%

Eventbrite, Inc., Class A *

13,831

29,183

Madison Square Garden

Entertainment Corp., Class A *

15,240

498,958

Playstudios, Inc. *

19,110

24,270

Playtika Holding Corp.

14,502

74,975

Roku, Inc., Class A *

10,345

728,702

1,356,088

Financial Services 2.5%

Enact Holdings, Inc.

46,258

1,607,466

Jack Henry & Associates, Inc. (a)

2,191

400,077

Jackson Financial, Inc., Class A

10,290

862,096

Merchants Bancorp

9,852

364,524

Mr. Cooper Group, Inc. *

18,900

2,260,440

Onity Group, Inc. *

6,188

199,996

Paymentus Holdings, Inc., Class

A *

24,261

633,212

Paysafe Ltd. *

57,058

895,240

Radian Group, Inc.

34,107

1,127,918

8,350,969

Food Products 0.9%

Calavo Growers, Inc.

6,604

158,430

Cal-Maine Foods, Inc. (a)

16,914

1,537,483

Dole plc

58,830

850,094

Fresh Del Monte Produce, Inc.

992

30,583

Limoneira Co. (a)

4,677

82,876

Pilgrim's Pride Corp. *(a)

5,322

290,102

2,949,568

Gas Utilities 0.7%

Northwest Natural Holding Co.

7,414

316,726

Southwest Gas Holdings, Inc.

27,533

1,976,869

2,293,595

Ground Transportation 1.5%

Covenant Logistics Group, Inc.,

Class A

34,026

755,377

Heartland Express, Inc.

61,771

569,529

Landstar System, Inc. (a)

940

141,188

Lyft, Inc., Class A *

159,082

1,888,303

Marten Transport Ltd.

45,000

617,400

Ryder System, Inc.

951

136,763

Werner Enterprises, Inc.

35,320

1,034,876

5,143,436

Health Care Equipment & Supplies 2.4%

Glaukos Corp. *

12,736

1,253,477

Inogen, Inc. *

47,221

336,686

NVIT Multi-Manager Small Company Fund - March 31, 2025 (Unaudited) - Statement of Investments - 59

Common Stocks

Shares

Value ($)

UNITED STATES

Health Care Equipment & Supplies

Inspire Medical Systems, Inc. *(a)

7,039

1,121,172

Integer Holdings Corp. *

10,748

1,268,371

Lantheus Holdings, Inc. *(a)

4,455

434,808

Merit Medical Systems, Inc. *

17,018

1,798,972

OraSure Technologies, Inc. *

151,953

512,082

PROCEPT BioRobotics Corp. *(a)

8,387

488,627

Varex Imaging Corp. *

56,308

653,173

Zimvie, Inc. *

12,327

133,132

8,000,500

Health Care Providers & Services 3.0%

Alignment Healthcare, Inc. *

29,839

555,602

Aveanna Healthcare Holdings,

Inc. *

22,359

121,186

BrightSpring Health Services, Inc.

*(a)

68,579

1,240,594

Chemed Corp.

601

369,807

Concentra Group Holdings Parent,

Inc. (a)

20,057

435,237

Encompass Health Corp.

28,946

2,931,651

GeneDx Holdings Corp., Class A *

7,752

686,556

Guardant Health, Inc. *

11,136

474,394

HealthEquity, Inc. *(a)

20,393

1,802,129

RadNet, Inc. *

23,945

1,190,545

9,807,701

Health Care REITs 0.0%

†

Diversified Healthcare Trust

12,000

28,800

Health Care Technology 0.5%

HealthStream, Inc.

8,134

261,752

Waystar Holding Corp. *

35,390

1,322,171

1,583,923

Hotel & Resort REITs 2.3%

Apple Hospitality REIT, Inc. (a)

109,300

1,411,063

Chatham Lodging Trust (a)

32,407

231,062

RLJ Lodging Trust (a)

200,935

1,585,377

Summit Hotel Properties, Inc. (a)

65,134

352,375

Sunstone Hotel Investors, Inc.

262,833

2,473,258

Xenia Hotels & Resorts, Inc.

149,042

1,752,734

7,805,869

Hotels, Restaurants & Leisure 2.6%

Dutch Bros, Inc., Class A *

9,939

613,634

Life Time Group Holdings, Inc. *

91,576

2,765,595

Planet Fitness, Inc., Class A *(a)

13,990

1,351,574

Shake Shack, Inc., Class A *(a)

15,036

1,325,724

Sweetgreen, Inc., Class A *(a)

38,394

960,618

Texas Roadhouse, Inc., Class A

10,571

1,761,446

8,778,591

Household Durables 4.2%

Cricut, Inc., Class A

20,000

103,000

Ethan Allen Interiors, Inc.

18,201

504,168

Flexsteel Industries, Inc.

4,604

168,092

GoPro, Inc., Class A *

150,621

99,847

Helen of Troy Ltd. *(a)

26,535

1,419,357

Hooker Furnishings Corp.

2,153

21,616

KB Home (a)

37,984

2,207,630

Landsea Homes Corp. *

42,111

270,353

La-Z-Boy, Inc. (a)

17,720

692,675

Meritage Homes Corp. (a)

49,746

3,525,995

Sonos, Inc. *(a)

81,594

870,608

Taylor Morrison Home Corp.,

Class A *

51,986

3,121,239

Traeger, Inc. *

15,285

25,679

Common Stocks

Shares

Value ($)

UNITED STATES

Household Durables

Tri Pointe Homes, Inc. *

23,206

740,736

Universal Electronics, Inc. *

4,475

27,387

13,798,382

Independent Power and Renewable Electricity Producers 0.3%

Talen Energy Corp. *(a)

4,613

921,078

Industrial REITs 0.0%

†

Plymouth Industrial REIT, Inc.

3,627

59,120

Insurance 4.4%

Bowhead Specialty Holdings, Inc.

*(a)

18,698

760,074

CNO Financial Group, Inc.

58,328

2,429,361

Donegal Group, Inc., Class A

13,179

258,704

eHealth, Inc. *

13,643

91,135

Employers Holdings, Inc.

31,578

1,599,110

Genworth Financial, Inc., Class A *

124,202

880,592

Globe Life, Inc.

4,566

601,434

Greenlight Capital Re Ltd., Class

A *

6,971

94,457

Heritage Insurance Holdings, Inc. *

62,395

899,736

James River Group Holdings Ltd.

47,071

197,698

Mercury General Corp.

14,802

827,432

Reinsurance Group of America,

Inc.

10,733

2,113,328

Safety Insurance Group, Inc.

5,340

421,219

Selectquote, Inc. *(a)

44,683

149,241

Skyward Specialty Insurance

Group, Inc. *

34,928

1,848,390

United Fire Group, Inc.

15,979

470,741

Universal Insurance Holdings, Inc.

28,910

685,167

14,327,819

Interactive Media & Services 0.1%

Nextdoor Holdings, Inc. *

92,800

141,984

Outbrain, Inc. *

40,936

152,691

Travelzoo *

3,985

54,316

348,991

IT Services 0.2%

Rackspace Technology, Inc. *

141,404

238,973

Unisys Corp. *

103,363

474,436

713,409

Leisure Products 0.3%

American Outdoor Brands, Inc. *

937

11,394

Funko, Inc., Class A *

29,203

200,333

Johnson Outdoors, Inc., Class A

(a)

5,107

126,858

Latham Group, Inc. *

52,837

339,742

MasterCraft Boat Holdings, Inc.

*(a)

11,195

192,778

Solo Brands, Inc., Class A *

12,458

2,090

873,195

Life Sciences Tools & Services 0.6%

Codexis, Inc. *

93,497

251,507

Cytek Biosciences, Inc. *

70,574

283,002

Personalis, Inc. *

915

3,212

Repligen Corp. *(a)

10,162

1,293,012

1,830,733

Machinery 4.3%

Albany International Corp., Class A

6,400

441,856

Astec Industries, Inc.

18,983

653,964

Crane Co.

12,465

1,909,389

Donaldson Co., Inc.

8,557

573,832

60 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Company Fund

Common Stocks

Shares

Value ($)

UNITED STATES

Machinery

Esab Corp. (a)

16,982

1,978,404

Federal Signal Corp.

15,308

1,125,903

Flowserve Corp.

22,964

1,121,562

Graco, Inc.

8,343

696,724

Hyster-Yale, Inc.

3,458

143,645

L B Foster Co., Class A *

2,620

51,562

Lindsay Corp.

2,658

336,290

Manitowoc Co., Inc. (The) *

56,431

484,742

Mayville Engineering Co., Inc. *

16,263

218,412

Mueller Water Products, Inc.,

Class A (a)

53,792

1,367,393

Shyft Group, Inc. (The)

18,039

145,936

SPX Technologies, Inc. *

13,567

1,747,158

Wabash National Corp. (a)

70,226

775,997

Worthington Enterprises, Inc.

10,971

549,537

14,322,306

Media 0.5%

iHeartMedia, Inc., Class A *

97,666

161,149

Scholastic Corp.

47,262

892,307

Stagwell, Inc., Class A *

112,987

683,571

1,737,027

Metals & Mining 2.7%

ATI, Inc. *

19,808

1,030,610

Carpenter Technology Corp.

16,930

3,067,378

Coeur Mining, Inc. *(a)

204,860

1,212,771

Commercial Metals Co.

9,319

428,767

Olympic Steel, Inc.

16,892

532,436

Reliance, Inc.

1,387

400,496

Ryerson Holding Corp. (a)

45,255

1,039,055

SunCoke Energy, Inc.

118,434

1,089,593

Worthington Steel, Inc. (a)

9,312

235,873

9,036,979

Mortgage Real Estate Investment Trusts (REITs) 0.0%

†

Angel Oak Mortgage REIT, Inc.

2,721

25,931

Multi-Utilities 0.9%

Avista Corp.

71,209

2,981,521

Office REITs 1.0%

Easterly Government Properties,

Inc., Class A

167,937

1,780,131

Highwoods Properties, Inc. (a)

22,170

657,119

Orion Properties, Inc. (a)

83,861

179,463

SL Green Realty Corp. (a)

12,478

719,981

3,336,694

Oil, Gas & Consumable Fuels 1.2%

Amplify Energy Corp. *

64,610

241,641

Berry Corp.

103,809

333,227

Excelerate Energy, Inc., Class A

40,151

1,151,531

World Kinect Corp.

76,251

2,162,478

3,888,877

Paper & Forest Products 0.5%

Clearwater Paper Corp. *

18,606

472,034

Louisiana-Pacific Corp.

11,438

1,052,067

1,524,101

Passenger Airlines 0.6%

Allegiant Travel Co.

40,431

2,088,261

Personal Care Products 0.9%

BellRing Brands, Inc. *

18,944

1,410,570

Herbalife Ltd. *

91,512

789,749

Medifast, Inc. *

11,847

159,698

Nature's Sunshine Products, Inc. *

8,919

111,933

Common Stocks

Shares

Value ($)

UNITED STATES

Personal Care Products

USANA Health Sciences, Inc. *

20,338

548,516

3,020,466

Pharmaceuticals 1.8%

Atea Pharmaceuticals, Inc. *

19,705

58,918

Axsome Therapeutics, Inc. *

4,271

498,127

Biote Corp., Class A *

7,600

25,308

Ligand Pharmaceuticals, Inc. *

13,654

1,435,582

Nektar Therapeutics, Class A *

178,135

121,132

Pacira BioSciences, Inc. *

124,354

3,090,196

Phibro Animal Health Corp., Class

A

25,870

552,583

Terns Pharmaceuticals, Inc. *

7,137

19,698

Theravance Biopharma, Inc. *

18,369

164,035

5,965,579

Professional Services 1.2%

Barrett Business Services, Inc.

5,660

232,909

Conduent, Inc. *

204,491

552,126

Forrester Research, Inc. *

2,100

19,404

FTI Consulting, Inc. *

2,605

427,428

Heidrick & Struggles International,

Inc.

15,054

644,763

IBEX Holdings Ltd. *

15,660

381,321

KBR, Inc.

9,375

466,969

Kelly Services, Inc., Class A

43,518

573,132

Mistras Group, Inc. *

18,669

197,518

Resources Connection, Inc.

60,998

398,927

Skillsoft Corp. *(a)

2,000

38,480

TrueBlue, Inc. *

39,672

210,658

4,143,635

Real Estate Management & Development 0.6%

Douglas Elliman, Inc. *

9,836

16,918

Forestar Group, Inc. *

27,034

571,499

Howard Hughes Holdings, Inc. *

4,514

334,397

Kennedy-Wilson Holdings, Inc.

65,172

565,693

Newmark Group, Inc., Class A

4,210

51,236

Opendoor Technologies, Inc. *

212,210

216,454

RE/MAX Holdings, Inc., Class A *

20,684

173,125

RMR Group, Inc. (The), Class A

(a)

13,272

220,979

2,150,301

Residential REITs 0.1%

Equity LifeStyle Properties, Inc.

6,144

409,804

NexPoint Residential Trust, Inc.

854

33,759

443,563

Retail REITs 0.9%

Curbline Properties Corp. (a)

17,649

426,929

InvenTrust Properties Corp.

62,495

1,835,478

Macerich Co. (The)

6,317

108,463

Phillips Edison & Co., Inc.

12,809

467,400

Whitestone REIT

16,850

245,505

3,083,775

Semiconductors & Semiconductor Equipment 1.9%

Ambarella, Inc. *

34,724

1,747,659

Amkor Technology, Inc.

19,160

346,030

Astera Labs, Inc. *

10,215

609,529

MACOM Technology Solutions

Holdings, Inc. *

18,300

1,836,953

Silicon Laboratories, Inc. *

4,786

538,760

SiTime Corp. *(a)

9,132

1,396,009

6,474,940

NVIT Multi-Manager Small Company Fund - March 31, 2025 (Unaudited) - Statement of Investments - 61

Common Stocks

Shares

Value ($)

UNITED STATES

Software 6.3%

Alkami Technology, Inc. *

27,545

723,056

Appfolio, Inc., Class A *(a)

4,769

1,048,703

Braze, Inc., Class A *(a)

16,964

612,061

Clearwater Analytics Holdings,

Inc., Class A *

78,446

2,102,353

Commvault Systems, Inc. *

9,261

1,461,015

CS Disco, Inc. *

14,425

58,998

CyberArk Software Ltd. *

7,995

2,702,310

Dropbox, Inc., Class A *

64,812

1,731,129

E2open Parent Holdings, Inc. *

175,571

351,142

Intapp, Inc. *(a)

25,722

1,501,650

Life360, Inc. *(a)

8,819

338,561

Meridianlink, Inc. *

28,897

535,461

nCino, Inc. *(a)

28,733

789,296

ON24, Inc. *

6,533

33,972

Ooma, Inc. *

1,545

20,224

Pegasystems, Inc.

20,292

1,410,700

Q2 Holdings, Inc. *

24,630

1,970,646

Rimini Street, Inc. *

3,300

11,484

Telos Corp. *

21,776

51,827

UiPath, Inc., Class A *(a)

94,256

970,837

Vertex, Inc., Class A *(a)

30,673

1,073,862

Workiva, Inc., Class A *(a)

6,698

508,445

Xperi, Inc. *(a)

63,037

486,646

20,494,378

Specialized REITs 0.1%

Uniti Group, Inc. (a)

46,200

232,848

Specialty Retail 2.7%

1-800-Flowers.com, Inc., Class A

*(a)

37,938

223,834

BARK, Inc. *(a)

101,218

140,693

Boot Barn Holdings, Inc. *

8,071

867,068

Foot Locker, Inc. *(a)

143,962

2,029,864

Genesco, Inc. *

30,547

648,513

Haverty Furniture Cos., Inc. (a)

24,978

492,566

Lands' End, Inc. *

16,039

163,277

RH *(a)

1,730

405,529

Sleep Number Corp. *

45,440

288,090

Sonic Automotive, Inc., Class A (a)

32,524

1,852,567

Sportsman's Warehouse Holdings,

Inc. *

29,430

29,256

Stitch Fix, Inc., Class A *

244,081

793,263

ThredUp, Inc., Class A *

30,670

73,915

Winmark Corp.

1,255

398,927

Zumiez, Inc. *

44,450

661,861

9,069,223

Technology Hardware, Storage & Peripherals 0.1%

Xerox Holdings Corp. (a)

93,475

451,484

Textiles, Apparel & Luxury Goods 0.4%

Columbia Sportswear Co.

6,382

483,054

Movado Group, Inc.

36,436

609,209

Rocky Brands, Inc.

1,000

17,370

Superior Group of Cos., Inc.

7,541

82,499

1,192,132

Tobacco 0.2%

Turning Point Brands, Inc.

9,336

554,932

Trading Companies & Distributors 1.7%

Applied Industrial Technologies,

Inc.

6,995

1,576,253

BlueLinx Holdings, Inc. *(a)

9,064

679,619

Common Stocks

Shares

Value ($)

UNITED STATES

Trading Companies & Distributors

Boise Cascade Co.

861

84,455

DNOW, Inc. *

153,033

2,613,804

Hudson Technologies, Inc. *

33,800

208,546

Watsco, Inc.

1,082

549,981

5,712,658

Water Utilities 0.6%

American States Water Co.

14,191

1,116,548

California Water Service Group

16,420

795,713

1,912,261

Wireless Telecommunication Services 0.1%

Spok Holdings, Inc. (a)

14,970

246,107

303,845,964

Total Common Stocks

(cost $305,751,744)

323,412,253

Rights 0.0%

†

Number of

Rights

UNITED STATES 0.0%

†

Biotechnology 0.0%

†

Aduro Biotech, Inc. CVR*^∞(a)

4,756

0

Total Rights

(cost $12,075)

0

Repurchase Agreements 4.5%

Principal

Amount ($)

BNP Paribas Securities Corp.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$5,000,608, collateralized by

U.S. Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054; total

market value $5,100,000.(b)

5,000,000

5,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$2,071,026, collateralized

by U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $2,112,190.(b)

2,070,774

2,070,774

ING Financial Services LLC,

4.35%, dated 3/31/2025, due

4/1/2025, repurchase price

$5,000,604, collateralized

by U.S. Government Agency

Securities, 2.00%, maturing

7/1/2051; total market value

$5,100,000.(b)

5,000,000

5,000,000

62 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Multi-Manager Small Company Fund

Repurchase Agreements

Principal

Amount ($)

Value ($)

MetLife, Inc., 4.36%, dated

3/31/2025, due 4/1/2025,

repurchase price $2,000,242,

collateralized by U.S.

Government Treasury

Securities, 0.00%, maturing

11/15/2027 - 11/15/2045; total

market value $2,041,063.(b)

2,000,000

2,000,000

Pershing LLC, 4.35%, dated

3/31/2025, due 4/1/2025,

repurchase price $1,000,121,

collateralized by U.S.

Government Agency and

Treasury Securities, ranging

from 0.00% - 9.00%, maturing

4/1/2025 - 3/20/2075; total

market value $1,020,000.(b)

1,000,000

1,000,000

Total Repurchase Agreements

(cost $15,070,774)

15,070,774

Total Investments

(cost $320,834,593) — 101.9%

338,483,027

Liabilities in excess of other assets — (1.9)%

(

6,306,866

)

NET ASSETS — 100.0%

$332,176,161

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $47,911,945, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $15,070,774 and by $34,433,142 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$49,503,916.

(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, 2025 was $15,070,774.

ADR

American Depositary Receipt

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 Multi-Manager Small Company Fund - March 31, 2025 (Unaudited) - Statement of Investments - 63

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.  

64 - Statement of Investments - March 31, 2025 (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, 2025. 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

$

6,850,846

$

–

$

–

$

6,850,846

Air Freight & Logistics

456,634

–

–

456,634

Automobile Components

4,338,896

–

–

4,338,896

Banks

39,452,679

–

–

39,452,679

Beverages

32,184

–

–

32,184

Biotechnology

13,659,854

–

–

13,659,854

Broadline Retail

2,192,478

–

–

2,192,478

Building Products

2,061,765

–

–

2,061,765

Capital Markets

8,093,704

–

–

8,093,704

Chemicals

2,033,691

–

–

2,033,691

Commercial Services & Supplies

5,556,630

–

–

5,556,630

Communications Equipment

2,582,429

–

–

2,582,429

Construction & Engineering

7,086,313

–

–

7,086,313

Consumer Finance

7,016,468

–

–

7,016,468

Consumer Staples Distribution & Retail

3,386,947

–

–

3,386,947

Containers & Packaging

568,409

–

–

568,409

Diversified Consumer Services

2,457,303

–

–

2,457,303

Diversified REITs

271,616

–

–

271,616

Diversified Telecommunication Services

991,992

–

–

991,992

Electrical Equipment

527,001

–

–

527,001

Electronic Equipment, Instruments &

Components

8,473,958

–

–

8,473,958

Energy Equipment & Services

5,654,720

–

–

5,654,720

Entertainment

1,356,088

–

–

1,356,088

Financial Services

8,350,969

–

–

8,350,969

Food Products

2,949,568

–

–

2,949,568

Gas Utilities

2,293,595

–

–

2,293,595

Ground Transportation

5,143,436

–

–

5,143,436

Health Care Equipment & Supplies

8,000,500

–

–

8,000,500

Health Care Providers & Services

9,807,701

–

–

9,807,701

Health Care REITs

28,800

–

–

28,800

Health Care Technology

1,583,923

–

–

1,583,923

Hotel & Resort REITs

7,805,869

–

–

7,805,869

Hotels, Restaurants & Leisure

8,778,591

–

–

8,778,591

Household Durables

13,798,382

–

–

13,798,382

Independent Power and Renewable

Electricity Producers

921,078

–

–

921,078

Industrial REITs

59,120

–

–

59,120

Insurance

16,115,176

–

–

16,115,176

Interactive Media & Services

348,991

–

–

348,991

IT Services

713,409

–

–

713,409

Leisure Products

873,195

–

–

873,195

Life Sciences Tools & Services

1,830,733

–

–

1,830,733

Machinery

14,322,306

–

–

14,322,306

Marine Transportation

423,251

–

–

423,251

Media

1,737,027

–

–

1,737,027

Metals & Mining

9,656,057

–

–

9,656,057

Mortgage Real Estate Investment Trusts

(REITs)

25,931

–

–

25,931

Multi-Utilities

2,981,521

–

–

2,981,521

Office REITs

3,336,694

–

–

3,336,694

Oil, Gas & Consumable Fuels

6,102,755

–

–

6,102,755

Paper & Forest Products

1,524,101

–

–

1,524,101

Passenger Airlines

2,088,261

–

–

2,088,261

Personal Care Products

3,020,466

–

–

3,020,466

Pharmaceuticals

5,965,579

–

–

5,965,579

Professional Services

4,143,635

–

–

4,143,635

Real Estate Management & Development

2,150,301

–

–

2,150,301

Residential REITs

443,563

–

–

443,563

NVIT Multi-Manager Small Company Fund - March 31, 2025 (Unaudited) - Statement of Investments - 65

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:

Retail REITs

$

3,083,775

$

–

$

–

$

3,083,775

Semiconductors & Semiconductor

Equipment

7,284,494

–

–

7,284,494

Software

21,245,250

–

–

21,245,250

Specialized REITs

232,848

–

–

232,848

Specialty Retail

9,069,223

–

–

9,069,223

Technology Hardware, Storage &

Peripherals

451,484

–

–

451,484

Textiles, Apparel & Luxury Goods

1,192,132

–

–

1,192,132

Tobacco

554,932

–

–

554,932

Trading Companies & Distributors

5,712,658

–

–

5,712,658

Water Utilities

1,912,261

–

–

1,912,261

Wireless Telecommunication Services

246,107

–

–

246,107

Total Common Stocks

$

323,412,253

$

–

$

–

$

323,412,253

Repurchase Agreements

–

15,070,774

–

15,070,774

Rights

–

–

–

–

Total

$

323,412,253

$

15,070,774

$

–

$

338,483,027

As of March 31, 2025, the Fund held two common stock investments and one rights investment 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.

66 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Real Estate Fund

Common Stocks 99.0%

Shares

Value ($)

Diversified REITs 3.2%

Essential Properties Realty

Trust, Inc.

200,656

6,549,412

Health Care Providers & Services 1.5%

Brookdale Senior Living, Inc.*

490,836

3,072,633

Health Care REITs 16.8%

American Healthcare REIT,

Inc.

140,585

4,259,725

CareTrust REIT, Inc.

125,033

3,573,443

Ventas, Inc.

98,914

6,801,327

Welltower, Inc.

131,042

20,076,945

34,711,440

Hotel & Resort REITs 0.5%

Ryman Hospitality Properties,

Inc.

11,169

1,021,293

Hotels, Restaurants & Leisure 1.5%

Marriott International, Inc.,

Class A

13,138

3,129,472

Industrial REITs 14.0%

EastGroup Properties, Inc.

40,408

7,117,869

First Industrial Realty Trust,

Inc.

37,519

2,024,525

Prologis, Inc.

177,135

19,801,922

28,944,316

Office REITs 4.0%

Cousins Properties, Inc.

87,416

2,578,772

Douglas Emmett, Inc.

65,543

1,048,688

SL Green Realty Corp.

80,840

4,664,468

8,291,928

Residential REITs 19.5%

American Homes 4 Rent,

Class A

117,039

4,425,244

Common Stocks

Shares

Value ($)

Residential REITs

AvalonBay Communities, Inc.

47,884

10,276,864

Essex Property Trust, Inc.

40,388

12,381,749

Independence Realty Trust,

Inc.

271,855

5,771,482

Mid-America Apartment

Communities, Inc.

24,988

4,187,489

Sun Communities, Inc.

25,015

3,217,930

40,260,758

Retail REITs 15.9%

Agree Realty Corp.

95,734

7,389,708

Curbline Properties Corp.

129,133

3,123,727

Phillips Edison & Co., Inc.

117,572

4,290,202

Regency Centers Corp.

84,724

6,249,242

Simon Property Group, Inc.

37,383

6,208,569

Tanger, Inc.

159,777

5,398,865

32,660,313

Specialized REITs 22.1%

American Tower Corp.

33,533

7,296,781

Digital Realty Trust, Inc.

20,003

2,866,230

EPR Properties

70,652

3,717,001

Equinix, Inc.

22,783

18,576,119

Iron Mountain, Inc.

25,219

2,169,843

Public Storage

36,869

11,034,523

45,660,497

Total Investments

(cost $162,338,940) — 99.0%

204,302,062

Other assets in excess of liabilities — 1.0%

2,138,365

NET ASSETS — 100.0%

$

206,440,427

*

Denotes a non-income producing security.

REIT

Real Estate Investment Trust

NVIT Real Estate Fund - March 31, 2025 (Unaudited) - Statement of Investments - 67

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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

204,302,062

$

–

$

–

$

204,302,062

Total

$

204,302,062

$

–

$

–

$

204,302,062

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 1

Asset-Backed Securities 8.3%

Principal

Amount ($)

Value ($)

Airlines 0.6%

American Airlines Pass-

Through Trust, Series

2021-1, Class B, 3.95%,

7/11/2030

232,500

218,989

Blackbird Capital II Aircraft

Lease Ltd., Series 2021-

1A, Class B, 3.45%,

7/15/2046(a)

1,647,948

1,531,421

United Airlines Pass-Through

Trust, Series 2020-1, Class

B, 4.88%, 1/15/2026

137,088

136,840

1,887,250

Automobiles 3.7%

Arivo Acceptance Auto Loan

Receivables Trust, Series

2024-1A, Class B, 6.87%,

6/17/2030(a)

870,000

894,584

Avis Budget Rental Car

Funding AESOP LLC,

Series 2024-1A, Class C,

6.48%, 6/20/2030(a)

540,000

549,254

Exeter Automobile

Receivables Trust, Series

2024-4A, Class E, 7.65%,

2/17/2032(a)

1,480,000

1,487,339

Foursight Capital Automobile

Receivables Trust

Series 2021-2, Class E,

3.35%, 10/15/2027(a)

600,000

598,999

Series 2021-2, Class F,

4.19%, 2/15/2029(a)

490,000

488,860

GLS Auto Receivables

Issuer Trust, Series

2021-4A, Class E, 4.43%,

10/16/2028(a)

1,640,000

1,585,451

GLS Auto Select Receivables

Trust, Series 2024-

1A, Class D, 6.43%,

1/15/2031(a)

1,650,000

1,699,200

JPMorgan Chase Bank

NA-CACLN, Series

2021-3, Class F, 3.69%,

2/26/2029(a)

1,000,000

997,497

Kinetic Advantage Master

Owner Trust, Series

2024-1A, Class A, 7.00%,

11/15/2027(a)(b)

1,780,000

1,787,244

Prestige Auto Receivables

Trust, Series 2023-

1A, Class D, 6.33%,

4/16/2029(a)

1,374,000

1,392,960

11,481,388

Equipment Loans & Leases 0.6%

NMEF Funding LLC, Series

2023-A, Class C, 8.04%,

6/17/2030(a)

750,000

767,569

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Equipment Loans & Leases

SCF Equipment Leasing LLC,

Series 2022-1A, Class E,

5.26%, 7/20/2032(a)

940,000

921,413

1,688,982

Financial Services 0.2%

PFP Ltd., Series 2024-

11, Class A, 6.15%,

9/17/2039(a)(b)

556,104

556,799

Other 3.2%

Arbor Realty Commercial Real

Estate Notes Ltd.

Series 2021-FL3, Class A,

5.50%, 8/15/2034(a)(b)

610,905

609,803

Series 2022-FL1, Class A,

5.80%, 1/15/2037(a)(b)

850,508

849,977

FS Rialto Issuer LLC, Series

2022-FL4, Class A, 6.24%,

1/19/2039(a)(b)

344,408

343,978

LoanCore Issuer Ltd., Series

2022-CRE7, Class A,

5.90%, 1/17/2037(a)(b)

1,443,277

1,437,866

MF1, Series 2024-FL16, Class

A, 5.86%, 11/18/2039(a)(b)

1,185,000

1,185,372

Progress Residential Trust

Series 2021-SFR8, Class G,

4.01%, 10/17/2038(a)

2,100,000

2,039,536

Series 2021-SFR7, Class F,

3.83%, 8/17/2040(a)

1,710,000

1,556,623

Series 2021-SFR9, Class F,

4.05%, 11/17/2040(a)

780,000

743,141

Tricon American Homes,

Series 2020-SFR1, Class F,

4.88%, 7/17/2038(a)

980,000

974,159

9,740,455

Total Asset-Backed Securities

(cost $25,578,072)

25,354,874

Collateralized Mortgage Obligations 9.6%

A&D Mortgage Trust, Series

2023-NQM4, Class B1,

8.07%, 9/25/2068(a)(b)

930,000

939,516

Bellemeade Re Ltd., Series

2021-3A, Class B1, 8.19%,

9/25/2031(a)(b)

2,100,000

2,159,199

Connecticut Avenue Securities

Trust, Series 2023-R03,

Class 2M1, 6.84%,

4/25/2043(a)(b)

587,031

594,739

DataBank Issuer, Series

2024-1A, Class A2, 5.30%,

1/26/2054(a)

290,000

287,601

Eagle RE Ltd., Series 2023-

1, Class M1B, 8.29%,

9/26/2033(a)(b)

2,380,000

2,448,636

FARM Mortgage Trust, Series

2021-1, Class B, 3.24%,

7/25/2051(a)(b)

574,917

427,291

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Collateralized Mortgage Obligations

Principal

Amount ($)

Value ($)

FHLMC STACR REMIC Trust

Series 2020-HQA5, Class

B2, 11.74%, 11/25/2050(a)

(b)

1,140,000

1,373,284

Series 2020-DNA6, Class

B2, 9.99%, 12/25/2050(a)(b)

2,115,000

2,405,873

FHLMC STACR Trust

Series 2018-HQA2, Class

B2, 15.45%, 10/25/2048(a)

(b)

2,800,000

3,487,602

Series 2019-DNA3, Class

B2, 12.60%, 7/25/2049(a)(b)

1,360,000

1,555,636

Flagstar Mortgage Trust,

Series 2021-4, Class AX1,

IO, 0.20%, 6/1/2051(a)(b)

78,262,229

962,907

FNMA REMIC, Series 2018-

42, Class SB, IO, 1.75%,

6/25/2048(b)

3,010,641

365,984

GCAT Trust, Series 2021-

CM1, Class M1, 3.28%,

4/25/2065(a)(b)

805,000

695,512

GNMA REMIC

Series 2019-159, Class HI,

IO, 3.50%, 12/20/2049

1,640,464

281,681

Series 2019-159, Class CI,

IO, 3.50%, 12/20/2049

819,457

140,244

Home RE Ltd., Series 2023-

1, Class M1B, 8.94%,

10/25/2033(a)(b)

570,000

589,679

Hundred Acre Wood Trust,

Series 2021-INV1,

Class AX1, IO, 0.23%,

7/25/2051(a)(b)

25,396,592

337,371

Imperial Fund Mortgage Trust,

Series 2022-NQM5, Class

B1, 6.25%, 8/25/2067(a)(c)

990,000

976,497

JP Morgan Mortgage Trust

Series 2021-10, Class AX1,

IO, 0.11%, 12/25/2051(a)(b)

48,446,895

315,510

Series 2021-8, Class AX1,

IO, 0.11%, 12/25/2051(a)(b)

43,427,619

279,926

MFA Trust, Series 2023-

RTL2, Class A1, 8.50%,

11/25/2028(a)(c)

718,000

731,489

Morgan Stanley Residential

Mortgage Loan Trust, Series

2023-NQM1, Class B2,

7.42%, 9/25/2068(a)(b)

1,300,000

1,269,815

Radnor RE Ltd.

Series 2023-1, Class M1A,

7.04%, 7/25/2033(a)(b)

1,325,952

1,334,858

Series 2023-1, Class M1B,

8.69%, 7/25/2033(a)(b)

510,000

528,662

Saluda Grade Alternative

Mortgage Trust, Series

2024-RTL5, Class A1,

7.76%, 4/25/2030(a)(c)

430,000

433,270

STACR Trust, Series 2018-

HRP2, Class B2, 14.95%,

2/25/2047(a)(b)

2,000,000

2,470,000

Collateralized Mortgage Obligations

Principal

Amount ($)

Value ($)

Towd Point Mortgage Trust,

Series 2022-SJ1, Class B1,

5.25%, 3/25/2062(a)(b)

1,829,000

1,684,278

Verus Securitization Trust,

Series 2023-5, Class B2,

8.04%, 6/25/2068(a)(b)

340,000

338,417

Total Collateralized Mortgage Obligations

(cost $26,500,855)

29,415,477

Commercial Mortgage-Backed Securities 5.6%

BX Trust, Series 2021-

ARIA, Class D, 6.33%,

10/15/2036(a)(b)

1,700,000

1,691,500

Commercial Mortgage Trust,

Series 2015-CR26, Class D,

3.46%, 10/10/2048(b)

3,000,000

2,437,239

FHLMC Multifamily Structured

Credit Risk REMIC

Series 2021-MN1, Class

M2, 8.09%, 1/25/2051(a)(b)

1,275,000

1,324,694

Series 2021-MN3, Class

M2, 8.34%, 11/25/2051(a)

(b)

1,615,000

1,678,366

GS Mortgage Securities Corp.

Trust

Series 2021-IP, Class D,

6.53%, 10/15/2036(a)(b)

700,000

691,302

Series 2021-IP, Class E,

7.98%, 10/15/2036(a)(b)

300,000

292,928

HTL Commercial Mortgage

Trust, Series 2024-

T53, Class D, 8.20%,

5/10/2039(a)(b)

990,000

1,012,303

JPMDB Commercial Mortgage

Securities Trust, Series

2016-C2, Class D, 3.32%,

6/15/2049(a)(b)

2,500,000

1,159,832

Morgan Stanley Bank of

America Merrill Lynch Trust

Series 2015-C22, Class D,

4.20%, 4/15/2048(a)(b)

2,000,000

1,307,790

Series 2017-C33, Class D,

3.36%, 5/15/2050(a)

3,250,000

2,820,319

Morgan Stanley Capital

I Trust, Series 2016-

UBS9, Class D, 3.00%,

3/15/2049(a)

715,000

568,193

Multifamily Connecticut

Avenue Securities Trust,

Series 2019-01, Class CE,

13.20%, 10/25/2049(a)(b)

2,136,000

2,161,389

Total Commercial Mortgage-Backed

Securities

(cost $18,827,389)

17,145,855

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

Common Stocks 0.3%

Shares

Value ($)

Media 0.0%

†

Diamond Sports Group LLC

*∞

171

3,003

Passenger Airlines 0.3%

Grupo Aeromexico SAB de

CV

*^∞

43,743

819,377

Total Common Stocks

(cost $717,650)

822,380

Corporate Bonds 62.2%

Principal

Amount ($)

Aerospace & Defense

1.2%

Axon Enterprise, Inc.,

6.13%, 3/15/2030(a)(d)

205,000

206,891

6.25%, 3/15/2033(a)

180,000

181,852

Boeing Co. (The),

6.86%, 5/1/2054

2,120,000

2,302,735

7.01%, 5/1/2064(d)

415,000

449,690

Goat Holdco LLC,

6.75%, 2/1/2032(a)(d)

580,000

567,669

3,708,837

Automobiles

2.1%

Hyundai Capital America,

5.68%, 6/26/2028(a)

950,000

969,818

6.50%, 1/16/2029(a)(d)

690,000

724,025

6.20%, 9/21/2030(a)

770,000

805,359

Mercedes-Benz Finance North

America LLC,

5.45%, 4/1/2035(a)

2,610,000

2,600,784

Volkswagen Group of America

Finance LLC,

5.80%, 3/27/2035(a)(d)

1,250,000

1,229,505

6,329,491

Banks

12.4%

Banco Santander SA,

5.44%, 7/15/2031(d)

3,600,000

3,689,711

Barclays plc,

(ICE IBA - USD SOFR ICE

Swap Rate 5 Year + 3.69%),

7.63%, 3/15/2035(e)(f)

350,000

342,281

CaixaBank SA,

(SOFR + 2.77%), 6.84%,

9/13/2034(a)(d)(f)

1,280,000

1,390,131

(SOFR + 2.26%), 6.04%,

6/15/2035(a)(d)(f)

200,000

206,622

Reg. S, (EUR Swap Annual

5 Year + 3.86%), 3.63%,

9/14/2028(e)(f)

EUR 1,000,000

993,444

Comerica Bank,

(SOFR + 2.61%), 5.33%,

8/25/2033(f)

989,000

956,696

Commonwealth Bank of

Australia,

(SOFR + 0.81%), 5.16%,

3/14/2030(a)(f)

1,495,000

1,499,665

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.32%),

5.93%, 3/14/2046(a)(f)

555,000

549,355

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

HSBC Holdings plc,

(SOFR + 1.29%), 5.29%,

11/19/2030(f)

1,730,000

1,747,922

(SOFR + 1.29%), 5.65%,

3/3/2031(d)(f)

2,190,000

2,211,944

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.64%),

6.95%, 8/27/2031(d)(e)(f)

1,205,000

1,199,828

ING Groep NV,

Series NC10, (US Treasury

Yield Curve Rate T Note

Constant Maturity 5

Year + 2.86%), 4.25%,

5/16/2031(e)(f)

2,208,000

1,845,148

Intesa Sanpaolo SpA,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 4.40%),

8.25%, 11/21/2033(a)(f)

1,380,000

1,584,589

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 3.90%),

7.78%, 6/20/2054(a)(f)

955,000

1,060,902

Mizuho Financial Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.98%),

5.42%, 5/13/2036(d)(f)

2,855,000

2,874,190

NatWest Group plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 3.75%),

8.13%, 11/10/2033(d)(e)(f)

595,000

624,677

Nordea Bank Abp,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.60%),

3.75%, 3/01/2029(a)(e)(f)

1,525,000

1,353,015

Regions Financial Corp.,

(SOFR + 2.06%), 5.50%,

9/6/2035(d)(f)

955,000

942,703

Santander Holdings USA, Inc.,

(SOFR + 2.14%), 6.34%,

5/31/2035(d)(f)

1,900,000

1,943,904

Societe Generale SA,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.60%),

6.10%, 4/13/2033(a)(d)(f)

1,000,000

1,024,214

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 3.20%),

6.22%, 6/15/2033(a)(d)(f)

2,300,000

2,336,808

Standard Chartered plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.15%),

5.01%, 10/15/2030(a)(d)(f)

505,000

504,157

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Standard Chartered plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.10%),

6.10%, 1/11/2035(a)(f)

803,000

833,529

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.43%),

6.23%, 1/21/2036(a)(d)(f)

890,000

925,254

Sumitomo Mitsui Trust Bank

Ltd.,

(SOFR + 0.99%), 5.31%,

3/13/2030(a)(f)

2,170,000

2,185,342

Truist Financial Corp.,

(SOFR + 2.24%), 4.92%,

7/28/2033(f)

1,360,000

1,298,119

UniCredit SpA,

(USD ICE Swap Rate 5

Year + 3.70%), 5.86%,

6/19/2032(a)(d)(f)

1,760,000

1,765,855

37,890,005

Capital Markets

2.0%

Jefferies Financial Group, Inc.,

6.20%, 4/14/2034(d)

1,260,000

1,284,350

Morgan Stanley,

(SOFR + 2.62%), 5.30%,

4/20/2037(d)(f)

1,310,000

1,284,985

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.43%),

5.95%, 1/19/2038(f)

695,000

702,562

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.80%),

5.94%, 2/7/2039(d)(f)

375,000

378,508

Nomura Holdings, Inc.,

5.78%, 7/3/2034(d)

425,000

435,865

UBS Group AG,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.20%),

5.96%, 1/12/2034(a)(d)(f)

1,890,000

1,966,173

6,052,443

Chemicals

0.6%

Methanex US Operations,

Inc.,

6.25%, 3/15/2032(a)

1,945,000

1,894,501

Commercial Services & Supplies

1.1%

Element Fleet Management

Corp.,

5.04%, 3/25/2030(a)

1,815,000

1,815,404

Garda World Security Corp.,

8.38%, 11/15/2032(a)(d)

1,710,000

1,681,288

3,496,692

Consumer Finance

3.7%

Ally Financial, Inc.,

(SOFR + 3.26%), 6.99%,

6/13/2029(d)(f)

1,040,000

1,084,791

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

Ally Financial, Inc.,

(SOFR + 2.29%), 6.18%,

7/26/2035(d)(f)

1,050,000

1,043,283

Avolon Holdings Funding Ltd.,

6.38%, 5/4/2028(a)(d)

1,665,000

1,723,024

5.38%, 5/30/2030(a)

545,000

545,741

Capital One Financial Corp.,

(SOFR + 2.60%), 5.82%,

2/1/2034(d)(f)

480,000

483,724

Ford Motor Credit Co. LLC,

2.90%, 2/10/2029(d)

1,422,000

1,272,210

6.05%, 11/5/2031(d)

1,355,000

1,327,512

General Motors Financial Co.,

Inc.,

6.40%, 1/9/2033(d)

2,340,000

2,413,456

Global Aircraft Leasing Co.

Ltd.,

8.75%, 9/1/2027(a)(d)

1,435,000

1,458,576

11,352,317

Diversified Consumer Services

0.2%

Champions Financing, Inc.,

8.75%, 2/15/2029(a)(d)

620,000

554,906

Diversified REITs

0.9%

Uniti Group LP,

6.00%, 1/15/2030(a)

3,200,000

2,769,121

Diversified Telecommunication Services

1.9%

Altice France SA,

5.13%, 7/15/2029(a)(d)

835,000

654,083

Total Play Telecomunicaciones

SA de CV,

11.13%, 12/31/2032(a)

3,777,250

3,455,759

Windstream Services LLC,

8.25%, 10/1/2031(a)(d)

1,660,000

1,690,058

5,799,900

Electric Utilities

0.6%

Light Energia SA,

4.38%, 6/18/2026

627,194

588,245

Light Servicos de Eletricidade

SA,

2.26%, 12/19/2037(g)

1,211,421

270,903

Vistra Operations Co. LLC,

6.95%, 10/15/2033(a)(d)

191,000

205,163

5.70%, 12/30/2034(a)(d)

735,000

731,165

1,795,476

Electronic Equipment, Instruments & Components

0.1%

CDW LLC,

5.55%, 8/22/2034(d)

460,000

454,627

Energy Equipment & Services

0.8%

Borr IHC Ltd.,

10.00%, 11/15/2028(a)(d)

393,902

374,623

10.38%, 11/15/2030(a)(d)

290,194

269,518

Transocean, Inc.,

6.80%, 3/15/2038(d)

2,175,000

1,666,530

2,310,671

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 5

Corporate Bonds

Principal

Amount ($)

Value ($)

Financial Services

3.3%

Alamo Re Ltd.,

Series A, (T-BILL 1MO

+ 7.52%), 11.81%,

6/7/2025(a)(f)

250,000

252,500

Series A, (T-BILL 1MO

+ 8.39%), 12.68%,

6/7/2026(a)(f)

700,000

724,500

Series A, (T-BILL 1MO

+ 6.00%), 10.28%,

6/7/2027(a)(f)

500,000

518,100

Series B, (T-BILL 1MO

+ 7.75%), 12.03%,

6/7/2027(a)(f)

250,000

262,000

Aquila Re I Ltd.,

Series A-1, (3 Month

Treasury Bill Rate + 5.65%),

5.65%, 6/8/2026(a)(f)

450,000

458,100

Series C-1, (3 Month

Treasury Bill Rate + 9.18%),

9.18%, 6/8/2026(a)(f)

450,000

468,900

Series A-1, (3 Month

Treasury Bill Rate + 5.50%),

5.50%, 6/7/2027(a)(f)

250,000

254,225

Atlas Capital DAC,

Series A, (SOFR + 7.72%),

12.07%, 6/5/2026(a)(f)

450,000

470,205

Series 2024, (SOFR

+ 12.50%), 16.87%,

6/8/2027(a)(f)

250,000

279,075

Black Kite Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 6.82%), 11.11%,

6/9/2025(a)(f)

700,000

704,760

Freedom Mortgage Holdings

LLC,

9.25%, 2/1/2029(a)

845,000

858,130

9.13%, 5/15/2031(a)

1,010,000

1,016,376

8.38%, 4/1/2032(a)(d)

125,000

122,138

High Point Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 5.75%), 5.75%,

1/6/2027(a)(f)

250,000

252,275

Hypatia Ltd.,

Series A, (3 Month Treasury

Bill Rate + 10.50%),

14.79%, 4/8/2026(a)(f)

450,000

469,485

Lightning Re,

Series 2023-1, (3 Month

Treasury Bill Rate

+ 11.00%), 15.29%,

3/31/2026(a)(f)

400,000

417,880

Locke Tavern Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 4.78%), 9.07%,

4/9/2026(a)(f)

450,000

455,760

Long Point Re IV Ltd.,

Series 2022, (3 Month

Treasury Bill Rate + 4.25%),

8.54%, 6/1/2026(a)(f)

450,000

454,320

Corporate Bonds

Principal

Amount ($)

Value ($)

Financial Services

Mayflower Re Ltd.,

Series A, (T-BILL 1MO +

4.50%, 1.56% Cap, 0.56%

Floor), 4.50%, 7/8/2027(a)(f)

250,000

255,750

Mona Lisa Re Ltd.,

Series B, (3 Month Treasury

Bill Rate + 12.50%),

16.79%, 1/8/2026(a)(f)

450,000

465,705

Queen Street 2023 RE DAC,

Series A, (3 Month Treasury

Bill Rate + 7.50%), 11.79%,

12/8/2025(a)(f)

450,000

457,200

Topanga Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 5.05%), 5.05%,

1/8/2026(a)(f)

450,000

416,925

10,034,309

Food Products

1.3%

Fiesta Purchaser, Inc.,

9.63%, 9/15/2032(a)

810,000

832,383

JBS USA Holding Lux Sarl,

6.50%, 12/1/2052

1,285,000

1,331,052

Mars, Inc.,

5.20%, 3/1/2035(a)(d)

370,000

371,853

Minerva Luxembourg SA,

4.38%, 3/18/2031(a)

1,625,000

1,420,170

3,955,458

Gas Utilities

0.6%

KeySpan Gas East Corp.,

5.99%, 3/6/2033(a)(d)

1,770,000

1,813,583

Health Care Providers & Services

1.4%

CVS Health Corp.,

5.55%, 6/1/2031(d)

1,190,000

1,214,704

US Acute Care Solutions LLC,

9.75%, 5/15/2029(a)(d)

3,160,000

3,150,892

4,365,596

Health Care REITs

0.6%

MPT Operating Partnership

LP,

3.50%, 3/15/2031

2,550,000

1,699,799

Hotels, Restaurants & Leisure

3.0%

Carnival Corp.,

5.75%, 1/15/2030(a)

EUR 1,060,000

1,212,083

Cruise Yacht Upper HoldCo

Ltd.,

11.88%, 7/5/2028(d)

800,000

821,147

Darden Restaurants, Inc.,

6.30%, 10/10/2033(d)

2,960,000

3,136,684

Genting New York LLC,

7.25%, 10/1/2029(a)(d)

1,710,000

1,742,729

Hyatt Hotels Corp.,

5.75%, 3/30/2032(d)

670,000

673,602

Mohegan Tribal Gaming

Authority,

8.25%, 4/15/2030(a)

1,790,000

1,759,135

9,345,380

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Industrial REITs

0.2%

Americold Realty Operating

Partnership LP,

5.60%, 5/15/2032

630,000

632,372

Insurance

9.6%

Allianz SE,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.77%),

5.60%, 9/3/2054(a)(d)(f)

2,000,000

1,965,536

Blue Ridge Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 5.25%), 9.54%,

1/8/2027(a)(f)

250,000

255,250

Series B, (T-BILL 1MO

+ 8.00%), 12.29%,

1/8/2027(a)(f)

250,000

257,300

Bonanza RE Ltd.,

Series A, (3 Month Treasury

Bill Rate + 8.45%), 12.74%,

1/8/2026(a)(f)

450,000

459,540

Series C, (3 Month Treasury

Bill Rate + 5.50%), 9.79%,

12/19/2027(a)(f)

250,000

252,000

Cape Lookout Re Ltd.,

Series A, (T-BILL 1MO

+ 8.42%), 12.71%,

4/28/2026(a)(f)

450,000

463,050

Citrus Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 6.59%), 10.88%,

6/7/2026(a)(f)

450,000

463,905

CNO Financial Group, Inc.,

6.45%, 6/15/2034(d)

1,685,000

1,757,176

Dai-ichi Life Insurance Co.

Ltd. (The),

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.52%),

6.20%, 1/16/2035(a)(e)(f)

3,560,000

3,571,200

Farmers Exchange Capital III,

+ 3.45%), 5.45%,

10/15/2054(a)(d)(f)

2,010,000

1,809,000

Farmers Insurance Exchange,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 10 Year + 3.86%),

7.00%, 10/15/2064(a)(f)

410,000

418,532

First Coast Re IV Ltd.,

Series A, (3 Month Treasury

Bill Rate + 9.52%), 9.25%,

4/7/2026(a)(f)

400,000

409,960

FloodSmart Re Ltd.,

Series A, (T-BILL 1MO

+ 17.15%), 21.44%,

3/11/2026(a)(f)

800,000

797,920

Series A, (3 Month Treasury

Bill Rate + 14.00%),

18.28%, 3/12/2027(a)(f)

500,000

514,800

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Four Lakes Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 6.46%), 10.75%,

1/7/2026(a)(f)

450,000

454,635

Series A, (3 Month Treasury

Bill Rate + 5.75%), 10.04%,

1/7/2027(a)(f)

250,000

252,600

Gateway Re Ltd.,

Series A, (T-BILL 1MO

+ 13.96%), 18.25%,

2/24/2026(a)(f)

450,000

472,680

Series AA, (T-BILL 1MO +

5.50%), 9.79%, 7/8/2027(a)

(f)

250,000

249,625

Herbie Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 6.00%), 10.29%,

1/7/2028(a)(f)

250,000

239,550

Integrity Re Ltd.,

Series A, (T-BILL 1MO

+ 12.86%), 17.15%,

6/6/2025(a)(f)

400,000

407,200

Series B, (T-BILL 1MO

+ 13.25%), 17.54%,

6/6/2026(a)(f)

250,000

260,125

Kendall Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 6.25%), 10.53%,

4/30/2027(a)(f)

250,000

261,025

Series B, (3 Month Treasury

Bill Rate + 7.75%), 12.03%,

4/30/2027(a)(f)

250,000

258,575

Liberty Mutual Insurance Co.,

7.70%, 10/15/2097(a)

730,000

828,612

Marlon Ltd.,

Series A, (3 Month Treasury

Bill Rate + 7.00%), 7.00%,

6/7/2027(a)(f)

250,000

257,175

Meiji Yasuda Life Insurance

Co.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.91%),

6.10%, 6/11/2055(a)(f)

2,890,000

2,879,838

Merna Reinsurance II Ltd.,

Series 3, (3 Month Treasury

Bill Rate + 7.53%), 11.81%,

7/7/2025(a)(f)

250,000

254,275

Series A, (3 Month Treasury

Bill Rate + 7.75%), 12.04%,

7/7/2026(a)(f)

400,000

411,640

Series B, (3 Month Treasury

Bill Rate + 10.25%),

14.54%, 7/7/2026(a)(f)

450,000

468,945

Series A, (3 Month Treasury

Bill Rate + 7.25%), 11.54%,

7/7/2027(a)(f)

250,000

261,450

Series C, (3 Month Treasury

Bill Rate + 8.50%), 12.79%,

7/7/2027(a)(f)

250,000

255,325

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Mystic Re IV Ltd.,

Series A, (3 Month Treasury

Bill Rate + 9.17%), 13.45%,

1/8/2026(a)(f)

450,000

466,515

Series A, (3 Month Treasury

Bill Rate + 12.00%),

16.28%, 1/8/2027(a)(f)

250,000

261,600

Palm RE Ltd.,

Series A, (T-BILL 1MO

+ 9.50%), 13.78%,

6/7/2027(a)(f)

250,000

263,975

Purple Re Ltd.,

Series A, (T-BILL 1MO

+ 9.00%), 13.29%,

6/7/2027(a)(f)

500,000

527,700

Residential Reinsurance 2004

Ltd.,

Series 4, (3 Month Treasury

Bill Rate + 5.25%), 9.54%,

12/6/2028(a)(f)

250,000

252,425

Series 3, (3 Month Treasury

Bill Rate + 7.00%), 11.29%,

12/6/2028(a)(f)

250,000

256,375

Residential Reinsurance 2023

Ltd.,

Series 5, (3 Month Treasury

Bill Rate + 5.92%), 10.21%,

12/6/2027(a)(f)

250,000

258,650

Series 3, (T-BILL 1MO

+ 8.42%), 12.70%,

12/6/2027(a)(f)

250,000

263,550

Sanders Re III Ltd.,

Series A, (3 Month Treasury

Bill Rate + 3.41%), 7.70%,

4/7/2026(a)(f)

450,000

442,215

Series A, (3 Month Treasury

Bill Rate + 8.14%), 12.43%,

6/5/2026(a)(f)

450,000

469,575

(3 Month Treasury Bill

Rate + 5.55%), 9.83%,

4/7/2027(a)(f)

450,000

463,320

Series A, (3 Month Treasury

Bill Rate + 5.75%), 10.04%,

4/7/2028(a)(f)

250,000

259,600

Solomon Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 5.52%), 9.81%,

6/8/2026(a)(f)

450,000

461,385

Titania RE Ltd.,

Series A, (T-BILL 1MO

+ 12.53%), 16.82%,

2/27/2026(a)(f)

450,000

468,000

Torrey Pines Re Ltd.,

Series A, (3 Month Treasury

Bill Rate + 5.22%), 9.51%,

6/5/2026(a)(f)

450,000

461,025

Series A, (T-BILL 1MO

+ 6.00%), 10.29%,

6/7/2027(a)(f)

250,000

260,950

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Ursa Re Ltd.,

Series Aa, (3 Month

Treasury Bill Rate + 5.50%),

9.79%, 12/6/2025(a)(f)

450,000

457,155

Vitality Re XIII Ltd.,

Series A, (3 Month Treasury

Bill Rate + 2.00%), 2.00%,

1/6/2026(a)(f)

450,000

450,990

Series B, (3 Month Treasury

Bill Rate + 2.75%), 2.75%,

1/6/2026(a)(f)

250,000

251,025

Vitality Re XIV Ltd.,

Series A, (3 Month Treasury

Bill Rate + 3.50%), 3.50%,

1/5/2027(a)(f)

500,000

513,700

29,378,174

IT Services

0.8%

Acuris Finance US, Inc.,

9.00%, 8/1/2029(a)

2,485,000

2,405,625

Media

1.2%

Charter Communications

Operating LLC,

6.65%, 2/1/2034(d)

2,225,000

2,306,267

CSC Holdings LLC,

11.75%, 1/31/2029(a)

1,465,000

1,420,819

3,727,086

Metals & Mining

0.2%

Galileo Re Ltd.,

Series B, (3 Month Treasury

Bill Rate + 7.00%), 11.29%,

1/8/2026(a)(f)

250,000

251,625

Series A, (3 Month Treasury

Bill Rate + 7.00%), 11.29%,

1/7/2028(a)(f)

250,000

260,250

511,875

Multi-Utilities

0.4%

Algonquin Power & Utilities

Corp.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 3.25%),

4.75%, 1/18/2082(d)(f)

1,330,000

1,266,822

Office REITs

0.8%

COPT Defense Properties LP,

2.90%, 12/1/2033

3,150,000

2,552,494

Oil, Gas & Consumable Fuels

6.9%

Aker BP ASA,

6.00%, 6/13/2033(a)

2,005,000

2,044,613

APA Corp.,

6.75%, 2/15/2055(a)(d)

956,000

935,120

BP Capital Markets plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.92%),

6.13%, 3/18/2035(d)(e)(f)

2,605,000

2,563,577

Delek Logistics Partners LP,

8.63%, 3/15/2029(a)

1,970,000

2,040,621

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Enbridge, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.97%),

7.20%, 6/27/2054(d)(f)

185,000

186,679

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 3.12%),

7.38%, 3/15/2055(f)

185,000

189,929

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 4.43%),

8.50%, 1/15/2084(f)

990,000

1,090,388

Energy Transfer LP,

Series G, (US Treasury

Yield Curve Rate T Note

Constant Maturity 5

Year + 5.31%), 7.13%,

5/15/2030(e)(f)

620,000

627,360

Golar LNG Ltd.,

7.00%, 10/20/2025(a)

688,751

690,473

Hilcorp Energy I LP,

6.88%, 5/15/2034(a)

1,930,000

1,815,130

7.25%, 2/15/2035(a)(d)

480,000

458,398

Kosmos Energy Ltd.,

7.75%, 5/1/2027(a)

2,150,000

2,067,233

MC Brazil Downstream

Trading SARL,

7.25%, 6/30/2031(a)

809,248

667,018

Petroleos Mexicanos,

6.70%, 2/16/2032(d)

2,047,000

1,798,656

Summit Midstream Holdings

LLC,

8.63%, 10/31/2029(a)

1,500,000

1,530,843

Tullow Oil plc,

10.25%, 5/15/2026(a)

1,106,000

1,012,681

Wildfire Intermediate Holdings

LLC,

7.50%, 10/15/2029(a)(d)

1,385,000

1,346,459

21,065,178

Passenger Airlines

1.7%

ABRA Global Finance,

6.00%, 10/22/2029(a)(g)

2,111,893

1,937,075

American Airlines, Inc.,

5.75%, 4/20/2029(a)(d)

345,000

337,576

Avianca Midco 2 plc,

9.63%, 2/14/2030(a)

1,464,000

1,345,050

Grupo Aeromexico SAB de

CV,

8.25%, 11/15/2029(a)

575,000

554,358

8.63%, 11/15/2031(a)

1,235,000

1,188,539

5,362,598

Pharmaceuticals

0.5%

1261229 BC Ltd.,

10.00%, 4/15/2032(a)

775,000

770,243

Teva Pharmaceutical Finance

Netherlands II BV,

4.38%, 5/9/2030

EUR 716,000

773,412

Corporate Bonds

Principal

Amount ($)

Value ($)

Pharmaceuticals

Tricida, Inc.,

3.50%, 5/15/2027^∞

2,520,000

0

1,543,655

Residential REITs

0.7%

Sun Communities Operating

LP,

5.70%, 1/15/2033(d)

2,092,000

2,133,670

Semiconductors & Semiconductor Equipment

0.5%

Foundry JV Holdco LLC,

6.15%, 1/25/2032(a)

1,350,000

1,403,481

5.88%, 1/25/2034(a)

264,000

264,628

1,668,109

Wireless Telecommunication Services

0.9%

Connect Finco SARL,

9.00%, 9/15/2029(a)(d)

860,000

784,087

Kenbourne Invest SA,

6.88%, 11/26/2024(a)(h)

290,000

94,975

T-Mobile USA, Inc.,

3.50%, 2/11/2037

EUR 925,000

950,692

5.88%, 11/15/2055(d)

980,000

986,585

2,816,339

Total Corporate Bonds

(cost $190,450,257)

190,687,109

Foreign Government Securities 3.6%

CHILE 0.2%

Republic of Chile,

3.75%, 1/14/2032

EUR 680,000

733,446

MEXICO 1.5%

United Mexican States,

5.13%, 5/4/2037

3,550,000

3,723,456

6.88%, 5/13/2037(d)

820,000

839,352

4,562,808

QATAR 0.9%

State of Qatar,

4.88%, 2/27/2035(a)

2,610,000

2,651,006

SAUDI ARABIA 1.0%

Kingdom of Saudi Arabia,

3.38%, 3/5/2032(a)

560,000

597,448

5.63%, 1/13/2035(a)

1,525,000

1,568,005

5.75%, 1/16/2054(a)

980,000

934,503

3,099,956

Total Foreign Government Securities

(cost $10,875,475)

11,047,216

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 9

Loan Participations 2.7%

Principal

Amount ($)

Value ($)

Commercial Services & Supplies 0.2%

Amentum Holdings, Inc., First

Lien Term Loan, (CME Term

SOFR 1 Month + 2.25%),

6.57%, 9/29/2031 (f)

628,425

606,430

0

Diversified Consumer Services 0.5%

Champions Financing, Inc.,

First Lien Term Loan, (CME

Term SOFR 3 Month +

4.75%), 9.07%, 2/6/2029 (f)

1,588,000

1,424,563

0

Diversified Telecommunication Services

0.4%

Level 3 Financing, Inc. First

Lien Term Loan B, (CME

Term SOFR 12 Month +

0.00%), 0.00%, 3/31/2030

(f)

1,328,125

1,308,203

0

Electric Utilities 0.3%

Alpha Generation LLC, First

Lien Term Loan B, (CME

Term SOFR 1 Month +

3.25%), 7.07%, 9/30/2031

(f)

835,800

834,889

0

Health Care Equipment & Supplies 0.2%

Sotera Health Holdings LLC,

First Lien Term Loan, (CME

Term SOFR 1 Month +

3.25%), 7.57%, 5/30/2031

(f)

525,279

523,310

0

IT Services 0.4%

Fortress Intermediate 3, Inc.,

First Lien Term Loan, (CME

Term SOFR 1 Month +

3.75%), 8.07%, 6/27/2031

(f)

1,361,160

1,356,913

0

Media 0.1%

DIRECTV Financing LLC, First

Lien Term Loan B, (CME

Term SOFR 3 Month +

5.25%), 9.80%, 8/2/2029 (f)

403,813

397,251

0

Pharmaceuticals 0.6%

1261229 BC Ltd., First Lien

Term Loan, (CME Term

SOFR 12 Month + 6.25%),

10.38%, 9/25/2030 (f)

2,050,000

1,968,000

0

Total Loan Participations

(cost $8,607,698)

8,419,559

Mortgage-Backed Securities 12.6%

Principal

Amount ($)

Value ($)

FNMA/FHLMC UMBS,

15 Year, Single Family

Conventional Pool TBA

5.50%, 4/25/2040

1,800,000

1,828,336

FNMA/FHLMC UMBS,

30 Year, Single Family

Conventional Pool TBA

6.00%, 4/25/2055

7,500,000

7,617,315

FNMA/FHLMC UMBS, 30

Year, Single Family TBA

3.50%, 4/25/2055

4,000,000

3,607,206

5.00%, 4/25/2055

3,700,000

3,626,187

5.50%, 4/25/2055

7,200,000

7,190,429

6.50%, 4/25/2055

7,400,000

7,630,284

GNMA TBA

6.00%, 4/15/2055

3,500,000

3,552,119

6.50%, 4/15/2055

3,500,000

3,582,768

Total Mortgage-Backed Securities

(cost $38,607,680)

38,634,644

Supranational 0.2%

International Bank for

Reconstruction &

Development

(SOFR + 4.22%), 8.63%,

4/24/2028(a)(f)

250,000

256,850

(SOFR + 12.22%), 16.53%,

4/24/2028(a)(f)

250,000

265,125

(SOFR + 13.72%), 18.03%,

4/24/2028(a)(f)

250,000

256,000

Total Supranational

(cost $750,000)

777,975

Warrants 0.0%

†

Number of

Warrants

Trading Companies & Distributors 0.0%

†

Avation plc, expiring

10/31/2026 *

35,000

11,303

Total Warrants

(cost $0)

11,303

Repurchase Agreements 10.5%

Principal

Amount ($)

Bank of America NA

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,000,484,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $4,080,000.

(i)

4,000,000

4,000,000

10 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Repurchase Agreements

Principal

Amount ($)

Value ($)

BNP Paribas Securities

Corp.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $15,001,825,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$15,300,000. (i)

15,000,000

15,000,000

Cantor Fitzgerald & Co.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $8,174,558,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$8,337,035. (i)

8,173,564

8,173,564

Pershing LLC

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,604,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $5,100,000. (i)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $32,173,564)

32,173,564

Total Investments

(cost $353,088,640) — 115.6%

354,489,956

Liabilities in excess of other

assets — (15.6)%

(47,736,576)

NET ASSETS — 100.0%

$

306,753,380

*

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 as of March 31, 2025

was $198,743,665 which represents 64.79% 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,

2025.

(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 as of March 31, 2025.

(d)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $48,911,227, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $32,173,564 and by $18,455,106 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 11/15/2054, a total value of

$50,628,670.

(e)

Perpetual Bond Security. The rate reflected in the Statement

of Investments is the rate in effect on March 31, 2025. 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, 2025.

(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)

Security was purchased with cash collateral held from

securities on loan. The total value of securities purchased

with cash collateral as of March 31, 2025 was $32,173,564.

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

ICE

Intercontinental Exchange

IO

Interest only

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

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

Currency:

EUR

Euro

USD

United States Dollar

Centrally Cleared Credit default swap contracts outstanding - buy protection as of March 31, 2025

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 ($)

Darden

Restaurants, Inc.

1.00

Quarterly

6/20/2029

0.37

USD 533,898

(10,117)

(3,156)

(13,273)

Markit CDX North

American High

Yield Index Series

44-V1

5.00

Quarterly

6/20/2030

3.78

USD 120,000,000

(6,233,241)

55,911

(6,177,330)

(6,243,358)

52,755

(6,190,603)

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, 2025:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation) ($)

USD

9,054,304

EUR

8,286,856

Morgan Stanley Co., Inc.

4/17/2025

86,548

USD

485,545

MXN

9,845,834

BANK OF AMERICA NA.

6/27/2025

9,923

Total unrealized appreciation

96,471

Net unrealized appreciation

96,471

Currency:

EUR

Euro

MXN

Mexican peso

USD

United States dollar

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

U.S. Treasury 2 Year Note

43

6/2025

USD

8,908,391

47,929

Total long contracts

47,929

Short Contracts

Euro-Bobl

(12)

6/2025

EUR

(1,528,396)

13,710

Euro-Bund

(27)

6/2025

EUR

(3,761,205)

98,721

U.S. Treasury 5 Year Note

(352)

6/2025

USD

(38,071,000)

(434,074)

U.S. Treasury 10 Year Ultra Note

(569)

6/2025

USD

(64,937,125)

(817,407)

U.S. Treasury Long Bond

(19)

6/2025

USD

(2,228,344)

(18,436)

U.S. Treasury Ultra Bond

(80)

6/2025

USD

(9,780,000)

(86,858)

Total short contracts

(1,244,344)

Net contracts

(1,196,415)

Currency:

EUR

Euro

USD

United States Dollar

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

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.  

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

25,354,874

$

–

$

25,354,874

Collateralized Mortgage Obligations

–

29,415,477

–

29,415,477

Commercial Mortgage-Backed Securities

–

17,145,855

–

17,145,855

Common Stocks

Media

–

3,003

–

3,003

Passenger Airlines

–

–

819,377

819,377

Total Common Stocks

$

–

$

3,003

$

819,377

$

822,380

Corporate Bonds

Aerospace & Defense

–

3,708,837

–

3,708,837

Automobiles

–

6,329,491

–

6,329,491

Banks

–

37,890,005

–

37,890,005

Capital Markets

–

6,052,443

–

6,052,443

Chemicals

–

1,894,501

–

1,894,501

Commercial Services & Supplies

–

3,496,692

–

3,496,692

Consumer Finance

–

11,352,317

–

11,352,317

Diversified Consumer Services

–

554,906

–

554,906

Diversified REITs

–

2,769,121

–

2,769,121

Diversified Telecommunication Services

–

5,799,900

–

5,799,900

Electric Utilities

–

1,795,476

–

1,795,476

Electronic Equipment, Instruments &

Components

–

454,627

–

454,627

Energy Equipment & Services

–

2,310,671

–

2,310,671

Financial Services

–

10,034,309

–

10,034,309

Food Products

–

3,955,458

–

3,955,458

Gas Utilities

–

1,813,583

–

1,813,583

Health Care Providers & Services

–

4,365,596

–

4,365,596

Health Care REITs

–

1,699,799

–

1,699,799

Hotels, Restaurants & Leisure

–

9,345,380

–

9,345,380

Industrial REITs

–

632,372

–

632,372

Insurance

–

29,378,174

–

29,378,174

IT Services

–

2,405,625

–

2,405,625

Media

–

3,727,086

–

3,727,086

Metals & Mining

–

511,875

–

511,875

Multi-Utilities

–

1,266,822

–

1,266,822

Office REITs

–

2,552,494

–

2,552,494

Oil, Gas & Consumable Fuels

–

21,065,178

–

21,065,178

Passenger Airlines

–

5,362,598

–

5,362,598

Pharmaceuticals

–

1,543,655

–

1,543,655

Residential REITs

–

2,133,670

–

2,133,670

Semiconductors & Semiconductor

Equipment

–

1,668,109

–

1,668,109

Wireless Telecommunication Services

–

2,816,339

–

2,816,339

Total Corporate Bonds

$

–

$

190,687,109

$

–

$

190,687,109

Credit Default Swaps†

–

55,911

–

55,911

Foreign Government Securities

–

11,047,216

–

11,047,216

Forward Foreign Currency Contracts

–

96,471

–

96,471

Futures Contracts

160,360

–

–

160,360

Loan Participations

–

8,419,559

–

8,419,559

Mortgage-Backed Securities

–

38,634,644

–

38,634,644

Repurchase Agreements

–

32,173,564

–

32,173,564

Supranational

–

777,975

–

777,975

Warrants

11,303

–

–

11,303

Total Assets

$

171,663

$

353,811,658

$

819,377

$

354,802,698

Liabilities:

Credit Default Swaps†

$

–

$

(3,156)

$

–

$

(3,156)

Futures Contracts

(1,356,775)

–

–

(1,356,775)

Total Liabilities

$

(1,356,775)

$

(3,156)

$

–

$

(1,359,931)

Total

$

(1,185,112)

$

353,808,502

$

819,377

$

353,442,767

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

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

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, 2025. 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.

(a) Swap Contracts             

Credit Default Swap Contracts

— The Fund entered into credit default swap contracts. 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 or selected credit markets while maintaining liquidity to satisfy shareholder activity, to

manage broad credit market spread exposure and/or to create synthetic long and short exposure to select credit and 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.

†

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).

As of March 31, 2025, the Fund held one corporate bond investment that was categorized as a Level 3 investment which was

valued at $0.

Common

Stocks

Total

Balance as of 12/31/2024

$

839,154

$

839,154

Accrued Accretion/(Amortization)

—

—

Realized Gains (Losses)

—

—

Purchases

—

—

Sales

—

—

Change in Unrealized Appreciation/Depreciation

(19,777)

(19,777)

Transfers into Level 3

—

—

Transfers out of Level 3

—

—

Balance as of 3/31/2025

$

819,377

$

819,377

Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 3/31/2025

$

(19,777)

$

(19,777)

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Amundi Multi Sector Bond Fund

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, 2025 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).

(b) 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, to hedge the U.S. dollar value of portfolio securities

denominated in a foreign currency, and/or to seek to protect against anticipated changes in future foreign currency exchange rate,

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.

NVIT Amundi Multi Sector Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 17

(c) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Swap Contracts†

Credit risk

Unrealized appreciation from centrally cleared swap

contracts

$

55,911

Forward Foreign Currency Contracts

Currency risk

Unrealized appreciation on forward foreign currency

contracts

96,471

Futures Contracts

Interest rate risk

Unrealized appreciation from futures contracts

160,360

Total

$

312,742

Liabilities:

Swap Contracts†

Credit risk

Unrealized depreciation on centrally cleared swap contracts

$

(3,156)

Futures Contracts

Interest rate risk

Unrealized depreciation from futures contracts

(1,356,775)

Total

$

(1,359,931)

†

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.

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Asset-Backed Securities 16.2%

Principal

Amount ($)

Value ($)

Airlines 1.2%

Blackbird Capital II Aircraft

Lease Ltd., Series 2021-

1A, Class B, 3.45%,

7/15/2046(a)

514,984

478,569

Sprite Ltd., Series 2021-

1, Class A, 3.75%,

11/15/2046(a)

270,286

259,443

Thunderbolt III Aircraft Lease

Ltd., Series 2019-1, Class

A, 3.67%, 11/15/2039(a)

430,415

416,646

1,154,658

Financial Services 1.7%

LoanCore Issuer LLC, Series

2025-CRE8, Class A,

5.70%, 8/17/2042(a)(b)

100,000

99,875

PRET LLC

Series 2024-NPL7, Class

A1, 5.93%, 10/25/2054(a)(c)

764,748

763,565

Series 2024-NPL9, Class

A1, 5.85%, 12/25/2054(a)(c)

677,433

676,583

1,540,023

Home Equity 2.5%

HSI Asset Securitization

Corp. Trust, Series 2007-

NC1, Class A3, 4.79%,

4/25/2037(b)

389,290

252,644

JP Morgan Mortgage

Acquisition Trust, Series

2006-RM1, Class A5,

4.91%, 8/25/2036(b)

1,527,183

670,018

MASTR Asset-Backed

Securities Trust, Series

2007-HE1, Class A3,

4.85%, 5/25/2037(b)

701,449

679,202

Renaissance Home Equity

Loan Trust, Series 2007-

1, Class AF4, 5.76%,

4/25/2037(c)

2,781,357

737,332

2,339,196

Other 10.3%

Acrec Fl LLC, Series 2025-

FL3, Class A, 5.63%,

8/18/2042(a)(b)

100,000

99,719

AMSR Trust, Series 2024-

SFR1, Class B, 4.29%,

7/17/2041(a)(c)

746,000

719,170

AREIT Ltd., Series 2025-

CRE10, Class A, 5.71%,

12/17/2029(a)(b)

100,000

99,628

Bain Capital Credit CLO Ltd.,

Series 2025-1A, Class D1,

6.80%, 4/23/2038(a)(b)

500,000

491,913

BlueMountain CLO XXIII Ltd.,

Series 2018-23A, Class

D1R, 8.14%, 7/20/2037(a)

(b)

500,000

503,655

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

CBAM Ltd., Series 2019-

10A, Class DR, 8.05%,

4/20/2032(a)(b)

750,000

750,631

FMC GMSR Issuer Trust,

Series 2020-GT1, Class A,

4.45%, 1/25/2026(a)(b)

1,000,000

975,494

GoodLeap Sustainable Home

Solutions Trust, Series

2021-5CS, Class C, 3.50%,

10/20/2048(a)

452,427

299,569

Home Partners of America

Trust

Series 2021-1, Class D,

2.48%, 9/17/2041(a)

999,089

870,755

Series 2021-1, Class F,

3.33%, 9/17/2041(a)

587,111

496,836

KREF Ltd., Series 2021-

FL2, Class A, 5.50%,

2/15/2039(a)(b)

57,477

57,203

LCM XV LP, Series 15A, Class

DR, 8.25%, 7/20/2030(a)(b)

250,000

250,133

LFT CRE Ltd., Series 2021-

FL1, Class B, 6.18%,

6/15/2039(a)(b)

110,000

110,027

MF1 LLC, Series 2025-

FL17, Class A, 5.64%,

2/18/2040(a)(b)

100,000

99,782

MF1 Ltd., Series 2022-

FL8, Class A, 5.67%,

2/19/2037(a)(b)

8,336

8,327

Pagaya AI Debt Trust, Series

2022-1, Class B, 3.34%,

10/15/2029(a)

12,367

12,357

PMT Issuer Trust-FMSR,

Series 2021-FT1, Class A,

7.43%, 3/25/2026(a)(b)

850,000

852,903

PRET LLC, Series 2021-

NPL5, Class A1, 5.49%,

10/25/2051(a)(c)

563,654

563,399

Progress Residential Trust,

Series 2022-SFR3, Class A,

3.20%, 4/17/2039(a)

471,361

458,682

Rockford Tower CLO Ltd.,

Series 2017-3A, Class A,

5.74%, 10/20/2030(a)(b)

157,781

157,876

STWD Ltd., Series 2021-

FL2, Class A, 5.63%,

4/18/2038(a)(b)

63,581

63,613

Sunnova Helios V Issuer LLC,

Series 2021-A, Class A,

1.80%, 2/20/2048(a)

183,470

143,967

Sunrun Atlas Issuer LLC,

Series 2019-2, Class A,

3.61%, 2/1/2055(a)

417,419

390,087

TRTX Issuer Ltd., Series

2022-FL5, Class A, 5.97%,

2/15/2039(a)(b)

96,542

95,826

Upstart Pass-Through Trust

Series 2021-ST3, Class A,

2.00%, 5/20/2027(a)

20,346

20,172

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 19

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

Series 2021-ST4, Class A,

2.00%, 7/20/2027(a)

23,667

23,390

Vibrant CLO XR Ltd., Series

2018-10RA, Class C1,

9.29%, 4/20/2036(a)(b)

500,000

503,578

Vivint Solar Financing VII LLC,

Series 2020-1A, Class A,

2.21%, 7/31/2051(a)

357,080

315,260

VOLT XCVI LLC, Series 2021-

NPL5, Class A1, 6.12%,

3/27/2051(a)(c)

71,235

71,243

9,505,195

Student Loan 0.5%

SoFi Professional Loan

Program Trust, Series

2018-B, Class BFX, 3.83%,

8/25/2047(a)

500,000

481,480

Total Asset-Backed Securities

(cost $16,787,036)

15,020,552

Collateralized Mortgage Obligations 17.7%

Alternative Loan Trust, Series

2005-64CB, Class 1A12,

5.23%, 12/25/2035(b)

764,505

646,600

Bear Stearns ALT-A Trust,

Series 2006-1, Class 11A1,

4.91%, 2/25/2036(b)

3

3

Chase Mortgage Finance

Trust, Series 2007-S5,

Class 1A10, 6.00%,

7/25/2037

1

1

CHL Mortgage Pass-Through

Trust, Series 2006-20, Class

1A36, 5.75%, 2/25/2037

1,049,638

465,831

CIM Trust, Series 2023-

R4, Class A1, 5.00%,

5/25/2062(a)(b)

773,308

770,822

COLT Mortgage Loan Trust,

Series 2022-4, Class A1,

4.30%, 3/25/2067(a)(b)

725,271

716,588

FHLMC REMIC

Series 5004, Class LS, IO,

1.70%, 7/25/2050(b)

2,373,335

323,114

Series 5009, Class ZN,

3.50%, 7/25/2050

1,475,032

999,479

Series 5025, Class GB,

1.50%, 10/25/2050

1,626,000

1,021,824

Series 375, Class C1, IO,

2.50%, 1/25/2051

2,327,141

361,520

Series 5129, Class TZ,

2.50%, 8/25/2051

1,974,472

1,010,193

Series 5131, Class IG, IO,

3.50%, 8/25/2051

1,740,484

323,131

Series 5198, Class KZ,

2.00%, 2/25/2052

1,733,285

1,025,354

Series 5524, Class FB,

5.56%, 4/25/2055(b)

1,271,000

1,271,525

Collateralized Mortgage Obligations

Principal

Amount ($)

Value ($)

FHLMC STACR REMIC Trust,

Series 2024-DNA3, Class

M2, 5.79%, 10/25/2044(a)

(b)

900,000

898,918

FNMA REMIC

Series 2020-77, Class S,

IO, 0.00%, 11/25/2050(b)

5,336,711

235,839

Series 2023-36, Class , IO,

2.50%, 10/25/2052

1,971,748

310,462

GCAT Trust, Series 2019-

NQM3, Class M1, 3.45%,

11/25/2059(a)(b)

700,000

639,085

GNMA REMIC

Series 2019-84, Class SA,

IO, 0.00%, 7/20/2049(b)

3,932,612

62,072

Series 2020-79, Class IN,

IO, 2.50%, 6/20/2050

6,276,960

853,922

Series 2020-151, Class MI,

IO, 2.50%, 10/20/2050

2,605,325

392,545

Series 2021-57, Class IA,

IO, 2.50%, 12/20/2050

3,016,189

472,019

Series 2021-30, Class KI,

IO, 3.00%, 2/20/2051

2,467,437

426,721

Series 2022-61, Class EI,

IO, 3.00%, 7/20/2051

3,446,876

514,902

IndyMac IMSC Mortgage

Loan Trust, Series 2007-

HOA1, Class A11, 4.79%,

7/25/2047(b)

606,315

397,798

New Residential Mortgage

Loan Trust, Series 2021-

NQ1R, Class M1, 2.27%,

7/25/2055(a)(b)

550,000

456,045

RALI Trust, Series 2006-

QS17, Class A7, 6.00%,

12/25/2036

825,359

681,156

Verus Securitization Trust

Series 2021-6, Class B1,

4.05%, 10/25/2066(a)(b)

600,000

473,034

Series 2022-4, Class A2,

4.74%, 4/25/2067(a)(b)

682,677

661,445

Total Collateralized Mortgage Obligations

(cost $16,691,673)

16,411,948

Commercial Mortgage-Backed Securities 7.8%

BANK

Series 2020-BN30,

Class XB, IO, 0.72%,

12/15/2053(b)

3,036,000

104,745

Series 2017-BNK6, Class

XA, IO, 0.77%, 7/15/2060(b)

3,515,041

49,550

Series 2018-BN10, Class

XA, IO, 0.69%, 2/15/2061(b)

2,668,744

43,898

BBCMS Mortgage Trust

Series 2020-C6, Class XA,

IO, 1.02%, 2/15/2053(b)

1,866,953

73,822

Series 2021-C12, Class XA,

IO, 0.93%, 11/15/2054(b)

2,680,326

116,774

Series 2022-C18, Class XD,

IO, 2.15%, 12/15/2055(a)(b)

1,000,000

143,969

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Commercial Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

Series 2025-C32, Class XA,

IO, 1.13%, 2/15/2062(b)

999,786

87,040

Benchmark Mortgage Trust

Series 2020-B19, Class XA,

IO, 1.76%, 9/15/2053(b)

1,242,522

63,470

Series 2021-B27, Class XA,

IO, 1.24%, 7/15/2054(b)

1,946,783

106,553

Series 2024-V8, Class A1,

5.51%, 7/15/2057

100,026

101,501

BMO Mortgage Trust, Series

2024-5C7, Class AS,

5.89%, 11/15/2057(b)

50,000

51,203

BPR Trust, Series 2021-

TY, Class A, 5.48%,

9/15/2038(a)(b)

111,000

110,587

BX Commercial Mortgage

Trust

Series 2021-XL2, Class D,

5.83%, 10/15/2038(a)(b)

70,000

69,650

Series 2024-MF, Class D,

7.01%, 2/15/2039(a)(b)

88,545

88,490

BXMT Ltd., Series 2021-

FL4, Class A, 5.48%,

5/15/2038(a)(b)

91,091

89,789

CD Mortgage Trust, Series

2017-CD6, Class XA, IO,

0.89%, 11/13/2050(b)

4,447,040

74,074

CFCRE Commercial Mortgage

Trust, Series 2016-C4,

Class XA, IO, 1.57%,

5/10/2058(b)

1,568,168

13,365

Citigroup Commercial

Mortgage Trust, Series

2020-555, Class E, 3.50%,

12/10/2041(a)(b)

100,000

84,278

CSAIL Commercial Mortgage

Trust

Series 2016-C6, Class XA,

IO, 1.85%, 1/15/2049(b)

580,530

5,343

Series 2017-CX10,

Class XA, IO, 0.84%,

11/15/2050(b)

5,113,462

77,897

CSMC Trust

Series 2017-CALI, Class F,

3.78%, 11/10/2032(a)(b)

250,000

30,125

Series 2020-NET, Class A,

2.26%, 8/15/2037(a)

62,512

61,450

Series 2021-B33, Class A1,

3.05%, 10/10/2043(a)

94,670

89,134

FNMA ACES REMIC

Series 2022-M4, Class A1X,

2.46%, 5/25/2030(b)

1,013,119

946,377

Series 2020-M7, Class X2,

IO, 1.24%, 3/25/2031(b)

5,114,105

237,917

Series 2022-M5, Class X,

IO, 0.60%, 1/1/2034(b)

13,031,000

402,976

GNMA REMIC

Series 2021-35, Class , IO,

1.03%, 12/16/2062(b)

4,150,405

317,208

Series 2021-52, Class , IO,

0.72%, 4/16/2063(b)

4,610,431

241,505

Commercial Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

Series 2021-129, Class , IO,

0.98%, 6/16/2063(b)

5,193,908

370,388

Series 2021-79, Class , IO,

0.88%, 8/16/2063(b)

4,897,938

324,456

Series 2021-65, Class , IO,

0.89%, 8/16/2063(b)

4,823,910

322,836

Series 2021-150, Class , IO,

1.03%, 11/16/2063(b)

5,632,648

446,836

Series 2022-49, Class , IO,

0.76%, 3/16/2064(b)

6,451,891

344,292

Series 2021-208, Class , IO,

0.76%, 6/16/2064(b)

6,178,269

341,724

Series 2024-29, Class AI,

IO, 0.72%, 10/16/2065(b)

7,463,971

454,760

GPMT Ltd., Series 2021-

FL3, Class A, 5.93%,

7/16/2035(a)(b)

71,895

71,299

GS Mortgage Securities Trust

Series 2016-GS4, Class XA,

IO, 0.56%, 11/10/2049(b)

5,231,587

32,234

Series 2017-GS8, Class XA,

IO, 0.93%, 11/10/2050(b)

4,608,323

84,406

Series 2018-GS9, Class C,

4.35%, 3/10/2051(b)

100,000

89,572

JPMDB Commercial Mortgage

Securities Trust, Series

2020-COR7, Class XA, IO,

1.66%, 5/13/2053(b)

1,236,890

68,323

Morgan Stanley Bank of

America Merrill Lynch Trust,

Series 2017-C33, Class XA,

IO, 1.23%, 5/15/2050(b)

2,232,837

38,452

Morgan Stanley Capital I

Trust, Series 2019-L3,

Class XA, IO, 0.61%,

11/15/2052(b)

2,831,334

67,445

SG Commercial Mortgage

Securities Trust, Series

2016-C5, Class XA, IO,

1.82%, 10/10/2048(b)

2,328,402

33,716

Wells Fargo Commercial

Mortgage Trust

Series 2015-C28, Class XA,

IO, 0.53%, 5/15/2048(b)

5,424,038

54

Series 2017-C42, Class C,

4.30%, 12/15/2050(b)

161,000

140,626

Series 2021-C59, Class XA,

IO, 1.50%, 4/15/2054(b)

1,635,225

105,343

Total Commercial Mortgage-Backed

Securities

(cost $7,560,390)

7,219,452

Corporate Bonds 11.9%

Aerospace & Defense

0.1%

Goat Holdco LLC,

6.75%, 2/1/2032(a)

20,000

19,575

Hexcel Corp.,

5.88%, 2/26/2035

16,000

16,301

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

Corporate Bonds

Principal

Amount ($)

Value ($)

Aerospace & Defense

Northrop Grumman Corp.,

5.20%, 6/1/2054

52,000

48,704

84,580

Automobile Components

0.0%

†

Clarios Global LP,

6.75%, 2/15/2030(a)

30,000

30,286

Dornoch Debt Merger Sub,

Inc.,

6.63%, 10/15/2029(a)

15,000

11,406

41,692

Automobiles

0.0%

†

Hyundai Capital America,

5.30%, 1/8/2029(a)

47,000

47,449

Banks

1.1%

Banco de Credito del Peru

S.A.,

Reg. S, (US Treasury Yield

Curve Rate T Note Constant

Maturity 5 Year + 3.00%),

3.13%, 7/1/2030(d)

100,000

99,148

Banco Internacional del Peru

SAA Interbank,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.07%),

6.40%, 4/30/2035(a)(d)

150,000

152,794

Banco Mercantil del Norte SA,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 4.07%),

8.38%, 5/20/2031(a)(d)(e)

200,000

198,257

Bank of America Corp.,

(SOFR + 1.65%), 5.47%,

1/23/2035(d)

23,000

23,335

(SOFR + 1.70%), 5.74%,

2/12/2036(d)

23,000

22,956

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.20%),

2.48%, 9/21/2036(d)

95,000

79,228

Bank of Montreal,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.40%),

3.09%, 1/10/2037(d)

66,000

55,739

Canadian Imperial Bank of

Commerce,

(SOFR + 1.11%), 5.25%,

1/13/2031(d)

29,000

29,376

Citigroup, Inc.,

(SOFR + 2.66%), 6.17%,

5/25/2034(d)

13,000

13,325

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.73%),

5.41%, 9/19/2039(d)

33,000

31,566

Citizens Financial Group, Inc.,

(SOFR + 2.01%), 5.84%,

1/23/2030(d)

28,000

28,760

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Comerica, Inc.,

(SOFR + 2.16%), 5.98%,

1/30/2030(d)

14,000

14,226

Huntington Bancshares, Inc.,

(SOFR + 1.28%), 5.27%,

1/15/2031(d)

16,000

16,170

(United States SOFR

Compounded Index +

1.87%), 5.71%, 2/2/2035(d)

14,000

14,149

JPMorgan Chase & Co.,

(SOFR + 0.90%), 5.14%,

1/24/2031(d)

24,000

24,374

(SOFR + 1.46%), 5.29%,

7/22/2035(d)

55,000

55,220

KeyCorp,

(United States SOFR

Compounded Index +

2.06%), 4.79%, 6/1/2033(d)

15,000

14,384

M&T Bank Corp.,

(SOFR + 2.26%), 6.08%,

3/13/2032(d)

14,000

14,499

Royal Bank of Canada,

5.15%, 2/1/2034

13,000

13,099

Santander Holdings USA, Inc.,

(SOFR + 1.61%), 5.47%,

3/20/2029(d)

18,000

18,101

Truist Financial Corp.,

(SOFR + 2.45%), 7.16%,

10/30/2029(d)

13,000

13,998

(SOFR + 1.57%), 5.15%,

8/5/2032(d)

29,000

29,049

Wells Fargo & Co.,

(CME Term SOFR 3

Month + 1.57%), 3.58%,

5/22/2028(d)

53,000

51,891

(SOFR + 1.98%), 4.81%,

7/25/2028(d)

23,000

23,074

Westpac Banking Corp.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.20%),

5.62%, 11/20/2035(d)

28,000

27,813

1,064,531

Beverages

0.0%

†

Keurig Dr Pepper, Inc.,

Series 10, 5.20%, 3/15/2031

24,000

24,465

Biotechnology

0.1%

AbbVie, Inc.,

5.50%, 3/15/2064

29,000

28,532

Amgen, Inc.,

5.75%, 3/2/2063

42,000

40,929

69,461

Broadline Retail

0.0%

†

Wayfair LLC,

7.25%, 10/31/2029(a)

25,000

23,940

Building Products

0.3%

Builders FirstSource, Inc.,

6.38%, 3/1/2034(a)

30,000

29,769

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Building Products

Cornerstone Building Brands,

Inc.,

9.50%, 8/15/2029(a)

20,000

16,638

EMRLD Borrower LP,

6.63%, 12/15/2030(a)

30,000

30,013

Griffon Corp.,

5.75%, 3/1/2028

40,000

39,152

Miter Brands Acquisition

Holdco, Inc.,

6.75%, 4/1/2032(a)

30,000

29,734

Owens Corning,

5.70%, 6/15/2034

27,000

27,750

Quikrete Holdings, Inc.,

6.75%, 3/1/2033(a)

25,000

24,886

Standard Building Solutions,

Inc.,

6.50%, 8/15/2032(a)

65,000

64,981

262,923

Capital Markets

0.3%

Ares Capital Corp.,

5.95%, 7/15/2029

13,000

13,211

Ares Strategic Income Fund,

6.35%, 8/15/2029(a)

12,000

12,183

5.60%, 2/15/2030(a)

12,000

11,828

Bank of New York Mellon

Corp. (The),

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.30%),

6.30%, 3/20/2030(d)(e)

24,000

24,598

(SOFR + 1.23%), 5.06%,

7/22/2032(d)

22,000

22,231

Blackstone Holdings Finance

Co. LLC,

2.00%, 1/30/2032(a)

77,000

63,567

Brookfield Finance, Inc.,

5.81%, 3/3/2055

29,000

28,291

Goldman Sachs Group, Inc.

(The),

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.46%),

6.85%, 2/10/2030(d)(e)

15,000

15,188

(SOFR + 1.55%), 5.33%,

7/23/2035(d)

30,000

29,850

Golub Capital BDC, Inc.,

2.05%, 2/15/2027

15,000

14,132

Morgan Stanley,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.43%),

5.95%, 1/19/2038(d)

14,000

14,152

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.80%),

5.94%, 2/7/2039(d)

28,000

28,262

277,493

Chemicals

0.1%

Celanese US Holdings LLC,

6.50%, 4/15/2030

10,000

9,928

Corporate Bonds

Principal

Amount ($)

Value ($)

Chemicals

Celanese US Holdings LLC,

6.75%, 4/15/2033

10,000

9,707

CF Industries, Inc.,

5.38%, 3/15/2044

29,000

26,544

Illuminate Buyer LLC,

9.00%, 7/1/2028(a)

35,000

34,789

Olin Corp.,

6.63%, 4/1/2033(a)

10,000

9,716

WR Grace Holdings LLC,

5.63%, 8/15/2029(a)

25,000

21,515

112,199

Commercial Services & Supplies

0.2%

Allied Universal Holdco LLC,

7.88%, 2/15/2031(a)

60,000

60,765

Element Fleet Management

Corp.,

5.04%, 3/25/2030(a)

24,000

24,005

Garda World Security Corp.,

8.38%, 11/15/2032(a)

30,000

29,496

Republic Services, Inc.,

5.15%, 3/15/2035

35,000

35,213

Rollins, Inc.,

5.25%, 2/24/2035(a)

11,000

10,945

Veralto Corp.,

5.35%, 9/18/2028

28,000

28,673

Veritiv Operating Co.,

10.50%, 11/30/2030(a)

15,000

15,882

204,979

Communications Equipment

0.0%

†

CommScope LLC,

9.50%, 12/15/2031(a)

15,000

15,450

Construction & Engineering

0.2%

Bioceanico Sovereign

Certificate Ltd.,

Reg. S, 0.00%, 6/5/2034(f)

118,768

92,045

Brand Industrial Services, Inc.,

10.38%, 8/1/2030(a)

15,000

14,310

MasTec, Inc.,

5.90%, 6/15/2029

28,000

28,670

Pike Corp.,

8.63%, 1/31/2031(a)

30,000

31,614

Quanta Services, Inc.,

5.25%, 8/9/2034

57,000

56,334

222,973

Consumer Finance

0.4%

Ally Financial, Inc.,

(United States SOFR

Compounded Index

+ 1.73%), 5.54%,

1/17/2031(d)

14,000

13,929

Avolon Holdings Funding Ltd.,

5.75%, 3/1/2029(a)

48,000

48,885

Azorra Finance Ltd.,

7.75%, 4/15/2030(a)

15,000

14,952

General Motors Financial Co.,

Inc.,

5.63%, 4/4/2032

18,000

17,803

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

GGAM Finance Ltd.,

6.88%, 4/15/2029(a)

60,000

60,714

Global Aircraft Leasing Co.

Ltd.,

8.75%, 9/1/2027(a)

90,000

91,479

Macquarie Airfinance Holdings

Ltd.,

5.20%, 3/27/2028(a)

15,000

15,010

6.40%, 3/26/2029(a)

12,000

12,403

5.15%, 3/17/2030(a)

5,000

4,930

6.50%, 3/26/2031(a)

6,000

6,248

OneMain Finance Corp.,

7.50%, 5/15/2031

60,000

61,055

347,408

Consumer Staples Distribution & Retail

0.1%

Kroger Co. (The),

5.65%, 9/15/2064

29,000

27,385

United Natural Foods, Inc.,

6.75%, 10/15/2028(a)

60,000

59,250

US Foods, Inc.,

5.75%, 4/15/2033(a)

40,000

38,913

125,548

Containers & Packaging

0.1%

Amcor Flexibles North

America, Inc.,

5.10%, 3/17/2030(a)

7,000

7,056

Berry Global, Inc.,

5.80%, 6/15/2031

25,000

25,974

Clydesdale Acquisition

Holdings, Inc.,

6.75%, 4/15/2032(a)

5,000

5,035

Sonoco Products Co.,

4.60%, 9/1/2029

13,000

12,811

Trident TPI Holdings, Inc.,

12.75%, 12/31/2028(a)

40,000

42,901

93,777

Distributors

0.1%

BCPE Empire Holdings, Inc.,

7.63%, 5/1/2027(a)

45,000

44,257

Dealer Tire LLC,

8.00%, 2/1/2028(a)

30,000

29,235

Genuine Parts Co.,

4.95%, 8/15/2029

27,000

27,086

100,578

Diversified Consumer Services

0.1%

Mavis Tire Express Services

Topco Corp.,

6.50%, 5/15/2029(a)

35,000

33,126

Wand NewCo 3, Inc.,

7.63%, 1/30/2032(a)

40,000

40,934

74,060

Diversified REITs

0.1%

VICI Properties LP,

4.63%, 12/1/2029(a)

60,000

58,207

Diversified Telecommunication Services

0.3%

AT&T, Inc.,

2.25%, 2/1/2032

59,000

49,762

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Telecommunication Services

Bell Telephone Co. of Canada

or Bell Canada,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.39%),

6.88%, 9/15/2055(d)

16,000

16,032

CCO Holdings LLC,

5.13%, 5/1/2027(a)

20,000

19,699

4.75%, 3/1/2030(a)

25,000

23,186

4.75%, 2/1/2032(a)

15,000

13,318

Consolidated

Communications, Inc.,

5.00%, 10/1/2028(a)

50,000

46,870

Level 3 Financing, Inc.,

10.50%, 4/15/2029(a)

50,000

55,000

4.50%, 4/1/2030(a)

15,000

12,000

Windstream Services LLC,

8.25%, 10/1/2031(a)

5,000

5,091

240,958

Electric Utilities

0.8%

AEP Texas, Inc.,

5.45%, 5/15/2029

15,000

15,352

Series H, 3.45%, 1/15/2050

55,000

37,736

Arizona Public Service Co.,

5.70%, 8/15/2034

25,000

25,487

Duke Energy Corp.,

5.00%, 8/15/2052

9,000

7,851

5.80%, 6/15/2054

50,000

48,922

Energuate Trust,

Reg. S, 5.88%, 5/3/2027

200,000

199,000

Entergy Arkansas LLC,

5.75%, 6/1/2054

17,000

16,929

Entergy Corp.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.67%),

7.13%, 12/1/2054(d)

17,000

17,208

Entergy Louisiana LLC,

4.75%, 9/15/2052

20,000

17,363

Eversource Energy,

5.50%, 1/1/2034

13,000

13,060

JSW Hydro Energy Ltd.,

Reg. S, 4.13%, 5/18/2031

147,500

132,113

Mexico Generadora de

Energia S de rl,

Reg. S, 5.50%, 12/6/2032

115,512

113,972

NextEra Energy Capital

Holdings, Inc.,

5.30%, 3/15/2032

28,000

28,455

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.46%),

6.75%, 6/15/2054(d)

16,000

16,332

NRG Energy, Inc.,

6.00%, 2/1/2033(a)

15,000

14,593

Oklahoma Gas and Electric

Co.,

5.80%, 4/1/2055

29,000

28,914

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Southern Co. (The),

Series 2025, (US Treasury

Yield Curve Rate T Note

Constant Maturity 5

Year + 2.07%), 6.38%,

3/15/2055(d)

9,000

9,216

Virginia Electric and Power

Co.,

5.55%, 8/15/2054

13,000

12,612

755,115

Electrical Equipment

0.0%

†

Regal Rexnord Corp.,

6.05%, 4/15/2028

30,000

30,776

Electronic Equipment, Instruments & Components

0.1%

Amphenol Corp.,

5.38%, 11/15/2054

12,000

11,824

Arrow Electronics, Inc.,

5.15%, 8/21/2029

32,000

32,157

Avnet, Inc.,

6.25%, 3/15/2028

54,000

55,866

99,847

Energy Equipment & Services

0.1%

Nabors Industries, Inc.,

9.13%, 1/31/2030(a)

10,000

10,003

Transocean Poseidon Ltd.,

6.88%, 2/1/2027(a)

39,375

39,111

49,114

Entertainment

0.1%

Netflix, Inc.,

5.38%, 11/15/2029(a)

22,000

22,713

5.40%, 8/15/2054

19,000

18,639

Take-Two Interactive

Software, Inc.,

4.95%, 3/28/2028

48,000

48,463

89,815

Financial Services

0.1%

Fiserv, Inc.,

5.45%, 3/15/2034

24,000

24,330

Nationstar Mortgage Holdings,

Inc.,

5.75%, 11/15/2031(a)

35,000

34,989

PennyMac Financial Services,

Inc.,

7.88%, 12/15/2029(a)

35,000

36,410

95,729

Food Products

0.2%

Bunge Ltd. Finance Corp.,

4.65%, 9/17/2034

33,000

31,904

Campbell's Co. (The),

5.40%, 3/21/2034

13,000

13,098

Flowers Foods, Inc.,

5.75%, 3/15/2035

28,000

28,241

JBS USA Holding Lux Sarl,

3.75%, 12/1/2031

44,000

40,160

Corporate Bonds

Principal

Amount ($)

Value ($)

Food Products

Mars, Inc.,

5.70%, 5/1/2055(a)

30,000

29,975

143,378

Gas Utilities

0.0%

†

National Fuel Gas Co.,

5.95%, 3/15/2035

14,000

14,266

Ground Transportation

0.7%

Burlington Northern Santa Fe

LLC,

5.50%, 3/15/2055

26,000

25,902

CSX Corp.,

5.05%, 6/15/2035

8,000

7,968

3.35%, 9/15/2049

71,000

50,000

Dcli Bidco LLC,

7.75%, 11/15/2029(a)

15,000

15,439

Genesee & Wyoming, Inc.,

6.25%, 4/15/2032(a)

60,000

59,953

Lima Metro Line 2 Finance

Ltd.,

Reg. S, 5.88%, 7/5/2034

81,142

81,822

Penske Truck Leasing Co. LP,

5.25%, 2/1/2030(a)

57,000

57,694

Simpar Europe SA,

Reg. S, 5.20%, 1/26/2031

200,000

157,811

Star Leasing Co. LLC,

7.63%, 2/15/2030(a)

20,000

19,222

Triton Container International

Ltd.,

3.25%, 3/15/2032

61,000

52,332

Uber Technologies, Inc.,

4.80%, 9/15/2034

56,000

54,388

Watco Cos. LLC,

7.13%, 8/1/2032(a)

30,000

30,167

612,698

Health Care Equipment & Supplies

0.1%

Bausch + Lomb Corp.,

8.38%, 10/1/2028(a)

30,000

31,125

Solventum Corp.,

5.40%, 3/1/2029

28,000

28,563

Zimmer Biomet Holdings, Inc.,

5.20%, 9/15/2034

27,000

26,906

86,594

Health Care Providers & Services

0.4%

AdaptHealth LLC,

5.13%, 3/1/2030(a)

20,000

18,223

Cardinal Health, Inc.,

4.90%, 9/15/2045

63,000

56,250

Centene Corp.,

3.00%, 10/15/2030

64,000

55,976

Community Health Systems,

Inc.,

6.00%, 1/15/2029(a)

25,000

22,216

Elevance Health, Inc.,

5.13%, 2/15/2053

58,000

52,032

Laboratory Corp. of America

Holdings,

4.80%, 10/1/2034

70,000

67,400

LifePoint Health, Inc.,

10.00%, 6/1/2032(a)

30,000

28,617

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 25

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

Quest Diagnostics, Inc.,

5.00%, 12/15/2034

27,000

26,579

Radiology Partners, Inc.,

4.28%, 1/31/2029(a)(g)

20,350

19,935

347,228

Health Care REITs

0.0%

†

Omega Healthcare Investors,

Inc.,

4.75%, 1/15/2028

19,000

18,954

3.25%, 4/15/2033

16,000

13,564

32,518

Health Care Technology

0.0%

†

IQVIA, Inc.,

6.25%, 2/1/2029

19,000

19,784

Hotel & Resort REITs

0.1%

Host Hotels & Resorts LP,

5.70%, 7/1/2034

51,000

51,026

Hotels, Restaurants & Leisure

0.6%

Caesars Entertainment, Inc.,

6.00%, 10/15/2032(a)

40,000

37,355

Carnival Corp.,

6.13%, 2/15/2033(a)

9,000

8,869

Expedia Group, Inc.,

3.80%, 2/15/2028

67,000

65,336

5.40%, 2/15/2035

34,000

33,862

Fertitta Entertainment LLC,

6.75%, 1/15/2030(a)

35,000

30,261

Full House Resorts, Inc.,

8.25%, 2/15/2028(a)

15,000

14,823

Hyatt Hotels Corp.,

5.25%, 6/30/2029

50,000

50,486

Life Time, Inc.,

6.00%, 11/15/2031(a)

40,000

39,658

Marriott International, Inc.,

5.35%, 3/15/2035

54,000

53,490

McDonald's Corp.,

5.45%, 8/14/2053

30,000

29,016

NCL Corp. Ltd.,

6.75%, 2/1/2032(a)

10,000

9,878

Rivers Enterprise Borrower

LLC,

6.63%, 2/1/2033(a)

45,000

44,248

Royal Caribbean Cruises Ltd.,

5.38%, 7/15/2027(a)

35,000

34,863

Sabre GLBL, Inc.,

8.63%, 6/1/2027(a)

7,000

6,927

10.75%, 11/15/2029(a)

18,000

18,131

Scientific Games Holdings LP,

6.63%, 3/1/2030(a)

15,000

14,146

Six Flags Entertainment Corp.,

7.25%, 5/15/2031(a)

35,000

35,135

526,484

Household Durables

0.0%

†

DR Horton, Inc.,

5.00%, 10/15/2034

32,000

31,186

Corporate Bonds

Principal

Amount ($)

Value ($)

Household Durables

Meritage Homes Corp.,

5.65%, 3/15/2035

17,000

16,726

47,912

Household Products

0.0%

†

Kronos Acquisition Holdings,

Inc.,

8.25%, 6/30/2031(a)

15,000

13,303

Independent Power and Renewable Electricity Producers

0.0%

†

Lightning Power LLC,

7.25%, 8/15/2032(a)

15,000

15,444

Industrial REITs

0.0%

†

Americold Realty Operating

Partnership LP,

5.60%, 5/15/2032

12,000

12,045

Insurance

0.4%

Alliant Holdings Intermediate

LLC,

6.50%, 10/1/2031(a)

40,000

39,267

American National Group,

Inc.,

5.75%, 10/1/2029

13,000

13,106

APH Somerset Investor 2

LLC,

7.88%, 11/1/2029(a)

10,000

9,856

Arthur J Gallagher & Co.,

4.85%, 12/15/2029

15,000

15,104

5.15%, 2/15/2035

36,000

35,674

Athene Global Funding,

4.72%, 10/8/2029(a)

45,000

44,397

Athene Holding Ltd.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.61%),

6.63%, 10/15/2054(d)

27,000

26,737

Brown & Brown, Inc.,

2.38%, 3/15/2031

44,000

37,771

Markel Group, Inc.,

6.00%, 5/16/2054

25,000

25,209

Massachusetts Mutual Life

Insurance Co.,

3.38%, 4/15/2050(a)

61,000

41,768

MetLife, Inc.,

Series G, (US Treasury

Yield Curve Rate T Note

Constant Maturity 5

Year + 2.08%), 6.35%,

3/15/2055(d)

24,000

24,047

Panther Escrow Issuer LLC,

7.13%, 6/1/2031(a)

50,000

50,947

Prudential Financial, Inc.,

5.20%, 3/14/2035

18,000

18,017

381,900

Interactive Media & Services

0.1%

Meta Platforms, Inc.,

5.60%, 5/15/2053

52,000

52,423

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

IT Services

0.1%

Kyndryl Holdings, Inc.,

4.10%, 10/15/2041

54,000

41,857

VeriSign, Inc.,

5.25%, 6/1/2032

36,000

36,317

78,174

Machinery

0.1%

AGCO Corp.,

5.80%, 3/21/2034

27,000

27,380

Cummins, Inc.,

5.45%, 2/20/2054

12,000

11,752

Husky Injection Molding

Systems Ltd.,

9.00%, 2/15/2029(a)

75,000

75,139

114,271

Marine Transportation

0.2%

MV24 Capital BV,

Reg. S, 6.75%, 6/1/2034

150,420

145,134

Media

0.3%

Charter Communications

Operating LLC,

6.10%, 6/1/2029

10,000

10,325

Clear Channel Outdoor

Holdings, Inc.,

7.50%, 6/1/2029(a)

15,000

12,388

DirecTV Financing LLC, Term

Loan B,

5.88%, 8/15/2027(a)

50,000

48,452

DISH DBS Corp.,

5.75%, 12/1/2028(a)

40,000

33,734

EchoStar Corp.,

10.75%, 11/30/2029

10,000

10,508

Gray Media, Inc.,

10.50%, 7/15/2029(a)

30,000

31,256

Sirius XM Radio LLC,

5.50%, 7/1/2029(a)

85,000

82,069

Univision Communications,

Inc.,

7.38%, 6/30/2030(a)

30,000

28,661

Videotron Ltd.,

5.70%, 1/15/2035(a)

28,000

27,948

285,341

Metals & Mining

0.1%

ArcelorMittal SA,

6.00%, 6/17/2034

16,000

16,375

Glencore Funding LLC,

5.37%, 4/4/2029(a)

52,000

52,849

Novelis, Inc.,

6.88%, 1/30/2030(a)

10,000

10,142

Rio Tinto Finance USA plc,

5.75%, 3/14/2055

17,000

17,028

Vale Overseas Ltd.,

6.40%, 6/28/2054

17,000

16,777

113,171

Multi-Utilities

0.2%

Black Hills Corp.,

6.00%, 1/15/2035

27,000

27,946

Corporate Bonds

Principal

Amount ($)

Value ($)

Multi-Utilities

Dominion Energy, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.21%),

6.63%, 5/15/2055(d)

18,000

17,873

DTE Energy Co.,

5.85%, 6/1/2034

38,000

39,281

NiSource, Inc.,

5.35%, 4/1/2034

24,000

24,078

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.45%),

6.95%, 11/30/2054(d)

13,000

13,180

5.85%, 4/1/2055

24,000

23,857

146,215

Oil, Gas & Consumable Fuels

1.6%

Aethon United BR LP,

7.50%, 10/1/2029(a)

65,000

66,114

APA Corp.,

6.10%, 2/15/2035(a)

22,000

21,905

Buckeye Partners LP,

6.88%, 7/1/2029(a)

60,000

60,992

Cheniere Energy Partners LP,

4.00%, 3/1/2031

28,000

26,259

Cheniere Energy, Inc.,

4.63%, 10/15/2028

49,000

48,476

Chord Energy Corp.,

6.75%, 3/15/2033(a)

30,000

29,843

Civitas Resources, Inc.,

8.38%, 7/1/2028(a)

15,000

15,480

Cosan Overseas Ltd.,

Reg. S, 8.25%,

5/05/2025(h)

100,000

99,800

Devon Energy Corp.,

5.75%, 9/15/2054

18,000

16,478

DT Midstream, Inc.,

4.13%, 6/15/2029(a)

14,000

13,176

Eastern Energy Gas Holdings

LLC,

5.65%, 10/15/2054

29,000

27,997

Ecopetrol SA,

5.88%, 11/2/2051

200,000

135,103

Energy Transfer LP,

5.00%, 5/15/2044(c)

40,000

34,517

5.95%, 5/15/2054

28,000

26,740

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.83%),

7.13%, 10/1/2054(d)

17,000

17,262

Enterprise Products Operating

LLC,

5.55%, 2/16/2055

30,000

29,138

Expand Energy Corp.,

6.75%, 4/15/2029(a)

10,000

10,125

5.70%, 1/15/2035

15,000

15,054

Galaxy Pipeline Assets Bidco

Ltd.,

Reg. S, 2.94%, 9/30/2040

179,948

147,093

Gulfport Energy Operating

Corp.,

6.75%, 9/1/2029(a)

65,000

65,865

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Harvest Midstream I LP,

7.50%, 5/15/2032(a)

30,000

30,830

Hess Midstream Operations

LP,

5.88%, 3/1/2028(a)

15,000

15,067

5.50%, 10/15/2030(a)

18,000

17,625

HF Sinclair Corp.,

5.75%, 1/15/2031

18,000

18,228

Hilcorp Energy I LP,

7.25%, 2/15/2035(a)

15,000

14,325

Kinder Morgan Energy

Partners LP,

6.95%, 1/15/2038

54,000

59,510

Kinetik Holdings LP,

5.88%, 6/15/2030(a)

13,000

12,865

Matador Resources Co.,

6.50%, 4/15/2032(a)

50,000

49,552

MPLX LP,

5.50%, 6/1/2034

29,000

28,893

NGL Energy Operating LLC,

8.13%, 2/15/2029(a)

20,000

20,140

NGPL PipeCo LLC,

3.25%, 7/15/2031(a)

30,000

26,271

Occidental Petroleum Corp.,

5.38%, 1/1/2032

6,000

5,911

ONEOK, Inc.,

5.38%, 6/1/2029

15,000

15,224

5.65%, 9/1/2034

41,000

41,317

6.63%, 9/1/2053

26,000

27,208

Permian Resources Operating

LLC,

7.00%, 1/15/2032(a)

35,000

35,791

6.25%, 2/1/2033(a)

17,000

16,933

Petroleos Mexicanos,

6.75%, 9/21/2047

100,000

68,377

Tallgrass Energy Partners LP,

7.38%, 2/15/2029(a)

20,000

20,100

Targa Resources Corp.,

5.50%, 2/15/2035

11,000

10,935

Venture Global LNG, Inc.,

8.38%, 6/1/2031(a)

15,000

15,214

9.88%, 2/1/2032(a)

10,000

10,621

Vital Energy, Inc.,

7.88%, 4/15/2032(a)

25,000

23,273

1,491,627

Passenger Airlines

0.0%

†

American Airlines, Inc.,

8.50%, 5/15/2029(a)

30,000

30,456

JetBlue Airways Corp.,

9.88%, 9/20/2031(a)

15,000

14,806

45,262

Pharmaceuticals

0.1%

1375209 BC Ltd.,

9.00%, 1/30/2028(a)

5,000

4,996

Bausch Health Cos., Inc.,

6.13%, 2/1/2027(a)

25,000

25,350

5.25%, 1/30/2030(a)

10,000

5,925

14.00%, 10/15/2030(a)

1,000

944

Corporate Bonds

Principal

Amount ($)

Value ($)

Pharmaceuticals

Royalty Pharma plc,

5.40%, 9/2/2034

31,000

30,645

67,860

Professional Services

0.2%

Amentum Holdings, Inc.,

7.25%, 8/1/2032(a)

40,000

39,346

Jacobs Engineering Group,

Inc.,

5.90%, 3/1/2033

53,000

54,476

Verisk Analytics, Inc.,

5.25%, 6/5/2034

28,000

28,231

VT Topco, Inc.,

8.50%, 8/15/2030(a)

30,000

31,453

153,506

Real Estate Management & Development

0.0%

†

Anywhere Real Estate Group

LLC,

7.00%, 4/15/2030(a)

25,000

22,231

Residential REITs

0.1%

American Homes 4 Rent LP,

5.50%, 2/1/2034

38,000

38,040

Sun Communities Operating

LP,

2.70%, 7/15/2031

34,000

29,588

67,628

Retail REITs

0.1%

Agree LP,

5.63%, 6/15/2034

20,000

20,238

Phillips Edison Grocery Center

Operating Partnership I LP,

5.75%, 7/15/2034

30,000

30,243

50,481

Semiconductors & Semiconductor Equipment

0.2%

Broadcom, Inc.,

3.42%, 4/15/2033(a)

59,000

52,531

Marvell Technology, Inc.,

5.95%, 9/15/2033

53,000

55,283

Micron Technology, Inc.,

5.80%, 1/15/2035

85,000

87,040

Qorvo, Inc.,

3.38%, 4/1/2031(a)

20,000

17,533

212,387

Software

0.2%

AppLovin Corp.,

5.38%, 12/1/2031

13,000

13,066

AthenaHealth Group, Inc.,

6.50%, 2/15/2030(a)

35,000

32,830

Atlassian Corp.,

5.25%, 5/15/2029

17,000

17,301

Cadence Design Systems,

Inc.,

4.70%, 9/10/2034

16,000

15,622

Central Parent LLC,

8.00%, 6/15/2029(a)

10,000

8,774

Ellucian Holdings, Inc.,

6.50%, 12/1/2029(a)

25,000

24,586

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Software

Oracle Corp.,

3.80%, 11/15/2037

13,000

10,953

5.38%, 9/27/2054

30,000

27,358

Synopsys, Inc.,

5.15%, 4/1/2035

23,000

23,121

Workday, Inc.,

3.80%, 4/1/2032

14,000

12,958

186,569

Specialized REITs

0.1%

American Tower Corp.,

3.60%, 1/15/2028

30,000

29,212

Equinix, Inc.,

3.90%, 4/15/2032

31,000

28,902

2.95%, 9/15/2051

54,000

33,428

Extra Space Storage LP,

5.40%, 2/1/2034

28,000

28,035

Iron Mountain, Inc.,

6.25%, 1/15/2033(a)

5,000

4,952

124,529

Specialty Retail

0.2%

AutoNation, Inc.,

5.89%, 3/15/2035

24,000

23,953

Carvana Co.,

11.00%, 6/1/2030(a)(g)

15,000

15,224

Lowe's Cos., Inc.,

5.63%, 4/15/2053

14,000

13,514

Michaels Cos., Inc. (The),

5.25%, 5/1/2028(a)

10,000

6,865

O'Reilly Automotive, Inc.,

5.75%, 11/20/2026

12,000

12,220

5.00%, 8/19/2034

16,000

15,721

Staples, Inc.,

10.75%, 9/1/2029(a)

15,000

13,552

Victra Holdings LLC,

8.75%, 9/15/2029(a)

50,000

51,574

152,623

Technology Hardware, Storage & Peripherals

0.1%

Dell, Inc.,

6.50%, 4/15/2038

26,000

27,433

Hewlett Packard Enterprise

Co.,

5.00%, 10/15/2034

70,000

68,197

NetApp, Inc.,

1.88%, 6/22/2025

41,000

40,732

136,362

Tobacco

0.1%

BAT Capital Corp.,

4.54%, 8/15/2047

35,000

27,958

Philip Morris International,

Inc.,

5.25%, 2/13/2034

28,000

28,263

56,221

Trading Companies & Distributors

0.1%

Aviation Capital Group LLC,

5.38%, 7/15/2029(a)

18,000

18,142

Fortress Transportation and

Infrastructure Investors LLC,

5.88%, 4/15/2033(a)

30,000

28,661

Corporate Bonds

Principal

Amount ($)

Value ($)

Trading Companies & Distributors

GATX Corp.,

5.50%, 6/15/2035

16,000

15,998

WESCO Distribution, Inc.,

6.38%, 3/15/2033(a)

10,000

10,050

72,851

Transportation Infrastructure

0.3%

Adani International Container

Terminal Pvt Ltd.,

Reg. S, 3.00%, 2/16/2031

166,000

141,956

Rutas 2 & 7 Finance Ltd.,

Reg. S, 0.00%,

9/30/2036(f)

160,000

113,224

255,180

Wireless Telecommunication Services

0.1%

T-Mobile USA, Inc.,

5.50%, 1/15/2055

77,000

73,242

Total Corporate Bonds

(cost $11,146,927)

11,020,935

Foreign Government Securities 0.7%

COLOMBIA 0.1%

Republic of Colombia,

4.13%, 5/15/2051

250,000

141,312

DOMINICAN REPUBLIC 0.2%

Dominican Republic

Government Bond,

Reg. S, 5.50%, 2/22/2029

150,000

147,405

GUATEMALA 0.2%

Republic of Guatemala,

Reg. S, 5.38%, 4/24/2032

200,000

192,000

SOUTH AFRICA 0.2%

Republic of South Africa,

4.30%, 10/12/2028

200,000

188,500

Total Foreign Government Securities

(cost $778,247)

669,217

Mortgage-Backed Securities 21.3%

FHLMC Gold Pool

Pool# Q50135

3.50%, 8/1/2047

1,176,904

1,076,841

Pool# G08775

4.00%, 8/1/2047

369,385

347,999

Pool# Q51461

3.50%, 10/1/2047

515,912

471,968

FHLMC UMBS Pool

Pool# SD5677

5.00%, 3/1/2054

547,107

541,329

Pool# RJ1952

5.50%, 7/1/2054

2,008,187

2,026,763

Pool# SD6874

5.50%, 11/1/2054

899,677

910,123

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA Pool

Pool# BL6290

2.08%, 5/1/2030

2,100,000

1,872,650

Pool# BS9551

5.94%, 9/1/2053

1,881,580

1,996,051

FNMA UMBS Pool

Pool# MA2888

2.50%, 1/1/2047

898,997

767,886

Pool# AS9937

3.00%, 7/1/2047

912,799

806,809

Pool# FM8215

2.50%, 3/1/2051

1,254,569

1,061,126

Pool# CB0705

3.00%, 6/1/2051

1,205,026

1,053,580

Pool# MA4416

3.50%, 9/1/2051

1,017,844

923,941

Pool# CB8501

6.00%, 5/1/2054

1,816,875

1,881,506

Pool# FS8642

6.00%, 6/1/2054

2,014,425

2,070,641

Pool# FS9671

5.50%, 11/1/2054

913,610

924,218

Pool# FA0627

5.50%, 2/1/2055

993,327

1,003,007

Total Mortgage-Backed Securities

(cost $21,097,365)

19,736,438

U.S. Treasury Obligations 21.1%

U.S. Treasury Notes

0.38%, 4/30/2025

3,950,000

3,937,581

0.75%, 3/31/2026

3,000,000

2,903,977

0.75%, 5/31/2026

4,000,000

3,851,875

0.75%, 1/31/2028

9,650,000

8,845,205

Total U.S. Treasury Obligations

(cost $19,421,903)

19,538,638

Investment Company  1.1%

Shares

Fixed Income Fund

1.1%

DoubleLine Floating Rate

Fund, Class I

112,959

1,003,075

Total Investment Company

(cost $1,065,202)

1,003,075

Total Investments

(cost $94,548,743) — 97.8%

90,620,255

Other assets in excess of

liabilities — 2.2%

2,027,627

NET ASSETS — 100.0%

$

92,647,882

†

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 as of March 31, 2025

was $22,415,743 which represents 24.19% 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,

2025.

(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 as of March 31, 2025.

(d)

Variable or floating rate security, linked to the referenced

benchmark. The interest rate shown was the current rate as

of March 31, 2025.

(e)

Perpetual Bond Security. The rate reflected in the Statement

of Investments is the rate in effect on March 31, 2025. 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)

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)

Perpetual bond 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

IO

Interest only

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

30 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

U.S. Treasury 2 Year Note

110

6/2025

USD

22,788,906

126,318

U.S. Treasury 5 Year Note

75

6/2025

USD

8,111,719

102,891

U.S. Treasury Long Bond

99

6/2025

USD

11,610,844

173,213

U.S. Treasury Ultra Bond

2

6/2025

USD

244,500

4,687

Total long contracts

407,109

Short Contracts

U.S. Treasury 10 Year Ultra Note

(61)

6/2025

USD

(6,961,625)

(90,143)

Total short contracts

(90,143)

Net contracts

316,966

Currency:

USD

United States Dollar

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (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.

32 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT DoubleLine Total Return Tactical Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a)

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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

15,020,552

$

–

$

15,020,552

Collateralized Mortgage Obligations

–

16,411,948

–

16,411,948

Commercial Mortgage-Backed Securities

–

7,219,452

–

7,219,452

Corporate Bonds

–

11,020,935

–

11,020,935

Foreign Government Securities

–

669,217

–

669,217

Futures Contracts

407,109

–

–

407,109

Investment Company

1,003,075

–

–

1,003,075

Mortgage-Backed Securities

–

19,736,438

–

19,736,438

U.S. Treasury Obligations

–

19,538,638

–

19,538,638

Total Assets

$

1,410,184

$

89,617,180

$

–

$

91,027,364

Liabilities:

Futures Contracts

$

(90,143)

$

–

$

–

$

(90,143)

Total Liabilities

$

(90,143)

$

–

$

–

$

(90,143)

Total

$

1,320,041

$

89,617,180

$

–

$

90,937,221

NVIT DoubleLine Total Return Tactical Fund - March 31, 2025 (Unaudited) - Statement of Investments - 33

Assets:

Fair Value

Futures Contracts

Interest rate risk

Unrealized appreciation from futures contracts

$

407,109

Total

$

407,109

Liabilities:

Futures Contracts

Interest rate risk

Unrealized depreciation from futures contracts

$

(90,143)

Total

$

(90,143)

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT Federated High Income Bond Fund

Corporate Bonds 95.5%

Principal

Amount ($)

Value ($)

Aerospace / Defense

1.8%

Goat Holdco LLC,

6.75%, 2/1/2032(a)

100,000

97,874

TransDigm, Inc.,

5.50%, 11/15/2027

850,000

840,394

6.38%, 3/1/2029(a)

150,000

151,529

4.88%, 5/1/2029

75,000

71,238

6.88%, 12/15/2030(a)

75,000

76,635

6.63%, 3/1/2032(a)

300,000

303,823

1,541,493

Automotive

4.1%

Adient Global Holdings Ltd.,

7.00%, 4/15/2028(a)

75,000

75,153

8.25%, 4/15/2031(a)

150,000

145,345

7.50%, 2/15/2033(a)

50,000

46,815

Clarios Global LP,

8.50%, 5/15/2027(a)

900,000

900,211

6.75%, 5/15/2028(a)

100,000

101,408

6.75%, 2/15/2030(a)

75,000

75,715

Dana, Inc.,

4.50%, 2/15/2032

150,000

136,593

Dornoch Debt Merger Sub,

Inc.,

6.63%, 10/15/2029(a)

325,000

247,135

Ford Motor Credit Co. LLC,

3.38%, 11/13/2025

475,000

469,330

2.70%, 8/10/2026

200,000

192,865

5.11%, 5/3/2029

200,000

192,796

IHO Verwaltungs GmbH,

6.38%, 5/15/2029(a)(b)

225,000

216,791

8.00%, 11/15/2032(a)(b)

225,000

219,265

JB Poindexter & Co., Inc.,

8.75%, 12/15/2031(a)

350,000

359,687

Real Hero Merger Sub 2, Inc.,

6.25%, 2/1/2029(a)

125,000

98,413

ZF North America Capital,

Inc.,

6.75%, 4/23/2030(a)

150,000

142,535

3,620,057

Building Materials

4.7%

American Builders &

Contractors Supply Co.,

Inc.,

4.00%, 1/15/2028(a)

75,000

71,717

Beacon Roofing Supply, Inc.,

6.50%, 8/1/2030(a)

50,000

52,598

CP Atlas Buyer, Inc.,

7.00%, 12/1/2028(a)

275,000

217,427

Foundation Building Materials,

Inc.,

6.00%, 3/1/2029(a)

675,000

550,921

GYP Holdings III Corp.,

4.63%, 5/1/2029(a)

275,000

257,272

Interface, Inc.,

5.50%, 12/1/2028(a)

375,000

365,162

Masterbrand, Inc.,

7.00%, 7/15/2032(a)

225,000

224,578

Miter Brands Acquisition

Holdco, Inc.,

6.75%, 4/1/2032(a)

350,000

346,895

Corporate Bonds

Principal

Amount ($)

Value ($)

Building Materials

MIWD Holdco II LLC,

5.50%, 2/1/2030(a)

125,000

112,355

Patrick Industries, Inc.,

6.38%, 11/1/2032(a)

375,000

363,480

Quikrete Holdings, Inc.,

6.38%, 3/1/2032(a)

225,000

226,429

6.75%, 3/1/2033(a)

75,000

74,659

Standard Building Solutions,

Inc.,

6.50%, 8/15/2032(a)

175,000

174,948

Standard Industries, Inc.,

5.00%, 2/15/2027(a)

300,000

295,304

3.38%, 1/15/2031(a)

475,000

412,997

White Cap Buyer LLC,

6.88%, 10/15/2028(a)

375,000

359,907

4,106,649

Cable Satellite

5.1%

CCO Holdings LLC,

5.13%, 5/1/2027(a)

200,000

196,988

5.00%, 2/1/2028(a)

375,000

363,930

5.38%, 6/1/2029(a)

50,000

48,380

4.75%, 3/1/2030(a)

750,000

695,581

4.50%, 5/1/2032

400,000

347,224

4.50%, 6/1/2033(a)

125,000

106,605

4.25%, 1/15/2034(a)

50,000

41,125

DISH DBS Corp.,

5.13%, 6/1/2029

350,000

228,356

Sirius XM Radio LLC,

3.13%, 9/1/2026(a)

325,000

314,865

4.00%, 7/15/2028(a)

100,000

93,300

3.88%, 9/1/2031(a)

100,000

85,708

Sunrise FinCo. I BV,

4.88%, 7/15/2031(a)

625,000

568,353

Telenet Finance Luxembourg

Notes Sarl,

5.50%, 3/1/2028(a)

400,000

388,000

Virgin Media Secured Finance

plc,

5.50%, 5/15/2029(a)

200,000

189,428

Vmed O2 UK Financing I plc,

4.75%, 7/15/2031(a)

600,000

521,076

VZ Secured Financing BV,

5.00%, 1/15/2032(a)

350,000

304,123

4,493,042

Chemicals

2.9%

Axalta Coating Systems Dutch

Holding B BV,

7.25%, 2/15/2031(a)

150,000

154,700

Axalta Coating Systems LLC,

4.75%, 6/15/2027(a)

175,000

172,002

3.38%, 2/15/2029(a)

150,000

137,181

Celanese US Holdings LLC,

6.50%, 4/15/2030

125,000

124,098

6.75%, 4/15/2033

225,000

218,417

Element Solutions, Inc.,

3.88%, 9/1/2028(a)

225,000

211,848

HB Fuller Co.,

4.25%, 10/15/2028

75,000

71,127

Herens Holdco Sarl,

4.75%, 5/15/2028(a)

225,000

202,403

NVIT Federated High Income Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 35

Corporate Bonds

Principal

Amount ($)

Value ($)

Chemicals

Illuminate Buyer LLC,

9.00%, 7/1/2028(a)

175,000

173,944

Olympus Water US Holding

Corp.,

4.25%, 10/1/2028(a)

200,000

184,813

6.25%, 10/1/2029(a)

425,000

372,909

SNF Group SACA,

3.38%, 3/15/2030(a)

250,000

220,767

WR Grace Holdings LLC,

5.63%, 8/15/2029(a)

300,000

258,182

2,502,391

Construction Machinery

0.4%

H&E Equipment Services,

Inc.,

3.88%, 12/15/2028(a)

175,000

174,435

United Rentals North America,

Inc.,

4.88%, 1/15/2028

150,000

147,438

3.88%, 2/15/2031

50,000

45,369

367,242

Consumer Cyclical Services

3.8%

Allied Universal Holdco LLC,

9.75%, 7/15/2027(a)

175,000

175,558

6.00%, 6/1/2029(a)

450,000

413,541

7.88%, 2/15/2031(a)

200,000

202,550

Brink's Co. (The),

6.50%, 6/15/2029(a)

225,000

228,085

6.75%, 6/15/2032(a)

125,000

126,738

Cars.com, Inc.,

6.38%, 11/1/2028(a)

200,000

198,526

Dun & Bradstreet Corp. (The),

5.00%, 12/15/2029(a)

350,000

350,578

Garda World Security Corp.,

6.00%, 6/1/2029(a)

350,000

328,159

8.38%, 11/15/2032(a)

675,000

663,666

Go Daddy Operating Co. LLC,

5.25%, 12/1/2027(a)

200,000

198,302

Match Group Holdings II LLC,

5.00%, 12/15/2027(a)

250,000

245,056

4.13%, 8/1/2030(a)

250,000

224,054

3,354,813

Consumer Products

2.1%

BCPE Empire Holdings, Inc.,

7.63%, 5/1/2027(a)

700,000

688,449

Champ Acquisition Corp.,

8.38%, 12/1/2031(a)

250,000

258,259

Edgewell Personal Care Co.,

4.13%, 4/1/2029(a)

325,000

300,874

Energizer Holdings, Inc.,

4.75%, 6/15/2028(a)

275,000

263,280

4.38%, 3/31/2029(a)

350,000

325,885

1,836,747

Diversified Manufacturing

1.6%

EMRLD Borrower LP,

6.63%, 12/15/2030(a)

525,000

525,233

Gates Corp.,

6.88%, 7/1/2029(a)

400,000

406,930

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Manufacturing

WESCO Distribution, Inc.,

7.25%, 6/15/2028(a)

375,000

380,321

6.38%, 3/15/2033(a)

75,000

75,378

1,387,862

Finance Companies

2.1%

Boost Newco Borrower LLC,

7.50%, 1/15/2031(a)

425,000

442,398

Macquarie Airfinance Holdings

Ltd.,

8.13%, 3/30/2029(a)

50,000

52,473

Navient Corp.,

5.50%, 3/15/2029

150,000

141,947

Rocket Mortgage LLC,

2.88%, 10/15/2026(a)

275,000

263,570

3.63%, 3/1/2029(a)

275,000

253,617

3.88%, 3/1/2031(a)

75,000

67,185

4.00%, 10/15/2033(a)

75,000

64,335

United Wholesale Mortgage

LLC,

5.50%, 11/15/2025(a)

100,000

99,726

5.75%, 6/15/2027(a)

175,000

172,066

5.50%, 4/15/2029(a)

175,000

168,721

UWM Holdings LLC,

6.63%, 2/1/2030(a)

100,000

99,183

1,825,221

Food & Beverage

2.4%

BellRing Brands, Inc.,

7.00%, 3/15/2030(a)

475,000

490,788

Performance Food Group,

Inc.,

5.50%, 10/15/2027(a)

50,000

49,522

4.25%, 8/1/2029(a)

275,000

257,163

6.13%, 9/15/2032(a)

125,000

124,245

Post Holdings, Inc.,

5.50%, 12/15/2029(a)

325,000

315,897

6.25%, 2/15/2032(a)

50,000

50,293

6.38%, 3/1/2033(a)

75,000

73,749

6.25%, 10/15/2034(a)

75,000

73,842

US Foods, Inc.,

4.75%, 2/15/2029(a)

450,000

433,713

4.63%, 6/1/2030(a)

150,000

142,448

5.75%, 4/15/2033(a)

50,000

48,641

2,060,301

Food & Staples Retailing

0.0%

†

Jitney-Jungle Stores of

America, Inc.,

10.38%, 9/15/2007^∞(c)

100,000

0

Gaming

5.5%

Boyd Gaming Corp.,

4.75%, 12/1/2027

100,000

97,839

4.75%, 6/15/2031(a)

50,000

46,114

Caesars Entertainment, Inc.,

7.00%, 2/15/2030(a)

100,000

101,370

6.50%, 2/15/2032(a)

150,000

149,513

6.00%, 10/15/2032(a)

400,000

373,548

CCM Merger, Inc.,

6.38%, 5/1/2026(a)

150,000

150,219

Churchill Downs, Inc.,

5.75%, 4/1/2030(a)

200,000

195,626

36 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Federated High Income Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Gaming

Churchill Downs, Inc.,

6.75%, 5/1/2031(a)

250,000

251,969

Light & Wonder International,

Inc.,

7.25%, 11/15/2029(a)

175,000

177,396

7.50%, 9/1/2031(a)

150,000

153,657

MGM Resorts International,

6.13%, 9/15/2029

250,000

247,522

6.50%, 4/15/2032

225,000

220,633

Midwest Gaming Borrower

LLC,

4.88%, 5/1/2029(a)

475,000

445,797

Mohegan Tribal Gaming

Authority,

8.00%, 2/1/2026(a)

475,000

474,978

Ontario Gaming GTA LP,

8.00%, 8/1/2030(a)

125,000

124,320

Penn Entertainment, Inc.,

4.13%, 7/1/2029(a)

100,000

88,784

Scientific Games Holdings LP,

6.63%, 3/1/2030(a)

275,000

259,350

Station Casinos LLC,

4.50%, 2/15/2028(a)

350,000

335,234

4.63%, 12/1/2031(a)

150,000

134,778

6.63%, 3/15/2032(a)

75,000

74,386

VICI Properties LP,

4.25%, 12/1/2026(a)

150,000

148,361

3.88%, 2/15/2029(a)

25,000

23,868

4.63%, 12/1/2029(a)

150,000

145,517

4.13%, 8/15/2030(a)

75,000

70,601

Wynn Resorts Finance LLC,

7.13%, 2/15/2031(a)

125,000

129,358

6.25%, 3/15/2033(a)

200,000

194,787

4,815,525

Health Insurance

0.5%

Centene Corp.,

4.63%, 12/15/2029

175,000

167,663

3.38%, 2/15/2030

50,000

45,220

Molina Healthcare, Inc.,

6.25%, 1/15/2033(a)

200,000

196,838

409,721

Healthcare

4.9%

AHP Health Partners, Inc.,

5.75%, 7/15/2029(a)

400,000

371,103

Avantor Funding, Inc.,

4.63%, 7/15/2028(a)

200,000

192,758

3.88%, 11/1/2029(a)

350,000

323,128

Community Health Systems,

Inc.,

6.88%, 4/15/2029(a)

225,000

145,909

6.13%, 4/1/2030(a)

200,000

119,374

5.25%, 5/15/2030(a)

150,000

123,757

Concentra Escrow Issuer

Corp.,

6.88%, 7/15/2032(a)

75,000

76,313

IQVIA, Inc.,

5.00%, 10/15/2026(a)

225,000

223,382

6.50%, 5/15/2030(a)

175,000

178,110

Medline Borrower LP,

3.88%, 4/1/2029(a)

125,000

116,842

Corporate Bonds

Principal

Amount ($)

Value ($)

Healthcare

Medline Borrower LP,

6.25%, 4/1/2029(a)

75,000

75,955

5.25%, 10/1/2029(a)

1,000,000

959,573

Neogen Food Safety Corp.,

8.63%, 7/20/2030(a)

175,000

184,257

Raven Acquisition Holdings

LLC,

6.88%, 11/15/2031(a)

150,000

145,660

Select Medical Corp.,

6.25%, 12/1/2032(a)

250,000

243,585

Teleflex, Inc.,

4.63%, 11/15/2027

75,000

73,288

Tenet Healthcare Corp.,

6.25%, 2/1/2027

250,000

250,124

5.13%, 11/1/2027

200,000

197,070

4.25%, 6/1/2029

175,000

164,866

6.13%, 6/15/2030

125,000

124,422

4,289,476

Independent Energy

3.4%

Aethon United BR LP,

7.50%, 10/1/2029(a)

250,000

254,286

Antero Resources Corp.,

7.63%, 2/1/2029(a)

13,000

13,327

5.38%, 3/1/2030(a)

125,000

122,726

Ascent Resources Utica

Holdings LLC,

8.25%, 12/31/2028(a)

150,000

152,959

5.88%, 6/30/2029(a)

150,000

146,374

6.63%, 10/15/2032(a)

125,000

124,417

Civitas Resources, Inc.,

8.38%, 7/1/2028(a)

150,000

154,798

8.63%, 11/1/2030(a)

100,000

103,167

8.75%, 7/1/2031(a)

125,000

128,368

CNX Resources Corp.,

7.25%, 3/1/2032(a)

50,000

50,844

Comstock Resources, Inc.,

6.75%, 3/1/2029(a)

400,000

391,216

5.88%, 1/15/2030(a)

150,000

141,661

Expand Energy Corp.,

5.88%, 2/1/2029(a)

25,000

24,956

5.38%, 3/15/2030

50,000

49,634

7.00%, 10/1/2099(c)

200,000

800

Matador Resources Co.,

6.50%, 4/15/2032(a)

200,000

198,207

6.25%, 4/15/2033(a)

75,000

73,157

Range Resources Corp.,

8.25%, 1/15/2029

125,000

128,570

4.75%, 2/15/2030(a)

75,000

71,350

Sitio Royalties Operating

Partnership LP,

7.88%, 11/1/2028(a)

125,000

128,664

SM Energy Co.,

6.75%, 9/15/2026

125,000

124,943

6.50%, 7/15/2028

125,000

124,143

6.75%, 8/1/2029(a)

75,000

73,883

TGNR Intermediate Holdings

LLC,

5.50%, 10/15/2029(a)

200,000

187,780

2,970,230

NVIT Federated High Income Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 37

Corporate Bonds

Principal

Amount ($)

Value ($)

Industrial - Other

1.5%

Hillenbrand, Inc.,

6.25%, 2/15/2029

225,000

225,414

Madison IAQ LLC,

5.88%, 6/30/2029(a)

700,000

661,340

SPX Flow, Inc.,

8.75%, 4/1/2030(a)

450,000

462,412

1,349,166

Insurance - P&C

9.3%

Acrisure LLC,

6.00%, 8/1/2029(a)

125,000

119,774

7.50%, 11/6/2030(a)

275,000

279,774

Alliant Holdings Intermediate

LLC,

6.75%, 10/15/2027(a)

100,000

99,602

5.88%, 11/1/2029(a)

200,000

193,307

7.00%, 1/15/2031(a)

325,000

325,994

7.38%, 10/1/2032(a)

175,000

175,768

AmWINS Group, Inc.,

6.38%, 2/15/2029(a)

175,000

176,334

4.88%, 6/30/2029(a)

575,000

542,057

Ardonagh Group Finance Ltd.,

8.88%, 2/15/2032(a)

1,050,000

1,068,919

AssuredPartners, Inc.,

5.63%, 1/15/2029(a)

125,000

124,738

7.50%, 2/15/2032(a)

75,000

80,058

Baldwin Insurance Group

Holdings LLC,

7.13%, 5/15/2031(a)

375,000

380,005

BroadStreet Partners, Inc.,

5.88%, 4/15/2029(a)

850,000

816,808

HUB International Ltd.,

5.63%, 12/1/2029(a)

450,000

435,269

7.25%, 6/15/2030(a)

450,000

463,503

7.38%, 1/31/2032(a)

400,000

407,273

Jones Deslauriers Insurance

Management, Inc.,

8.50%, 3/15/2030(a)

325,000

341,419

10.50%, 12/15/2030(a)

350,000

374,783

Panther Escrow Issuer LLC,

7.13%, 6/1/2031(a)

650,000

662,305

Ryan Specialty LLC,

4.38%, 2/1/2030(a)

200,000

190,293

5.88%, 8/1/2032(a)

225,000

222,229

USI, Inc.,

7.50%, 1/15/2032(a)

600,000

612,106

8,092,318

Leisure

2.5%

Carnival Corp.,

6.00%, 5/1/2029(a)

125,000

124,125

7.00%, 8/15/2029(a)

50,000

52,300

5.75%, 3/15/2030(a)

100,000

99,597

6.13%, 2/15/2033(a)

125,000

123,179

NCL Corp. Ltd.,

5.88%, 3/15/2026(a)

22,000

21,954

8.13%, 1/15/2029(a)

150,000

157,775

7.75%, 2/15/2029(a)

150,000

156,332

6.75%, 2/1/2032(a)

75,000

74,085

NCL Finance Ltd.,

6.13%, 3/15/2028(a)

100,000

99,680

Corporate Bonds

Principal

Amount ($)

Value ($)

Leisure

Royal Caribbean Cruises Ltd.,

4.25%, 7/1/2026(a)

100,000

98,459

5.63%, 9/30/2031(a)

75,000

73,644

6.25%, 3/15/2032(a)

175,000

176,580

6.00%, 2/1/2033(a)

200,000

199,876

SeaWorld Parks &

Entertainment, Inc.,

5.25%, 8/15/2029(a)

425,000

402,611

Six Flags Entertainment Corp.,

5.50%, 4/15/2027(a)

75,000

74,223

7.25%, 5/15/2031(a)

250,000

250,963

2,185,383

Lodging

0.8%

Hilton Domestic Operating

Co., Inc.,

5.38%, 5/1/2025(a)

75,000

74,742

4.88%, 1/15/2030

100,000

96,708

3.63%, 2/15/2032(a)

50,000

43,825

5.88%, 3/15/2033(a)

175,000

173,274

RHP Hotel Properties LP,

7.25%, 7/15/2028(a)

50,000

51,199

6.50%, 4/1/2032(a)

150,000

149,731

XHR LP,

6.63%, 5/15/2030(a)

150,000

147,261

736,740

Media Entertainment

2.1%

Audacy Capital LLC,

6.50%, 5/1/2027(a)(c)

425,000

14,558

6.75%, 3/31/2029(a)(c)

200,000

6,845

Gray Media, Inc.,

4.75%, 10/15/2030(a)

75,000

47,269

5.38%, 11/15/2031(a)

150,000

93,638

Lamar Media Corp.,

4.88%, 1/15/2029

75,000

72,927

3.63%, 1/15/2031

50,000

44,688

Outfront Media Capital LLC,

4.25%, 1/15/2029(a)

25,000

23,184

4.63%, 3/15/2030(a)

375,000

342,844

7.38%, 2/15/2031(a)

25,000

26,038

Scripps Escrow II, Inc.,

5.38%, 1/15/2031(a)

75,000

45,807

Stagwell Global LLC,

5.63%, 8/15/2029(a)

625,000

595,193

Univision Communications,

Inc.,

8.00%, 8/15/2028(a)

100,000

100,312

4.50%, 5/1/2029(a)

100,000

88,353

7.38%, 6/30/2030(a)

200,000

191,074

WMG Acquisition Corp.,

3.75%, 12/1/2029(a)

200,000

186,411

1,879,141

Metals & Mining

1.0%

Cleveland-Cliffs, Inc.,

4.63%, 3/1/2029(a)

225,000

209,085

6.88%, 11/1/2029(a)

125,000

122,320

6.75%, 4/15/2030(a)

50,000

48,409

7.50%, 9/15/2031(a)

25,000

24,408

7.00%, 3/15/2032(a)

200,000

191,914

38 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Federated High Income Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Metals & Mining

Coeur Mining, Inc.,

5.13%, 2/15/2029(a)

300,000

284,600

880,736

Midstream

5.4%

Antero Midstream Partners LP,

5.75%, 3/1/2027(a)

125,000

124,633

5.75%, 1/15/2028(a)

225,000

223,887

5.38%, 6/15/2029(a)

525,000

513,170

Aris Water Holdings LLC,

7.63%, 4/1/2026(a)

225,000

225,000

7.25%, 4/1/2030(a)

175,000

176,977

Blue Racer Midstream LLC,

7.00%, 7/15/2029(a)

50,000

51,099

7.25%, 7/15/2032(a)

75,000

77,588

Cheniere Energy Partners LP,

4.50%, 10/1/2029

150,000

145,895

4.00%, 3/1/2031

150,000

140,674

3.25%, 1/31/2032

75,000

66,003

CNX Midstream Partners LP,

4.75%, 4/15/2030(a)

375,000

349,115

DT Midstream, Inc.,

4.38%, 6/15/2031(a)

175,000

160,966

Energy Transfer LP,

7.38%, 2/1/2031(a)

100,000

104,993

EQM Midstream Partners LP,

4.50%, 1/15/2029(a)

116,000

112,345

6.38%, 4/1/2029(a)

75,000

76,734

4.75%, 1/15/2031(a)

225,000

216,408

Hess Midstream Operations

LP,

5.13%, 6/15/2028(a)

175,000

172,282

6.50%, 6/1/2029(a)

75,000

76,491

4.25%, 2/15/2030(a)

100,000

94,079

5.50%, 10/15/2030(a)

125,000

122,394

HF Sinclair Corp.,

6.38%, 4/15/2027

30,000

30,390

5.00%, 2/1/2028

275,000

273,960

Northriver Midstream Finance

LP,

6.75%, 7/15/2032(a)

275,000

277,565

Rockies Express Pipeline

LLC,

6.75%, 3/15/2033(a)

75,000

76,256

Suburban Propane Partners

LP,

5.88%, 3/1/2027

125,000

124,328

5.00%, 6/1/2031(a)

350,000

315,988

Targa Resources Partners LP,

6.50%, 7/15/2027

50,000

50,214

5.00%, 1/15/2028

50,000

50,011

5.50%, 3/1/2030

175,000

176,631

Western Midstream Operating

LP,

4.50%, 3/1/2028

125,000

123,776

4,729,852

Oil Field Services

2.1%

Archrock Partners LP,

6.88%, 4/1/2027(a)

300,000

300,161

6.25%, 4/1/2028(a)

325,000

325,249

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil Field Services

Kodiak Gas Services LLC,

7.25%, 2/15/2029(a)

125,000

127,419

Nabors Industries Ltd.,

7.50%, 1/15/2028(a)

150,000

138,073

Nabors Industries, Inc.,

7.38%, 5/15/2027(a)

100,000

98,630

9.13%, 1/31/2030(a)

50,000

50,017

8.88%, 8/15/2031(a)

125,000

108,536

Precision Drilling Corp.,

7.13%, 1/15/2026(a)

52,000

52,018

6.88%, 1/15/2029(a)

125,000

122,124

USA Compression Partners

LP,

6.88%, 9/1/2027

150,000

150,114

7.13%, 3/15/2029(a)

325,000

330,548

1,802,889

Packaging

4.0%

ARD Finance SA,

6.50%, 6/30/2027(a)(b)

259,062

15,544

Ardagh Metal Packaging

Finance USA LLC,

4.00%, 9/1/2029(a)

650,000

553,491

Ardagh Packaging Finance

plc,

5.25%, 8/15/2027(a)

200,000

91,532

5.25%, 8/15/2027(a)

200,000

91,532

Ball Corp.,

6.00%, 6/15/2029

100,000

101,186

Clydesdale Acquisition

Holdings, Inc.,

6.88%, 1/15/2030(a)

150,000

151,138

8.75%, 4/15/2030(a)

575,000

583,133

Crown Americas LLC,

5.25%, 4/1/2030

150,000

146,128

Mauser Packaging Solutions

Holding Co.,

7.88%, 4/15/2027(a)

100,000

98,000

9.25%, 4/15/2027(a)

150,000

141,495

OI European Group BV,

4.75%, 2/15/2030(a)

50,000

45,764

Owens-Brockway Glass

Container, Inc.,

6.63%, 5/13/2027(a)

100,000

99,452

7.25%, 5/15/2031(a)

50,000

48,812

7.38%, 6/1/2032(a)

100,000

95,441

Sealed Air Corp.,

6.13%, 2/1/2028(a)

25,000

25,036

5.00%, 4/15/2029(a)

75,000

72,842

7.25%, 2/15/2031(a)

75,000

77,636

6.50%, 7/15/2032(a)

250,000

253,038

Trivium Packaging Finance

BV,

8.50%, 8/15/2027(a)(d)

825,000

820,764

3,511,964

Paper

0.6%

Clearwater Paper Corp.,

4.75%, 8/15/2028(a)

200,000

186,236

Graphic Packaging

International LLC,

4.75%, 7/15/2027(a)

75,000

73,413

NVIT Federated High Income Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 39

Corporate Bonds

Principal

Amount ($)

Value ($)

Paper

Graphic Packaging

International LLC,

3.50%, 3/1/2029(a)

250,000

230,577

3.75%, 2/1/2030(a)

25,000

22,843

513,069

Pharmaceuticals

1.6%

Bausch Health Cos., Inc.,

6.13%, 2/1/2027(a)

150,000

152,100

4.88%, 6/1/2028(a)

125,000

100,937

5.00%, 2/15/2029(a)

350,000

224,609

Grifols SA,

4.75%, 10/15/2028(a)

475,000

438,574

Organon & Co.,

5.13%, 4/30/2031(a)

350,000

305,167

7.88%, 5/15/2034(a)

200,000

194,135

1,415,522

Restaurants

1.7%

1011778 BC ULC,

4.38%, 1/15/2028(a)

125,000

120,210

5.63%, 9/15/2029(a)

50,000

49,497

4.00%, 10/15/2030(a)

975,000

882,390

KFC Holding Co.,

4.75%, 6/1/2027(a)

150,000

147,934

Yum! Brands, Inc.,

4.75%, 1/15/2030(a)

200,000

193,190

4.63%, 1/31/2032

50,000

46,640

5.38%, 4/1/2032

25,000

24,370

1,464,231

Retailers

2.6%

Academy Ltd.,

6.00%, 11/15/2027(a)

200,000

199,605

Asbury Automotive Group,

Inc.,

4.63%, 11/15/2029(a)

350,000

327,987

5.00%, 2/15/2032(a)

100,000

90,688

Belron UK Finance plc,

5.75%, 10/15/2029(a)

250,000

248,250

Gap, Inc. (The),

3.63%, 10/1/2029(a)

200,000

180,408

Group 1 Automotive, Inc.,

6.38%, 1/15/2030(a)

275,000

275,591

Kontoor Brands, Inc.,

4.13%, 11/15/2029(a)

250,000

229,714

LCM Investments Holdings II

LLC,

4.88%, 5/1/2029(a)

250,000

234,599

8.25%, 8/1/2031(a)

200,000

207,578

Sally Holdings LLC,

6.75%, 3/1/2032

200,000

200,377

William Carter Co. (The),

5.63%, 3/15/2027(a)

50,000

49,653

2,244,450

Supermarkets

0.5%

Albertsons Cos., Inc.,

5.88%, 2/15/2028(a)

100,000

99,951

3.50%, 3/15/2029(a)

375,000

345,115

6.25%, 3/15/2033(a)

25,000

25,244

470,310

Corporate Bonds

Principal

Amount ($)

Value ($)

Technology

11.1%

Amentum Holdings, Inc.,

7.25%, 8/1/2032(a)

325,000

319,689

AthenaHealth Group, Inc.,

6.50%, 2/15/2030(a)

675,000

633,158

Capstone Borrower, Inc.,

8.00%, 6/15/2030(a)

225,000

231,010

Central Parent, Inc.,

7.25%, 6/15/2029(a)

200,000

173,076

Ciena Corp.,

4.00%, 1/31/2030(a)

50,000

45,661

Clarivate Science Holdings

Corp.,

3.88%, 7/1/2028(a)

50,000

46,382

4.88%, 7/1/2029(a)

525,000

468,293

Cloud Software Group, Inc.,

6.50%, 3/31/2029(a)

250,000

243,017

9.00%, 9/30/2029(a)

550,000

548,564

8.25%, 6/30/2032(a)

125,000

127,091

Coherent Corp.,

5.00%, 12/15/2029(a)

450,000

429,284

Elastic NV,

4.13%, 7/15/2029(a)

400,000

373,001

Ellucian Holdings, Inc.,

6.50%, 12/1/2029(a)

100,000

98,343

Entegris, Inc.,

5.95%, 6/15/2030(a)

200,000

198,982

Fair Isaac Corp.,

4.00%, 6/15/2028(a)

75,000

71,313

Fortress Intermediate 3, Inc.,

7.50%, 6/1/2031(a)

325,000

327,631

Gen Digital, Inc.,

6.25%, 4/1/2033(a)

125,000

124,432

HealthEquity, Inc.,

4.50%, 10/1/2029(a)

425,000

398,391

Insight Enterprises, Inc.,

6.63%, 5/15/2032(a)

250,000

251,956

Iron Mountain, Inc.,

7.00%, 2/15/2029(a)

200,000

204,545

6.25%, 1/15/2033(a)

275,000

272,349

McAfee Corp.,

7.38%, 2/15/2030(a)

750,000

663,807

NCR Atleos Corp.,

9.50%, 4/1/2029(a)

100,000

108,431

NCR Voyix Corp.,

5.13%, 4/15/2029(a)

59,000

56,192

Open Text Corp.,

3.88%, 12/1/2029(a)

175,000

159,191

Open Text Holdings, Inc.,

4.13%, 2/15/2030(a)

150,000

136,793

Rocket Software, Inc.,

9.00%, 11/28/2028(a)

125,000

128,903

6.50%, 2/15/2029(a)

375,000

353,438

Science Applications

International Corp.,

4.88%, 4/1/2028(a)

50,000

47,898

Seagate HDD Cayman,

8.25%, 12/15/2029

150,000

159,489

9.63%, 12/1/2032

195,750

220,161

Sensata Technologies BV,

5.88%, 9/1/2030(a)

200,000

192,990

Sensata Technologies, Inc.,

4.38%, 2/15/2030(a)

50,000

46,188

40 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Federated High Income Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Technology

Sensata Technologies, Inc.,

3.75%, 2/15/2031(a)

25,000

21,829

6.63%, 7/15/2032(a)

200,000

197,981

SS&C Technologies, Inc.,

5.50%, 9/30/2027(a)

200,000

198,487

6.50%, 6/1/2032(a)

375,000

379,054

Synaptics, Inc.,

4.00%, 6/15/2029(a)

150,000

137,510

TTM Technologies, Inc.,

4.00%, 3/1/2029(a)

350,000

322,530

UKG, Inc.,

6.88%, 2/1/2031(a)

275,000

278,971

Viavi Solutions, Inc.,

3.75%, 10/1/2029(a)

175,000

160,029

Zebra Technologies Corp.,

6.50%, 6/1/2032(a)

100,000

101,204

9,657,244

Transportation Services

0.5%

Stena International SA,

7.25%, 1/15/2031(a)

200,000

199,908

Watco Cos. LLC,

7.13%, 8/1/2032(a)

225,000

226,250

426,158

Utility - Electric

2.9%

Calpine Corp.,

4.50%, 2/15/2028(a)

125,000

121,181

5.13%, 3/15/2028(a)

250,000

245,975

4.63%, 2/1/2029(a)

75,000

71,990

5.00%, 2/1/2031(a)

50,000

47,736

3.75%, 3/1/2031(a)

150,000

136,808

NRG Energy, Inc.,

3.38%, 2/15/2029(a)

150,000

137,724

5.25%, 6/15/2029(a)

250,000

243,634

3.88%, 2/15/2032(a)

5,000

4,384

TerraForm Power Operating

LLC,

5.00%, 1/31/2028(a)

325,000

314,548

4.75%, 1/15/2030(a)

175,000

162,535

TransAlta Corp.,

7.75%, 11/15/2029

225,000

233,631

Vistra Operations Co. LLC,

5.50%, 9/1/2026(a)

150,000

149,902

5.63%, 2/15/2027(a)

250,000

249,070

5.00%, 7/31/2027(a)

175,000

172,296

7.75%, 10/15/2031(a)

50,000

52,362

XPLR Infrastructure Operating

Partners LP,

7.25%, 1/15/2029(a)

175,000

172,151

2,515,927

Total Corporate Bonds

(cost $86,983,783)

83,455,870

Total Investments

(cost $86,983,783) — 95.5%

83,455,870

Other assets in excess of

liabilities — 4.5%

3,931,566

NET ASSETS — 100.0%

$

87,387,436

^

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 as of March 31, 2025

was $75,308,226 which represents 86.18% 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 as of March 31, 2025.

NVIT Federated High Income Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 41

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.

42 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Federated 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. 

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Corporate Bonds

Aerospace / Defense

$

–

$

1,541,493

$

–

$

1,541,493

Automotive

–

3,620,057

–

3,620,057

Building Materials

–

4,106,649

–

4,106,649

Cable Satellite

–

4,493,042

–

4,493,042

Chemicals

–

2,502,391

–

2,502,391

Construction Machinery

–

367,242

–

367,242

Consumer Cyclical Services

–

3,354,813

–

3,354,813

Consumer Products

–

1,836,747

–

1,836,747

Diversified Manufacturing

–

1,387,862

–

1,387,862

Finance Companies

–

1,825,221

–

1,825,221

Food & Beverage

–

2,060,301

–

2,060,301

Food & Staples Retailing

–

–

–

–

Gaming

–

4,815,525

–

4,815,525

Health Insurance

–

409,721

–

409,721

Healthcare

–

4,289,476

–

4,289,476

Independent Energy

–

2,970,230

–

2,970,230

Industrial - Other

–

1,349,166

–

1,349,166

Insurance - P&C

–

8,092,318

–

8,092,318

Leisure

–

2,185,383

–

2,185,383

Lodging

–

736,740

–

736,740

Media Entertainment

–

1,879,141

–

1,879,141

Metals & Mining

–

880,736

–

880,736

Midstream

–

4,729,852

–

4,729,852

Oil Field Services

–

1,802,888

–

1,802,888

Packaging

–

3,511,964

–

3,511,964

Paper

–

513,069

–

513,069

Pharmaceuticals

–

1,415,522

–

1,415,522

Restaurants

–

1,464,231

–

1,464,231

Retailers

–

2,244,450

–

2,244,450

Supermarkets

–

470,310

–

470,310

Technology

–

9,657,245

–

9,657,245

Transportation Services

–

426,158

–

426,158

Utility - Electric

–

2,515,927

–

2,515,927

Total

$

–

$

83,455,870

$

–

$

83,455,870

As of March 31, 2025, the Fund held one corporate bond investment that was categorized as a Level 3 investment which was

valued at $0.

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Government Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 43

Asset-Backed Securities 5.5%

Principal

Amount ($)

Value ($)

Automobiles 0.6%

Carvana Auto Receivables

Trust, Series 2023-

P3, Class A2, 6.09%,

11/10/2026(a)

18,962

18,966

Chesapeake Funding II LLC,

Series 2023-2A, Class A1,

6.16%, 10/15/2035(a)

1,193,776

1,210,554

Westlake Automobile

Receivables Trust, Series

2023-4A, Class A2, 6.23%,

1/15/2027(a)

647,544

649,740

1,879,260

Equipment Loans & Leases 0.7%

CCG Receivables Trust,

Series 2023-2, Class A2,

6.28%, 4/14/2032(a)

1,373,950

1,394,000

Dell Equipment Finance Trust,

Series 2023-3, Class A3,

5.93%, 4/23/2029(a)

500,000

504,921

M&T Equipment Notes, Series

2023-1A, Class A2, 6.09%,

7/15/2030(a)

141,867

142,016

2,040,937

Home Equity 0.3%

BRAVO Residential Funding

Trust, Series 2024-

CES1, Class A1A, 6.38%,

4/25/2054(a)(b)

823,239

831,570

Other 3.9%

Alterna Funding III LLC,

Series 2024-1A, Class A,

6.26%, 5/16/2039(a)

611,979

617,026

AMSR Trust

Series 2020-SFR2, Class C,

2.53%, 7/17/2037(a)

1,339,450

1,327,231

Series 2020-SFR4, Class C,

1.86%, 11/17/2037(a)

1,487,000

1,460,093

FCI Funding LLC, Series

2024-1A, Class A, 5.44%,

8/15/2036(a)

940,369

940,685

FirstKey Homes Trust, Series

2020-SFR2, Class C,

1.67%, 10/19/2037(a)

2,000,000

1,956,838

FNA 8 LLC, Series 2025-

1, Class A, 5.62%,

3/15/2045(a)(c)

1,500,000

1,500,000

Goodgreen, Series 2022-

1A, Class A, 3.84%,

10/15/2056(a)

576,069

513,023

Reach ABS Trust

Series 2024-1A, Class A,

6.30%, 2/18/2031(a)

189,867

190,631

Series 2025-1A, Class A,

4.96%, 8/16/2032(a)

445,665

445,658

SPS Servicer Advance

Receivables Trust, Series

2020-T2, Class A, 1.83%,

11/15/2055(a)

2,310,000

2,266,463

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

Tricon Residential Trust,

Series 2024-SFR1, Class B,

4.75%, 4/17/2041(a)

325,000

319,949

11,537,597

Total Asset-Backed Securities

(cost $16,144,465)

16,289,364

Collateralized Mortgage Obligations 6.9%

Angel Oak Mortgage Trust,

Series 2020-1, Class A1,

2.47%, 12/25/2059(a)(c)

144,101

139,127

Barclays Mortgage Loan Trust,

Series 2022-INV1, Class

A1, 4.47%, 2/25/2062(a)(b)

780,837

777,255

Cross Mortgage Trust, Series

2024-H1, Class A1, 6.09%,

12/25/2068(a)(b)

1,035,651

1,040,804

FHLMC REMIC, Series 2985,

Class JR, 4.50%, 6/15/2025

14,998

14,962

FNMA REMIC

Series 2005-40, Class YG,

5.00%, 5/25/2025

1,225

1,221

Series 2015-92, Class PA,

2.50%, 12/25/2041

1,886,335

1,737,971

Series 2013-59, Class MX,

2.50%, 9/25/2042

6,842,446

6,501,654

Series 2015-88, Class JA,

2.50%, 12/25/2045

1,461,469

1,359,899

GCAT 2022-CM1 Trust,

Series 2022-HX1, Class A1,

2.89%, 12/27/2066(a)(c)

1,111,168

1,026,166

GCAT Trust, Series 2024-

NQM1, Class A1, 6.01%,

1/25/2059(a)(b)

1,080,166

1,084,212

New Residential Mortgage

Loan Trust

Series 2017-2A, Class A4,

4.00%, 3/25/2057(a)(c)

491,046

476,014

Series 2017-6A, Class B1,

3.85%, 8/27/2057(a)(c)

1,561,830

1,510,953

OBX Trust

Series 2023-NQM1, Class

A1, 6.12%, 11/25/2062(a)(c)

1,040,210

1,040,810

Series 2024-NQM1, Class

A1, 5.93%, 11/25/2063(a)(b)

778,567

781,315

Series 2024-NQM2, Class

A1, 5.88%, 12/25/2063(a)(b)

1,153,254

1,157,496

Starwood Mortgage

Residential Trust, Series

2022-3, Class A1, 4.16%,

3/25/2067(a)(c)

1,291,614

1,257,508

Verus Securitization Trust,

Series 2022-4, Class A1,

4.47%, 4/25/2067(a)(b)

682,669

679,079

Total Collateralized Mortgage Obligations

(cost $21,374,790)

20,586,446

44 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Government Bond Fund

Commercial Mortgage-Backed Securities 3.3%

Principal

Amount ($)

Value ($)

FHLMC Multifamily Structured

Pass-Through Certificates

REMIC

Series K-154, Class A2,

4.35%, 1/25/2033(c)

2,800,000

2,764,198

Series K-157, Class A2,

4.20%, 5/25/2033

7,200,000

7,028,672

Total Commercial Mortgage-Backed

Securities

(cost $9,728,504)

9,792,870

Mortgage-Backed Securities 54.1%

FHLMC Gold Pool

Pool# V83452

4.00%, 9/1/2047

1,622,026

1,532,071

Pool# G08881

3.50%, 6/1/2049

999,645

912,380

FHLMC Non Gold Pool Pool#

847558,

7.70%, 6/1/2035 (c)

227,093

234,336

FHLMC Pool Gold Pool Pool#

WN5200,

4.25%, 1/1/2030

3,902,000

3,866,653

FHLMC UMBS Pool

Pool# SD8025

3.50%, 11/1/2049

2,277,129

2,076,322

Pool# SD8030

3.00%, 12/1/2049

1,235,478

1,085,731

Pool# SD8050

3.00%, 3/1/2050

1,827,779

1,600,967

Pool# SD8080

2.00%, 6/1/2050

2,190,997

1,759,416

Pool# SD8171

1.50%, 10/1/2051

2,775,700

2,098,221

Pool# SD8182

2.00%, 12/1/2051

3,709,139

2,958,459

Pool# RA6433

2.50%, 12/1/2051

2,708,949

2,254,469

Pool# SD8199

2.00%, 3/1/2052

4,650,551

3,700,701

Pool# QE0958

2.00%, 3/1/2052

3,461,924

2,762,502

Pool# SD8200

2.50%, 3/1/2052

3,696,947

3,078,648

Pool# QE0799

2.50%, 4/1/2052

2,521,881

2,099,707

Pool# SD8213

3.00%, 5/1/2052

4,236,029

3,674,882

Pool# SD8214

3.50%, 5/1/2052

3,238,036

2,924,851

Pool# SD1413

3.50%, 7/1/2052

3,567,861

3,221,300

Pool# SD2253

3.50%, 12/1/2052

6,194,766

5,592,506

Pool# SD8288

5.00%, 1/1/2053

2,712,720

2,665,824

Pool# SD8302

6.50%, 2/1/2053

986,994

1,022,707

Pool# SD6605

5.50%, 9/1/2053

4,686,183

4,695,359

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# SD8378

7.00%, 11/1/2053

679,169

710,433

FNMA Pool

Pool# BZ2178

4.41%, 10/1/2029

2,899,000

2,899,738

Pool# 745684

6.69%, 4/1/2034(c)

708,608

727,588

Pool# 790760

7.31%, 9/1/2034(c)

299,326

305,332

Pool# 799144

6.54%, 4/1/2035(c)

58,039

58,406

Pool# 822705

7.02%, 4/1/2035(c)

126,677

129,453

Pool# 815217

6.83%, 5/1/2035(c)

407,276

413,346

Pool# 783609

6.96%, 5/1/2035(c)

311,782

319,112

Pool# 821377

7.51%, 5/1/2035(c)

35,376

35,917

Pool# 826181

7.35%, 7/1/2035(c)

511,172

522,924

Pool# 873932

6.31%, 8/1/2036

5,261,577

5,244,364

Pool# 745866

7.25%, 9/1/2036(c)

749,954

779,467

FNMA UMBS Pool

Pool# BM5426

3.00%, 12/1/2047

7,682,167

6,811,020

Pool# CA1564

4.50%, 4/1/2048

1,017,798

990,762

Pool# BM5267

4.50%, 12/1/2048

2,476,686

2,412,657

Pool# MA3746

4.00%, 8/1/2049

987,566

930,301

Pool# BP5843

2.50%, 5/1/2050

4,827,196

4,049,594

Pool# MA4096

2.50%, 8/1/2050

3,215,814

2,701,112

Pool# MA4119

2.00%, 9/1/2050

3,982,298

3,188,022

Pool# MA4183

2.50%, 11/1/2050

2,698,802

2,260,585

Pool# CB0456

2.50%, 5/1/2051

3,200,375

2,669,933

Pool# FS3885

3.00%, 11/1/2051

2,613,275

2,267,186

Pool# MA4492

2.00%, 12/1/2051

4,541,689

3,621,162

Pool# FS1648

2.50%, 1/1/2052

2,893,173

2,407,223

Pool# FS1476

3.00%, 3/1/2052

1,664,628

1,446,633

Pool# MA4577

2.00%, 4/1/2052

12,121,669

9,649,534

Pool# FS1749

2.50%, 4/1/2052

3,856,564

3,225,907

Pool# MA4698

3.00%, 8/1/2052

1,753,283

1,521,005

Pool# MA4805

4.50%, 11/1/2052

2,583,663

2,475,951

Pool# MA4980

6.00%, 4/1/2053

1,156,886

1,176,343

NVIT Government Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 45

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# FS7087

5.50%, 8/1/2053

3,597,436

3,608,170

Pool# FA0253

5.00%, 9/1/2053

2,924,221

2,867,091

Pool# MA5192

6.50%, 11/1/2053

1,269,066

1,309,741

Pool# FS7990

4.00%, 2/1/2054

4,706,340

4,391,709

Pool# FS8795

6.00%, 8/1/2054

5,780,850

5,881,103

GNMA I Pool

Pool# 748484

3.50%, 8/15/2025

3,555

3,544

Pool# 682492

3.50%, 10/15/2025

8,130

8,090

Pool# 719433

3.50%, 10/15/2025

7,643

7,613

Pool# 740930

3.50%, 11/15/2025

19,709

19,602

Pool# 682497

3.50%, 11/15/2025

13,873

13,805

Pool# 733504

3.50%, 11/15/2025

9,905

9,866

Pool# 742371

3.50%, 11/15/2025

7,986

7,943

Pool# 750403

3.50%, 11/15/2025

2,164

2,154

Pool# 755650

3.50%, 12/15/2025

38,780

38,590

Pool# 682502

3.50%, 12/15/2025

1,505

1,502

GNMA II Pool

Pool# MA8429

5.50%, 11/20/2052

1,706,669

1,716,865

Pool# MA8571

6.00%, 1/20/2053

1,292,769

1,312,980

Pool# MA8647

5.00%, 2/20/2053

1,685,368

1,660,208

Pool# MA8726

5.50%, 3/20/2053

3,948,564

3,969,760

Pool# MA8727

6.00%, 3/20/2053

1,297,993

1,326,183

Pool# MA8801

5.50%, 4/20/2053

2,415,162

2,427,139

Pool# MA9018

6.00%, 7/20/2053

1,080,280

1,102,505

Pool# MA9490

6.50%, 2/20/2054

1,415,763

1,450,906

Pool# MA9543

6.50%, 3/20/2054

1,783,523

1,826,303

Pool# MA9852

6.00%, 8/20/2054

1,570,763

1,594,730

Pool# 787508

6.50%, 5/20/2064

2,749,875

2,802,493

Total Mortgage-Backed Securities

(cost $171,594,413)

161,129,617

U.S. Government Agency Securities 7.1%

Principal

Amount ($)

Value ($)

FFCB

2.38%, 3/16/2032

15,000,000

13,336,411

3.19%, 3/9/2033

2,475,000

2,286,914

Tennessee Valley Authority,

4.38%, 8/1/2034

5,750,000

5,695,006

Total U.S. Government Agency Securities

(cost $22,990,105)

21,318,331

U.S. Treasury Obligations 17.7%

U.S. Treasury Bonds

2.50%, 2/15/2046

5,150,000

3,662,535

2.25%, 8/15/2046

15,000,000

10,088,672

1.25%, 5/15/2050 (d)

6,000,000

2,979,141

4.75%, 11/15/2053

2,000,000

2,044,297

4.25%, 2/15/2054

1,250,000

1,177,734

4.63%, 2/15/2055

2,000,000

2,013,437

U.S. Treasury Notes

4.13%, 2/28/2027 (d)

2,500,000

2,509,473

4.25%, 3/15/2027

1,000,000

1,006,289

4.38%, 7/15/2027

2,000,000

2,020,703

4.13%, 11/15/2027

7,000,000

7,040,195

4.25%, 1/15/2028 (d)

18,000,000

18,168,750

Total U.S. Treasury Obligations

(cost $56,969,476)

52,711,226

Short-Term Investment 4.1%

U.S. Government Agency Security

4.1%

Resolution Funding Corp.,

2.46%, 1/15/2030(e)

15,000,000

12,277,638

Total Short-Term Investment

(cost $13,402,309)

12,277,638

Total Investments

(cost $312,204,062) — 98.7%

294,105,492

Other assets in excess of

liabilities — 1.3%

3,764,056

NET ASSETS — 100.0%

$

297,869,548

46 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Government Bond Fund

(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 as of March 31, 2025

was $27,260,103 which represents 9.15% of net assets.

(b)

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 as of March 31, 2025.

(c)

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,

2025.

(d)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $21,649,785, which was collateralized

by $22,267,473 in the form of U.S Government Treasury

Securities, interest rates ranging from 0.00% - 6.13%, and

maturity dates ranging from 4/8/2025 - 2/15/2055.

(e)

Zero Coupon Security. Debt security that pays no cash

income but is sold at substantial discount from its value at

maturity.

FFCB

Federal Farm Credit Bank

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

REMICS

Real Estate Mortgage Investment Conduits

UMBS

Uniform Mortgage-Backed Securities

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

U.S. Treasury 5 Year Note

182

6/2025

USD

19,684,438

265,530

Net contracts

265,530

Currency:

USD

United States Dollar

NVIT Government Bond Fund - March 31, 2025 (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.

48 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Government Bond Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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 table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

16,289,364

$

–

$

16,289,364

Collateralized Mortgage Obligations

–

20,586,446

–

20,586,446

Commercial Mortgage-Backed Securities

–

9,792,870

–

9,792,870

Futures Contracts

265,530

–

–

265,530

Mortgage-Backed Securities

–

161,129,617

–

161,129,617

Short-Term Investment

–

12,277,638

–

12,277,638

U.S. Government Agency Securities

–

21,318,331

–

21,318,331

U.S. Treasury Obligations

–

52,711,226

–

52,711,226

Total

$

265,530

$

294,105,492

$

–

$

294,371,022

NVIT Government Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 49

The following is a summary of the Fund's derivative instruments categorized by risk exposure as of March 31, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Interest rate risk

Unrealized appreciation from futures contracts

$

265,530

Total

$

265,530

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

.

Asset-Backed Securities 8.4%

Principal

Amount ($)

Value ($)

Airlines 0.5%

AASET, Series 2025-

1A, Class A, 5.94%,

2/16/2050(a)

3,251,712

3,279,528

British Airways Pass-Through

Trust, Series 2021-1, Class

B, 3.90%, 9/15/2031(a)

3,128,033

2,945,133

United Airlines Pass-Through

Trust

Series 2020-1, Class B,

4.88%, 1/15/2026

21,120

21,082

Series 2020-1, Class A,

5.88%, 10/15/2027

4,390,010

4,470,575

Series 2024-1, Class AA,

5.45%, 2/15/2037

2,726,068

2,747,287

Series 2024-1, Class A,

5.88%, 2/15/2037

2,973,892

2,992,045

16,455,650

Automobiles 3.0%

AmeriCredit Automobile

Receivables Trust, Series

2022-2, Class B, 4.81%,

4/18/2028

1,814,000

1,815,977

Avis Budget Rental Car

Funding AESOP LLC,

Series 2020-1A, Class A,

2.33%, 8/20/2026(a)

2,062,500

2,052,087

Carmax Select Receivables

Trust, Series 2024-A, Class

A3, 5.40%, 11/15/2028

1,000,000

1,010,372

CarMax Select Receivables

Trust, Series 2025-A, Class

A3, 4.77%, 9/17/2029

4,565,000

4,576,924

Chesapeake Funding II LLC,

Series 2023-2A, Class A1,

6.16%, 10/15/2035(a)

892,944

905,495

Credit Acceptance Auto Loan

Trust

Series 2022-3A, Class A,

6.57%, 10/15/2032(a)

578,095

579,017

Series 2025-1A, Class A,

5.02%, 3/15/2035(a)

11,265,000

11,295,151

Enterprise Fleet Financing

LLC, Series 2025-1, Class

A3, 4.82%, 2/20/2029(a)

1,075,000

1,083,491

Exeter Automobile

Receivables Trust

Series 2024-3A, Class A3,

5.65%, 12/15/2027

500,000

502,359

Series 2025-2A, Class A3,

4.74%, 1/16/2029

7,590,000

7,603,103

Series 2025-1A, Class C,

5.09%, 5/15/2031

8,147,000

8,212,397

Ford Credit Auto Lease Trust

Series 2024-B, Class A3,

4.99%, 12/15/2027

1,070,000

1,077,250

Series 2025-A, Class A3,

4.72%, 6/15/2028

1,355,000

1,361,620

Ford Credit Auto Owner Trust,

Series 2024-1, Class A,

4.87%, 8/15/2036(a)(b)

2,482,000

2,512,083

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

GLS Auto Receivables

Issuer Trust, Series 2024-

4A, Class A3, 4.75%,

7/17/2028(a)

1,000,000

1,000,963

GLS Auto Select Receivables

Trust, Series 2025-

1A, Class A2, 4.71%,

4/15/2030(a)

1,435,000

1,440,069

GM Financial Automobile

Leasing Trust

Series 2024-2, Class A3,

5.39%, 7/20/2027

2,400,000

2,422,601

Series 2025-1, Class A3,

4.66%, 2/21/2028

1,825,000

1,833,477

Harley-Davidson Motorcycle

Trust, Series 2023-A, Class

A3, 5.05%, 12/15/2027

4,591,876

4,604,638

Huntington Bank Auto Credit-

Linked Notes, Series

2024-2, Class B1, 5.44%,

10/20/2032(a)

680,354

683,413

LAD Auto Receivables Trust,

Series 2025-1A, Class A3,

4.69%, 7/16/2029(a)

2,930,000

2,935,057

M&T Bank Auto Receivables

Trust, Series 2025-

1A, Class A3, 4.73%,

6/17/2030(a)

935,000

941,617

Octane Receivables Trust,

Series 2024-3A, Class A2,

4.94%, 5/20/2030(a)

806,000

807,887

Santander Drive Auto

Receivables Trust

Series 2024-5, Class A3,

4.62%, 11/15/2028

1,500,000

1,501,849

Series 2025-1, Class A3,

4.74%, 1/16/2029

3,910,000

3,925,032

Series 2024-3, Class A3,

5.63%, 1/16/2029

3,800,000

3,836,796

Series 2025-2, Class A3,

4.67%, 8/15/2029

10,805,000

10,828,679

Series 2025-1, Class C,

5.04%, 3/17/2031

3,081,000

3,106,226

SBNA Auto Lease Trust,

Series 2024-B, Class A3,

5.56%, 11/22/2027(a)

2,200,000

2,220,733

SFS Auto Receivables

Securitization Trust

Series 2023-1A, Class A2A,

5.89%, 3/22/2027(a)

145,968

146,096

Series 2025-1A, Class A3,

4.75%, 7/22/2030(a)

910,000

916,652

Westlake Automobile

Receivables Trust

Series 2023-4A, Class A3,

6.24%, 7/15/2027(a)

1,280,000

1,291,971

Series 2023-1A, Class A3,

5.21%, 1/18/2028(a)

1,453,822

1,454,515

Series 2024-3A, Class A3,

4.71%, 4/17/2028(a)

3,000,000

3,005,556

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 51

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Series 2025-1A, Class A3,

4.75%, 8/15/2028(a)

2,675,000

2,683,664

Series 2025-1A, Class C,

5.14%, 10/15/2030(a)

1,769,000

1,783,709

Wheels Fleet Lease Funding

LLC, Series 2024-2A, Class

A1, 4.87%, 6/21/2039(a)

4,060,000

4,073,492

World Omni Auto Receivables

Trust, Series 2024-C, Class

A3, 4.43%, 12/17/2029

2,424,000

2,426,967

World Omni Select Auto Trust

Series 2024-A, Class A2A,

5.37%, 2/15/2028

752,160

754,503

Series 2024-A, Class A3,

4.98%, 2/15/2030

1,250,000

1,260,253

106,473,741

Credit Card 0.6%

American Express Credit

Account Master Trust,

Series 2022-3, Class A,

3.75%, 8/15/2027

3,500,000

3,488,832

BA Credit Card Trust, Series

2023-A1, Class A1, 4.79%,

5/15/2028

2,912,000

2,925,139

Capital One Multi-Asset

Execution Trust, Series

2023-A1, Class A, 4.42%,

5/15/2028

4,000,000

4,001,566

Chase Issuance Trust, Series

2023-A1, Class A, 5.16%,

9/15/2028

8,500,000

8,596,288

Discover Card Execution

Note Trust, Series 2023-A1,

Class A, 4.31%, 3/15/2028

4,000,000

3,997,067

23,008,892

Equipment Loans & Leases 0.3%

Amur Equipment Finance

Receivables XI LLC, Series

2022-2A, Class A2, 5.30%,

6/21/2028(a)

242,215

242,754

Auxilior Term Funding LLC,

Series 2023-1A, Class A2,

6.18%, 12/15/2028(a)

759,754

766,591

Daimler Trucks Retail Trust,

Series 2023-1, Class A3,

5.90%, 3/15/2027

3,803,182

3,829,679

Dllad LLC

Series 2024-1A, Class A2,

5.50%, 8/20/2027(a)

636,147

639,464

Series 2024-1A, Class A3,

5.30%, 7/20/2029(a)

1,250,000

1,270,230

MetroNet Infrastructure Issuer

LLC, Series 2024-1A, Class

A2, 6.23%, 4/20/2054(a)

418,400

428,034

SCF Equipment Trust LLC,

Series 2025-1A, Class A3,

5.11%, 11/21/2033(a)

1,980,000

2,001,804

9,178,556

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Financial Services 0.0%

†

Regional Management

Issuance Trust, Series

2024-2, Class A, 5.11%,

12/15/2033(a)

1,865,000

1,873,032

Other 3.8%

720 East CLO V Ltd., Series

2024-2A, Class A1, 5.82%,

7/20/2037(a)(c)

8,500,000

8,516,278

Apidos CLO XXXIX Ltd.,

Series 2022-39A, Class A1,

5.59%, 4/21/2035(a)(c)

8,660,000

8,659,697

Ares XXXIX CLO Ltd., Series

2016-39A, Class AR3,

5.71%, 7/18/2037(a)(c)

14,900,000

14,918,565

Cedar Funding VIII CLO Ltd.,

Series 2017-8A, Class

DRR, 7.27%, 1/17/2038(a)

(c)

3,269,319

3,223,271

Cerberus Loan Funding

XXXIX LP, Series 2022-

3A, Class AR, 5.70%,

1/15/2033(a)(c)

2,815,297

2,820,054

Cerberus Loan Funding

XXXVII LP, Series 2022-

1A, Class A1, 6.08%,

4/15/2034(a)(c)

5,600,000

5,604,217

Compass Datacenters Issuer

III LLC, Series 2025-

1A, Class A2, 5.66%,

2/25/2050(a)

1,300,000

1,319,058

CVS Pass-Through Trust

6.04%, 12/10/2028

2,437,436

2,455,596

6.94%, 1/10/2030

5,190,389

5,334,217

CyrusOne Data Centers

Issuer I LLC, Series 2025-

1A, Class A2, 5.91%,

2/20/2050(a)

2,170,000

2,201,553

DB Master Finance LLC,

Series 2021-1A, Class A2I,

2.05%, 11/20/2051(a)

4,049,955

3,863,719

Frontier Issuer LLC, Series

2023-1, Class A2, 6.60%,

8/20/2053(a)

2,090,000

2,128,510

GreenSky Home Improvement

Issuer Trust, Series

2024-2, Class A4, 5.15%,

10/27/2059(a)

1,305,744

1,309,106

Hilton Grand Vacations Trust

Series 2022-2A, Class A,

4.30%, 1/25/2037(a)

272,791

270,966

Series 2023-1A, Class A,

5.72%, 1/25/2038(a)

519,737

529,707

Magnetite XVII Ltd., Series

2016-17A, Class AR2,

5.79%, 4/20/2037(a)(c)

8,500,000

8,516,728

Marathon CLO Ltd., Series

2020-15A, Class A1R3,

5.77%, 8/15/2037(a)(c)

8,750,000

8,753,509

52 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

Neuberger Berman Loan

Advisers CLO 47 Ltd.,

Series 2022-47A, Class A,

5.59%, 4/14/2035(a)(c)

12,721,428

12,717,077

New Economy Assets Phase

1 Sponsor LLC, Series

2021-1, Class A1, 1.91%,

10/20/2061(a)

7,268,000

6,782,415

OneMain Financial Issuance

Trust, Series 2019-

2A, Class A, 3.14%,

10/14/2036(a)

3,625,000

3,511,583

Reach ABS Trust, Series

2024-2A, Class A, 5.88%,

7/15/2031(a)

1,424,087

1,429,704

Regional Management

Issuance Trust, Series

2024-1, Class A, 5.83%,

7/15/2036(a)

929,000

947,628

SBA Tower Trust, 2.59%,

10/15/2031(a)

3,130,000

2,644,319

Textainer Marine Containers

VII Ltd.

Series 2020-2A, Class A,

2.10%, 9/20/2045(a)

2,385,858

2,228,754

Series 2021-2A, Class A,

2.23%, 4/20/2046(a)

2,592,167

2,402,814

TIF Funding III LLC, Series

2024-1A, Class A, 5.48%,

4/20/2049(a)

3,705,550

3,726,675

Trestles CLO IV Ltd., Series

2021-4A, Class A, 5.72%,

7/21/2034(a)(c)

1,450,000

1,450,044

Tricon American Homes Trust,

Series 2019-SFR1, Class A,

2.75%, 3/17/2038(a)

7,508,325

7,393,946

Wellington Management CLO

3 Ltd.

Series 2024-3A, Class A1,

5.65%, 7/18/2037(a)(c)

1,350,000

1,351,688

Series 2024-3A, Class B,

5.94%, 7/18/2037(a)(c)

500,000

500,583

Wise CLO Ltd., Series

2024-2A, Class A, 5.76%,

7/15/2037(a)(c)

8,500,000

8,507,361

136,019,342

Student Loan 0.2%

Navient Private Education Refi

Loan Trust

Series 2021-EA, Class A,

0.97%, 12/16/2069(a)

4,148,861

3,679,045

Series 2021-GA, Class A,

1.58%, 4/15/2070(a)

4,199,289

3,760,552

7,439,597

Total Asset-Backed Securities

(cost $302,430,123)

300,448,810

Collateralized Mortgage Obligations 0.2%

Principal

Amount ($)

Value ($)

Angel Oak Mortgage Trust,

Series 2024-3, Class A2,

4.80%, 11/26/2068(a)(b)

0

0

BRAVO Residential Funding

Trust, Series 2023-

NQM5, Class A2, 6.86%,

6/25/2063(a)(b)

0

0

FNMA REMIC, Series 2007-6,

Class PA, 5.50%, 2/25/2037

24,825

24,982

GNMA REMIC, Series 2023-

19, Class WB, 5.66%,

11/20/2051(c)

1,940,376

1,995,245

NYMT Loan Trust, Series

2024-BPL2, Class A1,

6.51%, 5/25/2039(a)(b)

4,393,000

4,441,981

Verus Securitization Trust,

Series 2021-3, Class A1,

1.05%, 6/25/2066(a)(c)

2,423,285

2,070,434

Total Collateralized Mortgage Obligations

(cost $8,815,515)

8,532,642

Commercial Mortgage-Backed Securities 1.5%

Aventura Mall Trust, Series

2018-AVM, Class A, 4.11%,

7/5/2040(a)(c)

1,400,000

1,358,768

BANK5

Series 2024-5YR11, Class

A3, 5.89%, 11/15/2057

14,000,000

14,570,074

Series 2024-5YR12, Class

A2, 5.42%, 12/15/2057

8,240,000

8,399,987

BANK5 Trust, Series 2024-

5YR6, Class A3, 6.23%,

5/15/2057

2,600,000

2,722,790

Benchmark Mortgage Trust,

Series 2024-V11, Class A2,

5.42%, 11/15/2057

3,994,390

4,081,492

BMO Mortgage Trust, Series

2024-5C6, Class A3, 5.32%,

9/15/2057

10,888,000

11,062,406

BX Trust, Series 2024-

VLT4, Class A, 5.81%,

7/15/2029(a)(c)

275,000

273,625

Citigroup Commercial

Mortgage Trust, Series

2018-C6, Class A4, 4.41%,

11/10/2051

4,505,000

4,420,238

CSMC OA LLC, Series 2014-

USA, Class A2, 3.95%,

9/15/2037(a)

2,010,000

1,834,125

GS Mortgage Securities Corp.

Trust, Series 2013-PEMB,

Class A, 3.55%, 3/5/2033(a)

(c)

125,000

107,813

J.P. Morgan Chase

Commercial Mortgage

Securities Trust, Series

2025-BMS, Class A, 5.92%,

1/15/2042(a)(c)

1,960,000

1,940,386

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 53

Commercial Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

NY Commercial Mortgage

Trust, Series 2025-

299P, Class A, 5.29%,

2/10/2047(a)(c)

739,000

757,799

Wells Fargo Commercial

Mortgage Trust, Series

2015-C28, Class A4, 3.54%,

5/15/2048

3,664,287

3,656,125

Total Commercial Mortgage-Backed

Securities

(cost $55,496,705)

55,185,628

Corporate Bonds 35.6%

Aerospace & Defense

0.6%

Boeing Co. (The),

2.20%, 2/4/2026

4,607,000

4,507,495

3.25%, 2/1/2035

3,500,000

2,881,956

3.55%, 3/1/2038

1,060,000

829,649

5.81%, 5/1/2050

3,910,000

3,722,247

6.86%, 5/1/2054

2,292,000

2,489,561

GE Capital Funding LLC,

4.55%, 5/15/2032

1,207,000

1,177,825

Rolls-Royce plc,

5.75%, 10/15/2027(a)

3,620,000

3,704,607

RTX Corp.,

4.15%, 5/15/2045

2,000,000

1,638,167

20,951,507

Automobiles

1.3%

BMW US Capital LLC,

5.40%, 3/21/2035(a)

8,495,000

8,417,300

Hyundai Capital America,

1.80%, 1/10/2028(a)

672,000

618,933

5.15%, 3/27/2030(a)

11,615,000

11,574,141

Mercedes-Benz Finance North

America LLC,

4.65%, 4/1/2027(a)

12,445,000

12,457,905

Stellantis Finance US, Inc.,

6.45%, 3/18/2035(a)

4,010,000

3,979,902

Volkswagen Group of America

Finance LLC,

3.35%, 5/13/2025(a)

3,485,000

3,478,784

5.80%, 3/27/2035(a)

5,775,000

5,680,313

46,207,278

Banks

6.7%

Bank of America Corp.,

4.45%, 3/3/2026

4,155,000

4,148,266

Series L, 4.18%, 11/25/2027

4,000,000

3,964,074

(CME Term SOFR 3

Month + 1.77%), 3.71%,

4/24/2028(d)

3,125,000

3,071,991

(CME Term SOFR 3

Month + 1.47%), 3.97%,

2/7/2030(d)

2,340,000

2,276,916

(SOFR + 2.15%), 2.59%,

4/29/2031(d)

4,605,000

4,136,162

(SOFR + 1.22%), 2.30%,

7/21/2032(d)

5,145,000

4,394,654

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Bank of America Corp.,

(SOFR + 1.21%), 2.57%,

10/20/2032(d)

1,150,000

992,162

(SOFR + 1.91%), 5.29%,

4/25/2034(d)

10,000,000

10,045,171

(SOFR + 1.65%), 5.47%,

1/23/2035(d)

1,034,000

1,049,056

Bank of Montreal,

(United States SOFR

Compounded Index

+ 0.67%), 5.00%,

1/27/2029(d)

1,855,000

1,874,214

Banque Federative du Credit

Mutuel SA,

5.54%, 1/22/2030(a)

4,565,000

4,702,309

Barclays plc,

(SOFR + 2.21%), 5.83%,

5/9/2027(d)

8,000,000

8,097,595

(SOFR + 1.23%), 5.37%,

2/25/2031(d)

2,305,000

2,330,521

BNP Paribas SA,

4.38%, 9/28/2025(a)

5,000,000

4,980,565

4.38%, 5/12/2026(a)

8,500,000

8,453,673

Canadian Imperial Bank of

Commerce,

(SOFR + 1.03%), 4.86%,

3/30/2029(d)

8,935,000

8,966,921

Citigroup, Inc.,

(SOFR + 1.47%), 5.33%,

3/27/2036(d)

12,555,000

12,509,337

Citizens Bank NA,

2.25%, 4/28/2025

729,000

727,455

Citizens Financial Group, Inc.,

(SOFR + 2.01%), 5.84%,

1/23/2030(d)

1,336,000

1,372,286

(SOFR + 1.26%), 5.25%,

3/5/2031(d)

1,905,000

1,915,235

(SOFR + 1.91%), 5.72%,

7/23/2032(d)

3,465,000

3,527,307

(SOFR + 2.33%), 6.65%,

4/25/2035(d)

1,679,000

1,786,551

Commonwealth Bank of

Australia,

4.42%, 3/14/2028

7,145,000

7,176,633

3.78%, 3/14/2032(a)

1,250,000

1,133,463

Credit Agricole SA,

(SOFR + 1.13%), 5.23%,

1/9/2029(a)(d)

4,250,000

4,296,020

Danske Bank A/S,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.40%),

5.71%, 3/1/2030(a)(d)

4,106,000

4,224,499

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.93%),

5.02%, 3/4/2031(a)(d)

3,335,000

3,342,475

Fifth Third Bank NA,

(SOFR + 0.81%), 4.97%,

1/28/2028(d)

1,390,000

1,397,901

54 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

HSBC Holdings plc,

(SOFR + 1.56%), 5.45%,

3/3/2036(d)

6,835,000

6,809,819

Huntington Bancshares, Inc.,

(SOFR + 1.28%), 5.27%,

1/15/2031(d)

2,627,000

2,654,954

Huntington National Bank

(The),

5.65%, 1/10/2030

2,000,000

2,064,364

ING Groep NV,

(SOFR + 1.01%), 4.86%,

3/25/2029(d)

4,545,000

4,561,493

JPMorgan Chase & Co.,

(SOFR + 2.58%), 5.72%,

9/14/2033(d)

5,240,000

5,384,462

(CME Term SOFR 3

Month + 1.51%), 2.53%,

11/19/2041(d)

2,385,000

1,649,463

M&T Bank Corp.,

(SOFR + 1.61%), 5.39%,

1/16/2036(d)

2,945,000

2,888,265

Mizuho Financial Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.82%),

5.10%, 5/13/2031(d)

2,990,000

3,018,675

NatWest Markets plc,

4.79%, 3/21/2028(a)

6,360,000

6,393,780

PNC Financial Services

Group, Inc. (The),

(United States SOFR

Compounded Index

+ 1.73%), 6.62%,

10/20/2027(d)

2,671,000

2,752,594

(SOFR + 1.93%), 5.07%,

1/24/2034(d)

3,724,000

3,686,635

Royal Bank of Canada,

(SOFR + 1.03%), 5.15%,

2/4/2031(d)

6,405,000

6,482,563

(United States SOFR

Compounded Index +

1.13%), 4.97%, 5/2/2031(d)

9,705,000

9,752,052

Santander Holdings USA, Inc.,

(SOFR + 2.36%), 6.50%,

3/9/2029(d)

1,280,000

1,325,532

(SOFR + 1.88%), 5.74%,

3/20/2031(d)

6,520,000

6,567,852

Santander UK Group Holdings

plc,

(United States SOFR

Compounded Index

+ 1.52%), 5.69%,

4/15/2031(d)

3,040,000

3,103,165

Standard Chartered plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.43%),

6.23%, 1/21/2036(a)(d)

2,645,000

2,749,770

Sumitomo Mitsui Financial

Group, Inc.,

5.63%, 1/15/2035

4,560,000

4,682,014

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Toronto-Dominion Bank (The),

5.30%, 1/30/2032

2,890,000

2,939,121

Truist Financial Corp.,

(SOFR + 2.45%), 7.16%,

10/30/2029(d)

1,453,000

1,564,569

(SOFR + 2.24%), 4.92%,

7/28/2033(d)

1,800,000

1,718,099

(SOFR + 1.85%), 5.12%,

1/26/2034(d)

2,500,000

2,455,054

(SOFR + 2.36%), 5.87%,

6/8/2034(d)

742,000

763,367

(SOFR + 1.92%), 5.71%,

1/24/2035(d)

7,000,000

7,147,112

US Bancorp,

(SOFR + 1.88%), 6.79%,

10/26/2027(d)

2,550,000

2,634,686

(SOFR + 2.26%), 5.84%,

6/12/2034(d)

1,532,000

1,580,889

Wells Fargo & Co.,

3.00%, 4/22/2026

5,000,000

4,924,078

(SOFR + 2.00%), 2.19%,

4/30/2026(d)

1,680,000

1,676,493

(SOFR + 1.51%), 3.53%,

3/24/2028(d)

3,183,000

3,118,903

(SOFR + 1.07%), 5.71%,

4/22/2028(d)

3,500,000

3,576,514

(SOFR + 1.74%), 5.57%,

7/25/2029(d)

2,408,000

2,473,471

(SOFR + 1.50%), 5.20%,

1/23/2030(d)

2,396,000

2,436,145

(SOFR + 1.50%), 3.35%,

3/2/2033(d)

3,000,000

2,691,666

(SOFR + 2.02%), 5.39%,

4/24/2034(d)

5,665,000

5,704,113

240,825,144

Beverages

0.5%

Anheuser-Busch InBev

Finance, Inc.,

4.90%, 2/1/2046

1,700,000

1,557,898

Bacardi Ltd.,

5.30%, 5/15/2048(a)

825,000

725,705

Bacardi-Martini BV,

5.55%, 2/1/2030(a)

5,225,000

5,309,322

Constellation Brands, Inc.,

3.15%, 8/1/2029

2,677,000

2,498,289

2.25%, 8/1/2031

2,625,000

2,224,280

PepsiCo, Inc.,

3.90%, 7/18/2032

825,000

787,087

5.00%, 2/7/2035

4,315,000

4,354,047

17,456,628

Biotechnology

0.3%

Amgen, Inc.,

4.05%, 8/18/2029

1,675,000

1,637,793

5.25%, 3/2/2030

1,019,000

1,042,248

CSL Finance plc,

4.25%, 4/27/2032(a)

7,000,000

6,698,907

Gilead Sciences, Inc.,

2.80%, 10/1/2050

2,675,000

1,678,628

11,057,576

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 55

Corporate Bonds

Principal

Amount ($)

Value ($)

Broadline Retail

0.1%

Macy's Retail Holdings LLC,

5.88%, 3/15/2030(a)

3,490,000

3,322,293

Building Products

0.1%

Carrier Global Corp.,

2.49%, 2/15/2027

1,046,000

1,010,168

2.72%, 2/15/2030

3,515,000

3,214,829

4,224,997

Capital Markets

3.0%

Ameriprise Financial, Inc.,

5.20%, 4/15/2035

3,260,000

3,252,401

Antares Holdings LP,

6.35%, 10/23/2029(a)

1,885,000

1,886,465

Apollo Debt Solutions BDC,

6.55%, 3/15/2032(a)

1,895,000

1,920,088

Ares Capital Corp.,

5.80%, 3/8/2032

1,850,000

1,838,889

Bain Capital Specialty

Finance, Inc.,

5.95%, 3/15/2030

1,125,000

1,105,670

Bank of New York Mellon

Corp. (The),

(SOFR + 0.89%), 4.94%,

2/11/2031(d)

4,615,000

4,655,993

BGC Group, Inc.,

6.15%, 4/2/2030(a)

1,835,000

1,827,151

Blackstone Private Credit

Fund,

6.00%, 1/29/2032

2,455,000

2,433,967

Blackstone Secured Lending

Fund,

5.35%, 4/13/2028

1,825,000

1,824,396

5.30%, 6/30/2030

1,590,000

1,561,858

Blue Owl Credit Income Corp.,

6.60%, 9/15/2029(a)

2,575,000

2,616,587

Brookfield Finance, Inc.,

5.81%, 3/3/2055

2,095,000

2,043,749

CME Group, Inc.,

4.40%, 3/15/2030

4,910,000

4,902,145

FMR LLC,

6.50%, 12/14/2040(a)

2,000,000

2,241,282

5.15%, 2/1/2043(a)

1,000,000

961,756

Goldman Sachs Group, Inc.

(The),

3.50%, 4/1/2025

500,000

500,000

(SOFR + 0.82%), 1.54%,

9/10/2027(d)

750,000

717,545

(SOFR + 1.25%), 2.38%,

7/21/2032(d)

3,947,000

3,380,574

6.75%, 10/1/2037

7,225,000

7,812,939

(SOFR + 1.58%), 5.56%,

11/19/2045(d)

936,000

912,044

HPS Corporate Lending Fund,

5.45%, 1/14/2028(a)

4,590,000

4,568,891

Morgan Stanley,

3.63%, 1/20/2027

4,000,000

3,955,730

(CME Term SOFR 3

Month + 1.40%), 3.77%,

1/24/2029(d)

2,825,000

2,763,215

(SOFR + 1.11%), 5.23%,

1/15/2031(d)

5,500,000

5,589,481

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Morgan Stanley,

(SOFR + 1.14%), 2.70%,

1/22/2031(d)

4,661,000

4,222,597

(SOFR + 1.02%), 1.93%,

4/28/2032(d)

4,630,000

3,879,110

(SOFR + 2.62%), 5.30%,

4/20/2037(d)

2,400,000

2,354,170

MSD Investment Corp.,

6.25%, 5/31/2030(a)

1,615,000

1,598,144

Nasdaq, Inc.,

5.35%, 6/28/2028

1,231,000

1,260,026

5.95%, 8/15/2053

366,000

372,543

New Mountain Finance Corp.,

6.88%, 2/1/2029

1,835,000

1,860,215

Nuveen LLC,

5.55%, 1/15/2030(a)

1,000,000

1,031,066

5.85%, 4/15/2034(a)

5,335,000

5,458,506

State Street Corp.,

4.73%, 2/28/2030

1,650,000

1,658,879

UBS Group AG,

4.13%, 9/24/2025(a)

5,000,000

4,987,891

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.75%),

4.75%, 5/12/2028(a)(d)

10,000,000

10,005,586

(SOFR + 1.73%), 3.09%,

5/14/2032(a)(d)

1,250,000

1,112,765

(SOFR + 3.92%), 6.54%,

8/12/2033(a)(d)

1,359,000

1,456,101

106,530,415

Chemicals

0.4%

Eastman Chemical Co.,

5.00%, 8/1/2029

1,525,000

1,532,951

Nutrien Ltd.,

5.25%, 3/12/2032

5,165,000

5,170,467

Solvay Finance America LLC,

5.85%, 6/4/2034(a)

7,891,000

8,042,456

14,745,874

Commercial Services & Supplies

0.1%

Element Fleet Management

Corp.,

5.04%, 3/25/2030(a)

4,355,000

4,355,969

Prime Security Services

Borrower LLC,

5.75%, 4/15/2026(a)

372,000

371,456

Rollins, Inc.,

5.25%, 2/24/2035(a)

595,000

591,996

5,319,421

Consumer Finance

1.4%

AerCap Ireland Capital DAC,

5.38%, 12/15/2031

2,230,000

2,246,843

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.72%),

6.95%, 3/10/2055(d)

743,000

760,488

Aircastle Ltd.,

5.75%, 10/1/2031(a)

1,463,000

1,491,813

56 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

American Honda Finance

Corp.,

5.20%, 3/5/2035

4,590,000

4,540,698

Avolon Holdings Funding Ltd.,

5.38%, 5/30/2030(a)

1,290,000

1,291,753

Capital One Financial Corp.,

(SOFR + 2.04%), 6.18%,

1/30/2036(d)

3,789,000

3,780,266

Ford Motor Credit Co. LLC,

5.80%, 3/5/2027

2,690,000

2,701,642

5.11%, 5/3/2029

585,000

563,929

6.53%, 3/19/2032

11,060,000

11,054,076

General Motors Financial Co.,

Inc.,

5.05%, 4/4/2028

4,300,000

4,304,439

2.40%, 10/15/2028

2,741,000

2,507,716

5.35%, 1/7/2030

3,695,000

3,688,579

5.90%, 1/7/2035

4,250,000

4,208,740

Macquarie Airfinance Holdings

Ltd.,

5.20%, 3/27/2028(a)

3,625,000

3,627,425

Synchrony Financial,

(SOFR + 1.68%), 5.45%,

3/6/2031(d)

1,205,000

1,196,364

Toyota Motor Credit Corp.,

5.35%, 1/9/2035

3,215,000

3,267,653

51,232,424

Consumer Staples Distribution & Retail

0.3%

Sysco Corp.,

5.10%, 9/23/2030

2,510,000

2,547,847

Target Corp.,

5.00%, 4/15/2035

7,405,000

7,372,659

9,920,506

Containers & Packaging

0.6%

Amcor Flexibles North

America, Inc.,

4.80%, 3/17/2028(a)

5,645,000

5,675,633

Amcor Group Finance plc,

5.45%, 5/23/2029

3,615,000

3,696,994

Sealed Air Corp.,

1.57%, 10/15/2026(a)

4,545,000

4,324,028

Silgan Holdings, Inc.,

1.40%, 4/1/2026(a)

2,350,000

2,267,758

Smurfit Westrock Financing

DAC,

5.42%, 1/15/2035(a)

820,000

823,570

Sonoco Products Co.,

4.60%, 9/1/2029

4,680,000

4,612,122

21,400,105

Diversified REITs

0.2%

VICI Properties LP,

4.63%, 6/15/2025(a)

1,500,000

1,499,617

4.75%, 4/1/2028

2,675,000

2,680,318

Vornado Realty LP,

2.15%, 6/1/2026

3,400,000

3,279,340

7,459,275

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Telecommunication Services

0.7%

AT&T, Inc.,

4.35%, 3/1/2029

2,955,000

2,925,353

2.25%, 2/1/2032

4,105,000

3,462,260

2.55%, 12/1/2033

8,073,000

6,618,687

Sprint Capital Corp.,

6.88%, 11/15/2028

195,000

208,178

Verizon Communications, Inc.,

2.55%, 3/21/2031

1,712,000

1,508,509

5.25%, 4/2/2035

9,340,000

9,363,564

24,086,551

Electric Utilities

3.2%

AES Panama Generation

Holdings SRL,

4.38%, 5/31/2030(a)

2,477,560

2,211,221

Alliant Energy Finance LLC,

4.25%, 6/15/2028(a)

9,525,000

9,328,389

American Electric Power Co.,

Inc.,

5.70%, 8/15/2025

3,750,000

3,763,249

CenterPoint Energy Houston

Electric LLC,

4.80%, 3/15/2030

2,045,000

2,057,872

Commonwealth Edison Co.,

4.00%, 3/1/2049

3,230,000

2,508,810

Duke Energy Corp.,

3.50%, 6/15/2051

2,665,000

1,813,945

Duke Energy Indiana LLC,

Series YYY, 3.25%,

10/1/2049

2,500,000

1,693,955

Duke Energy Ohio, Inc.,

5.25%, 4/1/2033

4,385,000

4,448,611

Duke Energy Progress LLC,

5.05%, 3/15/2035

2,965,000

2,950,759

Electricite de France SA,

5.70%, 5/23/2028(a)

779,000

799,620

Entergy Louisiana LLC,

5.80%, 3/15/2055

1,575,000

1,567,376

Evergy Kansas Central, Inc.,

5.90%, 11/15/2033

2,000,000

2,095,051

Evergy Missouri West, Inc.,

3.75%, 3/15/2032(a)

3,140,000

2,857,947

Eversource Energy,

5.50%, 1/1/2034

1,271,000

1,276,911

Exelon Corp.,

4.05%, 4/15/2030

4,977,000

4,821,852

5.63%, 6/15/2035

4,170,000

4,233,927

Fells Point Funding Trust,

3.05%, 1/31/2027(a)

6,825,000

6,612,253

FirstEnergy Pennsylvania

Electric Co.,

4.30%, 1/15/2029(a)

6,000,000

5,913,693

Georgia Power Co.,

5.20%, 3/15/2035

2,065,000

2,078,791

IPALCO Enterprises, Inc.,

5.75%, 4/1/2034

2,309,000

2,334,030

Jersey Central Power & Light

Co.,

4.30%, 1/15/2026(a)

2,000,000

1,991,241

Kentucky Utilities Co.,

Series KENT, 5.45%,

4/15/2033

3,675,000

3,764,477

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 57

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Kentucky Utilities Co.,

3.30%, 6/1/2050

2,345,000

1,593,865

Louisville Gas and Electric

Co.,

Series LOU, 5.45%,

4/15/2033

2,000,000

2,044,094

NextEra Energy Capital

Holdings, Inc.,

1.90%, 6/15/2028

2,320,000

2,140,326

5.90%, 3/15/2055

3,545,000

3,539,911

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.98%),

6.50%, 8/15/2055(d)

1,894,000

1,930,816

NSTAR Electric Co.,

4.85%, 3/1/2030

1,175,000

1,185,421

Oklahoma Gas and Electric

Co.,

5.80%, 4/1/2055

2,735,000

2,726,871

Pacific Gas and Electric Co.,

6.15%, 3/1/2055

5,225,000

5,114,088

PPL Capital Funding, Inc.,

4.13%, 4/15/2030

472,000

458,489

Public Service Co. of

Colorado,

5.85%, 5/15/2055

10,315,000

10,257,597

Southern California Edison

Co.,

5.85%, 11/1/2027

2,100,000

2,151,237

5.25%, 3/15/2030

825,000

829,775

Vistra Operations Co. LLC,

5.50%, 9/1/2026(a)

1,200,000

1,199,214

3.70%, 1/30/2027(a)

6,000,000

5,872,140

Xcel Energy, Inc.,

4.75%, 3/21/2028

1,520,000

1,525,696

113,693,520

Energy Equipment & Services

0.1%

Schlumberger Holdings Corp.,

3.90%, 5/17/2028(a)

4,389,000

4,321,247

Entertainment

0.1%

Warnermedia Holdings, Inc.,

4.28%, 3/15/2032

2,550,000

2,246,651

Financial Services

0.3%

Fiserv, Inc.,

5.60%, 3/2/2033

1,244,000

1,278,307

PayPal Holdings, Inc.,

5.10%, 4/1/2035

3,625,000

3,605,216

Petronas Capital Ltd.,

5.85%, 4/3/2055(a)

4,425,000

4,486,705

Synchrony Bank,

5.40%, 8/22/2025

2,951,000

2,954,990

12,325,218

Food Products

0.6%

Bimbo Bakeries USA, Inc.,

6.40%, 1/15/2034(a)

10,896,000

11,592,036

Cargill, Inc.,

5.13%, 2/11/2035(a)

2,465,000

2,457,265

Conagra Brands, Inc.,

5.30%, 11/1/2038

3,750,000

3,568,233

Corporate Bonds

Principal

Amount ($)

Value ($)

Food Products

JBS USA Holding Lux Sarl,

3.63%, 1/15/2032

641,000

577,562

Kraft Heinz Foods Co.,

5.40%, 3/15/2035

3,015,000

3,038,978

21,234,074

Ground Transportation

0.6%

AerCap Global Aviation Trust,

(CME Term SOFR 3

Month + 4.56%), 6.50%,

6/15/2045(a)(d)

229,000

228,909

Ashtead Capital, Inc.,

4.38%, 8/15/2027(a)

2,500,000

2,474,695

4.00%, 5/1/2028(a)

6,500,000

6,308,374

4.25%, 11/1/2029(a)

1,730,000

1,665,556

JB Hunt Transport Services,

Inc.,

4.90%, 3/15/2030

4,920,000

4,950,360

Penske Truck Leasing Co. LP,

5.25%, 2/1/2030(a)

2,900,000

2,935,324

Ryder System, Inc.,

5.00%, 3/15/2030

1,350,000

1,357,960

Union Pacific Corp.,

5.60%, 12/1/2054

3,240,000

3,254,091

23,175,269

Health Care Equipment & Supplies

0.2%

GE HealthCare Technologies,

Inc.,

4.80%, 8/14/2029

1,741,000

1,746,351

Zimmer Biomet Holdings, Inc.,

5.05%, 2/19/2030

4,265,000

4,309,826

6,056,177

Health Care Providers & Services

0.6%

CVS Health Corp.,

5.00%, 2/20/2026

8,000,000

8,016,563

3.00%, 8/15/2026

3,045,000

2,976,620

1.75%, 8/21/2030

4,080,000

3,457,371

5.88%, 6/1/2053

577,000

544,701

HCA, Inc.,

5.25%, 4/15/2025

1,500,000

1,500,091

7.69%, 6/15/2025

85,000

85,425

5.38%, 9/1/2026

690,000

693,792

3.13%, 3/15/2027

1,099,000

1,067,313

5.63%, 9/1/2028

145,000

148,306

UnitedHealth Group, Inc.,

2.00%, 5/15/2030

3,050,000

2,694,203

21,184,385

Health Care REITs

0.3%

Alexandria Real Estate

Equities, Inc.,

3.45%, 4/30/2025

1,650,000

1,648,119

Healthpeak OP LLC,

3.25%, 7/15/2026

1,025,000

1,008,148

Omega Healthcare Investors,

Inc.,

5.25%, 1/15/2026

3,240,000

3,245,814

Ventas Realty LP,

5.63%, 7/1/2034

2,725,000

2,773,362

58 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care REITs

Welltower OP LLC,

4.00%, 6/1/2025

1,000,000

999,585

9,675,028

Hotels, Restaurants & Leisure

0.5%

Carnival Corp.,

6.00%, 5/1/2029(a)

490,000

486,568

Hyatt Hotels Corp.,

5.75%, 3/30/2032

2,390,000

2,402,849

International Game

Technology plc,

5.25%, 1/15/2029(a)

4,145,000

4,051,238

Marriott International, Inc.,

5.50%, 4/15/2037

2,825,000

2,793,493

McDonald's Corp.,

4.95%, 3/3/2035

5,170,000

5,144,938

NCL Corp. Ltd.,

6.75%, 2/1/2032(a)

4,060,000

4,010,479

18,889,565

Independent Power and Renewable Electricity Producers

0.3%

AES Corp. (The),

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.89%),

6.95%, 7/15/2055(d)

3,369,000

3,210,432

Alexander Funding Trust II,

7.47%, 7/31/2028(a)

1,770,000

1,884,027

Constellation Energy

Generation LLC,

5.80%, 3/1/2033

4,027,000

4,170,337

9,264,796

Industrial Conglomerates

0.3%

3M Co.,

4.80%, 3/15/2030

9,530,000

9,559,585

Industrial REITs

0.3%

LXP Industrial Trust,

6.75%, 11/15/2028

7,600,000

8,036,939

2.38%, 10/1/2031

471,000

392,802

Rexford Industrial Realty LP,

2.15%, 9/1/2031

3,445,000

2,877,812

11,307,553

Insurance

1.5%

American National Global

Funding,

5.55%, 1/28/2030(a)

2,810,000

2,861,754

Athene Global Funding,

5.38%, 1/7/2030(a)

4,635,000

4,701,807

Brighthouse Financial Global

Funding,

5.65%, 6/10/2029(a)

4,150,000

4,217,715

Five Corners Funding Trust IV,

6.00%, 2/15/2053(a)

1,405,000

1,426,295

Fortitude Group Holdings LLC,

6.25%, 4/1/2030(a)

2,040,000

2,062,333

GA Global Funding Trust,

5.50%, 4/1/2032(a)

5,505,000

5,546,133

MassMutual Global Funding II,

4.95%, 1/10/2030(a)

4,628,000

4,664,817

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

MassMutual Global Funding II,

1.55%, 10/9/2030(a)

2,000,000

1,697,735

Mutual of Omaha Cos. Global

Funding,

5.00%, 4/1/2030(a)

4,680,000

4,698,070

NLG Global Funding,

5.40%, 1/23/2030(a)

3,635,000

3,701,570

Pacific Life Global Funding II,

4.85%, 2/10/2030(a)

4,620,000

4,650,822

Pine Street Trust III,

6.22%, 5/15/2054(a)

2,995,000

3,066,502

RGA Global Funding,

5.25%, 1/9/2030(a)

2,070,000

2,107,544

Sammons Financial Group,

Inc.,

4.45%, 5/12/2027(a)

2,000,000

1,986,641

6.88%, 4/15/2034(a)

3,825,000

4,077,406

Selective Insurance Group,

Inc.,

5.90%, 4/15/2035

1,175,000

1,184,852

Unum Group,

6.00%, 6/15/2054

1,178,000

1,180,871

53,832,867

IT Services

0.4%

CGI, Inc.,

4.95%, 3/14/2030(a)

7,805,000

7,805,305

International Business

Machines Corp.,

4.80%, 2/10/2030

4,835,000

4,870,250

Kyndryl Holdings, Inc.,

2.05%, 10/15/2026

1,054,000

1,012,336

13,687,891

Machinery

0.3%

CNH Industrial Capital LLC,

4.75%, 3/21/2028

3,065,000

3,069,926

Daimler Truck Finance North

America LLC,

3.50%, 4/7/2025(a)

1,500,000

1,499,704

5.63%, 1/13/2035(a)

4,960,000

4,975,537

9,545,167

Media

0.5%

Charter Communications

Operating LLC,

4.80%, 3/1/2050

1,720,000

1,296,766

3.70%, 4/1/2051

3,165,000

1,995,919

Comcast Corp.,

3.30%, 2/1/2027

2,740,000

2,692,526

2.65%, 2/1/2030

3,905,000

3,574,970

2.94%, 11/1/2056

3,432,000

2,016,471

Paramount Global,

5.85%, 9/1/2043

3,570,000

3,125,930

Sirius XM Radio LLC,

4.00%, 7/15/2028(a)

4,380,000

4,086,556

18,789,138

Metals & Mining

0.4%

Cleveland-Cliffs, Inc.,

7.00%, 3/15/2032(a)

2,915,000

2,797,141

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 59

Corporate Bonds

Principal

Amount ($)

Value ($)

Metals & Mining

Glencore Funding LLC,

1.63%, 9/1/2025(a)

420,000

414,425

5.19%, 4/1/2030(a)

3,050,000

3,069,658

Nucor Corp.,

5.10%, 6/1/2035

4,590,000

4,526,080

Vale Overseas Ltd.,

6.40%, 6/28/2054

2,790,000

2,753,337

13,560,641

Multi-Utilities

1.0%

Ameren Corp.,

5.38%, 3/15/2035

5,165,000

5,153,763

Black Hills Corp.,

3.05%, 10/15/2029

1,350,000

1,252,213

6.00%, 1/15/2035

4,000,000

4,140,091

Dominion Energy, Inc.,

5.45%, 3/15/2035

10,185,000

10,182,065

DTE Energy Co.,

Series F, 1.05%, 6/1/2025

2,645,000

2,627,378

4.95%, 7/1/2027

2,513,000

2,531,971

NiSource, Inc.,

5.25%, 3/30/2028

485,000

493,461

Public Service Enterprise

Group, Inc.,

6.13%, 10/15/2033

1,796,000

1,893,372

Southern Co. Gas Capital

Corp.,

3.88%, 11/15/2025

2,825,000

2,812,431

3.25%, 6/15/2026

1,250,000

1,232,026

Series 20-A, 1.75%,

1/15/2031

3,120,000

2,630,190

34,948,961

Office REITs

0.1%

Boston Properties LP,

5.75%, 1/15/2035

4,125,000

4,082,539

Oil, Gas & Consumable Fuels

3.9%

Aker BP ASA,

6.00%, 6/13/2033(a)

1,000,000

1,019,757

5.80%, 10/1/2054(a)

2,375,000

2,165,691

APA Corp.,

6.75%, 2/15/2055(a)

2,770,000

2,709,500

Boardwalk Pipelines LP,

5.95%, 6/1/2026

1,237,000

1,250,052

Cheniere Energy Partners LP,

4.50%, 10/1/2029

795,000

773,246

3.25%, 1/31/2032

630,000

554,426

Chevron USA, Inc.,

4.69%, 4/15/2030

5,285,000

5,329,883

Diamondback Energy, Inc.,

5.55%, 4/1/2035

5,135,000

5,155,161

DT Midstream, Inc.,

4.13%, 6/15/2029(a)

675,000

635,265

4.30%, 4/15/2032(a)

3,995,000

3,708,916

5.80%, 12/15/2034(a)

5,634,000

5,660,300

Empresa Nacional del

Petroleo,

5.95%, 7/30/2034(a)

637,000

644,982

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Enbridge, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 3.12%),

7.38%, 3/15/2055(d)

4,136,000

4,246,193

Energy Transfer LP,

2.90%, 5/15/2025

2,930,000

2,923,168

4.75%, 1/15/2026

3,500,000

3,499,298

5.55%, 5/15/2034

575,000

574,647

5.70%, 4/1/2035

2,105,000

2,120,570

6.25%, 4/15/2049

2,850,000

2,827,335

6.05%, 9/1/2054

1,000,000

971,030

Enterprise Products Operating

LLC,

Series E, (CME Term SOFR

3 Month + 3.29%), 5.25%,

8/16/2077(d)

2,500,000

2,461,432

Harbour Energy plc,

6.33%, 4/1/2035(a)

2,600,000

2,588,460

Korea National Oil Corp.,

1.75%, 4/18/2025(a)

2,812,000

2,808,112

Marathon Petroleum Corp.,

5.15%, 3/1/2030

3,265,000

3,284,652

5.70%, 3/1/2035

5,824,000

5,799,983

MPLX LP,

1.75%, 3/1/2026

3,343,000

3,255,578

NGPL PipeCo LLC,

3.25%, 7/15/2031(a)

5,400,000

4,728,776

Occidental Petroleum Corp.,

5.88%, 9/1/2025

5,748,000

5,756,969

6.45%, 9/15/2036

2,165,000

2,228,580

6.05%, 10/1/2054

1,000,000

936,108

ONEOK, Inc.,

5.85%, 1/15/2026

1,620,000

1,632,338

3.25%, 6/1/2030

2,270,000

2,091,316

5.80%, 11/1/2030

1,209,000

1,257,646

6.10%, 11/15/2032

1,246,000

1,305,358

Petroleos Mexicanos,

6.50%, 3/13/2027

4,260,000

4,167,797

Phillips 66,

1.30%, 2/15/2026

2,420,000

2,353,413

Pioneer Natural Resources

Co.,

2.15%, 1/15/2031

4,695,000

4,090,470

Plains All American Pipeline

LP,

5.95%, 6/15/2035

8,067,000

8,222,133

Raizen Fuels Finance SA,

6.95%, 3/5/2054(a)

525,000

511,773

South Bow USA Infrastructure

Holdings LLC,

5.03%, 10/1/2029(a)

1,876,000

1,861,461

Targa Resources Corp.,

6.13%, 5/15/2055

3,685,000

3,659,760

Targa Resources Partners LP,

5.00%, 1/15/2028

1,500,000

1,500,335

5.50%, 3/1/2030

5,893,000

5,947,921

4.88%, 2/1/2031

1,266,000

1,239,319

Valero Energy Partners LP,

4.50%, 3/15/2028

320,000

319,425

Var Energi ASA,

5.00%, 5/18/2027(a)

3,815,623

3,833,311

60 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Var Energi ASA,

7.50%, 1/15/2028(a)

1,000,000

1,059,521

Venture Global Calcasieu

Pass LLC,

6.25%, 1/15/2030(a)

3,200,000

3,247,846

Venture Global LNG, Inc.,

8.13%, 6/1/2028(a)

2,290,000

2,339,994

Williams Cos., Inc. (The),

2.60%, 3/15/2031

7,754,000

6,813,364

138,072,571

Passenger Airlines

0.2%

Air Canada,

3.88%, 8/15/2026(a)

2,510,000

2,454,483

American Airlines, Inc.,

5.50%, 4/20/2026(a)

219,167

218,567

5.75%, 4/20/2029(a)

326,000

318,985

United Airlines, Inc.,

4.38%, 4/15/2026(a)

817,000

804,009

4.63%, 4/15/2029(a)

3,032,000

2,869,121

6,665,165

Pharmaceuticals

0.4%

Bayer US Finance LLC,

6.25%, 1/21/2029(a)

1,335,000

1,384,083

Eli Lilly & Co.,

4.75%, 2/12/2030

1,785,000

1,812,344

GlaxoSmithKline Capital, Inc.,

4.50%, 4/15/2030

6,960,000

6,959,703

Pfizer Investment Enterprises

Pte. Ltd.,

4.75%, 5/19/2033

3,175,000

3,140,104

Teva Pharmaceutical Finance

Netherlands III BV,

5.13%, 5/9/2029

613,000

598,939

13,895,173

Residential REITs

0.1%

American Homes 4 Rent LP,

5.50%, 2/1/2034

2,433,000

2,435,572

Retail REITs

0.1%

Kite Realty Group LP,

4.00%, 10/1/2026

1,256,000

1,242,560

4.95%, 12/15/2031

2,150,000

2,114,131

Kite Realty Group Trust,

4.75%, 9/15/2030

2,124,000

2,095,924

5,452,615

Semiconductors & Semiconductor Equipment

0.5%

Broadcom, Inc.,

3.42%, 4/15/2033(a)

2,000,000

1,780,718

3.19%, 11/15/2036(a)

4,550,000

3,734,620

Intel Corp.,

5.20%, 2/10/2033

588,000

580,572

Microchip Technology, Inc.,

5.05%, 2/15/2030

2,025,000

2,021,903

Micron Technology, Inc.,

2.70%, 4/15/2032

1,124,000

959,942

5.80%, 1/15/2035

7,363,000

7,539,699

16,617,454

Corporate Bonds

Principal

Amount ($)

Value ($)

Software

0.5%

Microsoft Corp.,

3.45%, 8/8/2036

5,000,000

4,462,372

Oracle Corp.,

2.95%, 4/1/2030

1,000,000

918,697

3.60%, 4/1/2040

3,500,000

2,752,851

5.38%, 9/27/2054

5,905,000

5,385,010

6.00%, 8/3/2055

3,055,000

3,051,111

VMware LLC,

2.20%, 8/15/2031

2,540,000

2,158,929

18,728,970

Specialized REITs

0.8%

Crown Castle, Inc.,

4.45%, 2/15/2026

430,000

428,750

3.70%, 6/15/2026

3,870,000

3,823,619

2.10%, 4/1/2031

1,655,000

1,391,584

CubeSmart LP,

4.00%, 11/15/2025

874,000

870,546

3.13%, 9/1/2026

3,125,000

3,060,972

EPR Properties,

4.50%, 4/1/2025

3,497,000

3,497,000

4.75%, 12/15/2026

3,408,000

3,392,320

4.50%, 6/1/2027

385,000

379,876

4.95%, 4/15/2028

340,000

336,701

3.75%, 8/15/2029

140,000

131,251

Extra Space Storage LP,

5.70%, 4/1/2028

1,213,000

1,245,966

5.50%, 7/1/2030

5,000,000

5,126,689

2.35%, 3/15/2032

1,535,000

1,283,829

5.40%, 6/15/2035

5,525,000

5,493,046

30,462,149

Specialty Retail

0.1%

AutoZone, Inc.,

4.75%, 8/1/2032

55,000

54,116

Home Depot, Inc. (The),

2.88%, 4/15/2027

3,200,000

3,115,980

3,170,096

Technology Hardware, Storage & Peripherals

0.1%

Dell International LLC,

6.02%, 6/15/2026

670,000

678,652

5.00%, 4/1/2030

2,440,000

2,451,373

NetApp, Inc.,

5.70%, 3/17/2035

1,910,000

1,906,797

5,036,822

Tobacco

0.6%

BAT Capital Corp.,

2.26%, 3/25/2028

4,275,000

3,994,939

5.63%, 8/15/2035

9,445,000

9,482,164

BAT International Finance plc,

1.67%, 3/25/2026

3,036,000

2,948,552

Philip Morris International,

Inc.,

5.63%, 11/17/2029

1,816,000

1,893,339

2.10%, 5/1/2030

3,803,000

3,364,563

21,683,557

Trading Companies & Distributors

0.1%

Aviation Capital Group LLC,

5.13%, 4/10/2030(a)

3,765,000

3,744,339

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 61

Corporate Bonds

Principal

Amount ($)

Value ($)

Trading Companies & Distributors

GATX Corp.,

5.50%, 6/15/2035

1,360,000

1,359,818

5,104,157

Wireless Telecommunication Services

0.3%

Sprint LLC,

7.63%, 3/1/2026

315,000

319,941

T-Mobile USA, Inc.,

2.40%, 3/15/2029

2,561,000

2,352,477

2.88%, 2/15/2031

550,000

492,212

5.13%, 5/15/2032

3,850,000

3,874,211

4.38%, 4/15/2040

2,975,000

2,618,708

3.30%, 2/15/2051

2,660,000

1,775,647

11,433,196

Total Corporate Bonds

(cost $1,297,398,235)

1,274,877,763

Mortgage-Backed Securities 24.8%

FHLMC Gold Pool

Pool# C03795

3.50%, 4/1/2042

356,407

332,641

Pool# Q08997

3.50%, 6/1/2042

201,769

188,316

Pool# Q19480

4.00%, 6/1/2043

691,009

658,629

Pool# V80509

4.00%, 10/1/2043

92,610

88,978

Pool# Q29697

3.50%, 11/1/2044

253,475

235,829

Pool# G07961

3.50%, 3/1/2045

208,371

193,522

Pool# V82196

4.50%, 1/1/2046

83,587

81,738

Pool# G61281

3.50%, 1/1/2048

583,523

533,670

FHLMC UMBS Pool

Pool# SB0492

2.00%, 10/1/2035

7,351,204

6,697,667

Pool# SB0861

2.50%, 2/1/2037

4,930,490

4,573,096

Pool# SB8260

5.00%, 10/1/2038

3,753,133

3,774,787

Pool# SD8018

4.00%, 10/1/2049

1,529,736

1,441,033

Pool# QA7325

3.00%, 2/1/2050

988,691

866,835

Pool# QA6750

3.00%, 2/1/2050

95,537

83,811

Pool# QA8311

3.00%, 3/1/2050

805,696

710,417

Pool# RA2650

3.00%, 5/1/2050

826,233

725,913

Pool# SD8080

2.00%, 6/1/2050

3,012,620

2,419,197

Pool# SD8079

2.00%, 7/1/2050

7,526,732

6,042,941

Pool# SD8084

3.00%, 8/1/2050

6,899,704

6,056,207

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# QB4785

2.50%, 10/1/2050

1,504,515

1,264,642

Pool# SD7535

2.50%, 2/1/2051

19,378,838

16,444,742

Pool# QB9401

2.00%, 3/1/2051

1,860,049

1,496,993

Pool# QC2992

2.50%, 6/1/2051

17,394,240

14,586,328

Pool# SD1372

2.50%, 9/1/2051

18,244,350

15,294,439

Pool# RA5910

3.50%, 9/1/2051

6,448,055

5,854,487

Pool# SD8178

2.50%, 11/1/2051

6,264,419

5,228,486

Pool# SD8181

1.50%, 12/1/2051

6,791,534

5,131,269

Pool# RA6433

2.50%, 12/1/2051

9,029,830

7,514,899

Pool# SD8199

2.00%, 3/1/2052

34,667,747

27,587,042

Pool# SD3088

2.00%, 3/1/2052

7,162,412

5,728,114

Pool# SD3771

2.50%, 3/1/2052

12,381,896

10,368,742

Pool# SD8200

2.50%, 3/1/2052

12,323,157

10,262,159

Pool# SD1607

2.50%, 3/1/2052

9,980,068

8,461,551

Pool# QE0799

2.50%, 4/1/2052

8,406,269

6,999,023

Pool# SD8213

3.00%, 5/1/2052

4,236,029

3,674,882

Pool# SD5351

3.00%, 6/1/2052

11,330,698

10,013,162

Pool# SD1042

3.00%, 6/1/2052

4,039,320

3,553,898

Pool# SD5726

3.00%, 7/1/2052

8,121,152

7,102,664

Pool# SD1440

3.50%, 7/1/2052

5,508,411

4,989,880

Pool# SD2254

3.50%, 7/1/2052

1,513,256

1,373,668

Pool# QE6924

4.00%, 8/1/2052

7,112,726

6,637,221

Pool# SD8244

4.00%, 9/1/2052

2,304,039

2,150,153

Pool# SD1716

5.00%, 9/1/2052

7,613,262

7,592,176

Pool# SD1686

5.50%, 9/1/2052

7,416,433

7,484,528

Pool# SD8255

3.50%, 10/1/2052

3,744,635

3,380,918

Pool# SD1853

5.50%, 11/1/2052

3,529,389

3,595,517

Pool# SD8288

5.00%, 1/1/2053

27,277,907

26,806,336

Pool# SD8302

6.50%, 2/1/2053

1,644,989

1,704,512

Pool# SD8309

6.00%, 3/1/2053

1,384,505

1,408,085

Pool# SD2921

4.50%, 5/1/2053

13,584,480

13,011,514

62 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# SD8338

4.00%, 6/1/2053

4,480,393

4,180,867

Pool# SD4084

5.50%, 10/1/2053

8,059,237

8,160,361

Pool# SD6706

4.50%, 1/1/2054

18,521,559

17,728,033

Pool# RJ1975

6.00%, 7/1/2054

2,756,672

2,809,418

Pool# RJ2655

5.00%, 10/1/2054

6,592,776

6,487,664

Pool# SD6767

6.00%, 10/1/2054

16,158,012

16,434,570

Pool# SL0046

6.00%, 1/1/2055

9,446,783

9,682,228

FNMA Pool

Pool# 464969

6.34%, 4/1/2028

2,197,662

2,193,690

Pool# 468516

5.17%, 6/1/2028

759,263

762,286

Pool# 468127

5.70%, 5/1/2041

1,033,499

1,079,218

FNMA UMBS Pool

Pool# FM6329

2.00%, 3/1/2036

7,315,110

6,652,353

Pool# CA9439

2.50%, 3/1/2036

14,650,722

13,658,517

Pool# CB3424

3.00%, 5/1/2037

6,373,014

6,083,193

Pool# FS4267

4.50%, 3/1/2038

2,140,822

2,129,682

Pool# AH9471

4.50%, 4/1/2041

190,269

187,943

Pool# AH4038

4.50%, 4/1/2041

164,409

162,128

Pool# AI3506

4.50%, 6/1/2041

7,888

7,776

Pool# FS3014

5.00%, 10/1/2042

11,192,053

11,193,542

Pool# AL2866

3.50%, 11/1/2042

4,379,556

4,082,267

Pool# AQ9328

3.50%, 1/1/2043

75,024

69,932

Pool# AB9046

3.50%, 4/1/2043

432,559

403,193

Pool# AT2021

3.50%, 4/1/2043

304,542

283,867

Pool# AR9398

3.50%, 6/1/2043

712,688

661,122

Pool# AB9864

3.50%, 7/1/2043

155,308

144,763

Pool# AS0212

3.50%, 8/1/2043

678,252

632,198

Pool# AS0210

3.50%, 8/1/2043

428,708

399,601

Pool# AU3742

3.50%, 8/1/2043

235,764

219,758

Pool# AU6857

4.00%, 9/1/2043

237,873

227,953

Pool# AU4386

4.00%, 10/1/2043

72,995

70,066

Pool# AS1559

4.00%, 1/1/2044

451,140

432,807

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AW2478

4.50%, 6/1/2044

81,545

79,673

Pool# AL6432

4.00%, 1/1/2045

444,518

421,865

Pool# AS5175

3.50%, 6/1/2045

411,626

380,993

Pool# AS6464

3.50%, 1/1/2046

381,736

351,549

Pool# BC0180

4.00%, 1/1/2046

2,022,571

1,915,292

Pool# AS7908

3.00%, 9/1/2046

4,487,071

3,976,527

Pool# AS8483

3.00%, 12/1/2046

1,911,440

1,685,667

Pool# MA2863

3.00%, 1/1/2047

3,035,265

2,686,376

Pool# AS8784

3.00%, 2/1/2047

1,966,607

1,726,839

Pool# BE7557

3.50%, 2/1/2047

3,670,716

3,369,933

Pool# BM2003

4.00%, 10/1/2047

2,883,454

2,724,536

Pool# BJ3716

3.50%, 12/1/2047

1,777,706

1,625,110

Pool# MA3210

3.50%, 12/1/2047

738,953

675,014

Pool# BM3355

3.50%, 2/1/2048

1,182,469

1,080,318

Pool# MA3305

3.50%, 3/1/2048

3,699,874

3,378,512

Pool# CA1532

3.50%, 4/1/2048

3,825,792

3,505,685

Pool# CA2208

4.50%, 8/1/2048

810,061

784,628

Pool# CA2469

4.00%, 10/1/2048

768,414

724,100

Pool# MA3745

3.50%, 8/1/2049

4,057,880

3,698,797

Pool# BO8947

3.00%, 1/1/2050

547,284

481,291

Pool# FM4334

3.00%, 4/1/2050

1,200,664

1,055,508

Pool# FS2253

3.50%, 4/1/2050

6,183,737

5,635,736

Pool# CA5689

3.00%, 5/1/2050

1,762,089

1,555,762

Pool# BP9581

2.50%, 8/1/2050

1,107,143

933,851

Pool# FM5316

2.00%, 12/1/2050

1,367,241

1,098,414

Pool# CA8817

2.00%, 2/1/2051

3,093,095

2,475,629

Pool# BR4515

2.00%, 2/1/2051

2,055,248

1,648,984

Pool# BR4029

2.00%, 2/1/2051

1,809,911

1,457,216

Pool# BR4051

2.00%, 2/1/2051

1,430,256

1,151,147

Pool# BR2667

2.00%, 2/1/2051

1,277,638

1,028,331

Pool# BR7795

2.50%, 4/1/2051

2,627,935

2,206,298

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 63

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# FM7151

2.00%, 5/1/2051

795,322

638,513

Pool# FM7189

2.50%, 5/1/2051

2,472,877

2,093,597

Pool# FS3080

3.00%, 5/1/2051

8,097,492

7,165,772

Pool# FM7398

2.50%, 6/1/2051

12,707,046

10,817,786

Pool# FM7738

2.50%, 6/1/2051

1,781,640

1,498,314

Pool# BT0417

2.50%, 6/1/2051

1,124,927

943,952

Pool# BT1339

2.50%, 7/1/2051

2,027,827

1,695,670

Pool# FM8178

2.50%, 7/1/2051

1,313,956

1,100,305

Pool# CB1038

2.50%, 7/1/2051

1,107,304

931,417

Pool# FS2041

2.00%, 8/1/2051

7,636,879

6,096,807

Pool# FS3391

2.50%, 8/1/2051

5,073,775

4,286,455

Pool# FP0012

3.00%, 8/1/2051

3,403,431

3,008,281

Pool# FM9563

3.00%, 10/1/2051

12,113,149

10,593,840

Pool# FS5928

2.50%, 1/1/2052

10,319,387

8,637,715

Pool# BU8883

3.00%, 3/1/2052

16,953,057

14,715,662

Pool# FS5448

3.00%, 3/1/2052

11,473,694

10,105,520

Pool# FS2122

3.00%, 3/1/2052

4,854,968

4,230,121

Pool# MA4577

2.00%, 4/1/2052

17,316,670

13,785,048

Pool# FS1380

3.50%, 4/1/2052

6,706,565

6,077,019

Pool# FS1855

4.00%, 5/1/2052

6,535,119

6,142,745

Pool# FS1804

4.00%, 5/1/2052

6,276,624

5,905,390

Pool# FS6731

3.00%, 6/1/2052

11,573,411

10,227,613

Pool# FS2074

3.00%, 6/1/2052

4,830,547

4,261,818

Pool# FS2513

4.00%, 7/1/2052

6,070,398

5,675,174

Pool# FS2323

4.00%, 7/1/2052

5,324,388

4,991,581

Pool# FS2293

4.50%, 7/1/2052

15,099,283

14,554,364

Pool# FS2257

4.50%, 7/1/2052

2,856,401

2,755,440

Pool# BV8011

3.00%, 8/1/2052

8,765,843

7,610,569

Pool# MA4733

4.50%, 9/1/2052

16,750,438

16,050,316

Pool# FS2790

5.00%, 9/1/2052

10,738,895

10,607,990

Pool# MA4782

3.50%, 10/1/2052

13,203,564

11,925,097

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# MA4805

4.50%, 11/1/2052

5,167,326

4,951,903

Pool# MA4839

4.00%, 12/1/2052

4,460,923

4,162,698

Pool# MA4980

6.00%, 4/1/2053

3,085,028

3,136,915

Pool# FS4736

6.50%, 5/1/2053

5,630,505

5,835,895

Pool# DA1019

6.50%, 9/1/2053

644,072

668,060

Pool# FS7835

5.50%, 10/1/2053

9,453,887

9,453,800

Pool# CB8628

6.00%, 6/1/2054

4,027,967

4,127,561

Pool# FS8585

5.50%, 7/1/2054

17,061,775

17,238,144

Pool# FS9717

6.00%, 7/1/2054

6,002,736

6,110,468

Pool# CB8858

6.00%, 7/1/2054

3,534,118

3,601,942

Pool# FS8795

6.00%, 8/1/2054

18,306,024

18,623,492

Pool# FS9406

6.00%, 8/1/2054

4,477,050

4,554,802

Pool# FS9008

5.50%, 9/1/2054

6,703,088

6,739,175

Pool# FS9980

6.00%, 9/1/2054

14,816,167

15,118,238

Pool# FS9012

6.00%, 9/1/2054

905,672

929,048

Pool# CB9361

5.00%, 10/1/2054

13,295,817

13,083,839

Pool# MA5499

6.50%, 10/1/2054

8,936,556

9,237,157

Pool# FA0470

6.00%, 1/1/2055

12,415,325

12,887,555

GNMA II Pool

Pool# MA0699

3.50%, 1/20/2043

375,698

350,416

Pool# MA0783

3.50%, 2/20/2043

465,652

435,966

Pool# MA2892

3.50%, 6/20/2045

23,038

21,401

Pool# MA3663

3.50%, 5/20/2046

268,041

248,306

Pool# MA3803

3.50%, 7/20/2046

127,333

118,285

Pool# MA4262

3.50%, 2/20/2047

10,816

10,009

Pool# MA4510

3.50%, 6/20/2047

408,077

377,077

Pool# MA4586

3.50%, 7/20/2047

277,418

256,588

Pool# MA4837

3.50%, 11/20/2047

482,260

445,847

Pool# MA4962

3.50%, 1/20/2048

281,131

259,858

Pool# MA6542

3.50%, 3/20/2050

307,287

282,293

Pool# BT6867

3.00%, 5/20/2050

3,196,449

2,820,533

64 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA6994

2.00%, 11/20/2050

9,117,066

7,459,972

Pool# MA7590

3.00%, 9/20/2051

9,647,048

8,549,265

Pool# MA7705

2.50%, 11/20/2051

13,561,647

11,572,927

Pool# MA8099

3.50%, 6/20/2052

6,696,302

6,139,970

Pool# MA8349

5.50%, 10/20/2052

7,764,929

7,812,904

Pool# MA8429

5.50%, 11/20/2052

3,258,187

3,277,652

Pool# MA8430

6.00%, 11/20/2052

3,430,580

3,505,183

Pool# MA8571

6.00%, 1/20/2053

1,519,004

1,542,751

Pool# MA8726

5.50%, 3/20/2053

11,450,835

11,512,305

Pool# MA8727

6.00%, 3/20/2053

2,709,559

2,768,407

Pool# MA8950

6.50%, 6/20/2053

2,740,584

2,812,392

Pool# MA9608

7.00%, 4/20/2054

2,869,687

2,966,290

Pool# MA9852

6.00%, 8/20/2054

5,890,362

5,980,238

Total Mortgage-Backed Securities

(cost $929,576,040)

886,265,252

Municipal Bonds 0.5%

California 0.1%

State of California,

GO,

7.55%, 4/1/2039

3,000,000

3,628,766

District of Columbia 0.3%

Metropolitan Washington

Airports Authority, RB,

Series D, 7.46%, 10/1/2046

6,000,000

7,292,889

Metropolitan Washington

Airports Authority Dulles Toll

Road Revenue, RB, Series

D, 8.00%, 10/1/2047

2,000,000

2,476,169

9,769,058

Michigan 0.1%

University of Michigan, RB,

Series C, 3.60%, 4/1/2047

3,285,000

2,716,103

Total Municipal Bonds

(cost $17,531,562)

16,113,927

U.S. Treasury Obligations 26.6%

U.S. Treasury Bond

4.63%, 11/15/2044

54,195,000

54,262,744

4.50%, 11/15/2054

88,605,000

87,303,614

U.S. Treasury Bonds

1.75%, 8/15/2041

12,661,900

8,580,910

2.00%, 11/15/2041

18,000,000

12,642,891

U.S. Treasury Obligations

Principal

Amount ($)

Value ($)

U.S. Treasury Bonds

2.38%, 2/15/2042

55,000,000

40,820,312

3.25%, 5/15/2042

11,500,000

9,717,051

3.13%, 2/15/2043

23,000,000

18,877,070

3.88%, 2/15/2043

6,200,000

5,674,453

3.88%, 5/15/2043

18,000,000

16,430,625

4.63%, 5/15/2044

60,877,000

61,074,375

3.00%, 11/15/2044

30,860,000

24,314,304

4.75%, 2/15/2045

5,375,000

5,473,262

2.25%, 8/15/2046

7,000,000

4,708,047

1.25%, 5/15/2050

75,000,000

37,239,258

2.25%, 2/15/2052

54,800,000

34,571,094

2.88%, 5/15/2052

6,375,000

4,628,599

4.63%, 2/15/2055

6,830,000

6,875,889

U.S. Treasury Notes

4.13%, 2/15/2027

5,308,000

5,327,076

4.13%, 2/28/2027

44,650,000

44,819,182

2.50%, 3/31/2027

120,000

116,812

4.13%, 11/15/2027

55,960,000

56,281,333

3.63%, 5/31/2028

18,300,000

18,149,883

1.50%, 11/30/2028

11,000,000

10,101,953

4.13%, 11/30/2029

84,638,000

85,292,622

4.38%, 12/31/2029

18,410,000

18,744,400

4.25%, 1/31/2030

80,990,000

82,027,684

4.00%, 2/28/2030

35,870,000

35,951,268

4.25%, 6/30/2031

26,441,000

26,733,297

3.63%, 9/30/2031

20,300,000

19,794,879

4.13%, 10/31/2031

88,735,000

89,019,229

4.13%, 11/30/2031

14,817,000

14,863,882

4.25%, 11/15/2034

10,575,000

10,606,395

Total U.S. Treasury Obligations

(cost $973,465,670)

951,024,393

Total Investments

(cost $3,584,713,850) — 97.6%

3,492,448,415

Other assets in excess of

liabilities — 2.4%

84,288,996

NET ASSETS — 100.0%

$

3,576,737,411

†

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 as of March 31, 2025

was $604,629,965 which represents 16.91% of net assets.

(b)

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 as of March 31, 2025.

(c)

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,

2025.

(d)

Variable or floating rate security, linked to the referenced

benchmark. The interest rate shown was the current rate as

of March 31, 2025.

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 65

CLO

Collateralized Loan Obligations

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

RB

Revenue Bond

REIT

Real Estate Investment Trust

REMICS

Real Estate Mortgage Investment Conduits

SOFR

Secured Overnight Financing Rate

UMBS

Uniform Mortgage-Backed Securities

66 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

300,448,810

$

–

$

300,448,810

Collateralized Mortgage Obligations

–

8,532,642

–

8,532,642

Commercial Mortgage-Backed Securities

–

55,185,628

–

55,185,628

Corporate Bonds

–

1,274,877,763

–

1,274,877,763

Mortgage-Backed Securities

–

886,265,252

–

886,265,252

Municipal Bonds

–

16,113,927

–

16,113,927

U.S. Treasury Obligations

–

951,024,393

–

951,024,393

Total

$

–

$

3,492,448,415

$

–

$

3,492,448,415

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 67

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using options, swap contracts, and financial

futures contracts.

(a) Options      

The Fund purchased and/or wrote options on futures contracts, single stocks, ETFs, 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 and equity movements, 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 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.

68 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Core Bond Fund

As of March 31, 2025, the Fund had no open option contracts. 

(b) Swap Contracts             

Credit Default Swap Contracts

— The Fund entered into credit default swap contracts. 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 or selected credit markets while maintaining liquidity to satisfy shareholder activity, to

manage broad credit market spread exposure and/or to create synthetic long and short exposure to select credit and 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.

The upfront premiums are amortized and accreted daily and are recorded as realized gains or losses upon maturity or termination

of the credit default swap contract.

As the protection purchaser in a credit default swap contract, the Fund pays the counterparty a periodic stream of payments over

the term of the contract, provided that no credit event or default (or similar event) occurs. However, the Fund is required to receive

the par (or other agreed-upon) value of a referenced debt obligation from the counterparty in the event of a default (or similar

event) by a third party, such as a U.S. or foreign issuer, on the debt obligation. If a credit event or default (or similar event) occurs,

the Fund either (i) receives from the counterparty an amount equal to the notional amount of the swap and the counterparty takes

delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii)

receives from the counterparty a net settlement amount in the form of cash or securities to the notional amount of the swap and the

recovery value of the referenced obligation or underlying securities comprising the referenced index. As the purchaser in a credit

default swap contract, the Fund’s investment would generate income only in the event of an actual default (or similar event) by the

issuer of the underlying obligation. 

As the protection seller in a credit default swap contract, the Fund receives from the counterparty a periodic stream of payments

over the term of the contract, provided that no credit event or default (or similar event) occurs. However, the Fund is required to pay

the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default (or similar event)

by a third party, such as a U.S. or foreign issuer, on the debt obligation. In return, if no credit event or default (or similar event)

occurs, the Fund keeps the stream of payments and would have no payment of obligations.

If a credit event or default (or similar event) occurs, the Fund either (i) pays to the counterparty an amount equal to the notional

amount of the swap and takes delivery of the referenced obligation, other deliverable obligations or underlying securities comprising

the referenced index, or (ii) pays the counterparty a net settlement amount in the form of cash or securities to the notional amount

of the swap and the recovery value of the referenced obligation or underlying securities comprising the referenced index. By

selling a credit default swap contract, the Fund effectively adds economic leverage to its portfolio because, in addition to its total

net assets, the Fund is subject to investment exposure on the notional amount of the swap.

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, 2025 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,

NVIT Loomis Core Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 69

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).

As of March 31, 2025, the Fund had no open swap contracts. 

(c) 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 managing 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.

As of March 31, 2025, the Fund had no open futures contracts.  

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

70 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Asset-Backed Securities 29.3%

Principal

Amount ($)

Value ($)

Airlines 0.3%

British Airways Pass-Through

Trust, Series 2021-1, Class

B, 3.90%, 9/15/2031(a)

989,298

931,453

United Airlines Pass-Through

Trust

Series 2020-1, Class A,

5.88%, 10/15/2027

1,278,644

1,302,109

Series 2019-2, Class B,

3.50%, 5/1/2028

87,761

84,381

Volofin Finance Designated

Activity Co., Series 2024-

1A, Class A, 5.94%,

6/15/2037(a)

1,429,107

1,435,477

3,753,420

Automobiles 20.2%

American Credit Acceptance

Receivables Trust

Series 2024-3, Class A,

5.76%, 11/12/2027(a)

571,343

573,311

Series 2023-4, Class B,

6.63%, 2/14/2028(a)

1,725,000

1,730,191

Series 2023-3, Class C,

6.44%, 10/12/2029(a)

2,915,000

2,941,813

AmeriCredit Automobile

Receivables Trust

Series 2024-1, Class A3,

5.43%, 1/18/2029

3,125,000

3,160,342

Series 2023-2, Class B,

5.84%, 7/18/2029

5,365,000

5,483,304

ARI Fleet Lease Trust, Series

2024-A, Class A2, 5.30%,

11/15/2032(a)

578,337

580,918

Avis Budget Rental Car

Funding AESOP LLC,

Series 2023-3A, Class A,

5.44%, 2/22/2028(a)

3,920,000

3,969,910

BMW Vehicle Owner Trust,

Series 2023-A, Class A3,

5.47%, 2/25/2028

1,137,446

1,144,945

Bridgecrest Lending Auto

Securitization Trust

Series 2023-1, Class A3,

6.51%, 11/15/2027

3,018,769

3,032,549

Series 2024-3, Class B,

5.37%, 10/16/2028

635,000

639,173

Capital One Prime Auto

Receivables Trust

Series 2024-1, Class A2A,

4.61%, 10/15/2027

595,000

595,377

Series 2023-2, Class A3,

5.82%, 6/15/2028

3,200,000

3,245,248

Carmax Auto Owner Trust,

Series 2023-2, Class A3,

5.05%, 1/18/2028

5,008,318

5,025,349

CarMax Auto Owner Trust,

Series 2024-4, Class A3,

4.60%, 10/15/2029

925,000

928,693

CarMax Select Receivables

Trust, Series 2025-A, Class

A3, 4.77%, 9/17/2029

2,975,000

2,982,771

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Carvana Auto Receivables

Trust

Series 2023-N1, Class A,

6.36%, 4/12/2027(a)

240,750

240,849

Series 2024-P2, Class A3,

5.33%, 7/10/2029

1,590,000

1,604,062

Chase Auto Owner Trust

Series 2024-3A, Class A3,

5.22%, 7/25/2029(a)

3,195,000

3,241,101

Series 2024-5A, Class A3,

4.18%, 8/27/2029(a)

1,760,000

1,750,360

Chesapeake Funding II LLC

Series 2023-1A, Class A1,

5.65%, 5/15/2035(a)

3,488,779

3,511,488

Series 2024-1A, Class A1,

5.52%, 5/15/2036(a)

750,904

759,001

Citizens Auto Receivables

Trust

Series 2023-2, Class A2A,

6.09%, 10/15/2026(a)

355,154

355,651

Series 2024-1, Class A3,

5.11%, 4/17/2028(a)

1,110,000

1,117,832

Series 2024-2, Class A3,

5.33%, 8/15/2028(a)

2,255,000

2,275,349

Credit Acceptance Auto Loan

Trust

Series 2023-2A, Class B,

6.61%, 7/15/2033(a)

6,600,000

6,713,139

Series 2023-3A, Class C,

7.62%, 12/15/2033(a)

555,000

578,596

Series 2025-1A, Class A,

5.02%, 3/15/2035(a)

630,000

631,686

Drive Auto Receivables Trust,

Series 2024-2, Class B,

4.52%, 7/16/2029

1,670,000

1,666,924

DT Auto Owner Trust, Series

2023-2A, Class B, 5.41%,

2/15/2029(a)

3,006,202

3,010,804

Enterprise Fleet Financing

LLC

Series 2025-1, Class A2,

4.65%, 10/20/2027(a)

745,000

746,278

Series 2024-2, Class A3,

5.61%, 4/20/2028(a)

1,665,000

1,696,680

Series 2024-1, Class A2,

5.23%, 3/20/2030(a)

1,591,027

1,601,213

Series 2023-2, Class A2,

5.56%, 4/22/2030(a)

1,742,617

1,754,270

Exeter Automobile

Receivables Trust

Series 2023-5A, Class A3,

6.32%, 3/15/2027

351,910

352,122

Series 2023-2A, Class B,

5.61%, 9/15/2027

1,621,256

1,624,074

Series 2025-2A, Class A3,

4.74%, 1/16/2029

2,475,000

2,479,273

Series 2024-4A, Class C,

5.48%, 8/15/2030

555,000

560,874

Fifth Third Auto Trust, Series

2023-1, Class A3, 5.53%,

8/15/2028

3,725,000

3,757,778

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 71

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Flagship Credit Auto Trust

Series 2022-4, Class A3,

6.32%, 6/15/2027(a)

582,632

583,959

Series 2023-2, Class C,

5.81%, 5/15/2029(a)

5,315,000

5,358,824

Ford Credit Auto Lease Trust,

Series 2025-A, Class A3,

4.72%, 6/15/2028

1,735,000

1,743,477

Ford Credit Auto Owner Trust,

Series 2023-B, Class A3,

5.23%, 5/15/2028

2,455,000

2,473,889

GECU Auto Receivables

Trust, Series 2023-

1A, Class A3, 5.63%,

8/15/2028(a)

2,640,000

2,662,574

GLS Auto Receivables Issuer

Trust

Series 2024-1A, Class A3,

5.40%, 9/15/2027(a)

900,000

901,969

Series 2023-2A, Class B,

5.52%, 11/15/2027(a)

2,681,430

2,686,024

Series 2023-3A, Class B,

5.89%, 1/18/2028(a)

3,110,000

3,127,373

Series 2024-3A, Class B,

5.08%, 1/16/2029(a)

1,635,000

1,643,890

GLS Auto Select Receivables

Trust

Series 2023-2A, Class A2,

6.37%, 6/15/2028(a)

1,236,865

1,249,124

Series 2024-3A, Class A2,

5.59%, 10/15/2029(a)

2,315,339

2,344,899

Series 2024-4A, Class A2,

4.43%, 12/17/2029(a)

1,191,100

1,189,688

Series 2025-1A, Class A2,

4.71%, 4/15/2030(a)

1,835,000

1,841,482

Series 2024-2A, Class A2,

5.58%, 6/17/2030(a)

702,521

710,875

GM Financial Automobile

Leasing Trust

Series 2024-3, Class A3,

4.21%, 10/20/2027

1,550,000

1,546,358

Series 2025-1, Class A3,

4.66%, 2/21/2028

2,315,000

2,325,753

GM Financial Consumer

Automobile Receivables

Trust

Series 2023-2, Class A3,

4.47%, 2/16/2028

1,489,046

1,488,299

Series 2023-4, Class A3,

5.78%, 8/16/2028

2,395,000

2,426,190

Harley-Davidson Motorcycle

Trust

Series 2023-B, Class A3,

5.69%, 8/15/2028

1,810,000

1,831,025

Series 2024-A, Class A3,

5.37%, 3/15/2029

3,415,000

3,458,970

Series 2023-B, Class A4,

5.78%, 4/15/2031

1,460,000

1,495,517

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Hertz Vehicle Financing III

LLC

Series 2023-3A, Class A,

5.94%, 2/25/2028(a)

2,490,000

2,532,254

Series 2024-1A, Class A,

5.44%, 1/25/2029(a)

1,540,000

1,559,933

Hertz Vehicle Financing LLC,

Series 2022-2A, Class A,

2.33%, 6/26/2028(a)

1,565,000

1,492,537

Honda Auto Receivables

Owner Trust

Series 2023-2, Class A3,

4.93%, 11/15/2027

2,188,000

2,196,363

Series 2023-3, Class A3,

5.41%, 2/18/2028

3,670,000

3,699,957

Series 2023-4, Class A3,

5.67%, 6/21/2028

975,000

986,746

Huntington Auto Trust, Series

2024-1A, Class A3, 5.23%,

1/16/2029(a)

2,050,000

2,070,167

Hyundai Auto Receivables

Trust, Series 2023-C, Class

A3, 5.54%, 10/16/2028

1,360,000

1,377,838

LAD Auto Receivables Trust

Series 2023-3A, Class A3,

6.12%, 9/15/2027(a)

2,691,051

2,701,465

Series 2024-1A, Class A3,

5.23%, 1/18/2028(a)

1,375,000

1,379,612

Series 2024-2A, Class A3,

5.61%, 8/15/2028(a)

1,910,000

1,924,878

Series 2023-4A, Class B,

6.39%, 10/16/2028(a)

760,000

775,045

Series 2024-3A, Class A3,

4.52%, 3/15/2029(a)

1,060,000

1,060,661

Series 2025-1A, Class A3,

4.69%, 7/16/2029(a)

1,850,000

1,853,193

M&T Bank Auto Receivables

Trust, Series 2025-

1A, Class A3, 4.73%,

6/17/2030(a)

1,250,000

1,258,846

Merchants Fleet Funding LLC,

Series 2023-1A, Class A,

7.21%, 5/20/2036(a)

3,022,631

3,050,136

NextGear Floorplan Master

Owner Trust, Series 2024-

1A, Class A2, 5.12%,

3/15/2029(a)

1,915,000

1,941,308

Nissan Auto Lease Trust,

Series 2023-B, Class A3,

5.69%, 7/15/2026

1,449,706

1,452,504

Nissan Auto Receivables

Owner Trust, Series 2023-B,

Class A3, 5.93%, 3/15/2028

1,170,000

1,182,936

Octane Receivables Trust,

Series 2024-2A, Class A2,

5.80%, 7/20/2032(a)

3,097,759

3,131,955

PenFed Auto Receivables

Owner Trust, Series

2024-A, Class A3, 4.70%,

6/15/2029(a)

1,515,000

1,519,891

72 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Prestige Auto Receivables

Trust, Series 2023-

1A, Class C, 5.65%,

2/15/2028(a)

4,045,000

4,062,361

Santander Drive Auto

Receivables Trust

Series 2023-4, Class B,

5.77%, 12/15/2028

2,575,000

2,610,399

Series 2024-3, Class A3,

5.63%, 1/16/2029

2,925,000

2,953,323

Series 2023-5, Class B,

6.16%, 12/17/2029

3,950,000

4,030,702

Series 2023-3, Class C,

5.77%, 11/15/2030

1,155,000

1,179,370

SBNA Auto Lease Trust

Series 2024-A, Class A3,

5.39%, 11/20/2026(a)

1,660,000

1,664,468

Series 2024-B, Class A3,

5.56%, 11/22/2027(a)

1,550,000

1,564,607

Series 2024-C, Class A3,

4.56%, 2/22/2028(a)

855,000

854,848

SBNA Auto Receivables Trust,

Series 2024-A, Class A3,

5.32%, 12/15/2028(a)

645,000

647,455

SFS Auto Receivables

Securitization Trust

Series 2023-1A, Class A3,

5.47%, 10/20/2028(a)

4,295,000

4,327,852

Series 2024-3A, Class A3,

4.55%, 6/20/2030(a)

1,195,000

1,199,331

Series 2025-1A, Class A3,

4.75%, 7/22/2030(a)

1,150,000

1,158,406

Toyota Auto Receivables

Owner Trust

Series 2023-B, Class A3,

4.71%, 2/15/2028

2,970,000

2,973,138

Series 2023-C, Class A3,

5.16%, 4/17/2028

1,285,000

1,293,197

Series 2024-D, Class A3,

4.40%, 6/15/2029

1,250,000

1,252,478

Toyota Lease Owner Trust

Series 2023-A, Class A3,

4.93%, 4/20/2026(a)

1,255,580

1,255,816

Series 2024-B, Class A3,

4.21%, 9/20/2027(a)

3,755,000

3,740,347

Volkswagen Auto Lease Trust,

Series 2023-A, Class A3,

5.81%, 10/20/2026

5,880,000

5,910,076

Volkswagen Auto Loan

Enhanced Trust

Series 2024-1, Class A2A,

4.65%, 11/22/2027

2,940,000

2,944,010

Series 2023-1, Class A3,

5.02%, 6/20/2028

1,815,000

1,824,928

VStrong Auto Receivables

Trust

Series 2023-A, Class A3,

6.87%, 11/15/2027(a)

5,735,000

5,767,123

Series 2024-A, Class B,

5.77%, 7/15/2030(a)

355,000

360,314

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Automobiles

Westlake Automobile

Receivables Trust

Series 2024-2A, Class A3,

5.56%, 2/15/2028(a)

1,665,000

1,684,569

Series 2024-3A, Class A3,

4.71%, 4/17/2028(a)

2,115,000

2,118,917

Series 2025-1A, Class A3,

4.75%, 8/15/2028(a)

540,000

541,749

Series 2023-3A, Class C,

6.02%, 9/15/2028(a)

4,815,000

4,894,372

Wheels Fleet Lease Funding

1 LLC

Series 2023-1A, Class A,

5.80%, 4/18/2038(a)

3,393,869

3,421,342

Series 2024-1A, Class A1,

5.49%, 2/18/2039(a)

2,117,799

2,135,990

Wheels Fleet Lease Funding

LLC, Series 2024-2A, Class

A1, 4.87%, 6/21/2039(a)

1,730,000

1,735,749

World Omni Auto Receivables

Trust

Series 2023-B, Class A3,

4.66%, 5/15/2028

2,530,951

2,531,946

Series 2023-D, Class A3,

5.79%, 2/15/2029

1,215,000

1,233,305

Series 2024-C, Class A3,

4.43%, 12/17/2029

2,230,000

2,232,729

World Omni Select Auto Trust,

Series 2024-A, Class A3,

4.98%, 2/15/2030

1,090,000

1,098,941

237,505,840

Credit Card 1.5%

Brex Commercial Charge

Card Master Trust, Series

2024-1, Class A1, 6.05%,

7/15/2027(a)

5,625,000

5,683,479

Mercury Financial Credit

Card Master Trust, Series

2024-2A, Class A, 6.56%,

7/20/2029(a)

1,470,000

1,490,481

Mission Lane Credit Card

Master Trust, Series

2024-B, Class A, 5.88%,

1/15/2030(a)

1,355,000

1,364,658

Synchrony Card Funding LLC,

Series 2023-A1, Class A,

5.54%, 7/15/2029

1,055,000

1,069,199

World Financial Network

Credit Card Master Trust

Series 2023-A, Class A,

5.02%, 3/15/2030

5,960,000

5,999,904

Series 2024-A, Class A,

5.47%, 2/15/2031

1,290,000

1,315,409

16,923,130

Equipment Loans & Leases 2.6%

Auxilior Term Funding LLC,

Series 2023-1A, Class A2,

6.18%, 12/15/2028(a)

699,935

706,234

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 73

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Equipment Loans & Leases

Crockett Partners Equipment

Co. IIA LLC, Series 2024-

1C, Class A, 6.05%,

1/20/2031(a)

2,508,939

2,542,703

Dell Equipment Finance Trust,

Series 2023-3, Class A3,

5.93%, 4/23/2029(a)

5,385,000

5,437,998

DLLMT LLC, Series 2023-

1A, Class A3, 5.34%,

3/22/2027(a)

6,703,886

6,733,568

GreatAmerica Leasing

Receivables Funding LLC,

Series 2023-1, Class A3,

5.15%, 7/15/2027(a)

5,945,000

5,979,904

M&T Equipment Notes, Series

2023-1A, Class A3, 5.74%,

7/15/2030(a)

2,275,000

2,292,947

OWN Equipment Fund I LLC,

Series 2024-2M, Class A,

5.70%, 12/20/2032(a)

1,279,514

1,288,969

Post Road Equipment Finance

LLC, Series 2024-1A, Class

A2, 5.59%, 11/15/2029(a)

626,136

629,272

SCF Equipment Leasing LLC

Series 2024-1A, Class A2,

5.88%, 11/20/2029(a)

978,205

981,489

Series 2023-1A, Class A2,

6.56%, 1/22/2030(a)

378,450

378,655

SCF Equipment Trust LLC,

Series 2025-1A, Class A2,

4.82%, 7/22/2030(a)

825,000

825,828

Ziply Fiber Issuer LLC, Series

2024-1A, Class A2, 6.64%,

4/20/2054(a)

2,985,000

3,073,702

30,871,269

Financial Services 0.1%

Carvana Auto Receivables

Trust, Series 2024-P4,

Class A3, 4.64%, 1/10/2030

950,000

952,407

Other 4.4%

ACHV ABS TRUST

Series 2024-1PL, Class A,

5.90%, 4/25/2031(a)

358,348

361,268

Series 2024-2PL, Class A,

5.07%, 10/27/2031(a)

663,299

663,772

Affirm Asset Securitization

Trust

Series 2023-B, Class A,

6.82%, 9/15/2028(a)

2,100,000

2,116,108

Series 2024-A, Class 1A,

5.61%, 2/15/2029(a)

5,450,000

5,485,549

Series 2024-X1, Class A,

6.27%, 5/15/2029(a)

264,615

265,021

Series 2024-X2, Class A,

5.22%, 12/17/2029(a)

610,529

610,283

BHG Securitization Trust

Series 2024-1CON, Class

A, 5.81%, 4/17/2035(a)

642,632

653,324

Series 2023-B, Class A,

6.92%, 12/17/2036(a)

1,222,407

1,271,554

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

CyrusOne Data Centers

Issuer I LLC, Series 2025-

1A, Class A2, 5.91%,

2/20/2050(a)

1,340,000

1,359,484

GreenSky Home Improvement

Issuer Trust, Series

2024-2, Class A2, 5.25%,

10/27/2059(a)

3,496,150

3,507,478

Hilton Grand Vacations Trust

Series 2023-1A, Class A,

5.72%, 1/25/2038(a)

890,242

907,320

Series 2024-1B, Class A,

5.75%, 9/15/2039(a)

1,265,583

1,292,873

Invesco CLO Ltd., Series

2021-1A, Class A1, 5.56%,

4/15/2034(a)(b)

1,350,000

1,349,681

MVW LLC, Series 2024-

1A, Class A, 5.32%,

2/20/2043(a)

896,229

908,285

New Economy Assets Phase

1 Sponsor LLC, Series

2021-1, Class A1, 1.91%,

10/20/2061(a)

2,350,000

2,192,993

Reach ABS Trust, Series

2024-2A, Class A, 5.88%,

7/15/2031(a)

938,758

942,461

Regional Management

Issuance Trust, Series

2024-1, Class A, 5.83%,

7/15/2036(a)

1,225,000

1,249,564

Republic Finance Issuance

Trust, Series 2024-A, Class

A, 5.91%, 8/20/2032(a)

960,000

973,452

Sierra Timeshare Receivables

Funding LLC, Series

2024-2A, Class A, 5.14%,

6/20/2041(a)

2,212,989

2,238,201

SoFi Consumer Loan Program

Trust, Series 2025-1, Class

A, 4.80%, 2/27/2034(a)

1,865,000

1,864,795

Stream Innovations Issuer

Trust, Series 2024-

1A, Class A, 6.27%,

7/15/2044(a)

279,313

291,423

Trafigura Securitisation

Finance plc, Series 2024-

1A, Class A2, 5.98%,

11/15/2027(a)

2,675,000

2,722,564

Tricon American Homes Trust

Series 2019-SFR1, Class E,

3.40%, 3/17/2038(a)

2,000,000

1,957,636

Series 2020-SFR2, Class C,

2.03%, 11/17/2039(a)

1,000,000

929,908

Tricon Residential Trust,

Series 2022-SFR1, Class D,

4.75%, 4/17/2039(a)

2,250,000

2,204,800

Verizon Master Trust

Series 2023-2, Class A,

4.89%, 4/13/2028

7,705,000

7,705,296

74 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Asset-Backed Securities

Principal

Amount ($)

Value ($)

Other

Series 2024-4, Class A1A,

5.21%, 6/20/2029

5,866,000

5,919,650

51,944,743

Student Loan 0.2%

Navient Private Education

Refi Loan Trust, Series

2023-A, Class A, 5.51%,

10/15/2071(a)

2,429,206

2,471,022

Total Asset-Backed Securities

(cost $341,712,987)

344,421,831

Collateralized Mortgage Obligations 0.0%

†

GSAA Trust, Series 2004-

NC1, Class AF6, 5.26%,

11/25/2033(c)

776

763

RALI Trust, Series 2003-

QS20, Class CB, 5.00%,

11/25/2018^∞

4,568

0

Towd Point Mortgage Trust,

Series 2018-3, Class A1,

3.75%, 5/25/2058(a)(b)

252,696

246,629

Total Collateralized Mortgage Obligations

(cost $263,585)

247,392

Commercial Mortgage-Backed Securities 2.6%

BANK5

Series 2023-5YR3, Class

A3, 6.72%, 9/15/2056(b)

1,520,000

1,606,979

Series 2023-5YR4, Class

A3, 6.50%, 12/15/2056

562,649

591,339

BBCMS Mortgage Trust

Series 2020-BID, Class A,

6.57%, 10/15/2037(a)(b)

825,000

824,484

Series 2024-5C25, Class

A3, 5.95%, 3/15/2057

1,485,000

1,541,103

Benchmark Mortgage Trust,

Series 2023-V2, Class A3,

5.81%, 5/15/2055(b)

2,590,000

2,654,848

BPR Trust, Series 2022-

OANA, Class A, 6.22%,

4/15/2037(a)(b)

440,000

440,096

BX Trust, Series 2024-

VLT4, Class A, 5.81%,

7/15/2029(a)(b)

1,665,000

1,656,675

COMM Mortgage Trust, Series

2024-CBM, Class A2,

5.87%, 12/10/2041(a)(b)

210,000

214,299

CSMC OA LLC, Series 2014-

USA, Class A2, 3.95%,

9/15/2037(a)

1,545,000

1,409,813

DC Commercial Mortgage

Trust, Series 2023-

DC, Class A, 6.31%,

9/12/2040(a)

1,190,000

1,218,870

Commercial Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

Eleven Madison Mortgage

Trust, Series 2015-

11MD, Class A, 3.55%,

9/10/2035(a)(b)

2,025,000

1,998,086

FHLMC Multifamily Structured

Pass-Through Certificates

REMIC, Series K531, Class

AS, 4.88%, 9/25/2029(b)

7,508,761

7,520,472

GS Mortgage Securities Corp.

Trust

Series 2013-PEMB, Class

A, 3.55%, 3/5/2033(a)(b)

380,000

327,750

Series 2012-BWTR, Class

A, 2.95%, 11/5/2034(a)

987,731

843,890

Series 2023-SHIP, Class A,

4.32%, 9/10/2038(a)(b)

1,825,000

1,810,997

J.P. Morgan Chase

Commercial Mortgage

Securities Trust, Series

2025-BMS, Class A, 5.92%,

1/15/2042(a)(b)

1,245,000

1,232,541

SCOTT Trust, Series 2023-

SFS, Class A, 5.91%,

3/10/2040(a)

115,000

117,519

SPGN Mortgage Trust

Series 2022-TFLM, Class C,

6.97%, 2/15/2039(a)(b)

1,270,000

1,243,167

Series 2022-TFLM, Class D,

7.82%, 2/15/2039(a)(b)

2,880,000

2,819,147

TCO Commercial Mortgage

Trust, Series 2024-

DPM, Class A, 5.56%,

12/15/2039(a)(b)

1,055,000

1,052,363

Total Commercial Mortgage-Backed

Securities

(cost $30,716,454)

31,124,438

Corporate Bonds 47.2%

Aerospace & Defense

0.2%

Boeing Co. (The),

6.30%, 5/1/2029(d)

1,970,000

2,065,922

Automobiles

2.3%

BMW US Capital LLC,

5.05%, 3/21/2030(a)(d)

4,095,000

4,116,526

Hyundai Capital America,

4.88%, 11/1/2027(a)

1,870,000

1,874,205

5.15%, 3/27/2030(a)

3,800,000

3,786,632

Mercedes-Benz Finance North

America LLC,

4.65%, 4/1/2027(a)

3,630,000

3,633,764

4.90%, 11/15/2027(a)(d)

2,205,000

2,215,880

Nissan Motor Acceptance Co.

LLC,

5.30%, 9/13/2027(a)

2,290,000

2,272,748

Stellantis Finance US, Inc.,

5.75%, 3/18/2030(a)

3,230,000

3,227,688

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 75

Corporate Bonds

Principal

Amount ($)

Value ($)

Automobiles

Volkswagen Group of America

Finance LLC,

5.35%, 3/27/2030(a)(d)

5,850,000

5,833,842

26,961,285

Banks

10.1%

ABN AMRO Bank NV,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.65%),

6.34%, 9/18/2027(a)(d)(e)

1,800,000

1,840,687

AIB Group plc,

(SOFR + 3.46%), 7.58%,

10/14/2026(a)(e)

2,290,000

2,323,597

ASB Bank Ltd.,

5.35%, 6/15/2026(a)

4,110,000

4,157,830

Bank of Ireland Group plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.65%),

6.25%, 9/16/2026(a)(e)

2,390,000

2,406,508

Bank of Montreal,

(United States SOFR

Compounded Index

+ 0.67%), 5.00%,

1/27/2029(e)

1,160,000

1,172,015

Banque Federative du Credit

Mutuel SA,

5.19%, 2/16/2028(a)

2,115,000

2,147,192

BNP Paribas SA,

(SOFR + 1.28%), 5.28%,

11/19/2030(a)(e)

2,335,000

2,359,510

Canadian Imperial Bank of

Commerce,

5.24%, 6/28/2027(d)

2,335,000

2,369,764

(SOFR + 1.03%), 4.86%,

3/30/2029(e)

5,860,000

5,880,935

Citibank NA,

(SOFR + 0.71%), 4.88%,

11/19/2027(e)

6,180,000

6,209,434

Citigroup, Inc.,

(SOFR + 0.87%), 4.79%,

3/4/2029(e)

4,100,000

4,108,921

Citizens Financial Group, Inc.,

(SOFR + 1.26%), 5.25%,

3/5/2031(e)

1,235,000

1,241,635

Commonwealth Bank of

Australia,

4.42%, 3/14/2028(d)

4,620,000

4,640,454

Credit Agricole SA,

(SOFR + 1.13%), 5.23%,

1/9/2029(a)(d)(e)

2,060,000

2,082,306

Danske Bank A/S,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.18%),

6.26%, 9/22/2026(a)(e)

2,825,000

2,844,808

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.93%),

5.02%, 3/4/2031(a)(e)

2,040,000

2,044,573

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Fifth Third Bank NA,

(SOFR + 0.81%), 4.97%,

1/28/2028(d)(e)

1,830,000

1,840,402

HSBC Holdings plc,

(SOFR + 1.04%), 5.13%,

11/19/2028(e)

4,440,000

4,475,844

Huntington Bancshares, Inc.,

(SOFR + 2.02%), 6.21%,

8/21/2029(e)

2,115,000

2,201,653

Huntington National Bank

(The),

(SOFR + 0.72%), 4.87%,

4/12/2028(d)(e)

2,980,000

2,991,886

ING Groep NV,

(SOFR + 1.01%), 4.86%,

3/25/2029(e)

2,175,000

2,182,893

Intesa Sanpaolo SpA,

7.00%, 11/21/2025(a)

2,275,000

2,303,855

JPMorgan Chase & Co.,

(SOFR + 0.86%), 4.51%,

10/22/2028(d)(e)

2,915,000

2,912,059

(SOFR + 0.90%), 5.14%,

1/24/2031(e)

2,585,000

2,625,315

Mitsubishi UFJ Financial

Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.78%),

5.20%, 1/16/2031(e)

5,250,000

5,331,610

National Bank of Canada,

(SOFR + 1.04%), 5.60%,

7/2/2027(d)(e)

2,880,000

2,914,975

NatWest Markets plc,

4.79%, 3/21/2028(a)(d)

2,190,000

2,201,632

Royal Bank of Canada,

(United States SOFR

Compounded Index

+ 0.86%), 4.52%,

10/18/2028(d)(e)

2,905,000

2,897,532

(United States SOFR

Compounded Index +

1.13%), 4.97%, 5/2/2031(e)

2,520,000

2,532,218

Santander Holdings USA, Inc.,

(SOFR + 1.88%), 5.74%,

3/20/2031(d)(e)

2,125,000

2,140,596

Societe Generale SA,

5.25%, 2/19/2027(a)(d)

5,075,000

5,113,056

Sumitomo Mitsui Financial

Group, Inc.,

5.24%, 4/15/2030(d)

2,905,000

2,962,159

Svenska Handelsbanken AB,

5.13%, 5/28/2027(a)

3,100,000

3,151,166

Swedbank AB,

6.14%, 9/12/2026(a)(d)

1,370,000

1,401,793

Toronto-Dominion Bank (The),

5.30%, 1/30/2032(d)

1,830,000

1,861,104

UniCredit SpA,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.30%),

2.57%, 9/22/2026(a)(d)(e)

1,950,000

1,928,508

76 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

US Bank NA,

(SOFR + 0.69%), 4.51%,

10/22/2027(e)

4,050,000

4,045,112

Wells Fargo & Co.,

(SOFR + 1.07%), 5.71%,

4/22/2028(d)(e)

1,925,000

1,967,083

Wells Fargo Bank NA,

5.25%, 12/11/2026

5,720,000

5,801,191

Westpac New Zealand Ltd.,

5.13%, 2/26/2027(a)(d)

2,825,000

2,861,396

118,475,207

Beverages

0.3%

Bacardi-Martini BV,

5.55%, 2/1/2030(a)(d)

3,355,000

3,409,143

Biotechnology

0.3%

AbbVie, Inc.,

4.65%, 3/15/2028(d)

4,085,000

4,118,128

Capital Markets

4.9%

Antares Holdings LP,

3.75%, 7/15/2027(a)

687,000

656,686

6.35%, 10/23/2029(a)

1,060,000

1,060,824

Apollo Debt Solutions BDC,

6.55%, 3/15/2032(a)

1,130,000

1,144,960

Ares Capital Corp.,

5.80%, 3/8/2032

1,175,000

1,167,943

Ares Strategic Income Fund,

5.70%, 3/15/2028(a)(d)

1,180,000

1,180,027

Bain Capital Specialty

Finance, Inc.,

5.95%, 3/15/2030

715,000

702,715

Bank of New York Mellon

Corp. (The),

(SOFR + 0.89%), 4.94%,

2/11/2031(e)

2,925,000

2,950,981

BGC Group, Inc.,

6.15%, 4/2/2030(a)

605,000

602,412

Blackstone Secured Lending

Fund,

5.35%, 4/13/2028(d)

500,000

499,835

5.30%, 6/30/2030(d)

910,000

893,893

Blue Owl Capital Corp.,

3.75%, 7/22/2025(d)

1,810,000

1,801,925

Blue Owl Capital Corp. II,

8.45%, 11/15/2026

900,000

943,409

Blue Owl Credit Income Corp.,

6.60%, 9/15/2029(a)(d)

555,000

563,963

Blue Owl Technology Finance

Corp.,

6.75%, 4/4/2029

1,365,000

1,383,557

Cantor Fitzgerald LP,

7.20%, 12/12/2028(a)

1,065,000

1,123,772

CME Group, Inc.,

4.40%, 3/15/2030(d)

2,940,000

2,935,297

Deutsche Bank AG,

(SOFR + 1.21%), 5.37%,

1/10/2029(d)(e)

4,150,000

4,195,833

FS KKR Capital Corp.,

6.88%, 8/15/2029(d)

525,000

538,455

6.13%, 1/15/2030(d)

1,170,000

1,163,822

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Goldman Sachs Bank USA,

(SOFR + 0.75%), 5.41%,

5/21/2027(e)

5,410,000

5,461,237

Golub Capital BDC, Inc.,

2.50%, 8/24/2026

595,000

573,164

6.00%, 7/15/2029

585,000

587,374

Hercules Capital, Inc.,

3.38%, 1/20/2027

665,000

641,098

HPS Corporate Lending Fund,

5.45%, 1/14/2028(a)

1,090,000

1,084,987

6.25%, 9/30/2029

600,000

608,446

Jefferies Financial Group, Inc.,

5.88%, 7/21/2028(d)

1,105,000

1,134,598

Main Street Capital Corp.,

3.00%, 7/14/2026

1,255,000

1,216,698

6.50%, 6/4/2027

655,000

668,402

Marex Group plc,

6.40%, 11/4/2029(d)

1,390,000

1,412,850

Morgan Stanley,

(SOFR + 1.67%), 4.68%,

7/17/2026(e)

2,505,000

2,504,474

(SOFR + 0.86%), 1.51%,

7/20/2027(d)(e)

3,500,000

3,364,403

(SOFR + 1.10%), 4.65%,

10/18/2030(e)

2,630,000

2,608,804

(SOFR + 1.11%), 5.23%,

1/15/2031(d)(e)

2,345,000

2,383,152

MSD Investment Corp.,

6.25%, 5/31/2030(a)

535,000

529,416

New Mountain Finance Corp.,

6.20%, 10/15/2027

660,000

665,745

6.88%, 2/1/2029

575,000

582,901

Sixth Street Lending Partners,

6.50%, 3/11/2029(d)

1,295,000

1,323,521

USAA Capital Corp.,

5.25%, 6/1/2027(a)

4,295,000

4,384,786

57,246,365

Chemicals

0.8%

Celanese US Holdings LLC,

6.41%, 7/15/2027(c)

1,031,000

1,048,053

Eastman Chemical Co.,

5.00%, 8/1/2029

960,000

965,005

LYB International Finance III

LLC,

1.25%, 10/1/2025(d)

3,260,000

3,203,145

Methanex US Operations,

Inc.,

6.25%, 3/15/2032(a)(d)

1,435,000

1,397,742

Solvay Finance America LLC,

5.65%, 6/4/2029(a)(d)

2,945,000

3,021,719

9,635,664

Commercial Services & Supplies

0.4%

Element Fleet Management

Corp.,

5.64%, 3/13/2027(a)

3,045,000

3,095,250

5.04%, 3/25/2030(a)

1,415,000

1,415,315

Rollins, Inc.,

5.25%, 2/24/2035(a)

270,000

268,637

4,779,202

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 77

Corporate Bonds

Principal

Amount ($)

Value ($)

Communications Equipment

0.4%

Cisco Systems, Inc.,

4.75%, 2/24/2030(d)

4,065,000

4,129,911

Consumer Finance

3.6%

AerCap Ireland Capital DAC,

4.88%, 4/1/2028

4,100,000

4,114,538

American Honda Finance

Corp.,

4.45%, 10/22/2027(d)

4,105,000

4,103,444

Avolon Holdings Funding Ltd.,

5.50%, 1/15/2026(a)

2,405,000

2,414,970

4.95%, 1/15/2028(a)

2,085,000

2,076,255

5.38%, 5/30/2030(a)

425,000

425,578

Capital One Financial Corp.,

(SOFR + 2.44%), 7.15%,

10/29/2027(d)(e)

780,000

808,408

Caterpillar Financial Services

Corp.,

4.60%, 11/15/2027(d)

4,320,000

4,351,274

Ford Motor Credit Co. LLC,

6.53%, 3/19/2032(d)

3,660,000

3,658,039

General Motors Financial Co.,

Inc.,

6.05%, 10/10/2025

1,995,000

2,007,258

5.05%, 4/4/2028

2,555,000

2,557,638

John Deere Capital Corp.,

4.65%, 1/7/2028(d)

5,890,000

5,963,061

Macquarie Airfinance Holdings

Ltd.,

5.20%, 3/27/2028(a)

1,190,000

1,190,796

OneMain Finance Corp.,

6.63%, 5/15/2029

1,865,000

1,868,486

6.75%, 3/15/2032

2,175,000

2,134,719

PACCAR Financial Corp.,

4.55%, 3/3/2028(d)

4,070,000

4,100,964

Synchrony Financial,

(SOFR + 1.68%), 5.45%,

3/6/2031(e)

720,000

714,840

42,490,268

Consumer Staples Distribution & Retail

0.3%

Sysco Corp.,

5.10%, 9/23/2030(d)

2,260,000

2,294,077

Target Corp.,

5.00%, 4/15/2035(d)

1,730,000

1,722,445

4,016,522

Containers & Packaging

0.2%

Amcor Flexibles North

America, Inc.,

4.80%, 3/17/2028(a)

2,630,000

2,644,272

Diversified REITs

0.1%

VICI Properties LP,

4.75%, 4/1/2028

630,000

631,252

Diversified Telecommunication Services

0.3%

Sitios Latinoamerica SAB de

CV,

6.00%, 11/25/2029(a)(d)

1,420,000

1,431,460

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Telecommunication Services

Verizon Communications, Inc.,

5.25%, 4/2/2035

2,190,000

2,195,525

3,626,985

Electric Utilities

2.5%

Alliant Energy Finance LLC,

5.40%, 6/6/2027(a)(d)

2,545,000

2,574,009

American Electric Power Co.,

Inc.,

5.70%, 8/15/2025

1,370,000

1,374,840

Duke Energy Corp.,

4.85%, 1/5/2027(d)

3,020,000

3,039,741

Edison International,

4.70%, 8/15/2025

830,000

830,011

Fells Point Funding Trust,

3.05%, 1/31/2027(a)

4,310,000

4,175,650

FirstEnergy Pennsylvania

Electric Co.,

5.15%, 3/30/2026(a)

810,000

814,378

ITC Holdings Corp.,

4.95%, 9/22/2027(a)

4,180,000

4,209,125

NextEra Energy Capital

Holdings, Inc.,

4.85%, 2/4/2028(d)

4,065,000

4,112,801

NSTAR Electric Co.,

4.85%, 3/1/2030(d)

1,495,000

1,508,259

Southern California Edison

Co.,

5.25%, 3/15/2030

375,000

377,170

Vistra Operations Co. LLC,

5.13%, 5/13/2025(a)

2,000,000

1,997,925

5.63%, 2/15/2027(a)

1,750,000

1,743,490

Xcel Energy, Inc.,

4.75%, 3/21/2028

350,000

351,311

XPLR Infrastructure Operating

Partners LP,

8.38%, 1/15/2031(a)(d)

2,565,000

2,522,384

29,631,094

Electronic Equipment, Instruments & Components

0.2%

Flex Ltd.,

6.00%, 1/15/2028

2,845,000

2,924,061

Energy Equipment & Services

0.2%

Helmerich & Payne, Inc.,

4.85%, 12/1/2029(a)(d)

2,990,000

2,904,357

Entertainment

0.2%

Take-Two Interactive

Software, Inc.,

5.40%, 6/12/2029

760,000

778,943

Warnermedia Holdings, Inc.,

3.76%, 3/15/2027(d)

1,255,000

1,224,074

2,003,017

Financial Services

1.2%

Atlas Warehouse Lending Co.

LP,

6.05%, 1/15/2028(a)(d)

3,010,000

3,036,819

Enact Holdings, Inc.,

6.25%, 5/28/2029(d)

2,545,000

2,611,195

Essent Group Ltd.,

6.25%, 7/1/2029(d)

1,125,000

1,158,803

78 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Financial Services

Nationstar Mortgage Holdings,

Inc.,

6.50%, 8/1/2029(a)

3,115,000

3,157,981

Nationwide Building Society,

(SOFR + 1.91%), 6.56%,

10/18/2027(a)(d)(e)

1,645,000

1,689,695

Synchrony Bank,

5.40%, 8/22/2025

2,505,000

2,508,387

14,162,880

Food Products

1.1%

Conagra Brands, Inc.,

5.30%, 10/1/2026(d)

4,125,000

4,165,240

General Mills, Inc.,

4.70%, 1/30/2027(d)

2,175,000

2,181,876

Kraft Heinz Foods Co.,

5.20%, 3/15/2032(d)

1,930,000

1,951,367

Mars, Inc.,

4.80%, 3/1/2030(a)(d)

4,100,000

4,123,451

12,421,934

Gas Utilities

0.3%

Spire, Inc.,

5.30%, 3/1/2026(d)

3,985,000

4,007,504

Ground Transportation

0.2%

JB Hunt Transport Services,

Inc.,

4.90%, 3/15/2030

1,610,000

1,619,935

Ryder System, Inc.,

5.00%, 3/15/2030

855,000

860,042

2,479,977

Health Care Equipment & Supplies

0.9%

Smith & Nephew plc,

5.15%, 3/20/2027

3,040,000

3,067,023

Solventum Corp.,

5.45%, 2/25/2027

3,940,000

3,996,745

Zimmer Biomet Holdings, Inc.,

5.05%, 2/19/2030

3,835,000

3,875,306

10,939,074

Health Care Providers & Services

0.1%

Universal Health Services,

Inc.,

4.63%, 10/15/2029

1,310,000

1,275,776

Health Care Technology

0.1%

IQVIA, Inc.,

6.25%, 2/1/2029(d)

1,295,000

1,348,458

Hotels, Restaurants & Leisure

1.4%

Carnival Corp.,

5.75%, 3/15/2030(a)(d)

4,095,000

4,078,517

Darden Restaurants, Inc.,

4.35%, 10/15/2027

2,985,000

2,962,990

Hyatt Hotels Corp.,

5.75%, 1/30/2027(d)

1,840,000

1,871,887

5.25%, 6/30/2029(d)

1,000,000

1,009,716

5.75%, 3/30/2032

780,000

784,193

International Game

Technology plc,

4.13%, 4/15/2026(a)

1,750,000

1,728,166

Corporate Bonds

Principal

Amount ($)

Value ($)

Hotels, Restaurants & Leisure

McDonald's Corp.,

4.60%, 5/15/2030

4,115,000

4,115,759

16,551,228

Industrial Conglomerates

0.3%

3M Co.,

4.80%, 3/15/2030

3,080,000

3,089,562

Insurance

3.0%

Athene Global Funding,

5.62%, 5/8/2026(a)

1,095,000

1,106,395

Brighthouse Financial Global

Funding,

5.55%, 4/9/2027(a)(d)

3,055,000

3,095,097

CNO Global Funding,

5.88%, 6/4/2027(a)(d)

3,065,000

3,143,773

Corebridge Global Funding,

4.65%, 8/20/2027(a)(d)

3,100,000

3,110,239

F&G Global Funding,

5.88%, 6/10/2027(a)(d)

3,025,000

3,086,385

Fortitude Group Holdings LLC,

6.25%, 4/1/2030(a)

670,000

677,335

GA Global Funding Trust,

4.40%, 9/23/2027(a)(d)

3,115,000

3,096,661

Jackson National Life Global

Funding,

5.25%, 4/12/2028(a)(d)

1,495,000

1,514,900

Mutual of Omaha Cos. Global

Funding,

5.35%, 4/9/2027(a)

4,850,000

4,916,586

Pricoa Global Funding I,

4.20%, 8/28/2025(a)

3,000,000

2,995,192

Principal Life Global Funding

II,

4.80%, 1/9/2028(a)(d)

4,145,000

4,179,666

Sammons Financial Group

Global Funding,

5.05%, 1/10/2028(a)(d)

2,000,000

2,023,581

SiriusPoint Ltd.,

7.00%, 4/5/2029(d)

1,685,000

1,759,229

34,705,039

IT Services

0.2%

CGI, Inc.,

4.95%, 3/14/2030(a)

2,545,000

2,545,100

Life Sciences Tools & Services

0.2%

Illumina, Inc.,

4.65%, 9/9/2026

2,585,000

2,582,703

Machinery

0.7%

CNH Industrial Capital LLC,

4.50%, 10/8/2027

2,920,000

2,906,328

4.75%, 3/21/2028

1,395,000

1,397,242

Daimler Truck Finance North

America LLC,

5.25%, 1/13/2030(a)(d)

4,110,000

4,152,684

8,456,254

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 79

Corporate Bonds

Principal

Amount ($)

Value ($)

Media

0.1%

Charter Communications

Operating LLC,

6.10%, 6/1/2029

1,605,000

1,657,243

Metals & Mining

1.4%

Cleveland-Cliffs, Inc.,

6.88%, 11/1/2029(a)(d)

2,180,000

2,133,258

Glencore Funding LLC,

5.19%, 4/1/2030(a)

1,430,000

1,439,217

Mineral Resources Ltd.,

9.25%, 10/1/2028(a)(d)

1,485,000

1,484,841

Novelis, Inc.,

6.88%, 1/30/2030(a)(d)

880,000

892,451

Nucor Corp.,

4.65%, 6/1/2030(d)

4,120,000

4,107,627

Reliance, Inc.,

1.30%, 8/15/2025(d)

3,230,000

3,186,512

Rio Tinto Finance USA plc,

4.88%, 3/14/2030(d)

2,925,000

2,955,068

16,198,974

Mortgage Real Estate Investment Trusts (REITs)

0.2%

Starwood Property Trust, Inc.,

6.50%, 7/1/2030(a)(d)

1,085,000

1,085,552

6.50%, 10/15/2030(a)

785,000

777,719

1,863,271

Multi-Utilities

1.7%

Ameren Corp.,

5.70%, 12/1/2026

4,175,000

4,249,058

CenterPoint Energy, Inc.,

5.25%, 8/10/2026(d)

3,070,000

3,098,005

Dominion Energy, Inc.,

5.00%, 6/15/2030

2,940,000

2,954,440

DTE Energy Co.,

4.95%, 7/1/2027

2,505,000

2,523,910

NiSource, Inc.,

0.95%, 8/15/2025

3,225,000

3,182,995

Sempra,

5.40%, 8/1/2026(d)

2,260,000

2,278,021

WEC Energy Group, Inc.,

5.60%, 9/12/2026(d)

1,439,000

1,459,884

19,746,313

Oil, Gas & Consumable Fuels

2.6%

APA Corp.,

6.10%, 2/15/2035(a)(d)

1,765,000

1,757,412

California Resources Corp.,

8.25%, 6/15/2029(a)

1,680,000

1,707,334

Canadian Natural Resources

Ltd.,

5.00%, 12/15/2029(a)

4,260,000

4,257,762

Chevron USA, Inc.,

4.69%, 4/15/2030

2,915,000

2,939,756

Chord Energy Corp.,

6.75%, 3/15/2033(a)

2,100,000

2,088,991

Crescent Energy Finance

LLC,

9.25%, 2/15/2028(a)

855,000

887,753

7.63%, 4/1/2032(a)(d)

855,000

845,652

Diamondback Energy, Inc.,

5.55%, 4/1/2035(d)

1,185,000

1,189,653

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Energy Transfer LP,

5.20%, 4/1/2030

2,345,000

2,371,487

Harbour Energy plc,

6.33%, 4/1/2035(a)

690,000

686,938

Hess Midstream Operations

LP,

5.88%, 3/1/2028(a)

4,045,000

4,063,271

Kinetik Holdings LP,

6.63%, 12/15/2028(a)

3,215,000

3,266,128

Marathon Petroleum Corp.,

5.15%, 3/1/2030

1,745,000

1,755,503

Occidental Petroleum Corp.,

5.20%, 8/1/2029

2,920,000

2,918,050

30,735,690

Passenger Airlines

0.1%

Air Canada,

3.88%, 8/15/2026(a)

595,000

581,840

United Airlines, Inc.,

4.63%, 4/15/2029(a)

255,000

241,301

823,141

Semiconductors & Semiconductor Equipment

0.5%

Microchip Technology, Inc.,

4.90%, 3/15/2028(d)

4,140,000

4,152,377

Micron Technology, Inc.,

5.80%, 1/15/2035(d)

1,420,000

1,454,078

5,606,455

Software

0.4%

Synopsys, Inc.,

4.85%, 4/1/2030(d)

4,110,000

4,137,037

Specialized REITs

0.6%

Extra Space Storage LP,

5.70%, 4/1/2028

1,010,000

1,037,449

Public Storage Operating Co.,

(United States SOFR

Compounded Index

+ 0.70%), 5.08%,

4/16/2027(d)(e)

6,145,000

6,170,347

7,207,796

Specialty Retail

0.4%

Advance Auto Parts, Inc.,

5.90%, 3/9/2026(d)

1,165,000

1,162,873

AutoNation, Inc.,

4.50%, 10/1/2025

465,000

464,209

Lowe's Cos., Inc.,

4.80%, 4/1/2026(d)

2,910,000

2,918,502

4,545,584

Technology Hardware, Storage & Peripherals

1.1%

Dell International LLC,

4.75%, 4/1/2028

5,880,000

5,906,881

Hewlett Packard Enterprise

Co.,

4.55%, 10/15/2029

2,930,000

2,898,449

NetApp, Inc.,

1.88%, 6/22/2025

3,150,000

3,129,431

5.50%, 3/17/2032

1,015,000

1,022,835

12,957,596

80 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Trading Companies & Distributors

0.7%

Aircastle Ltd.,

6.50%, 7/18/2028(a)(d)

1,010,000

1,052,299

Aviation Capital Group LLC,

5.13%, 4/10/2030(a)

1,230,000

1,223,250

GATX Corp.,

5.40%, 3/15/2027

1,490,000

1,508,929

5.50%, 6/15/2035

610,000

609,918

TTX Co.,

5.50%, 9/25/2026(a)

3,965,000

4,021,185

8,415,581

Water Utilities

0.2%

Essential Utilities, Inc.,

4.80%, 8/15/2027(d)

2,445,000

2,454,323

Wireless Telecommunication Services

0.2%

T-Mobile USA, Inc.,

5.13%, 5/15/2032(d)

1,800,000

1,811,319

Total Corporate Bonds

(cost $550,201,046)

554,418,467

Mortgage-Backed Securities 1.6%

FHLMC Non Gold Pool

Pool# 1Q0648

6.75%, 6/1/2037(b)

66,349

68,294

Pool# 1B3601

7.57%, 10/1/2037(b)

84,245

86,501

FHLMC UMBS Pool#

SD8245,

4.50%, 9/1/2052

5,080,848

4,868,482

FNMA Pool

Pool# 747271

7.72%, 7/1/2034(b)

131,370

134,651

Pool# 886345

7.31%, 8/1/2036(b)

25,120

25,627

FNMA UMBS Pool

Pool# MA4582

2.00%, 4/1/2037

2,322,357

2,100,331

Pool# BN0906

4.00%, 11/1/2048

2,375,756

2,240,953

Pool# MA4700

4.00%, 8/1/2052

3,422,914

3,195,161

Pool# MA4803

3.50%, 11/1/2052

3,123,142

2,820,427

Pool# MA4806

5.00%, 11/1/2052

2,954,910

2,910,075

Total Mortgage-Backed Securities

(cost $18,416,739)

18,450,502

U.S. Treasury Obligations 14.8%

U.S. Treasury Notes

4.63%, 6/30/2026

13,435,000

13,534,713

4.13%, 2/28/2027 (d)

160,285,000

160,892,329

Total U.S. Treasury Obligations

(cost $174,105,573)

174,427,042

Short-Term Investment 3.3%

Principal

Amount ($)

Value ($)

U.S. Treasury Obligation

3.3%

U.S. Treasury Bills, 4.24%,

4/3/2025

38,325,000

38,315,965

Total Short-Term Investment

(cost $38,315,992)

38,315,965

Repurchase Agreements 5.7%

Bank of America NA

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $6,000,727,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $6,120,000.

(f)

6,000,000

6,000,000

BNP Paribas Securities

Corp.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $51,006,205,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$52,020,001. (f)

51,000,000

51,000,000

BofA Securities, Inc.

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,000,121,

collateralized by U.S.

Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070;

total market value

$1,020,000. (f)

1,000,000

1,000,000

Cantor Fitzgerald & Co.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $2,040,521,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$2,081,078. (f)

2,040,273

2,040,273

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 81

Repurchase Agreements

Principal

Amount ($)

Value ($)

ING Financial Services LLC

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $2,001,688,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$2,040,001. (f)

2,000,000

2,000,000

Pershing LLC

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,604,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $5,100,000. (f)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $67,040,273)

67,040,273

Total Investments

(cost $1,220,772,649) — 104.5%

1,228,445,910

Liabilities in excess of other

assets — (4.5)%

(53,058,916)

NET ASSETS — 100.0%

$

1,175,386,994

^

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 as of March 31, 2025

was $451,638,947 which represents 38.42% 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,

2025.

(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 as of March 31, 2025.

(d)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $137,184,496, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $67,040,273 and by $74,172,624 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$141,212,897.

(e)

Variable or floating rate security, linked to the referenced

benchmark. The interest rate shown was the current rate as

of March 31, 2025.

(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, 2025 was $67,040,273.

CLO

Collateralized Loan Obligations

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

REIT

Real Estate Investment Trust

REMICS

Real Estate Mortgage Investment Conduits

SOFR

Secured Overnight Financing Rate

UMBS

Uniform Mortgage-Backed Securities

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

U.S. Treasury 2 Year Note

165

6/2025

USD

34,183,360

92,789

Total long contracts

92,789

Short Contracts

U.S. Treasury 5 Year Note

(58)

6/2025

USD

(6,273,063)

(39,525)

U.S. Treasury 10 Year Note

(288)

6/2025

USD

(32,031,000)

(196,301)

U.S. Treasury 10 Year Ultra Note

(128)

6/2025

USD

(14,608,000)

(31,148)

Total short contracts

(266,974)

Net contracts

(174,185)

Currency:

USD

United States Dollar

82 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term 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 Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 83

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

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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) Swap Contracts             

Credit Default Swap Contracts

— The Fund entered into credit default swap contracts. 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 or selected credit markets while maintaining liquidity to satisfy shareholder activity, to

manage broad credit market spread exposure and/or to create synthetic long and short exposure to select credit and 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.

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

344,421,831

$

–

$

344,421,831

Collateralized Mortgage Obligations  

–

247,392

–

247,392

Commercial Mortgage-Backed Securities

–

31,124,438

–

31,124,438

Corporate Bonds

–

554,418,467

–

554,418,467

Futures Contracts

92,789

–

–

92,789

Mortgage-Backed Securities

–

18,450,502

–

18,450,502

Repurchase Agreements

–

67,040,273

–

67,040,273

Short-Term Investment

–

38,315,965

–

38,315,965

U.S. Treasury Obligations

–

174,427,042

–

174,427,042

Total Assets

$

92,789

$

1,228,445,910

$

–

$

1,228,538,699

Liabilities:

Futures Contracts

$

(266,974)

$

–

$

–

$

(266,974)

Total Liabilities

$

(266,974)

$

–

$

–

$

(266,974)

Total

$

(174,185)

$

1,228,445,910

$

–

$

1,228,271,725

As of March 31, 2025, the Fund held one collateralized mortgage obligation investment that was categorized as a Level 3

investment which was valued at $0.

Collateralized

Mortgage

Obligation

Total

Balance as of 12/31/2024

$

—

$

—

Accrued Accretion/(Amortization)

(1)

(1)

Realized Gains (Losses)

(28)

(28)

Purchases

—

—

Sales

—

—

Change in Unrealized Appreciation/Depreciation

29

29

Transfers into Level 3

—

—

Transfers out of Level 3

—

—

Balance as of 3/31/2025

$

—

$

—

Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 3/31/2025

$

29

$

29

84 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

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. 

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, 2025 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).

As of March 31, 2025, the Fund had no open swap contracts. 

(b) Options      

The Fund purchased and/or wrote options on futures contracts, single stocks, ETFs, 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 and equity movements, 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.

NVIT Loomis Short Term Bond Fund - March 31, 2025 (Unaudited) - Statement of Investments - 85

Options traded on an exchange are valued at the settlement price provided by an independent pricing service as approved by the

Board. If a settlement price is not available, such options are valued at the last quoted sale price, if available, and otherwise at the

average bid/ask price. Exchange traded options are generally categorized as Level 1 investments within the hierarchy. Options

traded in the over-the-counter (“OTC”) market, and which are not quoted by NASDAQ, are valued at the last quoted bid price, and

are generally categorized as Level 2 investments within the hierarchy. The value of an option position reflects, among other things,

the implied price volatility of the underlying investment, the current market value of the underlying investment, the time remaining

until expiration of the option, the relationship of the strike price to the market price of the underlying investment, and general

market conditions. Options that expire unexercised have no value. American-style options can be exercised at any time prior to

the expiration date of the option. European-style options can only be exercised at expiration of the option.

The Fund effectively terminates its right or obligation under an option by entering into a closing transaction. Closing transactions

permit the Fund to realize the profit or limit the loss on an option position prior to its exercise or expiration.

If the Fund is unable to affect a closing transaction for an option it purchased, it would have to exercise the option to realize any

profit. The inability to enter into a closing purchase transaction for a covered call option written by the Fund could cause material

losses because the Fund would be unable to sell the investment used as a cover for the written option until the option expires or

is exercised.

The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different

from those associated with ordinary portfolio securities transactions. Imperfect correlation between options and the securities

markets may detract from the effectiveness of attempted hedging. Transactions using OTC options (other than options purchased

by the Fund) expose the Fund to counterparty risk. To the extent required by Securities and Exchange Commission (“SEC”)

guidelines, the Fund will not enter into any options transactions unless it owns either (i) an offsetting (“covered”) position in

securities, other options, or futures or (ii) cash and liquid obligations with a value sufficient at all times to cover its potential

obligations to the extent not covered as provided in (i) above. A Fund will also earmark or set aside cash and/or appropriate liquid

assets in a segregated custodial account as required by SEC and U.S. Commodity Futures Trading Commission regulations.

Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option or futures

contract is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund’s assets

to earmarking or segregated accounts as a cover could impede portfolio management or the Fund’s ability to meet redemption

requests or other current obligations.

As of March 31, 2025, the Fund had no open option contracts. 

(c) 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 managing 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

86 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Loomis Short Term Bond Fund

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Futures Contracts

Interest rate risk

Unrealized appreciation from futures contracts

$

92,789

Total

$

92,789

Liabilities:

Futures Contracts

Interest rate risk

Unrealized depreciation from futures contracts

$

(266,974)

Total

$

(266,974)

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - Statement of Investments - 1

Asset-Backed Securities 0.4%

Principal

Amount ($)

Value ($)

Airlines 0.0%

†

United Airlines Pass-Through

Trust

Series 2020-1, Class A,

5.88%, 10/15/2027

153,437

156,253

Series 2023-1, Class A,

5.80%, 1/15/2036

98,397

99,736

Series 2024-1, Class AA,

5.45%, 2/15/2037

49,565

49,951

Series 2024-1, Class A,

5.88%, 2/15/2037

24,782

24,934

330,874

Automobiles 0.2%

CarMax Auto Owner Trust,

Series 2024-2, Class A3,

5.50%, 1/16/2029

1,000,000

1,016,536

GM Financial Consumer

Automobile Receivables

Trust, Series 2024-4, Class

A3, 4.40%, 8/16/2029

750,000

750,964

Honda Auto Receivables

Owner Trust, Series 2024-3,

Class A3, 4.57%, 3/21/2029

500,000

502,086

Nissan Auto Receivables

Owner Trust, Series 2024-B,

Class A3, 4.34%, 3/15/2029

2,000,000

1,999,661

Santander Drive Auto

Receivables Trust

Series 2024-1, Class B,

5.23%, 12/15/2028

210,000

211,077

Series 2023-2, Class C,

5.47%, 12/16/2030

600,000

608,351

5,088,675

Credit Card 0.1%

American Express Credit

Account Master Trust,

Series 2023-4, Class A,

5.15%, 9/15/2030

500,000

514,193

Capital One Multi-Asset

Execution Trust, Series

2022-A3, Class A, 4.95%,

10/15/2027

1,500,000

1,502,997

WF Card Issuance Trust,

Series 2024-A2, Class A,

4.29%, 10/15/2029

600,000

599,870

2,617,060

Other 0.1%

Verizon Master Trust, Series

2023-1, Class A, 4.49%,

1/22/2029

1,000,000

999,908

Total Asset-Backed Securities

(cost $9,002,478)

9,036,517

Commercial Mortgage-Backed Securities 1.5%

Principal

Amount ($)

Value ($)

BANK

Series 2022-BNK43, Class

A5, 4.40%, 8/15/2055

550,000

527,363

Series 2018-BN12, Class

AS, 4.34%, 5/15/2061(a)

250,000

242,962

Series 2020-BN25, Class C,

3.35%, 1/15/2063(a)

100,000

85,751

BBCMS Mortgage Trust

Series 2017-C1, Class A4,

3.67%, 2/15/2050

375,000

365,913

Series 2024-5C25, Class C,

6.64%, 3/15/2057(a)

250,000

256,786

Benchmark Mortgage Trust

Series 2018-B4, Class A5,

4.12%, 7/15/2051(a)

1,000,000

977,076

Series 2019-B11, Class A4,

3.28%, 5/15/2052

3,000,000

2,849,161

Series 2021-B25, Class A5,

2.58%, 4/15/2054

1,500,000

1,300,145

Series 2024-V5, Class B,

6.06%, 1/10/2057(a)

100,000

101,750

Series 2024-V5, Class C,

6.97%, 1/10/2057(a)

59,000

60,957

BMARK, Series 2023-

V4, Class B, 7.46%,

11/15/2056(a)

200,000

212,605

BMO Mortgage Trust

Series 2024-C9, Class C,

6.38%, 7/15/2057(a)

200,000

203,227

Series 2024-5C6, Class A3,

5.32%, 9/15/2057

190,000

193,044

Citigroup Commercial

Mortgage Trust

Series 2016-P5, Class A4,

2.94%, 10/10/2049

600,000

577,755

Series 2017-P7, Class A4,

3.71%, 4/14/2050

1,500,000

1,453,633

Series 2019-GC43, Class

A4, 3.04%, 11/10/2052

2,940,000

2,662,016

CSAIL Commercial Mortgage

Trust

Series 2018-CX11, Class

A5, 4.03%, 4/15/2051(a)

1,250,000

1,222,336

Series 2018-CX11, Class B,

4.45%, 4/15/2051(a)

250,000

238,717

FHLMC Multifamily Structured

Pass-Through Certificates

REMIC

Series K069, Class A2,

3.19%, 9/25/2027(a)

2,465,876

2,405,019

Series K517, Class A2,

5.36%, 1/25/2029(a)

1,000,000

1,033,074

Series K100, Class A2,

2.67%, 9/25/2029

3,500,000

3,269,655

Series K112, Class A2,

1.31%, 5/25/2030

1,000,000

861,713

Series K115, Class A2,

1.38%, 6/25/2030

960,000

827,888

Series K120, Class A2,

1.50%, 10/25/2030

2,000,000

1,717,175

Series K121, Class A2,

1.55%, 10/25/2030

2,000,000

1,721,151

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Commercial Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

Series K-155, Class A2,

4.25%, 4/25/2033

1,000,000

979,939

Series K-1510, Class A3,

3.79%, 1/25/2034

2,500,000

2,361,105

FNMA ACES REMIC, Series

2018-M14, Class A2,

3.58%, 8/25/2028(a)

1,311,169

1,284,479

Morgan Stanley Capital I Trust

Series 2019-H6, Class A4,

3.42%, 6/15/2052

1,180,000

1,118,203

Series 2020-L4, Class AS,

2.88%, 2/15/2053

500,000

448,879

Series 2021-L7, Class A5,

2.57%, 10/15/2054

3,000,000

2,603,721

Wells Fargo Commercial

Mortgage Trust, Series

2017-C40, Class A4, 3.58%,

10/15/2050

1,500,000

1,457,372

Total Commercial Mortgage-Backed

Securities

(cost $38,169,644)

35,620,570

Corporate Bonds 24.3%

Aerospace & Defense

0.5%

Boeing Co. (The),

2.25%, 6/15/2026

500,000

484,460

5.04%, 5/1/2027

500,000

502,274

6.26%, 5/1/2027(b)

100,000

102,886

3.20%, 3/1/2029(b)

150,000

140,834

6.30%, 5/1/2029

80,000

83,895

2.95%, 2/1/2030(b)

85,000

77,423

5.15%, 5/1/2030(b)

400,000

402,481

6.39%, 5/1/2031

80,000

85,250

3.60%, 5/1/2034(b)

100,000

86,066

6.53%, 5/1/2034

200,000

214,297

3.25%, 2/1/2035(b)

100,000

82,342

5.71%, 5/1/2040

350,000

340,237

3.90%, 5/1/2049

200,000

144,148

3.75%, 2/1/2050(b)

200,000

140,181

5.81%, 5/1/2050(b)

500,000

475,991

6.86%, 5/1/2054

120,000

130,344

5.93%, 5/1/2060

360,000

338,637

7.01%, 5/1/2064

120,000

130,031

GE Capital International

Funding Co. Unlimited Co.,

4.42%, 11/15/2035

200,000

189,587

General Dynamics Corp.,

1.15%, 6/1/2026

45,000

43,439

2.63%, 11/15/2027

300,000

288,127

3.63%, 4/1/2030

200,000

192,237

2.25%, 6/1/2031

30,000

26,234

2.85%, 6/1/2041

50,000

36,108

4.25%, 4/1/2050

200,000

165,968

General Electric Co.,

Series A, 6.75%,

3/15/2032(b)

300,000

334,912

5.88%, 1/14/2038(b)

90,000

95,065

Huntington Ingalls Industries,

Inc.,

3.48%, 12/1/2027(b)

200,000

193,922

Corporate Bonds

Principal

Amount ($)

Value ($)

Aerospace & Defense

Huntington Ingalls Industries,

Inc.,

5.35%, 1/15/2030(b)

25,000

25,340

5.75%, 1/15/2035(b)

25,000

25,202

L3Harris Technologies, Inc.,

5.40%, 1/15/2027

100,000

101,433

4.40%, 6/15/2028

98,000

97,278

5.05%, 6/1/2029(b)

50,000

50,647

2.90%, 12/15/2029(b)

100,000

92,196

1.80%, 1/15/2031

185,000

156,654

5.25%, 6/1/2031

45,000

45,830

5.40%, 7/31/2033

95,000

96,206

5.35%, 6/1/2034(b)

35,000

35,329

4.85%, 4/27/2035

90,000

86,891

5.50%, 8/15/2054(b)

50,000

48,258

Leidos, Inc.,

2.30%, 2/15/2031

98,000

84,246

Lockheed Martin Corp.,

4.50%, 2/15/2029(b)

45,000

45,154

4.70%, 12/15/2031(b)

30,000

29,930

3.90%, 6/15/2032

50,000

47,258

5.25%, 1/15/2033

25,000

25,644

4.80%, 8/15/2034

50,000

49,254

3.60%, 3/1/2035(b)

110,000

98,224

4.07%, 12/15/2042

393,000

328,926

4.70%, 5/15/2046

250,000

224,023

4.09%, 9/15/2052

300,000

238,573

4.15%, 6/15/2053(b)

100,000

79,976

5.70%, 11/15/2054(b)

25,000

25,396

5.20%, 2/15/2055(b)

40,000

37,889

4.30%, 6/15/2062

100,000

79,132

5.90%, 11/15/2063

130,000

135,032

Northrop Grumman Corp.,

3.25%, 1/15/2028

400,000

387,251

4.60%, 2/1/2029

50,000

50,191

4.70%, 3/15/2033

100,000

98,654

4.90%, 6/1/2034

50,000

49,527

4.75%, 6/1/2043(b)

250,000

225,832

4.03%, 10/15/2047

400,000

319,450

4.95%, 3/15/2053(b)

75,000

67,667

5.20%, 6/1/2054(b)

100,000

93,661

RTX Corp.,

5.75%, 11/8/2026(b)

75,000

76,378

4.13%, 11/16/2028

250,000

246,474

5.75%, 1/15/2029(b)

75,000

78,084

6.00%, 3/15/2031(b)

175,000

185,861

1.90%, 9/1/2031(b)

50,000

41,934

2.38%, 3/15/2032(b)

185,000

157,359

5.15%, 2/27/2033(b)

125,000

126,112

6.10%, 3/15/2034(b)

110,000

117,959

4.70%, 12/15/2041

50,000

45,153

4.50%, 6/1/2042

700,000

615,721

3.75%, 11/1/2046

100,000

76,301

4.63%, 11/16/2048(b)

400,000

343,784

3.03%, 3/15/2052

195,000

123,679

5.38%, 2/27/2053(b)

95,000

90,676

6.40%, 3/15/2054(b)

50,000

54,731

Textron, Inc.,

6.10%, 11/15/2033

100,000

105,315

11,695,051

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 3

Corporate Bonds

Principal

Amount ($)

Value ($)

Air Freight & Logistics

0.1%

FedEx Corp.,

3.10%, 8/5/2029

100,000

93,657

4.90%, 1/15/2034(c)

100,000

96,406

4.55%, 4/1/2046

400,000

324,730

GXO Logistics, Inc.,

6.25%, 5/6/2029(b)

25,000

25,799

6.50%, 5/6/2034

25,000

25,584

United Parcel Service, Inc.,

3.05%, 11/15/2027(b)

100,000

97,108

4.88%, 3/3/2033(b)

60,000

60,210

5.15%, 5/22/2034(b)

75,000

76,127

6.20%, 1/15/2038

295,000

319,477

3.40%, 9/1/2049(b)

320,000

225,048

5.30%, 4/1/2050

150,000

142,894

5.05%, 3/3/2053(b)

60,000

54,999

5.50%, 5/22/2054(b)

75,000

73,313

5.60%, 5/22/2064

75,000

73,414

1,688,766

Automobile Components

0.0%

†

Aptiv Swiss Holdings Ltd.,

3.25%, 3/1/2032(b)

110,000

95,847

5.40%, 3/15/2049

50,000

43,119

3.10%, 12/1/2051

132,000

77,291

4.15%, 5/1/2052(b)

100,000

70,827

BorgWarner, Inc.,

2.65%, 7/1/2027

55,000

52,706

Lear Corp.,

2.60%, 1/15/2032

50,000

42,178

5.25%, 5/15/2049

150,000

129,291

Magna International, Inc.,

5.05%, 3/14/2029

25,000

25,193

5.50%, 3/21/2033

20,000

20,192

556,644

Automobiles

0.1%

Ford Motor Co.,

3.25%, 2/12/2032

300,000

247,243

6.10%, 8/19/2032(b)

100,000

98,050

4.75%, 1/15/2043

200,000

151,767

5.29%, 12/8/2046

300,000

241,586

General Motors Co.,

4.20%, 10/1/2027

250,000

245,929

6.80%, 10/1/2027

100,000

104,090

5.40%, 10/15/2029(b)

60,000

60,330

5.60%, 10/15/2032(b)

90,000

89,257

6.60%, 4/1/2036(b)

106,000

109,423

5.15%, 4/1/2038(b)

250,000

226,301

6.25%, 10/2/2043

200,000

192,426

5.20%, 4/1/2045

250,000

209,797

Honda Motor Co. Ltd.,

2.53%, 3/10/2027

78,000

75,248

2.97%, 3/10/2032(b)

100,000

88,183

Mercedes-Benz Finance North

America LLC,

8.50%, 1/18/2031(b)

250,000

294,474

Toyota Motor Corp.,

5.12%, 7/13/2028

25,000

25,575

5.12%, 7/13/2033(b)

25,000

25,505

2,485,184

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

4.5%

Banco Bilbao Vizcaya

Argentaria SA,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.95%),

6.03%, 3/13/2035(d)

200,000

205,508

Banco Santander SA,

5.29%, 8/18/2027

400,000

405,152

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.90%),

1.72%, 9/14/2027(b)(d)

200,000

191,460

3.80%, 2/23/2028

600,000

585,830

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.00%),

4.18%, 3/24/2028(d)

200,000

197,984

5.59%, 8/8/2028(b)

200,000

205,695

5.44%, 7/15/2031

200,000

204,984

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.60%),

3.23%, 11/22/2032(b)(d)

200,000

172,786

6.92%, 8/8/2033

200,000

212,177

6.94%, 11/7/2033(b)

200,000

222,604

Bank of America Corp.,

4.25%, 10/22/2026(b)

435,000

433,619

(CME Term SOFR 3

Month + 1.32%), 3.56%,

4/23/2027(d)

100,000

98,916

(SOFR + 0.96%), 1.73%,

7/22/2027(d)

850,000

819,274

(SOFR + 1.34%), 5.93%,

9/15/2027(d)

125,000

127,439

(CME Term SOFR 3

Month + 1.84%), 3.82%,

1/20/2028(d)

500,000

493,665

(SOFR + 1.05%), 2.55%,

2/4/2028(d)

280,000

270,125

(SOFR + 1.58%), 4.38%,

4/27/2028(b)(d)

260,000

258,924

(SOFR + 2.04%), 4.95%,

7/22/2028(d)

250,000

252,008

(SOFR + 1.99%), 6.20%,

11/10/2028(b)(d)

70,000

72,752

(CME Term SOFR 3

Month + 1.30%), 3.42%,

12/20/2028(d)

600,000

581,475

Series FIX, (SOFR

+ 0.83%), 4.98%,

1/24/2029(d)

225,000

227,281

(SOFR + 1.63%), 5.20%,

4/25/2029(b)(d)

215,000

218,429

(SOFR + 1.06%), 2.09%,

6/14/2029(d)

100,000

92,468

(CME Term SOFR 3

Month + 1.57%), 4.27%,

7/23/2029(b)(d)

500,000

493,932

(SOFR + 1.57%), 5.82%,

9/15/2029(d)

125,000

129,540

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Bank of America Corp.,

(CME Term SOFR 3

Month + 1.47%), 3.97%,

2/7/2030(b)(d)

300,000

291,912

(CME Term SOFR 3

Month + 1.45%), 2.88%,

10/22/2030(d)

200,000

184,376

Series FIX, (SOFR

+ 1.00%), 5.16%,

1/24/2031(b)(d)

310,000

314,273

(CME Term SOFR 3

Month + 1.25%), 2.50%,

2/13/2031(d)

200,000

179,541

(SOFR + 2.15%), 2.59%,

4/29/2031(d)

600,000

538,914

(SOFR + 1.37%), 1.92%,

10/24/2031(d)

400,000

342,270

(SOFR + 1.32%), 2.69%,

4/22/2032(b)(d)

630,000

554,493

(SOFR + 1.22%), 2.30%,

7/21/2032(d)

100,000

85,416

(SOFR + 1.21%), 2.57%,

10/20/2032(d)

280,000

241,570

(SOFR + 1.33%), 2.97%,

2/4/2033(d)

350,000

306,877

(SOFR + 1.83%), 4.57%,

4/27/2033(b)(d)

290,000

280,238

(SOFR + 2.16%), 5.02%,

7/22/2033(b)(d)

665,000

662,210

(SOFR + 1.91%), 5.29%,

4/25/2034(d)

580,000

582,620

(SOFR + 1.84%), 5.87%,

9/15/2034(b)(d)

375,000

391,332

(SOFR + 1.65%), 5.47%,

1/23/2035(b)(d)

460,000

466,698

(SOFR + 1.91%), 5.43%,

8/15/2035(d)

150,000

146,870

(SOFR + 1.74%), 5.52%,

10/25/2035(d)

300,000

294,345

(SOFR + 1.31%), 5.51%,

1/24/2036(b)(d)

245,000

249,342

(SOFR + 1.70%), 5.74%,

2/12/2036(d)

180,000

179,656

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.20%),

2.48%, 9/21/2036(d)

300,000

250,192

(CME Term SOFR 3

Month + 2.08%), 4.24%,

4/24/2038(d)

350,000

315,645

7.75%, 5/14/2038

200,000

237,119

(CME Term SOFR 3

Month + 1.58%), 4.08%,

4/23/2040(b)(d)

100,000

86,478

(SOFR + 1.93%), 2.68%,

6/19/2041(d)

300,000

212,795

5.88%, 2/7/2042(b)

250,000

261,387

(SOFR + 1.58%), 3.31%,

4/22/2042(d)

300,000

228,070

5.00%, 1/21/2044

50,000

46,838

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Bank of America Corp.,

(CME Term SOFR 3

Month + 2.25%), 4.44%,

1/20/2048(d)

300,000

254,420

(CME Term SOFR 3

Month + 1.78%), 4.33%,

3/15/2050(b)(d)

300,000

247,329

(CME Term SOFR 3

Month + 3.41%), 4.08%,

3/20/2051(d)

600,000

471,463

(SOFR + 1.88%), 2.83%,

10/24/2051(d)

60,000

37,422

(SOFR + 1.56%), 2.97%,

7/21/2052(b)(d)

50,000

32,054

Bank of America NA,

5.53%, 8/18/2026

250,000

254,021

Bank of Montreal,

5.30%, 6/5/2026

40,000

40,363

1.25%, 9/15/2026(b)

300,000

286,615

2.65%, 3/8/2027

100,000

96,830

5.37%, 6/4/2027

75,000

76,372

Series f2f, (SOFR + 0.88%),

4.57%, 9/10/2027(d)

25,000

25,012

Series H, 4.70%,

9/14/2027(b)

150,000

150,834

5.20%, 2/1/2028(b)

150,000

152,745

5.72%, 9/25/2028

100,000

103,598

(United States SOFR

Compounded Index

+ 0.67%), 5.00%,

1/27/2029(d)

45,000

45,466

(SOFR + 1.25%), 4.64%,

9/10/2030(b)(d)

125,000

124,326

5.51%, 6/4/2031(b)

75,000

77,281

(USD Swap Semi 5

Year + 1.43%), 3.80%,

12/15/2032(d)

99,000

95,641

Bank of Nova Scotia (The),

1.35%, 6/24/2026(b)

300,000

288,907

1.30%, 9/15/2026(b)

200,000

191,154

5.35%, 12/7/2026

50,000

50,688

1.95%, 2/2/2027(b)

50,000

47,982

5.40%, 6/4/2027

25,000

25,507

5.25%, 6/12/2028(b)

40,000

40,913

(SOFR + 1.00%), 4.40%,

9/8/2028(d)

25,000

24,882

(SOFR + 0.89%), 4.93%,

2/14/2029(d)

50,000

50,306

5.45%, 8/1/2029(b)

25,000

25,685

4.85%, 2/1/2030(b)

60,000

60,346

(SOFR + 1.07%), 5.13%,

2/14/2031(d)

50,000

50,456

2.15%, 8/1/2031(b)

300,000

256,122

2.45%, 2/2/2032(b)

50,000

42,864

(SOFR + 1.44%), 4.74%,

11/10/2032(b)(d)

25,000

24,631

5.65%, 2/1/2034(b)

50,000

51,774

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.05%),

4.59%, 5/4/2037(d)

92,000

84,985

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 5

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Barclays plc,

5.20%, 5/12/2026

500,000

501,599

(SOFR + 2.21%), 5.83%,

5/9/2027(d)

200,000

202,440

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.05%),

2.28%, 11/24/2027(d)

400,000

384,555

4.34%, 1/10/2028

200,000

198,461

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.65%),

5.50%, 8/9/2028(d)

200,000

202,976

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 3.30%),

7.39%, 11/2/2028(d)

200,000

212,457

(SOFR + 0.96%), 5.09%,

2/25/2029(d)

200,000

201,418

+ 1.90%), 4.97%,

5/16/2029(d)

400,000

401,276

+ 3.05%), 5.09%,

6/20/2030(b)(d)

200,000

198,637

(SOFR + 1.56%), 4.94%,

9/10/2030(b)(d)

200,000

199,362

(SOFR + 1.23%), 5.37%,

2/25/2031(d)

200,000

202,214

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 3.50%),

7.44%, 11/2/2033(d)

200,000

223,246

(SOFR + 2.98%), 6.22%,

5/9/2034(d)

400,000

416,692

(SOFR + 2.62%), 6.69%,

9/13/2034(d)

200,000

214,439

(SOFR + 1.91%), 5.34%,

9/10/2035(d)

200,000

195,099

(SOFR + 1.59%), 5.79%,

2/25/2036(d)

200,000

201,092

5.25%, 8/17/2045(b)

205,000

193,585

4.95%, 1/10/2047(b)

200,000

180,255

Canadian Imperial Bank of

Commerce,

1.25%, 6/22/2026(b)

200,000

192,561

5.62%, 7/17/2026

25,000

25,352

5.93%, 10/2/2026(b)

50,000

51,006

3.45%, 4/7/2027

80,000

78,458

5.24%, 6/28/2027(b)

50,000

50,744

(SOFR + 0.93%), 4.51%,

9/11/2027(b)(d)

50,000

49,944

(SOFR + 0.72%), 4.86%,

1/13/2028(b)(d)

25,000

25,112

5.00%, 4/28/2028

60,000

60,726

5.99%, 10/3/2028

50,000

52,183

(SOFR + 1.03%), 4.86%,

3/30/2029(d)

50,000

50,179

5.26%, 4/8/2029(b)

75,000

76,385

(SOFR + 1.34%), 4.63%,

9/11/2030(b)(d)

50,000

49,562

(SOFR + 1.11%), 5.25%,

1/13/2031(d)

25,000

25,324

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Canadian Imperial Bank of

Commerce,

6.09%, 10/3/2033(b)

50,000

52,888

Citibank NA,

5.44%, 4/30/2026

250,000

252,692

4.93%, 8/6/2026

250,000

251,643

5.49%, 12/4/2026

250,000

254,217

5.80%, 9/29/2028(b)

250,000

260,368

4.84%, 8/6/2029(b)

250,000

252,655

5.57%, 4/30/2034(b)

250,000

256,913

Citigroup, Inc.,

3.40%, 5/1/2026

500,000

494,207

3.20%, 10/21/2026

500,000

490,155

(SOFR + 0.77%), 1.46%,

6/9/2027(d)

285,000

274,536

4.45%, 9/29/2027

500,000

497,645

(CME Term SOFR 3

Month + 1.82%), 3.89%,

1/10/2028(b)(d)

500,000

493,833

(SOFR + 1.28%), 3.07%,

2/24/2028(b)(d)

400,000

388,718

(SOFR + 1.89%), 4.66%,

5/24/2028(d)

70,000

70,089

(SOFR + 0.87%), 4.79%,

3/4/2029(d)

200,000

200,435

(SOFR + 1.36%), 5.17%,

2/13/2030(d)

605,000

612,873

(CME Term SOFR 3

Month + 1.60%), 3.98%,

3/20/2030(b)(d)

250,000

242,355

(SOFR + 1.34%), 4.54%,

9/19/2030(b)(d)

200,000

197,303

(SOFR + 1.42%), 2.98%,

11/5/2030(b)(d)

200,000

184,171

(SOFR + 1.15%), 2.67%,

1/29/2031(b)(d)

100,000

90,222

(SOFR + 3.91%), 4.41%,

3/31/2031(d)

300,000

292,329

(SOFR + 2.11%), 2.57%,

6/3/2031(d)

300,000

267,157

(SOFR + 1.17%), 2.56%,

5/1/2032(b)(d)

245,000

212,829

6.63%, 6/15/2032

83,000

89,454

(SOFR + 1.35%), 3.06%,

1/25/2033(d)

450,000

394,514

(SOFR + 1.94%), 3.79%,

3/17/2033(d)

265,000

242,397

(SOFR + 2.09%), 4.91%,

5/24/2033(b)(d)

335,000

328,500

(SOFR + 2.34%), 6.27%,

11/17/2033(b)(d)

200,000

212,257

(SOFR + 2.66%), 6.17%,

5/25/2034(b)(d)

445,000

456,112

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.28%),

5.59%, 11/19/2034(b)(d)

150,000

150,508

(SOFR + 2.06%), 5.83%,

2/13/2035(d)

175,000

174,248

(SOFR + 1.45%), 5.45%,

6/11/2035(d)

200,000

201,128

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Citigroup, Inc.,

(SOFR + 1.83%), 6.02%,

1/24/2036(d)

145,000

146,385

(SOFR + 1.47%), 5.33%,

3/27/2036(d)

155,000

154,436

8.13%, 7/15/2039

350,000

434,191

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.73%),

5.41%, 9/19/2039(b)(d)

100,000

95,655

(SOFR + 4.55%), 5.32%,

3/26/2041(b)(d)

300,000

290,136

6.68%, 9/13/2043(b)

150,000

162,266

4.65%, 7/23/2048(b)

200,000

170,396

(SOFR + 1.75%), 5.61%,

3/4/2056(d)

120,000

117,214

Citizens Financial Group, Inc.,

(SOFR + 2.01%), 5.84%,

1/23/2030(b)(d)

96,000

98,607

2.50%, 2/6/2030

170,000

150,986

(SOFR + 1.26%), 5.25%,

3/5/2031(d)

50,000

50,269

(SOFR + 1.91%), 5.72%,

7/23/2032(b)(d)

50,000

50,899

(SOFR + 2.33%), 6.65%,

4/25/2035(d)

100,000

106,406

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.75%),

5.64%, 5/21/2037(b)(d)

40,000

39,046

Comerica, Inc.,

4.00%, 2/1/2029

250,000

240,230

(SOFR + 2.16%), 5.98%,

1/30/2030(b)(d)

72,000

73,164

Cooperatieve Rabobank UA,

5.25%, 5/24/2041

175,000

172,158

5.25%, 8/4/2045(b)

250,000

238,131

Fifth Third Bancorp,

(SOFR + 1.36%), 4.06%,

4/25/2028(b)(d)

40,000

39,506

(United States SOFR

Compounded Index

+ 2.19%), 6.36%,

10/27/2028(d)

60,000

62,344

(SOFR + 2.34%), 6.34%,

7/27/2029(b)(d)

106,000

110,809

(United States SOFR

Compounded Index

+ 2.13%), 4.77%,

7/28/2030(b)(d)

60,000

59,644

(SOFR + 1.84%), 5.63%,

1/29/2032(b)(d)

100,000

102,365

(SOFR + 1.66%), 4.34%,

4/25/2033(d)

40,000

37,677

Fifth Third Bank NA,

2.25%, 2/1/2027(b)

295,000

283,869

HSBC Holdings plc,

(SOFR + 1.57%), 5.89%,

8/14/2027(b)(d)

400,000

406,308

(SOFR + 1.06%), 5.60%,

5/17/2028(b)(d)

200,000

203,317

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

HSBC Holdings plc,

(SOFR + 2.11%), 4.76%,

6/9/2028(d)

200,000

199,965

(SOFR + 3.35%), 7.39%,

11/3/2028(b)(d)

215,000

228,499

(SOFR + 1.03%), 4.90%,

3/3/2029(d)

200,000

200,470

(SOFR + 1.97%), 6.16%,

3/9/2029(b)(d)

400,000

414,553

(SOFR + 1.29%), 2.21%,

8/17/2029(b)(d)

200,000

183,264

(SOFR + 1.46%), 5.55%,

3/4/2030(b)(d)

200,000

204,345

4.95%, 3/31/2030(b)

200,000

200,658

(CME Term SOFR 3

Month + 1.87%), 3.97%,

5/22/2030(d)

200,000

192,472

(SOFR + 1.29%), 5.29%,

11/19/2030(d)

200,000

202,072

(SOFR + 1.29%), 5.13%,

3/3/2031(b)(d)

200,000

200,618

(SOFR + 1.95%), 2.36%,

8/18/2031(d)

300,000

261,348

(SOFR + 1.52%), 5.73%,

5/17/2032(d)

200,000

205,987

(SOFR + 1.19%), 2.80%,

5/24/2032(d)

220,000

192,431

(SOFR + 1.41%), 2.87%,

11/22/2032(d)

200,000

173,895

(SOFR + 2.53%), 4.76%,

3/29/2033(b)(d)

200,000

190,982

(SOFR + 2.87%), 5.40%,

8/11/2033(b)(d)

300,000

303,278

(SOFR + 4.25%), 8.11%,

11/3/2033(d)

300,000

341,689

(SOFR + 2.39%), 6.25%,

3/9/2034(b)(d)

200,000

211,435

(SOFR + 3.02%), 7.40%,

11/13/2034(b)(d)

200,000

219,874

(SOFR + 1.78%), 5.72%,

3/4/2035(d)

200,000

204,755

(SOFR + 1.56%), 5.45%,

3/3/2036(b)(d)

200,000

199,263

6.50%, 5/2/2036

200,000

207,657

6.50%, 9/15/2037

200,000

206,770

6.80%, 6/1/2038

200,000

213,469

(SOFR + 2.65%), 6.33%,

3/9/2044(d)

200,000

213,093

5.25%, 3/14/2044(b)

250,000

233,464

Huntington Bancshares, Inc.,

(SOFR + 1.97%), 4.44%,

8/4/2028(d)

30,000

29,798

(SOFR + 1.28%), 5.27%,

1/15/2031(d)

50,000

50,532

(United States SOFR

Compounded Index +

1.87%), 5.71%, 2/2/2035(b)

(d)

100,000

101,065

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 7

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Huntington Bancshares, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.17%),

2.49%, 8/15/2036(d)

250,000

205,983

Huntington National Bank

(The),

(United States SOFR

Compounded Index

+ 1.65%), 4.55%,

5/17/2028(d)

250,000

249,662

ING Groep NV,

3.95%, 3/29/2027(b)

300,000

296,538

(SOFR + 1.83%), 4.02%,

3/28/2028(b)(d)

400,000

395,527

4.55%, 10/2/2028(b)

200,000

199,061

(SOFR + 1.44%), 5.34%,

3/19/2030(b)(d)

200,000

203,716

(SOFR + 1.77%), 5.55%,

3/19/2035(d)

200,000

201,581

JPMorgan Chase & Co.,

2.95%, 10/1/2026

1,000,000

980,283

8.00%, 4/29/2027(b)

290,000

310,526

(SOFR + 0.77%), 1.47%,

9/22/2027(d)

200,000

191,301

4.25%, 10/1/2027

500,000

499,795

(SOFR + 1.33%), 6.07%,

10/22/2027(d)

170,000

174,014

(SOFR + 1.19%), 5.04%,

1/23/2028(d)

80,000

80,694

(SOFR + 1.17%), 2.95%,

2/24/2028(d)

85,000

82,573

(SOFR + 0.93%), 5.57%,

4/22/2028(b)(d)

175,000

178,497

(SOFR + 1.56%), 4.32%,

4/26/2028(d)

360,000

358,238

(CME Term SOFR 3

Month + 1.64%), 3.54%,

5/1/2028(d)

500,000

489,980

(SOFR + 0.93%), 4.98%,

7/22/2028(b)(d)

50,000

50,446

(SOFR + 1.99%), 4.85%,

7/25/2028(d)

180,000

181,150

(SOFR + 0.86%), 4.51%,

10/22/2028(d)

110,000

109,889

(SOFR + 0.80%), 4.92%,

1/24/2029(d)

195,000

196,854

(CME Term SOFR 3

Month + 1.38%), 4.01%,

4/23/2029(b)(d)

300,000

294,867

(SOFR + 1.02%), 2.07%,

6/1/2029(b)(d)

400,000

370,349

(SOFR + 1.45%), 5.30%,

7/24/2029(d)

235,000

239,794

(SOFR + 1.57%), 6.09%,

10/23/2029(d)

165,000

172,756

(SOFR + 1.31%), 5.01%,

1/23/2030(b)(d)

175,000

176,943

(SOFR + 1.16%), 5.58%,

4/22/2030(b)(d)

175,000

180,505

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

JPMorgan Chase & Co.,

(CME Term SOFR 3

Month + 1.42%), 3.70%,

5/6/2030(d)

250,000

240,567

(SOFR + 1.75%), 4.57%,

6/14/2030(b)(d)

200,000

198,862

(SOFR + 1.13%), 5.00%,

7/22/2030(d)

125,000

126,131

(CME Term SOFR 3

Month + 1.51%), 2.74%,

10/15/2030(b)(d)

300,000

275,280

(SOFR + 1.04%), 4.60%,

10/22/2030(d)

200,000

198,679

(SOFR + 0.90%), 5.14%,

1/24/2031(d)

225,000

228,509

(SOFR + 2.04%), 2.52%,

4/22/2031(d)

400,000

358,928

(CME Term SOFR 3

Month + 2.52%), 2.96%,

5/13/2031(d)

150,000

136,395

(CME Term SOFR 3

Month + 1.25%), 2.58%,

4/22/2032(b)(d)

75,000

65,897

(SOFR + 1.18%), 2.55%,

11/8/2032(b)(d)

510,000

441,079

(SOFR + 1.26%), 2.96%,

1/25/2033(b)(d)

130,000

114,757

(SOFR + 1.80%), 4.59%,

4/26/2033(d)

35,000

34,100

(SOFR + 2.08%), 4.91%,

7/25/2033(d)

790,000

783,718

(SOFR + 2.58%), 5.72%,

9/14/2033(d)

270,000

277,444

(SOFR + 1.85%), 5.35%,

6/1/2034(b)(d)

525,000

533,533

(SOFR + 1.81%), 6.25%,

10/23/2034(d)

135,000

144,990

(SOFR + 1.62%), 5.34%,

1/23/2035(b)(d)

245,000

247,609

(SOFR + 1.49%), 5.77%,

4/22/2035(d)

350,000

363,757

(SOFR + 1.46%), 5.29%,

7/22/2035(b)(d)

275,000

276,099

(SOFR + 1.34%), 4.95%,

10/22/2035(d)

125,000

122,327

(SOFR + 1.32%), 5.50%,

1/24/2036(b)(d)

265,000

270,708

6.40%, 5/15/2038

250,000

275,530

(CME Term SOFR 3

Month + 1.62%), 3.88%,

7/24/2038(d)

350,000

304,503

5.60%, 7/15/2041

400,000

408,270

(CME Term SOFR 3

Month + 1.51%), 2.53%,

11/19/2041(d)

300,000

207,480

4.85%, 2/1/2044(b)

500,000

461,788

(SOFR + 1.55%), 5.53%,

11/29/2045(d)

150,000

148,511

(CME Term SOFR 3

Month + 1.84%), 4.26%,

2/22/2048(b)(d)

550,000

457,208

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

JPMorgan Chase & Co.,

(CME Term SOFR 3

Month + 1.64%), 3.96%,

11/15/2048(d)

250,000

197,258

(SOFR + 2.44%), 3.11%,

4/22/2051(b)(d)

600,000

399,486

(SOFR + 1.58%), 3.33%,

4/22/2052(b)(d)

200,000

138,929

KeyBank NA,

5.85%, 11/15/2027(b)

250,000

256,832

6.95%, 2/1/2028

225,000

236,937

KeyCorp,

2.25%, 4/6/2027

50,000

47,671

(United States SOFR

Compounded Index +

2.06%), 4.79%, 6/1/2033(b)

(d)

105,000

100,687

(United States SOFR

Compounded Index +

2.42%), 6.40%, 3/6/2035(b)

(d)

80,000

84,513

Korea Development Bank

(The),

4.38%, 2/15/2033

200,000

194,938

5.63%, 10/23/2033

200,000

212,050

Kreditanstalt fuer

Wiederaufbau,

2.88%, 4/3/2028(b)

1,000,000

969,677

3.88%, 6/15/2028(b)

1,200,000

1,197,065

4.63%, 3/18/2030(b)

80,000

82,072

4.13%, 7/15/2033(b)

400,000

396,001

4.38%, 2/28/2034

1,000,000

1,005,918

0.00%, 6/29/2037(e)

750,000

436,556

Landwirtschaftliche

Rentenbank,

1.75%, 7/27/2026

1,000,000

970,475

Lloyds Banking Group plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.48%),

5.99%, 8/7/2027(d)

200,000

203,283

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.38%),

5.46%, 1/5/2028(b)(d)

200,000

202,555

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.80%),

3.75%, 3/18/2028(b)(d)

200,000

196,541

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.70%),

5.87%, 3/6/2029(d)

300,000

309,387

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 3.75%),

7.95%, 11/15/2033(b)(d)

200,000

227,666

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.75%),

5.68%, 1/5/2035(b)(d)

200,000

202,293

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Lloyds Banking Group plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.20%),

5.59%, 11/26/2035(d)

200,000

200,797

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.50%),

3.37%, 12/14/2046(d)

300,000

214,226

M&T Bank Corp.,

(United States SOFR

Compounded Index

+ 1.78%), 4.55%,

8/16/2028(d)

40,000

39,713

(SOFR + 1.85%), 5.05%,

1/27/2034(d)

88,000

85,040

Manufacturers & Traders Trust

Co.,

4.70%, 1/27/2028

250,000

250,369

Mitsubishi UFJ Financial

Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.75%),

1.54%, 7/20/2027(d)

200,000

192,429

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.67%),

1.64%, 10/13/2027(b)(d)

200,000

191,342

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.83%),

2.34%, 1/19/2028(b)(d)

200,000

192,370

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.95%),

5.02%, 7/20/2028(b)(d)

300,000

302,849

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.90%),

5.35%, 9/13/2028(b)(d)

200,000

203,753

3.74%, 3/7/2029(b)

600,000

582,437

3.20%, 7/18/2029(b)

500,000

471,574

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.95%),

2.31%, 7/20/2032(b)(d)

300,000

256,870

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.10%),

2.85%, 1/19/2033(d)

200,000

175,058

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.13%),

5.13%, 7/20/2033(d)

300,000

300,641

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.63%),

5.44%, 2/22/2034(b)(d)

200,000

204,073

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 9

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Mitsubishi UFJ Financial

Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.00%),

5.43%, 4/17/2035(b)(d)

200,000

202,360

3.75%, 7/18/2039(b)

200,000

170,344

Mizuho Financial Group, Inc.,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.67%),

1.23%, 5/22/2027(d)

200,000

192,485

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.75%),

1.55%, 7/9/2027(d)

200,000

192,563

3.17%, 9/11/2027(b)

250,000

243,018

4.02%, 3/5/2028(b)

300,000

296,232

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.65%),

5.78%, 7/6/2029(b)(d)

200,000

206,449

(CME Term SOFR 3

Month + 1.77%), 2.20%,

7/10/2031(d)

400,000

349,601

2.56%, 9/13/2031(b)

200,000

171,610

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.90%),

5.75%, 7/6/2034(b)(d)

200,000

206,457

Morgan Stanley Bank NA,

5.88%, 10/30/2026

250,000

255,528

(SOFR + 0.68%), 4.45%,

10/15/2027(d)

250,000

249,686

(SOFR + 0.87%), 5.50%,

5/26/2028(b)(d)

250,000

254,614

(SOFR + 0.91%), 5.02%,

1/12/2029(b)(d)

250,000

253,001

National Australia Bank Ltd.,

2.50%, 7/12/2026(b)

350,000

342,511

3.91%, 6/9/2027

250,000

248,048

4.79%, 1/10/2029(b)

250,000

253,410

NatWest Group plc,

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 0.90%),

1.64%, 6/14/2027(d)

200,000

192,959

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 2.55%),

3.07%, 5/22/2028(d)

200,000

193,515

+ 1.75%), 4.89%,

5/18/2029(d)

400,000

400,747

+ 1.91%), 5.08%,

1/27/2030(b)(d)

200,000

201,242

(US Treasury Yield Curve

Rate T Note Constant

Maturity 1 Year + 1.50%),

5.78%, 3/1/2035(d)

200,000

203,995

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Oesterreichische Kontrollbank

AG,

4.13%, 1/18/2029

860,000

861,832

4.50%, 1/24/2030

65,000

66,155

PNC Financial Services

Group, Inc. (The),

1.15%, 8/13/2026

100,000

95,709

(SOFR + 0.80%), 5.10%,

7/23/2027(d)

100,000

100,567

(United States SOFR

Compounded Index

+ 1.73%), 6.62%,

10/20/2027(b)(d)

75,000

77,291

(SOFR + 1.34%), 5.30%,

1/21/2028(b)(d)

25,000

25,343

(SOFR + 1.62%), 5.35%,

12/2/2028(d)

135,000

137,743

(SOFR + 1.84%), 5.58%,

6/12/2029(b)(d)

362,000

372,232

2.55%, 1/22/2030(b)

500,000

452,824

(SOFR + 1.20%), 5.49%,

5/14/2030(d)

100,000

102,672

(SOFR + 1.07%), 5.22%,

1/29/2031(b)(d)

90,000

91,577

(SOFR + 0.98%), 2.31%,

4/23/2032(b)(d)

200,000

172,212

(SOFR + 1.26%), 4.81%,

10/21/2032(b)(d)

75,000

74,194

(United States SOFR

Compounded Index

+ 2.14%), 6.04%,

10/28/2033(b)(d)

300,000

314,958

(SOFR + 1.93%), 5.07%,

1/24/2034(d)

125,000

123,746

(SOFR + 1.95%), 5.94%,

8/18/2034(d)

100,000

104,108

(SOFR + 2.28%), 6.88%,

10/20/2034(d)

185,000

204,544

(SOFR + 1.90%), 5.68%,

1/22/2035(d)

200,000

204,709

(SOFR + 1.60%), 5.40%,

7/23/2035(b)(d)

50,000

50,165

(SOFR + 1.39%), 5.58%,

1/29/2036(b)(d)

175,000

178,110

Regions Financial Corp.,

1.80%, 8/12/2028(b)

200,000

181,890

(SOFR + 1.49%), 5.72%,

6/6/2030(d)

50,000

51,203

(SOFR + 2.06%), 5.50%,

9/6/2035(b)(d)

86,000

84,893

Royal Bank of Canada,

1.20%, 4/27/2026

100,000

96,715

1.15%, 7/14/2026

200,000

192,307

5.20%, 7/20/2026

75,000

75,746

1.40%, 11/2/2026(b)

300,000

286,777

4.88%, 1/19/2027

50,000

50,449

2.05%, 1/21/2027(b)

200,000

192,365

3.63%, 5/4/2027(b)

40,000

39,429

(SOFR + 0.79%), 5.07%,

7/23/2027(d)

75,000

75,453

4.24%, 8/3/2027

90,000

89,737

10 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Royal Bank of Canada,

(United States SOFR

Compounded Index

+ 0.72%), 4.51%,

10/18/2027(d)

50,000

49,977

6.00%, 11/1/2027(b)

146,000

151,580

4.90%, 1/12/2028(b)

100,000

101,167

(United States SOFR

Compounded Index

+ 0.81%), 4.71%,

3/27/2028(d)

100,000

100,269

5.20%, 8/1/2028(b)

75,000

76,448

(United States SOFR

Compounded Index

+ 0.86%), 4.52%,

10/18/2028(d)

50,000

49,871

(SOFR + 0.83%), 4.97%,

1/24/2029(b)(d)

125,000

125,942

4.95%, 2/1/2029

50,000

50,657

(SOFR + 1.10%), 4.97%,

8/2/2030(b)(d)

75,000

75,542

(United States SOFR

Compounded Index

+ 1.08%), 4.65%,

10/18/2030(d)

125,000

124,042

(SOFR + 1.03%), 5.15%,

2/4/2031(d)

125,000

126,514

(United States SOFR

Compounded Index +

1.13%), 4.97%, 5/2/2031(d)

100,000

100,485

2.30%, 11/3/2031(b)

200,000

171,650

3.88%, 5/4/2032

40,000

37,521

5.00%, 2/1/2033(b)

100,000

99,757

5.00%, 5/2/2033

80,000

79,729

5.15%, 2/1/2034(b)

150,000

151,138

Santander Holdings USA, Inc.,

3.24%, 10/5/2026(b)

300,000

293,105

4.40%, 7/13/2027

78,000

77,386

(SOFR + 1.25%), 2.49%,

1/6/2028(b)(d)

125,000

119,806

(SOFR + 2.36%), 6.50%,

3/9/2029(d)

60,000

62,134

(SOFR + 1.61%), 5.47%,

3/20/2029(d)

50,000

50,281

(SOFR + 2.70%), 6.57%,

6/12/2029(d)

24,000

24,878

(SOFR + 2.50%), 6.17%,

1/9/2030(d)

40,000

41,107

(SOFR + 1.88%), 5.74%,

3/20/2031(d)

50,000

50,367

(SOFR + 3.28%), 7.66%,

11/9/2031(d)

50,000

55,082

(SOFR + 2.14%), 6.34%,

5/31/2035(d)

35,000

35,809

Santander UK Group Holdings

plc,

(SOFR + 1.22%), 2.47%,

1/11/2028(d)

200,000

192,201

(SOFR + 2.60%), 6.53%,

1/10/2029(d)

200,000

207,939

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Sumitomo Mitsui Financial

Group, Inc.,

2.63%, 7/14/2026(b)

400,000

390,946

1.40%, 9/17/2026

200,000

191,447

3.36%, 7/12/2027(b)

300,000

293,737

5.72%, 9/14/2028(b)

200,000

207,161

1.90%, 9/17/2028(b)

200,000

183,002

3.04%, 7/16/2029(b)

400,000

374,093

5.71%, 1/13/2030(b)

500,000

519,774

2.75%, 1/15/2030(b)

200,000

182,641

5.81%, 9/14/2033

200,000

210,004

5.56%, 7/9/2034(b)

200,000

205,183

2.93%, 9/17/2041(b)

300,000

220,271

Toronto-Dominion Bank (The),

1.20%, 6/3/2026(b)

200,000

192,719

5.53%, 7/17/2026(b)

75,000

75,990

1.25%, 9/10/2026(b)

100,000

95,633

5.26%, 12/11/2026

35,000

35,473

4.57%, 12/17/2026

50,000

50,072

1.95%, 1/12/2027

100,000

95,704

2.80%, 3/10/2027

100,000

96,912

4.98%, 4/5/2027(b)

75,000

75,790

4.11%, 6/8/2027(b)

100,000

99,317

4.69%, 9/15/2027(b)

90,000

90,587

4.86%, 1/31/2028(b)

50,000

50,556

5.52%, 7/17/2028(b)

75,000

77,111

4.99%, 4/5/2029(b)

75,000

75,941

4.78%, 12/17/2029

50,000

50,053

2.00%, 9/10/2031

100,000

85,431

2.45%, 1/12/2032(b)

100,000

85,292

5.30%, 1/30/2032

50,000

50,850

3.20%, 3/10/2032(b)

100,000

89,223

4.46%, 6/8/2032(b)

355,000

342,740

Truist Bank,

2.25%, 3/11/2030

300,000

263,025

Truist Financial Corp.,

(SOFR + 2.05%), 6.05%,

6/8/2027(d)

55,000

55,916

1.13%, 8/3/2027(b)

300,000

278,175

(SOFR + 1.37%), 4.12%,

6/6/2028(b)(d)

65,000

64,569

(SOFR + 1.44%), 4.87%,

1/26/2029(d)

80,000

80,464

(SOFR + 0.86%), 1.89%,

6/7/2029(b)(d)

300,000

274,846

(SOFR + 2.45%), 7.16%,

10/30/2029(b)(d)

30,000

32,303

(SOFR + 1.62%), 5.44%,

1/24/2030(b)(d)

25,000

25,515

(SOFR + 1.57%), 5.15%,

8/5/2032(b)(d)

75,000

75,127

(SOFR + 2.24%), 4.92%,

7/28/2033(d)

90,000

85,905

(SOFR + 2.30%), 6.12%,

10/28/2033(d)

100,000

105,169

(SOFR + 1.85%), 5.12%,

1/26/2034(d)

30,000

29,461

(SOFR + 2.36%), 5.87%,

6/8/2034(d)

245,000

252,055

(SOFR + 1.92%), 5.71%,

1/24/2035(b)(d)

160,000

163,362

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

US Bancorp,

Series X, 3.15%, 4/27/2027

300,000

293,101

(SOFR + 1.88%), 6.79%,

10/26/2027(b)(d)

25,000

25,830

(SOFR + 0.73%), 2.22%,

1/27/2028(b)(d)

100,000

95,980

3.90%, 4/26/2028(b)

500,000

492,582

(SOFR + 1.66%), 4.55%,

7/22/2028(d)

105,000

105,015

(SOFR + 1.23%), 4.65%,

2/1/2029(b)(d)

100,000

100,061

(SOFR + 2.02%), 5.78%,

6/12/2029(d)

40,000

41,254

(SOFR + 1.56%), 5.38%,

1/23/2030(b)(d)

200,000

204,052

(SOFR + 1.25%), 5.10%,

7/23/2030(b)(d)

115,000

116,365

(SOFR + 1.06%), 5.05%,

2/12/2031(b)(d)

50,000

50,409

(SOFR + 1.02%), 2.68%,

1/27/2033(d)

100,000

85,916

(SOFR + 2.11%), 4.97%,

7/22/2033(d)

115,000

110,751

(SOFR + 2.09%), 5.85%,

10/21/2033(b)(d)

200,000

207,270

(SOFR + 1.60%), 4.84%,

2/1/2034(d)

100,000

97,171

(SOFR + 2.26%), 5.84%,

6/12/2034(d)

300,000

309,573

(SOFR + 1.86%), 5.68%,

1/23/2035(b)(d)

200,000

204,460

(SOFR + 1.41%), 5.42%,

2/12/2036(b)(d)

50,000

50,300

Wells Fargo & Co.,

3.00%, 10/23/2026(b)

200,000

195,578

4.30%, 7/22/2027(b)

200,000

199,172

Series W, (SOFR + 0.78%),

4.90%, 1/24/2028(b)(d)

175,000

175,987

(SOFR + 1.51%), 3.53%,

3/24/2028(b)(d)

200,000

195,973

(SOFR + 1.07%), 5.71%,

4/22/2028(d)

170,000

173,716

(SOFR + 2.10%), 2.39%,

6/2/2028(b)(d)

700,000

668,089

(SOFR + 1.98%), 4.81%,

7/25/2028(d)

125,000

125,401

(SOFR + 1.74%), 5.57%,

7/25/2029(d)

210,000

215,710

(SOFR + 1.79%), 6.30%,

10/23/2029(d)

185,000

194,536

(SOFR + 1.50%), 5.20%,

1/23/2030(b)(d)

140,000

142,346

(CME Term SOFR 3

Month + 1.43%), 2.88%,

10/30/2030(b)(d)

500,000

460,817

(SOFR + 1.11%), 5.24%,

1/24/2031(b)(d)

245,000

249,107

(CME Term SOFR 3

Month + 1.26%), 2.57%,

2/11/2031(d)

300,000

270,383

Corporate Bonds

Principal

Amount ($)

Value ($)

Banks

Wells Fargo & Co.,

(CME Term SOFR 3

Month + 4.03%), 4.48%,

4/4/2031(b)(d)

250,000

245,729

(SOFR + 1.50%), 3.35%,

3/2/2033(b)(d)

200,000

179,444

(SOFR + 2.10%), 4.90%,

7/25/2033(b)(d)

175,000

172,482

(SOFR + 2.02%), 5.39%,

4/24/2034(d)

940,000

946,490

(SOFR + 1.99%), 5.56%,

7/25/2034(d)

415,000

422,295

(SOFR + 2.06%), 6.49%,

10/23/2034(d)

215,000

231,939

(SOFR + 1.78%), 5.50%,

1/23/2035(d)

360,000

364,897

(SOFR + 1.38%), 5.21%,

12/3/2035(b)(d)

200,000

198,620

(SOFR + 2.53%), 3.07%,

4/30/2041(d)

450,000

335,361

5.38%, 11/2/2043

250,000

234,558

4.65%, 11/4/2044

300,000

254,574

4.90%, 11/17/2045

300,000

260,038

4.40%, 6/14/2046

200,000

161,446

(CME Term SOFR 3

Month + 4.50%), 5.01%,

4/4/2051(d)

500,000

450,047

(SOFR + 2.13%), 4.61%,

4/25/2053(b)(d)

300,000

254,554

Wells Fargo Bank NA,

5.45%, 8/7/2026

500,000

506,880

5.25%, 12/11/2026

250,000

253,549

Westpac Banking Corp.,

5.20%, 4/16/2026(b)

75,000

75,710

1.15%, 6/3/2026

200,000

192,892

4.60%, 10/20/2026

40,000

40,237

5.46%, 11/18/2027(b)

200,000

205,992

3.40%, 1/25/2028

300,000

293,315

5.54%, 11/17/2028(b)

75,000

77,948

1.95%, 11/20/2028

200,000

183,906

5.05%, 4/16/2029(b)

75,000

76,811

2.65%, 1/16/2030(b)

120,000

110,655

(USD SOFR Spread-

Adjusted ICE Swap Rate

5 Year + 2.24%), 4.32%,

11/23/2031(d)

300,000

297,446

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.00%),

4.11%, 7/24/2034(d)

500,000

477,741

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.53%),

3.02%, 11/18/2036(d)

85,000

73,355

2.96%, 11/16/2040

100,000

73,910

3.13%, 11/18/2041

65,000

47,253

103,668,753

Beverages

0.5%

Anheuser-Busch Cos. LLC,

4.70%, 2/1/2036(b)

510,000

491,805

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Beverages

Anheuser-Busch Cos. LLC,

4.90%, 2/1/2046

770,000

710,005

Anheuser-Busch InBev

Finance, Inc.,

4.63%, 2/1/2044

150,000

134,925

4.90%, 2/1/2046

200,000

183,282

Anheuser-Busch InBev

Worldwide, Inc.,

4.00%, 4/13/2028(b)

250,000

248,431

4.75%, 1/23/2029

700,000

707,020

3.50%, 6/1/2030(b)

400,000

381,145

5.00%, 6/15/2034(b)

50,000

50,319

4.44%, 10/6/2048

331,000

282,754

5.55%, 1/23/2049

350,000

350,443

4.50%, 6/1/2050(b)

100,000

88,293

4.75%, 4/15/2058

150,000

132,699

5.80%, 1/23/2059(b)

150,000

155,078

Brown-Forman Corp.,

4.75%, 4/15/2033(b)

40,000

39,499

Coca-Cola Co. (The),

2.90%, 5/25/2027(b)

500,000

488,243

3.45%, 3/25/2030(b)

200,000

192,098

2.00%, 3/5/2031

95,000

83,057

2.25%, 1/5/2032(b)

300,000

261,756

5.00%, 5/13/2034

75,000

76,509

4.65%, 8/14/2034(b)

50,000

49,725

2.88%, 5/5/2041(b)

300,000

222,810

2.60%, 6/1/2050

400,000

246,361

3.00%, 3/5/2051(b)

135,000

90,022

2.50%, 3/15/2051

156,000

93,252

5.30%, 5/13/2054(b)

75,000

73,432

5.20%, 1/14/2055(b)

50,000

48,180

5.40%, 5/13/2064(b)

150,000

146,594

Coca-Cola Consolidated, Inc.,

5.25%, 6/1/2029

50,000

51,101

5.45%, 6/1/2034

50,000

51,236

Coca-Cola Femsa SAB de CV,

2.75%, 1/22/2030

150,000

137,717

Constellation Brands, Inc.,

3.50%, 5/9/2027

500,000

489,135

4.80%, 1/15/2029(b)

25,000

25,060

2.88%, 5/1/2030

100,000

90,715

2.25%, 8/1/2031

405,000

343,174

4.90%, 5/1/2033

60,000

58,537

Diageo Capital plc,

2.38%, 10/24/2029(b)

210,000

192,163

2.00%, 4/29/2030(b)

200,000

176,565

Diageo Investment Corp.,

7.45%, 4/15/2035(b)

250,000

296,806

Fomento Economico

Mexicano SAB de CV,

3.50%, 1/16/2050(b)

150,000

111,054

Keurig Dr Pepper, Inc.,

5.10%, 3/15/2027

25,000

25,279

4.60%, 5/25/2028

104,000

104,096

5.05%, 3/15/2029

25,000

25,330

3.95%, 4/15/2029

50,000

48,638

Series 10, 5.20%, 3/15/2031

25,000

25,485

4.05%, 4/15/2032(b)

50,000

47,543

5.30%, 3/15/2034(b)

100,000

101,870

4.50%, 4/15/2052(b)

250,000

208,509

Corporate Bonds

Principal

Amount ($)

Value ($)

Beverages

Molson Coors Beverage Co.,

3.00%, 7/15/2026(b)

190,000

186,378

5.00%, 5/1/2042(b)

150,000

137,980

4.20%, 7/15/2046(b)

150,000

120,877

Pepsico Singapore Financing I

Pte. Ltd.,

4.65%, 2/16/2027

25,000

25,180

4.55%, 2/16/2029

25,000

25,153

4.70%, 2/16/2034

25,000

24,571

PepsiCo, Inc.,

2.38%, 10/6/2026(b)

84,000

81,837

5.13%, 11/10/2026

50,000

50,688

4.40%, 2/7/2027

25,000

25,132

3.00%, 10/15/2027(b)

300,000

291,639

4.45%, 2/7/2028(b)

25,000

25,161

3.60%, 2/18/2028

25,000

24,647

4.45%, 5/15/2028

60,000

60,461

4.50%, 7/17/2029(b)

50,000

50,469

4.60%, 2/7/2030(b)

25,000

25,228

2.75%, 3/19/2030(b)

700,000

647,262

1.63%, 5/1/2030(b)

130,000

113,529

1.40%, 2/25/2031(b)

200,000

167,991

1.95%, 10/21/2031(b)

100,000

85,229

3.90%, 7/18/2032(b)

35,000

33,391

4.45%, 2/15/2033

60,000

60,008

4.80%, 7/17/2034(b)

50,000

49,929

5.00%, 2/7/2035

125,000

126,131

2.63%, 10/21/2041

50,000

35,303

4.45%, 4/14/2046

300,000

263,899

2.88%, 10/15/2049

150,000

98,938

3.63%, 3/19/2050

200,000

150,779

2.75%, 10/21/2051

50,000

31,432

4.20%, 7/18/2052

25,000

20,690

4.65%, 2/15/2053

60,000

53,040

5.25%, 7/17/2054(b)

50,000

48,843

11,779,545

Biotechnology

0.4%

AbbVie, Inc.,

3.20%, 5/14/2026

120,000

118,478

2.95%, 11/21/2026(b)

350,000

342,605

4.80%, 3/15/2027

175,000

176,740

4.65%, 3/15/2028

100,000

100,811

4.80%, 3/15/2029

175,000

177,222

3.20%, 11/21/2029

550,000

519,548

4.88%, 3/15/2030(b)

100,000

101,441

4.95%, 3/15/2031(b)

95,000

96,517

5.05%, 3/15/2034(b)

275,000

276,949

4.55%, 3/15/2035(b)

195,000

188,252

5.20%, 3/15/2035(b)

65,000

66,035

4.50%, 5/14/2035(b)

200,000

191,945

4.05%, 11/21/2039

380,000

333,241

4.40%, 11/6/2042

375,000

331,088

5.35%, 3/15/2044

55,000

54,391

4.75%, 3/15/2045

168,000

153,026

4.70%, 5/14/2045

282,000

254,683

4.88%, 11/14/2048

150,000

137,492

4.25%, 11/21/2049

475,000

393,525

5.40%, 3/15/2054(b)

240,000

235,726

5.60%, 3/15/2055(b)

40,000

40,482

5.50%, 3/15/2064

45,000

44,274

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

Corporate Bonds

Principal

Amount ($)

Value ($)

Biotechnology

Amgen, Inc.,

5.15%, 3/2/2028

290,000

295,215

1.65%, 8/15/2028(b)

200,000

182,780

4.05%, 8/18/2029

120,000

117,334

2.45%, 2/21/2030

100,000

90,262

5.25%, 3/2/2030(b)

200,000

204,563

2.00%, 1/15/2032(b)

200,000

167,117

3.35%, 2/22/2032(b)

55,000

50,168

4.20%, 3/1/2033(b)

120,000

113,747

5.25%, 3/2/2033

315,000

319,549

3.15%, 2/21/2040

200,000

152,833

2.80%, 8/15/2041

200,000

143,434

5.60%, 3/2/2043

290,000

287,456

4.40%, 5/1/2045(b)

150,000

126,874

4.56%, 6/15/2048

174,000

146,532

3.38%, 2/21/2050

180,000

125,992

4.66%, 6/15/2051

318,000

271,701

3.00%, 1/15/2052(b)

200,000

129,071

4.20%, 2/22/2052

25,000

19,658

4.88%, 3/1/2053(b)

55,000

48,027

5.65%, 3/2/2053(b)

405,000

397,276

4.40%, 2/22/2062

165,000

129,699

5.75%, 3/2/2063

180,000

175,411

Biogen, Inc.,

2.25%, 5/1/2030(b)

200,000

176,397

3.15%, 5/1/2050(b)

230,000

144,478

3.25%, 2/15/2051(b)

130,000

83,292

Gilead Sciences, Inc.,

1.20%, 10/1/2027

60,000

55,617

4.80%, 11/15/2029

45,000

45,453

1.65%, 10/1/2030

115,000

98,352

5.25%, 10/15/2033(b)

150,000

153,517

5.10%, 6/15/2035(b)

50,000

50,197

4.00%, 9/1/2036(b)

200,000

180,246

5.65%, 12/1/2041

200,000

202,723

4.80%, 4/1/2044

150,000

136,885

4.75%, 3/1/2046

200,000

179,903

4.15%, 3/1/2047

400,000

328,843

2.80%, 10/1/2050

95,000

59,615

5.55%, 10/15/2053(b)

45,000

44,787

5.50%, 11/15/2054(b)

50,000

49,479

5.60%, 11/15/2064

50,000

49,427

Regeneron Pharmaceuticals,

Inc.,

1.75%, 9/15/2030(b)

88,000

75,039

2.80%, 9/15/2050

65,000

38,438

10,181,858

Broadline Retail

0.3%

Alibaba Group Holding Ltd.,

3.40%, 12/6/2027(b)

500,000

486,831

4.00%, 12/6/2037

200,000

176,645

4.20%, 12/6/2047(b)

500,000

407,108

Amazon.com, Inc.,

1.00%, 5/12/2026

250,000

241,644

3.30%, 4/13/2027(b)

195,000

191,725

3.15%, 8/22/2027

250,000

244,468

4.55%, 12/1/2027(b)

400,000

404,221

1.65%, 5/12/2028(b)

200,000

185,517

3.45%, 4/13/2029(b)

180,000

175,576

4.65%, 12/1/2029(b)

130,000

132,502

1.50%, 6/3/2030(b)

200,000

173,714

Corporate Bonds

Principal

Amount ($)

Value ($)

Broadline Retail

Amazon.com, Inc.,

2.10%, 5/12/2031(b)

300,000

261,503

3.60%, 4/13/2032

270,000

254,427

4.70%, 12/1/2032(b)

130,000

131,119

4.80%, 12/5/2034

100,000

101,005

3.88%, 8/22/2037

200,000

179,805

2.88%, 5/12/2041

200,000

149,397

4.05%, 8/22/2047

400,000

332,693

2.50%, 6/3/2050

250,000

151,233

3.10%, 5/12/2051

300,000

203,779

3.95%, 4/13/2052(b)

190,000

151,411

4.25%, 8/22/2057(b)

250,000

205,801

2.70%, 6/3/2060

100,000

58,130

3.25%, 5/12/2061

200,000

132,021

eBay, Inc.,

1.40%, 5/10/2026

40,000

38,670

3.60%, 6/5/2027(b)

500,000

490,611

2.70%, 3/11/2030(b)

88,000

80,123

2.60%, 5/10/2031

75,000

66,026

3.65%, 5/10/2051(b)

100,000

72,174

JD.com, Inc.,

3.38%, 1/14/2030

200,000

189,259

6,069,138

Building Products

0.1%

Allegion plc,

3.50%, 10/1/2029

250,000

237,328

Carlisle Cos., Inc.,

2.75%, 3/1/2030

74,000

67,162

2.20%, 3/1/2032(b)

100,000

83,264

Carrier Global Corp.,

2.49%, 2/15/2027(b)

31,000

29,938

2.72%, 2/15/2030(b)

50,000

45,730

3.38%, 4/5/2040

300,000

235,968

3.58%, 4/5/2050

235,000

171,136

Fortune Brands Innovations,

Inc.,

3.25%, 9/15/2029

50,000

46,791

4.00%, 3/25/2032

100,000

92,954

5.88%, 6/1/2033

32,000

33,242

4.50%, 3/25/2052(b)

30,000

24,040

Johnson Controls International

plc,

5.50%, 4/19/2029(b)

50,000

51,522

1.75%, 9/15/2030(b)

100,000

86,170

2.00%, 9/16/2031

100,000

84,152

4.90%, 12/1/2032

65,000

64,385

4.63%, 7/2/2044(f)

100,000

87,638

4.50%, 2/15/2047

100,000

84,375

Masco Corp.,

2.00%, 2/15/2031(b)

250,000

212,429

3.13%, 2/15/2051

60,000

38,100

Owens Corning,

5.70%, 6/15/2034

35,000

35,971

4.30%, 7/15/2047

200,000

161,035

Trane Technologies Financing

Ltd.,

4.50%, 3/21/2049

250,000

213,585

2,186,915

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

1.7%

Ameriprise Financial, Inc.,

5.70%, 12/15/2028(b)

25,000

26,004

4.50%, 5/13/2032(b)

50,000

48,838

5.15%, 5/15/2033

45,000

45,391

5.20%, 4/15/2035

50,000

49,883

Apollo Debt Solutions BDC,

Series WI*, 6.90%,

4/13/2029(b)

75,000

77,818

Series WI*, 6.70%,

7/29/2031

50,000

51,588

6.55%, 3/15/2032(c)

50,000

50,662

Ares Capital Corp.,

2.15%, 7/15/2026

96,000

92,590

2.88%, 6/15/2027

100,000

95,639

2.88%, 6/15/2028

250,000

232,691

5.88%, 3/1/2029(b)

35,000

35,533

3.20%, 11/15/2031(b)

150,000

129,764

5.80%, 3/8/2032(b)

50,000

49,700

Ares Management Corp.,

5.60%, 10/11/2054

25,000

23,233

Ares Strategic Income Fund,

5.60%, 2/15/2030(c)

60,000

59,138

6.20%, 3/21/2032(c)

125,000

124,292

Bain Capital Specialty

Finance, Inc.,

2.55%, 10/13/2026

50,000

47,895

Bank of New York Mellon

Corp. (The),

1.05%, 10/15/2026

100,000

95,195

2.05%, 1/26/2027

200,000

192,418

(SOFR + 1.03%), 4.95%,

4/26/2027(b)(d)

80,000

80,415

(SOFR + 1.15%), 3.99%,

6/13/2028(d)

40,000

39,675

(SOFR + 0.84%), 4.89%,

7/21/2028(d)

75,000

75,708

(United States SOFR

Compounded Index

+ 1.80%), 5.80%,

10/25/2028(d)

25,000

25,821

Series J, 1.90%, 1/25/2029

200,000

182,814

(SOFR + 1.17%), 4.54%,

2/1/2029(d)

100,000

100,180

3.85%, 4/26/2029

90,000

88,284

(SOFR + 1.60%), 6.32%,

10/25/2029(b)(d)

75,000

79,345

(SOFR + 1.09%), 4.98%,

3/14/2030(b)(d)

125,000

126,791

(SOFR + 0.89%), 4.94%,

2/11/2031(b)(d)

50,000

50,444

1.80%, 7/28/2031

100,000

85,024

2.50%, 1/26/2032(b)

100,000

86,874

(SOFR + 1.23%), 5.06%,

7/22/2032(d)

75,000

75,788

(SOFR + 1.42%), 4.29%,

6/13/2033(d)

40,000

38,300

(United States SOFR

Compounded Index

+ 2.07%), 5.83%,

10/25/2033(d)

180,000

189,313

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Bank of New York Mellon

Corp. (The),

(SOFR + 1.51%), 4.71%,

2/1/2034(d)

100,000

97,872

Series J, (SOFR + 1.61%),

4.97%, 4/26/2034(b)(d)

80,000

79,287

(SOFR + 1.85%), 6.47%,

10/25/2034(b)(d)

75,000

81,922

(SOFR + 1.42%), 5.19%,

3/14/2035(b)(d)

125,000

125,835

(SOFR + 1.25%), 5.23%,

11/20/2035(d)

50,000

50,673

(SOFR + 1.77%), 5.61%,

7/21/2039(d)

25,000

25,287

BGC Group, Inc.,

6.60%, 6/10/2029

25,000

25,685

6.15%, 4/2/2030(c)

25,000

24,893

Blackstone Private Credit

Fund,

3.25%, 3/15/2027

200,000

192,705

7.30%, 11/27/2028

25,000

26,442

4.00%, 1/15/2029

200,000

189,891

5.95%, 7/16/2029

25,000

25,270

5.60%, 11/22/2029(c)

50,000

49,580

6.25%, 1/25/2031

25,000

25,417

6.00%, 1/29/2032(b)

100,000

99,143

6.00%, 11/22/2034(b)(c)

50,000

48,101

Blackstone Reg Finance Co.

LLC,

5.00%, 12/6/2034

25,000

24,647

Blackstone Secured Lending

Fund,

5.88%, 11/15/2027

25,000

25,412

2.85%, 9/30/2028

200,000

183,248

5.30%, 6/30/2030

25,000

24,558

Blue Owl Capital Corp.,

3.40%, 7/15/2026

94,000

91,816

3.13%, 4/13/2027

50,000

47,627

2.88%, 6/11/2028

230,000

211,084

Blue Owl Credit Income Corp.,

6.60%, 9/15/2029(b)(c)

150,000

152,423

5.80%, 3/15/2030(b)(c)

100,000

98,058

6.65%, 3/15/2031(b)

100,000

101,989

Blue Owl Finance LLC,

6.25%, 4/18/2034

150,000

153,623

Brookfield Finance I UK plc,

2.34%, 1/30/2032

50,000

42,079

Brookfield Finance LLC,

3.45%, 4/15/2050

200,000

135,650

Brookfield Finance, Inc.,

4.25%, 6/2/2026

40,000

39,849

3.90%, 1/25/2028(b)

40,000

39,288

4.85%, 3/29/2029(b)

300,000

300,960

6.35%, 1/5/2034(b)

50,000

53,254

5.68%, 1/15/2035(b)

50,000

51,148

3.50%, 3/30/2051

35,000

24,102

3.63%, 2/15/2052

15,000

10,488

5.97%, 3/4/2054(b)

125,000

125,738

5.81%, 3/3/2055(b)

25,000

24,388

Cboe Global Markets, Inc.,

1.63%, 12/15/2030

300,000

255,221

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Charles Schwab Corp. (The),

1.15%, 5/13/2026

400,000

386,187

2.45%, 3/3/2027

40,000

38,592

(SOFR + 2.21%), 5.64%,

5/19/2029(b)(d)

300,000

309,669

(SOFR + 1.88%), 6.20%,

11/17/2029(b)(d)

75,000

79,111

1.65%, 3/11/2031

200,000

168,590

2.30%, 5/13/2031

300,000

261,761

1.95%, 12/1/2031

100,000

83,698

2.90%, 3/3/2032

100,000

87,876

(SOFR + 2.01%), 6.14%,

8/24/2034(b)(d)

220,000

234,153

CI Financial Corp.,

4.10%, 6/15/2051

30,000

21,504

CME Group, Inc.,

4.40%, 3/15/2030

25,000

24,960

2.65%, 3/15/2032

50,000

43,993

5.30%, 9/15/2043(b)

80,000

80,003

Credit Suisse USA LLC,

7.13%, 7/15/2032

55,000

61,995

Deutsche Bank AG,

(SOFR + 1.22%), 2.31%,

11/16/2027(d)

170,000

163,356

(SOFR + 1.32%), 2.55%,

1/7/2028(b)(d)

200,000

192,360

(SOFR + 3.18%), 6.72%,

1/18/2029(b)(d)

300,000

313,965

(SOFR + 1.70%), 5.00%,

9/11/2030(b)(d)

150,000

149,286

(SOFR + 3.04%), 3.55%,

9/18/2031(b)(d)

350,000

321,818

(SOFR + 1.72%), 3.04%,

5/28/2032(d)

150,000

131,280

(SOFR + 3.65%), 7.08%,

2/10/2034(b)(d)

200,000

210,692

(SOFR + 2.05%), 5.40%,

9/11/2035(b)(d)

150,000

146,242

FactSet Research Systems,

Inc.,

2.90%, 3/1/2027

30,000

29,056

3.45%, 3/1/2032(b)

25,000

22,510

FS KKR Capital Corp.,

2.63%, 1/15/2027

100,000

95,447

3.25%, 7/15/2027(b)

50,000

47,858

3.13%, 10/12/2028

150,000

136,485

6.13%, 1/15/2030

25,000

24,868

Goldman Sachs Bank USA,

(SOFR + 0.75%), 5.41%,

5/21/2027(d)

125,000

126,184

Goldman Sachs Group, Inc.

(The),

3.85%, 1/26/2027(b)

800,000

792,273

(SOFR + 1.51%), 4.39%,

6/15/2027(b)(d)

65,000

64,895

(SOFR + 0.82%), 1.54%,

9/10/2027(d)

500,000

478,363

(SOFR + 0.91%), 1.95%,

10/21/2027(b)(d)

240,000

230,206

(SOFR + 1.11%), 2.64%,

2/24/2028(b)(d)

95,000

91,696

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Goldman Sachs Group, Inc.

(The),

(SOFR + 1.85%), 3.62%,

3/15/2028(d)

75,000

73,608

(SOFR + 1.73%), 4.48%,

8/23/2028(d)

200,000

199,515

(CME Term SOFR 3

Month + 1.56%), 4.22%,

5/1/2029(b)(d)

700,000

690,343

(SOFR + 1.77%), 6.48%,

10/24/2029(d)

125,000

132,039

2.60%, 2/7/2030(b)

200,000

181,251

(SOFR + 1.27%), 5.73%,

4/25/2030(d)

150,000

154,739

(SOFR + 1.21%), 5.05%,

7/23/2030(b)(d)

225,000

226,865

(SOFR + 1.14%), 4.69%,

10/23/2030(b)(d)

110,000

109,324

(SOFR + 1.08%), 5.21%,

1/28/2031(b)(d)

200,000

202,721

(SOFR + 1.28%), 2.62%,

4/22/2032(d)

390,000

340,526

(SOFR + 1.25%), 2.38%,

7/21/2032(d)

280,000

239,818

(SOFR + 1.26%), 2.65%,

10/21/2032(d)

165,000

142,603

(SOFR + 1.41%), 3.10%,

2/24/2033(b)(d)

695,000

612,538

(SOFR + 1.95%), 6.56%,

10/24/2034(b)(d)

200,000

218,284

(SOFR + 1.55%), 5.85%,

4/25/2035(b)(d)

235,000

242,870

(SOFR + 1.55%), 5.33%,

7/23/2035(d)

150,000

149,252

(SOFR + 1.42%), 5.02%,

10/23/2035(b)(d)

275,000

267,397

(SOFR + 1.38%), 5.54%,

1/28/2036(d)

300,000

304,188

6.45%, 5/1/2036

150,000

158,665

6.75%, 10/1/2037

500,000

540,688

(CME Term SOFR 3

Month + 1.63%), 4.02%,

10/31/2038(d)

200,000

171,757

(CME Term SOFR 3

Month + 1.69%), 4.41%,

4/23/2039(d)

200,000

177,950

6.25%, 2/1/2041

350,000

369,107

(SOFR + 1.51%), 3.21%,

4/22/2042(d)

200,000

147,480

(SOFR + 1.47%), 2.91%,

7/21/2042(d)

300,000

211,907

(SOFR + 1.63%), 3.44%,

2/24/2043(d)

185,000

140,009

4.80%, 7/8/2044

300,000

267,573

(SOFR + 1.58%), 5.56%,

11/19/2045(d)

200,000

194,881

(SOFR + 1.70%), 5.73%,

1/28/2056(d)

180,000

179,280

Golub Capital BDC, Inc.,

2.05%, 2/15/2027

100,000

94,214

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Intercontinental Exchange,

Inc.,

4.00%, 9/15/2027

180,000

178,375

4.35%, 6/15/2029(b)

150,000

148,770

2.10%, 6/15/2030(b)

165,000

145,353

5.25%, 6/15/2031

50,000

51,235

1.85%, 9/15/2032(b)

500,000

406,408

4.60%, 3/15/2033

110,000

107,484

4.25%, 9/21/2048

100,000

82,519

3.00%, 6/15/2050

75,000

48,740

4.95%, 6/15/2052(b)

120,000

108,204

3.00%, 9/15/2060

120,000

72,168

5.20%, 6/15/2062

110,000

101,501

Janus Henderson US

Holdings, Inc.,

Series WI*, 5.45%,

9/10/2034

25,000

24,168

Jefferies Financial Group, Inc.,

4.85%, 1/15/2027(b)

500,000

499,941

5.88%, 7/21/2028(b)

70,000

71,875

4.15%, 1/23/2030(b)

100,000

95,823

2.63%, 10/15/2031(b)

100,000

84,538

6.20%, 4/14/2034

150,000

152,899

Lazard Group LLC,

6.00%, 3/15/2031(b)

40,000

41,567

LPL Holdings, Inc.,

6.00%, 5/20/2034(b)

100,000

102,059

Main Street Capital Corp.,

3.00%, 7/14/2026

100,000

96,948

6.50%, 6/4/2027

25,000

25,511

6.95%, 3/1/2029

25,000

25,717

Moody's Corp.,

3.25%, 1/15/2028(b)

300,000

291,206

2.00%, 8/19/2031(b)

60,000

51,050

5.00%, 8/5/2034

50,000

49,696

2.75%, 8/19/2041

75,000

52,321

3.25%, 5/20/2050

35,000

23,813

3.10%, 11/29/2061

95,000

58,261

Morgan Stanley,

3.13%, 7/27/2026

500,000

491,357

3.95%, 4/23/2027(b)

500,000

494,574

(SOFR + 0.88%), 1.59%,

5/4/2027(d)

600,000

581,066

(SOFR + 0.86%), 1.51%,

7/20/2027(b)(d)

480,000

461,404

(SOFR + 1.00%), 2.48%,

1/21/2028(b)(d)

195,000

188,051

(SOFR + 1.01%), 5.65%,

4/13/2028(d)

175,000

178,622

(SOFR + 1.61%), 4.21%,

4/20/2028(b)(d)

80,000

79,420

+ 1.34%), 3.59%,

7/22/2028(d)

300,000

292,528

(CME Term SOFR 3

Month + 1.40%), 3.77%,

1/24/2029(b)(d)

600,000

586,877

(SOFR + 1.73%), 5.12%,

2/1/2029(d)

90,000

91,233

(SOFR + 1.59%), 5.16%,

4/20/2029(b)(d)

255,000

258,457

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Morgan Stanley,

(SOFR + 1.63%), 5.45%,

7/20/2029(d)

35,000

35,797

(SOFR + 1.83%), 6.41%,

11/1/2029(d)

70,000

73,884

(SOFR + 1.45%), 5.17%,

1/16/2030(d)

225,000

227,983

(CME Term SOFR 3

Month + 1.89%), 4.43%,

1/23/2030(b)(d)

500,000

493,669

(SOFR + 1.26%), 5.66%,

4/18/2030(d)

150,000

154,644

(SOFR + 1.22%), 5.04%,

7/19/2030(d)

100,000

100,836

(SOFR + 1.10%), 4.65%,

10/18/2030(b)(d)

250,000

247,985

(SOFR + 1.11%), 5.23%,

1/15/2031(d)

160,000

162,603

(SOFR + 1.14%), 2.70%,

1/22/2031(b)(d)

400,000

362,377

(SOFR + 3.12%), 3.62%,

4/1/2031(d)

420,000

396,569

7.25%, 4/1/2032(b)

324,000

368,268

(SOFR + 1.02%), 1.93%,

4/28/2032(d)

500,000

418,910

(SOFR + 1.18%), 2.24%,

7/21/2032(b)(d)

500,000

425,727

(SOFR + 1.20%), 2.51%,

10/20/2032(b)(d)

275,000

236,041

(SOFR + 1.29%), 2.94%,

1/21/2033(d)

70,000

61,400

(SOFR + 2.08%), 4.89%,

7/20/2033(d)

45,000

44,332

(SOFR + 2.56%), 6.34%,

10/18/2033(d)

130,000

139,473

(SOFR + 1.87%), 5.25%,

4/21/2034(d)

450,000

450,222

(SOFR + 1.88%), 5.42%,

7/21/2034(b)(d)

235,000

237,738

(SOFR + 2.05%), 6.63%,

11/1/2034(d)

115,000

125,435

(SOFR + 1.73%), 5.47%,

1/18/2035(b)(d)

350,000

354,139

(SOFR + 1.58%), 5.83%,

4/19/2035(d)

360,000

373,056

(SOFR + 1.56%), 5.32%,

7/19/2035(d)

160,000

160,017

(SOFR + 1.42%), 5.59%,

1/18/2036(b)(d)

250,000

255,317

(SOFR + 1.36%), 2.48%,

9/16/2036(d)

450,000

373,090

(SOFR + 2.62%), 5.30%,

4/20/2037(d)

80,000

78,472

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.43%),

5.95%, 1/19/2038(d)

90,000

90,979

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 1.80%),

5.94%, 2/7/2039(b)(d)

75,000

75,702

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 17

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

Morgan Stanley,

(SOFR + 1.49%), 3.22%,

4/22/2042(d)

200,000

149,777

4.30%, 1/27/2045(b)

300,000

252,423

(SOFR + 4.84%), 5.60%,

3/24/2051(b)(d)

100,000

98,551

(SOFR + 1.43%), 2.80%,

1/25/2052(d)

205,000

126,895

(SOFR + 1.71%), 5.52%,

11/19/2055(d)

260,000

253,994

MSD Investment Corp.,

6.25%, 5/31/2030(c)

25,000

24,739

Nasdaq, Inc.,

5.35%, 6/28/2028(b)

65,000

66,533

1.65%, 1/15/2031

400,000

338,465

5.55%, 2/15/2034(b)

78,000

79,991

3.95%, 3/7/2052(b)

190,000

145,661

Nomura Holdings, Inc.,

2.33%, 1/22/2027

300,000

287,945

2.17%, 7/14/2028(b)

200,000

184,630

5.61%, 7/6/2029

200,000

205,459

3.10%, 1/16/2030(b)

200,000

184,393

2.61%, 7/14/2031

200,000

172,660

5.78%, 7/3/2034(b)

200,000

205,113

Northern Trust Corp.,

4.00%, 5/10/2027

65,000

64,705

1.95%, 5/1/2030(b)

80,000

70,519

6.13%, 11/2/2032(b)

130,000

138,835

Oaktree Specialty Lending

Corp.,

2.70%, 1/15/2027

100,000

95,020

7.10%, 2/15/2029

100,000

103,008

Raymond James Financial,

Inc.,

4.95%, 7/15/2046(b)

250,000

226,311

S&P Global, Inc.,

2.45%, 3/1/2027

30,000

29,050

2.70%, 3/1/2029(b)

100,000

93,751

2.50%, 12/1/2029(b)

80,000

73,405

1.25%, 8/15/2030(b)

110,000

93,271

2.90%, 3/1/2032

325,000

289,787

3.25%, 12/1/2049

65,000

45,434

3.70%, 3/1/2052

94,000

70,918

2.30%, 8/15/2060

40,000

20,408

Sixth Street Lending Partners,

5.75%, 1/15/2030

50,000

49,521

State Street Corp.,

5.27%, 8/3/2026(b)

100,000

101,129

4.99%, 3/18/2027(b)

75,000

75,979

4.33%, 10/22/2027

75,000

75,137

(SOFR + 0.56%), 1.68%,

11/18/2027(d)

200,000

191,275

(SOFR + 0.73%), 2.20%,

2/7/2028(b)(d)

40,000

38,421

4.54%, 2/28/2028

50,000

50,236

(SOFR + 1.72%), 5.82%,

11/4/2028(d)

60,000

62,041

(SOFR + 1.02%), 4.53%,

2/20/2029(b)(d)

75,000

75,042

(SOFR + 1.48%), 5.68%,

11/21/2029(b)(d)

75,000

77,868

2.40%, 1/24/2030(b)

200,000

182,780

Corporate Bonds

Principal

Amount ($)

Value ($)

Capital Markets

State Street Corp.,

4.73%, 2/28/2030

50,000

50,269

2.20%, 3/3/2031

74,000

64,232

(SOFR + 1.05%), 4.68%,

10/22/2032(b)(d)

75,000

74,173

(SOFR + 1.00%), 2.62%,

2/7/2033(d)

20,000

17,305

(SOFR + 1.57%), 4.82%,

1/26/2034(d)

110,000

108,098

(SOFR + 1.89%), 5.16%,

5/18/2034(b)(d)

60,000

60,349

(SOFR + 1.49%), 3.03%,

11/1/2034(d)

100,000

91,034

(SOFR + 1.96%), 6.12%,

11/21/2034(b)(d)

50,000

52,552

(SOFR + 1.22%), 5.15%,

2/28/2036(d)

50,000

50,118

UBS AG,

5.00%, 7/9/2027

250,000

252,879

7.50%, 2/15/2028

250,000

269,218

UBS Group AG,

4.88%, 5/15/2045

400,000

360,138

39,077,874

Chemicals

0.3%

Air Products and Chemicals,

Inc.,

1.85%, 5/15/2027(b)

105,000

100,007

4.60%, 2/8/2029

100,000

100,812

2.05%, 5/15/2030

145,000

128,612

4.75%, 2/8/2031

100,000

100,707

4.80%, 3/3/2033(b)

70,000

69,994

4.85%, 2/8/2034(b)

100,000

99,417

2.70%, 5/15/2040

65,000

47,309

2.80%, 5/15/2050

40,000

25,491

Albemarle Corp.,

5.65%, 6/1/2052

100,000

84,976

Cabot Corp.,

5.00%, 6/30/2032(b)

30,000

29,697

CF Industries, Inc.,

5.15%, 3/15/2034(b)

300,000

291,513

Dow Chemical Co. (The),

6.30%, 3/15/2033

25,000

26,761

5.15%, 2/15/2034

25,000

24,771

5.35%, 3/15/2035

50,000

49,585

9.40%, 5/15/2039

206,000

276,700

4.38%, 11/15/2042

300,000

246,634

4.80%, 5/15/2049

250,000

207,652

6.90%, 5/15/2053(b)

25,000

27,299

5.60%, 2/15/2054

25,000

23,135

5.95%, 3/15/2055

50,000

48,384

DuPont de Nemours, Inc.,

4.73%, 11/15/2028

400,000

401,576

5.42%, 11/15/2048

300,000

302,381

Eastman Chemical Co.,

5.00%, 8/1/2029

50,000

50,260

5.75%, 3/8/2033

35,000

36,145

4.65%, 10/15/2044

200,000

170,066

Ecolab, Inc.,

5.25%, 1/15/2028

75,000

77,116

1.30%, 1/30/2031(b)

200,000

166,246

2.13%, 2/1/2032

100,000

84,760

18 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Chemicals

Ecolab, Inc.,

2.13%, 8/15/2050

200,000

108,751

2.70%, 12/15/2051

75,000

45,674

2.75%, 8/18/2055

65,000

39,039

FMC Corp.,

5.15%, 5/18/2026

40,000

40,102

3.45%, 10/1/2029

60,000

55,454

5.65%, 5/18/2033(b)

40,000

39,506

4.50%, 10/1/2049(b)

85,000

64,005

6.38%, 5/18/2053(b)

40,000

38,595

Huntsman International LLC,

5.70%, 10/15/2034(b)

25,000

23,647

International Flavors &

Fragrances, Inc.,

5.00%, 9/26/2048(b)

70,000

59,684

Lubrizol Corp. (The),

6.50%, 10/1/2034

147,000

165,153

LYB International Finance III

LLC,

2.25%, 10/1/2030(b)

135,000

117,639

5.63%, 5/15/2033(b)

40,000

40,749

5.50%, 3/1/2034(b)

50,000

49,661

4.20%, 10/15/2049(b)

100,000

74,895

4.20%, 5/1/2050(b)

200,000

149,369

LyondellBasell Industries NV,

4.63%, 2/26/2055(b)

250,000

197,687

Mosaic Co. (The),

4.05%, 11/15/2027(b)

250,000

246,557

5.38%, 11/15/2028

25,000

25,542

Nutrien Ltd.,

4.50%, 3/12/2027(b)

25,000

25,019

5.20%, 6/21/2027

50,000

50,585

4.90%, 3/27/2028(b)

25,000

25,226

5.25%, 3/12/2032(b)

50,000

50,053

5.40%, 6/21/2034

50,000

50,128

5.88%, 12/1/2036

125,000

128,831

5.25%, 1/15/2045

154,000

142,645

5.80%, 3/27/2053

150,000

148,025

PPG Industries, Inc.,

2.80%, 8/15/2029(b)

300,000

278,793

RPM International, Inc.,

2.95%, 1/15/2032

45,000

39,254

Sherwin-Williams Co. (The),

3.45%, 6/1/2027

154,000

150,694

2.95%, 8/15/2029(b)

200,000

186,171

2.20%, 3/15/2032(b)

200,000

168,296

4.50%, 6/1/2047

150,000

127,509

2.90%, 3/15/2052

80,000

48,845

Westlake Corp.,

2.88%, 8/15/2041

100,000

67,519

4.38%, 11/15/2047

100,000

78,999

6,646,307

Commercial Services & Supplies

0.1%

Cintas Corp. No. 2,

4.00%, 5/1/2032(b)

40,000

38,080

Ford Foundation (The),

Series 2020, 2.42%,

6/1/2050

25,000

14,931

RELX Capital, Inc.,

4.00%, 3/18/2029

100,000

97,991

4.75%, 3/27/2030(b)

25,000

25,147

Corporate Bonds

Principal

Amount ($)

Value ($)

Commercial Services & Supplies

Republic Services, Inc.,

4.88%, 4/1/2029

25,000

25,320

5.00%, 11/15/2029

25,000

25,391

4.75%, 7/15/2030

40,000

40,202

1.45%, 2/15/2031

165,000

137,418

2.38%, 3/15/2033

200,000

166,428

5.00%, 4/1/2034(b)

82,000

81,807

5.20%, 11/15/2034

45,000

45,481

5.15%, 3/15/2035

35,000

35,213

6.20%, 3/1/2040

70,000

75,596

Rollins, Inc.,

5.25%, 2/24/2035(c)

25,000

24,874

Veralto Corp.,

5.50%, 9/18/2026

50,000

50,613

5.35%, 9/18/2028(b)

50,000

51,202

5.45%, 9/18/2033(b)

50,000

50,985

Waste Connections, Inc.,

4.25%, 12/1/2028(b)

100,000

99,173

2.20%, 1/15/2032(b)

100,000

84,672

3.20%, 6/1/2032

50,000

44,856

4.20%, 1/15/2033(b)

100,000

95,027

5.00%, 3/1/2034

50,000

49,832

2.95%, 1/15/2052

70,000

44,537

Waste Management, Inc.,

4.95%, 7/3/2027(b)

40,000

40,621

4.50%, 3/15/2028(b)

75,000

75,447

4.88%, 2/15/2029

75,000

76,310

2.00%, 6/1/2029

35,000

31,738

4.63%, 2/15/2030

50,000

50,328

4.65%, 3/15/2030(b)

75,000

75,360

4.95%, 7/3/2031(b)

35,000

35,634

4.80%, 3/15/2032

75,000

75,146

4.15%, 4/15/2032(b)

106,000

102,291

4.63%, 2/15/2033(b)

50,000

49,540

4.88%, 2/15/2034(b)

75,000

75,006

4.95%, 3/15/2035

125,000

124,374

2.95%, 6/1/2041

85,000

63,282

4.15%, 7/15/2049(b)

125,000

103,308

5.35%, 10/15/2054(b)

110,000

107,336

2,490,497

Communications Equipment

0.1%

Cisco Systems, Inc.,

4.80%, 2/26/2027

125,000

126,504

4.55%, 2/24/2028(b)

75,000

75,634

4.85%, 2/26/2029(b)

125,000

127,231

4.75%, 2/24/2030(b)

75,000

76,198

4.95%, 2/26/2031

243,000

247,876

4.95%, 2/24/2032

75,000

76,047

5.05%, 2/26/2034(b)

205,000

207,760

5.10%, 2/24/2035

100,000

101,369

5.90%, 2/15/2039

200,000

214,828

5.50%, 1/15/2040

200,000

205,575

5.30%, 2/26/2054

70,000

68,521

5.50%, 2/24/2055

35,000

35,238

5.35%, 2/26/2064(b)

75,000

72,922

Motorola Solutions, Inc.,

5.00%, 4/15/2029(b)

25,000

25,265

2.30%, 11/15/2030

300,000

262,169

2.75%, 5/24/2031(b)

76,000

67,326

5.60%, 6/1/2032(b)

100,000

103,357

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 19

Corporate Bonds

Principal

Amount ($)

Value ($)

Communications Equipment

Motorola Solutions, Inc.,

5.40%, 4/15/2034(b)

25,000

25,292

2,119,112

Construction & Engineering

0.0%

†

MasTec, Inc.,

5.90%, 6/15/2029(b)

25,000

25,598

Quanta Services, Inc.,

4.75%, 8/9/2027

50,000

50,092

2.90%, 10/1/2030(b)

100,000

90,016

2.35%, 1/15/2032

50,000

41,995

5.25%, 8/9/2034

50,000

49,415

3.05%, 10/1/2041

55,000

38,509

295,625

Construction Materials

0.0%

†

Eagle Materials, Inc.,

2.50%, 7/1/2031(b)

65,000

56,754

Martin Marietta Materials, Inc.,

Series CB, 2.50%,

3/15/2030

500,000

449,899

2.40%, 7/15/2031(b)

25,000

21,624

5.15%, 12/1/2034(b)

30,000

29,813

3.20%, 7/15/2051

50,000

32,688

Vulcan Materials Co.,

4.95%, 12/1/2029

40,000

40,352

5.35%, 12/1/2034(b)

75,000

75,688

4.50%, 6/15/2047(b)

250,000

211,388

5.70%, 12/1/2054(b)

35,000

34,226

952,432

Consumer Finance

0.9%

AerCap Ireland Capital DAC,

4.45%, 4/3/2026

200,000

199,814

2.45%, 10/29/2026

480,000

463,868

3.88%, 1/23/2028(b)

500,000

488,387

3.00%, 10/29/2028

300,000

281,913

3.30%, 1/30/2032

300,000

265,786

3.40%, 10/29/2033

150,000

129,454

5.30%, 1/19/2034(b)

150,000

149,127

4.95%, 9/10/2034

150,000

144,463

3.85%, 10/29/2041(b)

150,000

118,652

Ally Financial, Inc.,

4.75%, 6/9/2027

40,000

39,979

7.10%, 11/15/2027

100,000

105,287

2.20%, 11/2/2028

165,000

149,500

(SOFR + 2.82%), 6.85%,

1/3/2030(b)(d)

50,000

52,227

8.00%, 11/1/2031(b)

150,000

167,145

8.00%, 11/1/2031

50,000

55,622

(SOFR + 2.29%), 6.18%,

7/26/2035(b)(d)

40,000

39,744

American Express Co.,

1.65%, 11/4/2026(b)

200,000

191,607

2.55%, 3/4/2027(b)

110,000

106,313

(United States SOFR

Compounded Index

+ 0.75%), 5.65%,

4/23/2027(d)

75,000

75,850

3.30%, 5/3/2027

300,000

293,781

(SOFR + 0.97%), 5.39%,

7/28/2027(b)(d)

25,000

25,266

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

American Express Co.,

5.85%, 11/5/2027(b)

95,000

98,404

(SOFR + 1.00%), 5.10%,

2/16/2028(b)(d)

174,000

176,080

(SOFR + 0.93%), 5.04%,

7/26/2028(b)(d)

45,000

45,566

4.05%, 5/3/2029(b)

60,000

59,311

(United States SOFR

Compounded Index

+ 1.28%), 5.28%,

7/27/2029(b)(d)

100,000

102,038

(United States SOFR

Compounded Index

+ 1.09%), 5.53%,

4/25/2030(b)(d)

175,000

180,428

(United States SOFR

Compounded Index

+ 1.02%), 5.09%,

1/30/2031(d)

75,000

75,948

(SOFR + 1.94%), 6.49%,

10/30/2031(b)(d)

150,000

162,100

(SOFR + 2.26%), 4.99%,

5/26/2033(d)

25,000

24,641

(SOFR + 1.76%), 4.42%,

8/3/2033(b)(d)

130,000

125,468

(SOFR + 1.84%), 5.04%,

5/1/2034(b)(d)

120,000

119,920

(SOFR + 1.42%), 5.28%,

7/26/2035(d)

155,000

154,929

(United States SOFR

Compounded Index

+ 1.32%), 5.44%,

1/30/2036(d)

75,000

75,806

4.05%, 12/3/2042

100,000

84,599

American Honda Finance

Corp.,

1.30%, 9/9/2026(b)

115,000

110,013

4.40%, 10/5/2026

50,000

49,960

2.35%, 1/8/2027(b)

100,000

96,432

4.90%, 3/12/2027

50,000

50,388

4.90%, 7/9/2027(b)

50,000

50,449

4.45%, 10/22/2027

50,000

49,981

4.70%, 1/12/2028

20,000

20,102

4.55%, 3/3/2028

25,000

24,989

5.13%, 7/7/2028(b)

150,000

152,523

5.65%, 11/15/2028

50,000

51,727

2.25%, 1/12/2029(b)

50,000

45,827

4.90%, 3/13/2029(b)

50,000

50,429

4.40%, 9/5/2029(b)

50,000

49,311

4.80%, 3/5/2030

25,000

24,945

4.60%, 4/17/2030(b)

60,000

59,486

5.85%, 10/4/2030

50,000

52,572

5.05%, 7/10/2031(b)

50,000

50,371

4.85%, 10/23/2031(b)

50,000

49,769

4.90%, 1/10/2034(b)

35,000

34,183

5.20%, 3/5/2035

25,000

24,732

Capital One Financial Corp.,

3.75%, 7/28/2026

250,000

246,483

3.65%, 5/11/2027(b)

300,000

293,745

(SOFR + 2.44%), 7.15%,

10/29/2027(d)

50,000

51,821

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

Capital One Financial Corp.,

(SOFR + 2.06%), 4.93%,

5/10/2028(b)(d)

300,000

301,017

(SOFR + 2.08%), 5.47%,

2/1/2029(b)(d)

100,000

101,673

(SOFR + 2.64%), 6.31%,

6/8/2029(d)

240,000

249,568

(SOFR + 1.79%), 3.27%,

3/1/2030(b)(d)

95,000

89,062

(SOFR + 2.60%), 5.25%,

7/26/2030(b)(d)

60,000

60,389

(SOFR + 1.56%), 5.46%,

7/26/2030(b)(d)

50,000

50,613

(SOFR + 3.07%), 7.62%,

10/30/2031(d)

200,000

222,743

(SOFR + 1.34%), 2.36%,

7/29/2032(d)

100,000

82,027

(SOFR + 2.60%), 5.82%,

2/1/2034(b)(d)

90,000

90,698

(SOFR + 2.86%), 6.38%,

6/8/2034(d)

280,000

292,651

(SOFR + 2.26%), 6.05%,

2/1/2035(d)

100,000

102,105

(SOFR + 1.99%), 5.88%,

7/26/2035(b)(d)

150,000

151,444

Caterpillar Financial Services

Corp.,

4.35%, 5/15/2026

100,000

100,169

1.15%, 9/14/2026

100,000

95,667

4.45%, 10/16/2026(b)

25,000

25,104

4.50%, 1/7/2027

25,000

25,112

1.70%, 1/8/2027

200,000

191,555

4.50%, 1/8/2027

25,000

25,141

5.00%, 5/14/2027(b)

25,000

25,397

3.60%, 8/12/2027

100,000

98,564

4.40%, 10/15/2027(b)

25,000

25,094

4.60%, 11/15/2027(b)

50,000

50,362

4.40%, 3/3/2028

25,000

25,067

4.85%, 2/27/2029(b)

50,000

50,798

4.38%, 8/16/2029

25,000

24,953

4.70%, 11/15/2029(b)

50,000

50,512

4.80%, 1/8/2030

25,000

25,350

Discover Financial Services,

4.10%, 2/9/2027

250,000

247,458

6.70%, 11/29/2032

100,000

107,412

(United States SOFR

Compounded Index

+ 3.37%), 7.96%,

11/2/2034(d)

75,000

85,726

Ford Motor Credit Co. LLC,

2.70%, 8/10/2026

200,000

192,865

5.85%, 5/17/2027

200,000

201,049

4.95%, 5/28/2027

200,000

197,094

4.13%, 8/17/2027

200,000

193,209

7.35%, 11/4/2027

400,000

414,476

6.80%, 5/12/2028(b)

400,000

410,820

6.80%, 11/7/2028

200,000

205,691

5.80%, 3/8/2029

200,000

198,041

7.35%, 3/6/2030(b)

200,000

209,278

4.00%, 11/13/2030

200,000

179,062

7.12%, 11/7/2033

200,000

204,384

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

General Motors Financial Co.,

Inc.,

5.40%, 4/6/2026

65,000

65,271

1.50%, 6/10/2026

200,000

192,292

2.35%, 2/26/2027

50,000

47,713

5.00%, 4/9/2027(b)

200,000

200,221

5.35%, 7/15/2027(b)

60,000

60,509

6.00%, 1/9/2028

100,000

102,558

5.05%, 4/4/2028

50,000

50,052

5.80%, 6/23/2028

55,000

56,175

2.40%, 10/15/2028(b)

195,000

178,404

5.80%, 1/7/2029(b)

50,000

50,930

5.55%, 7/15/2029

25,000

25,196

4.90%, 10/6/2029

50,000

49,183

5.35%, 1/7/2030

50,000

49,913

5.85%, 4/6/2030

45,000

45,816

3.60%, 6/21/2030

200,000

183,333

2.70%, 6/10/2031(b)

145,000

123,682

5.60%, 6/18/2031

30,000

30,002

3.10%, 1/12/2032(b)

250,000

213,620

5.63%, 4/4/2032(b)

25,000

24,726

6.40%, 1/9/2033(b)

125,000

128,924

6.10%, 1/7/2034(b)

150,000

150,609

5.95%, 4/4/2034

100,000

99,496

5.45%, 9/6/2034

50,000

48,207

5.90%, 1/7/2035(b)

50,000

49,515

John Deere Capital Corp.,

4.75%, 6/8/2026

40,000

40,235

1.05%, 6/17/2026(b)

100,000

96,279

2.25%, 9/14/2026

250,000

243,077

1.30%, 10/13/2026

55,000

52,657

4.50%, 1/8/2027

75,000

75,438

1.70%, 1/11/2027

200,000

191,455

4.85%, 3/5/2027(b)

25,000

25,305

4.90%, 6/11/2027

50,000

50,691

4.20%, 7/15/2027(b)

35,000

35,025

4.15%, 9/15/2027

60,000

59,901

4.65%, 1/7/2028(b)

25,000

25,310

4.75%, 1/20/2028

40,000

40,575

1.50%, 3/6/2028(b)

250,000

231,421

4.95%, 7/14/2028(b)

148,000

150,996

4.50%, 1/16/2029(b)

50,000

50,237

3.35%, 4/18/2029(b)

40,000

38,573

4.85%, 6/11/2029(b)

50,000

50,811

4.85%, 10/11/2029

40,000

40,781

4.70%, 6/10/2030(b)

40,000

40,400

1.45%, 1/15/2031(b)

200,000

169,773

4.90%, 3/7/2031

25,000

25,417

4.40%, 9/8/2031(b)

75,000

74,254

4.35%, 9/15/2032(b)

60,000

58,519

Series I, 5.15%, 9/8/2033(b)

150,000

153,161

5.10%, 4/11/2034

50,000

50,601

Series MTN1, 5.05%,

6/12/2034

50,000

50,277

PACCAR Financial Corp.,

5.20%, 11/9/2026(b)

25,000

25,398

Series R, 4.50%,

11/25/2026

40,000

40,235

2.00%, 2/4/2027

100,000

96,084

5.00%, 5/13/2027

25,000

25,381

4.45%, 8/6/2027

50,000

50,302

4.60%, 1/10/2028

100,000

100,969

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Finance

PACCAR Financial Corp.,

4.55%, 3/3/2028(b)

50,000

50,380

4.60%, 1/31/2029

25,000

25,166

4.00%, 9/26/2029

25,000

24,603

5.00%, 3/22/2034

25,000

25,185

Synchrony Financial,

3.95%, 12/1/2027

80,000

78,004

(United States SOFR

Compounded Index +

2.13%), 5.94%, 8/2/2030(b)

(d)

50,000

50,704

2.88%, 10/28/2031(b)

180,000

152,224

Toyota Motor Credit Corp.,

5.20%, 5/15/2026(b)

25,000

25,225

4.45%, 5/18/2026

60,000

60,045

1.13%, 6/18/2026(b)

500,000

481,429

4.55%, 8/7/2026

30,000

30,096

5.00%, 8/14/2026(b)

100,000

100,864

5.40%, 11/20/2026(b)

50,000

50,879

4.60%, 1/8/2027

25,000

25,129

3.20%, 1/11/2027(b)

200,000

196,160

1.90%, 1/13/2027(b)

100,000

95,922

Series B, 5.00%, 3/19/2027

50,000

50,657

3.05%, 3/22/2027(b)

100,000

97,593

4.55%, 9/20/2027

90,000

90,440

4.35%, 10/8/2027(b)

50,000

50,018

4.63%, 1/12/2028

40,000

40,301

5.25%, 9/11/2028(b)

25,000

25,657

4.65%, 1/5/2029

25,000

25,128

5.05%, 5/16/2029

25,000

25,450

4.45%, 6/29/2029(b)

90,000

89,870

4.95%, 1/9/2030(b)

25,000

25,376

2.15%, 2/13/2030(b)

500,000

446,338

4.55%, 5/17/2030

60,000

59,784

5.55%, 11/20/2030(b)

98,000

101,936

5.10%, 3/21/2031

50,000

50,808

1.90%, 9/12/2031

100,000

84,259

4.60%, 10/10/2031(b)

50,000

49,507

4.70%, 1/12/2033(b)

45,000

44,566

5.35%, 1/9/2035(b)

175,000

177,866

20,092,115

Consumer Staples Distribution & Retail

0.3%

Costco Wholesale Corp.,

1.38%, 6/20/2027(b)

120,000

113,101

1.60%, 4/20/2030(b)

500,000

438,391

Dollar General Corp.,

4.63%, 11/1/2027

70,000

70,141

5.20%, 7/5/2028

20,000

20,289

3.50%, 4/3/2030(b)

500,000

467,803

5.00%, 11/1/2032(b)

75,000

73,518

5.45%, 7/5/2033(b)

20,000

20,065

Dollar Tree, Inc.,

4.20%, 5/15/2028(b)

90,000

88,355

2.65%, 12/1/2031(b)

50,000

43,095

3.38%, 12/1/2051

50,000

31,819

Kroger Co. (The),

7.50%, 4/1/2031

257,000

291,336

5.00%, 9/15/2034

200,000

195,453

5.40%, 7/15/2040

200,000

196,822

4.45%, 2/1/2047

82,000

68,226

5.40%, 1/15/2049

50,000

47,221

Corporate Bonds

Principal

Amount ($)

Value ($)

Consumer Staples Distribution & Retail

Kroger Co. (The),

3.95%, 1/15/2050(b)

100,000

75,985

5.50%, 9/15/2054(b)

180,000

169,789

5.65%, 9/15/2064(b)

85,000

80,267

Sysco Corp.,

5.75%, 1/17/2029(b)

25,000

25,962

2.40%, 2/15/2030

100,000

89,915

5.95%, 4/1/2030

200,000

209,649

5.10%, 9/23/2030(b)

25,000

25,377

2.45%, 12/14/2031

100,000

86,273

6.00%, 1/17/2034(b)

25,000

26,514

5.40%, 3/23/2035

25,000

25,174

6.60%, 4/1/2050(b)

300,000

325,638

3.15%, 12/14/2051

50,000

32,066

Target Corp.,

1.95%, 1/15/2027

130,000

125,126

2.35%, 2/15/2030(b)

105,000

95,114

2.65%, 9/15/2030

50,000

45,449

4.50%, 9/15/2032(b)

100,000

98,285

4.40%, 1/15/2033

150,000

145,817

4.50%, 9/15/2034(b)

50,000

48,101

5.00%, 4/15/2035

25,000

24,891

4.00%, 7/1/2042(b)

96,000

81,219

3.63%, 4/15/2046

200,000

152,058

4.80%, 1/15/2053(b)

150,000

134,954

Walmart, Inc.,

4.00%, 4/15/2026

30,000

29,957

1.05%, 9/17/2026

50,000

47,882

3.95%, 9/9/2027(b)

60,000

59,833

3.90%, 4/15/2028

45,000

44,808

3.70%, 6/26/2028(b)

300,000

296,883

1.50%, 9/22/2028(b)

100,000

91,641

4.00%, 4/15/2030(b)

160,000

159,065

1.80%, 9/22/2031(b)

300,000

257,223

4.15%, 9/9/2032(b)

60,000

58,716

4.10%, 4/15/2033

80,000

77,598

5.25%, 9/1/2035(b)

118,000

123,417

6.50%, 8/15/2037(b)

350,000

400,490

2.50%, 9/22/2041

200,000

140,312

4.05%, 6/29/2048

125,000

103,510

2.65%, 9/22/2051

400,000

250,285

4.50%, 4/15/2053(b)

80,000

70,746

6,501,624

Containers & Packaging

0.1%

Amcor Finance USA, Inc.,

5.63%, 5/26/2033

40,000

41,030

Amcor Flexibles North

America, Inc.,

4.80%, 3/17/2028(c)

50,000

50,271

5.10%, 3/17/2030(c)

25,000

25,201

2.63%, 6/19/2030

50,000

44,894

2.69%, 5/25/2031(b)

75,000

65,993

5.50%, 3/17/2035(c)

40,000

40,135

Avery Dennison Corp.,

2.25%, 2/15/2032

100,000

83,046

5.75%, 3/15/2033

90,000

92,084

Berry Global, Inc.,

5.80%, 6/15/2031(b)

50,000

51,948

5.65%, 1/15/2034(b)

130,000

131,893

International Paper Co.,

6.00%, 11/15/2041(b)

350,000

355,487

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Containers & Packaging

Packaging Corp. of America,

3.00%, 12/15/2029

50,000

46,316

4.05%, 12/15/2049

100,000

76,515

3.05%, 10/1/2051

40,000

25,475

Smurfit Kappa Treasury ULC,

5.44%, 4/3/2034(c)

200,000

201,229

Sonoco Products Co.,

2.25%, 2/1/2027

165,000

157,942

3.13%, 5/1/2030

50,000

45,779

2.85%, 2/1/2032(b)

200,000

173,957

5.00%, 9/1/2034(b)

25,000

23,910

WRKCo, Inc.,

4.90%, 3/15/2029

250,000

251,236

1,984,341

Distributors

0.0%

†

Genuine Parts Co.,

6.50%, 11/1/2028

25,000

26,393

4.95%, 8/15/2029

25,000

25,079

6.88%, 11/1/2033(b)

25,000

27,751

79,223

Diversified Consumer Services

0.0%

†

American University (The),

Series 2019, 3.67%,

4/1/2049

35,000

26,459

California Institute of

Technology,

3.65%, 9/1/2119

100,000

64,650

Duke University,

Series 2020, 2.83%,

10/1/2055

110,000

68,710

George Washington University

(The),

Series 2018, 4.13%,

9/15/2048

73,000

59,801

Georgetown University (The),

Series 20A, 2.94%,

4/1/2050

35,000

22,662

Leland Stanford Junior

University (The),

2.41%, 6/1/2050

150,000

89,236

Massachusetts Institute of

Technology,

5.60%, 7/1/2111

100,000

101,598

4.68%, 7/1/2114(b)

75,000

64,069

Northwestern University,

Series 2020, 2.64%,

12/1/2050

28,000

17,491

President and Fellows of

Harvard College,

3.15%, 7/15/2046(b)

75,000

54,813

3.30%, 7/15/2056(b)

200,000

138,814

Trustees of Princeton

University (The),

Series 2020, 2.52%,

7/1/2050

84,000

52,996

Trustees of the University of

Pennsylvania (The),

Series 2020, 2.40%,

10/1/2050

48,000

28,587

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Consumer Services

University of Southern

California,

Series 21A, 2.95%,

10/1/2051(b)

200,000

130,985

4.98%, 10/1/2053

75,000

70,002

Yale University,

Series 2020, 2.40%,

4/15/2050

61,000

36,657

1,027,530

Diversified REITs

0.1%

Broadstone Net Lease LLC,

2.60%, 9/15/2031

85,000

71,973

Digital Realty Trust LP,

3.70%, 8/15/2027(b)

110,000

108,020

5.55%, 1/15/2028

380,000

388,974

Equinix Europe 2 Financing

Corp. LLC,

5.50%, 6/15/2034(b)

50,000

50,950

GLP Capital LP,

5.38%, 4/15/2026

96,000

96,301

5.30%, 1/15/2029(b)

500,000

500,712

5.63%, 9/15/2034(b)

45,000

44,255

Rayonier LP,

2.75%, 5/17/2031

45,000

39,277

Safehold GL Holdings LLC,

5.65%, 1/15/2035

25,000

24,890

Simon Property Group LP,

1.38%, 1/15/2027

100,000

94,799

2.45%, 9/13/2029(b)

250,000

228,033

2.65%, 2/1/2032

100,000

86,661

5.50%, 3/8/2033

100,000

102,335

4.75%, 9/26/2034

35,000

33,584

4.25%, 11/30/2046(b)

350,000

287,839

3.25%, 9/13/2049(b)

132,000

88,873

5.85%, 3/8/2053(b)

100,000

100,838

VICI Properties LP,

4.75%, 2/15/2028

85,000

85,006

4.95%, 2/15/2030

80,000

79,309

5.13%, 11/15/2031(b)

145,000

142,993

5.13%, 5/15/2032(b)

159,000

155,619

5.63%, 4/1/2035

30,000

29,830

5.63%, 5/15/2052(b)

30,000

27,361

6.13%, 4/1/2054(b)

50,000

48,737

WP Carey, Inc.,

3.85%, 7/15/2029

120,000

115,389

2.45%, 2/1/2032(b)

70,000

58,706

5.38%, 6/30/2034

25,000

24,810

3,116,074

Diversified Telecommunication Services

0.6%

AT&T, Inc.,

2.30%, 6/1/2027(b)

300,000

286,757

1.65%, 2/1/2028(b)

200,000

185,012

4.35%, 3/1/2029(b)

500,000

494,984

4.30%, 2/15/2030(b)

300,000

295,357

2.75%, 6/1/2031(b)

500,000

444,410

2.25%, 2/1/2032

300,000

253,027

2.55%, 12/1/2033

360,000

295,148

5.40%, 2/15/2034(b)

210,000

213,375

4.50%, 5/15/2035(b)

310,000

291,381

4.85%, 3/1/2039(b)

150,000

140,731

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Telecommunication Services

AT&T, Inc.,

3.50%, 6/1/2041

300,000

231,463

4.65%, 6/1/2044

150,000

129,354

4.50%, 3/9/2048

300,000

248,988

3.65%, 6/1/2051(b)

500,000

354,117

3.50%, 9/15/2053

740,000

504,599

3.55%, 9/15/2055

775,000

525,221

3.80%, 12/1/2057

514,000

360,838

3.65%, 9/15/2059

579,000

390,496

Bell Canada (The),

5.10%, 5/11/2033(b)

60,000

59,219

Series US-4, 3.65%,

3/17/2051

250,000

178,634

3.65%, 8/15/2052

25,000

17,646

Bell Telephone Co. of Canada

or Bell Canada,

5.20%, 2/15/2034

50,000

49,982

4.46%, 4/1/2048(b)

108,000

87,885

5.55%, 2/15/2054(b)

50,000

47,348

British Telecommunications

plc,

9.62%, 12/15/2030(f)

250,000

305,229

Deutsche Telekom

International Finance BV,

8.75%, 6/15/2030(f)

369,000

433,037

Orange SA,

9.00%, 3/1/2031(f)

100,000

120,841

5.38%, 1/13/2042(b)

250,000

243,159

Sprint Capital Corp.,

6.88%, 11/15/2028(b)

400,000

427,032

8.75%, 3/15/2032

200,000

240,539

Telefonica Emisiones SA,

7.05%, 6/20/2036

300,000

332,617

5.21%, 3/8/2047

250,000

220,995

5.52%, 3/1/2049(b)

150,000

137,143

TELUS Corp.,

2.80%, 2/16/2027(b)

200,000

193,243

3.40%, 5/13/2032(b)

60,000

53,680

4.30%, 6/15/2049(b)

100,000

77,653

Verizon Communications, Inc.,

4.13%, 3/16/2027(b)

300,000

298,452

2.10%, 3/22/2028(b)

125,000

116,844

4.33%, 9/21/2028

283,000

281,537

3.88%, 2/8/2029(b)

110,000

107,375

4.02%, 12/3/2029(b)

400,000

389,156

3.15%, 3/22/2030(b)

200,000

186,407

1.75%, 1/20/2031

500,000

422,803

2.55%, 3/21/2031

348,000

306,636

2.36%, 3/15/2032

840,000

710,802

5.05%, 5/9/2033(b)

45,000

45,200

4.50%, 8/10/2033(b)

250,000

240,032

5.25%, 4/2/2035

140,000

140,353

4.81%, 3/15/2039(b)

385,000

359,544

3.40%, 3/22/2041

530,000

408,057

2.85%, 9/3/2041(b)

110,000

77,407

2.88%, 11/20/2050(b)

700,000

435,885

3.55%, 3/22/2051

370,000

264,170

3.88%, 3/1/2052(b)

90,000

67,250

5.50%, 2/23/2054(b)

25,000

24,300

2.99%, 10/30/2056

500,000

300,332

3.00%, 11/20/2060(b)

180,000

106,218

Corporate Bonds

Principal

Amount ($)

Value ($)

Diversified Telecommunication Services

Verizon Communications, Inc.,

3.70%, 3/22/2061(b)

350,000

241,036

14,400,936

Electric Utilities

1.7%

AEP Texas, Inc.,

5.45%, 5/15/2029

25,000

25,587

4.70%, 5/15/2032

70,000

68,145

5.70%, 5/15/2034(b)

25,000

25,388

3.80%, 10/1/2047

100,000

72,298

5.25%, 5/15/2052

20,000

17,968

AEP Transmission Co. LLC,

Series N, 2.75%, 8/15/2051

50,000

30,392

Series O, 4.50%, 6/15/2052

80,000

66,578

5.40%, 3/15/2053

440,000

421,144

Alabama Power Co.,

3.75%, 9/1/2027

40,000

39,510

3.94%, 9/1/2032

40,000

37,679

5.85%, 11/15/2033

25,000

26,381

5.10%, 4/2/2035(b)

35,000

34,995

4.15%, 8/15/2044

350,000

290,090

3.13%, 7/15/2051

80,000

52,801

American Electric Power Co.,

Inc.,

5.75%, 11/1/2027

100,000

102,910

Series J, 4.30%, 12/1/2028

50,000

49,482

5.20%, 1/15/2029(b)

50,000

50,826

5.95%, 11/1/2032(b)

100,000

104,857

5.63%, 3/1/2033(b)

24,000

24,613

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.68%),

6.95%, 12/15/2054(d)

100,000

102,005

Appalachian Power Co.,

Series BB, 4.50%, 8/1/2032

30,000

28,743

5.65%, 4/1/2034(b)

25,000

25,346

Arizona Public Service Co.,

2.60%, 8/15/2029

50,000

45,878

2.20%, 12/15/2031(b)

100,000

84,115

6.35%, 12/15/2032

100,000

106,521

5.55%, 8/1/2033

25,000

25,307

5.70%, 8/15/2034

25,000

25,487

4.35%, 11/15/2045

50,000

40,965

3.50%, 12/1/2049

200,000

137,355

Baltimore Gas and Electric

Co.,

2.25%, 6/15/2031(b)

80,000

69,624

5.30%, 6/1/2034

25,000

25,330

3.50%, 8/15/2046

100,000

73,099

3.20%, 9/15/2049

115,000

76,704

2.90%, 6/15/2050

60,000

37,520

4.55%, 6/1/2052(b)

30,000

25,276

5.40%, 6/1/2053(b)

25,000

23,780

5.65%, 6/1/2054(b)

25,000

24,536

CenterPoint Energy Houston

Electric LLC,

5.20%, 10/1/2028(b)

105,000

107,505

4.80%, 3/15/2030(b)

50,000

50,315

Series ai., 4.45%, 10/1/2032

40,000

38,754

4.50%, 4/1/2044

250,000

218,680

Series AD, 2.90%, 7/1/2050

60,000

38,259

Series AF, 3.35%, 4/1/2051

60,000

41,793

24 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

CenterPoint Energy Houston

Electric LLC,

Series AJ, 4.85%, 10/1/2052

40,000

35,667

Commonwealth Edison Co.,

5.30%, 6/1/2034

25,000

25,405

4.35%, 11/15/2045

200,000

168,121

3.65%, 6/15/2046

250,000

187,523

4.00%, 3/1/2048

350,000

274,426

Series 127, 3.20%,

11/15/2049

155,000

103,926

Series 131, 2.75%, 9/1/2051

200,000

121,239

Connecticut Light and Power

Co. (The),

4.65%, 1/1/2029

25,000

25,127

Series A, 2.05%, 7/1/2031

100,000

85,347

4.90%, 7/1/2033

25,000

24,742

4.95%, 8/15/2034

25,000

24,782

5.25%, 1/15/2053

100,000

94,971

Dominion Energy South

Carolina, Inc.,

Series A, 2.30%, 12/1/2031

50,000

43,103

6.05%, 1/15/2038(b)

150,000

159,457

5.10%, 6/1/2065

100,000

88,148

DTE Electric Co.,

Series A, 3.00%, 3/1/2032

40,000

35,713

5.20%, 4/1/2033

40,000

40,497

5.20%, 3/1/2034(b)

50,000

50,333

4.30%, 7/1/2044

500,000

427,191

Series B, 3.65%, 3/1/2052

25,000

18,456

5.40%, 4/1/2053

40,000

39,173

Duke Energy Carolinas LLC,

2.95%, 12/1/2026

500,000

489,967

2.45%, 2/1/2030

100,000

90,947

2.85%, 3/15/2032

70,000

61,615

4.95%, 1/15/2033

80,000

80,020

4.85%, 1/15/2034(b)

25,000

24,670

5.25%, 3/15/2035

25,000

25,316

6.10%, 6/1/2037

50,000

52,713

6.00%, 1/15/2038

400,000

420,200

3.20%, 8/15/2049

50,000

33,751

3.55%, 3/15/2052

35,000

24,750

5.35%, 1/15/2053

100,000

95,510

5.40%, 1/15/2054(b)

84,000

80,995

Duke Energy Corp.,

4.85%, 1/5/2027(b)

25,000

25,164

5.00%, 12/8/2027

85,000

85,989

4.30%, 3/15/2028(b)

80,000

79,498

4.85%, 1/5/2029

25,000

25,154

2.45%, 6/1/2030

70,000

62,416

2.55%, 6/15/2031(b)

150,000

130,992

4.50%, 8/15/2032(b)

90,000

86,806

5.75%, 9/15/2033(b)

75,000

78,163

5.45%, 6/15/2034(b)

125,000

126,697

3.75%, 9/1/2046

144,000

106,033

3.50%, 6/15/2051

200,000

136,131

5.00%, 8/15/2052(b)

90,000

78,512

6.10%, 9/15/2053(b)

75,000

76,266

5.80%, 6/15/2054

25,000

24,461

Duke Energy Florida LLC,

3.20%, 1/15/2027(b)

250,000

245,426

2.50%, 12/1/2029(b)

70,000

64,036

2.40%, 12/15/2031(b)

95,000

82,307

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Duke Energy Florida LLC,

5.65%, 4/1/2040(b)

300,000

307,922

3.40%, 10/1/2046

500,000

357,920

3.00%, 12/15/2051

45,000

28,578

6.20%, 11/15/2053

25,000

26,447

Duke Energy Indiana LLC,

5.25%, 3/1/2034(b)

25,000

25,254

6.35%, 8/15/2038

250,000

271,858

5.40%, 4/1/2053

40,000

37,995

Duke Energy Ohio, Inc.,

2.13%, 6/1/2030

155,000

137,109

5.25%, 4/1/2033

25,000

25,363

5.55%, 3/15/2054

25,000

24,212

Duke Energy Progress LLC,

3.40%, 4/1/2032

50,000

45,455

5.25%, 3/15/2033

30,000

30,553

5.10%, 3/15/2034(b)

25,000

25,168

5.05%, 3/15/2035

25,000

24,880

4.15%, 12/1/2044

100,000

81,978

4.20%, 8/15/2045

250,000

205,700

5.35%, 3/15/2053

50,000

47,588

5.55%, 3/15/2055(b)

25,000

24,454

Edison International,

4.13%, 3/15/2028

500,000

480,830

5.25%, 11/15/2028

25,000

24,651

5.45%, 6/15/2029

50,000

49,340

Emera US Finance LP,

4.75%, 6/15/2046

200,000

164,880

Enel Chile SA,

4.88%, 6/12/2028(b)

71,000

70,720

Entergy Arkansas LLC,

5.15%, 1/15/2033

100,000

101,104

5.30%, 9/15/2033

40,000

40,792

5.45%, 6/1/2034(b)

25,000

25,525

5.75%, 6/1/2054

25,000

24,896

Entergy Corp.,

1.90%, 6/15/2028(b)

500,000

459,506

2.80%, 6/15/2030

80,000

72,417

3.75%, 6/15/2050

35,000

24,964

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.67%),

7.13%, 12/1/2054(d)

88,000

89,077

Entergy Louisiana LLC,

5.35%, 3/15/2034

25,000

25,294

5.15%, 9/15/2034(b)

50,000

49,850

4.75%, 9/15/2052

200,000

173,629

5.70%, 3/15/2054

25,000

24,649

5.80%, 3/15/2055

25,000

24,879

Entergy Mississippi LLC,

5.00%, 9/1/2033

20,000

19,801

5.85%, 6/1/2054

25,000

24,959

5.80%, 4/15/2055

25,000

24,889

Entergy Texas, Inc.,

4.00%, 3/30/2029

50,000

49,010

1.75%, 3/15/2031(b)

400,000

339,007

5.25%, 4/15/2035(b)

50,000

49,932

3.55%, 9/30/2049

200,000

141,692

5.00%, 9/15/2052

20,000

17,777

5.80%, 9/1/2053

25,000

24,979

5.55%, 9/15/2054

25,000

23,960

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 25

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Evergy Kansas Central, Inc.,

5.90%, 11/15/2033

25,000

26,188

5.25%, 3/15/2035

25,000

25,100

4.10%, 4/1/2043

200,000

164,511

5.70%, 3/15/2053

20,000

19,901

Evergy Metro, Inc.,

4.95%, 4/15/2033

30,000

29,644

5.40%, 4/1/2034

25,000

25,359

Evergy, Inc.,

2.90%, 9/15/2029

250,000

230,973

Eversource Energy,

4.75%, 5/15/2026

30,000

30,014

5.00%, 1/1/2027

25,000

25,168

2.90%, 3/1/2027(b)

50,000

48,429

4.60%, 7/1/2027(b)

35,000

35,027

5.45%, 3/1/2028

95,000

97,071

5.95%, 2/1/2029(b)

50,000

51,930

Series O, 4.25%,

4/1/2029(b)

400,000

392,813

Series R, 1.65%, 8/15/2030

100,000

84,847

5.85%, 4/15/2031

50,000

51,977

3.38%, 3/1/2032

50,000

44,806

5.13%, 5/15/2033

40,000

39,545

5.50%, 1/1/2034

50,000

50,232

5.95%, 7/15/2034

50,000

51,940

3.45%, 1/15/2050

100,000

69,181

Exelon Corp.,

5.15%, 3/15/2028(b)

30,000

30,483

4.05%, 4/15/2030(b)

300,000

290,648

5.13%, 3/15/2031

50,000

50,554

5.30%, 3/15/2033(b)

60,000

60,813

5.45%, 3/15/2034

35,000

35,587

5.63%, 6/15/2035(b)

300,000

304,599

4.10%, 3/15/2052(b)

35,000

26,915

5.60%, 3/15/2053

90,000

86,665

5.88%, 3/15/2055

50,000

49,892

FirstEnergy Corp.,

Series B, 3.90%,

7/15/2027(b)(f)

106,000

104,227

2.65%, 3/1/2030

80,000

72,042

Series C, 4.85%,

7/15/2047(b)(f)

100,000

85,515

Series C, 3.40%, 3/1/2050

100,000

67,915

Florida Power & Light Co.,

4.45%, 5/15/2026

25,000

25,074

5.05%, 4/1/2028

35,000

35,674

4.40%, 5/15/2028(b)

35,000

35,040

5.15%, 6/15/2029

50,000

51,378

4.63%, 5/15/2030(b)

35,000

35,224

2.45%, 2/3/2032

148,000

127,790

5.10%, 4/1/2033(b)

60,000

60,699

4.80%, 5/15/2033

25,000

24,810

5.63%, 4/1/2034(b)

100,000

104,740

5.30%, 6/15/2034(b)

75,000

76,756

5.65%, 2/1/2037

450,000

467,007

3.95%, 3/1/2048

500,000

396,538

2.88%, 12/4/2051

10,000

6,340

5.30%, 4/1/2053(b)

40,000

38,513

5.60%, 6/15/2054(b)

45,000

45,187

5.70%, 3/15/2055(b)

30,000

30,629

Fortis, Inc.,

3.06%, 10/4/2026

92,000

89,884

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Georgia Power Co.,

4.65%, 5/16/2028

100,000

100,648

4.55%, 3/15/2030

50,000

49,941

4.85%, 3/15/2031(b)

50,000

50,293

4.70%, 5/15/2032(b)

60,000

59,310

4.95%, 5/17/2033

100,000

99,310

5.25%, 3/15/2034

50,000

50,449

5.20%, 3/15/2035

50,000

50,334

4.30%, 3/15/2042(b)

500,000

428,919

5.13%, 5/15/2052(b)

225,000

208,643

Idaho Power Co.,

5.20%, 8/15/2034

25,000

25,121

5.50%, 3/15/2053(b)

20,000

19,267

5.80%, 4/1/2054

25,000

25,120

5.70%, 3/15/2055

35,000

34,354

Indiana Michigan Power Co.,

6.05%, 3/15/2037

50,000

52,776

Series K, 4.55%, 3/15/2046

100,000

85,074

5.63%, 4/1/2053

30,000

29,427

Interstate Power and Light

Co.,

3.60%, 4/1/2029

200,000

192,224

5.70%, 10/15/2033

25,000

25,691

3.70%, 9/15/2046

100,000

74,740

3.10%, 11/30/2051

70,000

45,218

IPALCO Enterprises, Inc.,

5.75%, 4/1/2034

75,000

75,813

Kentucky Utilities Co.,

Series KENT, 5.45%,

4/15/2033

20,000

20,487

Louisville Gas and Electric

Co.,

4.25%, 4/1/2049

450,000

358,620

MidAmerican Energy Co.,

5.35%, 1/15/2034

25,000

25,667

5.80%, 10/15/2036

550,000

578,525

2.70%, 8/1/2052

100,000

61,053

5.85%, 9/15/2054(b)

120,000

123,275

Mississippi Power Co.,

Series B, 3.10%, 7/30/2051

100,000

65,107

Nevada Power Co.,

Series DD, 2.40%, 5/1/2030

100,000

89,959

Series EE, 3.13%, 8/1/2050

100,000

64,855

Series GG, 5.90%, 5/1/2053

30,000

30,026

6.00%, 3/15/2054

50,000

51,018

NextEra Energy Capital

Holdings, Inc.,

1.88%, 1/15/2027

270,000

257,965

4.63%, 7/15/2027

150,000

150,567

4.85%, 2/4/2028(b)

40,000

40,470

4.90%, 2/28/2028(b)

100,000

100,943

1.90%, 6/15/2028(b)

125,000

115,319

4.90%, 3/15/2029(b)

100,000

100,850

2.75%, 11/1/2029(b)

245,000

226,172

5.00%, 2/28/2030(b)

100,000

101,752

5.05%, 3/15/2030(b)

50,000

50,659

2.25%, 6/1/2030(b)

300,000

265,423

2.44%, 1/15/2032(b)

145,000

123,875

5.30%, 3/15/2032

45,000

45,732

5.00%, 7/15/2032(b)

105,000

105,023

5.05%, 2/28/2033(b)

100,000

99,408

5.25%, 3/15/2034(b)

90,000

90,058

26 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

NextEra Energy Capital

Holdings, Inc.,

5.45%, 3/15/2035

250,000

252,167

3.00%, 1/15/2052

85,000

52,741

5.25%, 2/28/2053(b)

100,000

91,891

5.55%, 3/15/2054

50,000

47,805

5.90%, 3/15/2055

40,000

39,943

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.05%),

6.38%, 8/15/2055(b)(d)

130,000

130,140

Northern States Power Co.,

4.00%, 8/15/2045

165,000

133,719

2.60%, 6/1/2051

48,000

28,671

4.50%, 6/1/2052

25,000

21,121

5.10%, 5/15/2053(b)

40,000

37,038

5.40%, 3/15/2054(b)

30,000

29,128

5.65%, 6/15/2054

25,000

25,205

NSTAR Electric Co.,

4.85%, 3/1/2030(b)

25,000

25,222

3.95%, 4/1/2030

200,000

194,210

5.40%, 6/1/2034

175,000

177,979

5.20%, 3/1/2035

25,000

24,987

OGE Energy Corp.,

5.45%, 5/15/2029

25,000

25,580

Ohio Power Co.,

5.65%, 6/1/2034

25,000

25,368

Series R, 2.90%, 10/1/2051

90,000

55,816

Oklahoma Gas and Electric

Co.,

5.40%, 1/15/2033

150,000

152,895

5.60%, 4/1/2053(b)

125,000

122,003

Oncor Electric Delivery Co.

LLC,

4.50%, 3/20/2027(c)

50,000

50,192

4.65%, 11/1/2029

50,000

50,050

4.55%, 9/15/2032(b)

40,000

38,988

5.65%, 11/15/2033

55,000

57,083

5.35%, 4/1/2035(b)(c)

40,000

40,445

4.55%, 12/1/2041

150,000

132,156

5.30%, 6/1/2042

150,000

144,888

3.10%, 9/15/2049

50,000

32,863

2.70%, 11/15/2051

105,000

61,982

4.60%, 6/1/2052

90,000

75,867

4.95%, 9/15/2052(b)

100,000

89,108

5.55%, 6/15/2054

50,000

48,838

5.80%, 4/1/2055(c)

50,000

50,194

Pacific Gas and Electric Co.,

5.45%, 6/15/2027(b)

100,000

101,021

3.75%, 7/1/2028(b)

150,000

144,228

6.10%, 1/15/2029

30,000

30,993

4.20%, 3/1/2029

200,000

193,464

5.55%, 5/15/2029

50,000

50,683

4.55%, 7/1/2030(b)

250,000

241,991

2.50%, 2/1/2031

150,000

128,941

3.25%, 6/1/2031(b)

200,000

177,953

5.90%, 6/15/2032

100,000

101,989

6.15%, 1/15/2033

115,000

118,443

6.40%, 6/15/2033(b)

40,000

41,805

6.95%, 3/15/2034

75,000

81,270

5.80%, 5/15/2034

50,000

50,488

5.70%, 3/1/2035

50,000

50,005

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Pacific Gas and Electric Co.,

4.50%, 7/1/2040

100,000

84,935

4.20%, 6/1/2041

250,000

198,880

4.95%, 7/1/2050(b)

250,000

208,758

3.50%, 8/1/2050(b)

190,000

126,293

5.25%, 3/1/2052

200,000

172,527

6.75%, 1/15/2053

135,000

140,983

6.70%, 4/1/2053

30,000

31,217

5.90%, 10/1/2054(b)

100,000

94,712

6.15%, 3/1/2055

50,000

48,939

PacifiCorp,

5.10%, 2/15/2029(b)

50,000

50,941

5.30%, 2/15/2031(b)

50,000

51,030

5.45%, 2/15/2034(b)

50,000

50,403

5.25%, 6/15/2035

177,000

176,914

2.90%, 6/15/2052

550,000

330,545

5.35%, 12/1/2053

100,000

91,809

5.50%, 5/15/2054(b)

65,000

61,011

5.80%, 1/15/2055

100,000

97,565

PECO Energy Co.,

4.90%, 6/15/2033

44,000

43,824

3.70%, 9/15/2047

250,000

189,889

4.60%, 5/15/2052

30,000

25,799

4.38%, 8/15/2052(b)

30,000

24,657

PG&E Recovery Funding LLC,

Series A-3, 5.53%, 6/1/2049

400,000

399,387

PG&E Wildfire Recovery

Funding LLC,

Series A-2, 4.26%, 6/1/2036

1,000,000

944,667

Series A-3, 4.38%, 6/1/2039

250,000

231,344

Potomac Electric Power Co.,

5.20%, 3/15/2034

25,000

25,133

5.50%, 3/15/2054(b)

25,000

24,445

PPL Electric Utilities Corp.,

5.00%, 5/15/2033

100,000

99,967

4.85%, 2/15/2034(b)

25,000

24,701

5.25%, 5/15/2053

100,000

95,665

Progress Energy, Inc.,

7.75%, 3/1/2031

136,000

155,190

Public Service Co. of

Colorado,

Series 35, 1.90%,

1/15/2031(b)

200,000

171,539

Series 38, 4.10%, 6/1/2032

30,000

28,553

5.35%, 5/15/2034

50,000

50,260

4.30%, 3/15/2044

250,000

208,082

Series 34, 3.20%, 3/1/2050

200,000

134,028

Series 36, 2.70%, 1/15/2051

200,000

118,878

Series 39, 4.50%, 6/1/2052

30,000

25,043

5.25%, 4/1/2053

80,000

73,965

5.75%, 5/15/2054

25,000

24,780

5.85%, 5/15/2055

50,000

49,722

Public Service Co. of New

Hampshire,

5.35%, 10/1/2033(b)

75,000

76,656

5.15%, 1/15/2053

45,000

42,178

Public Service Co. of

Oklahoma,

Series J, 2.20%, 8/15/2031

100,000

84,861

5.25%, 1/15/2033(b)

100,000

100,215

5.20%, 1/15/2035(b)

50,000

49,389

Series K, 3.15%, 8/15/2051

50,000

32,279

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 27

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Public Service Electric and

Gas Co.,

1.90%, 8/15/2031(b)

165,000

140,071

4.90%, 12/15/2032

100,000

100,747

4.65%, 3/15/2033

30,000

29,574

5.20%, 3/1/2034

50,000

50,866

4.85%, 8/1/2034(b)

25,000

24,778

3.95%, 5/1/2042(b)

400,000

329,544

3.20%, 8/1/2049

250,000

171,880

5.45%, 3/1/2054

50,000

49,072

5.30%, 8/1/2054(b)

25,000

24,064

Sierra Pacific Power Co.,

5.90%, 3/15/2054

50,000

50,451

Southern California Edison

Co.,

4.90%, 6/1/2026

30,000

30,022

4.88%, 2/1/2027

50,000

50,176

Series D, 4.70%, 6/1/2027

75,000

74,929

5.85%, 11/1/2027

35,000

35,854

5.15%, 6/1/2029

50,000

50,324

5.25%, 3/15/2030

50,000

50,289

Series G, 2.50%, 6/1/2031

100,000

86,170

5.45%, 6/1/2031

45,000

45,598

2.75%, 2/1/2032

100,000

85,144

5.95%, 11/1/2032

25,000

25,670

6.00%, 1/15/2034

177,000

182,626

5.20%, 6/1/2034

50,000

48,815

5.45%, 3/1/2035

25,000

24,754

Series 08-A, 5.95%,

2/1/2038

50,000

50,320

4.00%, 4/1/2047

200,000

149,340

Series C, 4.13%, 3/1/2048

200,000

150,551

Series B, 4.88%, 3/1/2049

300,000

249,951

3.65%, 2/1/2050

300,000

208,023

Series H, 3.65%, 6/1/2051

30,000

20,555

Series E, 5.45%, 6/1/2052

40,000

35,940

5.88%, 12/1/2053

40,000

38,371

5.75%, 4/15/2054

50,000

46,992

6.20%, 9/15/2055

50,000

49,847

Southern Co. (The),

3.25%, 7/1/2026

295,000

290,354

4.85%, 6/15/2028(b)

40,000

40,468

5.50%, 3/15/2029

50,000

51,565

5.20%, 6/15/2033(b)

40,000

40,094

5.70%, 3/15/2034

150,000

154,919

4.85%, 3/15/2035

50,000

48,392

4.40%, 7/1/2046(b)

200,000

165,439

Southwestern Electric Power

Co.,

Series K, 2.75%, 10/1/2026

200,000

194,614

5.30%, 4/1/2033

25,000

25,064

Series L, 3.85%, 2/1/2048

300,000

219,109

3.25%, 11/1/2051

100,000

65,008

Southwestern Public Service

Co.,

6.00%, 6/1/2054

25,000

25,296

Tampa Electric Co.,

4.90%, 3/1/2029

35,000

35,344

5.15%, 3/1/2035

25,000

24,808

4.10%, 6/15/2042

100,000

83,752

3.63%, 6/15/2050

40,000

28,941

5.00%, 7/15/2052

35,000

31,618

Corporate Bonds

Principal

Amount ($)

Value ($)

Electric Utilities

Tucson Electric Power Co.,

3.25%, 5/15/2032

20,000

17,872

5.20%, 9/15/2034

25,000

24,840

5.50%, 4/15/2053(b)

100,000

95,597

5.90%, 4/15/2055

25,000

25,204

Union Electric Co.,

2.15%, 3/15/2032(b)

100,000

83,850

5.20%, 4/1/2034

50,000

50,322

5.25%, 4/15/2035

50,000

50,398

3.65%, 4/15/2045

250,000

191,219

5.45%, 3/15/2053

100,000

96,634

5.25%, 1/15/2054

25,000

23,402

5.13%, 3/15/2055

25,000

22,962

Virginia Electric and Power

Co.,

2.30%, 11/15/2031

50,000

43,069

5.00%, 4/1/2033

40,000

39,641

5.30%, 8/15/2033(b)

50,000

50,540

5.00%, 1/15/2034

25,000

24,694

5.05%, 8/15/2034(b)

250,000

247,309

5.15%, 3/15/2035

25,000

24,815

Series B, 4.20%, 5/15/2045

200,000

164,804

2.95%, 11/15/2051

50,000

31,124

Series C, 4.63%, 5/15/2052

40,000

33,771

5.45%, 4/1/2053(b)

90,000

86,154

5.70%, 8/15/2053(b)

50,000

49,256

5.35%, 1/15/2054

25,000

23,511

5.55%, 8/15/2054(b)

180,000

174,630

5.65%, 3/15/2055

25,000

24,560

Wisconsin Electric Power Co.,

1.70%, 6/15/2028

245,000

225,588

5.00%, 5/15/2029

25,000

25,447

4.75%, 9/30/2032

25,000

24,889

5.63%, 5/15/2033

59,000

61,824

4.60%, 10/1/2034

25,000

24,215

Wisconsin Power and Light

Co.,

3.95%, 9/1/2032

100,000

93,777

Xcel Energy, Inc.,

4.75%, 3/21/2028

25,000

25,094

3.40%, 6/1/2030(b)

150,000

140,081

4.60%, 6/1/2032

60,000

57,842

5.45%, 8/15/2033

100,000

100,440

5.50%, 3/15/2034(b)

50,000

50,206

5.60%, 4/15/2035

25,000

25,099

6.50%, 7/1/2036

177,000

189,269

38,773,267

Electrical Equipment

0.1%

Eaton Corp.,

3.10%, 9/15/2027

500,000

486,016

4.15%, 3/15/2033(b)

126,000

120,326

4.15%, 11/2/2042

100,000

85,786

Emerson Electric Co.,

2.00%, 12/21/2028

200,000

183,880

1.95%, 10/15/2030(b)

100,000

87,654

2.20%, 12/21/2031

100,000

86,234

5.00%, 3/15/2035(b)

25,000

25,167

2.80%, 12/21/2051

45,000

28,255

Regal Rexnord Corp.,

6.05%, 4/15/2028(b)

20,000

20,518

6.40%, 4/15/2033(b)

120,000

124,565

28 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Electrical Equipment

Rockwell Automation, Inc.,

1.75%, 8/15/2031

50,000

42,345

2.80%, 8/15/2061

60,000

34,806

1,325,552

Electronic Equipment, Instruments & Components

0.1%

Allegion US Holding Co., Inc.,

5.41%, 7/1/2032(b)

30,000

30,453

5.60%, 5/29/2034

25,000

25,295

Amphenol Corp.,

5.05%, 4/5/2027

25,000

25,359

5.05%, 4/5/2029

25,000

25,507

2.80%, 2/15/2030(b)

250,000

230,853

2.20%, 9/15/2031

74,000

63,506

5.00%, 1/15/2035(b)

25,000

24,960

Arrow Electronics, Inc.,

5.15%, 8/21/2029

25,000

25,123

2.95%, 2/15/2032(b)

160,000

137,076

5.88%, 4/10/2034(b)

25,000

25,305

Avnet, Inc.,

6.25%, 3/15/2028

30,000

31,037

3.00%, 5/15/2031

100,000

87,406

5.50%, 6/1/2032

20,000

19,863

CDW LLC,

2.67%, 12/1/2026(b)

150,000

144,683

3.28%, 12/1/2028(b)

150,000

141,331

3.57%, 12/1/2031(b)

150,000

135,554

Corning, Inc.,

4.38%, 11/15/2057(b)

380,000

302,269

Flex Ltd.,

6.00%, 1/15/2028

20,000

20,556

5.25%, 1/15/2032

50,000

49,680

Jabil, Inc.,

1.70%, 4/15/2026(b)

140,000

135,971

4.25%, 5/15/2027

30,000

29,790

3.00%, 1/15/2031(b)

270,000

242,032

Keysight Technologies, Inc.,

3.00%, 10/30/2029

75,000

69,277

TD SYNNEX Corp.,

6.10%, 4/12/2034(b)

50,000

51,426

Teledyne Technologies, Inc.,

2.75%, 4/1/2031

110,000

98,008

2,172,320

Energy Equipment & Services

0.1%

Baker Hughes Holdings LLC,

2.06%, 12/15/2026(b)

345,000

332,326

3.34%, 12/15/2027(b)

285,000

278,492

3.14%, 11/7/2029(b)

85,000

80,016

5.13%, 9/15/2040(b)

200,000

194,349

Halliburton Co.,

6.70%, 9/15/2038

300,000

332,499

5.00%, 11/15/2045(b)

300,000

269,920

NOV, Inc.,

3.95%, 12/1/2042(b)

90,000

66,912

Schlumberger Investment SA,

2.65%, 6/26/2030(b)

300,000

270,749

1,825,263

Entertainment

0.2%

Electronic Arts, Inc.,

2.95%, 2/15/2051

72,000

45,669

Corporate Bonds

Principal

Amount ($)

Value ($)

Entertainment

NBCUniversal Media LLC,

5.95%, 4/1/2041

100,000

103,398

Netflix, Inc.,

4.88%, 4/15/2028(b)

300,000

304,325

5.88%, 11/15/2028(b)

400,000

418,334

4.90%, 8/15/2034(b)

106,000

106,077

Take-Two Interactive

Software, Inc.,

3.70%, 4/14/2027

45,000

44,262

4.95%, 3/28/2028(b)

80,000

80,772

5.40%, 6/12/2029

25,000

25,623

4.00%, 4/14/2032

55,000

51,491

5.60%, 6/12/2034

25,000

25,542

TWDC Enterprises 18 Corp.,

3.00%, 7/30/2046

150,000

102,223

Walt Disney Co. (The),

2.00%, 9/1/2029(b)

300,000

271,039

2.65%, 1/13/2031(b)

200,000

180,680

6.55%, 3/15/2033(b)

300,000

334,627

6.20%, 12/15/2034(b)

245,000

269,348

6.65%, 11/15/2037

150,000

170,252

3.50%, 5/13/2040(b)

100,000

81,143

5.40%, 10/1/2043(b)

300,000

297,185

2.75%, 9/1/2049

300,000

188,555

4.70%, 3/23/2050(b)

200,000

178,650

3.60%, 1/13/2051(b)

100,000

73,706

3.80%, 5/13/2060

130,000

95,225

Warnermedia Holdings, Inc.,

3.76%, 3/15/2027

450,000

438,911

4.05%, 3/15/2029

130,000

122,428

4.28%, 3/15/2032(b)

230,000

202,639

5.05%, 3/15/2042(b)

580,000

463,886

5.14%, 3/15/2052(b)

750,000

546,748

5.39%, 3/15/2062

100,000

72,389

5,295,127

Financial Services

0.4%

Apollo Global Management,

Inc.,

6.38%, 11/15/2033

25,000

27,062

5.80%, 5/21/2054

50,000

49,403

Berkshire Hathaway, Inc.,

4.50%, 2/11/2043(b)

250,000

233,545

Block Financial LLC,

2.50%, 7/15/2028

105,000

97,144

Corebridge Financial, Inc.,

3.65%, 4/5/2027(b)

50,000

49,124

3.85%, 4/5/2029

50,000

48,344

3.90%, 4/5/2032(b)

150,000

138,664

6.05%, 9/15/2033(b)

50,000

52,170

5.75%, 1/15/2034(b)

25,000

25,656

4.35%, 4/5/2042

50,000

41,811

4.40%, 4/5/2052(b)

210,000

168,071

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 3.85%),

6.88%, 12/15/2052(d)

76,000

77,668

Enact Holdings, Inc.,

6.25%, 5/28/2029

50,000

51,300

Equitable Holdings, Inc.,

4.35%, 4/20/2028

650,000

644,419

5.59%, 1/11/2033

150,000

154,215

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 29

Corporate Bonds

Principal

Amount ($)

Value ($)

Financial Services

Essent Group Ltd.,

6.25%, 7/1/2029

25,000

25,751

Fidelity National Information

Services, Inc.,

1.65%, 3/1/2028(b)

110,000

101,305

2.25%, 3/1/2031

86,000

74,604

3.10%, 3/1/2041(b)

75,000

54,824

Fiserv, Inc.,

3.20%, 7/1/2026

300,000

295,210

5.15%, 3/15/2027

50,000

50,489

2.25%, 6/1/2027(b)

400,000

381,537

5.45%, 3/2/2028

60,000

61,361

5.38%, 8/21/2028

50,000

51,144

3.50%, 7/1/2029

300,000

285,301

4.75%, 3/15/2030

50,000

49,883

2.65%, 6/1/2030

215,000

193,551

5.35%, 3/15/2031

50,000

51,271

5.60%, 3/2/2033

40,000

41,103

5.63%, 8/21/2033

50,000

51,475

5.45%, 3/15/2034

50,000

50,687

5.15%, 8/12/2034(b)

50,000

49,592

4.40%, 7/1/2049(b)

200,000

164,818

Global Payments, Inc.,

2.15%, 1/15/2027

90,000

86,193

4.45%, 6/1/2028(b)

300,000

298,056

3.20%, 8/15/2029(b)

150,000

140,435

5.30%, 8/15/2029

45,000

45,691

2.90%, 5/15/2030(b)

78,000

70,716

2.90%, 11/15/2031

155,000

135,784

5.95%, 8/15/2052(b)

30,000

29,027

HA Sustainable Infrastructure

Capital, Inc.,

6.38%, 7/1/2034(b)(c)

50,000

49,420

Jackson Financial, Inc.,

3.13%, 11/23/2031(b)

200,000

173,977

Mastercard, Inc.,

3.30%, 3/26/2027

60,000

59,032

4.10%, 1/15/2028(b)

40,000

39,922

4.88%, 3/9/2028

40,000

40,747

2.95%, 6/1/2029(b)

200,000

189,873

3.35%, 3/26/2030

220,000

209,311

2.00%, 11/18/2031(b)

300,000

255,883

4.35%, 1/15/2032

50,000

49,108

4.95%, 3/15/2032(b)

50,000

50,872

4.85%, 3/9/2033(b)

50,000

50,421

4.88%, 5/9/2034(b)

50,000

50,128

4.55%, 1/15/2035

45,000

43,855

3.80%, 11/21/2046

100,000

79,806

3.85%, 3/26/2050

162,000

128,284

National Rural Utilities

Cooperative Finance Corp.,

5.60%, 11/13/2026

25,000

25,463

4.80%, 2/5/2027

25,000

25,232

5.10%, 5/6/2027

25,000

25,360

4.80%, 3/15/2028

125,000

126,569

5.05%, 9/15/2028

25,000

25,446

4.85%, 2/7/2029

25,000

25,269

3.70%, 3/15/2029

100,000

97,230

5.15%, 6/15/2029

50,000

51,050

2.40%, 3/15/2030(b)

185,000

167,104

5.00%, 2/7/2031

25,000

25,470

Series C, 8.00%, 3/1/2032

159,000

187,536

Corporate Bonds

Principal

Amount ($)

Value ($)

Financial Services

National Rural Utilities

Cooperative Finance Corp.,

2.75%, 4/15/2032

50,000

43,518

4.15%, 12/15/2032

30,000

28,360

5.80%, 1/15/2033

50,000

52,358

5.00%, 8/15/2034

25,000

24,825

NMI Holdings, Inc.,

6.00%, 8/15/2029

25,000

25,311

ORIX Corp.,

5.00%, 9/13/2027

40,000

40,438

4.65%, 9/10/2029

25,000

24,985

4.00%, 4/13/2032(b)

50,000

46,891

5.20%, 9/13/2032(b)

40,000

40,459

5.40%, 2/25/2035(b)

50,000

50,285

PayPal Holdings, Inc.,

2.85%, 10/1/2029(b)

170,000

158,514

2.30%, 6/1/2030(b)

100,000

89,458

4.40%, 6/1/2032(b)

60,000

58,453

5.15%, 6/1/2034(b)

50,000

50,218

5.10%, 4/1/2035

25,000

24,863

3.25%, 6/1/2050(b)

120,000

80,795

5.05%, 6/1/2052

60,000

54,689

5.50%, 6/1/2054(b)

50,000

48,317

5.25%, 6/1/2062(b)

60,000

54,708

Radian Group, Inc.,

6.20%, 5/15/2029(b)

50,000

51,572

Shell International Finance

BV,

2.88%, 5/10/2026(b)

500,000

492,668

6.38%, 12/15/2038(b)

250,000

277,006

2.88%, 11/26/2041(b)

50,000

36,087

3.00%, 11/26/2051

100,000

64,931

Visa, Inc.,

2.05%, 4/15/2030(b)

160,000

143,604

1.10%, 2/15/2031(b)

300,000

250,496

4.30%, 12/14/2045

300,000

261,550

2.00%, 8/15/2050

300,000

164,558

Voya Financial, Inc.,

3.65%, 6/15/2026

250,000

247,144

Western Union Co. (The),

6.20%, 11/17/2036

150,000

152,680

Woodside Finance Ltd.,

5.10%, 9/12/2034(b)

75,000

72,765

5.70%, 9/12/2054

75,000

69,953

10,233,231

Food Products

0.4%

Archer-Daniels-Midland Co.,

2.90%, 3/1/2032

20,000

17,748

4.02%, 4/16/2043(b)

172,000

143,780

2.70%, 9/15/2051

80,000

48,894

Bunge Ltd. Finance Corp.,

4.10%, 1/7/2028

25,000

24,731

4.20%, 9/17/2029

25,000

24,572

2.75%, 5/14/2031(b)

100,000

88,610

4.65%, 9/17/2034(b)

125,000

120,847

Campbell's Co. (The),

5.20%, 3/19/2027(b)

50,000

50,622

4.15%, 3/15/2028(b)

500,000

494,856

5.20%, 3/21/2029(b)

50,000

50,762

5.40%, 3/21/2034

50,000

50,378

4.75%, 3/23/2035(b)

50,000

47,907

30 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Food Products

Campbell’s Co. (The),

5.25%, 10/13/2054(b)

25,000

22,766

Conagra Brands, Inc.,

5.30%, 10/1/2026

50,000

50,488

7.00%, 10/1/2028

221,000

236,597

5.30%, 11/1/2038(b)

250,000

237,882

5.40%, 11/1/2048(b)

50,000

45,512

General Mills, Inc.,

4.70%, 1/30/2027(b)

50,000

50,158

4.20%, 4/17/2028(b)

500,000

495,058

5.50%, 10/17/2028(b)

55,000

56,654

4.88%, 1/30/2030

50,000

50,188

2.25%, 10/14/2031(b)

100,000

85,440

4.95%, 3/29/2033(b)

30,000

29,688

5.25%, 1/30/2035(b)

50,000

50,014

3.00%, 2/1/2051(b)

100,000

64,142

Hershey Co. (The),

2.45%, 11/15/2029

250,000

229,652

4.75%, 2/24/2030

50,000

50,595

4.95%, 2/24/2032

50,000

50,545

5.10%, 2/24/2035

50,000

50,400

Hormel Foods Corp.,

4.80%, 3/30/2027

45,000

45,415

1.70%, 6/3/2028(b)

200,000

184,559

3.05%, 6/3/2051

200,000

131,830

Ingredion, Inc.,

2.90%, 6/1/2030

200,000

183,553

J M Smucker Co. (The),

5.90%, 11/15/2028

75,000

78,419

2.13%, 3/15/2032

100,000

83,281

6.20%, 11/15/2033

75,000

79,863

4.25%, 3/15/2035(b)

300,000

277,783

6.50%, 11/15/2043(b)

40,000

43,013

6.50%, 11/15/2053(b)

25,000

27,049

JBS USA Holding Lux Sarl,

5.13%, 2/1/2028

100,000

101,016

5.50%, 1/15/2030

88,000

89,397

3.00%, 5/15/2032

200,000

172,052

5.75%, 4/1/2033(b)

73,000

74,156

6.75%, 3/15/2034

140,000

151,139

4.38%, 2/2/2052

100,000

77,628

6.50%, 12/1/2052

100,000

103,584

7.25%, 11/15/2053

100,000

112,753

JBS USA LUX Sarl,

5.95%, 4/20/2035(b)(c)

150,000

154,170

6.38%, 2/25/2055(b)(c)

25,000

25,547

Kellanova,

5.25%, 3/1/2033

30,000

30,412

4.50%, 4/1/2046

150,000

129,021

5.75%, 5/16/2054

25,000

25,155

Kraft Heinz Foods Co.,

3.00%, 6/1/2026

200,000

196,458

5.20%, 3/15/2032(b)

50,000

50,553

5.40%, 3/15/2035(b)

50,000

50,398

5.00%, 6/4/2042(b)

250,000

227,845

4.38%, 6/1/2046

400,000

326,945

4.88%, 10/1/2049(b)

100,000

86,552

5.50%, 6/1/2050

200,000

188,810

McCormick & Co., Inc.,

3.40%, 8/15/2027(b)

100,000

97,752

4.95%, 4/15/2033(b)

100,000

98,855

4.70%, 10/15/2034

25,000

23,917

Corporate Bonds

Principal

Amount ($)

Value ($)

Food Products

Mead Johnson Nutrition Co.,

4.60%, 6/1/2044

50,000

43,911

Mondelez International, Inc.,

4.75%, 2/20/2029(b)

50,000

50,579

2.75%, 4/13/2030

92,000

83,985

1.50%, 2/4/2031

70,000

58,698

4.75%, 8/28/2034(b)

50,000

48,905

2.63%, 9/4/2050

40,000

23,772

Pilgrim's Pride Corp.,

4.25%, 4/15/2031(b)

100,000

93,916

6.25%, 7/1/2033

45,000

46,581

6.88%, 5/15/2034(b)

100,000

107,717

Tyson Foods, Inc.,

3.55%, 6/2/2027(b)

100,000

98,020

5.40%, 3/15/2029

50,000

51,136

5.70%, 3/15/2034(b)

50,000

51,234

4.55%, 6/2/2047

100,000

83,897

5.10%, 9/28/2048(b)

250,000

225,627

Unilever Capital Corp.,

2.00%, 7/28/2026(b)

100,000

97,279

1.38%, 9/14/2030(b)

165,000

140,360

5.90%, 11/15/2032(b)

206,000

222,587

4.63%, 8/12/2034(b)

100,000

98,344

2.63%, 8/12/2051

200,000

123,184

8,498,098

Gas Utilities

0.1%

Atmos Energy Corp.,

3.00%, 6/15/2027

500,000

485,887

5.90%, 11/15/2033

50,000

52,914

4.13%, 10/15/2044

74,000

61,340

4.30%, 10/1/2048

100,000

82,847

3.38%, 9/15/2049

160,000

111,444

5.75%, 10/15/2052

30,000

30,133

5.00%, 12/15/2054(b)

60,000

54,248

CenterPoint Energy

Resources Corp.,

5.25%, 3/1/2028(b)

140,000

142,714

4.40%, 7/1/2032

40,000

38,313

5.40%, 3/1/2033

100,000

101,738

5.40%, 7/1/2034

100,000

101,012

National Fuel Gas Co.,

5.50%, 10/1/2026

20,000

20,205

ONE Gas, Inc.,

4.66%, 2/1/2044

250,000

223,104

Piedmont Natural Gas Co.,

Inc.,

5.40%, 6/15/2033

20,000

20,259

5.10%, 2/15/2035

25,000

24,760

3.35%, 6/1/2050

150,000

100,458

Southern California Gas Co.,

2.95%, 4/15/2027(b)

80,000

77,678

5.20%, 6/1/2033

40,000

39,912

5.05%, 9/1/2034

50,000

49,378

6.35%, 11/15/2052

10,000

10,702

5.75%, 6/1/2053

40,000

39,215

5.60%, 4/1/2054(b)

25,000

24,252

Southwest Gas Corp.,

5.80%, 12/1/2027

100,000

102,802

4.05%, 3/15/2032

100,000

93,513

3.18%, 8/15/2051

90,000

57,730

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 31

Corporate Bonds

Principal

Amount ($)

Value ($)

Gas Utilities

Washington Gas Light Co.,

3.65%, 9/15/2049

100,000

73,873

2,220,431

Ground Transportation

0.4%

Burlington Northern Santa Fe

LLC,

3.25%, 6/15/2027

300,000

294,205

4.90%, 4/1/2044

102,000

94,797

4.55%, 9/1/2044

250,000

221,532

3.90%, 8/1/2046(b)

200,000

159,463

4.05%, 6/15/2048(b)

250,000

201,842

3.55%, 2/15/2050

250,000

183,467

2.88%, 6/15/2052

25,000

15,707

4.45%, 1/15/2053

300,000

253,921

5.20%, 4/15/2054(b)

100,000

95,182

5.50%, 3/15/2055

90,000

89,661

Canadian National Railway

Co.,

6.90%, 7/15/2028(b)

242,000

259,672

3.85%, 8/5/2032

40,000

37,357

4.38%, 9/18/2034(b)

50,000

47,461

6.20%, 6/1/2036

236,000

255,794

2.45%, 5/1/2050

85,000

50,025

4.40%, 8/5/2052(b)

35,000

29,669

Canadian Pacific Railway Co.,

2.88%, 11/15/2029(b)

160,000

148,316

4.80%, 3/30/2030

50,000

50,186

2.45%, 12/2/2031(b)

35,000

30,180

5.20%, 3/30/2035

50,000

50,006

5.95%, 5/15/2037

250,000

261,436

3.00%, 12/2/2041(b)

25,000

18,049

3.10%, 12/2/2051

30,000

19,525

4.20%, 11/15/2069

115,000

84,723

6.13%, 9/15/2115

100,000

101,332

CSX Corp.,

4.25%, 3/15/2029

100,000

99,223

4.10%, 11/15/2032(b)

40,000

38,209

5.20%, 11/15/2033(b)

100,000

102,009

5.05%, 6/15/2035

50,000

49,797

4.10%, 3/15/2044

250,000

208,519

4.30%, 3/1/2048

250,000

208,669

4.50%, 3/15/2049

150,000

128,831

3.95%, 5/1/2050

100,000

78,846

4.50%, 11/15/2052(b)

40,000

34,170

4.50%, 8/1/2054

150,000

127,483

4.65%, 3/1/2068

40,000

33,250

Norfolk Southern Corp.,

2.55%, 11/1/2029(b)

100,000

91,590

5.05%, 8/1/2030

90,000

91,887

3.00%, 3/15/2032

55,000

48,923

4.45%, 3/1/2033

200,000

193,248

5.55%, 3/15/2034(b)

50,000

51,923

4.45%, 6/15/2045

200,000

171,531

3.40%, 11/1/2049

170,000

119,275

2.90%, 8/25/2051

100,000

62,590

3.70%, 3/15/2053

40,000

29,109

4.55%, 6/1/2053

45,000

38,149

5.35%, 8/1/2054(b)

70,000

67,203

3.16%, 5/15/2055

250,000

160,157

5.95%, 3/15/2064(b)

75,000

77,284

Corporate Bonds

Principal

Amount ($)

Value ($)

Ground Transportation

Ryder System, Inc.,

1.75%, 9/1/2026

165,000

158,395

2.90%, 12/1/2026

270,000

262,579

2.85%, 3/1/2027

25,000

24,186

4.30%, 6/15/2027

25,000

24,835

5.65%, 3/1/2028

40,000

41,099

5.25%, 6/1/2028

40,000

40,703

6.30%, 12/1/2028

25,000

26,368

5.38%, 3/15/2029(b)

25,000

25,577

6.60%, 12/1/2033

25,000

27,221

Uber Technologies, Inc.,

4.80%, 9/15/2034(b)

106,000

102,948

5.35%, 9/15/2054

110,000

102,752

Union Pacific Corp.,

2.15%, 2/5/2027

55,000

52,955

3.95%, 9/10/2028(b)

500,000

494,115

2.38%, 5/20/2031(b)

200,000

176,903

4.50%, 1/20/2033

100,000

98,216

5.10%, 2/20/2035(b)

50,000

50,431

3.60%, 9/15/2037

100,000

85,906

3.20%, 5/20/2041

100,000

76,069

4.05%, 11/15/2045

220,000

180,009

4.05%, 3/1/2046

40,000

32,640

2.95%, 3/10/2052(b)

335,000

214,379

4.95%, 5/15/2053(b)

100,000

92,035

5.60%, 12/1/2054

50,000

50,217

3.95%, 8/15/2059

300,000

223,356

3.84%, 3/20/2060

400,000

290,389

8,319,666

Health Care Equipment & Supplies

0.3%

Abbott Laboratories,

3.75%, 11/30/2026(b)

298,000

296,313

1.15%, 1/30/2028(b)

90,000

83,259

1.40%, 6/30/2030(b)

95,000

82,255

4.75%, 11/30/2036

150,000

147,644

6.00%, 4/1/2039

50,000

54,967

5.30%, 5/27/2040

200,000

204,287

4.90%, 11/30/2046

250,000

236,577

Baxter International, Inc.,

2.60%, 8/15/2026

460,000

447,454

1.92%, 2/1/2027

180,000

171,691

2.27%, 12/1/2028(b)

190,000

174,557

2.54%, 2/1/2032(b)

300,000

257,299

3.13%, 12/1/2051

30,000

19,059

Becton Dickinson & Co.,

3.70%, 6/6/2027

326,000

320,281

4.69%, 2/13/2028(b)

65,000

65,245

5.08%, 6/7/2029

50,000

50,745

1.96%, 2/11/2031

96,000

81,852

4.30%, 8/22/2032

40,000

38,276

4.67%, 6/6/2047

200,000

172,928

3.79%, 5/20/2050(b)

91,000

68,254

Boston Scientific Corp.,

2.65%, 6/1/2030(b)

300,000

273,358

4.70%, 3/1/2049(b)

100,000

89,836

DH Europe Finance II Sarl,

2.60%, 11/15/2029(b)

100,000

92,258

3.25%, 11/15/2039

100,000

79,341

3.40%, 11/15/2049(b)

140,000

100,299

32 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Equipment & Supplies

GE HealthCare Technologies,

Inc.,

5.65%, 11/15/2027

200,000

205,361

4.80%, 8/14/2029(b)

40,000

40,123

5.91%, 11/22/2032(b)

300,000

316,625

6.38%, 11/22/2052

100,000

108,473

Koninklijke Philips NV,

5.00%, 3/15/2042

100,000

92,050

Medtronic Global Holdings

SCA,

4.25%, 3/30/2028

35,000

34,973

4.50%, 3/30/2033

60,000

58,626

Medtronic, Inc.,

4.38%, 3/15/2035(b)

350,000

336,525

4.63%, 3/15/2045(b)

172,000

154,367

Smith & Nephew plc,

2.03%, 10/14/2030

96,000

82,890

Solventum Corp.,

5.45%, 2/25/2027

50,000

50,720

5.40%, 3/1/2029

85,000

86,709

5.45%, 3/13/2031(b)

100,000

101,877

5.60%, 3/23/2034(b)

100,000

101,367

5.90%, 4/30/2054(b)

100,000

98,909

6.00%, 5/15/2064

100,000

98,183

STERIS Irish FinCo. UnLtd

Co.,

2.70%, 3/15/2031

150,000

132,987

Stryker Corp.,

4.55%, 2/10/2027(b)

50,000

50,068

4.70%, 2/10/2028

50,000

50,325

4.85%, 12/8/2028

25,000

25,324

4.25%, 9/11/2029

50,000

49,393

4.85%, 2/10/2030(b)

50,000

50,496

1.95%, 6/15/2030(b)

80,000

70,168

5.20%, 2/10/2035

50,000

50,483

4.63%, 3/15/2046

200,000

178,155

Zimmer Biomet Holdings, Inc.,

4.70%, 2/19/2027

25,000

25,075

5.35%, 12/1/2028(b)

50,000

51,132

5.05%, 2/19/2030

25,000

25,263

2.60%, 11/24/2031(b)

200,000

174,815

5.20%, 9/15/2034(b)

50,000

49,826

5.50%, 2/19/2035

25,000

25,441

4.45%, 8/15/2045

150,000

127,030

6,711,794

Health Care Providers & Services

1.0%

Advocate Health & Hospitals

Corp.,

4.27%, 8/15/2048

57,000

48,740

Series 2020, 3.01%,

6/15/2050

66,000

43,907

Aetna, Inc.,

6.63%, 6/15/2036

50,000

53,319

6.75%, 12/15/2037

100,000

107,587

Allina Health System,

Series 2019, 3.89%,

4/15/2049

50,000

38,811

Ascension Health,

Series B, 3.11%, 11/15/2039

218,000

170,855

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

Banner Health,

Series 2020, 3.18%,

1/1/2050

39,000

26,884

Baylor Scott & White Holdings,

Series 2021, 2.84%,

11/15/2050

86,000

55,427

Cardinal Health, Inc.,

4.70%, 11/15/2026

25,000

25,103

3.41%, 6/15/2027(b)

100,000

97,804

5.13%, 2/15/2029(b)

25,000

25,403

5.00%, 11/15/2029

25,000

25,204

5.35%, 11/15/2034

25,000

25,090

4.37%, 6/15/2047(b)

200,000

164,403

Cencora, Inc.,

4.85%, 12/15/2029

25,000

25,124

4.30%, 12/15/2047(b)

200,000

162,030

Centene Corp.,

4.25%, 12/15/2027(b)

400,000

390,311

2.45%, 7/15/2028

400,000

364,995

3.38%, 2/15/2030(b)

300,000

271,319

3.00%, 10/15/2030

400,000

349,851

Cigna Group (The),

3.05%, 10/15/2027(b)

400,000

387,025

4.38%, 10/15/2028(b)

300,000

297,710

5.00%, 5/15/2029(b)

50,000

50,674

2.38%, 3/15/2031(b)

110,000

95,979

5.13%, 5/15/2031

50,000

50,753

5.40%, 3/15/2033(b)

60,000

61,086

5.25%, 2/15/2034

50,000

50,268

4.80%, 8/15/2038

200,000

186,881

4.80%, 7/15/2046(b)

250,000

218,003

4.90%, 12/15/2048(b)

500,000

435,458

3.40%, 3/15/2051(b)

150,000

100,441

5.60%, 2/15/2054(b)

50,000

47,600

Cleveland Clinic Foundation

(The),

4.86%, 1/1/2114(b)

30,000

25,869

CommonSpirit Health,

2.78%, 10/1/2030

77,000

69,243

5.32%, 12/1/2034

110,000

108,902

3.82%, 10/1/2049

108,000

80,607

4.19%, 10/1/2049

37,000

28,777

3.91%, 10/1/2050

149,000

109,994

6.46%, 11/1/2052

91,000

96,826

CVS Health Corp.,

2.88%, 6/1/2026

400,000

391,966

4.30%, 3/25/2028(b)

502,000

495,947

5.00%, 1/30/2029(b)

80,000

80,372

5.40%, 6/1/2029

100,000

101,881

3.25%, 8/15/2029(b)

150,000

140,066

5.13%, 2/21/2030(b)

80,000

80,520

1.75%, 8/21/2030(b)

210,000

177,953

5.25%, 1/30/2031

65,000

65,626

1.88%, 2/28/2031

210,000

175,629

5.55%, 6/1/2031

100,000

102,076

2.13%, 9/15/2031(b)

10,000

8,334

5.25%, 2/21/2033

80,000

78,991

5.30%, 6/1/2033(b)

80,000

79,222

5.70%, 6/1/2034

100,000

101,551

4.88%, 7/20/2035

200,000

187,950

4.78%, 3/25/2038

400,000

358,900

4.13%, 4/1/2040

100,000

81,315

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 33

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

CVS Health Corp.,

6.00%, 6/1/2044

100,000

97,699

5.13%, 7/20/2045

300,000

261,553

5.05%, 3/25/2048

600,000

512,007

4.25%, 4/1/2050

85,000

63,590

5.63%, 2/21/2053(b)

80,000

73,140

5.88%, 6/1/2053(b)

80,000

75,522

6.05%, 6/1/2054(b)

100,000

97,023

6.00%, 6/1/2063(b)

80,000

75,488

Elevance Health, Inc.,

4.50%, 10/30/2026

30,000

30,007

3.65%, 12/1/2027(b)

300,000

294,196

5.15%, 6/15/2029

45,000

45,914

4.75%, 2/15/2030

30,000

30,160

2.25%, 5/15/2030(b)

200,000

178,142

4.95%, 11/1/2031

75,000

75,186

4.10%, 5/15/2032

40,000

37,917

5.50%, 10/15/2032(b)

100,000

103,385

4.75%, 2/15/2033(b)

120,000

117,370

5.38%, 6/15/2034

150,000

151,889

5.20%, 2/15/2035(b)

70,000

70,226

4.63%, 5/15/2042

250,000

220,523

5.10%, 1/15/2044

50,000

46,215

4.65%, 8/15/2044

100,000

87,042

4.38%, 12/1/2047(b)

300,000

246,082

3.60%, 3/15/2051

200,000

141,765

4.55%, 5/15/2052(b)

40,000

32,890

5.13%, 2/15/2053(b)

150,000

134,564

5.65%, 6/15/2054(b)

50,000

48,225

5.70%, 2/15/2055(b)

40,000

38,991

5.85%, 11/1/2064

75,000

73,435

Hackensack Meridian Health,

Inc.,

Series 2020, 2.88%,

9/1/2050

117,000

75,319

HCA, Inc.,

5.25%, 6/15/2026(b)

350,000

351,023

5.38%, 9/1/2026(b)

220,000

221,209

3.13%, 3/15/2027(b)

30,000

29,135

5.20%, 6/1/2028(b)

40,000

40,493

4.13%, 6/15/2029

250,000

242,745

3.50%, 9/1/2030(b)

500,000

463,681

2.38%, 7/15/2031

50,000

42,540

5.50%, 3/1/2032

40,000

40,388

3.63%, 3/15/2032(b)

375,000

339,011

5.50%, 6/1/2033(b)

80,000

80,299

5.60%, 4/1/2034

55,000

55,305

5.45%, 9/15/2034(b)

150,000

148,698

5.75%, 3/1/2035

100,000

100,900

5.50%, 6/15/2047

160,000

147,341

5.25%, 6/15/2049(b)

80,000

70,400

3.50%, 7/15/2051

120,000

79,131

4.63%, 3/15/2052(b)

330,000

262,718

5.90%, 6/1/2053(b)

75,000

71,678

6.00%, 4/1/2054(b)

95,000

91,915

5.95%, 9/15/2054(b)

55,000

52,831

6.10%, 4/1/2064(b)

75,000

72,471

Humana, Inc.,

1.35%, 2/3/2027

280,000

263,733

5.75%, 3/1/2028(b)

60,000

61,674

5.75%, 12/1/2028

25,000

25,813

3.70%, 3/23/2029

100,000

95,809

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

Humana, Inc.,

5.38%, 4/15/2031

50,000

50,389

2.15%, 2/3/2032(b)

215,000

176,545

5.88%, 3/1/2033

100,000

102,239

5.95%, 3/15/2034

100,000

102,328

3.95%, 8/15/2049

150,000

109,058

5.75%, 4/15/2054(b)

74,000

68,750

Johns Hopkins Health System

Corp. (The),

3.84%, 5/15/2046

20,000

15,897

Kaiser Foundation Hospitals,

Series 2021, 2.81%,

6/1/2041(b)

86,000

61,670

4.88%, 4/1/2042(b)

250,000

232,653

Series 2019, 3.27%,

11/1/2049

122,000

85,677

Laboratory Corp. of America

Holdings,

1.55%, 6/1/2026

35,000

33,808

2.95%, 12/1/2029(b)

250,000

231,317

4.35%, 4/1/2030

50,000

48,988

4.55%, 4/1/2032

50,000

48,669

4.80%, 10/1/2034(b)

50,000

48,143

4.70%, 2/1/2045(b)

75,000

65,096

Mass General Brigham, Inc.,

Series 2017, 3.77%,

7/1/2048

43,000

33,472

Series 2020, 3.19%,

7/1/2049(b)

100,000

68,866

Mayo Clinic,

Series 2021, 3.20%,

11/15/2061

79,000

51,396

McKesson Corp.,

1.30%, 8/15/2026(b)

100,000

96,038

3.95%, 2/16/2028

250,000

246,849

4.25%, 9/15/2029(b)

25,000

24,762

Memorial Sloan-Kettering

Cancer Center,

Series 2020, 2.96%,

1/1/2050

57,000

37,636

4.13%, 7/1/2052(b)

50,000

40,371

Mount Sinai Hospital (The),

Series 2017, 3.98%,

7/1/2048(b)

33,000

24,263

New York and Presbyterian

Hospital (The),

2.61%, 8/1/2060

250,000

138,014

Northwell Healthcare, Inc.,

3.98%, 11/1/2046

150,000

115,671

4.26%, 11/1/2047(b)

35,000

28,166

Novant Health, Inc.,

3.17%, 11/1/2051

130,000

85,875

Orlando Health Obligated

Group,

5.48%, 10/1/2035

35,000

35,704

PeaceHealth Obligated Group,

Series 2018, 4.79%,

11/15/2048

100,000

85,551

Providence St Joseph Health

Obligated Group,

Series A, 3.93%, 10/1/2048

38,000

28,954

34 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

Providence St Joseph Health

Obligated Group,

Series 21A, 2.70%,

10/1/2051

151,000

87,847

Quest Diagnostics, Inc.,

4.60%, 12/15/2027

25,000

25,128

4.20%, 6/30/2029

100,000

98,394

4.63%, 12/15/2029(b)

25,000

24,884

2.95%, 6/30/2030

75,000

68,912

5.00%, 12/15/2034(b)

100,000

98,439

Stanford Health Care,

Series 2018, 3.80%,

11/15/2048

30,000

23,442

Sutter Health,

Series 2018, 3.70%,

8/15/2028

40,000

38,889

Series 2018, 4.09%,

8/15/2048

50,000

40,292

Series 20A, 3.36%,

8/15/2050(b)

134,000

93,790

Trinity Health Corp.,

Series 2019, 3.43%,

12/1/2048

62,000

46,676

UnitedHealth Group, Inc.,

1.15%, 5/15/2026(b)

120,000

115,877

4.75%, 7/15/2026

40,000

40,266

3.38%, 4/15/2027

200,000

196,620

4.60%, 4/15/2027

55,000

55,364

3.70%, 5/15/2027

55,000

54,351

2.95%, 10/15/2027(b)

200,000

193,554

5.25%, 2/15/2028

45,000

46,148

4.25%, 1/15/2029

120,000

119,266

4.70%, 4/15/2029(b)

50,000

50,441

4.00%, 5/15/2029

100,000

98,279

4.80%, 1/15/2030

125,000

126,412

5.30%, 2/15/2030

300,000

309,653

4.90%, 4/15/2031(b)

75,000

75,941

2.30%, 5/15/2031(b)

75,000

65,633

4.95%, 1/15/2032

200,000

201,408

4.20%, 5/15/2032

140,000

134,603

5.35%, 2/15/2033(b)

60,000

61,518

4.50%, 4/15/2033

120,000

116,048

5.00%, 4/15/2034

75,000

74,604

5.15%, 7/15/2034(b)

200,000

201,354

4.63%, 7/15/2035(b)

105,000

101,754

5.80%, 3/15/2036

300,000

316,526

3.50%, 8/15/2039

100,000

81,373

3.05%, 5/15/2041

180,000

132,545

3.95%, 10/15/2042

250,000

204,833

5.50%, 7/15/2044

200,000

197,012

4.75%, 7/15/2045

250,000

223,428

4.25%, 6/15/2048

300,000

243,469

3.70%, 8/15/2049

200,000

147,011

3.25%, 5/15/2051

60,000

40,106

4.75%, 5/15/2052(b)

200,000

172,894

5.88%, 2/15/2053

145,000

147,067

5.05%, 4/15/2053(b)

120,000

108,669

5.38%, 4/15/2054(b)

275,000

261,265

5.63%, 7/15/2054(b)

200,000

196,321

3.88%, 8/15/2059

100,000

71,656

3.13%, 5/15/2060

100,000

60,612

4.95%, 5/15/2062

100,000

86,838

Corporate Bonds

Principal

Amount ($)

Value ($)

Health Care Providers & Services

UnitedHealth Group, Inc.,

6.05%, 2/15/2063(b)

190,000

195,732

5.20%, 4/15/2063(b)

80,000

72,309

5.50%, 4/15/2064(b)

75,000

71,044

5.75%, 7/15/2064(b)

170,000

167,201

Universal Health Services,

Inc.,

1.65%, 9/1/2026

100,000

95,713

4.63%, 10/15/2029

50,000

48,694

2.65%, 1/15/2032(b)

100,000

83,680

5.05%, 10/15/2034(b)

30,000

28,443

Willis-Knighton Medical

Center,

Series 2018, 4.81%,

9/1/2048

41,000

35,626

23,867,637

Health Care REITs

0.1%

Alexandria Real Estate

Equities, Inc.,

1.88%, 2/1/2033

300,000

236,405

5.50%, 10/1/2035(b)

50,000

50,222

4.85%, 4/15/2049

300,000

257,008

3.55%, 3/15/2052(b)

70,000

47,838

5.15%, 4/15/2053

70,000

62,191

5.63%, 5/15/2054(b)

50,000

47,683

DOC DR LLC,

2.63%, 11/1/2031

50,000

43,264

Healthcare Realty Holdings

LP,

3.10%, 2/15/2030(b)

250,000

229,394

Healthpeak OP LLC,

1.35%, 2/1/2027

60,000

56,571

3.50%, 7/15/2029

125,000

118,591

3.00%, 1/15/2030

180,000

165,774

5.25%, 12/15/2032

85,000

85,359

Omega Healthcare Investors,

Inc.,

4.50%, 4/1/2027

550,000

547,399

3.63%, 10/1/2029(b)

100,000

93,504

Sabra Health Care LP,

3.90%, 10/15/2029

50,000

46,973

3.20%, 12/1/2031

100,000

86,844

Ventas Realty LP,

4.00%, 3/1/2028

250,000

245,756

4.40%, 1/15/2029

82,000

80,880

3.00%, 1/15/2030

100,000

91,830

2.50%, 9/1/2031

100,000

86,479

5.63%, 7/1/2034

25,000

25,444

5.00%, 1/15/2035

75,000

72,535

Welltower OP LLC,

4.25%, 4/1/2026

50,000

49,858

2.05%, 1/15/2029

70,000

63,595

3.10%, 1/15/2030

100,000

92,893

2.75%, 1/15/2031(b)

300,000

267,576

2.75%, 1/15/2032(b)

200,000

174,214

3,426,080

Health Care Technology

0.0%

†

IQVIA, Inc.,

6.25%, 2/1/2029(b)

88,000

91,633

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 35

Corporate Bonds

Principal

Amount ($)

Value ($)

Hotel & Resort REITs

0.0%

†

Host Hotels & Resorts LP,

Series H, 3.38%,

12/15/2029(b)

100,000

92,925

Series J, 2.90%,

12/15/2031(b)

80,000

69,361

5.70%, 7/1/2034(b)

25,000

25,013

5.50%, 4/15/2035(b)

25,000

24,496

211,795

Hotels, Restaurants & Leisure

0.2%

Booking Holdings, Inc.,

4.63%, 4/13/2030(b)

200,000

200,420

Choice Hotels International,

Inc.,

5.85%, 8/1/2034

50,000

50,105

Darden Restaurants, Inc.,

4.35%, 10/15/2027

25,000

24,816

4.55%, 10/15/2029

25,000

24,696

6.30%, 10/10/2033(b)

50,000

52,984

Expedia Group, Inc.,

3.80%, 2/15/2028(b)

200,000

195,034

3.25%, 2/15/2030(b)

165,000

153,798

5.40%, 2/15/2035(b)

50,000

49,797

Hyatt Hotels Corp.,

5.05%, 3/30/2028

25,000

25,111

5.25%, 6/30/2029

25,000

25,243

5.75%, 4/23/2030(f)

50,000

51,388

5.38%, 12/15/2031

45,000

44,822

5.75%, 3/30/2032

25,000

25,134

5.50%, 6/30/2034(b)

25,000

24,539

Las Vegas Sands Corp.,

3.50%, 8/18/2026(b)

72,000

70,608

5.90%, 6/1/2027(b)

25,000

25,403

6.00%, 8/15/2029

25,000

25,553

Marriott International, Inc.,

5.00%, 10/15/2027(b)

55,000

55,685

5.55%, 10/15/2028

50,000

51,427

Series FF, 4.63%,

6/15/2030(b)

92,000

91,287

Series HH, 2.85%,

4/15/2031(b)

200,000

177,846

5.10%, 4/15/2032(b)

25,000

24,911

Series GG, 3.50%,

10/15/2032(b)

200,000

178,336

5.30%, 5/15/2034(b)

100,000

99,787

5.35%, 3/15/2035(b)

150,000

148,583

5.50%, 4/15/2037

75,000

74,164

McDonald's Corp.,

3.80%, 4/1/2028(b)

200,000

196,823

4.80%, 8/14/2028

50,000

50,570

5.00%, 5/17/2029

25,000

25,495

4.60%, 5/15/2030

25,000

25,004

4.95%, 8/14/2033(b)

75,000

75,345

5.20%, 5/17/2034

25,000

25,523

4.95%, 3/3/2035(b)

25,000

24,879

4.70%, 12/9/2035(b)

400,000

387,675

4.88%, 7/15/2040

250,000

233,887

4.88%, 12/9/2045

250,000

226,311

3.63%, 9/1/2049(b)

200,000

145,916

4.20%, 4/1/2050(b)

50,000

40,201

5.45%, 8/14/2053

75,000

72,539

Corporate Bonds

Principal

Amount ($)

Value ($)

Hotels, Restaurants & Leisure

Sands China Ltd.,

5.40%, 8/8/2028(b)(f)

200,000

200,187

Starbucks Corp.,

4.85%, 2/8/2027

25,000

25,187

3.50%, 3/1/2028(b)

250,000

243,894

2.55%, 11/15/2030(b)

200,000

178,384

4.90%, 2/15/2031

25,000

25,295

3.00%, 2/14/2032(b)

140,000

124,660

4.80%, 2/15/2033

100,000

99,363

5.00%, 2/15/2034(b)

25,000

24,894

4.45%, 8/15/2049(b)

250,000

205,767

3.50%, 11/15/2050(b)

200,000

139,438

4,768,714

Household Durables

0.0%

†

DR Horton, Inc.,

1.30%, 10/15/2026

220,000

209,460

5.50%, 10/15/2035

25,000

25,134

Leggett & Platt, Inc.,

3.50%, 11/15/2051

50,000

30,224

MDC Holdings, Inc.,

6.00%, 1/15/2043

100,000

97,821

Mohawk Industries, Inc.,

5.85%, 9/18/2028(b)

50,000

51,811

PulteGroup, Inc.,

6.38%, 5/15/2033(b)

50,000

52,949

Whirlpool Corp.,

2.40%, 5/15/2031

175,000

147,013

4.70%, 5/14/2032(b)

20,000

18,637

5.50%, 3/1/2033

50,000

49,304

5.75%, 3/1/2034(b)

25,000

24,499

706,852

Household Products

0.1%

Church & Dwight Co., Inc.,

2.30%, 12/15/2031

100,000

85,899

5.60%, 11/15/2032(b)

40,000

41,782

5.00%, 6/15/2052

40,000

36,373

Clorox Co. (The),

4.60%, 5/1/2032(b)

100,000

98,696

Colgate-Palmolive Co.,

4.60%, 3/1/2028

16,000

16,291

3.25%, 8/15/2032

35,000

32,169

4.60%, 3/1/2033

16,000

16,034

Kimberly-Clark Corp.,

4.50%, 2/16/2033

100,000

99,089

6.63%, 8/1/2037(b)

80,000

92,064

3.20%, 7/30/2046

65,000

46,197

2.88%, 2/7/2050

100,000

66,300

Procter & Gamble Co. (The),

1.00%, 4/23/2026

170,000

164,421

2.85%, 8/11/2027(b)

250,000

243,003

4.35%, 1/29/2029

50,000

50,425

4.15%, 10/24/2029

50,000

50,071

1.20%, 10/29/2030

100,000

84,838

1.95%, 4/23/2031

300,000

262,743

4.55%, 1/29/2034(b)

50,000

49,757

4.55%, 10/24/2034

50,000

49,891

3.60%, 3/25/2050(b)

300,000

229,516

1,815,559

36 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Independent Power and Renewable Electricity Producers

0.0%

†

AES Corp. (The),

5.45%, 6/1/2028(b)

60,000

61,041

2.45%, 1/15/2031(b)

70,000

59,838

Constellation Energy

Generation LLC,

5.60%, 3/1/2028(b)

40,000

41,084

5.80%, 3/1/2033(b)

40,000

41,424

6.13%, 1/15/2034

25,000

26,344

6.25%, 10/1/2039

180,000

188,901

5.60%, 6/15/2042(b)

75,000

72,563

6.50%, 10/1/2053

76,000

79,680

5.75%, 3/15/2054

50,000

48,104

Oglethorpe Power Corp.,

4.50%, 4/1/2047

40,000

32,764

5.25%, 9/1/2050

200,000

179,949

6.20%, 12/1/2053

50,000

51,162

882,854

Industrial Conglomerates

0.1%

3M Co.,

4.80%, 3/15/2030

25,000

25,078

3.05%, 4/15/2030

100,000

93,216

5.15%, 3/15/2035

25,000

24,992

5.70%, 3/15/2037

415,000

434,112

4.00%, 9/14/2048

96,000

76,297

3.25%, 8/26/2049

90,000

61,897

Honeywell International, Inc.,

2.50%, 11/1/2026(b)

500,000

486,223

1.10%, 3/1/2027

100,000

94,203

4.65%, 7/30/2027

50,000

50,340

4.95%, 2/15/2028

60,000

61,095

4.25%, 1/15/2029

20,000

19,896

2.70%, 8/15/2029(b)

500,000

466,143

4.88%, 9/1/2029

50,000

50,930

4.70%, 2/1/2030

50,000

50,270

1.75%, 9/1/2031

100,000

83,456

4.95%, 9/1/2031(b)

50,000

50,815

4.75%, 2/1/2032(b)

50,000

49,924

5.00%, 2/15/2033

60,000

60,350

4.50%, 1/15/2034(b)

120,000

115,988

5.00%, 3/1/2035(b)

100,000

99,625

2.80%, 6/1/2050

90,000

57,275

5.25%, 3/1/2054

124,000

118,024

5.35%, 3/1/2064

50,000

47,296

Pentair Finance Sarl,

5.90%, 7/15/2032

30,000

30,844

2,708,289

Industrial REITs

0.0%

†

Americold Realty Operating

Partnership LP,

5.60%, 5/15/2032

25,000

25,094

5.41%, 9/12/2034(b)

25,000

24,410

Prologis LP,

4.88%, 6/15/2028(b)

45,000

45,501

2.88%, 11/15/2029

125,000

116,190

2.25%, 4/15/2030

160,000

142,886

1.75%, 7/1/2030

65,000

55,768

1.25%, 10/15/2030(b)

65,000

54,462

2.25%, 1/15/2032

200,000

170,255

4.63%, 1/15/2033

50,000

49,035

Corporate Bonds

Principal

Amount ($)

Value ($)

Industrial REITs

Prologis LP,

4.75%, 6/15/2033(b)

35,000

34,331

5.13%, 1/15/2034

50,000

50,130

5.00%, 3/15/2034(b)

50,000

49,717

5.00%, 1/31/2035

50,000

49,632

3.00%, 4/15/2050

65,000

42,082

2.13%, 10/15/2050

155,000

82,695

5.25%, 6/15/2053

30,000

28,484

5.25%, 3/15/2054(b)

75,000

71,134

Rexford Industrial Realty LP,

5.00%, 6/15/2028

20,000

20,071

2.15%, 9/1/2031

90,000

75,182

1,187,059

Insurance

0.7%

Aflac, Inc.,

3.60%, 4/1/2030(b)

500,000

480,331

Alleghany Corp.,

3.63%, 5/15/2030

50,000

47,917

3.25%, 8/15/2051

50,000

33,350

Allstate Corp. (The),

5.05%, 6/24/2029

25,000

25,391

5.25%, 3/30/2033(b)

20,000

20,260

5.55%, 5/9/2035

100,000

102,608

+ 2.12%), 6.50%,

5/15/2057(d)

195,000

198,857

American International Group,

Inc.,

5.13%, 3/27/2033(b)

60,000

60,084

4.75%, 4/1/2048(b)

100,000

88,405

4.38%, 6/30/2050(b)

200,000

165,874

Aon Corp.,

2.80%, 5/15/2030

200,000

182,385

2.05%, 8/23/2031

50,000

42,479

2.60%, 12/2/2031(b)

25,000

21,761

5.00%, 9/12/2032

30,000

30,056

5.35%, 2/28/2033(b)

25,000

25,422

2.90%, 8/23/2051

50,000

30,691

3.90%, 2/28/2052(b)

30,000

22,227

Aon Global Ltd.,

4.60%, 6/14/2044

250,000

215,477

Aon North America, Inc.,

5.13%, 3/1/2027(b)

55,000

55,594

5.15%, 3/1/2029

75,000

76,327

5.30%, 3/1/2031(b)

75,000

76,736

5.45%, 3/1/2034(b)

225,000

229,100

5.75%, 3/1/2054

188,000

185,406

Arch Capital Finance LLC,

5.03%, 12/15/2046(b)

250,000

227,128

Arthur J Gallagher & Co.,

4.60%, 12/15/2027

50,000

50,108

2.40%, 11/9/2031

200,000

171,114

5.00%, 2/15/2032(b)

30,000

29,997

5.15%, 2/15/2035

190,000

188,282

3.50%, 5/20/2051

78,000

54,240

3.05%, 3/9/2052

100,000

62,631

5.75%, 3/2/2053

12,000

11,738

5.55%, 2/15/2055

100,000

95,957

Athene Holding Ltd.,

6.15%, 4/3/2030

450,000

473,172

6.65%, 2/1/2033

50,000

53,249

5.88%, 1/15/2034

25,000

25,391

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 37

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Athene Holding Ltd.,

6.25%, 4/1/2054(b)

50,000

50,077

Berkshire Hathaway Finance

Corp.,

2.30%, 3/15/2027(b)

100,000

96,686

4.20%, 8/15/2048(b)

400,000

333,890

4.25%, 1/15/2049(b)

300,000

253,996

2.85%, 10/15/2050

45,000

28,871

3.85%, 3/15/2052

100,000

76,978

Brighthouse Financial, Inc.,

4.70%, 6/22/2047(b)

150,000

116,933

Brown & Brown, Inc.,

4.20%, 3/17/2032

30,000

28,144

5.65%, 6/11/2034(b)

50,000

50,876

4.95%, 3/17/2052(b)

25,000

21,548

Chubb Corp. (The),

6.00%, 5/11/2037(b)

165,000

176,796

Chubb INA Holdings LLC,

3.35%, 5/3/2026(b)

90,000

89,030

4.65%, 8/15/2029(b)

50,000

50,421

1.38%, 9/15/2030(b)

88,000

74,848

5.00%, 3/15/2034

75,000

75,075

4.35%, 11/3/2045

250,000

214,740

2.85%, 12/15/2051

50,000

32,102

3.05%, 12/15/2061

35,000

21,576

CNO Financial Group, Inc.,

6.45%, 6/15/2034

25,000

26,071

Enstar Group Ltd.,

3.10%, 9/1/2031

80,000

68,964

Everest Reinsurance

Holdings, Inc.,

3.50%, 10/15/2050(b)

125,000

84,115

3.13%, 10/15/2052

50,000

30,611

F&G Annuities & Life, Inc.,

7.40%, 1/13/2028

50,000

52,149

6.50%, 6/4/2029(b)

25,000

25,448

6.25%, 10/4/2034

25,000

24,213

Fairfax Financial Holdings

Ltd.,

4.63%, 4/29/2030(b)

200,000

197,258

6.00%, 12/7/2033(b)

100,000

104,183

6.10%, 3/15/2055(b)(c)

25,000

24,594

Fidelity National Financial,

Inc.,

3.20%, 9/17/2051

35,000

21,489

First American Financial

Corp.,

2.40%, 8/15/2031(b)

75,000

63,275

5.45%, 9/30/2034

25,000

24,461

Globe Life, Inc.,

2.15%, 8/15/2030

250,000

216,638

5.85%, 9/15/2034(b)

25,000

25,600

Hanover Insurance Group,

Inc. (The),

2.50%, 9/1/2030

100,000

87,786

Hartford Insurance Group, Inc.

(The),

6.10%, 10/1/2041

309,000

318,875

Kemper Corp.,

3.80%, 2/23/2032

30,000

26,992

Lincoln National Corp.,

3.05%, 1/15/2030

500,000

461,252

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Loews Corp.,

4.13%, 5/15/2043(b)

200,000

168,465

Manulife Financial Corp.,

(USD ICE Swap Rate 5

Year + 1.65%), 4.06%,

2/24/2032(d)

500,000

491,589

3.70%, 3/16/2032

20,000

18,534

Markel Group, Inc.,

3.35%, 9/17/2029(b)

475,000

450,401

3.45%, 5/7/2052

100,000

67,733

Marsh & McLennan Cos., Inc.,

4.55%, 11/8/2027

75,000

75,354

4.38%, 3/15/2029

300,000

298,953

4.65%, 3/15/2030(b)

150,000

150,271

4.85%, 11/15/2031(b)

150,000

150,511

5.75%, 11/1/2032(b)

25,000

26,373

5.40%, 9/15/2033(b)

50,000

51,470

5.15%, 3/15/2034(b)

25,000

25,228

5.00%, 3/15/2035

215,000

212,764

5.35%, 11/15/2044(b)

50,000

48,845

4.20%, 3/1/2048(b)

500,000

413,138

6.25%, 11/1/2052(b)

25,000

26,892

5.70%, 9/15/2053(b)

100,000

101,498

5.45%, 3/15/2054(b)

25,000

24,271

5.40%, 3/15/2055

175,000

168,946

MetLife, Inc.,

5.38%, 7/15/2033(b)

50,000

51,529

5.30%, 12/15/2034(b)

50,000

50,812

5.70%, 6/15/2035(b)

159,000

166,323

6.40%, 12/15/2036

300,000

304,277

4.88%, 11/13/2043

250,000

228,573

4.05%, 3/1/2045(b)

100,000

81,104

5.00%, 7/15/2052(b)

60,000

54,484

5.25%, 1/15/2054(b)

100,000

94,971

Nationwide Financial Services,

Inc.,

6.75%, 5/15/2037(g)

40,000

39,602

Old Republic International

Corp.,

3.88%, 8/26/2026(b)

200,000

197,746

5.75%, 3/28/2034

25,000

25,590

Principal Financial Group, Inc.,

5.38%, 3/15/2033

40,000

40,698

4.30%, 11/15/2046(b)

50,000

42,018

5.50%, 3/15/2053(b)

45,000

44,070

Progressive Corp. (The),

2.50%, 3/15/2027

40,000

38,679

3.00%, 3/15/2032

30,000

26,826

6.25%, 12/1/2032

162,000

175,902

4.95%, 6/15/2033(b)

20,000

20,112

3.70%, 1/26/2045

250,000

195,739

4.13%, 4/15/2047

92,000

75,264

Prudential Financial, Inc.,

3.88%, 3/27/2028

200,000

197,061

5.20%, 3/14/2035(b)

50,000

50,048

4.60%, 5/15/2044

250,000

220,272

3.91%, 12/7/2047

186,000

143,348

3.94%, 12/7/2049(b)

505,000

384,785

3.70%, 3/13/2051(b)

300,000

220,767

Prudential Funding Asia plc,

3.13%, 4/14/2030

100,000

93,102

38 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Insurance

Reinsurance Group of

America, Inc.,

6.00%, 9/15/2033(b)

20,000

20,748

5.75%, 9/15/2034

25,000

25,429

RenaissanceRe Holdings Ltd.,

5.75%, 6/5/2033(b)

60,000

61,068

5.80%, 4/1/2035

25,000

25,604

Travelers Cos., Inc. (The),

6.25%, 6/15/2037

86,000

93,350

5.35%, 11/1/2040

250,000

247,315

4.10%, 3/4/2049

200,000

160,219

5.45%, 5/25/2053(b)

20,000

19,640

Travelers Property Casualty

Corp.,

6.38%, 3/15/2033(b)

192,000

212,249

Unum Group,

4.00%, 6/15/2029(b)

250,000

242,755

4.13%, 6/15/2051

50,000

37,533

W R Berkley Corp.,

4.00%, 5/12/2050

100,000

76,839

Willis North America, Inc.,

4.65%, 6/15/2027

50,000

50,031

4.50%, 9/15/2028(b)

400,000

396,980

2.95%, 9/15/2029(b)

65,000

60,007

5.35%, 5/15/2033

20,000

20,161

5.90%, 3/5/2054

50,000

49,261

15,570,433

Interactive Media & Services

0.1%

Alphabet, Inc.,

2.00%, 8/15/2026

500,000

485,862

0.80%, 8/15/2027(b)

90,000

83,603

1.10%, 8/15/2030

165,000

140,561

1.90%, 8/15/2040

100,000

66,978

2.05%, 8/15/2050

200,000

113,294

2.25%, 8/15/2060

200,000

110,999

Baidu, Inc.,

4.38%, 3/29/2028

200,000

199,337

Meta Platforms, Inc.,

3.50%, 8/15/2027(b)

230,000

226,735

4.60%, 5/15/2028(b)

60,000

60,724

4.30%, 8/15/2029

65,000

64,986

4.80%, 5/15/2030(b)

60,000

61,295

4.55%, 8/15/2031(b)

75,000

75,187

3.85%, 8/15/2032

195,000

184,436

4.95%, 5/15/2033

60,000

60,743

4.75%, 8/15/2034

175,000

173,758

4.45%, 8/15/2052

265,000

225,613

5.60%, 5/15/2053

310,000

312,520

5.40%, 8/15/2054

346,000

339,013

4.65%, 8/15/2062

180,000

154,274

5.75%, 5/15/2063

60,000

60,927

5.55%, 8/15/2064

150,000

147,585

3,348,430

IT Services

0.2%

Accenture Capital, Inc.,

3.90%, 10/4/2027

35,000

34,770

4.05%, 10/4/2029

50,000

49,294

4.25%, 10/4/2031

50,000

49,089

4.50%, 10/4/2034(b)

35,000

33,819

Corporate Bonds

Principal

Amount ($)

Value ($)

IT Services

CGI, Inc.,

1.45%, 9/14/2026

50,000

47,814

4.95%, 3/14/2030(c)

25,000

25,001

2.30%, 9/14/2031

50,000

42,573

DXC Technology Co.,

1.80%, 9/15/2026

100,000

95,736

2.38%, 9/15/2028

100,000

91,263

IBM International Capital Pte.

Ltd.,

4.60%, 2/5/2027(b)

100,000

100,416

4.60%, 2/5/2029

100,000

100,350

4.75%, 2/5/2031

100,000

100,080

4.90%, 2/5/2034

100,000

98,412

5.25%, 2/5/2044

100,000

95,331

5.30%, 2/5/2054(b)

200,000

187,065

International Business

Machines Corp.,

3.30%, 5/15/2026

400,000

395,727

1.70%, 5/15/2027(b)

300,000

283,988

4.50%, 2/6/2028(b)

100,000

100,528

4.65%, 2/10/2028(b)

100,000

100,638

3.50%, 5/15/2029

400,000

384,180

4.80%, 2/10/2030

100,000

100,729

1.95%, 5/15/2030(b)

100,000

87,909

5.00%, 2/10/2032(b)

100,000

100,773

5.88%, 11/29/2032

53,000

56,387

5.20%, 2/10/2035

100,000

100,198

4.15%, 5/15/2039

300,000

264,045

4.00%, 6/20/2042

150,000

123,742

4.25%, 5/15/2049

300,000

244,617

5.70%, 2/10/2055

100,000

99,183

Kyndryl Holdings, Inc.,

3.15%, 10/15/2031(b)

150,000

131,718

3,725,375

Leisure Products

0.0%

†

Brunswick Corp.,

2.40%, 8/18/2031

65,000

53,979

4.40%, 9/15/2032(b)

100,000

91,519

5.10%, 4/1/2052

30,000

22,763

Hasbro, Inc.,

3.55%, 11/19/2026

100,000

98,150

3.90%, 11/19/2029(b)

100,000

95,124

6.05%, 5/14/2034(b)

25,000

25,661

5.10%, 5/15/2044

100,000

86,970

474,166

Life Sciences Tools & Services

0.1%

Agilent Technologies, Inc.,

4.20%, 9/9/2027

25,000

24,854

2.75%, 9/15/2029

165,000

152,029

2.30%, 3/12/2031(b)

82,000

71,251

4.75%, 9/9/2034

25,000

24,230

Bio-Rad Laboratories, Inc.,

3.70%, 3/15/2032(b)

50,000

45,120

Danaher Corp.,

2.60%, 10/1/2050

94,000

56,952

2.80%, 12/10/2051(b)

140,000

87,875

Illumina, Inc.,

4.65%, 9/9/2026

25,000

24,978

5.75%, 12/13/2027

100,000

102,238

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 39

Corporate Bonds

Principal

Amount ($)

Value ($)

Life Sciences Tools & Services

Revvity, Inc.,

1.90%, 9/15/2028(b)

60,000

54,758

3.30%, 9/15/2029

100,000

93,635

2.25%, 9/15/2031

35,000

29,454

Thermo Fisher Scientific, Inc.,

4.95%, 8/10/2026

100,000

100,875

5.00%, 12/5/2026

50,000

50,506

4.80%, 11/21/2027

65,000

65,830

1.75%, 10/15/2028(b)

115,000

105,348

5.00%, 1/31/2029

75,000

76,681

2.60%, 10/1/2029(b)

325,000

300,762

4.98%, 8/10/2030(b)

65,000

66,300

2.00%, 10/15/2031(b)

55,000

47,036

4.95%, 11/21/2032(b)

70,000

70,858

5.09%, 8/10/2033

80,000

81,032

5.20%, 1/31/2034

50,000

50,832

2.80%, 10/15/2041

30,000

21,473

5.40%, 8/10/2043(b)

90,000

90,018

5.30%, 2/1/2044

100,000

97,966

1,992,891

Machinery

0.2%

AGCO Corp.,

5.45%, 3/21/2027

50,000

50,614

5.80%, 3/21/2034(b)

50,000

50,703

Caterpillar, Inc.,

2.60%, 9/19/2029(b)

70,000

65,006

6.05%, 8/15/2036

177,000

193,711

3.80%, 8/15/2042(b)

300,000

247,088

3.25%, 9/19/2049(b)

330,000

231,859

CNH Industrial Capital LLC,

1.45%, 7/15/2026(b)

150,000

144,270

4.75%, 3/21/2028

25,000

25,040

4.55%, 4/10/2028

40,000

39,895

5.50%, 1/12/2029(b)

100,000

102,800

5.10%, 4/20/2029(b)

50,000

50,629

Cummins, Inc.,

2.60%, 9/1/2050

50,000

30,062

5.45%, 2/20/2054(b)

92,000

90,102

Deere & Co.,

5.45%, 1/16/2035(b)

50,000

51,775

3.90%, 6/9/2042(b)

250,000

211,354

5.70%, 1/19/2055(b)

150,000

156,229

Dover Corp.,

2.95%, 11/4/2029

45,000

41,851

5.38%, 3/1/2041

100,000

97,390

Flowserve Corp.,

2.80%, 1/15/2032

100,000

85,534

Illinois Tool Works, Inc.,

4.88%, 9/15/2041

200,000

189,987

Ingersoll Rand, Inc.,

5.20%, 6/15/2027

50,000

50,684

5.18%, 6/15/2029

50,000

50,848

5.70%, 8/14/2033

100,000

103,209

5.45%, 6/15/2034(b)

50,000

50,739

Nordson Corp.,

4.50%, 12/15/2029

25,000

24,616

5.80%, 9/15/2033(b)

25,000

26,101

nVent Finance Sarl,

5.65%, 5/15/2033

40,000

39,870

Otis Worldwide Corp.,

5.25%, 8/16/2028

30,000

30,660

Corporate Bonds

Principal

Amount ($)

Value ($)

Machinery

Otis Worldwide Corp.,

3.11%, 2/15/2040(b)

300,000

228,121

Parker-Hannifin Corp.,

4.25%, 9/15/2027(b)

65,000

64,856

3.25%, 6/14/2029

104,000

98,977

4.50%, 9/15/2029(b)

95,000

95,076

4.20%, 11/21/2034(b)

300,000

282,908

Stanley Black & Decker, Inc.,

6.00%, 3/6/2028(b)

100,000

104,243

4.25%, 11/15/2028(b)

250,000

247,759

2.30%, 3/15/2030(b)

500,000

442,924

3.00%, 5/15/2032

40,000

34,748

Westinghouse Air Brake

Technologies Corp.,

3.45%, 11/15/2026

78,000

76,667

4.70%, 9/15/2028(b)(f)

250,000

250,379

4,459,284

Media

0.5%

Charter Communications

Operating LLC,

6.15%, 11/10/2026

95,000

96,928

4.20%, 3/15/2028

200,000

196,136

2.25%, 1/15/2029(b)

100,000

90,062

5.05%, 3/30/2029(b)

150,000

149,307

6.10%, 6/1/2029

75,000

77,441

4.40%, 4/1/2033

75,000

67,807

6.65%, 2/1/2034(b)

125,000

129,565

6.55%, 6/1/2034

75,000

77,150

6.38%, 10/23/2035

300,000

304,024

3.50%, 3/1/2042

100,000

68,407

5.38%, 5/1/2047

400,000

331,432

5.75%, 4/1/2048

350,000

301,862

4.80%, 3/1/2050

500,000

376,967

3.90%, 6/1/2052

200,000

129,325

5.25%, 4/1/2053(b)

180,000

145,458

6.83%, 10/23/2055

150,000

145,943

3.85%, 4/1/2061

310,000

188,282

Comcast Corp.,

5.35%, 11/15/2027

55,000

56,413

3.15%, 2/15/2028

500,000

484,007

4.55%, 1/15/2029(b)

80,000

80,328

5.10%, 6/1/2029(b)

75,000

76,737

2.65%, 2/1/2030

300,000

274,646

3.40%, 4/1/2030(b)

165,000

156,141

1.95%, 1/15/2031(b)

700,000

600,736

5.50%, 11/15/2032(b)

60,000

62,352

4.25%, 1/15/2033(b)

250,000

237,677

4.65%, 2/15/2033(b)

160,000

156,836

7.05%, 3/15/2033(b)

95,000

107,382

4.80%, 5/15/2033(b)

80,000

78,781

5.30%, 6/1/2034(b)

75,000

76,255

4.40%, 8/15/2035

200,000

187,823

6.50%, 11/15/2035(b)

100,000

110,637

3.90%, 3/1/2038

250,000

214,557

3.75%, 4/1/2040

150,000

123,041

3.40%, 7/15/2046

150,000

107,342

4.70%, 10/15/2048(b)

400,000

346,529

4.00%, 11/1/2049

250,000

191,795

2.89%, 11/1/2051

500,000

304,936

2.45%, 8/15/2052

300,000

164,487

5.35%, 5/15/2053(b)

80,000

74,625

40 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Media

Comcast Corp.,

5.65%, 6/1/2054(b)

70,000

68,550

2.94%, 11/1/2056

527,000

309,639

2.65%, 8/15/2062

300,000

157,632

2.99%, 11/1/2063

200,000

113,705

5.50%, 5/15/2064(b)

280,000

262,976

Discovery Communications

LLC,

3.63%, 5/15/2030

200,000

179,928

5.00%, 9/20/2037

125,000

105,441

Fox Corp.,

6.50%, 10/13/2033(b)

100,000

107,106

5.58%, 1/25/2049(b)

300,000

280,991

Grupo Televisa SAB,

6.63%, 1/15/2040

250,000

231,153

Interpublic Group of Cos., Inc.

(The),

2.40%, 3/1/2031

160,000

139,682

5.38%, 6/15/2033

24,000

24,124

3.38%, 3/1/2041

70,000

52,293

Omnicom Group, Inc.,

3.60%, 4/15/2026(b)

200,000

198,028

2.60%, 8/1/2031(b)

82,000

71,739

5.30%, 11/1/2034

50,000

49,949

Paramount Global,

5.50%, 5/15/2033

118,000

113,267

4.38%, 3/15/2043

459,000

339,970

4.60%, 1/15/2045

250,000

187,292

Time Warner Cable LLC,

6.75%, 6/15/2039(b)

700,000

699,599

10,843,223

Metals & Mining

0.2%

ArcelorMittal SA,

6.55%, 11/29/2027

40,000

41,647

6.80%, 11/29/2032

40,000

43,053

6.00%, 6/17/2034(b)

50,000

51,173

7.00%, 10/15/2039(b)(f)

100,000

109,108

6.35%, 6/17/2054

50,000

49,674

Barrick North America Finance

LLC,

5.75%, 5/1/2043

100,000

100,130

BHP Billiton Finance USA Ltd.,

5.25%, 9/8/2026(b)

100,000

101,257

4.75%, 2/28/2028(b)

60,000

60,639

5.10%, 9/8/2028

100,000

102,151

5.00%, 2/21/2030(b)

100,000

101,620

5.25%, 9/8/2030(b)

100,000

102,753

5.13%, 2/21/2032

75,000

75,806

4.90%, 2/28/2033(b)

35,000

34,666

5.25%, 9/8/2033

100,000

101,185

5.30%, 2/21/2035

125,000

126,075

4.13%, 2/24/2042

92,000

77,619

5.00%, 9/30/2043(b)

200,000

187,116

Freeport-McMoRan, Inc.,

5.40%, 11/14/2034(b)

350,000

350,059

Newmont Corp.,

2.25%, 10/1/2030(b)

96,000

85,009

2.60%, 7/15/2032

115,000

99,560

5.35%, 3/15/2034

50,000

50,461

5.88%, 4/1/2035

236,000

247,153

4.88%, 3/15/2042(b)

150,000

138,071

Corporate Bonds

Principal

Amount ($)

Value ($)

Metals & Mining

Nucor Corp.,

4.30%, 5/23/2027

60,000

59,896

4.65%, 6/1/2030(b)

50,000

49,850

5.10%, 6/1/2035

50,000

49,304

5.20%, 8/1/2043

200,000

197,198

Rio Tinto Alcan, Inc.,

5.75%, 6/1/2035

106,000

111,816

Rio Tinto Finance USA Ltd.,

2.75%, 11/2/2051

300,000

183,107

Rio Tinto Finance USA plc,

4.38%, 3/12/2027(b)

35,000

35,084

4.50%, 3/14/2028

40,000

40,233

4.88%, 3/14/2030

80,000

80,822

5.00%, 3/14/2032

55,000

55,245

5.00%, 3/9/2033

55,000

55,324

5.25%, 3/14/2035

85,000

85,653

4.13%, 8/21/2042

100,000

84,157

5.13%, 3/9/2053(b)

60,000

55,400

5.75%, 3/14/2055

35,000

35,058

Southern Copper Corp.,

7.50%, 7/27/2035

100,000

113,718

6.75%, 4/16/2040(b)

250,000

270,352

5.88%, 4/23/2045(b)

100,000

98,539

Steel Dynamics, Inc.,

3.25%, 1/15/2031(b)

200,000

183,166

5.38%, 8/15/2034(b)

50,000

50,133

5.25%, 5/15/2035

50,000

49,523

5.75%, 5/15/2055

30,000

29,066

Vale Overseas Ltd.,

3.75%, 7/8/2030(b)

300,000

278,697

6.13%, 6/12/2033(b)

250,000

255,664

6.88%, 11/10/2039

70,000

76,086

6.40%, 6/28/2054(b)

75,000

74,015

5,093,091

Multi-Utilities

0.4%

Algonquin Power & Utilities

Corp.,

5.37%, 6/15/2026(f)

81,000

81,466

Ameren Corp.,

5.70%, 12/1/2026

50,000

50,887

1.95%, 3/15/2027

80,000

76,195

5.00%, 1/15/2029

50,000

50,468

5.38%, 3/15/2035

25,000

24,945

Ameren Illinois Co.,

3.85%, 9/1/2032

40,000

37,426

2.90%, 6/15/2051

100,000

63,734

5.90%, 12/1/2052

100,000

103,262

5.55%, 7/1/2054

50,000

49,453

5.63%, 3/1/2055

25,000

24,888

Berkshire Hathaway Energy

Co.,

6.13%, 4/1/2036(b)

150,000

159,686

5.15%, 11/15/2043

400,000

380,072

4.60%, 5/1/2053(b)

90,000

75,139

Black Hills Corp.,

5.95%, 3/15/2028

100,000

103,595

3.05%, 10/15/2029(b)

210,000

194,789

6.15%, 5/15/2034(b)

70,000

73,342

6.00%, 1/15/2035

25,000

25,875

3.88%, 10/15/2049

100,000

73,536

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 41

Corporate Bonds

Principal

Amount ($)

Value ($)

Multi-Utilities

CenterPoint Energy, Inc.,

5.25%, 8/10/2026(b)

25,000

25,228

5.40%, 6/1/2029

50,000

51,089

2.65%, 6/1/2031(b)

85,000

74,608

Consolidated Edison Co. of

New York, Inc.,

2.40%, 6/15/2031(b)

50,000

44,000

5.20%, 3/1/2033(b)

40,000

40,639

5.50%, 3/15/2034(b)

50,000

51,628

5.38%, 5/15/2034

25,000

25,563

5.13%, 3/15/2035(b)

125,000

125,162

3.95%, 3/1/2043

500,000

404,127

4.50%, 12/1/2045

150,000

129,035

Series 20B, 3.95%,

4/1/2050

88,000

68,082

6.15%, 11/15/2052

200,000

210,511

5.90%, 11/15/2053(b)

50,000

50,966

5.70%, 5/15/2054(b)

25,000

24,917

4.63%, 12/1/2054

150,000

126,734

3.70%, 11/15/2059

50,000

34,765

3.60%, 6/15/2061(b)

200,000

135,841

Consumers Energy Co.,

4.65%, 3/1/2028

200,000

201,596

4.90%, 2/15/2029(b)

100,000

101,285

4.70%, 1/15/2030(b)

25,000

25,110

4.63%, 5/15/2033

100,000

97,663

4.35%, 4/15/2049

300,000

254,082

3.10%, 8/15/2050

45,000

30,326

2.65%, 8/15/2052

15,000

9,104

2.50%, 5/1/2060

100,000

54,875

Dominion Energy, Inc.,

Series D, 2.85%, 8/15/2026

500,000

488,574

Series C, 3.38%, 4/1/2030

300,000

280,358

5.00%, 6/15/2030

50,000

50,245

Series C, 2.25%,

8/15/2031(b)

30,000

25,527

Series A, 4.35%, 8/15/2032

40,000

38,120

5.38%, 11/15/2032(b)

50,000

50,485

Series E, 6.30%, 3/15/2033

10,000

10,652

Series F, 5.25%, 8/1/2033

50,000

49,697

5.45%, 3/15/2035

50,000

49,986

Series B, 5.95%, 6/15/2035

151,000

157,497

Series C, 4.90%, 8/1/2041

300,000

270,682

Series B, 4.85%,

8/15/2052(b)

40,000

34,158

DTE Energy Co.,

4.95%, 7/1/2027

50,000

50,377

4.88%, 6/1/2028

100,000

100,611

5.10%, 3/1/2029

75,000

75,990

2.95%, 3/1/2030(b)

50,000

45,860

5.20%, 4/1/2030(b)

75,000

75,950

5.85%, 6/1/2034

50,000

51,686

National Grid plc,

5.42%, 1/11/2034(b)

100,000

100,943

NiSource, Inc.,

5.25%, 3/30/2028(b)

104,000

105,815

5.20%, 7/1/2029(b)

50,000

50,924

2.95%, 9/1/2029(b)

250,000

232,430

1.70%, 2/15/2031(b)

85,000

71,136

5.35%, 4/1/2034

25,000

25,081

5.95%, 6/15/2041

300,000

304,363

5.00%, 6/15/2052

70,000

62,191

Corporate Bonds

Principal

Amount ($)

Value ($)

Multi-Utilities

Public Service Enterprise

Group, Inc.,

5.88%, 10/15/2028(b)

50,000

52,008

5.20%, 4/1/2029

50,000

50,949

4.90%, 3/15/2030(b)

25,000

25,118

6.13%, 10/15/2033

50,000

52,711

5.45%, 4/1/2034

50,000

50,502

5.40%, 3/15/2035

25,000

25,139

Puget Energy, Inc.,

2.38%, 6/15/2028(b)

200,000

185,933

4.22%, 3/15/2032(b)

40,000

37,242

5.73%, 3/15/2035(c)

25,000

24,959

Puget Sound Energy, Inc.,

5.33%, 6/15/2034(b)

25,000

25,343

5.64%, 4/15/2041

200,000

198,541

5.69%, 6/15/2054

25,000

24,785

San Diego Gas & Electric Co.,

4.95%, 8/15/2028

100,000

101,385

Series VVV, 1.70%,

10/1/2030

100,000

85,063

5.40%, 4/15/2035

25,000

25,179

4.15%, 5/15/2048

200,000

157,147

3.32%, 4/15/2050(b)

200,000

136,139

5.35%, 4/1/2053(b)

95,000

89,042

5.55%, 4/15/2054(b)

50,000

48,298

Sempra,

5.40%, 8/1/2026

50,000

50,399

3.40%, 2/1/2028

300,000

289,875

5.50%, 8/1/2033(b)

50,000

50,386

6.00%, 10/15/2039(b)

220,000

222,224

4.00%, 2/1/2048(b)

150,000

111,485

(US Treasury Yield Curve

Rate T Note Constant

Maturity 5 Year + 2.63%),

6.40%, 10/1/2054(d)

126,000

119,510

Southern Co. Gas Capital

Corp.,

Series 20-A, 1.75%,

1/15/2031

250,000

210,752

5.75%, 9/15/2033

50,000

51,596

4.95%, 9/15/2034

25,000

24,337

Series 21A, 3.15%,

9/30/2051

100,000

63,435

WEC Energy Group, Inc.,

5.60%, 9/12/2026(b)

11,000

11,160

5.15%, 10/1/2027

100,000

101,411

4.75%, 1/15/2028

50,000

50,294

1.80%, 10/15/2030(b)

103,000

88,316

9,745,695

Office REITs

0.1%

Boston Properties LP,

2.75%, 10/1/2026

250,000

242,365

2.90%, 3/15/2030

100,000

90,043

3.25%, 1/30/2031(b)

89,000

79,713

2.45%, 10/1/2033(b)

300,000

234,983

5.75%, 1/15/2035(b)

25,000

24,743

COPT Defense Properties LP,

2.00%, 1/15/2029(b)

100,000

89,303

2.90%, 12/1/2033

100,000

81,032

Highwoods Realty LP,

3.05%, 2/15/2030(b)

250,000

223,268

42 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Office REITs

Kilroy Realty LP,

3.05%, 2/15/2030

100,000

88,987

6.25%, 1/15/2036

100,000

99,146

1,253,583

Oil, Gas & Consumable Fuels

1.6%

APA Corp.,

6.10%, 2/15/2035(b)(c)

25,000

24,893

6.75%, 2/15/2055(b)(c)

25,000

24,454

Boardwalk Pipelines LP,

3.40%, 2/15/2031(b)

250,000

227,795

5.63%, 8/1/2034

25,000

25,187

BP Capital Markets America,

Inc.,

5.02%, 11/17/2027

100,000

101,625

4.23%, 11/6/2028

400,000

396,614

4.70%, 4/10/2029(b)

50,000

50,342

4.97%, 10/17/2029

75,000

76,346

4.87%, 11/25/2029

50,000

50,711

2.72%, 1/12/2032(b)

200,000

175,545

4.81%, 2/13/2033

300,000

294,977

4.89%, 9/11/2033(b)

240,000

236,476

4.99%, 4/10/2034

50,000

49,509

5.23%, 11/17/2034(b)

125,000

125,642

3.06%, 6/17/2041

50,000

36,720

3.00%, 2/24/2050

200,000

129,285

2.77%, 11/10/2050

150,000

92,106

2.94%, 6/4/2051(b)

150,000

94,643

3.00%, 3/17/2052

50,000

31,688

3.38%, 2/8/2061(b)

250,000

162,130

BP Capital Markets plc,

3.28%, 9/19/2027(b)

300,000

292,771

Canadian Natural Resources

Ltd.,

5.40%, 12/15/2034(b)(c)

25,000

24,700

6.25%, 3/15/2038(b)

340,000

352,739

4.95%, 6/1/2047

100,000

85,947

Cenovus Energy, Inc.,

2.65%, 1/15/2032(b)

45,000

38,044

6.75%, 11/15/2039

17,000

18,326

5.40%, 6/15/2047(b)

120,000

106,868

3.75%, 2/15/2052(b)

25,000

17,168

Cheniere Corpus Christi

Holdings LLC,

5.13%, 6/30/2027

250,000

252,055

3.70%, 11/15/2029(b)

65,000

62,069

2.74%, 12/31/2039

100,000

80,020

Cheniere Energy Partners LP,

4.50%, 10/1/2029

300,000

291,791

4.00%, 3/1/2031(b)

300,000

281,347

3.25%, 1/31/2032(b)

200,000

176,008

5.75%, 8/15/2034(b)

75,000

76,062

Cheniere Energy, Inc.,

4.63%, 10/15/2028(b)

300,000

296,789

5.65%, 4/15/2034(b)

150,000

151,738

Chevron Corp.,

2.95%, 5/16/2026

300,000

295,784

2.00%, 5/11/2027(b)

120,000

114,783

2.24%, 5/11/2030

152,000

136,491

3.08%, 5/11/2050(b)

25,000

16,991

Chevron USA, Inc.,

1.02%, 8/12/2027

120,000

111,696

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Chevron USA, Inc.,

3.85%, 1/15/2028

50,000

49,735

4.48%, 2/26/2028

50,000

50,352

4.69%, 4/15/2030

50,000

50,425

4.82%, 4/15/2032(b)

50,000

50,299

4.98%, 4/15/2035

50,000

50,114

2.34%, 8/12/2050

200,000

115,574

CNOOC Finance 2013 Ltd.,

3.30%, 9/30/2049

200,000

153,019

Columbia Pipeline Group, Inc.,

5.80%, 6/1/2045(b)

100,000

97,798

ConocoPhillips,

5.90%, 10/15/2032(b)

77,000

82,349

6.50%, 2/1/2039(b)

175,000

194,190

ConocoPhillips Co.,

4.70%, 1/15/2030

100,000

100,608

4.85%, 1/15/2032(b)

50,000

50,061

5.05%, 9/15/2033(b)

70,000

70,251

5.00%, 1/15/2035

125,000

123,747

3.76%, 3/15/2042(b)

100,000

79,768

4.30%, 11/15/2044

155,000

129,930

3.80%, 3/15/2052

50,000

36,989

5.30%, 5/15/2053(b)

40,000

37,420

5.55%, 3/15/2054(b)

50,000

48,417

5.50%, 1/15/2055(b)

55,000

53,153

4.03%, 3/15/2062

200,000

146,048

5.70%, 9/15/2063(b)

50,000

48,659

5.65%, 1/15/2065

100,000

96,517

Continental Resources, Inc.,

4.90%, 6/1/2044

60,000

48,665

Coterra Energy, Inc.,

5.60%, 3/15/2034(b)

50,000

50,302

5.40%, 2/15/2035

100,000

98,416

Devon Energy Corp.,

5.88%, 6/15/2028(b)

100,000

100,296

5.20%, 9/15/2034

75,000

72,342

4.75%, 5/15/2042(b)

300,000

251,734

5.75%, 9/15/2054(b)

75,000

68,657

Diamondback Energy, Inc.,

3.25%, 12/1/2026(b)

84,000

82,357

5.20%, 4/18/2027

125,000

126,531

3.50%, 12/1/2029(b)

100,000

94,583

5.15%, 1/30/2030(b)

125,000

126,896

6.25%, 3/15/2033

35,000

37,012

5.40%, 4/18/2034

100,000

99,834

5.55%, 4/1/2035

70,000

70,275

4.40%, 3/24/2051(b)

50,000

39,038

4.25%, 3/15/2052(b)

60,000

45,544

6.25%, 3/15/2053

60,000

60,076

5.75%, 4/18/2054

200,000

188,552

5.90%, 4/18/2064(b)

60,000

56,442

Eastern Energy Gas Holdings

LLC,

5.80%, 1/15/2035

25,000

25,804

5.65%, 10/15/2054(b)

90,000

86,889

Eastern Gas Transmission &

Storage, Inc.,

3.00%, 11/15/2029(b)

200,000

186,056

Enbridge, Inc.,

1.60%, 10/4/2026(b)

95,000

90,890

5.90%, 11/15/2026

70,000

71,409

5.25%, 4/5/2027

25,000

25,314

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 43

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Enbridge, Inc.,

3.70%, 7/15/2027(b)

50,000

49,083

6.00%, 11/15/2028

50,000

52,037

3.13%, 11/15/2029(b)

150,000

139,530

6.20%, 11/15/2030(b)

80,000

84,659

5.70%, 3/8/2033(b)

230,000

236,059

2.50%, 8/1/2033(b)

200,000

163,629

5.63%, 4/5/2034(b)

131,000

133,076

5.50%, 12/1/2046

100,000

96,366

4.00%, 11/15/2049

100,000

76,751

3.40%, 8/1/2051

65,000

43,752

6.70%, 11/15/2053(b)

120,000

129,635

Energy Transfer LP,

6.05%, 12/1/2026(b)

75,000

76,634

5.55%, 2/15/2028

50,000

51,181

5.25%, 7/1/2029

30,000

30,437

3.75%, 5/15/2030(b)

60,000

56,730

6.40%, 12/1/2030(b)

40,000

42,628

5.75%, 2/15/2033(b)

230,000

235,352

6.55%, 12/1/2033(b)

230,000

245,918

5.55%, 5/15/2034

40,000

39,975

5.60%, 9/1/2034(b)

50,000

50,087

6.05%, 6/1/2041

75,000

73,890

6.50%, 2/1/2042

250,000

258,327

5.00%, 5/15/2044(f)

150,000

129,440

5.35%, 5/15/2045

200,000

179,610

5.30%, 4/15/2047

300,000

265,288

6.25%, 4/15/2049

250,000

248,012

5.00%, 5/15/2050

200,000

168,406

5.95%, 5/15/2054(b)

140,000

133,697

6.05%, 9/1/2054(b)

50,000

48,551

Enterprise Products Operating

LLC,

4.60%, 1/11/2027(b)

50,000

50,270

2.80%, 1/31/2030(b)

120,000

110,864

5.35%, 1/31/2033

70,000

71,748

4.85%, 1/31/2034(b)

50,000

49,248

4.95%, 2/15/2035

75,000

73,958

6.13%, 10/15/2039

285,000

302,331

4.45%, 2/15/2043

100,000

86,416

4.85%, 3/15/2044

100,000

90,735

4.25%, 2/15/2048

250,000

202,599

4.80%, 2/1/2049

300,000

262,980

4.20%, 1/31/2050(b)

134,000

106,387

3.70%, 1/31/2051(b)

250,000

181,614

3.20%, 2/15/2052

80,000

52,704

4.95%, 10/15/2054

200,000

175,201

5.55%, 2/16/2055(b)

45,000

43,708

EOG Resources, Inc.,

4.95%, 4/15/2050

60,000

54,064

5.65%, 12/1/2054(b)

25,000

24,709

EQT Corp.,

3.90%, 10/1/2027(b)

300,000

294,633

5.75%, 2/1/2034(b)

50,000

50,975

Equinor ASA,

3.13%, 4/6/2030(b)

200,000

187,533

3.70%, 4/6/2050

500,000

378,778

Expand Energy Corp.,

5.70%, 1/15/2035(b)

100,000

100,358

Exxon Mobil Corp.,

2.28%, 8/16/2026

100,000

97,532

3.29%, 3/19/2027(b)

200,000

197,475

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Exxon Mobil Corp.,

3.48%, 3/19/2030(b)

250,000

240,030

2.61%, 10/15/2030(b)

250,000

227,006

4.23%, 3/19/2040(b)

200,000

178,385

4.11%, 3/1/2046

250,000

205,746

3.10%, 8/16/2049

50,000

34,011

4.33%, 3/19/2050(b)

226,000

188,620

3.45%, 4/15/2051

274,000

195,947

Hess Corp.,

4.30%, 4/1/2027

500,000

497,493

5.60%, 2/15/2041(b)

250,000

250,634

Kinder Morgan Energy

Partners LP,

6.38%, 3/1/2041(b)

100,000

102,909

5.00%, 8/15/2042

350,000

312,020

Kinder Morgan, Inc.,

1.75%, 11/15/2026

150,000

143,519

5.00%, 2/1/2029(b)

60,000

60,500

5.10%, 8/1/2029(b)

40,000

40,419

2.00%, 2/15/2031

50,000

42,754

4.80%, 2/1/2033

60,000

58,078

5.20%, 6/1/2033(b)

90,000

89,188

5.40%, 2/1/2034(b)

75,000

74,920

5.30%, 12/1/2034

350,000

345,431

5.55%, 6/1/2045

200,000

187,462

5.05%, 2/15/2046

250,000

219,248

3.25%, 8/1/2050

50,000

32,141

3.60%, 2/15/2051

100,000

68,661

5.45%, 8/1/2052(b)

60,000

54,869

5.95%, 8/1/2054(b)

25,000

24,440

Marathon Petroleum Corp.,

5.15%, 3/1/2030(b)

50,000

50,301

5.70%, 3/1/2035(b)

50,000

49,794

6.50%, 3/1/2041

250,000

259,028

MPLX LP,

4.25%, 12/1/2027

350,000

346,913

4.00%, 3/15/2028

100,000

98,189

2.65%, 8/15/2030

190,000

169,177

4.95%, 9/1/2032

90,000

88,190

5.00%, 3/1/2033

35,000

34,163

5.50%, 6/1/2034(b)

60,000

59,778

5.40%, 4/1/2035

50,000

49,129

4.50%, 4/15/2038

250,000

219,522

5.20%, 3/1/2047

100,000

87,970

4.70%, 4/15/2048

200,000

163,665

5.50%, 2/15/2049

300,000

272,817

4.95%, 3/14/2052(b)

110,000

92,439

5.95%, 4/1/2055

50,000

48,182

Occidental Petroleum Corp.,

5.00%, 8/1/2027

70,000

70,234

5.20%, 8/1/2029(b)

115,000

114,923

6.63%, 9/1/2030

210,000

220,605

6.13%, 1/1/2031(b)

300,000

308,346

5.38%, 1/1/2032

70,000

68,957

5.55%, 10/1/2034

205,000

200,231

6.45%, 9/15/2036

250,000

257,342

4.20%, 3/15/2048

180,000

128,437

6.05%, 10/1/2054(b)

70,000

65,528

ONEOK Partners LP,

6.13%, 2/1/2041

100,000

101,001

ONEOK, Inc.,

5.55%, 11/1/2026(b)

100,000

101,327

44 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

ONEOK, Inc.,

4.00%, 7/13/2027

500,000

493,880

4.55%, 7/15/2028

86,000

85,679

5.65%, 11/1/2028

100,000

102,999

4.35%, 3/15/2029

100,000

98,393

5.80%, 11/1/2030

75,000

78,018

4.75%, 10/15/2031

200,000

196,018

6.05%, 9/1/2033

100,000

104,119

5.05%, 11/1/2034

150,000

144,805

5.45%, 6/1/2047

100,000

90,604

5.20%, 7/15/2048

250,000

219,704

3.95%, 3/1/2050

25,000

17,957

6.63%, 9/1/2053(b)

350,000

366,257

5.70%, 11/1/2054(b)

130,000

121,677

5.85%, 11/1/2064(b)

80,000

75,198

Ovintiv, Inc.,

5.65%, 5/15/2028

60,000

61,485

6.25%, 7/15/2033

40,000

41,316

6.50%, 2/1/2038

250,000

257,815

7.10%, 7/15/2053(b)

40,000

42,255

Phillips 66,

4.65%, 11/15/2034(b)

200,000

188,988

5.88%, 5/1/2042

132,000

131,863

4.88%, 11/15/2044

300,000

260,243

Phillips 66 Co.,

4.95%, 12/1/2027

40,000

40,494

5.25%, 6/15/2031(b)

75,000

76,240

5.30%, 6/30/2033

100,000

99,992

4.95%, 3/15/2035(b)

75,000

72,230

4.90%, 10/1/2046

50,000

42,996

5.65%, 6/15/2054(b)

50,000

46,454

5.50%, 3/15/2055(b)

25,000

22,779

Pioneer Natural Resources

Co.,

1.90%, 8/15/2030

200,000

173,832

2.15%, 1/15/2031

200,000

174,248

Plains All American Pipeline

LP,

3.55%, 12/15/2029(b)

106,000

99,882

5.70%, 9/15/2034

50,000

50,499

5.95%, 6/15/2035(b)

50,000

50,962

5.15%, 6/1/2042

250,000

223,103

Sabine Pass Liquefaction

LLC,

5.00%, 3/15/2027

200,000

200,908

4.50%, 5/15/2030(b)

400,000

392,644

5.90%, 9/15/2037

60,000

61,793

Shell Finance US, Inc.,

2.38%, 11/7/2029(b)

150,000

137,295

4.13%, 5/11/2035(b)

150,000

140,424

4.55%, 8/12/2043

200,000

177,326

4.38%, 5/11/2045

300,000

255,856

4.00%, 5/10/2046

100,000

80,103

3.75%, 9/12/2046(b)

100,000

77,056

3.25%, 4/6/2050(b)

200,000

138,048

South Bow USA Infrastructure

Holdings LLC,

5.58%, 10/1/2034(c)

45,000

44,060

6.18%, 10/1/2054(c)

60,000

57,287

Spectra Energy Partners LP,

4.50%, 3/15/2045

100,000

82,431

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Suncor Energy, Inc.,

7.15%, 2/1/2032(b)

100,000

109,726

5.95%, 12/1/2034

50,000

51,797

6.85%, 6/1/2039(b)

70,000

77,237

Targa Resources Corp.,

5.20%, 7/1/2027(b)

60,000

60,710

6.15%, 3/1/2029

35,000

36,597

6.13%, 3/15/2033

100,000

104,382

6.50%, 3/30/2034

50,000

53,388

5.50%, 2/15/2035(b)

100,000

99,408

5.55%, 8/15/2035

75,000

74,896

6.25%, 7/1/2052

60,000

60,602

6.50%, 2/15/2053(b)

100,000

103,997

6.13%, 5/15/2055

55,000

54,623

Targa Resources Partners LP,

5.50%, 3/1/2030

100,000

100,932

4.88%, 2/1/2031

100,000

97,892

4.00%, 1/15/2032

100,000

92,276

TotalEnergies Capital

International SA,

3.46%, 2/19/2029(b)

300,000

290,974

2.83%, 1/10/2030(b)

500,000

467,032

3.13%, 5/29/2050

200,000

132,979

3.39%, 6/29/2060

100,000

65,653

TotalEnergies Capital SA,

5.15%, 4/5/2034(b)

50,000

50,593

4.72%, 9/10/2034(b)

75,000

73,600

5.49%, 4/5/2054

164,000

158,676

5.28%, 9/10/2054(b)

75,000

70,684

5.64%, 4/5/2064(b)

50,000

48,824

5.43%, 9/10/2064

150,000

141,251

TransCanada PipeLines Ltd.,

4.25%, 5/15/2028(b)

400,000

395,024

4.10%, 4/15/2030(b)

100,000

96,249

4.63%, 3/1/2034

100,000

94,313

5.85%, 3/15/2036(b)

350,000

357,499

7.63%, 1/15/2039

110,000

127,947

6.10%, 6/1/2040(b)

50,000

51,433

Valero Energy Corp.,

2.80%, 12/1/2031(b)

100,000

87,505

7.50%, 4/15/2032

118,000

133,404

6.63%, 6/15/2037

200,000

214,495

3.65%, 12/1/2051

50,000

33,727

Western Midstream Operating

LP,

4.05%, 2/1/2030(f)

104,000

99,255

6.15%, 4/1/2033(b)

100,000

103,249

5.45%, 11/15/2034

50,000

48,851

5.30%, 3/1/2048

120,000

103,026

5.25%, 2/1/2050(b)(f)

100,000

85,240

Williams Cos., Inc. (The),

3.75%, 6/15/2027(b)

300,000

294,904

5.30%, 8/15/2028(b)

200,000

204,308

4.90%, 3/15/2029(b)

50,000

50,326

4.80%, 11/15/2029

25,000

25,066

3.50%, 11/15/2030(b)

250,000

233,596

2.60%, 3/15/2031(b)

162,000

142,348

4.65%, 8/15/2032

60,000

58,103

5.65%, 3/15/2033(b)

100,000

102,472

5.15%, 3/15/2034

150,000

147,990

5.60%, 3/15/2035

50,000

50,959

6.30%, 4/15/2040

100,000

105,395

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 45

Corporate Bonds

Principal

Amount ($)

Value ($)

Oil, Gas & Consumable Fuels

Williams Cos., Inc. (The),

5.80%, 11/15/2043

150,000

147,910

4.90%, 1/15/2045(b)

350,000

307,951

5.80%, 11/15/2054(b)

100,000

98,442

37,070,322

Paper & Forest Products

0.0%

†

Georgia-Pacific LLC,

8.88%, 5/15/2031

50,000

60,797

Suzano Austria GmbH,

2.50%, 9/15/2028(b)

200,000

181,972

6.00%, 1/15/2029(b)

200,000

203,898

5.00%, 1/15/2030(b)

200,000

195,462

3.75%, 1/15/2031

88,000

79,425

721,554

Passenger Airlines

0.0%

†

American Airlines Pass-

Through Trust,

Series 2021-1, Class A,

2.88%, 7/11/2034

259,783

227,851

Southwest Airlines Co.,

5.13%, 6/15/2027(b)

275,000

276,836

2.63%, 2/10/2030

50,000

44,858

549,545

Personal Care Products

0.1%

Estee Lauder Cos., Inc. (The),

2.38%, 12/1/2029(b)

35,000

31,668

1.95%, 3/15/2031(b)

100,000

85,269

5.00%, 2/14/2034

125,000

123,888

3.13%, 12/1/2049

150,000

96,808

Haleon US Capital LLC,

3.38%, 3/24/2027(b)

400,000

392,026

3.63%, 3/24/2032

500,000

460,365

Kenvue, Inc.,

5.05%, 3/22/2028

105,000

107,269

5.00%, 3/22/2030(b)

80,000

81,681

4.90%, 3/22/2033(b)

140,000

140,225

5.10%, 3/22/2043(b)

60,000

57,691

5.05%, 3/22/2053(b)

100,000

93,596

5.20%, 3/22/2063

45,000

41,994

1,712,480

Pharmaceuticals

0.9%

Astrazeneca Finance LLC,

1.20%, 5/28/2026

200,000

193,251

4.80%, 2/26/2027

75,000

75,794

4.88%, 3/3/2028

100,000

101,672

1.75%, 5/28/2028(b)

125,000

115,624

4.85%, 2/26/2029

75,000

76,112

4.90%, 3/3/2030(b)

100,000

101,999

4.90%, 2/26/2031(b)

75,000

76,342

2.25%, 5/28/2031(b)

35,000

30,633

4.88%, 3/3/2033(b)

100,000

100,696

5.00%, 2/26/2034(b)

75,000

75,729

AstraZeneca plc,

0.70%, 4/8/2026

200,000

192,869

4.00%, 1/17/2029(b)

90,000

88,949

1.38%, 8/6/2030

200,000

170,454

6.45%, 9/15/2037

200,000

223,626

4.00%, 9/18/2042

250,000

211,404

Corporate Bonds

Principal

Amount ($)

Value ($)

Pharmaceuticals

AstraZeneca plc,

2.13%, 8/6/2050

85,000

47,136

Bristol-Myers Squibb Co.,

3.20%, 6/15/2026(b)

132,000

130,449

4.90%, 2/22/2027

40,000

40,501

3.90%, 2/20/2028(b)

750,000

743,128

4.90%, 2/22/2029

60,000

61,043

3.40%, 7/26/2029

200,000

191,914

5.75%, 2/1/2031(b)

75,000

79,317

5.10%, 2/22/2031

230,000

235,487

2.95%, 3/15/2032(b)

140,000

125,067

5.90%, 11/15/2033(b)

60,000

64,108

5.20%, 2/22/2034(b)

170,000

172,966

4.13%, 6/15/2039(b)

300,000

265,188

3.25%, 8/1/2042

250,000

187,561

5.50%, 2/22/2044(b)

25,000

24,882

4.55%, 2/20/2048

120,000

103,593

4.25%, 10/26/2049

400,000

327,242

2.55%, 11/13/2050

300,000

176,699

3.70%, 3/15/2052(b)

250,000

184,446

6.25%, 11/15/2053(b)

50,000

53,684

5.55%, 2/22/2054(b)

110,000

108,404

6.40%, 11/15/2063(b)

200,000

218,768

5.65%, 2/22/2064(b)

125,000

122,473

Eli Lilly & Co.,

4.50%, 2/9/2027

75,000

75,494

4.15%, 8/14/2027(b)

75,000

75,042

4.55%, 2/12/2028(b)

50,000

50,494

4.50%, 2/9/2029(b)

75,000

75,617

4.20%, 8/14/2029(b)

65,000

64,621

4.75%, 2/12/2030(b)

50,000

50,766

4.90%, 2/12/2032

50,000

50,745

4.70%, 2/27/2033(b)

40,000

40,033

4.70%, 2/9/2034

175,000

173,111

4.60%, 8/14/2034(b)

75,000

73,717

5.10%, 2/12/2035

125,000

127,467

3.95%, 3/15/2049(b)

100,000

80,326

2.25%, 5/15/2050(b)

300,000

172,185

4.88%, 2/27/2053

40,000

36,773

5.00%, 2/9/2054(b)

160,000

150,015

5.05%, 8/14/2054(b)

135,000

127,556

5.50%, 2/12/2055(b)

50,000

50,625

2.50%, 9/15/2060

150,000

82,714

4.95%, 2/27/2063(b)

100,000

91,041

5.10%, 2/9/2064

75,000

69,926

5.20%, 8/14/2064(b)

100,000

94,809

5.60%, 2/12/2065

60,000

60,550

GlaxoSmithKline Capital plc,

4.32%, 3/12/2027(b)

25,000

25,084

GlaxoSmithKline Capital, Inc.,

3.88%, 5/15/2028(b)

300,000

296,136

4.50%, 4/15/2030

25,000

24,999

5.38%, 4/15/2034(b)

201,000

207,945

4.88%, 4/15/2035

25,000

24,755

6.38%, 5/15/2038

200,000

220,603

4.20%, 3/18/2043

50,000

43,215

Johnson & Johnson,

4.50%, 3/1/2027

50,000

50,421

0.95%, 9/1/2027

300,000

278,873

4.55%, 3/1/2028(b)

40,000

40,440

4.80%, 6/1/2029

75,000

76,530

4.70%, 3/1/2030(b)

50,000

50,844

46 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Pharmaceuticals

Johnson & Johnson,

1.30%, 9/1/2030(b)

300,000

257,092

4.90%, 6/1/2031

75,000

76,788

4.85%, 3/1/2032

50,000

50,802

4.95%, 5/15/2033

263,000

270,813

4.95%, 6/1/2034(b)

75,000

76,875

5.00%, 3/1/2035(b)

50,000

50,877

3.63%, 3/3/2037

100,000

89,099

3.70%, 3/1/2046(b)

250,000

202,044

3.75%, 3/3/2047(b)

100,000

80,483

5.25%, 6/1/2054(b)

50,000

50,219

2.45%, 9/1/2060

500,000

279,568

Merck & Co., Inc.,

1.70%, 6/10/2027(b)

170,000

161,369

4.05%, 5/17/2028

30,000

29,912

1.90%, 12/10/2028(b)

130,000

119,536

3.40%, 3/7/2029(b)

400,000

386,434

4.30%, 5/17/2030(b)

60,000

59,739

2.15%, 12/10/2031

115,000

98,950

4.50%, 5/17/2033(b)

35,000

34,422

3.90%, 3/7/2039

100,000

86,767

3.60%, 9/15/2042

250,000

197,642

4.90%, 5/17/2044(b)

40,000

37,559

3.70%, 2/10/2045

400,000

316,028

4.00%, 3/7/2049

350,000

280,346

2.45%, 6/24/2050

112,000

66,048

2.75%, 12/10/2051

70,000

43,326

5.00%, 5/17/2053

135,000

124,711

2.90%, 12/10/2061

100,000

58,339

5.15%, 5/17/2063(b)

25,000

23,277

Novartis Capital Corp.,

3.10%, 5/17/2027(b)

500,000

489,711

3.80%, 9/18/2029(b)

50,000

48,963

2.20%, 8/14/2030

300,000

268,177

4.00%, 9/18/2031

50,000

48,531

4.20%, 9/18/2034(b)

50,000

47,742

4.40%, 5/6/2044

188,000

167,705

4.00%, 11/20/2045(b)

200,000

167,330

2.75%, 8/14/2050

100,000

64,748

4.70%, 9/18/2054(b)

30,000

27,012

Pfizer Investment Enterprises

Pte. Ltd.,

4.45%, 5/19/2026

300,000

300,483

4.45%, 5/19/2028

300,000

300,723

4.65%, 5/19/2030(b)

500,000

502,573

4.75%, 5/19/2033(b)

395,000

390,659

5.11%, 5/19/2043

250,000

238,420

5.30%, 5/19/2053(b)

520,000

493,726

5.34%, 5/19/2063

350,000

325,862

Pfizer, Inc.,

3.00%, 12/15/2026(b)

300,000

293,966

2.63%, 4/1/2030(b)

100,000

91,460

1.70%, 5/28/2030(b)

140,000

122,188

1.75%, 8/18/2031

100,000

84,719

7.20%, 3/15/2039

525,000

620,271

2.55%, 5/28/2040(b)

45,000

31,973

4.00%, 3/15/2049

500,000

395,527

2.70%, 5/28/2050

65,000

40,166

Pharmacia LLC,

6.60%, 12/1/2028(f)

177,000

189,783

Royalty Pharma plc,

5.15%, 9/2/2029(b)

50,000

50,328

Corporate Bonds

Principal

Amount ($)

Value ($)

Pharmaceuticals

Royalty Pharma plc,

2.20%, 9/2/2030(b)

50,000

43,241

2.15%, 9/2/2031

35,000

29,326

5.40%, 9/2/2034(b)

50,000

49,427

3.55%, 9/2/2050(b)

200,000

134,052

3.35%, 9/2/2051

50,000

31,670

5.90%, 9/2/2054

50,000

47,830

Sanofi SA,

3.63%, 6/19/2028

96,000

94,311

Shire Acquisitions Investments

Ireland DAC,

3.20%, 9/23/2026(b)

21,000

20,613

Takeda Pharmaceutical Co.

Ltd.,

5.00%, 11/26/2028(b)

300,000

303,925

2.05%, 3/31/2030

200,000

176,319

5.30%, 7/5/2034(b)

200,000

202,386

3.03%, 7/9/2040(b)

200,000

149,215

3.18%, 7/9/2050(b)

300,000

197,134

Utah Acquisition Sub, Inc.,

3.95%, 6/15/2026

500,000

493,290

5.25%, 6/15/2046

100,000

79,997

Viatris, Inc.,

2.30%, 6/22/2027

100,000

94,154

2.70%, 6/22/2030(b)

150,000

130,631

3.85%, 6/22/2040(b)

300,000

218,086

4.00%, 6/22/2050

100,000

65,585

Wyeth LLC,

6.50%, 2/1/2034

206,000

227,714

Zoetis, Inc.,

3.90%, 8/20/2028(b)

350,000

343,752

3.00%, 5/15/2050

300,000

197,973

21,455,124

Professional Services

0.1%

Automatic Data Processing,

Inc.,

1.70%, 5/15/2028

120,000

111,308

1.25%, 9/1/2030(b)

100,000

84,863

4.45%, 9/9/2034

50,000

48,413

Broadridge Financial

Solutions, Inc.,

3.40%, 6/27/2026

215,000

212,023

2.60%, 5/1/2031

135,000

118,336

Concentrix Corp.,

6.65%, 8/2/2026(b)

50,000

51,011

6.60%, 8/2/2028(b)

50,000

52,187

6.85%, 8/2/2033

50,000

51,673

Equifax, Inc.,

5.10%, 12/15/2027

45,000

45,592

5.10%, 6/1/2028

40,000

40,522

4.80%, 9/15/2029(b)

40,000

40,048

2.35%, 9/15/2031

100,000

85,678

Jacobs Engineering Group,

Inc.,

6.35%, 8/18/2028

100,000

104,331

5.90%, 3/1/2033(b)

75,000

77,088

TR Finance LLC,

3.35%, 5/15/2026(b)

280,000

276,050

UL Solutions, Inc.,

6.50%, 10/20/2028(c)

25,000

26,273

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 47

Corporate Bonds

Principal

Amount ($)

Value ($)

Professional Services

Verisk Analytics, Inc.,

5.75%, 4/1/2033

55,000

57,182

5.25%, 6/5/2034(b)

40,000

40,330

5.25%, 3/15/2035

25,000

24,969

3.63%, 5/15/2050(b)

85,000

61,000

1,608,877

Real Estate Management & Development

0.0%

†

CBRE Services, Inc.,

5.95%, 8/15/2034

25,000

26,139

Jones Lang LaSalle, Inc.,

6.88%, 12/1/2028

25,000

26,546

52,685

Residential REITs

0.1%

American Homes 4 Rent LP,

5.50%, 2/1/2034

50,000

50,053

5.25%, 3/15/2035(b)

100,000

98,113

4.30%, 4/15/2052

25,000

19,505

AvalonBay Communities, Inc.,

1.90%, 12/1/2028(b)

200,000

181,909

3.30%, 6/1/2029

20,000

19,016

2.30%, 3/1/2030(b)

76,000

68,058

2.45%, 1/15/2031

210,000

185,983

2.05%, 1/15/2032

85,000

71,946

5.30%, 12/7/2033

25,000

25,384

Camden Property Trust,

2.80%, 5/15/2030

80,000

73,038

ERP Operating LP,

1.85%, 8/1/2031

30,000

25,355

4.65%, 9/15/2034

25,000

23,955

4.50%, 7/1/2044

200,000

173,710

Essential Properties LP,

2.95%, 7/15/2031

100,000

86,715

Essex Portfolio LP,

3.38%, 4/15/2026(b)

300,000

296,577

4.00%, 3/1/2029(b)

100,000

97,251

3.00%, 1/15/2030(b)

75,000

69,033

2.65%, 3/15/2032

35,000

29,942

5.50%, 4/1/2034

100,000

100,946

Invitation Homes Operating

Partnership LP,

2.30%, 11/15/2028

125,000

114,580

5.45%, 8/15/2030(b)

60,000

61,458

4.15%, 4/15/2032

100,000

93,303

5.50%, 8/15/2033(b)

90,000

90,574

2.70%, 1/15/2034

30,000

24,422

Mid-America Apartments LP,

1.10%, 9/15/2026

30,000

28,583

2.75%, 3/15/2030

50,000

45,645

5.30%, 2/15/2032(b)

25,000

25,412

5.00%, 3/15/2034

25,000

24,684

Store Capital LLC,

5.40%, 4/30/2030(c)

25,000

25,039

2.70%, 12/1/2031

100,000

84,544

Sun Communities Operating

LP,

2.30%, 11/1/2028

65,000

59,987

5.50%, 1/15/2029(b)

25,000

25,577

2.70%, 7/15/2031

55,000

47,863

4.20%, 4/15/2032(b)

30,000

28,154

5.70%, 1/15/2033(b)

100,000

101,992

Corporate Bonds

Principal

Amount ($)

Value ($)

Residential REITs

UDR, Inc.,

3.00%, 8/15/2031

250,000

222,854

1.90%, 3/15/2033

55,000

43,130

2,844,290

Retail REITs

0.1%

Brixmor Operating Partnership

LP,

4.05%, 7/1/2030(b)

84,000

80,465

2.50%, 8/16/2031(b)

100,000

85,900

5.50%, 2/15/2034

25,000

25,063

Federal Realty OP LP,

5.38%, 5/1/2028

20,000

20,339

3.50%, 6/1/2030(b)

200,000

186,716

Kimco Realty OP LLC,

2.25%, 12/1/2031

25,000

21,255

6.40%, 3/1/2034(b)

25,000

26,837

4.85%, 3/1/2035(b)

100,000

96,265

4.45%, 9/1/2047

250,000

205,772

NNN REIT, Inc.,

2.50%, 4/15/2030(b)

300,000

268,143

5.60%, 10/15/2033(b)

25,000

25,345

5.50%, 6/15/2034(b)

25,000

25,128

3.50%, 4/15/2051

40,000

26,930

Phillips Edison Grocery Center

Operating Partnership I LP,

2.63%, 11/15/2031

100,000

85,930

5.75%, 7/15/2034

25,000

25,202

4.95%, 1/15/2035

25,000

23,740

Realty Income Corp.,

4.70%, 12/15/2028

40,000

40,133

4.75%, 2/15/2029

25,000

25,060

3.40%, 1/15/2030(b)

250,000

235,759

3.25%, 1/15/2031(b)

65,000

59,718

5.63%, 10/13/2032(b)

45,000

46,438

2.85%, 12/15/2032(b)

400,000

344,588

1.80%, 3/15/2033

55,000

43,079

4.90%, 7/15/2033

60,000

58,887

5.13%, 2/15/2034(b)

25,000

24,806

Regency Centers LP,

2.95%, 9/15/2029

50,000

46,590

3.70%, 6/15/2030(b)

300,000

284,624

2,438,712

Semiconductors & Semiconductor Equipment

0.6%

Advanced Micro Devices, Inc.,

4.32%, 3/24/2028

25,000

25,139

3.92%, 6/1/2032

75,000

71,286

4.39%, 6/1/2052

85,000

72,188

Analog Devices, Inc.,

2.10%, 10/1/2031

102,000

87,585

5.05%, 4/1/2034(b)

25,000

25,369

2.80%, 10/1/2041

175,000

126,677

5.30%, 4/1/2054(b)

25,000

24,130

Applied Materials, Inc.,

3.30%, 4/1/2027

200,000

196,545

4.80%, 6/15/2029(b)

35,000

35,567

1.75%, 6/1/2030

60,000

52,410

5.10%, 10/1/2035(b)

250,000

254,946

4.35%, 4/1/2047

86,000

73,768

2.75%, 6/1/2050

85,000

53,731

48 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Semiconductors & Semiconductor Equipment

Broadcom Corp.,

3.88%, 1/15/2027

500,000

494,420

Broadcom, Inc.,

5.05%, 7/12/2027(b)

125,000

126,575

4.15%, 2/15/2028(b)

60,000

59,491

4.80%, 4/15/2028

50,000

50,367

4.00%, 4/15/2029(b)(c)

95,000

92,724

5.05%, 7/12/2029(b)

75,000

76,042

4.35%, 2/15/2030

80,000

78,827

5.05%, 4/15/2030

50,000

50,664

4.15%, 11/15/2030(b)

121,000

117,108

2.45%, 2/15/2031(b)(c)

200,000

175,965

5.15%, 11/15/2031

95,000

96,342

4.55%, 2/15/2032(b)

70,000

68,299

4.15%, 4/15/2032(c)

80,000

75,882

5.20%, 4/15/2032

50,000

50,735

4.30%, 11/15/2032

200,000

190,917

2.60%, 2/15/2033(c)

260,000

219,123

3.42%, 4/15/2033(c)

84,000

74,790

3.47%, 4/15/2034(c)

1,000,000

880,255

4.80%, 10/15/2034(b)

120,000

117,142

3.14%, 11/15/2035(b)(c)

300,000

248,656

4.93%, 5/15/2037(c)

363,000

349,018

3.50%, 2/15/2041(b)(c)

100,000

78,306

Intel Corp.,

3.75%, 3/25/2027

200,000

196,741

3.15%, 5/11/2027

300,000

290,810

3.75%, 8/5/2027

60,000

58,755

4.88%, 2/10/2028(b)

110,000

110,582

1.60%, 8/12/2028

75,000

67,714

4.00%, 8/5/2029

60,000

57,878

2.45%, 11/15/2029(b)

400,000

358,680

5.13%, 2/10/2030(b)

310,000

312,179

3.90%, 3/25/2030

300,000

285,791

5.00%, 2/21/2031

30,000

29,977

2.00%, 8/12/2031(b)

100,000

83,546

4.15%, 8/5/2032(b)

300,000

278,119

5.20%, 2/10/2033

150,000

148,105

5.15%, 2/21/2034(b)

40,000

39,282

2.80%, 8/12/2041

30,000

19,896

5.63%, 2/10/2043(b)

45,000

42,484

4.10%, 5/11/2047(b)

300,000

221,642

3.73%, 12/8/2047

343,000

239,093

3.25%, 11/15/2049

100,000

62,740

4.75%, 3/25/2050(b)

400,000

322,287

4.90%, 8/5/2052(b)

60,000

49,180

5.70%, 2/10/2053(b)

120,000

110,304

5.60%, 2/21/2054(b)

100,000

90,940

3.10%, 2/15/2060

200,000

110,916

5.05%, 8/5/2062

60,000

48,807

5.90%, 2/10/2063(b)

110,000

103,091

KLA Corp.,

4.65%, 7/15/2032

50,000

49,652

4.70%, 2/1/2034

25,000

24,597

3.30%, 3/1/2050

220,000

152,696

4.95%, 7/15/2052(b)

90,000

82,447

5.25%, 7/15/2062(b)

75,000

70,646

Lam Research Corp.,

4.00%, 3/15/2029(b)

94,000

92,582

1.90%, 6/15/2030(b)

90,000

79,025

4.88%, 3/15/2049

75,000

68,398

Corporate Bonds

Principal

Amount ($)

Value ($)

Semiconductors & Semiconductor Equipment

Microchip Technology, Inc.,

4.90%, 3/15/2028

50,000

50,149

5.05%, 3/15/2029(b)

50,000

50,339

5.05%, 2/15/2030(b)

50,000

49,924

Micron Technology, Inc.,

5.38%, 4/15/2028

60,000

61,027

5.33%, 2/6/2029

150,000

152,219

6.75%, 11/1/2029(b)

150,000

160,929

5.30%, 1/15/2031

40,000

40,447

2.70%, 4/15/2032(b)

100,000

85,404

5.88%, 2/9/2033(b)

50,000

51,784

5.88%, 9/15/2033(b)

60,000

62,408

5.80%, 1/15/2035(b)

125,000

128,000

3.37%, 11/1/2041

50,000

36,933

3.48%, 11/1/2051(b)

50,000

33,998

NVIDIA Corp.,

3.20%, 9/16/2026

106,000

104,652

1.55%, 6/15/2028(b)

365,000

337,073

2.85%, 4/1/2030(b)

110,000

102,631

2.00%, 6/15/2031(b)

200,000

174,405

3.50%, 4/1/2050(b)

280,000

212,433

NXP BV,

3.88%, 6/18/2026

35,000

34,690

4.30%, 6/18/2029(b)

100,000

97,981

3.40%, 5/1/2030

35,000

32,587

2.50%, 5/11/2031(b)

190,000

164,557

2.65%, 2/15/2032

40,000

34,214

5.00%, 1/15/2033(b)

85,000

83,690

3.25%, 5/11/2041(b)

195,000

142,946

3.13%, 2/15/2042(b)

50,000

35,495

3.25%, 11/30/2051

30,000

19,400

QUALCOMM, Inc.,

3.25%, 5/20/2027

250,000

245,252

1.30%, 5/20/2028

73,000

66,761

2.15%, 5/20/2030

80,000

71,701

1.65%, 5/20/2032(b)

190,000

155,241

5.40%, 5/20/2033

100,000

104,479

4.65%, 5/20/2035(b)

100,000

98,729

4.30%, 5/20/2047

300,000

252,652

4.50%, 5/20/2052(b)

90,000

76,830

6.00%, 5/20/2053(b)

100,000

105,288

Skyworks Solutions, Inc.,

3.00%, 6/1/2031(b)

40,000

34,549

Texas Instruments, Inc.,

4.60%, 2/8/2027

25,000

25,211

4.60%, 2/15/2028

55,000

55,576

4.60%, 2/8/2029(b)

25,000

25,267

2.25%, 9/4/2029(b)

300,000

274,850

1.90%, 9/15/2031(b)

80,000

68,681

3.65%, 8/16/2032(b)

40,000

37,377

4.90%, 3/14/2033(b)

20,000

20,243

4.85%, 2/8/2034(b)

25,000

25,076

4.15%, 5/15/2048

100,000

82,847

2.70%, 9/15/2051

100,000

61,794

5.00%, 3/14/2053

20,000

18,647

5.15%, 2/8/2054(b)

100,000

94,870

5.05%, 5/18/2063

145,000

132,887

TSMC Arizona Corp.,

3.13%, 10/25/2041

200,000

156,587

4.50%, 4/22/2052(b)

200,000

186,220

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 49

Corporate Bonds

Principal

Amount ($)

Value ($)

Semiconductors & Semiconductor Equipment

Xilinx, Inc.,

2.38%, 6/1/2030

50,000

45,042

14,293,543

Software

0.6%

Adobe, Inc.,

2.15%, 2/1/2027(b)

245,000

236,266

4.80%, 4/4/2029

25,000

25,405

2.30%, 2/1/2030(b)

100,000

90,778

4.95%, 4/4/2034

25,000

25,197

AppLovin Corp.,

5.13%, 12/1/2029

75,000

75,290

5.38%, 12/1/2031(b)

25,000

25,127

5.50%, 12/1/2034(b)

55,000

54,988

Atlassian Corp.,

5.25%, 5/15/2029(b)

25,000

25,442

5.50%, 5/15/2034

25,000

25,384

Autodesk, Inc.,

2.40%, 12/15/2031

155,000

132,771

Cadence Design Systems,

Inc.,

4.20%, 9/10/2027(b)

35,000

34,899

4.30%, 9/10/2029(b)

50,000

49,504

4.70%, 9/10/2034(b)

25,000

24,410

Intuit, Inc.,

5.25%, 9/15/2026

55,000

55,645

5.13%, 9/15/2028(b)

75,000

76,978

5.20%, 9/15/2033(b)

75,000

76,586

5.50%, 9/15/2053(b)

122,000

121,301

Microsoft Corp.,

2.40%, 8/8/2026

465,000

454,746

3.30%, 2/6/2027

800,000

789,708

1.35%, 9/15/2030

25,000

21,601

3.50%, 2/12/2035(b)

325,000

299,591

3.45%, 8/8/2036

239,000

213,301

2.53%, 6/1/2050

436,000

273,123

2.50%, 9/15/2050

200,000

124,247

2.92%, 3/17/2052

575,000

385,588

2.68%, 6/1/2060

400,000

238,900

3.04%, 3/17/2062

250,000

163,000

Oracle Corp.,

2.65%, 7/15/2026

190,000

185,487

3.25%, 11/15/2027(b)

300,000

290,825

4.50%, 5/6/2028

55,000

55,021

4.80%, 8/3/2028

150,000

151,211

4.20%, 9/27/2029(b)

150,000

147,128

6.15%, 11/9/2029(b)

65,000

68,808

2.95%, 4/1/2030(b)

400,000

367,479

4.65%, 5/6/2030(b)

55,000

54,869

3.25%, 5/15/2030(b)

250,000

232,870

2.88%, 3/25/2031

500,000

447,659

5.25%, 2/3/2032(b)

70,000

70,903

6.25%, 11/9/2032(b)

180,000

191,979

4.90%, 2/6/2033

85,000

83,578

4.30%, 7/8/2034

150,000

139,517

4.70%, 9/27/2034

250,000

238,737

3.90%, 5/15/2035(b)

200,000

178,017

5.50%, 8/3/2035

150,000

151,198

3.80%, 11/15/2037

300,000

252,762

3.60%, 4/1/2040

300,000

235,959

5.38%, 7/15/2040

350,000

334,382

4.50%, 7/8/2044

120,000

101,033

Corporate Bonds

Principal

Amount ($)

Value ($)

Software

Oracle Corp.,

4.00%, 7/15/2046

100,000

76,476

4.00%, 11/15/2047(b)

400,000

303,243

3.60%, 4/1/2050

500,000

347,384

6.90%, 11/9/2052(b)

180,000

198,426

5.55%, 2/6/2053(b)

130,000

121,506

5.38%, 9/27/2054

195,000

177,829

6.00%, 8/3/2055(b)

150,000

149,809

3.85%, 4/1/2060

250,000

171,784

4.10%, 3/25/2061(b)

200,000

142,932

5.50%, 9/27/2064

200,000

181,304

6.13%, 8/3/2065(b)

100,000

99,862

Roper Technologies, Inc.,

4.20%, 9/15/2028

82,000

81,053

2.95%, 9/15/2029(b)

90,000

83,729

4.50%, 10/15/2029(b)

25,000

24,847

1.75%, 2/15/2031(b)

245,000

205,904

4.75%, 2/15/2032

50,000

49,446

4.90%, 10/15/2034(b)

75,000

73,298

Salesforce, Inc.,

3.70%, 4/11/2028(b)

500,000

492,577

1.95%, 7/15/2031(b)

35,000

30,138

2.70%, 7/15/2041(b)

200,000

142,706

2.90%, 7/15/2051

290,000

187,103

ServiceNow, Inc.,

1.40%, 9/1/2030

145,000

122,372

Synopsys, Inc.,

4.55%, 4/1/2027

125,000

125,465

4.65%, 4/1/2028

65,000

65,372

4.85%, 4/1/2030

125,000

125,822

5.00%, 4/1/2032

125,000

125,308

5.15%, 4/1/2035(b)

70,000

70,368

5.70%, 4/1/2055(b)

35,000

34,752

VMware LLC,

1.40%, 8/15/2026

300,000

287,299

4.70%, 5/15/2030

300,000

297,369

2.20%, 8/15/2031

150,000

127,496

Workday, Inc.,

3.50%, 4/1/2027(b)

50,000

49,024

3.70%, 4/1/2029

50,000

48,192

3.80%, 4/1/2032(b)

70,000

64,790

12,984,183

Specialized REITs

0.3%

American Tower Corp.,

1.45%, 9/15/2026

105,000

100,405

3.65%, 3/15/2027

35,000

34,408

1.50%, 1/31/2028

300,000

275,465

5.50%, 3/15/2028

60,000

61,418

5.25%, 7/15/2028(b)

40,000

40,717

5.80%, 11/15/2028(b)

85,000

88,131

5.20%, 2/15/2029(b)

25,000

25,399

3.95%, 3/15/2029

300,000

291,455

2.90%, 1/15/2030

110,000

101,184

4.90%, 3/15/2030

50,000

50,265

1.88%, 10/15/2030(b)

165,000

141,141

2.30%, 9/15/2031

145,000

123,988

4.05%, 3/15/2032(b)

60,000

56,630

5.65%, 3/15/2033(b)

60,000

61,848

5.55%, 7/15/2033(b)

40,000

40,881

5.90%, 11/15/2033(b)

100,000

104,786

5.45%, 2/15/2034

25,000

25,363

50 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Specialized REITs

American Tower Corp.,

5.40%, 1/31/2035

50,000

50,451

5.35%, 3/15/2035(b)

50,000

50,147

2.95%, 1/15/2051(b)

200,000

126,292

Crown Castle, Inc.,

3.70%, 6/15/2026

60,000

59,281

1.05%, 7/15/2026

300,000

285,964

2.90%, 3/15/2027

40,000

38,634

3.65%, 9/1/2027(b)

150,000

146,133

5.00%, 1/11/2028

65,000

65,244

3.80%, 2/15/2028

150,000

145,967

4.80%, 9/1/2028

35,000

34,933

5.60%, 6/1/2029(b)

75,000

76,644

4.90%, 9/1/2029

40,000

39,817

3.10%, 11/15/2029(b)

260,000

239,469

2.25%, 1/15/2031(b)

92,000

78,626

5.10%, 5/1/2033

35,000

34,210

5.80%, 3/1/2034

65,000

66,257

5.20%, 9/1/2034(b)

50,000

48,940

2.90%, 4/1/2041

200,000

140,352

4.75%, 5/15/2047(b)

100,000

85,245

CubeSmart LP,

2.25%, 12/15/2028(b)

155,000

141,960

2.00%, 2/15/2031

50,000

42,303

2.50%, 2/15/2032

175,000

147,795

EPR Properties,

4.95%, 4/15/2028

200,000

198,060

Equinix, Inc.,

1.55%, 3/15/2028(b)

100,000

91,757

2.00%, 5/15/2028

30,000

27,769

3.20%, 11/18/2029(b)

105,000

98,224

2.50%, 5/15/2031(b)

90,000

78,559

2.95%, 9/15/2051

100,000

61,904

3.40%, 2/15/2052

200,000

135,691

Extra Space Storage LP,

5.50%, 7/1/2030(b)

175,000

179,434

2.40%, 10/15/2031(b)

90,000

76,578

2.35%, 3/15/2032

40,000

33,455

5.40%, 2/1/2034

25,000

25,031

5.35%, 1/15/2035

25,000

24,797

5.40%, 6/15/2035

50,000

49,711

Public Storage Operating Co.,

1.50%, 11/9/2026

140,000

133,876

1.85%, 5/1/2028(b)

185,000

171,511

1.95%, 11/9/2028

135,000

123,842

5.13%, 1/15/2029

30,000

30,673

2.30%, 5/1/2031

160,000

138,779

2.25%, 11/9/2031

100,000

85,752

5.10%, 8/1/2033(b)

74,000

74,581

5.35%, 8/1/2053(b)

25,000

23,984

Weyerhaeuser Co.,

4.75%, 5/15/2026

60,000

60,092

7.38%, 3/15/2032

193,000

216,703

5,908,911

Specialty Retail

0.3%

AutoNation, Inc.,

1.95%, 8/1/2028(b)

45,000

40,952

2.40%, 8/1/2031

90,000

75,340

3.85%, 3/1/2032(b)

30,000

27,068

AutoZone, Inc.,

5.05%, 7/15/2026

25,000

25,179

Corporate Bonds

Principal

Amount ($)

Value ($)

Specialty Retail

AutoZone, Inc.,

4.50%, 2/1/2028(b)

145,000

144,985

6.25%, 11/1/2028

25,000

26,310

5.10%, 7/15/2029(b)

50,000

50,797

4.00%, 4/15/2030(b)

100,000

96,467

4.75%, 8/1/2032

40,000

39,357

4.75%, 2/1/2033(b)

150,000

146,451

5.20%, 8/1/2033

25,000

24,938

6.55%, 11/1/2033

25,000

27,206

5.40%, 7/15/2034(b)

50,000

50,519

Best Buy Co., Inc.,

1.95%, 10/1/2030

125,000

107,248

Dick's Sporting Goods, Inc.,

4.10%, 1/15/2052

50,000

35,898

Home Depot, Inc. (The),

5.15%, 6/25/2026

100,000

101,099

4.95%, 9/30/2026(b)

50,000

50,523

2.50%, 4/15/2027(b)

200,000

193,372

2.88%, 4/15/2027

45,000

43,818

4.88%, 6/25/2027(b)

65,000

65,914

0.90%, 3/15/2028(b)

130,000

118,171

1.50%, 9/15/2028(b)

100,000

91,247

3.90%, 12/6/2028(b)

300,000

295,875

4.90%, 4/15/2029

50,000

50,970

2.95%, 6/15/2029(b)

186,000

175,411

4.75%, 6/25/2029

55,000

55,674

1.38%, 3/15/2031(b)

300,000

249,635

4.85%, 6/25/2031(b)

85,000

86,138

1.88%, 9/15/2031

100,000

84,742

3.25%, 4/15/2032

200,000

182,440

4.50%, 9/15/2032(b)

90,000

89,104

4.95%, 6/25/2034

95,000

95,319

5.88%, 12/16/2036

200,000

213,838

5.95%, 4/1/2041

150,000

158,364

4.20%, 4/1/2043

150,000

128,397

4.40%, 3/15/2045

600,000

517,954

4.50%, 12/6/2048

150,000

129,193

3.35%, 4/15/2050(b)

135,000

95,060

2.38%, 3/15/2051

200,000

114,554

2.75%, 9/15/2051

100,000

61,673

3.63%, 4/15/2052(b)

140,000

102,758

4.95%, 9/15/2052(b)

25,000

22,935

5.30%, 6/25/2054(b)

150,000

144,879

Lowe's Cos., Inc.,

4.80%, 4/1/2026

60,000

60,175

3.35%, 4/1/2027(b)

60,000

58,750

3.10%, 5/3/2027

250,000

243,133

1.30%, 4/15/2028(b)

170,000

154,887

1.70%, 9/15/2028

80,000

72,827

6.50%, 3/15/2029(b)

236,000

252,487

1.70%, 10/15/2030

75,000

63,982

2.63%, 4/1/2031(b)

300,000

265,878

3.75%, 4/1/2032(b)

245,000

227,281

5.00%, 4/15/2033(b)

60,000

59,750

5.15%, 7/1/2033(b)

75,000

75,495

2.80%, 9/15/2041

60,000

41,520

4.05%, 5/3/2047

250,000

194,713

3.00%, 10/15/2050

345,000

215,717

4.25%, 4/1/2052

65,000

50,843

5.63%, 4/15/2053(b)

200,000

193,062

4.45%, 4/1/2062(b)

75,000

58,345

5.80%, 9/15/2062

60,000

58,258

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 51

Corporate Bonds

Principal

Amount ($)

Value ($)

Specialty Retail

Lowe’s Cos., Inc.,

5.85%, 4/1/2063

110,000

107,477

O'Reilly Automotive, Inc.,

5.75%, 11/20/2026

35,000

35,642

4.70%, 6/15/2032

100,000

97,947

5.00%, 8/19/2034

25,000

24,564

TJX Cos., Inc. (The),

2.25%, 9/15/2026

500,000

486,158

Tractor Supply Co.,

1.75%, 11/1/2030(b)

55,000

46,727

5.25%, 5/15/2033(b)

20,000

20,203

7,803,593

Technology Hardware, Storage & Peripherals

0.4%

Apple, Inc.,

2.45%, 8/4/2026

625,000

611,031

3.35%, 2/9/2027(b)

500,000

493,460

3.20%, 5/11/2027(b)

300,000

294,764

1.20%, 2/8/2028(b)

500,000

461,093

4.00%, 5/10/2028

60,000

59,977

1.40%, 8/5/2028

350,000

320,239

3.25%, 8/8/2029(b)

150,000

144,489

2.20%, 9/11/2029(b)

235,000

215,959

4.15%, 5/10/2030(b)

60,000

60,312

1.65%, 5/11/2030

300,000

263,630

1.25%, 8/20/2030

300,000

257,072

1.65%, 2/8/2031(b)

250,000

215,984

1.70%, 8/5/2031

50,000

42,777

3.35%, 8/8/2032(b)

150,000

140,378

4.30%, 5/10/2033

60,000

59,580

4.50%, 2/23/2036(b)

150,000

149,103

3.85%, 5/4/2043

550,000

461,298

4.38%, 5/13/2045

355,000

314,900

4.65%, 2/23/2046

310,000

285,857

2.65%, 5/11/2050

300,000

188,945

2.40%, 8/20/2050

100,000

59,821

2.65%, 2/8/2051

400,000

250,365

2.70%, 8/5/2051

50,000

31,505

3.95%, 8/8/2052(b)

120,000

96,585

4.85%, 5/10/2053(b)

60,000

57,555

2.55%, 8/20/2060

300,000

177,255

2.80%, 2/8/2061

200,000

120,870

2.85%, 8/5/2061

50,000

30,411

4.10%, 8/8/2062(b)

120,000

96,191

Dell International LLC,

6.02%, 6/15/2026(b)

261,000

264,370

4.90%, 10/1/2026

132,000

132,512

5.30%, 10/1/2029(b)

300,000

305,453

4.35%, 2/1/2030

25,000

24,440

5.00%, 4/1/2030

30,000

30,140

5.30%, 4/1/2032

50,000

50,321

5.75%, 2/1/2033(b)

60,000

62,384

5.40%, 4/15/2034(b)

50,000

50,387

4.85%, 2/1/2035(b)

75,000

71,544

5.50%, 4/1/2035

50,000

50,014

8.10%, 7/15/2036

125,000

149,165

3.38%, 12/15/2041(b)

100,000

73,859

8.35%, 7/15/2046(b)

43,000

54,040

3.45%, 12/15/2051

55,000

37,170

Hewlett Packard Enterprise

Co.,

4.45%, 9/25/2026

75,000

74,825

Corporate Bonds

Principal

Amount ($)

Value ($)

Technology Hardware, Storage & Peripherals

Hewlett Packard Enterprise

Co.,

4.40%, 9/25/2027(b)

75,000

74,772

5.25%, 7/1/2028(b)

20,000

20,379

4.55%, 10/15/2029

100,000

98,923

4.85%, 10/15/2031(b)

40,000

39,587

5.00%, 10/15/2034(b)

185,000

180,236

6.35%, 10/15/2045(b)(f)

150,000

153,973

5.60%, 10/15/2054

135,000

128,442

HP, Inc.,

4.75%, 1/15/2028

60,000

60,400

4.00%, 4/15/2029(b)

60,000

58,199

2.65%, 6/17/2031(b)

50,000

43,518

5.50%, 1/15/2033(b)

60,000

60,855

6.00%, 9/15/2041(b)

250,000

251,553

Western Digital Corp.,

2.85%, 2/1/2029

250,000

225,684

8,788,551

Textiles, Apparel & Luxury Goods

0.0%

†

NIKE, Inc.,

2.85%, 3/27/2030(b)

400,000

370,284

3.88%, 11/1/2045

250,000

200,014

3.38%, 3/27/2050(b)

200,000

142,816

713,114

Tobacco

0.3%

Altria Group, Inc.,

6.20%, 11/1/2028(b)

25,000

26,254

4.80%, 2/14/2029(b)

300,000

300,611

5.80%, 2/14/2039(b)

300,000

301,407

4.50%, 5/2/2043

250,000

206,921

5.38%, 1/31/2044(b)

170,000

162,146

5.95%, 2/14/2049(b)

250,000

246,780

3.70%, 2/4/2051(b)

250,000

172,244

BAT Capital Corp.,

4.70%, 4/2/2027(b)

100,000

100,145

3.56%, 8/15/2027(b)

198,000

193,217

2.26%, 3/25/2028

160,000

149,518

6.34%, 8/2/2030(b)

100,000

106,303

4.74%, 3/16/2032

70,000

68,200

5.35%, 8/15/2032

50,000

50,286

6.42%, 8/2/2033(b)

90,000

96,056

6.00%, 2/20/2034(b)

100,000

104,213

5.63%, 8/15/2035(b)

50,000

50,197

4.39%, 8/15/2037

350,000

307,333

7.08%, 8/2/2043

50,000

54,617

4.76%, 9/6/2049

150,000

122,056

5.65%, 3/16/2052(b)

70,000

64,438

7.08%, 8/2/2053(b)

75,000

82,477

BAT International Finance plc,

4.45%, 3/16/2028

70,000

69,660

5.93%, 2/2/2029(b)

200,000

208,448

Philip Morris International,

Inc.,

4.75%, 2/12/2027(b)

50,000

50,365

4.38%, 11/1/2027(b)

50,000

49,979

5.13%, 11/17/2027(b)

90,000

91,571

4.88%, 2/15/2028(b)

100,000

101,319

5.25%, 9/7/2028(b)

25,000

25,615

4.88%, 2/13/2029

50,000

50,526

4.63%, 11/1/2029

50,000

50,143

52 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Corporate Bonds

Principal

Amount ($)

Value ($)

Tobacco

Philip Morris International,

Inc.,

5.63%, 11/17/2029(b)

70,000

72,981

5.13%, 2/15/2030(b)

100,000

101,966

5.50%, 9/7/2030

25,000

25,976

5.13%, 2/13/2031

100,000

101,742

4.75%, 11/1/2031

50,000

49,851

5.75%, 11/17/2032(b)

180,000

188,431

5.38%, 2/15/2033(b)

250,000

254,978

5.63%, 9/7/2033

25,000

25,910

5.25%, 2/13/2034(b)

250,000

252,346

4.90%, 11/1/2034

50,000

49,130

6.38%, 5/16/2038(b)

360,000

395,163

3.88%, 8/21/2042

100,000

80,240

4.25%, 11/10/2044

160,000

134,059

Reynolds American, Inc.,

5.70%, 8/15/2035

120,000

120,874

5.85%, 8/15/2045

400,000

381,704

5,898,396

Trading Companies & Distributors

0.1%

Air Lease Corp.,

3.75%, 6/1/2026

250,000

247,315

5.30%, 6/25/2026

25,000

25,190

1.88%, 8/15/2026

80,000

77,034

5.30%, 2/1/2028(b)

50,000

50,860

2.10%, 9/1/2028

100,000

91,758

5.10%, 3/1/2029

50,000

50,558

3.25%, 10/1/2029(b)

250,000

234,180

5.20%, 7/15/2031

25,000

25,108

2.88%, 1/15/2032(b)

100,000

87,079

GATX Corp.,

3.25%, 9/15/2026

50,000

49,020

4.00%, 6/30/2030(b)

100,000

96,065

4.90%, 3/15/2033

145,000

142,517

5.45%, 9/15/2033(b)

100,000

101,030

6.05%, 3/15/2034

50,000

52,512

6.90%, 5/1/2034

25,000

27,680

5.50%, 6/15/2035

25,000

24,997

3.10%, 6/1/2051

90,000

56,665

6.05%, 6/5/2054(b)

25,000

25,159

WW Grainger, Inc.,

4.45%, 9/15/2034(b)

45,000

43,177

3.75%, 5/15/2046(b)

250,000

197,453

1,705,357

Water Utilities

0.0%

†

American Water Capital Corp.,

4.45%, 6/1/2032

60,000

58,165

5.15%, 3/1/2034(b)

50,000

50,172

5.25%, 3/1/2035

75,000

75,411

4.30%, 9/1/2045

500,000

420,223

5.45%, 3/1/2054(b)

50,000

48,193

Essential Utilities, Inc.,

4.80%, 8/15/2027(b)

25,000

25,095

5.38%, 1/15/2034(b)

25,000

25,129

3.35%, 4/15/2050

200,000

133,335

5.30%, 5/1/2052(b)

40,000

36,518

872,241

Corporate Bonds

Principal

Amount ($)

Value ($)

Wireless Telecommunication Services

0.3%

America Movil SAB de CV,

6.38%, 3/1/2035(b)

177,000

190,941

6.13%, 3/30/2040

350,000

360,949

Rogers Communications, Inc.,

3.20%, 3/15/2027

60,000

58,374

5.00%, 2/15/2029(b)

150,000

150,134

3.80%, 3/15/2032

214,000

194,270

5.30%, 2/15/2034(b)

150,000

147,244

4.50%, 3/15/2042(b)

70,000

59,229

4.50%, 3/15/2043

100,000

84,002

5.00%, 3/15/2044(b)

80,000

70,762

4.35%, 5/1/2049

300,000

234,764

4.55%, 3/15/2052(b)

80,000

63,794

T-Mobile USA, Inc.,

3.75%, 4/15/2027

500,000

492,762

2.05%, 2/15/2028

100,000

93,398

4.95%, 3/15/2028

85,000

85,977

4.80%, 7/15/2028

80,000

80,610

4.85%, 1/15/2029

45,000

45,254

3.38%, 4/15/2029

500,000

474,943

4.20%, 10/1/2029

50,000

49,096

3.88%, 4/15/2030

500,000

479,321

2.55%, 2/15/2031(b)

500,000

440,793

2.70%, 3/15/2032

80,000

69,200

5.13%, 5/15/2032(b)

50,000

50,315

5.05%, 7/15/2033

245,000

243,351

5.75%, 1/15/2034

65,000

67,707

5.15%, 4/15/2034

25,000

25,031

4.70%, 1/15/2035(b)

75,000

72,173

5.30%, 5/15/2035

150,000

150,805

4.38%, 4/15/2040

250,000

220,060

3.00%, 2/15/2041(b)

200,000

145,101

4.50%, 4/15/2050

150,000

124,750

3.30%, 2/15/2051

300,000

200,261

3.40%, 10/15/2052

200,000

135,164

5.65%, 1/15/2053(b)

200,000

195,101

5.75%, 1/15/2054(b)

80,000

79,159

6.00%, 6/15/2054(b)

100,000

102,073

5.25%, 6/15/2055(b)

100,000

91,840

5.88%, 11/15/2055(b)

80,000

80,538

5.80%, 9/15/2062

200,000

196,301

Vodafone Group plc,

7.88%, 2/15/2030(b)

206,000

235,755

5.25%, 5/30/2048(b)

122,000

112,287

4.88%, 6/19/2049(b)

300,000

255,848

4.25%, 9/17/2050

40,000

30,803

5.63%, 2/10/2053

100,000

93,815

5.75%, 6/28/2054(b)

100,000

95,441

5.75%, 2/10/2063

100,000

94,147

5.88%, 6/28/2064(b)

100,000

95,874

7,119,517

Total Corporate Bonds

(cost $609,260,271)

565,183,931

Foreign Government Securities 1.5%

CANADA 0.3%

Canada Government Bond,

3.75%, 4/26/2028(b)

1,300,000

1,292,659

4.00%, 3/18/2030

180,000

179,688

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 53

Foreign Government Securities

Principal

Amount ($)

Value ($)

CANADA

Export Development Canada,

3.88%, 2/14/2028(b)

500,000

498,360

4.13%, 2/13/2029

500,000

501,421

Province of Alberta,

3.30%, 3/15/2028

500,000

488,605

Province of British Columbia,

4.90%, 4/24/2029

400,000

410,302

4.75%, 6/12/2034

400,000

402,489

Province of Manitoba,

4.90%, 5/31/2034

100,000

101,843

Province of Ontario,

2.50%, 4/27/2026

600,000

589,528

2.00%, 10/2/2029(b)

1,000,000

909,619

4.70%, 1/15/2030

35,000

35,663

5.05%, 4/24/2034

200,000

206,007

Province of Quebec,

3.63%, 4/13/2028(b)

500,000

492,903

7.50%, 9/15/2029

578,000

653,563

4.25%, 9/5/2034

200,000

193,875

6,956,525

CHILE 0.1%

Republic of Chile,

3.24%, 2/6/2028

200,000

192,380

4.85%, 1/22/2029

200,000

201,200

2.45%, 1/31/2031

500,000

437,925

2.55%, 1/27/2032

500,000

431,045

2.55%, 7/27/2033

350,000

289,520

3.10%, 5/7/2041

400,000

293,280

3.50%, 1/25/2050

250,000

176,337

5.33%, 1/5/2054(b)

328,290

306,590

3.25%, 9/21/2071

200,000

119,866

2,448,143

HUNGARY 0.0%

†

Hungary Government Bond,

7.63%, 3/29/2041

100,000

112,532

INDONESIA 0.1%

Republic of Indonesia,

4.15%, 9/20/2027

200,000

198,446

3.50%, 1/11/2028

500,000

485,737

4.10%, 4/24/2028

1,000,000

986,642

2.85%, 2/14/2030

500,000

456,680

4.65%, 9/20/2032

200,000

193,998

4.75%, 9/10/2034(b)

200,000

192,841

5.35%, 2/11/2049

200,000

192,526

4.20%, 10/15/2050

200,000

159,825

3.05%, 3/12/2051

300,000

192,438

5.65%, 1/11/2053(b)

200,000

196,164

4.45%, 4/15/2070(b)

200,000

157,294

3,412,591

ISRAEL 0.0%

†

State of Israel Government

Bond,

3.25%, 1/17/2028

200,000

190,855

5.50%, 3/12/2034

250,000

247,750

3.38%, 1/15/2050

200,000

129,868

3.88%, 7/3/2050

200,000

141,214

5.75%, 3/12/2054

250,000

229,399

Foreign Government Securities

Principal

Amount ($)

Value ($)

ISRAEL

State of Israel Government

Bond

4.50%, 4/3/2120

200,000

140,700

1,079,786

ITALY 0.0%

†

Italian Republic Government

Bond,

5.38%, 6/15/2033(b)

491,000

507,549

4.00%, 10/17/2049(b)

400,000

293,447

800,996

JAPAN 0.1%

Japan Bank for International

Cooperation,

1.88%, 7/21/2026(b)

500,000

485,338

2.88%, 7/21/2027(b)

500,000

486,248

3.50%, 10/31/2028

400,000

391,289

1.88%, 4/15/2031

800,000

696,192

Japan International

Cooperation Agency,

4.00%, 5/23/2028

450,000

447,530

2,506,597

MEXICO 0.3%

United Mexican States,

4.15%, 3/28/2027

200,000

197,451

3.75%, 1/11/2028

1,000,000

968,438

4.50%, 4/22/2029(b)

300,000

291,091

2.66%, 5/24/2031

700,000

588,912

8.30%, 8/15/2031

300,000

349,335

4.88%, 5/19/2033(b)

200,000

183,442

3.50%, 2/12/2034

250,000

204,927

6.75%, 9/27/2034

596,000

622,015

6.35%, 2/9/2035(b)

200,000

200,342

6.88%, 5/13/2037(b)

300,000

307,080

6.05%, 1/11/2040

400,000

376,220

4.75%, 3/8/2044

400,000

309,600

5.55%, 1/21/2045

300,000

264,825

4.60%, 1/23/2046

347,000

258,341

4.50%, 1/31/2050(b)

200,000

143,480

4.40%, 2/12/2052

200,000

138,542

6.34%, 5/4/2053(b)

350,000

317,699

6.40%, 5/7/2054(b)

400,000

365,084

7.38%, 5/13/2055

200,000

204,300

3.77%, 5/24/2061

200,000

116,100

6,407,224

PANAMA 0.1%

Republic of Panama,

3.88%, 3/17/2028

200,000

189,520

2.25%, 9/29/2032

200,000

145,629

6.40%, 2/14/2035

200,000

187,340

6.70%, 1/26/2036

250,000

239,025

8.00%, 3/1/2038

200,000

206,000

4.30%, 4/29/2053

500,000

304,075

6.85%, 3/28/2054(b)

200,000

174,700

4.50%, 4/1/2056

400,000

243,360

3.87%, 7/23/2060

200,000

107,050

1,796,699

54 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Foreign Government Securities

Principal

Amount ($)

Value ($)

PERU 0.1%

Republic of Peru,

4.13%, 8/25/2027(b)

175,000

173,591

2.78%, 1/23/2031

500,000

437,950

8.75%, 11/21/2033

300,000

363,630

3.00%, 1/15/2034(b)

200,000

165,744

3.30%, 3/11/2041

200,000

146,250

5.63%, 11/18/2050(b)

300,000

284,997

5.88%, 8/8/2054(b)

200,000

193,412

3.60%, 1/15/2072

150,000

92,550

1,858,124

PHILIPPINES 0.1%

Republic of Philippines,

9.50%, 2/2/2030

500,000

603,124

2.46%, 5/5/2030(b)

500,000

450,185

7.75%, 1/14/2031

200,000

230,241

6.38%, 10/23/2034

500,000

545,562

3.70%, 3/1/2041

250,000

201,035

3.70%, 2/2/2042

600,000

476,839

3.20%, 7/6/2046

400,000

279,815

5.50%, 1/17/2048

200,000

196,357

2,983,158

POLAND 0.1%

Republic of Poland,

4.88%, 10/4/2033

200,000

196,813

5.13%, 9/18/2034

250,000

247,864

5.38%, 2/12/2035

300,000

301,576

5.50%, 4/4/2053

200,000

188,207

5.50%, 3/18/2054

300,000

281,426

1,215,886

SOUTH KOREA 0.1%

Export-Import Bank of Korea,

2.38%, 4/21/2027

1,000,000

963,603

4.50%, 9/15/2032

400,000

394,588

5.13%, 1/11/2033(b)

200,000

204,953

Republic of Korea,

4.13%, 6/10/2044

250,000

221,484

1,784,628

SWEDEN 0.0%

†

Svensk Exportkredit AB,

4.13%, 6/14/2028

500,000

501,029

URUGUAY 0.1%

Oriental Republic of Uruguay,

4.38%, 10/27/2027

250,000

249,565

4.38%, 1/23/2031(b)

200,000

196,453

5.75%, 10/28/2034

200,000

208,000

5.44%, 2/14/2037

25,000

25,240

5.10%, 6/18/2050

350,000

323,750

4.98%, 4/20/2055

200,000

178,800

5.25%, 9/10/2060

200,000

182,900

1,364,708

Total Foreign Government Securities

(cost $38,438,996)

35,228,626

Mortgage-Backed Securities 24.8%

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# G30267

5.00%, 8/1/2025

730

728

Pool# E02746

3.50%, 11/1/2025

5,689

5,663

Pool# J13883

3.50%, 12/1/2025

13,662

13,594

Pool# J14732

4.00%, 3/1/2026

9,398

9,354

Pool# E02896

3.50%, 5/1/2026

7,991

7,939

Pool# J18127

3.00%, 3/1/2027

21,205

20,934

Pool# J18702

3.00%, 3/1/2027

19,809

19,557

Pool# J19106

3.00%, 5/1/2027

9,585

9,459

Pool# J20471

3.00%, 9/1/2027

42,850

42,221

Pool# G14609

3.00%, 11/1/2027

81,011

79,754

Pool# C00566

7.50%, 12/1/2027

139

141

Pool# G15100

2.50%, 7/1/2028

39,009

38,091

Pool# C18271

7.00%, 11/1/2028

713

745

Pool# C00678

7.00%, 11/1/2028

137

143

Pool# C00836

7.00%, 7/1/2029

141

148

Pool# C31285

7.00%, 9/1/2029

238

248

Pool# G18536

2.50%, 1/1/2030

713,574

688,967

Pool# C37436

8.00%, 1/1/2030

429

450

Pool# C36429

7.00%, 2/1/2030

367

383

Pool# C36306

7.00%, 2/1/2030

242

253

Pool# C00921

7.50%, 2/1/2030

355

368

Pool# G01108

7.00%, 4/1/2030

123

129

Pool# G18552

3.00%, 5/1/2030

265,715

259,194

Pool# U49055

3.00%, 6/1/2030

24,487

23,951

Pool# J32243

3.00%, 7/1/2030

218,630

212,807

Pool# J32255

3.00%, 7/1/2030

45,821

44,628

Pool# J32257

3.00%, 7/1/2030

45,100

43,894

Pool# C41561

8.00%, 8/1/2030

1,210

1,222

Pool# C01051

8.00%, 9/1/2030

549

573

Pool# C43550

7.00%, 10/1/2030

838

876

Pool# C44017

7.50%, 10/1/2030

279

279

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 55

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# C44957

8.00%, 11/1/2030

544

546

Pool# J33361

3.00%, 12/1/2030

98,724

96,179

Pool# G18578

3.00%, 12/1/2030

94,967

92,317

Pool# J33315

3.00%, 12/1/2030

44,528

43,323

Pool# C01103

7.50%, 12/1/2030

214

222

Pool# C46932

7.50%, 1/1/2031

418

419

Pool# G18587

3.00%, 2/1/2031

70,820

68,730

Pool# G18592

3.00%, 3/1/2031

78,035

75,706

Pool# C48206

7.50%, 3/1/2031

1,107

1,108

Pool# C91366

4.50%, 4/1/2031

24,334

24,407

Pool# G18601

3.00%, 5/1/2031

45,865

44,518

Pool# G18605

3.00%, 6/1/2031

26,772

25,975

Pool# J34627

3.00%, 6/1/2031

7,766

7,537

Pool# C91377

4.50%, 6/1/2031

12,726

12,766

Pool# C53324

7.00%, 6/1/2031

1,027

1,074

Pool# J35107

2.50%, 8/1/2031

46,507

44,551

Pool# G01309

7.00%, 8/1/2031

345

360

Pool# G01311

7.00%, 9/1/2031

2,328

2,433

Pool# C01222

7.00%, 9/1/2031

358

374

Pool# G01315

7.00%, 9/1/2031

88

92

Pool# J35522

2.50%, 10/1/2031

181,325

173,572

Pool# C60012

7.00%, 11/1/2031

376

393

Pool# C61298

8.00%, 11/1/2031

1,498

1,503

Pool# J35957

2.50%, 12/1/2031

271,764

260,225

Pool# C61105

7.00%, 12/1/2031

3,453

3,609

Pool# C63171

7.00%, 1/1/2032

2,553

2,669

Pool# V61548

2.50%, 2/1/2032

258,738

247,335

Pool# D99004

3.50%, 3/1/2032

46,775

45,743

Pool# G30577

3.50%, 4/1/2032

103,789

101,551

Pool# G01391

7.00%, 4/1/2032

4,234

4,425

Pool# C01345

7.00%, 4/1/2032

1,762

1,842

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# C01370

8.00%, 4/1/2032

445

451

Pool# C01381

8.00%, 5/1/2032

6,513

6,851

Pool# C68290

7.00%, 6/1/2032

1,639

1,713

Pool# C68300

7.00%, 6/1/2032

527

551

Pool# D99266

3.50%, 7/1/2032

78,612

76,876

Pool# G01449

7.00%, 7/1/2032

2,754

2,878

Pool# C69908

7.00%, 8/1/2032

12,661

13,233

Pool# C91558

3.50%, 9/1/2032

15,467

15,092

Pool# G16407

2.50%, 1/1/2033

136,036

129,989

Pool# G16408

2.50%, 1/1/2033

97,278

92,968

Pool# G01536

7.00%, 3/1/2033

4,714

4,927

Pool# C01528

5.00%, 4/1/2033

21,581

21,742

Pool# G30646

3.00%, 5/1/2033

103,298

98,723

Pool# G30642

3.00%, 5/1/2033

52,262

49,903

Pool# K90535

3.00%, 5/1/2033

21,038

20,091

Pool# G18693

4.00%, 5/1/2033

28,926

28,717

Pool# G18696

3.50%, 7/1/2033

8,559

8,385

Pool# A16419

6.50%, 11/1/2033

11,051

11,405

Pool# A21356

6.50%, 4/1/2034

20,012

20,653

Pool# C01851

6.50%, 4/1/2034

13,609

14,180

Pool# A24301

6.50%, 5/1/2034

21,196

22,075

Pool# A22067

6.50%, 5/1/2034

8,436

8,707

Pool# G18737

3.50%, 6/1/2034

56,325

54,634

Pool# A24988

6.50%, 7/1/2034

8,372

8,702

Pool# G01741

6.50%, 10/1/2034

3,857

4,026

Pool# G08023

6.50%, 11/1/2034

9,370

9,854

Pool# G01947

7.00%, 5/1/2035

3,637

3,801

Pool# G08073

5.50%, 8/1/2035

38,501

39,454

Pool# A37135

5.50%, 9/1/2035

77,875

79,804

Pool# A47368

5.00%, 10/1/2035

54,971

55,431

Pool# A38531

5.50%, 10/1/2035

105,894

107,998

56 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# A38255

5.50%, 10/1/2035

65,309

66,927

Pool# G08088

6.50%, 10/1/2035

37,469

38,903

Pool# A39759

5.50%, 11/1/2035

3,375

3,458

Pool# A40376

5.50%, 12/1/2035

1,467

1,504

Pool# A42305

5.50%, 1/1/2036

4,502

4,636

Pool# A41548

7.00%, 1/1/2036

5,337

5,578

Pool# G08111

5.50%, 2/1/2036

50,975

52,237

Pool# A43885

5.50%, 3/1/2036

139,779

142,698

Pool# A43886

5.50%, 3/1/2036

118,351

120,821

Pool# A43884

5.50%, 3/1/2036

54,114

55,376

Pool# A48378

5.50%, 3/1/2036

47,457

48,619

Pool# A43861

5.50%, 3/1/2036

27,783

28,392

Pool# G08116

5.50%, 3/1/2036

11,678

11,967

Pool# A48735

5.50%, 5/1/2036

5,719

5,840

Pool# A53039

6.50%, 10/1/2036

37,225

38,934

Pool# G05254

5.00%, 1/1/2037

37,634

37,949

Pool# G04331

5.00%, 2/1/2037

37,316

37,628

Pool# G05941

6.00%, 2/1/2037

189,552

197,869

Pool# G03620

6.50%, 10/1/2037

1,353

1,426

Pool# G03721

6.00%, 12/1/2037

17,456

18,224

Pool# G03969

6.00%, 2/1/2038

19,639

20,502

Pool# C91982

3.50%, 3/1/2038

68,711

65,503

Pool# G04913

5.00%, 3/1/2038

67,354

68,029

Pool# G05299

4.50%, 6/1/2038

58,581

57,808

Pool# G04581

6.50%, 8/1/2038

34,217

35,394

Pool# C92013

3.50%, 9/1/2038

164,271

156,764

Pool# A81674

6.00%, 9/1/2038

121,147

126,166

Pool# G05459

5.50%, 5/1/2039

514,170

523,138

Pool# G05535

4.50%, 7/1/2039

187,686

185,627

Pool# A89500

4.50%, 10/1/2039

16,691

16,508

Pool# A91165

5.00%, 2/1/2040

754,777

762,355

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# G60342

4.50%, 5/1/2042

188,964

186,676

Pool# G60195

4.00%, 6/1/2042

245,223

236,116

Pool# Q08977

4.00%, 6/1/2042

55,843

53,675

Pool# Q09824

4.00%, 8/1/2042

32,943

31,723

Pool# Q11087

4.00%, 9/1/2042

22,161

21,181

Pool# G07158

3.50%, 10/1/2042

141,088

131,678

Pool# G07163

3.50%, 10/1/2042

112,502

105,000

Pool# Q11532

3.50%, 10/1/2042

100,169

93,488

Pool# Q12051

3.50%, 10/1/2042

77,840

72,649

Pool# Q12052

3.50%, 10/1/2042

32,917

30,722

Pool# C09020

3.50%, 11/1/2042

226,235

211,146

Pool# G07264

3.50%, 12/1/2042

212,155

198,005

Pool# Q14292

3.50%, 1/1/2043

57,289

53,468

Pool# Q15884

3.00%, 2/1/2043

309,357

278,593

Pool# Q16470

3.00%, 3/1/2043

623,549

561,545

Pool# V80002

2.50%, 4/1/2043

269,741

233,950

Pool# Q16915

3.00%, 4/1/2043

233,493

210,564

Pool# Q17675

3.50%, 4/1/2043

247,887

231,357

Pool# Q18523

3.50%, 5/1/2043

241,409

225,304

Pool# Q18751

3.50%, 6/1/2043

338,198

315,637

Pool# G07410

3.50%, 7/1/2043

100,499

93,797

Pool# Q20332

3.50%, 7/1/2043

35,070

32,731

Pool# G07459

3.50%, 8/1/2043

293,524

273,945

Pool# G60038

3.50%, 1/1/2044

614,833

573,826

Pool# Q26869

4.00%, 6/1/2044

272,367

260,053

Pool# G07946

4.00%, 7/1/2044

8,283

7,925

Pool# Q28607

3.50%, 9/1/2044

106,777

99,565

Pool# G61231

3.50%, 9/1/2044

29,303

27,349

Pool# G08609

3.50%, 10/1/2044

94,728

87,977

Pool# Q30833

4.00%, 1/1/2045

11,742

11,134

Pool# G60400

4.50%, 1/1/2045

79,191

77,636

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 57

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# G07925

4.00%, 2/1/2045

24,792

23,779

Pool# Q34165

4.00%, 6/1/2045

163,090

155,717

Pool# V81873

4.00%, 8/1/2045

95,865

90,916

Pool# G08669

4.00%, 9/1/2045

139,429

132,203

Pool# V82126

3.50%, 12/1/2045

93,439

86,316

Pool# Q38199

3.50%, 1/1/2046

3,762

3,462

Pool# Q38357

4.00%, 1/1/2046

40,767

38,654

Pool# G61365

4.50%, 1/1/2046

29,244

28,670

Pool# G08697

3.00%, 3/1/2046

420,808

373,958

Pool# Q39364

3.50%, 3/1/2046

67,597

62,360

Pool# Q39434

3.50%, 3/1/2046

53,337

49,202

Pool# Q39440

4.00%, 3/1/2046

24,514

23,246

Pool# G08704

4.50%, 4/1/2046

13,228

12,935

Pool# Q40097

4.50%, 4/1/2046

2,759

2,698

Pool# G60582

3.50%, 5/1/2046

165,983

153,055

Pool# Q40718

3.50%, 5/1/2046

55,091

50,686

Pool# G08707

4.00%, 5/1/2046

67,223

63,738

Pool# G08708

4.50%, 5/1/2046

10,154

9,929

Pool# Q41548

3.00%, 7/1/2046

61,162

54,369

Pool# Q41903

3.50%, 7/1/2046

79,001

72,815

Pool# Q41491

3.50%, 7/1/2046

8,933

8,202

Pool# G61791

4.00%, 7/1/2046

66,014

62,705

Pool# Q41947

4.50%, 7/1/2046

3,589

3,506

Pool# G08715

3.00%, 8/1/2046

428,781

380,708

Pool# Q42596

3.50%, 8/1/2046

68,365

63,086

Pool# Q42203

3.50%, 8/1/2046

18,877

17,430

Pool# G61237

3.50%, 8/1/2046

12,923

12,062

Pool# Q42393

3.50%, 8/1/2046

11,405

10,449

Pool# Q42680

4.00%, 8/1/2046

2,357

2,244

Pool# G08720

4.50%, 8/1/2046

8,551

8,360

Pool# G61323

3.00%, 9/1/2046

401,571

361,682

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# G08721

3.00%, 9/1/2046

234,160

207,876

Pool# V82617

3.50%, 9/1/2046

153,683

140,931

Pool# G08722

3.50%, 9/1/2046

45,645

42,093

Pool# G60733

4.50%, 9/1/2046

86,424

84,512

Pool# G60722

3.00%, 10/1/2046

669,063

594,051

Pool# Q44035

3.00%, 10/1/2046

333,265

295,468

Pool# G61815

4.00%, 10/1/2046

26,425

25,057

Pool# G61257

3.00%, 11/1/2046

647,204

573,244

Pool# Q44452

3.00%, 11/1/2046

149,255

132,270

Pool# G08732

3.00%, 11/1/2046

42,735

37,888

Pool# Q44473

3.50%, 11/1/2046

19,679

18,014

Pool# Q44223

3.50%, 11/1/2046

12,552

11,482

Pool# G08734

4.00%, 11/1/2046

194,512

184,229

Pool# G08737

3.00%, 12/1/2046

1,430,169

1,264,724

Pool# G60989

3.00%, 12/1/2046

242,721

215,509

Pool# Q45878

3.00%, 12/1/2046

53,008

46,852

Pool# G08738

3.50%, 12/1/2046

888,558

815,424

Pool# Q45024

3.50%, 12/1/2046

66,797

60,598

Pool# G08741

3.00%, 1/1/2047

391,074

346,419

Pool# G08747

3.00%, 2/1/2047

741,176

656,255

Pool# G08748

3.50%, 2/1/2047

185,247

169,857

Pool# G08749

4.00%, 2/1/2047

309,300

292,755

Pool# G61890

4.00%, 2/1/2047

21,914

20,766

Pool# G08751

3.50%, 3/1/2047

278,373

255,245

Pool# Q47592

3.50%, 4/1/2047

48,126

44,034

Pool# Q47484

3.50%, 4/1/2047

10,305

9,515

Pool# G60988

3.00%, 5/1/2047

825,262

732,956

Pool# Q48098

3.50%, 5/1/2047

34,888

31,945

Pool# Q48237

4.50%, 5/1/2047

55,643

54,274

Pool# G61390

3.00%, 6/1/2047

669,160

593,112

Pool# Q48414

4.50%, 6/1/2047

43,090

41,442

58 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# Q48365

4.50%, 6/1/2047

14,503

14,153

Pool# G08770

3.50%, 7/1/2047

523,932

479,588

Pool# V83270

3.50%, 7/1/2047

110,258

100,849

Pool# G61339

3.00%, 8/1/2047

126,625

112,332

Pool# G08774

3.50%, 8/1/2047

58,226

53,275

Pool# Q49917

3.50%, 8/1/2047

43,928

40,186

Pool# Q53085

3.00%, 9/1/2047

141,662

125,928

Pool# G61295

3.50%, 9/1/2047

300,429

277,732

Pool# G08779

3.50%, 9/1/2047

158,683

145,178

Pool# G61622

3.00%, 10/1/2047

315,575

280,199

Pool# G08785

4.00%, 10/1/2047

18,140

17,082

Pool# Q52075

4.00%, 11/1/2047

105,264

99,646

Pool# V83598

3.50%, 12/1/2047

47,014

42,987

Pool# G67707

3.50%, 1/1/2048

341,576

314,233

Pool# V83909

4.00%, 1/1/2048

124,943

118,339

Pool# G61311

3.50%, 2/1/2048

326,772

298,829

Pool# T65458

3.50%, 2/1/2048

58,252

52,701

Pool# G08801

4.00%, 2/1/2048

95,947

90,541

Pool# Q54460

4.00%, 2/1/2048

95,661

91,015

Pool# G61298

4.00%, 2/1/2048

47,787

45,138

Pool# Q54727

3.50%, 3/1/2048

133,101

121,699

Pool# Q55401

5.00%, 4/1/2048

25,031

25,067

Pool# V84237

3.50%, 5/1/2048

209,063

191,043

Pool# G08813

3.50%, 5/1/2048

24,167

22,095

Pool# G08820

4.50%, 5/1/2048

174,110

169,827

Pool# G08821

5.00%, 5/1/2048

6,668

6,670

Pool# G67712

4.00%, 6/1/2048

92,469

88,142

Pool# G67713

4.00%, 6/1/2048

76,553

72,335

Pool# G08817

4.00%, 6/1/2048

28,080

26,492

Pool# G08818

4.50%, 6/1/2048

96,100

93,736

Pool# Q56473

4.50%, 6/1/2048

22,789

22,145

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC Gold Pool

Pool# Q56472

4.50%, 6/1/2048

20,481

19,915

Pool# G08827

4.50%, 7/1/2048

65,412

63,686

Pool# Q57401

4.50%, 7/1/2048

26,504

25,776

Pool# Q57402

4.50%, 7/1/2048

6,866

6,699

Pool# G08833

5.00%, 7/1/2048

2,709

2,712

Pool# G08831

4.00%, 8/1/2048

76,945

72,578

Pool# G08836

4.00%, 9/1/2048

310,557

292,928

Pool# G67716

4.50%, 10/1/2048

53,076

51,771

Pool# G08843

4.50%, 10/1/2048

23,212

22,617

Pool# V85044

4.00%, 12/1/2048

90,242

85,131

Pool# V85082

4.50%, 12/1/2048

16,031

15,620

Pool# G61846

4.00%, 1/1/2049

1,658

1,564

Pool# V85139

4.50%, 1/1/2049

21,632

21,077

FHLMC Non Gold Pool

Pool# 1B8478

7.66%, 7/1/2041(a)

13,796

14,259

Pool# 2B0108

6.77%, 1/1/2042(a)

345

353

FHLMC UMBS Pool

Pool# ZT1998

4.00%, 7/1/2029

5,638

5,609

Pool# ZS7757

3.00%, 3/1/2030

156,751

153,151

Pool# SB0383

2.50%, 4/1/2032

433,838

415,417

Pool# ZS8701

3.50%, 6/1/2033

30,063

29,428

Pool# SB0218

3.00%, 10/1/2033

53,854

52,099

Pool# SB0366

3.50%, 2/1/2034

72,733

71,107

Pool# QN0248

3.00%, 7/1/2034

27,739

26,554

Pool# SB0095

3.50%, 7/1/2034

23,973

23,642

Pool# SB0069

3.00%, 9/1/2034

96,671

92,540

Pool# SB8021

3.00%, 12/1/2034

200,622

192,044

Pool# SB8500

2.50%, 7/1/2035

518,596

482,389

Pool# SB8505

2.50%, 10/1/2035

1,543,779

1,437,178

Pool# SB8506

2.00%, 2/1/2036

1,324,503

1,209,602

Pool# SB8508

2.00%, 2/1/2036

974,625

887,667

Pool# RC1826

2.00%, 2/1/2036

290,776

263,566

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 59

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# SB8092

1.50%, 3/1/2036

335,767

295,530

Pool# RC1887

2.00%, 3/1/2036

544,027

494,294

Pool# SB8103

2.00%, 5/1/2036

285,860

258,843

Pool# RC2049

2.00%, 6/1/2036

1,272,352

1,153,272

Pool# RC2045

2.00%, 6/1/2036

396,897

359,747

Pool# SB8112

2.50%, 7/1/2036

224,412

208,204

Pool# QN7405

2.00%, 8/1/2036

168,412

153,012

Pool# SB8119

2.00%, 9/1/2036

744,764

674,824

Pool# SB8140

1.50%, 2/1/2037

498,835

438,041

Pool# SB8144

1.50%, 3/1/2037

1,042,796

915,054

Pool# QN9700

1.50%, 3/1/2037

333,140

292,329

Pool# SB8148

2.00%, 4/1/2037

2,279,175

2,061,279

Pool# SB8156

3.00%, 4/1/2037

187,793

177,675

Pool# SB8154

2.50%, 5/1/2037

154,754

143,213

Pool# SB0725

4.00%, 8/1/2037

51,074

49,764

Pool# SB1009

4.00%, 2/1/2038

51,282

50,027

Pool# SB1309

2.00%, 7/1/2038

1,004,980

908,900

Pool# SB8346

4.00%, 12/1/2039

226,961

221,189

Pool# QA2237

3.00%, 7/1/2046

837,533

743,962

Pool# QA2226

3.00%, 7/1/2046

493,603

438,712

Pool# ZS4693

3.00%, 12/1/2046

654,116

577,694

Pool# ZM2339

3.50%, 1/1/2047

131,724

120,522

Pool# ZS4746

3.00%, 12/1/2047

319,587

281,588

Pool# ZA5785

4.50%, 10/1/2048

128,895

125,455

Pool# ZT1321

4.50%, 11/1/2048

157,311

153,049

Pool# ZA6139

4.50%, 12/1/2048

45,376

44,080

Pool# SD0295

3.00%, 2/1/2049

1,517,616

1,351,348

Pool# ZA6536

4.00%, 3/1/2049

61,129

57,604

Pool# ZA6380

4.00%, 3/1/2049

58,737

55,350

Pool# ZT1858

4.50%, 4/1/2049

30,307

29,505

Pool# RA3022

2.50%, 6/1/2050

510,341

429,032

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# SD7521

2.50%, 7/1/2050

725,111

614,207

Pool# SD8074

3.00%, 7/1/2050

211,812

184,603

Pool# SD7523

2.50%, 8/1/2050

190,980

161,488

Pool# SD0500

3.00%, 8/1/2050

33,283

29,467

Pool# SD0514

2.00%, 10/1/2050

708,443

570,757

Pool# RA3723

2.00%, 10/1/2050

231,757

186,677

Pool# SD8100

3.00%, 10/1/2050

1,365,675

1,198,080

Pool# RA3935

2.50%, 11/1/2050

2,220,411

1,867,414

Pool# RA3932

2.50%, 11/1/2050

1,336,434

1,130,498

Pool# RA3934

2.50%, 11/1/2050

677,845

569,451

Pool# RA3987

2.50%, 11/1/2050

279,188

234,443

Pool# RA4071

2.50%, 12/1/2050

767,699

645,026

Pool# RA4216

2.50%, 12/1/2050

710,177

596,273

Pool# SD0522

3.00%, 12/1/2050

447,455

392,474

Pool# RA4411

2.50%, 1/1/2051

1,592,807

1,339,808

Pool# RA4351

2.50%, 1/1/2051

869,358

727,547

Pool# RA4652

2.00%, 2/1/2051

2,704,464

2,177,158

Pool# RA4493

2.00%, 2/1/2051

1,274,897

1,020,594

Pool# QB9104

2.00%, 2/1/2051

684,604

548,050

Pool# RA4737

2.00%, 3/1/2051

2,398,645

1,925,929

Pool# RA4718

2.00%, 3/1/2051

1,090,023

877,494

Pool# SD7537

2.00%, 3/1/2051

572,060

461,559

Pool# SD8139

1.50%, 4/1/2051

835,444

631,329

Pool# SD8140

2.00%, 4/1/2051

4,660,974

3,726,373

Pool# SD8145

1.50%, 5/1/2051

1,655,338

1,252,222

Pool# SD8146

2.00%, 5/1/2051

8,411,286

6,706,073

Pool# QC2070

2.00%, 5/1/2051

113,125

91,049

Pool# SD0593

3.00%, 5/1/2051

1,577,741

1,398,880

Pool# RA5436

2.00%, 6/1/2051

344,028

275,131

Pool# RA5373

2.00%, 6/1/2051

292,981

235,783

Pool# SD8154

1.50%, 7/1/2051

1,667,496

1,259,881

60 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# RA5398

2.00%, 7/1/2051

987,558

794,758

Pool# QC5128

2.00%, 8/1/2051

279,249

224,002

Pool# SD8166

2.00%, 9/1/2051

1,659,512

1,323,041

Pool# RA6140

2.00%, 10/1/2051

1,194,297

961,419

Pool# RA6085

2.00%, 10/1/2051

686,238

553,797

Pool# RA6091

2.00%, 10/1/2051

664,591

534,843

Pool# RA6503

2.00%, 12/1/2051

8,047,961

6,445,714

Pool# RA6624

2.00%, 1/1/2052

5,309,073

4,228,068

Pool# SD0856

2.00%, 1/1/2052

1,308,372

1,045,133

Pool# SD7347

2.00%, 4/1/2052

848,143

676,501

Pool# SD8211

2.00%, 5/1/2052

9,288,820

7,388,057

Pool# RA7543

4.00%, 6/1/2052

192,128

179,373

Pool# SD8224

2.50%, 7/1/2052

2,614,018

2,174,956

Pool# RA7664

4.00%, 7/1/2052

423,162

394,939

Pool# SD1488

4.00%, 8/1/2052

477,994

446,239

Pool# SD1424

4.00%, 8/1/2052

397,357

371,575

Pool# RA7779

4.50%, 8/1/2052

529,464

507,334

Pool# RA7920

4.00%, 9/1/2052

485,645

453,230

Pool# SD2215

4.00%, 10/1/2052

513,429

483,061

Pool# SD7557

4.50%, 12/1/2052

1,174,768

1,139,288

Pool# RA8406

5.00%, 1/1/2053

606,934

597,086

Pool# RA8411

5.50%, 1/1/2053

178,725

180,914

Pool# QF5629

6.00%, 1/1/2053

421,877

436,897

Pool# SD7560

4.00%, 2/1/2053

830,060

782,821

Pool# SD8299

5.00%, 2/1/2053

2,038,497

2,002,185

Pool# RA8791

5.00%, 4/1/2053

443,640

436,080

Pool# RA8794

5.50%, 4/1/2053

877,977

886,199

Pool# SD2661

5.50%, 4/1/2053

598,089

599,262

Pool# SD8324

5.50%, 5/1/2053

1,091,009

1,091,265

Pool# RA9090

5.50%, 5/1/2053

882,011

882,963

Pool# SD2890

5.50%, 5/1/2053

343,773

345,666

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FHLMC UMBS Pool

Pool# SD2905

5.50%, 5/1/2053

205,106

205,805

Pool# RA9162

5.50%, 6/1/2053

437,319

440,744

Pool# SD3085

5.50%, 6/1/2053

217,302

218,681

Pool# SD3260

6.00%, 6/1/2053

172,888

177,336

Pool# SD3565

4.50%, 8/1/2053

178,932

171,763

Pool# SD8348

5.00%, 8/1/2053

1,082,870

1,063,580

Pool# SD3853

5.50%, 8/1/2053

144,575

144,664

Pool# SD3603

6.00%, 8/1/2053

1,539,206

1,583,395

Pool# SD8367

5.50%, 10/1/2053

2,128,495

2,127,899

Pool# RJ0007

6.50%, 10/1/2053

329,154

342,991

Pool# SD4350

6.50%, 10/1/2053

158,168

163,705

Pool# SD4340

5.50%, 11/1/2053

950,841

958,288

Pool# RJ0325

6.50%, 11/1/2053

179,793

186,104

Pool# RJ0528

6.50%, 12/1/2053

338,417

350,607

Pool# RJ0530

6.50%, 12/1/2053

263,470

272,705

Pool# RJ0527

6.50%, 12/1/2053

128,186

132,862

Pool# RJ0717

6.50%, 1/1/2054

63,933

66,504

Pool# SD8401

5.50%, 2/1/2054

3,048,373

3,045,163

Pool# RJ0841

6.00%, 2/1/2054

252,658

259,234

Pool# RJ0858

6.50%, 2/1/2054

521,472

540,009

Pool# SD4870

6.50%, 2/1/2054

82,673

85,672

Pool# RJ0992

5.00%, 5/1/2054

746,269

732,746

Pool# SD5616

6.00%, 5/1/2054

3,987,811

4,082,979

Pool# RJ1422

6.00%, 5/1/2054

429,718

442,604

Pool# RJ1437

6.50%, 5/1/2054

399,795

418,237

Pool# SD5812

6.00%, 7/1/2054

477,395

490,056

Pool# SD6025

6.00%, 8/1/2054

636,139

646,714

Pool# RJ2746

5.50%, 11/1/2054

1,204,016

1,208,699

FNMA Pool

Pool# AC9890

6.77%, 4/1/2040(a)

122,147

124,916

Pool# AC9895

7.06%, 4/1/2040(a)

332,640

341,960

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 61

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA Pool

Pool# AJ1249

7.31%, 9/1/2041(a)

36,748

38,116

Pool# AK0714

6.71%, 2/1/2042(a)

5,417

5,580

Pool# AT4250

7.01%, 6/1/2043(a)

12,362

12,727

Pool# BF0203

3.00%, 2/1/2047

365,450

330,026

Pool# BF0206

4.00%, 2/1/2047

214,588

203,441

Pool# BF0200

3.50%, 11/1/2051

159,619

146,399

Pool# BF0171

4.00%, 1/1/2057

138,564

129,403

Pool# BF0184

4.00%, 2/1/2057

155,352

145,081

FNMA UMBS Pool

Pool# AD4089

4.50%, 5/1/2025

1,529

1,524

Pool# 890216

4.50%, 7/1/2025

202

202

Pool# AB1609

4.00%, 10/1/2025

3,730

3,713

Pool# AH1361

3.50%, 12/1/2025

4,636

4,605

Pool# AH1518

3.50%, 12/1/2025

2,048

2,035

Pool# AH5616

3.50%, 2/1/2026

17,778

17,656

Pool# AL0298

4.00%, 5/1/2026

17,550

17,444

Pool# AB4277

3.00%, 1/1/2027

55,036

54,319

Pool# AL1391

3.50%, 1/1/2027

824

813

Pool# AP4746

3.00%, 8/1/2027

15,761

15,518

Pool# AP7855

3.00%, 9/1/2027

97,481

95,899

Pool# AP4640

3.00%, 9/1/2027

10,554

10,391

Pool# AQ5096

3.00%, 11/1/2027

26,107

25,672

Pool# AB6887

3.00%, 11/1/2027

22,548

22,192

Pool# AQ4532

3.00%, 11/1/2027

20,270

19,923

Pool# AQ3758

3.00%, 11/1/2027

14,420

14,167

Pool# AB6886

3.00%, 11/1/2027

10,887

10,706

Pool# AQ7406

3.00%, 11/1/2027

8,893

8,749

Pool# AQ2884

3.00%, 12/1/2027

11,838

11,631

Pool# AS0487

2.50%, 9/1/2028

67,931

66,184

Pool# 930998

4.50%, 4/1/2029

1,311

1,305

Pool# BM1507

2.50%, 12/1/2029

34,738

33,938

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AL8077

3.50%, 12/1/2029

5,324

5,250

Pool# BM4299

3.00%, 3/1/2030

96,630

95,415

Pool# AS4874

3.00%, 4/1/2030

125,869

122,664

Pool# AS5412

2.50%, 7/1/2030

48,572

46,718

Pool# AS5420

3.00%, 7/1/2030

114,466

111,318

Pool# AL7152

3.50%, 7/1/2030

93,600

92,221

Pool# AS5702

2.50%, 8/1/2030

192,056

184,531

Pool# AZ4898

2.50%, 8/1/2030

114,587

110,494

Pool# AY8448

3.00%, 8/1/2030

379,185

368,668

Pool# AZ2953

3.00%, 9/1/2030

313,493

304,678

Pool# AZ5718

3.00%, 9/1/2030

218,551

212,614

Pool# AS6060

3.00%, 10/1/2030

233,460

226,883

Pool# AZ9234

3.50%, 10/1/2030

10,985

10,770

Pool# BA2993

3.00%, 11/1/2030

53,470

51,963

Pool# AS6174

3.50%, 11/1/2030

7,175

7,021

Pool# AS6272

2.50%, 12/1/2030

70,542

67,671

Pool# AS6295

3.00%, 12/1/2030

102,129

99,255

Pool# BA3545

3.00%, 12/1/2030

44,585

43,344

Pool# AH1515

4.00%, 12/1/2030

106,962

105,919

Pool# AD0716

6.50%, 12/1/2030

248,446

256,141

Pool# BA6532

2.50%, 1/1/2031

56,670

54,447

Pool# BM5016

3.00%, 1/1/2031

149,474

145,835

Pool# AB2121

4.00%, 1/1/2031

17,495

17,340

Pool# AL8060

3.00%, 2/1/2031

106,227

103,304

Pool# MA0641

4.00%, 2/1/2031

72,876

72,166

Pool# 560868

7.50%, 2/1/2031

236

236

Pool# AS6799

3.00%, 3/1/2031

86,685

84,061

Pool# BC0774

3.00%, 3/1/2031

47,113

45,759

Pool# AS6919

3.50%, 3/1/2031

5,969

5,865

Pool# BC4410

3.50%, 3/1/2031

5,550

5,429

Pool# BC0320

3.50%, 3/1/2031

4,492

4,417

62 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# BC4430

3.00%, 4/1/2031

19,249

18,683

Pool# AL8565

3.00%, 6/1/2031

59,223

57,369

Pool# AL8566

3.00%, 6/1/2031

57,484

55,728

Pool# AL8561

3.50%, 6/1/2031

48,464

47,693

Pool# AS8028

2.50%, 9/1/2031

210,124

201,093

Pool# AL9378

3.00%, 9/1/2031

29,164

28,352

Pool# MA2775

2.50%, 10/1/2031

431,669

412,978

Pool# BM1888

2.50%, 10/1/2031

261,581

255,271

Pool# AS8038

2.50%, 10/1/2031

214,949

205,587

Pool# BC4777

2.50%, 10/1/2031

159,900

152,964

Pool# AL9323

2.50%, 10/1/2031

9,778

9,348

Pool# AS8612

3.00%, 10/1/2031

43,858

42,477

Pool# 607212

7.50%, 10/1/2031

2,190

2,190

Pool# MA0895

3.50%, 11/1/2031

77,814

76,014

Pool# MA2830

2.50%, 12/1/2031

175,180

167,493

Pool# BM3814

2.50%, 12/1/2031

114,214

109,485

Pool# AS8594

2.50%, 1/1/2032

140,695

134,505

Pool# AS8597

2.50%, 1/1/2032

115,559

110,474

Pool# AS8609

3.00%, 1/1/2032

90,854

87,770

Pool# AL9786

3.00%, 1/1/2032

70,102

68,105

Pool# AL9585

3.50%, 1/1/2032

31,032

30,458

Pool# BM1036

2.50%, 2/1/2032

620,924

594,067

Pool# BM4624

3.00%, 2/1/2032

82,895

80,464

Pool# AL9740

3.00%, 2/1/2032

63,566

61,388

Pool# AL9872

3.00%, 2/1/2032

60,536

58,641

Pool# AL9871

3.00%, 2/1/2032

38,132

36,952

Pool# AS8767

3.00%, 2/1/2032

7,569

7,319

Pool# BM1007

2.50%, 3/1/2032

193,035

184,081

Pool# AL9899

3.00%, 3/1/2032

11,771

11,389

Pool# BM3269

2.50%, 4/1/2032

288,348

275,444

Pool# MA1029

3.50%, 4/1/2032

69,502

67,464

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# 545556

7.00%, 4/1/2032

1,214

1,268

Pool# AO2565

3.50%, 5/1/2032

14,362

13,891

Pool# AS9695

3.50%, 5/1/2032

13,477

13,215

Pool# 545605

7.00%, 5/1/2032

1,743

1,827

Pool# BM4088

3.00%, 6/1/2032

105,881

102,808

Pool# AO5103

3.50%, 6/1/2032

75,847

74,226

Pool# 890786

3.50%, 6/1/2032

14,263

13,983

Pool# MA1107

3.50%, 7/1/2032

10,091

9,839

Pool# FM1664

4.00%, 7/1/2032

14,570

14,491

Pool# 651361

7.00%, 7/1/2032

746

779

Pool# BM1669

3.00%, 8/1/2032

65,368

63,107

Pool# AP1990

3.50%, 8/1/2032

39,449

38,239

Pool# AP1997

3.50%, 8/1/2032

20,691

20,086

Pool# BH5355

3.50%, 8/1/2032

3,417

3,350

Pool# AO7202

3.50%, 9/1/2032

67,812

66,386

Pool# MA1166

3.50%, 9/1/2032

54,665

53,280

Pool# BM5167

3.50%, 9/1/2032

8,334

8,188

Pool# CA0586

2.50%, 10/1/2032

27,604

26,278

Pool# AP3673

3.50%, 10/1/2032

61,616

60,308

Pool# BH9391

3.50%, 10/1/2032

4,237

4,153

Pool# BM3389

3.00%, 11/1/2032

110,149

106,507

Pool# AB6962

3.50%, 11/1/2032

100,645

98,180

Pool# AQ3343

3.50%, 11/1/2032

59,204

57,733

Pool# BM3977

3.00%, 12/1/2032

160,966

155,692

Pool# CA0951

3.00%, 12/1/2032

89,718

86,584

Pool# FM1661

2.50%, 1/1/2033

268,647

259,488

Pool# BM4338

2.50%, 1/1/2033

184,576

176,949

Pool# BM3919

3.00%, 2/1/2033

98,933

95,667

Pool# BM3750

3.50%, 3/1/2033

87,515

85,866

Pool# BM4129

3.50%, 4/1/2033

100,505

98,613

Pool# 555346

5.50%, 4/1/2033

20,237

20,535

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 63

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# 713560

5.50%, 4/1/2033

5,207

5,350

Pool# 694846

6.50%, 4/1/2033

1,683

1,765

Pool# AB9402

3.00%, 5/1/2033

122,038

116,712

Pool# AB9403

3.00%, 5/1/2033

53,598

51,115

Pool# AB9300

3.00%, 5/1/2033

38,351

36,753

Pool# BM4132

3.50%, 5/1/2033

81,404

79,720

Pool# MA3372

4.00%, 5/1/2033

67,649

67,087

Pool# 555421

5.00%, 5/1/2033

418,829

419,909

Pool# MA3393

4.00%, 6/1/2033

30,473

30,215

Pool# MA3427

4.00%, 7/1/2033

21,869

21,679

Pool# 720087

5.50%, 7/1/2033

54,250

55,192

Pool# 728721

5.50%, 7/1/2033

9,904

10,070

Pool# 555684

5.50%, 7/1/2033

2,256

2,312

Pool# MA1527

3.00%, 8/1/2033

418,371

398,704

Pool# 743235

5.50%, 10/1/2033

6,755

6,807

Pool# 750229

6.50%, 10/1/2033

13,256

13,667

Pool# FM2154

4.00%, 12/1/2033

15,287

15,207

Pool# 755872

5.50%, 12/1/2033

57,963

58,917

Pool# 725221

5.50%, 1/1/2034

1,760

1,794

Pool# 725223

5.50%, 3/1/2034

210

214

Pool# 725228

6.00%, 3/1/2034

165,994

171,395

Pool# 725425

5.50%, 4/1/2034

102,398

104,408

Pool# 725423

5.50%, 5/1/2034

10,068

10,264

Pool# 725594

5.50%, 7/1/2034

45,202

46,031

Pool# MA3739

3.50%, 8/1/2034

63,574

61,596

Pool# 788027

6.50%, 9/1/2034

17,982

18,680

Pool# MA3827

2.50%, 11/1/2034

382,941

358,151

Pool# FM1905

3.00%, 11/1/2034

46,624

44,631

Pool# 807310

7.00%, 11/1/2034

1,357

1,417

Pool# FM2412

3.50%, 1/1/2035

25,025

24,245

Pool# 735141

5.50%, 1/1/2035

140,075

142,904

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# 889852

5.50%, 5/1/2035

3,593

3,635

Pool# FM5474

2.50%, 10/1/2035

371,089

345,229

Pool# MA4156

2.50%, 10/1/2035

298,687

277,230

Pool# FM4900

2.00%, 12/1/2035

47,859

43,592

Pool# 256023

6.00%, 12/1/2035

119,811

124,944

Pool# CA8793

2.00%, 2/1/2036

1,161,039

1,052,408

Pool# CA8736

2.00%, 2/1/2036

573,111

521,962

Pool# CA8789

2.00%, 2/1/2036

563,491

510,763

Pool# FM5908

2.00%, 2/1/2036

390,402

355,569

Pool# CA9141

2.00%, 2/1/2036

381,051

347,046

Pool# CA9145

2.00%, 2/1/2036

323,634

293,351

Pool# FM5571

2.00%, 2/1/2036

176,930

160,903

Pool# CA9435

2.00%, 3/1/2036

358,160

324,644

Pool# CA9475

2.00%, 3/1/2036

330,524

299,597

Pool# CA9441

2.50%, 3/1/2036

260,381

242,747

Pool# CB0262

2.00%, 4/1/2036

532,504

482,175

Pool# 745418

5.50%, 4/1/2036

20,733

21,221

Pool# FM7259

2.50%, 5/1/2036

230,684

214,027

Pool# 745516

5.50%, 5/1/2036

11,918

12,198

Pool# MA4360

2.00%, 6/1/2036

967,980

877,387

Pool# 889745

5.50%, 6/1/2036

2,205

2,245

Pool# CB1090

2.50%, 7/1/2036

134,554

125,251

Pool# FM8538

2.00%, 8/1/2036

182,093

165,442

Pool# 995065

5.50%, 9/1/2036

69,325

70,485

Pool# 888635

5.50%, 9/1/2036

47,656

48,516

Pool# MA4441

1.50%, 10/1/2036

218,676

192,138

Pool# MA4535

1.50%, 2/1/2037

3,722,157

3,266,259

Pool# MA4566

1.50%, 3/1/2037

1,657,256

1,454,248

Pool# MA4581

1.50%, 4/1/2037

434,993

381,707

Pool# BT2234

2.00%, 4/1/2037

4,420,215

3,997,628

Pool# MA4582

2.00%, 4/1/2037

2,079,914

1,881,067

64 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# FS2950

2.50%, 4/1/2037

75,101

69,669

Pool# FS2035

2.00%, 5/1/2037

2,072,692

1,874,536

Pool# CB4006

2.00%, 5/1/2037

1,732,707

1,567,055

Pool# MA4628

2.50%, 6/1/2037

156,279

144,625

Pool# FS2497

1.50%, 8/1/2037

271,553

238,458

Pool# 995024

5.50%, 8/1/2037

27,266

27,884

Pool# MA4726

4.00%, 9/1/2037

69,144

67,452

Pool# 995050

6.00%, 9/1/2037

260,917

272,043

Pool# MA4797

4.00%, 11/1/2037

97,712

95,292

Pool# 955194

7.00%, 11/1/2037

21,950

23,282

Pool# 928940

7.00%, 12/1/2037

18,565

19,383

Pool# MA5023

4.00%, 5/1/2038

46,052

44,882

Pool# MA3389

4.00%, 6/1/2038

54,611

53,402

Pool# MA3464

3.50%, 9/1/2038

117,056

111,437

Pool# 990810

7.00%, 10/1/2038

37,375

39,021

Pool# MA5223

4.00%, 11/1/2038

28,487

27,764

Pool# MA5556

4.00%, 12/1/2039

1,168,336

1,138,370

Pool# AD8536

5.00%, 8/1/2040

84,863

85,607

Pool# AB1735

3.50%, 11/1/2040

4,360

4,064

Pool# AE9747

4.50%, 12/1/2040

302,438

298,334

Pool# AB2067

3.50%, 1/1/2041

116,611

108,702

Pool# 932888

3.50%, 1/1/2041

96,866

90,294

Pool# AB2068

3.50%, 1/1/2041

68,497

63,850

Pool# 932891

3.50%, 1/1/2041

18,083

16,856

Pool# AL3650

5.00%, 2/1/2041

5,773

5,823

Pool# AL6521

5.00%, 4/1/2041

510,974

515,451

Pool# AL0390

5.00%, 5/1/2041

166,194

167,651

Pool# AL5863

4.50%, 6/1/2041

925,561

908,862

Pool# AI9851

4.50%, 9/1/2041

18,782

18,477

Pool# AL0761

5.00%, 9/1/2041

56,715

57,212

Pool# BM3907

5.50%, 9/1/2041

120,885

123,032

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AJ5431

4.50%, 10/1/2041

45,634

44,681

Pool# AJ4861

4.00%, 12/1/2041

56,210

54,025

Pool# AX5316

4.50%, 1/1/2042

31,296

30,852

Pool# AL2499

4.50%, 1/1/2042

9,867

9,724

Pool# AW8167

3.50%, 2/1/2042

373,049

347,732

Pool# AB5185

3.50%, 5/1/2042

179,158

166,996

Pool# AO3575

4.50%, 5/1/2042

41,969

41,092

Pool# AO4647

3.50%, 6/1/2042

381,606

355,698

Pool# AO8036

4.50%, 7/1/2042

144,508

142,741

Pool# AP2092

4.50%, 8/1/2042

10,596

10,319

Pool# AP6579

3.50%, 9/1/2042

257,338

239,871

Pool# AL2782

4.50%, 9/1/2042

54,207

53,242

Pool# AB6524

3.50%, 10/1/2042

504,170

469,940

Pool# AB7074

3.00%, 11/1/2042

308,142

277,144

Pool# AP8785

3.00%, 11/1/2042

99,062

89,096

Pool# AL2677

3.50%, 11/1/2042

319,465

297,781

Pool# AB6786

3.50%, 11/1/2042

173,541

161,760

Pool# MA1273

3.50%, 12/1/2042

138,335

128,944

Pool# AR4210

3.50%, 1/1/2043

90,172

84,051

Pool# AT4040

3.00%, 3/1/2043

78,244

70,372

Pool# AR8213

3.50%, 4/1/2043

69,755

65,021

Pool# AB9238

3.00%, 5/1/2043

482,726

434,161

Pool# AB9237

3.00%, 5/1/2043

394,391

354,713

Pool# AB9236

3.00%, 5/1/2043

120,858

108,699

Pool# AB9362

3.50%, 5/1/2043

497,160

463,408

Pool# AT4145

3.00%, 6/1/2043

145,109

130,509

Pool# AB9814

3.00%, 7/1/2043

465,396

418,574

Pool# AT6871

3.00%, 7/1/2043

58,745

52,809

Pool# AS0203

3.00%, 8/1/2043

354,657

318,974

Pool# AS0255

4.50%, 8/1/2043

133,423

130,636

Pool# AS0516

3.00%, 9/1/2043

248,616

223,601

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 65

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AL4471

4.00%, 9/1/2043

178,150

171,207

Pool# AL6951

3.50%, 10/1/2043

246,730

229,978

Pool# BM4222

3.00%, 1/1/2044

339,714

305,578

Pool# AS2276

4.50%, 4/1/2044

188,476

184,538

Pool# AW1006

4.00%, 5/1/2044

69,688

66,864

Pool# AL7767

4.50%, 6/1/2044

16,830

16,566

Pool# AS3161

4.00%, 8/1/2044

417,504

396,054

Pool# BM4650

3.00%, 10/1/2044

615,309

553,482

Pool# CA0688

3.50%, 10/1/2044

147,015

137,033

Pool# BC5090

4.00%, 10/1/2044

33,068

31,543

Pool# AS3946

4.00%, 12/1/2044

474,481

451,550

Pool# AL8303

3.00%, 1/1/2045

108,330

97,431

Pool# BM4384

4.00%, 1/1/2045

187,620

179,537

Pool# BM3611

4.00%, 1/1/2045

150,037

144,069

Pool# BM3804

3.50%, 2/1/2045

67,470

62,888

Pool# AL9555

4.00%, 2/1/2045

957,516

920,997

Pool# AX9524

4.00%, 2/1/2045

550,649

526,983

Pool# AS4418

4.00%, 2/1/2045

379,703

363,053

Pool# AS4375

4.00%, 2/1/2045

261,612

250,369

Pool# AL6889

4.50%, 2/1/2045

58,971

57,739

Pool# BM3931

3.00%, 3/1/2045

296,984

267,145

Pool# AY1312

3.50%, 3/1/2045

879,540

815,814

Pool# AX9567

3.50%, 3/1/2045

51,625

47,448

Pool# BM4975

4.00%, 3/1/2045

75,278

71,600

Pool# AS4578

4.00%, 3/1/2045

70,478

67,418

Pool# BM3664

3.00%, 5/1/2045

336,306

302,514

Pool# AS4921

3.50%, 5/1/2045

440,704

408,181

Pool# AS5012

4.00%, 5/1/2045

712,019

680,481

Pool# BM5562

4.00%, 6/1/2045

132,170

126,694

Pool# AS5312

3.50%, 7/1/2045

91,280

84,430

Pool# AZ7111

4.00%, 7/1/2045

10,585

10,024

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AZ9866

4.00%, 8/1/2045

7,926

7,461

Pool# AL7207

4.50%, 8/1/2045

76,555

74,955

Pool# AL9634

3.50%, 10/1/2045

56,649

52,804

Pool# BA2164

3.00%, 11/1/2045

75,936

67,680

Pool# AS6311

3.50%, 12/1/2045

720,717

664,621

Pool# AS6282

3.50%, 12/1/2045

662,563

612,020

Pool# BC0326

3.50%, 12/1/2045

416,887

384,438

Pool# BC0092

3.50%, 12/1/2045

40,932

37,644

Pool# BC0475

3.50%, 12/1/2045

29,176

26,968

Pool# AS6362

4.50%, 12/1/2045

13,777

13,455

Pool# AS6474

3.50%, 1/1/2046

165,943

153,807

Pool# AS6539

3.50%, 1/1/2046

148,865

137,978

Pool# AL9849

3.50%, 1/1/2046

81,695

76,148

Pool# AS6527

4.00%, 1/1/2046

99,559

94,279

Pool# BC0178

4.50%, 1/1/2046

1,983

1,935

Pool# BC1158

3.50%, 2/1/2046

566,523

522,192

Pool# BC2667

4.00%, 2/1/2046

17,213

16,300

Pool# BC0605

4.00%, 2/1/2046

13,707

12,963

Pool# AL9781

4.50%, 2/1/2046

139,896

137,516

Pool# BC0300

3.50%, 3/1/2046

413,700

380,984

Pool# BM4621

3.50%, 3/1/2046

213,873

199,352

Pool# AS6833

3.50%, 3/1/2046

9,360

8,623

Pool# AS6795

4.00%, 3/1/2046

52,067

49,321

Pool# BA6972

4.00%, 3/1/2046

19,171

18,155

Pool# BC0311

4.50%, 3/1/2046

1,701

1,661

Pool# BC0823

3.50%, 4/1/2046

67,395

62,010

Pool# BA7692

3.50%, 4/1/2046

8,687

7,972

Pool# AS7026

4.00%, 4/1/2046

40,097

37,974

Pool# AS7171

3.50%, 5/1/2046

18,859

17,352

Pool# AS7251

4.00%, 5/1/2046

6,720

6,362

Pool# AS7387

3.50%, 6/1/2046

53,550

49,141

66 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AL8833

4.00%, 6/1/2046

438,733

419,877

Pool# AS7594

3.50%, 7/1/2046

387,036

355,169

Pool# AS7593

3.50%, 7/1/2046

348,108

319,581

Pool# AL8824

3.50%, 7/1/2046

98,893

91,686

Pool# AS7545

3.50%, 7/1/2046

95,976

88,037

Pool# AS7490

3.50%, 7/1/2046

68,547

62,956

Pool# BC1452

4.00%, 7/1/2046

688,047

651,824

Pool# BD5180

4.50%, 7/1/2046

1,171

1,141

Pool# MA2705

3.00%, 8/1/2046

347,417

308,113

Pool# BC1489

3.00%, 8/1/2046

80,598

71,640

Pool# BD4890

3.50%, 8/1/2046

461,871

423,488

Pool# BC9501

3.50%, 8/1/2046

13,969

12,773

Pool# AS7760

4.00%, 8/1/2046

75,792

71,772

Pool# AS7648

4.00%, 8/1/2046

34,906

33,015

Pool# AS7795

4.00%, 8/1/2046

27,465

25,983

Pool# BD3911

4.00%, 8/1/2046

6,712

6,336

Pool# BD3923

4.00%, 8/1/2046

5,912

5,578

Pool# AS7770

4.50%, 8/1/2046

20,593

20,094

Pool# BD5232

4.50%, 8/1/2046

3,539

3,451

Pool# AL8947

3.50%, 9/1/2046

123,938

114,087

Pool# BD4944

3.50%, 9/1/2046

10,704

9,793

Pool# AL9263

3.00%, 10/1/2046

115,363

102,201

Pool# AL9234

3.50%, 10/1/2046

46,743

43,185

Pool# AS8125

3.50%, 10/1/2046

28,835

26,495

Pool# BM3932

3.50%, 10/1/2046

27,977

25,753

Pool# FM1871

4.00%, 10/1/2046

69,175

66,481

Pool# BC4766

4.50%, 10/1/2046

24,009

23,448

Pool# AS8154

4.50%, 10/1/2046

6,431

6,279

Pool# FM1368

3.00%, 11/1/2046

654,993

582,489

Pool# MA2806

3.00%, 11/1/2046

233,332

206,602

Pool# BC9003

3.00%, 11/1/2046

93,685

82,989

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AS8369

3.50%, 11/1/2046

369,836

338,812

Pool# BE5067

3.50%, 11/1/2046

242,544

224,193

Pool# BE0065

3.50%, 11/1/2046

10,449

9,621

Pool# BE5038

4.00%, 11/1/2046

7,813

7,471

Pool# MA2833

3.00%, 12/1/2046

1,953,016

1,728,524

Pool# AS8483

3.00%, 12/1/2046

467,996

412,718

Pool# BC9067

3.00%, 12/1/2046

221,221

195,879

Pool# AS8488

3.00%, 12/1/2046

179,595

159,631

Pool# AS8509

3.00%, 12/1/2046

58,115

52,044

Pool# BM1121

3.50%, 12/1/2046

362,446

333,502

Pool# AS8492

3.50%, 12/1/2046

356,966

330,238

Pool# AS8572

3.50%, 12/1/2046

272,687

249,390

Pool# AS8417

3.50%, 12/1/2046

224,300

205,310

Pool# BE4224

3.50%, 12/1/2046

8,781

8,051

Pool# AS8650

3.00%, 1/1/2047

802,520

707,496

Pool# AL9697

3.00%, 1/1/2047

455,295

404,685

Pool# AS8647

3.00%, 1/1/2047

345,264

306,883

Pool# BE5775

3.00%, 1/1/2047

292,063

256,690

Pool# AL9774

3.50%, 1/1/2047

235,387

218,600

Pool# BM3204

3.50%, 1/1/2047

182,436

168,777

Pool# BD2440

3.50%, 1/1/2047

134,027

122,732

Pool# AS8692

3.50%, 1/1/2047

121,212

110,929

Pool# BD2450

3.50%, 1/1/2047

89,975

82,497

Pool# BE6548

3.50%, 1/1/2047

49,140

44,998

Pool# BE7115

4.50%, 1/1/2047

6,101

5,943

Pool# BE5856

4.50%, 1/1/2047

5,465

5,334

Pool# BE6503

4.50%, 1/1/2047

2,549

2,484

Pool# BM3908

5.50%, 1/1/2047

25,059

25,628

Pool# MA2895

3.00%, 2/1/2047

2,509,472

2,220,042

Pool# BM3688

3.50%, 2/1/2047

296,379

273,060

Pool# BD5046

3.50%, 2/1/2047

57,678

52,862

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 67

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# BM5274

4.00%, 2/1/2047

50,351

47,682

Pool# BE7869

4.50%, 2/1/2047

2,791

2,719

Pool# BE8495

4.50%, 2/1/2047

2,596

2,531

Pool# AL9859

3.00%, 3/1/2047

742,891

657,498

Pool# AL9848

3.00%, 3/1/2047

244,601

216,485

Pool# BM5383

4.00%, 3/1/2047

35,496

33,630

Pool# AS8966

4.00%, 3/1/2047

20,636

19,488

Pool# AS8979

4.50%, 3/1/2047

32,240

31,446

Pool# BE9247

4.50%, 3/1/2047

3,910

3,810

Pool# BM3707

2.50%, 4/1/2047

129,885

110,662

Pool# AS9463

3.50%, 4/1/2047

101,759

93,632

Pool# AS9451

3.50%, 4/1/2047

70,171

64,230

Pool# BD7122

4.00%, 4/1/2047

299,777

283,286

Pool# AS9467

4.00%, 4/1/2047

161,240

152,453

Pool# AS9470

4.50%, 4/1/2047

108,317

105,562

Pool# BH0304

4.50%, 4/1/2047

5,092

4,961

Pool# AS9562

3.00%, 5/1/2047

51,713

45,628

Pool# BM3237

3.50%, 5/1/2047

247,657

228,586

Pool# AS9577

3.50%, 5/1/2047

97,979

88,622

Pool# BM1268

4.00%, 5/1/2047

192,151

181,640

Pool# AS9794

3.50%, 6/1/2047

89,004

82,023

Pool# AS9747

4.00%, 6/1/2047

450,577

427,006

Pool# BM3549

4.00%, 6/1/2047

185,980

176,169

Pool# BE3702

4.00%, 6/1/2047

67,392

63,664

Pool# BM1295

4.50%, 6/1/2047

68,373

66,676

Pool# BE9624

4.50%, 6/1/2047

9,780

9,466

Pool# BM3801

3.00%, 7/1/2047

410,430

363,472

Pool# AS9938

3.50%, 7/1/2047

98,459

91,086

Pool# BM1551

3.50%, 7/1/2047

84,146

77,426

Pool# AS9909

3.50%, 7/1/2047

49,288

45,352

Pool# BM1492

4.00%, 7/1/2047

321,357

303,779

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# AS9973

4.00%, 7/1/2047

20,610

19,460

Pool# 890673

3.00%, 8/1/2047

206,764

183,349

Pool# MA3087

3.50%, 8/1/2047

165,380

151,186

Pool# CA0240

3.50%, 8/1/2047

86,083

78,614

Pool# BM1658

3.50%, 8/1/2047

68,845

63,077

Pool# BH7375

3.50%, 8/1/2047

57,462

52,598

Pool# CA0123

4.00%, 8/1/2047

251,690

238,497

Pool# BH2597

4.00%, 8/1/2047

165,663

156,310

Pool# BH5359

4.00%, 8/1/2047

90,911

86,014

Pool# CA0133

4.00%, 8/1/2047

29,366

27,708

Pool# BM5787

4.00%, 8/1/2047

9,055

8,584

Pool# CA0407

3.50%, 9/1/2047

134,999

123,328

Pool# BH4004

4.00%, 9/1/2047

145,288

137,205

Pool# BM3556

4.00%, 9/1/2047

85,026

81,075

Pool# CA0392

4.00%, 9/1/2047

57,747

54,475

Pool# CA0265

4.00%, 9/1/2047

17,865

16,875

Pool# CA0487

3.50%, 10/1/2047

346,820

316,756

Pool# BM1959

3.50%, 10/1/2047

248,557

229,944

Pool# CA0493

4.00%, 10/1/2047

156,417

147,618

Pool# BM3015

4.00%, 10/1/2047

105,597

100,579

Pool# CA0549

4.00%, 10/1/2047

94,217

88,859

Pool# CA0496

4.50%, 10/1/2047

114,438

111,479

Pool# CA0623

4.50%, 10/1/2047

26,599

25,977

Pool# CA0693

3.50%, 11/1/2047

250,981

229,245

Pool# CA0680

3.50%, 11/1/2047

125,425

116,032

Pool# BM3358

3.50%, 11/1/2047

107,806

99,731

Pool# CA0696

4.00%, 11/1/2047

280,759

264,675

Pool# BM3191

4.00%, 11/1/2047

57,284

54,073

Pool# CA0808

4.00%, 11/1/2047

47,129

44,606

Pool# BM3379

3.00%, 12/1/2047

364,016

322,839

Pool# BJ2492

3.50%, 12/1/2047

155,341

141,887

68 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# MA3211

4.00%, 12/1/2047

417,116

394,296

Pool# BJ1699

4.00%, 12/1/2047

124,285

118,151

Pool# MA3238

3.50%, 1/1/2048

261,146

238,509

Pool# CA0991

3.50%, 1/1/2048

255,714

236,564

Pool# CA1015

4.00%, 1/1/2048

163,966

155,027

Pool# CA1025

4.50%, 1/1/2048

207,168

201,851

Pool# CA1189

3.50%, 2/1/2048

1,016,337

929,387

Pool# BH9280

3.50%, 2/1/2048

528,059

485,873

Pool# CA1242

3.50%, 2/1/2048

118,382

109,935

Pool# MA3277

4.00%, 2/1/2048

9,291

8,759

Pool# BJ8271

4.50%, 2/1/2048

223,168

217,442

Pool# BJ8269

4.50%, 2/1/2048

171,680

167,242

Pool# BK1586

4.50%, 2/1/2048

152,010

148,110

Pool# BJ8270

4.50%, 2/1/2048

118,824

115,753

Pool# CA4341

3.00%, 3/1/2048

92,898

81,785

Pool# MA3305

3.50%, 3/1/2048

27,995

25,564

Pool# BK1972

4.50%, 3/1/2048

38,769

37,829

Pool# BJ0640

5.00%, 3/1/2048

11,746

11,748

Pool# CA1531

3.50%, 4/1/2048

90,704

84,233

Pool# CA1510

3.50%, 4/1/2048

53,753

49,092

Pool# CA1551

4.00%, 4/1/2048

404,330

381,184

Pool# CA1560

4.50%, 4/1/2048

79,121

76,993

Pool# BJ2681

5.00%, 4/1/2048

30,325

30,302

Pool# MA3348

5.00%, 4/1/2048

3,026

3,027

Pool# BM4024

3.50%, 5/1/2048

57,264

53,178

Pool# MA3358

4.50%, 5/1/2048

124,119

120,884

Pool# MA3374

5.00%, 5/1/2048

7,829

7,830

Pool# CA1898

4.50%, 6/1/2048

100,432

97,836

Pool# CA1951

4.00%, 7/1/2048

97,656

92,025

Pool# BK6577

4.50%, 7/1/2048

9,371

9,108

Pool# CA1988

4.50%, 7/1/2048

3,330

3,235

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# BK4766

4.50%, 8/1/2048

170,738

166,324

Pool# CA2376

4.00%, 9/1/2048

96,630

91,058

Pool# MA3472

5.00%, 9/1/2048

10,293

10,288

Pool# MA3495

4.00%, 10/1/2048

139,752

131,649

Pool# CA2493

4.50%, 10/1/2048

60,038

58,424

Pool# BM4664

4.50%, 10/1/2048

59,636

58,070

Pool# BM5024

3.00%, 11/1/2048

471,858

415,728

Pool# FM1001

3.50%, 11/1/2048

33,376

30,491

Pool# MA3521

4.00%, 11/1/2048

151,584

142,796

Pool# MA3536

4.00%, 12/1/2048

112,642

106,112

Pool# CA2779

4.50%, 12/1/2048

217,955

212,141

Pool# BN0340

4.50%, 12/1/2048

164,692

160,115

Pool# BM5212

4.50%, 12/1/2048

43,652

42,469

Pool# FM2888

3.50%, 1/1/2049

1,179,928

1,077,774

Pool# MA3563

4.00%, 1/1/2049

1,650,588

1,554,889

Pool# BN3944

4.00%, 1/1/2049

71,985

67,820

Pool# BN3960

4.50%, 1/1/2049

118,170

114,945

Pool# BN6135

4.00%, 2/1/2049

51,884

48,789

Pool# FM2337

4.50%, 2/1/2049

171,141

166,507

Pool# CA3387

4.00%, 4/1/2049

239,220

226,445

Pool# CA3394

5.00%, 4/1/2049

20,947

20,929

Pool# CA3489

4.00%, 5/1/2049

180,352

170,721

Pool# MA3665

4.50%, 5/1/2049

174,150

169,145

Pool# FM1051

4.50%, 5/1/2049

102,025

99,139

Pool# FM7504

3.50%, 6/1/2049

243,126

221,962

Pool# CA3669

4.00%, 6/1/2049

266,085

250,966

Pool# CA3639

4.00%, 6/1/2049

91,076

85,795

Pool# FM8304

4.00%, 7/1/2049

519,763

489,552

Pool# CA3825

4.00%, 7/1/2049

210,409

199,525

Pool# FM7105

3.50%, 8/1/2049

162,224

148,193

Pool# BO5494

3.00%, 11/1/2049

74,892

66,116

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 69

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# FM2170

4.00%, 11/1/2049

229,744

216,429

Pool# BO6225

3.00%, 12/1/2049

602,630

529,588

Pool# BO5380

3.00%, 12/1/2049

86,751

76,585

Pool# MA3873

4.00%, 12/1/2049

98,384

92,679

Pool# CA5152

3.00%, 2/1/2050

191,605

168,300

Pool# FM2887

3.00%, 3/1/2050

394,103

346,293

Pool# FM0077

3.00%, 3/1/2050

96,722

84,940

Pool# CA5510

3.00%, 4/1/2050

314,574

276,379

Pool# MA4048

3.00%, 6/1/2050

258,941

226,960

Pool# MA4077

2.00%, 7/1/2050

904,938

726,543

Pool# BP6466

3.00%, 7/1/2050

895,405

785,940

Pool# FM6159

3.00%, 7/1/2050

630,937

553,512

Pool# CA6598

2.50%, 8/1/2050

750,582

634,344

Pool# MA4097

3.00%, 8/1/2050

69,386

60,763

Pool# BQ4909

2.00%, 9/1/2050

1,573,132

1,265,893

Pool# CA6985

2.00%, 9/1/2050

803,422

647,696

Pool# FM4226

2.50%, 9/1/2050

1,940,414

1,635,216

Pool# FM4231

2.50%, 9/1/2050

1,828,134

1,534,213

Pool# FM4222

2.50%, 9/1/2050

441,096

373,312

Pool# CA7029

2.50%, 9/1/2050

425,121

359,872

Pool# CA7972

3.00%, 9/1/2050

539,703

472,914

Pool# CA7572

2.50%, 10/1/2050

2,662,063

2,238,860

Pool# CA7368

2.50%, 10/1/2050

1,108,236

932,060

Pool# CA7369

2.50%, 10/1/2050

797,492

670,711

Pool# MA4181

1.50%, 11/1/2050

814,854

616,523

Pool# CA7573

2.50%, 11/1/2050

3,839,073

3,228,750

Pool# FM4859

2.50%, 11/1/2050

931,352

784,868

Pool# FM4808

2.50%, 11/1/2050

752,875

632,930

Pool# FM5169

3.00%, 11/1/2050

483,717

424,279

Pool# FM5480

3.00%, 11/1/2050

472,834

414,734

Pool# FM4969

2.00%, 12/1/2050

1,552,980

1,253,159

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# CA8442

2.00%, 1/1/2051

1,886,977

1,520,120

Pool# FM6360

3.00%, 1/1/2051

499,487

437,959

Pool# FM6031

2.00%, 2/1/2051

2,394,507

1,911,353

Pool# CA8893

2.00%, 2/1/2051

972,976

781,229

Pool# CA8823

2.00%, 2/1/2051

971,099

779,722

Pool# BQ9747

2.00%, 2/1/2051

727,626

582,491

Pool# FM6135

2.00%, 2/1/2051

525,046

423,626

Pool# CA8866

2.50%, 2/1/2051

605,144

510,741

Pool# MA4280

1.50%, 3/1/2051

3,339,673

2,525,328

Pool# FM6554

2.00%, 3/1/2051

1,745,963

1,408,706

Pool# MA4281

2.00%, 3/1/2051

1,632,148

1,306,847

Pool# FM6569

2.50%, 3/1/2051

2,002,957

1,682,731

Pool# FM7677

2.50%, 3/1/2051

1,883,377

1,587,100

Pool# FM7460

4.00%, 3/1/2051

667,379

628,584

Pool# CB0149

2.00%, 4/1/2051

297,298

239,334

Pool# BR7647

2.00%, 4/1/2051

206,210

166,003

Pool# BR7703

2.50%, 4/1/2051

330,677

278,096

Pool# MA4325

2.00%, 5/1/2051

857,026

685,131

Pool# CB0400

2.00%, 5/1/2051

280,464

227,554

Pool# CB0514

2.50%, 5/1/2051

1,187,482

1,005,358

Pool# FS3950

3.00%, 5/1/2051

1,096,652

962,592

Pool# FS1463

4.00%, 5/1/2051

242,770

228,659

Pool# CB0684

2.00%, 6/1/2051

1,209,320

970,075

Pool# CB0819

2.00%, 6/1/2051

1,096,208

879,340

Pool# MA4355

2.00%, 6/1/2051

1,071,656

857,392

Pool# FM7719

2.00%, 6/1/2051

786,843

634,849

Pool# FM8630

1.50%, 7/1/2051

1,330,119

1,007,445

Pool# MA4378

2.00%, 7/1/2051

1,933,456

1,545,121

Pool# CB1110

2.00%, 7/1/2051

510,694

410,962

Pool# FM8160

2.50%, 7/1/2051

574,297

485,259

Pool# FM8007

2.50%, 7/1/2051

370,371

311,511

70 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# CB1065

2.50%, 7/1/2051

311,641

261,460

Pool# CB1133

2.50%, 7/1/2051

271,851

228,234

Pool# CB1330

2.50%, 8/1/2051

1,393,007

1,171,733

Pool# FM8011

2.50%, 8/1/2051

1,158,996

976,118

Pool# CB1400

3.00%, 8/1/2051

35,778

31,377

Pool# MA4437

2.00%, 10/1/2051

9,544,389

7,609,110

Pool# BU1052

2.00%, 10/1/2051

432,792

348,523

Pool# FM9082

2.00%, 10/1/2051

430,835

346,723

Pool# FM9081

2.00%, 10/1/2051

159,195

128,116

Pool# FS1215

2.50%, 10/1/2051

981,470

822,789

Pool# FS1473

3.50%, 10/1/2051

1,098,900

1,003,072

Pool# MA4464

1.50%, 11/1/2051

1,703,612

1,287,699

Pool# CB2038

2.00%, 11/1/2051

5,155,040

4,119,474

Pool# FM9450

2.00%, 11/1/2051

1,735,776

1,398,509

Pool# MA4465

2.00%, 11/1/2051

1,679,014

1,340,137

Pool# FM9411

2.00%, 11/1/2051

1,657,703

1,325,228

Pool# MA4466

2.50%, 11/1/2051

4,881,156

4,093,103

Pool# BU5908

2.00%, 12/1/2051

3,060,014

2,462,037

Pool# CB2297

2.50%, 12/1/2051

3,919,132

3,307,484

Pool# MA4493

2.50%, 12/1/2051

3,139,106

2,619,702

Pool# FM9543

2.50%, 12/1/2051

2,385,439

2,013,140

Pool# CB2410

2.50%, 12/1/2051

1,701,945

1,436,806

Pool# FM9806

2.50%, 12/1/2051

1,448,754

1,222,642

Pool# FM9864

2.50%, 12/1/2051

876,396

737,693

Pool# CB2469

2.50%, 12/1/2051

796,079

669,580

Pool# FM9697

2.50%, 12/1/2051

395,211

332,711

Pool# FS1192

2.00%, 1/1/2052

4,122,793

3,297,837

Pool# FS1095

2.00%, 1/1/2052

2,497,623

1,998,642

Pool# MA4512

2.50%, 1/1/2052

3,874,242

3,232,558

Pool# FS2639

2.50%, 1/1/2052

845,698

705,458

Pool# FS2040

2.00%, 2/1/2052

1,698,701

1,353,725

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# BU9905

2.00%, 2/1/2052

834,477

665,865

Pool# CB2868

2.50%, 2/1/2052

1,597,739

1,337,470

Pool# CB3156

2.00%, 3/1/2052

1,743,837

1,398,816

Pool# BV4133

2.50%, 3/1/2052

1,635,531

1,368,723

Pool# CB3159

2.50%, 3/1/2052

1,609,414

1,352,691

Pool# CB3016

2.50%, 3/1/2052

835,054

704,812

Pool# CB3237

3.00%, 3/1/2052

813,650

706,754

Pool# BV5355

2.50%, 4/1/2052

822,886

688,836

Pool# CB3368

3.00%, 4/1/2052

818,950

711,187

Pool# CB3362

3.00%, 4/1/2052

784,188

686,747

Pool# FS2141

3.50%, 6/1/2052

930,007

845,270

Pool# CB3915

4.50%, 6/1/2052

63,307

60,673

Pool# FS3806

2.50%, 7/1/2052

12,145,666

10,130,826

Pool# MA4653

3.00%, 7/1/2052

753,346

653,259

Pool# MA4733

4.50%, 9/1/2052

871,860

835,419

Pool# CB4673

4.50%, 9/1/2052

812,429

786,132

Pool# CB4831

4.50%, 10/1/2052

1,286,215

1,232,411

Pool# MA4805

4.50%, 11/1/2052

763,903

732,056

Pool# CB5535

5.00%, 1/1/2053

1,785,630

1,756,671

Pool# CB5642

5.50%, 2/1/2053

683,060

686,325

Pool# FS3801

5.50%, 2/1/2053

175,419

175,808

Pool# CB6065

5.00%, 4/1/2053

950,128

933,938

Pool# CB6004

5.50%, 4/1/2053

2,833,280

2,870,383

Pool# CB6082

5.50%, 4/1/2053

642,589

643,195

Pool# CB6182

5.00%, 5/1/2053

915,595

899,285

Pool# CB6650

5.50%, 6/1/2053

2,036,224

2,062,021

Pool# MA5071

5.00%, 7/1/2053

1,134,654

1,114,442

Pool# FS5214

5.00%, 7/1/2053

698,939

689,796

Pool# FS7303

5.00%, 7/1/2053

569,919

559,777

Pool# MA5073

6.00%, 7/1/2053

1,277,173

1,298,794

Pool# FS5424

4.50%, 8/1/2053

519,681

498,756

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 71

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA UMBS Pool

Pool# CB6921

6.00%, 8/1/2053

445,643

459,301

Pool# CB7115

6.00%, 9/1/2053

1,383,561

1,425,057

Pool# CB7482

6.00%, 11/1/2053

1,793,979

1,828,884

Pool# CB7484

6.50%, 11/1/2053

1,224,272

1,264,937

Pool# CB7449

6.50%, 11/1/2053

262,751

271,974

Pool# FS6294

6.50%, 11/1/2053

185,781

192,264

Pool# CB7650

6.50%, 12/1/2053

2,458,969

2,577,133

Pool# CB7653

6.50%, 12/1/2053

968,700

1,011,638

Pool# FS6529

6.50%, 12/1/2053

849,846

886,241

Pool# CB7649

6.50%, 12/1/2053

664,561

699,405

Pool# CB7652

6.50%, 12/1/2053

554,296

579,959

Pool# CB7803

6.50%, 1/1/2054

185,943

193,561

Pool# CB7865

6.50%, 1/1/2054

142,300

147,839

Pool# FS7172

6.50%, 2/1/2054

371,198

386,493

Pool# CB8024

6.50%, 2/1/2054

312,799

330,208

Pool# CB8823

6.50%, 7/1/2054

587,236

611,573

Pool# MA5445

6.00%, 8/1/2054

5,594,915

5,683,650

Pool# CB9009

6.00%, 8/1/2054

1,604,964

1,647,654

Pool# CB9010

6.00%, 8/1/2054

348,775

354,581

Pool# CB9031

6.50%, 8/1/2054

1,761,610

1,832,829

Pool# MA5496

5.00%, 10/1/2054

2,339,974

2,294,259

Pool# CB9472

5.00%, 11/1/2054

1,189,935

1,168,008

Pool# CB9738

5.00%, 1/1/2055

1,604,638

1,575,208

FNMA/FHLMC UMBS, 15

Year, Single Family TBA

1.50%, 4/25/2040

2,840,250

2,491,737

2.00%, 4/25/2040

2,499,750

2,258,832

3.50%, 4/25/2040

1,893,000

1,820,896

4.00%, 4/25/2040

1,093,000

1,064,850

4.50%, 4/25/2040

215,000

213,186

5.00%, 4/25/2040

35,000

35,173

FNMA/FHLMC UMBS,

30 Year, Single Family

Conventional Pool TBA

6.00%, 4/25/2055

4,875,000

4,951,255

FNMA/FHLMC UMBS, 30

Year, Single Family TBA

3.00%, 4/25/2055

2,100,000

1,819,782

3.50%, 4/25/2055

1,725,000

1,555,608

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

FNMA/FHLMC UMBS, 30

Year, Single Family TBA

4.00%, 4/25/2055

2,975,000

2,771,844

4.50%, 4/25/2055

7,025,000

6,719,184

5.00%, 4/25/2055

7,701,000

7,547,369

5.50%, 4/25/2055

10,650,000

10,635,843

6.50%, 4/25/2055

3,837,500

3,956,921

GNMA I Pool

Pool# 457801

7.00%, 8/15/2028

579

584

Pool# 486936

6.50%, 2/15/2029

228

236

Pool# 502969

6.00%, 3/15/2029

1,060

1,088

Pool# 487053

7.00%, 3/15/2029

361

364

Pool# 781014

6.00%, 4/15/2029

610

621

Pool# 509099

7.00%, 6/15/2029

1,683

1,690

Pool# 434505

7.50%, 8/15/2029

29

29

Pool# 781124

7.00%, 12/15/2029

2,401

2,487

Pool# 507396

7.50%, 9/15/2030

18,752

18,827

Pool# 531352

7.50%, 9/15/2030

1,342

1,347

Pool# 536334

7.50%, 10/15/2030

107

107

Pool# 486019

7.50%, 1/15/2031

496

498

Pool# 535388

7.50%, 1/15/2031

349

350

Pool# 528589

6.50%, 3/15/2031

6,153

6,244

Pool# 508473

7.50%, 4/15/2031

1,772

1,783

Pool# 544470

8.00%, 4/15/2031

465

466

Pool# 781287

7.00%, 5/15/2031

1,164

1,207

Pool# 781319

7.00%, 7/15/2031

389

410

Pool# 485879

7.00%, 8/15/2031

1,032

1,038

Pool# 572554

6.50%, 9/15/2031

13,956

14,195

Pool# 781328

7.00%, 9/15/2031

1,091

1,133

Pool# 550991

6.50%, 10/15/2031

340

352

Pool# 571267

7.00%, 10/15/2031

148

148

Pool# 555171

6.50%, 12/15/2031

838

867

Pool# 781380

7.50%, 12/15/2031

378

398

Pool# 781481

7.50%, 1/15/2032

1,684

1,763

Pool# 580972

6.50%, 2/15/2032

106

107

72 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA I Pool

Pool# 781401

7.50%, 2/15/2032

1,342

1,433

Pool# 781916

6.50%, 3/15/2032

10,513

10,798

Pool# 552474

7.00%, 3/15/2032

2,614

2,701

Pool# 781478

7.50%, 3/15/2032

714

757

Pool# 781429

8.00%, 3/15/2032

1,315

1,393

Pool# 781431

7.00%, 4/15/2032

4,859

5,122

Pool# 552616

7.00%, 6/15/2032

20,080

20,589

Pool# 570022

7.00%, 7/15/2032

8,700

9,013

Pool# 595077

6.00%, 10/15/2032

2,637

2,770

Pool# 552903

6.50%, 11/15/2032

33,865

35,205

Pool# 552952

6.00%, 12/15/2032

1,837

1,881

Pool# 602102

6.00%, 2/15/2033

10,509

10,592

Pool# 588192

6.00%, 2/15/2033

2,161

2,189

Pool# 553144

5.50%, 4/15/2033

5,536

5,614

Pool# 604243

6.00%, 4/15/2033

3,642

3,717

Pool# 611526

6.00%, 5/15/2033

5,837

5,848

Pool# 553320

6.00%, 6/15/2033

11,213

11,469

Pool# 604788

6.50%, 11/15/2033

31,224

32,114

Pool# 781688

6.00%, 12/15/2033

13,653

14,094

Pool# 604875

6.00%, 12/15/2033

12,165

12,463

Pool# 781690

6.00%, 12/15/2033

4,967

5,131

Pool# 781699

7.00%, 12/15/2033

1,395

1,410

Pool# 621856

6.00%, 1/15/2034

6,819

6,981

Pool# 564799

6.00%, 3/15/2034

4,889

4,970

Pool# 630038

6.50%, 8/15/2034

24,405

25,414

Pool# 781804

6.00%, 9/15/2034

13,566

14,252

Pool# 781847

6.00%, 12/15/2034

10,662

11,201

Pool# 486921

5.50%, 2/15/2035

2,912

2,968

Pool# 781902

6.00%, 2/15/2035

14,211

14,929

Pool# 781933

6.00%, 6/15/2035

1,444

1,517

Pool# 649513

5.50%, 10/15/2035

68,198

70,106

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA I Pool

Pool# 649510

5.50%, 10/15/2035

31,522

32,288

Pool# 652207

5.50%, 3/15/2036

34,056

34,920

Pool# 655519

5.00%, 5/15/2036

15,908

16,119

Pool# 652539

5.00%, 5/15/2036

5,442

5,426

Pool# 606308

5.50%, 5/15/2036

5,498

5,652

Pool# 657912

6.50%, 8/15/2036

2,666

2,759

Pool# 697957

4.50%, 3/15/2039

420,143

409,011

Pool# 704630

5.50%, 7/15/2039

14,369

14,770

Pool# 710724

4.50%, 8/15/2039

118,061

116,312

Pool# 722292

5.00%, 9/15/2039

273,615

277,468

Pool# 782803

6.00%, 11/15/2039

130,160

136,769

Pool# 736666

4.50%, 4/15/2040

312,604

301,433

Pool# 733312

4.00%, 9/15/2040

37,088

35,397

Pool# 742235

4.00%, 12/15/2040

72,315

69,017

Pool# 755959

4.00%, 1/15/2041

70,204

67,348

Pool# 755958

4.00%, 1/15/2041

63,780

61,186

Pool# 742244

4.00%, 1/15/2041

55,126

52,612

Pool# 759075

4.00%, 1/15/2041

53,449

51,011

Pool# 753826

4.00%, 1/15/2041

29,146

27,817

Pool# 690662

4.00%, 1/15/2041

18,001

17,180

Pool# 719486

4.00%, 1/15/2041

6,456

6,130

Pool# 759207

4.00%, 2/15/2041

128,806

122,933

Pool# 757555

4.00%, 2/15/2041

13,446

12,899

Pool# 757557

4.00%, 2/15/2041

6,888

6,608

Pool# 738107

4.00%, 3/15/2041

155,120

147,283

Pool# 784637

4.00%, 8/15/2041

49,234

47,377

Pool# 778869

4.00%, 2/15/2042

92,788

89,013

Pool# AD8789

3.50%, 3/15/2043

306,340

286,861

Pool# AD2254

3.50%, 3/15/2043

39,425

36,988

Pool# AA6403

3.00%, 5/15/2043

371,072

336,912

Pool# AD2411

3.50%, 5/15/2043

188,446

176,978

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 73

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA I Pool

Pool# 783781

3.50%, 6/15/2043

263,251

245,820

Pool# 784015

3.00%, 7/15/2043

71,132

64,585

Pool# 784459

3.00%, 12/15/2046

163,495

146,740

Pool# 784293

3.00%, 12/15/2046

46,468

41,512

Pool# 784355

4.00%, 12/15/2046

68,175

64,199

Pool# 784500

3.00%, 2/15/2047

354,993

317,978

Pool# 784713

3.00%, 2/15/2047

89,620

80,292

Pool# 784747

4.00%, 5/15/2048

46,600

44,225

Pool# 784715

4.00%, 5/15/2048

39,876

37,937

Pool# 785073

4.00%, 9/15/2049

56,693

53,762

Pool# BD4016

3.00%, 10/15/2049

134,036

119,031

GNMA II Pool

Pool# 3851

5.50%, 5/20/2036

156,664

160,090

Pool# 4245

6.00%, 9/20/2038

62,369

66,094

Pool# 4559

5.00%, 10/20/2039

146,642

149,171

Pool# 4715

5.00%, 6/20/2040

38,167

38,684

Pool# 4747

5.00%, 7/20/2040

427,707

433,504

Pool# 4771

4.50%, 8/20/2040

354,833

348,918

Pool# 4802

5.00%, 9/20/2040

294,150

298,137

Pool# 4834

4.50%, 10/20/2040

96,175

94,572

Pool# 737727

4.00%, 12/20/2040

586,273

561,431

Pool# 737730

4.00%, 12/20/2040

170,664

161,649

Pool# 4923

4.50%, 1/20/2041

150,860

148,345

Pool# 4978

4.50%, 3/20/2041

21,223

20,869

Pool# 5017

4.50%, 4/20/2041

217,943

214,310

Pool# 5056

5.00%, 5/20/2041

73,424

74,329

Pool# 5082

4.50%, 6/20/2041

87,081

85,149

Pool# 5175

4.50%, 9/20/2041

103,220

101,498

Pool# 675523

3.50%, 3/20/2042

115,948

106,646

Pool# 5332

4.00%, 3/20/2042

98,564

94,628

Pool# MA0392

3.50%, 9/20/2042

903,028

842,822

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA0462

3.50%, 10/20/2042

715,887

667,716

Pool# MA0534

3.50%, 11/20/2042

1,626,616

1,517,160

Pool# MA0625

3.50%, 12/20/2042

341,864

318,860

Pool# MA0698

3.00%, 1/20/2043

375,623

340,475

Pool# MA0852

3.50%, 3/20/2043

378,481

353,011

Pool# MA0934

3.50%, 4/20/2043

344,718

321,519

Pool# AF1001

3.50%, 6/20/2043

305,846

281,681

Pool# MA1376

4.00%, 10/20/2043

149,525

143,306

Pool# AJ9335

3.50%, 10/20/2044

34,297

31,384

Pool# MA2677

3.00%, 3/20/2045

124,020

111,656

Pool# MA2754

3.50%, 4/20/2045

228,879

212,690

Pool# MA2824

2.50%, 5/20/2045

255,373

221,809

Pool# MA2825

3.00%, 5/20/2045

489,779

440,798

Pool# AM4381

3.50%, 5/20/2045

310,522

282,517

Pool# MA2891

3.00%, 6/20/2045

828,924

745,939

Pool# MA2892

3.50%, 6/20/2045

174,341

161,955

Pool# MA2960

3.00%, 7/20/2045

285,946

257,305

Pool# 784156

4.00%, 8/20/2045

119,892

113,630

Pool# AO1103

3.50%, 9/20/2045

502,270

464,105

Pool# AO1099

3.50%, 9/20/2045

269,721

249,228

Pool# MA3106

4.00%, 9/20/2045

66,878

63,896

Pool# MA3172

3.00%, 10/20/2045

137,539

123,747

Pool# MA3173

3.50%, 10/20/2045

94,764

87,933

Pool# MA3174

4.00%, 10/20/2045

8,294

7,919

Pool# MA3243

3.00%, 11/20/2045

262,348

236,014

Pool# MA3244

3.50%, 11/20/2045

249,679

231,618

Pool# 784098

3.00%, 12/20/2045

513,277

461,728

Pool# MA3309

3.00%, 12/20/2045

449,457

404,318

Pool# MA3310

3.50%, 12/20/2045

184,725

171,327

Pool# 784111

3.00%, 1/20/2046

266,823

240,012

Pool# MA3377

4.00%, 1/20/2046

37,227

35,521

74 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# 784119

3.00%, 2/20/2046

509,682

458,467

Pool# 784115

3.00%, 2/20/2046

23,306

20,964

Pool# MA3520

3.00%, 3/20/2046

340,577

306,336

Pool# MA3521

3.50%, 3/20/2046

648,001

602,759

Pool# MA3522

4.00%, 3/20/2046

255,299

243,836

Pool# MA3596

3.00%, 4/20/2046

177,142

159,244

Pool# MA3597

3.50%, 4/20/2046

186,635

172,893

Pool# MA3662

3.00%, 5/20/2046

677,244

609,013

Pool# MA3735

3.00%, 6/20/2046

412,462

370,801

Pool# MA3736

3.50%, 6/20/2046

1,054,752

976,492

Pool# MA3804

4.00%, 7/20/2046

39,211

37,365

Pool# MA3873

3.00%, 8/20/2046

886,608

796,597

Pool# MA3876

4.50%, 8/20/2046

41,482

40,637

Pool# MA3936

3.00%, 9/20/2046

893,100

802,200

Pool# MA3939

4.50%, 9/20/2046

6,658

6,413

Pool# MA4006

4.50%, 10/20/2046

127,588

124,988

Pool# MA4068

3.00%, 11/20/2046

134,460

120,705

Pool# MA4069

3.50%, 11/20/2046

13,839

12,808

Pool# MA4070

4.00%, 11/20/2046

24,343

23,198

Pool# MA4071

4.50%, 11/20/2046

8,649

8,472

Pool# MA4125

2.50%, 12/20/2046

79,345

68,912

Pool# MA4126

3.00%, 12/20/2046

1,381,095

1,239,814

Pool# MA4194

2.50%, 1/20/2047

311,023

270,130

Pool# MA4196

3.50%, 1/20/2047

86,742

80,274

Pool# MA4261

3.00%, 2/20/2047

364,144

326,798

Pool# MA4262

3.50%, 2/20/2047

1,313,483

1,215,542

Pool# MA4264

4.50%, 2/20/2047

10,160

9,915

Pool# MA4321

3.50%, 3/20/2047

656,644

607,646

Pool# AZ1974

3.50%, 4/20/2047

176,446

163,035

Pool# MA4382

3.50%, 4/20/2047

112,729

104,312

Pool# MA4383

4.00%, 4/20/2047

515,255

489,098

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA4384

4.50%, 4/20/2047

12,246

11,936

Pool# MA4509

3.00%, 6/20/2047

128,158

114,948

Pool# MA4511

4.00%, 6/20/2047

243,711

231,163

Pool# MA4512

4.50%, 6/20/2047

28,630

27,905

Pool# MA4585

3.00%, 7/20/2047

23,305

20,885

Pool# MA4587

4.00%, 7/20/2047

731,457

693,345

Pool# 784471

3.50%, 8/20/2047

288,732

267,941

Pool# BC1888

3.50%, 8/20/2047

277,774

256,659

Pool# MA4652

3.50%, 8/20/2047

255,990

236,463

Pool# MA4653

4.00%, 8/20/2047

38,617

36,451

Pool# 784408

3.50%, 10/20/2047

184,721

170,975

Pool# MA4780

4.50%, 10/20/2047

9,466

9,225

Pool# MA4836

3.00%, 11/20/2047

240,056

215,124

Pool# MA4837

3.50%, 11/20/2047

226,917

209,784

Pool# MA4838

4.00%, 11/20/2047

1,008,572

954,568

Pool# 784421

3.50%, 12/20/2047

276,754

258,875

Pool# MA4900

3.50%, 12/20/2047

163,381

151,028

Pool# MA4962

3.50%, 1/20/2048

329,861

304,900

Pool# MA5018

3.00%, 2/20/2048

90,637

81,229

Pool# MA5019

3.50%, 2/20/2048

17,092

15,798

Pool# 784480

3.50%, 4/20/2048

218,528

202,790

Pool# 784479

3.50%, 4/20/2048

157,213

146,109

Pool# 784481

3.50%, 4/20/2048

67,920

62,839

Pool# MA5137

4.00%, 4/20/2048

210,694

198,371

Pool# BD4034

4.00%, 4/20/2048

75,395

70,906

Pool# MA5138

4.50%, 4/20/2048

86,611

84,297

Pool# MA5192

4.00%, 5/20/2048

389,549

368,685

Pool# MA5265

4.50%, 6/20/2048

155,688

151,440

Pool# MA5331

4.50%, 7/20/2048

70,379

68,452

Pool# MA5398

4.00%, 8/20/2048

390,880

368,864

Pool# MA5399

4.50%, 8/20/2048

192,570

187,286

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 75

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA5465

3.50%, 9/20/2048

61,685

56,951

Pool# MA5466

4.00%, 9/20/2048

87,545

82,640

Pool# BJ2692

4.00%, 11/20/2048

58,811

54,936

Pool# MA5597

5.00%, 11/20/2048

6,426

6,404

Pool# MA5652

4.50%, 12/20/2048

89,298

86,829

Pool# 784656

4.50%, 12/20/2048

51,815

49,857

Pool# BK2856

4.50%, 12/20/2048

12,012

11,544

Pool# MA5653

5.00%, 12/20/2048

18,629

18,578

Pool# MA5712

5.00%, 1/20/2049

68,955

68,573

Pool# MA5818

4.50%, 3/20/2049

62,824

61,082

Pool# MA5878

5.00%, 4/20/2049

7,236

7,218

Pool# MA5987

4.50%, 6/20/2049

414,549

402,539

Pool# MA6041

4.50%, 7/20/2049

113,091

109,796

Pool# MA6092

4.50%, 8/20/2049

48,478

46,889

Pool# MA6153

3.00%, 9/20/2049

92,512

82,516

Pool# MA6474

3.00%, 2/20/2050

596,493

530,765

Pool# MA6542

3.50%, 3/20/2050

148,437

136,363

Pool# MA6657

3.50%, 5/20/2050

298,991

275,009

Pool# MA6766

3.00%, 7/20/2050

729,115

647,652

Pool# BW4732

2.50%, 8/20/2050

831,815

696,426

Pool# BW6206

2.50%, 8/20/2050

758,882

635,364

Pool# MA6820

3.00%, 8/20/2050

604,219

536,889

Pool# MA6821

3.50%, 8/20/2050

491,894

452,096

Pool# MA6864

2.00%, 9/20/2050

1,128,055

923,023

Pool# BW4741

2.50%, 9/20/2050

840,377

703,595

Pool# BY0776

2.50%, 9/20/2050

547,655

458,515

Pool# BY0805

2.50%, 9/20/2050

511,629

428,355

Pool# MA6994

2.00%, 11/20/2050

1,504,316

1,230,895

Pool# MA7051

2.00%, 12/20/2050

2,141,501

1,752,267

Pool# MA7053

3.00%, 12/20/2050

722,754

641,523

Pool# MA7136

2.50%, 1/20/2051

1,569,161

1,339,278

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA7192

2.00%, 2/20/2051

3,815,538

3,123,029

Pool# MA7367

2.50%, 5/20/2051

3,241,234

2,765,956

Pool# MA7472

2.50%, 7/20/2051

2,821,716

2,407,931

Pool# MA7534

2.50%, 8/20/2051

2,356,765

2,011,162

Pool# MA7647

1.50%, 10/20/2051

351,349

275,353

Pool# MA7648

2.00%, 10/20/2051

3,068,852

2,511,065

Pool# MA7650

3.00%, 10/20/2051

1,979,416

1,754,169

Pool# MA7704

2.00%, 11/20/2051

786,459

643,514

Pool# MA7705

2.50%, 11/20/2051

1,375,000

1,173,366

Pool# MA7766

2.00%, 12/20/2051

3,015,168

2,467,139

Pool# MA7767

2.50%, 12/20/2051

1,524,468

1,300,916

Pool# MA7826

2.00%, 1/20/2052

986,127

806,891

Pool# MA7935

2.00%, 3/20/2052

3,144,381

2,572,867

Pool# 786843

3.00%, 3/20/2052

430,393

377,914

Pool# MA7986

2.00%, 4/20/2052

3,509,042

2,871,248

Pool# MA7987

2.50%, 4/20/2052

4,014,811

3,426,067

Pool# MA8042

2.50%, 5/20/2052

721,522

615,716

Pool# MA8043

3.00%, 5/20/2052

821,713

728,207

Pool# MA8147

2.50%, 7/20/2052

229,780

196,084

Pool# MA8148

3.00%, 7/20/2052

1,593,713

1,412,357

Pool# MA8197

2.50%, 8/20/2052

908,255

775,115

Pool# MA8265

3.00%, 9/20/2052

403,583

357,657

Pool# MA8491

5.50%, 12/20/2052

697,194

700,208

Pool# MA8726

5.50%, 3/20/2053

302,743

304,369

Pool# MA8800

5.00%, 4/20/2053

1,030,145

1,016,825

Pool# MA8801

5.50%, 4/20/2053

985,066

989,951

Pool# MA8946

4.50%, 6/20/2053

3,170,065

3,048,778

Pool# MA8948

5.50%, 6/20/2053

222,435

223,447

Pool# MA9016

5.00%, 7/20/2053

2,628,371

2,588,322

Pool# 786798

5.50%, 7/20/2053

415,534

420,026

Pool# MA9780

6.00%, 7/20/2054

2,079,194

2,110,918

76 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Mortgage-Backed Securities

Principal

Amount ($)

Value ($)

GNMA II Pool

Pool# MA9851

5.50%, 8/20/2054

1,192,680

1,195,971

Pool# MA9852

6.00%, 8/20/2054

2,555,854

2,594,851

Pool# MA9853

6.50%, 8/20/2054

817,608

837,141

Pool# MB0024

4.50%, 11/20/2054

1,319,365

1,266,153

Pool# MB0028

6.50%, 11/20/2054

167,644

171,910

Pool# MB0149

6.50%, 1/20/2055

329,833

338,236

Pool# MB0207

6.50%, 2/20/2055

540,882

555,300

Pool# MB0261

6.50%, 3/20/2055

50,000

51,427

GNMA TBA

2.00%, 4/15/2055

1,175,000

960,801

2.50%, 4/15/2055

2,500,000

2,132,105

3.00%, 4/15/2055

275,000

243,547

4.00%, 4/15/2055

4,439,000

4,155,108

4.50%, 4/15/2055

2,625,000

2,518,359

5.00%, 4/15/2055

6,525,000

6,417,612

5.50%, 4/15/2055

9,225,000

9,243,959

6.00%, 4/15/2055

5,400,000

5,480,412

6.50%, 4/15/2055

3,425,000

3,505,994

Total Mortgage-Backed Securities

(cost $632,619,588)

577,481,705

Municipal Bonds 0.5%

California 0.2%

Alameda County Joint Powers

Authority, RB, Series A,

7.05%, 12/1/2044

100,000

112,957

Bay Area Toll Authority, RB,

Series F, 6.26%, 4/1/2049

250,000

267,048

California State University,

RB, Series B, 2.98%,

11/1/2051

90,000

60,637

City of San Francisco CA

Public Utilities Commission

Water Revenue, RB, Series

B, 6.00%, 11/1/2040

100,000

103,913

Golden State Tobacco

Securitization Corp., RB,

Series A-1, 3.71%, 6/1/2041

90,000

68,688

Los Angeles Community

College District, GO, Series

E, 6.75%, 8/1/2049

300,000

337,514

Los Angeles County Public

Works Financing Authority,

RB, Series B, 7.62%,

8/1/2040

75,000

87,953

Los Angeles Department of

Water & Power, RB, Series

D, 6.57%, 7/1/2045

200,000

211,580

Municipal Bonds

Principal

Amount ($)

Value ($)

California

Regents of the University of

California Medical Center

Pooled Revenue

Series H, 6.55%, 5/15/2048

150,000

162,557

Series F, 6.58%, 5/15/2049

200,000

216,968

Series N, 3.26%, 5/15/2060

230,000

147,188

San Diego County Water

Authority, RB, Series B,

6.14%, 5/1/2049

100,000

104,765

State of California

7.55%, 4/1/2039

1,410,000

1,705,520

7.63%, 3/1/2040

425,000

511,220

University of California

Series BD, 3.35%, 7/1/2029

200,000

193,839

Series AQ, 4.77%,

5/15/2115

150,000

126,153

4,418,500

Connecticut 0.0%

†

State of Connecticut, GO,

Series A, 5.85%, 3/15/2032

500,000

534,006

Florida 0.0%

†

State Board of Administration

Finance Corp., RB, Series

A, 2.15%, 7/1/2030

105,000

92,966

Georgia 0.0%

†

Municipal Electric Authority

of Georgia, RB, Series A,

6.66%, 4/1/2057

467,000

512,256

Illinois 0.1%

Chicago Transit Authority

Sales & Transfer Tax

Receipts Revenue, RB,

Series A, 6.90%, 12/1/2040

276,872

306,400

State of Illinois, GO,

5.10%,

6/1/2033

889,412

887,698

1,194,098

Louisiana 0.0%

†

Louisiana Local Government

Environmental Facilities &

Community Development

Authority

Series A, 3.62%, 2/1/2029

31,919

31,654

Series A, 4.48%, 8/1/2039

50,000

47,480

5.20%, 12/1/2039

95,000

95,671

174,805

Michigan 0.0%

†

University of Michigan, RB,

Series B, 3.50%, 4/1/2052

83,000

61,657

New Jersey 0.0%

†

New Jersey Economic

Development Authority,

RB,

7.43%, 2/15/2029

125,000

131,916

New Jersey Turnpike

Authority, RB, Series F,

7.41%, 1/1/2040

440,000

528,803

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 77

Municipal Bonds

Principal

Amount ($)

Value ($)

New Jersey

Rutgers The State University

of New Jersey, RB, Series

H, 5.67%, 5/1/2040

250,000

252,971

913,690

New York 0.1%

City of New York

Series B, 5.26%, 10/1/2052

35,000

34,690

Series D-1, 5.11%,

10/1/2054

35,000

33,940

Metropolitan Transportation

Authority, RB, Series C,

7.34%, 11/15/2039

400,000

472,421

New York City Municipal

Water Finance Authority,

RB, Series AA, 5.44%,

6/15/2043

300,000

296,449

New York State Dormitory

Authority, RB, Series F,

5.63%, 3/15/2039

250,000

255,067

Port Authority of New York &

New Jersey

Series 159, 6.04%,

12/1/2029

620,000

664,793

3.18%, 7/15/2060

135,000

89,238

1,846,598

Ohio 0.0%

†

JobsOhio Beverage System,

RB, Series B, 4.53%,

1/1/2035

100,000

98,754

Ohio State University (The),

RB, Series C, 4.91%,

6/1/2040

150,000

145,440

244,194

Oklahoma 0.0%

†

Oklahoma Development

Finance Authority

4.62%, 6/1/2044

60,000

56,690

4.38%, 11/1/2045

60,000

55,255

111,945

South Carolina 0.0%

†

South Carolina Public Service

Authority, RB, Series C,

6.45%, 1/1/2050

100,000

107,562

Texas 0.1%

Board of Regents of the

University of Texas System,

RB, Series C, 4.79%,

8/15/2046

200,000

192,435

Dallas Area Rapid Transit, RB,

Series B, 6.00%, 12/1/2044

200,000

208,540

Dallas Fort Worth International

Airport

Series C, 2.92%, 11/1/2050

100,000

69,658

Series A, 4.51%, 11/1/2051

45,000

39,182

Municipal Bonds

Principal

Amount ($)

Value ($)

Texas

Dallas Fort Worth International

Airport (continued)

Grand Parkway Transportation

Corp., RB, Series B, 3.24%,

10/1/2052

45,000

31,010

Permanent University Fund -

University of Texas System,

RB, Series A, 5.26%,

7/1/2039

260,000

260,005

State of Texas, GO, Series A,

4.63%, 4/1/2033

350,000

345,107

Texas Department of

Transportation State

Highway Fund, RB,

5.18%,

4/1/2030

150,000

152,368

Texas Natural Gas

Securitization Finance Corp.

Series A-1, 5.10%,

4/1/2035

139,036

140,913

Series A-2, 5.17%,

4/1/2041

140,000

141,544

1,580,762

Virginia 0.0%

†

University of Virginia,

RB,

2.26%, 9/1/2050

90,000

51,818

Total Municipal Bonds

(cost $12,092,934)

11,844,857

Supranational 1.1%

African Development Bank

4.38%, 3/14/2028(b)

500,000

505,409

3.50%, 9/18/2029

200,000

195,562

4.00%, 3/18/2030(b)

150,000

149,411

Asian Development Bank

1.50%, 1/20/2027

760,000

727,189

3.75%, 4/25/2028

1,250,000

1,241,907

4.50%, 8/25/2028

700,000

711,216

1.88%, 1/24/2030

500,000

452,648

4.00%, 1/12/2033

350,000

345,238

3.88%, 6/14/2033

200,000

194,802

4.13%, 1/12/2034

400,000

394,353

4.38%, 3/22/2035

115,000

115,000

Asian Infrastructure

Investment Bank (The)

4.00%, 1/18/2028

350,000

350,247

4.13%, 1/18/2029

1,000,000

1,004,128

4.50%, 1/16/2030

55,000

56,002

Corp. Andina de Fomento,

5.00%, 1/24/2029

200,000

203,976

Council of Europe

Development Bank, 3.75%,

5/25/2026

450,000

448,081

European Bank for

Reconstruction &

Development, 4.13%,

1/25/2029

1,000,000

1,003,360

78 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

Supranational

Principal

Amount ($)

Value ($)

European Investment Bank

0.75%, 10/26/2026

290,000

275,732

2.38%, 5/24/2027(b)

2,000,000

1,933,836

4.50%, 3/14/2030

45,000

45,874

3.63%, 7/15/2030

900,000

880,882

1.25%, 2/14/2031

300,000

255,990

3.75%, 2/14/2033(b)

900,000

874,866

4.13%, 2/13/2034

400,000

394,110

4.63%, 2/12/2035

100,000

102,273

Inter-American Development

Bank

2.00%, 7/23/2026

1,000,000

974,004

2.25%, 6/18/2029

250,000

232,908

3.50%, 9/14/2029

900,000

880,098

4.50%, 2/15/2030

50,000

50,947

1.13%, 1/13/2031

400,000

338,897

3.63%, 9/17/2031

200,000

193,775

3.50%, 4/12/2033

750,000

712,358

4.38%, 7/17/2034

210,000

210,762

Inter-American Investment

Corp.

4.25%, 2/14/2029

200,000

200,867

4.25%, 4/1/2030

100,000

100,409

International Bank for

Reconstruction &

Development

1.88%, 10/27/2026

400,000

386,993

2.50%, 11/22/2027

1,000,000

963,378

3.50%, 7/12/2028

1,000,000

985,133

1.13%, 9/13/2028

1,000,000

908,234

3.88%, 10/16/2029

75,000

74,443

3.88%, 2/14/2030

850,000

842,629

4.13%, 3/20/2030

310,000

310,634

0.88%, 5/14/2030

1,000,000

854,342

4.00%, 7/25/2030

300,000

298,851

4.00%, 1/10/2031

700,000

695,092

1.63%, 11/3/2031

1,000,000

852,831

4.63%, 1/15/2032

60,000

61,443

4.75%, 11/14/2033

600,000

619,072

3.88%, 8/28/2034

300,000

289,337

International Finance Corp.,

4.50%, 7/13/2028

400,000

406,323

Nordic Investment Bank,

4.38%, 3/14/2028

500,000

505,204

Total Supranational

(cost $26,542,793)

25,811,056

U.S. Government Agency Securities 0.5%

FHLB, 5.50%, 7/15/2036

1,500,000

1,630,862

FHLMC

0.38%, 7/21/2025

1,165,000

1,151,241

6.25%, 7/15/2032

1,245,000

1,405,555

FNMA

0.50%, 6/17/2025

1,000,000

991,807

6.25%, 5/15/2029

2,500,000

2,715,494

7.25%, 5/15/2030

2,000,000

2,292,959

0.88%, 8/5/2030

440,000

373,310

Tennessee Valley Authority

4.88%, 1/15/2048

500,000

491,074

U.S. Government Agency Securities

Principal

Amount ($)

Value ($)

Tennessee Valley Authority

5.25%, 2/1/2055

25,000

24,806

Total U.S. Government Agency Securities

(cost $11,658,425)

11,077,108

U.S. Treasury Obligations 44.3%

U.S. Treasury Bond

4.63%, 11/15/2044

1,270,000

1,271,587

4.50%, 11/15/2054 (b)

3,733,000

3,678,172

U.S. Treasury Bonds

6.50%, 11/15/2026

3,000,000

3,133,828

5.50%, 8/15/2028

3,000,000

3,157,969

5.38%, 2/15/2031

1,000,000

1,070,430

4.25%, 5/15/2039

2,500,000

2,462,695

4.50%, 8/15/2039

1,080,000

1,090,842

4.38%, 11/15/2039

300,000

298,488

1.13%, 5/15/2040

6,000,000

3,796,641

4.38%, 5/15/2040

1,000,000

992,539

1.13%, 8/15/2040

3,000,000

1,880,039

3.88%, 8/15/2040

1,000,000

935,117

1.38%, 11/15/2040

7,500,000

4,873,828

1.88%, 2/15/2041

5,000,000

3,507,812

4.75%, 2/15/2041 (b)

2,000,000

2,061,562

2.25%, 5/15/2041

4,330,000

3,208,767

1.75%, 8/15/2041

4,300,000

2,914,090

3.75%, 8/15/2041

4,900,000

4,466,273

2.00%, 11/15/2041

11,500,000

8,077,402

3.13%, 11/15/2041

4,100,000

3,427,023

2.38%, 2/15/2042

3,000,000

2,226,563

3.13%, 2/15/2042

1,000,000

832,969

3.00%, 5/15/2042 (b)

1,000,000

814,414

3.25%, 5/15/2042

2,000,000

1,689,922

2.75%, 8/15/2042

1,000,000

780,742

3.38%, 8/15/2042

1,473,000

1,262,810

2.75%, 11/15/2042

1,500,000

1,166,719

4.00%, 11/15/2042

3,000,000

2,798,555

3.13%, 2/15/2043

1,750,000

1,436,299

3.88%, 2/15/2043

1,331,000

1,218,177

2.88%, 5/15/2043

2,850,000

2,244,486

4.38%, 8/15/2043

1,000,000

974,531

4.75%, 11/15/2043

594,000

606,831

3.63%, 2/15/2044

3,500,000

3,062,500

3.38%, 5/15/2044

4,000,000

3,364,844

4.63%, 5/15/2044

2,000,000

2,006,484

3.13%, 8/15/2044

3,700,000

2,984,281

4.13%, 8/15/2044

946,000

886,284

3.00%, 11/15/2044

5,500,000

4,333,398

2.50%, 2/15/2045

3,500,000

2,523,418

3.00%, 5/15/2045 (b)

5,500,000

4,314,062

2.88%, 8/15/2045

3,300,000

2,527,465

2.50%, 2/15/2046

2,500,000

1,777,930

2.50%, 5/15/2046

3,000,000

2,126,016

2.88%, 11/15/2046

3,000,000

2,266,875

3.00%, 2/15/2047

2,000,000

1,540,469

3.00%, 5/15/2047

2,000,000

1,536,562

2.75%, 8/15/2047

2,500,000

1,828,125

2.75%, 11/15/2047

3,200,000

2,334,250

3.00%, 2/15/2048

3,000,000

2,286,797

3.13%, 5/15/2048

2,000,000

1,556,797

3.00%, 8/15/2048

3,000,000

2,278,008

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 79

U.S. Treasury Obligations

Principal

Amount ($)

Value ($)

U.S. Treasury Bonds

3.38%, 11/15/2048

4,000,000

3,246,719

3.00%, 2/15/2049

3,000,000

2,268,633

2.88%, 5/15/2049

3,500,000

2,579,746

2.25%, 8/15/2049

3,000,000

1,935,234

2.38%, 11/15/2049

800,000

529,219

2.00%, 2/15/2050

4,500,000

2,722,852

1.25%, 5/15/2050 (b)

2,700,000

1,340,613

1.38%, 8/15/2050

5,000,000

2,547,852

1.63%, 11/15/2050

6,800,000

3,701,484

1.88%, 2/15/2051

6,400,000

3,711,000

2.38%, 5/15/2051

6,500,000

4,250,645

2.00%, 8/15/2051

7,200,000

4,287,938

1.88%, 11/15/2051

7,100,000

4,083,887

2.25%, 2/15/2052

6,000,000

3,785,156

2.88%, 5/15/2052

5,500,000

3,993,301

3.00%, 8/15/2052

5,200,000

3,872,172

4.00%, 11/15/2052 (b)

4,800,000

4,328,813

3.63%, 2/15/2053

5,100,000

4,295,355

3.63%, 5/15/2053

5,200,000

4,380,187

4.13%, 8/15/2053

5,000,000

4,607,422

4.75%, 11/15/2053

4,829,000

4,935,955

4.25%, 2/15/2054

6,220,000

5,860,406

4.63%, 5/15/2054

4,700,000

4,715,238

4.25%, 8/15/2054

7,113,000

6,714,005

4.63%, 2/15/2055

3,482,000

3,505,395

U.S. Treasury Notes

0.75%, 3/31/2026

4,000,000

3,871,969

3.75%, 4/15/2026

5,500,000

5,482,813

0.75%, 4/30/2026

5,000,000

4,827,070

4.88%, 4/30/2026

7,000,000

7,059,883

1.63%, 5/15/2026

2,000,000

1,947,578

3.63%, 5/15/2026

9,000,000

8,960,273

0.75%, 5/31/2026

3,000,000

2,888,906

0.88%, 6/30/2026

6,000,000

5,773,359

4.50%, 7/15/2026

6,000,000

6,037,734

0.63%, 7/31/2026

2,000,000

1,913,594

1.50%, 8/15/2026

4,700,000

4,545,598

4.38%, 8/15/2026

6,000,000

6,031,172

0.75%, 8/31/2026

5,000,000

4,780,469

1.38%, 8/31/2026

4,500,000

4,341,094

4.63%, 9/15/2026 (b)

7,000,000

7,065,625

0.88%, 9/30/2026

8,000,000

7,644,688

1.63%, 9/30/2026 (b)

7,000,000

6,765,938

1.13%, 10/31/2026

8,000,000

7,655,938

1.63%, 10/31/2026 (b)

8,000,000

7,717,500

4.63%, 11/15/2026

4,000,000

4,041,562

1.25%, 11/30/2026

2,000,000

1,914,219

4.25%, 11/30/2026

6,000,000

6,028,828

4.38%, 12/15/2026

10,000,000

10,070,313

1.25%, 12/31/2026

6,000,000

5,730,469

4.25%, 12/31/2026

13,593,000

13,663,089

4.00%, 1/15/2027

8,000,000

8,008,438

4.13%, 1/31/2027

14,862,000

14,912,508

2.25%, 2/15/2027

1,200,000

1,164,047

4.13%, 2/15/2027

10,000,000

10,035,938

1.88%, 2/28/2027

2,500,000

2,406,641

4.25%, 3/15/2027

7,500,000

7,547,168

2.50%, 3/31/2027 (b)

2,500,000

2,433,594

3.88%, 3/31/2027

7,634,000

7,631,316

4.50%, 4/15/2027

5,000,000

5,057,617

2.75%, 4/30/2027

3,500,000

3,420,020

2.38%, 5/15/2027

5,700,000

5,522,988

U.S. Treasury Obligations

Principal

Amount ($)

Value ($)

U.S. Treasury Notes

0.50%, 5/31/2027

1,000,000

930,000

2.63%, 5/31/2027

3,000,000

2,920,664

4.63%, 6/15/2027

3,000,000

3,046,055

0.50%, 6/30/2027

5,000,000

4,638,672

4.38%, 7/15/2027

5,000,000

5,051,758

2.75%, 7/31/2027

3,000,000

2,923,945

2.25%, 8/15/2027

5,300,000

5,104,355

3.75%, 8/15/2027

15,000,000

14,950,195

0.50%, 8/31/2027

8,000,000

7,379,375

3.13%, 8/31/2027

3,000,000

2,946,797

3.38%, 9/15/2027

15,000,000

14,821,875

4.13%, 9/30/2027

4,000,000

4,023,281

0.50%, 10/31/2027

3,000,000

2,752,148

4.13%, 10/31/2027 (b)

2,000,000

2,011,328

2.25%, 11/15/2027

5,390,000

5,170,610

4.13%, 11/15/2027

2,000,000

2,011,484

0.63%, 11/30/2027

8,500,000

7,803,398

3.88%, 11/30/2027

3,000,000

2,998,711

3.88%, 12/31/2027

4,500,000

4,498,945

4.25%, 1/15/2028 (b)

827,000

834,753

0.75%, 1/31/2028

4,000,000

3,666,406

3.50%, 1/31/2028

4,000,000

3,958,125

2.75%, 2/15/2028

8,000,000

7,755,000

4.25%, 2/15/2028 (b)

812,000

819,993

1.13%, 2/29/2028

3,000,000

2,774,297

4.00%, 2/29/2028

2,500,000

2,507,324

3.88%, 3/15/2028

793,000

792,876

1.25%, 3/31/2028

1,500,000

1,389,199

3.63%, 3/31/2028

1,000,000

992,734

1.25%, 4/30/2028

5,000,000

4,619,922

3.50%, 4/30/2028

10,430,000

10,309,811

2.88%, 5/15/2028

7,000,000

6,790,273

1.25%, 5/31/2028

4,000,000

3,687,656

3.63%, 5/31/2028

5,500,000

5,454,883

1.25%, 6/30/2028

4,000,000

3,679,531

4.00%, 6/30/2028

4,200,000

4,214,109

1.00%, 7/31/2028

4,000,000

3,640,469

4.13%, 7/31/2028

3,000,000

3,021,211

2.88%, 8/15/2028 (b)

5,500,000

5,322,539

1.13%, 8/31/2028

4,000,000

3,647,812

4.38%, 8/31/2028

4,000,000

4,058,594

1.25%, 9/30/2028

4,500,000

4,111,523

4.63%, 9/30/2028

10,000,000

10,232,812

1.38%, 10/31/2028

7,000,000

6,412,109

4.88%, 10/31/2028

6,000,000

6,191,016

3.13%, 11/15/2028

5,000,000

4,867,969

1.50%, 11/30/2028

3,000,000

2,755,078

4.38%, 11/30/2028

3,000,000

3,046,641

1.38%, 12/31/2028

5,000,000

4,561,719

3.75%, 12/31/2028

3,000,000

2,982,305

1.75%, 1/31/2029

2,000,000

1,847,109

4.00%, 1/31/2029

4,000,000

4,010,938

2.63%, 2/15/2029

7,772,000

7,413,759

1.88%, 2/28/2029

4,000,000

3,705,938

2.38%, 3/31/2029

5,000,000

4,715,430

4.13%, 3/31/2029

3,000,000

3,021,914

2.88%, 4/30/2029

5,000,000

4,803,711

4.63%, 4/30/2029

6,000,000

6,156,328

2.38%, 5/15/2029

5,700,000

5,366,461

2.75%, 5/31/2029

3,500,000

3,342,910

4.50%, 5/31/2029

4,000,000

4,086,719

3.25%, 6/30/2029

11,000,000

10,707,813

80 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

U.S. Treasury Obligations

Principal

Amount ($)

Value ($)

U.S. Treasury Notes

4.25%, 6/30/2029

5,000,000

5,060,937

2.63%, 7/31/2029

9,500,000

9,008,672

4.00%, 7/31/2029

3,000,000

3,007,852

1.63%, 8/15/2029

3,000,000

2,727,188

3.13%, 8/31/2029

4,000,000

3,869,531

3.50%, 9/30/2029

5,650,000

5,547,373

3.88%, 9/30/2029

3,500,000

3,490,156

4.00%, 10/31/2029 (b)

5,500,000

5,512,246

4.13%, 10/31/2029

8,128,000

8,187,690

1.75%, 11/15/2029

4,000,000

3,637,031

3.88%, 11/30/2029

3,000,000

2,990,859

4.13%, 11/30/2029 (b)

3,000,000

3,023,203

3.88%, 12/31/2029

3,000,000

2,990,391

4.38%, 12/31/2029

2,678,000

2,726,643

3.50%, 1/31/2030

3,000,000

2,940,703

4.25%, 1/31/2030

5,212,000

5,278,779

1.50%, 2/15/2030

4,700,000

4,192,730

4.00%, 2/28/2030

3,700,000

3,708,383

3.63%, 3/31/2030

2,800,000

2,757,016

4.00%, 3/31/2030

4,861,000

4,870,874

3.50%, 4/30/2030

4,000,000

3,914,062

0.63%, 5/15/2030

7,300,000

6,176,199

3.75%, 5/31/2030

2,500,000

2,473,535

3.75%, 6/30/2030

3,000,000

2,966,719

4.00%, 7/31/2030

3,000,000

3,002,461

0.63%, 8/15/2030

7,000,000

5,871,523

4.13%, 8/31/2030

3,000,000

3,019,219

4.63%, 9/30/2030 (b)

2,500,000

2,577,148

4.88%, 10/31/2030

2,000,000

2,086,250

0.88%, 11/15/2030

8,400,000

7,088,812

4.38%, 11/30/2030

3,000,000

3,054,727

3.75%, 12/31/2030

3,000,000

2,959,219

4.00%, 1/31/2031

2,000,000

1,997,500

1.13%, 2/15/2031

9,000,000

7,660,547

4.25%, 2/28/2031

3,000,000

3,034,922

4.13%, 3/31/2031

4,000,000

4,019,844

4.63%, 4/30/2031

3,000,000

3,093,984

1.63%, 5/15/2031

5,500,000

4,786,504

4.63%, 5/31/2031

3,000,000

3,093,867

4.25%, 6/30/2031

4,000,000

4,044,219

4.13%, 7/31/2031

3,500,000

3,513,945

1.25%, 8/15/2031

9,500,000

8,014,512

3.63%, 9/30/2031

6,000,000

5,850,703

4.13%, 10/31/2031

3,550,000

3,561,371

1.38%, 11/15/2031

7,500,000

6,333,984

4.13%, 11/30/2031

11,000,000

11,034,805

4.50%, 12/31/2031

1,313,000

1,345,979

4.38%, 1/31/2032

1,735,000

1,765,634

1.88%, 2/15/2032

7,100,000

6,165,352

4.13%, 2/29/2032

3,605,000

3,614,576

4.13%, 3/31/2032

1,117,000

1,120,142

2.88%, 5/15/2032

8,800,000

8,141,375

2.75%, 8/15/2032

8,200,000

7,497,234

4.13%, 11/15/2032

4,900,000

4,907,273

3.50%, 2/15/2033

8,700,000

8,333,648

3.38%, 5/15/2033

7,500,000

7,104,199

3.88%, 8/15/2033

9,200,000

9,016,719

4.50%, 11/15/2033

9,000,000

9,215,156

4.00%, 2/15/2034

10,000,000

9,864,063

4.38%, 5/15/2034

9,500,000

9,628,398

3.88%, 8/15/2034 (b)

15,000,000

14,620,313

4.25%, 11/15/2034 (b)

9,290,000

9,317,580

U.S. Treasury Obligations

Principal

Amount ($)

Value ($)

U.S. Treasury Notes

4.63%, 2/15/2035 (b)

4,729,000

4,885,648

Total U.S. Treasury Obligations

(cost $1,093,784,289)

1,028,555,312

Repurchase Agreements 3.3%

Bank of America NA

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $20,002,422,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047;

total market value

$20,400,000. (h)

20,000,000

20,000,000

BNP Paribas Securities

Corp.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $49,005,962,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$49,980,001. (h)

49,000,000

49,000,000

BofA Securities, Inc.

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,000,121,

collateralized by U.S.

Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070;

total market value

$1,020,000. (h)

1,000,000

1,000,000

Cantor Fitzgerald & Co.

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,095,309,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$1,117,079. (h)

1,095,176

1,095,176

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 81

Repurchase Agreements

Principal

Amount ($)

Value ($)

ING Financial Services LLC

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $2,001,688,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$2,040,001. (h)

2,000,000

2,000,000

Pershing LLC

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,000,483,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $4,080,000. (h)

4,000,000

4,000,000

Total Repurchase Agreements

(cost $77,095,176)

77,095,176

Total Investments

(cost $2,548,664,594) — 102.2%

2,376,934,858

Liabilities in excess of other

assets — (2.2)%

(

51,981,449

)

NET ASSETS — 100.0%

$

2,324,953,409

†

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,

2025.

(b)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $280,658,300, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $77,095,176 and by $211,791,116 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/1/2025 - 2/15/2055, a total value of

$288,886,292.

(c)

Rule 144A, Section 4(2), or other security which is restricted

as to sale to institutional investors. These securities were

deemed liquid pursuant to procedures approved by the Board

of Trustees. The liquidity determination is unaudited. The

aggregate value of these securities as of March 31, 2025

was $3,935,949 which represents 0.17% of net assets.

(d)

Variable or floating rate security, linked to the referenced

benchmark. The interest rate shown was the current rate as

of March 31, 2025.

(e)

Zero Coupon Security. Debt security that pays no cash

income but is sold at substantial discount from its value at

maturity.

(f)

Step Bond. Coupon rate is set for an initial period and then

increases to a higher coupon rate at a specific date. The rate

shown is the rate as of March 31, 2025.

(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, 2025 was $77,095,176.

ACES

Alternative Credit Enhancement Services

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corp.

FNMA

Federal National Mortgage Association

GNMA

Government National Mortgage Association

ICE

Intercontinental Exchange

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

82 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Bond Index Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

NVIT Bond Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 83

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Asset-Backed Securities

$

–

$

9,036,517

$

–

$

9,036,517

Commercial Mortgage-Backed Securities

–

35,620,570

–

35,620,570

Corporate Bonds

–

565,183,931

–

565,183,931

Foreign Government Securities

–

35,228,626

–

35,228,626

Mortgage-Backed Securities

–

577,481,705

–

577,481,705

Municipal Bonds

–

11,844,857

–

11,844,857

Repurchase Agreements

–

77,095,176

–

77,095,176

Supranational

–

25,811,056

–

25,811,056

U.S. Government Agency Securities

–

11,077,108

–

11,077,108

U.S. Treasury Obligations

–

1,028,555,312

–

1,028,555,312

Total

$

–

$

2,376,934,858

$

–

$

2,376,934,858

The Statement of Investments should be read in conjunction 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, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks 97.6%

Shares

Value ($)

AUSTRALIA 6.5%

Banks 2.0%

ANZ Group Holdings Ltd.

139,490

2,549,924

Commonwealth Bank of

Australia

78,341

7,444,411

National Australia Bank Ltd.

144,417

3,091,609

Westpac Banking Corp.

161,200

3,200,342

16,286,286

Beverages 0.0%

†

Treasury Wine Estates Ltd.

40,655

248,686

Broadline Retail 0.3%

Wesfarmers Ltd.

53,667

2,431,797

Capital Markets 0.3%

ASX Ltd.

9,714

397,212

Macquarie Group Ltd.

16,950

2,101,407

2,498,619

Commercial Services & Supplies 0.1%

Brambles Ltd.

65,904

829,044

Consumer Staples Distribution & Retail 0.2%

Coles Group Ltd.

63,619

777,858

Woolworths Group Ltd.

55,920

1,035,884

1,813,742

Diversified REITs 0.1%

GPT Group (The)

95,517

261,411

Stockland

107,651

331,383

592,794

Diversified Telecommunication Services 0.1%

Telstra Group Ltd.

182,369

480,794

Electric Utilities 0.1%

Origin Energy Ltd.

83,811

554,349

Financial Services 0.0%

†

Washington H Soul Pattinson

& Co. Ltd.(a)

10,775

234,533

Gas Utilities 0.0%

†

APA Group

58,397

288,919

Health Care Equipment & Supplies 0.1%

Cochlear Ltd.

2,952

486,102

Health Care Providers & Services 0.0%

†

Sonic Healthcare Ltd.

20,581

331,955

Health Care Technology 0.0%

†

Pro Medicus Ltd.

2,842

359,158

Hotels, Restaurants & Leisure 0.2%

Aristocrat Leisure Ltd.

26,434

1,067,532

Lottery Corp. Ltd. (The)

100,373

299,713

1,367,245

Industrial REITs 0.2%

Goodman Group

95,079

1,709,923

Insurance 0.3%

Insurance Australia Group

Ltd.

115,210

558,345

Medibank Pvt Ltd.

124,193

345,421

QBE Insurance Group Ltd.

70,799

975,252

Suncorp Group Ltd.

49,569

600,225

2,479,243

Interactive Media & Services 0.1%

CAR Group Ltd.

18,775

372,976

REA Group Ltd.(a)

2,383

330,006

702,982

Common Stocks

Shares

Value ($)

AUSTRALIA

Metals & Mining 1.7%

BHP Group Ltd.

237,528

5,760,697

BlueScope Steel Ltd.

19,787

264,508

Fortescue Ltd.

79,941

773,238

Glencore plc

487,504

1,793,350

Northern Star Resources Ltd.

52,386

604,883

Rio Tinto Ltd.(a)

17,265

1,255,435

Rio Tinto plc

52,930

3,164,286

South32 Ltd.

204,208

412,123

14,028,520

Oil, Gas & Consumable Fuels 0.2%

Santos Ltd.

156,135

652,468

Woodside Energy Group Ltd.

88,170

1,275,650

1,928,118

Passenger Airlines 0.0%

†

Qantas Airways Ltd.

34,552

197,039

Professional Services 0.1%

Computershare Ltd.

24,132

593,659

Retail REITs 0.1%

Scentre Group

234,576

492,353

Vicinity Ltd.

174,494

241,349

733,702

Software 0.1%

WiseTech Global Ltd.

8,421

433,366

Trading Companies & Distributors 0.1%

Reece Ltd.(a)

12,076

119,684

SGH Ltd.

9,177

287,090

406,774

Transportation Infrastructure 0.1%

Transurban Group

145,311

1,221,074

53,238,423

AUSTRIA 0.2%

Banks 0.1%

Erste Group Bank AG

15,185

1,055,013

Electric Utilities 0.0%

†

Verbund AG

3,071

217,862

Oil, Gas & Consumable Fuels 0.1%

OMV AG

7,402

379,727

Paper & Forest Products 0.0%

†

Mondi plc

19,906

296,775

1,949,377

BELGIUM 0.8%

Banks 0.1%

KBC Group NV

10,350

946,604

Beverages 0.3%

Anheuser-Busch InBev SA/

NV

42,067

2,590,290

Chemicals 0.0%

†

Syensqo SA

3,342

228,662

Distributors 0.0%

†

D'ieteren Group

959

165,225

Financial Services 0.1%

Groupe Bruxelles Lambert

NV

4,160

311,039

Sofina SA

771

197,235

508,274

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 85

Common Stocks

Shares

Value ($)

BELGIUM

Food Products 0.0%

†

Lotus Bakeries NV

22

195,963

Insurance 0.1%

Ageas SA/NV

7,205

432,886

Pharmaceuticals 0.2%

UCB SA

5,990

1,056,419

6,124,323

BRAZIL 0.0%

†

Chemicals 0.0%

†

Yara International ASA

7,467

226,084

CHILE 0.1%

Metals & Mining 0.1%

Antofagasta plc

19,587

427,837

CHINA 0.5%

Banks 0.1%

BOC Hong Kong Holdings

Ltd.

178,500

722,626

Broadline Retail 0.4%

Prosus NV

63,510

2,962,804

Food Products 0.0%

†

Wilmar International Ltd.

86,194

213,908

Machinery 0.0%

†

Yangzijiang Shipbuilding

Holdings Ltd.

116,500

203,404

Marine Transportation 0.0%

†

SITC International Holdings

Co. Ltd.

69,000

187,551

Real Estate Management & Development 0.0%

†

Wharf Holdings Ltd. (The)

48,708

115,959

4,406,252

DENMARK 2.4%

Air Freight & Logistics 0.2%

DSV A/S

9,617

1,861,553

Banks 0.1%

Danske Bank A/S

32,282

1,058,408

Beverages 0.1%

Carlsberg A/S, Class B

4,308

548,719

Biotechnology 0.1%

Genmab A/S*

3,007

587,039

Zealand Pharma A/S, Class

A*

2,883

216,984

804,023

Building Products 0.0%

†

ROCKWOOL A/S, Class B

457

189,670

Chemicals 0.1%

Novonesis (Novozymes) B,

Class B

16,585

966,552

Electrical Equipment 0.1%

Vestas Wind Systems A/S*

46,228

637,466

Health Care Equipment & Supplies 0.1%

Coloplast A/S, Class B

6,063

637,523

Demant A/S*

4,776

160,586

798,109

Common Stocks

Shares

Value ($)

DENMARK

Independent Power and Renewable Electricity Producers

0.0%

†

Orsted A/S Reg. S*(b)

7,583

333,854

Insurance 0.1%

Tryg A/S

15,288

363,880

Marine Transportation 0.1%

AP Moller - Maersk A/S,

Class A

132

226,388

AP Moller - Maersk A/S,

Class B

205

358,701

585,089

Pharmaceuticals 1.3%

Novo Nordisk A/S, Class B

150,769

10,450,155

Textiles, Apparel & Luxury Goods 0.1%

Pandora A/S

3,932

602,117

19,199,595

FINLAND 1.0%

Banks 0.2%

Nordea Bank Abp

148,325

1,896,733

Communications Equipment 0.2%

Nokia OYJ

249,309

1,314,725

Consumer Staples Distribution & Retail 0.0%

†

Kesko OYJ, Class B(a)

12,317

252,043

Diversified Telecommunication Services 0.1%

Elisa OYJ

6,408

312,243

Electric Utilities 0.1%

Fortum OYJ(a)

20,231

331,668

Insurance 0.1%

Sampo OYJ, Class A

111,570

1,068,552

Machinery 0.2%

Kone OYJ, Class B

16,017

886,236

Metso Oyj(a)

31,446

325,315

Wartsila OYJ Abp

22,682

404,912

1,616,463

Oil, Gas & Consumable Fuels 0.0%

†

Neste OYJ(a)

19,078

175,775

Paper & Forest Products 0.1%

Stora Enso OYJ, Class R(a)

29,496

279,893

UPM-Kymmene OYJ(a)

24,432

655,725

935,618

Pharmaceuticals 0.0%

†

Orion OYJ, Class B

4,878

290,047

8,193,867

FRANCE 9.6%

Aerospace & Defense 1.3%

Airbus SE

27,817

4,904,779

Dassault Aviation SA

1,007

335,044

Safran SA

16,857

4,446,977

Thales SA

4,354

1,169,007

10,855,807

Automobile Components 0.1%

Cie Generale des

Etablissements Michelin

SCA

30,691

1,076,954

86 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

FRANCE

Automobiles 0.1%

Renault SA

9,438

479,602

Banks 0.8%

BNP Paribas SA

47,644

3,967,921

Credit Agricole SA

50,409

916,363

Societe Generale SA

33,456

1,510,466

6,394,750

Beverages 0.1%

Pernod Ricard SA

9,515

945,135

Building Products 0.3%

Cie de Saint-Gobain SA

20,858

2,073,331

Capital Markets 0.0%

†

Amundi SA Reg. S(b)

2,769

217,309

Chemicals 0.7%

Air Liquide SA

27,070

5,151,468

Arkema SA

2,538

193,731

5,345,199

Construction & Engineering 0.5%

Bouygues SA

9,579

377,728

Eiffage SA

3,315

386,565

Vinci SA

23,253

2,938,438

3,702,731

Consumer Staples Distribution & Retail 0.1%

Carrefour SA

27,558

395,211

Diversified REITs 0.0%

†

Covivio SA

2,445

137,355

Diversified Telecommunication Services 0.1%

Orange SA

87,284

1,131,742

Electrical Equipment 0.2%

Legrand SA

12,187

1,290,411

Entertainment 0.0%

†

Bollore SE

31,600

185,262

Financial Services 0.1%

Edenred SE

11,052

360,628

Eurazeo SE

2,047

151,843

512,471

Food Products 0.3%

Danone SA

30,222

2,315,859

Health Care Equipment & Supplies 0.5%

BioMerieux

1,868

230,855

EssilorLuxottica SA

13,921

4,004,863

4,235,718

Hotels, Restaurants & Leisure 0.1%

Accor SA

8,789

401,241

FDJ UNITED Reg. S(b)

5,335

167,708

Sodexo SA

3,990

256,344

825,293

Insurance 0.4%

AXA SA

82,946

3,540,997

IT Services 0.1%

Capgemini SE

7,268

1,086,822

Life Sciences Tools & Services 0.0%

†

Sartorius Stedim Biotech

1,306

259,736

Machinery 0.0%

†

Alstom SA*

17,453

386,392

Common Stocks

Shares

Value ($)

FRANCE

Media 0.1%

Publicis Groupe SA

10,695

1,007,742

Multi-Utilities 0.3%

Engie SA

84,558

1,647,680

Veolia Environnement SA

33,075

1,136,831

2,784,511

Office REITs 0.0%

†

Gecina SA

2,043

192,471

Oil, Gas & Consumable Fuels 0.8%

TotalEnergies SE

101,020

6,528,997

Personal Care Products 0.5%

L'Oreal SA

11,256

4,179,463

Pharmaceuticals 0.0%

†

Ipsen SA

1,701

196,006

Professional Services 0.1%

Bureau Veritas SA

14,327

433,164

Teleperformance SE

2,465

248,496

681,660

Retail REITs 0.1%

Klepierre SA

9,702

324,466

Unibail-Rodamco-Westfield

5,796

488,656

813,122

Software 0.2%

Dassault Systemes SE

31,627

1,205,240

Textiles, Apparel & Luxury Goods 1.6%

Hermes International SCA

1,483

3,886,167

Kering SA(a)

3,497

726,276

LVMH Moet Hennessy Louis

Vuitton SE

12,883

8,043,149

12,655,592

Trading Companies & Distributors 0.0%

†

Rexel SA

10,001

268,677

Transportation Infrastructure 0.1%

Aeroports de Paris SA

1,524

155,874

Getlink SE

13,641

236,393

392,267

78,299,835

GERMANY 9.7%

Aerospace & Defense 0.5%

MTU Aero Engines AG

2,545

881,464

Rheinmetall AG

2,039

2,924,349

3,805,813

Air Freight & Logistics 0.2%

Deutsche Post AG

44,959

1,919,007

Automobile Components 0.0%

†

Continental AG

4,961

346,766

Automobiles 0.6%

Bayerische Motoren Werke

AG

13,571

1,082,425

Bayerische Motoren Werke

AG (Preference)

2,524

188,193

Dr Ing hc F Porsche AG

(Preference)(b)

5,817

289,739

Mercedes-Benz Group AG

33,808

1,982,610

Porsche Automobil Holding

SE (Preference)

6,905

258,057

Volkswagen AG (Preference)

9,659

978,265

4,779,289

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 87

Common Stocks

Shares

Value ($)

GERMANY

Banks 0.1%

Commerzbank AG

44,602

1,012,513

Capital Markets 0.6%

Deutsche Bank AG

(Registered)

87,312

2,061,971

Deutsche Boerse AG

8,771

2,585,119

4,647,090

Chemicals 0.4%

BASF SE

41,782

2,076,597

Covestro AG*

8,097

520,048

Evonik Industries AG

11,558

249,426

Symrise AG, Class A

6,374

660,166

3,506,237

Construction Materials 0.1%

Heidelberg Materials AG

6,425

1,099,343

Diversified Telecommunication Services 0.7%

Deutsche Telekom AG

(Registered)

163,404

6,050,624

Electrical Equipment 0.2%

Siemens Energy AG*

30,270

1,767,468

Entertainment 0.0%

†

CTS Eventim AG & Co.

KGaA

2,814

281,137

Health Care Equipment & Supplies 0.1%

Siemens Healthineers AG

Reg. S(b)

13,413

719,673

Health Care Providers & Services 0.2%

Fresenius Medical Care AG

9,262

457,422

Fresenius SE & Co. KGaA*

20,081

856,068

1,313,490

Household Products 0.1%

Henkel AG & Co. KGaA

4,686

337,493

Henkel AG & Co. KGaA

(Preference)

7,633

606,816

944,309

Independent Power and Renewable Electricity Producers

0.1%

RWE AG

29,783

1,063,753

Industrial Conglomerates 1.0%

Siemens AG (Registered)

35,578

8,162,617

Insurance 1.5%

Allianz SE (Registered)

18,078

6,892,437

Hannover Rueck SE

2,907

862,982

Muenchener

Rueckversicherungs-

Gesellschaft AG in

Muenchen (Registered)

6,263

3,947,755

Talanx AG

2,911

304,504

12,007,678

Interactive Media & Services 0.1%

Scout24 SE Reg. S(b)

3,382

352,516

Life Sciences Tools & Services 0.0%

†

Sartorius AG (Preference)

1,182

273,397

Machinery 0.2%

Daimler Truck Holding AG

22,267

895,125

GEA Group AG

7,686

465,005

Knorr-Bremse AG

3,271

296,335

Common Stocks

Shares

Value ($)

GERMANY

Machinery

Rational AG

229

189,744

1,846,209

Multi-Utilities 0.2%

E.ON SE

105,103

1,586,131

Passenger Airlines 0.0%

†

Deutsche Lufthansa AG

(Registered)

26,383

190,978

Personal Care Products 0.1%

Beiersdorf AG

4,762

616,459

Pharmaceuticals 0.2%

Bayer AG (Registered)

45,980

1,097,575

Merck KGaA

6,109

836,409

1,933,984

Real Estate Management & Development 0.2%

LEG Immobilien SE

3,320

235,016

Vonovia SE

34,660

935,105

1,170,121

Semiconductors & Semiconductor Equipment 0.3%

Infineon Technologies AG

61,135

2,018,965

Software 1.6%

Nemetschek SE

2,604

301,970

SAP SE

48,884

12,978,271

13,280,241

Specialty Retail 0.0%

†

Zalando SE Reg. S*(b)

10,115

349,022

Textiles, Apparel & Luxury Goods 0.3%

adidas AG

8,005

1,874,529

Puma SE

5,502

133,234

2,007,763

Trading Companies & Distributors 0.1%

Brenntag SE

5,860

378,612

79,431,205

HONG KONG 1.8%

Banks 0.1%

Hang Seng Bank Ltd.

34,000

461,958

Capital Markets 0.3%

Futu Holdings Ltd., ADR(a)

2,529

258,843

Hong Kong Exchanges &

Clearing Ltd.

54,000

2,402,195

2,661,038

Diversified Telecommunication Services 0.0%

†

HKT Trust & HKT Ltd.

170,220

227,740

Electric Utilities 0.2%

CK Infrastructure Holdings

Ltd.

32,000

191,643

CLP Holdings Ltd.

79,000

643,964

Power Assets Holdings Ltd.

69,000

413,199

1,248,806

Food Products 0.0%

†

WH Group Ltd. Reg. S(b)

376,045

345,777

Gas Utilities 0.1%

Hong Kong & China Gas Co.

Ltd.

505,266

435,189

Ground Transportation 0.0%

†

MTR Corp. Ltd.(a)

70,000

229,740

88 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

HONG KONG

Industrial Conglomerates 0.1%

Jardine Matheson Holdings

Ltd.

8,200

346,607

Swire Pacific Ltd., Class A

21,500

189,537

536,144

Insurance 0.6%

AIA Group Ltd.

505,200

3,818,914

Prudential plc

125,908

1,358,412

5,177,326

Machinery 0.1%

Techtronic Industries Co. Ltd.

65,000

782,852

Real Estate Management & Development 0.2%

CK Asset Holdings Ltd.

87,016

353,426

Henderson Land

Development Co. Ltd.

76,775

221,605

Hongkong Land Holdings

Ltd.

49,800

215,737

Sino Land Co. Ltd.

205,000

205,326

Sun Hung Kai Properties Ltd.

66,500

631,255

Wharf Real Estate

Investment Co. Ltd.

73,500

178,999

1,806,348

Retail REITs 0.1%

Link REIT

124,940

586,935

14,499,853

IRELAND 0.4%

Banks 0.1%

AIB Group plc

94,513

613,512

Bank of Ireland Group plc

48,692

576,238

1,189,750

Building Products 0.1%

Kingspan Group plc

7,457

603,078

Food Products 0.1%

Kerry Group plc, Class A

6,905

723,896

Trading Companies & Distributors 0.1%

AerCap Holdings NV

9,167

936,592

3,453,316

ISRAEL 0.8%

Aerospace & Defense 0.1%

Elbit Systems Ltd.

1,326

508,755

Banks 0.3%

Bank Hapoalim BM

57,009

772,243

Bank Leumi Le-Israel BM

67,995

913,986

Israel Discount Bank Ltd.,

Class A

55,784

387,627

Mizrahi Tefahot Bank Ltd.

6,991

313,902

2,387,758

Broadline Retail 0.0%

†

Global-e Online Ltd.*

4,518

161,066

Chemicals 0.0%

†

ICL Group Ltd.

37,571

212,649

IT Services 0.1%

Wix.com Ltd.*

2,581

421,684

Pharmaceuticals 0.1%

Teva Pharmaceutical

Industries Ltd., ADR*

51,089

785,238

Common Stocks

Shares

Value ($)

ISRAEL

Real Estate Management & Development 0.0%

†

Azrieli Group Ltd.

2,116

142,582

Semiconductors & Semiconductor Equipment 0.0%

†

Nova Ltd.*

1,333

247,962

Software 0.2%

Check Point Software

Technologies Ltd.*

4,028

918,062

Nice Ltd.*

3,126

480,878

1,398,940

6,266,634

ITALY 2.9%

Aerospace & Defense 0.1%

Leonardo SpA

19,276

940,786

Automobiles 0.3%

Ferrari NV

5,856

2,497,712

Banks 1.1%

Banco BPM SpA

62,069

631,147

BPER Banca SpA

44,876

352,042

FinecoBank Banca Fineco

SpA

27,553

545,885

Intesa Sanpaolo SpA

708,438

3,647,362

Mediobanca Banca di

Credito Finanziario SpA(a)

22,537

423,195

UniCredit SpA

65,365

3,668,769

9,268,400

Beverages 0.1%

Coca-Cola HBC AG

10,755

486,999

Davide Campari-Milano

NV(a)

31,663

185,898

672,897

Diversified Telecommunication Services 0.0%

†

Infrastrutture Wireless

Italiane SpA Reg. S(b)

17,414

184,380

Telecom Italia SpA*(a)

522,046

176,510

360,890

Electric Utilities 0.5%

Enel SpA

380,752

3,088,566

Terna - Rete Elettrica

Nazionale

63,449

574,305

3,662,871

Electrical Equipment 0.1%

Prysmian SpA

13,336

732,034

Financial Services 0.0%

†

Nexi SpA Reg. S*(a)(b)

22,305

118,773

Gas Utilities 0.1%

Snam SpA(a)

90,936

471,763

Health Care Equipment & Supplies 0.0%

†

DiaSorin SpA

929

92,013

Health Care Providers & Services 0.0%

†

Amplifon SpA(a)

6,709

135,683

Insurance 0.3%

Generali(a)

43,666

1,534,112

Poste Italiane SpA Reg. S(b)

20,615

367,261

Unipol Assicurazioni SpA

17,795

284,597

2,185,970

Oil, Gas & Consumable Fuels 0.2%

Eni SpA

100,536

1,552,725

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 89

Common Stocks

Shares

Value ($)

ITALY

Pharmaceuticals 0.0%

†

Recordati Industria Chimica

e Farmaceutica SpA

5,365

304,009

Textiles, Apparel & Luxury Goods 0.1%

Moncler SpA

10,693

660,742

23,657,268

JAPAN 21.2%

Air Freight & Logistics 0.0%

†

SG Holdings Co. Ltd.(a)

16,300

162,657

Automobile Components 0.4%

Aisin Corp.

26,300

286,194

Bridgestone Corp.(a)

26,700

1,072,307

Denso Corp.

88,400

1,096,774

Sumitomo Electric Industries

Ltd.

34,600

577,423

3,032,698

Automobiles 1.5%

Honda Motor Co. Ltd.(a)

211,100

1,915,247

Isuzu Motors Ltd.

25,400

344,012

Nissan Motor Co. Ltd.*

100,500

255,221

Subaru Corp.

26,400

470,032

Suzuki Motor Corp.

74,100

903,469

Toyota Motor Corp.

443,670

7,825,678

Yamaha Motor Co. Ltd.

41,700

333,242

12,046,901

Banks 2.2%

Chiba Bank Ltd. (The)(a)

25,700

241,300

Concordia Financial Group

Ltd.

53,500

352,625

Japan Post Bank Co. Ltd.(a)

84,600

854,428

Mitsubishi UFJ Financial

Group, Inc.

536,667

7,247,814

Mizuho Financial Group, Inc.

113,351

3,087,168

Resona Holdings, Inc.

99,200

858,601

Sumitomo Mitsui Financial

Group, Inc.

174,559

4,454,020

Sumitomo Mitsui Trust

Group, Inc.

30,880

770,565

17,866,521

Beverages 0.2%

Asahi Group Holdings Ltd.

68,500

875,910

Kirin Holdings Co. Ltd.

35,000

485,193

Suntory Beverage & Food

Ltd.

6,100

200,956

1,562,059

Broadline Retail 0.1%

Pan Pacific International

Holdings Corp.

17,200

470,818

Rakuten Group, Inc.*

74,600

426,904

897,722

Building Products 0.2%

AGC, Inc.

8,800

267,673

Daikin Industries Ltd.

12,300

1,335,379

1,603,052

Capital Markets 0.3%

Daiwa Securities Group, Inc.

60,200

401,653

Japan Exchange Group, Inc.

48,700

498,965

Nomura Holdings, Inc.

135,600

831,320

SBI Holdings, Inc.

13,690

367,163

2,099,101

Common Stocks

Shares

Value ($)

JAPAN

Chemicals 0.6%

Asahi Kasei Corp.

56,600

396,226

Mitsubishi Chemical Group

Corp.

61,100

301,559

Nippon Paint Holdings Co.

Ltd.

47,200

354,011

Nippon Sanso Holdings

Corp.(a)

7,800

235,702

Nitto Denko Corp.

34,100

628,481

Shin-Etsu Chemical Co. Ltd.

83,900

2,390,364

Toray Industries, Inc.(a)

68,600

468,461

4,774,804

Commercial Services & Supplies 0.1%

Dai Nippon Printing Co. Ltd.

17,500

248,368

Secom Co. Ltd.

20,100

684,349

TOPPAN Holdings, Inc.

10,800

295,034

1,227,751

Construction & Engineering 0.1%

Kajima Corp.(a)

17,900

365,488

Obayashi Corp.

29,300

389,543

Taisei Corp.(a)

7,400

327,510

1,082,541

Consumer Staples Distribution & Retail 0.3%

Aeon Co. Ltd.(a)

31,200

781,766

Kobe Bussan Co. Ltd.

7,700

180,926

MatsukiyoCocokara & Co.

15,000

234,762

Seven & i Holdings Co. Ltd.

102,300

1,486,717

2,684,171

Diversified Telecommunication Services 0.2%

Nippon Telegraph &

Telephone Corp.

1,387,700

1,340,362

Electric Utilities 0.1%

Chubu Electric Power Co.,

Inc.

29,100

315,621

Kansai Electric Power Co.,

Inc. (The)

45,100

533,284

848,905

Electrical Equipment 0.4%

Fuji Electric Co. Ltd.

6,000

254,799

Fujikura Ltd.

11,300

415,259

Mitsubishi Electric Corp.

88,300

1,612,220

Nidec Corp.(a)

39,800

666,422

2,948,700

Electronic Equipment, Instruments & Components 0.9%

Keyence Corp.

9,144

3,589,087

Kyocera Corp.(a)

61,500

693,058

Murata Manufacturing Co.

Ltd.

78,700

1,223,598

Omron Corp.

7,900

222,565

Shimadzu Corp.

12,000

300,134

TDK Corp.

91,500

955,169

Yokogawa Electric Corp.

10,300

200,057

7,183,668

Entertainment 0.6%

Capcom Co. Ltd.

15,600

384,658

Konami Group Corp.

4,900

578,753

Nexon Co. Ltd.

15,200

207,766

Nintendo Co. Ltd.

51,700

3,526,428

Toho Co. Ltd.

5,000

248,262

4,945,867

90 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

JAPAN

Financial Services 0.2%

Mitsubishi HC Capital, Inc.(a)

39,700

267,045

ORIX Corp.

54,000

1,117,221

1,384,266

Food Products 0.2%

Ajinomoto Co., Inc.

41,800

826,736

Kikkoman Corp.(a)

30,600

294,620

MEIJI Holdings Co. Ltd.

10,560

228,561

Nissin Foods Holdings Co.

Ltd.(a)

9,000

183,264

Yakult Honsha Co. Ltd.(a)

11,500

218,368

1,751,549

Gas Utilities 0.1%

Osaka Gas Co. Ltd.

16,400

371,374

Tokyo Gas Co. Ltd.

16,600

527,716

899,090

Ground Transportation 0.3%

Central Japan Railway Co.

36,900

702,790

East Japan Railway Co.

43,028

848,275

Hankyu Hanshin Holdings,

Inc.

11,200

300,701

Tokyo Metro Co. Ltd.(a)

13,300

161,511

Tokyu Corp.(a)

24,000

270,146

West Japan Railway Co.(a)

21,800

425,051

2,708,474

Health Care Equipment & Supplies 0.5%

Hoya Corp.

16,500

1,861,272

Olympus Corp.

53,100

697,450

Sysmex Corp.

22,700

431,866

Terumo Corp.

62,800

1,179,063

4,169,651

Health Care Technology 0.0%

†

M3, Inc.*(a)

19,900

227,866

Hotels, Restaurants & Leisure 0.1%

Oriental Land Co. Ltd.(a)

51,200

1,007,548

Zensho Holdings Co. Ltd.(a)

4,300

230,626

1,238,174

Household Durables 1.1%

Panasonic Holdings Corp.

108,400

1,298,515

Sekisui House Ltd.

28,700

641,860

Sony Group Corp.

287,900

7,333,244

9,273,619

Household Products 0.0%

†

Unicharm Corp.

50,400

400,885

Industrial Conglomerates 0.7%

Hikari Tsushin, Inc.(a)

900

232,002

Hitachi Ltd.

217,100

5,026,099

Sekisui Chemical Co. Ltd.

19,100

325,471

5,583,572

Insurance 1.1%

Dai-ichi Life Holdings, Inc.

168,800

1,285,047

Japan Post Holdings Co. Ltd.

90,500

904,032

Japan Post Insurance Co.

Ltd.(a)

10,000

202,823

MS&AD Insurance Group

Holdings, Inc.

60,023

1,300,225

Sompo Holdings, Inc.(a)

41,550

1,259,534

T&D Holdings, Inc.

22,400

477,137

Tokio Marine Holdings, Inc.

83,300

3,212,682

8,641,480

Common Stocks

Shares

Value ($)

JAPAN

Interactive Media & Services 0.0%

†

LY Corp.(a)

129,000

436,203

IT Services 0.6%

Fujitsu Ltd.

82,700

1,644,049

NEC Corp.

58,500

1,241,511

Nomura Research Institute

Ltd.(a)

18,215

591,109

NTT Data Group Corp.(a)

28,900

522,350

Obic Co. Ltd.

14,600

421,266

Otsuka Corp.

10,300

223,170

SCSK Corp.

7,700

190,012

TIS, Inc.(a)

9,600

265,143

5,098,610

Leisure Products 0.2%

Bandai Namco Holdings, Inc.

28,000

938,484

Shimano, Inc.

3,400

477,226

1,415,710

Machinery 1.1%

Daifuku Co. Ltd.

14,600

356,257

FANUC Corp.

43,900

1,198,092

Hoshizaki Corp.

5,800

223,693

Komatsu Ltd.

42,800

1,242,000

Kubota Corp.

45,600

559,864

Makita Corp.

10,700

355,112

MINEBEA MITSUMI, Inc.(a)

18,000

262,825

Mitsubishi Heavy Industries

Ltd.

150,400

2,570,187

SMC Corp.(a)

2,800

996,333

Toyota Industries Corp.

7,800

665,681

Yaskawa Electric Corp.

10,200

255,875

8,685,919

Marine Transportation 0.2%

Kawasaki Kisen Kaisha Ltd.

(a)

16,400

221,633

Mitsui OSK Lines Ltd.(a)

16,600

575,915

Nippon Yusen KK(a)

20,900

688,159

1,485,707

Media 0.0%

†

Dentsu Group, Inc.(a)

9,001

198,166

Metals & Mining 0.2%

JFE Holdings, Inc.(a)

26,000

318,072

Nippon Steel Corp.

44,244

944,504

Sumitomo Metal Mining Co.

Ltd.(a)

11,100

241,206

1,503,782

Office REITs 0.0%

†

Nippon Building Fund, Inc.

341

289,654

Oil, Gas & Consumable Fuels 0.2%

ENEOS Holdings, Inc.

130,739

685,900

Idemitsu Kosan Co. Ltd.(a)

40,780

287,281

Inpex Corp.

39,700

546,369

1,519,550

Passenger Airlines 0.0%

†

ANA Holdings, Inc.

7,700

141,862

Japan Airlines Co. Ltd.

6,286

107,355

249,217

Personal Care Products 0.2%

Kao Corp.

22,000

950,693

Shiseido Co. Ltd.

18,000

340,296

1,290,989

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 91

Common Stocks

Shares

Value ($)

JAPAN

Pharmaceuticals 1.1%

Astellas Pharma, Inc.(a)

85,800

829,097

Chugai Pharmaceutical Co.

Ltd.

31,100

1,420,459

Daiichi Sankyo Co. Ltd.

82,500

1,935,937

Eisai Co. Ltd.(a)

12,800

355,118

Kyowa Kirin Co. Ltd.

12,500

181,275

Ono Pharmaceutical Co. Ltd.

(a)

19,100

205,061

Otsuka Holdings Co. Ltd.

21,000

1,090,051

Shionogi & Co. Ltd.

34,100

514,081

Takeda Pharmaceutical Co.

Ltd.(a)

74,549

2,213,936

8,745,015

Professional Services 0.4%

Recruit Holdings Co. Ltd.

65,700

3,413,137

Real Estate Management & Development 0.5%

Daito Trust Construction Co.

Ltd.

2,900

296,603

Daiwa House Industry Co.

Ltd.

26,800

885,918

Hulic Co. Ltd.

20,200

193,842

Mitsubishi Estate Co. Ltd.

48,700

794,794

Mitsui Fudosan Co. Ltd.

125,200

1,117,737

Sumitomo Realty &

Development Co. Ltd.

14,000

525,319

3,814,213

Semiconductors & Semiconductor Equipment 0.8%

Advantest Corp.(a)

36,000

1,601,282

Disco Corp.

4,400

905,916

Lasertec Corp.

3,600

308,820

Renesas Electronics Corp.

78,200

1,062,227

SCREEN Holdings Co. Ltd.

(a)

3,700

241,187

Tokyo Electron Ltd.

20,800

2,836,302

6,955,734

Software 0.1%

Oracle Corp. Japan

2,100

220,831

Trend Micro, Inc.

5,700

383,454

604,285

Specialty Retail 0.4%

Fast Retailing Co. Ltd.

9,000

2,687,653

Nitori Holdings Co. Ltd.

3,600

356,441

ZOZO, Inc.(a)

20,700

198,868

3,242,962

Technology Hardware, Storage & Peripherals 0.3%

Canon, Inc.(a)

43,300

1,350,120

FUJIFILM Holdings Corp.

52,500

1,005,081

Ricoh Co. Ltd.(a)

23,500

248,531

Seiko Epson Corp.

13,000

207,802

2,811,534

Textiles, Apparel & Luxury Goods 0.1%

Asics Corp.

30,800

654,134

Tobacco 0.2%

Japan Tobacco, Inc.

55,700

1,529,614

Trading Companies & Distributors 1.3%

ITOCHU Corp.(a)

55,600

2,568,643

Marubeni Corp.

66,900

1,068,920

Mitsubishi Corp.

160,100

2,815,761

Mitsui & Co. Ltd.

118,200

2,221,640

Common Stocks

Shares

Value ($)

JAPAN

Trading Companies & Distributors

MonotaRO Co. Ltd.

11,300

211,030

Sumitomo Corp.(a)

51,000

1,145,695

Toyota Tsusho Corp.

28,700

479,433

10,511,122

Wireless Telecommunication Services 0.8%

KDDI Corp.

143,600

2,266,171

SoftBank Corp.

1,346,200

1,876,040

SoftBank Group Corp.

44,700

2,261,932

6,404,143

173,445,506

JORDAN 0.0%

†

Pharmaceuticals 0.0%

†

Hikma Pharmaceuticals plc

7,505

188,842

LUXEMBOURG 0.1%

Capital Markets 0.0%

†

CVC Capital Partners plc*(b)

9,587

190,532

Life Sciences Tools & Services 0.0%

†

Eurofins Scientific SE(a)

6,092

324,609

Metals & Mining 0.1%

ArcelorMittal SA

22,503

649,953

1,165,094

MACAU 0.1%

Hotels, Restaurants & Leisure 0.1%

Galaxy Entertainment Group

Ltd.

99,000

388,816

Sands China Ltd.*

119,900

241,462

630,278

NETHERLANDS 3.9%

Banks 0.4%

ABN AMRO Bank NV, CVA

Reg. S(b)

22,781

479,798

ING Groep NV

146,706

2,872,007

3,351,805

Beverages 0.2%

Heineken Holding NV

5,845

424,382

Heineken NV

13,184

1,076,691

1,501,073

Biotechnology 0.2%

Argenx SE*

2,828

1,670,142

Capital Markets 0.1%

Euronext NV Reg. S(b)

3,843

556,565

Chemicals 0.1%

Akzo Nobel NV

7,701

474,777

Consumer Staples Distribution & Retail 0.2%

Koninklijke Ahold Delhaize

NV

43,092

1,611,025

Diversified Telecommunication Services 0.1%

Koninklijke KPN NV

178,020

753,683

Entertainment 0.1%

Universal Music Group NV(a)

38,521

1,061,704

Financial Services 0.2%

Adyen NV Reg. S*(b)

1,032

1,577,414

EXOR NV

4,484

408,015

1,985,429

Food Products 0.0%

†

JDE Peet's NV

7,821

171,861

92 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

NETHERLANDS

Health Care Equipment & Supplies 0.1%

Koninklijke Philips NV*

37,568

954,479

Insurance 0.2%

Aegon Ltd.

60,889

400,496

ASR Nederland NV

7,909

455,246

NN Group NV

13,006

723,911

1,579,653

Professional Services 0.2%

Randstad NV(a)

4,894

203,579

Wolters Kluwer NV

11,234

1,744,931

1,948,510

Semiconductors & Semiconductor Equipment 1.7%

ASM International NV

2,118

970,421

ASML Holding NV

18,437

12,199,713

BE Semiconductor Industries

NV

3,807

395,445

13,565,579

Trading Companies & Distributors 0.1%

IMCD NV(a)

2,831

376,817

31,563,102

NEW ZEALAND 0.3%

Electric Utilities 0.0%

†

Contact Energy Ltd.

41,765

217,081

Financial Services 0.0%

†

Infratil Ltd.

41,407

244,469

Health Care Equipment & Supplies 0.1%

Fisher & Paykel Healthcare

Corp. Ltd.

26,432

504,579

Independent Power and Renewable Electricity Producers

0.0%

†

Meridian Energy Ltd.

58,778

187,078

Software 0.1%

Xero Ltd.*

6,894

673,999

Transportation Infrastructure 0.1%

Auckland International

Airport Ltd.

75,837

352,067

2,179,273

NORWAY 0.6%

Aerospace & Defense 0.1%

Kongsberg Gruppen ASA

3,967

581,626

Banks 0.1%

DNB Bank ASA

42,121

1,107,874

Diversified Telecommunication Services 0.0%

†

Telenor ASA

27,768

396,697

Food Products 0.1%

Mowi ASA

23,194

432,052

Orkla ASA

31,612

347,038

Salmar ASA

3,470

166,828

945,918

Insurance 0.0%

†

Gjensidige Forsikring ASA

10,155

233,636

Metals & Mining 0.1%

Norsk Hydro ASA

70,182

409,338

Oil, Gas & Consumable Fuels 0.2%

Aker BP ASA

14,251

337,671

Common Stocks

Shares

Value ($)

NORWAY

Oil, Gas & Consumable Fuels

Equinor ASA

37,783

1,000,595

1,338,266

5,013,355

POLAND 0.0%

†

Air Freight & Logistics 0.0%

†

InPost SA*

10,657

156,839

PORTUGAL 0.1%

Consumer Staples Distribution & Retail 0.0%

†

Jeronimo Martins SGPS SA

12,770

271,263

Electric Utilities 0.1%

EDP SA

143,646

485,621

Oil, Gas & Consumable Fuels 0.0%

†

Galp Energia SGPS SA

20,958

368,532

1,125,416

SINGAPORE 1.7%

Aerospace & Defense 0.1%

Singapore Technologies

Engineering Ltd.

70,400

354,257

Banks 0.8%

DBS Group Holdings Ltd.

93,600

3,212,301

Oversea-Chinese Banking

Corp. Ltd.

155,900

1,992,296

United Overseas Bank Ltd.

59,100

1,664,503

6,869,100

Capital Markets 0.1%

Singapore Exchange Ltd.

38,400

382,286

Diversified Telecommunication Services 0.1%

Singapore

Telecommunications Ltd.

351,350

890,810

Entertainment 0.3%

Sea Ltd., ADR*

17,146

2,237,382

Ground Transportation 0.1%

Grab Holdings Ltd., Class A*

105,523

478,019

Hotels, Restaurants & Leisure 0.0%

†

Genting Singapore Ltd.

322,496

178,525

Industrial Conglomerates 0.0%

†

Keppel Ltd.

65,700

336,045

Industrial REITs 0.0%

†

CapitaLand Ascendas REIT

168,507

333,750

Multi-Utilities 0.0%

†

Sembcorp Industries Ltd.

47,200

220,531

Passenger Airlines 0.0%

†

Singapore Airlines Ltd.

67,114

338,420

Real Estate Management & Development 0.0%

†

CapitaLand Investment Ltd.

105,597

214,381

Retail REITs 0.1%

CapitaLand Integrated

Commercial Trust

290,605

452,514

Semiconductors & Semiconductor Equipment 0.1%

STMicroelectronics NV

32,457

710,459

13,996,479

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 93

Common Stocks

Shares

Value ($)

SOUTH AFRICA 0.2%

Metals & Mining 0.2%

Anglo American plc

59,995

1,684,200

SOUTH KOREA 0.0%

†

Hotels, Restaurants & Leisure 0.0%

†

Delivery Hero SE Reg. S*(b)

9,502

225,476

SPAIN 3.0%

Banks 1.3%

Banco Bilbao Vizcaya

Argentaria SA

269,801

3,677,726

Banco de Sabadell SA

259,638

730,959

Banco Santander SA

709,345

4,777,763

CaixaBank SA

185,921

1,447,042

10,633,490

Biotechnology 0.0%

†

Grifols SA*

13,372

119,136

Construction & Engineering 0.1%

ACS Actividades de

Construccion y Servicios

SA

8,040

458,582

Diversified Telecommunication Services 0.2%

Cellnex Telecom SA Reg.

S(b)

25,031

888,510

Telefonica SA(a)

188,104

885,133

1,773,643

Electric Utilities 0.7%

Acciona SA(a)

1,238

162,116

Endesa SA

14,324

379,340

Iberdrola SA

272,764

4,409,616

Redeia Corp. SA

18,192

365,320

5,316,392

Hotels, Restaurants & Leisure 0.2%

Amadeus IT Group SA

21,142

1,620,178

Independent Power and Renewable Electricity Producers

0.0%

†

EDP Renovaveis SA(a)

15,563

129,800

Oil, Gas & Consumable Fuels 0.1%

Repsol SA

53,298

708,197

Specialty Retail 0.3%

Industria de Diseno Textil SA

51,066

2,547,285

Transportation Infrastructure 0.1%

Aena SME SA Reg. S(b)

3,557

833,802

24,140,505

SWEDEN 3.1%

Aerospace & Defense 0.1%

Saab AB, Class B

14,445

567,513

Banks 0.4%

Skandinaviska Enskilda

Banken AB, Class A*(a)

74,287

1,218,034

Svenska Handelsbanken AB,

Class A(a)

68,947

778,394

Swedbank AB, Class A(a)

39,918

908,076

2,904,504

Biotechnology 0.0%

†

Swedish Orphan Biovitrum

AB*

8,830

252,871

Building Products 0.2%

Assa Abloy AB, Class B

47,189

1,417,965

Common Stocks

Shares

Value ($)

SWEDEN

Building Products

Nibe Industrier AB, Class

B(a)

68,296

260,387

1,678,352

Capital Markets 0.1%

EQT AB(a)

18,038

551,464

Commercial Services & Supplies 0.0%

†

Securitas AB, Class B

22,178

313,722

Communications Equipment 0.1%

Telefonaktiebolaget LM

Ericsson, Class B(a)

130,098

1,009,241

Construction & Engineering 0.0%

†

Skanska AB, Class B*

17,042

376,686

Diversified Telecommunication Services 0.0%

†

Telia Co. AB

106,393

383,934

Electronic Equipment, Instruments & Components 0.1%

Hexagon AB, Class B

97,048

1,039,906

Financial Services 0.4%

Industrivarden AB, Class A

5,481

201,667

Industrivarden AB, Class

C(a)

7,238

266,177

Investor AB, Class B

81,027

2,418,626

L E Lundbergforetagen AB,

Class B

3,933

197,359

3,083,829

Hotels, Restaurants & Leisure 0.1%

Evolution AB Reg. S(b)

7,642

570,063

Household Products 0.1%

Essity AB, Class B(a)

29,370

834,762

Industrial Conglomerates 0.1%

Investment AB Latour, Class

B(a)

6,530

178,058

Lifco AB, Class B(a)

10,512

372,116

550,174

Machinery 1.1%

Alfa Laval AB

13,956

597,640

Atlas Copco AB, Class A

125,809

2,015,782

Atlas Copco AB, Class B

73,043

1,029,931

Epiroc AB, Class A

29,719

600,280

Epiroc AB, Class B

17,586

310,690

Indutrade AB(a)

12,322

342,398

Sandvik AB

48,808

1,029,635

SKF AB, Class B*(a)

15,373

312,164

Trelleborg AB, Class B(a)

10,628

396,458

Volvo AB, Class B*(a)

74,362

2,186,953

8,821,931

Metals & Mining 0.0%

†

Boliden AB

12,334

403,841

Paper & Forest Products 0.1%

Holmen AB, Class B(a)

3,882

153,880

Svenska Cellulosa AB SCA,

Class B*

27,349

360,482

514,362

Real Estate Management & Development 0.1%

Fastighets AB Balder, Class

B*

35,313

221,082

Sagax AB, Class B(a)

9,910

207,843

428,925

94 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

SWEDEN

Specialty Retail 0.0%

†

H & M Hennes & Mauritz AB,

Class B(a)

25,545

337,241

Trading Companies & Distributors 0.1%

AddTech AB, Class B

13,047

382,465

Beijer Ref AB, Class B(a)

17,357

243,571

626,036

Wireless Telecommunication Services 0.0%

†

Tele2 AB, Class B

24,651

332,343

25,581,700

SWITZERLAND 4.8%

Banks 0.0%

†

Banque Cantonale Vaudoise

(Registered)(a)

1,358

148,127

Building Products 0.1%

Geberit AG (Registered)

1,578

985,206

Capital Markets 0.8%

Julius Baer Group Ltd.

9,883

682,658

Partners Group Holding AG

1,077

1,528,283

UBS Group AG (Registered)

153,970

4,717,889

6,928,830

Chemicals 0.6%

DSM-Firmenich AG

8,769

869,072

EMS-Chemie Holding AG

(Registered)(a)

316

214,664

Givaudan SA (Registered)(a)

434

1,865,004

Sika AG (Registered)

7,189

1,741,361

4,690,101

Containers & Packaging 0.0%

†

SIG Group AG(a)

13,791

254,839

Diversified Telecommunication Services 0.1%

Swisscom AG (Registered)

1,239

713,379

Electric Utilities 0.0%

†

BKW AG

1,062

186,348

Electrical Equipment 0.5%

ABB Ltd. (Registered)

74,037

3,831,505

Food Products 0.2%

Barry Callebaut AG

(Registered)(a)

161

213,543

Chocoladefabriken Lindt &

Spruengli AG(a)

44

593,868

Chocoladefabriken Lindt &

Spruengli AG (Registered)

6

786,174

1,593,585

Health Care Equipment & Supplies 0.2%

Sonova Holding AG

(Registered)

2,320

676,286

Straumann Holding AG

(Registered)(a)

5,326

643,241

1,319,527

Insurance 0.8%

Baloise Holding AG

(Registered)

1,962

411,894

Helvetia Holding AG

(Registered)

1,674

347,150

Swiss Life Holding AG

(Registered)

1,341

1,221,491

Common Stocks

Shares

Value ($)

SWITZERLAND

Insurance

Zurich Insurance Group AG

6,851

4,778,814

6,759,349

Life Sciences Tools & Services 0.2%

Lonza Group AG

(Registered)

3,383

2,082,152

Machinery 0.2%

Schindler Holding AG

1,836

573,600

Schindler Holding AG

(Registered)

1,059

320,210

VAT Group AG Reg. S(b)

1,218

440,133

1,333,943

Marine Transportation 0.1%

Kuehne + Nagel International

AG (Registered)

2,178

504,290

Pharmaceuticals 0.1%

Galderma Group AG*

4,081

434,387

Sandoz Group AG

19,341

813,553

1,247,940

Professional Services 0.1%

SGS SA (Registered)

7,207

715,393

Real Estate Management & Development 0.1%

Swiss Prime Site AG

(Registered)

3,838

471,322

Software 0.0%

†

Temenos AG (Registered)

2,542

197,357

Specialty Retail 0.0%

†

Avolta AG

3,999

174,976

Technology Hardware, Storage & Peripherals 0.1%

Logitech International SA

(Registered)

7,244

616,077

Textiles, Apparel & Luxury Goods 0.6%

Cie Financiere Richemont

SA (Registered)

25,166

4,394,628

Swatch Group AG (The)(a)

1,305

225,382

4,620,010

39,374,256

UNITED ARAB EMIRATES 0.0%

†

Health Care Providers & Services 0.0%

†

NMC Health plc*^∞

11,719

0

UNITED KINGDOM 11.1%

Aerospace & Defense 0.9%

BAE Systems plc

140,040

2,833,773

Melrose Industries plc

58,155

358,403

Rolls-Royce Holdings plc*

398,146

3,849,498

7,041,674

Banks 2.2%

Barclays plc

676,242

2,539,354

HSBC Holdings plc

836,707

9,487,162

Lloyds Banking Group plc

2,837,710

2,654,882

NatWest Group plc

358,204

2,098,662

Standard Chartered plc

97,292

1,441,966

18,222,026

Beverages 0.4%

Coca-Cola Europacific

Partners plc(a)

9,794

852,372

Diageo plc

104,817

2,734,339

3,586,711

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 95

Common Stocks

Shares

Value ($)

UNITED KINGDOM

Broadline Retail 0.1%

Next plc

5,689

819,003

Capital Markets 0.7%

3i Group plc

45,343

2,124,089

London Stock Exchange

Group plc

22,437

3,327,224

Schroders plc

42,578

192,640

5,643,953

Chemicals 0.0%

†

Croda International plc

5,982

226,699

Commercial Services & Supplies 0.1%

Rentokil Initial plc

113,846

514,479

Consumer Staples Distribution & Retail 0.3%

J Sainsbury plc

79,727

242,472

Marks & Spencer Group plc

92,492

425,635

Tesco plc

317,492

1,363,991

2,032,098

Diversified Consumer Services 0.1%

Pearson plc

27,038

427,227

Diversified REITs 0.0%

†

Land Securities Group plc

31,913

226,791

Diversified Telecommunication Services 0.1%

BT Group plc(a)

312,348

670,721

Electric Utilities 0.1%

SSE plc

50,514

1,039,497

Electronic Equipment, Instruments & Components 0.1%

Halma plc

18,253

610,470

Financial Services 0.1%

M&G plc

113,560

292,763

Wise plc, Class A*

30,045

367,941

660,704

Food Products 0.0%

†

Associated British Foods plc

15,055

372,377

Health Care Equipment & Supplies 0.1%

Smith & Nephew plc

39,430

554,591

Hotels, Restaurants & Leisure 0.5%

Compass Group plc

79,463

2,623,504

Entain plc

27,388

206,367

InterContinental Hotels

Group plc

7,505

807,722

Whitbread plc

8,075

256,783

3,894,376

Household Durables 0.0%

†

Barratt Redrow plc

62,158

341,797

Household Products 0.3%

Reckitt Benckiser Group plc

32,381

2,188,151

Industrial Conglomerates 0.2%

CK Hutchison Holdings Ltd.

121,016

684,041

DCC plc

4,459

297,690

Smiths Group plc

15,538

389,161

1,370,892

Industrial REITs 0.1%

Segro plc

62,546

558,214

Insurance 0.3%

Admiral Group plc

11,741

433,865

Aviva plc

120,013

864,875

Common Stocks

Shares

Value ($)

UNITED KINGDOM

Insurance

Legal & General Group plc

278,992

880,147

Phoenix Group Holdings plc

31,252

231,700

2,410,587

Interactive Media & Services 0.1%

Auto Trader Group plc Reg.

S(b)

40,354

389,326

Machinery 0.0%

†

Spirax Group plc

3,320

267,380

Media 0.1%

Informa plc

63,783

638,040

WPP plc

53,660

405,502

1,043,542

Multi-Utilities 0.4%

Centrica plc

232,536

449,371

National Grid plc

229,021

2,983,748

3,433,119

Personal Care Products 0.8%

Unilever plc

116,002

6,910,672

Pharmaceuticals 1.3%

AstraZeneca plc

72,587

10,608,209

Professional Services 0.6%

Intertek Group plc

7,901

511,588

RELX plc

87,058

4,373,032

4,884,620

Software 0.1%

Sage Group plc (The)

45,890

716,868

Specialty Retail 0.0%

†

JD Sports Fashion plc

130,275

114,568

Kingfisher plc

81,429

267,996

382,564

Tobacco 0.6%

British American Tobacco plc

93,040

3,835,775

Imperial Brands plc

37,316

1,379,980

5,215,755

Trading Companies & Distributors 0.2%

Ashtead Group plc

20,374

1,100,262

Bunzl plc

15,150

580,475

1,680,737

Water Utilities 0.1%

Severn Trent plc

13,502

442,027

United Utilities Group plc

30,750

401,019

843,046

Wireless Telecommunication Services 0.1%

Vodafone Group plc

1,001,913

937,597

90,726,473

UNITED STATES 10.7%

Automobiles 0.1%

Stellantis NV

95,955

1,074,520

Biotechnology 0.4%

CSL Ltd.

22,668

3,546,327

Construction & Engineering 0.1%

Ferrovial SE

22,348

1,000,333

Construction Materials 0.4%

Holcim AG

24,400

2,624,789

James Hardie Industries plc

CHDI*

19,675

466,746

3,091,535

96 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

Common Stocks

Shares

Value ($)

UNITED STATES

Electrical Equipment 0.7%

Schneider Electric SE

25,600

5,925,963

Energy Equipment & Services 0.1%

Tenaris SA

20,460

399,738

Entertainment 0.5%

Spotify Technology SA*(a)

7,211

3,966,266

Food Products 1.5%

Nestle SA (Registered)

122,652

12,403,489

Health Care Equipment & Supplies 0.3%

Alcon AG

23,411

2,210,168

Insurance 0.3%

Swiss Re AG

14,120

2,396,811

Life Sciences Tools & Services 0.1%

QIAGEN NV*

10,750

426,613

Oil, Gas & Consumable Fuels 1.8%

BP plc

754,710

4,256,809

Shell plc

285,345

10,385,229

14,642,038

Pharmaceuticals 4.1%

GSK plc

194,049

3,706,123

Haleon plc

423,911

2,145,596

Novartis AG (Registered)

92,267

10,263,557

Roche Holding AG

34,333

11,315,338

Sanofi SA

53,218

5,897,082

33,327,696

Professional Services 0.2%

Experian plc

43,140

1,999,430

Software 0.1%

CyberArk Software Ltd.*(a)

2,260

763,880

Monday.com Ltd.*

1,712

416,290

1,180,170

87,591,097

Total Common Stocks

(cost $411,983,045)

798,161,760

Repurchase Agreements 3.0%  

Principal

Amount ($)

Bank of America

NA, 4.36%, dated

3/31/2025, due

4/1/2025, repurchase

price $8,000,969,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047;

total market value

$8,160,000.(c)

8,000,000

8,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

BNP Paribas Securities

Corp., 4.38%, dated

3/31/2025, due

4/1/2025, repurchase

price $11,001,338,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$11,220,000.(c)

11,000,000

11,000,000

Cantor Fitzgerald &

Co., 4.38%, dated

3/31/2025, due

4/1/2025, repurchase

price $703,554,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$717,537.(c)

703,468

703,468

ING Financial Services

LLC, 4.34%, dated

3/31/2025, due

4/7/2025, repurchase

price $1,000,844,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$1,020,001.(c)

1,000,000

1,000,000

Pershing LLC, 4.35%,

dated 3/31/2025, due

4/1/2025, repurchase

price $4,000,483,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00%

- 9.00%, maturing

4/1/2025 - 3/20/2075;

total market value

$4,080,000.(c)

4,000,000

4,000,000

Total Repurchase Agreements

(cost $24,703,468)

24,703,468

Total Investments

(cost $436,686,513) — 100.6%

822,865,228

Liabilities in excess of other assets

— (0.6)%

(5,034,507)

NET ASSETS — 100.0%

$

817,830,721

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 97

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $50,550,982, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $24,703,468 and by $29,066,020 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/24/2025 - 2/15/2055, a total value of

$53,769,488.

(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 as of March 31, 2025

was $9,597,631 which represents 1.17% 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, 2025 was $24,703,468.

ADR

American Depositary Receipt

CHDI

Clearing House Electronic Subregister System

(CHESS) Depository Interest

CVA

Dutch Certification

Preference

A special type of equity investment that shares in

the earnings of the company, has limited voting

rights, and may have a dividend preference.

Preference shares may also have liquidation

preference.

Reg. S

Regulation S - Security was purchased pursuant

to Regulation S under the Securities Act of

1933, which exempts from registration securities

offered and sold outside of the United States.

Such security cannot be sold in the United States

without either an effective registration statement

filed pursuant to the Securities Act of 1933 or

pursuant to an exemption from registration.

Currently there is no restriction on trading this

security.

REIT

Real Estate Investment Trust

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

EURO STOXX 50 Index

87

6/2025

EUR

4,881,453

(144,568)

FTSE 100 Index

28

6/2025

GBP

3,107,640

(25,495)

Nikkei 225 Index

21

6/2025

JPY

2,498,817

(88,961)

SPI 200 Index

12

6/2025

AUD

1,476,583

(10,942)

Net contracts

(269,966)

Currency:

AUD

Australian Dollar

EUR

Euro

GBP

British Pound

JPY

Japanese Yen

98 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally

accepted in the United States of America, Nationwide Variable Insurance Trust's (the “Trust”) investment adviser to the Fund,

Nationwide Fund Advisors (“NFA”), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the

various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted

prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3

measurements) when market prices are not readily available or reliable.

The three levels of the hierarchy are summarized as follows.

Level 1 — Quoted prices in active markets for identical assets

Level 2 — Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds,

credit risk, etc.)

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

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

An investment’s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation

in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing

in those investments.

The Trust's Board of Trustees (the "Board of Trustees") has delegated authority to NFA, and the Trust’s administrator, Nationwide

Fund Management LLC (“NFM”), to assign a fair value under certain circumstances, as described below, pursuant to valuation

procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee (“FVC”) to assign

these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities

may occur on a daily basis.

Securities may be fair valued in certain circumstances, such as where (i) market-based quotations are not readily available; (ii)

an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to

be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund’s

securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer’s

operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer

trading; or (vi) any other circumstance in which the FVC believes that market-based quotations do not accurately reflect the value

of a security.

The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may

include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security;

(iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. Fair valuations may also take into

account significant events that occur before Valuation Time but after the close of the principal market on which a security trades

that materially affect the value of such security. To arrive at the appropriate methodology, the FVC may consider a non-exclusive

list of factors, which are specific to the security, as well as whether the security is traded on the domestic or foreign markets. The

FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The Fund

attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can

be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period

in which the particular fair value was used to value the security. To the extent the significant inputs used are observable, these

securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy.

Equity securities listed on a non-U.S. exchange (“non-U.S. securities”) are generally fair valued daily by an independent fair value

pricing service approved by the Board of Trustees. The fair valuations for non-U.S. securities may not be the same as quoted

or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level

2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available,

such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is

traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and

liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S.

dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.  

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 99

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. 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

$

–

$

24,656,233

$

–

$

24,656,233

Air Freight & Logistics

–

4,100,056

–

4,100,056

Automobile Components

–

4,456,418

–

4,456,418

Automobiles

–

20,878,024

–

20,878,024

Banks

–

103,784,247

–

103,784,247

Beverages

852,372

10,803,198

–

11,655,570

Biotechnology

–

6,392,499

–

6,392,499

Broadline Retail

161,067

7,111,325

–

7,272,392

Building Products

–

7,132,688

–

7,132,688

Capital Markets

258,843

26,117,944

–

26,376,787

Chemicals

–

20,651,763

–

20,651,763

Commercial Services & Supplies

–

2,884,995

–

2,884,995

Communications Equipment

–

2,323,966

–

2,323,966

Construction & Engineering

–

6,620,873

–

6,620,873

Construction Materials

–

4,190,878

–

4,190,878

Consumer Staples Distribution & Retail

–

9,059,555

–

9,059,555

Containers & Packaging

–

254,839

–

254,839

Distributors

–

165,225

–

165,225

Diversified Consumer Services

–

427,227

–

427,227

Diversified REITs

–

956,940

–

956,940

Diversified Telecommunication Services

–

15,487,261

–

15,487,261

Electric Utilities

–

14,109,398

–

14,109,398

Electrical Equipment

–

17,133,549

–

17,133,549

Electronic Equipment, Instruments &

Components

–

8,834,043

–

8,834,043

Energy Equipment & Services

–

399,738

–

399,738

Entertainment

6,203,647

6,473,970

–

12,677,617

Financial Services

–

8,732,748

–

8,732,748

Food Products

–

21,034,181

–

21,034,181

Gas Utilities

–

2,094,962

–

2,094,962

Ground Transportation

478,019

2,938,214

–

3,416,233

Health Care Equipment & Supplies

–

16,044,610

–

16,044,610

Health Care Providers & Services

–

1,781,127

–

1,781,127

Health Care Technology

–

587,024

–

587,024

Hotels, Restaurants & Leisure

–

10,549,608

–

10,549,608

Household Durables

–

9,615,416

–

9,615,416

Household Products

–

4,368,106

–

4,368,106

Independent Power and Renewable

Electricity Producers

–

1,714,485

–

1,714,485

Industrial Conglomerates

–

16,539,444

–

16,539,444

Industrial REITs

–

2,601,886

–

2,601,886

Insurance

–

49,278,048

–

49,278,048

Interactive Media & Services

–

1,881,028

–

1,881,028

IT Services

421,684

6,185,432

–

6,607,116

Leisure Products

–

1,415,710

–

1,415,710

Life Sciences Tools & Services

–

3,366,508

–

3,366,508

Machinery

–

23,944,493

–

23,944,493

Marine Transportation

–

2,762,636

–

2,762,636

Media

–

2,249,450

–

2,249,450

Metals & Mining

–

19,107,469

–

19,107,469

Multi-Utilities

–

8,024,292

–

8,024,292

Office REITs

–

482,125

–

482,125

Oil, Gas & Consumable Fuels

–

29,141,927

–

29,141,927

Paper & Forest Products

–

1,746,756

–

1,746,756

Passenger Airlines

–

975,654

–

975,654

Personal Care Products

–

12,997,584

–

12,997,584

Pharmaceuticals

785,238

68,348,322

–

69,133,560

Professional Services

–

14,236,408

–

14,236,408

Real Estate Management & Development

–

8,163,853

–

8,163,853

100 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Index Fund

The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as

market news, the progress of judicial and regulatory proceedings, and subadviser recommendations. 

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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

Level 1

Level 2

Level 3

Total

Assets:

Retail REITs

$

–

$

2,586,273

$

–

$

2,586,273

Semiconductors & Semiconductor

Equipment

–

23,498,698

–

23,498,698

Software

2,098,232

17,592,234

–

19,690,466

Specialty Retail

–

7,034,049

–

7,034,049

Technology Hardware, Storage &

Peripherals

–

3,427,611

–

3,427,611

Textiles, Apparel & Luxury Goods

–

21,200,358

–

21,200,358

Tobacco

–

6,745,370

–

6,745,370

Trading Companies & Distributors

936,592

14,248,776

–

15,185,368

Transportation Infrastructure

–

2,799,210

–

2,799,210

Water Utilities

–

843,046

–

843,046

Wireless Telecommunication Services

–

7,674,083

–

7,674,083

Total Common Stocks

$

12,195,694

$

785,966,066

$

–

$

798,161,760

Repurchase Agreements

–

24,703,468

–

24,703,468

Total Assets

$

12,195,694

$

810,669,534

$

–

$

822,865,228

Liabilities:

Futures Contracts

$

(269,966)

$

–

$

–

$

(269,966)

Total Liabilities

$

(269,966)

$

–

$

–

$

(269,966)

Total

$

11,925,728

$

810,669,534

$

–

$

822,595,262

As of March 31, 2025, the Fund held one common stock investment that was categorized as a Level 3 investment which was

valued at $0.

NVIT International Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 101

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(269,966)

Total

$

(269,966)

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

102 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks 98.5%

Shares

Value ($)

Aerospace & Defense 1.3%

BWX Technologies, Inc.

37,609

3,710,128

Curtiss-Wright Corp.

15,551

4,933,866

Hexcel Corp.

33,128

1,814,089

Woodward, Inc.(a)

24,362

4,445,821

14,903,904

Air Freight & Logistics 0.2%

GXO Logistics, Inc.*

49,445

1,932,311

Automobile Components 0.8%

Autoliv, Inc.(a)

29,753

2,631,653

Gentex Corp.(a)

93,090

2,168,997

Goodyear Tire & Rubber Co.

(The)*(a)

120,609

1,114,427

Lear Corp.(a)

22,093

1,949,044

Visteon Corp.*

11,093

861,039

8,725,160

Automobiles 0.2%

Harley-Davidson, Inc.(a)

45,823

1,157,031

Thor Industries, Inc.(a)

21,854

1,656,752

2,813,783

Banks 6.7%

Associated Banc-Corp.

66,940

1,508,158

Bank OZK(a)

42,914

1,864,613

Cadence Bank

75,183

2,282,556

Columbia Banking System,

Inc.

86,245

2,150,950

Comerica, Inc.

53,967

3,187,291

Commerce Bancshares, Inc.

50,313

3,130,978

Cullen/Frost Bankers, Inc.

26,183

3,278,112

East West Bancorp, Inc.

56,864

5,104,113

First Financial Bankshares,

Inc.

53,716

1,929,479

First Horizon Corp.

217,416

4,222,219

Flagstar Financial, Inc.(a)

124,997

1,452,465

FNB Corp.(a)

148,856

2,002,113

Glacier Bancorp, Inc.

46,547

2,058,308

Hancock Whitney Corp.

35,746

1,874,878

Home BancShares, Inc.

76,997

2,176,705

International Bancshares Corp.

22,142

1,396,275

Old National Bancorp(a)

132,048

2,798,097

Pinnacle Financial Partners,

Inc.

31,569

3,347,577

Prosperity Bancshares, Inc.

38,762

2,766,444

SouthState Corp.(a)

39,997

3,712,522

Synovus Financial Corp.

58,256

2,722,885

Texas Capital Bancshares,

Inc.*

19,094

1,426,322

UMB Financial Corp.

27,695

2,799,964

United Bankshares, Inc.

55,423

1,921,515

Valley National Bancorp

195,940

1,741,907

Webster Financial Corp.

70,325

3,625,254

Western Alliance Bancorp(a)

45,127

3,467,107

Wintrust Financial Corp.(a)

27,481

3,090,513

Zions Bancorp NA

60,587

3,020,868

76,060,188

Beverages 0.6%

Boston Beer Co., Inc. (The),

Class A*

3,501

836,179

Celsius Holdings, Inc.*(a)

64,646

2,302,690

Common Stocks

Shares

Value ($)

Beverages

Coca-Cola Consolidated, Inc.

2,434

3,285,900

6,424,769

Biotechnology 2.6%

BioMarin Pharmaceutical, Inc.*

77,887

5,505,832

Cytokinetics, Inc.*(a)

48,363

1,943,709

Exelixis, Inc.*

116,973

4,318,643

Halozyme Therapeutics, Inc.*

52,242

3,333,562

Neurocrine Biosciences, Inc.*

41,277

4,565,236

Roivant Sciences Ltd.*

177,623

1,792,216

Sarepta Therapeutics, Inc.*(a)

39,387

2,513,679

United Therapeutics Corp.*

18,263

5,629,935

29,602,812

Broadline Retail 0.5%

Macy's, Inc.(a)

114,429

1,437,228

Nordstrom, Inc.(a)

40,869

999,247

Ollie's Bargain Outlet

Holdings, Inc.*

25,206

2,932,970

5,369,445

Building Products 2.4%

AAON, Inc.(a)

27,811

2,172,873

Advanced Drainage Systems,

Inc.(a)

29,175

3,169,864

Carlisle Cos., Inc.(a)

18,417

6,270,989

Fortune Brands Innovations,

Inc.(a)

50,733

3,088,625

Owens Corning

35,227

5,031,120

Simpson Manufacturing Co.,

Inc.

17,181

2,698,791

Trex Co., Inc.*(a)

43,797

2,544,606

UFP Industries, Inc.

25,086

2,685,205

27,662,073

Capital Markets 3.5%

Affiliated Managers Group,

Inc.(a)

12,545

2,107,936

Carlyle Group, Inc. (The)(a)

87,363

3,808,153

Evercore, Inc., Class A

14,573

2,910,520

Federated Hermes, Inc., Class

B(a)

33,211

1,354,012

Hamilton Lane, Inc., Class A(a)

17,665

2,626,256

Houlihan Lokey, Inc., Class

A(a)

22,478

3,630,197

Interactive Brokers Group,

Inc., Class A

44,673

7,397,402

Janus Henderson Group plc

54,532

1,971,332

Jefferies Financial Group, Inc.

67,422

3,611,796

Morningstar, Inc.

11,054

3,314,763

SEI Investments Co.

40,252

3,124,763

Stifel Financial Corp.

43,010

4,054,123

39,911,253

Chemicals 1.6%

Ashland, Inc.

19,151

1,135,463

Avient Corp.

37,718

1,401,601

Axalta Coating Systems Ltd.*

89,674

2,974,487

Cabot Corp.

22,696

1,886,945

NewMarket Corp.

3,044

1,724,274

Olin Corp.

48,504

1,175,737

RPM International, Inc.

52,652

6,090,783

Scotts Miracle-Gro Co. (The)

17,637

968,095

NVIT Mid Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 103

Common Stocks

Shares

Value ($)

Chemicals

Westlake Corp.

13,719

1,372,311

18,729,696

Commercial Services & Supplies 1.6%

Brink's Co. (The)

17,971

1,548,381

Clean Harbors, Inc.*

20,714

4,082,730

MSA Safety, Inc.

15,932

2,337,065

RB Global, Inc.

75,837

7,606,451

Tetra Tech, Inc.(a)

110,437

3,230,282

18,804,909

Communications Equipment 0.5%

Ciena Corp.*

58,961

3,563,013

Lumentum Holdings, Inc.*(a)

28,896

1,801,377

5,364,390

Construction & Engineering 2.2%

AECOM

54,884

5,089,393

Comfort Systems USA, Inc.

14,626

4,714,399

EMCOR Group, Inc.

18,896

6,984,529

Fluor Corp.*

70,803

2,536,163

MasTec, Inc.*(a)

25,418

2,966,535

Valmont Industries, Inc.

8,274

2,361,151

24,652,170

Construction Materials 0.4%

Eagle Materials, Inc.(a)

13,739

3,049,096

Knife River Corp.*(a)

23,285

2,100,540

5,149,636

Consumer Finance 0.8%

Ally Financial, Inc.

112,161

4,090,512

FirstCash Holdings, Inc.

16,408

1,974,210

SLM Corp.(a)

88,326

2,594,135

8,658,857

Consumer Staples Distribution & Retail 3.2%

Albertsons Cos., Inc., Class A

165,918

3,648,537

BJ's Wholesale Club Holdings,

Inc.*(a)

54,255

6,190,495

Casey's General Stores, Inc.

(a)

15,201

6,597,842

Maplebear, Inc.*(a)

66,235

2,642,114

Performance Food Group

Co.*(a)

63,863

5,021,548

Sprouts Farmers Market, Inc.*

41,156

6,282,052

US Foods Holding Corp.*

94,791

6,205,019

36,587,607

Containers & Packaging 1.7%

AptarGroup, Inc.

26,969

4,001,660

Berry Global Group, Inc.

47,387

3,308,086

Crown Holdings, Inc.(a)

48,403

4,320,452

Graphic Packaging Holding

Co.

124,242

3,225,322

Greif, Inc., Class A

11,047

607,475

Silgan Holdings, Inc.

33,564

1,715,792

Sonoco Products Co.

39,683

1,874,625

19,053,412

Diversified Consumer Services 1.4%

Duolingo, Inc., Class A*(a)

15,576

4,836,971

Graham Holdings Co., Class

B(a)

1,422

1,366,343

Grand Canyon Education,

Inc.*

11,803

2,042,155

Common Stocks

Shares

Value ($)

Diversified Consumer Services

H&R Block, Inc.

55,785

3,063,154

Service Corp. International

59,027

4,733,966

16,042,589

Diversified REITs 0.5%

WP Carey, Inc.(a)

89,849

5,670,370

Diversified Telecommunication Services 0.4%

Frontier Communications

Parent, Inc.*

91,064

3,265,555

Iridium Communications, Inc.

47,364

1,293,985

4,559,540

Electric Utilities 1.0%

ALLETE, Inc.

22,599

1,484,754

IDACORP, Inc.

22,106

2,569,159

OGE Energy Corp.

83,958

3,858,710

Portland General Electric Co.

42,895

1,913,117

TXNM Energy, Inc.(a)

37,044

1,981,113

11,806,853

Electrical Equipment 1.4%

Acuity, Inc.(a)

12,658

3,333,484

EnerSys

16,431

1,504,751

NEXTracker, Inc., Class A*

59,021

2,487,145

nVent Electric plc(a)

67,556

3,541,286

Regal Rexnord Corp.(a)

27,251

3,102,526

Sensata Technologies Holding

plc(a)

60,261

1,462,535

15,431,727

Electronic Equipment, Instruments & Components 2.7%

Arrow Electronics, Inc.*(a)

21,253

2,206,699

Avnet, Inc.

35,152

1,690,460

Belden, Inc.

16,436

1,647,709

Cognex Corp.

69,643

2,077,451

Coherent Corp.*

63,579

4,128,820

Crane NXT Co.(a)

19,846

1,020,084

Fabrinet*(a)

14,881

2,939,146

Flex Ltd.*

158,438

5,241,129

IPG Photonics Corp.*(a)

10,639

671,747

Littelfuse, Inc.

10,262

2,018,946

Novanta, Inc.*

14,864

1,900,660

TD SYNNEX Corp.(a)

31,003

3,223,072

Vontier Corp.(a)

61,071

2,006,182

30,772,105

Energy Equipment & Services 0.6%

ChampionX Corp.

77,752

2,317,010

NOV, Inc.(a)

162,988

2,480,677

Valaris Ltd.*(a)

26,384

1,035,836

Weatherford International plc

29,506

1,580,046

7,413,569

Entertainment 0.2%

Warner Music Group Corp.,

Class A

58,935

1,847,612

Financial Services 1.9%

Equitable Holdings, Inc.

107,684

5,609,260

Essent Group Ltd.

43,325

2,500,719

Euronet Worldwide, Inc.*

17,193

1,837,072

MGIC Investment Corp.

103,549

2,565,944

Shift4 Payments, Inc., Class

A*(a)

28,370

2,318,113

Voya Financial, Inc.(a)

39,817

2,698,000

104 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks

Shares

Value ($)

Financial Services

Western Union Co. (The)(a)

136,090

1,439,832

WEX, Inc.*

14,142

2,220,577

21,189,517

Food Products 1.0%

Darling Ingredients, Inc.*

65,812

2,055,967

Flowers Foods, Inc.

81,830

1,555,588

Ingredion, Inc.

26,617

3,598,884

Lancaster Colony Corp.

7,977

1,395,975

Pilgrim's Pride Corp.*(a)

16,986

925,907

Post Holdings, Inc.*(a)

19,227

2,237,254

11,769,575

Gas Utilities 1.2%

National Fuel Gas Co.

37,835

2,996,154

New Jersey Resources Corp.

41,004

2,011,656

ONE Gas, Inc.(a)

23,455

1,772,963

Southwest Gas Holdings, Inc.

25,130

1,804,334

Spire, Inc.

23,986

1,876,904

UGI Corp.(a)

88,866

2,938,799

13,400,810

Ground Transportation 1.5%

Avis Budget Group, Inc.*(a)

7,149

542,609

Knight-Swift Transportation

Holdings, Inc., Class A

66,247

2,881,082

Landstar System, Inc.

14,342

2,154,168

Ryder System, Inc.

17,366

2,497,405

Saia, Inc.*(a)

10,942

3,823,463

XPO, Inc.*(a)

48,058

5,170,080

17,068,807

Health Care Equipment & Supplies 1.6%

Dentsply Sirona, Inc.

83,595

1,248,909

Envista Holdings Corp.*(a)

71,840

1,239,958

Globus Medical, Inc., Class A*

46,761

3,422,905

Haemonetics Corp.*(a)

20,891

1,327,623

Lantheus Holdings, Inc.*(a)

28,619

2,793,215

LivaNova plc*

22,478

882,936

Masimo Corp.*

18,373

3,060,942

Penumbra, Inc.*

15,743

4,209,836

18,186,324

Health Care Providers & Services 2.3%

Acadia Healthcare Co., Inc.*

37,510

1,137,303

Amedisys, Inc.*

12,853

1,190,573

Chemed Corp.

6,107

3,757,759

Encompass Health Corp.

41,332

4,186,105

Ensign Group, Inc. (The)(a)

23,316

3,017,091

HealthEquity, Inc.*(a)

35,686

3,153,572

Hims & Hers Health, Inc.*(a)

77,929

2,302,802

Option Care Health, Inc.*

70,368

2,459,362

Tenet Healthcare Corp.*

39,144

5,264,868

26,469,435

Health Care REITs 0.7%

Healthcare Realty Trust, Inc.,

Class A(a)

147,330

2,489,877

Omega Healthcare Investors,

Inc.

114,830

4,372,726

Sabra Health Care REIT, Inc.

96,650

1,688,476

8,551,079

Health Care Technology 0.3%

Doximity, Inc., Class A*

54,774

3,178,535

Common Stocks

Shares

Value ($)

Hotel & Resort REITs 0.1%

Park Hotels & Resorts, Inc.(a)

87,287

932,225

Hotels, Restaurants & Leisure 3.4%

Aramark(a)

108,479

3,744,695

Boyd Gaming Corp.(a)

27,706

1,823,886

Cava Group, Inc.*(a)

33,419

2,887,736

Choice Hotels International,

Inc.(a)

9,315

1,236,846

Churchill Downs, Inc.

30,232

3,357,868

Hilton Grand Vacations,

Inc.*(a)

25,555

956,012

Hyatt Hotels Corp., Class A(a)

17,353

2,125,742

Light & Wonder, Inc.*

36,333

3,146,801

Marriott Vacations Worldwide

Corp.(a)

13,352

857,732

Planet Fitness, Inc., Class A*

34,724

3,354,686

Texas Roadhouse, Inc., Class

A

27,357

4,558,497

Travel + Leisure Co.

27,991

1,295,703

Vail Resorts, Inc.(a)

15,295

2,447,506

Wendy's Co. (The)(a)

71,312

1,043,295

Wingstop, Inc.

11,984

2,703,351

Wyndham Hotels & Resorts,

Inc.

31,937

2,890,618

38,430,974

Household Durables 1.7%

KB Home(a)

28,166

1,637,008

Somnigroup International, Inc.

(a)

78,019

4,671,778

Taylor Morrison Home Corp.,

Class A*

42,965

2,579,619

Toll Brothers, Inc.

41,059

4,335,420

TopBuild Corp.*(a)

12,042

3,672,208

Whirlpool Corp.(a)

23,012

2,074,071

18,970,104

Independent Power and Renewable Electricity Producers

0.1%

Ormat Technologies, Inc.(a)

23,647

1,673,498

Industrial REITs 1.1%

EastGroup Properties, Inc.

20,941

3,688,757

First Industrial Realty Trust,

Inc.

54,156

2,922,258

Rexford Industrial Realty, Inc.

(a)

91,682

3,589,350

STAG Industrial, Inc.

74,711

2,698,562

12,898,927

Insurance 5.0%

American Financial Group, Inc.

29,595

3,887,007

Brighthouse Financial, Inc.*

24,194

1,403,010

CNO Financial Group, Inc.

42,654

1,776,539

Fidelity National Financial, Inc.

106,339

6,920,542

First American Financial Corp.

42,022

2,757,904

Hanover Insurance Group, Inc.

(The)

14,849

2,582,983

Kemper Corp.

24,715

1,652,198

Kinsale Capital Group, Inc.(a)

9,042

4,400,832

Old Republic International

Corp.

96,224

3,773,905

Primerica, Inc.

13,730

3,906,597

NVIT Mid Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 105

Common Stocks

Shares

Value ($)

Insurance

Reinsurance Group of

America, Inc.

27,087

5,333,430

RenaissanceRe Holdings Ltd.

20,572

4,937,280

RLI Corp.(a)

33,681

2,705,595

Ryan Specialty Holdings, Inc.,

Class A(a)

43,926

3,244,814

Selective Insurance Group,

Inc.

24,783

2,268,636

Unum Group

68,800

5,604,448

57,155,720

Interactive Media & Services 0.1%

ZoomInfo Technologies, Inc.,

Class A*

113,176

1,131,760

IT Services 0.4%

ASGN, Inc.*

18,283

1,152,195

Kyndryl Holdings, Inc.*(a)

95,691

3,004,697

4,156,892

Leisure Products 0.5%

Brunswick Corp.

27,085

1,458,527

Mattel, Inc.*

137,692

2,675,356

Polaris, Inc.(a)

21,592

883,977

YETI Holdings, Inc.*(a)

35,044

1,159,956

6,177,816

Life Sciences Tools & Services 1.8%

Avantor, Inc.*(a)

278,622

4,516,463

Bio-Rad Laboratories, Inc.,

Class A*

7,817

1,903,909

Bruker Corp.

45,712

1,908,019

Illumina, Inc.*(a)

65,007

5,157,655

Medpace Holdings, Inc.*(a)

10,380

3,162,682

Repligen Corp.*(a)

21,501

2,735,787

Sotera Health Co.*(a)

63,133

736,131

20,120,646

Machinery 5.0%

AGCO Corp.(a)

25,483

2,358,961

Chart Industries, Inc.*(a)

17,356

2,505,512

CNH Industrial NV(a)

355,234

4,362,274

Crane Co.

19,951

3,056,094

Donaldson Co., Inc.

48,788

3,271,723

Esab Corp.(a)

23,520

2,740,080

Flowserve Corp.

53,869

2,630,962

Graco, Inc.

68,247

5,699,307

ITT, Inc.

33,323

4,303,999

Lincoln Electric Holdings, Inc.

23,200

4,388,512

Middleby Corp. (The)*

22,195

3,373,196

Mueller Industries, Inc.(a)

46,871

3,568,758

Oshkosh Corp.

26,903

2,531,034

RBC Bearings, Inc.*

12,742

4,099,993

Terex Corp.

27,161

1,026,143

Timken Co. (The)(a)

26,288

1,889,319

Toro Co. (The)

41,643

3,029,528

Watts Water Technologies,

Inc., Class A

11,267

2,297,567

57,132,962

Marine Transportation 0.2%

Kirby Corp.*

23,484

2,372,119

Media 0.6%

EchoStar Corp., Class A*

47,155

1,206,225

Common Stocks

Shares

Value ($)

Media

New York Times Co. (The),

Class A(a)

66,948

3,320,621

Nexstar Media Group, Inc.,

Class A

12,067

2,162,647

6,689,493

Metals & Mining 2.5%

Alcoa Corp.

106,261

3,240,960

ATI, Inc.*

55,244

2,874,345

Carpenter Technology Corp.

20,612

3,734,482

Cleveland-Cliffs, Inc.*(a)

200,507

1,648,168

Commercial Metals Co.

47,581

2,189,202

Reliance, Inc.

22,288

6,435,660

Royal Gold, Inc.(a)

27,153

4,439,787

United States Steel Corp.(a)

92,646

3,915,220

28,477,824

Mortgage Real Estate Investment Trusts (REITs) 0.7%

Annaly Capital Management,

Inc.(a)

238,160

4,837,030

Starwood Property Trust, Inc.

(a)

133,122

2,631,822

7,468,852

Multi-Utilities 0.3%

Black Hills Corp.

29,079

1,763,641

Northwestern Energy Group,

Inc.

25,692

1,486,796

3,250,437

Office REITs 0.6%

COPT Defense Properties(a)

47,211

1,287,444

Cousins Properties, Inc.(a)

68,661

2,025,499

Kilroy Realty Corp.(a)

44,134

1,445,830

Vornado Realty Trust(a)

69,118

2,556,675

7,315,448

Oil, Gas & Consumable Fuels 3.4%

Antero Midstream Corp.

139,463

2,510,334

Antero Resources Corp.*

120,126

4,857,895

Chord Energy Corp.

24,914

2,808,306

Civitas Resources, Inc.(a)

36,812

1,284,371

CNX Resources Corp.*(a)

61,300

1,929,724

DT Midstream, Inc.

41,069

3,962,337

HF Sinclair Corp.(a)

65,996

2,169,949

Matador Resources Co.

48,041

2,454,415

Murphy Oil Corp.(a)

56,637

1,608,491

Ovintiv, Inc.

106,740

4,568,472

PBF Energy, Inc., Class A(a)

40,758

778,070

Permian Resources Corp.,

Class A(a)

258,751

3,583,701

Range Resources Corp.

99,418

3,969,761

Viper Energy, Inc., Class A

53,126

2,398,639

38,884,465

Paper & Forest Products 0.2%

Louisiana-Pacific Corp.

25,973

2,388,997

Passenger Airlines 0.5%

Alaska Air Group, Inc.*

48,712

2,397,605

American Airlines Group,

Inc.*(a)

274,261

2,893,453

5,291,058

Personal Care Products 0.5%

BellRing Brands, Inc.*

52,553

3,913,096

106 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Mid Cap Index Fund

Common Stocks

Shares

Value ($)

Personal Care Products

Coty, Inc., Class A*

151,868

830,718

elf Beauty, Inc.*(a)

23,500

1,475,565

6,219,379

Pharmaceuticals 0.4%

Jazz Pharmaceuticals plc*

24,575

3,050,986

Perrigo Co. plc(a)

55,222

1,548,425

4,599,411

Professional Services 2.5%

CACI International, Inc., Class

A*(a)

9,216

3,381,535

Concentrix Corp.(a)

19,470

1,083,311

ExlService Holdings, Inc.*

66,606

3,144,469

Exponent, Inc.

20,661

1,674,781

FTI Consulting, Inc.*

14,608

2,396,880

Genpact Ltd.

66,711

3,360,900

Insperity, Inc.

14,726

1,314,001

KBR, Inc.

54,921

2,735,615

ManpowerGroup, Inc.

18,802

1,088,260

Maximus, Inc.

24,776

1,689,475

Parsons Corp.*

19,166

1,134,819

Paylocity Holding Corp.*

17,921

3,357,320

Science Applications

International Corp.(a)

20,259

2,274,478

28,635,844

Real Estate Management & Development 0.4%

Jones Lang LaSalle, Inc.*

19,577

4,853,334

Residential REITs 1.1%

American Homes 4 Rent,

Class A

130,297

4,926,529

Equity LifeStyle Properties,

Inc.

78,240

5,218,608

Independence Realty Trust,

Inc.(a)

95,521

2,027,911

12,173,048

Retail REITs 1.0%

Agree Realty Corp.(a)

43,801

3,380,999

Brixmor Property Group, Inc.

124,794

3,313,281

Kite Realty Group Trust(a)

90,399

2,022,226

NNN REIT, Inc.

76,808

3,275,861

11,992,367

Semiconductors & Semiconductor Equipment 2.5%

Allegro MicroSystems, Inc.*(a)

54,026

1,357,673

Amkor Technology, Inc.

47,342

854,996

Cirrus Logic, Inc.*

21,778

2,170,287

Entegris, Inc.(a)

62,398

5,458,577

Lattice Semiconductor Corp.*

56,868

2,982,727

MACOM Technology Solutions

Holdings, Inc.*

24,105

2,419,660

MKS Instruments, Inc.

27,512

2,205,087

Onto Innovation, Inc.*

20,236

2,455,436

Power Integrations, Inc.

23,526

1,188,063

Rambus, Inc.*

43,734

2,264,328

Silicon Laboratories, Inc.*

13,334

1,501,008

Synaptics, Inc.*(a)

16,193

1,031,818

Universal Display Corp.(a)

18,010

2,512,035

28,401,695

Software 3.3%

Appfolio, Inc., Class A*

9,379

2,062,442

BILL Holdings, Inc.*

39,187

1,798,291

Common Stocks

Shares

Value ($)

Software

Blackbaud, Inc.*(a)

16,178

1,003,845

Commvault Systems, Inc.*

18,043

2,846,464

Docusign, Inc., Class A*

83,219

6,774,026

Dolby Laboratories, Inc., Class

A

24,599

1,975,546

Dropbox, Inc., Class A*

91,472

2,443,217

Dynatrace, Inc.*

122,528

5,777,195

Guidewire Software, Inc.*

34,322

6,430,570

Manhattan Associates, Inc.*

25,073

4,338,632

Qualys, Inc.*

14,989

1,887,565

37,337,793

Specialized REITs 1.7%

CubeSmart

92,526

3,951,786

EPR Properties(a)

31,129

1,637,697

Gaming and Leisure

Properties, Inc.

112,858

5,744,472

Lamar Advertising Co., Class A

36,396

4,141,137

National Storage Affiliates

Trust(a)

29,327

1,155,484

PotlatchDeltic Corp.

29,528

1,332,303

Rayonier, Inc.

56,397

1,572,348

19,535,227

Specialty Retail 3.6%

Abercrombie & Fitch Co.,

Class A*(a)

20,766

1,585,899

AutoNation, Inc.*

10,744

1,739,668

Bath & Body Works, Inc.

84,979

2,576,563

Burlington Stores, Inc.*(a)

25,796

6,147,961

Chewy, Inc., Class A*

68,154

2,215,687

Dick's Sporting Goods, Inc.(a)

23,752

4,787,453

Five Below, Inc.*

22,561

1,690,383

Floor & Decor Holdings, Inc.,

Class A*(a)

44,057

3,545,267

GameStop Corp., Class A*(a)

167,080

3,729,226

Gap, Inc. (The)(a)

91,610

1,888,082

Lithia Motors, Inc., Class A

10,948

3,213,676

Murphy USA, Inc.(a)

7,551

3,547,535

Penske Automotive Group,

Inc.(a)

7,716

1,110,950

RH*(a)

6,244

1,463,656

Valvoline, Inc.*

53,348

1,857,044

41,099,050

Technology Hardware, Storage & Peripherals 0.5%

Pure Storage, Inc., Class A*

127,642

5,650,711

Textiles, Apparel & Luxury Goods 1.0%

Capri Holdings Ltd.*

48,169

950,374

Columbia Sportswear Co.(a)

13,272

1,004,558

Crocs, Inc.*(a)

23,326

2,477,221

PVH Corp.

22,895

1,479,933

Skechers USA, Inc., Class A*

54,112

3,072,479

Under Armour, Inc., Class

A*(a)

70,287

439,294

Under Armour, Inc., Class

C*(a)

54,639

325,102

VF Corp.(a)

132,186

2,051,527

11,800,488

Trading Companies & Distributors 1.9%

Applied Industrial

Technologies, Inc.

15,856

3,572,991

NVIT Mid Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 107

Common Stocks

Shares

Value ($)

Trading Companies & Distributors

Core & Main, Inc., Class A*(a)

78,470

3,790,886

GATX Corp.(a)

14,638

2,272,842

MSC Industrial Direct Co., Inc.,

Class A(a)

17,987

1,397,050

Watsco, Inc.(a)

14,271

7,253,949

WESCO International, Inc.(a)

18,348

2,849,445

21,137,163

Water Utilities 0.4%

Essential Utilities, Inc.

103,985

4,110,527

Total Common Stocks

(cost $773,860,004)

1,122,231,076

Repurchase Agreements 5.2%

Principal

Amount ($)

Bank of America NA,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $1,000,121,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047; total

market value $1,020,000.

(b)

1,000,000

1,000,000

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $28,003,407,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$28,560,000.(b)

28,000,000

28,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $859,180,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$876,257.(b)

859,075

859,075

ING Financial Services LLC,

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $2,001,688,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$2,040,001.(b)

2,000,000

2,000,000

Repurchase Agreements

Principal

Amount ($)

Value ($)

MetLife, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $22,002,664,

collateralized by U.S.

Government Treasury

Securities, 0.00%,

maturing 11/15/2027 -

11/15/2045; total market

value $22,451,698.(b)

22,000,000

22,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,604,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $5,100,000.(b)

5,000,000

5,000,000

Total Repurchase Agreements

(cost $58,859,075)

58,859,075

Total Investments

(cost $832,719,079) — 103.7%

1,181,090,151

Liabilities in excess of other assets — (3.7)%

(

41,939,231

)

NET ASSETS — 100.0%

$

1,139,150,920

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $243,001,502, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $58,859,075 and by $189,955,550 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 2/15/2055, a total value of

$248,814,625.

(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, 2025 was $58,859,075.

REIT

Real Estate Investment Trust

108 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Mid Cap Index Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P Midcap 400 E-Mini Index

58

6/2025

USD

17,043,880

(276,752)

Net contracts

(276,752)

Currency:

USD

United States Dollar

NVIT Mid Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 109

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.  

110 - Statement of Investments - March 31, 2025 (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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

1,122,231,076

$

–

$

–

$

1,122,231,076

Repurchase Agreements

–

58,859,075

–

58,859,075

Total Assets

$

1,122,231,076

$

58,859,075

$

–

$

1,181,090,151

Liabilities:

Futures Contracts

$

(

276,752

)

$

–

$

–

$

(

276,752

)

Total Liabilities

$

(

276,752

)

$

–

$

–

$

(

276,752

)

Total

$

1,121,954,324

$

58,859,075

$

–

$

1,180,813,399

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(

276,752

)

Total

$

(

276,752

)

NVIT Mid Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 111

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

112 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks 99.1%

Shares

Value ($)

Aerospace & Defense 2.0%

Axon Enterprise, Inc.*

6,063

3,188,835

Boeing Co. (The)*

63,950

10,906,672

GE Aerospace

91,212

18,256,082

General Dynamics Corp.

21,860

5,958,599

Howmet Aerospace, Inc.

34,962

4,535,620

Huntington Ingalls Industries,

Inc.(a)

3,089

630,280

L3Harris Technologies, Inc.

16,177

3,386,008

Lockheed Martin Corp.

17,803

7,952,778

Northrop Grumman Corp.

11,643

5,961,332

RTX Corp.

112,920

14,957,383

Textron, Inc.

15,882

1,147,474

TransDigm Group, Inc.

4,795

6,632,876

83,513,939

Air Freight & Logistics 0.3%

CH Robinson Worldwide, Inc.

10,485

1,073,664

Expeditors International of

Washington, Inc.

11,733

1,410,893

FedEx Corp.

18,896

4,606,467

United Parcel Service, Inc.,

Class B

61,827

6,800,352

13,891,376

Automobile Components 0.0%

†

Aptiv plc*(a)

19,964

1,187,858

Automobiles 1.7%

Ford Motor Co.(a)

327,560

3,285,427

General Motors Co.

84,558

3,976,763

Tesla, Inc.*

237,222

61,478,453

68,740,643

Banks 3.4%

Bank of America Corp.

528,944

22,072,833

Citigroup, Inc.

160,179

11,371,107

Citizens Financial Group, Inc.

36,710

1,504,009

Fifth Third Bancorp(a)

58,023

2,274,502

Huntington Bancshares, Inc.

126,455

1,898,089

JPMorgan Chase & Co.

237,622

58,288,677

KeyCorp

88,895

1,421,431

M&T Bank Corp.

14,224

2,542,540

PNC Financial Services

Group, Inc. (The)

33,704

5,924,152

Regions Financial Corp.

78,252

1,700,416

Truist Financial Corp.

112,762

4,640,156

US Bancorp

134,288

5,669,639

Wells Fargo & Co.

279,501

20,065,377

139,372,928

Beverages 1.3%

Brown-Forman Corp., Class

B(a)

15,771

535,268

Coca-Cola Co. (The)

329,321

23,585,970

Constellation Brands, Inc.,

Class A

13,045

2,394,019

Keurig Dr Pepper, Inc.

102,133

3,494,991

Molson Coors Beverage Co.,

Class B

14,728

896,493

Monster Beverage Corp.*

60,691

3,551,637

PepsiCo, Inc.

116,539

17,473,858

51,932,236

Biotechnology 1.9%

AbbVie, Inc.

150,104

31,449,790

Common Stocks

Shares

Value ($)

Biotechnology

Amgen, Inc.(a)

45,604

14,207,926

Biogen, Inc.*

12,117

1,658,090

Gilead Sciences, Inc.

105,570

11,829,119

Incyte Corp.*

14,413

872,707

Moderna, Inc.*(a)

27,317

774,437

Regeneron Pharmaceuticals,

Inc.

8,999

5,707,436

Vertex Pharmaceuticals, Inc.*

22,030

10,680,585

77,180,090

Broadline Retail 3.8%

Amazon.com, Inc.*

801,560

152,504,806

eBay, Inc.

40,437

2,738,798

155,243,604

Building Products 0.5%

A O Smith Corp.(a)

10,396

679,482

Allegion plc

6,908

901,218

Builders FirstSource, Inc.*(a)

9,975

1,246,276

Carrier Global Corp.

68,629

4,351,079

Johnson Controls International

plc

56,781

4,548,726

Lennox International, Inc.

2,710

1,519,849

Masco Corp.

17,815

1,238,855

Trane Technologies plc

19,128

6,444,606

20,930,091

Capital Markets 3.2%

Ameriprise Financial, Inc.

8,139

3,940,171

Bank of New York Mellon

Corp. (The)

60,779

5,097,535

Blackrock, Inc.

12,320

11,660,634

Blackstone, Inc.

61,762

8,633,092

Cboe Global Markets, Inc.

8,825

1,997,009

Charles Schwab Corp. (The)

145,799

11,413,146

CME Group, Inc.

30,583

8,113,364

FactSet Research Systems,

Inc.

3,183

1,447,119

Franklin Resources, Inc.(a)

26,297

506,217

Goldman Sachs Group, Inc.

(The)

26,626

14,545,518

Intercontinental Exchange, Inc.

48,629

8,388,503

Invesco Ltd.

35,513

538,732

KKR & Co., Inc.

56,909

6,579,249

MarketAxess Holdings, Inc.

3,422

740,350

Moody's Corp.

13,248

6,169,461

Morgan Stanley

105,042

12,255,250

MSCI, Inc., Class A

6,595

3,729,472

Nasdaq, Inc.

34,850

2,643,721

Northern Trust Corp.

16,939

1,671,032

Raymond James Financial,

Inc.

15,771

2,190,750

S&P Global, Inc.

26,929

13,682,625

State Street Corp.

25,507

2,283,642

T. Rowe Price Group, Inc.(a)

18,856

1,732,301

129,958,893

Chemicals 1.3%

Air Products & Chemicals, Inc.

19,097

5,632,087

Albemarle Corp.(a)

9,540

687,071

CF Industries Holdings, Inc.

15,556

1,215,701

Corteva, Inc.

58,241

3,665,106

Dow, Inc.

58,245

2,033,915

DuPont de Nemours, Inc.

34,779

2,597,296

NVIT S&P 500 Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 113

Common Stocks

Shares

Value ($)

Chemicals

Eastman Chemical Co.(a)

9,702

854,843

Ecolab, Inc.

21,646

5,487,694

International Flavors &

Fragrances, Inc.

21,551

1,672,573

Linde plc

40,732

18,966,449

LyondellBasell Industries NV,

Class A(a)

21,606

1,521,062

Mosaic Co. (The)

27,086

731,593

PPG Industries, Inc.(a)

19,377

2,118,875

Sherwin-Williams Co. (The)

19,857

6,933,866

54,118,131

Commercial Services & Supplies 0.6%

Cintas Corp.

29,324

6,026,962

Copart, Inc.*

74,149

4,196,092

Republic Services, Inc., Class

A

17,224

4,170,964

Rollins, Inc.

23,027

1,244,149

Veralto Corp.

21,732

2,117,783

Waste Management, Inc.

30,970

7,169,864

24,925,814

Communications Equipment 0.9%

Arista Networks, Inc.*

88,464

6,854,191

Cisco Systems, Inc.

338,580

20,893,772

F5, Inc.*

5,096

1,356,912

Juniper Networks, Inc.

28,261

1,022,765

Motorola Solutions, Inc.

14,296

6,258,932

36,386,572

Construction & Engineering 0.1%

Quanta Services, Inc.

12,765

3,244,608

Construction Materials 0.1%

Martin Marietta Materials, Inc.

5,273

2,521,179

Vulcan Materials Co.

11,079

2,584,731

5,105,910

Consumer Finance 0.6%

American Express Co.

47,263

12,716,110

Capital One Financial Corp.

32,635

5,851,456

Discover Financial Services

21,529

3,675,000

Synchrony Financial

33,211

1,758,190

24,000,756

Consumer Staples Distribution & Retail 2.0%

Costco Wholesale Corp.

37,636

35,595,376

Dollar General Corp.

18,025

1,584,938

Dollar Tree, Inc.*(a)

17,238

1,294,057

Kroger Co. (The)

55,931

3,785,969

Sysco Corp.

41,820

3,138,173

Target Corp.

39,731

4,146,327

Walgreens Boots Alliance, Inc.

(a)

56,545

631,608

Walmart, Inc.

368,704

32,368,524

82,544,972

Containers & Packaging 0.2%

Amcor plc(a)

119,712

1,161,206

Avery Dennison Corp.(a)

6,962

1,239,027

Ball Corp.

25,343

1,319,610

International Paper Co.

45,625

2,434,094

Packaging Corp. of America

7,387

1,462,774

Smurfit WestRock plc(a)

42,646

1,921,629

9,538,340

Common Stocks

Shares

Value ($)

Distributors 0.1%

Genuine Parts Co.

11,452

1,364,391

LKQ Corp.

22,920

975,017

Pool Corp.(a)

3,151

1,003,121

3,342,529

Diversified Telecommunication Services 0.8%

AT&T, Inc.(a)

609,170

17,227,328

Verizon Communications, Inc.

357,334

16,208,670

33,435,998

Electric Utilities 1.6%

Alliant Energy Corp.

22,595

1,453,988

American Electric Power Co.,

Inc.(a)

45,434

4,964,573

Constellation Energy Corp.

26,659

5,375,254

Duke Energy Corp.

66,080

8,059,778

Edison International

32,233

1,899,168

Entergy Corp.

35,966

3,074,733

Evergy, Inc.

19,154

1,320,668

Eversource Energy

31,994

1,987,147

Exelon Corp.

84,643

3,900,350

FirstEnergy Corp.

44,446

1,796,507

NextEra Energy, Inc.

174,675

12,382,711

NRG Energy, Inc.

17,066

1,629,120

PG&E Corp.

186,061

3,196,528

Pinnacle West Capital Corp.(a)

10,155

967,264

PPL Corp.

62,677

2,263,267

Southern Co. (The)

92,508

8,506,111

Xcel Energy, Inc.(a)

49,480

3,502,689

66,279,856

Electrical Equipment 0.7%

AMETEK, Inc.

19,513

3,358,968

Eaton Corp. plc

33,613

9,137,022

Emerson Electric Co.

48,556

5,323,680

GE Vernova, Inc.

23,586

7,200,334

Generac Holdings, Inc.*(a)

4,937

625,271

Hubbell, Inc., Class B

4,608

1,524,833

Rockwell Automation, Inc.

9,532

2,462,878

29,632,986

Electronic Equipment, Instruments & Components 0.6%

Amphenol Corp., Class A

102,220

6,704,610

CDW Corp.

11,706

1,876,004

Corning, Inc.

64,397

2,948,095

Jabil, Inc.

9,178

1,248,850

Keysight Technologies, Inc.*

14,859

2,225,432

TE Connectivity plc

25,288

3,573,700

Teledyne Technologies, Inc.*

4,049

2,015,228

Trimble, Inc.*

21,130

1,387,185

Zebra Technologies Corp.,

Class A*

4,488

1,268,129

23,247,233

Energy Equipment & Services 0.3%

Baker Hughes Co., Class A

83,033

3,649,300

Halliburton Co.

73,769

1,871,520

Schlumberger NV

120,483

5,036,189

10,557,009

Entertainment 1.5%

Electronic Arts, Inc.

20,505

2,963,382

Live Nation Entertainment,

Inc.*(a)

13,052

1,704,330

Netflix, Inc.*

36,309

33,859,232

114 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks

Shares

Value ($)

Entertainment

Take-Two Interactive Software,

Inc.*

13,700

2,839,325

TKO Group Holdings, Inc.,

Class A

5,659

864,752

Walt Disney Co. (The)

153,684

15,168,611

Warner Bros Discovery,

Inc.*(a)

192,351

2,063,926

59,463,558

Financial Services 5.0%

Apollo Global Management,

Inc.(a)

37,793

5,175,373

Berkshire Hathaway, Inc.,

Class B*

155,694

82,919,511

Corpay, Inc.*

6,008

2,095,110

Fidelity National Information

Services, Inc.(a)

45,958

3,432,143

Fiserv, Inc.*

48,184

10,640,473

Global Payments, Inc.

21,588

2,113,897

Jack Henry & Associates, Inc.

(a)

6,351

1,159,693

Mastercard, Inc., Class A

69,210

37,935,385

PayPal Holdings, Inc.*

84,069

5,485,502

Visa, Inc., Class A(a)

146,789

51,443,673

202,400,760

Food Products 0.7%

Archer-Daniels-Midland Co.

41,401

1,987,662

Bunge Global SA

11,960

913,983

Campbell's Co. (The)

15,564

621,315

Conagra Brands, Inc.

39,142

1,043,917

General Mills, Inc.

46,751

2,795,242

Hershey Co. (The)

12,354

2,112,905

Hormel Foods Corp.

23,374

723,192

J M Smucker Co. (The)(a)

9,041

1,070,545

Kellanova

22,566

1,861,469

Kraft Heinz Co. (The)(a)

77,204

2,349,318

Lamb Weston Holdings, Inc.(a)

11,972

638,108

McCormick & Co., Inc. (Non-

Voting)(a)

21,453

1,765,796

Mondelez International, Inc.,

Class A

109,928

7,458,615

Tyson Foods, Inc., Class A

24,256

1,547,775

26,889,842

Gas Utilities 0.0%

†

Atmos Energy Corp.(a)

13,144

2,031,799

Ground Transportation 0.9%

CSX Corp.

162,449

4,780,874

JB Hunt Transport Services,

Inc.

6,495

960,935

Norfolk Southern Corp.

19,460

4,609,101

Old Dominion Freight Line, Inc.

15,729

2,602,363

Uber Technologies, Inc.*

178,425

13,000,046

Union Pacific Corp.

51,446

12,153,603

38,106,922

Health Care Equipment & Supplies 2.4%

Abbott Laboratories

147,328

19,543,059

Align Technology, Inc.*

5,700

905,502

Baxter International, Inc.

43,657

1,494,379

Becton Dickinson & Co.

24,503

5,612,657

Boston Scientific Corp.*

124,815

12,591,337

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies

Cooper Cos., Inc. (The)*

17,565

1,481,608

Dexcom, Inc.*

32,799

2,239,844

Edwards Lifesciences Corp.*

50,432

3,655,311

GE HealthCare Technologies,

Inc.

38,983

3,146,318

Hologic, Inc.*

19,456

1,201,797

IDEXX Laboratories, Inc.*

7,119

2,989,624

Insulet Corp.*(a)

6,024

1,581,963

Intuitive Surgical, Inc.*

30,225

14,969,536

Medtronic plc

109,706

9,858,181

ResMed, Inc.(a)

12,318

2,757,384

Solventum Corp.*(a)

11,172

849,519

STERIS plc

8,069

1,828,839

Stryker Corp.

29,349

10,925,165

Zimmer Biomet Holdings, Inc.

(a)

16,586

1,877,204

99,509,227

Health Care Providers & Services 2.4%

Cardinal Health, Inc.(a)

20,794

2,864,789

Cencora, Inc.

14,589

4,057,055

Centene Corp.*

41,868

2,541,806

Cigna Group (The)

23,230

7,642,670

CVS Health Corp.

106,642

7,224,996

DaVita, Inc.*

3,730

570,578

Elevance Health, Inc.

19,839

8,629,171

HCA Healthcare, Inc.(a)

15,401

5,321,816

Henry Schein, Inc.*(a)

10,876

744,897

Humana, Inc.

10,441

2,762,689

Labcorp Holdings, Inc.

7,154

1,665,022

McKesson Corp.

10,707

7,205,704

Molina Healthcare, Inc.*(a)

4,861

1,601,165

Quest Diagnostics, Inc.

9,434

1,596,233

UnitedHealth Group, Inc.

78,171

40,942,061

Universal Health Services,

Inc., Class B(a)

4,717

886,324

96,256,976

Health Care REITs 0.3%

Alexandria Real Estate

Equities, Inc.

12,836

1,187,458

Healthpeak Properties, Inc.

57,721

1,167,119

Ventas, Inc.

36,342

2,498,876

Welltower, Inc.(a)

51,775

7,932,448

12,785,901

Hotel & Resort REITs 0.0%

†

Host Hotels & Resorts, Inc.

60,893

865,290

Hotels, Restaurants & Leisure 2.1%

Airbnb, Inc., Class A*(a)

37,090

4,430,771

Booking Holdings, Inc.

2,822

13,000,700

Caesars Entertainment,

Inc.*(a)

17,288

432,200

Carnival Corp.*

87,824

1,715,203

Chipotle Mexican Grill, Inc.,

Class A*

115,062

5,777,263

Darden Restaurants, Inc.

10,116

2,101,700

Domino's Pizza, Inc.(a)

2,875

1,320,919

DoorDash, Inc., Class A*

28,831

5,269,442

Expedia Group, Inc.

10,118

1,700,836

Hilton Worldwide Holdings,

Inc.

20,535

4,672,739

Las Vegas Sands Corp.

29,857

1,153,376

NVIT S&P 500 Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 115

Common Stocks

Shares

Value ($)

Hotels, Restaurants & Leisure

Marriott International, Inc.,

Class A

19,262

4,588,209

McDonald's Corp.

60,871

19,014,274

MGM Resorts International*(a)

19,091

565,857

Norwegian Cruise Line

Holdings Ltd.*

37,473

710,488

Royal Caribbean Cruises Ltd.

(a)

20,914

4,296,572

Starbucks Corp.(a)

96,963

9,511,101

Wynn Resorts Ltd.

8,098

676,183

Yum! Brands, Inc.

24,045

3,783,721

84,721,554

Household Durables 0.3%

DR Horton, Inc.

24,102

3,064,087

Garmin Ltd.

12,704

2,758,419

Lennar Corp., Class A

20,229

2,321,885

Mohawk Industries, Inc.*(a)

4,471

510,499

NVR, Inc.*

266

1,927,008

PulteGroup, Inc.

17,221

1,770,319

12,352,217

Household Products 1.2%

Church & Dwight Co., Inc.

20,745

2,283,817

Clorox Co. (The)(a)

10,797

1,589,858

Colgate-Palmolive Co.

68,580

6,425,946

Kimberly-Clark Corp.

28,069

3,991,973

Procter & Gamble Co. (The)

200,042

34,091,158

48,382,752

Independent Power and Renewable Electricity Producers

0.1%

AES Corp. (The)

61,683

766,103

Vistra Corp.

28,632

3,362,542

4,128,645

Industrial Conglomerates 0.5%

3M Co.

46,606

6,844,557

Honeywell International, Inc.

55,047

11,656,202

18,500,759

Industrial REITs 0.2%

Prologis, Inc.

78,670

8,794,519

Insurance 2.4%

Aflac, Inc.(a)

42,795

4,758,376

Allstate Corp. (The)

22,217

4,600,474

American International Group,

Inc.

50,423

4,383,776

Aon plc, Class A

18,315

7,309,333

Arch Capital Group Ltd.

31,682

3,047,175

Arthur J Gallagher & Co.

21,301

7,353,957

Assurant, Inc.

4,613

967,577

Brown & Brown, Inc.

20,508

2,551,195

Chubb Ltd.

31,654

9,559,192

Cincinnati Financial Corp.

13,394

1,978,562

Erie Indemnity Co., Class A(a)

2,063

864,500

Everest Group Ltd.

3,740

1,358,854

Globe Life, Inc.

7,116

937,320

Hartford Insurance Group, Inc.

(The)

24,388

3,017,527

Loews Corp.

15,820

1,454,016

Marsh & McLennan Cos., Inc.

41,676

10,170,194

MetLife, Inc.(a)

48,686

3,908,999

Principal Financial Group, Inc.

18,084

1,525,747

Common Stocks

Shares

Value ($)

Insurance

Progressive Corp. (The)

49,677

14,059,088

Prudential Financial, Inc.

30,453

3,400,991

Travelers Cos., Inc. (The)

19,298

5,103,549

W R Berkley Corp.

26,452

1,882,324

Willis Towers Watson plc

8,405

2,840,470

97,033,196

Interactive Media & Services 6.1%

Alphabet, Inc., Class A

496,316

76,750,306

Alphabet, Inc., Class C

401,751

62,765,559

Match Group, Inc.(a)

22,017

686,930

Meta Platforms, Inc., Class A

186,105

107,263,478

247,466,273

IT Services 1.2%

Accenture plc, Class A

53,076

16,561,835

Akamai Technologies, Inc.*(a)

12,450

1,002,225

Cognizant Technology

Solutions Corp., Class A

42,343

3,239,240

EPAM Systems, Inc.*

4,639

783,249

Gartner, Inc.*

6,653

2,792,530

GoDaddy, Inc., Class A*

11,663

2,100,973

International Business

Machines Corp.

78,541

19,530,005

VeriSign, Inc.*

7,137

1,811,870

47,821,927

Leisure Products 0.0%

†

Hasbro, Inc.

12,006

738,249

Life Sciences Tools & Services 1.0%

Agilent Technologies, Inc.

24,231

2,834,542

Bio-Techne Corp.

13,140

770,398

Charles River Laboratories

International, Inc.*

4,419

665,148

Danaher Corp.

54,403

11,152,615

IQVIA Holdings, Inc.*

14,217

2,506,457

Mettler-Toledo International,

Inc.*

1,763

2,081,944

Revvity, Inc.(a)

10,921

1,155,442

Thermo Fisher Scientific, Inc.

32,486

16,165,034

Waters Corp.*

5,040

1,857,593

West Pharmaceutical

Services, Inc.(a)

5,972

1,337,011

40,526,184

Machinery 1.6%

Caterpillar, Inc.

40,616

13,395,157

Cummins, Inc.

11,620

3,642,173

Deere & Co.

21,774

10,219,627

Dover Corp.

11,740

2,062,483

Fortive Corp.

28,835

2,110,145

IDEX Corp.

6,374

1,153,503

Illinois Tool Works, Inc.

22,760

5,644,708

Ingersoll Rand, Inc.

34,165

2,734,225

Nordson Corp.

4,354

878,289

Otis Worldwide Corp.

33,519

3,459,161

PACCAR, Inc.

44,173

4,301,125

Parker-Hannifin Corp.

10,902

6,626,781

Pentair plc

14,007

1,225,332

Snap-on, Inc.

4,550

1,533,395

Stanley Black & Decker, Inc.

(a)

13,416

1,031,422

Westinghouse Air Brake

Technologies Corp.

14,500

2,629,575

116 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT S&P 500 Index Fund

Common Stocks

Shares

Value ($)

Machinery

Xylem, Inc.

20,538

2,453,469

65,100,570

Media 0.5%

Charter Communications, Inc.,

Class A*(a)

8,161

3,007,573

Comcast Corp., Class A

320,521

11,827,225

Fox Corp., Class A

18,060

1,022,196

Fox Corp., Class B

12,311

648,913

Interpublic Group of Cos., Inc.

(The)

30,709

834,057

News Corp., Class A

30,655

834,429

News Corp., Class B

9,114

276,792

Omnicom Group, Inc.

16,409

1,360,470

Paramount Global, Class B

50,867

608,369

20,420,024

Metals & Mining 0.3%

Freeport-McMoRan, Inc.

121,194

4,588,405

Newmont Corp.

95,701

4,620,444

Nucor Corp.

19,594

2,357,942

Steel Dynamics, Inc.

12,359

1,545,864

13,112,655

Multi-Utilities 0.7%

Ameren Corp.

23,188

2,328,075

CenterPoint Energy, Inc.(a)

56,769

2,056,741

CMS Energy Corp.

25,321

1,901,860

Consolidated Edison, Inc.

29,936

3,310,622

Dominion Energy, Inc.

72,316

4,054,758

DTE Energy Co.

17,524

2,423,044

NiSource, Inc.

39,213

1,572,049

Public Service Enterprise

Group, Inc.

41,548

3,419,400

Sempra(a)

54,192

3,867,141

WEC Energy Group, Inc.

27,173

2,961,314

27,895,004

Office REITs 0.0%

†

BXP, Inc.(a)

12,518

841,084

Oil, Gas & Consumable Fuels 3.4%

APA Corp.(a)

29,699

624,273

Chevron Corp.(a)

141,963

23,748,990

ConocoPhillips

108,427

11,387,004

Coterra Energy, Inc.

63,132

1,824,515

Devon Energy Corp.

56,448

2,111,155

Diamondback Energy, Inc.

15,614

2,496,366

EOG Resources, Inc.

48,037

6,160,265

EQT Corp.

51,700

2,762,331

Expand Energy Corp.

17,872

1,989,511

Exxon Mobil Corp.

369,932

43,996,013

Hess Corp.

23,474

3,749,502

Kinder Morgan, Inc.

162,226

4,628,308

Marathon Petroleum Corp.(a)

27,299

3,977,191

Occidental Petroleum Corp.

57,114

2,819,147

ONEOK, Inc.

53,111

5,269,673

Phillips 66

35,623

4,398,728

Targa Resources Corp.

18,602

3,729,143

Texas Pacific Land Corp.(a)

1,569

2,078,909

Valero Energy Corp.(a)

26,506

3,500,648

Williams Cos., Inc. (The)

104,287

6,232,191

137,483,863

Common Stocks

Shares

Value ($)

Passenger Airlines 0.1%

Delta Air Lines, Inc.

55,810

2,433,316

Southwest Airlines Co.(a)

51,412

1,726,415

United Airlines Holdings, Inc.*

27,736

1,915,171

6,074,902

Personal Care Products 0.1%

Estee Lauder Cos., Inc. (The),

Class A

19,289

1,273,074

Kenvue, Inc.

165,570

3,970,369

5,243,443

Pharmaceuticals 3.4%

Bristol-Myers Squibb Co.

173,496

10,581,521

Eli Lilly & Co.

66,928

55,276,505

Johnson & Johnson

204,508

33,915,607

Merck & Co., Inc.

214,872

19,286,911

Pfizer, Inc.

480,142

12,166,798

Viatris, Inc.

105,664

920,333

Zoetis, Inc., Class A

38,594

6,354,502

138,502,177

Professional Services 0.7%

Automatic Data Processing,

Inc.

34,443

10,523,370

Broadridge Financial

Solutions, Inc.

10,100

2,448,846

Dayforce, Inc.*(a)

13,476

786,055

Equifax, Inc.

10,564

2,572,968

Jacobs Solutions, Inc.

10,811

1,306,942

Leidos Holdings, Inc.

11,676

1,575,559

Paychex, Inc.(a)

27,097

4,180,525

Paycom Software, Inc.(a)

4,335

947,111

Verisk Analytics, Inc., Class A

11,990

3,568,464

27,909,840

Real Estate Management & Development 0.2%

CBRE Group, Inc., Class A*

25,541

3,340,252

CoStar Group, Inc.*(a)

36,685

2,906,552

6,246,804

Residential REITs 0.3%

AvalonBay Communities, Inc.

(a)

11,966

2,568,143

Camden Property Trust

8,878

1,085,779

Equity Residential

28,632

2,049,479

Essex Property Trust, Inc.(a)

5,368

1,645,668

Invitation Homes, Inc.

48,391

1,686,426

Mid-America Apartment

Communities, Inc.(a)

10,256

1,718,700

UDR, Inc.

24,803

1,120,352

11,874,547

Retail REITs 0.3%

Federal Realty Investment

Trust

6,116

598,267

Kimco Realty Corp.(a)

56,787

1,206,156

Realty Income Corp.(a)

74,219

4,305,444

Regency Centers Corp.(a)

13,330

983,221

Simon Property Group, Inc.

26,058

4,327,713

11,420,801

Semiconductors & Semiconductor Equipment 9.8%

Advanced Micro Devices, Inc.*

137,576

14,134,558

Analog Devices, Inc.

42,471

8,565,127

Applied Materials, Inc.

69,066

10,022,858

Broadcom, Inc.

398,347

66,695,238

NVIT S&P 500 Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 117

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

Enphase Energy, Inc.*

11,600

719,780

First Solar, Inc.*(a)

9,354

1,182,626

Intel Corp.

364,030

8,267,121

KLA Corp.

11,392

7,744,282

Lam Research Corp.

109,402

7,953,525

Microchip Technology, Inc.(a)

44,805

2,169,010

Micron Technology, Inc.

94,026

8,169,919

Monolithic Power Systems,

Inc.

4,040

2,343,119

NVIDIA Corp.

2,081,239

225,564,683

NXP Semiconductors NV

21,246

4,038,015

ON Semiconductor Corp.*

36,980

1,504,716

QUALCOMM, Inc.

94,252

14,478,050

Skyworks Solutions, Inc.(a)

12,928

835,537

Teradyne, Inc.

14,146

1,168,460

Texas Instruments, Inc.

77,355

13,900,693

399,457,317

Software 9.7%

Adobe, Inc.*

36,994

14,188,309

ANSYS, Inc.*

7,412

2,346,343

Autodesk, Inc.*

18,202

4,765,284

Cadence Design Systems,

Inc.*

23,494

5,975,229

Crowdstrike Holdings, Inc.,

Class A*(a)

20,932

7,380,205

Fair Isaac Corp.*

2,083

3,841,385

Fortinet, Inc.*

53,795

5,178,307

Gen Digital, Inc.(a)

45,482

1,207,092

Intuit, Inc.

23,771

14,595,156

Microsoft Corp.

631,533

237,071,173

Oracle Corp.

136,520

19,086,861

Palantir Technologies, Inc.,

Class A*

173,805

14,669,142

Palo Alto Networks, Inc.*(a)

56,017

9,558,741

PTC, Inc.*

10,264

1,590,407

Roper Technologies, Inc.

9,173

5,408,217

Salesforce, Inc.

81,204

21,791,905

ServiceNow, Inc.*

17,473

13,910,954

Synopsys, Inc.*

13,065

5,602,925

Tyler Technologies, Inc.*

3,607

2,097,074

Workday, Inc., Class A*

18,005

4,204,708

394,469,417

Specialized REITs 0.9%

American Tower Corp.

39,564

8,609,126

Crown Castle, Inc.

37,037

3,860,366

Digital Realty Trust, Inc.

26,954

3,862,239

Equinix, Inc.

8,158

6,651,625

Extra Space Storage, Inc.

17,787

2,641,192

Iron Mountain, Inc.(a)

24,740

2,128,630

Public Storage

13,337

3,991,631

SBA Communications Corp.,

Class A

8,948

1,968,649

VICI Properties, Inc., Class A

91,827

2,995,397

Weyerhaeuser Co.

63,915

1,871,431

38,580,286

Specialty Retail 1.9%

AutoZone, Inc.*

1,419

5,410,335

Best Buy Co., Inc.

17,210

1,266,828

CarMax, Inc.*

12,857

1,001,818

Home Depot, Inc. (The)

84,372

30,921,494

Common Stocks

Shares

Value ($)

Specialty Retail

Lowe's Cos., Inc.

48,062

11,209,500

O'Reilly Automotive, Inc.*

4,888

7,002,451

Ross Stores, Inc.

28,023

3,581,059

TJX Cos., Inc. (The)

95,549

11,637,868

Tractor Supply Co.(a)

46,430

2,558,293

Ulta Beauty, Inc.*

4,010

1,469,826

Williams-Sonoma, Inc.

10,461

1,653,884

77,713,356

Technology Hardware, Storage & Peripherals 7.2%

Apple, Inc.

1,276,624

283,576,489

Dell Technologies, Inc., Class

C

25,970

2,367,165

Hewlett Packard Enterprise

Co.

111,378

1,718,563

HP, Inc.

80,921

2,240,702

NetApp, Inc.

17,340

1,523,146

Seagate Technology Holdings

plc

17,771

1,509,646

Super Micro Computer, Inc.*(a)

41,400

1,417,536

Western Digital Corp.*

29,334

1,185,974

295,539,221

Textiles, Apparel & Luxury Goods 0.3%

Deckers Outdoor Corp.*

12,558

1,404,110

Lululemon Athletica, Inc.*

9,667

2,736,341

NIKE, Inc., Class B

101,000

6,411,480

Ralph Lauren Corp., Class A

3,633

801,949

Tapestry, Inc.

17,593

1,238,723

12,592,603

Tobacco 0.7%

Altria Group, Inc.(a)

143,650

8,621,873

Philip Morris International, Inc.

132,071

20,963,630

29,585,503

Trading Companies & Distributors 0.3%

Fastenal Co.(a)

48,239

3,740,935

United Rentals, Inc.

5,569

3,490,092

WW Grainger, Inc.

3,795

3,748,815

10,979,842

Water Utilities 0.1%

American Water Works Co.,

Inc.(a)

16,346

2,411,362

Wireless Telecommunication Services 0.3%

T-Mobile US, Inc.

40,752

10,868,966

Total Common Stocks

(cost $1,226,515,420)

4,041,412,509

118 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT S&P 500 Index Fund

Repurchase Agreements 1.6%

Principal

Amount ($)

Value ($)

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $46,005,597,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$46,920,001.(b)

46,000,000

46,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,920,161,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$5,017,954.(b)

4,919,563

4,919,563

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $14,001,692,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $14,280,000.(b)

14,000,000

14,000,000

Total Repurchase Agreements

(cost $64,919,563)

64,919,563

Total Investments

(cost $1,291,434,983) — 100.7%

4,106,332,072

Liabilities in excess of other assets — (0.7)%

(29,528,993)

NET ASSETS — 100.0%

$

4,076,803,079

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $183,499,562, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $64,919,563 and by $120,436,536 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 8/15/2054, a total value of

$185,356,099.

(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, 2025 was $64,919,563.

REIT

Real Estate Investment Trust

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

S&P 500 E-Mini Index

142

6/2025

USD

40,138,075

(484,442)

Net contracts

(484,442)

Currency:

USD

United States Dollar

NVIT S&P 500 Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 119

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.  

120 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT S&P 500 Index Fund

The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of March 31, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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 table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

4,041,412,509

$

–

$

–

$

4,041,412,509

Repurchase Agreements

–

64,919,563

–

64,919,563

Total Assets

$

4,041,412,509

$

64,919,563

$

–

$

4,106,332,072

Liabilities:

Futures Contracts

$

(484,442)

$

–

$

–

$

(484,442)

Total Liabilities

$

(484,442)

$

–

$

–

$

(484,442)

Total

$

4,040,928,067

$

64,919,563

$

–

$

4,105,847,630

NVIT S&P 500 Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 121

The following is a summary of the Fund's derivative instruments categorized by risk exposure as of March 31, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(484,442)

Total

$

(484,442)

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

122 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Closed End Fund 0.0%

†

Principal

Amount ($)

Value ($)

Diversified REITs 0.0%

†

NexPoint Diversified Real

Estate Trust

5,771

22,103

Total Closed End Fund

(cost  $57,219)

22,103

Common Stocks 98.2%

Shares

Value ($)

Aerospace & Defense 1.4%

AAR Corp.*

6,113

342,267

AeroVironment, Inc.*

4,939

588,679

AerSale Corp.*

5,138

38,484

Archer Aviation, Inc., Class

A*(a)

56,593

402,376

Astronics Corp.*(a)

5,218

126,119

Byrna Technologies, Inc.*(a)

2,932

49,375

Cadre Holdings, Inc.(a)

4,380

129,692

Ducommun, Inc.*

2,335

135,500

Eve Holding, Inc.*(a)

8,911

29,584

Intuitive Machines, Inc.*

7,477

55,704

Kratos Defense & Security

Solutions, Inc.*(a)

25,802

766,061

Leonardo DRS, Inc.

12,905

424,316

Mercury Systems, Inc.*(a)

9,192

396,083

Moog, Inc., Class A(a)

4,907

850,628

National Presto Industries, Inc.

937

82,372

Park Aerospace Corp.

3,200

43,040

Redwire Corp.*(a)

3,789

31,411

Rocket Lab USA, Inc.*(a)

61,826

1,105,449

Triumph Group, Inc.*

12,784

323,947

V2X, Inc.*

2,876

141,068

Virgin Galactic Holdings,

Inc.*(a)

5,220

15,817

VirTra, Inc.*(a)

1,777

7,232

6,085,204

Air Freight & Logistics 0.2%

Air Transport Services Group,

Inc.*(a)

9,026

202,544

Forward Air Corp.*

4,300

86,387

Hub Group, Inc., Class A

10,602

394,076

Radiant Logistics, Inc.*

5,309

32,650

715,657

Automobile Components 1.1%

Adient plc*

14,895

191,550

American Axle &

Manufacturing Holdings,

Inc.*

21,257

86,516

Cooper-Standard Holdings,

Inc.*

3,166

48,503

Dana, Inc.

22,887

305,084

Dorman Products, Inc.*

4,517

544,479

Fox Factory Holding Corp.*

7,435

173,533

Gentherm, Inc.*

5,475

146,401

Goodyear Tire & Rubber Co.

(The)*(a)

50,454

466,195

Holley, Inc.*

7,906

20,318

LCI Industries

4,321

377,785

Luminar Technologies, Inc.,

Class A*(a)

4,787

25,802

Modine Manufacturing Co.*

9,005

691,134

Common Stocks

Shares

Value ($)

Automobile Components

Patrick Industries, Inc.(a)

5,680

480,301

Phinia, Inc.

7,354

312,030

Solid Power, Inc.*(a)

28,507

29,932

Standard Motor Products, Inc.

3,651

91,019

Stoneridge, Inc.*

4,489

20,605

Visteon Corp.*

4,737

367,686

XPEL, Inc. Reg. S*(a)

4,449

130,712

4,509,585

Automobiles 0.0%

†

Livewire Group, Inc.*(a)

2,867

5,734

Winnebago Industries, Inc.

4,899

168,820

174,554

Banks 10.6%

1st Source Corp.

3,370

201,560

ACNB Corp.

1,628

67,008

Amalgamated Financial Corp.

3,388

97,405

Amerant Bancorp, Inc., Class

A

6,595

136,121

Ameris Bancorp

11,419

657,392

Ames National Corp.

1,751

30,677

Arrow Financial Corp.

3,238

85,127

Associated Banc-Corp.

29,511

664,883

Atlantic Union Bankshares

Corp.(a)

14,692

457,509

Axos Financial, Inc.*

9,475

611,327

Banc of California, Inc.

23,707

336,402

BancFirst Corp.

3,692

405,640

Bancorp, Inc. (The)*

8,091

427,528

Bank First Corp.(a)

1,765

177,806

Bank of Hawaii Corp.(a)

6,335

436,925

Bank of Marin Bancorp

3,092

68,240

Bank of NT Butterfield & Son

Ltd. (The)

7,979

310,543

Bank7 Corp.

774

29,985

BankUnited, Inc.

12,274

422,717

Bankwell Financial Group, Inc.

1,443

43,550

Banner Corp.

5,559

354,497

Bar Harbor Bankshares

2,925

86,287

BayCom Corp.

1,915

48,201

BCB Bancorp, Inc.

2,988

29,462

Berkshire Hills Bancorp, Inc.

7,553

197,058

Blue Foundry Bancorp*

3,416

31,427

Bridgewater Bancshares,

Inc.*(a)

3,591

49,879

Brookline Bancorp, Inc.

14,892

162,323

Burke & Herbert Financial

Services Corp.

2,344

131,522

Business First Bancshares,

Inc.

4,431

107,895

Byline Bancorp, Inc.

5,918

154,815

Cadence Bank

25,429

772,024

California BanCorp*

4,168

59,727

Camden National Corp.(a)

3,184

128,856

Capital Bancorp, Inc.

1,938

54,904

Capital City Bank Group, Inc.

2,575

92,597

Capitol Federal Financial, Inc.

(a)

20,952

117,331

Carter Bankshares, Inc.*

4,442

71,872

Cathay General Bancorp

10,762

463,089

Central Pacific Financial Corp.

3,784

102,319

Chemung Financial Corp.

688

32,728

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 123

Common Stocks

Shares

Value ($)

Banks

ChoiceOne Financial Services,

Inc.(a)

1,575

45,313

Citizens & Northern Corp.

2,793

56,195

Citizens Financial Services,

Inc.(a)

894

51,897

City Holding Co.(a)

2,467

289,798

Civista Bancshares, Inc.

3,098

60,535

CNB Financial Corp.

4,088

90,958

Coastal Financial Corp.*

2,175

196,642

Colony Bankcorp, Inc.

3,190

51,518

Columbia Financial, Inc.*(a)

4,683

70,245

Community Financial System,

Inc.

8,846

502,984

Community Trust Bancorp, Inc.

3,057

153,951

Community West Bancshares

3,072

56,771

ConnectOne Bancorp, Inc.(a)

6,569

159,692

Customers Bancorp, Inc.*

5,141

258,078

CVB Financial Corp.(a)

23,359

431,207

Dime Community Bancshares,

Inc.(a)

6,969

194,296

Eagle Bancorp, Inc.

5,141

107,961

Eastern Bankshares, Inc.

34,878

571,999

Enterprise Bancorp, Inc.

1,950

75,913

Enterprise Financial Services

Corp.

6,715

360,864

Equity Bancshares, Inc., Class

A

2,929

115,403

Esquire Financial Holdings,

Inc.(a)

1,321

99,577

ESSA Bancorp, Inc.

1,672

31,517

Farmers & Merchants

Bancorp, Inc.

2,483

59,369

Farmers National Banc Corp.

6,916

90,254

FB Financial Corp.

6,647

308,155

Fidelity D&D Bancorp, Inc.

857

35,660

Financial Institutions, Inc.(a)

3,481

86,886

First Bancorp(a)

31,577

745,767

First Bancorp, Inc. (The)

2,094

51,764

First Bancshares, Inc. (The)

5,582

188,727

First Bank

4,076

60,366

First Busey Corp.

15,091

325,966

First Business Financial

Services, Inc.

1,593

75,110

First Commonwealth Financial

Corp.

16,947

263,356

First Community Bankshares,

Inc.

3,268

123,171

First Financial Bancorp

15,895

397,057

First Financial Bankshares,

Inc.

22,862

821,203

First Financial Corp.

2,244

109,911

First Financial Northwest, Inc.

1,219

27,623

First Foundation, Inc.(a)

10,827

56,192

First Internet Bancorp

1,450

38,831

First Interstate BancSystem,

Inc., Class A

14,841

425,195

First Merchants Corp.

10,608

428,988

First Mid Bancshares, Inc.

4,237

147,871

First of Long Island Corp.

(The)

4,705

58,107

First Western Financial, Inc.*

1,380

27,117

Common Stocks

Shares

Value ($)

Banks

Five Star Bancorp(a)

3,072

85,402

Flagstar Financial, Inc.(a)

44,625

518,542

Flushing Financial Corp.

5,381

68,339

FS Bancorp, Inc.

1,342

51,009

Fulton Financial Corp.

28,202

510,174

FVCBankcorp, Inc.*

2,595

27,429

German American Bancorp,

Inc.

5,364

201,150

Glacier Bancorp, Inc.(a)

20,115

889,485

Great Southern Bancorp, Inc.

(a)

1,658

91,803

Greene County Bancorp, Inc.

1,395

33,633

Guaranty Bancshares, Inc.

1,440

57,643

Hancock Whitney Corp.

15,888

833,326

Hanmi Financial Corp.

4,070

92,226

HarborOne Bancorp, Inc.

6,555

67,975

HBT Financial, Inc.

2,659

59,588

Heritage Commerce Corp.

11,385

108,385

Heritage Financial Corp.

5,224

127,100

Hilltop Holdings, Inc.

8,350

254,257

Hingham Institution for

Savings(a)

290

68,962

Home Bancorp, Inc.

1,439

64,467

Home BancShares, Inc.

33,552

948,515

HomeStreet, Inc.*

2,965

34,809

HomeTrust Bancshares, Inc.

2,829

96,978

Hope Bancorp, Inc.

20,134

210,803

Horizon Bancorp, Inc.

7,845

118,303

Independent Bank Corp.(a)

10,899

562,360

International Bancshares Corp.

9,732

613,700

Investar Holding Corp.

1,782

31,381

John Marshall Bancorp, Inc.

2,281

37,682

Kearny Financial Corp.

10,426

65,267

Lakeland Financial Corp.(a)

4,220

250,837

LCNB Corp.

2,456

36,324

LINKBANCORP, Inc.

3,402

23,066

Live Oak Bancshares, Inc.

6,241

166,385

Mercantile Bank Corp.

2,980

129,451

Metrocity Bankshares, Inc.

3,506

96,660

Metropolitan Bank Holding

Corp.*

1,941

108,677

Mid Penn Bancorp, Inc.

3,233

83,767

Middlefield Banc Corp.(a)

1,398

39,074

Midland States Bancorp, Inc.

3,698

63,310

MidWestOne Financial Group,

Inc.

3,474

102,865

MVB Financial Corp.

2,183

37,810

National Bank Holdings Corp.,

Class A

6,090

233,064

National Bankshares, Inc.(a)

1,074

28,601

NB Bancorp, Inc.*(a)

6,832

123,454

NBT Bancorp, Inc.

7,748

332,389

Nicolet Bankshares, Inc.

2,388

260,196

Northeast Bank

1,295

118,544

Northeast Community

Bancorp, Inc.

2,554

59,866

Northfield Bancorp, Inc.

7,277

79,392

Northrim Bancorp, Inc.

1,045

76,515

Northwest Bancshares, Inc.

20,905

251,278

Norwood Financial Corp.

1,634

39,494

Oak Valley Bancorp

1,116

27,855

OceanFirst Financial Corp.

10,626

180,748

124 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Banks

OFG Bancorp

7,726

309,195

Old National Bancorp(a)

56,046

1,187,615

Old Second Bancorp, Inc.

7,896

131,389

Orange County Bancorp, Inc.

1,886

44,114

Origin Bancorp, Inc.(a)

5,282

183,127

Orrstown Financial Services,

Inc.

3,350

100,533

Pacific Premier Bancorp, Inc.

16,130

343,892

Park National Corp.

2,618

396,365

Parke Bancorp, Inc.

2,026

38,170

Pathward Financial, Inc.

4,100

299,095

PCB Bancorp

2,268

42,434

Peapack-Gladstone Financial

Corp.

3,168

89,971

Peoples Bancorp of North

Carolina, Inc.

839

22,854

Peoples Bancorp, Inc.

6,603

195,845

Peoples Financial Services

Corp.

1,604

71,330

Pioneer Bancorp, Inc.*

2,248

26,324

Plumas Bancorp

970

41,972

Ponce Financial Group, Inc.*

2,998

37,985

Preferred Bank(a)

1,239

103,655

Primis Financial Corp.

3,509

34,283

Princeton Bancorp, Inc.

996

30,428

Provident Bancorp, Inc.*

2,598

29,825

Provident Financial Services,

Inc.

19,954

342,610

QCR Holdings, Inc.

2,941

209,752

RBB Bancorp

3,256

53,724

Red River Bancshares, Inc.

791

40,855

Renasant Corp.(a)

10,185

345,577

Republic Bancorp, Inc., Class

A

1,630

104,027

S&T Bancorp, Inc.

6,044

223,930

Sandy Spring Bancorp, Inc.

8,342

233,159

Seacoast Banking Corp. of

Florida(a)

14,220

365,881

ServisFirst Bancshares, Inc.(a)

8,910

735,966

Shore Bancshares, Inc.

5,509

74,592

Sierra Bancorp

2,567

71,568

Simmons First National Corp.,

Class A

20,894

428,954

SmartFinancial, Inc.

3,045

94,639

South Plains Financial, Inc.

2,410

79,819

Southern First Bancshares,

Inc.*

1,282

42,203

Southern Missouri Bancorp,

Inc.

1,732

90,099

Southern States Bancshares,

Inc.

1,508

53,911

Southside Bancshares, Inc.

4,810

139,298

SouthState Corp.(a)

17,322

1,607,828

Stellar Bancorp, Inc.(a)

8,761

242,329

Sterling Bancorp, Inc.*(a)

3,556

17,211

Stock Yards Bancorp, Inc.(a)

4,743

327,552

Texas Capital Bancshares,

Inc.*

8,351

623,820

Third Coast Bancshares, Inc.*

2,127

70,978

Timberland Bancorp, Inc.

1,353

40,793

Tompkins Financial Corp.

2,344

147,625

Common Stocks

Shares

Value ($)

Banks

Towne Bank(a)

12,761

436,299

TriCo Bancshares

5,844

233,585

Triumph Financial, Inc.*

3,897

225,247

TrustCo Bank Corp.

2,956

90,099

Trustmark Corp.

10,170

350,763

UMB Financial Corp.

12,125

1,225,837

United Bankshares, Inc.

23,149

802,576

United Community Banks, Inc.

19,448

547,072

Unity Bancorp, Inc.

1,469

59,788

Univest Financial Corp.

5,600

158,816

USCB Financial Holdings, Inc.

(a)

2,081

38,623

Valley National Bancorp

83,611

743,302

Veritex Holdings, Inc.

8,840

220,735

Virginia National Bankshares

Corp.

841

30,343

WaFd, Inc.(a)

13,455

384,544

Washington Trust Bancorp,

Inc.

3,336

102,949

WesBanco, Inc.

15,543

481,211

West Bancorp, Inc.

2,979

59,401

Westamerica Bancorp

4,438

224,696

WSFS Financial Corp.(a)

9,878

512,372

45,280,792

Beverages 0.4%

MGP Ingredients, Inc.(a)

2,455

72,128

National Beverage Corp.

4,069

169,026

Primo Brands Corp., Class A

34,894

1,238,388

Vita Coco Co., Inc. (The)*(a)

6,808

208,665

1,688,207

Biotechnology 8.0%

2seventy bio, Inc.*

9,313

46,006

4D Molecular Therapeutics,

Inc.*(a)

8,732

28,204

89bio, Inc.*

19,623

142,659

Absci Corp.*(a)

13,547

34,003

ACADIA Pharmaceuticals,

Inc.*(a)

21,038

349,441

ACELYRIN, Inc.*

13,191

32,582

Achieve Life Sciences, Inc.*

5,698

15,214

Acrivon Therapeutics, Inc.*(a)

2,378

4,827

Actinium Pharmaceuticals,

Inc.*(a)

6,009

9,675

Acumen Pharmaceuticals,

Inc.*

6,975

7,673

ADC Therapeutics SA*(a)

14,621

20,616

ADMA Biologics, Inc.*

40,211

797,786

Adverum Biotechnologies,

Inc.*(a)

3,490

15,251

Aerovate Therapeutics,

Inc.*(a)

1,797

4,510

Agenus, Inc.*(a)

3,412

5,135

Agios Pharmaceuticals, Inc.*

9,858

288,839

Akebia Therapeutics, Inc.*(a)

38,309

73,553

Akero Therapeutics, Inc.*

13,063

528,790

Aldeyra Therapeutics, Inc.*

9,436

54,257

Alector, Inc.*

13,530

16,642

Alkermes plc*

28,268

933,409

Allogene Therapeutics, Inc.*(a)

22,084

32,243

Altimmune, Inc.*(a)

13,107

65,535

ALX Oncology Holdings, Inc.*

5,639

3,513

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 125

Common Stocks

Shares

Value ($)

Biotechnology

Amicus Therapeutics, Inc.*

51,045

416,527

AnaptysBio, Inc.*(a)

3,541

65,827

Anavex Life Sciences

Corp.*(a)

13,523

116,027

Anika Therapeutics, Inc.*

2,320

34,870

Annexon, Inc.*(a)

17,992

34,725

Apogee Therapeutics, Inc.*(a)

6,557

244,970

Applied Therapeutics, Inc.*(a)

17,316

8,466

Arbutus Biopharma Corp.*(a)

25,671

89,592

Arcellx, Inc.*(a)

7,599

498,494

Arcturus Therapeutics

Holdings, Inc.*(a)

4,359

46,162

Arcus Biosciences, Inc.*

9,758

76,600

Arcutis Biotherapeutics,

Inc.*(a)

18,623

291,264

Ardelyx, Inc.*

41,491

203,721

ArriVent Biopharma, Inc.*(a)

5,163

95,464

Arrowhead Pharmaceuticals,

Inc.*(a)

21,246

270,674

ARS Pharmaceuticals, Inc.*(a)

8,833

111,119

Artiva Biotherapeutics, Inc.*(a)

2,340

7,020

Astria Therapeutics, Inc.*(a)

8,307

44,359

Atossa Therapeutics, Inc.*(a)

21,317

14,344

Aura Biosciences, Inc.*(a)

8,464

49,599

Aurinia Pharmaceuticals, Inc.*

23,840

191,674

Avidity Biosciences, Inc.*(a)

19,891

587,182

Avita Medical, Inc.*(a)

4,722

38,437

Beam Therapeutics, Inc.*(a)

16,119

314,804

Bicara Therapeutics, Inc.*(a)

3,354

43,703

BioCryst Pharmaceuticals,

Inc.*(a)

36,090

270,675

Biohaven Ltd.*

15,137

363,893

Biomea Fusion, Inc.*(a)

5,189

11,053

Black Diamond Therapeutics,

Inc.*(a)

6,287

9,745

Bluebird Bio, Inc.*(a)

1,507

7,354

Blueprint Medicines Corp.*(a)

11,187

990,161

Boundless Bio, Inc.*(a)

2,423

3,659

Bridgebio Pharma, Inc.*

24,602

850,491

C4 Therapeutics, Inc.*(a)

9,929

15,886

Cabaletta Bio, Inc.*

7,252

10,044

CAMP4 Therapeutics Corp.*

1,697

6,788

Candel Therapeutics, Inc.*(a)

5,026

28,397

Capricor Therapeutics, Inc.*(a)

6,489

61,581

Cardiff Oncology, Inc.*(a)

10,188

31,990

CareDx, Inc.*(a)

8,822

156,591

Cargo Therapeutics, Inc.*

5,875

23,911

Caribou Biosciences, Inc.*(a)

12,763

11,654

Cartesian Therapeutics,

Inc.*(a)

1,777

23,421

Catalyst Pharmaceuticals,

Inc.*

19,681

477,264

Celcuity, Inc.*(a)

5,607

56,687

Celldex Therapeutics, Inc.*(a)

11,415

207,182

Century Therapeutics, Inc.*(a)

7,616

3,625

CervoMed, Inc.*

921

8,427

CG oncology, Inc.*(a)

9,447

231,357

Cibus, Inc., Class A*(a)

2,497

4,669

Climb Bio, Inc.*(a)

4,967

6,060

Cogent Biosciences, Inc.*(a)

16,299

97,631

Coherus Biosciences, Inc.*(a)

18,551

14,971

Common Stocks

Shares

Value ($)

Biotechnology

Compass Therapeutics,

Inc.*(a)

16,365

31,094

Corbus Pharmaceuticals

Holdings, Inc.*(a)

2,386

12,670

Crinetics Pharmaceuticals,

Inc.*(a)

16,030

537,646

Cullinan Therapeutics, Inc.*

8,930

67,600

Cytokinetics, Inc.*(a)

20,083

807,136

Day One Biopharmaceuticals,

Inc.*

9,296

73,717

Denali Therapeutics, Inc.*(a)

22,120

300,721

Design Therapeutics, Inc.*

5,207

20,099

Dianthus Therapeutics, Inc.*(a)

4,285

77,730

Disc Medicine, Inc.*(a)

4,001

198,610

Dynavax Technologies

Corp.*(a)

23,189

300,761

Dyne Therapeutics, Inc.*

14,609

152,810

Editas Medicine, Inc.*(a)

14,058

16,307

Elevation Oncology, Inc.*(a)

8,633

2,237

Enanta Pharmaceuticals, Inc.*

3,672

20,269

Entrada Therapeutics, Inc.*(a)

4,282

38,709

Erasca, Inc.*(a)

30,381

41,622

Fate Therapeutics, Inc.*(a)

16,839

13,304

Fennec Pharmaceuticals,

Inc.*(a)

3,757

22,880

Fibrobiologics, Inc.*(a)

4,151

3,736

Foghorn Therapeutics, Inc.*(a)

4,618

16,856

Generation Bio Co.*

10,268

4,159

Geron Corp.*

102,806

163,462

Greenwich Lifesciences,

Inc.*(a)

984

9,387

Gyre Therapeutics, Inc.*(a)

1,158

8,940

Halozyme Therapeutics,

Inc.*(a)

21,881

1,396,227

Heron Therapeutics, Inc.*(a)

19,788

43,534

HilleVax, Inc.*(a)

5,242

7,601

Humacyte, Inc.*(a)

14,987

25,553

Ideaya Biosciences, Inc.*(a)

15,150

248,157

IGM Biosciences, Inc.*

2,467

2,837

ImmunityBio, Inc.*(a)

28,088

84,545

Immunome, Inc.*(a)

12,395

83,418

Immunovant, Inc.*(a)

10,155

173,549

Inhibrx Biosciences, Inc.*(a)

1,907

26,679

Inmune Bio, Inc.*(a)

2,083

16,268

Inovio Pharmaceuticals,

Inc.*(a)

4,329

7,056

Inozyme Pharma, Inc.*(a)

9,246

8,414

Insmed, Inc.*

30,181

2,302,508

Intellia Therapeutics, Inc.*(a)

17,982

127,852

Invivyd, Inc.*(a)

13,274

8,035

Iovance Biotherapeutics,

Inc.*(a)

48,374

161,085

Ironwood Pharmaceuticals,

Inc., Class A*

24,815

36,478

iTeos Therapeutics, Inc.*

4,649

27,755

Janux Therapeutics, Inc.*(a)

5,537

149,499

Jasper Therapeutics, Inc.*(a)

1,899

8,166

KalVista Pharmaceuticals,

Inc.*

6,432

74,225

Keros Therapeutics, Inc.*(a)

5,925

60,376

126 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Biotechnology

Kiniksa Pharmaceuticals

International plc, Class A*

6,780

150,584

Kodiak Sciences, Inc.*(a)

5,915

16,592

Korro Bio, Inc.*(a)

1,028

17,897

Krystal Biotech, Inc.*(a)

4,315

777,995

Kura Oncology, Inc.*

12,698

83,807

Kymera Therapeutics, Inc.*(a)

8,295

227,034

Kyverna Therapeutics, Inc.*(a)

5,193

10,022

Larimar Therapeutics, Inc.*(a)

7,060

15,179

Lexeo Therapeutics, Inc.*(a)

4,021

13,953

Lexicon Pharmaceuticals,

Inc.*(a)

20,767

9,569

Lineage Cell Therapeutics,

Inc.*(a)

26,695

12,055

Lyell Immunopharma, Inc.*(a)

28,216

15,180

MacroGenics, Inc.*

9,416

11,958

Madrigal Pharmaceuticals,

Inc.*(a)

3,138

1,039,400

MannKind Corp.*

47,654

239,700

MeiraGTx Holdings plc*(a)

8,664

58,742

Mersana Therapeutics, Inc.*

20,534

7,068

Metagenomi, Inc.*

5,069

6,894

Metsera, Inc.*(a)

2,706

73,657

MiMedx Group, Inc.*

21,032

159,843

Mineralys Therapeutics, Inc.*

4,933

78,336

Mirum Pharmaceuticals,

Inc.*(a)

7,042

317,242

Monte Rosa Therapeutics,

Inc.*(a)

7,040

32,666

Myriad Genetics, Inc.*

15,916

141,175

Neurogene, Inc.*(a)

1,863

21,816

Nkarta, Inc.*(a)

8,883

16,345

Novavax, Inc.*(a)

27,222

174,493

Nurix Therapeutics, Inc.*(a)

13,194

156,745

Nuvalent, Inc., Class A*(a)

6,212

440,555

Ocugen, Inc.*(a)

54,954

38,814

Olema Pharmaceuticals,

Inc.*(a)

6,707

25,218

Organogenesis Holdings, Inc.,

Class A*(a)

11,908

51,443

ORIC Pharmaceuticals,

Inc.*(a)

11,210

62,552

Outlook Therapeutics, Inc.*

2,748

3,353

Ovid therapeutics, Inc.*

8,507

2,653

PepGen, Inc.*(a)

2,586

3,633

Perspective Therapeutics,

Inc.*(a)

9,349

19,913

Praxis Precision Medicines,

Inc.*(a)

3,033

114,860

Precigen, Inc.*(a)

25,404

37,852

Prelude Therapeutics, Inc.*

1,794

1,378

Prime Medicine, Inc.*(a)

9,465

18,835

ProKidney Corp., Class A*(a)

17,538

15,367

Protagonist Therapeutics, Inc.*

10,388

502,364

Prothena Corp. plc*(a)

7,159

88,593

PTC Therapeutics, Inc.*

13,265

675,984

Puma Biotechnology, Inc.*

6,989

20,687

Pyxis Oncology, Inc.*(a)

8,102

7,939

Q32 Bio, Inc.*

1,042

1,719

RAPT Therapeutics, Inc.*(a)

4,409

5,379

Common Stocks

Shares

Value ($)

Biotechnology

Recursion Pharmaceuticals,

Inc., Class A*(a)

43,893

232,194

REGENXBIO, Inc.*(a)

7,744

55,370

Regulus Therapeutics, Inc.*(a)

10,371

18,149

Relay Therapeutics, Inc.*

21,459

56,223

Renovaro, Inc.*(a)

19,878

10,798

Replimune Group, Inc.*(a)

11,989

116,893

Revolution Medicines, Inc.*(a)

29,825

1,054,612

Rhythm Pharmaceuticals,

Inc.*(a)

9,556

506,181

Rigel Pharmaceuticals, Inc.*

3,098

55,733

Rocket Pharmaceuticals,

Inc.*(a)

13,575

90,545

Sage Therapeutics, Inc.*

9,309

74,007

Sana Biotechnology, Inc.*(a)

23,769

39,932

Savara, Inc.*(a)

19,768

54,757

Scholar Rock Holding

Corp.*(a)

14,094

453,122

Sera Prognostics, Inc., Class

A*

4,558

16,773

Shattuck Labs, Inc.*

6,707

6,372

Skye Bioscience, Inc.*

2,849

4,530

Soleno Therapeutics, Inc.*(a)

4,511

322,311

Solid Biosciences, Inc.*(a)

3,832

14,178

SpringWorks Therapeutics,

Inc.*

12,014

530,178

Spyre Therapeutics, Inc.*

6,994

112,848

Stoke Therapeutics, Inc.*

5,995

39,867

Summit Therapeutics, Inc.*(a)

16,361

315,604

Sutro Biopharma, Inc.*

13,711

8,920

Syndax Pharmaceuticals, Inc.*

14,469

177,752

Tango Therapeutics, Inc.*

7,502

10,278

Taysha Gene Therapies,

Inc.*(a)

30,981

43,064

Tenaya Therapeutics, Inc.*

10,800

6,157

Tevogen Bio Holdings, Inc.*(a)

8,625

9,315

TG Therapeutics, Inc.*(a)

24,360

960,515

Tourmaline Bio, Inc.*(a)

4,252

64,673

Travere Therapeutics, Inc.*(a)

14,745

264,230

TScan Therapeutics, Inc.*

6,399

8,831

Twist Bioscience Corp.*(a)

10,298

404,299

Tyra Biosciences, Inc.*(a)

3,406

31,676

Upstream Bio, Inc.*

3,019

18,476

UroGen Pharma Ltd.*(a)

6,463

71,481

Vanda Pharmaceuticals, Inc.*

10,528

48,324

Vaxcyte, Inc.*(a)

21,734

820,676

Vera Therapeutics, Inc., Class

A*(a)

7,823

187,908

Veracyte, Inc.*(a)

13,595

403,092

Verastem, Inc.*(a)

6,442

38,845

Vericel Corp.*

8,621

384,669

Verve Therapeutics, Inc.*

11,905

54,406

Vir Biotechnology, Inc.*(a)

15,965

103,453

Viridian Therapeutics, Inc.*(a)

12,869

173,474

Voyager Therapeutics, Inc.*(a)

7,884

26,648

Werewolf Therapeutics,

Inc.*(a)

4,951

4,813

X4 Pharmaceuticals, Inc.*(a)

28,042

6,629

XBiotech, Inc.*

4,464

14,463

Xencor, Inc.*

11,794

125,488

XOMA Royalty Corp.*

1,291

25,730

Y-mAbs Therapeutics, Inc.*(a)

6,653

29,473

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 127

Common Stocks

Shares

Value ($)

Biotechnology

Zenas Biopharma, Inc.*(a)

2,636

20,824

Zentalis Pharmaceuticals, Inc.*

9,384

14,921

Zura Bio Ltd., Class A*(a)

7,341

9,470

Zymeworks, Inc.*(a)

9,644

114,860

34,307,481

Broadline Retail 0.0%

†

1stdibs.com, Inc.*

4,178

12,701

Groupon, Inc., Class A*(a)

3,852

72,302

Savers Value Village, Inc.*(a)

4,134

28,525

113,528

Building Products 1.4%

American Woodmark Corp.*

2,647

155,723

Apogee Enterprises, Inc.

3,858

178,741

AZZ, Inc.(a)

5,134

429,254

Caesarstone Ltd.*

3,237

7,866

CSW Industrials, Inc.

2,940

857,069

Gibraltar Industries, Inc.*

5,367

314,828

Griffon Corp.(a)

6,908

493,922

Insteel Industries, Inc.(a)

3,131

82,345

Janus International Group,

Inc.*(a)

23,601

169,927

JELD-WEN Holding, Inc.*(a)

14,511

86,631

Masterbrand, Inc.*

22,256

290,663

Quanex Building Products

Corp.(a)

8,373

155,654

Resideo Technologies, Inc.*

25,973

459,722

Tecnoglass, Inc.(a)

3,921

280,548

UFP Industries, Inc.(a)

10,487

1,122,529

Zurn Elkay Water Solutions

Corp.

25,135

828,952

5,914,374

Capital Markets 1.8%

Acadian Asset Management,

Inc.

4,869

125,912

AlTi Global, Inc.*(a)

5,825

17,708

Artisan Partners Asset

Management, Inc., Class A

10,930

427,363

B. Riley Financial, Inc.

3,516

13,607

BGC Group, Inc., Class A

55,717

510,925

Cohen & Steers, Inc.

4,940

396,435

Diamond Hill Investment

Group, Inc.

509

72,706

DigitalBridge Group, Inc.(a)

28,081

247,674

Donnelley Financial Solutions,

Inc.*(a)

4,923

215,184

Forge Global Holdings, Inc.*(a)

17,009

9,559

GCM Grosvenor, Inc., Class

A(a)

8,234

108,936

Hamilton Lane, Inc., Class A(a)

6,942

1,032,067

MarketWise, Inc.(a)

5,364

2,648

Moelis & Co., Class A

9,720

567,259

Open Lending Corp.*

17,074

47,124

P10, Inc., Class A(a)

5,682

66,764

Patria Investments Ltd., Class

A(a)

10,236

115,564

Perella Weinberg Partners,

Class A

9,528

175,315

Piper Sandler Cos.

3,116

771,709

PJT Partners, Inc., Class A(a)

4,199

578,958

Common Stocks

Shares

Value ($)

Capital Markets

Silvercrest Asset Management

Group, Inc., Class A

1,945

31,820

StepStone Group, Inc., Class

A

11,713

611,770

StoneX Group, Inc.*

7,707

588,661

Value Line, Inc.

139

5,375

Victory Capital Holdings, Inc.,

Class A

7,542

436,456

Virtus Investment Partners,

Inc.

1,230

212,003

WisdomTree, Inc.

23,662

211,065

7,600,567

Chemicals 1.6%

AdvanSix, Inc.

4,627

104,802

American Vanguard Corp.

4,232

18,621

Arq, Inc.*

5,544

23,119

ASP Isotopes, Inc.*(a)

9,485

44,485

Aspen Aerogels, Inc.*(a)

10,935

69,875

Avient Corp.

15,959

593,036

Balchem Corp.

5,608

930,928

Cabot Corp.

9,311

774,117

Core Molding Technologies,

Inc.*

1,260

19,152

Ecovyst, Inc.*(a)

20,294

125,823

Hawkins, Inc.(a)

3,435

363,835

HB Fuller Co.

9,585

537,910

Ingevity Corp.*

6,309

249,773

Innospec, Inc.

4,385

415,479

Intrepid Potash, Inc.*

1,759

51,697

Koppers Holdings, Inc.

3,439

96,292

Kronos Worldwide, Inc.(a)

3,942

29,486

LSB Industries, Inc.*(a)

9,709

63,982

Mativ Holdings, Inc.

9,761

60,811

Minerals Technologies, Inc.

5,620

357,263

Northern Technologies

International Corp.

1,223

12,731

Orion SA

10,056

130,024

Perimeter Solutions, Inc.*(a)

23,605

237,702

PureCycle Technologies,

Inc.*(a)

21,549

149,119

Quaker Chemical Corp.(a)

2,458

303,833

Rayonier Advanced Materials,

Inc.*

11,131

64,003

Sensient Technologies Corp.

7,315

544,456

Stepan Co.

3,701

203,703

Tronox Holdings plc

20,993

147,791

Valhi, Inc.

582

9,458

6,733,306

Commercial Services & Supplies 1.8%

ABM Industries, Inc.

10,981

520,060

ACCO Brands Corp.

16,000

67,040

ACV Auctions, Inc., Class

A*(a)

26,100

367,749

Bridger Aerospace Group

Holdings, Inc.*(a)

2,710

3,062

BrightView Holdings, Inc.*

10,801

138,685

Brink's Co. (The)

7,701

663,518

Casella Waste Systems, Inc.,

Class A*

10,863

1,211,333

CECO Environmental

Corp.*(a)

5,275

120,270

128 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Commercial Services & Supplies

Cimpress plc*(a)

3,000

135,690

CompX International, Inc.

302

6,257

CoreCivic, Inc.*

19,216

389,893

Deluxe Corp.

7,709

121,879

Driven Brands Holdings,

Inc.*(a)

10,638

182,335

Ennis, Inc.

3,925

78,853

Enviri Corp.*

13,396

89,083

GEO Group, Inc. (The)*

22,451

655,794

Healthcare Services Group,

Inc.*

13,222

133,278

HNI Corp.

8,408

372,895

Interface, Inc., Class A

10,245

203,261

LanzaTech Global, Inc.*(a)

18,273

4,424

Liquidity Services, Inc.*(a)

3,840

119,078

Matthews International Corp.,

Class A(a)

5,400

120,096

MillerKnoll, Inc.(a)

11,925

228,245

Montrose Environmental

Group, Inc.*(a)

5,573

79,471

NL Industries, Inc.

1,817

14,354

OPENLANE, Inc.*(a)

18,551

357,663

Perma-Fix Environmental

Services, Inc.*(a)

2,774

20,167

Pitney Bowes, Inc.

17,361

157,117

Pursuit Attractions and

Hospitality, Inc.*(a)

3,674

130,023

Quad/Graphics, Inc.

6,241

34,014

Quest Resource Holding

Corp.*(a)

2,642

6,869

Steelcase, Inc., Class A

16,536

181,235

UniFirst Corp.

2,654

461,796

Virco Mfg. Corp.

2,381

22,524

VSE Corp.(a)

3,121

374,489

7,772,500

Communications Equipment 0.6%

ADTRAN Holdings, Inc.*

13,735

119,769

Applied Optoelectronics,

Inc.*(a)

7,628

117,090

Aviat Networks, Inc.*

2,086

39,989

Calix, Inc.*

10,559

374,211

Clearfield, Inc.*(a)

2,067

61,431

CommScope Holding Co.,

Inc.*

37,828

200,867

Digi International, Inc.*

6,319

175,858

Extreme Networks, Inc.*

22,469

297,265

Harmonic, Inc.*

19,394

185,988

NETGEAR, Inc.*

4,900

119,854

NetScout Systems, Inc.*

12,284

258,087

Ribbon Communications, Inc.*

16,675

65,366

Viasat, Inc.*(a)

21,300

221,946

Viavi Solutions, Inc.*

38,576

431,665

2,669,386

Construction & Engineering 1.5%

Ameresco, Inc., Class A*(a)

5,749

69,448

Arcosa, Inc.(a)

8,462

652,589

Argan, Inc.

2,217

290,804

Bowman Consulting Group

Ltd., Class A*

2,181

47,611

Centuri Holdings, Inc.*

2,921

47,875

Common Stocks

Shares

Value ($)

Construction & Engineering

Concrete Pumping Holdings,

Inc.

3,608

19,700

Construction Partners, Inc.,

Class A*(a)

8,092

581,572

Dycom Industries, Inc.*

4,966

756,520

Fluor Corp.*

30,094

1,077,967

Granite Construction, Inc.(a)

7,810

588,874

Great Lakes Dredge & Dock

Corp.*

11,685

101,660

IES Holdings, Inc.*(a)

1,438

237,428

Limbach Holdings, Inc.*(a)

1,816

135,238

Matrix Service Co.*

4,470

55,562

MYR Group, Inc.*

2,826

319,592

Northwest Pipe Co.*

1,702

70,293

Orion Group Holdings, Inc.*

6,389

33,414

Primoris Services Corp.

9,366

537,702

Southland Holdings, Inc.*(a)

851

2,545

Sterling Infrastructure, Inc.*

5,262

595,711

Tutor Perini Corp.*

7,648

177,281

6,399,386

Construction Materials 0.3%

Knife River Corp.*(a)

10,039

905,618

Smith-Midland Corp.*(a)

734

22,805

United States Lime & Minerals,

Inc.

1,859

164,299

1,092,722

Consumer Finance 0.9%

Atlanticus Holdings Corp.*

1,019

52,122

Bread Financial Holdings, Inc.

4,254

213,040

Consumer Portfolio Services,

Inc.*

1,397

12,112

Dave, Inc.*(a)

1,416

117,047

Encore Capital Group, Inc.*

4,198

143,907

Enova International, Inc.*

4,433

428,051

FirstCash Holdings, Inc.

6,782

816,010

Green Dot Corp., Class A*

6,983

58,937

LendingClub Corp.*

19,575

202,014

LendingTree, Inc.*

1,765

88,727

Medallion Financial Corp.

3,469

30,215

Moneylion, Inc.*

1,551

134,177

Navient Corp.(a)

14,051

177,464

Nelnet, Inc., Class A

2,564

284,425

NerdWallet, Inc., Class A*(a)

6,349

57,458

OppFi, Inc.(a)

3,134

29,146

PRA Group, Inc.*

7,020

144,752

PROG Holdings, Inc.

7,334

195,084

Regional Management Corp.

1,483

44,653

Upstart Holdings, Inc.*

14,046

646,537

World Acceptance Corp.*

652

82,511

3,958,389

Consumer Staples Distribution & Retail 1.1%

Andersons, Inc. (The)

5,774

247,878

Chefs' Warehouse, Inc.

(The)*(a)

6,180

336,563

Guardian Pharmacy Services,

Inc., Class A*(a)

1,402

29,806

HF Foods Group, Inc.*

6,626

32,467

Ingles Markets, Inc., Class

A(a)

2,545

165,756

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 129

Common Stocks

Shares

Value ($)

Consumer Staples Distribution & Retail

Natural Grocers by Vitamin

Cottage, Inc.

1,703

68,461

PriceSmart, Inc.(a)

4,441

390,142

SpartanNash Co.

5,930

120,142

Sprouts Farmers Market, Inc.*

17,650

2,694,096

United Natural Foods, Inc.*

10,360

283,760

Village Super Market, Inc.,

Class A

1,474

56,027

Weis Markets, Inc.(a)

2,847

219,361

4,644,459

Containers & Packaging 0.3%

Ardagh Metal Packaging SA(a)

24,123

72,852

Greif, Inc., Class A

4,678

257,244

Greif, Inc., Class B

779

46,179

Myers Industries, Inc.

6,469

77,175

O-I Glass, Inc.*

27,490

315,310

Pactiv Evergreen, Inc.

7,316

131,761

Ranpak Holdings Corp., Class

A*(a)

7,448

40,368

TriMas Corp.(a)

7,140

167,290

1,108,179

Distributors 0.0%

†

A-Mark Precious Metals, Inc.

3,104

78,748

GigaCloud Technology, Inc.,

Class A*(a)

3,933

55,849

Weyco Group, Inc.

1,090

33,223

167,820

Diversified Consumer Services 1.2%

Adtalem Global Education,

Inc.*(a)

6,596

663,821

American Public Education,

Inc.*

2,642

58,969

Carriage Services, Inc., Class

A

2,452

95,015

Chegg, Inc.*

18,431

11,781

Coursera, Inc.*

24,582

163,716

European Wax Center, Inc.,

Class A*(a)

5,864

23,163

Frontdoor, Inc.*

13,542

520,284

Graham Holdings Co., Class B

568

545,769

KinderCare Learning Cos.,

Inc.*(a)

4,922

57,046

Laureate Education, Inc.*

23,036

471,086

Lincoln Educational Services

Corp.*

4,379

69,495

Mister Car Wash, Inc.*(a)

16,938

133,641

Nerdy, Inc.*(a)

15,606

22,161

OneSpaWorld Holdings Ltd.

17,489

293,640

Perdoceo Education Corp.

10,046

252,958

Strategic Education, Inc.

3,917

328,871

Stride, Inc.*(a)

7,465

944,323

Udemy, Inc.*

15,886

123,275

Universal Technical Institute,

Inc.*

8,119

208,496

4,987,510

Diversified REITs 0.7%

Alexander & Baldwin, Inc.

13,076

225,300

Alpine Income Property Trust,

Inc.

2,179

36,433

American Assets Trust, Inc.

8,673

174,674

Common Stocks

Shares

Value ($)

Diversified REITs

Armada Hoffler Properties, Inc.

13,555

101,798

Broadstone Net Lease, Inc.

33,509

570,993

CTO Realty Growth, Inc.

4,908

94,774

Empire State Realty Trust,

Inc., Class A

23,846

186,476

Essential Properties Realty

Trust, Inc.(a)

30,811

1,005,671

Gladstone Commercial Corp.

(a)

7,296

109,294

Global Net Lease, Inc.(a)

35,809

287,904

One Liberty Properties, Inc.

3,209

84,300

2,877,617

Diversified Telecommunication Services 0.6%

Anterix, Inc.*

1,754

64,196

AST SpaceMobile, Inc., Class

A*(a)

23,614

536,982

ATN International, Inc.

1,679

34,101

Bandwidth, Inc., Class A*(a)

4,392

57,535

Cogent Communications

Holdings, Inc.

7,681

470,922

Globalstar, Inc.*(a)

8,557

178,499

IDT Corp., Class B

2,631

134,997

Liberty Latin America Ltd.,

Class A*(a)

5,804

36,739

Liberty Latin America Ltd.,

Class C*(a)

21,837

135,608

Lumen Technologies, Inc.*

177,907

697,395

Shenandoah

Telecommunications Co.(a)

8,659

108,844

2,455,818

Electric Utilities 0.9%

ALLETE, Inc.

10,273

674,936

Genie Energy Ltd., Class B

2,208

33,230

Hawaiian Electric Industries,

Inc.*

30,474

333,690

MGE Energy, Inc.(a)

6,355

590,761

Otter Tail Corp.(a)

7,269

584,210

Portland General Electric Co.

18,338

817,875

TXNM Energy, Inc.(a)

15,721

840,759

3,875,461

Electrical Equipment 1.2%

Allient, Inc.

2,370

52,093

American Superconductor

Corp.*

6,306

114,391

Amprius Technologies, Inc.*(a)

768

2,058

Array Technologies, Inc.*(a)

26,548

129,289

Atkore, Inc.(a)

6,120

367,139

Blink Charging Co.*(a)

16,114

14,788

Bloom Energy Corp., Class

A*(a)

35,041

688,906

ChargePoint Holdings, Inc.*(a)

69,093

41,801

Energy Vault Holdings, Inc.*(a)

20,273

14,098

EnerSys

6,882

630,254

Enovix Corp.*(a)

28,971

212,647

Fluence Energy, Inc.*(a)

10,677

51,783

FuelCell Energy, Inc.*(a)

2,938

13,485

GrafTech International Ltd.*(a)

48,273

42,210

Hyliion Holdings Corp.*(a)

25,935

36,309

LSI Industries, Inc.

4,753

80,801

NANO Nuclear Energy, Inc.*(a)

4,296

113,672

130 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Electrical Equipment

Net Power, Inc.*(a)

3,322

8,737

NEXTracker, Inc., Class A*

25,251

1,064,077

NuScale Power Corp., Class

A*(a)

15,850

224,436

Plug Power, Inc.*(a)

145,596

196,555

Powell Industries, Inc.(a)

1,642

279,682

Preformed Line Products

Co.(a)

436

61,079

SES AI Corp.*(a)

19,304

10,052

Shoals Technologies Group,

Inc., Class A*

29,081

96,549

SolarMax Technology, Inc.*

7,536

9,043

Stem, Inc.*(a)

28,826

10,098

Sunrun, Inc.*(a)

38,423

225,159

T1 Energy, Inc.*(a)

18,389

23,170

Thermon Group Holdings, Inc.*

5,647

157,269

TPI Composites, Inc.*(a)

8,323

6,708

Ultralife Corp.*

1,609

8,656

Vicor Corp.*

3,963

185,389

5,172,383

Electronic Equipment, Instruments & Components 2.9%

908 Devices, Inc.*(a)

4,627

20,729

Advanced Energy Industries,

Inc.

6,513

620,754

Aeva Technologies, Inc.*(a)

3,452

24,164

Arlo Technologies, Inc.*

17,366

171,402

Badger Meter, Inc.(a)

5,152

980,168

Bel Fuse, Inc., Class A

300

21,618

Bel Fuse, Inc., Class B(a)

1,837

137,518

Belden, Inc.(a)

7,149

716,687

Benchmark Electronics, Inc.

6,265

238,258

Climb Global Solutions, Inc.

773

85,617

CTS Corp.

5,226

217,140

Daktronics, Inc.*(a)

7,020

85,504

ePlus, Inc.*

4,656

284,156

Evolv Technologies Holdings,

Inc.*(a)

21,947

68,475

Fabrinet*(a)

6,370

1,258,139

FARO Technologies, Inc.*

3,284

89,653

Insight Enterprises, Inc.*

4,812

721,752

Itron, Inc.*

7,895

827,080

Kimball Electronics, Inc.*

4,502

74,058

Knowles Corp.*

14,751

224,215

Lightwave Logic, Inc.*(a)

21,088

21,615

Methode Electronics, Inc.

6,215

39,652

MicroVision, Inc.*(a)

37,824

46,902

Mirion Technologies, Inc.,

Class A*

36,259

525,755

Napco Security Technologies,

Inc.(a)

6,273

144,404

nLight, Inc.*(a)

8,414

65,377

Novanta, Inc.*

6,264

800,978

OSI Systems, Inc.*(a)

2,774

539,099

Ouster, Inc.*

8,285

74,399

PAR Technology Corp.*(a)

5,937

364,176

PC Connection, Inc.

2,169

135,389

Plexus Corp.*

4,739

607,208

Powerfleet, Inc. NJ*(a)

17,425

95,663

Richardson Electronics Ltd.(a)

1,780

19,865

Rogers Corp.*

3,287

221,971

Sanmina Corp.*

9,460

720,663

Common Stocks

Shares

Value ($)

Electronic Equipment, Instruments & Components

ScanSource, Inc.*

4,173

141,924

SmartRent, Inc., Class A*(a)

31,117

37,652

TTM Technologies, Inc.*

17,778

364,627

Vishay Intertechnology, Inc.

21,967

349,275

Vishay Precision Group,

Inc.*(a)

1,936

46,638

12,230,319

Energy Equipment & Services 2.0%

Archrock, Inc.

29,240

767,258

Aris Water Solutions, Inc.,

Class A

4,674

149,755

Atlas Energy Solutions, Inc.,

Class A(a)

12,958

231,171

Borr Drilling Ltd.(a)

41,264

90,368

Bristow Group, Inc., Class A*

4,357

137,594

Cactus, Inc., Class A

11,581

530,757

ChampionX Corp.

33,400

995,320

Core Laboratories, Inc.(a)

8,290

124,267

DMC Global, Inc.*(a)

3,291

27,710

Drilling Tools International

Corp.*

1,527

3,619

Expro Group Holdings NV*

16,500

164,010

Flowco Holdings, Inc., Class

A*

3,330

85,415

Forum Energy Technologies,

Inc.*

1,866

37,525

Geospace Technologies

Corp.*(a)

1,815

13,086

Helix Energy Solutions Group,

Inc.*

25,397

211,049

Helmerich & Payne, Inc.

17,121

447,201

Innovex International, Inc.*(a)

6,149

110,436

Kodiak Gas Services, Inc.

7,859

293,141

Liberty Energy, Inc., Class A

27,898

441,625

Mammoth Energy Services,

Inc.*(a)

3,270

6,671

Nabors Industries Ltd.*(a)

1,678

69,989

Natural Gas Services Group,

Inc.*

1,725

37,898

Noble Corp. plc(a)

23,380

554,106

NPK International, Inc.*

13,869

80,579

Oceaneering International,

Inc.*(a)

18,076

394,238

Oil States International, Inc.*

11,397

58,695

Patterson-UTI Energy, Inc.(a)

68,324

561,623

ProFrac Holding Corp., Class

A*(a)

4,055

30,777

ProPetro Holding Corp.*(a)

15,613

114,756

Ranger Energy Services, Inc.,

Class A

2,976

42,229

RPC, Inc.

14,643

80,537

SEACOR Marine Holdings,

Inc.*

4,025

20,366

Seadrill Ltd.*(a)

11,529

288,225

Select Water Solutions, Inc.,

Class A

16,146

169,533

Solaris Energy Infrastructure,

Inc., Class A(a)

5,352

116,460

TETRA Technologies, Inc.*

22,877

76,867

Tidewater, Inc.*(a)

8,598

363,437

Transocean Ltd.*(a)

128,825

408,375

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 131

Common Stocks

Shares

Value ($)

Energy Equipment & Services

Valaris Ltd.*(a)

10,796

423,851

8,760,519

Entertainment 0.5%

AMC Entertainment Holdings,

Inc., Class A*(a)

70,873

203,406

Atlanta Braves Holdings, Inc.,

Class A*(a)

1,729

75,852

Atlanta Braves Holdings, Inc.,

Class C*(a)

8,818

352,808

Cinemark Holdings, Inc.(a)

19,544

486,450

Eventbrite, Inc., Class A*

15,076

31,810

Golden Matrix Group, Inc.*(a)

3,259

6,420

IMAX Corp.*

7,374

194,305

Lions Gate Entertainment

Corp., Class A*(a)

11,434

101,191

Lions Gate Entertainment

Corp., Class B*

20,423

161,750

LiveOne, Inc.*(a)

11,404

7,971

Madison Square Garden

Entertainment Corp., Class

A*

6,871

224,957

Marcus Corp. (The)

4,362

72,802

Playstudios, Inc.*

17,505

22,231

Reservoir Media, Inc.*

2,894

22,081

Sphere Entertainment Co.*

4,887

159,903

Vivid Seats, Inc., Class A*

13,025

38,554

2,162,491

Financial Services 2.8%

Acacia Research Corp.*(a)

5,239

16,765

Alerus Financial Corp.

3,903

72,049

AvidXchange Holdings, Inc.*

30,623

259,683

Banco Latinoamericano de

Comercio Exterior SA, Class

E

4,871

178,279

Burford Capital Ltd.(a)

35,523

469,259

Cannae Holdings, Inc.

10,323

189,221

Cantaloupe, Inc.*(a)

10,313

81,163

Cass Information Systems,

Inc.(a)

2,503

108,255

Compass Diversified Holdings

11,911

222,378

Enact Holdings, Inc.

5,411

188,032

Essent Group Ltd.

18,306

1,056,622

EVERTEC, Inc.

11,082

407,485

Federal Agricultural Mortgage

Corp., Class C

1,654

310,142

Flywire Corp.*

21,538

204,611

HA Sustainable Infrastructure

Capital, Inc.(a)

20,709

605,531

International Money Express,

Inc.*

5,648

71,278

Jackson Financial, Inc., Class

A

11,566

968,999

Marqeta, Inc., Class A*

82,294

339,051

Merchants Bancorp

3,205

118,585

Mr. Cooper Group, Inc.*

11,129

1,331,028

NCR Atleos Corp.*(a)

12,945

341,489

NewtekOne, Inc.

5,108

61,092

NMI Holdings, Inc., Class A*

14,060

506,863

Onity Group, Inc.*

1,278

41,305

Pagseguro Digital Ltd., Class

A*(a)

32,657

249,173

Common Stocks

Shares

Value ($)

Financial Services

Payoneer Global, Inc.*

46,542

340,222

Paysafe Ltd.*(a)

5,913

92,775

Paysign, Inc.*

6,264

13,280

PennyMac Financial Services,

Inc.

4,722

472,719

Priority Technology Holdings,

Inc.*(a)

3,936

26,824

Radian Group, Inc.(a)

26,444

874,503

Remitly Global, Inc.*

26,377

548,642

Repay Holdings Corp., Class

A*(a)

16,261

90,574

Sezzle, Inc.*(a)

2,568

89,598

StoneCo Ltd., Class A*(a)

50,407

528,265

SWK Holdings Corp.*(a)

494

8,591

Velocity Financial, Inc.*

1,565

29,281

Walker & Dunlop, Inc.(a)

5,673

484,247

Waterstone Financial, Inc.

2,912

39,166

12,037,025

Food Products 1.0%

Alico, Inc.

1,170

34,913

B&G Foods, Inc.(a)

13,072

89,805

Beyond Meat, Inc.*(a)

9,955

30,363

BRC, Inc., Class A*(a)

8,507

17,780

Calavo Growers, Inc.

3,133

75,161

Cal-Maine Foods, Inc.

7,211

655,480

Dole plc

13,456

194,439

Forafric Global plc*(a)

651

5,598

Fresh Del Monte Produce, Inc.

6,069

187,107

Hain Celestial Group, Inc.

(The)*(a)

16,333

67,782

J & J Snack Foods Corp.(a)

2,659

350,243

John B Sanfilippo & Son, Inc.

1,513

107,211

Lancaster Colony Corp.

3,410

596,750

Lifeway Foods, Inc.*

745

18,215

Limoneira Co.(a)

3,158

55,960

Mama's Creations, Inc.*(a)

5,402

35,167

Mission Produce, Inc.*

7,823

81,985

Seneca Foods Corp., Class

A*(a)

867

77,198

Simply Good Foods Co.

(The)*(a)

16,145

556,841

SunOpta, Inc.*

16,565

80,506

TreeHouse Foods, Inc.*

8,229

222,924

Utz Brands, Inc.

11,559

162,751

Vital Farms, Inc.*(a)

5,918

180,321

Westrock Coffee Co.*(a)

5,252

37,919

WK Kellogg Co.(a)

11,475

228,697

4,151,116

Gas Utilities 1.1%

Brookfield Infrastructure Corp.,

Class A

21,219

767,916

Chesapeake Utilities Corp.

3,887

499,207

New Jersey Resources Corp.

17,442

855,705

Northwest Natural Holding Co.

7,016

299,723

ONE Gas, Inc.(a)

9,890

747,585

RGC Resources, Inc.(a)

1,454

30,345

Southwest Gas Holdings, Inc.

10,712

769,122

Spire, Inc.

9,974

780,465

4,750,068

132 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Ground Transportation 0.4%

ArcBest Corp.(a)

4,227

298,342

Covenant Logistics Group,

Inc., Class A

3,016

66,955

FTAI Infrastructure, Inc.(a)

17,848

80,851

Heartland Express, Inc.

7,694

70,939

Hertz Global Holdings, Inc.*(a)

20,671

81,444

Marten Transport Ltd.

9,439

129,503

PAMT Corp.*

941

11,424

Proficient Auto Logistics,

Inc.*(a)

3,599

30,124

RXO, Inc.*

28,029

535,354

Universal Logistics Holdings,

Inc.(a)

1,189

31,199

Werner Enterprises, Inc.

10,874

318,608

1,654,743

Health Care Equipment & Supplies 2.8%

Accuray, Inc.*(a)

18,273

32,709

Alphatec Holdings, Inc.*

17,935

181,861

AngioDynamics, Inc.*

6,800

63,852

Anteris Technologies Global

Corp.*

2,322

8,452

Artivion, Inc.*(a)

6,989

171,790

AtriCure, Inc.*

8,271

266,822

Avanos Medical, Inc.*

7,623

109,238

Axogen, Inc.*

7,269

134,476

Beta Bionics, Inc.*

2,262

27,687

Bioventus, Inc., Class A*

7,159

65,505

Ceribell, Inc.*

2,092

40,187

Cerus Corp.*(a)

31,786

44,183

CONMED Corp.(a)

5,392

325,623

CVRx, Inc.*(a)

2,412

29,499

Embecta Corp.(a)

10,000

127,500

Fractyl Health, Inc.*(a)

5,293

6,299

Glaukos Corp.*

8,546

841,097

Haemonetics Corp.*(a)

8,670

550,979

ICU Medical, Inc.*

3,738

519,059

Inmode Ltd.*(a)

11,554

204,968

Inogen, Inc.*

4,635

33,048

Integer Holdings Corp.*

5,875

693,309

Integra LifeSciences Holdings

Corp.*(a)

11,775

258,932

iRadimed Corp.

1,233

64,708

iRhythm Technologies, Inc.*(a)

5,450

570,506

Lantheus Holdings, Inc.*

12,049

1,175,982

LeMaitre Vascular, Inc.(a)

3,517

295,076

LivaNova plc*

9,661

379,484

Merit Medical Systems, Inc.*

10,012

1,058,369

Neogen Corp.*(a)

37,832

328,003

NeuroPace, Inc.*

2,242

27,554

Nevro Corp.*

5,638

32,926

Novocure Ltd.*

18,854

335,978

Omnicell, Inc.*

8,135

284,400

OraSure Technologies, Inc.*

12,578

42,388

Orchestra BioMed Holdings,

Inc.*(a)

3,775

16,157

Orthofix Medical, Inc.*

5,985

97,615

OrthoPediatrics Corp.*(a)

3,050

75,121

Paragon 28, Inc.*(a)

8,537

111,493

PROCEPT BioRobotics

Corp.*(a)

7,849

457,283

Pulmonx Corp.*

6,332

42,614

Common Stocks

Shares

Value ($)

Health Care Equipment & Supplies

Pulse Biosciences, Inc.*(a)

3,003

48,318

RxSight, Inc.*

6,430

162,357

Sanara Medtech, Inc.*(a)

526

16,238

Semler Scientific, Inc.*(a)

1,189

43,042

SI-BONE, Inc.*

7,421

104,117

Sight Sciences, Inc.*(a)

5,833

13,999

STAAR Surgical Co.*(a)

8,653

152,552

Stereotaxis, Inc.*(a)

9,136

16,079

Surmodics, Inc.*

2,350

71,745

Tactile Systems Technology,

Inc.*

4,259

56,304

Tandem Diabetes Care,

Inc.*(a)

11,390

218,232

TransMedics Group, Inc.*(a)

5,762

387,667

Treace Medical Concepts,

Inc.*(a)

8,586

72,037

UFP Technologies, Inc.*(a)

1,290

260,206

Utah Medical Products, Inc.

445

24,938

Varex Imaging Corp.*

6,511

75,528

Zimvie, Inc.*

5,048

54,518

Zynex, Inc.*(a)

2,178

4,792

11,915,401

Health Care Providers & Services 3.1%

Accolade, Inc.*

12,361

86,280

AdaptHealth Corp., Class A*(a)

17,904

194,079

Addus HomeCare Corp.*(a)

3,059

302,505

agilon health, Inc.*(a)

53,783

232,880

AirSculpt Technologies,

Inc.*(a)

2,144

5,006

Alignment Healthcare, Inc.*

17,605

327,805

AMN Healthcare Services,

Inc.*

6,583

161,020

Ardent Health Partners, Inc.*

4,217

57,984

Astrana Health, Inc.*(a)

7,587

235,273

Aveanna Healthcare Holdings,

Inc.*

9,709

52,623

BrightSpring Health Services,

Inc.*(a)

9,531

172,416

Brookdale Senior Living,

Inc.*(a)

33,440

209,334

Castle Biosciences, Inc.*

4,458

89,249

Community Health Systems,

Inc.*(a)

22,139

59,775

Concentra Group Holdings

Parent, Inc.

19,160

415,772

CorVel Corp.*(a)

4,668

522,676

Cross Country Healthcare,

Inc.*

5,612

83,563

DocGo, Inc.*(a)

16,773

44,281

Enhabit, Inc.*

8,169

71,806

Ensign Group, Inc. (The)(a)

9,682

1,252,851

Fulgent Genetics, Inc.*(a)

3,537

59,775

GeneDx Holdings Corp., Class

A*

2,212

195,906

Guardant Health, Inc.*

20,851

888,253

HealthEquity, Inc.*(a)

15,018

1,327,141

Hims & Hers Health, Inc.*(a)

33,856

1,000,445

InfuSystem Holdings, Inc.*

3,437

18,491

Innovage Holding Corp.*

2,750

8,195

Joint Corp. (The)*

1,656

20,683

LifeStance Health Group, Inc.*

23,914

159,267

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 133

Common Stocks

Shares

Value ($)

Health Care Providers & Services

ModivCare, Inc.*(a)

2,027

2,666

Nano-X Imaging Ltd.*(a)

9,124

45,574

National HealthCare Corp.(a)

2,163

200,726

National Research Corp.

2,428

31,078

NeoGenomics, Inc.*(a)

22,363

212,225

OPKO Health, Inc.*(a)

55,715

92,487

Option Care Health, Inc.*

29,951

1,046,787

Owens & Minor, Inc.*(a)

13,470

121,634

PACS Group, Inc.*

6,445

72,442

Patterson Cos., Inc.

13,858

432,924

Pediatrix Medical Group, Inc.*

14,881

215,626

Pennant Group, Inc. (The)*

5,774

145,216

Performant Healthcare, Inc.*

12,888

38,149

Privia Health Group, Inc.*

18,129

406,996

Progyny, Inc.*

13,119

293,078

Quipt Home Medical Corp.*(a)

7,072

16,478

RadNet, Inc.*(a)

11,688

581,127

Select Medical Holdings Corp.

(a)

19,426

324,414

Sonida Senior Living, Inc.*(a)

575

13,392

Surgery Partners, Inc.*(a)

13,617

323,404

Talkspace, Inc.*

20,606

52,751

US Physical Therapy, Inc.

2,572

186,110

Viemed Healthcare, Inc.*

6,479

47,167

13,157,785

Health Care REITs 0.9%

American Healthcare REIT,

Inc.

26,650

807,495

CareTrust REIT, Inc.

32,943

941,511

Community Healthcare Trust,

Inc.

5,055

91,799

Diversified Healthcare Trust(a)

38,224

91,738

Global Medical REIT, Inc.(a)

10,562

92,417

LTC Properties, Inc.(a)

7,923

280,870

National Health Investors, Inc.

7,713

569,682

Sabra Health Care REIT, Inc.

41,999

733,723

Strawberry Fields REIT, Inc.

1,745

20,783

Universal Health Realty

Income Trust(a)

2,165

88,678

3,718,696

Health Care Technology 0.4%

Definitive Healthcare Corp.,

Class A*(a)

9,645

27,874

Evolent Health, Inc., Class

A*(a)

20,589

194,978

Health Catalyst, Inc.*

9,935

45,005

HealthStream, Inc.

4,013

129,138

LifeMD, Inc.*

5,824

31,683

OptimizeRx Corp.*

3,454

29,912

Phreesia, Inc.*

9,952

254,373

Schrodinger, Inc.*(a)

9,808

193,610

Simulations Plus, Inc.(a)

2,619

64,218

Teladoc Health, Inc.*

30,150

239,994

Waystar Holding Corp.*

13,838

516,988

1,727,773

Hotel & Resort REITs 0.7%

Apple Hospitality REIT, Inc.(a)

41,221

532,163

Braemar Hotels & Resorts,

Inc.(a)

12,891

32,099

Chatham Lodging Trust

8,835

62,994

Common Stocks

Shares

Value ($)

Hotel & Resort REITs

DiamondRock Hospitality Co.

37,068

286,165

Pebblebrook Hotel Trust(a)

20,971

212,436

RLJ Lodging Trust(a)

27,144

214,166

Ryman Hospitality Properties,

Inc.(a)

10,391

950,153

Service Properties Trust

28,485

74,346

Summit Hotel Properties, Inc.

(a)

18,265

98,814

Sunstone Hotel Investors, Inc.

35,528

334,318

Xenia Hotels & Resorts, Inc.

18,175

213,738

3,011,392

Hotels, Restaurants & Leisure 1.9%

Accel Entertainment, Inc.,

Class A*

9,224

91,502

Biglari Holdings, Inc., Class

B*(a)

109

23,603

BJ's Restaurants, Inc.*

3,276

112,236

Bloomin' Brands, Inc.

13,565

97,261

Brinker International, Inc.*

7,719

1,150,517

Cheesecake Factory, Inc.

(The)(a)

8,459

411,615

Cracker Barrel Old Country

Store, Inc.(a)

3,977

154,387

Dave & Buster's

Entertainment, Inc.*(a)

5,814

102,152

Denny's Corp.*(a)

9,497

34,854

Despegar.com Corp.*(a)

12,443

233,804

Dine Brands Global, Inc.(a)

2,683

62,433

El Pollo Loco Holdings, Inc.*

4,706

48,472

Everi Holdings, Inc.*

14,202

194,141

First Watch Restaurant Group,

Inc.*(a)

6,567

109,341

Full House Resorts, Inc.*(a)

5,321

22,242

Global Business Travel Group

I*(a)

21,933

159,234

Golden Entertainment, Inc.

3,426

90,412

Hilton Grand Vacations,

Inc.*(a)

12,097

452,549

Inspired Entertainment, Inc.*

3,980

33,989

International Game

Technology plc

20,137

327,428

Jack in the Box, Inc.(a)

3,275

89,047

Krispy Kreme, Inc.(a)

14,941

73,510

Kura Sushi USA, Inc., Class

A*(a)

1,219

62,413

Life Time Group Holdings,

Inc.*

14,719

444,514

Lindblad Expeditions Holdings,

Inc.*

6,113

56,668

Monarch Casino & Resort, Inc.

2,215

172,216

Nathan's Famous, Inc.

439

42,309

ONE Group Hospitality, Inc.

(The)*(a)

3,598

10,758

Papa John's International, Inc.

(a)

5,760

236,621

PlayAGS, Inc.*

7,043

85,291

Portillo's, Inc., Class A*(a)

9,950

118,305

Potbelly Corp.*

5,247

49,899

RCI Hospitality Holdings, Inc.

1,459

62,649

Red Rock Resorts, Inc., Class

A

8,655

375,367

134 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Hotels, Restaurants & Leisure

Rush Street Interactive, Inc.*

13,720

147,078

Sabre Corp.*

66,331

186,390

Shake Shack, Inc., Class A*(a)

6,695

590,298

Six Flags Entertainment Corp.

(a)

16,235

579,102

Super Group SGHC Ltd.

26,773

172,418

Sweetgreen, Inc., Class A*(a)

17,760

444,355

Target Hospitality Corp.*(a)

5,932

39,033

United Parks & Resorts,

Inc.*(a)

5,469

248,621

Vacasa, Inc., Class A*(a)

1,895

10,195

Xponential Fitness, Inc., Class

A*

4,140

34,486

8,243,715

Household Durables 1.9%

Beazer Homes USA, Inc.*

5,129

104,580

Cavco Industries, Inc.*(a)

1,402

728,521

Century Communities, Inc.

4,837

324,563

Champion Homes, Inc.*(a)

9,348

885,816

Cricut, Inc., Class A(a)

8,571

44,141

Dream Finders Homes, Inc.,

Class A*(a)

5,011

113,048

Ethan Allen Interiors, Inc.

3,850

106,645

Flexsteel Industries, Inc.(a)

759

27,711

GoPro, Inc., Class A*(a)

20,161

13,365

Green Brick Partners, Inc.*

5,487

319,947

Hamilton Beach Brands

Holding Co., Class A(a)

1,409

27,377

Helen of Troy Ltd.*

4,080

218,239

Hooker Furnishings Corp.(a)

1,704

17,108

Hovnanian Enterprises, Inc.,

Class A*

882

92,354

Installed Building Products,

Inc.(a)

4,158

712,931

iRobot Corp.*(a)

5,150

13,905

KB Home(a)

11,133

647,050

Landsea Homes Corp.*(a)

4,925

31,618

La-Z-Boy, Inc.

7,267

284,067

Legacy Housing Corp.*(a)

1,892

47,716

LGI Homes, Inc.*(a)

3,695

245,607

Lifetime Brands, Inc.(a)

2,090

10,304

Lovesac Co. (The)*(a)

2,656

48,286

M/I Homes, Inc.*

4,666

532,764

Meritage Homes Corp.

12,478

884,441

Purple Innovation, Inc., Class

A*(a)

8,758

6,649

Sonos, Inc.*

20,845

222,416

Taylor Morrison Home Corp.,

Class A*

17,896

1,074,476

Traeger, Inc.*

5,223

8,775

Tri Pointe Homes, Inc.*

16,348

521,828

United Homes Group, Inc.*

678

1,898

8,318,146

Household Products 0.3%

Central Garden & Pet Co.*(a)

2,226

81,605

Central Garden & Pet Co.,

Class A*

8,413

275,358

Energizer Holdings, Inc.(a)

12,762

381,839

Oil-Dri Corp. of America

1,694

77,788

Common Stocks

Shares

Value ($)

Household Products

WD-40 Co.

2,388

582,672

1,399,262

Independent Power and Renewable Electricity Producers

0.2%

Altus Power, Inc., Class A*(a)

12,510

61,925

Montauk Renewables, Inc.*(a)

11,316

23,650

Ormat Technologies, Inc.(a)

10,139

717,537

Sunnova Energy International,

Inc.*(a)

19,011

7,072

810,184

Industrial Conglomerates 0.0%

†

Brookfield Business Corp.,

Class A

4,691

124,874

Industrial REITs 0.5%

Industrial Logistics Properties

Trust

10,869

37,389

Innovative Industrial

Properties, Inc.

4,922

266,231

LXP Industrial Trust(a)

51,737

447,525

Plymouth Industrial REIT, Inc.

(a)

6,976

113,709

Terreno Realty Corp.(a)

17,248

1,090,419

1,955,273

Insurance 2.3%

Ambac Financial Group, Inc.*

8,310

72,713

American Coastal Insurance

Corp.(a)

4,266

49,358

AMERISAFE, Inc.

3,377

177,461

Baldwin Insurance Group, Inc.

(The), Class A*(a)

11,803

527,476

Bowhead Specialty Holdings,

Inc.*

2,836

115,283

CNO Financial Group, Inc.

18,914

787,768

Crawford & Co., Class A

3,158

36,064

Donegal Group, Inc., Class

A(a)

2,996

58,811

Employers Holdings, Inc.

3,862

195,572

Enstar Group Ltd.*

2,231

741,540

F&G Annuities & Life, Inc.

3,265

117,703

Fidelis Insurance Holdings Ltd.

9,084

147,161

Genworth Financial, Inc.,

Class A*

66,733

473,137

GoHealth, Inc., Class A*

657

8,061

Goosehead Insurance, Inc.,

Class A(a)

3,974

469,170

Greenlight Capital Re Ltd.,

Class A*(a)

5,387

72,994

Hamilton Insurance Group

Ltd., Class B*

7,486

155,185

HCI Group, Inc.(a)

1,466

218,771

Heritage Insurance Holdings,

Inc.*

4,059

58,531

Hippo Holdings, Inc.*(a)

3,401

86,930

Horace Mann Educators Corp.

(a)

6,665

284,795

Investors Title Co.

262

63,163

James River Group Holdings

Ltd.

5,756

24,175

Kingsway Financial Services,

Inc.*(a)

2,051

16,244

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 135

Common Stocks

Shares

Value ($)

Insurance

Lemonade, Inc.*(a)

9,134

287,082

Maiden Holdings Ltd.*(a)

16,681

9,513

MBIA, Inc.*(a)

7,345

36,578

Mercury General Corp.(a)

4,750

265,525

NI Holdings, Inc.*

1,529

21,804

Oscar Health, Inc., Class A*

35,951

471,318

Palomar Holdings, Inc.*

4,549

623,577

ProAssurance Corp.*

8,709

203,355

Root, Inc., Class A*

1,523

203,229

Safety Insurance Group, Inc.

2,676

211,083

Selective Insurance Group,

Inc.

10,728

982,041

Selectquote, Inc.*

24,744

82,645

SiriusPoint Ltd.*

12,378

214,016

Skyward Specialty Insurance

Group, Inc.*

6,568

347,579

Stewart Information Services

Corp.(a)

4,880

348,188

Tiptree, Inc., Class A

4,468

107,634

Trupanion, Inc.*(a)

5,898

219,818

United Fire Group, Inc.

3,705

109,149

Universal Insurance Holdings,

Inc.

4,487

106,342

9,808,542

Interactive Media & Services 0.5%

Bumble, Inc., Class A*(a)

14,494

62,904

Cargurus, Inc., Class A*(a)

15,359

447,408

Cars.com, Inc.*

11,589

130,608

EverQuote, Inc., Class A*

4,210

110,260

fuboTV, Inc.*(a)

56,949

166,291

Getty Images Holdings,

Inc.*(a)

16,656

28,815

Grindr, Inc.*(a)

4,290

76,791

MediaAlpha, Inc., Class A*

5,181

47,872

Nextdoor Holdings, Inc.*

29,356

44,915

Outbrain, Inc.*(a)

7,466

27,848

QuinStreet, Inc.*

9,251

165,038

Shutterstock, Inc.(a)

4,442

82,754

System1, Inc.*(a)

6,163

2,350

TrueCar, Inc.*

15,719

24,836

Vimeo, Inc.*

25,721

135,292

Webtoon Entertainment,

Inc.*(a)

2,700

20,709

Yelp, Inc., Class A*

11,118

411,700

Ziff Davis, Inc.*

7,394

277,867

ZipRecruiter, Inc., Class A*

11,773

69,343

2,333,601

IT Services 0.4%

Applied Digital Corp.*(a)

35,157

197,582

ASGN, Inc.*(a)

7,604

479,204

Backblaze, Inc., Class A*

8,169

39,456

BigBear.ai Holdings, Inc.*(a)

17,363

49,658

BigCommerce Holdings, Inc.,

Series 1*

13,044

75,134

Couchbase, Inc.*

7,089

111,652

DigitalOcean Holdings, Inc.*(a)

11,788

393,601

Fastly, Inc., Class A*(a)

22,911

145,027

Grid Dynamics Holdings, Inc.*

10,972

171,712

Hackett Group, Inc. (The)

4,221

123,338

Information Services Group,

Inc.

7,689

30,064

Common Stocks

Shares

Value ($)

IT Services

Rackspace Technology,

Inc.*(a)

13,194

22,298

Tucows, Inc., Class A*(a)

1,339

22,602

Unisys Corp.*

11,687

53,643

1,914,971

Leisure Products 0.3%

Acushnet Holdings Corp.(a)

4,831

331,696

AMMO, Inc.*(a)

18,385

25,371

Clarus Corp.(a)

4,367

16,376

Escalade, Inc.(a)

1,771

27,096

Funko, Inc., Class A*(a)

5,220

35,809

JAKKS Pacific, Inc.

1,637

40,385

Johnson Outdoors, Inc., Class

A(a)

808

20,071

Latham Group, Inc.*(a)

6,923

44,515

Malibu Boats, Inc., Class A*(a)

3,313

101,643

Marine Products Corp.(a)

1,063

8,919

MasterCraft Boat Holdings,

Inc.*(a)

2,688

46,287

Peloton Interactive, Inc., Class

A*(a)

62,031

392,036

Smith & Wesson Brands, Inc.

8,133

75,800

Solo Brands, Inc., Class A*(a)

3,415

573

Sturm Ruger & Co., Inc.

2,735

107,458

Topgolf Callaway Brands

Corp.*(a)

25,347

167,037

1,441,072

Life Sciences Tools & Services 0.2%

Adaptive Biotechnologies

Corp.*(a)

20,749

154,165

Akoya Biosciences, Inc.*(a)

3,898

5,418

BioLife Solutions, Inc.*(a)

6,292

143,709

Codexis, Inc.*(a)

14,147

38,055

CryoPort, Inc.*

8,101

49,254

Cytek Biosciences, Inc.*

21,578

86,528

Harvard Bioscience, Inc.*

5,847

3,309

Lifecore Biomedical, Inc.*(a)

4,790

33,722

Maravai LifeSciences

Holdings, Inc., Class A*

18,810

41,570

MaxCyte, Inc.*(a)

19,672

53,705

Mesa Laboratories, Inc.(a)

924

109,642

Nautilus Biotechnology, Inc.,

Class A*

8,320

7,163

Niagen Bioscience, Inc.*(a)

8,195

56,545

OmniAb, Inc.*(a)

16,230

38,952

OmniAb, Inc.*^∞(a)

1,742

0

Pacific Biosciences of

California, Inc.*(a)

46,260

54,587

Quanterix Corp.*(a)

6,366

41,443

Quantum-Si, Inc.*(a)

21,314

25,577

Standard BioTools, Inc.*(a)

54,307

58,652

1,001,996

Machinery 3.9%

374Water, Inc.*(a)

14,585

4,959

3D Systems Corp.*(a)

23,188

49,159

Alamo Group, Inc.

1,772

315,788

Albany International Corp.,

Class A

5,506

380,134

Astec Industries, Inc.

4,082

140,625

136 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Machinery

Atmus Filtration Technologies,

Inc.

14,580

535,523

Blue Bird Corp.*(a)

5,632

182,308

Chart Industries, Inc.*(a)

7,561

1,091,506

Columbus McKinnon Corp.

4,920

83,296

Commercial Vehicle Group,

Inc.*

6,475

7,446

Douglas Dynamics, Inc.

3,799

88,251

Eastern Co. (The)(a)

820

20,762

Energy Recovery, Inc.*

9,910

157,470

Enerpac Tool Group Corp.,

Class A

9,526

427,336

Enpro, Inc.(a)

3,698

598,299

ESCO Technologies, Inc.

4,529

720,654

Federal Signal Corp.

10,543

775,438

Franklin Electric Co., Inc.

7,896

741,276

Gencor Industries, Inc.*

1,714

20,842

Gorman-Rupp Co. (The)

3,482

122,218

Graham Corp.*

1,892

54,527

Greenbrier Cos., Inc. (The)(a)

5,348

273,925

Helios Technologies, Inc.

5,769

185,127

Hillenbrand, Inc.

12,496

301,653

Hillman Solutions Corp.*

33,545

294,861

Hyster-Yale, Inc.(a)

2,045

84,949

JBT Marel Corp.(a)

8,234

1,006,195

Kadant, Inc.(a)

2,058

693,361

Kennametal, Inc.

13,858

295,175

L B Foster Co., Class A*

1,509

29,697

Lindsay Corp.

1,864

235,833

Luxfer Holdings plc

4,821

57,177

Manitowoc Co., Inc. (The)*

6,067

52,116

Mayville Engineering Co., Inc.*

2,062

27,693

Miller Industries, Inc.(a)

1,931

81,816

Mueller Industries, Inc.

19,550

1,488,537

Mueller Water Products, Inc.,

Class A(a)

27,124

689,492

NN, Inc.*

7,715

17,436

Omega Flex, Inc.

477

16,590

Park-Ohio Holdings Corp.(a)

1,546

33,394

Proto Labs, Inc.*

4,280

149,971

REV Group, Inc.

9,067

286,517

Shyft Group, Inc. (The)(a)

5,966

48,265

SPX Technologies, Inc.*

7,860

1,012,211

Standex International Corp.

2,001

322,941

Taylor Devices, Inc.*(a)

369

11,908

Tennant Co.

3,288

262,218

Terex Corp.

11,806

446,031

Titan International, Inc.*(a)

8,342

69,989

Trinity Industries, Inc.

14,275

400,557

Twin Disc, Inc.

1,759

13,316

Wabash National Corp.

7,180

79,339

Watts Water Technologies,

Inc., Class A

4,767

972,087

Worthington Enterprises, Inc.

5,617

281,356

16,739,550

Marine Transportation 0.3%

Costamare, Inc.

7,788

76,634

Genco Shipping & Trading Ltd.

7,295

97,461

Golden Ocean Group Ltd.(a)

21,181

169,025

Himalaya Shipping Ltd.(a)

4,875

26,715

Matson, Inc.

5,784

741,335

Common Stocks

Shares

Value ($)

Marine Transportation

Pangaea Logistics Solutions

Ltd.(a)

5,812

27,665

Safe Bulkers, Inc.

11,215

41,383

1,180,218

Media 0.8%

Advantage Solutions, Inc.*(a)

17,774

26,839

AMC Networks, Inc., Class

A*(a)

5,356

36,849

Boston Omaha Corp., Class

A*(a)

4,087

59,589

Cable One, Inc.(a)

994

264,175

Cardlytics, Inc.*(a)

6,834

12,438

Clear Channel Outdoor

Holdings, Inc.*(a)

60,568

67,231

EchoStar Corp., Class A*(a)

21,235

543,191

Emerald Holding, Inc.(a)

2,270

8,921

Entravision Communications

Corp., Class A(a)

13,281

27,890

EW Scripps Co. (The), Class

A*(a)

11,548

34,182

Gambling.com Group Ltd.*

2,965

37,418

Gannett Co., Inc.*(a)

25,808

74,585

Gray Media, Inc.

15,672

67,703

Ibotta, Inc., Class A*(a)

2,744

115,797

iHeartMedia, Inc., Class A*

20,299

33,493

Integral Ad Science Holding

Corp.*

12,954

104,409

John Wiley & Sons, Inc., Class

A(a)

6,903

307,598

Magnite, Inc.*(a)

21,998

250,997

National CineMedia, Inc.*(a)

11,957

69,829

PubMatic, Inc., Class A*

7,501

68,559

Scholastic Corp.

4,252

80,278

Sinclair, Inc.

5,944

94,688

Stagwell, Inc., Class A*

15,343

92,825

TechTarget, Inc.*

4,661

69,030

TEGNA, Inc.(a)

28,545

520,090

Thryv Holdings, Inc.*(a)

6,410

82,112

Townsquare Media, Inc., Class

A

2,363

19,235

WideOpenWest, Inc.*

9,295

46,010

3,215,961

Metals & Mining 1.6%

Alpha Metallurgical Resources,

Inc.*(a)

1,931

241,858

Caledonia Mining Corp. plc

2,874

35,896

Carpenter Technology Corp.

8,422

1,525,898

Century Aluminum Co.*(a)

9,358

173,685

Coeur Mining, Inc.*

109,498

648,228

Commercial Metals Co.

19,892

915,231

Compass Minerals

International, Inc.*(a)

6,179

57,403

Constellium SE, Class A*

22,967

231,737

Contango ORE, Inc.*(a)

1,683

17,183

Critical Metals Corp.*(a)

949

1,319

Dakota Gold Corp.*(a)

10,981

29,100

Hecla Mining Co.

104,393

580,425

i-80 Gold Corp.*

51,289

29,840

Ivanhoe Electric, Inc.*(a)

14,780

85,872

Kaiser Aluminum Corp.

2,806

170,100

Lifezone Metals Ltd.*(a)

5,890

24,620

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 137

Common Stocks

Shares

Value ($)

Metals & Mining

MAC Copper Ltd., Class A*

9,217

87,930

Materion Corp.

3,583

292,373

Metallus, Inc.*(a)

7,018

93,760

Novagold Resources, Inc.*

42,351

123,665

Olympic Steel, Inc.

1,862

58,690

Perpetua Resources Corp.*(a)

7,698

82,292

Piedmont Lithium, Inc.*(a)

3,530

22,239

Radius Recycling, Inc., Class

A(a)

4,590

132,559

Ramaco Resources, Inc.,

Class A(a)

4,523

37,225

Ramaco Resources, Inc.,

Class B(a)

839

5,965

Ryerson Holding Corp.(a)

4,926

113,101

SSR Mining, Inc.*

35,661

357,680

SunCoke Energy, Inc.

14,955

137,586

Tredegar Corp.*

5,089

39,185

Warrior Met Coal, Inc.(a)

9,050

431,866

Worthington Steel, Inc.(a)

5,731

145,166

6,929,677

Mortgage Real Estate Investment Trusts (REITs) 1.0%

Advanced Flower Capital, Inc.

(a)

4,014

22,358

AG Mortgage Investment

Trust, Inc.

4,810

35,113

Angel Oak Mortgage REIT, Inc.

1,581

15,067

Apollo Commercial Real

Estate Finance, Inc.(a)

24,692

236,302

Arbor Realty Trust, Inc.(a)

24,899

292,563

Ares Commercial Real Estate

Corp.(a)

9,669

44,767

ARMOUR Residential REIT,

Inc.(a)

9,631

164,690

Blackstone Mortgage Trust,

Inc., Class A(a)

30,779

615,580

BrightSpire Capital, Inc., Class

A(a)

23,306

129,581

Chicago Atlantic Real Estate

Finance, Inc.

2,828

41,572

Chimera Investment Corp.

14,302

183,495

Claros Mortgage Trust, Inc.

15,726

58,658

Dynex Capital, Inc.(a)

15,007

195,391

Ellington Financial, Inc.(a)

15,387

204,032

Franklin BSP Realty Trust, Inc.

(a)

14,316

182,386

Granite Point Mortgage Trust,

Inc.

7,976

20,738

Invesco Mortgage Capital, Inc.

(a)

11,526

90,940

KKR Real Estate Finance

Trust, Inc.

10,537

113,800

Ladder Capital Corp., Class A

21,481

245,098

MFA Financial, Inc.(a)

18,562

190,446

New York Mortgage Trust, Inc.

(a)

16,450

106,761

Nexpoint Real Estate Finance,

Inc.

1,286

19,663

Orchid Island Capital, Inc.(a)

13,508

101,580

PennyMac Mortgage

Investment Trust(a)

15,343

224,775

Ready Capital Corp.(a)

28,307

144,083

Common Stocks

Shares

Value ($)

Mortgage Real Estate Investment Trusts (REITs)

Redwood Trust, Inc.

24,150

146,590

Seven Hills Realty Trust

3,016

37,670

Sunrise Realty Trust, Inc.

1,845

20,424

TPG RE Finance Trust, Inc.

10,903

88,859

Two Harbors Investment Corp.

18,383

245,597

4,218,579

Multi-Utilities 0.5%

Avista Corp.

13,856

580,151

Black Hills Corp.

12,762

774,015

Northwestern Energy Group,

Inc.

10,893

630,378

Unitil Corp.

2,765

159,513

2,144,057

Office REITs 0.7%

Brandywine Realty Trust(a)

30,483

135,954

City Office REIT, Inc.

7,930

41,157

COPT Defense Properties(a)

19,955

544,173

Douglas Emmett, Inc.(a)

20,223

323,568

Easterly Government

Properties, Inc., Class A

17,424

184,694

Franklin Street Properties

Corp.

16,629

29,600

Hudson Pacific Properties, Inc.

(a)

24,016

70,847

JBG SMITH Properties(a)

14,493

233,482

NET Lease Office

Properties*(a)

2,559

80,302

Orion Properties, Inc.(a)

10,993

23,525

Paramount Group, Inc.(a)

33,511

144,097

Peakstone Realty Trust(a)

6,870

86,562

Piedmont Office Realty Trust,

Inc., Class A

22,884

168,655

Postal Realty Trust, Inc., Class

A

3,197

45,653

SL Green Realty Corp.(a)

12,534

723,212

2,835,481

Oil, Gas & Consumable Fuels 3.0%

Aemetis, Inc.*(a)

5,986

10,416

Amplify Energy Corp.*

7,159

26,775

Ardmore Shipping Corp.(a)

6,988

68,413

Berry Corp.

13,562

43,534

BKV Corp.*

2,538

53,298

California Resources Corp.

12,123

533,048

Centrus Energy Corp., Class

A*(a)

2,591

161,186

Clean Energy Fuels Corp.*(a)

28,628

44,373

CNX Resources Corp.*(a)

25,546

804,188

Comstock Resources, Inc.*(a)

16,405

333,678

Core Natural Resources, Inc.

(a)

9,261

714,023

Crescent Energy Co., Class A

28,744

323,083

CVR Energy, Inc.

6,019

116,769

Delek US Holdings, Inc.(a)

11,350

171,044

DHT Holdings, Inc.(a)

23,533

247,096

Diversified Energy Co. plc

Reg. S

8,311

112,365

Dorian LPG Ltd.

6,260

139,848

Empire Petroleum Corp.*(a)

2,821

17,716

Encore Energy Corp.*(a)

31,664

43,380

Energy Fuels, Inc.*(a)

33,250

124,022

138 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Oil, Gas & Consumable Fuels

Evolution Petroleum Corp.

4,403

22,808

Excelerate Energy, Inc., Class

A

2,953

84,692

FLEX LNG Ltd.(a)

5,329

122,514

FutureFuel Corp.

4,710

18,369

Golar LNG Ltd.(a)

17,252

655,403

Granite Ridge Resources, Inc.

(a)

8,335

50,677

Green Plains, Inc.*(a)

10,726

52,021

Gulfport Energy Corp.*

2,215

407,870

Hallador Energy Co.*(a)

4,767

58,539

HighPeak Energy, Inc.(a)

2,592

32,815

Infinity Natural Resources,

Inc., Class A*

2,125

39,844

International Seaways, Inc.(a)

7,058

234,326

Kinetik Holdings, Inc., Class

A(a)

6,649

345,349

Kosmos Energy Ltd.*(a)

81,669

186,205

Magnolia Oil & Gas Corp.,

Class A(a)

30,340

766,388

Murphy Oil Corp.(a)

24,691

701,224

NACCO Industries, Inc., Class

A

573

19,327

NextDecade Corp.*(a)

20,369

158,471

Nordic American Tankers Ltd.

(a)

33,962

83,547

Northern Oil & Gas, Inc.(a)

17,382

525,458

Par Pacific Holdings, Inc.*

9,828

140,147

PBF Energy, Inc., Class A(a)

17,909

341,883

Peabody Energy Corp.

21,586

292,490

Prairie Operating Co.*(a)

753

4,029

PrimeEnergy Resources

Corp.*

129

29,398

REX American Resources

Corp.*

2,679

100,650

Riley Exploration Permian, Inc.

(a)

1,866

54,431

Ring Energy, Inc.*

24,469

28,139

Sable Offshore Corp.*(a)

8,782

222,799

SandRidge Energy, Inc.

5,395

61,611

Scorpio Tankers, Inc.(a)

7,833

294,364

SFL Corp. Ltd.(a)

22,185

181,917

Sitio Royalties Corp., Class A

13,454

267,331

SM Energy Co.

20,265

606,937

Talos Energy, Inc.*(a)

25,886

251,612

Teekay Corp. Ltd.(a)

9,569

62,868

Teekay Tankers Ltd., Class A

4,175

159,777

Uranium Energy Corp.*(a)

72,433

346,230

Ur-Energy, Inc.*(a)

57,311

38,633

VAALCO Energy, Inc.(a)

17,535

65,932

Vital Energy, Inc.*(a)

5,023

106,588

Vitesse Energy, Inc.(a)

4,081

100,352

W&T Offshore, Inc.(a)

15,739

24,395

World Kinect Corp.(a)

10,124

287,117

12,723,732

Paper & Forest Products 0.1%

Clearwater Paper Corp.*

2,842

72,101

Sylvamo Corp.

6,168

413,688

485,789

Passenger Airlines 0.4%

Allegiant Travel Co.(a)

2,748

141,934

Common Stocks

Shares

Value ($)

Passenger Airlines

Blade Air Mobility, Inc.*

9,653

26,353

Frontier Group Holdings,

Inc.*(a)

7,627

33,101

JetBlue Airways Corp.*(a)

55,367

266,869

Joby Aviation, Inc.*(a)

76,007

457,562

SkyWest, Inc.*

6,968

608,794

Sun Country Airlines Holdings,

Inc.*

7,080

87,226

Wheels Up Experience,

Inc.*(a)

14,782

14,930

1,636,769

Personal Care Products 0.2%

Beauty Health Co. (The)*(a)

12,420

16,643

Edgewell Personal Care Co.

8,499

265,254

Herbalife Ltd.*(a)

17,592

151,819

Honest Co., Inc. (The)*

14,581

68,531

Interparfums, Inc.(a)

3,205

364,953

Medifast, Inc.*(a)

1,832

24,695

Nature's Sunshine Products,

Inc.*

2,114

26,531

Nu Skin Enterprises, Inc.,

Class A

8,693

63,111

Olaplex Holdings, Inc.*(a)

23,055

29,280

USANA Health Sciences, Inc.*

1,912

51,566

Waldencast plc, Class A*(a)

4,054

12,162

1,074,545

Pharmaceuticals 1.9%

Alto Neuroscience, Inc.*(a)

3,612

7,802

Alumis, Inc.*(a)

4,178

25,653

Amneal Pharmaceuticals, Inc.*

28,049

235,051

Amphastar Pharmaceuticals,

Inc.*(a)

6,700

194,233

ANI Pharmaceuticals, Inc.*

3,218

215,445

Aquestive Therapeutics,

Inc.*(a)

12,537

36,357

Arvinas, Inc.*

11,208

78,680

Atea Pharmaceuticals, Inc.*(a)

12,355

36,942

Avadel Pharmaceuticals plc,

ADR*(a)

16,151

126,462

Axsome Therapeutics, Inc.*

6,435

750,514

BioAge Labs, Inc.*

2,405

9,043

Biote Corp., Class A*

4,349

14,482

Cassava Sciences, Inc.*(a)

6,934

10,401

Collegium Pharmaceutical,

Inc.*(a)

5,524

164,891

Contineum Therapeutics, Inc.,

Class A*

1,802

12,578

Corcept Therapeutics, Inc.*(a)

14,238

1,626,264

CorMedix, Inc.*(a)

11,012

67,834

Edgewise Therapeutics, Inc.*

12,925

284,350

Enliven Therapeutics, Inc.*(a)

6,277

123,531

Esperion Therapeutics, Inc.*(a)

34,810

50,126

Evolus, Inc.*(a)

9,707

116,775

EyePoint Pharmaceuticals,

Inc.*(a)

11,604

62,894

Fulcrum Therapeutics, Inc.*(a)

10,573

30,450

Harmony Biosciences

Holdings, Inc.*

6,662

221,112

Harrow, Inc.*(a)

5,393

143,454

Innoviva, Inc.*

9,247

167,648

LENZ Therapeutics, Inc.*(a)

2,127

54,685

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 139

Common Stocks

Shares

Value ($)

Pharmaceuticals

Ligand Pharmaceuticals,

Inc.*(a)

3,148

330,981

Liquidia Corp.*(a)

10,895

160,701

Maze Therapeutics, Inc.*

1,502

16,537

MBX Biosciences, Inc.*(a)

1,928

14,229

MediWound Ltd.*(a)

1,767

27,424

Mind Medicine MindMed,

Inc.*(a)

12,987

75,974

Nektar Therapeutics, Class

A*(a)

30,181

20,523

Neumora Therapeutics,

Inc.*(a)

14,798

14,798

Nuvation Bio, Inc.*(a)

33,559

59,064

Ocular Therapeutix, Inc.*(a)

27,070

198,423

Omeros Corp.*(a)

9,888

81,279

Pacira BioSciences, Inc.*(a)

7,857

195,247

Phathom Pharmaceuticals,

Inc.*(a)

6,946

43,551

Phibro Animal Health Corp.,

Class A

3,722

79,502

Pliant Therapeutics, Inc.*

9,791

13,218

Prestige Consumer

Healthcare, Inc.*(a)

8,716

749,315

Rapport Therapeutics, Inc.*(a)

2,920

29,288

Scilex Holding Co.*(a)

9,936

2,469

scPharmaceuticals, Inc.*(a)

7,284

19,157

Septerna, Inc.*(a)

3,217

18,626

SIGA Technologies, Inc.*(a)

8,180

44,826

Supernus Pharmaceuticals,

Inc.*

8,750

286,563

Tarsus Pharmaceuticals, Inc.*

6,595

338,785

Telomir Pharmaceuticals,

Inc.*(a)

3,337

10,779

Terns Pharmaceuticals, Inc.*

12,353

34,094

Theravance Biopharma, Inc.*

6,434

57,456

Third Harmonic Bio, Inc.*

3,362

11,666

Trevi Therapeutics, Inc.*

12,947

81,437

Ventyx Biosciences, Inc.*

10,408

11,969

Verrica Pharmaceuticals,

Inc.*(a)

3,081

1,362

Veru, Inc.*(a)

21,723

10,647

WaVe Life Sciences Ltd.*

17,105

138,208

Xeris Biopharma Holdings,

Inc.*

24,139

132,523

Zevra Therapeutics, Inc.*(a)

9,217

69,035

8,247,313

Professional Services 2.3%

Alight, Inc., Class A

73,831

437,818

Asure Software, Inc.*(a)

3,827

36,548

Barrett Business Services, Inc.

4,537

186,697

BlackSky Technology, Inc.*(a)

4,382

33,873

CBIZ, Inc.*

8,376

635,403

Conduent, Inc.*

28,927

78,103

CRA International, Inc.

1,173

203,164

CSG Systems International,

Inc.

5,133

310,392

DLH Holdings Corp.*

2,541

10,291

ExlService Holdings, Inc.*

27,633

1,304,554

Exponent, Inc.

8,861

718,273

First Advantage Corp.*(a)

10,482

147,691

FiscalNote Holdings, Inc.*(a)

9,675

7,818

Common Stocks

Shares

Value ($)

Professional Services

Forrester Research, Inc.*

2,436

22,509

Franklin Covey Co.*(a)

1,824

50,379

Heidrick & Struggles

International, Inc.

3,518

150,676

HireQuest, Inc.(a)

773

9,199

Huron Consulting Group, Inc.*

3,067

439,961

IBEX Holdings Ltd.*

1,395

33,968

ICF International, Inc.

3,316

281,760

Innodata, Inc.*(a)

4,733

169,915

Insperity, Inc.

6,291

561,346

Kelly Services, Inc., Class A

5,468

72,014

Kforce, Inc.

3,301

161,386

Korn Ferry

9,043

613,387

Legalzoom.com, Inc.*

21,806

187,750

Maximus, Inc.

10,004

682,173

Mistras Group, Inc.*

3,812

40,331

NV5 Global, Inc.*

9,868

190,156

Planet Labs PBC*(a)

39,222

132,570

Resolute Holdings

Management, Inc.*(a)

357

11,188

Resources Connection, Inc.

6,140

40,156

Spire Global, Inc.*(a)

3,696

29,901

TriNet Group, Inc.

5,617

445,091

TrueBlue, Inc.*

5,121

27,192

TTEC Holdings, Inc.(a)

3,369

11,084

Upwork, Inc.*

21,799

284,477

Verra Mobility Corp., Class A*

29,012

653,060

Willdan Group, Inc.*

2,326

94,715

WNS Holdings Ltd.*(a)

7,511

461,851

9,968,820

Real Estate Management & Development 0.6%

American Realty Investors,

Inc.*(a)

366

4,008

Anywhere Real Estate, Inc.*

18,604

61,951

Compass, Inc., Class A*

64,866

566,280

Cushman & Wakefield plc*(a)

24,335

248,704

eXp World Holdings, Inc.(a)

14,448

141,301

Forestar Group, Inc.*

3,553

75,110

FRP Holdings, Inc.*

2,052

58,626

Kennedy-Wilson Holdings, Inc.

(a)

20,051

174,043

Marcus & Millichap, Inc.(a)

4,345

149,685

Maui Land & Pineapple Co.,

Inc.*

1,270

22,314

Newmark Group, Inc., Class A

23,915

291,046

Offerpad Solutions, Inc.*(a)

1,899

3,152

Opendoor Technologies,

Inc.*(a)

113,805

116,081

RE/MAX Holdings, Inc., Class

A*

2,967

24,834

Real Brokerage, Inc. (The)*

17,576

71,359

Redfin Corp.*(a)

21,684

199,710

RMR Group, Inc. (The), Class

A

2,941

48,968

St Joe Co. (The)(a)

6,393

300,151

Star Holdings*

2,452

20,866

Stratus Properties, Inc.*

1,205

21,389

Tejon Ranch Co.*(a)

3,686

58,423

Transcontinental Realty

Investors, Inc.*

178

4,975

2,662,976

140 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Residential REITs 0.5%

Apartment Investment and

Management Co., Class A

24,384

214,579

BRT Apartments Corp.

1,783

30,311

Centerspace

2,954

191,272

Clipper Realty, Inc.

2,440

9,370

Elme Communities

15,504

269,770

Independence Realty Trust,

Inc.(a)

39,553

839,710

NexPoint Residential Trust,

Inc.

4,078

161,203

UMH Properties, Inc.

12,746

238,350

Veris Residential, Inc.

13,861

234,528

2,189,093

Retail REITs 1.3%

Acadia Realty Trust

21,146

443,009

Alexander's, Inc.(a)

402

84,082

CBL & Associates Properties,

Inc.

3,915

104,061

Curbline Properties Corp.(a)

16,598

401,506

FrontView REIT, Inc.

2,602

33,280

Getty Realty Corp.(a)

8,702

271,328

InvenTrust Properties Corp.

13,811

405,629

Kite Realty Group Trust(a)

38,353

857,957

Macerich Co. (The)

44,000

755,480

NETSTREIT Corp.(a)

13,984

221,646

Phillips Edison & Co., Inc.

21,508

784,827

Saul Centers, Inc.

1,921

69,290

SITE Centers Corp.

8,567

110,000

Tanger, Inc.

18,751

633,596

Urban Edge Properties

22,888

434,872

Whitestone REIT

8,417

122,636

5,733,199

Semiconductors & Semiconductor Equipment 2.0%

ACM Research, Inc., Class A*

9,155

213,678

Aehr Test Systems*(a)

4,870

35,502

Alpha & Omega

Semiconductor Ltd.*(a)

4,094

101,777

Ambarella, Inc.*

6,753

339,878

Axcelis Technologies, Inc.*

5,767

286,447

CEVA, Inc.*

4,004

102,542

Cohu, Inc.*

8,030

118,121

Credo Technology Group

Holding Ltd.*

24,851

998,016

Diodes, Inc.*

8,005

345,576

Everspin Technologies, Inc.*(a)

3,106

15,841

FormFactor, Inc.*

13,702

387,630

GCT Semiconductor Holding,

Inc.*(a)

1,515

2,485

Ichor Holdings Ltd.*

5,735

129,668

Impinj, Inc.*

4,034

365,884

indie Semiconductor, Inc.,

Class A*(a)

28,553

58,105

Kulicke & Soffa Industries, Inc.

(a)

9,341

308,066

MaxLinear, Inc., Class A*

13,866

150,585

Navitas Semiconductor Corp.,

Class A*(a)

20,898

42,841

NVE Corp.(a)

781

49,781

PDF Solutions, Inc.*(a)

5,417

103,519

Penguin Solutions, Inc.*(a)

9,472

164,529

Photronics, Inc.*

10,719

222,526

Common Stocks

Shares

Value ($)

Semiconductors & Semiconductor Equipment

Power Integrations, Inc.

9,968

503,384

QuickLogic Corp.*(a)

2,242

11,457

Rambus, Inc.*

18,823

974,561

Rigetti Computing, Inc.*(a)

33,120

262,310

Semtech Corp.*

13,011

447,578

Silicon Laboratories, Inc.*

5,617

632,306

SiTime Corp.*

3,236

494,687

SkyWater Technology, Inc.*(a)

4,488

31,820

Synaptics, Inc.*

6,933

441,771

Ultra Clean Holdings, Inc.*

7,709

165,050

Veeco Instruments, Inc.*(a)

9,788

196,543

8,704,464

Software 5.9%

8x8, Inc.*

21,878

43,756

A10 Networks, Inc.(a)

12,689

207,338

ACI Worldwide, Inc.*

18,511

1,012,737

Adeia, Inc.

19,324

255,463

Agilysys, Inc.*(a)

3,992

289,580

Airship AI Holdings, Inc.*

2,620

10,113

Alarm.com Holdings, Inc.*

8,329

463,509

Alkami Technology, Inc.*

10,686

280,507

Amplitude, Inc., Class A*

13,878

141,417

Appian Corp., Class A*

7,166

206,452

Arteris, Inc.*

4,818

33,292

Asana, Inc., Class A*

14,287

208,162

AudioEye, Inc.*(a)

1,190

13,209

Aurora Innovation, Inc., Class

A*(a)

167,808

1,128,509

AvePoint, Inc.*

22,565

325,839

Bit Digital, Inc.*(a)

21,961

44,361

Blackbaud, Inc.*(a)

6,882

427,028

BlackLine, Inc.*

10,214

494,562

Blend Labs, Inc., Class A*

41,296

138,342

Box, Inc., Class A*

24,583

758,631

Braze, Inc., Class A*(a)

11,487

414,451

C3.ai, Inc., Class A*(a)

19,885

418,579

Cerence, Inc.*(a)

7,719

60,980

Cipher Mining, Inc.*(a)

35,961

82,710

Cleanspark, Inc.*(a)

48,460

325,651

Clear Secure, Inc., Class A(a)

15,540

402,641

Clearwater Analytics Holdings,

Inc., Class A*

32,722

876,950

Commvault Systems, Inc.*

7,671

1,210,177

Consensus Cloud Solutions,

Inc.*

3,022

69,748

Core Scientific, Inc.*(a)

31,515

228,169

CS Disco, Inc.*(a)

5,673

23,203

Daily Journal Corp.*(a)

232

92,266

Digimarc Corp.*(a)

2,750

35,255

Digital Turbine, Inc.*

15,970

43,359

Domo, Inc., Class B*(a)

6,217

48,244

D-Wave Quantum, Inc.*(a)

32,003

243,223

E2open Parent Holdings,

Inc.*(a)

35,476

70,952

eGain Corp.*

3,411

16,543

Enfusion, Inc., Class A*

8,810

98,232

EverCommerce, Inc.*(a)

3,504

35,320

Freshworks, Inc., Class A*

36,240

511,346

Hut 8 Corp.*(a)

14,463

168,060

I3 Verticals, Inc., Class A*

3,896

96,114

Intapp, Inc.*

9,415

549,648

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 141

Common Stocks

Shares

Value ($)

Software

InterDigital, Inc.(a)

4,450

920,038

Jamf Holding Corp.*

14,201

172,542

Kaltura, Inc.*(a)

19,025

35,767

Life360, Inc.*(a)

1,825

70,062

LiveRamp Holdings, Inc.*

11,348

296,637

Logility Supply Chain

Solutions, Inc., Class A(a)

5,207

74,252

MARA Holdings, Inc.*(a)

59,791

687,596

Meridianlink, Inc.*

5,843

108,271

Mitek Systems, Inc.*

7,761

64,028

N-able, Inc.*

12,590

89,263

NCR Voyix Corp.*(a)

26,208

255,528

NextNav, Inc.*(a)

13,751

167,350

Olo, Inc., Class A*(a)

17,875

107,965

ON24, Inc.*

5,406

28,111

OneSpan, Inc.

6,768

103,212

Ooma, Inc.*

4,320

56,549

Pagaya Technologies Ltd.,

Class A*(a)

6,497

68,089

PagerDuty, Inc.*(a)

15,266

278,910

Porch Group, Inc.*

13,217

96,352

Progress Software Corp.(a)

7,442

383,337

PROS Holdings, Inc.*

8,149

155,075

Q2 Holdings, Inc.*

10,434

834,824

Qualys, Inc.*

6,528

822,071

Rapid7, Inc.*

11,044

292,776

Red Violet, Inc.(a)

1,984

74,579

Rekor Systems, Inc.*(a)

12,028

10,665

ReposiTrak, Inc.(a)

2,049

41,533

Rimini Street, Inc.*

9,595

33,391

Riot Platforms, Inc.*(a)

54,588

388,667

Roadzen, Inc.*(a)

4,025

4,186

Sapiens International Corp.

NV

5,441

147,397

SEMrush Holdings, Inc., Class

A*

6,178

57,641

Silvaco Group, Inc.*(a)

1,102

5,025

SolarWinds Corp.

9,505

175,177

SoundHound AI, Inc., Class

A*(a)

56,829

461,451

SoundThinking, Inc.*

1,509

25,578

Sprinklr, Inc., Class A*(a)

20,845

174,056

Sprout Social, Inc., Class A*

8,915

196,041

SPS Commerce, Inc.*

6,567

871,638

Telos Corp.*(a)

9,461

22,517

Tenable Holdings, Inc.*

20,868

729,963

Terawulf, Inc.*(a)

47,381

129,350

Varonis Systems, Inc., Class

B*(a)

19,401

784,770

Verint Systems, Inc.*

10,870

194,029

Vertex, Inc., Class A*(a)

9,687

339,142

Viant Technology, Inc., Class

A*

2,696

33,457

Weave Communications, Inc.*

7,281

80,746

WM Technology, Inc.*(a)

13,628

15,400

Workiva, Inc., Class A*

8,919

677,041

Xperi, Inc.*(a)

7,836

60,494

Yext, Inc.*

18,832

116,005

Zeta Global Holdings Corp.,

Class A*(a)

31,460

426,598

25,049,770

Common Stocks

Shares

Value ($)

Specialized REITs 0.5%

Farmland Partners, Inc.

7,700

85,855

Four Corners Property Trust,

Inc.(a)

17,413

499,753

Gladstone Land Corp.

5,288

55,630

Outfront Media, Inc.(a)

25,845

417,138

PotlatchDeltic Corp.

13,874

625,995

Safehold, Inc.(a)

9,152

171,326

Uniti Group, Inc.

43,555

219,517

2,075,214

Specialty Retail 2.0%

1-800-Flowers.com, Inc.,

Class A*(a)

4,156

24,520

Abercrombie & Fitch Co.,

Class A*

8,688

663,503

Academy Sports & Outdoors,

Inc.

11,923

543,808

American Eagle Outfitters, Inc.

(a)

31,331

364,066

America's Car-Mart, Inc.*

1,260

57,191

Arhaus, Inc., Class A*(a)

9,370

81,519

Arko Corp.

13,455

53,147

Asbury Automotive Group,

Inc.*

3,467

765,652

BARK, Inc.*(a)

23,596

32,798

Beyond, Inc.*

7,691

44,608

Boot Barn Holdings, Inc.*

5,183

556,810

Buckle, Inc. (The)

5,396

206,775

Build-A-Bear Workshop, Inc.

(a)

2,107

78,317

Caleres, Inc.(a)

5,691

98,056

Camping World Holdings, Inc.,

Class A

10,032

162,117

Citi Trends, Inc.*

994

22,002

Designer Brands, Inc., Class

A(a)

6,941

25,335

Destination XL Group, Inc.*(a)

9,352

13,654

EVgo, Inc., Class A*(a)

21,809

58,012

Foot Locker, Inc.*

14,730

207,693

Genesco, Inc.*

1,856

39,403

Group 1 Automotive, Inc.

2,287

873,520

GrowGeneration Corp.*

8,492

9,171

Haverty Furniture Cos., Inc.

2,689

53,027

J Jill, Inc.(a)

1,086

21,210

Lands' End, Inc.*(a)

2,516

25,613

Leslie's, Inc.*

29,776

21,900

MarineMax, Inc.*

3,777

81,206

Monro, Inc.(a)

5,366

77,646

National Vision Holdings, Inc.*

13,307

170,064

ODP Corp. (The)*

5,228

74,917

OneWater Marine, Inc., Class

A*(a)

2,008

32,489

Petco Health & Wellness Co.,

Inc., Class A*(a)

15,976

48,727

RealReal, Inc. (The)*(a)

17,562

94,659

Revolve Group, Inc., Class

A*(a)

6,832

146,820

RumbleON, Inc., Class B*

2,725

7,685

Sally Beauty Holdings, Inc.*

18,248

164,779

Shoe Carnival, Inc.(a)

3,220

70,808

Signet Jewelers Ltd.(a)

7,289

423,199

Sleep Number Corp.*(a)

3,633

23,033

142 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Common Stocks

Shares

Value ($)

Specialty Retail

Sonic Automotive, Inc., Class

A(a)

2,629

149,748

Stitch Fix, Inc., Class A*

18,023

58,575

ThredUp, Inc., Class A*

15,674

37,774

Tile Shop Holdings, Inc.*(a)

5,012

32,478

Tilly's, Inc., Class A*

2,351

5,172

Torrid Holdings, Inc.*(a)

3,871

21,213

Upbound Group, Inc.

9,434

226,039

Urban Outfitters, Inc.*

11,138

583,631

Victoria's Secret & Co.*

13,868

257,667

Warby Parker, Inc., Class A*

15,661

285,500

Winmark Corp.(a)

478

151,942

Zumiez, Inc.*

2,946

43,866

8,373,064

Technology Hardware, Storage & Peripherals 0.3%

CompoSecure, Inc., Class A(a)

4,295

46,687

Corsair Gaming, Inc.*(a)

7,997

70,853

CPI Card Group, Inc.*

908

26,486

Diebold Nixdorf, Inc.*(a)

4,505

196,959

Eastman Kodak Co.*(a)

10,516

66,461

Immersion Corp.(a)

5,735

43,471

IonQ, Inc.*(a)

35,689

787,656

Turtle Beach Corp.*

3,128

44,637

Xerox Holdings Corp.(a)

20,487

98,952

1,382,162

Textiles, Apparel & Luxury Goods 0.5%

Figs, Inc., Class A*(a)

23,621

108,420

G-III Apparel Group Ltd.*

6,891

188,469

Hanesbrands, Inc.*

62,615

361,289

Kontoor Brands, Inc.

9,681

620,842

Movado Group, Inc.

2,640

44,141

Oxford Industries, Inc.(a)

2,573

150,958

Rocky Brands, Inc.

1,179

20,479

Steven Madden Ltd.

12,687

337,982

Superior Group of Cos., Inc.

2,218

24,265

Vera Bradley, Inc.*(a)

5,109

11,495

Wolverine World Wide, Inc.(a)

13,953

194,086

2,062,426

Tobacco 0.1%

Ispire Technology, Inc.*

3,811

10,404

Turning Point Brands, Inc.

3,043

180,876

Universal Corp.(a)

4,260

238,773

430,053

Trading Companies & Distributors 2.5%

Alta Equipment Group, Inc.(a)

4,453

20,885

Applied Industrial

Technologies, Inc.

6,746

1,520,144

Beacon Roofing Supply, Inc.*

10,832

1,339,918

BlueLinx Holdings, Inc.*

1,455

109,096

Boise Cascade Co.

6,775

664,560

Custom Truck One Source,

Inc.*(a)

8,074

34,072

Distribution Solutions Group,

Inc.*

1,916

53,648

DNOW, Inc.*

18,191

310,702

DXP Enterprises, Inc.*

2,150

176,859

EVI Industries, Inc.(a)

1,027

17,233

FTAI Aviation Ltd.(a)

17,791

1,975,335

GATX Corp.(a)

6,226

966,711

Global Industrial Co.

2,252

50,445

Common Stocks

Shares

Value ($)

Trading Companies & Distributors

GMS, Inc.*(a)

6,881

503,483

H&E Equipment Services, Inc.

5,666

537,080

Herc Holdings, Inc.(a)

4,959

665,845

Hudson Technologies, Inc.*

7,289

44,973

Karat Packaging, Inc.

1,247

33,145

McGrath RentCorp

4,277

476,458

MRC Global, Inc.*

14,932

171,419

Rush Enterprises, Inc., Class A

10,759

574,638

Rush Enterprises, Inc., Class

B

1,506

85,119

Titan Machinery, Inc.*(a)

3,459

58,941

Transcat, Inc.*(a)

1,589

118,301

Willis Lease Finance Corp.(a)

495

78,195

Xometry, Inc., Class A*(a)

7,755

193,255

10,780,460

Transportation Infrastructure 0.0%

†

Sky Harbour Group Corp.*(a)

1,761

22,911

Water Utilities 0.4%

American States Water Co.

6,606

519,760

Cadiz, Inc.*(a)

8,789

25,752

California Water Service

Group

10,345

501,319

Consolidated Water Co. Ltd.(a)

2,466

60,392

Global Water Resources, Inc.

1,601

16,506

Middlesex Water Co.(a)

3,124

200,248

Pure Cycle Corp.*

3,202

33,525

SJW Group

5,734

313,593

York Water Co. (The)

2,167

75,152

1,746,247

Wireless Telecommunication Services 0.2%

Gogo, Inc.*(a)

10,777

92,898

Spok Holdings, Inc.(a)

2,897

47,626

Telephone & Data Systems,

Inc.

17,419

674,812

815,336

Total Common Stocks

(cost $339,499,693)

420,361,715

Rights 0.0%

†

Number of

Rights

Biotechnology 0.0%

†

Aduro Biotech, Inc. CVR*^∞(a)

2,552

0

Chinook Therapeutics, Inc.,

CVR*^∞

8,695

0

Icosavax, Inc., CVR*^∞

4,394

0

Inhibrx, Inc., CVR*^∞

5,486

0

Oncternal Therapeutics, Inc.,

CVR*^∞(a)

97

0

0

Total Rights

(cost $6,480)

0

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 143

Warrants 0.0%

†

Number of

Warrants

Value ($)

Health Care Equipment & Supplies 0.0%

†

Pulse Biosciences, Inc.,

expiring 6/27/2029*^∞(a)

243

618

Total Warrants

(cost $0)

618

Repurchase Agreements 8.9%

Principal

Amount ($)

Bank of America NA,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $17,002,059,

collateralized by U.S.

Government Agency

Securities, ranging from

3.00% - 3.50%, maturing

9/1/2046 - 1/1/2047;

total market value

$17,340,000.(b)

17,000,000

17,000,000

BNP Paribas Securities

Corp.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $5,000,608,

collateralized by U.S.

Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054;

total market value

$5,100,000.(b)

5,000,000

5,000,000

BofA Securities, Inc.,

4.36%, dated 3/31/2025,

due 4/1/2025, repurchase

price $3,000,363,

collateralized by U.S.

Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070;

total market value

$3,060,000.(b)

3,000,000

3,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025,

due 4/1/2025, repurchase

price $7,020,382,

collateralized by U.S.

Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073;

total market value

$7,159,919.(b)

7,019,528

7,019,528

Repurchase Agreements

Principal

Amount ($)

Value ($)

ING Financial Services LLC,

4.34%, dated 3/31/2025,

due 4/7/2025, repurchase

price $2,001,688,

collateralized by U.S.

Government Treasury

Securities, ranging from

1.50% - 4.13%, maturing

2/15/2027 - 11/30/2031;

total market value

$2,040,001.(b)

2,000,000

2,000,000

Pershing LLC,

4.35%, dated 3/31/2025,

due 4/1/2025, repurchase

price $4,000,483,

collateralized by U.S.

Government Agency

and Treasury Securities,

ranging from 0.00% -

9.00%, maturing 4/1/2025

- 3/20/2075; total market

value $4,080,000.(b)

4,000,000

4,000,000

Total Repurchase Agreements

(cost $38,019,528)

38,019,528

Total Investments

(cost $377,582,920) — 107.1%

458,403,964

Liabilities in excess of other assets — (7.1)%

(30,320,597)

NET ASSETS — 100.0%

$

428,083,367

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $124,082,143, which was collateralized

by cash used to purchase repurchase agreements with a

total value of $38,019,528 and by $91,206,584 of collateral

in the form of U.S. Government Treasury Securities,

interest rates ranging from 0.00% - 6.25%, and maturity

dates ranging from 4/15/2025 - 2/15/2055, a total value of

$129,226,112.

(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, 2025 was $38,019,528.

ADR

American Depositary Receipt

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

144 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

Futures contracts outstanding as of March 31, 2025:

Description

Number of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount ($)

Value and

Unrealized

Appreciation

(Depreciation) ($)

Long Contracts

Russell 2000 E-Mini Index

67

6/2025

USD

6,790,785

(86,749)

Net contracts

(86,749)

Currency:

USD

United States Dollar

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 145

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.  

146 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Closed End Fund

$

22,103

$

–

$

–

$

22,103

Common Stocks

Aerospace & Defense

6,085,204

–

–

6,085,204

Air Freight & Logistics

715,657

–

–

715,657

Automobile Components

4,509,585

–

–

4,509,585

Automobiles

174,554

–

–

174,554

Banks

45,280,791

–

–

45,280,791

Beverages

1,688,207

–

–

1,688,207

Biotechnology

34,307,481

–

–

34,307,481

Broadline Retail

113,528

–

–

113,528

Building Products

5,914,374

–

–

5,914,374

Capital Markets

7,600,567

–

–

7,600,567

Chemicals

6,733,306

–

–

6,733,306

Commercial Services & Supplies

7,772,501

–

–

7,772,501

Communications Equipment

2,669,386

–

–

2,669,386

Construction & Engineering

6,399,386

–

–

6,399,386

Construction Materials

1,092,722

–

–

1,092,722

Consumer Finance

3,958,389

–

–

3,958,389

Consumer Staples Distribution & Retail

4,644,459

–

–

4,644,459

Containers & Packaging

1,108,179

–

–

1,108,179

Distributors

167,820

–

–

167,820

Diversified Consumer Services

4,987,510

–

–

4,987,510

Diversified REITs

2,877,617

–

–

2,877,617

Diversified Telecommunication Services

2,455,818

–

–

2,455,818

Electric Utilities

3,875,461

–

–

3,875,461

Electrical Equipment

5,172,383

–

–

5,172,383

Electronic Equipment, Instruments &

Components

12,230,319

–

–

12,230,319

Energy Equipment & Services

8,760,519

–

–

8,760,519

Entertainment

2,162,491

–

–

2,162,491

Financial Services

12,037,025

–

–

12,037,025

Food Products

4,151,116

–

–

4,151,116

Gas Utilities

4,750,068

–

–

4,750,068

Ground Transportation

1,654,743

–

–

1,654,743

Health Care Equipment & Supplies

11,915,401

–

–

11,915,401

Health Care Providers & Services

13,157,785

–

–

13,157,785

Health Care REITs

3,718,696

–

–

3,718,696

Health Care Technology

1,727,773

–

–

1,727,773

Hotel & Resort REITs

3,011,392

–

–

3,011,392

Hotels, Restaurants & Leisure

8,243,715

–

–

8,243,715

Household Durables

8,318,146

–

–

8,318,146

Household Products

1,399,262

–

–

1,399,262

Independent Power and Renewable

Electricity Producers

810,184

–

–

810,184

Industrial Conglomerates

124,874

–

–

124,874

Industrial REITs

1,955,273

–

–

1,955,273

Insurance

9,808,542

–

–

9,808,542

Interactive Media & Services

2,333,601

–

–

2,333,601

IT Services

1,914,971

–

–

1,914,971

Leisure Products

1,441,072

–

–

1,441,072

Life Sciences Tools & Services

1,001,996

–

–

1,001,996

Machinery

16,739,550

–

–

16,739,550

Marine Transportation

1,180,218

–

–

1,180,218

Media

3,215,961

–

–

3,215,961

Metals & Mining

6,929,677

–

–

6,929,677

Mortgage Real Estate Investment Trusts

(REITs)

4,218,579

–

–

4,218,579

Multi-Utilities

2,144,057

–

–

2,144,057

Office REITs

2,835,481

–

–

2,835,481

Oil, Gas & Consumable Fuels

12,723,732

–

–

12,723,732

NVIT Small Cap Index Fund - March 31, 2025 (Unaudited) - Statement of Investments - 147

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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts.

(a) 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 managing 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

Level 1

Level 2

Level 3

Total

Assets:

Paper & Forest Products

$

485,789

$

–

$

–

$

485,789

Passenger Airlines

1,636,769

–

–

1,636,769

Personal Care Products

1,074,545

–

–

1,074,545

Pharmaceuticals

8,247,313

–

–

8,247,313

Professional Services

9,968,820

–

–

9,968,820

Real Estate Management & Development

2,662,976

–

–

2,662,976

Residential REITs

2,189,093

–

–

2,189,093

Retail REITs

5,733,199

–

–

5,733,199

Semiconductors & Semiconductor

Equipment

8,704,464

–

–

8,704,464

Software

25,049,770

–

–

25,049,770

Specialized REITs

2,075,214

–

–

2,075,214

Specialty Retail

8,373,064

–

–

8,373,064

Technology Hardware, Storage &

Peripherals

1,382,162

–

–

1,382,162

Textiles, Apparel & Luxury Goods

2,062,426

–

–

2,062,426

Tobacco

430,053

–

–

430,053

Trading Companies & Distributors

10,780,460

–

–

10,780,460

Transportation Infrastructure

22,911

–

–

22,911

Water Utilities

1,746,247

–

–

1,746,247

Wireless Telecommunication Services

815,336

–

–

815,336

Total Common Stocks

$

420,361,715

$

–

$

–

$

420,361,715

Repurchase Agreements

–

38,019,528

–

38,019,528

Rights

–

–

–

–

Warrants

–

–

618

618

Total Assets

$

420,383,818

$

38,019,528

$

618

$

458,403,964

Liabilities:

Futures Contracts

$

(86,749)

$

–

$

–

$

(86,749)

Total Liabilities

$

(86,749)

$

–

$

–

$

(86,749)

Total

$

420,297,069

$

38,019,528

$

618

$

458,317,215

As of March 31, 2025, the Fund held one common stock investment and five rights investments that were categorized as Level 3

investments which were each valued at $0.

Warrants

Total

Balance as of 12/31/2024

$

1,557

$

1,557

Accrued Accretion/(Amortization)

—

—

Realized Gains (Losses)

2

2

Purchases

—

—

Sales

(2)

(2)

Change in Unrealized Appreciation/Depreciation

(939)

(939)

Transfers into Level 3

—

—

Transfers out of Level 3

—

—

Balance as of 03/31/2025

$

618

$

618

Change in Unrealized Appreciation/Depreciation for Investments Still Held as of 03/31/2025

$

(160)

$

(160)

148 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Small Cap Index Fund

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Liabilities:

Fair Value

Futures Contracts

Equity risk

Unrealized depreciation from futures contracts

$

(86,749)

Total

$

(86,749)

The Statement of Investments should be read in conjunction 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 Putnam International Value Fund (formerly, NVIT Columbia Overseas Value Fund) - March 31, 2025 (Unaudited) - Statement of

Investments - 1

Common Stocks 96.3%

Shares

Value ($)

AUSTRALIA 7.6%

Banks 1.8%

ANZ Group Holdings Ltd.

244,933

4,477,456

Diversified REITs 0.7%

Mirvac Group

1,337,755

1,760,917

Diversified Telecommunication Services 0.3%

Telstra Group Ltd.

285,467

752,599

Insurance 2.2%

QBE Insurance Group Ltd.

397,186

5,471,215

Metals & Mining 1.2%

Glencore plc

798,856

2,938,700

Passenger Airlines 1.4%

Qantas Airways Ltd.

613,843

3,500,558

18,901,445

CANADA 1.6%

Oil, Gas & Consumable Fuels 1.6%

Cenovus Energy, Inc.

287,000

3,988,743

FRANCE 11.5%

Aerospace & Defense 3.0%

Airbus SE

16,648

2,935,427

Thales SA

16,311

4,379,346

7,314,773

Banks 2.0%

BNP Paribas SA

59,532

4,957,986

Building Products 1.5%

Cie de Saint-Gobain SA

37,542

3,731,758

Insurance 2.5%

AXA SA

144,926

6,186,947

Machinery 0.7%

Alstom SA *

81,137

1,796,291

Multi-Utilities 1.8%

Veolia Environnement SA

127,539

4,383,682

28,371,437

GERMANY 10.2%

Air Freight & Logistics 1.0%

Deutsche Post AG

56,320

2,403,934

Chemicals 0.6%

LANXESS AG

46,505

1,395,958

Diversified Telecommunication Services 2.0%

Deutsche Telekom AG

(Registered)

133,906

4,958,354

Industrial Conglomerates 3.4%

Siemens AG (Registered)

36,803

8,443,667

Insurance 1.7%

Muenchener Rueckversicherungs-

Gesellschaft AG in Muenchen

(Registered)

6,677

4,208,712

Multi-Utilities 1.5%

E.ON SE

244,704

3,692,878

25,103,503

HONG KONG 1.1%

Insurance 1.1%

Prudential plc

260,033

2,805,477

Common Stocks

Shares

Value ($)

IRELAND 3.7%

Banks 2.8%

AIB Group plc

1,077,703

6,995,691

Household Durables 0.9%

Cairn Homes plc

1,042,888

2,152,797

9,148,488

JAPAN 21.6%

Automobiles 0.9%

Yamaha Motor Co. Ltd.

289,700

2,315,111

Banks 5.8%

Mitsubishi UFJ Financial Group,

Inc.

542,800

7,330,642

Resona Holdings, Inc.

270,300

2,339,514

Sumitomo Mitsui Financial Group,

Inc.

190,200

4,853,113

14,523,269

Beverages 1.1%

Asahi Group Holdings Ltd.

216,800

2,772,223

Broadline Retail 0.5%

Pan Pacific International Holdings

Corp.

40,700

1,114,086

Consumer Staples Distribution & Retail 2.0%

MatsukiyoCocokara & Co.

150,800

2,360,142

Seven & i Holdings Co. Ltd.

172,700

2,509,834

4,869,976

Diversified Telecommunication Services 1.4%

Nippon Telegraph & Telephone

Corp.

3,651,300

3,526,746

Financial Services 1.0%

ORIX Corp.

122,300

2,530,299

Food Products 1.0%

Yamazaki Baking Co. Ltd.

127,800

2,456,485

Health Care Equipment & Supplies 1.0%

Hoya Corp.

22,000

2,481,696

Household Durables 1.3%

Sony Group Corp.

126,000

3,209,409

Machinery 0.8%

MINEBEA MITSUMI, Inc.

127,100

1,855,840

Textiles, Apparel & Luxury Goods 1.0%

Asics Corp.

118,500

2,516,716

Trading Companies & Distributors 3.3%

ITOCHU Corp.

68,900

3,183,084

Mitsubishi Corp.

289,000

5,082,792

8,265,876

Wireless Telecommunication Services 0.5%

KDDI Corp.

72,400

1,142,554

53,580,286

NETHERLANDS 5.9%

Banks 3.2%

ING Groep NV

398,686

7,804,923

Biotechnology 1.0%

Argenx SE *

4,151

2,451,470

Insurance 1.7%

ASR Nederland NV

74,905

4,311,568

14,567,961

2 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Putnam International Value Fund (formerly, NVIT Columbia Over-

seas Value Fund)

Common Stocks

Shares

Value ($)

NORWAY 1.0%

Banks 1.0%

DNB Bank ASA

94,374

2,482,243

RUSSIA 0.0%

†

Oil, Gas & Consumable Fuels 0.0%

†

LUKOIL PJSC ^∞

10,847

0

SINGAPORE 0.5%

Semiconductors & Semiconductor Equipment 0.5%

STMicroelectronics NV

54,826

1,200,100

SOUTH AFRICA 0.5%

Metals & Mining 0.5%

Anglo American plc

42,185

1,184,232

SOUTH KOREA 0.3%

Technology Hardware, Storage & Peripherals 0.3%

Samsung Electronics Co. Ltd.

19,318

765,026

SPAIN 2.3%

Banks 2.3%

CaixaBank SA

722,745

5,625,197

SWITZERLAND 2.3%

Capital Markets 2.3%

UBS Group AG (Registered)

182,490

5,591,787

UNITED KINGDOM 14.3%

Banks 4.8%

Barclays plc

1,062,296

3,989,025

HSBC Holdings plc

715,354

8,111,177

12,100,202

Beverages 1.7%

Coca-Cola Europacific Partners

plc

48,200

4,194,846

Consumer Staples Distribution & Retail 1.1%

Tesco plc

630,405

2,708,310

Hotels, Restaurants & Leisure 0.8%

Compass Group plc

58,998

1,947,843

Personal Care Products 1.4%

Unilever plc

59,803

3,562,200

Pharmaceuticals 1.5%

AstraZeneca plc

25,122

3,671,448

Specialty Retail 0.4%

JD Sports Fashion plc

1,189,029

1,045,674

Tobacco 1.2%

Imperial Brands plc

79,845

2,952,741

Trading Companies & Distributors 0.6%

Ashtead Group plc

25,420

1,372,763

Wireless Telecommunication Services 0.8%

Vodafone Group plc

2,013,055

1,883,831

35,439,858

UNITED STATES 11.9%

Automobiles 0.6%

Stellantis NV

136,890

1,532,917

Construction Materials 2.0%

CRH plc

56,562

4,928,757

Oil, Gas & Consumable Fuels 5.4%

Shell plc

362,635

13,198,225

Common Stocks

Shares

Value ($)

UNITED STATES

Pharmaceuticals 3.1%

Sanofi SA

69,734

7,727,219

Trading Companies & Distributors 0.8%

Ferguson Enterprises, Inc.

12,895

2,044,776

29,431,894

Total Common Stocks

(cost $203,009,451)

238,187,677

Total Investments

(cost $203,009,451) — 96.3%

238,187,677

Other assets in excess of liabilities — 3.7%

9,062,160

NET ASSETS — 100.0%

$247,249,837

*

Denotes a non-income producing security.

^

Value determined using significant unobservable inputs.

∞

Fair valued security.

†

Amount rounds to less than 0.1%.

REIT

Real Estate Investment Trust

NVIT Putnam International Value Fund (formerly, NVIT Columbia Overseas Value Fund) - March 31, 2025 (Unaudited) - Statement of

Investments - 3

Forward Foreign Currency Contracts outstanding as of March 31, 2025:

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation) ($)

CAD

1,010,300

USD

702,296

Westpac Banking Corp.

4/16/2025

244

NZD

827,300

USD

467,986

Westpac Banking Corp.

4/16/2025

1,870

USD

4,380,754

CAD

6,253,500

Goldman Sachs International

4/16/2025

32,215

CNY

5,641,200

USD

775,617

Morgan Stanley Co., Inc.

**

5/21/2025

4,909

HKD

32,884,600

USD

4,229,921

Westpac Banking Corp.

5/21/2025

1,647

JPY

283,985,900

USD

1,882,520

Westpac Banking Corp.

5/21/2025

21,411

SGD

5,325,900

USD

3,948,311

Westpac Banking Corp.

5/21/2025

26,220

USD

645,970

JPY

95,316,700

Morgan Stanley Co., Inc.

5/21/2025

6,937

USD

743,051

KRW

1,076,012,700

Toronto Dominion Bank

**

5/21/2025

10,387

CHF

15,094,700

USD

17,189,988

Goldman Sachs International

6/18/2025

30,049

DKK

10,286,400

USD

1,488,817

Morgan Stanley Co., Inc.

6/18/2025

9,639

SEK

68,178,300

USD

6,787,458

Morgan Stanley Co., Inc.

6/18/2025

26,597

USD

1,693,808

EUR

1,549,900

Westpac Banking Corp.

6/18/2025

10,560

Total unrealized appreciation

182,685

AUD

981,300

USD

617,320

Westpac Banking Corp.

4/16/2025

(4,086)

ILS

8,223,900

USD

2,294,463

Morgan Stanley Co., Inc.

4/16/2025

(81,974)

USD

1,509,159

AUD

2,422,600

Goldman Sachs International

4/16/2025

(4,774)

CHF

1,485,800

USD

1,697,032

Morgan Stanley Co., Inc.

6/18/2025

(2,031)

CZK

14,281,400

USD

620,108

Morgan Stanley Co., Inc.

6/18/2025

(340)

EUR

1,896,200

USD

2,067,812

Morgan Stanley Co., Inc.

6/18/2025

(8,470)

USD

932,334

EUR

880,900

Morgan Stanley Co., Inc.

6/18/2025

(24,355)

USD

8,640,576

EUR

8,025,300

Westpac Banking Corp.

6/18/2025

(75,192)

USD

10,613,034

GBP

8,272,600

Goldman Sachs International

6/18/2025

(72,320)

Total unrealized depreciation

(273,542)

Net unrealized depreciation

(90,857)

**

Non-deliverable forward.

Currency:

AUD

Australian dollar

CAD

Canadian dollar

CHF

Swiss franc

CNY

Chinese yuan

CZK

Czech koruna

DKK

Danish krone

EUR

Euro

GBP

British pound

HKD

Hong Kong dollar

ILS

Israeli shekel

JPY

Japanese yen

KRW

South Korean won

NZD

New Zealand dollar

SEK

Swedish krona

SGD

Singapore dollar

USD

United States dollar

4 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Putnam International Value Fund (formerly, NVIT Columbia Over-

seas 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 Putnam International Value Fund (formerly, NVIT Columbia Overseas Value Fund) - March 31, 2025 (Unaudited) - Statement of

Investments - 5

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, 2025. Please see

below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency contracts.

(a) 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

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. 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

$

–

$

7,314,773

$

–

$

7,314,773

Air Freight & Logistics

–

2,403,934

–

2,403,934

Automobiles

–

3,848,027

–

3,848,027

Banks

–

58,966,968

–

58,966,968

Beverages

4,194,846

2,772,223

–

6,967,069

Biotechnology

–

2,451,470

–

2,451,470

Broadline Retail

–

1,114,086

–

1,114,086

Building Products

–

3,731,758

–

3,731,758

Capital Markets

–

5,591,787

–

5,591,787

Chemicals

–

1,395,958

–

1,395,958

Construction Materials

–

4,928,757

–

4,928,757

Consumer Staples Distribution & Retail

–

7,578,286

–

7,578,286

Diversified REITs

–

1,760,917

–

1,760,917

Diversified Telecommunication Services

–

9,237,699

–

9,237,699

Financial Services

–

2,530,299

–

2,530,299

Food Products

–

2,456,485

–

2,456,485

Health Care Equipment & Supplies

–

2,481,696

–

2,481,696

Hotels, Restaurants & Leisure

–

1,947,843

–

1,947,843

Household Durables

–

5,362,206

–

5,362,206

Industrial Conglomerates

–

8,443,667

–

8,443,667

Insurance

–

22,983,918

–

22,983,918

Machinery

–

3,652,131

–

3,652,131

Metals & Mining

–

4,122,932

–

4,122,932

Multi-Utilities

–

8,076,560

–

8,076,560

Oil, Gas & Consumable Fuels

3,988,743

13,198,226

–

17,186,969

Passenger Airlines

–

3,500,558

–

3,500,558

Personal Care Products

–

3,562,200

–

3,562,200

Pharmaceuticals

–

11,398,667

–

11,398,667

Semiconductors & Semiconductor

Equipment

–

1,200,100

–

1,200,100

Specialty Retail

–

1,045,674

–

1,045,674

Technology Hardware, Storage &

Peripherals

–

765,026

–

765,026

Textiles, Apparel & Luxury Goods

–

2,516,716

–

2,516,716

Tobacco

–

2,952,741

–

2,952,741

Trading Companies & Distributors

–

11,683,415

–

11,683,415

Wireless Telecommunication Services

–

3,026,385

–

3,026,385

Forward Foreign Currency Contracts

–

182,685

–

182,685

Total Assets

$

8,183,589

$

230,186,773

$

–

$

238,370,362

Liabilities:

Forward Foreign Currency Contracts

$

–

$

(273,542)

$

–

$

(273,542)

Total Liabilities

$

–

$

(273,542)

$

–

$

(273,542)

Total

$

8,183,589

$

229,913,231

$

–

$

238,096,820

As of March 31, 2025, the Fund held one common stock investment that was categorized as a Level 3 investment which was

valued at $0.

6 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Putnam International Value Fund (formerly, NVIT Columbia Over-

seas Value Fund)

a view on a foreign currency vs. the U.S. dollar or other foreign currency, to hedge the U.S. dollar value of portfolio securities

denominated in a foreign currency, and/or to seek to protect against anticipated changes in future foreign currency exchange rate,

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, 2025:

Fair Values of Derivatives Not Accounted for as Hedging Instruments as of March 31, 2025:  

Assets:

Fair Value

Forward Foreign Currency Contracts

Currency risk

Unrealized appreciation on forward foreign currency

contracts

$

182,685

Total

$

182,685

Liabilities:

Forward Foreign Currency Contracts

Currency risk

Unrealized depreciation on forward foreign currency

contracts

$

(273,542)

Total

$

(273,542)

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT Fidelity Institutional AM

®

Emerging Markets Fund (formerly, NVIT Emerging Markets Fund) - March 31, 2025 (Unaudited) - State-

ment of Investments - 7

Common Stocks 99.3%

Shares

Value ($)

BRAZIL 8.4%

Banks 2.5%

Itau Unibanco Holding SA

(Preference)

645,670

3,553,960

Ground Transportation 1.2%

Localiza Rent a Car SA *

276,500

1,627,568

Metals & Mining 3.1%

Vale SA, Class B, ADR

436,500

4,356,270

Oil, Gas & Consumable Fuels 1.6%

Petroleo Brasileiro SA, ADR

158,300

2,270,022

11,807,820

CHILE 1.5%

Metals & Mining 1.5%

Antofagasta plc

99,600

2,175,551

CHINA 34.7%

Banks 1.7%

China Construction Bank Corp.,

Class H

2,687,000

2,383,973

Broadline Retail 5.8%

Alibaba Group Holding Ltd., ADR

36,300

4,799,949

PDD Holdings, Inc., ADR *

29,100

3,443,985

8,243,934

Diversified Consumer Services 1.2%

TAL Education Group, ADR *

125,200

1,653,892

Ground Transportation 1.0%

Full Truck Alliance Co. Ltd., ADR

113,100

1,444,287

Hotels, Restaurants & Leisure 2.5%

Meituan, Class B Reg. S *(a)

172,500

3,487,710

Household Durables 3.0%

Haier Smart Home Co. Ltd., Class

A

1,115,300

4,215,067

Insurance 3.7%

China Life Insurance Co. Ltd.,

Class H

1,825,000

3,536,718

PICC Property & Casualty Co.

Ltd., Class H

898,000

1,662,695

5,199,413

Interactive Media & Services 9.9%

Tencent Holdings Ltd.

217,400

13,855,451

Life Sciences Tools & Services 1.5%

WuXi AppTec Co. Ltd., Class H

Reg. S (a)

240,800

2,159,683

Machinery 2.5%

Shenzhen Inovance Technology

Co. Ltd., Class A

371,500

3,501,718

Pharmaceuticals 1.9%

Hansoh Pharmaceutical Group Co.

Ltd. Reg. S (a)

852,000

2,683,472

48,828,600

GREECE 3.8%

Banks 3.8%

Alpha Services and Holdings SA

921,600

2,216,173

National Bank of Greece SA

301,600

3,107,611

5,323,784

Common Stocks

Shares

Value ($)

HUNGARY 3.1%

Banks 3.1%

OTP Bank Nyrt.

65,000

4,379,573

INDIA 7.6%

Banks 3.8%

HDFC Bank Ltd.

142,400

3,033,110

ICICI Bank Ltd.

140,100

2,207,498

5,240,608

Construction & Engineering 1.3%

Larsen & Toubro Ltd.

46,200

1,877,789

Construction Materials 1.0%

JK Cement Ltd.

25,200

1,450,312

IT Services 1.5%

Tata Consultancy Services Ltd.

49,700

2,088,634

10,657,343

MALAYSIA 0.9%

Banks 0.9%

CIMB Group Holdings Bhd.

784,500

1,234,641

MEXICO 7.4%

Banks 1.1%

Regional SAB de CV

250,700

1,595,503

Beverages 1.7%

Fomento Economico Mexicano

SAB de CV, ADR

24,700

2,410,226

Construction Materials 0.9%

Cemex SAB de CV, ADR

218,600

1,226,346

Consumer Staples Distribution & Retail 3.7%

Wal-Mart de Mexico SAB de CV

1,913,300

5,269,300

10,501,375

PERU 2.2%

Banks 2.2%

Credicorp Ltd.

16,900

3,146,104

POLAND 2.6%

Banks 2.6%

Powszechna Kasa Oszczednosci

Bank Polski SA

190,200

3,717,254

RUSSIA 0.0%

†

Banks 0.0%

†

Sberbank of Russia PJSC

(Preference) ^∞

533,346

0

TCS Group Holding plc, GDR Reg.

S *^∞

24,424

0

0

Consumer Staples Distribution & Retail 0.0%

†

Magnit PJSC ^∞

32,259

0

Oil, Gas & Consumable Fuels 0.0%

†

Gazprom PJSC *^∞

1,425,666

0

0

SOUTH AFRICA 4.1%

Financial Services 0.9%

FirstRand Ltd.

340,200

1,335,581

Metals & Mining 1.7%

Anglo American Platinum Ltd.

57,700

2,317,034

8 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT Fidelity Institutional AM

®

Emerging Markets Fund (formerly, NVIT

Emerging Markets Fund)

Common Stocks

Shares

Value ($)

SOUTH AFRICA

Wireless Telecommunication Services 1.5%

MTN Group Ltd.

322,500

2,172,301

5,824,916

SOUTH KOREA 8.7%

Aerospace & Defense 1.3%

Korea Aerospace Industries Ltd.

36,360

1,867,300

Automobile Components 1.2%

Hyundai Mobis Co. Ltd.

9,200

1,636,439

Technology Hardware, Storage & Peripherals 6.2%

Samsung Electronics Co. Ltd.

220,430

8,729,410

12,233,149

TAIWAN 11.9%

Electronic Equipment, Instruments & Components 0.8%

Yageo Corp.

81,000

1,185,510

Machinery 1.1%

Hiwin Technologies Corp.

210,000

1,543,419

Semiconductors & Semiconductor Equipment 8.6%

MediaTek, Inc.

47,000

1,981,847

Taiwan Semiconductor

Manufacturing Co. Ltd.

362,000

10,091,765

12,073,612

Textiles, Apparel & Luxury Goods 1.4%

Eclat Textile Co. Ltd.

145,000

1,934,928

16,737,469

TURKEY 0.9%

Electrical Equipment 0.9%

Astor Transformator Enerji Turizm

Insaat ve Petrol Sanayi Ticaret

A/S, Class B

436,000

1,303,832

UNITED ARAB EMIRATES 1.5%

Oil, Gas & Consumable Fuels 1.5%

Adnoc Gas plc

2,455,000

2,140,577

Total Common Stocks

(cost $131,014,455)

140,011,988

Total Investments

(cost $131,014,455) — 99.3%

140,011,988

Other assets in excess of liabilities — 0.7%

952,373

NET ASSETS — 100.0%

$140,964,361

*

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 as of March 31, 2025

was $8,330,865 which represents 5.91% of net assets.

ADR

American Depositary Receipt

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.

NVIT Fidelity Institutional AM

®

Emerging Markets Fund (formerly, NVIT Emerging Markets Fund) - March 31, 2025 (Unaudited) - State-

ment 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, 2025 (Unaudited) - NVIT Fidelity Institutional AM

®

Emerging Markets Fund (formerly, NVIT

Emerging Markets 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, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

Aerospace & Defense

$

–

$

1,867,300

$

–

$

1,867,300

Automobile Components

–

1,636,439

–

1,636,439

Banks

8,295,567

22,279,833

–

30,575,400

Beverages

2,410,226

–

–

2,410,226

Broadline Retail

8,243,934

–

–

8,243,934

Construction & Engineering

–

1,877,789

–

1,877,789

Construction Materials

1,226,346

1,450,312

–

2,676,658

Consumer Staples Distribution & Retail

5,269,300

–

–

5,269,300

Diversified Consumer Services

1,653,892

–

–

1,653,892

Electrical Equipment

–

1,303,832

–

1,303,832

Electronic Equipment, Instruments &

Components

–

1,185,510

–

1,185,510

Financial Services

–

1,335,581

–

1,335,581

Ground Transportation

3,071,855

–

–

3,071,855

Hotels, Restaurants & Leisure

–

3,487,710

–

3,487,710

Household Durables

–

4,215,067

–

4,215,067

Insurance

–

5,199,413

–

5,199,413

Interactive Media & Services

–

13,855,451

–

13,855,451

IT Services

–

2,088,634

–

2,088,634

Life Sciences Tools & Services

–

2,159,683

–

2,159,683

Machinery

–

5,045,136

–

5,045,136

Metals & Mining

4,356,270

4,492,585

–

8,848,855

Oil, Gas & Consumable Fuels

2,270,022

2,140,577

–

4,410,599

Pharmaceuticals

–

2,683,472

–

2,683,472

Semiconductors & Semiconductor

Equipment

–

12,073,613

–

12,073,613

Technology Hardware, Storage &

Peripherals

–

8,729,410

–

8,729,410

Textiles, Apparel & Luxury Goods

–

1,934,928

–

1,934,928

Wireless Telecommunication Services

–

2,172,301

–

2,172,301

Total

$

36,797,412

$

103,214,576

$

–

$

140,011,988

As of March 31, 2025, the Fund held four common stock investments that were categorized as Level 3 investments which were

each valued at $0.

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

NVIT International Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 11

Common Stocks 98.8%

Shares

Value ($)

ARGENTINA 0.2%

Oil, Gas & Consumable Fuels 0.2%

Vista Energy SAB de CV, ADR *

5,667

263,856

AUSTRALIA 3.8%

Commercial Services & Supplies 0.8%

Brambles Ltd.

79,812

1,004,000

Food Products 0.1%

Inghams Group Ltd. (a)

48,201

94,685

Hotels, Restaurants & Leisure 0.2%

Aristocrat Leisure Ltd.

7,410

299,251

Interactive Media & Services 0.6%

REA Group Ltd. (a)

5,639

780,909

Metals & Mining 1.2%

Evolution Mining Ltd.

91,361

408,637

Northern Star Resources Ltd.

33,932

391,801

Perseus Mining Ltd.

107,843

226,963

Ramelius Resources Ltd.

103,337

153,751

Westgold Resources Ltd. (a)

106,506

194,115

1,375,267

Multi-Utilities 0.2%

AGL Energy Ltd.

46,017

301,968

Passenger Airlines 0.7%

Qantas Airways Ltd.

155,691

887,858

4,743,938

BELGIUM 0.2%

Beverages 0.1%

Anheuser-Busch InBev SA/NV

2,092

128,815

Consumer Staples Distribution & Retail 0.1%

Colruyt Group N.V

1,692

69,603

198,418

BRAZIL 1.4%

Insurance 0.5%

BB Seguridade Participacoes SA

95,400

673,732

Metals & Mining 0.2%

Vale SA

19,700

195,742

Oil, Gas & Consumable Fuels 0.7%

Petroleo Brasileiro SA (Preference)

138,500

901,902

1,771,376

BURKINA FASO 0.1%

Metals & Mining 0.1%

IAMGOLD Corp. *

23,710

147,956

CANADA 7.4%

Broadline Retail 0.7%

Dollarama, Inc.

8,602

919,826

Capital Markets 0.2%

Brookfield Corp., Class A

3,792

198,447

Consumer Staples Distribution & Retail 1.0%

Empire Co. Ltd., Class A

12,634

423,606

Loblaw Cos. Ltd.

3,293

461,462

Metro, Inc., Class A

4,692

326,277

1,211,345

Insurance 1.8%

Fairfax Financial Holdings Ltd.

933

1,348,452

iA Financial Corp., Inc.

3,541

336,273

Manulife Financial Corp.

24,035

748,917

2,433,642

Common Stocks

Shares

Value ($)

CANADA

IT Services 0.7%

CGI, Inc.

5,497

548,765

Shopify, Inc., Class A *(a)

3,256

309,750

858,515

Metals & Mining 0.9%

Centerra Gold, Inc.

35,055

222,405

Hudbay Minerals, Inc.

24,596

186,472

Kinross Gold Corp.

27,499

346,449

Torex Gold Resources, Inc. *

12,653

350,385

1,105,711

Oil, Gas & Consumable Fuels 1.8%

Canadian Natural Resources Ltd.

30,148

927,663

Parex Resources, Inc.

24,771

231,004

Suncor Energy, Inc.

27,367

1,059,650

2,218,317

Trading Companies & Distributors 0.3%

Finning International, Inc.

12,006

337,808

9,283,611

CHINA 10.5%

Automobiles 0.1%

BYD Co. Ltd., Class H

3,000

151,641

Banks 1.4%

Bank of China Ltd., Class H

850,000

514,357

BOC Hong Kong Holdings Ltd.

134,000

542,476

China Construction Bank Corp.,

Class H

445,000

394,815

China Merchants Bank Co. Ltd.,

Class H

40,000

235,367

1,687,015

Broadline Retail 2.5%

Alibaba Group Holding Ltd.

94,400

1,565,212

Alibaba Group Holding Ltd., ADR

(a)

2,708

358,079

JD.com, Inc., Class A

47,157

973,155

PDD Holdings, Inc., ADR *(a)

2,250

266,288

3,162,734

Communications Equipment 0.1%

BYD Electronic International Co.

Ltd.

17,500

91,521

Consumer Finance 0.1%

Qifu Technology, Inc., Class A,

ADR

2,470

110,928

Diversified Telecommunication Services 0.1%

China Tower Corp. Ltd., Class H

Reg. S (b)

93,000

125,271

Electronic Equipment, Instruments & Components 0.1%

Sunny Optical Technology Group

Co. Ltd.

9,400

86,888

Entertainment 0.6%

NetEase, Inc.

36,500

752,252

Gas Utilities 0.1%

Kunlun Energy Co. Ltd.

168,000

163,912

Hotels, Restaurants & Leisure 0.9%

Haidilao International Holding Ltd.

Reg. S (b)

110,000

249,632

Meituan, Class B Reg. S *(b)

44,100

891,640

1,141,272

12 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Equity Fund

Common Stocks

Shares

Value ($)

CHINA

Household Durables 0.8%

Midea Group Co. Ltd., Class H *

92,100

937,337

Insurance 0.6%

China Life Insurance Co. Ltd.,

Class H

53,000

102,710

Ping An Insurance Group Co. of

China Ltd., Class H

110,500

659,278

761,988

Interactive Media & Services 2.0%

Kanzhun Ltd., ADR *

6,485

124,317

Kuaishou Technology Reg. S *(b)

58,600

414,058

Tencent Holdings Ltd.

29,800

1,899,229

2,437,604

Machinery 0.4%

Yangzijiang Shipbuilding Holdings

Ltd.

286,300

499,869

Oil, Gas & Consumable Fuels 0.1%

PetroChina Co. Ltd., Class H

212,000

171,795

Real Estate Management & Development 0.2%

KE Holdings, Inc., ADR (a)

9,412

189,087

Technology Hardware, Storage & Peripherals 0.3%

Xiaomi Corp., Class B Reg. S *(b)

63,400

402,637

Textiles, Apparel & Luxury Goods 0.1%

361 Degrees International Ltd.

224,000

127,814

13,001,565

DENMARK 1.1%

Pharmaceuticals 1.1%

Novo Nordisk A/S, Class B

19,761

1,369,682

FRANCE 5.0%

Automobile Components 0.1%

Valeo SE

10,296

97,169

Banks 1.6%

BNP Paribas SA

18,327

1,526,321

Societe Generale SA

11,579

522,767

2,049,088

Building Products 0.2%

Cie de Saint-Gobain SA

2,832

281,507

Construction & Engineering 1.1%

Vinci SA

11,187

1,413,680

Oil, Gas & Consumable Fuels 1.2%

TotalEnergies SE

22,578

1,459,233

Personal Care Products 0.7%

L'Oreal SA

2,365

878,148

Retail REITs 0.1%

Unibail-Rodamco-Westfield

1,307

110,192

6,289,017

GERMANY 4.4%

Aerospace & Defense 0.5%

Rheinmetall AG

366

524,919

Automobiles 0.2%

Mercedes-Benz Group AG

2,020

118,459

Volkswagen AG (Preference)

1,552

157,187

275,646

Banks 0.2%

Commerzbank AG

13,740

311,913

Common Stocks

Shares

Value ($)

GERMANY

Capital Markets 1.8%

Deutsche Bank AG (Registered)

56,669

1,338,301

Deutsche Boerse AG

2,837

836,163

2,174,464

Chemicals 0.4%

BASF SE

9,928

493,429

Electrical Equipment 0.3%

Siemens Energy AG *

5,695

332,532

Entertainment 0.2%

CTS Eventim AG & Co. KGaA

3,054

305,115

Hotels, Restaurants & Leisure 0.3%

TUI AG *

58,529

398,914

IT Services 0.1%

IONOS Group SE *

4,853

134,046

Machinery 0.4%

Knorr-Bremse AG

4,595

416,283

Traton SE

2,769

93,252

509,535

Software 0.0%

†

SAP SE

233

61,859

5,522,372

GREECE 0.4%

Banks 0.4%

Alpha Services and Holdings SA

116,453

280,035

National Bank of Greece SA

26,561

273,678

553,713

HONG KONG 1.6%

Food Products 1.4%

WH Group Ltd. Reg. S (b)

1,948,000

1,791,205

Insurance 0.1%

AIA Group Ltd.

17,400

131,530

Machinery 0.1%

Techtronic Industries Co. Ltd.

7,000

84,307

2,007,042

INDIA 4.6%

Aerospace & Defense 0.2%

Hindustan Aeronautics Ltd. Reg. S

6,269

305,095

Banks 0.5%

State Bank of India

73,252

658,549

Capital Markets 0.2%

BSE Ltd.

3,811

243,042

Diversified Telecommunication Services 0.5%

Indus Towers Ltd. *

150,959

586,863

Financial Services 0.1%

LIC Housing Finance Ltd.

16,772

110,301

IT Services 1.7%

HCL Technologies Ltd.

62,809

1,164,151

Infosys Ltd.

45,927

840,008

2,004,159

Metals & Mining 0.4%

Vedanta Ltd.

94,150

507,120

Oil, Gas & Consumable Fuels 0.1%

Reliance Industries Ltd.

10,794

160,544

NVIT International Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 13

Common Stocks

Shares

Value ($)

INDIA

Pharmaceuticals 0.4%

Sun Pharmaceutical Industries Ltd.

25,621

519,367

Real Estate Management & Development 0.2%

Oberoi Realty Ltd.

15,616

297,955

Textiles, Apparel & Luxury Goods 0.3%

Page Industries Ltd.

680

339,150

5,732,145

INDONESIA 0.2%

Food Products 0.2%

Indofood Sukses Makmur Tbk. PT

462,900

197,585

IRELAND 0.3%

Banks 0.1%

AIB Group plc

18,982

123,218

Trading Companies & Distributors 0.2%

AerCap Holdings NV

2,359

241,019

364,237

ISRAEL 0.4%

IT Services 0.3%

Wix.com Ltd. *

2,724

445,047

Semiconductors & Semiconductor Equipment 0.1%

Nova Ltd. *(a)

490

90,322

535,369

ITALY 2.6%

Aerospace & Defense 0.3%

Leonardo SpA

8,001

390,498

Automobiles 1.4%

Ferrari NV

3,970

1,693,291

Banks 0.7%

UniCredit SpA

14,843

833,099

Construction Materials 0.1%

Buzzi SpA

3,562

172,009

Diversified Telecommunication Services 0.1%

Telecom Italia SpA *(a)

548,762

185,543

3,274,440

JAPAN 13.9%

Automobile Components 1.3%

Denso Corp.

120,800

1,498,760

Sumitomo Electric Industries Ltd.

7,500

125,164

1,623,924

Automobiles 0.2%

Suzuki Motor Corp.

19,900

242,632

Banks 1.1%

Hachijuni Bank Ltd. (The)

14,300

101,327

Hyakugo Bank Ltd. (The) (a)

23,500

116,021

Kyoto Financial Group, Inc. (a)

52,400

798,702

Sumitomo Mitsui Financial Group,

Inc.

16,400

418,460

1,434,510

Capital Markets 0.4%

Daiwa Securities Group, Inc. (a)

72,500

483,718

Chemicals 0.7%

Kaneka Corp.

8,400

214,084

Nissan Chemical Corp.

23,500

698,671

912,755

Common Stocks

Shares

Value ($)

JAPAN

Consumer Finance 0.1%

Credit Saison Co. Ltd. (a)

4,700

111,270

Diversified Telecommunication Services 0.2%

Nippon Telegraph & Telephone

Corp.

272,600

263,301

Electric Utilities 0.2%

Kyushu Electric Power Co., Inc.

22,700

198,140

Electrical Equipment 1.7%

Mitsubishi Electric Corp.

111,500

2,035,815

Financial Services 0.2%

ORIX Corp.

9,300

192,410

Ground Transportation 0.1%

Central Japan Railway Co.

4,200

79,992

East Japan Railway Co.

4,500

88,716

168,708

Household Durables 0.7%

Sony Group Corp.

35,500

904,238

Insurance 2.7%

Dai-ichi Life Holdings, Inc.

42,400

322,784

Japan Post Holdings Co. Ltd.

206,700

2,064,789

MS&AD Insurance Group

Holdings, Inc.

42,300

916,307

3,303,880

Leisure Products 0.1%

Bandai Namco Holdings, Inc.

4,500

150,828

Machinery 0.5%

FANUC Corp.

4,200

114,624

Glory Ltd. (a)

11,900

209,106

Mitsubishi Heavy Industries Ltd.

8,800

150,383

NGK Insulators Ltd. (a)

11,300

138,990

613,103

Metals & Mining 0.2%

Mitsui Mining & Smelting Co. Ltd.

7,300

212,925

Pharmaceuticals 1.0%

Chugai Pharmaceutical Co. Ltd.

8,200

374,526

Daiichi Sankyo Co. Ltd.

35,000

821,307

1,195,833

Real Estate Management & Development 0.2%

Daito Trust Construction Co. Ltd.

1,600

163,643

Tokyu Fudosan Holdings Corp.

21,200

141,285

304,928

Semiconductors & Semiconductor Equipment 1.0%

Advantest Corp. (a)

2,300

102,304

Lasertec Corp.

2,000

171,566

Tokyo Electron Ltd.

7,200

981,797

1,255,667

Technology Hardware, Storage & Peripherals 0.6%

Canon, Inc.

23,200

723,390

Wireless Telecommunication Services 0.7%

KDDI Corp.

42,800

675,432

SoftBank Corp.

155,400

216,563

891,995

17,223,970

MALAYSIA 0.3%

Electric Utilities 0.1%

Tenaga Nasional Bhd.

45,400

136,920

14 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Equity Fund

Common Stocks

Shares

Value ($)

MALAYSIA

Real Estate Management & Development 0.2%

Sime Darby Property Bhd.

599,300

179,421

316,341

MEXICO 0.4%

Beverages 0.4%

Coca-Cola Femsa SAB de CV,

ADR

5,808

530,212

NETHERLANDS 3.7%

Consumer Staples Distribution & Retail 0.6%

Koninklijke Ahold Delhaize NV

21,376

799,157

Financial Services 0.9%

EXOR NV (a)

11,727

1,067,081

Professional Services 1.0%

Wolters Kluwer NV

8,406

1,305,669

Semiconductors & Semiconductor Equipment 1.2%

ASML Holding NV

2,096

1,386,918

4,558,825

NORWAY 1.0%

Aerospace & Defense 1.0%

Kongsberg Gruppen ASA

8,865

1,299,752

PHILIPPINES 0.4%

Transportation Infrastructure 0.4%

International Container Terminal

Services, Inc.

73,760

457,892

POLAND 0.6%

Metals & Mining 0.4%

KGHM Polska Miedz SA

11,348

372,499

Oil, Gas & Consumable Fuels 0.1%

ORLEN SA

10,105

178,780

Textiles, Apparel & Luxury Goods 0.1%

LPP SA

40

182,796

734,075

SAUDI ARABIA 0.5%

Electrical Equipment 0.2%

Electrical Industries Co.

170,695

274,602

Food Products 0.1%

Almarai Co. JSC

6,374

94,268

Wireless Telecommunication Services 0.2%

Etihad Etisalat Co.

15,150

246,190

615,060

SINGAPORE 0.9%

Banks 0.8%

Oversea-Chinese Banking Corp.

Ltd.

9,100

116,292

United Overseas Bank Ltd.

30,600

861,824

978,116

Entertainment 0.1%

Sea Ltd., ADR *(a)

1,027

134,013

1,112,129

SOUTH AFRICA 0.8%

Insurance 0.1%

Old Mutual Ltd.

173,342

112,595

Common Stocks

Shares

Value ($)

SOUTH AFRICA

Metals & Mining 0.6%

Harmony Gold Mining Co. Ltd.,

ADR

53,324

787,595

Wireless Telecommunication Services 0.1%

Vodacom Group Ltd.

21,120

144,384

1,044,574

SOUTH KOREA 3.5%

Automobiles 0.3%

Kia Corp.

6,700

423,089

Banks 0.9%

Hana Financial Group, Inc.

23,036

937,490

KB Financial Group, Inc.

2,489

133,789

1,071,279

Electric Utilities 0.1%

Korea Electric Power Corp.

6,568

97,319

Financial Services 0.3%

Meritz Financial Group, Inc.

4,526

377,216

Household Durables 0.1%

LG Electronics, Inc.

1,254

66,360

Insurance 0.1%

Samsung Life Insurance Co. Ltd.

1,214

68,789

Personal Care Products 0.1%

LG H&H Co. Ltd.

308

65,543

Pharmaceuticals 0.1%

Hanmi Pharm Co. Ltd.

1,149

176,848

Semiconductors & Semiconductor Equipment 0.6%

SK Hynix, Inc.

5,777

766,101

Technology Hardware, Storage & Peripherals 0.9%

Samsung Electronics Co. Ltd.

32,758

1,297,274

4,409,818

SPAIN 3.7%

Banks 1.6%

Banco Bilbao Vizcaya Argentaria

SA

44,763

610,176

Banco Santander SA

211,653

1,425,580

2,035,756

Electric Utilities 2.1%

Iberdrola SA

162,764

2,631,310

4,667,066

SWEDEN 1.5%

Automobiles 0.1%

Volvo Car AB, Class B *(a)

32,882

63,480

Hotels, Restaurants & Leisure 0.2%

Betsson AB, Class B *

12,474

193,778

Household Products 0.5%

Essity AB, Class B (a)

24,517

696,829

Leisure Products 0.1%

Thule Group AB Reg. S (b)

3,731

107,601

Machinery 0.2%

SKF AB, Class B *(a)

8,149

165,474

Volvo AB, Class B *

2,582

75,935

241,409

NVIT International Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 15

Common Stocks

Shares

Value ($)

SWEDEN

Metals & Mining 0.4%

Boliden AB

18,635

610,149

1,913,246

SWITZERLAND 1.9%

Capital Markets 0.3%

UBS Group AG (Registered)

10,311

315,946

Chemicals 0.6%

Givaudan SA (Registered)

173

743,423

Electrical Equipment 0.6%

ABB Ltd. (Registered)

16,732

865,901

Technology Hardware, Storage & Peripherals 0.4%

Logitech International SA

(Registered)

5,596

475,920

2,401,190

TAIWAN 4.8%

Communications Equipment 0.1%

Accton Technology Corp.

8,000

141,385

Electrical Equipment 0.1%

CyberPower Systems, Inc.

13,000

109,996

Electronic Equipment, Instruments & Components 1.0%

Delta Electronics, Inc.

80,000

881,820

Hon Hai Precision Industry Co.

Ltd.

35,000

156,395

Lotes Co. Ltd.

4,000

168,684

1,206,899

Entertainment 0.1%

International Games System Co.

Ltd.

3,000

70,162

Passenger Airlines 0.1%

Eva Airways Corp.

98,000

120,277

Semiconductors & Semiconductor Equipment 3.4%

MediaTek, Inc.

35,000

1,475,843

Realtek Semiconductor Corp.

8,000

126,907

Taiwan Semiconductor

Manufacturing Co. Ltd.

97,000

2,704,148

4,306,898

5,955,617

THAILAND 0.4%

Health Care Providers & Services 0.1%

Bangkok Dusit Medical Services

PCL, Class F

210,900

136,021

Oil, Gas & Consumable Fuels 0.3%

PTT Exploration & Production PCL

112,600

387,663

523,684

TURKEY 0.2%

Banks 0.2%

Akbank TAS

128,129

176,216

Turkiye Garanti Bankasi A/S

41,460

128,777

304,993

UNITED ARAB EMIRATES 0.6%

Energy Equipment & Services 0.1%

ADNOC Drilling Co. PJSC

84,375

118,012

Real Estate Management & Development 0.5%

Emaar Properties PJSC

172,065

626,855

744,867

Common Stocks

Shares

Value ($)

UNITED KINGDOM 8.4%

Aerospace & Defense 0.5%

Rolls-Royce Holdings plc *

63,544

614,379

Banks 3.6%

Barclays plc

257,891

968,406

HSBC Holdings plc

29,808

337,984

NatWest Group plc

344,977

2,021,166

Standard Chartered plc

87,552

1,297,609

4,625,165

Commercial Services & Supplies 0.2%

Johnson Service Group plc

110,000

189,832

Consumer Staples Distribution & Retail 0.5%

J Sainsbury plc

24,748

75,266

Marks & Spencer Group plc

108,199

497,916

573,182

Independent Power and Renewable Electricity Producers 0.1%

Drax Group plc

12,028

91,006

Marine Transportation 0.1%

Global Ship Lease, Inc., Class A

4,573

104,493

Metals & Mining 0.1%

Anglogold Ashanti plc (a)

4,401

163,365

Oil, Gas & Consumable Fuels 0.1%

Harbour Energy plc

32,044

86,941

Passenger Airlines 0.5%

International Consolidated Airlines

Group SA

192,475

651,253

Personal Care Products 0.2%

Unilever plc

3,276

195,164

Pharmaceuticals 1.1%

AstraZeneca plc, ADR (a)

18,649

1,370,702

Professional Services 0.5%

RELX plc

12,500

627,891

Tobacco 0.8%

Imperial Brands plc

26,500

979,994

Wireless Telecommunication Services 0.1%

Vodafone Group plc

125,742

117,670

10,391,037

UNITED STATES 7.1%

Construction Materials 0.1%

Titan Cement International SA

2,859

131,421

Electrical Equipment 0.8%

Schneider Electric SE

4,492

1,039,821

Entertainment 0.5%

Spotify Technology SA *

1,197

658,386

Pharmaceuticals 5.7%

GSK plc

132,658

2,533,623

Novartis AG (Registered)

21,833

2,428,650

Roche Holding AG

5,954

1,957,690

Sanofi SA

1,155

127,985

7,047,948

8,877,576

Total Common Stocks

(cost $104,057,186)

123,338,246

16 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT International Equity Fund

Warrants 0.0%

†

Number of

Warrants

Value ($)

CANADA 0.0%

†

Software 0.0%

†

Constellation Software, Inc.,

expiring at an exercise price of

$0.00 on 03/31/40*^∞

723

0

Total Warrants

(cost $0)

0

Repurchase Agreements 2.5%

Principal

Amount ($)

BNP Paribas Securities Corp.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$1,000,122, collateralized by

U.S. Government Treasury

Securities, ranging from

0.00% - 5.50%, maturing

1/31/2026 - 8/15/2054; total

market value $1,020,000.(c)

1,000,000

1,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$2,078,807, collateralized

by U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $2,120,126.(c)

2,078,555

2,078,555

Total Repurchase Agreements

(cost $3,078,555)

3,078,555

Total Investments

(cost $107,135,741) — 101.3%

126,416,801

Liabilities in excess of other assets — (1.3)%

(

1,613,481

)

NET ASSETS — 100.0%

$124,803,320

*

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 as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $5,415,563, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $3,078,555 and by $2,984,220 of collateral in the

form of U.S. Government Treasury Securities, interest rates

ranging from 0.00% - 6.25%, and maturity dates ranging from

4/24/2025 - 2/15/2055, a total value of $6,062,775.

(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 as of March 31, 2025

was $3,982,044 which represents 3.19% 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, 2025 was $3,078,555.

ADR

American Depositary Receipt

Preference

A special type of equity investment that shares in

the earnings of the company, has limited voting

rights, and may have a dividend preference.

Preference shares may also have liquidation

preference.

Reg. S

Regulation S - Security was purchased pursuant

to Regulation S under the Securities Act of

1933, which exempts from registration securities

offered and sold outside of the United States.

Such security cannot be sold in the United States

without either an effective registration statement

filed pursuant to the Securities Act of 1933 or

pursuant to an exemption from registration.

Currently there is no restriction on trading this

security.

REIT

Real Estate Investment Trust

NVIT International Equity Fund - March 31, 2025 (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.  

18 - Statement of Investments - March 31, 2025 (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, 2025. 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

$

–

$

3,134,644

$

–

$

3,134,644

Automobile Components

–

1,721,092

–

1,721,092

Automobiles

–

2,849,780

–

2,849,780

Banks

–

16,666,415

–

16,666,415

Beverages

530,212

128,816

–

659,028

Broadline Retail

1,544,193

2,538,368

–

4,082,561

Building Products

–

281,507

–

281,507

Capital Markets

198,447

3,217,171

–

3,415,618

Chemicals

–

2,149,607

–

2,149,607

Commercial Services & Supplies

–

1,193,832

–

1,193,832

Communications Equipment

–

232,905

–

232,905

Construction & Engineering

–

1,413,680

–

1,413,680

Construction Materials

–

303,430

–

303,430

Consumer Finance

110,928

111,269

–

222,197

Consumer Staples Distribution & Retail

1,211,345

1,441,942

–

2,653,287

Diversified Telecommunication Services

–

1,160,977

–

1,160,977

Electric Utilities

–

3,063,689

–

3,063,689

Electrical Equipment

–

4,658,668

–

4,658,668

Electronic Equipment, Instruments &

Components

–

1,293,787

–

1,293,787

Energy Equipment & Services

–

118,012

–

118,012

Entertainment

792,399

1,127,529

–

1,919,928

Financial Services

–

1,747,008

–

1,747,008

Food Products

–

2,177,742

–

2,177,742

Gas Utilities

–

163,912

–

163,912

Ground Transportation

–

168,708

–

168,708

Health Care Providers & Services

–

136,021

–

136,021

Hotels, Restaurants & Leisure

–

2,033,215

–

2,033,215

Household Durables

–

1,907,936

–

1,907,936

Household Products

–

696,829

–

696,829

Independent Power and Renewable

Electricity Producers

–

91,006

–

91,006

Insurance

3,107,376

4,378,783

–

7,486,159

Interactive Media & Services

124,317

3,094,196

–

3,218,513

IT Services

1,303,561

2,138,205

–

3,441,766

Leisure Products

–

258,428

–

258,428

Machinery

–

1,948,223

–

1,948,223

Marine Transportation

104,493

–

–

104,493

Metals & Mining

2,400,369

3,077,960

–

5,478,329

Multi-Utilities

–

301,968

–

301,968

Oil, Gas & Consumable Fuels

3,384,075

2,444,955

–

5,829,030

Passenger Airlines

–

1,659,389

–

1,659,389

Personal Care Products

–

1,138,854

–

1,138,854

Pharmaceuticals

1,370,702

10,309,677

–

11,680,379

Professional Services

–

1,933,560

–

1,933,560

Real Estate Management & Development

189,087

1,409,159

–

1,598,246

Retail REITs

–

110,192

–

110,192

Semiconductors & Semiconductor

Equipment

90,322

7,715,583

–

7,805,905

Software

–

61,859

–

61,859

Technology Hardware, Storage &

Peripherals

–

2,899,220

–

2,899,220

Textiles, Apparel & Luxury Goods

–

649,760

–

649,760

Tobacco

–

979,994

–

979,994

Trading Companies & Distributors

578,827

–

–

578,827

Transportation Infrastructure

–

457,892

–

457,892

Wireless Telecommunication Services

–

1,400,239

–

1,400,239

Total Common Stocks

$

17,040,653

$

106,297,593

$

–

$

123,338,246

Repurchase Agreements

–

3,078,555

–

3,078,555

NVIT International Equity Fund - March 31, 2025 (Unaudited) - Statement of Investments - 19

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:

Warrants

$

–

$

–

$

–

$

–

Total

$

17,040,653

$

109,376,148

$

–

$

126,416,801

As of March 31, 2025, the Fund held one warrant investment that was categorized as a Level 3 investment which was valued at

$0.

The Statement of Investments should be read in conjunction with the financial statements and notes to

financial statements which are included in the Fund’s audited annual report and unaudited semi-annual

report.

20 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT NS Partners International Focused Growth Fund

Common Stocks 99.3%

Shares

Value ($)

AUSTRALIA 4.6%

Capital Markets 2.5%

Macquarie Group Ltd.

38,097

4,723,145

Industrial REITs 2.1%

Goodman Group

215,573

3,876,915

8,600,060

BELGIUM 1.8%

Banks 1.8%

KBC Group NV

36,250

3,315,399

DENMARK 3.0%

Pharmaceuticals 3.0%

Novo Nordisk A/S, Class B

80,290

5,565,089

FAROE ISLANDS 1.4%

Food Products 1.4%

Bakkafrost P/F

55,223

2,598,853

FRANCE 11.8%

Aerospace & Defense 3.6%

Safran SA

15,345

4,048,102

Thales SA

10,056

2,699,939

6,748,041

Beverages 0.6%

Remy Cointreau SA (a)

25,093

1,181,364

Personal Care Products 1.7%

L'Oreal SA

8,382

3,112,319

Textiles, Apparel & Luxury Goods 5.9%

Hermes International SCA

2,040

5,345,773

LVMH Moet Hennessy Louis

Vuitton SE

9,342

5,832,423

11,178,196

22,219,920

GERMANY 15.3%

Construction Materials 1.6%

Heidelberg Materials AG

17,669

3,023,236

Industrial Conglomerates 2.1%

Siemens AG (Registered)

17,276

3,963,611

Insurance 2.9%

Hannover Rueck SE

18,145

5,386,588

Personal Care Products 1.6%

Beiersdorf AG

23,320

3,018,864

Software 7.1%

Nemetschek SE

26,796

3,107,370

SAP SE

39,136

10,390,263

13,497,633

28,889,932

HONG KONG 5.0%

Capital Markets 1.8%

Hong Kong Exchanges & Clearing

Ltd.

76,400

3,398,661

Insurance 1.9%

AIA Group Ltd.

462,400

3,495,380

Machinery 1.3%

Techtronic Industries Co. Ltd.

207,500

2,499,105

9,393,146

Common Stocks

Shares

Value ($)

IRELAND 1.1%

Building Products 1.1%

Kingspan Group plc

26,252

2,123,105

JAPAN 19.7%

Chemicals 1.6%

Shin-Etsu Chemical Co. Ltd.

109,000

3,105,479

Electronic Equipment, Instruments & Components 2.6%

Keyence Corp.

12,500

4,906,341

Health Care Equipment & Supplies 3.6%

Hoya Corp.

33,600

3,790,226

Terumo Corp.

158,600

2,977,697

6,767,923

Household Durables 3.7%

Sony Group Corp.

272,600

6,943,531

Industrial Conglomerates 2.5%

Hitachi Ltd.

203,300

4,706,614

Machinery 2.4%

FANUC Corp.

91,700

2,502,619

Makita Corp.

62,100

2,060,980

4,563,599

Semiconductors & Semiconductor Equipment 1.8%

Tokyo Electron Ltd.

25,400

3,463,561

Wireless Telecommunication Services 1.5%

SoftBank Group Corp.

54,400

2,752,776

37,209,824

NETHERLANDS 9.9%

Entertainment 2.1%

Universal Music Group NV (a)

143,470

3,954,276

Professional Services 2.6%

Wolters Kluwer NV

31,044

4,821,936

Semiconductors & Semiconductor Equipment 5.2%

ASM International NV

4,699

2,152,978

ASML Holding NV

11,813

7,816,630

9,969,608

18,745,820

NEW ZEALAND 1.6%

Software 1.6%

Xero Ltd. *

31,751

3,104,170

SPAIN 1.7%

Hotels, Restaurants & Leisure 1.7%

Amadeus IT Group SA

40,920

3,135,829

SWEDEN 1.1%

Building Products 1.1%

Assa Abloy AB, Class B

69,084

2,075,879

SWITZERLAND 7.9%

Chemicals 2.0%

Sika AG (Registered)

15,699

3,802,702

Health Care Equipment & Supplies 1.1%

Straumann Holding AG

(Registered) (a)

17,871

2,158,348

Insurance 1.8%

Zurich Insurance Group AG

4,934

3,441,639

Life Sciences Tools & Services 3.0%

Lonza Group AG (Registered)

9,003

5,541,123

14,943,812

NVIT NS Partners International Focused Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 21

Common Stocks

Shares

Value ($)

UNITED KINGDOM 6.8%

Capital Markets 1.6%

London Stock Exchange Group plc

20,955

3,107,455

Hotels, Restaurants & Leisure 1.5%

Compass Group plc

86,426

2,853,390

Pharmaceuticals 3.7%

AstraZeneca plc

47,180

6,895,110

12,855,955

UNITED STATES 6.6%

Construction Materials 1.0%

James Hardie Industries plc CHDI

*

77,532

1,839,277

Electrical Equipment 3.5%

Schneider Electric SE

28,335

6,559,068

Professional Services 2.1%

Experian plc

86,088

3,989,961

12,388,306

Total Common Stocks

(cost $169,270,759)

187,165,099

Repurchase Agreements 3.6%

Principal

Amount ($)

BofA Securities, Inc., 4.36%,

dated 3/31/2025, due

4/1/2025, repurchase price

$2,000,242, collateralized

by U.S. Government Agency

Securities, ranging from

2.50% - 5.63%, maturing

1/25/2033 - 7/20/2070; total

market value $2,040,000.(b)

2,000,000

2,000,000

Cantor Fitzgerald & Co.,

4.38%, dated 3/31/2025, due

4/1/2025, repurchase price

$1,875,975, collateralized

by U.S. Government Agency

Securities, ranging from

1.50% - 8.50%, maturing

6/1/2026 - 12/20/2073; total

market value $1,913,262.(b)

1,875,747

1,875,747

MetLife, Inc., 4.36%, dated

3/31/2025, due 4/1/2025,

repurchase price $3,000,363,

collateralized by U.S.

Government Treasury

Securities, 0.00%, maturing

11/15/2027 - 11/15/2045; total

market value $3,061,595.(b)

3,000,000

3,000,000

Total Repurchase Agreements

(cost $6,875,747)

6,875,747

Total Investments

(cost $176,146,506) — 102.9%

194,040,846

Liabilities in excess of other assets — (2.9)%

(

5,481,665

)

NET ASSETS — 100.0%

$188,559,181

*

Denotes a non-income producing security.

(a)

The security or a portion of this security is on loan as of

March 31, 2025. The total value of securities on loan as of

March 31, 2025 was $6,382,423, which was collateralized by

cash used to purchase repurchase agreements with a total

value of $6,875,747.

(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, 2025 was $6,875,747.

CHDI

Clearing House Electronic Subregister System

(CHESS) Depository Interest

REIT

Real Estate Investment Trust

22 - Statement of Investments - March 31, 2025 (Unaudited) - NVIT NS Partners International Focused 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 NS Partners International Focused Growth Fund - March 31, 2025 (Unaudited) - Statement of Investments - 23

The following table provides a summary of the inputs used to value the Fund’s net assets as of March 31, 2025. Please refer to

the Statement of Investments for additional information on portfolio holdings.

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks

$

–

$

187,165,099

$

–

$

187,165,099

Repurchase Agreements

–

6,875,747

–

6,875,747

Total

$

–

$

194,040,846

$

–

$

194,040,846

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.