UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:         811-03213

NATIONWIDE VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

One Nationwide Plaza: Mail Code: 05-02-210R Columbus, OH 43215

 (Address of principal executive offices) (Zip code)

Stephen R. Rimes, Esq.

One Nationwide Plaza

Mail Code: 05-02-210R

Columbus, OH 43215

(Name and address of agent for service)

Registrant’s telephone number, including area code: (614) 435-3820

Date of fiscal year end: December 31, 2023

Date of reporting period: January 1, 2023 through December 31, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1. Reports to Stockholders.

(a)

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR270.30e-1).

(b)

Include a copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the Act

(17 CFR 270.30e-3)

that contains disclosures specified by paragraph (c)(3) of that rule. Not applicable.

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Investor

Destinations

Funds

NVIT

Investor

Destinations

Aggressive

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

5

Shareholder

Expense

Examples

43

Statements

of

Investments

46

Statements

of

Assets

and

Liabilities

62

Statements

of

Operations

70

Statements

of

Changes

in

Net

Assets

74

Financial

Highlights

82

Notes

to

Financial

Statements

91

Report

of

Independent

Registered

Public

Accounting

Firm

113

Supplemental

Information

114

Management

Information

119

Market

Index

Definitions

122

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Insurance

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

(As

of

December

31,

2023)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

®

EAFE

18.24%

MSCI

®

Emerging

Markets

9.83%

MSCI

®

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

Investor

Destinations

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Aggressive

Fund

Class

II

returned

19.38%

versus

18.30%

for

its

benchmark,

the

Morningstar

®

Aggressive

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Aggressive

Allocation*

(consisting

of

55

investments

as

of

December

31,

2023),

was

18.84%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

Fidelity

Investments

Money

Market

Government

Portfolio,

iShares

7-10

Year

Treasury

Bond

ETF,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF,

which

the

funds’

returns

registered

5.10%,

3.58%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Mid

Cap

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

16.23%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

the

portfolio

management

team

reduced

U.S.

equity

exposure

and

increased

international

exposure.

This

reduction

in

U.S.

equity

exposure

and

increase

in

international

exposure

was

to

achieve

better

benchmark

relative

positioning

within

the

Fund.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

Fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--85%+

Equity

to

Aggressive

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Aggressive

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

88.1%

Fixed

Income

Funds

11.3%

Money

Market

Fund

0.7%

Repurchase

Agreement

0.4%

Liabilities

in

excess

of

other

assets

(0.5)%

100.0%

Top

Holdings

2

Nationwide

Multi-Cap

Portfolio,

Class

R6

40.4%

NVIT

International

Index

Fund,

Class

Y

20.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

10.4%

NVIT

Mid

Cap

Index

Fund,

Class

Y

7.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

6.7%

NVIT

Bond

Index

Fund,

Class

Y

5.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

3.9%

iShares

7-10

Year

Treasury

Bond

ETF

1.1%

iShares

Core

S&P

Small-Cap

ETF

1.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

0.7%

Other

Holdings

#

1.5%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreement

is

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

19.38%

9.32%

6.73%

12/12/2001

Class

P

19.52%

9.47%

6.89%

4/30/2012

Morningstar

®

Aggressive

Target

Risk

Index

18.30%

10.72%

7.83%

Expense

Ratios

Expense

Ratio

^

Class

II

0.90%

Class

P

0.75%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Aggressive

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Aggressive

Fund

versus

performance

of

the

Morningstar

®

Aggressive

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Class

II

returned

17.93%

versus

15.98%

for

its

benchmark,

the

Morningstar

®

Moderately

Aggressive

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Aggressive

Allocation*

(consisting

of

141

investments

as

of

December

31,

2023),

was

16.25%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

Core

S&P

Small-Cap

ETF,

iShares

7-10

Year

Treasury

Bond

ETF,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF,

which

the

funds’

returns

registered

16.03%,

3.58%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

the

portfolio

management

team

reduced

U.S.

equity

exposure

and

increased

international

exposure.

This

reduction

in

U.S.

equity

exposure

and

increase

in

international

exposure

was

to

achieve

better

benchmark

relative

positioning

within

the

Fund.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--70%

to

85%

Equity

to

Moderately

Aggressive

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

77.3%

Fixed

Income

Funds

21.6%

Repurchase

Agreements

2.0%

Money

Market

Fund

1.2%

Liabilities

in

excess

of

other

assets

(2.1)%

100.0%

Top

Holdings

2

Nationwide

Multi-Cap

Portfolio,

Class

R6

36.3%

NVIT

International

Index

Fund,

Class

Y

17.6%

NVIT

Bond

Index

Fund,

Class

Y

14.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

9.5%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

5.1%

NVIT

Mid

Cap

Index

Fund,

Class

Y

4.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

4.8%

iShares

7-10

Year

Treasury

Bond

ETF

1.7%

iShares

Core

S&P

Small-Cap

ETF

1.3%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

1.2%

Other

Holdings

#

3.3%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

17.93%

8.43%

6.19%

12/12/2001

Class

P

18.14%

8.60%

6.35%

4/30/2012

Morningstar

®

Moderately

Aggressive

Target

Risk

Index

15.98%

9.30%

6.92%

Expense

Ratios

Expense

Ratio

^

Class

II

0.87%

Class

P

0.72%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

versus

performance

of

the

Morningstar

®

Moderately

Aggressive

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Moderate

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Moderate

Fund

Class

II

returned

14.72%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

Nationwide

Inflation-Protection

Securities

Fund,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF,

which

the

funds’

returns

registered

2.96%,

3.78%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

returns

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

current

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderate

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

57.6%

Fixed

Income

Funds

37.6%

Money

Market

Fund

4.9%

Repurchase

Agreements

1.2%

Liabilities

in

excess

of

other

assets

(1.3)%

100.0%

Top

Holdings

2

Nationwide

Multi-Cap

Portfolio,

Class

R6

30.0%

NVIT

Bond

Index

Fund,

Class

Y

22.5%

NVIT

International

Index

Fund,

Class

Y

11.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

8.0%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

7.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

4.9%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4.3%

iShares

7-10

Year

Treasury

Bond

ETF

3.0%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

1.9%

NVIT

Mid

Cap

Index

Fund,

Class

Y

1.9%

Other

Holdings

#

4.9%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Moderate

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

14.72%

6.53%

5.08%

12/12/2001

Class

P

14.95%

6.68%

5.24%

4/30/2012

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Expense

Ratio

^

Class

II

0.86%

Class

P

0.71%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderate

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Moderate

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Class

II

returned

11.25%

versus

10.89%

for

its

benchmark,

the

Morningstar

®

Moderately

Conservative

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Conservative

Allocation*

(consisting

of

163

investments

as

of

December

31,

2023),

was

11.32%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

NVIT

Small

Cap

Index

Fund,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF,

which

the

funds’

returns

registered

2.96%,

16.69%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

the

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

to

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

new

fund

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

reduced

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Moderately

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Fixed

Income

Funds

54.6%

Equity

Funds

36.8%

Money

Market

Fund

8.6%

Repurchase

Agreements

3.1%

Liabilities

in

excess

of

other

assets

(3.1)%

100.0%

Top

Holdings

2

NVIT

Bond

Index

Fund,

Class

Y

28.3%

Nationwide

Multi-Cap

Portfolio,

Class

R6

18.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

8.9%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

8.3%

NVIT

International

Index

Fund,

Class

Y

7.1%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

4.9%

iShares

7-10

Year

Treasury

Bond

ETF

3.8%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6

2.9%

iShares

U.S.

Treasury

Bond

ETF

2.2%

Other

Holdings

#

10.3%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

11.25%

4.60%

3.83%

12/12/2001

Class

P

11.45%

4.74%

3.98%

4/30/2012

Morningstar

®

Moderately

Conservative

Target

Risk

Index

10.89%

5.55%

4.50%

Expense

Ratios

Expense

Ratio

^

Class

II

0.85%

Class

P

0.70%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Moderately

Conservative

Fund

versus

performance

of

the

Morningstar

®

Moderately

Conservative

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Conservative

Fund

Class

II

returned

8.03%

versus

7.74%

for

its

benchmark,

the

Morningstar

®

Conservative

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Conservative

Allocation*

(consisting

of

62

investments

as

of

December

31,

2023),

was

8.79%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

Mid

Cap

Index

Fund,

NVIT

Small

Cap

Index

Fund,

and

the

underlying

iShares

Core

MSCI

Emerging

Markets

ETF

which

the

funds’

returns

registered

16.23%,

16.69%,

and

11.30%

respectively,

during

the

reporting

period.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund

returned

26.18

%,

5.38%,

and

7.16%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

new

fund

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

This

reduced

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--15%

to

30%

Equity

to

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Conservative

Fund

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Fixed

Income

Funds

70.5%

Equity

Funds

18.7%

Money

Market

Fund

11.0%

Repurchase

Agreements

2.4%

Liabilities

in

excess

of

other

assets

(2.6)%

100.0%

Top

Holdings

2

NVIT

Bond

Index

Fund,

Class

Y

33.1%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

11.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

10.8%

Nationwide

Multi-Cap

Portfolio,

Class

R6

10.3%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

8.7%

iShares

7-10

Year

Treasury

Bond

ETF

5.7%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6

4.9%

NVIT

International

Index

Fund,

Class

Y

3.4%

iShares

U.S.

Treasury

Bond

ETF

3.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

2.6%

Other

Holdings

#

6.4%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

8.03%

2.64%

2.53%

12/12/2001

Class

P

8.16%

2.79%

2.69%

4/30/2012

Morningstar

®

Conservative

Target

Risk

Index

7.74%

3.15%

2.85%

Expense

Ratios

Expense

Ratio

^

Class

II

0.85%

Class

P

0.70%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Conservative

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Conservative

Fund

versus

performance

of

the

Morningstar

®

Conservative

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Balanced

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Balanced

Fund

Class

II

returned

13.04%

versus

13.22%

for

its

benchmark,

the

Morningstar®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Conservative

Allocation*

(consisting

of

163

investments

as

of

December

31,

2023),

was

11.32%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

Nationwide

Inflation-Protection

Securities

Fund,

and

the

underlying

iShares

Core

MSCI

Emerging

Markets

ETF,

which

the

funds’

returns

registered

2.96%,

3.78%,

and

11.30%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

done

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

new

fund

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Moderately

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

26

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Balanced

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

47.6%

Fixed

Income

Funds

44.9%

Money

Market

Fund

7.5%

Repurchase

Agreements

0.9%

Liabilities

in

excess

of

other

assets

(0.9)%

100.0%

Top

Holdings

2

NVIT

Bond

Index

Fund,

Class

Y

26.7%

Nationwide

Multi-Cap

Portfolio,

Class

R6

24.7%

NVIT

International

Index

Fund,

Class

Y

9.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

8.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

7.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

6.5%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

3.9%

iShares

7-10

Year

Treasury

Bond

ETF

3.3%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3.3%

NVIT

Mid

Cap

Index

Fund,

Class

Y

1.7%

Other

Holdings

#

5.1%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Balanced

Fund

-

December

31,

2023

-

Fund

Commentary

-

27

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

13.04%

5.59%

4.41%

3/24/2009

Class

P

13.14%

5.74%

4.56%

4/30/2012

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Expense

Ratio

^

Class

II

0.85%

Class

P

0.70%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

28

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Balanced

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Balanced

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

December

31,

2023

-

Fund

Commentary

-

29

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Class

II

returned

16.38%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk

off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

iShares

7-10

Year

Treasury

Bond

ETF,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF,

which

the

funds’

returns

registered

2.96%,

3.58%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

the

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

30

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities);

and

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

67.6%

Fixed

Income

Funds

30.0%

Repurchase

Agreements

4.0%

Money

Market

Fund

2.4%

Liabilities

in

excess

of

other

assets

(4.0)%

100.0%

Top

Holdings

2

Nationwide

Multi-Cap

Portfolio,

Class

R6

34.0%

NVIT

Bond

Index

Fund,

Class

Y

18.1%

NVIT

International

Index

Fund,

Class

Y

13.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

8.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

4.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4.2%

NVIT

Mid

Cap

Index

Fund,

Class

Y

2.6%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

2.3%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

1.8%

iShares

20+

Year

Treasury

Bond

ETF

1.8%

Other

Holdings

#

8.2%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

December

31,

2023

-

Fund

Commentary

-

31

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

16.38%

7.57%

5.72%

3/24/2009

Class

P

16.56%

7.73%

5.88%

4/30/2012

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Expense

Ratio

^

Class

II

0.86%

Class

P

0.71%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

32

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Capital

Appreciation

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

33

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Class

II

returned

12.13%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Conservative

Allocation*

(consisting

of

163

investments

as

of

December

31,

2023),

was

11.32%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

seeks

a

high

level

of

total

return

through

investment

in

both

equity

and

fixed-income

securities,

consistent

with

preservation

of

capital.

The

Fund

seeks

to

achieve

its

objective

by

investing

95%

of

its

assets

in

a

“core”

sleeve

consisting

of

the

NVIT

Investor

Destinations

Balanced

Fund’s

underlying

investments

(which

have

a

target

allocation

of

50%

equity

and

50%

fixed

income)

and

the

remaining

5%

in

a

“volatility

overlay”

sleeve.

A

volatility

management

process

is

executed

daily

and

determines

whether

the

Fund

should

increase

equity

exposure

or

decrease

equity

exposure

by

buying

or

selling

futures

contracts

tied

to

the

S&P

500

®

Index,

S&P

MidCap

400

®

Index,

Russell

2000

®

Index

and

MSCI

EAFE

®

Index.

These

investments

are

made

in

proportion

to

the

Fund’s

underlying

allocations

to

each

of

these

equity

indexes.

The

volatility

sleeve

can

increase

the

Fund’s

equity

exposure

to

65%

or

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk

off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

Nationwide

Inflation-Protection

Securities

Fund,

and

the

underlying

iShares

Core

MSCI

Emerging

Markets

ETF

which

the

funds’

returns

registered

2.96%,

3.78%,

and

11.30%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

Through

the

overlay

sleeve

portion,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

futures

contracts

on

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index,

as

dictated

by

an

algorithm

that

determines

–

based

on

numerous

variables

–

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

in

light

of

the

volatility

associated

with

the

prevailing

market

conditions.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

the

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

the

month

of

December.

These

V-shaped

spikes

in

volatility

when

these

struggles

occurred

and

ultimately,

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

34

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

the

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay

Sleeve)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Frederick

N.

Gwin,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Moderately

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

traditional

long-term

asset

allocation,

primarily

by

investing

in

underlying

funds

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

funds,

including

but

not

limited

to:

the

risks

of

investing

in

equity

securities;

fixed-income

securities

(default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

international

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Through

its

Volatility

Overlay,

the

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

35

Asset

Allocation

1

Fixed

Income

Funds

44.6%

Equity

Funds

41.9%

Money

Market

Fund

7.5%

Repurchase

Agreements

3.1%

Futures

Contracts

0.8%

Other

assets

in

excess

of

liabilities

2.1%

100.0%

Top

Holdings

2

NVIT

Bond

Index

Fund,

Class

Y

28.8%

Nationwide

Multi-Cap

Portfolio,

Class

R6

22.7%

NVIT

International

Index

Fund,

Class

Y

8.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

7.7%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

7.7%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

5.7%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

3.8%

iShares

7-10

Year

Treasury

Bond

ETF

3.2%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3.0%

iShares

U.S.

Treasury

Bond

ETF

1.7%

Other

Holdings

#

6.9%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

36

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

12.38%

4.38%

3.57%

4/30/2014

Class

II

12.13%

4.11%

3.27%

4/30/2013

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.63%

0.58%

Class

II

0.88%

0.83%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

37

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

from

inception

through

12/31/23

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

38

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Investor

Destinations

Managed

Growth

Fund

Class

II

returned

12.96%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Consistent

with

the

preservation

of

capital,

the

Fund

seeks

growth

primarily

and

investment

income

secondarily.

The

Fund

seeks

to

achieve

its

objective

by

investing

95%

of

its

assets

in

a

“core”

sleeve

consisting

of

the

NVIT

Investor

Destinations

Moderate

Fund’s

underlying

investments

(which

have

a

target

allocation

of

60%

equity

and

40%

fixed

income)

and

the

remaining

5%

in

a

“volatility

overlay”

sleeve.

A

volatility

management

process

is

executed

daily

and

determines

whether

the

Fund

should

increase

equity

exposure

or

decrease

equity

exposure

by

buying

or

selling

futures

contracts

tied

to

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index.

These

investments

are

made

in

proportion

to

the

Fund’s

underlying

allocations

to

each

of

these

equity

indexes.

The

volatility

sleeve

can

increase

the

Fund’s

equity

exposure

to

80%

or

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

the

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk

off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

iShares

20+

Year

Treasury

Bond

ETF,

Nationwide

Inflation-Protection

Securities

Fund,

and

the

underlying

iShares

U.S.

Treasury

Bond

ETF

which

the

funds’

returns

registered

2.96%,

3.78%,

and

4.21%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

Nationwide

Multi-Cap

Portfolio,

NVIT

Bond

Index

Fund,

and

the

underlying

NVIT

International

Index

Fund

returned

26.18

%,

5.38%,

and

17.71%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

Through

the

overlay

sleeve

portion,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

futures

contracts

on

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index,

as

dictated

by

an

algorithm

that

determines

–

based

on

numerous

variables

–

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

considering

the

volatility

associated

with

the

prevailing

market

conditions.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

the

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

the

month

of

December.

These

V-shaped

spikes

in

volatility

when

these

struggles

occurred

and

ultimately,

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

Q1

2023,

portfolio

management

team

liquidated

its

position

in

the

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

and

added

exposure

to

the

iShares

U.S.

Treasury

Bond

ETF.

This

was

to

reduce

exposure

to

investment

grade

credit

and

increase

exposure

to

U.S.

Treasuries

in

the

business

cycle.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Bond

Index

Fund.

The

move

was

to

reduce

equities

while

simultaneously

increasing

core

bond

exposure,

and

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

reduced

exposure

to

the

Nationwide

Multi-Cap

Portfolio

and

added

exposure

to

the

Nationwide

Fundamental

All

Cap

Equity

Portfolio.

This

is

a

new

fund

that

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

liquidated

the

NVIT

Emerging

Markets

Fund

due

to

performance

and

qualitative

concerns

and

added

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

39

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

the

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

traditional

long-term

asset

allocation,

primarily

by

investing

in

underlying

funds

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

funds,

including

but

not

limited

to:

the

risks

of

investing

in

equity

securities;

fixed-income

securities

(default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

international

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Through

its

Volatility

Overlay,

the

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

40

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Asset

Allocation

1

Equity

Funds

51.2%

Fixed

Income

Funds

37.9%

Money

Market

Fund

4.7%

Repurchase

Agreements

1.2%

Futures

Contracts

1.0%

Other

assets

in

excess

of

liabilities

4.0%

100.0%

Top

Holdings

2

Nationwide

Multi-Cap

Portfolio,

Class

R6

29.2%

NVIT

Bond

Index

Fund,

Class

Y

25.4%

NVIT

International

Index

Fund,

Class

Y

10.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

7.3%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

6.9%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class

5.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4.0%

iShares

7-10

Year

Treasury

Bond

ETF

3.0%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

1.9%

NVIT

Mid

Cap

Index

Fund,

Class

Y

1.7%

Other

Holdings

#

4.8%

100.0%

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

41

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

13.20%

5.90%

4.58%

4/30/2014

Class

II

12.96%

5.64%

4.21%

4/30/2013

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.63%

0.60%

Class

II

0.88%

0.85%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

42

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Investor

Destinations

Managed

Growth

Fund

from

inception

through

12/31/23

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Investor

Destinations

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

43

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2023

through

December

31,

2023.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Investor

Destinations

Aggressive

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,063.50

3.02

0.58

Hypothetical

(c)(d)

1,000.00

1,022.28

2.96

0.58

Class

P

Shares

Actual

(c)

1,000.00

1,063.90

2.24

0.43

Hypothetical

(c)(d)

1,000.00

1,023.04

2.19

0.43

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,059.70

2.96

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,060.40

2.18

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

44

-

Shareholder

Expense

Example

-

December

31,

2023

-

Investor

Destinations

Funds

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Investor

Destinations

Moderate

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,052.30

2.95

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,052.60

2.17

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,044.30

2.94

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,044.50

2.16

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

NVIT

Investor

Destinations

Conservative

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,036.30

2.93

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,036.30

2.16

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

NVIT

Investor

Destinations

Balanced

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,048.90

2.94

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,048.90

2.17

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,055.80

2.95

0.57

Hypothetical

(c)(d)

1,000.00

1,022.33

2.91

0.57

Class

P

Shares

Actual

(c)

1,000.00

1,057.00

2.18

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,045.50

1.55

0.30

Hypothetical

(c)(d)

1,000.00

1,023.69

1.53

0.30

Class

II

Shares

Actual

(c)

1,000.00

1,043.70

2.83

0.55

Hypothetical

(c)(d)

1,000.00

1,022.43

2.80

0.55

Investor

Destinations

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

45

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Investor

Destinations

Managed

Growth

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,045.70

1.60

0.31

Hypothetical

(c)(d)

1,000.00

1,023.64

1.58

0.31

Class

II

Shares

Actual

(c)

1,000.00

1,045.10

2.89

0.56

Hypothetical

(c)(d)

1,000.00

1,022.38

2.85

0.56

(a)

Expenses

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

Funds'

expenses,

which

are

disclosed

in

the

Fee

and

Expense

table

and

described

more

fully

in

a

footnote

to

that

table

in

your

Fund

Prospectus.

(b)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(c)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(d)

Represents

the

hypothetical

5%

return

before

expenses.

46

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Aggressive

Fund

Investment

Companies

96

.5

%

Shares

Value

($)

Equity

Funds

86.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,648,404

38,709,567

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

11,020,612

150,321,151

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,093,950

24,844,417

NVIT

International

Index

Fund,

Class

Y(a)

7,219,388

76,453,321

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,533,005

28,973,788

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

163,010

1,313,865

Total

Equity

Funds

(cost

$298,858,779)

320,616,109

Fixed

Income

Funds

9.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

1,592,577

14,396,892

NVIT

Bond

Index

Fund,

Class

Y(a)

2,395,465

22,038,279

Total

Fixed

Income

Funds

(cost

$38,983,228)

36,435,171

Total

Investment

Companies

(cost

$337,842,007)

357,051,280

Exchange

Traded

Funds

2

.9

%

Equity

Funds

1.5%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

35,446

1,792,858

iShares

Core

S&P

Small-Cap

ETF

35,399

3,831,942

Total

Equity

Funds

(cost

$5,602,523)

5,624,800

Fixed

Income

Funds

1.4%

iShares

7-10

Year

Treasury

Bond

ETF(b)

43,832

4,224,966

iShares

U.S.

Treasury

Bond

ETF

30,319

698,550

Total

Fixed

Income

Funds

(cost

$5,609,686)

4,923,516

Total

Exchange

Traded

Funds

(cost

$11,212,209)

10,548,316

Short-Term

Investment

0

.7

%

Shares

Value

($)

Money

Market

Fund

0

.7

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

2,773,817

2,773,817

Total

Short-Term

Investment

(cost

$2,773,817)

2,773,817

Repurchase

Agreement

0

.4

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,651,816,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,683,842.(d)(e)

1,650,825

1,650,825

Total

Repurchase

Agreement

(cost

$1,650,825)

1,650,825

Total

Investments

(cost

$353,478,858)

—

100.5%

372,024,238

Liabilities

in

excess

of

other

assets

—

(0.5)%

(

1,851,695

)

NET

ASSETS

—

100.0%

$

370,172,543

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$5,415,798,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,650,825

and

by

$4,263,028

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$5,913,853.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$1,650,825.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

December

31,

2023

-

Statement

of

Investments

-

47

Investment

Companies

94

.7

%

Shares

Value

($)

Equity

Funds

75.1%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,022,032

95,723,760

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

26,855,038

366,302,713

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,455,780

51,839,912

NVIT

International

Index

Fund,

Class

Y(a)

16,718,887

177,053,009

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,597,833

49,099,048

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

177,948

1,434,261

Total

Equity

Funds

(cost

$682,512,805)

741,452,703

Fixed

Income

Funds

19.6%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,405,691

48,867,450

NVIT

Bond

Index

Fund,

Class

Y(a)

15,687,447

144,324,509

Total

Fixed

Income

Funds

(cost

$210,827,965)

193,191,959

Total

Investment

Companies

(cost

$893,340,770)

934,644,662

Exchange

Traded

Funds

4

.2

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

180,662

9,137,884

iShares

Core

S&P

Small-Cap

ETF(b)

117,579

12,727,926

Total

Equity

Funds

(cost

$22,549,040)

21,865,810

Fixed

Income

Funds

2.0%

iShares

7-10

Year

Treasury

Bond

ETF(b)

172,598

16,636,721

iShares

U.S.

Treasury

Bond

ETF

126,413

2,912,556

Total

Fixed

Income

Funds

(cost

$22,538,479)

19,549,277

Total

Exchange

Traded

Funds

(cost

$45,087,519)

41,415,087

Short-Term

Investment

1

.2

%

Money

Market

Fund

1

.2

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

12,077,733

12,077,733

Total

Short-Term

Investment

(cost

$12,077,733)

12,077,733

Repurchase

Agreements

2

.0

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$7,968,458,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$8,122,953.(d)(e)

7,963,680

7,963,680

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$12,007,080,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$12,240,010.

(d)(e)

12,000,000

12,000,000

Total

Repurchase

Agreements

(cost

$19,963,680)

19,963,680

Total

Investments

(cost

$970,469,702)

—

102.1%

1,008,101,162

Liabilities

in

excess

of

other

assets

—

(2.1)%

(

20,445,434

)

NET

ASSETS

—

100.0%

$

987,655,728

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$34,359,678,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,963,680

and

by

$16,787,232

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$36,750,912.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$19,963,680.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderate

Fund

Investment

Companies

88

.7

%

Shares

Value

($)

Equity

Funds

56.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

14,135,983

149,982,782

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

41,463,916

565,567,817

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

10,048,668

80,690,801

NVIT

International

Index

Fund,

Class

Y(a)

20,704,855

219,264,413

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,898,794

35,887,200

Total

Equity

Funds

(cost

$973,715,484)

1,051,393,013

Fixed

Income

Funds

32.2%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

14,546,806

131,503,126

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

847,240

7,608,213

NVIT

Bond

Index

Fund,

Class

Y(a)

46,197,782

425,019,591

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,738,589

36,077,379

Total

Fixed

Income

Funds

(cost

$668,694,737)

600,208,309

Total

Investment

Companies

(cost

$1,642,410,221)

1,651,601,322

Exchange

Traded

Funds

6

.5

%

Equity

Fund

1.1%

iShares

Core

S&P

Small-Cap

ETF

179,912

19,475,474

Total

Equity

Funds

(cost  $19,970,863)

19,475,474

Fixed

Income

Funds

5.4%

iShares

20+

Year

Treasury

Bond

ETF(b)

222,776

22,028,091

iShares

7-10

Year

Treasury

Bond

ETF(b)

583,992

56,290,989

iShares

U.S.

Treasury

Bond

ETF

938,161

21,615,229

Total

Fixed

Income

Funds

(cost

$121,762,826)

99,934,309

Total

Exchange

Traded

Funds

(cost

$141,733,689)

119,409,783

Short-Term

Investment

4

.9

%

Money

Market

Fund

4

.9

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

91,681,918

91,681,918

Total

Short-Term

Investment

(cost

$91,681,918)

91,681,918

Repurchase

Agreements

1

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,040,496,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,060,669.(d)(e)

1,039,872

1,039,872

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$15,008,850,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$15,300,012.

(d)(e)

15,000,000

15,000,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$2,040,000.(d)(e)

2,000,000

2,000,000

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,989,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$5,103,049.

(d)(e)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$23,039,872)

23,039,872

Total

Investments

(cost

$1,898,865,700)

—

101.3%

1,885,732,895

Liabilities

in

excess

of

other

assets

—

(1.3)%

(

23,637,644

)

NET

ASSETS

—

100.0%

$

1,862,095,251

NVIT

Investor

Destinations

Moderate

Fund

-

December

31,

2023

-

Statement

of

Investments

-

49

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$39,011,284,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$23,039,872

and

by

$18,330,259

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$41,370,131.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$23,039,872.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Investment

Companies

81

.4

%

Shares

Value

($)

Equity

Funds

34.6%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,643,594

28,048,534

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

7,536,932

102,803,753

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

985,114

7,910,469

NVIT

International

Index

Fund,

Class

Y(a)

3,835,536

40,618,322

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

461,900

8,729,912

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

357,035

2,877,705

Total

Equity

Funds

(cost

$170,911,644)

190,988,695

Fixed

Income

Funds

46.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

5,609,792

50,712,517

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,836,288

16,489,868

NVIT

Bond

Index

Fund,

Class

Y(a)

17,486,164

160,872,710

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,080,621

29,727,994

Total

Fixed

Income

Funds

(cost

$286,122,740)

257,803,089

Total

Investment

Companies

(cost

$457,034,384)

448,791,784

Exchange

Traded

Funds

10

.0

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

168,677

8,531,683

iShares

Core

S&P

Small-Cap

ETF

34,308

3,713,841

Total

Equity

Funds

(cost

$12,745,633)

12,245,524

Fixed

Income

Funds

7.8%

iShares

20+

Year

Treasury

Bond

ETF(b)

88,432

8,744,156

iShares

7-10

Year

Treasury

Bond

ETF(b)

224,363

21,626,350

iShares

U.S.

Treasury

Bond

ETF

542,834

12,506,895

Total

Fixed

Income

Funds

(cost

$51,969,162)

42,877,401

Total

Exchange

Traded

Funds

(cost

$64,714,795)

55,122,925

Short-Term

Investment

8

.6

%

Shares

Value

($)

Money

Market

Fund

8

.6

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

47,336,834

47,336,834

Total

Short-Term

Investment

(cost

$47,336,834)

47,336,834

Repurchase

Agreements

3

.1

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$123,707,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$126,105.

(d)(e)

123,633

123,633

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,950,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$5,100,004.

(d)(e)

5,000,000

5,000,000

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$12,007,174,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$12,247,317.

(d)(e)

12,000,000

12,000,000

Total

Repurchase

Agreements

(cost

$17,123,633)

17,123,633

Total

Investments

(cost

$586,209,646)

—

103.1%

568,375,176

Liabilities

in

excess

of

other

assets

—

(3.1)%

(

17,228,275

)

NET

ASSETS

—

100.0%

$

551,146,901

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

December

31,

2023

-

Statement

of

Investments

-

51

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$35,886,057,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$17,123,633

and

by

$21,821,985

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$38,945,618.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$17,123,633.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Conservative

Fund

Investment

Companies

77

.5

%

Shares

Value

($)

Equity

Funds

18.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,258,968

13,357,653

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

3,898,171

53,171,053

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

874,534

7,022,509

NVIT

International

Index

Fund,

Class

Y(a)

1,655,375

17,530,416

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

24,329

459,815

NVIT

Small

Cap

Index

Fund,

Class

Y(a)

63,285

510,074

Total

Equity

Funds

(cost

$76,229,482)

92,051,520

Fixed

Income

Funds

59.2%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,292,628

56,885,358

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,806,212

25,199,783

NVIT

Bond

Index

Fund,

Class

Y(a)

18,592,739

171,053,202

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,635,850

44,735,949

Total

Fixed

Income

Funds

(cost

$327,693,424)

297,874,292

Total

Investment

Companies

(cost

$403,922,906)

389,925,812

Exchange

Traded

Funds

11

.7

%

Equity

Funds

0.4%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

14,682

742,616

iShares

Core

S&P

Small-Cap

ETF

11,658

1,261,978

Total

Equity

Funds

(cost

$2,073,066)

2,004,594

Fixed

Income

Funds

11.3%

iShares

20+

Year

Treasury

Bond

ETF(b)

110,519

10,928,119

iShares

7-10

Year

Treasury

Bond

ETF(b)

307,561

29,645,805

iShares

U.S.

Treasury

Bond

ETF

698,174

16,085,929

Total

Fixed

Income

Funds

(cost

$68,024,605)

56,659,853

Total

Exchange

Traded

Funds

(cost

$70,097,671)

58,664,447

Short-Term

Investment

11

.0

%

Shares

Value

($)

Money

Market

Fund

11

.0

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

55,518,169

55,518,169

Total

Short-Term

Investment

(cost

$55,518,169)

55,518,169

Repurchase

Agreements

2

.4

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$7,270,368,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$7,411,328.(d)(e)

7,266,007

7,266,007

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,989,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$5,103,049.

(d)(e)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$12,266,007)

12,266,007

Total

Investments

(cost

$541,804,753)

—

102.6%

516,374,435

Liabilities

in

excess

of

other

assets

—

(2.6)%

(

12,986,254

)

NET

ASSETS

—

100.0%

$

503,388,181

NVIT

Investor

Destinations

Conservative

Fund

-

December

31,

2023

-

Statement

of

Investments

-

53

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$12,878,366,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,266,007

and

by

$1,437,436

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$13,703,443.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$12,266,007.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

85

.4

%

Shares

Value

($)

Equity

Funds

46.0%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

7,470,476

79,261,753

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

22,149,035

302,112,832

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

5,030,361

40,393,801

NVIT

International

Index

Fund,

Class

Y(a)

10,852,957

114,932,817

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,129,125

21,340,466

Total

Equity

Funds

(cost

$518,802,619)

558,041,669

Fixed

Income

Funds

39.4%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

10,882,045

98,373,689

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

557,483

5,006,200

NVIT

Bond

Index

Fund,

Class

Y(a)

35,543,468

326,999,902

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,897,485

47,260,735

Total

Fixed

Income

Funds

(cost

$534,039,646)

477,640,526

Total

Investment

Companies

(cost

$1,052,842,265)

1,035,682,195

Exchange

Traded

Funds

7

.1

%

Equity

Funds

1.6%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

118,278

5,982,501

iShares

Core

S&P

Small-Cap

ETF

124,013

13,424,408

Total

Equity

Funds

(cost

$18,743,331)

19,406,909

Fixed

Income

Funds

5.5%

iShares

20+

Year

Treasury

Bond

ETF(b)

48,088

4,754,941

iShares

7-10

Year

Treasury

Bond

ETF(b)

420,072

40,490,740

iShares

U.S.

Treasury

Bond

ETF

924,588

21,302,508

Total

Fixed

Income

Funds

(cost

$77,973,568)

66,548,189

Total

Exchange

Traded

Funds

(cost

$96,716,899)

85,955,098

Short-Term

Investment

7

.5

%

Money

Market

Fund

7

.5

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

90,875,481

90,875,481

Total

Short-Term

Investment

(cost

$90,875,481)

90,875,481

Repurchase

Agreements

0

.9

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,551,583,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$5,659,218.(d)(e)

5,548,253

5,548,253

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,989,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$5,103,049.

(d)(e)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$10,548,253)

10,548,253

Total

Investments

(cost

$1,250,982,898)

—

100.9%

1,223,061,027

Liabilities

in

excess

of

other

assets

—

(0.9)%

(

10,778,146

)

NET

ASSETS

—

100.0%

$

1,212,282,881

NVIT

Investor

Destinations

Balanced

Fund

-

December

31,

2023

-

Statement

of

Investments

-

55

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$14,109,723,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,548,253

and

by

$4,069,758

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.13%,

and

maturity

dates

ranging

from

12/31/2024

–

2/15/2052,

a

total

value

of

$14,618,011.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$10,548,253.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Investment

Companies

91

.2

%

Shares

Value

($)

Equity

Funds

65.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,796,432

103,940,145

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

29,036,714

396,060,775

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,102,922

49,006,462

NVIT

International

Index

Fund,

Class

Y(a)

14,615,178

154,774,732

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,620,963

30,636,192

Total

Equity

Funds

(cost

$676,566,670)

734,418,306

Fixed

Income

Funds

25.8%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

6,201,216

56,058,990

NVIT

Bond

Index

Fund,

Class

Y(a)

22,986,942

211,479,867

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,233,492

21,553,202

Total

Fixed

Income

Funds

(cost

$320,337,018)

289,092,059

Total

Investment

Companies

(cost

$996,903,688)

1,023,510,365

Exchange

Traded

Funds

6

.4

%

Equity

Funds

2.2%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

164,101

8,300,228

iShares

Core

S&P

Small-Cap

ETF(b)

153,868

16,656,211

Total

Equity

Funds

(cost

$23,987,375)

24,956,439

Fixed

Income

Funds

4.2%

iShares

20+

Year

Treasury

Bond

ETF(b)

207,363

20,504,054

iShares

7-10

Year

Treasury

Bond

ETF(b)

199,713

19,250,336

iShares

U.S.

Treasury

Bond

ETF

292,911

6,748,669

Total

Fixed

Income

Funds

(cost

$61,147,579)

46,503,059

Total

Exchange

Traded

Funds

(cost

$85,134,954)

71,459,498

Short-Term

Investment

2

.4

%

Money

Market

Fund

2

.4

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

27,246,414

27,246,414

Total

Short-Term

Investment

(cost

$27,246,414)

27,246,414

Repurchase

Agreements

4

.0

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$9,365,677,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$9,547,261.(d)(e)

9,360,060

9,360,060

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$20,011,800,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$20,400,016.

(d)(e)

20,000,000

20,000,000

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$15,008,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$15,309,146.

(d)(e)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$44,360,060)

44,360,060

Total

Investments

(cost

$1,153,645,116)

—

104.0%

1,166,576,337

Liabilities

in

excess

of

other

assets

—

(4.0)%

(

44,831,121

)

NET

ASSETS

—

100.0%

$

1,121,745,216

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

December

31,

2023

-

Statement

of

Investments

-

57

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$48,210,986,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,360,060

and

by

$5,377,309

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.13%,

and

maturity

dates

ranging

from

12/31/2024

–

2/15/2052,

a

total

value

of

$49,737,369.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$44,360,060.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

Investment

Companies

80

.0

%

Shares

Value

($)

Equity

Funds

40.5%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,172,452

23,049,720

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

6,788,632

92,596,938

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,522,278

12,223,893

NVIT

International

Index

Fund,

Class

Y(a)

3,397,998

35,984,800

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

325,260

6,147,423

Total

Equity

Funds

(cost

$155,263,707)

170,002,774

Fixed

Income

Funds

39.5%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

3,477,217

31,434,039

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

170,423

1,530,402

NVIT

Bond

Index

Fund,

Class

Y(a)

12,727,799

117,095,753

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,591,134

15,354,446

Total

Fixed

Income

Funds

(cost

$180,230,276)

165,414,640

Total

Investment

Companies

(cost

$335,493,983)

335,417,414

Exchange

Traded

Funds

6

.5

%

Equity

Funds

1.4%

iShares

Core

MSCI

Emerging

Markets

ETF(b)

34,429

1,741,419

iShares

Core

S&P

Small-Cap

ETF(b)

36,724

3,975,373

Total

Equity

Funds

(cost

$5,522,981)

5,716,792

Fixed

Income

Funds

5.1%

iShares

20+

Year

Treasury

Bond

ETF(b)

16,324

1,614,117

iShares

7-10

Year

Treasury

Bond

ETF(b)

135,702

13,080,316

iShares

U.S.

Treasury

Bond

ETF(b)

298,366

6,874,353

Total

Fixed

Income

Funds

(cost

$25,131,692)

21,568,786

Total

Exchange

Traded

Funds

(cost

$30,654,673)

27,285,578

Short-Term

Investment

7

.5

%

Money

Market

Fund

7

.5

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

31,344,593

31,344,593

Total

Short-Term

Investment

(cost

$31,344,593)

31,344,593

Repurchase

Agreements

3

.1

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$3,097,653,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$3,157,711.(d)(e)

3,095,795

3,095,795

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$10,200,000.(d)(e)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$13,095,795)

13,095,795

Total

Investments

(cost

$410,589,044)

—

97.1%

407,143,380

Other

assets

in

excess

of

liabilities

—

2.9%

12,286,534

NET

ASSETS

—

100.0%

$

419,429,914

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$24,429,322,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,095,795

and

by

$13,198,559

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$26,294,354.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$13,095,795.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Statement

of

Investments

-

59

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

230

3/2024

USD

25,902,600

890,416

Russell

2000

E-Mini

Index

54

3/2024

USD

5,528,790

338,407

S&P

500

E-Mini

Index

226

3/2024

USD

54,466,000

1,594,334

S&P

Midcap

400

E-Mini

Index

28

3/2024

USD

7,866,600

368,788

Net

contracts

3,191,945

As

of

December

31,

2023,

the

Fund

had

$4,674,874

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

83

.2

%

Shares

Value

($)

Equity

Funds

50.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

6,785,584

71,995,047

Nationwide

Multi-Cap

Portfolio,

Class

R6*(a)

21,244,823

289,779,386

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,979,051

39,981,781

NVIT

International

Index

Fund,

Class

Y(a)

10,083,687

106,786,249

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

898,446

16,980,627

Total

Equity

Funds

(cost

$487,551,185)

525,523,090

Fixed

Income

Funds

32.9%

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6(a)

7,543,721

68,195,241

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

418,356

3,756,839

NVIT

Bond

Index

Fund,

Class

Y(a)

27,441,506

252,461,852

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,967,841

18,989,663

Total

Fixed

Income

Funds

(cost

$373,130,389)

343,403,595

Total

Investment

Companies

(cost

$860,681,574)

868,926,685

Exchange

Traded

Funds

5

.9

%

Equity

Fund

0.9%

iShares

Core

S&P

Small-Cap

ETF

84,398

9,136,084

Total

Equity

Funds

(cost  $9,351,357)

9,136,084

Fixed

Income

Funds

5.0%

iShares

20+

Year

Treasury

Bond

ETF(b)

122,001

12,063,459

iShares

7-10

Year

Treasury

Bond

ETF(b)

305,289

29,426,807

iShares

U.S.

Treasury

Bond

ETF

482,315

11,112,537

Total

Fixed

Income

Funds

(cost

$63,844,321)

52,602,803

Total

Exchange

Traded

Funds

(cost

$73,195,678)

61,738,887

Short-Term

Investment

4

.7

%

Money

Market

Fund

4

.7

%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

5.29%

(c)

49,488,991

49,488,991

Total

Short-Term

Investment

(cost

$49,488,991)

49,488,991

Repurchase

Agreements

1

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$7,790,272,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$7,941,312.(d)(e)

7,785,600

7,785,600

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$5,100,000.(d)(e)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$12,785,600)

12,785,600

Total

Investments

(cost

$996,151,843)

—

95.0%

992,940,163

Other

assets

in

excess

of

liabilities

—

5.0%

52,136,653

NET

ASSETS

—

100.0%

$

1,045,076,816

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$14,943,204,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,785,600

and

by

$2,951,696

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

–

4.13%,

and

maturity

dates

ranging

from

12/31/2024

–

2/15/2052,

a

total

value

of

$15,737,296.

(c)

Represents

7-day

effective

yield

as

of

December

31,

2023.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$12,785,600.

(e)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

61

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

697

3/2024

USD

78,496,140

2,776,062

Russell

2000

E-Mini

Index

149

3/2024

USD

15,255,365

995,270

S&P

500

E-Mini

Index

696

3/2024

USD

167,736,000

5,061,810

S&P

Midcap

400

E-Mini

Index

82

3/2024

USD

23,037,900

1,134,171

Net

contracts

9,967,313

As

of

December

31,

2023,

the

Fund

had

$14,159,185

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Aggressive

Fund

Assets:

Investment

securities

of

affiliated

issuers,

at

value

$

357,051,280‌

Investment

securities

of

unaffiliated

issuers,

at

value

*

13,322,133‌

Repurchase

agreements,

at

value

1,650,825‌

Interest

and

dividends

receivable

12,456‌

Security

lending

income

receivable

338‌

Receivable

for

investments

sold

286,633‌

Receivable

for

capital

shares

issued

7,216‌

Prepaid

expenses

412‌

Total

Assets

372,331,293‌

Liabilities:

Payable

for

investments

purchased

—‌

Payable

for

capital

shares

redeemed

293,766‌

Payable

upon

return

of

securities

loaned

(Note

2)

1,650,825‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

40,146‌

Fund

administration

fees

17,301‌

Distribution

fees

77,210‌

Administrative

servicing

fees

47,143‌

Accounting

and

transfer

agent

fees

598‌

Trustee

fees

17‌

Custodian

fees

7,446‌

Compliance

program

costs

(Note

3)

392‌

Professional

fees

6,524‌

Printing

fees

14,679‌

Other

2,703‌

Total

Liabilities

2,158,750‌

Net

Assets

$

370,172,543‌

*

Includes

value

of

securities

on

loan

(Note

2)

5,415,798‌

Cost

of

investment

securities

of

affiliated

issuers

337,842,007‌

Cost

of

investment

securities

of

unaffiliated

issuers

13,986,026‌

Cost

of

repurchase

agreements

1,650,825‌

Represented

by:

Capital

$

378,441,486‌

Total

distributable

earnings

(loss)

(

8,268,943‌

)

Net

Assets

$

370,172,543‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

63

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

$

934,644,662‌

$

1,651,601,322‌

$

448,791,784‌

$

389,925,812‌

$

1,035,682,195‌

53,492,820‌

211,091,701‌

102,459,759‌

114,182,616‌

176,830,579‌

19,963,680‌

23,039,872‌

17,123,633‌

12,266,007‌

10,548,253‌

54,215‌

411,177‌

212,301‌

268,405‌

409,073‌

1,228‌

4,647‌

2,185‌

2,121‌

4,022‌

—‌

483,275‌

210,285‌

—‌

857,141‌

87,922‌

49,221‌

20,568‌

9,241‌

929‌

916‌

1,528‌

418‌

472‌

1,051‌

1,008,245,443‌

1,886,682,743‌

568,820,933‌

516,654,674‌

1,224,333,243‌

51,667‌

—‌

—‌

—‌

—‌

36,101‌

532,235‌

230,751‌

711,212‌

857,910‌

19,963,680‌

23,039,872‌

17,123,633‌

12,266,007‌

10,548,253‌

107,318‌

202,908‌

60,201‌

55,238‌

132,220‌

28,615‌

44,755‌

20,704‌

19,869‌

32,821‌

206,399‌

390,247‌

115,928‌

106,351‌

254,298‌

135,151‌

262,871‌

74,416‌

64,763‌

152,188‌

1,480‌

2,896‌

902‌

849‌

1,948‌

92‌

128‌

92‌

87‌

99‌

24,755‌

54,394‌

17,340‌

15,608‌

35,118‌

1,053‌

2,004‌

598‌

551‌

1,310‌

7,034‌

8,176‌

6,836‌

6,858‌

7,598‌

18,170‌

30,102‌

17,342‌

14,380‌

15,745‌

8,200‌

16,904‌

5,289‌

4,720‌

10,854‌

20,589,715‌

24,587,492‌

17,674,032‌

13,266,493‌

12,050,362‌

$

987,655,728‌

$

1,862,095,251‌

$

551,146,901‌

$

503,388,181‌

$

1,212,282,881‌

34,359,678‌

39,011,284‌

35,886,057‌

12,878,366‌

14,109,723‌

893,340,770‌

1,642,410,221‌

457,034,384‌

403,922,906‌

1,052,842,265‌

57,165,252‌

233,415,607‌

112,051,629‌

125,615,840‌

187,592,380‌

19,963,680‌

23,039,872‌

17,123,633‌

12,266,007‌

10,548,253‌

$

1,023,788,952‌

$

1,991,188,370‌

$

593,737,649‌

$

548,232,451‌

$

1,291,814,137‌

(

36,133,224‌

)

(

129,093,119‌

)

(

42,590,748‌

)

(

44,844,270‌

)

(

79,531,256‌

)

$

987,655,728‌

$

1,862,095,251‌

$

551,146,901‌

$

503,388,181‌

$

1,212,282,881‌

64

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Aggressive

Fund

Net

Assets:

Class

II

Shares

$

322,138,111‌

Class

P

Shares

48,034,432‌

Total

$

370,172,543‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

II

Shares

31,561,205‌

Class

P

Shares

4,733,244‌

Total

36,294,449‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

10

.21‌

Class

P

Shares

$

10

.15‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

65

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

$

879,262,953‌

$

1,816,480,360‌

$

548,239,216‌

$

499,204,503‌

$

1,201,305,396‌

108,392,775‌

45,614,891‌

2,907,685‌

4,183,678‌

10,977,485‌

$

987,655,728‌

$

1,862,095,251‌

$

551,146,901‌

$

503,388,181‌

$

1,212,282,881‌

96,663,456‌

210,061,367‌

59,610,492‌

53,006,135‌

91,769,434‌

12,032,468‌

5,298,685‌

317,725‌

444,618‌

838,386‌

108,695,924‌

215,360,052‌

59,928,217‌

53,450,753‌

92,607,820‌

$

9

.10‌

$

8

.65‌

$

9

.20‌

$

9

.42‌

$

13

.09‌

$

9

.01‌

$

8

.61‌

$

9

.15‌

$

9

.41‌

$

13

.09‌

66

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Assets:

Investment

securities

of

affiliated

issuers,

at

value

$

1,023,510,365‌

Investment

securities

of

unaffiliated

issuers,

at

value

*

98,705,912‌

Repurchase

agreements,

at

value

44,360,060‌

Cash

—‌

Deposits

with

broker

for

futures

contracts

—‌

Interest

and

dividends

receivable

122,241‌

Security

lending

income

receivable

2,212‌

Receivable

for

investments

sold

239,510‌

Receivable

for

capital

shares

issued

—‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—‌

Prepaid

expenses

972‌

Total

Assets

1,166,941,272‌

Liabilities:

Payable

for

capital

shares

redeemed

239,357‌

Payable

for

variation

margin

on

futures

contracts

—‌

Payable

upon

return

of

securities

loaned

(Note

2)

44,360,060‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

122,024‌

Fund

administration

fees

31,099‌

Distribution

fees

234,687‌

Administrative

servicing

fees

142,934‌

Accounting

and

transfer

agent

fees

1,748‌

Trustee

fees

86‌

Custodian

fees

32,483‌

Compliance

program

costs

(Note

3)

1,202‌

Professional

fees

7,218‌

Printing

fees

13,079‌

Other

10,079‌

Total

Liabilities

45,196,056‌

Net

Assets

$

1,121,745,216‌

*

Includes

value

of

securities

on

loan

(Note

2)

48,210,986‌

Cost

of

investment

securities

of

affiliated

issuers

996,903,688‌

Cost

of

investment

securities

of

unaffiliated

issuers

112,381,368‌

Cost

of

repurchase

agreements

44,360,060‌

Represented

by:

Capital

$

1,160,979,341‌

Total

distributable

earnings

(loss)

(

39,234,125‌

)

Net

Assets

$

1,121,745,216‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

67

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

$

335,417,414‌

$

868,926,685‌

58,630,171‌

111,227,878‌

13,095,795‌

12,785,600‌

21,173,567‌

51,891,098‌

4,536,005‌

14,038,774‌

204,783‌

382,979‌

950‌

2,450‌

118,570‌

272,620‌

10,098‌

—‌

15,861‌

28,396‌

395‌

1,061‌

433,203,609‌

1,059,557,541‌

147,963‌

300,035‌

284,664‌

836,547‌

13,095,795‌

12,785,600‌

52,447‌

130,687‌

18,210‌

29,622‌

87,075‌

216,546‌

51,941‌

127,688‌

633‌

1,688‌

74‌

128‌

9,838‌

24,766‌

448‌

1,108‌

6,882‌

7,529‌

14,015‌

10,097‌

3,710‌

8,684‌

13,773,695‌

14,480,725‌

$

419,429,914‌

$

1,045,076,816‌

24,429,322‌

14,943,204‌

335,493,983‌

860,681,574‌

61,999,266‌

122,684,669‌

13,095,795‌

12,785,600‌

$

453,275,980‌

$

1,135,153,571‌

(

33,846,066‌

)

(

90,076,755‌

)

$

419,429,914‌

$

1,045,076,816‌

68

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Net

Assets:

Class

I

Shares

$

—‌

Class

II

Shares

1,105,474,634‌

Class

P

Shares

16,270,582‌

Total

$

1,121,745,216‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

—‌

Class

II

Shares

88,351,422‌

Class

P

Shares

1,305,416‌

Total

89,656,838‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

—‌

Class

II

Shares

$

12

.51‌

Class

P

Shares

$

12

.46‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

69

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

$

2,106,921‌

$

6,081,015‌

417,322,993‌

1,038,995,801‌

—‌

—‌

$

419,429,914‌

$

1,045,076,816‌

203,572‌

590,948‌

40,677,583‌

101,908,138‌

—‌

—‌

40,881,155‌

102,499,086‌

$

10

.35‌

$

10

.29‌

$

10

.26‌

$

10

.20‌

$

—‌

$

—‌

70

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Aggressive

Fund

INVESTMENT

INCOME:

Dividend

income

from

affiliated

issuers

$

4,082,543‌

Dividend

income

from

unaffiliated

issuers

371,027‌

Income

from

securities

lending

(Note

2)

2,601‌

Interest

income

(unaffiliated)

—‌

Total

Income

4,456,171‌

EXPENSES:

Investment

advisory

fees

446,571‌

Fund

administration

fees

111,418‌

Distribution

fees

Class

II

Shares

754,722‌

Distribution

fees

Class

P

Shares

103,908‌

Administrative

servicing

fees

Class

II

Shares

452,835‌

Professional

fees

25,583‌

Printing

fees

10,077‌

Trustee

fees

12,316‌

Custodian

fees

1,904‌

Accounting

and

transfer

agent

fees

2,740‌

Compliance

program

costs

(Note

3)

1,485‌

Other

8,273‌

Total

Expenses

1,931,832‌

NET

INVESTMENT

INCOME

2,524,339‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

affiliated

Underlying

Funds

1,387,272‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

(20,599,858‌)

Transactions

in

investment

securities

of

unaffiliated

issuers

(60,516‌)

Net

realized

gains

(losses)

(19,273,102‌)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

77,020,162‌

Investment

securities

of

unaffiliated

issuers

560,515‌

Net

change

in

unrealized

appreciation/depreciation

77,580,677‌

Net

realized/unrealized

gains

(losses)

58,307,575‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

60,831,914‌

Investor

Destinations

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

71

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

$

12,449,077‌

$

26,829,369‌

$

9,722,980‌

$

10,652,801‌

$

19,170,134‌

1,594,868‌

7,861,998‌

4,062,765‌

5,185,084‌

7,104,832‌

7,930‌

28,309‌

14,539‌

12,294‌

29,509‌

14‌

78‌

35‌

47‌

49‌

14,051,889‌

34,719,754‌

13,800,319‌

15,850,226‌

26,304,524‌

1,235,393‌

2,398,736‌

730,454‌

682,097‌

1,577,042‌

236,940‌

424,966‌

157,734‌

150,819‌

295,818‌

2,131,145‌

4,505,995‌

1,397,851‌

1,302,379‌

3,007,068‌

244,634‌

107,006‌

6,883‌

9,358‌

25,737‌

1,278,693‌

2,703,610‌

838,715‌

781,431‌

1,804,250‌

45,290‌

71,314‌

32,894‌

31,827‌

51,771‌

17,364‌

38,287‌

17,293‌

14,480‌

22,252‌

34,022‌

66,252‌

20,276‌

18,884‌

43,568‌

5,730‌

11,893‌

3,876‌

3,552‌

7,854‌

6,716‌

12,771‌

4,224‌

4,011‌

8,361‌

4,098‌

7,955‌

2,422‌

2,261‌

5,232‌

23,393‌

43,303‌

13,102‌

12,868‌

29,683‌

5,263,418‌

10,392,088‌

3,225,724‌

3,013,967‌

6,878,636‌

8,788,471‌

24,327,666‌

10,574,595‌

12,836,259‌

19,425,888‌

2,383,608‌

1,735,452‌

438,162‌

25,109‌

1,033,581‌

(52,257,903‌)

(86,103,412‌)

(21,222,001‌)

(15,628,519‌)

(50,079,499‌)

(322,050‌)

(643,920‌)

(1,121,446‌)

(1,467,088‌)

(613,259‌)

(50,196,345‌)

(85,011,880‌)

(21,905,285‌)

(17,070,498‌)

(49,659,177‌)

195,065,635‌

310,496,491‌

68,446,565‌

42,231,541‌

174,846,884‌

2,890,864‌

3,694,801‌

2,685,838‌

2,219,683‌

3,435,419‌

197,956,499‌

314,191,292‌

71,132,403‌

44,451,224‌

178,282,303‌

147,760,154‌

229,179,412‌

49,227,118‌

27,380,726‌

128,623,126‌

$

156,548,625‌

$

253,507,078‌

$

59,801,713‌

$

40,216,985‌

$

148,049,014‌

72

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Investor

Destinations

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Capital

Appreciation

Fund

INVESTMENT

INCOME:

Dividend

income

from

affiliated

issuers

$

14,536,389‌

Dividend

income

from

unaffiliated

issuers

3,248,084‌

Income

from

securities

lending

(Note

2)

13,056‌

Interest

income

(unaffiliated)

39‌

Total

Income

17,797,568‌

EXPENSES:

Investment

advisory

fees

1,434,261‌

Fund

administration

fees

273,455‌

Distribution

fees

Class

II

Shares

2,720,389‌

Distribution

fees

Class

P

Shares

37,833‌

Administrative

servicing

fees

Class

I

Shares

—‌

Administrative

servicing

fees

Class

II

Shares

1,632,241‌

Professional

fees

50,518‌

Printing

fees

21,396‌

Trustee

fees

39,576‌

Custodian

fees

7,194‌

Accounting

and

transfer

agent

fees

7,601‌

Compliance

program

costs

(Note

3)

4,750‌

Other

26,482‌

Total

expenses

before

expenses

reimbursed

6,255,696‌

Expenses

reimbursed

by

adviser

(Note

3)

—‌

Net

Expenses

6,255,696‌

NET

INVESTMENT

INCOME

11,541,872‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

affiliated

Underlying

Funds

1,482,754‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

(55,239,191‌)

Transactions

in

investment

securities

of

unaffiliated

issuers

(93,622‌)

Expiration

or

closing

of

futures

contracts

(Note

2)

—‌

Net

realized

gains

(losses)

(53,850,059‌)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

206,880,755‌

Investment

securities

of

unaffiliated

issuers

3,004,751‌

Futures

contracts

(Note

2)

—‌

Net

change

in

unrealized

appreciation/depreciation

209,885,506‌

Net

realized/unrealized

gains

(losses)

156,035,447‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

167,577,319‌

Investor

Destinations

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

73

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

$

6,438,395‌

$

14,542,292‌

2,734,473‌

5,565,825‌

10,858‌

13,757‌

350,932‌

1,033,212‌

9,534,658‌

21,155,086‌

616,957‌

1,542,623‌

126,404‌

257,561‌

1,023,608‌

2,557,431‌

—‌

—‌

2,790‌

8,158‌

614,168‌

1,534,466‌

25,448‌

44,583‌

12,673‌

23,636‌

14,860‌

36,943‌

2,374‌

5,971‌

2,910‌

7,084‌

1,778‌

4,435‌

10,400‌

26,906‌

2,454,370‌

6,049,797‌

(195,830‌)

(301,658‌)

2,258,540‌

5,748,139‌

7,276,118‌

15,406,947‌

338,891‌

914,261‌

(16,438,778‌)

(46,335,420‌)

(219,677‌)

(587,502‌)

(3,767,816‌)

(19,140,816‌)

(20,087,380‌)

(65,149,477‌)

56,601,926‌

163,872,419‌

1,099,120‌

2,126,912‌

2,130,561‌

8,710,695‌

59,831,607‌

174,710,026‌

39,744,227‌

109,560,549‌

$

47,020,345‌

$

124,967,496‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Investor

Destinations

Funds

NVIT

Investor

Destinations

Aggressive

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

2,524,339‌

$

2,347,112‌

Net

realized

gains

(losses)

(

19,273,102‌

)

2,582,004‌

Net

change

in

unrealized

appreciation/depreciation

77,580,677‌

(

79,945,350‌

)

Change

in

net

assets

resulting

from

operations

60,831,914‌

(

75,016,234‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

3,462,843‌

)

(

81,210,911‌

)

Class

P

(

481,273‌

)

(

10,034,296‌

)

Change

in

net

assets

from

shareholder

distributions

(

3,944,116‌

)

(

91,245,207‌

)

Change

in

net

assets

from

capital

transactions

(

8,003,606‌

)

88,440,054‌

Change

in

net

assets

48,884,192‌

(

77,821,387‌

)

Net

Assets:

Beginning

of

year

321,288,351‌

399,109,738‌

End

of

year

$

370,172,543‌

$

321,288,351‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

19,180,986‌

$

23,428,938‌

Dividends

reinvested

3,462,843‌

81,210,911‌

Cost

of

shares

redeemed

(

34,326,594‌

)

(

30,447,123‌

)

Total

Class

II

Shares

(

11,682,765‌

)

74,192,726‌

Class

P

Shares

Proceeds

from

shares

issued

5,062,081‌

5,478,400‌

Dividends

reinvested

481,273‌

10,034,296‌

Cost

of

shares

redeemed

(

1,864,195‌

)

(

1,265,368‌

)

Total

Class

P

Shares

3,679,159‌

14,247,328‌

Change

in

net

assets

from

capital

transactions

$

(

8,003,606‌

)

$

88,440,054‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

2,046,479‌

1,975,159‌

Reinvested

364,510‌

9,356,096‌

Redeemed

(

3,673,007‌

)

(

2,689,173‌

)

Total

Class

II

Shares

(

1,262,018‌

)

8,642,082‌

Class

P

Shares

Issued

543,515‌

504,903‌

Reinvested

50,982‌

1,165,423‌

Redeemed

(

200,541‌

)

(

116,404‌

)

Total

Class

P

Shares

393,956‌

1,553,922‌

Total

change

in

shares

(

868,062‌

)

10,196,004‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

75

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

8,788,471‌

$

7,914,302‌

$

24,327,666‌

$

20,831,488‌

(

50,196,345‌

)

6,110,307‌

(

85,011,880‌

)

(

24,092,881‌

)

197,956,499‌

(

231,279,337‌

)

314,191,292‌

(

396,752,455‌

)

156,548,625‌

(

217,254,728‌

)

253,507,078‌

(

400,013,848‌

)

(

9,110,730‌

)

(

299,645,999‌

)

—‌

(

586,204,980‌

)

(

1,079,713‌

)

(

31,026,163‌

)

—‌

(

11,952,853‌

)

(

10,190,443‌

)

(

330,672,162‌

)

—‌

(

598,157,833‌

)

(

74,822,432‌

)

259,908,811‌

(

232,678,067‌

)

366,511,888‌

71,535,750‌

(

288,018,079‌

)

20,829,011‌

(

631,659,793‌

)

916,119,978‌

1,204,138,057‌

1,841,266,240‌

2,472,926,033‌

$

987,655,728‌

$

916,119,978‌

$

1,862,095,251‌

$

1,841,266,240‌

$

24,630,345‌

$

20,604,161‌

$

16,311,593‌

$

13,523,753‌

9,110,730‌

299,645,999‌

—‌

586,204,980‌

(

112,987,976‌

)

(

94,980,916‌

)

(

249,604,572‌

)

(

246,303,447‌

)

(

79,246,901‌

)

225,269,244‌

(

233,292,979‌

)

353,425,286‌

7,342,080‌

6,504,119‌

4,760,892‌

5,326,513‌

1,079,713‌

31,026,163‌

—‌

11,952,853‌

(

3,997,324‌

)

(

2,890,715‌

)

(

4,145,980‌

)

(

4,192,764‌

)

4,424,469‌

34,639,567‌

614,912‌

13,086,602‌

$

(

74,822,432‌

)

$

259,908,811‌

$

(

232,678,067‌

)

$

366,511,888‌

2,926,787‌

1,813,284‌

2,034,012‌

1,277,544‌

1,071,851‌

38,268,965‌

—‌

77,335,749‌

(

13,411,188‌

)

(

8,809,859‌

)

(

31,089,554‌

)

(

24,205,314‌

)

(

9,412,550‌

)

31,272,390‌

(

29,055,542‌

)

54,407,979‌

884,198‌

615,547‌

592,769‌

562,804‌

128,384‌

4,008,548‌

—‌

1,587,364‌

(

479,977‌

)

(

271,115‌

)

(

503,800‌

)

(

410,865‌

)

532,605‌

4,352,980‌

88,969‌

1,739,303‌

(

8,879,945‌

)

35,625,370‌

(

28,966,573‌

)

56,147,282‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Investor

Destinations

Funds

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

10,574,595‌

$

9,188,404‌

Net

realized

losses

(

21,905,285‌

)

(

6,497,547‌

)

Net

change

in

unrealized

appreciation/depreciation

71,132,403‌

(

110,642,654‌

)

Change

in

net

assets

resulting

from

operations

59,801,713‌

(

107,951,797‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

—‌

(

113,043,650‌

)

Class

P

—‌

(

494,250‌

)

Change

in

net

assets

from

shareholder

distributions

—‌

(

113,537,900‌

)

Change

in

net

assets

from

capital

transactions

(

86,362,888‌

)

25,118,225‌

Change

in

net

assets

(

26,561,175‌

)

(

196,371,472‌

)

Net

Assets:

Beginning

of

year

577,708,076‌

774,079,548‌

End

of

year

$

551,146,901‌

$

577,708,076‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

15,483,509‌

$

13,410,165‌

Dividends

reinvested

—‌

113,043,650‌

Cost

of

shares

redeemed

(

101,745,169‌

)

(

101,978,612‌

)

Total

Class

II

Shares

(

86,261,660‌

)

24,475,203‌

Class

P

Shares

Proceeds

from

shares

issued

254,548‌

473,451‌

Dividends

reinvested

—‌

494,250‌

Cost

of

shares

redeemed

(

355,776‌

)

(

324,679‌

)

Total

Class

P

Shares

(

101,228‌

)

643,022‌

Change

in

net

assets

from

capital

transactions

$

(

86,362,888‌

)

$

25,118,225‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

1,787,364‌

1,298,206‌

Reinvested

—‌

13,586,977‌

Redeemed

(

11,745,579‌

)

(

10,244,648‌

)

Total

Class

II

Shares

(

9,958,215‌

)

4,640,535‌

Class

P

Shares

Issued

29,383‌

51,532‌

Reinvested

—‌

59,764‌

Redeemed

(

41,548‌

)

(

34,486‌

)

Total

Class

P

Shares

(

12,165‌

)

76,810‌

Total

change

in

shares

(

9,970,380‌

)

4,717,345‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

77

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

12,836,259‌

$

10,202,693‌

$

19,425,888‌

$

15,868,745‌

(

17,070,498‌

)

(

7,533,480‌

)

(

49,659,177‌

)

(

13,353,055‌

)

44,451,224‌

(

85,265,689‌

)

178,282,303‌

(

233,450,900‌

)

40,216,985‌

(

82,596,476‌

)

148,049,014‌

(

230,935,210‌

)

—‌

(

42,518,443‌

)

—‌

(

267,976,555‌

)

—‌

(

271,063‌

)

—‌

(

2,320,222‌

)

—‌

(

42,789,506‌

)

—‌

(

270,296,777‌

)

(

82,372,104‌

)

(

31,929,488‌

)

(

151,651,020‌

)

136,946,846‌

(

42,155,119‌

)

(

157,315,470‌

)

(

3,602,006‌

)

(

364,285,141‌

)

545,543,300‌

702,858,770‌

1,215,884,887‌

1,580,170,028‌

$

503,388,181‌

$

545,543,300‌

$

1,212,282,881‌

$

1,215,884,887‌

$

34,242,261‌

$

42,608,692‌

$

3,341,568‌

$

7,349,268‌

—‌

42,518,443‌

—‌

267,976,555‌

(

116,985,982‌

)

(

116,875,024‌

)

(

153,806,829‌

)

(

141,090,596‌

)

(

82,743,721‌

)

(

31,747,889‌

)

(

150,465,261‌

)

134,235,227‌

594,484‌

447,132‌

936,081‌

1,064,045‌

—‌

271,063‌

—‌

2,320,222‌

(

222,867‌

)

(

899,794‌

)

(

2,121,840‌

)

(

672,648‌

)

371,617‌

(

181,599‌

)

(

1,185,759‌

)

2,711,619‌

$

(

82,372,104‌

)

$

(

31,929,488‌

)

$

(

151,651,020‌

)

$

136,946,846‌

3,804,446‌

4,540,341‌

273,796‌

498,499‌

—‌

4,831,641‌

—‌

23,022,041‌

(

12,985,070‌

)

(

12,196,749‌

)

(

12,552,520‌

)

(

9,891,916‌

)

(

9,180,624‌

)

(

2,824,767‌

)

(

12,278,724‌

)

13,628,624‌

66,157‌

45,282‌

76,854‌

77,618‌

—‌

30,908‌

—‌

199,675‌

(

24,752‌

)

(

92,766‌

)

(

173,703‌

)

(

50,494‌

)

41,405‌

(

16,576‌

)

(

96,849‌

)

226,799‌

(

9,139,219‌

)

(

2,841,343‌

)

(

12,375,573‌

)

13,855,423‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Investor

Destinations

Funds

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

11,541,872‌

$

10,847,496‌

Net

realized

losses

(

53,850,059‌

)

(

2,271,166‌

)

Net

change

in

unrealized

appreciation/depreciation

209,885,506‌

(

262,594,055‌

)

Change

in

net

assets

resulting

from

operations

167,577,319‌

(

254,017,725‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

—‌

—‌

Class

II

(

1,039,435‌

)

(

397,228,327‌

)

Class

P

(

14,635‌

)

(

5,037,807‌

)

Change

in

net

assets

from

shareholder

distributions

(

1,054,070‌

)

(

402,266,134‌

)

Change

in

net

assets

from

capital

transactions

(

137,837,793‌

)

263,964,707‌

Change

in

net

assets

28,685,456‌

(

392,319,152‌

)

Net

Assets:

Beginning

of

year

1,093,059,760‌

1,485,378,912‌

End

of

year

$

1,121,745,216‌

$

1,093,059,760‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

—‌

$

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

I

Shares

—‌

—‌

Class

II

Shares

Proceeds

from

shares

issued

3,635,741‌

3,303,337‌

Dividends

reinvested

1,039,435‌

397,228,327‌

Cost

of

shares

redeemed

(

141,881,580‌

)

(

141,564,421‌

)

Total

Class

II

Shares

(

137,206,404‌

)

258,967,243‌

Class

P

Shares

Proceeds

from

shares

issued

1,069,264‌

1,338,698‌

Dividends

reinvested

14,635‌

5,037,807‌

Cost

of

shares

redeemed

(

1,715,288‌

)

(

1,379,041‌

)

Total

Class

P

Shares

(

631,389‌

)

4,997,464‌

Change

in

net

assets

from

capital

transactions

$

(

137,837,793‌

)

$

263,964,707‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

79

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

7,276,118‌

$

5,455,214‌

$

15,406,947‌

$

11,851,944‌

(

20,087,380‌

)

(

7,442,696‌

)

(

65,149,477‌

)

(

13,484,637‌

)

59,831,607‌

(

69,023,610‌

)

174,710,026‌

(

190,708,736‌

)

47,020,345‌

(

71,011,092‌

)

124,967,496‌

(

192,341,429‌

)

—‌

(

188,188‌

)

—‌

(

804,069‌

)

—‌

(

46,321,341‌

)

—‌

(

187,493,362‌

)

—‌

—‌

—‌

—‌

—‌

(

46,509,529‌

)

—‌

(

188,297,431‌

)

(

37,906,467‌

)

15,512,902‌

(

108,079,500‌

)

117,207,999‌

9,113,878‌

(

102,007,719‌

)

16,887,996‌

(

263,430,861‌

)

410,316,036‌

512,323,755‌

1,028,188,820‌

1,291,619,681‌

$

419,429,914‌

$

410,316,036‌

$

1,045,076,816‌

$

1,028,188,820‌

$

388,036‌

$

445,383‌

$

778,998‌

$

1,053,060‌

—‌

188,188‌

—‌

804,069‌

(

271,864‌

)

(

97,473‌

)

(

261,343‌

)

(

220,171‌

)

116,172‌

536,098‌

517,655‌

1,636,958‌

5,563,844‌

7,518,558‌

4,004,934‌

13,383,720‌

—‌

46,321,341‌

—‌

187,493,362‌

(

43,586,483‌

)

(

38,863,095‌

)

(

112,602,089‌

)

(

85,306,041‌

)

(

38,022,639‌

)

14,976,804‌

(

108,597,155‌

)

115,571,041‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

$

(

37,906,467‌

)

$

15,512,902‌

$

(

108,079,500‌

)

$

117,207,999‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Investor

Destinations

Funds

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

I

Shares

—‌

—‌

Class

II

Shares

Issued

318,016‌

245,603‌

Reinvested

88,613‌

36,746,376‌

Redeemed

(

12,303,356‌

)

(

9,351,625‌

)

Total

Class

II

Shares

(

11,896,727‌

)

27,640,354‌

Class

P

Shares

Issued

92,857‌

98,920‌

Reinvested

1,253‌

468,633‌

Redeemed

(

148,358‌

)

(

85,617‌

)

Total

Class

P

Shares

(

54,248‌

)

481,936‌

Total

change

in

shares

(

11,950,975‌

)

28,122,290‌

Investor

Destinations

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

81

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

40,265‌

41,167‌

81,155‌

100,565‌

—‌

20,235‌

—‌

86,739‌

(

28,098‌

)

(

9,345‌

)

(

27,413‌

)

(

19,962‌

)

12,167‌

52,057‌

53,742‌

167,342‌

574,860‌

716,331‌

423,270‌

1,191,270‌

—‌

5,007,713‌

—‌

20,357,585‌

(

4,540,077‌

)

(

3,753,256‌

)

(

11,861,089‌

)

(

7,807,608‌

)

(

3,965,217‌

)

1,970,788‌

(

11,437,819‌

)

13,741,247‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(

3,953,050‌

)

2,022,845‌

(

11,384,077‌

)

13,908,589‌

82

-

Financial

Highlights

-

December

31,

2023

-

Investor

Destinations

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Aggressive

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

8.65

$

0.07

$

1.60

$

1.67

$

—

$

(

0.11

)

$

(

0.11

)

$

10.21

19.38%

$

322,138

0.58%

0.71%

0.58%

32.02%

12/31/2022

14.81

0.08

(

2.87

)

(

2.79

)

—

(

3.37

)

(

3.37

)

8.65

(18.89)%

284,010

0.59%

0.67%

0.59%

21.13%

12/31/2021

13.05

0.43

1.59

2.02

(

0.02

)

(

0.24

)

(

0.26

)

14.81

15.50%

358,122

0.58%

2.99%

0.58%

61.15%

12/31/2020

12.40

0.18

1.30

1.48

(

0.03

)

(

0.80

)

(

0.83

)

13.05

12.82%

296,578

0.59%

1.53%

0.59%

15.71%

12/31/2019

11.21

0.23

2.34

2.57

(

0.24

)

(

1.14

)

(

1.38

)

12.40

23.73%

267,228

0.59%

1.86%

0.59%

12.92%(g)

Class

P

Shares

12/31/2023

8.59

0.09

1.58

1.67

—

(

0.11

)

(

0.11

)

10.15

19.52%

48,034

0.43%

0.92%

0.43%

32.02%

12/31/2022

14.72

0.10

(

2.86

)

(

2.76

)

—

(

3.37

)

(

3.37

)

8.59

(18.77)%

37,279

0.44%

0.86%

0.44%

21.13%

12/31/2021

12.96

0.45

1.58

2.03

(

0.03

)

(

0.24

)

(

0.27

)

14.72

15.74%

40,988

0.43%

3.18%

0.43%

61.15%

12/31/2020

12.30

0.20

1.29

1.49

(

0.03

)

(

0.80

)

(

0.83

)

12.96

13.00%

33,465

0.44%

1.75%

0.44%

15.71%

12/31/2019

11.14

0.27

2.29

2.56

(

0.26

)

(

1.14

)

(

1.40

)

12.30

23.80%

26,844

0.44%

2.19%

0.44%

12.92%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

Investor

Destinations

Fund

-

December

31,

2023

-

Financial

Highlights

-

83

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

7.80

$

0.08

$

1.31

$

1.39

$

—

$

(

0.09

)

$

(

0.09

)

$

9.10

17.93%

$

879,263

0.57%

0.90%

0.57%

26.42%

12/31/2022

14.70

0.08

(

2.75

)

(

2.67

)

—

(

4.23

)

(

4.23

)

7.80

(18.28)%

827,408

0.57%

0.77%

0.57%

16.14%

12/31/2021

13.15

0.40

1.39

1.79

(

0.02

)

(

0.22

)

(

0.24

)

14.70

13.63%

1,099,938

0.57%

2.85%

0.57%

59.87%

12/31/2020

12.51

0.18

1.27

1.45

(

0.03

)

(

0.78

)

(

0.81

)

13.15

12.33%

1,034,734

0.58%

1.49%

0.58%

13.54%

12/31/2019

11.58

0.24

2.19

2.43

(

0.25

)

(

1.25

)

(

1.50

)

12.51

21.83%

1,021,891

0.57%

1.89%

0.57%

11.88%(g)

Class

P

Shares

12/31/2023

7.71

0.09

1.30

1.39

—

(

0.09

)

(

0.09

)

9.01

18.14%

108,393

0.42%

1.12%

0.42%

26.42%

12/31/2022

14.58

0.11

(

2.75

)

(

2.64

)

—

(

4.23

)

(

4.23

)

7.71

(18.23)%

88,712

0.42%

0.98%

0.42%

16.14%

12/31/2021

13.04

0.44

1.36

1.80

(

0.04

)

(

0.22

)

(

0.26

)

14.58

13.84%

104,200

0.42%

3.14%

0.42%

59.87%

12/31/2020

12.39

0.21

1.25

1.46

(

0.03

)

(

0.78

)

(

0.81

)

13.04

12.53%

89,662

0.43%

1.75%

0.43%

13.54%

12/31/2019

11.48

0.28

2.16

2.44

(

0.28

)

(

1.25

)

(

1.53

)

12.39

22.04%

75,487

0.42%

2.22%

0.42%

11.88%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

84

-

Financial

Highlights

-

December

31,

2023

-

Investor

Destinations

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Moderate

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

7.54

$

0.11

$

1.00

$

1.11

$

—

$

—

$

—

$

8.65

14.72%

$

1,816,480

0.57%

1.31%

0.57%

18.91%

12/31/2022

13.14

0.10

(

2.26

)

(

2.16

)

—

(

3.44

)

(

3.44

)

7.54

(16.55)%

1,802,235

0.57%

1.01%

0.57%

12.51%

12/31/2021

12.07

0.33

0.91

1.24

(

0.02

)

(

0.15

)

(

0.17

)

13.14

10.31%

2,427,562

0.57%

2.61%

0.57%

50.07%

12/31/2020

11.60

0.18

0.97

1.15

(

0.02

)

(

0.66

)

(

0.68

)

12.07

10.34%

2,461,085

0.57%

1.56%

0.57%

12.14%

12/31/2019

11.06

0.24

1.66

1.90

(

0.25

)

(

1.11

)

(

1.36

)

11.60

17.74%

2,501,624

0.57%

1.99%

0.57%

11.80%(g)

Class

P

Shares

12/31/2023

7.49

0.12

1.00

1.12

—

—

—

8.61

14.95%

45,615

0.42%

1.56%

0.42%

18.91%

12/31/2022

13.07

0.12

(

2.26

)

(

2.14

)

—

(

3.44

)

(

3.44

)

7.49

(16.49)%

39,031

0.42%

1.22%

0.42%

12.51%

12/31/2021

12.02

0.39

0.86

1.25

(

0.05

)

(

0.15

)

(

0.20

)

13.07

10.44%

45,364

0.42%

3.08%

0.42%

50.07%

12/31/2020

11.53

0.22

0.95

1.17

(

0.02

)

(

0.66

)

(

0.68

)

12.02

10.59%

34,383

0.42%

1.98%

0.42%

12.14%

12/31/2019

11.01

0.27

1.63

1.90

(

0.27

)

(

1.11

)

(

1.38

)

11.53

17.83%

25,394

0.42%

2.28%

0.42%

11.80%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

Investor

Destinations

Fund

-

December

31,

2023

-

Financial

Highlights

-

85

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Moderately

Conservative

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

8.27

$

0.16

$

0.77

$

0.93

$

—

$

—

$

—

$

9.20

11.25%

$

548,239

0.57%

1.88%

0.57%

14.63%

12/31/2022

11.88

0.14

(

1.84

)

(

1.70

)

—

(

1.91

)

(

1.91

)

8.27

(14.39)%

574,999

0.58%

1.42%

0.58%

13.53%

12/31/2021

11.25

0.26

0.49

0.75

(

0.02

)

(

0.10

)

(

0.12

)

11.88

6.71%

771,094

0.58%

2.24%

0.58%

34.00%

12/31/2020

10.68

0.16

0.73

0.89

(

0.01

)

(

0.31

)

(

0.32

)

11.25

8.55%

809,718

0.58%

1.54%

0.58%

14.41%

12/31/2019

10.14

0.22

1.12

1.34

(

0.23

)

(

0.57

)

(

0.80

)

10.68

13.48%

825,375

0.58%

2.01%

0.58%

8.43%(g)

Class

P

Shares

12/31/2023

8.21

0.18

0.76

0.94

—

—

—

9.15

11.45%

2,908

0.42%

2.11%

0.42%

14.63%

12/31/2022

11.80

0.17

(

1.85

)

(

1.68

)

—

(

1.91

)

(

1.91

)

8.21

(14.34)%

2,709

0.43%

1.68%

0.43%

13.53%

12/31/2021

11.18

0.28

0.49

0.77

(

0.05

)

(

0.10

)

(

0.15

)

11.80

6.87%

2,985

0.43%

2.45%

0.43%

34.00%

12/31/2020

10.60

0.19

0.71

0.90

(

0.01

)

(

0.31

)

(

0.32

)

11.18

8.71%

2,818

0.43%

1.83%

0.43%

14.41%

12/31/2019

10.07

0.24

1.11

1.35

(

0.25

)

(

0.57

)

(

0.82

)

10.60

13.67%

2,293

0.43%

2.28%

0.43%

8.43%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

86

-

Financial

Highlights

-

December

31,

2023

-

Investor

Destinations

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Conservative

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

8.72

$

0.22

$

0.48

$

0.70

$

—

$

—

$

—

$

9.42

8.03%

$

499,205

0.58%

2.44%

0.58%

14.13%

12/31/2022

10.74

0.16

(

1.46

)

(

1.30

)

—

(

0.72

)

(

0.72

)

8.72

(12.19)%

542,037

0.58%

1.69%

0.58%

17.41%

12/31/2021

10.54

0.20

0.09

0.29

(

0.02

)

(

0.07

)

(

0.09

)

10.74

2.75%

698,366

0.58%

1.86%

0.58%

25.65%

12/31/2020

9.98

0.17

0.50

0.67

(

0.01

)

(

0.10

)

(

0.11

)

10.54

6.71%

790,805

0.58%

1.66%

0.58%

22.58%

12/31/2019

9.50

0.20

0.70

0.90

(

0.22

)

(

0.20

)

(

0.42

)

9.98

9.53%

688,613

0.58%

2.06%

0.58%

15.84%(g)

Class

P

Shares

12/31/2023

8.70

0.25

0.46

0.71

—

—

—

9.41

8.16%

4,184

0.43%

2.79%

0.43%

14.13%

12/31/2022

10.70

0.18

(

1.46

)

(

1.28

)

—

(

0.72

)

(

0.72

)

8.70

(12.04)%

3,506

0.43%

1.84%

0.43%

17.41%

12/31/2021

10.51

0.21

0.09

0.30

(

0.04

)

(

0.07

)

(

0.11

)

10.70

2.85%

4,493

0.43%

2.02%

0.43%

25.65%

12/31/2020

9.93

0.18

0.51

0.69

(

0.01

)

(

0.10

)

(

0.11

)

10.51

6.95%

4,515

0.43%

1.82%

0.43%

22.58%

12/31/2019

9.46

0.23

0.67

0.90

(

0.23

)

(

0.20

)

(

0.43

)

9.93

9.65%

4,124

0.43%

2.30%

0.43%

15.84%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

Investor

Destinations

Fund

-

December

31,

2023

-

Financial

Highlights

-

87

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Balanced

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

11.58

$

0.20

$

1.31

$

1.51

$

—

$

—

$

—

$

13.09

13.04%

$

1,201,305

0.57%

1.60%

0.57%

16.90%

12/31/2022

17.34

0.17

(

2.75

)

(

2.58

)

—

(

3.18

)

(

3.18

)

11.58

(14.99)%

1,205,067

0.57%

1.19%

0.57%

13.14%

12/31/2021

16.20

0.38

0.95

1.33

(

0.03

)

(

0.16

)

(

0.19

)

17.34

8.24%

1,567,915

0.57%

2.26%

0.57%

41.04%

12/31/2020

15.26

0.24

1.16

1.40

(

0.02

)

(

0.44

)

(

0.46

)

16.20

9.41%

1,620,709

0.57%

1.61%

0.57%

14.53%

12/31/2019

14.39

0.32

1.84

2.16

(

0.33

)

(

0.96

)

(

1.29

)

15.26

15.34%

1,582,104

0.57%

2.06%

0.57%

12.40%(g)

Class

P

Shares

12/31/2023

11.57

0.22

1.30

1.52

—

—

—

13.09

13.14%

10,977

0.42%

1.82%

0.42%

16.90%

12/31/2022

17.30

0.20

(

2.75

)

(

2.55

)

—

(

3.18

)

(

3.18

)

11.57

(14.84)%

10,818

0.42%

1.41%

0.42%

13.14%

12/31/2021

16.16

0.43

0.93

1.36

(

0.06

)

(

0.16

)

(

0.22

)

17.30

8.45%

12,255

0.42%

2.51%

0.42%

41.04%

12/31/2020

15.21

0.29

1.12

1.41

(

0.02

)

(

0.44

)

(

0.46

)

16.16

9.50%

11,365

0.42%

1.91%

0.42%

14.53%

12/31/2019

14.35

0.37

1.81

2.18

(

0.36

)

(

0.96

)

(

1.32

)

15.21

15.51%

9,412

0.42%

2.42%

0.42%

12.40%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

88

-

Financial

Highlights

-

December

31,

2023

-

Investor

Destinations

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Capital

Appreciation

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

10.76

$

0.12

$

1.64

$

1.76

$

—

$

(

0.01

)

$

(

0.01

)

$

12.51

16.38%

$

1,105,475

0.57%

1.04%

0.57%

19.54%

12/31/2022

20.21

0.13

(

3.65

)

(

3.52

)

—

(

5.93

)

(

5.93

)

10.76

(17.57)%

1,078,510

0.57%

0.89%

0.57%

12.44%

12/31/2021

18.32

0.51

1.71

2.22

(

0.03

)

(

0.30

)

(

0.33

)

20.21

12.16%

1,467,723

0.57%

2.60%

0.57%

55.36%

12/31/2020

17.45

0.26

1.66

1.92

(

0.03

)

(

1.02

)

(

1.05

)

18.32

11.62%

1,462,628

0.57%

1.52%

0.57%

12.84%

12/31/2019

16.03

0.33

2.78

3.11

(

0.36

)

(

1.33

)

(

1.69

)

17.45

19.94%

1,445,670

0.57%

1.91%

0.57%

9.90%(g)

Class

P

Shares

12/31/2023

10.70

0.14

1.63

1.77

—

(

0.01

)

(

0.01

)

12.46

16.56%

16,271

0.42%

1.25%

0.42%

19.54%

12/31/2022

20.12

0.16

(

3.65

)

(

3.49

)

—

(

5.93

)

(

5.93

)

10.70

(17.50)%

14,549

0.42%

1.09%

0.42%

12.44%

12/31/2021

18.24

0.59

1.66

2.25

(

0.07

)

(

0.30

)

(

0.37

)

20.12

12.38%

17,656

0.42%

3.01%

0.42%

55.36%

12/31/2020

17.35

0.33

1.61

1.94

(

0.03

)

(

1.02

)

(

1.05

)

18.24

11.80%

14,683

0.42%

1.96%

0.42%

12.84%

12/31/2019

15.95

0.39

2.73

3.12

(

0.39

)

(

1.33

)

(

1.72

)

17.35

20.11%

10,776

0.42%

2.25%

0.42%

9.90%(g)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

Investor

Destinations

Fund

-

December

31,

2023

-

Financial

Highlights

-

89

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

9.21

$

0.21

$

0.93

$

1.14

$

—

$

—

$

—

$

10.35

12.38%

$

2,107

0.30%

2.15%

0.35%

24.34%

12/31/2022

12.00

0.16

(

1.81

)

(

1.65

)

—

(

1.14

)

(

1.14

)

9.21

(13.87)%

1,763

0.30%

1.58%

0.35%

15.70%

12/31/2021

11.45

0.30

0.58

0.88

(

0.05

)

(

0.28

)

(

0.33

)

12.00

7.72%

1,673

0.30%

2.56%

0.35%

45.26%

12/31/2020

11.06

0.21

0.31

0.52

(

0.01

)

(

0.12

)

(

0.13

)

11.45

4.83%

1,402

0.30%

1.91%

0.35%

13.58%

12/31/2019

10.21

0.26

1.10

1.36

(

0.27

)

(

0.24

)

(

0.51

)

11.06

13.37%

1,218

0.30%

2.44%

0.35%

18.32%(h)

Class

II

Shares

12/31/2023

9.15

0.17

0.94

1.11

—

—

—

10.26

12.13%

417,323

0.55%

1.77%

0.60%

24.34%

12/31/2022

11.97

0.13

(

1.81

)

(

1.68

)

—

(

1.14

)

(

1.14

)

9.15

(14.17)%

408,553

0.55%

1.23%

0.60%

15.70%

12/31/2021

11.41

0.26

0.60

0.86

(

0.02

)

(

0.28

)

(

0.30

)

11.97

7.57%

510,651

0.55%

2.23%

0.60%

45.26%

12/31/2020

11.05

0.17

0.32

0.49

(

0.01

)

(

0.12

)

(

0.13

)

11.41

4.56%

494,836

0.55%

1.54%

0.60%

13.58%

12/31/2019

10.21

0.23

1.09

1.32

(

0.24

)

(

0.24

)

(

0.48

)

11.05

13.00%

492,738

0.55%

2.09%

0.60%

18.32%(h)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

90

-

Financial

Highlights

-

December

31,

2023

-

Investor

Destinations

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Investor

Destinations

Managed

Growth

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

9.09

$

0.18

$

1.02

$

1.20

$

—

$

—

$

—

$

10.29

13.20%

$

6,081

0.31%

1.85%

0.34%

25.48%

12/31/2022

12.96

0.16

(

2.06

)

(

1.90

)

—

(

1.97

)

(

1.97

)

9.09

(14.96)%

4,883

0.31%

1.43%

0.34%

14.73%

12/31/2021

12.01

0.36

1.12

1.48

(

0.06

)

(

0.47

)

(

0.53

)

12.96

12.34%

4,793

0.31%

2.81%

0.34%

51.90%

12/31/2020

11.49

0.21

0.53

0.74

(

0.01

)

(

0.21

)

(

0.22

)

12.01

6.59%

3,608

0.31%

1.88%

0.35%

13.50%

12/31/2019

10.43

0.27

1.33

1.60

(

0.27

)

(

0.27

)

(

0.54

)

11.49

15.52%

3,081

0.31%

2.39%

0.34%

14.79%(h)

Class

II

Shares

12/31/2023

9.03

0.14

1.03

1.17

—

—

—

10.20

12.96%

1,038,996

0.56%

1.50%

0.59%

25.48%

12/31/2022

12.92

0.12

(

2.04

)

(

1.92

)

—

(

1.97

)

(

1.97

)

9.03

(15.16)%

1,023,306

0.56%

1.06%

0.59%

14.73%

12/31/2021

11.98

0.30

1.13

1.43

(

0.02

)

(

0.47

)

(

0.49

)

12.92

12.01%

1,286,826

0.56%

2.38%

0.59%

51.90%

12/31/2020

11.49

0.17

0.54

0.71

(

0.01

)

(

0.21

)

(

0.22

)

11.98

6.33%

1,210,471

0.56%

1.49%

0.60%

13.50%

12/31/2019

10.43

0.23

1.34

1.57

(

0.24

)

(

0.27

)

(

0.51

)

11.49

15.25%

1,184,500

0.56%

2.06%

0.59%

14.79%(h)

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Portfolio

turnover

excludes

securities

received

or

delivered

in-kind.

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

91

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

nine

(9) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Investor

Destinations

Aggressive

Fund

("Investor

Destinations

Aggressive")

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

("Investor

Destinations

Moderately

Aggressive")

NVIT

Investor

Destinations

Moderate

Fund

("Investor

Destinations

Moderate")

NVIT

Investor

Destinations

Moderately

Conservative

Fund

("Investor

Destinations

Moderately

Conservative")

NVIT

Investor

Destinations

Conservative

Fund

("Investor

Destinations

Conservative")

NVIT

Investor

Destinations

Balanced

Fund

("Investor

Destinations

Balanced")

NVIT

Investor

Destinations

Capital

Appreciation

Fund

("Investor

Destinations

Capital

Appreciation")

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

("Investor

Destinations

Managed

Growth

&

Income")

NVIT

Investor

Destinations

Managed

Growth

Fund

("Investor

Destinations

Managed

Growth")

Shares

of the

Funds are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC.

Shares

of

Investor

Destinations

Moderate

and

Investor

Destinations

Capital

Appreciation

are

also

held

by

other

affiliated

insurance

companies.

Each Fund

operates

as

a

“fund-of-funds,”

which

means

that the

Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

affiliated

series

of

the

Trust,

affiliated

series

of

the

Nationwide

Mutual

Funds

(“NMF”)

and

affiliated

series

of

the

ETF

Series

Solutions

(“ESS”)

(together,

the

“Underlying

Funds”),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

Each Fund

may

also

invest

in

an

unregistered

fixed interest

contract

(the

“Nationwide

Contract”)

issued

by

NLIC.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

P shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations. 

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act. 

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

92

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

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

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Shares

of

registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset

value

(“NAV”)

as

reported

by

such

Underlying

Fund.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Shares

of

registered

open-end

Underlying

Funds

and

shares

of

ETFs

valued

in

this

manner

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

series

of

the

Trust, other

series

of

NMF,

and

other

series

of

ESS (together,

the

“series

of

the

Trusts”),

which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds’

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available

upon

request

or

at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

series

of

the

Trusts

are

available

on

the

SEC's

website

or

upon

request.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2023.

Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

Investor

Destinations

Aggressive

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

10,548,316

$

–

$

–

$

10,548,316

Investment

Companies

357,051,280

–

–

357,051,280

Repurchase

Agreement

–

1,650,825

–

1,650,825

Short-Term

Investment

2,773,817

–

–

2,773,817

Total

$

370,373,413

$

1,650,825

$

–

$

372,024,238

Investor

Destinations

Moderately

Aggressive

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

41,415,087

$

–

$

–

$

41,415,087

Investment

Companies

934,644,662

–

–

934,644,662

Repurchase

Agreements

–

19,963,680

–

19,963,680

Short-Term

Investment

12,077,733

–

–

12,077,733

Total

$

988,137,482

$

19,963,680

$

–

$

1,008,101,162

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

93

Investor

Destinations

Moderate

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

119,409,783

$

–

$

–

$

119,409,783

Investment

Companies

1,651,601,322

–

–

1,651,601,322

Repurchase

Agreements

–

23,039,872

–

23,039,872

Short-Term

Investment

91,681,918

–

–

91,681,918

Total

$

1,862,693,023

$

23,039,872

$

–

$

1,885,732,895

Investor

Destinations

Moderately

Conservative

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

55,122,925

$

–

$

–

$

55,122,925

Investment

Companies

448,791,784

–

–

448,791,784

Repurchase

Agreements

–

17,123,633

–

17,123,633

Short-Term

Investment

47,336,834

–

–

47,336,834

Total

$

551,251,543

$

17,123,633

$

–

$

568,375,176

Investor

Destinations

Conservative

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

58,664,447

$

–

$

–

$

58,664,447

Investment

Companies

389,925,812

–

–

389,925,812

Repurchase

Agreements

–

12,266,007

–

12,266,007

Short-Term

Investment

55,518,169

–

–

55,518,169

Total

$

504,108,428

$

12,266,007

$

–

$

516,374,435

Investor

Destinations

Balanced

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

85,955,098

$

–

$

–

$

85,955,098

Investment

Companies

1,035,682,195

–

–

1,035,682,195

Repurchase

Agreements

–

10,548,253

–

10,548,253

Short-Term

Investment

90,875,481

–

–

90,875,481

Total

$

1,212,512,774

$

10,548,253

$

–

$

1,223,061,027

Investor

Destinations

Capital

Appreciation

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

71,459,498

$

–

$

–

$

71,459,498

Investment

Companies

1,023,510,365

–

–

1,023,510,365

Repurchase

Agreements

–

44,360,060

–

44,360,060

Short-Term

Investment

27,246,414

–

–

27,246,414

Total

$

1,122,216,277

$

44,360,060

$

–

$

1,166,576,337

94

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

For

additional

information

about

each

unaffiliated

Underlying

Fund's

valuation

policies,

please

refer

to

the

unaffiliated

Underlying

Fund’s

most

recent

annual

or

semiannual

report.

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

5.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023,

the

Funds

did

not

have

overdrawn

balances.

(c)

Futures

Contracts  

Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

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

each

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.

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.

Investor

Destinations

Managed

Growth

&

Income

and

Investor

Destinations

Managed

Growth

are

subject

to

equity

risk

in

the

normal

course

of

pursuing their

objective(s)

in

two

respects.

First,

each Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

each 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,

each

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Investor

Destinations

Managed

Growth

&

Income

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

27,285,578

$

–

$

–

$

27,285,578

Futures

Contracts#

3,191,945

–

–

3,191,945

Investment

Companies

335,417,414

–

–

335,417,414

Repurchase

Agreements

–

13,095,795

–

13,095,795

Short-Term

Investment

31,344,593

–

–

31,344,593

Total

$

397,239,530

$

13,095,795

$

–

$

410,335,325

Investor

Destinations

Managed

Growth

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

61,738,887

$

–

$

–

$

61,738,887

Futures

Contracts#

9,967,313

–

–

9,967,313

Investment

Companies

868,926,685

–

–

868,926,685

Repurchase

Agreements

–

12,785,600

–

12,785,600

Short-Term

Investment

49,488,991

–

–

49,488,991

Total

$

990,121,876

$

12,785,600

$

–

$

1,002,907,476

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

95

Upon

entering

into

a

futures

contract, a

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, a

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 a

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, a

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, a

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. A

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,”

as

applicable.

The

following

is

a

summary

of

the

Funds’

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

December

31,

2023:

The

Effect

of

Derivative

Instruments

on

the

Statements

of

Operations

for

the

Year

Ended

December

31,

2023:

Investor

Destinations

Managed

Growth

&

Income

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

3,191,945

Total

$

3,191,945

Investor

Destinations

Managed

Growth

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

9,967,313

Total

$

9,967,313

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Investor

Destinations

Managed

Growth

&

Income

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(3,767,816)

Total

$

(3,767,816)

Investor

Destinations

Managed

Growth

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(19,140,816)

Total

$

(19,140,816)

96

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Statements

of

Operations

for

the Year

Ended December

31,

2023:

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

(d)

Securities

Lending 

During

the

year

ended

December

31,

2023, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

33

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

“Dividend

income”

and/or

“Interest

income”,

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

“Income

from

securities

lending”.

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

Investor

Destinations

Managed

Growth

&

Income

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

2,130,561

Total

$

2,130,561

Investor

Destinations

Managed

Growth

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

8,710,695

Total

$

8,710,695

Investor

Destinations

Managed

Growth

&

Income

Futures

Contracts:

Average

Notional

Balance

Long

$

31,088,742

Average

Notional

Balance

Short

$

11,050,478

Investor

Destinations

Managed

Growth

Futures

Contracts:

Average

Notional

Balance

Long

$

112,594,336

Average

Notional

Balance

Short

$

49,709,287

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

97

In

accordance

with

guidance

presented

in

FASB

Accounting

Standards

Update

2014-11,

Balance

Sheet

(Topic)

860:

Repurchase-

to-Maturity

Transactions,

Repurchase

Financings,

and

Disclosures,

liabilities

under

the

outstanding

securities

lending

transactions

as

of

December

31,

2023,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust’s

securities

lending

policies

and

procedures

require

that

the

borrower

(i)

deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

(ii)

at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund’s

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safekeeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund’s

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2023,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(e)

Joint

Repurchase

Agreements

During

the year

ended December

31,

2023,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

(“repo”

or

collectively

“repos”)

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

Fund

Amounts

of

Liabilities

Presented

in

the

Statements

of

Assets

and

Liabilities

Investor

Destinations

Aggressive

$

1,650,825

Investor

Destinations

Moderately

Aggressive

19,963,680

Investor

Destinations

Moderate

23,039,872

Investor

Destinations

Moderately

Conservative

17,123,633

Investor

Destinations

Conservative

12,266,007

Investor

Destinations

Balanced

10,548,253

Investor

Destinations

Capital

Appreciation

44,360,060

Investor

Destinations

Managed

Growth

&

Income

13,095,795

Investor

Destinations

Managed

Growth

12,785,600

As

of

December

31,

2023,

the

joint

repos

on

a

gross

basis

were

as

follows:

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

146,982,433,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$149,832,183.

98

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

As

of December

31,

2023, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

100,059,000,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$102,000,081.

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$234,398,780,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$238,945,247.

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$99,059,180,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$101,040,364.

Investor

Destinations

Aggressive

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

1,650,825

$

–

$

1,650,825

$

(1,650,825)

$

–

Total

$

1,650,825

$

–

$

1,650,825

$

(1,650,825)

$

–

Investor

Destinations

Moderately

Aggressive

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

7,963,680

$

–

$

7,963,680

$

(7,963,680)

$

–

Citi

Global

Market,

Inc.

12,000,000

–

12,000,000

(12,000,000)

–

Total

$

19,963,680

$

–

$

19,963,680

$

(19,963,680)

$

–

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

99

Investor

Destinations

Moderate

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

1,039,872

$

–

$

1,039,872

$

(1,039,872)

$

–

Citi

Global

Market,

Inc.

15,000,000

–

15,000,000

(15,000,000)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Santander

US

Capital

Markets

5,000,000

–

5,000,000

(5,000,000)

–

Total

$

23,039,872

$

–

$

23,039,872

$

(23,039,872)

$

–

Investor

Destinations

Moderately

Conservative

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

123,633

$

–

$

123,633

$

(123,633)

$

–

Citi

Global

Market,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

Santander

US

Capital

Markets

12,000,000

–

12,000,000

(12,000,000)

–

Total

$

17,123,633

$

–

$

17,123,633

$

(17,123,633)

$

–

100

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

Investor

Destinations

Conservative

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

7,266,007

$

–

$

7,266,007

$

(7,266,007)

$

–

Santander

US

Capital

Markets

5,000,000

–

5,000,000

(5,000,000)

–

Total

$

12,266,007

$

–

$

12,266,007

$

(12,266,007)

$

–

Investor

Destinations

Balanced

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

5,548,253

$

–

$

5,548,253

$

(5,548,253)

$

–

Santander

US

Capital

Markets

5,000,000

–

5,000,000

(5,000,000)

–

Total

$

10,548,253

$

–

$

10,548,253

$

(10,548,253)

$

–

Investor

Destinations

Capital

Appreciation

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

9,360,060

$

–

$

9,360,060

$

(9,360,060)

$

–

Citi

Global

Market,

Inc.

20,000,000

–

20,000,000

(20,000,000)

–

Santander

US

Capital

Markets

15,000,000

–

15,000,000

(15,000,000)

–

Total

$

44,360,060

$

–

$

44,360,060

$

(44,360,060)

$

–

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

101

(f)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund’s

Statement

of

Operations.

(g)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to non-taxable

distributions

and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

Investor

Destinations

Managed

Growth

&

Income

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

3,095,795

$

–

$

3,095,795

$

(3,095,795)

$

–

Pershing

LLC

10,000,000

–

10,000,000

(10,000,000)

–

Total

$

13,095,795

$

–

$

13,095,795

$

(13,095,795)

$

–

Investor

Destinations

Managed

Growth

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

7,785,600

$

–

$

7,785,600

$

(7,785,600)

$

–

Pershing

LLC

5,000,000

–

5,000,000

(5,000,000)

–

Total

$

12,785,600

$

–

$

12,785,600

$

(12,785,600)

$

–

*

As

of

December

31,

2023,

the

value

of

the

collateral

received

exceeded

the

market

value

of

the

Fund’s

proportionate

holding

in

the

joint

repos.

Please

refer

to

the

Statement

of

Investments

for

the

Fund’s

undivided

interest

in

each

joint

repo

and

related

collateral.

102

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

December

31,

2023

may

primarily

be

attributable

to

mark-to-market

adjustments

on

futures,

outstanding

straddle

loss

deferrals,

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.  

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

(h)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2023,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2023

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

(i)

Allocation

of

Expenses,

Income

and

Gains

and

Losses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Certain

non

asset-based

expenses

are

estimated

and

accrued

daily.

Expense

estimate

true-ups

are

recorded

routinely

and

could

result

in

negative

expenses

on

the

Statements

of

Operations,

as

applicable.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

Fund

Capital

Total

Distributable

Earnings

(Loss)

Investor

Destinations

Aggressive

$

3,430,649

$

(3,430,649)

Investor

Destinations

Moderately

Aggressive

9,942,821

(9,942,821)

Investor

Destinations

Moderate

21,909,445

(21,909,445)

Investor

Destinations

Moderately

Conservative

9,327,552

(9,327,552)

Investor

Destinations

Conservative

10,245,374

(10,245,374)

Investor

Destinations

Balanced

16,315,801

(16,315,801)

Investor

Destinations

Capital

Appreciation

11,772,511

(11,772,511)

Investor

Destinations

Managed

Growth

&

Income

5,579,815

(5,579,815)

Investor

Destinations

Managed

Growth

12,356,082

(12,356,082)

Fund

Ordinary

Distribution

Available

for

Consent

Dividend

Investor

Destinations

Aggressive

$

2,524,095

Investor

Destinations

Moderately

Aggressive

8,787,836

Investor

Destinations

Moderate

24,601,366

Investor

Destinations

Moderately

Conservative

10,813,789

Investor

Destinations

Conservative

12,820,512

Investor

Destinations

Balanced

19,786,450

Investor

Destinations

Capital

Appreciation

11,701,563

Investor

Destinations

Managed

Growth

&

Income

7,390,236

Investor

Destinations

Managed

Growth

15,547,105

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

103

3.

Transactions

with

Affiliates

Under

the

terms

of

the

Trust’s

Investment

Advisory

Agreement,

NFA

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

Nationwide

Asset

Management,

LLC

(the

“Subadviser”)

as

subadviser

for Investor

Destinations

Managed

Growth

&

Income

and

Investor

Destinations

Managed

Growth,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

Subadviser.

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund’s

average

daily

net

assets.

During

the

year

ended

December

31,

2023,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

For

the

year

ended

December

31,

2023,

the

effective

advisory

fee

rates

before

and

after

expense

reimbursements

due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$55,863

during

the

year

ended

December

31,

2023.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i)

the

Fund’s

assets

exceed

$100

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

Investor

Destinations

Aggressive

All

assets

0.13%

Investor

Destinations

Moderately

Aggressive

All

assets

0.13%

Investor

Destinations

Moderate

All

assets

0.13%

Investor

Destinations

Moderately

Conservative

All

assets

0.13%

Investor

Destinations

Conservative

All

assets

0.13%

Investor

Destinations

Balanced

All

assets

0.13%

Investor

Destinations

Capital

Appreciation

All

assets

0.13%

Investor

Destinations

Managed

Growth

&

Income

All

assets

0.15%

Investor

Destinations

Managed

Growth

All

assets

0.15%

Fund

Effective

Advisory

Fee

Rate

Before

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Expense

Reimbursements

Investor

Destinations

Aggressive

0.13

%

0.13

%

Investor

Destinations

Moderately

Aggressive

0.13

0.13

Investor

Destinations

Moderate

0.13

0.13

Investor

Destinations

Moderately

Conservative

0.13

0.13

Investor

Destinations

Conservative

0.13

0.13

Investor

Destinations

Balanced

0.13

0.13

Investor

Destinations

Capital

Appreciation

0.13

0.13

Investor

Destinations

Managed

Growth

&

Income

0.15

0.10

Investor

Destinations

Managed

Growth

0.15

0.12

Fund

Classes

Amount

(annual

rate)

Investor

Destinations

Balanced

All

Classes

0.28%

Investor

Destinations

Capital

Appreciation

All

Classes

0.28

Investor

Destinations

Managed

Growth

&

Income

All

Classes

0.15

Investor

Destinations

Managed

Growth

All

Classes

0.16

104

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

million

and

(ii)

the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2023,

the

cumulative

potential

reimbursements

for certain

Funds,

listed

by

the period

or

year in

which

NFA

waived

fees

or

reimbursed

expenses

to certain

Funds

are:

During

the

year

ended

December

31,

2023,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement. 

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services. 

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$2,035,115

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$34,416.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds'

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

the

respective

class

of

the

Funds

at

an

annual

rate

of

0.25%

for

Class

II

and

Class

P

shares

of

each

Fund.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

each applicable

Fund.

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

Investor

Destinations

Managed

Growth

&

Income

$

251,339

$

221,646

$

195,830

$

668,815

Investor

Destinations

Managed

Growth

382,225

352,955

301,658

1,036,838

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

105

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

N/A

-

Not

applicable.

For

the

year

ended

December

31,

2023,

each

Fund’s

total

administrative

services

fees

were

as

follows:

Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

the

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund’s

assets

are

allocated

among

the

Underlying

Funds. 

4.

Investments

in

Affiliated

Issuers

Each Fund

invests

in

shares

of

the

affiliated

Underlying

Funds.

The

Funds’

transactions

in

the

shares

of

Underlying

Funds

during

the year

ended

December

31,

2023 were

as

follows:

Fund

Class

I

Class

II

Investor

Destinations

Aggressive

N/A

0.15%

Investor

Destinations

Moderately

Aggressive

N/A

0.15

Investor

Destinations

Moderate

N/A

0.15

Investor

Destinations

Moderately

Conservative

N/A

0.15

Investor

Destinations

Conservative

N/A

0.15

Investor

Destinations

Balanced

N/A

0.15

Investor

Destinations

Capital

Appreciation

N/A

0.15

Investor

Destinations

Managed

Growth

&

Income

0.15%

0.15

Investor

Destinations

Managed

Growth

0.15

0.15

Fund

Amount

Investor

Destinations

Aggressive

$

452,835

Investor

Destinations

Moderately

Aggressive

1,278,693

Investor

Destinations

Moderate

2,703,610

Investor

Destinations

Moderately

Conservative

838,715

Investor

Destinations

Conservative

781,431

Investor

Destinations

Balanced

1,804,250

Investor

Destinations

Capital

Appreciation

1,632,241

Investor

Destinations

Managed

Growth

&

Income

616,958

Investor

Destinations

Managed

Growth

1,542,624

Investor

Destinations

Aggressive

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

3,648,404

—

37,100,180

(593,230)

(17,275)

2,219,892

38,709,567

206,160

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

11,020,612

175,768,361

6,321,291

(72,347,757)

(13,039,256)

53,618,512

150,321,151

—

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

23,150,060

2,357,845

(25,179,925)

(6,164,406)

5,836,426

—

294,286

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3,093,950

—

23,439,189

—

—

1,405,228

24,844,417

88,096

—

NVIT

International

Index

Fund,

Class

Y

7,219,388

55,686,981

18,511,643

(6,456,556)

(35,000)

8,746,253

76,453,321

1,939,574

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

1,533,005

29,821,119

4,279,924

(8,057,968)

(800,843)

3,731,556

28,973,788

375,929

1,380,001

NVIT

Small

Cap

Index

Fund,

Class

Y

163,010

2,653,754

109,718

(1,775,947)

72,345

253,995

1,313,865

17,429

7,271

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

1,592,577

12,584,115

2,506,687

(1,052,678)

(235,276)

594,044

14,396,892

561,145

—

NVIT

Bond

Index

Fund,

Class

Y

2,395,465

11,926,836

11,644,613

(1,767,279)

(380,147)

614,256

22,038,279

599,924

—

Total

311,591,226

106,271,090

(117,231,340)

(20,599,858)

77,020,162

357,051,280

4,082,543

1,387,272

106

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

Investor

Destinations

Moderately

Aggressive

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

9,022,032

—

94,117,704

(3,767,257)

(113,814)

5,487,127

95,723,760

510,676

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

26,855,038

465,513,984

3,881,521

(207,567,137)

(36,789,907)

141,264,252

366,302,713

—

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

51,869,257

2,729,246

(54,055,712)

(12,654,957)

12,112,166

—

620,264

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

6,455,780

—

48,907,788

—

—

2,932,124

51,839,912

183,820

—

NVIT

International

Index

Fund,

Class

Y

16,718,887

144,244,170

32,497,196

(21,276,421)

565,289

21,022,775

177,053,009

4,478,975

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

2,597,833

55,766,593

5,455,498

(17,429,534)

(33,938)

5,340,429

49,099,048

637,862

2,375,657

NVIT

Small

Cap

Index

Fund,

Class

Y

177,948

1,265,079

27,492

(40,089)

2,303

179,476

1,434,261

19,030

7,951

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

5,405,691

44,460,383

6,056,428

(2,877,831)

(585,293)

1,813,763

48,867,450

1,947,961

—

NVIT

Bond

Index

Fund,

Class

Y

15,687,447

104,206,976

50,750,555

(12,898,959)

(2,647,586)

4,913,523

144,324,509

4,050,489

—

Total

867,326,442

244,423,428

(319,912,940)

(52,257,903)

195,065,635

934,644,662

12,449,077

2,383,608

Investor

Destinations

Moderate

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

14,135,983

—

148,451,202

(6,904,876)

(160,694)

8,597,150

149,982,782

800,588

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

41,463,916

750,763,170

753,545

(352,124,653)

(62,432,654)

228,608,409

565,567,817

(273,700)

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

87,157,928

960,025

(87,306,153)

(21,235,802)

20,424,002

—

960,025

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

10,048,668

—

76,126,838

—

—

4,563,963

80,690,801

286,123

—

NVIT

International

Index

Fund,

Class

Y

20,704,855

227,254,283

5,852,176

(44,662,557)

5,140,177

25,680,334

219,264,413

5,543,286

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

1,898,794

36,258,399

2,213,455

(5,743,377)

(422,841)

3,581,564

35,887,200

466,202

1,735,452

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

14,546,806

127,835,107

7,286,973

(7,087,398)

(1,449,252)

4,917,696

131,503,126

5,310,313

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

847,240

7,204,717

456,986

(12,223)

(2,629)

(38,638)

7,608,213

315,533

—

NVIT

Bond

Index

Fund,

Class

Y

46,197,782

362,070,671

80,113,520

(25,068,196)

(5,333,100)

13,236,696

425,019,591

12,006,589

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

3,738,589

35,873,308

2,471,059

(2,985,686)

(206,617)

925,315

36,077,379

1,414,410

—

Total

1,634,417,583

324,685,779

(531,895,119)

(86,103,412)

310,496,491

1,651,601,322

26,829,369

1,735,452

Investor

Destinations

Moderately

Conservative

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

2,643,594

—

28,231,496

(1,768,538)

(21,934)

1,607,510

28,048,534

149,943

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

7,536,932

151,594,650

2,502,048

(83,985,941)

(15,219,478)

47,912,474

102,803,753

(239,194)

—

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

107

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

NVIT

Emerging

Markets

Fund,

Class

Y

–

9,100,038

94,455

(9,129,204)

(2,236,465)

2,171,176

—

94,455

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

985,114

—

7,463,044

—

—

447,425

7,910,469

28,050

—

NVIT

International

Index

Fund,

Class

Y

3,835,536

45,206,048

1,037,431

(11,695,591)

1,517,676

4,552,758

40,618,322

1,035,305

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

461,900

9,619,964

829,804

(2,556,758)

(185,650)

1,022,552

8,729,912

113,409

422,216

NVIT

Small

Cap

Index

Fund,

Class

Y

357,035

3,036,345

62,469

(620,902)

12,430

387,363

2,877,705

38,179

15,946

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

5,609,792

52,378,472

2,950,204

(5,989,506)

(1,098,896)

2,472,243

50,712,517

2,090,062

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

1,836,288

17,334,947

781,083

(1,539,040)

(140,484)

53,362

16,489,868

712,500

—

NVIT

Bond

Index

Fund,

Class

Y

17,486,164

148,536,190

26,893,972

(17,891,637)

(3,487,555)

6,821,740

160,872,710

4,534,788

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

3,080,621

31,648,159

1,554,708

(4,111,190)

(361,645)

997,962

29,727,994

1,165,483

—

Total

468,454,813

72,400,714

(139,288,307)

(21,222,001)

68,446,565

448,791,784

9,722,980

438,162

Investor

Destinations

Conservative

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

1,258,968

—

13,830,841

(1,233,723)

(7,806)

768,341

13,357,653

71,522

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

3,898,171

76,029,868

6,658,157

(45,855,323)

(8,074,742)

24,413,093

53,171,053

15,747

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

8,307,866

499,235

(8,798,426)

(1,241,378)

1,232,703

—

83,013

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

874,534

—

6,647,525

(22,759)

542

397,201

7,022,509

24,901

—

NVIT

International

Index

Fund,

Class

Y

1,655,375

20,559,256

621,709

(6,405,324)

876,306

1,878,469

17,530,416

443,403

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

24,329

535,653

28,790

(150,088)

18,449

27,011

459,815

5,974

22,277

NVIT

Small

Cap

Index

Fund,

Class

Y

63,285

575,746

10,199

(148,983)

23,446

49,666

510,074

6,769

2,832

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

6,292,628

60,122,693

3,110,711

(7,911,270)

(1,407,900)

2,971,124

56,885,358

2,382,485

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

2,806,212

27,474,207

1,235,472

(3,373,492)

(311,334)

174,930

25,199,783

1,104,669

—

NVIT

Bond

Index

Fund,

Class

Y

18,592,739

166,909,755

25,578,576

(25,274,717)

(4,833,384)

8,672,972

171,053,202

4,760,450

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

4,635,850

49,288,248

2,784,677

(8,312,289)

(670,718)

1,646,031

44,735,949

1,753,868

—

Total

409,803,292

61,005,892

(107,486,394)

(15,628,519)

42,231,541

389,925,812

10,652,801

25,109

Investor

Destinations

Balanced

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

7,470,476

—

79,053,499

(4,279,111)

(55,110)

4,542,475

79,261,753

423,499

—

108

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

22,149,035

406,908,650

445,405

(195,208,748)

(34,546,316)

124,513,841

302,112,832

(360,563)

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

44,979,753

485,858

(45,084,282)

(11,105,338)

10,724,009

—

485,858

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

5,030,361

—

38,109,082

—

—

2,284,719

40,393,801

143,233

—

NVIT

International

Index

Fund,

Class

Y

10,852,957

122,344,628

2,905,726

(26,854,754)

1,944,427

14,592,790

114,932,817

2,905,726

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

1,129,125

22,403,410

1,310,845

(4,356,950)

(333,989)

2,317,150

21,340,466

277,264

1,033,581

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

10,882,045

96,938,144

4,658,675

(5,820,455)

(1,184,152)

3,781,477

98,373,689

4,005,477

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

557,483

4,780,481

262,627

(9,706)

(2,288)

(24,914)

5,006,200

208,506

—

NVIT

Bond

Index

Fund,

Class

Y

35,543,468

287,973,521

53,870,195

(21,203,337)

(4,440,268)

10,799,791

326,999,902

9,228,282

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

4,897,485

47,605,383

2,857,708

(4,161,437)

(356,465)

1,315,546

47,260,735

1,852,852

—

Total

1,033,933,970

183,959,620

(306,978,780)

(50,079,499)

174,846,884

1,035,682,195

19,170,134

1,033,581

Investor

Destinations

Capital

Appreciation

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

9,796,432

—

102,834,837

(4,718,983)

(132,494)

5,956,785

103,940,145

554,837

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

29,036,714

511,926,535

—

(229,921,947)

(40,831,978)

154,888,165

396,060,775

(160,684)

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

51,427,582

578,197

(51,461,242)

(14,286,385)

13,741,848

—

578,197

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

6,102,922

—

46,251,787

(16,969)

(217)

2,771,861

49,006,462

173,773

—

NVIT

International

Index

Fund,

Class

Y

14,615,178

155,723,965

3,912,705

(26,153,773)

3,580,814

17,711,021

154,774,732

3,913,301

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

1,620,963

30,336,874

1,880,768

(4,231,035)

(135,343)

2,784,928

30,636,192

398,014

1,482,754

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

6,201,216

53,877,813

3,116,448

(2,386,019)

(494,738)

1,945,486

56,058,990

2,258,941

—

NVIT

Bond

Index

Fund,

Class

Y

22,986,942

173,969,813

46,782,757

(12,988,172)

(2,792,029)

6,507,498

211,479,867

5,975,019

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

2,233,492

21,167,064

1,740,558

(1,780,762)

(146,821)

573,163

21,553,202

844,991

—

Total

998,429,646

207,098,057

(333,658,902)

(55,239,191)

206,880,755

1,023,510,365

14,536,389

1,482,754

Investor

Destinations

Managed

Growth

&

Income

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

2,172,452

—

25,601,951

(3,903,894)

27,317

1,324,346

23,049,720

125,518

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

6,788,632

129,598,558

1,345,400

(66,911,555)

(11,611,537)

40,176,072

92,596,938

(114,118)

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

14,028,337

288,297

(14,181,217)

(2,599,638)

2,464,221

—

153,842

—

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

109

Further

information

about

each

affiliated

Underlying

Fund

may

be

found

in

such

affiliated

Underlying

Fund’s

most

recent

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust

and

at

www.nationwide.

com/mutualfunds

for

series

of

NMF.

5.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1,522,278

—

12,244,004

(722,770)

11,133

691,526

12,223,893

43,691

—

NVIT

International

Index

Fund,

Class

Y

3,397,998

44,709,355

1,399,101

(16,090,172)

1,138,560

4,827,956

35,984,800

918,440

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

325,260

6,952,602

501,236

(1,868,982)

(191,866)

754,433

6,147,423

81,355

338,891

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

3,477,217

30,215,927

4,108,949

(3,734,795)

(673,769)

1,517,727

31,434,039

1,253,087

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

170,423

1,490,005

235,830

(186,739)

(40,601)

31,907

1,530,402

63,450

—

NVIT

Bond

Index

Fund,

Class

Y

12,727,799

89,474,591

37,668,768

(12,063,412)

(2,332,664)

4,348,470

117,095,753

3,306,342

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

1,591,134

14,834,378

2,429,972

(2,209,459)

(165,713)

465,268

15,354,446

606,788

—

Total

331,303,753

85,823,508

(121,872,995)

(16,438,778)

56,601,926

335,417,414

6,438,395

338,891

Investor

Destinations

Managed

Growth

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

6,785,584

—

78,433,942

(10,612,526)

44,327

4,129,304

71,995,047

391,308

—

Nationwide

Multi-Cap

Portfolio,

Class

R6

**

21,244,823

391,186,589

1,016,570

(189,066,460)

(33,041,204)

119,683,891

289,779,386

(140,158)

—

NVIT

Emerging

Markets

Fund,

Class

Y

–

44,123,746

586,513

(44,243,117)

(8,972,282)

8,505,140

—

491,373

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4,979,051

—

38,830,010

(1,131,449)

20,191

2,263,029

39,981,781

142,828

—

NVIT

International

Index

Fund,

Class

Y

10,083,687

128,027,553

3,035,934

(41,439,673)

2,961,759

14,200,676

106,786,249

2,723,661

—

NVIT

Mid

Cap

Index

Fund,

Class

Y

898,446

18,463,214

1,187,976

(4,173,231)

(431,302)

1,933,970

16,980,627

224,120

914,261

Nationwide

BNY

Mellon

Core

Plus

Bond

ESG

Fund,

Class

R6

7,543,721

64,687,967

10,185,265

(8,489,801)

(1,542,437)

3,354,247

68,195,241

2,689,187

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

418,356

3,645,368

618,314

(485,131)

(105,287)

83,575

3,756,839

155,451

—

NVIT

Bond

Index

Fund,

Class

Y

27,441,506

183,190,591

91,646,851

(26,461,443)

(5,068,555)

9,154,408

252,461,852

7,114,397

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

1,967,841

18,147,094

3,147,492

(2,668,472)

(200,630)

564,179

18,989,663

750,125

—

Total

851,472,122

228,688,867

(328,771,303)

(46,335,420)

163,872,419

868,926,685

14,542,292

914,261

*

Purchases

include

reinvestment

of

income

and

realized

gain

distributions,

as

applicable.

**

Non-income

producing

security.

110

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

none

of

the

Funds

engaged

in

interfund

lending.

6.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

7.

Portfolio

Investment

Risks

from

Underlying

Funds

The

affiliated

Underlying

Funds

in

which

the

Funds

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

affiliated

Underlying

Fund

may

be

found

in

such

Underlying

Fund’s

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust,

at

www.nationwide.com/mutualfunds

for

series

of

NMF

and

at

etf.nationwide.com

for

series

of

ESS

or

at

the

SEC's

website

at

www.sec.gov.

Information

about

unaffiliated

Underlying

Fund

risks

may

be

found

in

such

Fund’s

annual

or

semiannual

report

to

shareholders.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

affiliated

or

unaffiliated

Underlying

Fund’s annual

or

semiannual

report

to

shareholders.

8.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

Fund

Purchases

*

Sales

Investor

Destinations

Aggressive

$

109,233,253

$

117,640,281

Investor

Destinations

Moderately

Aggressive

247,997,496

322,671,273

Investor

Destinations

Moderate

331,401,768

536,139,124

Investor

Destinations

Moderately

Conservative

74,975,807

146,133,337

Investor

Destinations

Conservative

64,335,767

114,831,261

Investor

Destinations

Balanced

188,695,352

313,161,446

Investor

Destinations

Capital

Appreciation

210,459,820

336,821,138

Investor

Destinations

Managed

Growth

&

Income

87,816,275

124,398,037

Investor

Destinations

Managed

Growth

234,041,520

332,497,355

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Investor

Destinations

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

111

9.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund’s

assets

are

allocated

among

the

Underlying

Funds.

10.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Investor

Destinations

Aggressive

$

244

$

3,943,872

$

3,944,116

$

–

$

3,944,116

Investor

Destinations

Moderately

Aggressive

635

10,189,808

10,190,443

–

10,190,443

Investor

Destinations

Moderate

–

–

–

–

–

Investor

Destinations

Moderately

Conservative

–

–

–

–

–

Investor

Destinations

Conservative

–

–

–

–

–

Investor

Destinations

Balanced

–

–

–

–

–

Investor

Destinations

Capital

Appreciation

993

1,053,077

1,054,070

–

1,054,070

Investor

Destinations

Managed

Growth

&

Income

–

–

–

–

–

Investor

Destinations

Managed

Growth

–

–

–

–

–

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Investor

Destinations

Aggressive

$

3,313,140

$

87,932,067

$

91,245,207

$

–

$

91,245,207

Investor

Destinations

Moderately

Aggressive

1,197,119

329,475,043

330,672,162

–

330,672,162

Investor

Destinations

Moderate

1,805,384

596,352,449

598,157,833

–

598,157,833

Investor

Destinations

Moderately

Conservative

167,072

113,370,828

113,537,900

–

113,537,900

Investor

Destinations

Conservative

13,949

42,775,557

42,789,506

–

42,789,506

Investor

Destinations

Balanced

404

270,296,373

270,296,777

–

270,296,777

Investor

Destinations

Capital

Appreciation

1,594,837

400,671,297

402,266,134

–

402,266,134

Investor

Destinations

Managed

Growth

&

Income

273

46,509,256

46,509,529

–

46,509,529

Investor

Destinations

Managed

Growth

566

188,296,865

188,297,431

–

188,297,431

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

112

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Investor

Destinations

Funds

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

Investor

Destinations

Aggressive

$

2,524,095

$

–

$

2,524,095

$

–

$

(18,656,205)

$

7,863,167

$

(8,268,943)

Investor

Destinations

Moderately

Aggressive

8,787,836

–

8,787,836

–

(48,139,418)

3,218,358

(36,133,224)

Investor

Destinations

Moderate

24,601,366

–

24,601,366

–

(101,245,977)

(52,448,508)

(129,093,119)

Investor

Destinations

Moderately

Conservative

10,813,789

–

10,813,789

–

(22,268,211)

(31,136,326)

(42,590,748)

Investor

Destinations

Conservative

12,820,512

–

12,820,512

–

(16,383,545)

(41,281,237)

(44,844,270)

Investor

Destinations

Balanced

19,786,450

–

19,786,450

–

(58,603,743)

(40,713,963)

(79,531,256)

Investor

Destinations

Capital

Appreciation

11,701,563

–

11,701,563

–

(53,933,515)

2,997,827

(39,234,125)

Investor

Destinations

Managed

Growth

&

Income

7,390,236

–

7,390,236

–

(27,009,161)

(14,227,141)

(33,846,066)

Investor

Destinations

Managed

Growth

15,547,105

–

15,547,105

–

(76,019,920)

(29,603,940)

(90,076,755)

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Fund

Tax

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

Investor

Destinations

Aggressive

$

364,161,071

$

20,630,342

$

(12,767,175)

$

7,863,167

Investor

Destinations

Moderately

Aggressive

1,004,882,804

54,317,818

(51,099,460)

3,218,358

Investor

Destinations

Moderate

1,938,181,403

87,876,309

(140,324,817)

(52,448,508)

Investor

Destinations

Moderately

Conservative

599,511,502

19,014,061

(50,150,387)

(31,136,326)

Investor

Destinations

Conservative

557,655,672

11,974,722

(53,255,959)

(41,281,237)

Investor

Destinations

Balanced

1,263,774,990

48,420,115

(89,134,078)

(40,713,963)

Investor

Destinations

Capital

Appreciation

1,163,578,510

73,737,298

(70,739,471)

2,997,827

Investor

Destinations

Managed

Growth

&

Income

420,806,288

13,145,127

(23,616,090)

(10,470,963)

Investor

Destinations

Managed

Growth

1,021,090,834

34,524,517

(52,707,875)

(18,183,358)

Fund

Amount

Investor

Destinations

Aggressive

$

(18,656,205)

Investor

Destinations

Moderately

Aggressive

(48,139,418)

Investor

Destinations

Moderate

(101,245,977)

Investor

Destinations

Moderately

Conservative

(22,268,211)

Investor

Destinations

Conservative

(16,383,545)

Investor

Destinations

Balanced

(58,603,743)

Investor

Destinations

Capital

Appreciation

(53,933,515)

Investor

Destinations

Managed

Growth

&

Income

(27,009,161)

Investor

Destinations

Managed

Growth

(76,019,920)

Investor

Destinations

Funds

-

December

31,

2023

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

113

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

Investor

Destinations

Aggressive

Fund,

NVIT

Investor

Destinations

Moderately

Aggressive

Fund,

NVIT

Investor

Destinations

Moderate

Fund,

NVIT

Investor

Destinations

Moderately

Conservative

Fund,

NVIT

Investor

Destinations

Conservative

Fund,

NVIT

Investor

Destinations

Balanced

Fund,

NVIT

Investor

Destinations

Capital

Appreciation

Fund,

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

and

NVIT

Investor

Destinations

Managed

Growth

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Investor

Destinations

Aggressive

Fund,

NVIT

Investor

Destinations

Moderately

Aggressive

Fund,

NVIT

Investor

Destinations

Moderate

Fund,

NVIT

Investor

Destinations

Moderately

Conservative

Fund,

NVIT

Investor

Destinations

Conservative

Fund,

NVIT

Investor

Destinations

Balanced

Fund,

NVIT

Investor

Destinations

Capital

Appreciation

Fund,

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

and

NVIT

Investor

Destinations

Managed

Growth

Fund

(nine

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

114

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Investor

Destinations

Funds

NVIT

Investor

Destinations

Aggressive

Fund

NVIT

Investor

Destinations

Balanced

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

Continuation

of

Advisory

(and

Sub-Advisory)

Agreements

The

Trust’s

investment

advisory

agreements

with

its

Investment

Adviser

(the

“Adviser”)

and

any

Sub-Advisers

(together,

the

“Advisory

Agreements”)

must

be

approved

for

each

series

of

the

Trust

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

for

an

initial

term

no

longer

than

two

years,

and

may

continue

in

effect

thereafter

only

if

such

continuation

is

approved

at

least

annually,

(i)

by

the

vote

of

the

Trustees

or

by

a

vote

of

the

shareholders

of

the

Fund

in

question,

and

(ii)

by

the

vote

of

a

majority

of

the

Trustees

who

are

not

parties

to

the

Advisory

Agreements

or

“interested

persons”

of

any

party

thereto

(the

“Independent

Trustees”),

cast

in

person

at

a

meeting

called

for

the

purpose

of

voting

on

such

approval.  

The

Board

of

Trustees

(the

“Board”)

has

five

regularly

scheduled

meetings

each

year

and

takes

into

account

throughout

the

year

matters

bearing

on

the

Advisory

Agreements.

The

Board

and

its

standing

committees

consider

at,

each

meeting,

factors

that

are

relevant

to

the

annual

continuation

of

each

Fund’s

Advisory

Agreements,

including

investment

performance,

Sub-Adviser

updates

and

reviews,

reports

with

respect

to

compliance

monitoring,

and

the

services

and

support

provided

to

the

Fund

and

its

shareholders.

Although

the

Board

considers

the

renewal

of

the

Advisory

Agreements

for

all

of

the

Nationwide

mutual

funds

at

the

same

meetings,

the

Board

considers

each

Fund’s

investment

advisory

and

sub-advisory

relationships

separately.

In

preparation

for

the

Board’s

meetings

in

2023

to

consider

the

continuation

of

the

Advisory

Agreements,

the

Trustees

requested

and

were

furnished

with

a

wide

range

of

information

to

assist

in

their

deliberations.

These

materials

included:  

• A

summary

report

for

each

Fund

that

sets

out

a

variety

of

information

regarding

the

Fund,

including

average

net

assets,

performance,

expense,

and

profitability

information

for

the

past

three

years.

• Reports

from

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

a

leading

independent

source

of

mutual

fund

industry

data,

describing,

for

each

Fund’s

largest

share

class,

the

Fund’s

(a)

performance

rankings

(over

multiple

periods

ended

June

30,

2023)

compared

with

a

performance

universe

created

by

Broadridge

of

similar

or

peer

group

funds,

and

(b)

expense

rankings

comparing

the

Fund’s

fees

and

expenses

with

expense

groups

created

by

Broadridge

of

similar

or

peer

group

funds.

(Where

information

was

unavailable

or

limited

in

respect

of

the

largest

share

class,

the

Board

in

certain

cases

considered

supplemental

information

regarding

another

share

class.)

An

independent

consultant

retained

by

the

Independent

Trustees

provided

input

to

Broadridge

as

to

the

composition

of

the

various

performance

universes,

expense

groups,

and

peer

funds.

• Information

regarding

voluntary

or

contractual

expense

limitations

or

reductions

and

the

relationship

of

expenses

to

any

expense

limitation.

• Information

provided

by

the

Adviser

as

to

the

Adviser’s

profitability

in

providing

services

under

the

Advisory

Agreements.

The

Trustees

recognized

that

the

use

of

different

reasonable

methodologies,

including

among

other

things

calculation

and

allocation

of

related

expenses,

can

give

rise

to

different

measures

of

reported

profit

and

loss.

For

Sub-Advisers

not

affiliated

with

the

Adviser,

the

Trustees

did

not

consider

profitability

data

or

information

as

to

the

fees

a

Sub-Adviser

charges

to

other

clients

to

be

a

determinative

factor.

• Information

from

the

Adviser

regarding

economies

of

scale

and

breakpoints,

including

information

provided

by

the

Adviser

as

to

the

circumstances

under

which

specific

actions

intended

to

share

the

benefits

of

economies

of

scale

might

be

appropriate.

The

Adviser

may

not

have

been

able

to,

or

might

have

opted

not

to,

provide

information

in

response

to

certain

information

requests,

in

which

case

the

Trustees

conducted

their

evaluation

based

on

information

that

was

provided.  In

such

cases,

the

Trustees

determined

that

the

omission

of

any

such

information

was

not

material

to

its

considerations.

Investor

Destinations

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

115

The

Trustees

met

with

representatives

of

the

Adviser

at

the

Trustees’

regular

quarterly

meetings

in

September

and

December

2023

to

discuss

matters

related

to

the

continuation

of

the

Advisory

Agreements.  In

addition,

the

Trustees

met

separately

with

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

in

October

and

in

November,

to

review

information

and

materials

provided

to

them,

and

to

formulate

requests

for

additional

information.  The

Trustees

submitted

supplemental

information

requests

to

the

Adviser

following

each

meeting

with

Independent

Legal

Counsel.  At

the

Trustees’

regular

quarterly

meeting

in

December

2023,

the

Trustees

met

to

give

final

consideration

to

information

bearing

on

the

continuation

of

the

Advisory

Agreements.

The

Trustees

considered,

among

other

things,

information

provided

by

the

Adviser

in

response

to

their

previous

information

requests.

The

Trustees

engaged

in

discussion

and

consideration

among

themselves,

and

with

the

Adviser,

Trust

counsel,

and

Independent

Legal

Counsel

regarding

the

various

factors

that

may

contribute

to

the

determination

of

whether

the

continuation

of

the

Advisory

Agreements

should

be

approved.  

In

considering

this

information

with

respect

to

each

of

the

Funds,

the

Trustees

took

into

account,

among

other

things,

the

nature,

extent,

and

quality

of

services

provided

by

the

Adviser

and

Sub-Adviser

(if

applicable).

In

evaluating

the

Advisory

Agreements

for

the

Funds,

the

Trustees

also

reviewed

information

provided

by

the

Adviser

concerning

the

following,

among

other

things:

• The

terms

of

the

Advisory

Agreements

and

a

summary

of

the

services

performed

by

the

Adviser

and

any

Sub-Adviser.

• The

activities

of

the

Adviser

in

selecting,

overseeing,

and

evaluating

the

Sub-Adviser

(if

applicable);

reporting

by

the

Adviser

to

the

Trustees

regarding

the

Sub-Adviser;

and

steps

taken

by

the

Adviser,

where

appropriate,

to

identify

replacement

Sub-Advisers

and

to

put

those

Sub-Advisers

in

place.

• The

investment

advisory

and

oversight

capabilities

of

the

Adviser,

including,

among

other

things,

its

expertise

in

investment,

economic,

financial

analysis,

and

its

asset

allocation

methodology.

• The

Adviser’s

and

any

Sub-Adviser’s

personnel

and

methods;

changes

in

the

Adviser’s

senior

management

personnel;

the

number

of

the

Adviser’s

advisory

and

analytical

personnel;

general

information

about

the

compensation

of

the

Adviser’s

advisory

personnel;

the

Adviser’s

and

Sub-Adviser’s

investment

processes;

the

Adviser’s

risk

assessment

and

risk

management

capabilities;

and

the

Adviser’s

valuation

and

valuation

oversight

capabilities.

• The

financial

condition

and

stability

of

the

Adviser

and

the

Adviser’s

assessment

of

the

financial

condition

and

stability

of

the

Sub-Adviser

(if

applicable).

• Potential

ancillary

benefits,

in

addition

to

fees

for

serving

as

investment

adviser,

derived

by

the

Adviser

as

a

result

of

being

investment

adviser

for

the

Funds,

including,

among

other

things,

information

on

fees

inuring

to

the

Adviser’s

affiliates

for

serving

as

the

Trust’s

administrator,

fund

accountant,

and

transfer

agent,

fees

or

other

payments

relating

to

shareholder

servicing

or

sub-

transfer

agency

services

provided

by

or

through

the

Adviser

or

its

affiliates,

enhanced

relationships

with

large

financial

concerns

that

serve,

or

whose

affiliates

serve,

as

sub-advisers

or

other

service

providers

to

one

or

more

of

the

Funds.

Based

on

information

provided

by

Broadridge

and

the

Adviser,

the

Trustees

reviewed

expense

information

for

each

of

the

Funds

and

the

total

return

investment

performance

of

each

of

the

Funds,

as

well

as

the

performance

of

the

Funds’

performance

universes

over

various

time

periods.

The

Trustees

considered

that,

although

each

Fund

other

than

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

and

NVIT

Investor

Destinations

Managed

Growth

Fund

was

shown

to

pay

actual

management

fees

higher

than

its

peer

group

median,

each

Fund’s

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

at

a

level

lower

than

the

Fund’s

peer

group

median.

The

Trustees

noted

the

Adviser’s

view

that

a

Fund’s

total

expense

ratio

is

a

more

useful

indication

of

the

reasonableness

of

the

cost

of

the

Fund’s

investment

program

than

a

comparison

with

other

funds’

advisory

fees,

due

to

the

Funds’

fund-of-funds

structure

and

the

wide

variety

of

arrangements

used

by

peers

in

pricing

the

advisory

services

(including

as

between

a

fund-of-funds

and

its

underlying

funds)

within

such

structures.  The

Trustees

considered

that

the

level

of

the

Fund’s

actual

management

fee

was

not

so

high,

in

the

Trustees’

judgment,

as

to

be

inconsistent

with

continuation

of

its

Advisory

Agreements.

With

respect

to

NVIT

Investor

Destinations

Managed

Growth

Fund,

NVIT

Investor

Destinations

Moderately

Aggressive

Fund,

and

NVIT

Investor

Destinations

Moderate

Fund,

the

Trustees

noted

that

each

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

above

its

performance

universe

median.

The

Trustees

noted

that

each

remaining

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

below

its

performance

universe

median.

116

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Investor

Destinations

Funds

With

respect

to

NVIT

Investor

Destinations

Aggressive

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

Investor

Destinations

Balanced

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

Investor

Destinations

Capital

Appreciation

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-

year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

Investor

Destinations

Conservative

Fund

and

NVIT

Investor

Destinations

Moderately

Conservative

Fund,

the

Trustees

noted

that

each

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

each

Fund

had

improved

to

the

fourth

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

As

to

these

two

Funds,

and

the

other

NVIT

Investor

Destination

Funds

generally,

the

Trustees

considered

the

Adviser’s

statements

that

the

Funds

underperformed

due

to

a

number

of

factors,

including

asset

allocations

within

the

Funds,

such

as

underweight

exposures

to

non-U.S.

equity

and

the

performance

of

the

specific

underlying

funds

in

which

the

Funds

invested.

The

Trustees

considered

changes

that

the

Adviser

has

made

to

the

Funds’

asset

allocations

and

that

it

expects

to

make

going

forward

in

an

effort

to

improve

the

Funds’

performance.

With

respect

to

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

also

considered

the

Adviser’s

statement

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

may

have

the

effect

of

causing

the

Fund

to

underperform

its

performance

universe

under

various

market

conditions

including

market

conditions

experienced

by

the

Funds

in

recent

years,

but

that

the

overlay

is

performing

as

intended.  

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

each

of

the

foregoing

Funds,

and

the

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

The

Trustees

considered

whether

each

of

the

Funds

may

benefit

from

any

economies

of

scale

realized

by

the

Adviser

in

the

event

of

growth

in

assets

of

the

Fund.

The

Trustees

noted

that

the

Funds’

advisory

fee

rate

schedules

are

not

subject

to

contractual

breakpoints.

The

Trustees

noted

that

the

advisory

fee

rate

schedules

for

many

of

the

underlying

funds

in

which

the

Funds

invest

are

subject

to

contractual

advisory

fee

breakpoints

if

the

assets

of

those

underlying

funds

increase

over

certain

thresholds,

and

the

Adviser’s

view

that

those

breakpoints

provide

investors

benefits

arising

from

the

growth

of

those

underlying

funds.

The

Trustees

determined

to

continue

to

monitor

the

fees

paid

at

the

Fund

level

to

determine

whether

breakpoints

might

in

the

future

become

appropriate

there

as

well,

in

light

of

any

economies

related

to

the

asset

allocation

function

that

are

not

shared

through

breakpoints

at

the

underlying

fund

level.

The

Board

also

considered

the

extent

to

which

economies

of

scale

realized

by

the

Adviser

could

be

shared

with

a

Fund

through

fee

waivers,

expense

reimbursements,

or

other

expense

reductions.

Based

on

all

relevant

information

and

factors,

the

Trustees

unanimously

approved

the

continuation

of

the

Advisory

Agreements

at

their

meeting

in

December

2023.

Other

Federal

Tax

Information

For

the

taxable

year

ended

December

31,

2023,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

Fund

Dividends

Received

Deduction

Investor

Destinations

Aggressive

17

.61

%

Investor

Destinations

Moderately

Aggressive

11

.31

Investor

Destinations

Moderate

5

.12

Investor

Destinations

Moderately

Conservative

2

.76

Investor

Destinations

Conservative

0

.81

Investor

Destinations

Balanced

3

.69

Investor

Destinations

Capital

Appreciation

7

.23

Investor

Destinations

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

117

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2023,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2023,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

Fund

Dividends

Received

Deduction

Investor

Destinations

Managed

Growth

&

Income

2

.53

%

Investor

Destinations

Managed

Growth

3

.89

Fund

Amount

Investor

Destinations

Aggressive

$

3,943,872

Investor

Destinations

Moderately

Aggressive

10,189,808

Investor

Destinations

Moderate

–

Investor

Destinations

Moderately

Conservative

–

Investor

Destinations

Conservative

–

Investor

Destinations

Balanced

–

Investor

Destinations

Capital

Appreciation

1,053,077

Investor

Destinations

Managed

Growth

&

Income

–

Investor

Destinations

Managed

Growth

–

Fund

Amount

Per

Share

Investor

Destinations

Aggressive

$

1,227,970

$

0.0338

Investor

Destinations

Moderately

Aggressive

3,168,532

0.0292

Investor

Destinations

Moderate

4,328,588

0.0201

Investor

Destinations

Moderately

Conservative

1,029,844

0.0172

Investor

Destinations

Conservative

413,578

0.0077

Investor

Destinations

Balanced

2,500,875

0.0270

Investor

Destinations

Capital

Appreciation

2,888,863

0.0322

Investor

Destinations

Managed

Growth

&

Income

787,957

0.0193

Investor

Destinations

Managed

Growth

2,107,215

0.0206

Fund

Amount

Per

Share

Investor

Destinations

Aggressive

$

301,312

$

0.0083

Investor

Destinations

Moderately

Aggressive

687,093

0.0063

Investor

Destinations

Moderate

897,096

0.0042

Investor

Destinations

Moderately

Conservative

177,999

0.0030

Investor

Destinations

Conservative

78,234

0.0015

Investor

Destinations

Balanced

495,894

0.0054

Investor

Destinations

Capital

Appreciation

615,602

0.0069

Investor

Destinations

Managed

Growth

&

Income

154,293

0.0038

Investor

Destinations

Managed

Growth

439,600

0.0043

Investor

Destinations

Funds

-

December

31,

2023

-

Management

Information

-

119

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

120

-

Management

Information

-

December

31,

2023

-

Investor

Destinations

Funds

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

Investor

Destinations

Funds

-

December

31,

2023

-

Management

Information

-

121

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

122

-

Market

Index

Definitions

-

December

31,

2023

-

Investor

Destinations

Funds

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

Investor

Destinations

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

123

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

124

-

Market

Index

Definitions

-

December

31,

2023

-

Investor

Destinations

Funds

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

Investor

Destinations

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

125

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

126

-

Market

Index

Definitions

-

December

31,

2023

-

Investor

Destinations

Funds

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2065+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-ID

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Blueprint

Funds

NVIT

Blueprint

SM

Aggressive

Fund

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

NVIT

Blueprint

SM

Moderately

Conservative

Fund

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

NVIT

Blueprint

SM

Capital

Appreciation

Fund

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

5

Shareholder

Expense

Examples

50

Statements

of

Investments

53

Statements

of

Assets

and

Liabilities

62

Statements

of

Operations

70

Statements

of

Changes

in

Net

Assets

74

Financial

Highlights

86

Notes

to

Financial

Statements

95

Report

of

Independent

Registered

Public

Accounting

Firm

113

Supplemental

Information

114

Management

Information

119

Market

Index

Definitions

122

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Insurance

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

(As

of

December

31,

2023)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

®

EAFE

18.24%

MSCI

®

Emerging

Markets

9.83%

MSCI

®

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

Blueprint

SM

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Aggressive

Fund

Class

II

returned

19.54%

versus

18.30%

for

its

benchmark,

the

Morningstar

®

Aggressive

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Aggressive

Allocation*

(consisting

of

55

investments

as

of

December

31,

2023),

was

18.84%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

Nationwide

Bond

Fund,

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

and

the

NVIT

Core

Bond

Fund,

which

the

funds’

returns

registered

5.63%,

7.63%,

and

5.36%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

reduced

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

reduced

equities

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

reduced

total

volatility

in

the

fund-of-funds,

while

allowing

an

opportunity

for

meaningful

short-term

participation

in

strong

markets.

There

were

no

liquidity

events

during

the

reporting

period

that

materially

impacted

performance,

and

the

Fund

did

not

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--85%+

Equity

to

Aggressive

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Aggressive

Fund

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Asset

Allocation

1

Equity

Funds

86.8%

Fixed

Income

Funds

13.2%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

38.1%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

16.4%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

13.5%

NVIT

Core

Bond

Fund,

Class

Y

7.4%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

7.1%

Nationwide

International

Small

Cap

Fund,

Class

R6

6.5%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

5.1%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

4.9%

Nationwide

Bond

Fund,

Class

R6

1.0%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Aggressive

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

19.74%

11.29%

7.38%

3/27/2008

Class

II

19.54%

11.17%

7.29%

3/27/2008

Class

Y

N/A

N/A

7.24%

*

9/11/2023

Morningstar

®

Aggressive

Target

Risk

Index

18.30%

10.72%

7.83%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.11%

1.01%

Class

II

1.36%

1.10%

Class

Y

0.96%

0.86%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Blueprint

SM

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Aggressive

Fund

versus

performance

of

the

Morningstar

®

Aggressive

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Moderately

Aggressive

Fund

Class

II

returned

17.90%

versus

15.98%

for

its

benchmark,

the

Morningstar

®

Moderately

Aggressive

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Aggressive

Allocation*

(consisting

of

141

investments

as

of

December

31,

2023),

was

16.25%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk

off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

Nationwide

Bond

Fund,

NVIT

Core

Bond

Fund,

and

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

which

the

funds’

returns

registered

5.63%,

5.36%,

and

7.36%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--70%

to

85%

Equity

to

Moderately

Aggressive

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

nondiversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

Asset

Allocation

1

Equity

Funds

77.3%

Fixed

Income

Funds

22.7%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

33.5%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

14.6%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

12.2%

NVIT

Core

Bond

Fund,

Class

Y

10.9%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

9.9%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

6.5%

Nationwide

International

Small

Cap

Fund,

Class

R6

5.8%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

4.6%

Nationwide

Bond

Fund,

Class

R6

2.0%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

18.07%

10.25%

6.84%

3/27/2008

Class

II

17.90%

10.14%

6.74%

3/27/2008

Class

Y

N/A

N/A

7.07%

*

9/11/2023

Morningstar

®

Moderately

Aggressive

Target

Risk

Index

15.98%

9.30%

6.92%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.06%

0.96%

Class

II

1.31%

1.05%

Class

Y

0.91%

0.81%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

versus

performance

of

the

Morningstar

®

Moderately

Aggressive

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Moderate

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Moderate

Fund

Class

II

returned

14.92%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

fund’s

return

were

the

underlying

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Nationwide

Bond

Fund,

and

the

NVIT

Loomis

Short

Term

Bond

Fund,

which

the

funds’

returns

registered

6.05%,

5.63%,

and

6.11%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderate

Fund

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Moderate

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Asset

Allocation

1

Equity

Funds

57.2%

Fixed

Income

Funds

42.8%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

26.2%

NVIT

Core

Bond

Fund,

Class

Y

17.0%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

16.1%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

11.6%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

8.3%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

5.5%

Nationwide

International

Small

Cap

Fund,

Class

R6

3.0%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

2.5%

Nationwide

Bond

Fund,

Class

R6

2.5%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1.5%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderate

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

14.95%

8.02%

5.61%

3/27/2008

Class

II

14.92%

7.93%

5.53%

3/27/2008

Class

Y

N/A

N/A

6.40%

*

9/11/2023

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.00%

0.90%

Class

II

1.25%

0.99%

Class

Y

0.85%

0.75%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Blueprint

SM

Moderate

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Moderate

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

index

Definitions

page

at

the

back

of

this

book.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Moderately

Conservative

Fund

Class

II

returned

11.70%

versus

10.89%

for

its

benchmark,

the

Morningstar

®

Moderately

Conservative

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Conservative

Allocation*

(consisting

of

163

investments

as

of

December

31,

2023),

was

11.32%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

Nationwide

Inflation-Protected

Securities

Fund,

NVIT

DoubleLine

Total

Return

Tactical

Fund,

and

the

Nationwide

International

Small

Cap

Fund,

which

the

funds’

returns

registered

3.78%,

6.05%,

and

15.78%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

international

small

cap

space

was

also

challenged

by

both

international

names

trailed

domestic

and

small

caps

trailed

large

cap.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

returned

23.31%,

26.17%,

and

7.63%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

the

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Moderately

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

nondiversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Asset

Allocation

1

Fixed

Income

Funds

63.4%

Equity

Funds

36.6%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

Core

Bond

Fund,

Class

Y

23.3%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

19.4%

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

16.3%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

12.6%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

7.6%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

6.6%

Nationwide

Bond

Fund,

Class

R6

4.1%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3.1%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

2.0%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6

2.0%

Other

Holdings

3.0%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

11.88%

5.79%

4.29%

3/27/2008

Class

II

11.70%

5.70%

4.19%

3/27/2008

Class

Y

N/A

N/A

5.75%

*

9/11/2023

Morningstar

®

Moderately

Conservative

Target

Risk

Index

10.89%

5.55%

4.50%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.95%

0.85%

Class

II

1.20%

0.94%

Class

Y

0.80%

0.70%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Moderately

Conservative

Fund

versus

performance

of

the

Morningstar

®

Moderately

Conservative

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Conservative

Fund

Class

II

returned

8.83%

versus

7.74%

for

its

benchmark,

the

Morningstar

®

Conservative

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Conservative

Allocation*

(consisting

of

62

investments

as

of

December

31,

2023),

was

8.79%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

GS

Small

Cap

Equity

Insights

Fund,

NVIT

DoubleLine

Total

Return

Tactical

Fund,

and

the

Nationwide

Inflation-Protected

Securities

Fund,

which

the

funds’

return

registered

19.83%,

6.05%,

and

3.78%

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

Small

caps

also

struggled

as

the

broad

market

was

led

by

a

concentration

of

large

cap

technology

companies.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

NVIT

GS

Large

Cap

Equity

Fund,

and

NVIT

Core

Bond

Fund

returned

7.63%,

13.31%,

and

5.36%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

reduced

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund,

and

the

name

of

the

fund

changed

to

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

reduced

total

volatility

in

the

fund-of-funds

while

allowing

an

opportunity

for

meaningful

short-term

participation

in

strong

markets.

There

were

no

liquidity

events

during

the

reporting

period

that

materially

impacted

performance,

and

the

Fund

did

not

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--15%

to

30%

Equity

to

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

26

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Conservative

Fund

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

27

Asset

Allocation

1

Fixed

Income

Funds

81.5%

Equity

Funds

18.5%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

Core

Bond

Fund,

Class

Y

26.8%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

24.5%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

18.1%

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

9.0%

Nationwide

Bond

Fund,

Class

R6

5.6%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6

4.0%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

3.8%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

3.7%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

2.5%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1.5%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

0.5%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

28

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Conservative

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

8.91%

3.63%

2.93%

3/27/2008

Class

II

8.83%

3.53%

2.83%

3/27/2008

Class

Y

N/A

N/A

5.14%

*

9/11/2023

Morningstar

®

Conservative

Target

Risk

Index

7.74%

3.15%

2.85%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.89%

0.79%

Class

II

1.14%

0.88%

Class

Y

0.74%

0.64%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Blueprint

SM

Conservative

Fund

-

December

31,

2023

-

Fund

Commentary

-

29

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Conservative

Fund

versus

performance

of

the

Morningstar

®

Conservative

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

30

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Balanced

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Balanced

Fund

Class

II

returned

13.32%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderately

Conservative

Allocation*

(consisting

of

163

investments

as

of

December

31,

2023),

was

11.32%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Nationwide

Bond

Portfolio,

and

Nationwide

International

Small

Cap

Fund,

which

the

funds’

returns

registered

6.05%,

5.36%,

and

15.78%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

This

reduced

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

for

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Moderately

Conservative

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

NVIT

Blueprint

SM

Balanced

Fund

-

December

31,

2023

-

Fund

Commentary

-

31

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

32

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Balanced

Fund

Asset

Allocation

1

Fixed

Income

Funds

53.0%

Equity

Funds

47.0%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

20.6%

NVIT

Core

Bond

Fund,

Class

Y

20.1%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

18.2%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

9.6%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

9.3%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

8.7%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4.0%

Nationwide

Bond

Fund,

Class

R6

3.5%

Nationwide

International

Small

Cap

Fund,

Class

R6

2.5%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

2.0%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1.5%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Blueprint

SM

Balanced

Fund

-

December

31,

2023

-

Fund

Commentary

-

33

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

13.40%

6.79%

4.85%

3/27/2008

Class

II

13.32%

6.70%

4.75%

3/27/2008

Class

Y

N/A

N/A

6.11%

*

9/11/2023

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.97%

0.87%

Class

II

1.22%

0.96%

Class

Y

0.82%

0.72%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

34

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Balanced

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Balanced

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

December

31,

2023

-

Fund

Commentary

-

35

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Capital

Appreciation

Fund

Class

II

returned

16.28%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund’s

return

for

the

12-month

period

that

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Nationwide

Bond

Fund,

and

the

NVIT

Loomis

Short

Term

Bond

Fund,

which

the

funds’

returns

registered

6.05%,

5.63%

and

6.11%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund.

With

the

addition

of

this

sleeve,

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time,

this

will

likely

reduce

total

volatility

in

the

fund-of-funds

while

also

still

allowing

the

funds

the

opportunity

to

meaningfully

participate

in

strong

markets

in

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance

nor

did

the

Fund

hold

derivatives.

Adviser:

Nationwide

Fund

Advisors

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

diversification

across

a

variety

of

asset

classes,

primarily

by

investing

in

underlying

funds.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

underlying

funds

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

market

risk

(equity

securities);

default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up

(bonds);

and

currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information

(international

securities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

36

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

December

31,

2023

-

Fund

Commentary

-

37

Asset

Allocation

1

Equity

Funds

67.3%

Fixed

Income

Funds

32.7%

Liabilities

in

excess

of

other

assets

†

(0.0)%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

31.3%

NVIT

Core

Bond

Fund,

Class

Y

14.8%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

12.0%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

11.7%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

9.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

6.3%

Nationwide

International

Small

Cap

Fund,

Class

R6

4.6%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

3.6%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

2.9%

Nationwide

Bond

Fund,

Class

R6

2.0%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1.0%

100.0%

†

Amount

rounds

to

less

than

0.1%.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

38

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

*

Date

of

Inception

Class

I

16.45%

9.01%

6.19%

3/27/2008

Class

II

16.28%

8.91%

6.10%

3/27/2008

Class

Y

N/A

N/A

6.72%

*

9/11/2023

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.02%

0.92%

Class

II

1.27%

1.01%

Class

Y

0.87%

0.77%

N/A

—

Not

Applicable.

*

Not

annualized.

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

September

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

December

31,

2023

-

Fund

Commentary

-

39

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Capital

Appreciation

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

40

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Managed

Growth

&

Income

Fund

Class

II

returned

12.49%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Tactical

Allocation*

(consisting

of

40

investments

as

of

December

31,

2023),

was

12.60%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

seeks

a

high

level

of

total

return

through

investment

in

both

equity

and

fixed

income

securities,

consistent

with

preservation

of

capital.

The

Fund

seeks

to

achieve

its

objective

by

investing

95%

of

its

assets

in

a

“core”

sleeve

consisting

of

the

NVIT

Blueprint

SM

Balanced

Fund

underlying

investments

(which

have

a

target

allocation

of

50%

equity

and

50%

fixed

income)

and

the

remaining

5%

in

a

“volatility

overlay”

sleeve.

A

volatility

management

process

is

executed

daily

and

determines

whether

the

Fund

should

increase

equity

exposure

or

decrease

equity

exposure

by

buying

or

selling

futures

contracts

tied

to

the

S&P

500

®

Index,

S&P

MidCap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index.

These

investments

are

made

in

proportion

to

the

Fund’s

underlying

allocations

to

each

of

these

equity

indexes.

The

volatility

sleeve

can

increase

the

Fund’s

equity

exposure

to

65%

or

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk

off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Nationwide

Bond

Portfolio,

and

Nationwide

International

Small

Cap

Fund,

which

the

funds’

returns

registered

6.05%,

5.36%,

and

15.78%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

international

small

cap

space

was

also

challenged

by

both

international

names

that

trailed

domestic,

and

small

caps

trailed

large

cap.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

Through

the

volatility

overlay

sleeve,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

future

contracts

on

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index

as

dictated

by

an

algorithm

that

determines

–

based

on

numerous

variables

–

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

in

light

of

the

volatility

associated

with

prevailing

market

conditions.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year,

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

December.

These

V-shaped

spikes

in

volatility

when

struggles

occurred

and

ultimately,

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund,

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

41

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay

Sleeve)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

*In

second

quarter

of

2023,

Morningstar

reevaluated

the

Fund’s

allocation

and

risk

score

and

updated

the

peer

category

from

Allocation--30%

to

50%

Equity

to

Tactical

Allocation.

The

Fund

is

designed

to

provide

traditional

long-term

asset

allocation,

primarily

by

investing

in

underlying

funds

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

funds,

including

but

not

limited

to:

the

risks

of

investing

in

equity

securities;

fixed-income

securities

(default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

international

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Through

its

Volatility

Overlay,

the

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

NWAM

also

manages

the

Volatility

Overlay

using

stock

index

futures

according

to

Nationwide

Funds’

quantitative

process

for

evaluating

volatility.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

42

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

Asset

Allocation

1

Fixed

Income

Funds

52.3%

Equity

Funds

41.8%

Futures

Contracts

0.8%

Other

assets

in

excess

of

liabilities

§

5.1%

100.0%

Top

Holdings

2

NVIT

Core

Bond

Fund,

Class

Y

22.7%

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

20.0%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

18.0%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

9.8%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

8.6%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

8.0%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3.8%

Nationwide

Bond

Fund,

Class

R6

3.5%

Nationwide

International

Small

Cap

Fund,

Class

R6

2.3%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

1.8%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1.5%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

43

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

12.70%

5.21%

3.74%

4/30/2014

Class

II

12.49%

5.00%

3.47%

4/30/2013

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.00%

0.83%

Class

II

1.25%

1.03%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

44

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

from

inception

through

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Managed

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

45

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Blueprint

Managed

Growth

Fund

Class

II

returned

12.42%

versus

13.22%

for

its

benchmark,

the

Morningstar

®

Moderate

Target

Risk

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Consistent

with

the

preservation

of

capital,

the

Fund

seeks

growth

primarily

and

investment

income

secondarily.

The

Fund

seeks

to

achieve

its

objective

by

investing

95%

of

its

assets

in

a

“core”

sleeve

consisting

of

the

NVIT

Blueprint

SM

Moderate

Fund’s

underlying

investments

(which

have

a

target

allocation

of

60%

equity

and

40%

fixed

income)

and

the

remaining

5%

in

a

“volatility

overlay”

sleeve.

A

volatility

management

process

is

executed

daily

and

determines

whether

the

Fund

should

increase

equity

exposure

or

decrease

equity

exposure

by

buying

or

selling

futures

contracts

tied

to

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index.

These

investments

are

made

in

proportion

to

the

Fund’s

underlying

allocations

to

each

of

these

equity

indexes.

The

volatility

sleeve

can

increase

the

Fund’s

equity

exposure

to

80%

or

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

The

Fund’s

return,

for

the

12-month

period

ended

December

31,

2023,

was

a

function

of

a

reversal

in

the

negative

market

trend

in

2022

with

a

strong

market

in

2023.

The

market

environment

during

the

reporting

period

was

one

of

lower

market

volatility,

punctuated

by

brief

periods

of

elevated

volatility.

This

was

driven

by

inflationary

pressures

and

central

banks’

responses

to

them,

geopolitical

events,

and

financial

stress

within

the

banking

sector

bringing

about

periods

of

uncertainty

in

markets.

These

periods

led

to

moments

of

risk-off

positioning

within

a

market

that

was

generally

strong

during

the

period.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Nationwide

Bond

Portfolio,

and

the

NVIT

Loomis

Short

Term

Bond

Fund,

which

the

funds’

returns

registered

6.05%,

5.63%,

and

6.11%

respectively

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

U.S.

130/30

Equity

Fund,

and

NVIT

GS

International

Equity

Insights

Fund

returned

23.31%,

26.17%,

and

19.52%

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

Through

the

volatility

overlay

sleeve,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

future

contracts

on

the

S&P

500

®

Index,

S&P

Midcap

400

®

Index,

Russell

2000

®

Index,

and

MSCI

EAFE

®

Index

as

dictated

by

an

algorithm

that

determines

–

based

on

numerous

variables

–

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

considering

the

volatility

associated

with

prevailing

market

conditions.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

until

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

December.

These

V-shaped

spikes

in

volatility

when

struggles

occurred

and

ultimately

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

Q2

2023,

the

portfolio

management

team

reduced

equity

exposure

across

the

board

and

added

exposure

to

the

NVIT

Core

Bond

Fund.

The

decision

to

move

equity

exposure

into

a

lower

tracking

error

product

was

made

to

reduce

total

volatility

in

the

fund-of-funds

while

also

enhancing

protection

in

a

risk-off

scenario.

During

Q3

2023,

the

portfolio

management

team

added

a

sleeve

to

the

NVIT

GS

Large

Cap

Equity

Insights

Fund

and

the

fund’s

name

was

changed

to

the

NVIT

GS

Large

Cap

Equity

Fund.

This

new

sleeve

uses

low-tracking

error

strategies

to

incrementally

exceed

the

Russell

3000

®

Index

and

implements

bottom-up

stock

selection

as

its

source

of

alpha.

During

Q4

2023,

the

portfolio

management

team

reduced

equity

targets

across

the

board

and

increased

targets

to

the

NVIT

Bond

Index

Fund.

This

was

done

to

reduce

equities

over

time

while

allowing

flows

to

gradually

increase

core

bond

exposure.

Over

time

this

would

likely

reduce

total

volatility

in

the

fund-of-funds

while

allowing

the

funds

an

opportunity

to

meaningfully

participate

in

strong

markets

during

the

short

term.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

46

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay

Sleeve)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

is

designed

to

provide

traditional

long-term

asset

allocation,

primarily

by

investing

in

underlying

funds

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

its

underlying

funds.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

funds,

including

but

not

limited

to:

the

risks

of

investing

in

equity

securities;

fixed-income

securities

(default

risk

and

interest

rate

risk—if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

international

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Through

its

Volatility

Overlay,

the

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

makes

both

the

asset

allocation

and

underlying

fund

selection

decisions

for

the

Fund.

Nationwide

Asset

Management,

LLC

(NWAM)

provides

asset

allocation

consulting

services

to

NFA.

NWAM

also

manages

the

Volatility

Overlay

using

stock

index

futures

according

to

Nationwide

Funds’

quantitative

process

for

evaluating

volatility.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

any

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Blueprint

SM

Managed

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

47

Asset

Allocation

1

Equity

Funds

51.0%

Fixed

Income

Funds

42.8%

Futures

Contracts

1.0%

Other

assets

in

excess

of

liabilities

§

5.2%

100.0%

Top

Holdings

2

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

25.7%

NVIT

Core

Bond

Fund,

Class

Y

19.8%

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

15.9%

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

10.8%

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

7.7%

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5.8%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

5.2%

Nationwide

International

Small

Cap

Fund,

Class

R6

2.8%

Nationwide

Bond

Fund,

Class

R6

2.5%

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

2.3%

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1.5%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

48

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

12.61%

6.58%

4.64%

4/30/2014

Class

II

12.42%

6.39%

4.29%

4/30/2013

Morningstar

®

Moderate

Target

Risk

Index

13.22%

7.38%

5.72%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.02%

0.83%

Class

II

1.27%

1.03%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

Blueprint

SM

Managed

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

49

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Blueprint

SM

Managed

Growth

Fund

versus

performance

of

the

Morningstar

®

Moderate

Target

Risk

Index

from

inception

through

12/31/23.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

50

-

Shareholder

Expense

Example

-

December

31,

2023

-

Blueprint

Funds

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2023

through

December

31,

2023.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Blueprint

SM

Aggressive

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,078.40

1.68

0.32

Hypothetical

(c)(d)

1,000.00

1,023.59

1.63

0.32

Class

II

Shares

Actual

(c)

1,000.00

1,078.40

2.15

0.41

Hypothetical

(c)(d)

1,000.00

1,023.14

2.09

0.41

Class

Y

Shares

Actual

(e)

1,000.00

1,071.60

0.57

0.18

Hypothetical

(d)(f)

1,000.00

1,024.30

0.92

0.18

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,074.00

1.57

0.30

Hypothetical

(c)(d)

1,000.00

1,023.69

1.53

0.30

Class

II

Shares

Actual

(c)

1,000.00

1,073.20

2.04

0.39

Hypothetical

(c)(d)

1,000.00

1,023.24

1.99

0.39

Class

Y

Shares

Actual

(e)

1,000.00

1,071.60

0.47

0.15

Hypothetical

(d)(f)

1,000.00

1,024.45

0.77

0.15

Blueprint

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

51

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Blueprint

SM

Moderate

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,064.50

1.46

0.28

Hypothetical

(c)(d)

1,000.00

1,023.79

1.43

0.28

Class

II

Shares

Actual

(c)

1,000.00

1,064.80

1.93

0.37

Hypothetical

(c)(d)

1,000.00

1,023.34

1.89

0.37

Class

Y

Shares

Actual

(e)

1,000.00

1,064.00

0.47

0.15

Hypothetical

(d)(f)

1,000.00

1,024.45

0.77

0.15

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,055.60

1.50

0.29

Hypothetical

(c)(d)

1,000.00

1,023.74

1.48

0.29

Class

II

Shares

Actual

(c)

1,000.00

1,053.80

1.97

0.38

Hypothetical

(c)(d)

1,000.00

1,023.29

1.94

0.38

Class

Y

Shares

Actual

(e)

1,000.00

1,058.40

0.47

0.15

Hypothetical

(d)(f)

1,000.00

1,024.45

0.77

0.15

NVIT

Blueprint

SM

Conservative

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,046.30

1.50

0.29

Hypothetical

(c)(d)

1,000.00

1,023.74

1.48

0.29

Class

II

Shares

Actual

(c)

1,000.00

1,045.40

1.96

0.38

Hypothetical

(c)(d)

1,000.00

1,023.29

1.94

0.38

Class

Y

Shares

Actual

(e)

1,000.00

1,051.40

0.47

0.15

Hypothetical

(d)(f)

1,000.00

1,024.45

0.77

0.15

NVIT

Blueprint

SM

Balanced

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,059.70

1.51

0.29

Hypothetical

(c)(d)

1,000.00

1,023.74

1.48

0.29

Class

II

Shares

Actual

(c)

1,000.00

1,059.30

1.97

0.38

Hypothetical

(c)(d)

1,000.00

1,023.29

1.94

0.38

Class

Y

Shares

Actual

(e)

1,000.00

1,062.00

0.47

0.15

Hypothetical

(d)(f)

1,000.00

1,024.45

0.77

0.15

52

-

Shareholder

Expense

Example

-

December

31,

2023

-

Blueprint

Funds

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,069.00

1.46

0.28

Hypothetical

(c)(d)

1,000.00

1,023.79

1.43

0.28

Class

II

Shares

Actual

(c)

1,000.00

1,068.20

1.93

0.37

Hypothetical

(c)(d)

1,000.00

1,023.34

1.89

0.37

Class

Y

Shares

Actual

(e)

1,000.00

1,067.20

0.44

0.14

Hypothetical

(d)(f)

1,000.00

1,024.50

0.71

0.14

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,054.50

1.29

0.25

Hypothetical

(c)(d)

1,000.00

1,023.95

1.28

0.25

Class

II

Shares

Actual

(c)

1,000.00

1,053.10

2.33

0.45

Hypothetical

(c)(d)

1,000.00

1,022.94

2.29

0.45

NVIT

Blueprint

SM

Managed

Growth

Fund

Class

I

Shares

Actual

(c)

1,000.00

1,056.60

1.14

0.22

Hypothetical

(c)(d)

1,000.00

1,024.10

1.12

0.22

Class

II

Shares

Actual

(c)

1,000.00

1,055.30

2.18

0.42

Hypothetical

(c)(d)

1,000.00

1,023.09

2.14

0.42

(a)

Expenses

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

Funds'

expenses,

which

are

disclosed

in

the

Fee

and

Expense

table

and

described

more

fully

in

a

footnote

to

that

table

in

your

Fund

Prospectus.

(b)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(c)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(d)

Represents

the

hypothetical

5%

return

before

expenses.

(e)

Actual

expenses

are

equal

to

the

Fund's

annualized

expense

ratio

multiplied

by

the

average

account

value

from

September

12,

2023

through

December

31,

2023

multiplied

by

111/365

to

reflect

the

period

from

commencement

of

operations.

(f)

Hypothetical

expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six

month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

NVIT

Blueprint

SM

Aggressive

Fund

-

December

31,

2023

-

Statement

of

Investments

-

53

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

86.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,363,167

13,386,303

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,824,758

14,652,807

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,759,308

27,951,791

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,991,694

79,285,809

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

989,771

10,471,782

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,065,625

33,967,129

Total

Equity

Funds

(cost

$168,988,700)

179,715,621

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

13.2%

Nationwide

Bond

Fund,

Class

R6(a)

241,234

1,999,827

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

1,012,473

10,053,861

NVIT

Core

Bond

Fund,

Class

Y(a)

1,672,915

15,290,441

Total

Fixed

Income

Funds

(cost

$29,246,567)

27,344,129

Total

Investment

Companies

(cost

$198,235,267)

207,059,750

Total

Investments

(cost

$198,235,267)

—

100.0%

207,059,750

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

94,017

)

NET

ASSETS

—

100.0%

$

206,965,733

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

77.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

2,562,627

25,164,993

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,476,492

27,916,233

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,213,744

52,815,224

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

12,780,523

144,931,127

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,870,683

19,791,821

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

5,691,256

63,059,119

Total

Equity

Funds

(cost

$311,978,512)

333,678,517

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

22.7%

Nationwide

Bond

Fund,

Class

R6(a)

1,032,364

8,558,301

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

4,297,922

42,678,364

NVIT

Core

Bond

Fund,

Class

Y(a)

5,126,053

46,852,128

Total

Fixed

Income

Funds

(cost

$108,790,774)

98,088,793

Total

Investment

Companies

(cost

$420,769,286)

431,767,310

Total

Investments

(cost

$420,769,286)

—

100.0%

431,767,310

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

165,576

)

NET

ASSETS

—

100.0%

$

431,601,734

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Moderate

Fund

-

December

31,

2023

-

Statement

of

Investments

-

55

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

57.2%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

6,003,374

58,953,129

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

13,334,433

107,075,494

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

15,884,271

160,907,663

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

44,709,384

507,004,413

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,631,432

49,000,546

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

20,194,677

223,757,017

Total

Equity

Funds

(cost

$1,029,774,086)

1,106,698,262

Fixed

Income

Funds

42.8%

Nationwide

Bond

Fund,

Class

R6(a)

5,874,892

48,702,855

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

31,370,442

311,508,485

NVIT

Core

Bond

Fund,

Class

Y(a)

35,971,595

328,780,376

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

3,431,047

29,266,827

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

11,561,784

111,571,211

Total

Fixed

Income

Funds

(cost

$931,184,722)

829,829,754

Total

Investment

Companies

(cost

$1,960,958,808)

1,936,528,016

Total

Investments

(cost

$1,960,958,808)

—

100.0%

1,936,528,016

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

688,587

)

NET

ASSETS

—

100.0%

$

1,935,839,429

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

36.6%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

797,736

7,833,764

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,010,385

16,143,388

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,396,634

34,407,903

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

7,556,180

85,687,086

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

740,820

7,837,878

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,608,883

39,986,420

Total

Equity

Funds

(cost

$176,853,564)

191,896,439

Fixed

Income

Funds

63.4%

Nationwide

Bond

Fund,

Class

R6(a)

2,582,239

21,406,758

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,166,149

10,472,016

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

10,253,365

101,815,912

NVIT

Core

Bond

Fund,

Class

Y(a)

13,390,927

122,393,077

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,256,938

10,721,685

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,841,204

66,017,616

Total

Fixed

Income

Funds

(cost

$371,183,107)

332,827,064

Total

Investment

Companies

(cost

$548,036,671)

524,723,503

Total

Investments

(cost

$548,036,671)

—

100.0%

524,723,503

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

209,463

)

NET

ASSETS

—

100.0%

$

524,514,040

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Conservative

Fund

-

December

31,

2023

-

Statement

of

Investments

-

57

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

18.5%

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

990,163

7,951,011

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,903,706

19,284,537

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

4,138,184

46,927,001

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

248,350

2,627,538

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

1,804,682

19,995,873

Total

Equity

Funds

(cost

$84,628,811)

96,785,960

Fixed

Income

Funds

81.5%

Nationwide

Bond

Fund,

Class

R6(a)

3,545,188

29,389,605

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,317,625

20,812,272

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

12,912,984

128,225,936

NVIT

Core

Bond

Fund,

Class

Y(a)

15,209,232

139,012,382

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,560,430

13,310,472

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

9,821,982

94,782,129

Total

Fixed

Income

Funds

(cost

$471,112,099)

425,532,796

Total

Investment

Companies

(cost

$555,740,910)

522,318,756

Total

Investments

(cost

$555,740,910)

—

100.0%

522,318,756

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

207,903

)

NET

ASSETS

—

100.0%

$

522,110,853

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Blueprint

SM

Balanced

Fund

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

47.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

4,141,441

40,668,949

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

8,130,487

65,287,811

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

13,839,903

140,198,218

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

29,313,963

332,420,340

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,061,104

32,386,477

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,617,980

150,887,214

Total

Equity

Funds

(cost

$707,338,992)

761,849,009

Fixed

Income

Funds

53.0%

Nationwide

Bond

Fund,

Class

R6(a)

6,908,021

57,267,492

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

29,642,096

294,346,011

NVIT

Core

Bond

Fund,

Class

Y(a)

35,577,832

325,181,383

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,895,123

24,695,400

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

16,168,940

156,030,274

Total

Fixed

Income

Funds

(cost

$960,857,447)

857,520,560

Total

Investment

Companies

(cost

$1,668,196,439)

1,619,369,569

Total

Investments

(cost

$1,668,196,439)

—

100.0%

1,619,369,569

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

587,045

)

NET

ASSETS

—

100.0%

$

1,618,782,524

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

December

31,

2023

-

Statement

of

Investments

-

59

Investment

Companies

100

.0

%

Shares

Value

($)

Equity

Funds

67.3%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

9,053,165

88,902,082

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

15,118,087

121,398,238

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

18,836,403

190,812,762

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

53,657,331

608,474,135

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

6,517,445

68,954,569

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

20,484,255

226,965,542

Total

Equity

Funds

(cost

$1,215,751,825)

1,305,507,328

Fixed

Income

Funds

32.7%

Nationwide

Bond

Fund,

Class

R6(a)

4,698,533

38,950,835

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

23,447,154

232,830,234

NVIT

Core

Bond

Fund,

Class

Y(a)

31,488,584

287,805,656

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

2,304,876

19,660,594

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,780,580

55,782,593

Total

Fixed

Income

Funds

(cost

$714,174,003)

635,029,912

Total

Investment

Companies

(cost

$1,929,925,828)

1,940,537,240

Total

Investments

(cost

$1,929,925,828)

—

100.0%

1,940,537,240

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

691,765

)

NET

ASSETS

—

100.0%

$

1,939,845,475

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

Investment

Companies

94

.1

%

Shares

Value

($)

Equity

Funds

41.8%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

1,092,028

10,723,713

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,210,932

17,753,786

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,690,461

37,384,367

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

8,280,883

93,905,214

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

806,347

8,531,150

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,662,282

40,578,083

Total

Equity

Funds

(cost

$191,581,418)

208,876,313

Fixed

Income

Funds

52.3%

Nationwide

Bond

Fund,

Class

R6(a)

1,975,859

16,379,871

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

8,502,736

84,432,172

NVIT

Core

Bond

Fund,

Class

Y(a)

11,765,920

107,540,505

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

820,286

6,997,037

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,755,407

45,889,676

Total

Fixed

Income

Funds

(cost

$284,698,954)

261,239,261

Total

Investment

Companies

(cost

$476,280,372)

470,115,574

Total

Investments

(cost

$476,280,372)

—

94.1%

470,115,574

Other

assets

in

excess

of

liabilities

—

5.9%

29,630,491

NET

ASSETS

—

100.0%

$

499,746,065

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

326

3/2024

USD

36,714,120

1,306,541

Russell

2000

E-Mini

Index

45

3/2024

USD

4,607,325

294,770

S&P

500

E-Mini

Index

294

3/2024

USD

70,854,000

2,171,648

S&P

Midcap

400

E-Mini

Index

15

3/2024

USD

4,214,250

192,192

Net

contracts

3,965,151

As

of

December

31,

2023,

the

Fund

had

$5,648,801

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Managed

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

61

Investment

Companies

93

.8

%

Shares

Value

($)

Equity

Funds

51.0%

Nationwide

International

Small

Cap

Fund,

Class

R6(a)

3,114,296

30,582,383

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,091,189

56,942,249

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

8,264,724

83,721,653

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

24,666,934

279,723,029

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,388,903

25,274,595

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

10,691,832

118,465,500

Total

Equity

Funds

(cost

$547,715,452)

594,709,409

Fixed

Income

Funds

42.8%

Nationwide

Bond

Fund,

Class

R6(a)

3,268,088

27,092,449

Investment

Companies

Shares

Value

($)

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y(a)

17,530,536

174,078,227

NVIT

Core

Bond

Fund,

Class

Y(a)

23,727,401

216,868,450

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y(a)

1,902,398

16,227,451

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,613,160

63,816,993

Total

Fixed

Income

Funds

(cost

$542,934,390)

498,083,570

Total

Investment

Companies

(cost

$1,090,649,842)

1,092,792,979

Total

Investments

(cost

$1,090,649,842)

—

93.8%

1,092,792,979

Other

assets

in

excess

of

liabilities

—

6.2%

71,664,976

NET

ASSETS

—

100.0%

$

1,164,457,955

(a)

Investment

in

affiliate.

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

818

3/2024

USD

92,123,160

3,406,885

Russell

2000

E-Mini

Index

128

3/2024

USD

13,105,280

900,144

S&P

500

E-Mini

Index

838

3/2024

USD

201,958,000

6,417,213

S&P

Midcap

400

E-Mini

Index

44

3/2024

USD

12,361,800

642,918

Net

contracts

11,367,160

As

of

December

31,

2023,

the

Fund

had

$15,689,344

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Aggressive

Fund

Assets:

Investment

securities

of

affiliated

issuers,

at

value

$

207,059,750‌

Receivable

for

investments

sold

—‌

Receivable

for

capital

shares

issued

18,314‌

Prepaid

expenses

230‌

Total

Assets

207,078,294‌

Liabilities:

Payable

for

investments

purchased

13,310‌

Payable

for

capital

shares

redeemed

4,957‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

17,073‌

Fund

administration

fees

14,276‌

Distribution

fees

10,234‌

Administrative

servicing

fees

25,165‌

Accounting

and

transfer

agent

fees

306‌

Trustee

fees

11‌

Custodian

fees

2,520‌

Compliance

program

costs

(Note

3)

213‌

Professional

fees

6,299‌

Printing

fees

10,092‌

Recoupment

fees

(Note

3)

6,844‌

Other

1,261‌

Total

Liabilities

112,561‌

Net

Assets

$

206,965,733‌

Cost

of

investment

securities

of

affiliated

issuers

198,235,267‌

Represented

by:

Capital

$

192,701,410‌

Total

distributable

earnings

(loss)

14,264,323‌

Net

Assets

$

206,965,733‌

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

63

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

NVIT

Blueprint

SM

Moderately

Conservative

Fund

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

$

431,767,310‌

$

1,936,528,016‌

$

524,723,503‌

$

522,318,756‌

$

1,619,369,569‌

664,372‌

1,131,952‌

248,835‌

177,349‌

698,233‌

16,701‌

—‌

1,251‌

2,832‌

1,098‌

447‌

1,648‌

433‌

543‌

1,372‌

432,448,830‌

1,937,661,616‌

524,974,022‌

522,499,480‌

1,620,070,272‌

—‌

—‌

—‌

—‌

—‌

680,999‌

1,131,716‌

250,000‌

180,096‌

699,124‌

36,065‌

158,871‌

44,108‌

44,020‌

135,082‌

18,439‌

46,078‌

20,220‌

20,187‌

40,296‌

24,458‌

141,963‌

39,219‌

39,035‌

120,329‌

54,694‌

252,140‌

69,055‌

67,891‌

210,976‌

639‌

3,181‌

821‌

827‌

2,620‌

64‌

146‌

107‌

32‌

112‌

8,560‌

49,835‌

14,851‌

14,816‌

42,799‌

461‌

2,084‌

571‌

568‌

1,746‌

6,490‌

8,025‌

6,719‌

6,757‌

7,738‌

9,571‌

11,380‌

9,575‌

9,706‌

12,717‌

3,416‌

—‌

—‌

—‌

—‌

3,240‌

16,768‌

4,736‌

4,692‌

14,209‌

847,096‌

1,822,187‌

459,982‌

388,627‌

1,287,748‌

$

431,601,734‌

$

1,935,839,429‌

$

524,514,040‌

$

522,110,853‌

$

1,618,782,524‌

420,769,286‌

1,960,958,808‌

548,036,671‌

555,740,910‌

1,668,196,439‌

$

397,463,017‌

$

1,864,324,296‌

$

531,341,608‌

$

555,331,761‌

$

1,601,820,403‌

34,138,717‌

71,515,133‌

(

6,827,568‌

)

(

33,220,908‌

)

16,962,121‌

$

431,601,734‌

$

1,935,839,429‌

$

524,514,040‌

$

522,110,853‌

$

1,618,782,524‌

64

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Aggressive

Fund

Net

Assets:

Class

I

Shares

$

69,681,289‌

Class

II

Shares

137,264,697‌

Class

Y

Shares

19,747‌

Total

$

206,965,733‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

5,625,972‌

Class

II

Shares

11,143,519‌

Class

Y

Shares

1,499‌

Total

16,770,990‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

12

.39‌

Class

II

Shares

$

12

.32‌

Class

Y

Shares

$

13

.17‌

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

65

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

NVIT

Blueprint

SM

Moderately

Conservative

Fund

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

$

107,284,975‌

$

55,277,492‌

$

7,026,219‌

$

7,653,214‌

$

27,004,645‌

324,296,597‌

1,880,550,834‌

517,482,533‌

514,446,619‌

1,591,766,795‌

20,162‌

11,103‌

5,288‌

11,020‌

11,084‌

$

431,601,734‌

$

1,935,839,429‌

$

524,514,040‌

$

522,110,853‌

$

1,618,782,524‌

10,368,776‌

5,005,719‌

648,363‌

734,604‌

2,406,716‌

31,476,683‌

171,175,338‌

47,904,250‌

49,510,267‌

143,252,791‌

1,822‌

941‌

463‌

1,036‌

938‌

41,847,281‌

176,181,998‌

48,553,076‌

50,245,907‌

145,660,445‌

$

10

.35‌

$

11

.04‌

$

10

.84‌

$

10

.42‌

$

11

.22‌

$

10

.30‌

$

10

.99‌

$

10

.80‌

$

10

.39‌

$

11

.11‌

$

11

.07‌

$

11

.80‌

$

11

.42‌

$

10

.64‌

$

11

.82‌

66

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Assets:

Investment

securities

of

affiliated

issuers,

at

value

$

1,940,537,240‌

Cash

—‌

Deposits

with

broker

for

futures

contracts

—‌

Interest

and

dividends

receivable

—‌

Receivable

for

investments

sold

887,620‌

Receivable

for

capital

shares

issued

—‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—‌

Prepaid

expenses

1,617‌

Total

Assets

1,941,426,477‌

Liabilities:

Payable

for

capital

shares

redeemed

887,381‌

Payable

for

variation

margin

on

futures

contracts

—‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

158,945‌

Fund

administration

fees

46,092‌

Distribution

fees

142,478‌

Administrative

servicing

fees

251,776‌

Accounting

and

transfer

agent

fees

3,180‌

Trustee

fees

92‌

Custodian

fees

52,836‌

Compliance

program

costs

(Note

3)

2,086‌

Professional

fees

7,992‌

Printing

fees

11,036‌

Other

17,108‌

Total

Liabilities

1,581,002‌

Net

Assets

$

1,939,845,475‌

Cost

of

investment

securities

of

affiliated

issuers

1,929,925,828‌

Represented

by:

Capital

$

1,848,345,068‌

Total

distributable

earnings

(loss)

91,500,407‌

Net

Assets

$

1,939,845,475‌

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

67

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

$

470,115,574‌

$

1,092,792,979‌

24,571,886‌

57,091,310‌

5,480,240‌

15,643,987‌

73,793‌

162,416‌

188,518‌

345,978‌

134‌

523‌

68,733‌

187,029‌

468‌

1,158‌

500,499,346‌

1,166,225,380‌

188,583‌

346,360‌

273,277‌

782,632‌

91,924‌

213,661‌

19,693‌

31,802‌

82,429‌

192,831‌

62,508‌

144,051‌

747‌

1,870‌

45‌

81‌

11,336‌

26,218‌

535‌

1,235‌

6,670‌

7,413‌

11,339‌

9,498‌

4,195‌

9,773‌

753,281‌

1,767,425‌

$

499,746,065‌

$

1,164,457,955‌

476,280,372‌

1,090,649,842‌

$

501,622,328‌

$

1,135,339,145‌

(

1,876,263‌

)

29,118,810‌

$

499,746,065‌

$

1,164,457,955‌

68

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Net

Assets:

Class

I

Shares

$

48,702,509‌

Class

II

Shares

1,890,222,142‌

Class

Y

Shares

920,824‌

Total

$

1,939,845,475‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

4,531,424‌

Class

II

Shares

176,426,137‌

Class

Y

Shares

79,394‌

Total

181,036,955‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

10

.75‌

Class

II

Shares

$

10

.71‌

Class

Y

Shares

$

11

.60‌

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

69

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

$

6,852,033‌

$

8,817,119‌

492,894,032‌

1,155,640,836‌

—‌

—‌

$

499,746,065‌

$

1,164,457,955‌

580,921‌

718,108‌

42,102,846‌

94,910,118‌

—‌

—‌

42,683,767‌

95,628,226‌

$

11

.80‌

$

12

.28‌

$

11

.71‌

$

12

.18‌

$

—‌

$

—‌

70

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Aggressive

Fund

INVESTMENT

INCOME:

Dividend

income

from

affiliated

issuers

$

8,206,672‌

Interest

income

(unaffiliated)

14‌

Total

Income

8,206,686‌

EXPENSES:

Investment

advisory

fees

355,770‌

Fund

administration

fees

77,503‌

Distribution

fees

Class

II

Shares

309,256‌

Administrative

servicing

fees

Class

I

Shares

81,270‌

Administrative

servicing

fees

Class

II

Shares

185,554‌

Professional

fees

19,726‌

Printing

fees

5,664‌

Trustee

fees

6,411‌

Custodian

fees

854‌

Accounting

and

transfer

agent

fees

1,423‌

Compliance

program

costs

(Note

3)

769‌

Recoupment

fees

(Note

3)

6,844‌

Other

3,685‌

Total

expenses

before

fees

waived

1,054,729‌

Distribution

fees

waived

-

Class

II

(Note

3)

(

197,926‌

)

Investment

advisory

fees

waived

(Note

3)

(

177,882‌

)

Net

Expenses

678,921‌

NET

INVESTMENT

INCOME

7,527,765‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

affiliated

Underlying

Funds

4,962,505‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

(

4,150,081‌

)

Net

realized

gains

(losses)

812,424‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

24,257,733‌

Net

change

in

unrealized

appreciation/depreciation

24,257,733‌

Net

realized/unrealized

gains

(losses)

25,070,157‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

32,597,922‌

Blueprint

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

71

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

NVIT

Blueprint

SM

Moderately

Conservative

Fund

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

$

17,538,835‌

$

77,959,262‌

$

20,978,479‌

$

19,919,611‌

$

64,534,477‌

41‌

—‌

—‌

—‌

—‌

17,538,876‌

77,959,262‌

20,978,479‌

19,919,611‌

64,534,477‌

813,725‌

3,768,908‌

1,066,529‌

1,078,581‌

3,187,547‌

125,962‌

442,855‌

152,050‌

153,943‌

376,707‌

775,324‌

4,634,390‌

1,317,246‌

1,329,236‌

3,936,664‌

145,091‌

76,368‌

9,539‌

11,313‌

36,052‌

465,197‌

2,780,648‌

790,351‌

797,546‌

2,362,010‌

27,199‌

72,766‌

31,511‌

31,789‌

63,119‌

8,924‌

37,858‌

14,696‌

13,268‌

34,820‌

14,581‌

68,522‌

19,244‌

19,362‌

57,507‌

2,275‌

11,740‌

3,423‌

3,470‌

9,981‌

2,965‌

12,981‌

3,824‌

3,881‌

10,926‌

1,759‌

8,224‌

2,303‌

2,326‌

6,902‌

3,416‌

—‌

—‌

—‌

—‌

9,902‌

44,821‌

12,494‌

14,087‌

38,152‌

2,396,320‌

11,960,081‌

3,423,210‌

3,458,802‌

10,120,387‌

(

496,213‌

)

(

2,966,042‌

)

(

843,047‌

)

(

850,720‌

)

(

2,519,492‌

)

(

406,855‌

)

(

1,904,656‌

)

(

533,255‌

)

(

539,233‌

)

(

1,598,689‌

)

1,493,252‌

7,089,383‌

2,046,908‌

2,068,849‌

6,002,206‌

16,045,624‌

70,869,879‌

18,931,571‌

17,850,762‌

58,532,271‌

9,609,029‌

34,850,509‌

6,410,995‌

3,079,729‌

23,414,842‌

(

1,227,973‌

)

(

5,489,411‌

)

(

5,545,785‌

)

(

10,869,420‌

)

(

9,719,914‌

)

8,381,056‌

29,361,098‌

865,210‌

(

7,789,691‌

)

13,694,928‌

43,175,849‌

164,564,375‌

39,263,374‌

34,971,244‌

127,706,870‌

43,175,849‌

164,564,375‌

39,263,374‌

34,971,244‌

127,706,870‌

51,556,905‌

193,925,473‌

40,128,584‌

27,181,553‌

141,401,798‌

$

67,602,529‌

$

264,795,352‌

$

59,060,155‌

$

45,032,315‌

$

199,934,069‌

72

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

INVESTMENT

INCOME:

Dividend

income

from

affiliated

issuers

$

74,719,395‌

Interest

income

(unaffiliated)

—‌

Total

Income

74,719,395‌

EXPENSES:

Investment

advisory

fees

3,753,825‌

Fund

administration

fees

441,978‌

Distribution

fees

Class

II

Shares

4,633,118‌

Administrative

servicing

fees

Class

I

Shares

65,105‌

Administrative

servicing

fees

Class

II

Shares

2,779,884‌

Professional

fees

72,258‌

Printing

fees

35,985‌

Trustee

fees

68,060‌

Custodian

fees

12,008‌

Accounting

and

transfer

agent

fees

12,911‌

Compliance

program

costs

(Note

3)

8,174‌

Other

45,502‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

11,928,808‌

Distribution

fees

waived

-

Class

II

(Note

3)

(

2,965,228‌

)

Investment

advisory

fees

waived

(Note

3)

(

1,896,718‌

)

Expenses

reimbursed

by

adviser

(Note

3)

—‌

Net

Expenses

7,066,862‌

NET

INVESTMENT

INCOME

67,652,533‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

affiliated

Underlying

Funds

35,046,413‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

(

13,025,924‌

)

Expiration

or

closing

of

futures

contracts

(Note

2)

—‌

Net

realized

gains

(losses)

22,020,489‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

198,330,691‌

Futures

contracts

(Note

2)

—‌

Net

change

in

unrealized

appreciation/depreciation

198,330,691‌

Net

realized/unrealized

gains

(losses)

220,351,180‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

288,003,713‌

Blueprint

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

73

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

$

19,401,487‌

$

45,862,405‌

900,044‌

1,796,380‌

20,301,531‌

47,658,785‌

1,077,528‌

2,494,046‌

142,840‌

279,923‌

1,209,714‌

2,814,459‌

8,848‌

11,806‌

725,832‌

1,688,684‌

29,593‌

47,805‌

11,093‌

24,322‌

17,606‌

40,717‌

2,819‌

6,551‌

3,391‌

7,768‌

2,120‌

4,892‌

12,072‌

29,750‌

3,243,456‌

7,450,723‌

(

241,950‌

)

(

562,878‌

)

—‌

—‌

(

808,135‌

)

(

2,139,720‌

)

2,193,371‌

4,748,125‌

18,108,160‌

42,910,660‌

7,184,534‌

20,801,620‌

(

2,709,145‌

)

(

3,440,569‌

)

(

5,340,898‌

)

(

31,913,094‌

)

(

865,509‌

)

(

14,552,043‌

)

37,478,462‌

95,271,441‌

2,676,869‌

8,798,062‌

40,155,331‌

104,069,503‌

39,289,822‌

89,517,460‌

$

57,397,982‌

$

132,428,120‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Aggressive

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

7,527,765‌

$

3,992,224‌

Net

realized

gains

812,424‌

25,198,544‌

Net

change

in

unrealized

appreciation/depreciation

24,257,733‌

(56,672,852‌)

Change

in

net

assets

resulting

from

operations

32,597,922‌

(27,482,084‌)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(3,446,826‌)

(172,905‌)

Class

II

(7,676,844‌)

(462,040‌)

Change

in

net

assets

from

shareholder

distributions

(11,123,670‌)

(634,945‌)

Change

in

net

assets

from

capital

transactions

23,121,463‌

13,000,494‌

Change

in

net

assets

44,595,715‌

(15,116,535‌)

Net

Assets:

Beginning

of

year

162,370,018‌

177,486,553‌

End

of

year

$

206,965,733‌

$

162,370,018‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

17,666,462‌

$

7,795,202‌

Dividends

reinvested

3,446,826‌

172,905‌

Cost

of

shares

redeemed

(3,869,963‌)

(3,358,732‌)

Total

Class

I

Shares

17,243,325‌

4,609,375‌

Class

II

Shares

Proceeds

from

shares

issued

12,140,524‌

20,917,039‌

Dividends

reinvested

7,676,844‌

462,040‌

Cost

of

shares

redeemed

(13,958,575‌)

(12,987,960‌)

Total

Class

II

Shares

5,858,793‌

8,391,119‌

Class

Y

Shares

Proceeds

from

shares

issued

19,572‌(a)

—‌

Dividends

reinvested

—‌(a)

—‌

Cost

of

shares

redeemed

(227‌)(a)

—‌

Total

Class

Y

Shares

19,345‌(a)

—‌

Change

in

net

assets

from

capital

transactions

$

23,121,463‌

$

13,000,494‌

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

75

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

16,045,624‌

$

9,799,470‌

$

70,869,879‌

$

48,055,972‌

8,381,056‌

61,222,912‌

29,361,098‌

258,664,353‌

43,175,849‌

(142,378,105‌)

164,564,375‌

(643,548,768‌)

67,602,529‌

(71,355,723‌)

264,795,352‌

(336,828,443‌)

(6,245,388‌)

(1,704,493‌)

(3,302,171‌)

(1,501,290‌)

(19,852,313‌)

(5,968,386‌)

(118,212,940‌)

(58,794,948‌)

(26,097,701‌)

(7,672,879‌)

(121,515,111‌)

(60,296,238‌)

787,485‌

(5,571,864‌)

(101,326,762‌)

(145,925,636‌)

42,292,313‌

(84,600,466‌)

41,953,479‌

(543,050,317‌)

389,309,421‌

473,909,887‌

1,893,885,950‌

2,436,936,267‌

$

431,601,734‌

$

389,309,421‌

$

1,935,839,429‌

$

1,893,885,950‌

$

7,356,554‌

$

6,555,794‌

$

4,954,499‌

$

3,232,924‌

6,245,388‌

1,704,493‌

3,302,171‌

1,501,290‌

(5,511,657‌)

(5,177,420‌)

(5,155,754‌)

(3,499,293‌)

8,090,285‌

3,082,867‌

3,100,916‌

1,234,921‌

10,003,350‌

13,490,776‌

4,443,995‌

6,270,512‌

19,852,313‌

5,968,386‌

118,212,940‌

58,794,948‌

(37,178,241‌)

(28,113,893‌)

(227,095,366‌)

(212,226,017‌)

(7,322,578‌)

(8,654,731‌)

(104,438,431‌)

(147,160,557‌)

19,908‌(a)

—‌

10,882‌(a)

—‌

—‌(a)

—‌

—‌(a)

—‌

(130‌)(a)

—‌

(129‌)(a)

—‌

19,778‌(a)

—‌

10,753‌(a)

—‌

$

787,485‌

$

(5,571,864‌)

$

(101,326,762‌)

$

(145,925,636‌)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Aggressive

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

1,512,192‌

677,861‌

Reinvested

299,724‌

15,704‌

Redeemed

(325,855‌)

(283,269‌)

Total

Class

I

Shares

1,486,061‌

410,296‌

Class

II

Shares

Issued

1,029,772‌

1,805,874‌

Reinvested

671,053‌

42,119‌

Redeemed

(1,204,679‌)

(1,116,943‌)

Total

Class

II

Shares

496,146‌

731,050‌

Class

Y

Shares

Issued

1,516‌(a)

—‌

Reinvested

—‌(a)

—‌

Redeemed

(17‌)(a)

—‌

Total

Class

Y

Shares

1,499‌(a)

—‌

Total

change

in

shares

1,983,706‌

1,141,346‌

(a)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

77

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

746,471‌

670,339‌

460,035‌

301,160‌

648,535‌

181,716‌

318,742‌

145,615‌

(557,218‌)

(518,909‌)

(481,496‌)

(323,643‌)

837,788‌

333,146‌

297,281‌

123,132‌

1,015,006‌

1,342,844‌

421,959‌

592,791‌

2,070,106‌

638,330‌

11,465,853‌

5,724,922‌

(3,775,697‌)

(2,873,357‌)

(21,384,901‌)

(19,401,335‌)

(690,585‌)

(892,183‌)

(9,497,089‌)

(13,083,622‌)

1,834‌(a)

—‌

952‌(a)

—‌

—‌(a)

—‌

—‌(a)

—‌

(12‌)(a)

—‌

(11‌)(a)

—‌

1,822‌(a)

—‌

941‌(a)

—‌

149,025‌

(559,037‌)

(9,198,867‌)

(12,960,490‌)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

18,931,571‌

$

13,690,801‌

Net

realized

gains

(losses)

865,210‌

50,220,732‌

Net

change

in

unrealized

appreciation/depreciation

39,263,374‌

(154,463,049‌)

Change

in

net

assets

resulting

from

operations

59,060,155‌

(90,551,516‌)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(329,988‌)

(176,383‌)

Class

II

(25,884,682‌)

(15,921,575‌)

Change

in

net

assets

from

shareholder

distributions

(26,214,670‌)

(16,097,958‌)

Change

in

net

assets

from

capital

transactions

(57,199,077‌)

(48,130,285‌)

Change

in

net

assets

(24,353,592‌)

(154,779,759‌)

Net

Assets:

Beginning

of

year

548,867,632‌

703,647,391‌

End

of

year

$

524,514,040‌

$

548,867,632‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

1,314,489‌

$

1,303,642‌

Dividends

reinvested

329,988‌

176,383‌

Cost

of

shares

redeemed

(1,302,341‌)

(811,362‌)

Total

Class

I

Shares

342,136‌

668,663‌

Class

II

Shares

Proceeds

from

shares

issued

1,662,561‌

9,113,581‌

Dividends

reinvested

25,884,682‌

15,921,575‌

Cost

of

shares

redeemed

(85,093,456‌)

(73,834,104‌)

Total

Class

II

Shares

(57,546,213‌)

(48,798,948‌)

Class

Y

Shares

Proceeds

from

shares

issued

5,000‌(a)

—‌

Dividends

reinvested

—‌(a)

—‌

Cost

of

shares

redeemed

—‌(a)

—‌

Total

Class

Y

Shares

5,000‌(a)

—‌

Change

in

net

assets

from

capital

transactions

$

(57,199,077‌)

$

(48,130,285‌)

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

79

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

17,850,762‌

$

13,894,499‌

$

58,532,271‌

$

39,443,765‌

(7,789,691‌)

20,621,879‌

13,694,928‌

167,337,152‌

34,971,244‌

(117,647,483‌)

127,706,870‌

(482,273,713‌)

45,032,315‌

(83,131,105‌)

199,934,069‌

(275,492,796‌)

(158,878‌)

(170,179‌)

(1,218,805‌)

(766,530‌)

(10,638,062‌)

(12,876,352‌)

(77,895,673‌)

(57,235,273‌)

(10,796,940‌)

(13,046,531‌)

(79,114,478‌)

(58,001,803‌)

(74,269,833‌)

(50,794,258‌)

(102,520,453‌)

(134,729,149‌)

(40,034,458‌)

(146,971,894‌)

18,299,138‌

(468,223,748‌)

562,145,311‌

709,117,205‌

1,600,483,386‌

2,068,707,134‌

$

522,110,853‌

$

562,145,311‌

$

1,618,782,524‌

$

1,600,483,386‌

$

1,168,156‌

$

1,353,911‌

$

4,490,776‌

$

3,638,816‌

158,878‌

170,179‌

1,218,805‌

766,530‌

(1,521,036‌)

(1,529,814‌)

(3,085,717‌)

(3,448,589‌)

(194,002‌)

(5,724‌)

2,623,864‌

956,757‌

15,085,021‌

34,263,591‌

7,962,433‌

8,264,331‌

10,638,062‌

12,876,352‌

77,895,673‌

57,235,273‌

(99,809,647‌)

(97,928,477‌)

(191,013,171‌)

(201,185,510‌)

(74,086,564‌)

(50,788,534‌)

(105,155,065‌)

(135,685,906‌)

10,862‌(a)

—‌

10,877‌(a)

—‌

—‌(a)

—‌

—‌(a)

—‌

(129‌)(a)

—‌

(129‌)(a)

—‌

10,733‌(a)

—‌

10,748‌(a)

—‌

$

(74,269,833‌)

$

(50,794,258‌)

$

(102,520,453‌)

$

(134,729,149‌)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

124,819‌

118,263‌

Reinvested

32,225‌

17,191‌

Redeemed

(124,770‌)

(73,689‌)

Total

Class

I

Shares

32,274‌

61,765‌

Class

II

Shares

Issued

159,553‌

826,064‌

Reinvested

2,535,228‌

1,554,841‌

Redeemed

(8,113,273‌)

(6,865,911‌)

Total

Class

II

Shares

(5,418,492‌)

(4,485,006‌)

Class

Y

Shares

Issued

463‌(a)

—‌

Reinvested

—‌(a)

—‌

Redeemed

—‌(a)

—‌

Total

Class

Y

Shares

463‌(a)

—‌

Total

change

in

shares

(5,385,755‌)

(4,423,241‌)

(a)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

81

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

116,428‌

130,353‌

413,806‌

325,651‌

16,016‌

17,277‌

115,417‌

73,352‌

(152,895‌)

(148,913‌)

(285,123‌)

(302,861‌)

(20,451‌)

(1,283‌)

244,100‌

96,142‌

1,536,782‌

3,293,520‌

743,316‌

743,909‌

1,075,638‌

1,309,904‌

7,447,005‌

5,524,640‌

(9,976,705‌)

(9,495,200‌)

(17,826,561‌)

(18,274,476‌)

(7,364,285‌)

(4,891,776‌)

(9,636,240‌)

(12,005,927‌)

1,048‌(a)

—‌

949‌(a)

—‌

—‌(a)

—‌

—‌(a)

—‌

(12‌)(a)

—‌

(11‌)(a)

—‌

1,036‌(a)

—‌

938‌(a)

—‌

(7,383,700‌)

(4,893,059‌)

(9,391,202‌)

(11,909,785‌)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

82

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

67,652,533‌

$

46,187,955‌

Net

realized

gains

(losses)

22,020,489‌

292,046,245‌

Net

change

in

unrealized

appreciation/depreciation

198,330,691‌

(705,209,202‌)

Change

in

net

assets

resulting

from

operations

288,003,713‌

(366,975,002‌)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(3,229,489‌)

(1,839,109‌)

Class

II

(135,063,931‌)

(86,622,671‌)

Change

in

net

assets

from

shareholder

distributions

(138,293,420‌)

(88,461,780‌)

Change

in

net

assets

from

capital

transactions

(99,615,074‌)

(164,928,300‌)

Change

in

net

assets

50,095,219‌

(620,365,082‌)

Net

Assets:

Beginning

of

year

1,889,750,256‌

2,510,115,338‌

End

of

year

$

1,939,845,475‌

$

1,889,750,256‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

6,952,995‌

$

6,657,318‌

Dividends

reinvested

3,229,489‌

1,839,109‌

Cost

of

shares

redeemed

(5,424,477‌)

(4,671,835‌)

Total

Class

I

Shares

4,758,007‌

3,824,592‌

Class

II

Shares

Proceeds

from

shares

issued

1,081,523‌

3,736,945‌

Dividends

reinvested

135,063,931‌

86,622,671‌

Cost

of

shares

redeemed

(241,395,588‌)

(259,112,508‌)

Total

Class

II

Shares

(105,250,134‌)

(168,752,892‌)

Class

Y

Shares

Proceeds

from

shares

issued

879,497‌(a)

—‌

Dividends

reinvested

—‌(a)

—‌

Cost

of

shares

redeemed

(2,444‌)(a)

—‌

Total

Class

Y

Shares

877,053‌(a)

—‌

Change

in

net

assets

from

capital

transactions

$

(99,615,074‌)

$

(164,928,300‌)

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

83

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

18,108,160‌

$

11,552,746‌

$

42,910,660‌

$

27,905,161‌

(865,509‌)

38,851,368‌

(14,552,043‌)

102,176,626‌

40,155,331‌

(132,645,799‌)

104,069,503‌

(345,111,685‌)

57,397,982‌

(82,241,685‌)

132,428,120‌

(215,029,898‌)

—‌

—‌

(133,148‌)

—‌

—‌

—‌

(18,871,286‌)

—‌

—‌

—‌

(19,004,434‌)

—‌

(45,056,758‌)

(37,237,315‌)

(83,013,992‌)

(90,698,020‌)

12,341,224‌

(119,479,000‌)

30,409,694‌

(305,727,918‌)

487,404,841‌

606,883,841‌

1,134,048,261‌

1,439,776,179‌

$

499,746,065‌

$

487,404,841‌

$

1,164,457,955‌

$

1,134,048,261‌

$

1,321,070‌

$

2,616,098‌

$

1,416,601‌

$

1,888,254‌

—‌

—‌

133,148‌

—‌

(346,117‌)

(713,160‌)

(1,219,124‌)

(659,213‌)

974,953‌

1,902,938‌

330,625‌

1,229,041‌

5,220,904‌

8,953,667‌

4,999,248‌

12,244,036‌

—‌

—‌

18,871,286‌

—‌

(51,252,615‌)

(48,093,920‌)

(107,215,151‌)

(104,171,097‌)

(46,031,711‌)

(39,140,253‌)

(83,344,617‌)

(91,927,061‌)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

$

(45,056,758‌)

$

(37,237,315‌)

$

(83,013,992‌)

$

(90,698,020‌)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

84

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Blueprint

Funds

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

665,915‌

608,058‌

Reinvested

321,342‌

183,911‌

Redeemed

(519,362‌)

(436,241‌)

Total

Class

I

Shares

467,895‌

355,728‌

Class

II

Shares

Issued

104,771‌

341,765‌

Reinvested

13,479,434‌

8,670,938‌

Redeemed

(23,258,670‌)

(24,078,542‌)

Total

Class

II

Shares

(9,674,465‌)

(15,065,839‌)

Class

Y

Shares

Issued

79,604‌(a)

—‌

Reinvested

—‌(a)

—‌

Redeemed

(210‌)(a)

—‌

Total

Class

Y

Shares

79,394‌(a)

—‌

Total

change

in

shares

(9,127,176‌)

(14,710,111‌)

(a)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

85

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

120,506‌

235,575‌

123,582‌

160,646‌

—‌

—‌

11,538‌

—‌

(31,082‌)

(64,742‌)

(106,556‌)

(55,260‌)

89,424‌

170,833‌

28,564‌

105,386‌

480,840‌

825,728‌

442,216‌

1,025,859‌

—‌

—‌

1,648,147‌

—‌

(4,696,277‌)

(4,415,340‌)

(9,367,449‌)

(8,958,368‌)

(4,215,437‌)

(3,589,612‌)

(7,277,086‌)

(7,932,509‌)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(4,126,013‌)

(3,418,779‌)

(7,248,522‌)

(7,827,123‌)

86

-

Financial

Highlights

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Aggressive

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)(f)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

(f)(g)

Portfolio

Turnover(b)(h)

Class

I

Shares

12/31/2023

$

11.01

$

0.52

$

1.60

$

2.12

$

—

$

(

0.74

)

$

(

0.74

)

$

12.39

19.74%

$

69,681

0.32%

4.48%

0.42%

9.76%

12/31/2022

13.04

0.29

(

2.28

)

(

1.99

)

—

(

0.04

)

(

0.04

)

11.01

(15.23)%

45,599

0.32%

2.52%

0.42%

9.84%

12/31/2021

10.87

0.17

2.02

2.19

(

0.02

)

—

(

0.02

)

13.04

20.19%

48,630

0.33%

1.40%

0.43%

16.53%

12/31/2020

9.75

0.04

1.19

1.23

(

0.11

)

—

(

0.11

)

10.87

12.74%

38,068

0.33%

0.40%

0.45%

21.86%

12/31/2019

8.78

0.07

1.98

2.05

(

0.29

)

(

0.79

)

(

1.08

)

9.75

24.15%

31,708

0.33%

0.73%

0.44%

92.45%

Class

II

Shares

12/31/2023

10.97

0.48

1.61

2.09

—

(

0.74

)

(

0.74

)

12.32

19.54%

137,265

0.41%

4.12%

0.67%

9.76%

12/31/2022

12.99

0.28

(

2.26

)

(

1.98

)

—

(

0.04

)

(

0.04

)

10.97

(15.22)%

116,771

0.41%

2.42%

0.67%

9.84%

12/31/2021

10.83

0.16

2.02

2.18

(

0.02

)

—

(

0.02

)

12.99

20.10%

128,857

0.42%

1.35%

0.68%

16.53%

12/31/2020

9.73

0.03

1.18

1.21

(

0.11

)

—

(

0.11

)

10.83

12.56%

93,248

0.42%

0.29%

0.70%

21.86%

12/31/2019

8.77

0.06

1.97

2.03

(

0.28

)

(

0.79

)

(

1.07

)

9.73

23.96%

85,105

0.42%

0.61%

0.69%

92.45%

Class

Y

Shares

12/31/2023(i)

12.29

0.48

0.40

0.88

—

—

—

13.17

7.16%(j)

20

0.18%

12.75%

0.26%

9.76%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Expense

ratios

include

expenses

reimbursed

to

the

Advisor.

(g)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(h)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(i)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

(j)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Blueprint

Funds

-

December

31,

2023

-

Financial

Highlights

-

87

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)(f)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

(f)(g)

Portfolio

Turnover(b)(h)

Class

I

Shares

12/31/2023

$

9.36

$

0.40

$

1.24

$

1.64

$

—

$

(

0.65

)

$

(

0.65

)

$

10.35

18.07%

$

107,285

0.30%

4.09%

0.40%

13.04%

12/31/2022

11.23

0.24

(

1.93

)

(

1.69

)

—

(

0.18

)

(

0.18

)

9.36

(15.01)%

89,199

0.30%

2.47%

0.40%

7.97%

12/31/2021

9.53

0.15

1.58

1.73

(

0.03

)

—

(

0.03

)

11.23

18.12%

103,327

0.30%

1.45%

0.40%

14.74%

12/31/2020

8.76

0.06

0.99

1.05

(

0.09

)

(

0.19

)

(

0.28

)

9.53

12.36%

84,871

0.30%

0.66%

0.41%

11.77%

12/31/2019

8.20

0.09

1.67

1.76

(

0.27

)

(

0.93

)

(

1.20

)

8.76

22.32%

74,964

0.30%

0.98%

0.40%

82.66%

Class

II

Shares

12/31/2023

9.33

0.38

1.24

1.62

—

(

0.65

)

(

0.65

)

10.30

17.90%

324,297

0.39%

3.90%

0.65%

13.04%

12/31/2022

11.21

0.23

(

1.93

)

(

1.70

)

—

(

0.18

)

(

0.18

)

9.33

(15.13)%

300,110

0.39%

2.34%

0.65%

7.97%

12/31/2021

9.51

0.14

1.58

1.72

(

0.02

)

—

(

0.02

)

11.21

18.06%

370,583

0.39%

1.31%

0.65%

14.74%

12/31/2020

8.75

0.04

1.00

1.04

(

0.09

)

(

0.19

)

(

0.28

)

9.51

12.26%

329,163

0.39%

0.53%

0.66%

11.77%

12/31/2019

8.19

0.07

1.68

1.75

(

0.26

)

(

0.93

)

(

1.19

)

8.75

22.23%

324,672

0.39%

0.83%

0.65%

82.66%

Class

Y

Shares

12/31/2023(i)

10.33

0.40

0.34

0.74

—

—

—

11.07

7.16%(j)

20

0.15%

12.52%

0.23%

13.04%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Expense

ratios

include

expenses

reimbursed

to

the

Advisor.

(g)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(h)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(i)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

(j)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

88

-

Financial

Highlights

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Moderate

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

I

Shares

12/31/2023

$

10.26

$

0.42

$

1.07

$

1.49

$

—

$

(

0.71

)

$

(

0.71

)

$

11.04

14.95%

$

55,277

0.28%

3.96%

0.38%

10.09%

12/31/2022

12.32

0.27

(

2.00

)

(

1.73

)

—

(

0.33

)

(

0.33

)

10.26

(14.08)%

48,288

0.29%

2.50%

0.39%

15.72%

12/31/2021

10.87

0.18

1.30

1.48

(

0.03

)

—

(

0.03

)

12.32

13.64%

56,500

0.28%

1.50%

0.38%

9.16%

12/31/2020

10.18

0.11

0.96

1.07

(

0.09

)

(

0.29

)

(

0.38

)

10.87

10.77%

48,710

0.29%

1.07%

0.39%

8.94%

12/31/2019

9.57

0.14

1.56

1.70

(

0.29

)

(

0.80

)

(

1.09

)

10.18

18.32%

45,677

0.28%

1.34%

0.38%

61.95%

Class

II

Shares

12/31/2023

10.22

0.40

1.08

1.48

—

(

0.71

)

(

0.71

)

10.99

14.92%

1,880,551

0.37%

3.71%

0.63%

10.09%

12/31/2022

12.29

0.25

(

1.99

)

(

1.74

)

—

(

0.33

)

(

0.33

)

10.22

(14.20)%(g)

1,845,598

0.38%

2.32%

0.64%

15.72%

12/31/2021

10.84

0.15

1.32

1.47

(

0.02

)

—

(

0.02

)

12.29

13.56%(g)

2,380,436

0.37%

1.32%

0.63%

9.16%

12/31/2020

10.16

0.09

0.97

1.06

(

0.09

)

(

0.29

)

(

0.38

)

10.84

10.69%

2,355,993

0.38%

0.93%

0.64%

8.94%

12/31/2019

9.56

0.13

1.55

1.68

(

0.28

)

(

0.80

)

(

1.08

)

10.16

18.14%

2,400,916

0.37%

1.27%

0.63%

61.95%

Class

Y

Shares

12/31/2023(h)

11.09

0.41

0.30

0.71

—

—

—

11.80

6.40%

11

0.15%

11.96%

0.23%

10.09%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(h)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Financial

Highlights

-

89

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

10.20

$

0.42

$

0.76

$

1.18

$

—

$

(

0.54

)

$

(

0.54

)

$

10.84

11.88%

$

7,026

0.29%

3.99%

0.39%

8.69%

12/31/2022

12.07

0.27

(

1.84

)

(

1.57

)

—

(

0.30

)

(

0.30

)

10.20

(13.05)%

6,282

0.30%

2.52%

0.40%

17.97%

12/31/2021

11.08

0.18

0.84

1.02

(

0.03

)

—

(

0.03

)

12.07

9.23%

6,691

0.30%

1.56%

0.40%

9.22%

12/31/2020

10.28

0.16

0.77

0.93

(

0.06

)

(

0.07

)

(

0.13

)

11.08

9.15%

7,096

0.30%

1.58%

0.40%

7.90%

12/31/2019

9.72

0.18

1.19

1.37

(

0.28

)

(

0.53

)

(

0.81

)

10.28

14.28%

5,847

0.30%

1.70%

0.40%

45.02%

Class

II

Shares

12/31/2023

10.18

0.37

0.79

1.16

—

(

0.54

)

(

0.54

)

10.80

11.70%

517,483

0.38%

3.54%

0.64%

8.69%

12/31/2022

12.06

0.24

(

1.82

)

(

1.58

)

—

(

0.30

)

(

0.30

)

10.18

(13.14)%(h)

542,585

0.39%

2.26%

0.65%

17.97%

12/31/2021

11.07

0.16

0.85

1.01

(

0.02

)

—

(

0.02

)

12.06

9.12%(h)

696,957

0.39%

1.38%

0.65%

9.22%

12/31/2020

10.28

0.13

0.79

0.92

(

0.06

)

(

0.07

)

(

0.13

)

11.07

9.05%

714,954

0.39%

1.26%

0.65%

7.90%

12/31/2019

9.71

0.17

1.20

1.37

(

0.27

)

(

0.53

)

(

0.80

)

10.28

14.30%

734,443

0.39%

1.63%

0.65%

45.02%

Class

Y

Shares

12/31/2023(i)

10.79

0.42

0.21

0.63

—

—

—

11.42

5.84%(h)

5

0.15%

12.75%

0.22%

8.69%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

90

-

Financial

Highlights

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Conservative

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

I

Shares

12/31/2023

$

9.77

$

0.36

$

0.50

$

0.86

$

—

$

(

0.21

)

$

(

0.21

)

$

10.42

8.91%

$

7,653

0.29%

3.54%

0.39%

8.85%

12/31/2022

11.35

0.25

(

1.61

)

(

1.36

)

—

(

0.22

)

(

0.22

)

9.77

(11.97)%

7,377

0.30%

2.40%

0.40%

21.03%

12/31/2021

10.91

0.18

0.31

0.49

(

0.02

)

(

0.03

)

(

0.05

)

11.35

4.49%

8,584

0.30%

1.64%

0.40%

15.86%

12/31/2020

10.18

0.21

0.58

0.79

(

0.03

)

(

0.03

)

(

0.06

)

10.91

7.69%

8,581

0.30%

1.98%

0.40%

21.82%

12/31/2019

9.61

0.23

0.80

1.03

(

0.27

)

(

0.19

)

(

0.46

)

10.18

10.77%

6,728

0.30%

2.24%

0.40%

33.21%

Class

II

Shares

12/31/2023

9.75

0.33

0.52

0.85

—

(

0.21

)

(

0.21

)

10.39

8.83%

514,447

0.38%

3.31%

0.64%

8.85%

12/31/2022

11.34

0.23

(

1.60

)

(

1.37

)

—

(

0.22

)

(

0.22

)

9.75

(12.07)%

554,768

0.39%

2.24%

0.65%

21.03%

12/31/2021

10.90

0.16

0.32

0.48

(

0.01

)

(

0.03

)

(

0.04

)

11.34

4.38%

700,533

0.39%

1.47%

0.65%

15.86%

12/31/2020

10.18

0.18

0.60

0.78

(

0.03

)

(

0.03

)

(

0.06

)

10.90

7.59%

746,243

0.39%

1.71%

0.65%

21.82%

12/31/2019

9.61

0.21

0.81

1.02

(

0.26

)

(

0.19

)

(

0.45

)

10.18

10.67%

639,362

0.39%

2.05%

0.65%

33.21%

Class

Y

Shares

12/31/2023(g)

10.12

0.33

0.19

0.52

—

—

—

10.64

5.14%

11

0.15%

10.66%

0.23%

8.85%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Financial

Highlights

-

91

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Balanced

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

10.41

$

0.43

$

0.93

$

1.36

$

—

$

(

0.55

)

$

(

0.55

)

$

11.22

13.40%

$

27,005

0.29%

3.98%

0.39%

9.46%

12/31/2022

12.48

0.27

(

1.97

)

(

1.70

)

—

(

0.37

)

(

0.37

)

10.41

(13.60)%

22,509

0.29%

2.46%

0.39%

17.28%

12/31/2021

11.26

0.20

1.05

1.25

(

0.03

)

—

(

0.03

)

12.48

11.12%

25,787

0.29%

1.63%

0.39%

8.94%

12/31/2020

10.48

0.13

0.87

1.00

(

0.07

)

(

0.15

)

(

0.22

)

11.26

9.71%

21,757

0.29%

1.30%

0.39%

7.54%

12/31/2019

9.90

0.18

1.40

1.58

(

0.29

)

(

0.71

)

(

1.00

)

10.48

16.29%

20,019

0.29%

1.67%

0.39%

54.36%

Class

II

Shares

12/31/2023

10.32

0.39

0.95

1.34

—

(

0.55

)

(

0.55

)

11.11

13.32%

1,591,767

0.38%

3.66%

0.64%

9.46%

12/31/2022

12.39

0.25

(

1.95

)

(

1.70

)

—

(

0.37

)

(

0.37

)

10.32

(13.70)%

1,577,974

0.38%

2.24%

0.64%

17.28%

12/31/2021

11.18

0.17

1.06

1.23

(

0.02

)

—

(

0.02

)

12.39

11.00%

2,042,920

0.38%

1.43%

0.64%

8.94%

12/31/2020

10.41

0.11

0.88

0.99

(

0.07

)

(

0.15

)

(

0.22

)

11.18

9.68%

2,045,122

0.38%

1.12%

0.64%

7.54%

12/31/2019

9.84

0.16

1.40

1.56

(

0.28

)

(

0.71

)

(

0.99

)

10.41

16.18%

2,065,576

0.38%

1.48%

0.64%

54.36%

Class

Y

Shares

12/31/2023(h)

11.13

0.40

0.29

0.69

—

—

—

11.82

6.20%(i)

11

0.15%

11.79%

0.23%

9.46%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

(i)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

92

-

Financial

Highlights

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

9.96

$

0.40

$

1.18

$

1.58

$

—

$

(

0.79

)

$

(

0.79

)

$

10.75

16.45%

$

48,703

0.28%

3.83%

0.38%

9.43%

12/31/2022

12.27

0.26

(

2.10

)

(

1.84

)

—

(

0.47

)

(

0.47

)

9.96

(15.02)%(h)

40,461

0.29%

2.45%

0.39%

16.86%

12/31/2021

10.62

0.18

1.50

1.68

(

0.03

)

—

(

0.03

)

12.27

15.85%(h)

45,476

0.28%

1.54%

0.38%

9.64%

12/31/2020

9.98

0.09

1.03

1.12

(

0.10

)

(

0.38

)

(

0.48

)

10.62

11.67%

37,553

0.29%

0.89%

0.39%

8.73%

12/31/2019

9.43

0.12

1.72

1.84

(

0.30

)

(

0.99

)

(

1.29

)

9.98

20.22%

32,811

0.28%

1.20%

0.38%

71.43%

Class

II

Shares

12/31/2023

9.94

0.37

1.19

1.56

—

(

0.79

)

(

0.79

)

10.71

16.28%

1,890,222

0.37%

3.56%

0.63%

9.43%

12/31/2022

12.25

0.24

(

2.08

)

(

1.84

)

—

(

0.47

)

(

0.47

)

9.94

(15.05)%

1,849,289

0.38%

2.20%

0.64%

16.86%

12/31/2021

10.60

0.15

1.52

1.67

(

0.02

)

—

(

0.02

)

12.25

15.76%

2,464,639

0.37%

1.33%

0.63%

9.64%

12/31/2020

9.98

0.07

1.03

1.10

(

0.10

)

(

0.38

)

(

0.48

)

10.60

11.47%

2,413,494

0.38%

0.74%

0.64%

8.73%

12/31/2019

9.42

0.11

1.73

1.84

(

0.29

)

(

0.99

)

(

1.28

)

9.98

20.24%

2,419,752

0.37%

1.04%

0.63%

71.43%

Class

Y

Shares

12/31/2023(i)

10.87

0.60

0.13

0.73

—

—

—

11.60

6.72%

921

0.14%

17.27%

0.24%

9.43%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i)

For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023.

Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023.

Blueprint

Funds

-

December

31,

2023

-

Financial

Highlights

-

93

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

10.47

$

0.47

$

0.86

$

1.33

$

—

$

—

$

—

$

11.80

12.70%

$

6,852

0.25%

4.24%

0.41%

19.75%

12/31/2022

12.12

0.30

(

1.95

)

(

1.65

)

—

—

—

10.47

(13.61)%

5,146

0.25%

2.78%

0.42%

15.38%

12/31/2021

11.03

0.19

0.94

1.13

(

0.04

)

—

(

0.04

)

12.12

10.24%

3,888

0.25%

1.64%

0.42%

10.52%

12/31/2020

10.54

0.13

0.43

0.56

(

0.07

)

—

(

0.07

)

11.03

5.32%

3,014

0.25%

1.27%

0.42%

12.19%

12/31/2019

9.67

0.18

1.17

1.35

(

0.28

)

(

0.20

)

(

0.48

)

10.54

14.05%

2,674

0.25%

1.76%

0.42%

60.58%

Class

II

Shares

12/31/2023

10.41

0.40

0.90

1.30

—

—

—

11.71

12.49%

492,894

0.45%

3.69%

0.67%

19.75%

12/31/2022

12.08

0.24

(

1.91

)

(

1.67

)

—

—

—

10.41

(13.82)%

482,259

0.45%

2.17%

0.67%

15.38%

12/31/2021

10.99

0.15

0.96

1.11

(

0.02

)

—

(

0.02

)

12.08

10.08%

602,996

0.45%

1.27%

0.67%

10.52%

12/31/2020

10.53

0.10

0.43

0.53

(

0.07

)

—

(

0.07

)

10.99

5.04%

582,404

0.45%

1.01%

0.67%

12.19%

12/31/2019

9.66

0.15

1.18

1.33

(

0.26

)

(

0.20

)

(

0.46

)

10.53

13.85%

581,599

0.45%

1.45%

0.67%

60.58%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

94

-

Financial

Highlights

-

December

31,

2023

-

Blueprint

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Blueprint

SM

Managed

Growth

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

I

Shares

12/31/2023

$

11.09

$

0.48

$

0.91

$

1.39

$

—

$

(

0.20

)

$

(

0.20

)

$

12.28

12.61%

$

8,817

0.22%

4.17%

0.41%

19.94%

12/31/2022

13.06

0.31

(

2.28

)

(

1.97

)

—

—

—

11.09

(15.08)%

7,648

0.22%

2.67%

0.41%

13.95%

12/31/2021

11.32

0.19

1.59

1.78

(

0.04

)

—

(

0.04

)

13.06

15.72%

7,629

0.22%

1.54%

0.41%

9.86%

12/31/2020

10.61

0.12

0.67

0.79

(

0.08

)

—

(

0.08

)

11.32

7.53%

5,336

0.22%

1.17%

0.41%

12.93%

12/31/2019

9.79

0.17

1.33

1.50

(

0.29

)

(

0.39

)

(

0.68

)

10.61

15.59%

4,337

0.22%

1.59%

0.41%

71.18%

Class

II

Shares

12/31/2023

11.02

0.43

0.93

1.36

—

(

0.20

)

(

0.20

)

12.18

12.42%

1,155,641

0.42%

3.78%

0.66%

19.94%

12/31/2022

13.01

0.26

(

2.25

)

(

1.99

)

—

—

—

11.02

(15.30)%(h)

1,126,400

0.42%

2.23%

0.66%

13.95%

12/31/2021

11.28

0.15

1.60

1.75

(

0.02

)

—

(

0.02

)

13.01

15.50%(h)

1,432,147

0.42%

1.20%

0.66%

9.86%

12/31/2020

10.59

0.09

0.68

0.77

(

0.08

)

—

(

0.08

)

11.28

7.36%

1,317,831

0.42%

0.85%

0.66%

12.93%

12/31/2019

9.77

0.13

1.35

1.48

(

0.27

)

(

0.39

)

(

0.66

)

10.59

15.42%

1,293,363

0.42%

1.29%

0.66%

71.18%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

95

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

nine

(9) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Blueprint

SM

Aggressive

Fund

("Blueprint

Aggressive")

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

("Blueprint

Moderately

Aggressive")

NVIT

Blueprint

SM

Moderate

Fund

("Blueprint

Moderate")

NVIT

Blueprint

SM

Moderately

Conservative

Fund

("Blueprint

Moderately

Conservative")

NVIT

Blueprint

SM

Conservative

Fund

("Blueprint

Conservative")

NVIT

Blueprint

SM

Balanced

Fund

("Blueprint

Balanced")

NVIT

Blueprint

SM

Capital

Appreciation

Fund

("Blueprint

Capital

Appreciation")

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

("Blueprint

Managed

Growth

&

Income")

NVIT

Blueprint

SM

Managed

Growth

Fund

("Blueprint

Managed

Growth")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

the

Funds.

Each Fund

operates

as

a

“fund-of-funds,”

which

means

that

each Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

affiliated

series

of

the

Trust

and affiliated

series

of

the

Nationwide

Mutual

Funds

(“NMF”)(together,

the

“Underlying

Funds”),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

Y shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations. 

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act. 

Class

Y

of

Blueprint

Aggressive, Blueprint

Moderately

Aggressive, Blueprint

Moderate, Blueprint

Moderately

Conservative, Blueprint

Conservative, Blueprint

Balanced,

and Blueprint

Capital

Appreciation commenced

operations

on

September

12,

2023.

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

96

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

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

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Shares

of

affiliated registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset

value

(“NAV”)

as

reported

by

such

Underlying

Fund

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

series

of

the

Trust

and

other

series

of NMF

(together,

the

“series

of

the

Trusts”),

which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds’

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available

upon

request

or

at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

series

of

the

Trusts

are

available

on

the

SEC's

website

or

upon

request.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2023.

Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

Blueprint

Aggressive

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

207,059,750

$

–

$

–

$

207,059,750

Total

$

207,059,750

$

–

$

–

$

207,059,750

Blueprint

Moderately

Aggressive

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

431,767,310

$

–

$

–

$

431,767,310

Total

$

431,767,310

$

–

$

–

$

431,767,310

Blueprint

Moderate

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,936,528,016

$

–

$

–

$

1,936,528,016

Total

$

1,936,528,016

$

–

$

–

$

1,936,528,016

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

97

Blueprint

Moderately

Conservative

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

524,723,503

$

–

$

–

$

524,723,503

Total

$

524,723,503

$

–

$

–

$

524,723,503

Blueprint

Conservative

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

522,318,756

$

–

$

–

$

522,318,756

Total

$

522,318,756

$

–

$

–

$

522,318,756

Blueprint

Balanced

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,619,369,569

$

–

$

–

$

1,619,369,569

Total

$

1,619,369,569

$

–

$

–

$

1,619,369,569

Blueprint

Capital

Appreciation

Level

1

Level

2

Level

3

Total

Assets:

Investment

Companies

$

1,940,537,240

$

–

$

–

$

1,940,537,240

Total

$

1,940,537,240

$

–

$

–

$

1,940,537,240

Blueprint

Managed

Growth

&

Income

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts#

$

3,965,151

$

–

$

–

$

3,965,151

Investment

Companies

470,115,574

–

–

470,115,574

Total

$

474,080,725

$

–

$

–

$

474,080,725

Blueprint

Managed

Growth

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts#

$

11,367,160

$

–

$

–

$

11,367,160

Investment

Companies

1,092,792,979

–

–

1,092,792,979

Total

$

1,104,160,139

$

–

$

–

$

1,104,160,139

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

98

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

5.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023,

the

Funds

did

not

have

overdrawn

balances.

(c)

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.

Blueprint

Managed

Growth

&

Income

and Blueprint

Managed

Growth

are

subject

to

equity

risk

in

the

normal

course

of

pursuing their

objective(s)

in

two

respects.

First,

each Fund

has

set

a

baseline

target

equity

exposure

of

50%

and

60%,

respectively,

which

is

represented

by

each Fund’s

allocations

to

underlying

equity

funds.

Second,

each Funds

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,

Blueprint

Managed

Growth

&

Income

and

Blueprint

Managed

Growth may

increase

their

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

and

a maximum

of

80%

or to

a

minimum

of

0%,

respectively, of

each Fund’s

assets.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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, a

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, a

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. A

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,”

as

applicable.

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

99

The

following

is

a

summary

of

the

Funds’

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

December

31,

2023:

The

Effect

of

Derivative

Instruments

on

the

Statements

of

Operations

for

the

Year

Ended

December

31,

2023:

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Statements

of

Operations

for

the Year

Ended December

31,

2023:

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

Blueprint

Managed

Growth

&

Income

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

3,965,151

Total

$

3,965,151

Blueprint

Managed

Growth

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

11,367,160

Total

$

11,367,160

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

Blueprint

Managed

Growth

&

Income

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(5,340,898)

Total

$

(5,340,898)

Blueprint

Managed

Growth

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(31,913,094)

Total

$

(31,913,094)

Blueprint

Managed

Growth

&

Income

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

2,676,869

Total

$

2,676,869

Blueprint

Managed

Growth

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

8,798,062

Total

$

8,798,062

Blueprint

Managed

Growth

&

Income

Futures

Contracts:

Average

Notional

Balance

Long

$

37,895,343

Average

Notional

Balance

Short

$

12,059,728

100

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds’

financial

position.

As

of December

31,

2023,

certain

Funds

have

entered

into

futures

contracts.

These

futures

contract

agreements

do

not

provide

for

netting

arrangements.

(d)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund’s

Statement

of

Operations.

(e)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to

investments

in

regulated

investment

companies,

non-taxable

distributions and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2023

may

primarily

be

attributable

to

mark-to-market

adjustments

on

futures

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.  

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

(f)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

Blueprint

Managed

Growth

Futures

Contracts:

Average

Notional

Balance

Long

$

104,117,506

Average

Notional

Balance

Short

$

60,628,812

Fund

Capital

Total

Distributable

Earnings

(Loss)

Blueprint

Aggressive

$

19,740,953

$

(19,740,953)

Blueprint

Moderately

Aggressive

45,378,445

(45,378,445)

Blueprint

Moderate

186,473,450

(186,473,450)

Blueprint

Moderately

Conservative

39,367,639

(39,367,639)

Blueprint

Conservative

27,519,207

(27,519,207)

Blueprint

Balanced

131,548,952

(131,548,952)

Blueprint

Capital

Appreciation

207,127,103

(207,127,103)

Blueprint

Managed

Growth

&

Income

39,635,050

(39,635,050)

Blueprint

Managed

Growth

109,058,899

(109,058,899)

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

101

As

of

December

31,

2023,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2023

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

(g)

Allocation

of

Expenses,

Income

and

Gains

and

Losses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

3.

Transactions

with

Affiliates

Under

the

terms

of

the

Trust’s

Investment

Advisory

Agreement,

NFA

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

Nationwide

Asset

Management,

LLC

(the

“Subadviser”)

as

subadviser

for Blueprint

Managed

Growth

&

Income

and

Blueprint

Managed

Growth,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

Subadviser. 

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund’s

average

daily

net

assets.

During

the

year

ended

December

31,

2023,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

Fund

Ordinary

Distribution

Available

for

Consent

Dividend

Blueprint

Aggressive

$

8,258,027

Blueprint

Moderately

Aggressive

17,459,650

Blueprint

Moderate

76,832,610

Blueprint

Moderately

Conservative

19,852,559

Blueprint

Conservative

18,267,003

Blueprint

Balanced

61,927,437

Blueprint

Capital

Appreciation

73,234,139

Blueprint

Managed

Growth

&

Income

19,151,676

Blueprint

Managed

Growth

46,399,917

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

Blueprint

Aggressive

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderately

Aggressive

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderate

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderately

Conservative

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

102

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$62,994

during

the

year

ended

December

31,

2023.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2024.

During

the

year

ended December

31,

2023,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended December

31,

2023,

the

effective

advisory

fee

rates

before

and

after

contractual

advisory

fee

waivers

were

as

follows:

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

Blueprint

Conservative

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Balanced

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Capital

Appreciation

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Managed

Growth

&

Income

Up

to

$1.5

billion

0.22%

$1.5

billion

up

to

$2

billion

0.21%

$2

billion

and

more

0.20%

Blueprint

Managed

Growth

Up

to

$1.5

billion

0.22%

$1.5

billion

up

to

$2

billion

0.21%

$2

billion

and

more

0.20%

Fund

Advisory

Fee

Waiver

(annual

rate)

Blueprint

Aggressive

0.10%

Blueprint

Moderately

Aggressive

0.10

Blueprint

Moderate

0.10

Blueprint

Moderately

Conservative

0.10

Blueprint

Conservative

0.10

Blueprint

Balanced

0.10

Blueprint

Capital

Appreciation

0.10

Fund

Amount

Blueprint

Aggressive

$

177,882

Blueprint

Moderately

Aggressive

406,855

Blueprint

Moderate

1,904,656

Blueprint

Moderately

Conservative

533,255

Blueprint

Conservative

539,233

Blueprint

Balanced

1,598,689

Blueprint

Capital

Appreciation

1,896,718

Fund

Effective

Advisory

Fee

Rate

Before

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Blueprint

Aggressive

0.20

%

0.10

%

0.10

%

Blueprint

Moderately

Aggressive

0.20

0.10

0.10

Blueprint

Moderate

0.20

0.10

0.10

Blueprint

Moderately

Conservative

0.20

0.10

0.10

Blueprint

Conservative

0.20

0.10

0.10

Blueprint

Balanced

0.20

0.10

0.10

Blueprint

Capital

Appreciation

0.20

0.10

0.10

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

103

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i)

the

Fund’s

assets

exceed

$100

million

and

(ii)

the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2023,

the

cumulative

potential

reimbursements

for certain

Funds,

listed

by

the period

or

year in

which

NFA

waived

fees

or

reimbursed

expenses

to certain

Funds

are:

Pursuant

to

the

Expense

Limitation

Agreement,

during

the

year

ended

December

31,

2023,

certain

Funds

reimbursed

NFA

in

the

following

amounts:

Fund

Effective

Advisory

Fee

Rate

Before

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Blueprint

Managed

Growth

&

Income

0.22

%

N/A

0.05

%

Blueprint

Managed

Growth

0.22

N/A

0.03

N/A

—

Not

Applicable.

*

Please

see

above

for

additional

information

regarding

contractual

waivers.

Fund

Classes

Amount

(annual

rate)

Blueprint

Aggressive

All

Classes

0.28%

Blueprint

Moderately

Aggressive

All

Classes

0.25

Blueprint

Moderate

All

Classes

0.25

Blueprint

Moderately

Conservative

All

Classes

0.25

Blueprint

Conservative

All

Classes

0.25

Blueprint

Balanced

All

Classes

0.25

Blueprint

Capital

Appreciation

All

Classes

0.25

Blueprint

Managed

Growth

&

Income

All

Classes

0.10

Blueprint

Managed

Growth

All

Classes

0.07

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

Blueprint

Aggressive

$

—

$

—

$

—

$

—

Blueprint

Moderately

Aggressive

—

—

—

—

Blueprint

Moderate

—

—

—

—

Blueprint

Moderately

Conservative

—

—

—

—

Blueprint

Conservative

—

—

—

—

Blueprint

Balanced

—

—

—

—

Blueprint

Capital

Appreciation

—

—

—

—

Blueprint

Managed

Growth

&

Income

1,008,840

883,701

808,135

2,700,676

Blueprint

Managed

Growth

2,656,110

2,380,815

2,139,720

7,176,645

Fund

Amount

Blueprint

Aggressive

$

6,844

Blueprint

Moderately

Aggressive

3,416

104

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services. 

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

NMF,

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$2,193,761

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$37,469.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds’

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

Class

II

shares

of

the

Funds

at

an

annual

rate

of

0.25%.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2024:

During

the year

ended December

31,

2023, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

Fund

Distribution

Fee

Waiver

(Annual

Rate)

Blueprint

Aggressive

0.16%

Blueprint

Moderately

Aggressive

0.16

Blueprint

Moderate

0.16

Blueprint

Moderately

Conservative

0.16

Blueprint

Conservative

0.16

Blueprint

Balanced

0.16

Blueprint

Capital

Appreciation

0.16

Blueprint

Managed

Growth

&

Income

0.05

Blueprint

Managed

Growth

0.05

Fund

Amount

Blueprint

Aggressive

$

197,926

Blueprint

Moderately

Aggressive

496,213

Blueprint

Moderate

2,966,042

Blueprint

Moderately

Conservative

843,047

Blueprint

Conservative

850,720

Blueprint

Balanced

2,519,492

Blueprint

Capital

Appreciation

2,965,228

Blueprint

Managed

Growth

&

Income

241,950

Blueprint

Managed

Growth

562,878

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

105

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

each applicable

Fund.

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2023,

each

Fund’s

total

administrative

services

fees

were

as

follows:

Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

the

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund’s

assets

are

allocated

among

the

Underlying

Funds. 

4.

Investments

in

Affiliated

Issuers

Each Fund

invests

in

shares

of

the

affiliated

Underlying

Funds.

The

Funds’

transactions

in

the

shares

of

Underlying

Funds

during

the year

ended

December

31,

2023 were

as

follows:

Fund

Class

I

Class

II

Blueprint

Aggressive

0.15

%

0.15

%

Blueprint

Moderately

Aggressive

0.15

0.15

Blueprint

Moderate

0.15

0.15

Blueprint

Moderately

Conservative

0.15

0.15

Blueprint

Conservative

0.15

0.15

Blueprint

Balanced

0.15

0.15

Blueprint

Capital

Appreciation

0.15

0.15

Blueprint

Managed

Growth

&

Income

0.15

0.15

Blueprint

Managed

Growth

0.15

0.15

Fund

Amount

Blueprint

Aggressive

$

266,824

Blueprint

Moderately

Aggressive

610,288

Blueprint

Moderate

2,857,016

Blueprint

Moderately

Conservative

799,890

Blueprint

Conservative

808,859

Blueprint

Balanced

2,398,062

Blueprint

Capital

Appreciation

2,844,989

Blueprint

Managed

Growth

&

Income

734,680

Blueprint

Managed

Growth

1,700,490

Blueprint

Aggressive

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

1,363,167

11,163,201

2,190,107

(1,485,803)

(433,636)

1,952,434

13,386,303

319,765

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1,824,758

12,814,277

2,075,511

(1,490,650)

(679,609)

1,933,278

14,652,807

466,300

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,759,308

23,482,494

4,547,098

(3,767,409)

(315,414)

4,005,022

27,951,791

847,975

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

6,991,694

63,962,678

6,904,652

(5,896,117)

(1,941,558)

16,256,154

79,285,809

684,974

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

989,771

7,911,199

1,768,461

(846,787)

(329,417)

1,968,326

10,471,782

99,459

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

3,065,625

27,038,022

12,326,188

(2,608,829)

(139,884)

(2,648,368)

33,967,129

4,943,076

4,962,505

106

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

Bond

Fund,

Class

R6

241,234

1,557,425

441,335

(36,155)

(8,928)

46,150

1,999,827

63,885

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

1,012,473

8,092,999

2,176,831

(526,307)

(114,969)

425,307

10,053,861

369,605

—

NVIT

Core

Bond

Fund,

Class

Y

1,672,915

6,434,275

9,504,642

(781,240)

(186,666)

319,430

15,290,441

411,633

—

Total

162,456,570

41,934,825

(17,439,297)

(4,150,081)

24,257,733

207,059,750

8,206,672

4,962,505

Blueprint

Moderately

Aggressive

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

2,562,627

21,925,275

1,217,534

(871,795)

(334,764)

3,228,743

25,164,993

607,973

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3,476,492

24,918,018

2,079,521

(1,548,382)

(558,607)

3,025,683

27,916,233

912,098

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

5,213,744

50,479,697

2,500,132

(7,686,889)

(523,624)

8,045,908

52,815,224

1,637,566

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

12,780,523

140,589,786

2,506,987

(27,012,808)

598,152

28,249,010

144,931,127

1,277,625

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

1,870,683

17,344,988

824,721

(1,592,119)

(612,292)

3,826,523

19,791,821

188,431

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

5,691,256

60,743,592

19,197,471

(11,928,548)

823,253

(5,776,649)

63,059,119

9,561,790

9,609,029

Nationwide

Bond

Fund,

Class

R6

1,032,364

6,242,872

2,197,328

(1,834)

(496)

120,431

8,558,301

279,594

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

4,297,922

37,583,373

4,873,618

(1,131,311)

(252,079)

1,604,763

42,678,364

1,574,479

—

NVIT

Core

Bond

Fund,

Class

Y

5,126,053

29,644,567

18,110,759

(1,387,119)

(367,516)

851,437

46,852,128

1,499,279

—

Total

389,472,168

53,508,071

(53,160,805)

(1,227,973)

43,175,849

431,767,310

17,538,835

9,609,029

Blueprint

Moderate

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

6,003,374

57,531,878

1,455,089

(7,055,426)

(1,397,714)

8,419,302

58,953,129

1,443,307

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

13,334,433

108,128,251

3,542,342

(14,752,433)

(5,509,327)

15,666,661

107,075,494

3,542,342

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

15,884,271

167,911,950

5,054,088

(36,021,644)

(1,995,263)

25,958,532

160,907,663

5,054,089

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

44,709,384

538,442,904

3,666,892

(142,747,096)

4,106,595

103,535,118

507,004,413

3,666,890

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

4,631,432

51,817,906

468,096

(11,771,748)

(1,104,958)

9,591,250

49,000,546

468,097

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

20,194,677

234,816,176

69,511,369

(63,750,044)

7,053,382

(23,873,866)

223,757,017

34,660,860

34,850,509

Nationwide

Bond

Fund,

Class

R6

5,874,892

44,642,661

4,298,484

(1,060,136)

(268,546)

1,090,392

48,702,855

1,699,584

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

31,370,442

295,808,773

17,260,635

(12,031,931)

(2,753,136)

13,224,144

311,508,485

11,499,068

—

NVIT

Core

Bond

Fund,

Class

Y

35,971,595

256,512,758

78,270,801

(10,472,269)

(2,800,800)

7,269,886

328,780,376

10,534,274

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

3,431,047

27,269,157

1,796,004

(425,011)

(87,836)

714,513

29,266,827

1,016,614

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

11,561,784

111,733,631

6,372,973

(8,772,028)

(731,808)

2,968,443

111,571,211

4,374,137

—

Total

1,894,616,045

191,696,773

(308,859,766)

(5,489,411)

164,564,375

1,936,528,016

77,959,262

34,850,509

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

107

Blueprint

Moderately

Conservative

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

797,736

8,596,124

193,825

(1,952,091)

(315,574)

1,311,480

7,833,764

193,608

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,010,385

18,206,181

532,014

(4,265,504)

(1,503,815)

3,174,512

16,143,388

532,014

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

3,396,634

38,799,162

1,112,804

(11,047,254)

(411,842)

5,955,033

34,407,903

1,112,804

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

7,556,180

100,131,185

1,415,357

(35,213,426)

1,208,418

18,145,552

85,687,086

769,967

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

740,820

8,596,124

74,874

(2,231,267)

(331,246)

1,729,393

7,837,878

74,874

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

3,608,883

45,128,523

12,839,715

(15,158,812)

1,821,217

(4,644,223)

39,986,420

6,372,418

6,410,995

Nationwide

Bond

Fund,

Class

R6

2,582,239

21,818,926

886,501

(1,675,723)

(358,691)

735,745

21,406,758

783,154

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

1,166,149

11,337,201

472,705

(1,285,765)

(71,230)

19,105

10,472,016

451,963

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

10,253,365

104,361,563

3,975,684

(10,141,784)

(2,059,368)

5,679,817

101,815,912

3,760,602

—

NVIT

Core

Bond

Fund,

Class

Y

13,390,927

109,937,327

21,295,310

(10,828,394)

(2,557,863)

4,546,697

122,393,077

3,929,088

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1,256,938

11,090,749

373,031

(997,834)

(179,543)

435,282

10,721,685

373,031

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

6,841,204

71,096,241

3,289,943

(9,757,301)

(786,248)

2,174,981

66,017,616

2,624,956

—

Total

549,099,306

46,461,763

(104,555,155)

(5,545,785)

39,263,374

524,723,503

20,978,479

6,410,995

Blueprint

Conservative

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

990,163

9,542,372

557,245

(3,037,663)

(1,013,003)

1,902,060

7,951,011

262,607

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

1,903,706

22,759,490

1,508,421

(8,217,348)

(323,593)

3,557,567

19,284,537

611,225

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

4,138,184

53,623,613

4,856,070

(21,933,691)

526,485

9,854,524

46,927,001

408,240

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

248,350

2,922,518

150,092

(929,995)

(364,686)

849,609

2,627,538

24,966

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

1,804,682

22,649,738

7,012,350

(8,420,152)

1,304,097

(2,550,160)

19,995,873

3,098,096

3,079,729

Nationwide

Bond

Fund,

Class

R6

3,545,188

31,127,460

1,346,660

(3,620,566)

(772,509)

1,308,560

29,389,605

1,087,882

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

2,317,625

22,734,950

1,031,260

(2,855,098)

(206,680)

107,840

20,812,272

904,089

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

12,912,984

134,957,010

6,493,590

(17,949,743)

(3,618,754)

8,343,833

128,225,936

4,734,275

—

NVIT

Core

Bond

Fund,

Class

Y

15,209,232

134,990,331

18,026,357

(16,558,807)

(3,999,835)

6,554,336

139,012,382

4,449,981

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1,560,430

14,323,032

563,011

(1,912,198)

(336,785)

673,412

13,310,472

462,976

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

9,821,982

112,748,385

6,287,581

(26,559,343)

(2,064,157)

4,369,663

94,782,129

3,875,274

—

Total

562,378,899

47,832,637

(111,994,604)

(10,869,420)

34,971,244

522,318,756

19,919,611

3,079,729

108

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

Blueprint

Balanced

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

4,141,441

41,266,570

998,048

(6,545,748)

(1,189,823)

6,139,902

40,668,949

997,451

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

8,130,487

69,114,954

2,320,860

(12,515,574)

(4,524,806)

10,892,377

65,287,811

2,169,759

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

13,839,903

145,281,692

4,422,450

(30,726,694)

(1,255,424)

22,476,194

140,198,218

4,422,450

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

29,313,963

355,215,893

5,108,944

(98,860,393)

3,382,591

67,573,305

332,420,340

2,969,616

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

3,061,104

33,260,321

309,384

(6,785,516)

(385,160)

5,987,448

32,386,477

309,384

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

13,617,980

155,824,822

47,341,542

(41,281,725)

4,244,751

(15,242,176)

150,887,214

23,341,926

23,414,842

Nationwide

Bond

Fund,

Class

R6

6,908,021

56,264,443

2,540,895

(2,563,180)

(562,171)

1,587,505

57,267,492

2,052,390

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

29,642,096

287,973,642

13,540,862

(17,351,311)

(3,579,906)

13,762,724

294,346,011

10,864,244

—

NVIT

Core

Bond

Fund,

Class

Y

35,577,832

272,350,816

65,483,659

(17,600,201)

(4,263,541)

9,210,650

325,181,383

10,433,163

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

2,895,123

24,541,602

856,944

(1,290,923)

(214,579)

802,356

24,695,400

856,945

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

16,168,940

160,014,524

8,569,237

(15,698,226)

(1,371,846)

4,516,585

156,030,274

6,117,149

—

Total

1,601,109,279

151,492,825

(251,219,491)

(9,719,914)

127,706,870

1,619,369,569

64,534,477

23,414,842

Blueprint

Capital

Appreciation

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

9,053,165

87,266,155

2,291,986

(11,321,357)

(2,137,054)

12,802,352

88,902,082

2,167,241

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

15,118,087

124,156,337

4,021,947

(18,285,188)

(6,630,905)

18,136,047

121,398,238

4,021,947

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

18,836,403

190,757,305

6,005,987

(33,909,130)

(1,660,774)

29,619,374

190,812,762

5,979,660

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

53,657,331

629,000,982

5,379,308

(152,140,234)

4,372,004

121,862,075

608,474,135

5,379,309

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

6,517,445

68,279,124

658,715

(11,652,255)

(4,683,938)

16,352,923

68,954,569

658,715

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

20,484,255

228,302,776

69,484,685

(53,971,834)

4,596,118

(21,446,203)

226,965,542

34,438,275

35,046,413

Nationwide

Bond

Fund,

Class

R6

4,698,533

36,772,132

2,103,841

(598,854)

(163,481)

837,197

38,950,835

1,375,203

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

23,447,154

225,501,010

12,501,126

(13,115,011)

(2,862,782)

10,805,891

232,830,234

8,593,937

—

NVIT

Core

Bond

Fund,

Class

Y

31,488,584

224,949,255

72,598,417

(13,667,205)

(3,401,283)

7,326,472

287,805,656

9,236,654

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

2,304,876

18,665,902

681,504

(130,356)

(21,481)

465,025

19,660,594

681,504

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,780,580

56,828,862

2,938,217

(5,121,676)

(432,348)

1,569,538

55,782,593

2,186,950

—

Total

1,890,479,840

178,665,733

(313,913,100)

(13,025,924)

198,330,691

1,940,537,240

74,719,395

35,046,413

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

109

Further

information

about

each

affiliated

Underlying

Fund

may

be

found

in

such

affiliated

Underlying

Fund’s

most

recent

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust

and

at

www.nationwide.

com/mutualfunds

for

series

of

NMF.

Blueprint

Managed

Growth

&

Income

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

1,092,028

10,971,102

391,214

(1,944,218)

(378,992)

1,684,607

10,723,713

268,223

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,210,932

18,395,174

999,349

(3,297,931)

(1,246,768)

2,903,962

17,753,786

633,166

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

3,690,461

45,186,332

1,699,936

(15,952,990)

(464,784)

6,915,873

37,384,367

1,257,766

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

8,280,883

108,499,195

1,937,881

(37,653,463)

1,135,179

19,986,422

93,905,214

832,456

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

806,347

9,527,412

181,496

(2,725,177)

(152,897)

1,700,316

8,531,150

83,236

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

3,662,282

59,451,571

14,790,295

(31,160,522)

3,384,756

(5,888,017)

40,578,083

7,126,744

7,184,534

Nationwide

Bond

Fund,

Class

R6

1,975,859

14,405,147

3,533,116

(1,830,687)

(384,570)

656,865

16,379,871

556,758

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

8,502,736

75,740,289

15,437,317

(9,414,962)

(1,759,448)

4,428,976

84,432,172

3,138,200

—

NVIT

Core

Bond

Fund,

Class

Y

11,765,920

71,565,804

44,697,261

(9,949,123)

(2,243,672)

3,470,235

107,540,505

3,448,393

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

820,286

6,275,066

1,371,114

(784,580)

(140,240)

275,677

6,997,037

244,757

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

4,755,407

43,584,646

7,486,063

(6,066,870)

(457,709)

1,343,546

45,889,676

1,811,788

—

Total

463,601,738

92,525,042

(120,780,523)

(2,709,145)

37,478,462

470,115,574

19,401,487

7,184,534

Blueprint

Managed

Growth

Security

Description

Shares/Principal

at

December

31,

2023

Market

Value

December

31,

2022

($)

Purchases

at

Cost

*

($)

Proceeds

from

Sales

($)

Net

Realized

Gains

(Losses)

($)

Change

in

Unrealized

Appreciation/

Depreciation

($)

Market

Value

December

31,

2023

($)

Dividend/Interest

Income

($)

Capital

Gain

Distributions

($)

Nationwide

International

Small

Cap

Fund,

Class

R6

3,114,296

29,502,562

2,478,065

(5,014,371)

(974,840)

4,590,967

30,582,383

756,110

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

7,091,189

55,572,169

6,087,104

(9,813,882)

(3,505,078)

8,601,936

56,942,249

2,016,671

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

8,264,724

95,578,375

3,178,330

(28,875,236)

(839,608)

14,679,792

83,721,653

2,800,304

—

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

24,666,934

316,449,964

3,730,890

(102,529,013)

2,942,132

59,129,056

279,723,029

2,474,510

—

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

2,388,903

26,736,141

357,304

(6,273,255)

(345,754)

4,800,159

25,274,595

246,120

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

10,691,832

171,823,530

41,505,490

(88,123,393)

8,382,956

(15,123,083)

118,465,500

20,170,187

20,801,620

Nationwide

Bond

Fund,

Class

R6

3,268,088

23,032,876

6,400,997

(2,783,364)

(586,187)

1,028,127

27,092,449

909,392

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

17,530,536

151,484,158

35,632,662

(18,402,413)

(3,491,035)

8,854,855

174,078,227

6,465,010

—

NVIT

Core

Bond

Fund,

Class

Y

23,727,401

132,353,205

99,983,953

(17,682,102)

(4,087,618)

6,301,012

216,868,450

6,940,131

—

NVIT

DoubleLine

Total

Return

Tactical

Fund,

Class

Y

1,902,398

14,138,924

3,458,016

(1,670,018)

(296,950)

597,479

16,227,451

567,376

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

6,613,160

56,851,450

14,284,364

(8,491,375)

(638,587)

1,811,141

63,816,993

2,516,594

—

Total

1,073,523,354

217,097,175

(289,658,422)

(3,440,569)

95,271,441

1,092,792,979

45,862,405

20,801,620

*

Purchases

include

reinvestment

of

income

and

realized

gain

distributions,

as

applicable.

110

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

5.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

none

of

the

Funds

engaged

in

interfund

lending.

6.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

7.

Portfolio

Investment

Risks

from

Underlying

Funds

The

Underlying

Funds

in

which

the

Funds

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

affiliated

Underlying

Fund

may

be

found

in

such

Underlying

Fund’s

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust

and

at

www.nationwide.com/mutualfunds

for

series

of

NMF

or

at

the

SEC's

website

at

www.sec.gov.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

affiliated

Underlying

Fund’s

annual

report

to

shareholders.

Fund

Purchases

*

Sales

Blueprint

Aggressive

$

41,934,825

$

17,439,297

Blueprint

Moderately

Aggressive

53,508,071

53,160,805

Blueprint

Moderate

192,531,046

308,859,766

Blueprint

Moderately

Conservative

46,439,335

104,555,155

Blueprint

Conservative

47,796,560

111,994,604

Blueprint

Balanced

151,442,360

251,219,491

Blueprint

Capital

Appreciation

179,090,054

313,913,100

Blueprint

Managed

Growth

&

Income

92,511,313

120,780,523

Blueprint

Managed

Growth

217,525,947

289,658,422

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Blueprint

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

111

8.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

9.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

10.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Blueprint

Aggressive

$

154,429

$

10,969,241

$

11,123,670

$

–

$

11,123,670

Blueprint

Moderately

Aggressive

473,761

25,623,940

26,097,701

–

26,097,701

Blueprint

Moderate

604,331

120,910,780

121,515,111

–

121,515,111

Blueprint

Moderately

Conservative

265,183

25,949,487

26,214,670

–

26,214,670

Blueprint

Conservative

751,352

10,045,588

10,796,940

–

10,796,940

Blueprint

Balanced

–

79,114,478

79,114,478

–

79,114,478

Blueprint

Capital

Appreciation

–

138,293,420

138,293,420

–

138,293,420

Blueprint

Managed

Growth

&

Income

–

–

–

–

–

Blueprint

Managed

Growth

595

19,003,839

19,004,434

–

19,004,434

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Blueprint

Aggressive

$

136,739

$

498,206

$

634,945

$

–

$

634,945

Blueprint

Moderately

Aggressive

254,474

7,418,405

7,672,879

–

7,672,879

Blueprint

Moderate

977,668

59,318,570

60,296,238

–

60,296,238

Blueprint

Moderately

Conservative

384,991

15,712,967

16,097,958

–

16,097,958

Blueprint

Conservative

501,587

12,544,944

13,046,531

–

13,046,531

Blueprint

Balanced

114,800

57,887,003

58,001,803

–

58,001,803

Blueprint

Capital

Appreciation

1,452,296

87,009,484

88,461,780

–

88,461,780

Blueprint

Managed

Growth

&

Income

–

–

–

–

–

Blueprint

Managed

Growth

–

–

–

–

–

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

112

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Blueprint

Funds

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

and

the

breakdown

of

unrealized

appreciation/(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

During

the

year

ended December

31,

2023,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

Blueprint

Aggressive

$

8,258,027

$

2,401,023

$

10,659,050

$

–

$

–

$

3,605,273

$

14,264,323

Blueprint

Moderately

Aggressive

18,292,627

6,695,407

24,988,034

–

–

9,150,683

34,138,717

Blueprint

Moderate

79,982,544

22,641,347

102,623,891

–

–

(31,108,758)

71,515,133

Blueprint

Moderately

Conservative

20,485,664

–

20,485,664

–

–

(27,313,232)

(6,827,568)

Blueprint

Conservative

18,267,003

–

18,267,003

–

(6,014,399)

(45,473,512)

(33,220,908)

Blueprint

Balanced

64,891,418

9,891,410

74,782,828

–

–

(57,820,707)

16,962,121

Blueprint

Capital

Appreciation

76,778,923

14,408,375

91,187,298

–

–

313,109

91,500,407

Blueprint

Managed

Growth

&

Income

19,151,676

–

19,151,676

–

(6,746,619)

(14,281,320)

(1,876,263)

Blueprint

Managed

Growth

46,399,917

–

46,399,917

–

(3,860,592)

(13,420,515)

29,118,810

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Tax

Cost

of

Securities

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

Blueprint

Aggressive

$

203,454,477

$

12,035,818

$

(8,430,545)

$

3,605,273

Blueprint

Moderately

Aggressive

422,616,627

27,780,078

(18,629,395)

9,150,683

Blueprint

Moderate

1,967,636,774

98,172,291

(129,281,049)

(31,108,758)

Blueprint

Moderately

Conservative

552,036,735

17,245,999

(44,559,231)

(27,313,232)

Blueprint

Conservative

567,792,269

11,531,249

(57,004,762)

(45,473,513)

Blueprint

Balanced

1,677,190,276

65,734,556

(123,555,263)

(57,820,707)

Blueprint

Capital

Appreciation

1,940,224,131

111,262,077

(110,948,968)

313,109

Blueprint

Managed

Growth

&

Income

488,362,045

18,086,265

(32,367,585)

(14,281,320)

Blueprint

Managed

Growth

1,117,580,654

51,774,530

(65,195,045)

(13,420,515)

Fund

Amount

Blueprint

Conservative

$

(6,014,399)

Blueprint

Managed

Growth

&

Income

(6,746,619)

Blueprint

Managed

Growth

(3,860,592)

Fund

Utilized

Blueprint

Managed

Growth

&

Income

$

3,563,031

Blueprint

Funds

-

December

31,

2023

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

113

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

Blueprint

SM

Aggressive

Fund,

NVIT

Blueprint

SM

Moderately

Aggressive

Fund,

NVIT

Blueprint

SM

Moderate

Fund,

NVIT

Blueprint

SM

Moderately

Conservative

Fund,

NVIT

Blueprint

SM

Conservative

Fund,

NVIT

Blueprint

SM

Balanced

Fund,

NVIT

Blueprint

SM

Capital

Appreciation

Fund,

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

and

NVIT

Blueprint

SM

Managed

Growth

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Blueprint

SM

Aggressive

Fund,

NVIT

Blueprint

SM

Moderately

Aggressive

Fund,

NVIT

Blueprint

SM

Moderate

Fund,

NVIT

Blueprint

SM

Moderately

Conservative

Fund,

NVIT

Blueprint

SM

Conservative

Fund,

NVIT

Blueprint

SM

Balanced

Fund,

NVIT

Blueprint

SM

Capital

Appreciation

Fund,

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

and

NVIT

Blueprint

SM

Managed

Growth

Fund

(nine

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

114

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Blueprint

Funds

NVIT

Blueprint

Aggressive

Fund

NVIT

Blueprint

Balanced

Fund

NVIT

Blueprint

Capital

Appreciation

Fund

NVIT

Blueprint

Conservative

Fund

NVIT

Blueprint

Managed

Growth

Fund

NVIT

Blueprint

Managed

Growth

&

Income

Fund

NVIT

Blueprint

Moderate

Fund

NVIT

Blueprint

Moderately

Aggressive

Fund

NVIT

Blueprint

Moderately

Conservative

Fund

Continuation

of

Advisory

(and

Sub-Advisory)

Agreements

The

Trust’s

investment

advisory

agreements

with

its

Investment

Adviser

(the

“Adviser”)

and

any

Sub-Advisers

(together,

the

“Advisory

Agreements”)

must

be

approved

for

each

series

of

the

Trust

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

for

an

initial

term

no

longer

than

two

years,

and

may

continue

in

effect

thereafter

only

if

such

continuation

is

approved

at

least

annually,

(i)

by

the

vote

of

the

Trustees

or

by

a

vote

of

the

shareholders

of

the

Fund

in

question,

and

(ii)

by

the

vote

of

a

majority

of

the

Trustees

who

are

not

parties

to

the

Advisory

Agreements

or

“interested

persons”

of

any

party

thereto

(the

“Independent

Trustees”),

cast

in

person

at

a

meeting

called

for

the

purpose

of

voting

on

such

approval.  

The

Board

of

Trustees

(the

“Board”)

has

five

regularly

scheduled

meetings

each

year

and

takes

into

account

throughout

the

year

matters

bearing

on

the

Advisory

Agreements.

The

Board

and

its

standing

committees

consider,

at

each

meeting,

factors

that

are

relevant

to

the

annual

continuation

of

each

Fund’s

Advisory

Agreements,

including

investment

performance,

Sub-Adviser

updates

and

reviews,

reports

with

respect

to

compliance

monitoring,

and

the

services

and

support

provided

to

the

Fund

and

its

shareholders.

Although

the

Board

considers

the

renewal

of

the

Advisory

Agreements

for

all

of

the

Nationwide

mutual

funds

at

the

same

meetings,

the

Board

considers

each

Fund’s

investment

advisory

and

sub-advisory

relationships

separately.

In

preparation

for

the

Board’s

meetings

in

2023

to

consider

the

continuation

of

the

Advisory

Agreements,

the

Trustees

requested

and

were

furnished

with

a

wide

range

of

information

to

assist

in

their

deliberations.

These

materials

included:  

• A

summary

report

for

each

Fund

that

sets

out

a

variety

of

information

regarding

the

Fund,

including

average

net

assets,

performance,

expense,

and

profitability

information

for

the

past

three

years.

• Reports

from

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

a

leading

independent

source

of

mutual

fund

industry

data,

describing,

for

each

Fund’s

largest

share

class,

the

Fund’s

(a)

performance

rankings

(over

multiple

periods

ended

June

30,

2023)

compared

with

a

performance

universe

created

by

Broadridge

of

similar

or

peer

group

funds,

and

(b)

expense

rankings

comparing

the

Fund’s

fees

and

expenses

with

expense

groups

created

by

Broadridge

of

similar

or

peer

group

funds.

(Where

information

was

unavailable

or

limited

in

respect

of

the

largest

share

class,

the

Board

in

certain

cases

considered

supplemental

information

regarding

another

share

class.)

An

independent

consultant

retained

by

the

Independent

Trustees

provided

input

to

Broadridge

as

to

the

composition

of

the

various

performance

universes,

expense

groups,

and

peer

funds.

• Information

regarding

voluntary

or

contractual

expense

limitations

or

reductions

and

the

relationship

of

expenses

to

any

expense

limitation.

• Information

provided

by

the

Adviser

as

to

the

Adviser’s

profitability

in

providing

services

under

the

Advisory

Agreements.

The

Trustees

recognized

that

the

use

of

different

reasonable

methodologies,

including

among

other

things

calculation

and

allocation

of

related

expenses,

can

give

rise

to

different

measures

of

reported

profit

and

loss.

For

Sub-Advisers

not

affiliated

with

the

Adviser,

the

Trustees

did

not

consider

profitability

data

or

information

as

to

the

fees

a

Sub-Adviser

charges

to

other

clients

to

be

a

determinative

factor.

• Information

from

the

Adviser

regarding

economies

of

scale

and

breakpoints,

including

information

provided

by

the

Adviser

as

to

the

circumstances

under

which

specific

actions

intended

to

share

the

benefits

of

economies

of

scale

might

be

appropriate.

The

Adviser

may

not

have

been

able

to,

or

might

have

opted

not

to,

provide

information

in

response

to

certain

information

requests,

in

which

case

the

Trustees

conducted

their

evaluation

based

on

information

that

was

provided.  In

such

cases,

the

Trustees

determined

that

the

omission

of

any

such

information

was

not

material

to

its

considerations.

Blueprint

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

115

The

Trustees

met

with

representatives

of

the

Adviser

at

the

Trustees’

regular

quarterly

meetings

in

September

and

December

2023

to

discuss

matters

related

to

the

continuation

of

the

Advisory

Agreements.  In

addition,

the

Trustees

met

separately

with

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

in

October

and

in

November,

to

review

information

and

materials

provided

to

them,

and

to

formulate

requests

for

additional

information.  The

Trustees

submitted

supplemental

information

requests

to

the

Adviser

following

each

meeting

with

Independent

Legal

Counsel.  At

the

Trustees’

regular

quarterly

meeting

in

December

2023,

the

Trustees

met

to

give

final

consideration

to

information

bearing

on

the

continuation

of

the

Advisory

Agreements.

The

Trustees

considered,

among

other

things,

information

provided

by

the

Adviser

in

response

to

their

previous

information

requests.

The

Trustees

engaged

in

discussion

and

consideration

among

themselves,

and

with

the

Adviser,

Trust

counsel,

and

Independent

Legal

Counsel

regarding

the

various

factors

that

may

contribute

to

the

determination

of

whether

the

continuation

of

the

Advisory

Agreements

should

be

approved.  

In

considering

this

information

with

respect

to

each

of

the

Funds,

the

Trustees

took

into

account,

among

other

things,

the

nature,

extent,

and

quality

of

services

provided

by

the

Adviser

and

Sub-Adviser

(if

applicable).

In

evaluating

the

Advisory

Agreements

for

the

Funds,

the

Trustees

also

reviewed

information

provided

by

the

Adviser

concerning

the

following,

among

other

things:

• The

terms

of

the

Advisory

Agreements

and

a

summary

of

the

services

performed

by

the

Adviser

and

any

Sub-Adviser.

• The

activities

of

the

Adviser

in

selecting,

overseeing,

and

evaluating

the

Sub-Adviser

(if

applicable);

reporting

by

the

Adviser

to

the

Trustees

regarding

the

Sub-Adviser;

and

steps

taken

by

the

Adviser,

where

appropriate,

to

identify

replacement

Sub-Advisers

and

to

put

those

Sub-Advisers

in

place.

• The

investment

advisory

and

oversight

capabilities

of

the

Adviser,

including,

among

other

things,

its

expertise

in

investment,

economic,

financial

analysis,

and

its

asset

allocation

methodology.

• The

Adviser’s

and

any

Sub-Adviser’s

personnel

and

methods;

changes

in

the

Adviser’s

senior

management

personnel;

the

number

of

the

Adviser’s

advisory

and

analytical

personnel;

general

information

about

the

compensation

of

the

Adviser’s

advisory

personnel;

the

Adviser’s

and

Sub-Adviser’s

investment

processes;

the

Adviser’s

risk

assessment

and

risk

management

capabilities;

and

the

Adviser’s

valuation

and

valuation

oversight

capabilities.

• The

financial

condition

and

stability

of

the

Adviser

and

the

Adviser’s

assessment

of

the

financial

condition

and

stability

of

the

Sub-Adviser

(if

applicable).

• Potential

ancillary

benefits,

in

addition

to

fees

for

serving

as

investment

adviser,

derived

by

the

Adviser

as

a

result

of

being

investment

adviser

for

the

Funds,

including,

among

other

things,

information

on

fees

inuring

to

the

Adviser’s

affiliates

for

serving

as

the

Trust’s

administrator,

fund

accountant,

and

transfer

agent,

fees

or

other

payments

relating

to

shareholder

servicing

or

sub-

transfer

agency

services

provided

by

or

through

the

Adviser

or

its

affiliates,

enhanced

relationships

with

large

financial

concerns

that

serve,

or

whose

affiliates

serve,

as

sub-advisers

or

other

service

providers

to

one

or

more

of

the

Funds.

Based

on

information

provided

by

Broadridge

and

the

Adviser,

the

Trustees

reviewed

expense

information

for

each

of

the

Funds

and

the

total

return

investment

performance

of

each

of

the

Funds,

as

well

as

the

performance

of

the

Funds’

peer

groups

and

performance

universes

over

various

time

periods.

With

respect

to

NVIT

Blueprint

Aggressive

Fund,

NVIT

Blueprint

Managed

Growth

Fund,

NVIT

Blueprint

Managed

Growth

&

Income

Fund,

and

NVIT

Blueprint

Moderately

Aggressive

Fund,

the

Trustees

considered

that

each

Fund

was

shown

to

pay

actual

management

fees

at

levels

equal

to

or

lower

than

its

peer

group

median

and

each

Fund’s

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

within

what

the

Trustees

considered

a

generally

acceptable

range

of

the

Fund’s

peer

group

median.

With

respect

to

NVIT

Blueprint

Conservative

Fund,

the

Trustees

considered

that

although

the

Fund

was

shown

to

pay

actual

management

fees

at

a

level

higher

than

its

peer

group

median,

the

total

expense

ratio

(including

12b-1/non-12b-1

fees)

of

NVIT

Blueprint

Conservative

Fund

was

lower

than

the

Fund’s

median

and

in

the

second

quintile

of

its

peer

group.

With

respect

to

the

remaining

Funds

(NVIT

Blueprint

Balanced

Fund,

NVIT

Blueprint

Capital

Appreciation

Fund,

NVIT

Blueprint

Moderate

Fund,

and

NVIT

Blueprint

Moderately

Conservative

Fund),

the

Trustees

considered

that,

although

each

Fund

was

shown

to

pay

actual

management

fees

higher

than

its

peer

group

median,

the

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

within

what

the

Trustees

considered

a

generally

acceptable

range

of

the

Fund’s

peer

group

median.

The

Trustees

also

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

(such

as

NVIT

Blueprint

Managed

Growth

Fund

and

NVIT

Blueprint

Managed

Growth

&

Income

Fund)

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

The

Trustees

noted

the

Adviser’s

view

that

a

Fund’s

total

expense

ratio

is

a

more

useful

indication

of

the

reasonableness

of

the

cost

of

the

Fund’s

investment

program

than

a

116

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Blueprint

Funds

comparison

with

other

funds’

advisory

fees,

due

to

the

Funds’

fund-of-funds

structure

and

the

wide

variety

of

arrangements

used

by

peers

in

pricing

the

advisory

services

(including

as

between

a

fund-of-funds

and

its

underlying

funds)

within

such

structures

and

considered

that

the

level

of

the

Fund’s

actual

management

fee

was

not

so

high,

in

the

Trustees’

judgment,

as

to

be

inconsistent

with

continuation

of

its

Advisory

Agreements.

The

Trustees

considered

that

each

Fund,

other

than

NVIT

Blueprint

Conservative

Fund,

NVIT

Blueprint

Managed

Growth

&

Income

Fund,

and

NVIT

Blueprint

Moderately

Conservative

Fund,

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

above

its

performance

universe

median.  With

respect

to

NVIT

Blueprint

Conservative

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

second

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fourth

quintile

of

its

performance

universe.

With

respect

to

NVIT

Blueprint

Moderately

Conservative

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fourth

quintile

of

its

performance

universe.

With

respect

to

NVIT

Blueprint

Managed

Growth

&

Income

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statement

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

may

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

such

as

those

prevailing

in

recent

periods,

but

that

the

overlay

is

performing

as

intended.  As

to

NVIT

Blueprint

Conservative

Fund,

NVIT

Blueprint

Moderately

Conservative

Fund,

and

NVIT

Blueprint

Managed

Growth

&

Income

Fund

the

Trustees

considered

the

Adviser’s

statements

that

the

Funds

underperformed

due

to

a

number

of

factors,

including

the

performance

of

the

specific

underlying

funds

in

which

the

Funds

invested.

The

Trustees

considered

changes

that

the

Adviser

has

made

to

the

Funds’

asset

allocations

and

that

it

expects

to

make

going

forward

in

an

effort

to

improve

the

Funds’

performance.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

each

of

the

foregoing

Funds,

and

the

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreements.

The

Trustees

considered

whether

each

of

the

Funds

may

benefit

from

any

economies

of

scale

realized

by

the

Adviser

in

the

event

of

growth

in

assets

of

the

Fund.

The

Trustees

noted

that

the

advisory

fee

rate

schedule

for

each

of

the

Funds

is

subject

to

contractual

breakpoints

reducing

the

Fund’s

advisory

fee

rate

if

the

assets

of

the

Fund

increase

over

certain

thresholds,

and

that

the

advisory

fee

rate

schedules

for

the

underlying

funds

in

which

each

Fund

invests

are

generally

subject

to

contractual

advisory

fee

breakpoints

if

the

assets

of

those

underlying

funds

increase

over

certain

thresholds.

Based

on

all

relevant

information

and

factors,

the

Trustees

unanimously

approved

the

continuation

of

the

Advisory

Agreements

at

their

meeting

in

December

2023.

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2023, certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2023,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

Fund

Dividends

Received

Deduction

Blueprint

Aggressive

13.90

%

Blueprint

Moderately

Aggressive

11.87

Blueprint

Moderate

9.64

Blueprint

Moderately

Conservative

6.63

Blueprint

Conservative

3.76

Blueprint

Balanced

7.93

Blueprint

Capital

Appreciation

11.35

Blueprint

Managed

Growth

&

Income

7.79

Blueprint

Managed

Growth

9.44

Blueprint

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

117

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2023,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2023,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

Fund

Amount

Blueprint

Aggressive

$

10,969,241

Blueprint

Moderately

Aggressive

25,623,940

Blueprint

Moderate

120,910,780

Blueprint

Moderately

Conservative

25,949,487

Blueprint

Conservative

10,045,588

Blueprint

Balanced

79,114,478

Blueprint

Capital

Appreciation

138,293,420

Blueprint

Managed

Growth

&

Income

–

Blueprint

Managed

Growth

19,003,839

Fund

Amount

Per

Share

Blueprint

Aggressive

$

1,226,171

$

0.0731

Blueprint

Moderately

Aggressive

2,369,824

0.0566

Blueprint

Moderate

7,420,755

0.0421

Blueprint

Moderately

Conservative

1,375,281

0.0283

Blueprint

Conservative

654,669

0.0130

Blueprint

Balanced

5,697,985

0.0391

Blueprint

Capital

Appreciation

8,969,454

0.0495

Blueprint

Managed

Growth

&

Income

1,587,754

0.0372

Blueprint

Managed

Growth

4,063,792

0.0425

Fund

Amount

Per

Share

Blueprint

Aggressive

$

164,

218

$

0.0098

Blueprint

Moderately

Aggressive

318,934

0.0076

Blueprint

Moderate

1,105,700

0.0063

Blueprint

Moderately

Conservative

188,183

0.0039

Blueprint

Conservative

92,135

0.0018

Blueprint

Balanced

770,463

0.0053

Blueprint

Capital

Appreciation

1,298,324

0.0072

Blueprint

Managed

Growth

&

Income

221,504

0.0052

Blueprint

Managed

Growth

621,053

0.0065

Blueprint

Funds

-

December

31,

2023

-

Management

Information

-

119

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

120

-

Management

Information

-

December

31,

2023

-

Blueprint

Funds

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

Blueprint

Funds

-

December

31,

2023

-

Management

Information

-

121

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

122

-

Market

Index

Definitions

-

December

31,

2023

-

Blueprint

Funds

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

Blueprint

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

123

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

124

-

Market

Index

Definitions

-

December

31,

2023

-

Blueprint

Funds

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

Blueprint

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

125

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

126

-

Market

Index

Definitions

-

December

31,

2023

-

Blueprint

Funds

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2065+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-BP

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Fund

of

Funds

NVIT

BlackRock

Managed

Global

Allocation

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

5

Shareholder

Expense

Example

27

Statements

of

Investments

29

Statements

of

Assets

and

Liabilities

34

Statements

of

Operations

38

Statements

of

Changes

in

Net

Assets

40

Financial

Highlights

44

Notes

to

Financial

Statements

49

Report

of

Independent

Registered

Public

Accounting

Firm

64

Supplemental

Information

65

Management

Information

73

Market

Index

Definitions

76

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Insurance

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

(As

of

December

31,

2023)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

®

EAFE

18.24%

MSCI

®

Emerging

Markets

9.83%

MSCI

®

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

BlackRock

Managed

Global

Allocation

Fund

Class

II

returned

11.81%

versus

24.18%

for

its

benchmark,

the

FTSE

World

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Global

Allocation

(consisting

of

70

investments

as

of

December

31,

2023),

was

12.74%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

consists

of

two

parts:

95%

of

the

Fund’s

assets

are

invested

in

shares

in

the

BlackRock

Global

Allocation

V.I.

Fund

(“Core

Sleeve”),

and

the

remaining

5%

of

the

Fund’s

assets

are

invested

in

a

“volatility

overlay”

sleeve

that

controls

the

Fund’s

overall

equity

exposure

(“Volatility

Overlay”).

The

investment

objective

of

the

Core

Sleeve

is

to

provide

high

total

investment

return

through

a

fully

managed

investment

policy

utilizing

U.S.

and

foreign

equity

securities,

debt

and

money

market

securities,

the

combination

of

which

will

be

varied

from

time

to

time

both

with

respect

to

types

of

securities

and

markets

in

response

to

changing

market

and

economic

trends.

Through

the

Volatility

Overlay,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

future

contracts

on

the

S&P

500

®

Index,

S&P

MidCap

400

®

Index,

Russell

2000

®

Index

and

MSCI

EAFE

®

Index,

as

dictated

by

an

algorithm

that

determines

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

in

light

of

the

volatility

associated

with

prevailing

market

conditions.

The

Volatility

Overlay

can

increase

the

Core

Sleeve’s

equity

exposure

to

80%

or

decrease

it

to

0%,

as

determined

by

the

quantitative

process

that

controls

the

overlay.

The

largest

detractors

to

the

Core

Sleeve’s

returns

were

an

overweight

to

the

energy

sector

and

security

selection

within

industrials,

information

technology,

consumer

discretionary,

communication

services,

and

materials.

Also,

an

exposure

to

securitized

products

detracted

from

the

fixed

income

side.

The

largest

contributors

to

the

Core

Sleeve’s

returns

were

security

selection

within

the

healthcare

sector,

and

an

underweight

to

consumer

staples

and

real

estate.

In

fixed

income

duration

management

and

exposure

to

credit,

specifically

high

yield

bonds

contributed

on

a

relative

basis.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

the

month

of

December.

These

V-shaped

spikes

in

volatility

when

these

struggle

and

ultimately

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

The

Fund

invests

primarily

in

one

underlying

fund,

the

BlackRock

Global

Allocation

V.I.

Fund,

a

series

of

BlackRock

Variable

Series

Funds,

Inc.

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

the

Fund

is

nondiversified

as

to

issuers.

In

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

underlying

fund.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

fund

and,

through

its

Volatility

Overlay,

the

risks

of

investing

in

short-term

fixed-income

securities

or

holding

cash.

These

risks

include:

stock

market

risk

(stock

markets

are

volatile);

default

risk

and

interest

rate

risk

(if

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

The

Fund

or

its

underlying

fund

may

invest

in

derivatives,

including

commodities

(which

create

investment

leverage

and

are

highly

volatile);

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets);

high-yield

bonds

(which

are

more

volatile);

inflation-protected

bonds

(which

typically

have

lower

yields

than

conventional

bonds);

precious

metal-related

securities

(which

are

highly

volatile

and

subject

to

erratic

price

movements);

and

real

estate

investment

trusts

(REITs)

(which

are

subject

to

abrupt

or

erratic

price

movements

and

generally

lack

liquidity).

The

Volatility

Overlay

may

utilize

short

positions

(which

create

investment

leverage

and

can

exaggerate

a

Fund’s

losses).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

manages

the

Core

Sleeve’s

investment

in

the

Underlying

Fund.

Nationwide

Asset

Management,

LLC

(NWAM),

the

Fund’s

subadviser,

manages

the

Volatility

Overlay.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Asset

Allocation

1

Alternative

Assets

94.3%

Futures

Contracts

0.4%

Other

assets

in

excess

of

liabilities

§

5.3%

100.0%

Top

Holdings

2

BlackRock

Global

Allocation

VI

Fund,

Class

I

100.0%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

11.81%

5.54%

3.84%

7/7/2015

FTSE

World

Index

24.18%

12.98%

9.59%

Blended

Index

2

15.68%

7.83%

6.29%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.99%

1.15%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

2

The

Blended

Index

comprises

36%

S&P

500

®

Index;

24%

FTSE

World

ex

US

Index;

24%

ICE

BofA

Merrill

Lynch

Current

5-Year

US

Treasury

Index;

and

16%

Citigroup

Non-US

Dollar

World

Government

Bond

Index.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

BlackRock

Managed

Global

Allocation

Fund

from

inception

through

12/31/23

versus

performance

of

the

FTSE

World

Index

and

the

Blended

Index

*

for

the

same

period.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

*

The

Fund’s

Blended

Index

comprises

36%

S&P

500

®

Index;

24%

FTSE

World

ex

US

Index;

24%

ICE

BofA

Merrill

Lynch

Current

5-Year

US

Treasury

Index;

and

16%

Citigroup

Non-US

Dollar

World

Government

Bond

Index.

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

iShares

®

Fixed

Income

ETF

Fund

Class

Y

returned

5.77%

versus

5.53%

for

its

benchmark,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Intermediate

Core

Bond

(consisting

of

109

investments

as

of

December

31,

2023),

was

5.55%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

most

awaited

recession

in

recent

history

failed

to

materialize

in

2023.

On

the

contrary,

the

bounce

back

of

returns

in

2023

supports

the

on-going

“soft

landing”

narrative.

The

rally

in

U.S.

equities

was

narrow,

led

by

the

Magnificent

Seven

stocks

include:

Tesla,

Meta,

Alphabet,

Amazon,

Apple,

Microsoft

and

Nvidia.

More

than

60%

of

the

return

of

the

S&P

500

®

Index

(“S&P

500”)

was

driven

by

these

tech

behemoths.

As

a

result,

the

S&P

500

outperformed

its

equal-weighted

counterpart

for

the

year

by

the

largest

margin

since

1998.

Coupled

with

the

rally

in

fixed

income,

investors

ended

the

year

with

strong

returns

across

stocks

and

bonds.

Fixed

income

investors

experienced

a

sharp

reversal

in

2023.

The

first

three

quarters

of

the

year

mixed

with

the

10-year

U.S.

Treasury

Yield

selling

off

and

spreads

narrowing

marginally.

In

the

last

quarter

of

the

year,

rates

rebounded,

and

fixed

income

ended

the

year

up

in

solid

positive

territory

with

the

Bloomberg

US

Aggregate

Bond

Index

up

5.53%.

High

Yield

bonds

led

bonds

in

2023,

with

the

IBoxx

Liquid

HY

Corp

Bond

Index

gaining

12.9%

during

the

year.

Investment

Grade

followed,

with

the

IBoxx

Liquid

IG

Corp

Bond

Index

rising

9.5%

in

2023.

Lastly,

Treasuries,

represented

by

the

ICE

U.S.

Treasury

Core

Bond

Index,

returned

3.9%.

All

constituents

of

the

Fund

(ISTB,

ILTB,

IUSB,

AGG,

MBB,

and

GOVT,

defined

below)

were

contributors

to

performance

with

positive

returns

for

the

year,

including

iShares

Core

10+

Year

USD

Bond

ETF

(ILTB),

iShares

Core

1-5

Years

USD

Bond

ETF

(ISTB),

iShares

Core

Total

USD

Bond

Market

ETF

(IUSB),

iShares

Core

U.S.

Aggregate

Bond

ETF

(AGG),

iShares

MBS

ETF

(MBB),

and

iShares

U.S.

Treasury

Bond

ETF

(GOVT).

There

were

no

detractors

to

performance.

The

BlackRock

Investment

Institute

(BII)

believes

that

the

new

market

regime

that

we

experienced

in

2023

is

here

to

stay.

First,

BII

observed

that

markets

showed

increased

flipflopping

between

macro

narratives,

making

it

more

difficult

to

predict

how

new

information

will

be

received

by

the

markets.

Second,

the

heightened

volatility

and

dispersion

across

the

market

is

creating

new

opportunities

to

invest

in

an

increasingly

granular

way.

Third,

the

buzz

around

artificial

intelligence

proved

that

mega

forces

will

likely

play

an

enhanced

role

within

the

markets,

now

and

in

the

future.

Even

though

the

overall

market

finished

the

year

with

strong

returns,

there

are

still

pockets

of

opportunity

in

both

stocks

and

bonds

that

have

yet

to

experience

a

rebound,

presenting

investors

with

attractive

valuations

to

deploy

capital.

The

Fund

did

not

experience

any

liquidity

issues

during

the

reporting

period.

The

Fund

does

not

use

derivatives.

Subadviser:

BlackRock

Investment

Management,

LLC

Portfolio

Managers:

Greg

Savage,

CFA

This

Fund

is

designed

to

provide

diversification

across

traditional

fixed-income

asset

classes

by

investing

in

a

portfolio

of

unaffiliated

exchange-traded

funds

sponsored

by

BlackRock

Fund

Advisors

(or

its

affiliates)

and

which

use

a

passive

index-based

strategy

to

track

the

performance

of

fixed-income

indexes

(“Underlying

ETFs”).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

Underlying

ETFs.

In

seeking

to

match

the

performance

of

an

index,

correlation

between

Underlying

ETF

performance

and

index

performance

may

be

affected

by

ETF

expenses,

index

composition

changes,

and

the

timing

of

ETF

share

purchases

and

redemptions.

Because

the

Fund

may

hold

large

positions

in

an

Underlying

ETF,

an

increase

or

decrease

in

the

value

of

such

securities

may

have

a

greater

impact

on

the

Fund’s

value

and

total

return.

This

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

Underlying

ETFs

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up);

high-yield

bonds

risk

(greater

volatility);

international

securities

risk

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

sovereign

debt

risk

(a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal);

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile);

sector

risk

(concentration

on

specific

sectors

or

industries

may

cause

high

volatility);

and

securities

lending

risk

(a

borrower

may

fail

to

return

loaned

securities

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

in

a

timely

manner

or

not

at

all,

causing

a

decline

in

investment

value).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

each

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

ensure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

the

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

nondiversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates

including

Bloomberg

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

is

not

affiliated

with

Nationwide,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Fixed

Income

Funds

99.8%

Repurchase

Agreements

16.0%

Liabilities

in

excess

of

other

assets

§

(15.8)%

100.0%

Top

Holdings

2

iShares

Core

U.S.

Aggregate

Bond

ETF

43.0%

iShares

Core

1-5

Year

USD

Bond

ETF

12.9%

iShares

Core

10+

Year

USD

Bond

ETF

9.0%

iShares

Core

Total

USD

Bond

Market

ETF

8.5%

iShares

MBS

ETF

8.5%

iShares

U.S.

Treasury

Bond

ETF

4.2%

Bank

of

America

NA

6.3%

Pershing

LLC

4.7%

MetLife,

Inc.

1.6%

Cantor

Fitzgerald

&

Co.

1.3%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

5.22%

(3.84)%

0.67%

1/23/2019

Class

Y

5.77%

(3.37)%

1.18%

1/23/2019

Bloomberg

®

U.S.

Aggregate

Bond

Index

5.53%

(3.31)

%

1.06%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

0.86%

0.72%

Class

Y

0.36%

0.22%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

Y

shares

of

the

NVIT

iShares

®

Fixed

Income

ETF

Fund

from

inception

through

12/31/23

versus

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

Investors

cannot

invest

directly

in

a

market.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

iShares

®

Global

Equity

ETF

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

iShares

®

Global

Equity

ETF

Fund

Class

Y

returned

21.05%*

versus

23.79%

for

its

benchmark,

the

MSCI

World

Index

-

Net

Return.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Global

Large-Stock

Blend

(consisting

of

49

investments

as

of

December

31,

2023),

was

21.01%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

most

awaited

recession

in

recent

history

failed

to

materialize

in

2023.

On

the

contrary,

the

bounce

back

of

returns

in

2023

supports

the

on-going

“soft

landing”

narrative.

The

rally

in

U.S.

equities

was

narrow,

led

by

the

“magnificent

seven”:

Apple,

Alphabet,

Amazon,

Meta

Platforms,

Microsoft,

Nvidia

and

Tesla.

More

than

60%

of

the

return

of

the

S&P

500

®

Index

(“S&P

500”)

was

driven

by

these

tech

behemoths.

As

a

result,

the

S&P

500

outperformed

its

equal-weighted

counterpart

for

the

year

by

the

largest

margin

since

1998.

Coupled

with

the

rally

in

fixed

income,

investors

ended

the

year

with

strong

returns

across

stocks

and

bonds.

Globally,

equities

had

significant

gains

in

2023.

In

the

U.S.,

the

S&P

500

gained

26.3%,

while

the

NASDAQ

Composite

returned

43.4%

for

the

year.

Growth

outperformed

value

as

the

Russell

1000

®

Growth

Index

gained

42.7%,

while

the

Russell

1000

®

Value

Index

returned

11.5%.

From

a

sector

perspective,

within

the

S&P

500,

Information

Technology

led

the

pack,

up

57.8%,

closely

followed

by

Communication

Services,

gaining

55.8%.

Conversely,

Utilities

&

Energy

were

the

laggards,

returning

-7.1%

and

-1.3%,

respectively.

Overall,

US

equities

strongly

outperformed

foreign

equities

as

the

MSCI

World

ex

USA

Index

and

the

MSCI

Emerging

Markets

Index

finished

the

year

up

17.9%

and

9.8%,

respectively.

Equity

style

risk

factors

ended

in

positive

territory

in

2023.

The

quality

factor

outperformed,

returning

31.2%,

while

the

MSCI

USA

Index

returned

27.1%.

Value,

momentum,

size,

and

low

volatility

factors

underperformed

the

broader

markets,

returning

14.5%,

9.3%,

18.0%,

and

9.8%

for

the

quarter.

Globally,

low

volatility

stocks

underperformed.

The

MSCI

EM

Min

Vol

Index

underperformed

its

parent

benchmark

by

1.2%,

and

the

MSCI

EAFE

Min

Vol

Index

underperformed

by

7.1%.

All

the

underlying

funds

were

contributors

to

performance

as

they

had

positive

returns

for

the

year.

There

were

no

underlying

funds

that

were

detractors

to

performance.

The

BlackRock

Investment

Institute

(BII)

believes

that

the

new

market

regime

that

we

experienced

in

2023

is

here

to

stay.

First,

BII

observed

that

markets

showed

increased

flipflopping

between

macro

narratives,

making

it

more

difficult

to

predict

how

new

information

will

be

received

by

the

markets.

Second,

the

heightened

volatility

and

dispersion

across

the

market

is

creating

new

opportunities

to

invest

in

an

increasingly

granular

way.

Third,

the

buzz

around

artificial

intelligence

proved

that

mega

forces

will

likely

play

an

enhanced

role

within

the

markets,

now

and

in

the

future.

Even

though

the

overall

market

finished

the

year

with

strong

returns,

there

are

still

pockets

of

opportunity

in

both

stocks

and

bonds

that

have

yet

to

experience

a

rebound,

presenting

investors

with

attractive

valuations

to

deploy

capital.

The

Fund

did

not

experience

any

liquidity

issues

during

the

reporting

period.

The

Fund

does

not

use

derivatives.

Subadviser:

BlackRock

Investment

Management,

LLC

Portfolio

Managers:

Greg

Savage,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

designed

to

provide

diversification

across

traditional

equity

asset

classes

of

any

market

capitalization

by

investing

in

a

portfolio

of

unaffiliated

exchange-traded

funds

sponsored

by

BlackRock

Fund

Advisors

(or

its

affiliates)

and

which

use

a

passive

index-based

strategy

to

track

the

performance

of

equity

indexes

(“Underlying

ETFs”).

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

Underlying

ETFs.

In

seeking

to

match

the

performance

of

an

index,

correlation

between

Underlying

ETF

performance

and

index

performance

may

be

affected

by

ETF

expenses,

index

composition

changes,

and

the

timing

of

ETF

share

purchases

and

redemptions.

Because

the

Fund

may

hold

large

positions

in

an

Underlying

ETF,

an

increase

or

decrease

in

the

value

of

such

securities

may

have

a

greater

impact

on

the

Fund’s

value

and

total

return.

The

Fund

is

subject

to

different

levels

of

risk,

based

on

the

types

and

sizes

of

its

underlying

asset

class

allocations

and

its

allocation

strategy.

In

addition,

the

Fund’s

Underlying

ETFs

may

be

subject

to

specific

investment

risks,

including

but

not

limited

to:

stock

NVIT

iShares

®

Global

Equity

ETF

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

market

risk

(equity

securities);

smaller

company

risk

(smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more-established

companies;

are

more

vulnerable

than

larger

companies

to

adverse

business

and

economic

developments;

and

may

have

more-limited

resources);

international

securities

risk

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information);

derivatives

risk

(many

derivatives

create

investment

leverage

and

are

highly

volatile);

sector

risk

(concentration

on

specific

sectors

or

industries

may

cause

high

volatility);

and

securities

lending

risk

(a

borrower

may

fail

to

return

loaned

securities

in

a

timely

manner

or

not

at

all,

causing

a

decline

in

investment

value).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

each

Fund’s

principal

risks.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

Asset

allocation

does

not

assure

a

profit

or

protect

against

a

loss

in

a

down

market.

There

is

no

assurance

that

the

investment

objective

of

the

Fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

non-diversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

MSCI,

and

MSCI

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

99.9%

Repurchase

Agreements

14.6%

Liabilities

in

excess

of

other

assets

§

(14.5)%

100.0%

Top

Holdings

2

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

24.4%

iShares

Core

S&P

Mid-Cap

ETF

15.6%

iShares

Core

MSCI

International

Developed

Markets

ETF

11.8%

iShares

Core

MSCI

EAFE

ETF

10.0%

iShares

U.S.

Equity

Factor

ETF

7.9%

iShares

Core

S&P

500

ETF

6.1%

iShares

Core

S&P

Small-Cap

ETF

2.6%

iShares

MSCI

USA

Quality

Factor

ETF

1.8%

iShares

U.S.

Small-Cap

Equity

Factor

ETF

1.8%

iShares

MSCI

USA

Value

Factor

ETF

1.7%

Other

Holdings

#

16.3%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

#

For

purposes

of

listing

top

holdings,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

20.48%

7.08%

11.28%

1/23/2019

Class

Y

21.05%

7.59%

11.82%

1/23/2019

MSCI

World

Index

23.79%

7.27

%

11.80%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

0.86%

0.74%

Class

Y

0.36%

0.24%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

iShares

®

Global

Equity

ETF

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

The

initial

$10,000

investment

has

been

reduced

by

the

maximum

sales

charge

imposed

on

the

purchase

of

shares.

Comparative

performance

of

$10,000

invested

in

Class

Y

shares

of

the

NVIT

iShares

®

Global

Equity

ETF

Fund

from

inception

through

12/31/23

versus

the

MSCI

World

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

Investors

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Class

II

returned

17.22%

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

consists

of

two

parts:

95%

of

the

Fund’s

assets

are

invested

in

shares

in

a

diversified

portfolio

of

5

funds.

These

funds

are

American

Funds

American

Balanced

Fund,

American

Funds

Bond

Fund

of

America,

American

Funds

IS

®

Growth,

American

Funds

IS

®

U.S.

Government

Securities

Fund,

and

American

Funds

IS

®

Washington

Mutual

Investors

Fund

(“Core

Sleeve”),

and

the

remaining

5%

of

the

Fund’s

assets

are

invested

in

a

“volatility

overlay”

sleeve

that

controls

the

Fund’s

overall

equity

exposure

(“Volatility

Overlay”).

Through

the

Volatility

Overlay,

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

future

contracts

on

the

S&P

500

®

Index,

S&P

MidCap

400

®

Index,

Russell

2000

®

Index

and

MSCI

EAFE

®

Index

as

dictated

by

an

algorithm

that

determines

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

in

light

of

the

volatility

associated

with

prevailing

market

conditions.

The

Volatility

Overlay

can

increase

the

Fund’s

equity

exposure

to

80%

(or

10%

over

the

current

exposure

within

the

Core

Sleeve,

whichever

is

lower)

or

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

All

the

underlying

funds

posted

positive

returns

for

the

period;

therefore,

the

lowest

contributors

to

total

return

were

detractors

on

a

relative

basis.

The

largest

detractors

to

the

Fund’s

return

were

the

underlying

American

Funds

IS

U.S.

Government

Securities

Fund

and

the

underlying

American

Funds

Bond

Fund

of

America,

returning

3.21%

and

5.09%,

respectively,

during

the

reporting

period.

The

fixed

income

funds

were

all

challenged

by

rising

interest

rates,

as

the

Federal

Reserve

raised

interest

rates

to

combat

high

inflation.

The

Fund

still

holds

these

securities.

The

underlying

American

Funds

IS

®

Growth

Fund

and

American

Funds

IS

®

Washington

Mutual

Investors

Fund

returned

38.81%,

and

17.66%,

respectively,

and

were

the

largest

relative

contributors

to

the

Fund’s

return

for

the

period.

The

Fund

still

holds

these

securities.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year

market

volatility

spiked

in

October

and

November

due

to

Israel

and

Hamas

conflict

and

a

downgrade

in

US

debt

before

quickly

decreasing

in

the

month

of

December.

These

V-shaped

spikes

in

volatility

occurred

during

these

struggles

and

ultimately,

the

overlay

sleeve

was

a

contributor

to

performance

during

the

reporting

period.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

The

Fund

invests

primarily

in

an

underlying

fund,

the

Asset

Allocation

Fund

SM,

a

series

of

American

Funds

Insurance

Series

®

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

the

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

Fund

is

nondiversified

as

to

issuers.

In

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

underlying

fund.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

fund.

Through

its

Volatility

Overlay,

the

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

high-yield

bonds

(which

are

more

volatile).

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

The

Volatility

Overlay

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

utilize

short

positions

(which

create

investment

leverage

and

can

exaggerate

a

Fund’s

losses).

In

addition,

through

its

Volatility

Overlay,

the

Fund

is

subject

to

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

manages

the

Core

Sleeve’s

investment

in

the

Underlying

Fund.

Nationwide

Asset

Management,

LLC

(NWAM),

the

Fund’s

subadviser,

manages

the

Volatility

Overlay.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

There

is

no

assurance

that

the

investment

objective

of

any

fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

nondiversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Equity

Funds

46.4%

Balanced

Fund

27.7%

Fixed

Income

Funds

18.4%

Futures

Contracts

0.5%

Other

assets

in

excess

of

liabilities

§

7.0%

100.0%

Top

Holdings

2

American

Funds

Growth

Fund,

Class

1

30.1%

American

Balanced

Fund,

Class

R6

30.0%

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

20.0%

Bond

Fund

of

America

(The),

Class

R6

14.9%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

5.0%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

17.22%

7.60%

5.88%

7/8/2014

S&P

500

®

Index

26.29%

15.69%

11.76%

Blended

Index

2

17.71%

10.09%

7.88%

Expense

Ratios

Expense

Ratio

^

Class

II

0.94%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

2

The

Blended

Index

comprises

60%

S&P

500

®

Index

and

40%

Bloomberg

®

U.S.

Aggregate

Bond

Index.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

The

initial

$10,000

investment

has

been

reduced

by

the

maximum

sales

charge

imposed

on

the

purchase

of

shares.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Managed

American

Funds

Asset

Allocation

Fund

from

inception

through

12/31/23

versus

performance

of

the

S&P

500

®

Index

and

the

Blended

Index*

for

the

same

period.

Unlike

the

Fund,

the

performance

of

these

indexes

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

*

The

Fund’s

Blended

Index

comprises

60%

S&P

500

®

Index

and

40%

Bloomberg

®

U.S.

Aggregate

Bond

Index.

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Managed

American

Funds

Growth-Income

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Managed

American

Funds

Growth-Income

Fund

Class

II

returned

24.31%*

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Blend

(consisting

of

313

investments

as

of

December

31,

2023),

was

25.60%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

consists

of

two

parts:

95%

of

the

Fund’s

assets

are

invested

in

shares

in

the

American

Funds

Growth-Income

Fund

(“Core

Sleeve”)

and

the

remaining

5%

of

the

Fund’s

assets

are

invested

in

a

“volatility

overlay”

sleeve

that

controls

the

Fund’s

overall

equity

exposure

(“Volatility

Overlay”).

In

the

Core

Sleeve,

Growth-Income

Fund

returned

26.47%

for

the

12

months

ended

December

31,

2023,

compared

with

a

return

of

26.29%

in

its

benchmark

Index,

S&P

500

®

Index,

a

market

capitalization-weighted

index

based

on

the

results

of

approximately

500

widely

held

common

stocks.

U.S.

equities

advanced

amid

strong

economic

growth,

moderating

inflation

and

a

slowdown

in

the

pace

of

U.S.

Federal

Reserve

interest

rate

hikes

despite

market

jitters

over

a

major

banking

crisis

and

wars

in

Ukraine

and

the

Middle

East.

The

information

technology,

consumer

discretionary

and

communication

services

sectors

led

as

growth

stocks

significantly

outpaced

value.

A

strong

labor

market

and

resilient

consumer

spending

helped

the

U.S.

economy

avoid

a

recession,

which

once

seemed

inevitable,

and

inflation

declined

rapidly

throughout

the

year.

Regarding

the

Fund,

investments

within

the

health

care

and

financials

sectors

were

top

contributors

to

the

Fund’s

relative

returns.

Larger-than-benchmark

positions

in

Broadcom

and

General

Electric

were

top

individual

contributors,

as

these

stocks

outpaced

the

market

overall.

On

the

downside,

sector

selection

in

the

information

technology

and

consumer

discretionary

sectors

dragged

on

portfolio

returns.

Smaller-than-benchmark

positions

in

Apple

and

NVIDIA

detracted.

Looking

ahead,

the

Fund’s

managers

take

an

overall

positive

view

of

economic

indicators

for

the

coming

year.

Inflation

has

declined

meaningfully,

although

it

remains

above

the

Federal

Reserve’s

target.

Likewise,

the

Fed

has

paused

its

recent

pattern

of

interest

rate

hikes,

and

the

U.S.

economy

has

remained

incredibly

resilient

throughout.

Whether

and

when

the

pause

will

pivot

to

rate

cuts

is

likely

dependent

on

how

quickly

inflation

reaches

a

level

the

central

bank

is

comfortable

with,

but

the

idea

of

a

soft

landing

seems

far

more

realistic

than

a

year

ago.

As

a

result,

portfolio

managers

believe

the

outlook

is

positive

for

corporate

earnings

to

improve

and

for

stocks

to

move

higher

as

a

result.

They

will

continue

to

build

positions

in

companies

and

stocks

in

which

they

see

long-term

value

potential.

Through

the

Volatility

Overlay

the

Fund

uses

derivatives

to

manage

its

total

exposure

to

equity

markets.

Specifically,

the

Fund

buys

or

sells

index

future

contracts

on

the

S&P

500

Index,

S&P

MidCap

®

400

Index,

Russell

2000

®

Index

and

MSCI

EAFE

®

Index

as

dictated

by

an

algorithm

that

determines

whether

the

Fund’s

equity

exposure

should

be

increased

or

decreased

in

light

of

the

volatility

associated

with

prevailing

market

conditions.

The

Volatility

Overlay

can

increase

the

Fund’s

equity

exposure

only

up

to

the

Core

Sleeve’s

current

equity

exposure

but

can

decrease

it

to

0%

as

determined

by

the

quantitative

process

that

controls

the

overlay.

Equity

volatility,

as

measured

by

the

proprietary

algorithm,

varied

over

the

course

of

2023.

Broad

market

volatility

(S&P

500

®

)

ranged

between

approximately

10%

and

20%.

The

year

began

on

the

higher

end

of

the

volatility

range,

but

it

gradually

decreased

in

the

first

half

of

the

year

reaching

its

lowest

point

in

July.

This

was

due

to

tempering

inflation,

a

skip

of

interest

rate

hikes

in

June,

and

strong

consumer

spending.

This

provided

an

opportunity

for

the

algorithm

to

contribute

to

performance

by

increasing

equity

exposure.

At

the

end

of

the

year,

market

volatility

spiked

in

October

and

November

due

to

Israel

and

Hamas

conflict

and

a

downgrade

in

U.S.

debt

before

quickly

decreasing

in

the

month

of

December.

These

V-shaped

spikes

in

volatility

occurred

during

these

struggles,

and

ultimately,

the

overlay

sleeve

was

a

detractor

from

performance

during

the

reporting

period.

During

the

period,

there

were

no

liquidity

events

that

materially

impacted

performance.

Each

of

the

following

manages

a

portion

(“sleeve”)

of

the

Fund’s

assets:

Adviser:

Nationwide

Fund

Advisors

(Core

Sleeve)

Portfolio

Managers:

Christopher

C.

Graham;

Keith

P.

Robinette,

CFA;

and

Andrew

Urban,

CFA

NVIT

Managed

American

Funds

Growth-Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Subadviser:

Nationwide

Asset

Management,

LLC

(Volatility

Overlay)

Portfolio

Managers:

Chad

W.

Finefrock,

CFA

and

Corsan

Maley,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

invests

primarily

in

an

underlying

fund,

the

Growth-Income

Fund

SM

,

a

series

of

American

Funds

Insurance

Series

®

(Core

Sleeve),

blended

with

a

strategy

that

seeks

to

mitigate

risk

and

manage

the

Fund’s

volatility

(Volatility

Overlay).

Therefore,

the

Fund

is

nondiversified

as

to

issuers.

In

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

underlying

fund.

The

Fund,

through

its

Core

Sleeve,

is

subject

to

the

risks

of

its

underlying

fund.

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Through

its

Volatility

Overlay,

the

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities.

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

The

Volatility

Overlay

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Volatility

Overlay

may

utilize

short

positions

(which

create

investment

leverage

and

can

exaggerate

a

Fund’s

losses).

In

addition,

through

its

Volatility

Overlay,

the

Fund

is

subject

to

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

The

Volatility

Overlay

may

not

be

successful

and

may

result

in

losses

greater

than

if

the

Fund

did

not

implement

the

Volatility

Overlay.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Nationwide

Fund

Advisors

(NFA),

the

Fund’s

investment

adviser,

manages

the

Core

Sleeve’s

investment

in

the

Underlying

Fund.

Nationwide

Asset

Management,

LLC

(NWAM),

the

Fund’s

subadviser,

manages

the

Volatility

Overlay.

In

addition,

NWAM

serves

as

the

subadviser

to

certain

other

Nationwide

Funds.

NWAM

is

a

registered

investment

adviser

and

wholly

owned

subsidiary

of

Nationwide

Mutual

Insurance

Company,

and

therefore

is

affiliated

with

NFA.

Asset

allocation

is

the

process

of

spreading

assets

across

several

different

investment

styles

and

asset

classes.

The

purpose

is

to

potentially

reduce

long-term

risk

and

capture

potential

profits

across

various

asset

classes.

There

is

no

assurance

that

the

investment

objective

of

any

fund

(or

that

of

any

underlying

fund)

will

be

achieved

or

that

a

diversified

portfolio

will

produce

better

results

than

a

nondiversified

portfolio.

Diversification

does

not

guarantee

returns

or

insulate

an

investor

from

potential

losses,

including

the

possible

loss

of

principal.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Asset

Allocation

1

Equity

Fund

94.3%

Futures

Contracts

0.2%

Other

assets

in

excess

of

liabilities

§

5.5%

100.0%

Top

Holdings

2

American

Funds

Growth-Income

Fund,

Class

1

100.0%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

24.31%

10.94%

8.96%

7/8/2014

S&P

500

®

Index

26.29%

15.69%

11.76%

Expense

Ratios

Expense

Ratio

^

Class

II

0.96%

^

Current

effective

prospectus

dated

May

1,

2023.

The

expense

ratio

also

includes

indirect

underlying

fund

expenses.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

26

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

The

initial

$10,000

investment

has

been

reduced

by

the

maximum

sales

charge

imposed

on

the

purchase

of

shares.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

Managed

American

Funds

Growth-Income

Fund

from

inception

through

12/31/23

versus

performance

of

the

S&P

500

®

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

for

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Fund

of

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

27

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2023

through

December

31,

2023.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

BlackRock

Managed

Global

Allocation

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,044.30

2.32

0.45

Hypothetical

(c)(d)

1,000.00

1,022.94

2.29

0.45

NVIT

iShares

®

Fixed

Income

ETF

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,031.10

3.43

0.67

Hypothetical

(c)(d)

1,000.00

1,021.83

3.41

0.67

Class

Y

Shares

Actual

(c)

1,000.00

1,032.80

0.87

0.17

Hypothetical

(c)(d)

1,000.00

1,024.35

0.87

0.17

NVIT

iShares

®

Global

Equity

ETF

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,074.10

3.50

0.67

Hypothetical

(c)(d)

1,000.00

1,021.83

3.41

0.67

Class

Y

Shares

Actual

(c)

1,000.00

1,076.90

0.89

0.17

Hypothetical

(c)(d)

1,000.00

1,024.35

0.87

0.17

28

-

Shareholder

Expense

Example

-

December

31,

2023

-

Fund

of

Funds

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,067.40

3.54

0.68

Hypothetical

(c)(d)

1,000.00

1,021.78

3.47

0.68

NVIT

Managed

American

Funds

Growth-Income

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,095.40

3.64

0.69

Hypothetical

(c)(d)

1,000.00

1,021.73

3.52

0.69

(a)

Expenses

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

Funds'

expenses,

which

are

disclosed

in

the

Fee

and

Expense

table

and

described

more

fully

in

a

footnote

to

that

table

in

your

Fund

Prospectus.

(b)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(c)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(d)

Represents

the

hypothetical

5%

return

before

expenses.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

December

31,

2023

-

Statement

of

Investments

-

29

Investment

Company

94.3%

Shares

Value

($)

Alternative

Assets

94.3%

BlackRock

Global

Allocation

VI

Fund,

Class

I

19,811,742

323,129,520

Total

Alternative

Assets

(cost

$318,481,899)

323,129,520

Total

Investment

Company

(cost

$318,481,899)

323,129,520

Total

Investments

(cost

$318,481,899)

—

94.3%

323,129,520

Other

assets

in

excess

of

liabilities

—

5.7%

19,498,320

NET

ASSETS

—

100.0%

$

342,627,840

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

146

3/2024

USD

16,442,520

562,694

S&P

500

E-Mini

Index

129

3/2024

USD

31,089,000

926,756

S&P

Midcap

400

E-Mini

Index

1

3/2024

USD

280,950

14,898

Net

contracts

1,504,348

As

of

December

31,

2023,

the

Fund

had

$2,256,122

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

-

Statement

of

Investments

-

December

31,

2023

-

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)

108,650

5,712,817

iShares

Core

1-5

Year

USD

Bond

ETF(a)

173,013

8,228,498

iShares

Core

Total

USD

Bond

Market

ETF(a)

118,304

5,450,265

iShares

Core

U.S.

Aggregate

Bond

ETF(a)

276,403

27,432,999

iShares

MBS

ETF(a)

57,821

5,439,800

iShares

U.S.

Treasury

Bond

ETF(a)

117,042

2,696,647

Total

Exchange

Traded

Funds

(cost

$59,864,130)

54,961,026

Repurchase

Agreements

16

.0

%

Principal

Amount

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$4,002,374,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$4,080,000.

(b)(c)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$819,393,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$835,280.

(b)(c)

818,902

818,902

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,000,593,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,020,559.(b)(c)

1,000,000

1,000,000

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$3,060,000.(b)(c)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$8,818,902)

8,818,902

Total

Investments

(cost

$68,683,032)

—

115.8%

63,779,928

Liabilities

in

excess

of

other

assets

—

(15.8)%

(

8,705,743

)

NET

ASSETS

—

100.0%

$

55,074,185

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$8,658,130,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,818,902

and

by

$61,749

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$8,880,651.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$8,818,902.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

iShares

®

Global

Equity

ETF

Fund

-

December

31,

2023

-

Statement

of

Investments

-

31

Exchange

Traded

Funds

99

.9

%

Shares

Value

($)

Equity

Funds

99.9%

iShares

Core

MSCI

EAFE

ETF(a)

116,749

8,213,292

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

151,369

9,636,151

iShares

Core

S&P

500

ETF

10,523

5,026,100

iShares

Core

S&P

Mid-Cap

ETF

46,021

12,754,720

iShares

Core

S&P

Small-Cap

ETF

19,370

2,096,802

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

189,698

19,961,920

iShares

MSCI

USA

Momentum

Factor

ETF(a)

9,022

1,415,462

iShares

MSCI

USA

Quality

Factor

ETF(a)

9,947

1,463,602

iShares

MSCI

USA

Size

Factor

ETF(a)

10,742

1,416,548

iShares

MSCI

USA

Value

Factor

ETF

14,012

1,417,454

iShares

U.S.

Equity

Factor

ETF(a)

133,773

6,459,898

iShares

U.S.

Small-Cap

Equity

Factor

ETF(a)

24,693

1,452,442

Total

Exchange

Traded

Funds

(cost

$61,396,050)

71,314,391

Repurchase

Agreements

14

.6

%

Principal

Amount

($)

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$2,040,000.

(b)(c)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,432,649,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$2,479,814.(b)(c)

2,431,190

2,431,190

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,000,593,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,020,559.(b)(c)

1,000,000

1,000,000

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$5,100,000.(b)(c)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$10,431,190)

10,431,190

Total

Investments

(cost

$71,827,240)

—

114.5%

81,745,581

Liabilities

in

excess

of

other

assets

—

(14.5)%

(

10,354,141

)

NET

ASSETS

—

100.0%

$

71,391,440

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$11,040,918,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,431,190

and

by

$865,576

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.25%,

and

maturity

dates

ranging

from

4/15/2024

–

2/15/2051,

a

total

value

of

$11,296,766.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$10,431,190.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Investment

Companies

92

.5

%

Shares

Value

($)

Balanced

Fund

27.7%

American

Balanced

Fund,

Class

R6

24,179,975

773,759,205

Total

Balanced

Fund

(cost

$807,359,994)

773,759,205

Equity

Funds

46.4%

American

Funds

Growth

Fund,

Class

1

7,832,513

778,865,139

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

35,567,164

515,368,204

Total

Equity

Funds

(cost

$1,404,285,388)

1,294,233,343

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.4%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

12,944,877

128,283,731

Bond

Fund

of

America

(The),

Class

R6

33,558,521

385,587,401

Total

Fixed

Income

Funds

(cost

$574,612,717)

513,871,132

Total

Investment

Companies

(cost

$2,786,258,099)

2,581,863,680

Total

Investments

(cost

$2,786,258,099)

—

92.5%

2,581,863,680

Other

assets

in

excess

of

liabilities

—

7.5%

208,548,854

NET

ASSETS

—

100.0%

$

2,790,412,534

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

163

3/2024

USD

18,357,060

650,622

Russell

2000

E-Mini

Index

35

3/2024

USD

3,583,475

231,581

S&P

500

E-Mini

Index

1,516

3/2024

USD

365,356,000

11,270,059

S&P

Midcap

400

E-Mini

Index

82

3/2024

USD

23,037,900

1,101,351

Net

contracts

13,253,613

As

of

December

31,

2023,

the

Fund

had

$21,920,841

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Managed

American

Funds

Growth-Income

Fund

-

December

31,

2023

-

Statement

of

Investments

-

33

Investment

Company

94

.3

%

Shares

Value

($)

Equity

Fund

94.3%

American

Funds

Growth-Income

Fund,

Class

1

11,678,899

692,091,584

Total

Investment

Company

(cost

$551,541,634)

692,091,584

Total

Investments

(cost

$551,541,634)

—

94.3%

692,091,584

Other

assets

in

excess

of

liabilities

—

5.7%

41,453,200

NET

ASSETS

—

100.0%

$

733,544,784

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

23

3/2024

USD

2,590,260

98,817

Russell

2000

E-Mini

Index

1

3/2024

USD

102,385

7,288

S&P

500

E-Mini

Index

139

3/2024

USD

33,499,000

1,073,838

S&P

Midcap

400

E-Mini

Index

9

3/2024

USD

2,528,550

122,227

Net

contracts

1,302,170

As

of

December

31,

2023,

the

Fund

had

$2,049,882

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BlackRock

Managed

Global

Allocation

Fund

Assets:

Investment

securities,

at

value

*

$

323,129,520‌

Repurchase

agreements,

at

value

—‌

Cash

17,477,217‌

Deposits

with

broker

for

futures

contracts

2,185,419‌

Interest

and

dividends

receivable

67,786‌

Security

lending

income

receivable

—‌

Receivable

for

investments

sold

—‌

Receivable

for

capital

shares

issued

26,287‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—‌

Prepaid

expenses

—‌

Total

Assets

342,886,229‌

Liabilities:

Payable

for

investments

purchased

25,287‌

Payable

for

capital

shares

redeemed

439‌

Payable

for

variation

margin

on

futures

contracts

74,294‌

Payable

upon

return

of

securities

loaned

(Note

2)

—‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

42,810‌

Fund

administration

fees

16,798‌

Distribution

fees

—‌

Administrative

servicing

fees

72,232‌

Accounting

and

transfer

agent

fees

530‌

Trustee

fees

55‌

Custodian

fees

6,678‌

Compliance

program

costs

(Note

3)

366‌

Professional

fees

6,564‌

Printing

fees

10,090‌

Other

2,246‌

Total

Liabilities

258,389‌

Net

Assets

$

342,627,840‌

*

Includes

value

of

securities

on

loan

(Note

2)

—‌

Cost

of

investment

securities

318,481,899‌

Cost

of

repurchase

agreements

—‌

Represented

by:

Capital

$

348,284,629‌

Total

distributable

earnings

(loss)

(

5,656,789‌

)

Net

Assets

$

342,627,840‌

Fund

of

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

35

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

$

54,961,026‌

$

71,314,391‌

$

2,581,863,680‌

$

692,091,584‌

8,818,902‌

10,431,190‌

—‌

—‌

728,442‌

1,055,699‌

188,721,077‌

39,838,725‌

—‌

—‌

21,956,953‌

2,049,982‌

694‌

2,026‌

2,094,803‌

135,010‌

6,082‌

6,957‌

—‌

—‌

—‌

—‌

726,275‌

227,937‌

55,290‌

2,032‌

—‌

—‌

2,893‌

3,596‌

—‌

—‌

91‌

104‌

3,490‌

892‌

64,573,420‌

82,815,995‌

2,795,366,278‌

734,344,130‌

616,468‌

918,647‌

1,395,904‌

—‌

632‌

15,506‌

725,959‌

239,848‌

—‌

—‌

1,206,635‌

108,918‌

8,818,902‌

10,431,190‌

—‌

—‌

5,016‌

6,405‌

343,344‌

88,854‌

13,881‌

14,285‌

61,575‌

23,768‌

10,610‌

12,815‌

582,894‌

151,122‌

14,507‌

6,460‌

549,458‌

151,618‌

123‌

143‌

4,555‌

1,096‌

10‌

8‌

102‌

47‌

322‌

634‌

41,267‌

11,240‌

58‌

72‌

2,995‌

767‌

6,349‌

6,360‌

8,585‌

6,747‌

11,985‌

11,643‌

9,340‌

10,533‌

372‌

387‌

21,131‌

4,788‌

9,499,235‌

11,424,555‌

4,953,744‌

799,346‌

$

55,074,185‌

$

71,391,440‌

$

2,790,412,534‌

$

733,544,784‌

8,658,130‌

11,040,918‌

—‌

—‌

59,864,130‌

61,396,050‌

2,786,258,099‌

551,541,634‌

8,818,902‌

10,431,190‌

—‌

—‌

$

61,559,875‌

$

63,352,134‌

$

3,148,632,257‌

$

566,916,186‌

(

6,485,690‌

)

8,039,306‌

(

358,219,723‌

)

166,628,598‌

$

55,074,185‌

$

71,391,440‌

$

2,790,412,534‌

$

733,544,784‌

36

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BlackRock

Managed

Global

Allocation

Fund

Net

Assets:

Class

II

Shares

$

342,627,840‌

Class

Y

Shares

—‌

Total

$

342,627,840‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

II

Shares

29,660,871‌

Class

Y

Shares

—‌

Total

29,660,871‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

11

.55‌

Class

Y

Shares

$

—‌

Fund

of

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

37

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

$

51,313,311‌

$

62,870,057‌

$

2,790,412,534‌

$

733,544,784‌

3,760,874‌

8,521,383‌

—‌

—‌

$

55,074,185‌

$

71,391,440‌

$

2,790,412,534‌

$

733,544,784‌

5,386,525‌

3,949,562‌

292,185,393‌

51,816,480‌

400,594‌

563,200‌

—‌

—‌

5,787,119‌

4,512,762‌

292,185,393‌

51,816,480‌

$

9

.53‌

$

15

.92‌

$

9

.55‌

$

14

.16‌

$

9

.39‌

$

15

.13‌

$

—‌

$

—‌

38

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BlackRock

Managed

Global

Allocation

Fund

INVESTMENT

INCOME:

Dividend

income

$

6,890,846‌

Interest

income

812,342‌

Income

from

securities

lending

(Note

2)

—‌

Total

Income

7,703,188‌

EXPENSES:

Investment

advisory

fees

2,497,673‌

Fund

administration

fees

111,331‌

Distribution

fees

Class

II

Shares

843,805‌

Administrative

servicing

fees

Class

II

Shares

843,805‌

Professional

fees

25,234‌

Printing

fees

9,164‌

Trustee

fees

12,080‌

Custodian

fees

1,839‌

Accounting

and

transfer

agent

fees

2,328‌

Compliance

program

costs

(Note

3)

1,460‌

Other

7,680‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

4,356,399‌

Distribution

fees

waived

-

Class

II

(Note

3)

(

843,805‌

)

Investment

advisory

fees

waived

(Note

3)

(

1,991,387‌

)

Expenses

reimbursed

by

adviser

(Note

3)

—‌

Net

Expenses

1,521,207‌

NET

INVESTMENT

INCOME

6,181,981‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

—‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(

6,752,838‌

)

Expiration

or

closing

of

futures

contracts

(Note

2)

(

1,159,813‌

)

Net

realized

gains

(losses)

(

7,912,651‌

)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

38,147,063‌

Futures

contracts

(Note

2)

1,115,535‌

Net

change

in

unrealized

appreciation/depreciation

39,262,598‌

Net

realized/unrealized

gains

(losses)

31,349,947‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

37,531,928‌

Fund

of

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

39

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

$

1,629,287‌

$

1,238,161‌

$

59,673,433‌

$

10,054,647‌

8,260‌

10,374‌

4,181,239‌

1,688,128‌

43,079‌

80,423‌

—‌

—‌

1,680,626‌

1,328,958‌

63,854,672‌

11,742,775‌

53,081‌

65,496‌

3,988,997‌

992,639‌

59,937‌

63,313‌

619,538‌

184,075‌

113,199‌

132,321‌

6,766,045‌

1,683,279‌

113,199‌

132,321‌

6,766,045‌

1,683,279‌

16,409‌

16,799‌

97,438‌

35,905‌

4,462‌

4,140‌

51,561‌

14,933‌

1,747‌

2,125‌

97,390‌

24,208‌

2,033‌

3,829‌

14,501‌

3,347‌

561‌

652‌

18,345‌

4,551‌

210‌

258‌

11,697‌

2,922‌

886‌

1,062‌

67,964‌

16,646‌

365,724‌

422,316‌

18,499,521‌

4,645,784‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(

57,222‌

)

(

56,338‌

)

—‌

—‌

308,502‌

365,978‌

18,499,521‌

4,645,784‌

1,372,124‌

962,980‌

45,355,151‌

7,096,991‌

—‌

—‌

47,881,554‌

33,609,073‌

(

524,730‌

)

(

614,866‌

)

(

168,225,364‌

)

(

1,232,150‌

)

—‌

—‌

(

15,392,156‌

)

985,125‌

(

524,730‌

)

(

614,866‌

)

(

135,735,966‌

)

33,362,048‌

1,715,212‌

11,057,727‌

518,890,120‌

107,965,717‌

—‌

—‌

922,776‌

(

475,353‌

)

1,715,212‌

11,057,727‌

519,812,896‌

107,490,364‌

1,190,482‌

10,442,861‌

384,076,930‌

140,852,412‌

$

2,562,606‌

$

11,405,841‌

$

429,432,081‌

$

147,949,403‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Fund

of

Funds

NVIT

BlackRock

Managed

Global

Allocation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

6,181,981‌

$

(

1,303,384‌

)

Net

realized

losses

(

7,912,651‌

)

(

969,287‌

)

Net

change

in

unrealized

appreciation/depreciation

39,262,598‌

(

57,374,724‌

)

Change

in

net

assets

resulting

from

operations

37,531,928‌

(

59,647,395‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

—‌

—‌

Class

Y

—‌

—‌

Change

in

net

assets

from

shareholder

distributions

—‌

—‌

Change

in

net

assets

from

capital

transactions

(

29,442,521‌

)

98,060‌

Change

in

net

assets

8,089,407‌

(

59,549,335‌

)

Net

Assets:

Beginning

of

year

334,538,433‌

394,087,768‌

End

of

year

$

342,627,840‌

$

334,538,433‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

6,439,582‌

$

21,537,202‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

(

35,882,103‌

)

(

21,439,142‌

)

Total

Class

II

Shares

(

29,442,521‌

)

98,060‌

Class

Y

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Change

in

net

assets

from

capital

transactions

$

(

29,442,521‌

)

$

98,060‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

598,754‌

1,921,239‌

Reinvested

—‌

—‌

Redeemed

(

3,318,208‌

)

(

2,024,381‌

)

Total

Class

II

Shares

(

2,719,454‌

)

(

103,142‌

)

Class

Y

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Total

change

in

shares

(

2,719,454‌

)

(

103,142‌

)

Fund

of

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

41

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

1,372,124‌

$

769,747‌

$

962,980‌

$

822,697‌

(

524,730‌

)

(

936,928‌

)

(

614,866‌

)

(

1,108,062‌

)

1,715,212‌

(

6,250,882‌

)

11,057,727‌

(

8,340,296‌

)

2,562,606‌

(

6,418,063‌

)

11,405,841‌

(

8,625,661‌

)

(

1,263,563‌

)

(

714,025‌

)

(

813,797‌

)

(

717,362‌

)

(

109,877‌

)

(

58,721‌

)

(

154,064‌

)

(

114,446‌

)

(

1,373,440‌

)

(

772,746‌

)

(

967,861‌

)

(

831,808‌

)

12,774,530‌

3,633,766‌

10,275,885‌

9,523,735‌

13,963,696‌

(

3,557,043‌

)

20,713,865‌

66,266‌

41,110,489‌

44,667,532‌

50,677,575‌

50,611,309‌

$

55,074,185‌

$

41,110,489‌

$

71,391,440‌

$

50,677,575‌

$

13,939,531‌

$

9,984,837‌

$

13,327,412‌

$

13,824,859‌

1,263,563‌

714,025‌

813,797‌

717,362‌

(

3,613,770‌

)

(

7,403,035‌

)

(

5,839,978‌

)

(

6,179,367‌

)

11,589,324‌

3,295,827‌

8,301,231‌

8,362,854‌

1,502,518‌

923,577‌

4,913,528‌

2,671,982‌

109,877‌

58,721‌

154,064‌

114,446‌

(

427,189‌

)

(

644,359‌

)

(

3,092,938‌

)

(

1,625,547‌

)

1,185,206‌

337,939‌

1,974,654‌

1,160,881‌

$

12,774,530‌

$

3,633,766‌

$

10,275,885‌

$

9,523,735‌

1,477,784‌

996,611‌

912,591‌

979,785‌

133,154‌

76,122‌

51,309‌

53,487‌

(

383,970‌

)

(

751,456‌

)

(

400,895‌

)

(

438,650‌

)

1,226,968‌

321,277‌

563,005‌

594,622‌

162,164‌

93,601‌

353,870‌

194,089‌

11,752‌

6,355‌

10,220‌

8,975‌

(

45,352‌

)

(

65,981‌

)

(

221,011‌

)

(

119,095‌

)

128,564‌

33,975‌

143,079‌

83,969‌

1,355,532‌

355,252‌

706,084‌

678,591‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Fund

of

Funds

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

45,355,151‌

$

31,360,433‌

Net

realized

gains

(losses)

(

135,735,966‌

)

172,043,095‌

Net

change

in

unrealized

appreciation/depreciation

519,812,896‌

(

662,632,726‌

)

Change

in

net

assets

resulting

from

operations

429,432,081‌

(

459,229,198‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

220,184,713‌

)

(

653,510,245‌

)

Change

in

net

assets

from

shareholder

distributions

(

220,184,713‌

)

(

653,510,245‌

)

Change

in

net

assets

from

capital

transactions

(

77,508,909‌

)

528,764,824‌

Change

in

net

assets

131,738,459‌

(

583,974,619‌

)

Net

Assets:

Beginning

of

year

2,658,674,075‌

3,242,648,694‌

End

of

year

$

2,790,412,534‌

$

2,658,674,075‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

19,433,399‌

$

45,500,329‌

Dividends

reinvested

220,184,713‌

653,510,245‌

Cost

of

shares

redeemed

(

317,127,021‌

)

(

170,245,750‌

)

Total

Class

II

Shares

(

77,508,909‌

)

528,764,824‌

Change

in

net

assets

from

capital

transactions

$

(

77,508,909‌

)

$

528,764,824‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

2,050,341‌

3,815,307‌

Reinvested

24,601,644‌

73,017,904‌

Redeemed

(

34,538,848‌

)

(

15,786,364‌

)

Total

Class

II

Shares

(

7,886,863‌

)

61,046,847‌

Total

change

in

shares

(

7,886,863‌

)

61,046,847‌

Fund

of

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

43

NVIT

Managed

American

Funds

Growth-

Income

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

7,096,991‌

$

5,684,526‌

33,362,048‌

56,388,372‌

107,490,364‌

(

175,623,684‌

)

147,949,403‌

(

113,550,786‌

)

(

47,136,120‌

)

—‌

(

47,136,120‌

)

—‌

(

13,241,434‌

)

16,051,397‌

87,571,849‌

(

97,499,389‌

)

645,972,935‌

743,472,324‌

$

733,544,784‌

$

645,972,935‌

$

24,567,024‌

$

50,803,440‌

47,136,120‌

—‌

(

84,944,578‌

)

(

34,752,043‌

)

(

13,241,434‌

)

16,051,397‌

$

(

13,241,434‌

)

$

16,051,397‌

1,826,872‌

4,076,696‌

3,628,647‌

—‌

(

6,398,757‌

)

(

2,712,713‌

)

(

943,238‌

)

1,363,983‌

(

943,238‌

)

1,363,983‌

44

-

Financial

Highlights

-

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BlackRock

Managed

Global

Allocation

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)(f)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

(f)(g)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

10.33

$

0.20

$

1.02

$

1.22

$

—

$

—

$

—

$

11.55

11.81%

$

342,628

0.45%

1.83%

1.29%

3.93%

12/31/2022

12.13

(

0.04

)

(

1.76

)

(

1.80

)

—

—

—

10.33

(14.84)%

334,538

0.45%

(0.37)%

1.29%

6.33%

12/31/2021

12.04

0.05

0.49

0.54

(

0.45

)

—

(

0.45

)

12.13

4.43%

394,088

0.45%

0.44%

1.29%

6.74%

12/31/2020

10.83

0.09

1.46

1.55

(

0.34

)

—

(

0.34

)

12.04

14.55%

342,125

0.46%

0.78%

1.30%

12.20%

12/31/2019

9.71

0.10

1.34

1.44

(

0.06

)

(

0.26

)

(

0.32

)

10.83

14.95%

313,943

0.46%

0.95%

1.30%

2.42%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Expense

ratios

include

expenses

reimbursed

to

the

Advisor.

(g)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

Fund

of

Funds

-

December

31,

2023

-

Financial

Highlights

-

45

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

iShares

®

Fixed

Income

ETF

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

II

Shares

12/31/2023

$

9.29

$

0.26

$

0.22

$

0.48

$

(

0.24

)

$

—

$

(

0.24

)

$

9.53

5.22%

$

51,313

0.67%

2.81%

0.79%

5.33%

12/31/2022

10.97

0.18

(

1.69

)

(

1.51

)

(

0.17

)

—

(

0.17

)

9.29

(13.74)%

38,622

0.67%

1.79%

0.81%

14.54%

12/31/2021

11.30

0.13

(

0.36

)

(

0.23

)

(

0.10

)

—

(

0.10

)

10.97

(2.02)%

42,094

0.67%

1.19%

0.97%

7.69%

12/31/2020

10.69

0.20

0.56

0.76

(

0.13

)

(

0.02

)

(

0.15

)

11.30

7.12%

19,165

0.67%

1.79%

1.47%

52.97%

12/31/2019(h)

10.00

0.28

0.57

0.85

(

0.10

)

(

0.06

)

(

0.16

)

10.69

8.51%

3,900

0.67%

2.80%

5.82%

34.43%

Class

Y

Shares

12/31/2023

9.15

0.31

0.22

0.53

(

0.29

)

—

(

0.29

)

9.39

5.77%

3,761

0.17%

3.37%

0.29%

5.33%

12/31/2022

10.81

0.22

(

1.66

)

(

1.44

)

(

0.22

)

—

(

0.22

)

9.15

(13.31)%

2,489

0.17%

2.30%

0.31%

14.54%

12/31/2021

11.14

0.19

(

0.37

)

(

0.18

)

(

0.15

)

—

(

0.15

)

10.81

(1.59)%

2,574

0.17%

1.70%

0.48%

7.69%

12/31/2020

10.53

0.26

0.56

0.82

(

0.19

)

(

0.02

)

(

0.21

)

11.14

7.75%

2,376

0.17%

2.32%

1.05%

52.97%

12/31/2019(h)

10.00

0.33

0.57

0.90

(

0.31

)

(

0.06

)

(

0.37

)

10.53

8.97%

1,397

0.17%

3.33%

6.12%

34.43%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

For

the

period

from

January

24,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

January

23,

2019

through

December

31,

2019.

46

-

Financial

Highlights

-

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

iShares

®

Global

Equity

ETF

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)(g)

Class

II

Shares

12/31/2023

$

13.39

$

0.23

$

2.51

$

2.74

$

(

0.21

)

$

—

$

(

0.21

)

$

15.92

20.48%

$

62,870

0.67%

1.56%

0.76%

12.44%

12/31/2022

16.26

0.23

(

2.88

)

(

2.65

)

(

0.22

)

—

(

0.22

)

13.39

(16.33)%(h)

45,331

0.67%

1.64%

0.79%

13.66%

12/31/2021

13.51

0.28

2.66

2.94

(

0.18

)

(

0.01

)

(

0.19

)

16.26

21.79%(h)

45,409

0.64%

1.80%

0.94%

14.50%

12/31/2020

11.81

0.26

1.60

1.86

(

0.16

)

—

(

0.16

)

13.51

15.76%

11,743

0.67%

2.19%

2.12%

17.62%

12/31/2019(i)

10.00

0.28

1.64

1.92

(

0.05

)

(

0.06

)

(

0.11

)

11.81

19.23%

3,126

0.67%

2.65%

7.62%

20.44%

Class

Y

Shares

12/31/2023

12.73

0.28

2.40

2.68

(

0.28

)

—

(

0.28

)

15.13

21.05%

8,521

0.17%

2.04%

0.26%

12.44%

12/31/2022

15.48

0.28

(

2.75

)

(

2.47

)

(

0.28

)

—

(

0.28

)

12.73

(15.96)%

5,347

0.17%

2.12%

0.29%

13.66%

12/31/2021

12.85

0.31

2.57

2.88

(

0.24

)

(

0.01

)

(

0.25

)

15.48

22.42%

5,202

0.17%

2.11%

0.51%

14.50%

12/31/2020

11.23

0.29

1.54

1.83

(

0.21

)

—

(

0.21

)

12.85

16.32%

2,131

0.17%

2.64%

1.69%

17.62%

12/31/2019(i)

10.00

0.27

1.71

1.98

(

0.69

)

(

0.06

)

(

0.75

)

11.23

19.82%

628

0.17%

2.64%

8.76%

20.44%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(g)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i)

For

the

period

from

January

24,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

January

23,

2019

through

December

31,

2019.

Fund

of

Funds

-

December

31,

2023

-

Financial

Highlights

-

47

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

8.86

$

0.15

$

1.32

$

1.47

$

—

$

(

0.78

)

$

(

0.78

)

$

9.55

17.22%

$

2,790,413

0.68%

1.68%

0.68%

10.72%

12/31/2022

13.57

0.12

(

2.03

)

(

1.91

)

—

(

2.80

)

(

2.80

)

8.86

(14.30)%

2,658,674

0.69%

1.11%

0.69%

18.36%

12/31/2021

12.04

0.03

1.50

1.53

—

—

—

13.57

12.71%

3,242,649

0.68%

0.24%

0.68%

111.63%

12/31/2020

11.80

0.13

0.68

0.81

(

0.13

)

(

0.44

)

(

0.57

)

12.04

7.09%

2,541,551

0.69%

1.17%

0.69%

9.90%

12/31/2019

10.37

0.18

1.76

1.94

(

0.19

)

(

0.32

)

(

0.51

)

11.80

18.97%

2,309,942

0.69%

1.57%

0.69%

0.82%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

48

-

Financial

Highlights

-

December

31,

2023

-

Fund

of

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Managed

American

Funds

Growth-Income

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)(f)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

12.24

$

0.14

$

2.75

$

2.89

$

—

$

(

0.97

)

$

(

0.97

)

$

14.16

24.31%

$

733,545

0.69%

1.05%

0.69%

10.47%

12/31/2022

14.47

0.11

(

2.34

)

(

2.23

)

—

—

—

12.24

(15.41)%

645,973

0.69%

0.87%

0.69%

5.56%

12/31/2021

11.84

0.08

2.58

2.66

(

0.03

)

—

(

0.03

)

14.47

22.45%

743,472

0.69%

0.63%

0.69%

10.09%

12/31/2020

11.87

0.10

0.68

0.78

(

0.13

)

(

0.68

)

(

0.81

)

11.84

6.98%

593,118

0.70%

0.85%

0.70%

20.20%

12/31/2019

10.30

0.16

2.06

2.22

(

0.17

)

(

0.48

)

(

0.65

)

11.87

21.98%

523,412

0.71%

1.38%

0.71%

2.71%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f)

Expense

ratios

include

expenses

reimbursed

to

the

Advisor.

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

49

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

BlackRock

Managed

Global

Allocation

Fund

("BlackRock

Managed

Global

Allocation") 

NVIT

iShares

®

Fixed

Income

ETF

Fund

("iShares

Fixed

Income")

NVIT

iShares

®

Global

Equity

ETF

Fund

("iShares

Global

Equity")

NVIT

Managed

American

Funds

Asset

Allocation

Fund

("Managed

American

Asset

Allocation")

NVIT

Managed

American

Funds

Growth-Income

Fund

("Managed

American

Growth-Income")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

hold

shares

of

BlackRock

Managed

Global

Allocation,

Managed

American

Asset

Allocation,

and

Managed

American

Growth-Income.

Shares

of

iShares

Fixed

Income

and

iShares

Global

Equity

are

held

by

separate

accounts

established

by

NLIC,

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

and

other

affiliated

insurance

companies.

Each Fund

operates

as

a

“fund-of-funds,”

which

means

that

each Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

unaffiliated

mutual

funds

(including

exchange

traded

funds

("ETFs"))

(“Underlying

Funds”),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

Each Underlying

Fund

held

by

iShares

Fixed

Income

and

iShares

Global

Equity

is

sponsored

by

BlackRock

Fund

Advisors

(the

“iShares

ETF

Underlying

Funds”).

The

Funds,

as

applicable,

currently

offer Class

II

and

Class

Y shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations. 

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act. 

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

50

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

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

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

“Valuation

Time.”

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset value

(“NAV”)

as

reported

by

such

Underlying

Fund.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-end

Underlying

Funds

and

shares

of

ETFs

valued

in

this

manner

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

unaffiliated

mutual

funds

(including

ETFs), which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds’

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

Underlying

Funds

are

available

on

the

SEC's

website.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2023.

Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

BlackRock

Managed

Global

Allocation

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts#

$

1,504,348

$

–

$

–

$

1,504,348

Investment

Company

323,129,520

–

–

323,129,520

Total

$

324,633,868

$

–

$

–

$

324,633,868

iShares

Fixed

Income

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

54,961,026

$

–

$

–

$

54,961,026

Repurchase

Agreements

–

8,818,902

–

8,818,902

Total

$

54,961,026

$

8,818,902

$

–

$

63,779,928

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

51

For

additional

information

about

the

unaffiliated

Underlying

Funds’

valuation

policies,

please

refer

to

the

unaffiliated

funds’

most

recent

annual

or

semiannual

report.

BlackRock

Managed

Global

Allocation's

Underlying

Fund's

most

recent

annual

or

semiannual

report

can

be

found

at

www.blackrock.com.

iShares

ETF

Underlying

Funds’

most

recent

annual

or

semiannual

report

to

shareholders

can

be

found

at

www.ishares.com.

Managed

American

Asset

Allocation's

and

Managed

American

Growth-Income's

Underlying

Funds'

most

recent

annual

or

semiannual

report

can

be

found

at

www.americanfunds.com.

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023,

the

Funds

did

not

have

overdrawn

balances.

(c)

Futures

Contracts  

Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

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

each

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, a

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, a

Fund

agrees

to

receive

from

or

pay

to

a

iShares

Global

Equity

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

71,314,391

$

–

$

–

$

71,314,391

Repurchase

Agreements

–

10,431,190

–

10,431,190

Total

$

71,314,391

$

10,431,190

$

–

$

81,745,581

Managed

American

Asset

Allocation

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts#

$

13,253,613

$

–

$

–

$

13,253,613

Investment

Companies

2,581,863,680

–

–

2,581,863,680

Total

$

2,595,117,293

$

–

$

–

$

2,595,117,293

Managed

American

Growth-Income

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts#

$

1,302,170

$

–

$

–

$

1,302,170

Investment

Company

692,091,584

–

–

692,091,584

Total

$

693,393,754

$

–

$

–

$

693,393,754

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

52

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

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 a

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, a

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, a

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. A

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,”

as

applicable.

The

following

is

a

summary

of

the

Funds’

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

December

31,

2023:

BlackRock

Managed

Global

Allocation

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

1,504,348

Total

$

1,504,348

Managed

American

Asset

Allocation

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

13,253,613

Total

$

13,253,613

Managed

American

Growth-Income

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

1,302,170

Total

$

1,302,170

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Asset

and

Liabilities.

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

53

The

Effect

of

Derivative

Instruments

on

the

Statements

of

Operations

for

the

Year

Ended

December

31,

2023:      

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Statements

of

Operations

for

the Year

Ended December

31,

2023:

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

BlackRock

Managed

Global

Allocation

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(1,159,813)

Total

$

(1,159,813)

Managed

American

Asset

Allocation

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(15,392,156)

Total

$

(15,392,156)

Managed

American

Growth-Income

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

985,125

Total

$

985,125

BlackRock

Managed

Global

Allocation

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

1,115,535

Total

$

1,115,535

Managed

American

Asset

Allocation

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

922,776

Total

$

922,776

Managed

American

Growth-Income

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

(475,353)

Total

$

(475,353)

BlackRock

Managed

Global

Allocation

Futures

Contracts:

Average

Notional

Balance

Long

$

34,233,033

Average

Notional

Balance

Short

$

1,120,783

Managed

American

Asset

Allocation

Futures

Contracts:

Average

Notional

Balance

Long

$

201,608,301

Average

Notional

Balance

Short

$

57,419,384

Managed

American

Growth-Income

Futures

Contracts:

Average

Notional

Balance

Long

$

30,500,680

Average

Notional

Balance

Short

$

5,120,795

54

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds’

financial

position.

As

of December

31,

2023,

certain

Funds

have

entered

into

futures

contracts.

These

futures

contract

agreements

do

not

provide

for

netting

arrangements.

(d)

Securities

Lending 

During

the

year

ended

December

31,

2023, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

33

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

“Dividend

income”

and/or

“Interest

income”,

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

“Income

from

securities

lending”.

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

In

accordance

with

guidance

presented

in

FASB

Accounting

Standards

Update

2014-11,

Balance

Sheet

(Topic)

860:

Repurchase-

to-Maturity

Transactions,

Repurchase

Financings,

and

Disclosures,

liabilities

under

the

outstanding

securities

lending

transactions

as

of

December

31,

2023,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust’s

securities

lending

policies

and

procedures

require

that

the

borrower

(i)

deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

(ii)

at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund’s

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safekeeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund’s

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2023,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

Fund

Amounts

of

Liabilities

Presented

in

the

Statements

of

Assets

and

Liabilities

iShares

Fixed

Income

$

8,818,902

iShares

Global

Equity

10,431,190

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

55

(e)

Joint

Repurchase

Agreements

During

the year

ended December

31,

2023,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

(“repo”

or

collectively

“repos”)

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

As

of December

31,

2023, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

As

of

December

31,

2023,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$100,059,333,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$102,000,000.

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$43,775,958,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$44,625,000.

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

146,982,433,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$149,832,183.

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$144,080,277,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$146,955,445.

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$234,398,780,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$238,945,247.

iShares

Fixed

Income

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Bank

of

America

NA

$

4,000,000

$

–

$

4,000,000

$

(4,000,000)

$

–

Cantor

Fitzgerald

&

Co.

818,902

–

818,902

(818,902)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

3,000,000

–

3,000,000

(3,000,000)

–

Total

$

8,818,902

$

–

$

8,818,902

$

(8,818,902)

$

–

56

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

(f)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund’s

Statement

of

Operations.

(g)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to

investments

in

regulated

investment

companies,

non-deductible

expenses, non-taxable

distributions,

and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2023

may

primarily

be

attributable

to

mark-to-market

adjustments

on

futures

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.  

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

iShares

Global

Equity

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

BofA

Securities,

Inc.

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

Cantor

Fitzgerald

&

Co.

2,431,190

–

2,431,190

(2,431,190)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

5,000,000

–

5,000,000

(5,000,000)

–

Total

$

10,431,190

$

–

$

10,431,190

$

(10,431,190)

$

–

*

As

of

December

31,

2023,

the

value

of

the

collateral

received

exceeded

the

market

value

of

the

Fund’s

proportionate

holding

in

the

joint

repos.

Please

refer

to

the

Statement

of

Investments

for

the

Fund’s

undivided

interest

in

each

joint

repo

and

related

collateral.

Fund

Capital

Total

Distributable

Earnings

(Loss)

BlackRock

Managed

Global

Allocation

$

2,032,514

$

(2,032,514)

iShares

Fixed

Income

–

–

iShares

Global

Equity

–

–

Managed

American

Asset

Allocation

64,673,073

(64,673,073)

Managed

American

Growth-Income

13,803,312

(13,803,312)

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

57

(h)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

As

of

December

31,

2023,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2023

are

as

follows:

(i)

Allocation

of

Expenses,

Income

and

Gains

and

Losses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

3.

Transactions

with

Affiliates

Under

the

terms

of

the

Trust’s

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2023,

the

subadviser

for each

Fund is

as

follows:

Fund

Ordinary

Distribution

Available

for

Consent

Dividend

BlackRock

Managed

Global

Allocation

$

6,181,981

iShares

Fixed

Income

—

iShares

Global

Equity

—

Managed

American

Asset

Allocation

45,354,977

Managed

American

Growth-Income

7,096,991

Fund

Subadviser

BlackRock

Managed

Global

Allocation

Nationwide

Asset

Management,

LLC

(“NWAM”)

(a)

iShares

Fixed

Income

BlackRock

Investment

Management,

LLC

("BlackRock")

iShares

Global

Equity

BlackRock

Managed

American

Asset

Allocation

NWAM

(a)

Managed

American

Growth-Income

NWAM

(a)

(a)

NWAM

is

an

affiliate

of

NFA.

58

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund’s

average

daily

net

assets.

During

the

year

ended

December

31,

2023,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

investment

advisory

fees

of

the

Funds

according

to

the

following

schedule

until

the

earlier

of

April

30,

2024

or

the

Funds

cease

to

operate

as

a

“fund-of-funds”.

During

the

year

ended December

31,

2023,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended

December

31,

2023,

the

effective

advisory

fee

rates

before

and

after

contractual

advisory

fee

waivers

and

expense

reimbursements due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

1

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$173,142

during

the

year

ended

December

31,

2023.

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

BlackRock

Managed

Global

Allocation

All

assets

0.74%

iShares

Fixed

Income

All

assets

0.11%

iShares

Global

Equity

All

assets

0.11%

Managed

American

Asset

Allocation

Up

to

$2

billion

0.15%

$2

billion

and

more

0.14%

Managed

American

Growth-Income

Up

to

$500

million

0.15%

$500

million

and

more

0.14%

Fund

Advisory

Fee

Waiver

(annual

rate)

BlackRock

Managed

Global

Allocation

0.59%

Fund

Amount

BlackRock

Managed

Global

Allocation

$

1,991,387

Fund

Effective

Advisory

Fee

Rate

Before

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

and

Expense

Reimbursements

BlackRock

Managed

Global

Allocation

0.74

%

0.15

%

0.15

%

iShares

Fixed

Income

0.11

N/A

0.00

iShares

Global

Equity

0.11

N/A

0.02

Managed

American

Asset

Allocation

0.15

N/A

0.15

Managed

American

Growth-Income

0.15

N/A

0.15

N/A

—

Not

Applicable.

*

Please

see

above

for

additional

information

regarding

contractual

waivers.

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

59

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sale

of

portfolio

securities,

but

including

acquired

fund

fees

and

expenses)

from

exceeding

the

amounts

listed

in

the

following

table

until April

30,

2024. 

NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i)

the

Fund’s

assets

exceed

$100

million

and

(ii)

the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2023,

the

cumulative

potential

reimbursements

for certain

Funds,

listed

by

the period

or

year in

which

NFA

waived

fees

or

reimbursed

expenses

to certain

Funds

are:

During

the

year

ended

December

31,

2023,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement. 

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

Fund

Classes

Amount

(annual

rate)

iShares

Fixed

Income

All

Classes

0.17%

iShares

Global

Equity

All

Classes

0.17

Managed

American

Asset

Allocation

All

Classes

0.23

Managed

American

Growth-Income

Class

II

0.22

Fund

Classes

Amount

(annual

rate)

BlackRock

Managed

Global

Allocation

Class

II

1.19%

Fund

Classes

Amount

(annual

rate)

Managed

American

Asset

Allocation

Class

II

1.11%

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

BlackRock

Managed

Global

Allocation

$

—

$

—

$

—

$

—

iShares

Fixed

Income

98,568

60,706

57,222

216,496

iShares

Global

Equity

98,263

59,033

56,338

213,634

Managed

American

Asset

Allocation

—

—

—

—

Managed

American

Growth-Income

—

—

—

—

60

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services. 

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$1,038,194

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$16,547.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds'

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

the

respective

class

of

the

Funds

at

an

annual

rate

of

0.25%

for

Class

II

shares

of

each

Fund.

Class

Y

shares

do

not

pay

a

distribution

fee.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2024:

During

the year

ended December

31,

2023, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

each

Fund.

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

Fund

Distribution

Fee

Waiver

(Annual

Rate)

BlackRock

Managed

Global

Allocation

0.25%

Fund

Amount

BlackRock

Managed

Global

Allocation

$

843,805

Fund

Class

II

BlackRock

Managed

Global

Allocation

0.25

%

iShares

Fixed

Income

0.25

iShares

Global

Equity

0.25

Managed

American

Asset

Allocation

0.25

Managed

American

Growth-Income

0.25

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

61

For

the

year

ended

December

31,

2023,

each

Fund’s

total

administrative

services

fees

were

as

follows:

4.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

none

of

the

Funds

engaged

in

interfund

lending.

5.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

6.

Portfolio

Investment

Risks

from

Underlying

Funds

The

Underlying

Funds

in

which

the

iShares

Fixed

Income

and

iShares

Global

Equity

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

Underlying

Fund

may

be

found

in

such

Underlying

Fund’s

annual

or

semiannual

report

to

shareholders,

which

is

available

at

www.ishares.com

for

iShares

Fixed

Income

and

iShares

Global

Equity

Fund

Amount

BlackRock

Managed

Global

Allocation

$

843,805

iShares

Fixed

Income

113,199

iShares

Global

Equity

132,321

Managed

American

Asset

Allocation

6,766,045

Managed

American

Growth-Income

1,683,279

Fund

Purchases

*

Sales

BlackRock

Managed

Global

Allocation

$

12,531,011

$

35,989,991

iShares

Fixed

Income

15,274,496

2,565,967

iShares

Global

Equity

17,648,894

7,401,025

Managed

American

Asset

Allocation

268,611,973

481,661,094

Managed

American

Growth-Income

66,567,031

84,649,076

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

62

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Fund

of

Funds

or

at

the

SEC's

website

at

www.sec.gov.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

Underlying

Fund’s

annual

or

semiannual

report

to

shareholders.

BlackRock

Managed

Global

Allocation,

Managed

American

Asset

Allocation

and

Managed

American

Growth-Income

each

concentrates

its

investments

primarily

in

a

single

Underlying

Fund.

Therefore,

each

Fund

has

the

same

principal

risks

as

the

Underlying

Fund.

Information

about

each

Underlying

Fund’s

risks

may

be

found

in

such

Underlying

Fund’s

annual

or

semiannual

report

to

shareholders

which

can

be

found

at

www.blackrock.com

for

BlackRock

Managed

Global

Allocation

and

www.

americanfunds.com

for

Managed

American

Asset

Allocation

and

Managed

American

Growth-Income

or

at

the

SEC's

website

at

www.sec.gov.

The

relative

concentration

in

each

Underlying

Fund

also

may

affect

the

direct

performance

of

each Fund,

positively

or

negatively,

and

may

have

a

greater

risk

of

loss.

7.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund’s

assets

are

allocated

among

the

Underlying

Funds.

9.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

BlackRock

Managed

Global

Allocation

$

–

$

–

$

–

$

–

$

–

iShares

Fixed

Income

1,373,440

–

1,373,440

–

1,373,440

iShares

Global

Equity

967,861

–

967,861

–

967,861

Managed

American

Asset

Allocation

174

220,184,539

220,184,713

–

220,184,713

Managed

American

Growth-Income

–

47,136,120

47,136,120

–

47,136,120

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

of

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

63

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

During

the

year

ended December

31,

2023,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

BlackRock

Managed

Global

Allocation

$

–

$

–

$

–

$

–

$

–

iShares

Fixed

Income

772,746

–

772,746

–

772,746

iShares

Global

Equity

831,802

6

831,808

–

831,808

Managed

American

Asset

Allocation

–

653,510,245

653,510,245

–

653,510,245

Managed

American

Growth-Income

–

–

–

–

–

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

BlackRock

Managed

Global

Allocation

$

6,181,981

$

–

$

6,181,981

$

–

$

(8,763,527)

$

(3,075,243)

$

(5,656,789)

iShares

Fixed

Income

2,965

–

2,965

–

(152,016)

(6,336,639)

(6,485,690)

iShares

Global

Equity

3,357

–

3,357

–

(22,348)

8,058,297

8,039,306

Managed

American

Asset

Allocation

45,354,977

–

45,354,977

–

(65,451,777)

(338,122,923)

(358,219,723)

Managed

American

Growth-Income

7,096,991

32,424,261

39,521,252

–

–

127,107,346

166,628,598

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Fund

Tax

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

BlackRock

Managed

Global

Allocation

$

327,709,111

$

–

$

(3,075,243)

$

(3,075,243)

iShares

Fixed

Income

70,116,566

–

(6,336,638)

(6,336,638)

iShares

Global

Equity

73,687,284

8,058,297

–

8,058,297

Managed

American

Asset

Allocation

2,933,240,216

4,303,180

(342,426,103)

(338,122,923)

Managed

American

Growth-Income

566,286,408

127,107,346

–

127,107,346

Fund

Amount

BlackRock

Managed

Global

Allocation

$

(8,763,527)

iShares

Fixed

Income

(152,016)

iShares

Global

Equity

(22,348)

Managed

American

Asset

Allocation

(65,451,777)

Fund

Utilized

iShares

Global

Equity

$

5,956

64

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2023

-

Fund

of

Funds

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

BlackRock

Managed

Global

Allocation

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

and

NVIT

Managed

American

Funds

Growth-Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Blackrock

Managed

Global

Allocation

Fund,

NVIT

iShares®

Fixed

Income

ETF

Fund,

NVIT

iShares®

Global

Equity

ETF

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

and

NVIT

Managed

American

Funds

Growth-Income

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

Fund

of

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

65

NVIT

Allspring

Discovery

Fund

NVIT

Amundi

Multi

Sector

Bond

Fund

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

BlackRock

Managed

Global

Allocation

Fund

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

NVIT

Columbia

Overseas

Value

Fund

NVIT

Core

Bond

Fund

NVIT

DoubleLine

Total

Return

Tactical

Fund

NVIT

Emerging

Markets

Fund

NVIT

Federated

High

Income

Bond

Fund

NVIT

Government

Bond

Fund

NVIT

Government

Money

Market

Fund

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

 (formerly,

NVIT

GS

Large

Cap

Equity

Insights

Fund)

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

International

Equity

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly, NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund)  

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

NVIT

Real

Estate

Fund

NVIT

U.S.

130/30

Equity

Fund

Continuation

of Advisory

(and Sub-Advisory)

Agreements

The

Trust’s

investment

advisory

agreements

with

its

Investment

Adviser

(the

“Adviser”)

and

its

Sub-Advisers

(each,

a

“Sub-Adviser”)

(together,

the

“Advisory

Agreements”)

must

be

approved

for

each

series

of

the

Trust

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

for

an

initial

term

no

longer

than

two

years,

and

may

continue

in

effect

thereafter

only

if

such

continuation

is

approved

at

least

annually,

(i)

by

the

vote

of

the

Trustees

or

by

a

vote

of

the

shareholders

of

the

Fund

in

question,

and

(ii)

by

the

vote

of

a

majority

of

the

Trustees

who

are

not

parties

to

the

Advisory

Agreements

or

“interested

persons”

of

any

party

thereto

(the

“Independent

Trustees”),

cast

in

person

at

a

meeting

called

for

the

purpose

of

voting

on

such

approval.

The

Board

of

Trustees

(the

“Board”)

has

five

regularly

scheduled

meetings

each

year

and

takes

into

account

throughout

the

year

matters

bearing

on

the

Advisory

Agreements.

The

Board

and

its

standing

committees

consider,

at

each

meeting,

factors

that

are

relevant

to

the

annual

continuation

of

each

Fund’s

Advisory

Agreements,

including

investment

performance,

Sub-Adviser

updates

and

reviews,

reports

with

respect

to

compliance

monitoring,

and

the

services

and

support

provided

to

the

Fund

and

its

shareholders.

Although

the

Board

considers

the

renewal

of

the

Advisory

Agreements

for

all

of

the

Nationwide

mutual

funds

at

the

same

meetings,

the

Board

considers

each

Fund’s

investment

advisory

and

sub-advisory

relationships

separately.

In

preparation

for

the

Board’s

meetings

in

2023

to

consider

the

continuation

of

the

Advisory

Agreements,

the

Trustees

requested

and

were

furnished

with

a

wide

range

of

information

to

assist

in

their

deliberations.

These

materials

included:

66

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Fund

of

Funds

• A

summary

report

for

each

Fund

that

sets

out

a

variety

of

information

regarding

the

Fund,

including

average

net

assets,

performance,

expense,

and

profitability

information

for

the

past

three

years.

• Reports

from

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

a

leading

independent

source

of

mutual

fund

industry

data,

describing,

for

each

Fund’s

largest

share

class,

the

Fund’s

(a)

performance

rankings

(over

multiple

periods

ended

June

30,

2023)

compared

with

a

performance

universe

created

by

Broadridge

of

similar

or

peer

group

funds,

and

(b)

expense

rankings

comparing

the

Fund’s

fees

and

expenses

with

expense

groups

created

by

Broadridge

of

similar

or

peer

group

funds.

(Where

information

was

unavailable

or

limited

in

respect

of

the

largest

share

class,

the

Board

in

certain

cases

considered

supplemental

information

regarding another

share class.)

An

independent

consultant

retained

by

the

Independent

Trustees

provided

input

to

Broadridge

as

to

the

composition

of

the

various

performance

universes,

expense

groups,

and

peer

funds.

• Information

regarding

voluntary

or

contractual

expense

limitations

or

reductions

and

the

relationship

of

expenses

to

any

expense

limitation.

• Information

provided

by

the

Adviser

as

to

the

Adviser’s

profitability

in

providing

services

under

the

Advisory

Agreements.

The

Trustees

recognized

that

the

use

of

different

reasonable

methodologies,

including

among

other

things

calculation

and

allocation

of

related

expenses,

can

give

rise

to

different

measures

of

reported

profit

and

loss.

For

Sub-Advisers

not

affiliated

with

the

Adviser,

the

Trustees

did

not

consider

profitability

data

or

information

as

to

the

fees

a

Sub-Adviser

charges

to

other

clients

to

be

a

determinative

factor.

• Information

from

the

Adviser

regarding

economies

of

scale

and

breakpoints,

including

information

provided

by

the

Adviser

as

to

the

circumstances

under

which

specific

actions

intended

to

share

the

benefits

of

economies

of

scale

might

be

appropriate.

The

Adviser

may

not

have

been

able

to,

or

might

have

opted

not

to,

provide

information

in

response

to

certain

information

requests,

in

which

case

the

Trustees

conducted

their

evaluation

based

on

information

that

was

provided.

In

such

cases,

the

Trustees

determined

that

the

omission

of

any

such

information

was

not

material

to

its

considerations.

The

Trustees

met

with

representatives

of

the

Adviser

at

the

Trustees’

regular

quarterly

meetings

in

September

and

December

2023

to

discuss

matters

related

to

the

continuation

of

the

Advisory

Agreements.

In

addition,

the

Trustees

met

separately

with

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

in

October

and

in

November,

to

review

information

and

materials

provided

to

them,

and

to

formulate

requests

for

additional

information.

The

Trustees

submitted

supplemental

information

requests

to

the

Adviser

following

each

meeting

with

Independent

Legal

Counsel.

At

the

Trustees’

regular

quarterly

meeting

in

December

2023,

the

Trustees

met

to

give

final

consideration

to

information

bearing

on

the

continuation

of

the

Advisory

Agreements.

The

Trustees

considered,

among

other

things,

information

provided

by

the

Adviser

in

response

to

their

previous

information

requests.

The

Trustees

engaged

in

discussion

and

consideration

among

themselves,

and

with

the

Adviser,

Trust

counsel,

and

Independent

Legal

Counsel

regarding

the

various

factors

that

may

contribute

to

the

determination

of

whether

the

continuation

of

the

Advisory

Agreements

should

be

approved.

In

considering

this

information

with

respect

to

each

of

the

Funds,

the

Trustees

took

into

account,

among

other

things,

the

nature,

extent,

and

quality

of

services

provided

by

the

Adviser

and

relevant

Sub-Adviser.

In

evaluating

the

Advisory

Agreements

for

the

Funds,

the

Trustees

also

reviewed

information

provided

by

the

Adviser

concerning

the

following,

among

other

things:

• The

terms

of

the

Advisory

Agreements

and

a

summary

of

the

services

performed

by

the

Adviser

and

Sub-Advisers.

• The

activities

of

the

Adviser

in

selecting,

overseeing,

and

evaluating

each

Sub-Adviser;

reporting

by

the

Adviser

to

the

Trustees

regarding

the

Sub-Advisers;

and

steps

taken

by

the

Adviser,

where

appropriate,

to

identify

replacement

Sub-Advisers

and

to

put

those

Sub-Advisers

in

place.

• The

investment

advisory

and

oversight

capabilities

of

the

Adviser,

including,

among

other

things,

its

expertise

in

investment,

economic,

and

financial

analysis.

• The

Adviser’s

and

Sub-Advisers’

personnel

and

methods;

changes

in

the

Adviser’s

senior

management

personnel;

the

number

of

the

Adviser’s

advisory

and

analytical

personnel;

general

information

about

the

compensation

of

the

Adviser’s

advisory

personnel;

the

Adviser’s

and

Sub-Advisers’

investment

processes;

the

Adviser’s

risk

assessment

and

risk

management

capabilities;

and

the

Adviser’s

valuation

and

valuation

oversight

capabilities.

Fund

of

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

67

• The

financial

condition

and

stability

of

the

Adviser

and

the

Adviser’s

assessment

of

the

financial

condition

and

stability

of

the

Sub-Advisers.

• Potential

ancillary

benefits,

in

addition

to

fees

for

serving

as

investment

adviser,

derived

by

the

Adviser

as

a

result

of

being

investment

adviser

for

the

Funds,

including,

among

other

things,

information

on

fees

inuring

to

the

Adviser’s

affiliates

for

serving

as

the

Trust’s

administrator,

fund

accountant,

and

transfer

agent,

fees

or

other

payments

relating

to

shareholder

servicing

or

sub-

transfer

agency

services

provided

by

or

through

the

Adviser

or

its

affiliates,

enhanced

relationships

with

large

financial

concerns

that

serve,

or

whose

affiliates

serve,

as

sub-advisers

or

other

service

providers

to

one

or

more

of

the

Funds.

Based

on

information

provided

by

Broadridge

and

the

Adviser,

the

Trustees

reviewed

expense

information

for

each

of

the

Funds

and

the

total

return

investment

performance

of

each

of

the

Funds,

as

well

as

the

performance

of

the

Funds’

peer

groups

over

various

time

periods.

The

Trustees

considered

that

NVIT

Allspring

Discovery

Fund,

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

Core

Bond

Fund,

NVIT

Emerging

Markets

Fund,

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Insights

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund,

NVIT

International

Equity

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

NVIT

Real

Estate

Fund,

and

NVIT

Loomis

Short

Term

Bond

Fund

were

each

shown

to

pay

actual

management

fees

and

to

have

total

expense

ratios

(including

12b-1/non-12b-1

fees)

at

levels

lower

than

or

equal

to

their

peer

group

medians.

The

Trustees

determined

that

the

expense

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Amundi

Multi

Sector

Bond

Fund,

NVIT

Calvert

Equity

Fund,

NVIT

DoubleLine

Total

Return

Tactical

Fund,

NVIT

Federated

High

Income

Bond

Fund,

NVIT

Government

Bond

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

the

Trustees

considered

that,

although

each

Fund

was

shown

to

pay

actual

management

fees

at

a

level

equal

to

or

higher

than

its

peer

group

median,

its

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

at

a

level

equal

to

or

lower

than

the

Fund’s

peer

group

median

(or,

in

the

case

of

the

total

expense

ratio

of

NVIT

Columbia

Overseas

Value

Fund,

NVIT

NS

Partners

International

Focused

Growth

Fund

and

NVIT

U.S.

130/30

Equity

Fund,

within

what

the

Trustees

considered

a

generally

acceptable

range

of

the

Fund’s

peer

group

median)

and

the

level

of

the

Fund’s

actual

management

fee

was

not

so

high,

in

the

Trustees’

judgment,

as

to

be

inconsistent

with

continuation

of

its

Advisory

Agreements.

For

the

Funds

above,

the

Trustees

also

considered

each

Fund’s

investment

performance.

They

noted

that,

with

the

exception

of

the

Funds

referred

to

below

in

this

paragraph

and

the

next

13

paragraphs,

each

of

the

Funds

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

(or

the

two-year

period

with

respect

to

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

which

commenced

operations

in

July

2020)

at

or

above

its

performance

universe

median,

or

below

the

median

but

within

the

top

three

comparative

quintiles.

With

respect

to

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

the

Trustees

considered

that

the

Funds

had

been

organized

in

2022

and

did

not

yet

have

two

years

of

performance.

With

respect

to

NVIT

Allspring

Discovery

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process

that

invests

in

high

growth

companies,

particularly

in

calendar

years

2021

and

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

and

three-month

periods

ended

June

30,

2023.

The

Trustees

have

also

designated

the

Fund

as

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe,

two-year

performance

in

the

second

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Sub-Adviser’s

focus

on

delivering

superior

risk-adjusted

returns

means

that

the

Fund’s

performance

will

lag

in

up

markets,

particularly

in

strong

bull

markets

such

as

those

that

occurred

in

2020

and

2023.

In

this

regard,

the

Trustees

noted

that

the

Fund’s

performance

for

the

2022

calendar

year

had

ranked

in

the

first

quintile

of

its

68

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Fund

of

Funds

performance

universe.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process,

particularly

in

calendar

year

2022.

In

this

regard,

the

Trustees

noted

that

the

Fund

had

ranked

in

the

first

quintile

of

its

performance

universe

for

the

calendar

year

2021

and

the

Fund’s

performance

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

DoubleLine

Total

Return

Tactical

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Calvert

Equity

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

as

of

March

2023,

the

Fund’s

prior

subadviser

had

been

replaced

and

that

additional

time

was

necessary

to

evaluate

the

Fund’s

performance

under

the

new

Sub-Adviser.

With

respect

to

NVIT

Core

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

the

Fund’s

overweight

positions

in

longer

duration

investment

grade

corporate

credit

and

high

yield

and

the

steps

taken

by

the

Sub-Adviser

in

2023

to

address

the

Fund’s

performance.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Emerging

Markets

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

underperformance

was

primarily

attributable

to

prior

sub-advisers

to

the

Fund.

The

Trustees

noted

that

the

Fund’s

Sub-Adviser

assumed

management

of

a

portion

of

the

Fund’s

assets

in

September

2021

and

became

the

sole

sub-adviser

of

the

Fund

in

June

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Federated

High

Income

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

was

primarily

attributable

to

volatility

in

the

markets

that

began

in

the

first

quarter

of

2021

through

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

three-month

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

GS

Large

Cap

Equity

Insights

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fourth

quintile

of

its

performance

universe.

The

Trustees

considered

changes

that

the

Adviser

had

made

to

add

a

qualitative-based

strategy

from

the

Sub-Adviser

in

an

effort

to

improve

the

Fund’s

performance.

With

respect

to

NVIT

GS

Small

Cap

Equity

Insights

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

iShares

®

Fixed

Income

ETF

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

relative

to

its

index

was

within

the

Adviser’s

expectations

because

the

Fund

gross

performance

exceeded

its

index

by

15

basis

points

for

the

three-year

period

ended

June

30,

2023.

With

respect

to

NVIT

NS

Partners

International

Focused

Growth

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

Fund

of

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

69

was

primarily

attributable

to

the

Fund’s

prior

sub-adviser

that

was

replaced

in

August

2022.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

The

Trustees

determined

that

the

performance

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

on

December

6,

2023,

the

Board

approved

the

liquidation

of

the

Fund

effective

in

April

2024,

subject

to

shareholder

approval.

The

Trustees

determined

that

the

performance

information

of

the

Fund

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement

for

the

period

until

its

liquidation.

The

Trustees

considered

that

certain

Funds

compared

unfavorably

with

their

peers

on

the

basis

of

both

expenses

and

performance

records.

With

respect

to

NVIT

Blackrock

Equity

Dividend

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-

1/non-12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

in

light

of

the

fact

that

it

is

subadvised

by

BlackRock

Investment

Management.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

BlackRock

Managed

Global

Allocation

Fund,

the

Trustees

noted

that

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

and

to

pay

actual

management

fees

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

noted

that

a

significant

portion

of

the

Fund’s

expenses

were

represented

by

underlying

fund

expenses

and

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

because

it

provides

exposure

to

an

underlying

fund

managed

by

BlackRock

Investment

Management.

The

Trustees

also

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Government

Money

Market

Fund,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

third

quintile

of

its

performance

universe.

The

Trustees

noted

that

the

Fund

was

shown

to

pay

actual

management

fees

at

a

level

higher

than

its

peer

group

median,

in

the

fourth

quintile,

and

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

as

to

the

amount

of

waivers

in

place

to

maintain

a

yield

for

peer

money

market

funds

and

that

comparative

expense

rankings

were

expected

to

improve

in

a

normalized

interest

rate

environment.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-

12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

that

on

December

6,

2023,

the

Board

approved

(i)

a

reduction

in

the

contractual

investment

advisory

paid

with

respect

to

the

Fund,

(ii)

an

amendment

to

the

Fund’s

expense

limitation

agreement

reducing

the

Fund’s

expense

limitation

and

(iii)

an

amendment

to

the

Administrative

Services

Agreement,

which

the

Adviser

stated

would

have

a

combined

effect

of

reducing

the

Fund’s

annual

operating

expenses

by

11

basis

points.

With

respect

to

the

Fund’s

performance,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

70

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Fund

of

Funds

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

first

quintile

of

its

performance

universe.

With

respect

to

NVIT

Managed

American

Funds

Growth

&

Income

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

The

Trustees

considered

whether

each

of

the

Funds

may

benefit

from

any

economies

of

scale

realized

by

the

Adviser

in

the

event

of

growth

in

assets

of

the

Fund.

The

Trustees

noted

that

each

Fund’s

advisory

fee

rate

schedule,

with

the

exception

of

NVIT

Blackrock

Managed

Global

Allocation

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

and

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

is

subject

to

contractual

advisory

fee

breakpoints.

The

Trustees

determined

to

continue

to

monitor

the

fees

paid

by

the

Funds

without

breakpoints

to

determine

whether

breakpoints

might

in

the

future

become

appropriate,

as

their

assets

grow.

The

Board

also

considered

the

extent

to

which

economies

of

scale

realized

by

the

Adviser

or

the

relevant

Sub-Advisers

could

be

shared

with

a

Fund

through

fee

waivers,

expense

reimbursements,

or

other

expense

reductions.

Based

on

all

relevant

information

and

factors,

the

Trustees

unanimously

approved

the

continuation

of

the

Advisory

Agreements

at

their

meeting

in

December

2023.

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2023, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2023,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2023,

the

foreign

source

income

for

each

Fund

was

as

follows:

Fund

Dividends

Received

Deduction

BlackRock

Managed

Global

Allocation

2.12

%

iShares

Fixed

Income

–

iShares

Global

Equity

57.62

Managed

American

Asset

Allocation

51.21

Managed

American

Growth-Income

100.00

Fund

Amount

BlackRock

Managed

Global

Allocation

$

–

iShares

Fixed

Income

–

iShares

Global

Equity

–

Managed

American

Asset

Allocation

220,184,539

Managed

American

Growth-Income

47,136,120

Fund

Amount

Per

Share

BlackRock

Managed

Global

Allocation

$

–

$

–

Fund

of

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

71

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2023,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

Fund

Amount

Per

Share

iShares

Fixed

Income

$

–

$

–

iShares

Global

Equity

128,005

0.0284

Managed

American

Asset

Allocation

–

–

Managed

American

Growth-Income

–

–

Fund

Amount

Per

Share

BlackRock

Managed

Global

Allocation

$

–

$

–

iShares

Fixed

Income

–

–

iShares

Global

Equity

13,324

0.0030

Managed

American

Asset

Allocation

–

–

Managed

American

Growth-Income

–

–

Fund

of

Funds

-

December

31,

2023

-

Management

Information

-

73

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

74

-

Management

Information

-

December

31,

2023

-

Fund

of

Funds

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

Fund

of

Funds

-

December

31,

2023

-

Management

Information

-

75

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

76

-

Market

Index

Definitions

-

December

31,

2023

-

Fund

of

Funds

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

Fund

of

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

77

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

78

-

Market

Index

Definitions

-

December

31,

2023

-

Fund

of

Funds

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

Fund

of

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

79

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

80

-

Market

Index

Definitions

-

December

31,

2023

-

Fund

of

Funds

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2065+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-FOF

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Mozaic

Fund

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Consolidated

Fund

Commentary

5

Consolidated

Shareholder

Expense

Example

10

Consolidated

Statement

of

Investments

11

Consolidated

Statement

of

Assets

and

Liabilities

13

Consolidated

Statement

of

Operations

15

Consolidated

Statement

of

Changes

in

Net

Assets

16

Consolidated

Financial

Highlights

17

Notes

to

Consolidated

Financial

Statements

18

Report

of

Independent

Registered

Public

Accounting

Firm

30

Supplemental

Information

31

Management

Information

37

Market

Index

Definitions

40

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Insurance

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

(As

of

December

31,

2023)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

®

EAFE

18.24%

MSCI

®

Emerging

Markets

9.83%

MSCI

®

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Class

II

returned

8.73%

versus

10.02%

for

its

benchmark,

the

J.P.

Morgan

Mozaic

SM

Index

(Series

F).

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Systematic

Trend

(consisting

of

3

investments

as

of

December

31,

2023),

was

8.73%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

2023

was

a

year

that

defied

expectations

and

contained

many

twists

and

turns,

as

investors

faced

challenges

from

aggressive

policy

tightening,

a

banking

crisis,

debt

ceiling

issues,

potential

for

government

shutdowns,

and

heightened

geopolitical

tensions

in

the

Middle

East.

Despite

all

of

this,

the

U.S.

economy

avoided

the

recession

that

was

predicted

by

so

many,

and

global

equity

markets

rebounded

sharply

from

their

fall

in

2022,

with

the

MSCI

®

World

Index

returning

23.8%

in

2023,

driven

by

mega-cap

tech

names

in

the

U.S.

that

benefitted

from

an

increasingly

positive

outlook

for

artificial

intelligence.

Fixed

income

markets

exhibited

elevated

volatility,

with

the

10-year

U.S.

Treasury

yield

oscillating

between

3.3%

and

5.0%

and

ended

the

year

in

positive

territory.

The

Bloomberg

Global

Aggregate

Index

(local

currency)

finished

2023

up

5.7%,

with

strong

gains

in

the

fourth

quarter

as

rates

rallied

sharply

on

expectations

of

central

bank

cuts

in

2024.

Commodities

were

the

outlier

from

an

asset

class

perspective,

closing

out

a

lackluster

year

as

supply-side

constraints

generally

dissipated,

and

demand

underwhelmed.

The

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

returned

8.73%

for

the

year

ended

December

31,

2023,

underperforming

its

benchmark

index,

the

J.P.

Morgan

Mozaic

SM

Index

(Series

F)

by

129

basis

points.

Equity

markets

were

the

largest

contributors

to

performance

in

aggregate

over

the

year,

with

gains

across

5

of

6

traded

equity

markets

(exposure

to

Russell

2000

®

Index

futures

was

the

sole

detractor

amongst

all

equity

markets

traded).

Fixed

income

performance

was

mixed,

with

gains

from

10-year

U.S.

Treasury

futures,

Euro

Bund

futures,

and

Long

Gilt

futures

offset

by

losses

from

U.S.

Long

Bond

futures

and

10-year

Australian

Bond

futures.

Separate

from

the

strategy’s

government

bond

futures

exposure,

cash

and

cash

equivalent

exposures

boosted

performance,

benefiting

from

a

higher

interest

rate

environment.

Commodity

exposures

detracted

in

the

aggregate,

led

by

losses

across

energy

commodities

in

particular,

which

more

than

offset

gains

from

gold

and

copper

exposure.

The

tables

below

highlight

the

top

5

detractors

and

top

5

contributors

to

total

return.

There

were

no

liquidity

events

that

had

a

material

impact

on

Fund

performance.

Sub-adviser:

J.P.

Morgan

Asset

Management

Portfolio

Managers:

Yazann

Romahi,

Joe

Staines,

Steven

Wu,

and

Kartik

Aiyar

Detractors

by

Security

Security

Name

Period

Return

(%)

1

Portfolio

Impact

(bps)

Explanation

of

Performance

Aus

10yr

bond

futures

-4.1

-86

Long

trend/

Diversification

requirement

detracted

Russell

2000

futures

-7.9

-69

Long

trend

detracted

Natural

Gas

futures

-56.8

-66

Long

trend

detracted

US

long

bond

futures

-4.5

-58

Long

trend

detracted

Crude

Oil

futures

-15.7

-28

Long

trend

detracted

1

Period

return

was

calculated

using

the

Bloomberg

generic

future

contract

Contributors

by

Security

Security

Name

Period

Return

(%)

1

Portfolio

Impact

(bps)

Explanation

of

Performance

TOPIX

futures

24.2

226

Long

trend

benefited

NASDAQ

futures

22.6

150

Long

trend

benefited

DAX

futures

19.5

140

Long

trend

benefited

S&P

500

futures

15.7

122

Long

trend

benefited

Euro

bund

futures

2.7

64

Long

trend

benefited

1

Period

return

was

calculated

using

the

Bloomberg

generic

future

contract

6

-

Consolidated

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

The

Fund

seeks

to

track

the

performance

of

an

index.

Correlation

between

Fund

performance

and

index

performance

may

be

affected

by

Fund

expenses,

index

composition

changes,

and

the

timing

of

Fund

share

purchases

and

redemptions.

By

investing

in

a

Cayman

Subsidiary,

the

Fund

is

indirectly

exposed

to

the

risks

associated

with

the

Subsidiary's

investments.

The

commodity-

related

instruments

held

by

the

Subsidiary

generally

are

similar

to

those

that

are

permitted

to

be

held

by

the

Fund

and

are

subject

to

the

same

risks

that

apply

to

similar

investments

if

held

directly

by

the

Fund.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile),

commodities

(which

are

considered

highly

volatile

and

speculative

and

can

lose

a

significant

portion

of

their

value)

and

futures

contracts

(prices

are

more

volatile

than

stocks

and

bonds

and

fluctuations

in

value

can

cause

large

losses

to

the

Fund).

The

Fund

may

invest

in

other

investment

companies.

Therefore,

in

addition

to

the

expenses

of

the

Fund,

each

investor

is

indirectly

paying

a

proportionate

share

of

the

applicable

fees

and

expenses

of

the

other

investment

companies.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

small

companies.

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies:

i)

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more-established

companies;

ii)

are

more

vulnerable

than

larger

companies

to

adverse

business

and

economic

developments;

and

iii)

may

have

more-limited

resources.

The

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

The

Fund

may

invest

in

sovereign

debt

(a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal).

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

The

Fund

is

subject

to

liquidity

risk

(the

Fund

may

be

more

volatile

than

other

mutual

funds)

and

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

The

J.P.

Morgan

Mozaic

SM

Index

(Series

F)

(“Index”)

has

been

licensed

to

Nationwide

Fund

Advisors

(the

“Licensee”)

for

the

Licensee’s

benefit.

Neither

the

Licensee

nor

the

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

(the

“Product”)

is

sponsored,

operated,

endorsed,

recommended,

sold,

or

promoted

by

J.P.

Morgan

Securities

LLC

(“JPMS”)

or

any

of

its

affiliates

(other

than

J.P.

Morgan

Investment

Management,

in

its

capacity

as

the

Sub-Adviser

to

the

Product)

(together

and

individually,

“JPMorgan”).

JPMorgan

makes

no

representation

and

gives

no

warranty,

express

or

implied,

to

contract

owners

taking

exposure

to

the

Product.

Such

persons

should

seek

appropriate

professional

advice

before

making

any

investment.

The

Index

has

been

designed

and

is

compiled,

calculated,

maintained,

and

sponsored

by

JPMS

without

regard

to

the

Licensee,

the

Product,

or

any

contract

owner.

JPMorgan

is

under

no

obligation

to

continue

compiling,

calculating,

maintaining,

or

sponsoring

the

Index.

JPMorgan

may

independently

issue

or

sponsor

other

indices

or

products

that

are

similar

to

and

may

compete

with

the

Index

and

the

Product.

JPMorgan

may

also

transact

in

assets

referenced

in

the

Index

(or

in

financial

instruments

such

as

derivatives

that

reference

those

assets).

These

activities

could

have

a

positive

or

negative

effect

on

the

value

of

the

Index

and

the

Product.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Fund

Commentary

-

7

Asset

Allocation

1

Supranational

15.4%

Corporate

Bonds

11.3%

Futures

Contracts

2.8%

Other

assets

in

excess

of

liabilities

§

70.5%

100.0%

Top

Industries

2

Banks

14.1%

Financial

Services

14.1%

Oil,

Gas

&

Consumable

Fuels

14.0%

Other

Industries

57.8%

100%

Top

Holdings

2

International

Finance

Corp.,

5.48%,

4/3/2024

15.2%

Asian

Infrastructure

Investment

Bank

(The),

2.25%,

5/16/2024

14.6%

Inter-American

Development

Bank,

3.00%,

2/21/2024

14.2%

Nederlandse

Waterschapsbank

NV,

1.13%,

3/15/2024

14.1%

Bank

of

England

Euro

Note,

0.25%,

3/8/2024

14.1%

Harvest

Operations

Corp.,

1.00%,

4/26/2024

14.0%

New

Development

Bank

(The),

0.63%,

7/22/2024

13.8%

100.0%

Top

Countries

2

Supranational

44.0%

Netherlands

14.1%

United

Kingdom

14.1%

South

Korea

14.0%

Other

Countries

13.8%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

8

-

Consolidated

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

8.73%

(0.76)%

(0.38)%

10/4/2019

Class

Y

9.23%

(0.28)%

0.07%

10/4/2019

J.P.

Morgan

Mozaic

SM

Index

(Series

F)

10.02%

0.64

%

1.16%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.52%

0.93%

Class

Y

1.02%

0.43%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Fund

Commentary

-

9

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

from

inception

through

12/31/23

versus

the

J.P.

Morgan

Mozaic

SM

Index

(Series

F)

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

10

-

Consolidated

Shareholder

Expense

Example

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2023

through

December

31,

2023.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

Class

II

Shares

Actual

(b)

1,000.00

1,043.50

4.79

0.93

Hypothetical

(b)(c)

1,000.00

1,020.52

4.74

0.93

Class

Y

Shares

Actual

(b)

1,000.00

1,045.50

2.22

0.43

Hypothetical

(b)(c)

1,000.00

1,023.04

2.19

0.43

(a)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(b)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(c)

Represents

the

hypothetical

5%

return

before

expenses.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Statement

of

Investments

-

11

N

Corporate

Bonds

11

.3

%

Principal

Amount

($)

Value

($)

NETHERLANDS

3

.8

%

Banks

3

.8

%

Nederlandse

Waterschapsbank

NV,

Reg.

S,

1.13%,

3/15/2024

1,400,000

1,388,369

SOUTH

KOREA

3

.7

%

Oil,

Gas

&

Consumable

Fuels

3

.7

%

Harvest

Operations

Corp.,

Reg.

S,

1.00%,

4/26/2024

1,400,000

1,380,587

UNITED

KINGDOM

3

.8

%

Financial

Services

3

.8

%

Bank

of

England

Euro

Note,

Reg.

S,

0.25%,

3/8/2024

1,400,000

1,387,033

Total

Corporate

Bonds

(cost

$4,158,274)

4,155,989

Supranational

15

.4

%

New

Development

Bank

(The),

Reg.

S,

0.63%,

7/22/2024

1,400,000

1,361,224

Asian

Infrastructure

Investment

Bank

(The),

2.25%,

5/16/2024

1,450,000

1,433,117

Supranational

Principal

Amount

($)

Value

($)

Inter-American

Development

Bank,

3.00%,

2/21/2024

1,400,000

1,395,149

International

Finance

Corp.(SOFR

+

0.09%),

,

5.48%,

4/3/2024(a)

1,500,000

1,500,403

Total

Supranational

(cost

$5,694,163)

5,689,893

Total

Investments

(cost

$9,852,437)

—

26.7%

9,845,882

Other

assets

in

excess

of

liabilities

—

73.3%

27,017,487

NET

ASSETS

—

100.0%

$

36,863,369

(a)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2023.

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.

SOFR

Secured

Overnight

Financing

Rate

12

-

Consolidated

Statement

of

Investments

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

100

oz

Gold

126

2/2024

USD

2,610,468

48,604

Euro-Bund

38

3/2024

EUR

5,756,393

140,308

FTSE

100

Index

44

3/2024

GBP

4,350,202

106,383

Long

Gilt

34

3/2024

GBP

4,448,656

205,095

Mini-DAX

Index

43

3/2024

EUR

4,014,288

11,270

NASDAQ

100

Micro

E-Mini

Index

85

3/2024

USD

2,893,995

131,813

S&P

500

Micro

E-Mini

Index

165

3/2024

USD

3,976,500

147,763

Silver

6

3/2024

USD

722,580

(33,016)

TOPIX

Index

22

3/2024

JPY

3,691,631

14,699

U.S.

Treasury

10

Year

Note

60

3/2024

USD

6,773,437

245,969

Net

contracts

1,018,888

As

of

December

31,

2023,

the

Fund

had

$1,599,588

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Deposits

with

broker

for

futures

contracts

or

Due

to

broker,

as

applicable,

on

the

Consolidated

Statement

of

Assets

and

Liabilities

includes

this

balance

netted

with

other

cash

activity

within

the

broker.

Currency:

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Statement

of

Assets

and

Liabilities

-

13

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

SM

Multi-

Asset

Fund

Assets:

Investment

securities,

at

value

$

9,845,882

Cash

23,913,097

Deposits

with

broker

for

futures

contracts

1,591,004

Foreign

currencies,

at

value

1,535,741

Interest

and

dividends

receivable

155,436

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

48,237

Prepaid

expenses

68

Total

Assets

37,089,465

Liabilities:

Payable

for

capital

shares

redeemed

8,122

Payable

for

variation

margin

on

futures

contracts

90,339

Accrued

expenses

and

other

payables:

Fund

administration

fees

66,222

Distribution

fees

7,244

Administrative

servicing

fees

9,876

Accounting

and

transfer

agent

fees

164

Custodian

fees

439

Compliance

program

costs

(Note

3)

40

Professional

fees

28,511

Printing

fees

13,288

Other

1,851

Total

Liabilities

226,096

Net

Assets

$

36,863,369

Cost

of

investment

securities

9,852,437

Cost

of

foreign

currencies

1,493,585

Represented

by:

Capital

$

40,801,354

Total

distributable

earnings

(loss)

(

3,937,985

)

Net

Assets

$

36,863,369

14

-

Consolidated

Statement

of

Assets

and

Liabilities

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

SM

Multi-

Asset

Fund

Net

Assets:

Class

II

Shares

$

34,533,386

Class

Y

Shares

2,329,983

Total

$

36,863,369

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

II

Shares

3,903,922

Class

Y

Shares

260,658

Total

4,164,580

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

8

.85

Class

Y

Shares

$

8

.94

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

For

the

Year

Ended

December

31,

2023

-

Consolidated

Statement

of

Operations

-

15

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

SM

Multi-

Asset

Fund

INVESTMENT

INCOME:

Interest

income

$

1,701,951

Total

Income

1,701,951

EXPENSES:

Investment

advisory

fees

100,948

Fund

administration

fees

95,033

Distribution

fees

Class

II

Shares

84,515

Administrative

servicing

fees

Class

II

Shares

84,515

Professional

fees

69,227

Printing

fees

787

Trustee

fees

15,151

Custodian

fees

332

Accounting

and

transfer

agent

fees

903

Compliance

program

costs

(Note

3)

157

Index

licensing

fee

36,037

Other

1,611

Total

expenses

before

expenses

reimbursed

489,216

Expenses

reimbursed

by

adviser

(Note

3)

(

165,137

)

Net

Expenses

324,079

NET

INVESTMENT

INCOME

1,377,872

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

150

Expiration

or

closing

of

futures

contracts

(Note

2)

98,349

Foreign

currency

transactions

(Note

2)

(

36,460

)

Net

realized

gains

(losses)

62,039

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

38,990

Futures

contracts

(Note

2)

1,519,552

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

36,947

Net

change

in

unrealized

appreciation/depreciation

1,595,489

Net

realized/unrealized

gains

(losses)

1,657,528

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

3,035,400

16

-

Consolidated

Statement

of

Changes

in

Net

Assets

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

1,377,872

$

218,238

Net

realized

gains

(losses)

62,039

(5,483,493)

Net

change

in

unrealized

appreciation/depreciation

1,595,489

(891,146)

Change

in

net

assets

resulting

from

operations

3,035,400

(6,156,401)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(783,109)

(

534,307)

Class

Y

(79,841)

(54,688)

Change

in

net

assets

from

shareholder

distributions

(862,950)

(588,995)

Change

in

net

assets

from

capital

transactions

187,103

7,673,110

Change

in

net

assets

2,359,553

927,714

Net

Assets:

Beginning

of

year

34,503,816

33,576,102

End

of

year

$

36,863,369

$

34,503,816

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

4,367,190

$

11,316,356

Dividends

reinvested

783,109

534,307

Cost

of

shares

redeemed

(4,446,037)

(3,906,961)

Total

Class

II

Shares

704,262

7,943,702

Class

Y

Shares

Proceeds

from

shares

issued

810,109

627,423

Dividends

reinvested

79,841

54,688

Cost

of

shares

redeemed

(1,407,109)

(952,703)

Total

Class

Y

Shares

(517,159)

(270,592)

Change

in

net

assets

from

capital

transactions

$

187,103

$

7,673,110

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

510,274

1,235,299

Reinvested

91,399

62,712

Redeemed

(516,578)

(445,320)

Total

Class

II

Shares

85,095

852,691

Class

Y

Shares

Issued

91,967

65,917

Reinvested

9,201

6,315

Redeemed

(160,159)

(109,848)

Total

Class

Y

Shares

(58,991)

(37,616)

Total

change

in

shares

26,104

815,075

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Consolidated

Financial

Highlights

-

17

The

accompanying

notes

are

an

integral

part

of

these

consolidated

financial

statements.

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

8.33

$

0.33

$

0.39

$

0.72

$

(

0.20

)

$

—

$

(

0.20

)

$

8.85

8.73%

$

34,533

0.93%

3.79%

1.39%

65.10%

12/31/2022

10.09

0.05

(

1.67

)

(

1.62

)

—

(

0.14

)

(

0.14

)

8.33

(16.04)%

31,795

0.93%

0.59%

1.52%

91.17%

12/31/2021

10.00

(

0.08

)

0.78

0.70

(

0.24

)

(

0.37

)

(

0.61

)

10.09

7.07%

29,926

0.85%

(0.73)%

1.98%

0.00%

12/31/2020

9.94

(

0.04

)

0.15

0.11

(

0.02

)

(

0.03

)

(

0.05

)

10.00

1.10%(g)

15,842

0.93%

(0.43)%

4.02%

0.00%

12/31/2019(h)

10.00

0.02

(

0.06

)

(

0.04

)

(

0.02

)

—

(

0.02

)

9.94

(0.45)%(g)

6,038

0.93%

0.77%

9.05%

0.00%

Class

Y

Shares

12/31/2023

8.48

0.37

0.40

0.77

(

0.31

)

—

(

0.31

)

8.94

9.23%

2,330

0.43%

4.29%

0.89%

65.10%

12/31/2022

10.22

0.09

(

1.69

)

(

1.60

)

—

(

0.14

)

(

0.14

)

8.48

(15.64)%

2,709

0.44%

0.96%

1.02%

91.17%

12/31/2021

10.08

(

0.03

)

0.79

0.76

(

0.25

)

(

0.37

)

(

0.62

)

10.22

7.62%

3,650

0.43%

(0.30)%

1.52%

0.00%

12/31/2020

9.97

(

0.01

)

0.15

0.14

—

(

0.03

)

(

0.03

)

10.08

1.44%(g)

1,056

0.43%

(0.12)%

3.09%

0.00%

12/31/2019(h)

10.00

0.03

(

0.06

)

(

0.03

)

—

—

—

9.97

(0.30)%(g)

5

0.43%

1.26%

8.33%

0.00%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(h)

For

the

period

from

October

7,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

October

4,

2019

through

December

31,

2019.

18

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

NVIT

J.P.

Morgan

Mozaic

SM

 Multi-Asset

Fund

("Mozaic

Multi-Asset"

or

the

“Fund”),

a

series

of

the

Trust.

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Fund.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

Shares

of

the

Fund

are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

and other

affiliated

insurance

companies.

The

Fund

currently

offers Class

II

and

Class

Y shares.

Each

share

class

of the

Fund

represents

interests

in

the

same

portfolio

of

investments

of

the

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

The

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act. 

Basis

of

Consolidation. 

The

accompanying

consolidated

financial

statements

of

the

Fund

include

the

account

of

NW

Securities

Fund

(the

“Subsidiary”),

which

is

a

wholly-owned

and

controlled

subsidiary

of

the

Fund

and

primarily

invests

in

commodity-related

instruments,

such

as

futures

contracts.

The

Subsidiary

also

may

buy

short-term

fixed

income

securities

or

hold

cash

to

serve

as

margin

or

collateral

for

the

Subsidiary’s

derivatives

positions.

The

Subsidiary

enables

the

Fund

to

hold

these

commodity-related

instruments

and

satisfy

regulated

investment

company

tax

requirements.

The

Fund

may

invest

up

to

25%

of

its

total

assets

in

the

Subsidiary.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

The

Subsidiary

is

subject

to

the

same

investment

policies

and

restrictions

that

apply

to

the

Fund,

except

that

the

Subsidiary

is

not

registered

as

an

investment

company

under

the

1940

act

and

may

invest

without

limitation

in

commodity-related

instruments.

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

accounting

and

the

preparation

of its

financial

statements.

The

Fund is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Fund

utilizes

various

methods

to

measure

the

value

of

its

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to the

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

19

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

“Valuation

Time”.

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

(“NAV”)

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

(“MLPs”)

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.  

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

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

20

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

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

December

31,

2023.

Please

refer

to

the

Consolidated

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

(b)

Cash

Overdraft

The

Fund

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Fund’s

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Fund’s

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Fund.

Such

loan

is

payable

upon

demand

and

bears

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

This

advance

is

separate

from,

and

was

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023, the

Fund

did

not

have

overdrawn

balances.

(c)

Foreign

Currency

Transactions              

The

accounting

records

of

the

Fund are

maintained

in

U.S.

dollars.

The

Fund

may,

nevertheless,

engage

in

foreign

currency

transactions.

In

those

instances, the

Fund

will

convert

foreign

currency

amounts

into

U.S.

dollars

at

the

current

rate

of

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Fund’s

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of the

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on the

Fund’s

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Consolidated

Statement

of

Operations

under

“Net

realized

gains

(losses)

from

foreign

currency

transactions”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,”

if

applicable.

(d)

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

Mozaic

Multi-Asset

Level

1

Level

2

Level

3

Total

Assets:

Corporate

Bonds

$

–

$

4,155,989

$

–

$

4,155,989

Futures

Contracts#

1,051,904

–

–

1,051,904

Supranational

–

5,689,893

–

5,689,893

Total

Assets

$

1,051,904

$

9,845,882

$

–

$

10,897,786

Liabilities:

Futures

Contracts#

$

(33,016)

$

–

$

–

$

(33,016)

Total

Liabilities

$

(33,016)

$

–

$

–

$

(33,016)

Total

$

1,018,888

$

9,845,882

$

–

$

10,864,770

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Consolidated

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

21

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

Fund's

futures

contracts

are

reflected

in

the

Consolidated

Statement

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,”

in

a

table

in

the

Consolidated

Statement

of

Investments

and

in

the

Consolidated

Statement

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,”

as

applicable.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

December

31,

2023:

Mozaic

Multi-Asset

Assets:

Consolidated

Statement

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Commodity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

48,604

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

411,928

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

591,372

Total

$

1,051,904

Liabilities:

Futures

Contracts#

Commodity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(33,016)

Total

$

(33,016)

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Consolidated

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Consolidated

Statement

of

Assets

and

Liabilities.

22

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

The

Effect

of

Derivative

Instruments

on

the

Consolidated

Statement

of

Operations

for

the

Year

Ended

December

31,

2023:

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Consolidated

Statement

of

Operations

for

the

Year

Ended

December

31,

2023:

The

following is

a

summary

of

the

Fund's

average

volume

of

derivative

instruments

held

during

the

year

ended

December

31,

2023:

The

Fund

is

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Fund’s financial

position.

As

of December

31,

2023,

the

Fund

has entered

into

futures

contracts.

The

futures

contracts

agreement

does

not

provide

for

a

netting

arrangement.

(e)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on the

Fund’s

Consolidated

Statement

of

Operations.

Foreign

income may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security.

Foreign

income

subject

to

foreign

withholding

taxes

is recorded

net

of

the

applicable

withholding

tax.

(f)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to

foreign

currency

gain/loss

and

Cayman

subsidiary

taxable

income.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2023

may

primarily

be

attributable

to

market-to-market

adjustments

on

futures.

These

reclassifications

have

no

effect

upon

the

NAV

of the

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.  

Mozaic

Multi-Asset

Realized

Gains

(Losses):

Total

Futures

Contracts

Commodity

risk

$

(301,699)

Equity

risk

1,311,765

Interest

rate

risk

(911,717)

Total

$

98,349

Mozaic

Multi-Asset

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Commodity

risk

$

(33,257)

Equity

risk

694,535

Interest

rate

risk

858,274

Total

$

1,519,552

Mozaic

Multi-Asset

Futures

Contracts:

Average

Notional

Balance

Long

$

31,122,325

Average

Notional

Balance

Short

$

275,208

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

23

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

(g)

Federal

Income

Taxes

The

Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve the

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

The Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year, the

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Fund

is

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Fund

files

a

U.S.

federal

income

tax

return

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

it

invests.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Fund’s

investment

in

its

Subsidiary

is

intended

to

provide

additional

exposure

to

commodities

while

allowing

the

Fund

to

satisfy

the

requirements

applicable

to

a

RIC.

The

Subsidiary,

which

has

a

November

30

year

end

for

income

tax

purposes,

is

a

controlled

foreign

corporation

under

the

Code.

As

a

U.S.

shareholder

of

a

controlled

foreign

corporation,

the

Fund

will

include

in

its

taxable

income

its

share

of

the

Subsidiary’s

current

earnings

and

profits

(including

future

realized

gains).

Any

deficit

generated

by

the

Subsidiary

will

be

disregarded

for

purposes

of

computing

the

Fund’s

taxable

income

in

the

current

period

and

also

disregarded

for

all

future

periods.

(h)

Allocation

of

Expenses,

Income

and

Gains

and

Losses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

3.

Transactions

with

Affiliates

Under

the

terms

of

the

Trust’s

Investment

Advisory

Agreement,

NFA

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Fund

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

J.P.

Morgan

Investment

Management

Inc.

(the

“Subadviser”)

as

subadviser

for

the

Fund,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

Subadviser.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Fund

pays

NFA

an

investment

advisory

fee

based

on

the

Fund’s

average

daily

net

assets.

During

the

year

ended

December

31,

2023,

the

Fund

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

Fund

Capital

Total

Distributable

Earnings

(Loss)

Mozaic

Multi-Asset

$

(96,399)

$

96,399

Fee

Schedule

Advisory

Fee

(annual

rate)

All

assets

0.28%

24

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

For

the

year

ended

December

31,

2023,

the

effective

advisory

fee

rates

before

and

after

expense

reimbursements

due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

the

Fund's

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

the

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of the

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

NFA

may

request

and

receive

reimbursement

from

the

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i)

the

Fund’s

assets

exceed

$100

million

and

(ii)

the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

the

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2023,

the

cumulative

potential

reimbursements

for

the

Fund,

listed

by

the

period

or

year

in

which

NFA

waived

fees

or

reimbursed

expenses

to the

Fund are:

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Fund

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Fund.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Fund.

NFM

pays

the

service

providers

a

fee

for

these

services. 

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2023,

NFM

earned

$95,033

in

fees

from

the

Fund

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Fund

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Fund

Effective

Advisory

Fee

Rate

Before

Expense

Reimbursements

*

Effective

Advisory

Fee

Rate

After

Expense

Reimbursements

Mozaic

Multi-Asset

0.28

%

0.00%

Classes

Amount

(annual

rate)

All

Classes

0.43%

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

Mozaic

Multi-Asset

$

297,177

$

207,069

$

163,137

$

667,383

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

25

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

the

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Fund’s portion

of

such

costs

amounted

to

$157.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Fund’s

principal

underwriter,

is

compensated

by

the

Fund

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Fund.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

Class

II

shares

of

the

Fund

at

an

annual

rate

of

0.25%.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Fund

pays

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Fund;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

the

Fund.

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2023, the

Fund’s

total

administrative

services

fees

were

as

follows:

4.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”)

renewed

the

credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Consolidated

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Fund

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(“SEC”)

(the

“Order”),

the

Fund

may

participate

in

an

interfund

lending

program

among

Fund

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

the

Fund

did

not

engage

in

interfund

lending.

Fund

Class

II

Mozaic

Multi-Asset

0.25

%

Fund

Amount

Mozaic

Multi-Asset

$

84,515

26

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

5.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

6.

Portfolio

Investment

Risks 

(a)

Risks

Associated

with

Interest

Rates             

Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund’s

investments

to

decline

significantly.

(b)

Risks

Associated

with

Foreign

Securities

and

Currencies        

Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(c)

Risks

Associated

with

Variable

Rate

Securities              

Mortgage-Backed

Securities

—

Mortgage-backed

securities

are

fixed-income

securities

that

give

the

holder

the

right

to

receive

a

portion

of

principal

and/or

interest

payments

made

on

a

pool

of

residential

or

commercial

mortgage

loans.

Such

securities

may

be

issued

or

guaranteed

by

U.S.

government

agencies

or

instrumentalities

or

may

be

issued

by

private

issuers,

generally

originators

in

mortgage

loans,

including

savings

and

loan

associations,

mortgage

bankers,

commercial

banks,

investment

bankers,

and

special

purpose

entities.

Adjustable

rate

mortgage-backed

securities

are

collateralized

by

or

represent

interests

in

mortgage

loans

with

variable

rates

of

interest.

These

variable

rates

of

interest

reset

periodically

to

align

themselves

with

market

rates.

The

Fund

will

not

benefit

from

increases

in

interest

rates

to

the

extent

that

interest

rates

rise

to

the

point

where

they

cause

the

current

coupon

of

the

underlying

adjustable

rate

mortgages

to

exceed

any

maximum

allowable

annual

or

lifetime

reset

limits

(or

“cap

rates”)

for

a

particular

mortgage.

During

periods

of

declining

interest

rates,

income

to

the

Fund

derived

from

adjustable

rate

mortgage-backed

securities

which

remain

in

a

mortgage

pool

will

decrease

in

contrast

to

the

income

on

fixed

rate

mortgage-backed

securities,

which

will

remain

constant.

Adjustable

rate

mortgages

also

have

less

potential

for

appreciation

in

value

as

interest

rates

decline

than

do

fixed

rate

investments.

Asset-Backed

Securities

—

Asset-backed

securities

are

fixed-income

securities

issued

by

a

trust

or

other

legal

entity

established

for

the

purpose

of

issuing

securities

and

holding

certain

assets,

such

as

credit

card

receivables

or

auto

leases,

which

pay

down

over

time

and

generate

sufficient

cash

to

pay

holders

of

the

securities.

Almost

any

type

of

fixed-income

assets

may

be

used

to

create

an

asset-backed

security,

including

other

fixed-income

securities

or

derivative

instruments

such

as

swaps.

Payments

or

distributions

of

principal

and

interest

on

asset-backed

securities

may

be

supported

by

nongovernmental

credit

enhancements

similar

to

those

utilized

in

connection

with

mortgage-backed

securities.

The

credit

quality

of

most

asset-backed

securities

depends

primarily

on

the

credit

quality

of

the

assets

underlying

such

securities,

how

well

the

entity

issuing

the

security

is

insulated

from

the

credit

risk

of

the

originator

or

any

other

affiliated

entities,

and

the

amount

and

quality

of

any

credit

enhancement

of

the

securities.

To

the

extent

a

security

interest

exists,

it

may

be

more

difficult

for

the

issuer

to

enforce

the

security

interest

as

compared

to

mortgage-backed

securities.

Collateralized

Mortgage

Obligations

(“CMOs”)

and

Multiclass

Pass-Through

Securities

—

CMOs

are

multi-class

debt

obligations

which

are

collateralized

by

mortgage

loans

or

pass-through

certificates.

Multiclass

pass-through

securities

are

interests

in

a

trust

composed

of

whole

loans

or

private

pass-throughs

(referred

to

as

“Mortgage

Assets”).

Often,

CMOs

are

collateralized

by

Government

National

Mortgage

Association

Pass-Through

Certificates

(“Ginnie

Maes”),

Federal

National

Mortgage

Association

Pass-Through

Certificates

(“Fannie

Maes”),

or

Federal

Home

Loan

Mortgage

Corporation

Pass-Through

Certificates

(“Freddie

Macs”),

but

also

may

be

collateralized

by

Mortgage

Assets.

Payments

of

principal

and

interest

on

the

Mortgage

Assets,

and

Fund

Purchases

Sales

Mozaic

Multi-Asset

$

2,669,282

$

2,800,000

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

27

any

reinvestment

income

thereon,

provide

the

funds

to

pay

debt

service

on

the

CMOs

or

make

scheduled

distributions

on

the

multiclass

pass-through

securities.

CMOs

may

be

issued

by

agencies

or

instrumentalities

of

the

U.S.

government,

or

by

private

originators

of,

or

investors

in,

mortgage

loans,

including

savings

and

loan

associations,

mortgage

banks,

commercial

banks,

investment

banks

and

special

purpose

subsidiaries

of

the

foregoing.

In

order

to

form

a

CMO,

the

issuer

assembles

a

package

of

traditional

mortgage-backed

pass-through

securities,

or

actual

mortgage

loans,

and

uses

them

as

collateral

for

a

multi-class

security.

Each

class

of

CMOs,

often

referred

to

as

a

“tranche,”

is

issued

at

a

specified

fixed

or

floating

coupon

rate

and

has

a

stated

maturity

or

final

distribution

date.

Principal

prepayments

on

the

Mortgage

Assets

may

cause

the

CMOs

to

be

retired

substantially

earlier

than

their

stated

maturities

or

final

distribution

dates.

Interest

is

paid

or

accrues

on

all

classes

of

the

CMOs

on

a

monthly,

quarterly

or

semi-annual

basis.

As

market

conditions

change,

and

particularly

during

periods

of

rapid

or

unanticipated

changes

in

market

interest

rates,

the

attractiveness

of

the

CMO

classes

and

the

ability

of

the

structure

to

provide

the

anticipated

investment

characteristics

may

be

reduced

significantly.

Such

changes

can

result

in

volatility

in

the

market

value,

and

in

some

instances

reduced

liquidity,

of

the

CMO

class.

Stripped

Mortgage

Securities

—

Stripped

mortgage

securities

are

derivative

multiclass

mortgage

securities.

Stripped

mortgage

securities

are

structured

with

two

or

more

classes

of

securities

that

receive

different

proportions

of

the

interest

and

principal

distributions

on

a

pool

of

mortgage

assets.

A

common

type

of

stripped

mortgage

security

will

have

at

least

one

class

receiving

only

a

small

portion

of

the

interest

and

a

larger

portion

of

the

principal

from

the

mortgage

assets,

while

the

other

class

will

receive

primarily

interest

and

only

a

small

portion

of

the

principal.

In

the

most

extreme

case,

one

class

will

receive

all

of

the

interest

(“IO”

or

interest-only),

while

the

other

class

will

receive

the

entire

principal

(“PO”

or

principal-only

class).

The

yield

to

maturity

on

IOs,

POs

and

other

mortgage-backed

securities

that

are

purchased

at

a

substantial

premium

or

discount

generally

are

extremely

sensitive

not

only

to

changes

in

prevailing

interest

rates

but

also

to

the

rate

of

principal

payments

(including

prepayments)

on

the

related

underlying

mortgage

assets,

and

a

rapid

rate

of

principal

payments

may

have

a

material

adverse

effect

on

such

securities’

yield

to

maturity.

If

the

underlying

mortgage

assets

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

fully

recoup

its

initial

investment

in

these

securities

even

if

the

securities

have

received

the

highest

rating

by

a

nationally

recognized

statistical

rating

organization.

Collateralized

Debt

Obligations

(“CDOs”)

—

CDOs

are

a

type

of

asset-backed

security

and

include,

among

other

things,

collateralized

bond

obligations

(“CBOs”),

collateralized

loan

obligations

(“CLOs”)

and

other

similarly

structured

securities.

A

CBO

is

a

trust

which

is

backed

by

a

diversified

pool

of

high

risk,

below

investment

grade

fixed-income

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

Normally,

CBOs,

CLOs

and

other

CDOs

are

privately

offered

and

sold,

and

thus

are

not

registered

under

the

securities

laws.

As

a

result,

investments

in

CDOs

may

be

characterized

by

the

Fund

as

illiquid

securities.

In

addition

to

the

risks

associated

with

debt

instruments

(e.g.,

interest

rate

risk

and

credit

risk),

CDOs

carry

additional

risks

including,

but

not

limited

to:

(i)

the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments;

(ii)

the

quality

of

the

collateral

may

decline

in

value

or

default;

(iii)

the

possibility

that

the

Fund

may

invest

in

CDOs

that

are

subordinate

to

other

classes;

and

(iv)

the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

7.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

28

-

Notes

to

Consolidated

Financial

Statements

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

9.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

the

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

During

the

year

ended December

31,

2023,

the

Fund

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following amount.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Mozaic

Multi-Asset

$

862,950

$

–

$

862,950

$

–

$

862,950

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Mozaic

Multi-Asset

$

306,189

$

282,806

$

588,995

$

–

$

588,995

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

Mozaic

Multi-Asset

$

256,690

$

–

$

256,690

$

–

$

(4,264,674)

$

69,999

$

(3,937,985)

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Tax

Cost

of

Securities

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

Mozaic

Multi-Asset

$

10,841,038

$

102,413

$

(78,681)

$

23,732

Fund

Amount

Mozaic

Multi-Asset

$

(4,264,674)

Fund

Utilized

Mozaic

Multi-Asset

$

2,169,274

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Notes

to

Consolidated

Financial

Statements

-

29

10.

Subsequent

Events

On

December

6,

2023,

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

the

Trustees

who

are

not

“interested

persons”,

considered

and

approved

a

proposal

to

liquidate

the

Fund, a

series

of

the

Trust.  Pursuant

to shareholder

approval, the

Fund

will

be

liquidated

on

or

about

April

12,

2024.

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Fund

and

has

determined

that

there

are

no

additional subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

30

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

J.P.

Morgan

Mozaic

SM

Multi-

Asset

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

consolidated

statement

of

assets

and

liabilities,

including

the

consolidated

statement

of

investments,

of

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

and

its

subsidiary

(one

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2023,

the

related

consolidated

statement

of

operations

for

the

year

ended

December

31,

2023,

the

consolidated

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

consolidated

financial

highlights

for

each

of

the

four

years

in

the

period

ended

December

31,

2023,

and

for

the

period

October

7,

2019

(commencement

of

operations)

through

December

31,

2019

(collectively

referred

to

as

the

“consolidated

financial

statements'').

In

our

opinion,

the

consolidated

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

December

31,

2023

and

for

the

period

October

7,

2019

(commencement

of

operations)

through

December

31,

2019

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

consolidated

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

consolidated

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

consolidated

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

consolidated

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

consolidated

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

consolidated

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

consolidated

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

-

December

31,

2023(Unaudited)

-

Supplemental

Information

-

31

NVIT

Allspring

Discovery

Fund

NVIT

Amundi

Multi

Sector

Bond

Fund

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

BlackRock

Managed

Global

Allocation

Fund

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

NVIT

Columbia

Overseas

Value

Fund

NVIT

Core

Bond

Fund

NVIT

DoubleLine

Total

Return

Tactical

Fund

NVIT

Emerging

Markets

Fund

NVIT

Federated

High

Income

Bond

Fund

NVIT

Government

Bond

Fund

NVIT

Government

Money

Market

Fund

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

 (formerly,

NVIT

GS

Large

Cap

Equity

Insights

Fund)

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

International

Equity

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly, NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund)  

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

NVIT

Real

Estate

Fund

NVIT

U.S.

130/30

Equity

Fund

Continuation

of Advisory

(and Sub-Advisory)

Agreements

The

Trust’s

investment

advisory

agreements

with

its

Investment

Adviser

(the

“Adviser”)

and

its

Sub-Advisers

(each,

a

“Sub-Adviser”)

(together,

the

“Advisory

Agreements”)

must

be

approved

for

each

series

of

the

Trust

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

for

an

initial

term

no

longer

than

two

years,

and

may

continue

in

effect

thereafter

only

if

such

continuation

is

approved

at

least

annually,

(i)

by

the

vote

of

the

Trustees

or

by

a

vote

of

the

shareholders

of

the

Fund

in

question,

and

(ii)

by

the

vote

of

a

majority

of

the

Trustees

who

are

not

parties

to

the

Advisory

Agreements

or

“interested

persons”

of

any

party

thereto

(the

“Independent

Trustees”),

cast

in

person

at

a

meeting

called

for

the

purpose

of

voting

on

such

approval.

The

Board

of

Trustees

(the

“Board”)

has

five

regularly

scheduled

meetings

each

year

and

takes

into

account

throughout

the

year

matters

bearing

on

the

Advisory

Agreements.

The

Board

and

its

standing

committees

consider,

at

each

meeting,

factors

that

are

relevant

to

the

annual

continuation

of

each

Fund’s

Advisory

Agreements,

including

investment

performance,

Sub-Adviser

updates

and

reviews,

reports

with

respect

to

compliance

monitoring,

and

the

services

and

support

provided

to

the

Fund

and

its

shareholders.

Although

the

Board

considers

the

renewal

of

the

Advisory

Agreements

for

all

of

the

Nationwide

mutual

funds

at

the

same

meetings,

the

Board

considers

each

Fund’s

investment

advisory

and

sub-advisory

relationships

separately.

In

preparation

for

the

Board’s

meetings

in

2023

to

consider

the

continuation

of

the

Advisory

Agreements,

the

Trustees

requested

and

were

furnished

with

a

wide

range

of

information

to

assist

in

their

deliberations.

These

materials

included:

32

-

Supplemental

Information

-

December

31,

2023(Unaudited)

-

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

• A

summary

report

for

each

Fund

that

sets

out

a

variety

of

information

regarding

the

Fund,

including

average

net

assets,

performance,

expense,

and

profitability

information

for

the

past

three

years.

• Reports

from

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

a

leading

independent

source

of

mutual

fund

industry

data,

describing,

for

each

Fund’s

largest

share

class,

the

Fund’s

(a)

performance

rankings

(over

multiple

periods

ended

June

30,

2023)

compared

with

a

performance

universe

created

by

Broadridge

of

similar

or

peer

group

funds,

and

(b)

expense

rankings

comparing

the

Fund’s

fees

and

expenses

with

expense

groups

created

by

Broadridge

of

similar

or

peer

group

funds.

(Where

information

was

unavailable

or

limited

in

respect

of

the

largest

share

class,

the

Board

in

certain

cases

considered

supplemental

information

regarding another

share class.)

An

independent

consultant

retained

by

the

Independent

Trustees

provided

input

to

Broadridge

as

to

the

composition

of

the

various

performance

universes,

expense

groups,

and

peer

funds.

• Information

regarding

voluntary

or

contractual

expense

limitations

or

reductions

and

the

relationship

of

expenses

to

any

expense

limitation.

• Information

provided

by

the

Adviser

as

to

the

Adviser’s

profitability

in

providing

services

under

the

Advisory

Agreements.

The

Trustees

recognized

that

the

use

of

different

reasonable

methodologies,

including

among

other

things

calculation

and

allocation

of

related

expenses,

can

give

rise

to

different

measures

of

reported

profit

and

loss.

For

Sub-Advisers

not

affiliated

with

the

Adviser,

the

Trustees

did

not

consider

profitability

data

or

information

as

to

the

fees

a

Sub-Adviser

charges

to

other

clients

to

be

a

determinative

factor.

• Information

from

the

Adviser

regarding

economies

of

scale

and

breakpoints,

including

information

provided

by

the

Adviser

as

to

the

circumstances

under

which

specific

actions

intended

to

share

the

benefits

of

economies

of

scale

might

be

appropriate.

The

Adviser

may

not

have

been

able

to,

or

might

have

opted

not

to,

provide

information

in

response

to

certain

information

requests,

in

which

case

the

Trustees

conducted

their

evaluation

based

on

information

that

was

provided.

In

such

cases,

the

Trustees

determined

that

the

omission

of

any

such

information

was

not

material

to

its

considerations.

The

Trustees

met

with

representatives

of

the

Adviser

at

the

Trustees’

regular

quarterly

meetings

in

September

and

December

2023

to

discuss

matters

related

to

the

continuation

of

the

Advisory

Agreements.

In

addition,

the

Trustees

met

separately

with

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

in

October

and

in

November,

to

review

information

and

materials

provided

to

them,

and

to

formulate

requests

for

additional

information.

The

Trustees

submitted

supplemental

information

requests

to

the

Adviser

following

each

meeting

with

Independent

Legal

Counsel.

At

the

Trustees’

regular

quarterly

meeting

in

December

2023,

the

Trustees

met

to

give

final

consideration

to

information

bearing

on

the

continuation

of

the

Advisory

Agreements.

The

Trustees

considered,

among

other

things,

information

provided

by

the

Adviser

in

response

to

their

previous

information

requests.

The

Trustees

engaged

in

discussion

and

consideration

among

themselves,

and

with

the

Adviser,

Trust

counsel,

and

Independent

Legal

Counsel

regarding

the

various

factors

that

may

contribute

to

the

determination

of

whether

the

continuation

of

the

Advisory

Agreements

should

be

approved.

In

considering

this

information

with

respect

to

each

of

the

Funds,

the

Trustees

took

into

account,

among

other

things,

the

nature,

extent,

and

quality

of

services

provided

by

the

Adviser

and

relevant

Sub-Adviser.

In

evaluating

the

Advisory

Agreements

for

the

Funds,

the

Trustees

also

reviewed

information

provided

by

the

Adviser

concerning

the

following,

among

other

things:

• The

terms

of

the

Advisory

Agreements

and

a

summary

of

the

services

performed

by

the

Adviser

and

Sub-Advisers.

• The

activities

of

the

Adviser

in

selecting,

overseeing,

and

evaluating

each

Sub-Adviser;

reporting

by

the

Adviser

to

the

Trustees

regarding

the

Sub-Advisers;

and

steps

taken

by

the

Adviser,

where

appropriate,

to

identify

replacement

Sub-Advisers

and

to

put

those

Sub-Advisers

in

place.

• The

investment

advisory

and

oversight

capabilities

of

the

Adviser,

including,

among

other

things,

its

expertise

in

investment,

economic,

and

financial

analysis.

• The

Adviser’s

and

Sub-Advisers’

personnel

and

methods;

changes

in

the

Adviser’s

senior

management

personnel;

the

number

of

the

Adviser’s

advisory

and

analytical

personnel;

general

information

about

the

compensation

of

the

Adviser’s

advisory

personnel;

the

Adviser’s

and

Sub-Advisers’

investment

processes;

the

Adviser’s

risk

assessment

and

risk

management

capabilities;

and

the

Adviser’s

valuation

and

valuation

oversight

capabilities.

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

-

December

31,

2023(Unaudited)

-

Supplemental

Information

-

33

• The

financial

condition

and

stability

of

the

Adviser

and

the

Adviser’s

assessment

of

the

financial

condition

and

stability

of

the

Sub-Advisers.

• Potential

ancillary

benefits,

in

addition

to

fees

for

serving

as

investment

adviser,

derived

by

the

Adviser

as

a

result

of

being

investment

adviser

for

the

Funds,

including,

among

other

things,

information

on

fees

inuring

to

the

Adviser’s

affiliates

for

serving

as

the

Trust’s

administrator,

fund

accountant,

and

transfer

agent,

fees

or

other

payments

relating

to

shareholder

servicing

or

sub-

transfer

agency

services

provided

by

or

through

the

Adviser

or

its

affiliates,

enhanced

relationships

with

large

financial

concerns

that

serve,

or

whose

affiliates

serve,

as

sub-advisers

or

other

service

providers

to

one

or

more

of

the

Funds.

Based

on

information

provided

by

Broadridge

and

the

Adviser,

the

Trustees

reviewed

expense

information

for

each

of

the

Funds

and

the

total

return

investment

performance

of

each

of

the

Funds,

as

well

as

the

performance

of

the

Funds’

peer

groups

over

various

time

periods.

The

Trustees

considered

that

NVIT

Allspring

Discovery

Fund,

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

Core

Bond

Fund,

NVIT

Emerging

Markets

Fund,

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Insights

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund,

NVIT

International

Equity

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

NVIT

Real

Estate

Fund,

and

NVIT

Loomis

Short

Term

Bond

Fund

were

each

shown

to

pay

actual

management

fees

and

to

have

total

expense

ratios

(including

12b-1/non-12b-1

fees)

at

levels

lower

than

or

equal

to

their

peer

group

medians.

The

Trustees

determined

that

the

expense

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Amundi

Multi

Sector

Bond

Fund,

NVIT

Calvert

Equity

Fund,

NVIT

DoubleLine

Total

Return

Tactical

Fund,

NVIT

Federated

High

Income

Bond

Fund,

NVIT

Government

Bond

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

the

Trustees

considered

that,

although

each

Fund

was

shown

to

pay

actual

management

fees

at

a

level

equal

to

or

higher

than

its

peer

group

median,

its

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

at

a

level

equal

to

or

lower

than

the

Fund’s

peer

group

median

(or,

in

the

case

of

the

total

expense

ratio

of

NVIT

Columbia

Overseas

Value

Fund,

NVIT

NS

Partners

International

Focused

Growth

Fund

and

NVIT

U.S.

130/30

Equity

Fund,

within

what

the

Trustees

considered

a

generally

acceptable

range

of

the

Fund’s

peer

group

median)

and

the

level

of

the

Fund’s

actual

management

fee

was

not

so

high,

in

the

Trustees’

judgment,

as

to

be

inconsistent

with

continuation

of

its

Advisory

Agreements.

For

the

Funds

above,

the

Trustees

also

considered

each

Fund’s

investment

performance.

They

noted

that,

with

the

exception

of

the

Funds

referred

to

below

in

this

paragraph

and

the

next

13

paragraphs,

each

of

the

Funds

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

(or

the

two-year

period

with

respect

to

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

which

commenced

operations

in

July

2020)

at

or

above

its

performance

universe

median,

or

below

the

median

but

within

the

top

three

comparative

quintiles.

With

respect

to

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

the

Trustees

considered

that

the

Funds

had

been

organized

in

2022

and

did

not

yet

have

two

years

of

performance.

With

respect

to

NVIT

Allspring

Discovery

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process

that

invests

in

high

growth

companies,

particularly

in

calendar

years

2021

and

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

and

three-month

periods

ended

June

30,

2023.

The

Trustees

have

also

designated

the

Fund

as

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe,

two-year

performance

in

the

second

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Sub-Adviser’s

focus

on

delivering

superior

risk-adjusted

returns

means

that

the

Fund’s

performance

will

lag

in

up

markets,

particularly

in

strong

bull

markets

such

as

those

that

occurred

in

2020

and

2023.

In

this

regard,

the

Trustees

noted

that

the

Fund’s

performance

for

the

2022

calendar

year

had

ranked

in

the

first

quintile

of

its

34

-

Supplemental

Information

-

December

31,

2023(Unaudited)

-

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

performance

universe.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process,

particularly

in

calendar

year

2022.

In

this

regard,

the

Trustees

noted

that

the

Fund

had

ranked

in

the

first

quintile

of

its

performance

universe

for

the

calendar

year

2021

and

the

Fund’s

performance

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

DoubleLine

Total

Return

Tactical

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Calvert

Equity

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

as

of

March

2023,

the

Fund’s

prior

subadviser

had

been

replaced

and

that

additional

time

was

necessary

to

evaluate

the

Fund’s

performance

under

the

new

Sub-Adviser.

With

respect

to

NVIT

Core

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

the

Fund’s

overweight

positions

in

longer

duration

investment

grade

corporate

credit

and

high

yield

and

the

steps

taken

by

the

Sub-Adviser

in

2023

to

address

the

Fund’s

performance.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Emerging

Markets

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

underperformance

was

primarily

attributable

to

prior

sub-advisers

to

the

Fund.

The

Trustees

noted

that

the

Fund’s

Sub-Adviser

assumed

management

of

a

portion

of

the

Fund’s

assets

in

September

2021

and

became

the

sole

sub-adviser

of

the

Fund

in

June

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Federated

High

Income

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

was

primarily

attributable

to

volatility

in

the

markets

that

began

in

the

first

quarter

of

2021

through

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

three-month

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

GS

Large

Cap

Equity

Insights

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fourth

quintile

of

its

performance

universe.

The

Trustees

considered

changes

that

the

Adviser

had

made

to

add

a

qualitative-based

strategy

from

the

Sub-Adviser

in

an

effort

to

improve

the

Fund’s

performance.

With

respect

to

NVIT

GS

Small

Cap

Equity

Insights

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

iShares

®

Fixed

Income

ETF

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

relative

to

its

index

was

within

the

Adviser’s

expectations

because

the

Fund

gross

performance

exceeded

its

index

by

15

basis

points

for

the

three-year

period

ended

June

30,

2023.

With

respect

to

NVIT

NS

Partners

International

Focused

Growth

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

-

December

31,

2023(Unaudited)

-

Supplemental

Information

-

35

was

primarily

attributable

to

the

Fund’s

prior

sub-adviser

that

was

replaced

in

August

2022.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

The

Trustees

determined

that

the

performance

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

on

December

6,

2023,

the

Board

approved

the

liquidation

of

the

Fund

effective

in

April

2024,

subject

to

shareholder

approval.

The

Trustees

determined

that

the

performance

information

of

the

Fund

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement

for

the

period

until

its

liquidation.

The

Trustees

considered

that

certain

Funds

compared

unfavorably

with

their

peers

on

the

basis

of

both

expenses

and

performance

records.

With

respect

to

NVIT

Blackrock

Equity

Dividend

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-

1/non-12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

in

light

of

the

fact

that

it

is

subadvised

by

BlackRock

Investment

Management.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

BlackRock

Managed

Global

Allocation

Fund,

the

Trustees

noted

that

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

and

to

pay

actual

management

fees

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

noted

that

a

significant

portion

of

the

Fund’s

expenses

were

represented

by

underlying

fund

expenses

and

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

because

it

provides

exposure

to

an

underlying

fund

managed

by

BlackRock

Investment

Management.

The

Trustees

also

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Government

Money

Market

Fund,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

third

quintile

of

its

performance

universe.

The

Trustees

noted

that

the

Fund

was

shown

to

pay

actual

management

fees

at

a

level

higher

than

its

peer

group

median,

in

the

fourth

quintile,

and

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

as

to

the

amount

of

waivers

in

place

to

maintain

a

yield

for

peer

money

market

funds

and

that

comparative

expense

rankings

were

expected

to

improve

in

a

normalized

interest

rate

environment.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-

12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

that

on

December

6,

2023,

the

Board

approved

(i)

a

reduction

in

the

contractual

investment

advisory

paid

with

respect

to

the

Fund,

(ii)

an

amendment

to

the

Fund’s

expense

limitation

agreement

reducing

the

Fund’s

expense

limitation

and

(iii)

an

amendment

to

the

Administrative

Services

Agreement,

which

the

Adviser

stated

would

have

a

combined

effect

of

reducing

the

Fund’s

annual

operating

expenses

by

11

basis

points.

With

respect

to

the

Fund’s

performance,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

36

-

Supplemental

Information

-

December

31,

2023(Unaudited)

-

NVIT

J.P.

Morgan

Mozaic

Mult-Asset

Fund

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

first

quintile

of

its

performance

universe.

With

respect

to

NVIT

Managed

American

Funds

Growth

&

Income

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

The

Trustees

considered

whether

each

of

the

Funds

may

benefit

from

any

economies

of

scale

realized

by

the

Adviser

in

the

event

of

growth

in

assets

of

the

Fund.

The

Trustees

noted

that

each

Fund’s

advisory

fee

rate

schedule,

with

the

exception

of

NVIT

Blackrock

Managed

Global

Allocation

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

and

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

is

subject

to

contractual

advisory

fee

breakpoints.

The

Trustees

determined

to

continue

to

monitor

the

fees

paid

by

the

Funds

without

breakpoints

to

determine

whether

breakpoints

might

in

the

future

become

appropriate,

as

their

assets

grow.

The

Board

also

considered

the

extent

to

which

economies

of

scale

realized

by

the

Adviser

or

the

relevant

Sub-Advisers

could

be

shared

with

a

Fund

through

fee

waivers,

expense

reimbursements,

or

other

expense

reductions.

Based

on

all

relevant

information

and

factors,

the

Trustees

unanimously

approved

the

continuation

of

the

Advisory

Agreements

at

their

meeting

in

December

2023.

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2023, certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Management

Information

-

37

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

38

-

Management

Information

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Management

Information

-

39

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

40

-

Market

Index

Definitions

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Market

Index

Definitions

-

41

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

42

-

Market

Index

Definitions

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

-

December

31,

2023

-

Market

Index

Definitions

-

43

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

44

-

Market

Index

Definitions

-

December

31,

2023

-

NVIT

J.P.

Morgan

Mozaic

Multi-Asset

Fund

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2065+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-MOZ

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Equity

Funds

(I)

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

5

Shareholder

Expense

Examples

40

Statements

of

Investments

42

Statements

of

Assets

and

Liabilities

62

Statements

of

Operations

68

Statements

of

Changes

in

Net

Assets

72

Financial

Highlights

79

Notes

to

Financial

Statements

86

Report

of

Independent

Registered

Public

Accounting

Firm

105

Supplemental

Information

106

Management

Information

113

Market

Index

Definitions

116

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Insurance

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

(As

of

December

31,

2023)

Bloomberg

®

Emerging

Markets

USD

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

®

EAFE

18.24%

MSCI

®

Emerging

Markets

9.83%

MSCI

®

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Class

I

returned

23.88%*

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Blend

(consisting

of

313

investments

as

of

December

31,

2023),

was

25.60%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

did

not

take

any

positions

outside

of

index-based

exposure

to

the

S&P

500

®

Index

(“S&P

500”),

long

US

Treasury

bonds,

and

cash.

Therefore,

there

was

no

impact

from

individual

security,

sector,

country,

or

currency

factors.

Both

the

S&P

500

®

and

long

Treasury

exposure

caused

underperformance

for

the

Fund

in

2023.

The

primary

detractor

from

performance

in

2023

was

an

underweight

equity

allocation

(average

exposure

of

96%)

as

the

S&P

500

soared

26.3%

to

a

new

all-time

high

despite

rich

valuations

and

anemic

earnings

growth.

Long

bond

exposure

was

modestly

negative.

While

the

target

equity

allocation

throughout

2023

was

unchanged

at

90%,

the

implemented

exposure

fluctuated

given

the

use

of

out-of-the-money

S&P

500

®

Index

call

options

that

enabled

the

strategy

to

participate

in

market

rallies.

For

instance,

equity

exposure

reached

approximately

100%

at

the

end

of

July

and

finished

the

year

at

approximately

103%

as

the

call

options

increased

the

equity

exposure.

2023

was

a

‘super

equity

bull

market’

environment

and

a

difficult

year

for

the

Fund.

As

in

the

past

when

prices

detached

from

fundamentals,

we

expect

investors

to

be

rewarded

once

again

when

the

market

reverts

to

fundamentals.

The

derivatives

are

a

standard

implementation

feature

of

the

strategy.

The

Fund

utilizes

a

combination

of

index-based

physical

securities,

futures,

and

options

to

express

our

investment

views.

Typically,

85%

of

the

S&P

500

exposure

is

implemented

with

passive

indexing

equity

exposure

(i.e.,

fully

funded

physical

securities

that

seek

to

replicate

the

benchmark

index).

The

remaining

exposure

is

held

in

S&P

500

futures

that

are

cost

effective

to

trade

when

we

make

changes

to

the

S&P

500

exposure.

The

Fund

also

opportunistically

takes

modest

financial

leverage

(up

to

50%

maximum).

To

implement

leverage,

the

Fund

purchases

exchange-traded

S&P

500

options,

which

enable

upside

participation

while

also

providing

downside

protection.

Additionally,

the

Fund

may

purchase

out-of-the-money

options

to

improve

the

convexity

of

the

equity

position

and

allow

the

Fund

to

participate

in

equity

rallies,

particularly

when

the

Fund

holds

an

underweight

equity

position.

Over

the

past

12

months

derivative

positions

were

modestly

positive.

The

Fund

did

not

experience

any

liquidity

events.

Subadviser:

Newton

Investment

Management

North

America,

LLC.

Portfolio

Managers:

James

Stavena,

Dimitri

Curtil,

Torrey

Zaches,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

and

fixed-income

securities.

The

Fund

may

invest

in

more-

aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

are

highly

volatile).

The

Fund's

holdings

may

subject

the

Fund

to

liquidity

risk,

making

it

more

volatile

than

other

mutual

funds.

The

Fund’s

strategy

may

lead

to

above-average

short-term

volatility.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness

or

availability

of

the

content.

S&P

Parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

Content

is

provided

on

an

"as

is"

basis.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

All

rights

reserved.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Asset

Allocation

1

Common

Stocks

87.6%

Short-Term

Investments

8.0%

Repurchase

Agreements

2.5%

Purchased

Options

0.4%

Futures

Contracts

0.1%

Other

assets

in

excess

of

liabilities

1.4%

100.0%

Top

Industries

2

Software

9.6%

Semiconductors

&

Semiconductor

Equipment

7.2%

Technology

Hardware,

Storage

&

Peripherals

6.5%

Interactive

Media

&

Services

5.2%

Financial

Services

3.7%

Pharmaceuticals

3.3%

Oil,

Gas

&

Consumable

Fuels

3.1%

Broadline

Retail

3.1%

Banks

2.9%

Capital

Markets

2.7%

Other

Industries

#

52.7%

100.0%

Top

Holdings

2

U.S.

Treasury

Bills

7.8%

Apple,

Inc.

6.3%

Microsoft

Corp.

6.2%

Amazon.com,

Inc.

3.1%

NVIDIA

Corp.

2.7%

Alphabet,

Inc.,

Class

A

1.8%

Meta

Platforms,

Inc.,

Class

A

1.7%

Alphabet,

Inc.,

Class

C

1.6%

Tesla,

Inc.

1.5%

Berkshire

Hathaway,

Inc.,

Class

B

1.4%

Other

Holdings

#

65.9%

100.0%

#

For

purposes

of

listing

top

holdings

and

top

industries,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

23.88%

15.51%

11.84%

3/24/2009

Class

II

23.56%

15.23%

11.57%

3/24/2009

S&P

500®

Index

26.29%

15.69%

12.03%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.67%

0.62%

Class

II

0.92%

0.87%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

I

shares

of

the

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

versus

performance

of

the

S&P

500

®

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

For

the

annual

period

ended

December

31,

2023,

the

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Class

I

returned

8.84%

versus

11.46%

for

its

benchmark,

the

Russell

1000

®

Value

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Value

(consisting

of

227

investments

as

of

December

31,

2023),

was

10.92%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

Fund

underperformed

the

benchmark

over

the

period.

While

stock

selection

within

health

care

and

utilities

outperformed

relative

to

the

benchmark

over

the

year,

communications

services

and

industrials

were

a

drag

on

overall

performance.

The

top

three

sectors

contributing

to

Fund

performance

during

the

period

were

Consumer

Staples,

Materials,

and

Energy.

An

underweight

to

the

defensive

consumer

staples

sector

contributed

to

return

in

the

fourth

quarter.

Particularly,

not

owning

benchmark

bellwethers

led

to

positive

relative

returns.

Stock

selection

in

materials

benefited,

owing

largely

to

the

position

in

CRH

Public

Limited

Company.

In

the

energy

sector,

stock

selection

contributed

to

relative

performance,

particularly

not

owning

several

energy

equipment

and

oil,

gas,

and

consumable

fuel

companies,

as

energy

prices

were

weak

during

the

quarter.

The

three

sectors

detracting

the

most

to

Fund

performance

during

the

period

were

Consumer

Discretionary,

Industrials,

and

Financials.

Stock

selection

in

consumer

discretionary

detracted,

particularly

amongst

the

holdings

in

hotels,

restaurants

and

leisure

names,

including

the

position

in

International

Game

Technology

PLC.

The

position

in

Hasbro

also

detracted

as

it

delivered

disappointing

earnings

ahead

of

the

holiday

period.

In

the

industrials

sector,

stock

selection

and

an

underweight

to

the

sector

detracted

for

the

period,

as

several

aerospace

and

defense

holdings

underperformed.

In

the

financials

sector,

stock

selection

weighed

on

relative

returns,

particularly

among

capital

market

names.

The

key

securities’

contributors

during

the

period

were

CRH

public

limited

company,

Chevron

Corporation,

Intel

Corporation,

Pfizer

Inc,

and

U.S.

Bancorp.

CRH

announced

a

solid

trading

update

with

generally

positive

commentary

around

key

end

markets;

infrastructure

and

non-

residential

projects

continue

to

progress,

but

residential

is

expected

to

be

subdued

until

late

2024.

The

company

also

announced

deals

to

purchase

cement

assets

in

Texas

and

sell

lime

assets

in

Europe.

This

shifts

the

portfolio

more

toward

higher

growth

areas

in

the

U.S.

and

should

help

in

closing

the

large

valuation

gap

between

CRH

and

its

U.S.

peers.

Intel

Corporation’s

shares

rose

as

the

firm

is

seeing

PC

restocking,

a

new

GPU

launch

from

Habana,

positive

outlook

from

artificial

intelligence

benefiting

device

upgrades,

foundry

customer

wins

and

node

build

proceeding

well

to

mass

production

in

2024.

Mobileye

is

now

close

to

20%

of

Intel’s

enterprise

value

which

adds

another

growth

opportunity.

The

firm

is

a

key

beneficiary

of

the

CHIPS

Act,

which

should

provide

capital

offset

and

grants

coming

over

the

next

few

years.

U.S.

Bancorp

contributed

through

the

suggestions

of

a

Federal

Reserve

pivot

spurring

a

risk-on

rally,

helping

bank

stocks

during

the

quarter.

On

the

contrary,

the

Fund

not

owning

the

energy

company,

Chevron

Corporation,

contributed

as

oil

prices

fell

over

the

period.

Also,

not

owning

Pfizer

Inc.,

pharmaceutical

giant

and

healthcare

benchmark

bellwether,

was

beneficial

as

shares

have

steadily

sold

off

this

year

as

the

demand

for

their

COVID-19

vaccines

has

waned,

and

they

announced

they

were

stopping

development

on

a

type-2

diabetes

drug.

At

the

end

of

the

period,

the

Fund

holds

CRH,

Intel,

and

U.S.

Bancorp.

The

key

detractors

during

the

period

were

International

Game

Technology

PLC,

Becton,

Dickinson

and

Company,

Sanofi

Sponsored

ADR,

Occidental

Petroleum

Corporation,

and

Hasbro,

Inc.

International

Game

Technology

PLC

shares

fell

along

with

other

casino

stocks

after

a

peer

casino

missed

expectations

on

higher

inflation.

Becton,

Dickinson

and

Company

reported

a

reasonable

fiscal

fourth

quarter

but

issued

disappointing

earnings

guidance

for

fiscal

year

2024

due

to

a

worse-than-expected

foreign

exchange

rate

with

the

Mexican

peso,

where

a

good

portion

of

the

manufacturing

resides,

and

slowing

customer

base

growth

in

China.

These

items

are

siloed

in

nature

and

not

indicative

of

the

health

of

the

business.

We

find

shares

attractively

valued

given

their

long-term

growth

algorithm

of

5.5%

organic

top-line

growth

followed

by

double-digit

earnings

growth.

We

like

the

pipeline

of

the

company

as

well

and

think

the

company

is

a

stable

growth

compounder.

Sanofi

Sponsored

ADR

posted

disappointing

third-quarter

earnings

results

and

lowered

its

outlook.

Occidental

Petroleum

Corporation

shares

of

the

hydrocarbon

explorer

fell

on

general

weakness

in

the

energy

markets.

While

the

firm

reported

better-than-expected

third-quarter

earnings

and

revenue,

quarterly

profit

fell

more

than

50%.

Hasbro,

Inc.

shares

hit

a

52-week

low

after

reporting

disappointing

earnings

results

and

lowering

their

outlook

for

the

holiday

shopping

period.

Given

the

change

in

outlook,

the

Fund

exited

the

position.

At

the

end

of

the

period,

the

Fund

holds

all

securities

except

Hasbro.

The

Fund

is

structured

as

a

static

90%

investment

into

the

physical

securities

of

the

Equity

Income

Strategy,

with

the

remaining

10%

of

capital

used

as

collateral

for

investments

in

futures

and

listed

options

based

on

specific

equity

indices

(S&P

500

and

Russell

1000

Value

Indexes)

and

U.S.

Treasury

bonds.

Use

of

listed

derivative

instruments

allows

the

strategy

to

have

exposure

to

100%

of

the

active

positioning

only

of

the

Dynamic

U.S.

Equity

strategy,

in

the

form

of

an

overlay,

in

combination

with

the

active

security

selection

of

the

Equity

Income

strategy.

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

The

Fund

did

not

have

any

liquidity

events

that

had

a

material

impact

on

Fund

performance.

Subadviser:

Newton

Investment

Management

North

America.

LLC

Portfolio

Managers:

John

C.

Bailer,

CFA;

Brian

C.

Ferguson;

Keith

Howell,

Jr.,

CFA;

James

H.

Stavena;

Dimitri

Curtil;

and

Torrey

K.

Zaches,

CFA

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

initial

public

offerings

(IPOs),

which

often

are

subject

to

greater

and

more

unpredictable

price

changes

than

are

more-established

stocks.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(which

are

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

The

Fund

may

concentrate

investments

in

specific

industries

or

sectors,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

The

Fund

uses

a

value

style

of

investing,

focusing

on

dividend-paying

stocks

and

other

investments

which

provide

income,

and

may

underperform

other

funds

that

use

different

investing

styles.

There

is

no

guarantee

that

the

issuers

of

the

stocks

held

by

the

Fund

will

declare

dividends

in

the

future

or

that

the

dividends

will

remain

at

the

current

levels

or

increase

over

time.

The

success

of

the

Fund's

investment

strategy

may

depend

in

part

on

the

effectiveness

of

the

subadviser's

quantitative

tools

for

screening

securities.

A

previously

successful

strategy

may

become

outdated

or

inaccurate,

possibly

resulting

in

losses.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund's

principal

risks.

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copy

rights

related

to

the

Russell

Indexes.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

Asset

Allocation

1

Common

Stocks

88.1%

Repurchase

Agreements

5.1%

Short-Term

Investments

4.5%

Purchased

Options

0.4%

Futures

Contracts

0.1%

Other

assets

in

excess

of

liabilities

1.8%

100.0%

Top

Industries

2

Oil,

Gas

&

Consumable

Fuels

9.3%

Insurance

8.6%

Banks

8.1%

Capital

Markets

6.2%

Health

Care

Equipment

&

Supplies

6.1%

Financial

Services

4.6%

Aerospace

&

Defense

4.0%

Hotels,

Restaurants

&

Leisure

3.9%

Semiconductors

&

Semiconductor

Equipment

3.2%

Media

3.1%

Other

Industries

#

42.9%

100.0%

Top

Holdings

2

U.S.

Treasury

Bills

4.3%

JPMorgan

Chase

&

Co.

4.1%

Medtronic

plc

3.3%

Berkshire

Hathaway,

Inc.,

Class

B

3.2%

Danaher

Corp.

2.8%

CRH

plc

2.5%

AbbVie,

Inc.

2.5%

Becton

Dickinson

&

Co.

2.4%

AT&T,

Inc.

2.3%

International

Game

Technology

plc

2.2%

Other

Holdings

#

70.4%

100.0%

#

For

purposes

of

listing

top

holdings

and

top

industries,

the

repurchase

agreements

are

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

8.84%

13.28%

9.13%

3/24/2009

Class

II

8.65%

13.10%

8.95%

3/24/2009

Class

X

9.00%

N/A

17.16%

9/4/2020

Class

Z

8.78%

N/A

16.88%

9/4/2020

Russell

1000®

Value

Index

11.46%

10.91%

8.40%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.87%

0.87%

Class

II

1.12%

1.04%

Class

X

0.74%

0.74%

Class

Z

0.99%

0.99%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

I

shares

of

the

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

versus

performance

of

the

Russell

1000

®

Value

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Class

Y

returned

69.35%*

versus

61.13%

for

its

benchmark,

the

S&P

North

American

Technology

Sector

Index

TM

.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Technology

(consisting

of

34

investments

as

of

December

31,

2023),

was

54.25%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

technology

sector

experienced

a

strong

rebound

in

2023

after

a

tough

2022

(SPGSTI

61.13%

versus

SPX

26.29%).

Market

value

appreciation

was

driven

by

a

healthy

combination

of

revenue/earnings

upgrades

and

valuation

multiple

reratings

from

depressed

levels

as

inflation

pressures

eased.

Year-to-date

(“YTD”)

revenues/earnings

upgrades

were

driven

by

better-than-feared

demand

and

aggressive

cost

optimization

measures

by

companies.

Within

the

sector,

mega

cap

vendors

(73%

YTD),

perceived

AI

beneficiaries

(NVDA,

MSFT

etc.)

and

select

high

growth

software

companies

significantly

outperformed.

As

highlighted

by

outperformance

of

market

weighted

Technology

sector

index

(61.13%)

versus

equal

weight

technology

index

(28.2%),

Technology

sector

returns

in

2023

have

been

driven

by

a

limited

breadth

of

stocks.

This,

in

our

view,

represents

opportunities

for

alpha

generation

in

small

and

mid-cap

(SMID)

stocks

in

2024

as

we

expect

a

broader

recovery

in

IT

spending.

Slowing

economy

and

information

technology

(IT)

spending

digestion

post

elevated

years

of

spend

drove

below-trend

technology

spending

growth

(1-3%)

in

2023

(historical

trend

of

2-4%,

years

of

the

COVID-19

5-7%).

While

IT

spending

growth

was

below

trend,

it

was

better

than

expected

(Wall

Street

was

expecting

year-over-year

decline)

driving

revenue/earnings-per-share

upgrades

throughout

the

year.

The

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

outperformed

its

benchmark

(S&P

North

American

Technology

Sector

Index

TM

)

during

the

period.

The

semiconductors

&

semiconductor

equipment,

communications

equipment

&

group

transportation

sectors

contributed

to

performance,

and

the

software

sector

detracted

from

performance.

On

the

positive

side,

our

overweight

in

Meta

(META)

contributed

to

performance

during

the

year.

META’s

fundamentals

have

been

strong

with

solid

top

line

growth

driven

by

continued

engagement

improvement.

The

company

improved

efficiency

in

2023

by

controlling

costs

and

reducing

headcount

by

another

10,000

employees,

the

benefits

of

which

we

saw

through

third

quarter

results.

During

their

third

quarter

report,

the

company

also

guided

2024

operating

expenses

below

street

expectations.

Our

overweight

in

Uber

Technologies

(UBER)

contributed

to

performance

during

the

year.

UBER

delivered

strong

results

consistently

through

the

year

driven

by

accelerating

bookings

growth

and

high

incremental

margins.

UBER

achieved

trailing

twelve

months

GAAP

profitability

in

the

third

quarter

allowing

for

S&P

inclusion,

which

occurred

in

mid-December,

a

further

boost

to

the

stock.

Our

underweight

in

Cisco

Systems

(CSCO)

contributed

to

performance

during

the

year.

The

stock

underperformed

in

2023

amid

softening

enterprise

demand

as

customers

digest

inventory.

A

challenged

growth

in

the

short

term

and

greater

AI-related

Data

Center

upside

available

elsewhere

are

challenges

CSCO

faces.

The

Fund

held

Meta

and

Uber

and

did

not

hold

CSCO

at

the

end

of

the

period.

On

the

negative

side,

our

overweight

in

Wolfspeed

(WOLF)

detracted

from

performance

during

the

year.

Producing

silicon

carbide

(SiC)

was

more

difficult

than

expectations,

which

caused

us

to

exit

the

position.

Our

overweight

to

Baidu

(BIDU)

detracted

from

performance

during

the

year.

The

China

based

technology

vendor

underperformed

alongside

the

other

China

based

technology

stocks.

Digital

advertising

market

checks

pointed

to

a

softer

than

expected

ads

growth

business

due

to

weak

macro

driving

sell

side

estimate

cuts

across

the

board.

We

eliminated

the

position

following

weak

end

market

checks.

Our

overweight

position

in

DocuSign

(DOCU)

detracted

from

performance

during

the

year.

The

company

disappointed

due

to

lack

of

incremental

expense

control

in

the

face

of

slowing

growth.

The

Fund

no

longer

holds

the

position

at

the

end

of

the

period.

We

continue

to

focus

on

fundamentals

of

the

economy

and

company

earnings.

Easing

inflation

and

improved

prospects

for

growth

have

helped

fuel

optimism

for

a

soft

landing;

however,

the

U.S.

election,

higher

policy

rates

or

significant

geopolitical

tension,

risks

continue

to

remain

that

could

push

the

economy

into

recession

in

2024.

Through

the

volatility,

we

continue

to

focus

on

high

conviction

stocks

and

take

advantage

of

market

dislocations

for

compelling

stock

selection

opportunities.

Improving

IT

spending

and

relative

underperformance

by

SMID

stocks

provides

alpha

opportunities.

As

inflation

pressures

further

ease

into

2024

and

the

Federal

Reserve

likely

reduces

interest

rates,

we

expect

upward

valuation

support

for

SMID

cap

technology

companies

given

the

relative

underperformance

in

2023;

however,

we

do

not

expect

a

significant

valuation

multiple

expansion

for

the

broader

sector

as

multiples

are

closer

to

20-year

highs

(excluding

low

interest

rate

period

of

2020/2021).

Hence,

we

believe

2024

is

likely

to

be

a

stock

picker’s

market

where

secular

growth

winners,

margin

expansion

(could

be

self-help)

and

rebound

in

certain

industries,

post

two

years

of

digestion

after

COVID-19,

(PCs,

servers,

cloud)

could

be

rewarded.

The

Fund

did

not

invest

in

derivatives

and

did

not

experience

any

liquidity

events

that

impacted

performance

during

the

period.

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

Subadviser:

J.P.

Morgan

Investment

Management

Inc.

Portfolio

Manager:

Manish

Goyal

and

SK

Prasad

Borra

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more

established

companies.

The

Fund

may

invest

in

more-aggressive

investments

such

as

foreign

securities

(which

may

be

more

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

A

portion

of

the

fund

uses

a

growth

style

of

investing

and

therefore

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

concentrates

on

technology

sectors,

subjecting

it

to

greater

volatility

than

other

mutual

funds.

The

Fund

may

hold

larger

positions

in

fewer

securities

than

other

funds;

therefore,

a

change

in

value

of

a

single

security

may

have

a

substantial

impact

on

the

Fund’s

value

and

total

return.

Please

refer

to

the

most

recent

prospectus

for

more

detailed

information.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Asset

Allocation

1

Common

Stocks

97.5%

Repurchase

Agreement

1.6%

Other

assets

in

excess

of

liabilities

0.9%

100.0%

Top

Industries

2

Semiconductors

&

Semiconductor

Equipment

31.2%

Software

30.4%

Interactive

Media

&

Services

19.1%

Technology

Hardware,

Storage

&

Peripherals

7.1%

IT

Services

4.0%

Broadline

Retail

2.8%

Entertainment

1.1%

Automobile

Components

1.0%

Ground

Transportation

1.0%

Financial

Services

0.7%

Other

Industries

#

1.6%

100.0%

Top

Holdings

2

Microsoft

Corp.

11.6%

NVIDIA

Corp.

9.7%

Meta

Platforms,

Inc.,

Class

A

8.7%

Alphabet,

Inc.,

Class

A

6.9%

Apple,

Inc.

5.3%

Salesforce,

Inc.

5.2%

Advanced

Micro

Devices,

Inc.

5.1%

Adobe,

Inc.

3.7%

Broadcom,

Inc.

3.4%

Intuit,

Inc.

2.8%

Other

Holdings

#

37.6%

100.0%

#

For

purposes

of

listing

top

holdings

and

top

industries,

the

repurchase

agreement

is

included

as

part

of

Other.

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

69.35%

17.66%

4/27/2022

S&P

North

American

Technology

Sector

Index

TM

61.13%

19.68%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

Y

5.76%

0.62%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

Y

shares

of

the

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

from

inception

through

12/31/23

versus

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

J.P.

Morgan

Innovators

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

Innovators

Fund

Class

Y

returned

34.17%*

versus

26.53%

for

its

benchmark,

the

Russell

1000

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Growth

(consisting

of

268

investments

as

of

December

31,

2023),

was

40.75%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

NVIT

J.P.

Morgan

Innovators

portfolio

outperformed

its

benchmark

during

the

period.

The

communication

services,

health

care

and

real

estate

sectors

contributed

to

performance

while

the

utilities,

information

technology

and

materials

sectors

detracted

from

performance.

On

the

positive

side,

our

overweight

in

Meta

(META)

contributed

to

performance

during

the

year.

Company

fundamentals

have

been

strong

with

solid

top

line

growth

driven

by

continued

engagement

improvement.

The

company

improved

efficiency

in

2023

by

controlling

costs

and

reducing

headcount

by

another

10,000

employees,

the

benefits

of

which

we

saw

through

third

quarter

results.

During

their

third

quarter

report,

the

company

also

guided

2024

operating

expenses

below

street

expectations.

Our

overweight

in

Uber

Technologies

(UBER)

contributed

to

performance

during

the

year.

UBER

delivered

strong

results

consistently

through

the

year

driven

by

accelerating

bookings

growth

and

high

incremental

margins.

UBER

achieved

trailing

twelve-month

GAAP

profitability

in

the

third

quarter

allowing

for

S&P

inclusion,

which

occurred

in

mid-December,

a

further

boost

to

the

stock.

Our

overweight

to

Amazon

(AMZN)

contributed

to

performance

during

the

year.

It

experienced

improved

retail

margins,

with

AWS

growth

stabilizing

after

several

quarters

of

deceleration.

The

Fund

continues

to

hold

the

three

securities

at

the

end

of

the

period.

On

the

negative

side,

our

overweight

in

NextEra

(NEE)

detracted

from

performance

during

the

year.

The

stock

underperformed

as

a

result

of

macro

and

company

specific

factors.

Given

the

high

interest

rate

environment,

the

company

decided

not

to

sell

assets

to

NEP

(NextEra

Energy

Partners)

and

cut

its

distribution

growth

rate

in

half.

There

was

a

significant

negative

reaction

to

the

company’s

announcement

that

drove

the

stock

down;

however,

NEE’s

pipeline

of

renewables

continues

to

grow

as

it

has

a

very

attractive

market

value

with

the

inflation

reduction

act

(IRA).

Our

overweight

position

in

Truist

(TFC)

detracted

from

performance

during

the

year.

We

eliminated

this

position

during

the

banking

crisis

due

to

lack

of

conviction.

Our

overweight

position

in

Estee

Lauder

(EL)

detracted

from

performance

during

the

year.

Their

channel

inventory

situation

was

worse

than

anticipated,

and

it

was

negatively

impacted

by

slower

re-opening

in

China.

The

Fund

holds

only

NextEra

at

the

end

of

the

period.

We

continue

to

focus

on

fundamentals

of

the

economy

and

company

earnings.

Our

analysts’

estimates

for

S&P

500

®

Index

earnings

currently

project

+12%

for

2024

and

+12%

for

2025.

While

subject

to

revision,

this

forecast

includes

our

best

analysis

of

earnings

expectations.

Easing

inflation

and

improved

prospects

for

growth

have

helped

fuel

optimism

for

a

soft

landing;

however,

the

U.S.

election,

higher

policy

rates

or

significant

geopolitical

tension,

risks

continue

to

remain

that

could

push

the

economy

into

recession

in

2024.

Through

the

volatility,

we

continue

to

focus

on

high

conviction

stocks

and

take

advantage

of

market

dislocations

for

compelling

stock

selection

opportunities.

By

sector,

Consumer

was

significantly

more

resilient

than

the

market

feared

in

2023.

As

we

enter

2024,

consumer

related

spending

and

its

impact

on

the

broader

macro

(2nd/3rd

of

the

Gross

Domestic

Products)

remains

difficult

to

predict

with

better

employment

levels

and

salary

inflation

offset

by

lower

savings

rates,

lack

of

government

stimulus,

higher

delinquencies,

and

high

credit

card

debt,

etc.

Following

a

weak

12-18

months,

IT

spending

data

points

look

attractive,

and

we

are

excited

about

select

opportunities

(GenAI

commercialization,

cloud

spending

recovery)

in

the

technology

sector.

Politics

remain

a

dominant

factor

in

healthcare,

and

we

believe

idiosyncratic

factors

rather

than

themes

will

likely

drive

alpha

generation.

The

Fund

did

not

invest

in

derivatives

and

did

not

experience

any

liquidity

events

that

impacted

performance

during

the

reporting

period.

Subadviser:

J.P.

Morgan

Investment

Management

Inc.

Portfolio

Manager:

Manish

Goyal

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell®

is

a

trademark

of

Russell

Investment

Group.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Innovators

Fund

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more

established

companies.

The

Fund

may

invest

in

more-aggressive

investments

such

as

foreign

securities

(which

may

be

more

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

A

portion

of

the

fund

uses

a

growth

style

of

investing

and

therefore

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

concentrates

on

investments

in

particular

sectors,

possibly

subjecting

it

to

greater

volatility

than

other

mutual

funds.

The

Fund

may

hold

larger

positions

in

fewer

securities

than

other

funds;

therefore,

a

change

in

value

of

a

single

security

may

have

a

substantial

impact

on

the

Fund’s

value

and

total

return.

Please

refer

to

the

most

recent

prospectus

for

more

detailed

information.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

J.P.

Morgan

Innovators

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

Asset

Allocation

1

Common

Stocks

98.5%

Other

assets

in

excess

of

liabilities

1.5%

100.0%

Top

Industries

2

Software

15.0%

Semiconductors

&

Semiconductor

Equipment

9.9%

Capital

Markets

7.4%

Health

Care

Equipment

&

Supplies

6.4%

Broadline

Retail

5.6%

Financial

Services

5.4%

Interactive

Media

&

Services

5.1%

Technology

Hardware,

Storage

&

Peripherals

4.6%

Automobiles

3.4%

Pharmaceuticals

3.2%

Other

Industries

34.0%

100.0%

Top

Holdings

2

Microsoft

Corp.

9.2%

Amazon.com,

Inc.

5.6%

NVIDIA

Corp.

3.5%

Apple,

Inc.

3.5%

Tesla,

Inc.

3.4%

UnitedHealth

Group,

Inc.

3.2%

Advanced

Micro

Devices,

Inc.

3.0%

Meta

Platforms,

Inc.,

Class

A

2.9%

S&P

Global,

Inc.

2.7%

Charles

Schwab

Corp.

(The)

2.7%

Other

Holdings

60.3%

100.0%

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Innovators

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

34.17%

9.43%

4/27/2022

Russell

1000®

Index

26.53%

9.85%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

Y

5.43%

0.62%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

J.P.

Morgan

Innovators

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

Y

shares

of

the

NVIT

J.P.

Morgan

Innovators

Fund

from

inception

through

12/31/23

versus

performance

of

the

Russell

1000

®

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Class

Y

returned

35.15%*

versus

42.68%

for

its

benchmark,

the

Russell

1000®

Growth

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Growth

(consisting

of

268

investments

as

of

December

31,

2023),

was

40.75%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

S&P

500®

Index

as

a

broad

market,

ended

2023

strong,

returning

+26.29%

for

the

year.

Information

technology

and

communication

services

were

the

best

performing

sectors,

returning

+57.84%

and

+55.82%,

respectively.

Utilities

and

energy

were

the

only

sectors

that

closed

the

year

in

the

red,

returning

-7.08%

and

-1.33%,

respectively.

The

U.S.

equity

markets

ended

the

year

strong

despite

witnessing

the

second

largest

bank

failure

in

the

history

of

the

United

States.

The

Federal

Reserve

hiked

the

Fed

target

rate

to

5.25%-5.50%,

the

highest

level

in

more

than

22

years,

to

curb

record

high

inflation.

The

Consumer

Price

Index

peaked

at

6.4%

in

January

2023,

and

trended

downward

to

3.1%

in

November

2023.

Meanwhile,

third

quarter

Gross

Domestic

Product

(GDP)

was

a

bright

spot,

with

GDP

rising

at

4.9%

annualized;

the

increase

was

primarily

driven

by

a

rise

in

consumer

spending

and

inventory

investment.

The

labor

market

experienced

some

weakness

as

the

unemployment

rate

went

up

from

3.4%

in

January

2023

to

3.7%

in

November

2023.

Business

spending

held

up

better

than

expected

despite

tighter

lending

standards,

supported

by

increased

spending

on

intellectual

property

with

greater

emphasis

on

building

and

integrating

artificial

intelligence

capabilities.

Finally,

earnings

forecasts

for

2024

witnessed

an

uptick

towards

the

end

of

the

year

as

recession

fears

subsided.

Large

cap

stocks,

as

represented

by

the

S&P

500®

Index,

outperformed

the

small

cap

Russell

2000®

Index,

as

they

returned

+26.29%

versus

+16.93%,

respectively.

Value

underperformed

growth

by

a

massive

margin,

as

the

Russell

3000®

Value

Index

returned

+11.70%

and

the

Russell

3000®

Growth

Index

returned

+41.24%.

The

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

underperformed

the

benchmark

during

the

year

ended

December

31,

2023.

Within

the

market,

sector

leadership

in

2023

was

essentially

a

mirror

image

of

2022.

Defensive

sectors

and

energy

led

in

2022,

while

2023’s

return

was

driven

by

higher

growth

sectors

like

technology

and

consumer

discretionary.

Given

the

portfolio’s

structural

bias

to

momentum,

environments

characterized

by

changes

in

market

leadership

can

present

near-term

headwinds.

Health

care,

financials

and

energy

sectors

were

the

top

detractors.

Not

owning

real

estate

and

utilities

contributed,

in

addition

to

stock

selection

within

technology.

The

Fund’s

overweight

position

in

Charles

Schwab

was

the

largest

detractor.

The

stock

came

under

pressure

earlier

in

the

year,

as

investors

weighed

the

impact

of

rising

rates

on

the

company’s

earnings

growth

and

capital

requirements,

along

with

other

interest

sensitive

financial

services

companies.

An

overweight

position

in

First

Solar

also

detracted.

The

stock

came

under

pressure

amidst

uncertainty

around

the

impact

of

rising

interest

rates

on

solar

projects.

Additionally,

investors

expressed

some

concern

around

the

potential

for

greater

price

competition

from

Chinese

and

other

East

Asian

suppliers.

An

overweight

position

in

Eli

Lilly

was

another

detractor.

The

stock

outperformed

for

much

of

the

year

but

took

a

pause

after

the

position

size

was

increased.

The

position

ended

the

year

as

a

top

overweight

given

our

conviction

in

the

opportunity

that

they

have

with

GLP-1

drugs.

Charles

Schwab,

First

Solar

and

Eli

Lilly

continue

to

be

held

in

the

Fund.

On

the

positive,

our

overweight

position

in

Meta

Platforms

was

the

top

contributor.

Meta’s

fundamentals

have

been

strong

with

solid

top-line

growth

driven

by

improved

advertising

revenue.

We

continue

to

have

conviction

in

Meta;

it

remains

a

top

overweight

within

the

technology

sector.

An

overweight

in

Uber

Technologies

also

contributed.

Strong

execution

by

Uber

management

over

the

course

of

the

year

drove

an

acceleration

in

bookings,

profitability

and

share

gains.

We

remain

constructive

on

growth

and

margin

expansion

potential

and

believe

we

are

in

the

early

days

of

seeing

advertising

growth

in

their

Rides

and

Eats

businesses.

An

overweight

position

in

Salesforce

was

another

contributor,

as

management

shifted

their

focus

to

margin

expansion

and

free

cash

flow

generation.

The

position

was

added

during

the

year.

Meta

Platforms,

Uber

Technologies

and

Salesforce

all

continue

to

be

held

in

the

Fund.

2023

was

a

year

of

positioning

changes

as

the

bottom-up

opportunity

set

evolved.

For

the

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

2023

was

about

balance

as

a

reflection

of

a

market

that

has

lacked

clear

and

sustainable

leadership

over

the

last

few

years.

This

balance

is

in

terms

of

sector

positioning

as

well

as

style,

as

we

closed

the

overweight

to

defensive

growers

and

have

built

back

up

exposure

to

secular

growers

where

expectations

have

gone

through

a

reset.

The

technology

sector

ended

the

year

much

less

underweight

than

it

started.

Consumer

discretionary

started

the

year

underweight

and

ended

the

year

as

a

top

overweight.

Health

care

and

staples,

both

of

which

started

the

year

as

overweights,

are

now

modest

underweights.

We

continue

to

focus

on

fundamentals

of

the

economy

and

company

earnings.

Our

analysts’

estimates

for

S&P

500®

Index

earnings

currently

project

+12%

for

2024

and

+12%

for

2025.

While

subject

to

revision,

this

forecast

includes

our

best

analysis

of

earnings

expectations.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

Easing

inflation

and

improved

prospects

for

growth

have

helped

fuel

optimism

for

a

soft

landing;

however,

the

U.S.

election,

higher

policy

rates

and

significant

geopolitical

tension

risks

continue

to

remain

that

could

push

the

economy

into

recession

in

2024.

Through

the

volatility,

we

continue

to

focus

on

high

conviction

stocks

and

take

advantage

of

market

dislocations

for

compelling

stock

selection

opportunities.

The

Fund

did

not

invest

in

derivatives

during

the

reporting

period

and

had

no

liquidity

events

impact

the

performance.

Subadviser:

J.P.

Morgan

Investment

Management

Inc

Portfolio

Managers:

Giri

Devulapally;

Joseph

Wilson;

Larry

H.

Lee;

Holly

Fleiss;

and

Robert

Maloney

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell®

is

a

trademark

of

Russell

Investment

Group.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

may

invest

in

more-aggressive

investments

such

as

foreign

securities

(which

may

be

more

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities),

derivatives

(which

create

investment

leverage

and

are

highly

volatile)

and

futures

contracts

(prices

are

more

volatile

than

stock

and

bonds

and

fluctuations

in

value

can

cause

large

losses

to

the

Fund).

A

portion

of

the

fund

uses

a

growth

style

of

investing

and

therefore

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

concentrates

on

investments

in

particular

sectors,

subjecting

it

to

greater

volatility

than

other

mutual

funds.

The

Fund

may

have

a

higher

portfolio

turnover

rate

which

increases

transaction

costs

and

may

adversely

impact

the

Fund’s

performance.

Please

refer

to

the

most

recent

prospectus

for

more

detailed

information.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

26

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Asset

Allocation

1

Common

Stocks

97.0%

Other

assets

in

excess

of

liabilities

3.0%

100.0%

Top

Industries

2

Software

22.7%

Semiconductors

&

Semiconductor

Equipment

10.6%

Interactive

Media

&

Services

9.2%

Broadline

Retail

8.8%

Technology

Hardware,

Storage

&

Peripherals

5.5%

Pharmaceuticals

4.8%

Hotels,

Restaurants

&

Leisure

4.1%

Biotechnology

3.1%

Entertainment

3.1%

Financial

Services

2.9%

Other

Industries

25.2%

100.0%

Top

Holdings

2

Microsoft

Corp.

11.8%

Amazon.com,

Inc.

7.2%

Apple,

Inc.

5.5%

Meta

Platforms,

Inc.,

Class

A

5.3%

NVIDIA

Corp.

5.2%

Eli

Lilly

&

Co.

4.8%

Alphabet,

Inc.,

Class

C

3.9%

Mastercard,

Inc.,

Class

A

2.8%

Netflix,

Inc.

2.7%

Broadcom,

Inc.

2.7%

Other

Holdings

48.1%

100.0%

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

27

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

35.15%

13.71%

4/27/2022

Russell

1000®

Growth

Index

42.68%

14.43%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

Y

4.60%

0.62%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

28

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

I

shares

of

the

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

from

inception

through

12/31/23

versus

performance

of

the

Russell

1000

®

Growth

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

J.P.Morgan

U.S.

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

29

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Class

II

returned

26.73%*

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Blend

(consisting

of

313

investments

as

of

December

31,

2023),

was

25.60%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

S&P

500

®

Index

ended

2023

strong,

returning

+26.29%

for

the

year.

Information

technology

and

communication

services

were

the

best

performing

sectors,

returning

+57.84%

and

+55.82%,

respectively.

Utilities

and

energy

were

the

only

sectors

that

closed

the

year

in

the

red

returning

-7.08%

and

-1.33%,

respectively.

The

U.S.

equity

markets

ended

the

year

strong

despite

witnessing

the

second

largest

bank

failure

in

the

history

of

the

United

States.

The

Federal

Reserve

hiked

the

Fed

target

rate

to

5.25%-5.50%,

the

highest

level

in

more

than

22

years

to

curb

record

high

inflation.

The

Consumer

Price

Index

peaked

at

6.4%

in

January

2023,

and

trended

downward

to

3.1%

in

November

2023.

Meanwhile,

third

quarter

Gross

Domestic

Products

(“GDP”)

was

a

bright

spot,

with

GDP

rising

at

4.9%

annualized;

the

increase

was

primarily

driven

by

an

increase

in

consumer

spending

and

inventory

investment.

The

labor

market

experienced

some

weakness

as

the

unemployment

rate

went

up

from

3.4%

in

January

2023

to

3.7%

in

November

2023.

Business

spending

held

up

better

than

expected

despite

tighter

lending

standards,

supported

by

increased

spending

on

intellectual

property

with

greater

emphasis

on

building

and

integrating

artificial

intelligence

capabilities.

Finally,

earnings

forecasts

for

2024

witnessed

an

uptick

towards

the

end

of

the

year

as

recession

fears

subsided.

Large

cap

stocks

as

represented

by

the

S&P

500

®

Index

outperformed

the

small

cap

Russell

2000

®

Index,

as

they

returned

+26.29%

versus

+16.93%,

respectively.

Value

underperformed

growth

by

a

massive

margin,

as

the

Russell

3000

Value

®

Index

returned

+11.70%

and

the

Russell

3000

Growth

®

Index

returned

+41.24%.

The

NVIT

J.P.

Morgan

U.S.

Equity

Fund

outperformed

the

benchmark

during

the

full

year.

For

the

full

year,

the

information

technology,

energy

and

financials

sectors

contributed

to

performance,

while

the

utilities,

consumer

discretionary

and

communication

services

sectors

detracted

from

performance.

On

the

positive

side,

within

industrials,

our

overweight

in

Uber

Technologies

(UBER)

contributed

to

performance

during

the

year.

UBER

delivered

strong

results

consistently

driven

by

accelerating

bookings

growth

and

high

incremental

margins.

UBER

achieved

trailing

twelve-month

GAAP

profitability

in

the

third

quarter

allowing

for

S&P

inclusion,

which

occurred

in

mid-December,

a

further

boost

to

the

stock.

The

Fund

still

holds

the

position.

Within

information

technology,

our

overweight

in

Microsoft

(MSFT)

contributed

to

performance

during

the

year

and

the

quarter.

Heading

into

the

year,

there

were

headwinds

related

to

Azure

growth

given

cloud

optimization

efforts

that

were

expected

to

last

into

the

second

half

of

the

year.

Despite

this,

Microsoft

ultimately

benefitted

from

enthusiasm

around

GenAI.

Microsoft's

influential

investment

in

OpenAI

and

Microsoft's

own

work

in

GenAI

via

Azure

AI

Services

has

positioned

the

company

as

an

early

"AI

winner".

The

Fund

still

holds

the

position.

Within

information

technology,

our

overweight

in

NXP

Semiconductors

(NXPI)

contributed

to

performance

during

the

year.

The

stock

outperformed

in

2023

as

NXPI’s

Automotive

fundamentals

and

margins

held

strong

despite

broader

cyclical

concerns

in

the

Analog

space.

Based

on

multi-year

secular

opportunity

in

Automotive

(e.g.,

Radar,

Domain/Zonal

Processors),

NXPI

has

strong

growth

prospects

over

the

long-term.

The

Fund

still

holds

the

position.

On

the

negative

side,

within

utilities,

our

overweight

in

NextEra

Energy

(NEE)

detracted

from

performance

during

the

year.

The

stock

underperformed

as

a

result

of

macro

and

company

specific

factors.

Given

the

high

interest

rate

environment,

the

company

decided

not

to

sell

assets

to

NEP

(NextEra

Energy

Partners)

and

cut

its

distribution

growth

rate

in

half.

There

was

a

significant

negative

reaction

to

the

company’s

announcement

that

drove

the

stock

down;

however,

NEE’s

pipeline

of

renewables

continues

to

grow

as

they

have

a

very

attractive

market

value

with

the

Infrastructure

Renewables

Account.

The

Fund

still

holds

the

position.

Within

healthcare,

our

overweight

in

Bristol

Myers

Squibb

(BMY)

detracted

from

performance

during

the

year.

The

market

showed

little

appreciation

for

value

names,

which

hurt

BMY

as

it

also

suffered

from

declining

prospects

in

parts

of

its

business.

BMY

has

a

convoluted

path

to

growth

where

old/mature

products

need

to

be

replaced

by

newly

launched

products,

and

performance

of

these

launches

has

lagged

relative

to

expectations.

The

Fund

still

holds

the

position.

Within

consumer

discretionary,

our

overweight

in

Dollar

General

(DG)

detracted

from

performance

during

the

year.

While

supply

chain

issues

that

were

an

overhang

at

the

start

of

the

year

have

largely

been

resolved,

the

debate

around

the

appropriate

level

of

investment

needed

to

fix

operational

issues

persists.

Shrinking

inventory

levels

and

poor

store

conditions

continue

to

plague

DG,

and

it

is

unclear

to

investors

whether

the

incremental

investment

(labor

hours,

markdowns,

inventory

forecasting

tools)

is

enough

to

right

the

ship.

There

are

also

additional

questions

on

the

balance

sheet

with

leverage

above

the

target

ratio.

The

return

of

former

CEO

Todd

Vasos

has

helped

stabilize

the

stock,

but

uncertainties

remain.

Accordingly,

we

exited

this

position.

30

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.Morgan

U.S.

Equity

Fund

We

continue

to

focus

on

fundamentals

of

the

economy

and

company

earnings.

Our

analysts’

estimates

for

S&P

500

®

Index

earnings

currently

project

+12%

for

2024

and

+12%

for

2025.

While

subject

to

revision,

this

forecast

includes

our

best

analysis

of

earnings

expectations.

Easing

inflation

and

improved

prospects

for

growth

have

helped

fuel

optimism

for

a

soft

landing;

however,

the

U.S.

election,

higher

policy

rates

and

significant

geopolitical

tension

risks

continue

to

remain

that

could

push

the

economy

into

recession

in

2024.

Through

the

volatility,

we

continue

to

focus

on

high

conviction

stocks

and

take

advantage

of

market

dislocations

for

compelling

stock

selection

opportunities.

Futures

are

used

to

hedge

cash

positions.

The

Index

futures

held

in

the

account

have

a

notional

amount

of

less

than

1.0%

of

the

total

AUM,

hence

they

resulted

in

very

minimal

exposure

to

additional

risk

factors.

The

Fund

did

not

have

any

liquidity

events

that

materially

impacted

on

performance

during

the

period.

Subadviser:

J.P.

Morgan

Investment

Management

Inc.

Portfolio

Managers:

Scott

B.

Davis;

David

Small;

and

Shilpee

Raina,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

initial

public

offerings

(IPOs),

which

often

are

subject

to

greater

and

more

unpredictable

price

changes

than

are

more-established

stocks.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(which

are

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

The

Fund

may

concentrate

investments

in

specific

industries

or

sectors,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

The

Fund

uses

a

value

style

of

investing,

focusing

on

dividend-paying

stocks

and

other

investments

which

provide

income,

and

may

underperform

other

funds

that

use

different

investing

styles.

There

is

no

guarantee

that

the

issuers

of

the

stocks

held

by

the

Fund

will

declare

dividends

in

the

future

or

that

the

dividends

will

remain

at

the

current

levels

or

increase

over

time.

The

success

of

the

Fund's

investment

strategy

may

depend

in

part

on

the

effectiveness

of

the

subadviser's

quantitative

tools

for

screening

securities.

A

previously

successful

strategy

may

become

outdated

or

inaccurate,

possibly

resulting

in

losses.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund's

principal

risks.

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copy

rights

related

to

the

Russell

Indexes.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell®

is

a

trademark

of

Russell

Investment

Group.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

J.P.Morgan

U.S.

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

31

footno

Asset

Allocation

1

Common

Stocks

99.9%

Other

assets

in

excess

of

liabilities

0.1%

100.0%

Top

Industries

2

Software

11.6%

Semiconductors

&

Semiconductor

Equipment

8.5%

Biotechnology

6.3%

Interactive

Media

&

Services

5.9%

Technology

Hardware,

Storage

&

Peripherals

5.6%

Capital

Markets

4.9%

Broadline

Retail

4.6%

Electric

Utilities

4.0%

Banks

3.6%

Specialty

Retail

3.2%

Other

Industries

41.8%

100.0%

Top

Holdings

2

Microsoft

Corp.

9.3%

Apple,

Inc.

5.0%

Amazon.com,

Inc.

4.6%

NVIDIA

Corp.

3.3%

UnitedHealth

Group,

Inc.

3.2%

Alphabet,

Inc.,

Class

A

3.0%

Meta

Platforms,

Inc.,

Class

A

2.9%

AbbVie,

Inc.

2.7%

Morgan

Stanley

2.5%

NXP

Semiconductors

NV

2.5%

Other

Holdings

61.0%

100.0%

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

32

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.Morgan

U.S.

Equity

Fund

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

26.73%

9.33%

15.16%

10/4/2019

Class

Y

27.32%

9.88%

15.73%

10/4/2019

S&P

500®

Index

26.29%

10.00

%

14.17%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.10%

0.94%

Class

Y

0.60%

0.44%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

NVIT

J.P.Morgan

U.S.

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

33

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

J.P.

Morgan

U.S.

Equity

Fund

from

inception

through

12/31/23

versus

performance

of

the

S&P

500

®

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

Investors

cannot

invest

directly

in

market

indexes.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

34

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Class

Y

returned

64.87%*

versus

45.55%

for

its

benchmark,

the

Russell

1000

®

Equal

Weight

Technology

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Technology

(consisting

of

34

investments

as

of

December

31,

2023),

was

54.25%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

The

S&P

500

®

Index

ended

2023

strong,

returning

+26.29%

for

the

year.

Information

technology

and

communication

services

were

the

best

performing

sectors,

returning

+57.84%

and

+55.82%,

respectively.

Utilities

and

energy

were

the

only

sectors

that

closed

the

year

in

red

returning

-7.08%

and

-1.33%,

respectively.

The

U.S.

equity

markets

ended

the

year

strong

despite

witnessing

the

second

largest

bank

failure

in

the

history

of

the

United

States.

The

Federal

Reserve

hiked

the

Fed

target

rate

to

5.25%-5.50%,

the

highest

level

in

more

than

22

years,

to

curb

record

high

inflation.

The

Consumer

Price

Index

(“CPI”)

peaked

at

6.4%

in

January

2023,

and

trended

downwards

to

3.1%

in

November

2023.

Meanwhile,

third

quarter

Gross

Domestic

Product

(“GDP”)

was

a

bright

spot,

with

GDP

rising

at

4.9%

annualized;

the

increase

was

primarily

driven

by

growth

in

consumer

spending

and

inventory

investment.

The

labor

market

experienced

some

weakness

as

the

unemployment

rate

went

up

from

3.4%

in

January

2023

to

3.7%

in

November

2023.

Business

spending

held

up

better

than

expected

despite

tighter

lending

standards,

supported

by

increased

spending

on

intellectual

property

with

greater

emphasis

on

building

and

integrating

artificial

intelligence

capabilities.

Finally,

earnings

forecasts

for

2024

witnessed

an

uptick

towards

the

end

of

the

year

as

recession

fears

subsided.

Large

cap

stocks

as

represented

by

the

S&P

500

®

Index

outperformed

the

small

cap

Russell

2000

®

Index,

as

they

returned

+26.29%

versus

+16.93%,

respectively.

Value

underperformed

growth

by

a

massive

margin,

as

the

Russell

3000

Value

®

Index

returned

+11.70%

and

the

Russell

3000

Growth

®

Index

returned

+41.24%.

The

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

outperformed

the

benchmark

during

the

year.

Our

stock

selection

in

the

semiconductors,

consumer

digital

services

and

software

subsectors

were

top

contributors

to

performance.

Computer

hardware

was

the

top

detractor,

followed

by

holdings

in

industrials

and

health

care.

Our

overweight

position

in

NVIDIA

was

the

largest

contributor.

The

stock

has

had

better-than-expected

earnings

results

mostly

driven

by

the

data

center

segment,

given

the

surging

demand

for

artificial

intelligence

(AI)

chips.

We

believe

NVIDIA

remains

best

positioned

among

peers

to

benefit

from

AI

related

datacenter

spending.

Our

overweight

position

in

Meta

Platforms

was

another

top

contributor.

Meta’s

fundamentals

have

been

strong

with

solid

top-line

growth

driven

by

improved

advertising

revenue.

We

continue

to

have

conviction

in

Meta;

it

remains

a

top

overweight.

An

overweight

in

Uber

Technologies

also

contributed

as

strong

execution

by

management

over

the

course

of

the

year

drove

an

acceleration

in

bookings,

profitability

and

share

gains.

We

remain

constructive

on

growth

and

margin

expansion

potential

and

believe

we

are

in

the

early

days

of

seeing

advertising

growth

in

their

Rides

and

Eats

businesses.

NVIDIA,

Meta

Platforms

and

Uber

Technologies

all

continue

to

be

held

in

the

Fund.

On

the

negative,

our

overweight

position

in

Enphase

Energy

for

a

part

of

the

period

detracted

from

performance.

Shares

underperformed

as

concerns

around

higher

interest

rates

and

a

changing

regulatory

landscape

in

California

weighed

on

the

company’s

outlook.

We

exited

the

position

in

the

first

quarter.

An

overweight

position

in

DexCom

also

detracted

due

to

concerns

over

the

impact

of

obesity

drugs

on

medical

devices

used

to

manage

diabetes.

We

trimmed

our

position

during

the

year.

An

overweight

position

in

Wolfspeed

also

detracted

as

an

intensifying

capex

outlook

pushes

free

cash

flow

generation

and

profitability

further

out

in

the

future.

DexCom

and

Wolfspeed

continue

to

be

held

in

the

Fund.

From

a

positioning

perspective,

the

consumer

digital

services

subsector

ended

the

year

as

the

top

overweight

given

greater

conviction

in

companies

like

Shopify

or

Meta,

where

expectations

have

gone

through

a

multi-

year

reset

and

fundamentals

are

inflecting

positively.

Semiconductors

remain

an

overweight,

though

less

so

than

at

the

start

of

the

year

as

we

have

pared

back

positions

with

less

compelling

risk/reward

given

a

strong

run

of

performance.

Software

continues

to

be

an

underweight,

but

it

has

been

an

area

where

we

have

added

exposure

throughout

the

year.

Computer

services

also

remain

a

top

underweight.

We

continue

to

focus

on

fundamentals

of

the

economy

and

company

earnings.

Easing

inflation

and

improved

prospects

for

growth

have

helped

fuel

optimism

for

a

soft

landing.

However,

be

it

the

U.S.

election,

higher

policy

rates

or

significant

geopolitical

tension,

risks

continue

to

remain

that

could

push

the

economy

into

recession

in

2024.

Through

the

volatility,

we

continue

to

focus

on

high

conviction

stocks

and

take

advantage

of

market

dislocations

for

compelling

stock

selection

opportunities.

The

Fund

did

not

invest

in

derivatives

during

the

reporting

period

and

had

no

liquidity

events

that

impacted

performance.

Subadviser:

J.P.

Morgan

Investment

Management

Inc.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

December

31,

2023

-

Fund

Commentary

-

35

Portfolio

Managers:

Joseph

Wilson

and

Eric

Ghernati

*High

double-digit

returns

are

unusual

and

cannot

be

sustained.

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

The

Fund

is

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell®

is

a

trademark

of

Russell

Investment

Group.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more

established

companies.

The

Fund

may

invest

in

more-aggressive

investments

such

as

foreign

securities

(which

may

be

more

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

A

portion

of

the

fund

uses

a

growth

style

of

investing

and

therefore

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

concentrates

on

technology

sectors,

subjecting

it

to

greater

volatility

than

other

mutual

funds.

The

Fund

may

have

a

higher

portfolio

turnover

rate

which

increases

transaction

costs

and

may

adversely

impact

the

Fund’s

performance.

Please

refer

to

the

most

recent

prospectus

for

more

detailed

information.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

36

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Asset

Allocation

1

Common

Stocks

99.0%

Other

assets

in

excess

of

liabilities

1.0%

100.0%

Top

Industries

2

Software

32.0%

Semiconductors

&

Semiconductor

Equipment

24.4%

Interactive

Media

&

Services

8.5%

IT

Services

7.5%

Entertainment

5.0%

Broadline

Retail

4.7%

Automobiles

3.9%

Ground

Transportation

2.9%

Electronic

Equipment,

Instruments

&

Components

2.2%

Hotels,

Restaurants

&

Leisure

1.9%

Other

Industries

7.0%

100.0%

Top

Holdings

2

Meta

Platforms,

Inc.,

Class

A

5.3%

NVIDIA

Corp.

4.2%

Tesla,

Inc.

3.9%

Synopsys,

Inc.

3.5%

Advanced

Micro

Devices,

Inc.

3.5%

Amazon.com,

Inc.

3.2%

Alphabet,

Inc.,

Class

C

3.2%

Netflix,

Inc.

3.2%

Uber

Technologies,

Inc.

2.9%

Shopify,

Inc.,

Class

A

2.8%

Other

Holdings

64.3%

100.0%

1

Percentages

indicated

are

based

upon

net

assets

as

of

December

31,

2023.

2

Percentages

indicated

are

based

upon

total

investments

as

of

December

31,

2023.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

December

31,

2023

-

Fund

Commentary

-

37

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

64.87%

19.41%

4/27/2022

Russell

1000®

Equal

Weight

Technology

Index

45.55%

13.96%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

Y

5.49%

0.62%

^

Current

effective

prospectus

dated

May

1,

2023.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

April

30,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

38

-

Fund

Commentary

-

December

31,

2023

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

Y

shares

of

the

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

from

inception

through

12/31/23

versus

performance

of

the

Russell

1000

®

Equal

Weight

Technology

Index

for

the

same

period.

Unlike

the

Fund,

the

performance

of

this

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

40

-

Shareholder

Expense

Example

-

December

31,

2023

-

Equity

Funds

(I)

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

from July

1,

2023

through

December

31,

2023.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,072.40

3.19

0.61

Hypothetical

(b)(c)

1,000.00

1,022.13

3.11

0.61

Class

II

Shares

Actual

(b)

1,000.00

1,070.80

4.49

0.86

Hypothetical

(b)(c)

1,000.00

1,020.87

4.38

0.86

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,061.60

4.52

0.87

Hypothetical

(b)(c)

1,000.00

1,020.82

4.43

0.87

Class

II

Shares

Actual

(b)

1,000.00

1,060.20

5.40

1.04

Hypothetical

(b)(c)

1,000.00

1,019.96

5.30

1.04

Class

X

Shares

Actual

(b)

1,000.00

1,061.80

3.85

0.74

Hypothetical

(b)(c)

1,000.00

1,021.48

3.77

0.74

Class

Z

Shares

Actual

(b)

1,000.00

1,061.20

5.14

0.99

Hypothetical

(b)(c)

1,000.00

1,020.21

5.04

0.99

Equity

Funds

(I)

-

December

31,

2023

-

Shareholder

Expense

Example

-

41

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,162.90

3.38

0.62

Hypothetical

(b)(c)

1,000.00

1,022.08

3.16

0.62

NVIT

J.P.

Morgan

Innovators

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,108.50

3.30

0.62

Hypothetical

(b)(c)

1,000.00

1,022.08

3.16

0.62

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,093.20

3.27

0.62

Hypothetical

(b)(c)

1,000.00

1,022.08

3.16

0.62

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Class

II

Shares

Actual

(b)

1,000.00

1,086.80

4.94

0.94

Hypothetical

(b)(c)

1,000.00

1,020.47

4.79

0.94

Class

Y

Shares

Actual

(b)

1,000.00

1,090.10

2.32

0.44

Hypothetical

(b)(c)

1,000.00

1,022.99

2.24

0.44

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,128.10

3.33

0.62

Hypothetical

(b)(c)

1,000.00

1,022.08

3.16

0.62

(a)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(b)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(c)

Represents

the

hypothetical

5%

return

before

expenses.

42

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

87

.6

%

Shares

Value

($)

Aerospace

&

Defense

1

.4

%

Axon

Enterprise,

Inc.*

3,266

843,706

Boeing

Co.

(The)*

27,579

7,188,742

General

Dynamics

Corp.(a)

10,861

2,820,276

Howmet

Aerospace,

Inc.(a)

19,398

1,049,820

Huntington

Ingalls

Industries,

Inc.

1,766

458,524

L3Harris

Technologies,

Inc.

9,210

1,939,810

Lockheed

Martin

Corp.

10,659

4,831,085

Northrop

Grumman

Corp.

6,874

3,217,995

RTX

Corp.

69,595

5,855,723

Textron,

Inc.

8,965

720,965

TransDigm

Group,

Inc.

2,695

2,726,262

31,652,908

Air

Freight

&

Logistics

0

.4

%

CH

Robinson

Worldwide,

Inc.

5,719

494,064

Expeditors

International

of

Washington,

Inc.

7,257

923,090

FedEx

Corp.

11,128

2,815,050

United

Parcel

Service,

Inc.,

Class

B

35,076

5,515,000

9,747,204

Automobile

Components

0

.1

%

Aptiv

plc*

13,338

1,196,685

BorgWarner,

Inc.

12,008

430,487

1,627,172

Automobiles

1

.7

%

Ford

Motor

Co.

193,466

2,358,351

General

Motors

Co.

65,828

2,364,542

Tesla,

Inc.*

134,128

33,328,125

38,051,018

Banks

2

.9

%

Bank

of

America

Corp.

333,903

11,242,514

Citigroup,

Inc.

92,818

4,774,558

Citizens

Financial

Group,

Inc.

23,272

771,234

Comerica,

Inc.

5,755

321,187

Fifth

Third

Bancorp

33,147

1,143,240

Huntington

Bancshares,

Inc.

(a)

69,395

882,704

JPMorgan

Chase

&

Co.

140,207

23,849,211

KeyCorp(a)

47,146

678,902

M&T

Bank

Corp.

8,174

1,120,492

PNC

Financial

Services

Group,

Inc.

(The)(a)

19,114

2,959,803

Regions

Financial

Corp.

45,696

885,588

Truist

Financial

Corp.

64,680

2,387,986

US

Bancorp

76,274

3,301,139

Wells

Fargo

&

Co.

176,125

8,668,872

Zions

Bancorp

NA(a)

6,623

290,551

63,277,981

Beverages

1

.3

%

Brown-Forman

Corp.,

Class

B(a)

9,248

528,061

Coca-Cola

Co.

(The)

188,707

11,120,503

Constellation

Brands,

Inc.,

Class

A

7,912

1,912,726

Keurig

Dr

Pepper,

Inc.

47,850

1,594,362

Molson

Coors

Beverage

Co.,

Class

B

9,329

571,028

Monster

Beverage

Corp.*

35,703

2,056,850

Common

Stocks

Shares

Value

($)

Beverages

PepsiCo,

Inc.(a)

66,677

11,324,422

29,107,952

Biotechnology

1

.8

%

AbbVie,

Inc.

85,624

13,269,151

Amgen,

Inc.

25,955

7,475,559

Biogen,

Inc.*

7,075

1,830,798

Gilead

Sciences,

Inc.

60,425

4,895,029

Incyte

Corp.*

8,786

551,673

Moderna,

Inc.*(a)

16,316

1,622,626

Regeneron

Pharmaceuticals,

Inc.*(a)

5,260

4,619,806

Vertex

Pharmaceuticals,

Inc.*

12,497

5,084,904

39,349,546

Broadline

Retail

3

.1

%

Amazon.com,

Inc.*

441,034

67,010,706

eBay,

Inc.

25,908

1,130,107

Etsy,

Inc.*(a)

5,628

456,149

68,596,962

Building

Products

0

.4

%

A

O

Smith

Corp.

6,359

524,236

Allegion

plc(a)

3,905

494,725

Builders

FirstSource,

Inc.*

6,082

1,015,329

Carrier

Global

Corp.

41,140

2,363,493

Johnson

Controls

International

plc

33,522

1,932,208

Masco

Corp.

10,750

720,035

Trane

Technologies

plc

11,227

2,738,265

9,788,291

Capital

Markets

2

.6

%

Ameriprise

Financial,

Inc.(a)

4,851

1,842,555

Bank

of

New

York

Mellon

Corp.

(The)

36,894

1,920,333

BlackRock,

Inc.

6,782

5,505,627

Blackstone,

Inc.

34,360

4,498,411

Cboe

Global

Markets,

Inc.

5,199

928,333

Charles

Schwab

Corp.

(The)

72,157

4,964,402

CME

Group,

Inc.

17,360

3,656,016

FactSet

Research

Systems,

Inc.(a)

1,878

895,900

Franklin

Resources,

Inc.(a)

13,981

416,494

Goldman

Sachs

Group,

Inc.

(The)

15,816

6,101,338

Intercontinental

Exchange,

Inc.

27,577

3,541,714

Invesco

Ltd.(a)

22,566

402,577

MarketAxess

Holdings,

Inc.

1,868

547,044

Moody's

Corp.

7,578

2,959,664

Morgan

Stanley

61,292

5,715,479

MSCI,

Inc.,

Class

A

3,776

2,135,894

Nasdaq,

Inc.

16,226

943,380

Northern

Trust

Corp.

10,036

846,838

Raymond

James

Financial,

Inc.(a)

9,032

1,007,068

S&P

Global,

Inc.(a)

15,713

6,921,891

State

Street

Corp.

14,754

1,142,845

T.

Rowe

Price

Group,

Inc.

10,498

1,130,530

58,024,333

Chemicals

1

.4

%

Air

Products

&

Chemicals,

Inc.

10,661

2,918,982

Albemarle

Corp.(a)

5,773

834,083

Celanese

Corp.,

Class

A(a)

4,639

720,761

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Statement

of

Investments

-

43

Common

Stocks

Shares

Value

($)

Chemicals

CF

Industries

Holdings,

Inc.

9,223

733,229

Corteva,

Inc.

34,657

1,660,763

Dow,

Inc.

34,384

1,885,619

DuPont

de

Nemours,

Inc.

21,037

1,618,376

Eastman

Chemical

Co.(a)

6,058

544,130

Ecolab,

Inc.

12,500

2,479,375

FMC

Corp.

6,539

412,284

International

Flavors

&

Fragrances,

Inc.

12,671

1,025,971

Linde

plc

23,516

9,658,256

LyondellBasell

Industries

NV,

Class

A(a)

12,457

1,184,412

Mosaic

Co.

(The)

16,478

588,759

PPG

Industries,

Inc.

11,324

1,693,504

Sherwin-Williams

Co.

(The)

11,406

3,557,531

31,516,035

Commercial

Services

&

Supplies

0

.5

%

Cintas

Corp.(a)

4,123

2,484,767

Copart,

Inc.*

41,573

2,037,077

Republic

Services,

Inc.,

Class

A

9,870

1,627,662

Rollins,

Inc.

13,854

605,004

Veralto

Corp.

10,793

887,832

Waste

Management,

Inc.

17,728

3,175,085

10,817,427

Communications

Equipment

0

.7

%

Arista

Networks,

Inc.*(a)

12,356

2,909,962

Cisco

Systems,

Inc.

196,441

9,924,199

F5,

Inc.*

2,931

524,590

Juniper

Networks,

Inc.(a)

16,314

480,937

Motorola

Solutions,

Inc.

8,041

2,517,557

16,357,245

Construction

&

Engineering

0

.1

%

Quanta

Services,

Inc.(a)

7,127

1,538,007

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

(a)

2,986

1,489,745

Vulcan

Materials

Co.

6,271

1,423,580

2,913,325

Consumer

Finance

0

.4

%

American

Express

Co.

28,100

5,264,254

Capital

One

Financial

Corp.

18,333

2,403,823

Discover

Financial

Services

12,428

1,396,907

Synchrony

Financial

20,837

795,765

9,860,749

Consumer

Staples

Distribution

&

Retail

1

.6

%

Costco

Wholesale

Corp.

21,472

14,173,238

Dollar

General

Corp.

10,650

1,447,867

Dollar

Tree,

Inc.*

10,385

1,475,189

Kroger

Co.

(The)

32,537

1,487,266

Sysco

Corp.

24,689

1,805,507

Target

Corp.(a)

22,311

3,177,533

Walgreens

Boots

Alliance,

Inc.

35,421

924,842

Walmart,

Inc.

69,183

10,906,700

35,398,142

Containers

&

Packaging

0

.2

%

Amcor

plc(a)

72,905

702,804

Avery

Dennison

Corp.

3,893

787,009

Ball

Corp.(a)

15,664

900,993

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

International

Paper

Co.

17,460

631,179

Packaging

Corp.

of

America

4,431

721,854

Westrock

Co.

11,947

496,040

4,239,879

Distributors

0

.1

%

Genuine

Parts

Co.

6,963

964,376

LKQ

Corp.

13,665

653,050

Pool

Corp.(a)

1,964

783,066

2,400,492

Diversified

Telecommunication

Services

0

.6

%

AT&T,

Inc.

346,758

5,818,599

Verizon

Communications,

Inc.

203,888

7,686,578

13,505,177

Electric

Utilities

1

.4

%

Alliant

Energy

Corp.(a)

12,971

665,412

American

Electric

Power

Co.,

Inc.

25,385

2,061,770

Constellation

Energy

Corp.(a)

15,801

1,846,979

Duke

Energy

Corp.

37,121

3,602,222

Edison

International

18,846

1,347,300

Entergy

Corp.(a)

10,525

1,065,025

Evergy,

Inc.

11,160

582,552

Eversource

Energy

17,273

1,066,089

Exelon

Corp.(a)

48,628

1,745,745

FirstEnergy

Corp.

24,929

913,897

NextEra

Energy,

Inc.

99,718

6,056,871

NRG

Energy,

Inc.

10,701

553,242

PG&E

Corp.

102,937

1,855,954

Pinnacle

West

Capital

Corp.

5,477

393,468

PPL

Corp.

35,949

974,218

Southern

Co.

(The)

52,655

3,692,169

Xcel

Energy,

Inc.

26,404

1,634,672

30,057,585

Electrical

Equipment

0

.5

%

AMETEK,

Inc.

11,237

1,852,869

Eaton

Corp.

plc

19,335

4,656,255

Emerson

Electric

Co.

27,356

2,662,559

Generac

Holdings,

Inc.*

2,991

386,557

Hubbell,

Inc.,

Class

B

2,647

870,678

Rockwell

Automation,

Inc.

5,593

1,736,514

12,165,432

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Amphenol

Corp.,

Class

A(a)

29,315

2,905,996

CDW

Corp.

6,323

1,437,344

Corning,

Inc.

37,111

1,130,030

Jabil,

Inc.

6,306

803,384

Keysight

Technologies,

Inc.*

8,665

1,378,515

TE

Connectivity

Ltd.(a)

14,899

2,093,309

Teledyne

Technologies,

Inc.*(a)

2,271

1,013,525

Trimble,

Inc.*

12,198

648,934

Zebra

Technologies

Corp.,

Class

A*

2,518

688,245

12,099,282

Energy

Equipment

&

Services

0

.3

%

Baker

Hughes

Co.,

Class

A

48,549

1,659,405

Halliburton

Co.(a)

43,958

1,589,082

Schlumberger

NV

70,028

3,644,257

6,892,744

44

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Entertainment

1

.0

%

Electronic

Arts,

Inc.

11,994

1,640,899

Live

Nation

Entertainment,

Inc.*(a)

6,871

643,126

Netflix,

Inc.*

21,226

10,334,515

Take-Two

Interactive

Software,

Inc.*

7,426

1,195,215

Walt

Disney

Co.

(The)*

88,740

8,012,335

Warner

Bros

Discovery,

Inc.*(a)

104,212

1,185,932

23,012,022

Financial

Services

3

.6

%

Berkshire

Hathaway,

Inc.,

Class

B*

88,238

31,470,965

Fidelity

National

Information

Services,

Inc.

28,831

1,731,878

Fiserv,

Inc.*

29,324

3,895,400

FleetCor

Technologies,

Inc.*

3,622

1,023,613

Global

Payments,

Inc.

12,728

1,616,456

Jack

Henry

&

Associates,

Inc.

(a)

3,453

564,255

Mastercard,

Inc.,

Class

A

40,160

17,128,642

PayPal

Holdings,

Inc.*

52,485

3,223,104

Visa,

Inc.,

Class

A(a)

77,305

20,126,357

80,780,670

Food

Products

0

.8

%

Archer-Daniels-Midland

Co.

26,416

1,907,764

Bunge

Global

SA

6,672

673,538

Campbell

Soup

Co.

10,265

443,756

Conagra

Brands,

Inc.

22,775

652,732

General

Mills,

Inc.

27,630

1,799,818

Hershey

Co.

(The)

7,384

1,376,673

Hormel

Foods

Corp.

13,527

434,352

J

M

Smucker

Co.

(The)

4,931

623,180

Kellanova

12,197

681,934

Kraft

Heinz

Co.

(The)

37,898

1,401,468

Lamb

Weston

Holdings,

Inc.

6,777

732,526

McCormick

&

Co.,

Inc.

(Non-Voting)

12,417

849,571

Mondelez

International,

Inc.,

Class

A

65,947

4,776,541

Tyson

Foods,

Inc.,

Class

A

13,846

744,222

17,098,075

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

7,261

841,550

Ground

Transportation

1

.0

%

CSX

Corp.

95,837

3,322,669

JB

Hunt

Transport

Services,

Inc.

3,998

798,560

Norfolk

Southern

Corp.

10,876

2,570,869

Old

Dominion

Freight

Line,

Inc.

4,371

1,771,697

Uber

Technologies,

Inc.*(a)

99,801

6,144,748

Union

Pacific

Corp.

29,564

7,261,510

21,870,053

Health

Care

Equipment

&

Supplies

2

.3

%

Abbott

Laboratories(a)

84,160

9,263,491

Align

Technology,

Inc.*(a)

3,580

980,920

Baxter

International,

Inc.(a)

24,780

957,995

Becton

Dickinson

&

Co.

13,970

3,406,305

Boston

Scientific

Corp.*

70,758

4,090,520

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Cooper

Cos.,

Inc.

(The)

2,319

877,602

Dentsply

Sirona,

Inc.(a)

11,157

397,078

Dexcom,

Inc.*(a)

18,942

2,350,513

Edwards

Lifesciences

Corp.*(a)

29,736

2,267,370

GE

HealthCare

Technologies,

Inc.

18,943

1,464,673

Hologic,

Inc.*

12,016

858,543

IDEXX

Laboratories,

Inc.*

4,045

2,245,177

Insulet

Corp.*(a)

3,188

691,732

Intuitive

Surgical,

Inc.*

17,075

5,760,422

Medtronic

plc

64,528

5,315,817

ResMed,

Inc.

6,937

1,193,303

STERIS

plc

4,840

1,064,074

Stryker

Corp.

16,390

4,908,150

Teleflex,

Inc.

2,362

588,941

Zimmer

Biomet

Holdings,

Inc.

(a)

9,799

1,192,538

49,875,164

Health

Care

Providers

&

Services

2

.5

%

Cardinal

Health,

Inc.

11,677

1,177,041

Cencora,

Inc.

8,166

1,677,133

Centene

Corp.*

25,598

1,899,627

Cigna

Group

(The)

14,191

4,249,495

CVS

Health

Corp.

62,257

4,915,813

DaVita,

Inc.*

2,476

259,386

Elevance

Health,

Inc.

11,395

5,373,426

HCA

Healthcare,

Inc.

9,582

2,593,656

Henry

Schein,

Inc.*

6,490

491,358

Humana,

Inc.(a)

5,923

2,711,609

Laboratory

Corp.

of

America

Holdings(a)

4,244

964,619

McKesson

Corp.(a)

6,439

2,981,128

Molina

Healthcare,

Inc.*

2,854

1,031,179

Quest

Diagnostics,

Inc.(a)

5,161

711,599

UnitedHealth

Group,

Inc.

44,857

23,615,865

Universal

Health

Services,

Inc.,

Class

B

2,910

443,600

55,096,534

Health

Care

REITs

0

.2

%

Healthpeak

Properties,

Inc.

27,436

543,233

Ventas,

Inc.(a)

19,644

979,057

Welltower,

Inc.

27,158

2,448,837

3,971,127

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.(a)

33,518

652,596

Hotels,

Restaurants

&

Leisure

1

.9

%

Airbnb,

Inc.,

Class

A*

21,009

2,860,165

Booking

Holdings,

Inc.*(a)

1,692

6,001,896

Caesars

Entertainment,

Inc.*

10,826

507,523

Carnival

Corp.*(a)

48,334

896,112

Chipotle

Mexican

Grill,

Inc.,

Class

A*

1,331

3,043,944

Darden

Restaurants,

Inc.(a)

5,956

978,571

Domino's

Pizza,

Inc.

1,748

720,578

Expedia

Group,

Inc.*

6,333

961,286

Hilton

Worldwide

Holdings,

Inc.

12,517

2,279,221

Las

Vegas

Sands

Corp.

18,214

896,311

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

International,

Inc.,

Class

A(a)

11,947

2,694,168

McDonald's

Corp.

35,177

10,430,332

MGM

Resorts

International*(a)

12,327

550,771

Norwegian

Cruise

Line

Holdings

Ltd.*(a)

21,647

433,806

Royal

Caribbean

Cruises

Ltd.*(a)

11,292

1,462,201

Starbucks

Corp.

55,413

5,320,202

Wynn

Resorts

Ltd.(a)

4,530

412,728

Yum!

Brands,

Inc.

13,661

1,784,946

42,234,761

Household

Durables

0

.3

%

DR

Horton,

Inc.

14,560

2,212,829

Garmin

Ltd.(a)

7,354

945,283

Lennar

Corp.,

Class

A(a)

11,944

1,780,134

Mohawk

Industries,

Inc.*

2,566

265,581

NVR,

Inc.*

149

1,043,067

PulteGroup,

Inc.(a)

10,157

1,048,405

Whirlpool

Corp.(a)

2,644

321,960

7,617,259

Household

Products

1

.1

%

Church

&

Dwight

Co.,

Inc.

11,886

1,123,940

Clorox

Co.

(The)

5,997

855,112

Colgate-Palmolive

Co.

39,746

3,168,154

Kimberly-Clark

Corp.

16,628

2,020,468

Procter

&

Gamble

Co.

(The)

114,303

16,749,962

23,917,636

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

30,663

590,263

Industrial

Conglomerates

0

.7

%

3M

Co.

27,182

2,971,536

General

Electric

Co.

52,784

6,736,822

Honeywell

International,

Inc.

(a)

31,972

6,704,848

16,413,206

Industrial

REITs

0

.3

%

Prologis,

Inc.

44,810

5,973,173

Insurance

1

.8

%

Aflac,

Inc.(a)

25,688

2,119,260

Allstate

Corp.

(The)

12,750

1,784,745

American

International

Group,

Inc.

33,917

2,297,877

Aon

plc,

Class

A

9,815

2,856,361

Arch

Capital

Group

Ltd.*

18,486

1,372,955

Arthur

J

Gallagher

&

Co.(a)

10,436

2,346,848

Assurant,

Inc.

2,514

423,584

Brown

&

Brown,

Inc.(a)

10,872

773,108

Chubb

Ltd.

19,786

4,471,636

Cincinnati

Financial

Corp.

7,764

803,263

Everest

Group

Ltd.

2,139

756,308

Globe

Life,

Inc.

4,044

492,236

Hartford

Financial

Services

Group,

Inc.

(The)(a)

14,770

1,187,213

Loews

Corp.

8,223

572,238

Marsh

&

McLennan

Cos.,

Inc.

(a)

23,913

4,530,796

MetLife,

Inc.

29,658

1,961,283

Common

Stocks

Shares

Value

($)

Insurance

Principal

Financial

Group,

Inc.

10,214

803,535

Progressive

Corp.

(The)

28,347

4,515,110

Prudential

Financial,

Inc.

17,761

1,841,993

Travelers

Cos.,

Inc.

(The)(a)

11,281

2,148,918

W

R

Berkley

Corp.

10,119

715,616

Willis

Towers

Watson

plc

5,059

1,220,231

39,995,114

Interactive

Media

&

Services

5

.1

%

Alphabet,

Inc.,

Class

A*

287,008

40,092,148

Alphabet,

Inc.,

Class

C*

241,554

34,042,205

Match

Group,

Inc.*

13,214

482,311

Meta

Platforms,

Inc.,

Class

A*

107,645

38,102,024

112,718,688

IT

Services

1

.1

%

Accenture

plc,

Class

A(a)

30,438

10,680,998

Akamai

Technologies,

Inc.*(a)

7,259

859,103

Cognizant

Technology

Solutions

Corp.,

Class

A

23,922

1,806,829

EPAM

Systems,

Inc.*

2,882

856,934

Gartner,

Inc.*(a)

3,754

1,693,467

International

Business

Machines

Corp.

44,284

7,242,648

VeriSign,

Inc.*

4,271

879,655

24,019,634

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

5,939

303,245

Life

Sciences

Tools

&

Services

1

.3

%

Agilent

Technologies,

Inc.

14,160

1,968,665

Bio-Rad

Laboratories,

Inc.,

Class

A*(a)

1,074

346,784

Bio-Techne

Corp.

7,149

551,617

Charles

River

Laboratories

International,

Inc.*(a)

2,542

600,929

Danaher

Corp.

31,894

7,378,358

Illumina,

Inc.*(a)

7,934

1,104,730

IQVIA

Holdings,

Inc.*

9,023

2,087,742

Mettler-Toledo

International,

Inc.*

1,056

1,280,886

Revvity,

Inc.(a)

6,068

663,293

Thermo

Fisher

Scientific,

Inc.

(a)

18,738

9,945,943

Waters

Corp.*(a)

2,833

932,708

West

Pharmaceutical

Services,

Inc.

3,594

1,265,519

28,127,174

Machinery

1

.6

%

Caterpillar,

Inc.(a)

24,741

7,315,171

Cummins,

Inc.

6,891

1,650,877

Deere

&

Co.

12,969

5,185,914

Dover

Corp.

6,877

1,057,751

Fortive

Corp.

16,624

1,224,025

IDEX

Corp.

3,487

757,063

Illinois

Tool

Works,

Inc.(a)

13,446

3,522,045

Ingersoll

Rand,

Inc.

19,092

1,476,575

Nordson

Corp.

2,726

720,100

Otis

Worldwide

Corp.

20,068

1,795,484

PACCAR,

Inc.

25,674

2,507,066

Parker-Hannifin

Corp.

6,318

2,910,703

Pentair

plc

8,060

586,043

Snap-on,

Inc.

2,378

686,862

46

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Machinery

Stanley

Black

&

Decker,

Inc.

7,680

753,408

Westinghouse

Air

Brake

Technologies

Corp.

8,378

1,063,168

Xylem,

Inc.

11,994

1,371,634

34,583,889

Media

0

.6

%

Charter

Communications,

Inc.,

Class

A*

4,783

1,859,056

Comcast

Corp.,

Class

A

194,748

8,539,700

Fox

Corp.,

Class

A

11,978

355,387

Fox

Corp.,

Class

B

7,090

196,039

Interpublic

Group

of

Cos.,

Inc.

(The)

18,549

605,439

News

Corp.,

Class

A

19,459

477,718

News

Corp.,

Class

B(a)

5,994

154,166

Omnicom

Group,

Inc.

9,866

853,508

Paramount

Global,

Class

B(a)

23,173

342,729

13,383,742

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

68,774

2,927,709

Newmont

Corp.

54,983

2,275,746

Nucor

Corp.

11,812

2,055,761

Steel

Dynamics,

Inc.

7,070

834,967

8,094,183

Multi-Utilities

0

.6

%

Ameren

Corp.

13,115

948,739

CenterPoint

Energy,

Inc.

30,690

876,813

CMS

Energy

Corp.(a)

14,022

814,258

Consolidated

Edison,

Inc.(a)

16,961

1,542,942

Dominion

Energy,

Inc.

40,166

1,887,802

DTE

Energy

Co.

10,313

1,137,111

NiSource,

Inc.

19,808

525,903

Public

Service

Enterprise

Group,

Inc.

24,593

1,503,862

Sempra(a)

30,814

2,302,730

WEC

Energy

Group,

Inc.

14,902

1,254,301

12,794,461

Office

REITs

0

.1

%

Alexandria

Real

Estate

Equities,

Inc.

7,609

964,593

Boston

Properties,

Inc.

6,391

448,456

1,413,049

Oil,

Gas

&

Consumable

Fuels

3

.1

%

APA

Corp.

15,090

541,429

Chevron

Corp.(a)

85,142

12,699,781

ConocoPhillips(a)

57,481

6,671,820

Coterra

Energy,

Inc.

37,425

955,086

Devon

Energy

Corp.

31,510

1,427,403

Diamondback

Energy,

Inc.

8,467

1,313,062

EOG

Resources,

Inc.

28,591

3,458,081

EQT

Corp.

17,915

692,594

Exxon

Mobil

Corp.

194,265

19,422,615

Hess

Corp.

13,315

1,919,490

Kinder

Morgan,

Inc.

95,048

1,676,647

Marathon

Oil

Corp.

27,051

653,552

Marathon

Petroleum

Corp.

18,206

2,701,042

Occidental

Petroleum

Corp.(a)

31,384

1,873,939

ONEOK,

Inc.

28,123

1,974,797

Phillips

66

21,337

2,840,808

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Pioneer

Natural

Resources

Co.

11,487

2,583,197

Targa

Resources

Corp.(a)

11,090

963,388

Valero

Energy

Corp.(a)

16,625

2,161,250

Williams

Cos.,

Inc.

(The)

59,736

2,080,605

68,610,586

Passenger

Airlines

0

.1

%

American

Airlines

Group,

Inc.*(a)

33,776

464,082

Delta

Air

Lines,

Inc.

31,686

1,274,728

Southwest

Airlines

Co.(a)

28,449

821,607

United

Airlines

Holdings,

Inc.*

16,605

685,122

3,245,539

Personal

Care

Products

0

.2

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

11,096

1,622,790

Kenvue,

Inc.

84,209

1,813,020

3,435,810

Pharmaceuticals

3

.3

%

Bristol-Myers

Squibb

Co.

98,681

5,063,322

Catalent,

Inc.*(a)

8,974

403,202

Eli

Lilly

&

Co.

38,673

22,543,265

Johnson

&

Johnson

116,747

18,298,925

Merck

&

Co.,

Inc.

122,894

13,397,904

Pfizer,

Inc.

273,837

7,883,767

Viatris,

Inc.(a)

56,388

610,682

Zoetis,

Inc.,

Class

A

22,248

4,391,088

72,592,155

Professional

Services

0

.6

%

Automatic

Data

Processing,

Inc.

19,947

4,647,053

Broadridge

Financial

Solutions,

Inc.

5,530

1,137,798

Ceridian

HCM

Holding,

Inc.*(a)

7,900

530,248

Equifax,

Inc.(a)

5,822

1,439,722

Jacobs

Solutions,

Inc.

6,245

810,601

Leidos

Holdings,

Inc.

6,768

732,568

Paychex,

Inc.

15,686

1,868,360

Paycom

Software,

Inc.

2,377

491,373

Robert

Half,

Inc.

4,834

425,005

Verisk

Analytics,

Inc.,

Class

A

7,062

1,686,829

13,769,557

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*(a)

14,402

1,340,682

CoStar

Group,

Inc.*(a)

20,121

1,758,374

3,099,056

Residential

REITs

0

.3

%

AvalonBay

Communities,

Inc.

6,933

1,297,996

Camden

Property

Trust

5,127

509,060

Equity

Residential

16,780

1,026,265

Essex

Property

Trust,

Inc.(a)

3,083

764,399

Invitation

Homes,

Inc.

28,511

972,510

Mid-America

Apartment

Communities,

Inc.

5,749

773,010

UDR,

Inc.

15,123

579,060

5,922,300

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust

3,164

326,050

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Retail

REITs

Kimco

Realty

Corp.(a)

31,542

672,160

Realty

Income

Corp.

34,895

2,003,671

Regency

Centers

Corp.

7,995

535,665

Simon

Property

Group,

Inc.

15,822

2,256,850

5,794,396

Semiconductors

&

Semiconductor

Equipment

7

.1

%

Advanced

Micro

Devices,

Inc.*

78,356

11,550,458

Analog

Devices,

Inc.

24,167

4,798,599

Applied

Materials,

Inc.

40,570

6,575,180

Broadcom,

Inc.

21,288

23,762,730

Enphase

Energy,

Inc.*

6,612

873,710

First

Solar,

Inc.*(a)

5,107

879,834

Intel

Corp.

204,465

10,274,366

KLA

Corp.

6,592

3,831,930

Lam

Research

Corp.

6,392

5,006,598

Microchip

Technology,

Inc.

26,133

2,356,674

Micron

Technology,

Inc.(a)

53,024

4,525,068

Monolithic

Power

Systems,

Inc.

2,268

1,430,609

NVIDIA

Corp.

119,789

59,321,908

NXP

Semiconductors

NV

12,423

2,853,315

ON

Semiconductor

Corp.*(a)

21,160

1,767,495

Qorvo,

Inc.*

4,572

514,853

QUALCOMM,

Inc.

53,978

7,806,838

Skyworks

Solutions,

Inc.

7,832

880,473

Teradyne,

Inc.(a)

7,411

804,242

Texas

Instruments,

Inc.

44,046

7,508,081

157,322,961

Software

9

.4

%

Adobe,

Inc.*(a)

22,081

13,173,525

ANSYS,

Inc.*

4,336

1,573,448

Autodesk,

Inc.*(a)

10,248

2,495,183

Cadence

Design

Systems,

Inc.*

13,109

3,570,498

Fair

Isaac

Corp.*

1,230

1,431,732

Fortinet,

Inc.*

30,501

1,785,223

Gen

Digital,

Inc.

27,574

629,239

Intuit,

Inc.

13,592

8,495,408

Microsoft

Corp.(a)

360,446

135,542,114

Oracle

Corp.

76,836

8,100,819

Palo

Alto

Networks,

Inc.*(a)

15,074

4,445,021

PTC,

Inc.*

5,568

974,177

Roper

Technologies,

Inc.

5,252

2,863,233

Salesforce,

Inc.*(a)

47,188

12,417,050

ServiceNow,

Inc.*

9,942

7,023,924

Synopsys,

Inc.*

7,360

3,789,738

Tyler

Technologies,

Inc.*

2,122

887,251

209,197,583

Specialized

REITs

1

.0

%

American

Tower

Corp.(a)

22,603

4,879,536

Crown

Castle,

Inc.(a)

21,241

2,446,751

Digital

Realty

Trust,

Inc.(a)

14,906

2,006,049

Equinix,

Inc.

4,514

3,635,530

Extra

Space

Storage,

Inc.(a)

10,246

1,642,741

Iron

Mountain,

Inc.

14,206

994,136

Public

Storage(a)

7,740

2,360,700

SBA

Communications

Corp.,

Class

A(a)

5,071

1,286,462

VICI

Properties,

Inc.,

Class

A(a)

49,451

1,576,498

Common

Stocks

Shares

Value

($)

Specialized

REITs

Weyerhaeuser

Co.(a)

34,309

1,192,924

22,021,327

Specialty

Retail

1

.8

%

AutoZone,

Inc.*(a)

858

2,218,453

Bath

&

Body

Works,

Inc.

11,488

495,822

Best

Buy

Co.,

Inc.

8,907

697,240

CarMax,

Inc.*(a)

7,431

570,255

Home

Depot,

Inc.

(The)(a)

48,501

16,808,022

Lowe's

Cos.,

Inc.

27,989

6,228,952

O'Reilly

Automotive,

Inc.*

2,902

2,757,132

Ross

Stores,

Inc.

16,731

2,315,403

TJX

Cos.,

Inc.

(The)

55,485

5,205,048

Tractor

Supply

Co.(a)

5,246

1,128,047

Ulta

Beauty,

Inc.*(a)

2,324

1,138,737

39,563,111

Technology

Hardware,

Storage

&

Peripherals

6

.4

%

Apple,

Inc.

709,013

136,506,274

Hewlett

Packard

Enterprise

Co.

63,067

1,070,878

HP,

Inc.

43,391

1,305,635

NetApp,

Inc.

9,794

863,439

Seagate

Technology

Holdings

plc(a)

9,830

839,187

Western

Digital

Corp.*

15,245

798,381

141,383,794

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Lululemon

Athletica,

Inc.*

5,551

2,838,171

NIKE,

Inc.,

Class

B

59,362

6,444,933

Ralph

Lauren

Corp.,

Class

A(a)

1,911

275,566

Tapestry,

Inc.(a)

11,199

412,235

VF

Corp.(a)

17,190

323,172

10,294,077

Tobacco

0

.5

%

Altria

Group,

Inc.

85,613

3,453,629

Philip

Morris

International,

Inc.

75,288

7,083,095

10,536,724

Trading

Companies

&

Distributors

0

.2

%

Fastenal

Co.

27,769

1,798,598

United

Rentals,

Inc.(a)

3,273

1,876,804

WW

Grainger,

Inc.

2,114

1,751,850

5,427,252

Water

Utilities

0

.1

%

American

Water

Works

Co.,

Inc.

9,144

1,206,917

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.(a)

24,904

3,992,858

Total

Common

Stocks

(cost

$1,114,589,137)

1,941,778,159

48

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Purchased

Options

0

.4

%

Number

of

Contracts

Value

($)

Call

Options

0

.4

%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

2/16/2024

at

USD

4,750.00,

European

Style

Notional

Amount:

USD

119,961,224

Exchange

Traded

*

503

3,093,450

S&P

500

E-Mini

Index

2/16/2024

at

USD

4,700.00,

European

Style

Notional

Amount:

USD

119,961,225

Exchange

Traded

*

503

4,030,287

S&P

500

E-Mini

Index

3/15/2024

at

USD

4,850.00,

American

Style

Notional

Amount:

USD

119,961,225

Exchange

Traded

*

503

2,156,613

Total

Purchased

Options

(cost

$3,914,239)

9,280,350

Short-Term

Investments

8

.0

%

Shares

U.S.

Treasury

Obligation

8.0%

U.S.

Treasury

Bills

5.28%

2/22/2024(b)

6,745,000

6,694,859

5.45%

4/18/2024(a)

173,000,000

170,330,174

Total

U.S.

Treasury

Obligation

(cost

$176,925,389)

177,025,033

Total

Short-Term

Investment

(cost

$176,925,389)

177,025,033

Repurchase

Agreements

2

.5

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$9,023,879,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$9,198,837.(c)(d)

9,018,468

9,018,468

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$25,014,750,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$25,500,020.(c)(d)

25,000,000

25,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,936,754,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$6,055,223.

(c)(d)

5,933,239

5,933,239

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$10,005,923,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$10,200,000.(c)(d)

10,000,000

10,000,000

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,989,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$5,103,049.

(c)(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$54,951,707)

54,951,707

Total

Investments

(cost

$1,350,380,472)

—

98.5%

2,183,035,249

Other

assets

in

excess

of

liabilities

—

1.5%

33,699,852

NET

ASSETS

—

100.0%

$

2,216,735,101

*

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

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$291,812,742,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$54,951,707

and

by

$243,456,836

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/25/2024

–

11/15/2053,

a

total

value

of

$298,408,543.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$54,951,707.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2023

-

Statement

of

Investments

-

49

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

536

3/2024

USD

129,176,000

2,669,387

Net

contracts

2,669,387

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

88

.1

%

Shares

Value

($)

Aerospace

&

Defense

3

.9

%

Howmet

Aerospace,

Inc.

89,018

4,817,654

L3Harris

Technologies,

Inc.

22,043

4,642,697

Northrop

Grumman

Corp.

23,738

11,112,707

20,573,058

Air

Freight

&

Logistics

1

.5

%

FedEx

Corp.(a)

31,193

7,890,893

Automobiles

0

.7

%

General

Motors

Co.

99,902

3,588,480

Banks

7

.9

%

Bank

of

America

Corp.

216,039

7,274,033

First

Horizon

Corp.

133,800

1,894,608

JPMorgan

Chase

&

Co.

124,556

21,186,975

Truist

Financial

Corp.

64,964

2,398,471

US

Bancorp(a)

218,799

9,469,621

42,223,708

Beverages

0

.5

%

Coca-Cola

Co.

(The)

49,164

2,897,235

Biotechnology

2

.9

%

AbbVie,

Inc.

82,923

12,850,577

Amgen,

Inc.

8,483

2,443,274

15,293,851

Capital

Markets

6

.0

%

Ameriprise

Financial,

Inc.

6,645

2,523,970

CME

Group,

Inc.

46,018

9,691,391

Goldman

Sachs

Group,

Inc.

(The)

26,098

10,067,825

LPL

Financial

Holdings,

Inc.

15,054

3,426,592

Morgan

Stanley

68,549

6,392,194

32,101,972

Chemicals

0

.8

%

CF

Industries

Holdings,

Inc.

51,830

4,120,485

Commercial

Services

&

Supplies

0

.7

%

Veralto

Corp.(a)

43,604

3,586,865

Communications

Equipment

2

.0

%

Cisco

Systems,

Inc.

215,637

10,893,981

Construction

Materials

2

.5

%

CRH

plc(a)

190,868

13,200,431

Diversified

Telecommunication

Services

2

.3

%

AT&T,

Inc.

714,882

11,995,720

Electric

Utilities

1

.1

%

Constellation

Energy

Corp.

51,459

6,015,042

Electrical

Equipment

0

.9

%

Eaton

Corp.

plc

19,957

4,806,045

Financial

Services

4

.5

%

Berkshire

Hathaway,

Inc.,

Class

B*

46,514

16,589,683

Voya

Financial,

Inc.

97,404

7,106,596

23,696,279

Food

Products

1

.2

%

Bunge

Global

SA

35,561

3,589,883

Mondelez

International,

Inc.,

Class

A(a)

40,697

2,947,684

6,537,567

Health

Care

Equipment

&

Supplies

6

.0

%

Alcon,

Inc.CHF

28,962

2,262,511

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Becton

Dickinson

&

Co.

51,624

12,587,480

Medtronic

plc

207,113

17,061,969

31,911,960

Health

Care

Providers

&

Services

2

.1

%

UnitedHealth

Group,

Inc.

21,241

11,182,749

Hotels,

Restaurants

&

Leisure

3

.8

%

International

Game

Technology

plc

422,726

11,586,920

Las

Vegas

Sands

Corp.

171,712

8,449,947

20,036,867

Insurance

8

.5

%

Allstate

Corp.

(The)

70,114

9,814,558

American

International

Group,

Inc.

110,373

7,477,771

Assurant,

Inc.

50,730

8,547,498

Everest

Group

Ltd.

6,599

2,333,274

Progressive

Corp.

(The)

15,308

2,438,258

RenaissanceRe

Holdings

Ltd.

(a)

39,388

7,720,048

Willis

Towers

Watson

plc

27,404

6,609,845

44,941,252

Interactive

Media

&

Services

0

.9

%

Alphabet,

Inc.,

Class

A*

35,332

4,935,527

IT

Services

0

.9

%

International

Business

Machines

Corp.(a)

29,925

4,894,234

Life

Sciences

Tools

&

Services

2

.7

%

Danaher

Corp.

62,714

14,508,257

Media

3

.1

%

Comcast

Corp.,

Class

A

97,519

4,276,208

Interpublic

Group

of

Cos.,

Inc.

(The)

185,139

6,042,937

Omnicom

Group,

Inc.

69,611

6,022,048

16,341,193

Metals

&

Mining

2

.8

%

Freeport-McMoRan,

Inc.

204,409

8,701,691

Newmont

Corp.

143,936

5,957,511

14,659,202

Multi-Utilities

0

.9

%

Dominion

Energy,

Inc.

102,471

4,816,137

Oil,

Gas

&

Consumable

Fuels

9

.2

%

ConocoPhillips

62,372

7,239,518

Diamondback

Energy,

Inc.

17,162

2,661,483

EQT

Corp.(a)

141,402

5,466,601

Exxon

Mobil

Corp.

95,869

9,584,983

Marathon

Petroleum

Corp.

27,060

4,014,622

Occidental

Petroleum

Corp.(a)

128,245

7,657,509

Phillips

66

44,909

5,979,184

Shell

plc,

ADR-NL

91,744

6,036,755

48,640,655

Personal

Care

Products

2

.1

%

Kenvue,

Inc.

510,369

10,988,245

Pharmaceuticals

1

.5

%

Sanofi

SA,

ADR

165,571

8,233,846

Semiconductors

&

Semiconductor

Equipment

3

.2

%

Applied

Materials,

Inc.

40,305

6,532,232

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

December

31,

2023

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.

203,309

10,216,277

16,748,509

Software

1

.0

%

Dolby

Laboratories,

Inc.,

Class

A

62,279

5,367,204

Total

Common

Stocks

(cost

$370,417,200)

467,627,449

Purchased

Options

0

.4

%

Number

of

Contracts

Call

Options

0

.4

%

Future

Equity

Index

Options:

0.4%

S&P

500

E-Mini

Index

2/16/2024

at

USD

4,750.00,

European

Style

Notional

Amount:

USD

30,049,929

Exchange

Traded

*

126

774,900

S&P

500

E-Mini

Index

2/16/2024

at

USD

4,700.00,

European

Style

Notional

Amount:

USD

30,049,929

Exchange

Traded

*

126

1,009,575

S&P

500

E-Mini

Index

3/15/2024

at

USD

4,850.00,

American

Style

Notional

Amount:

USD

30,049,929

Exchange

Traded

*

126

540,225

Total

Purchased

Options

(cost

$980,505)

2,324,700

Short-Term

Investments

4

.5

%

Shares

U.S.

Treasury

Obligation

4.5%

U.S.

Treasury

Bills

5.28%

2/22/2024(b)

1,293,000

1,283,388

5.45%

4/18/2024(a)

23,000,000

22,645,052

Total

U.S.

Treasury

Obligation

(cost

$23,916,892)

23,928,440

Total

Short-Term

Investment

(cost

$23,916,892)

23,928,440

Repurchase

Agreements

5

.1

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$8,809,408,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$8,980,208.(c)(d)

8,804,125

8,804,125

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$18,010,660,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$18,360,000.(c)(d)

18,000,000

18,000,000

Total

Repurchase

Agreements

(cost

$26,804,125)

26,804,125

Total

Investments

(cost

$422,118,722)

—

98.1%

520,684,714

Other

assets

in

excess

of

liabilities

—

1.9%

10,084,817

NET

ASSETS

—

100.0%

$

530,769,531

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$62,154,469,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,804,125

and

by

$36,891,509

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/25/2024

–

11/15/2053,

a

total

value

of

$63,695,634.

(b)

Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$26,804,125.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

NL

Netherlands

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

52

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Futures

contracts

outstanding

as

of

December

31,

2023:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

E-Mini

Index

642

3/2024

USD

52,737,090

1,815,805

Total

long

contracts

1,815,805

Short

Contracts

S&P

500

E-Mini

Index

(

160

)

3/2024

USD

(38,560,000)

(1,140,917)

Total

short

contracts

(1,140,917)

Net

contracts

674,888

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

December

31,

2023

-

Statement

of

Investments

-

53

Common

Stocks

97

.5

%

Shares

Value

($)

Automobile

Components

1

.0

%

Mobileye

Global,

Inc.,

Class

A*(a)

1,188

51,464

Broadline

Retail

2

.8

%

Amazon.com,

Inc.*

965

146,622

Entertainment

1

.1

%

Take-Two

Interactive

Software,

Inc.*

369

59,390

Financial

Services

0

.7

%

Toast,

Inc.,

Class

A*

2,029

37,049

Ground

Transportation

0

.9

%

Uber

Technologies,

Inc.*

814

50,118

Interactive

Media

&

Services

18

.9

%

Alphabet,

Inc.,

Class

A*

2,603

363,613

Meta

Platforms,

Inc.,

Class

A*

1,282

453,777

Pinterest,

Inc.,

Class

A*

2,624

97,193

Snap,

Inc.,

Class

A*

1,541

26,089

ZoomInfo

Technologies,

Inc.,

Class

A*

3,117

57,633

998,305

IT

Services

4

.0

%

Infosys

Ltd.,

ADR-IN

4,788

88,004

MongoDB,

Inc.,

Class

A*

125

51,106

Snowflake,

Inc.,

Class

A*

368

73,232

212,342

Semiconductors

&

Semiconductor

Equipment

30

.9

%

Advanced

Micro

Devices,

Inc.*

1,822

268,581

Analog

Devices,

Inc.

709

140,779

Applied

Materials,

Inc.

164

26,580

Broadcom,

Inc.

161

179,716

Marvell

Technology,

Inc.

2,126

128,219

Microchip

Technology,

Inc.

1,252

112,906

Micron

Technology,

Inc.

1,708

145,761

Monolithic

Power

Systems,

Inc.

126

79,478

NVIDIA

Corp.

1,024

507,105

Teradyne,

Inc.

404

43,842

1,632,967

Software

30

.2

%

Adobe,

Inc.*

329

196,281

Crowdstrike

Holdings,

Inc.,

Class

A*

123

31,404

Elastic

NV*

462

52,068

Guidewire

Software,

Inc.*

789

86,033

Intuit,

Inc.

238

148,757

Klaviyo,

Inc.,

Class

A*(a)

1,244

34,558

Common

Stocks

Shares

Value

($)

Software

Microsoft

Corp.

1,618

608,433

Monday.com

Ltd.*

211

39,628

Procore

Technologies,

Inc.*

623

43,124

Salesforce,

Inc.*

1,032

271,561

Tyler

Technologies,

Inc.*

134

56,028

Unity

Software,

Inc.*

635

25,965

1,593,840

Technology

Hardware,

Storage

&

Peripherals

7

.0

%

Apple,

Inc.

1,446

278,398

Seagate

Technology

Holdings

plc

1,091

93,139

371,537

Total

Common

Stocks

(cost

$3,599,216)

5,153,634

Repurchase

Agreement

1

.6

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$84,017,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$85,646.(b)(c)

83,967

83,967

Total

Repurchase

Agreement

(cost

$83,967)

83,967

Total

Investments

(cost

$3,683,183)

—

99.1%

5,237,601

Other

assets

in

excess

of

liabilities

—

0.9%

48,350

NET

ASSETS

—

100.0%

$

5,285,951

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$81,227,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$83,967.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$83,967.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

IN

India

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

J.P.

Morgan

Innovators

Fund

Common

Stocks

98

.5

%

Shares

Value

($)

Aerospace

&

Defense

1

.1

%

L3Harris

Technologies,

Inc.

265

55,814

Automobiles

3

.3

%

Tesla,

Inc.*

706

175,427

Biotechnology

1

.7

%

ImmunoGen,

Inc.*

1,290

38,248

Natera,

Inc.*

790

49,486

87,734

Broadline

Retail

5

.5

%

Amazon.com,

Inc.*

1,922

292,029

Building

Products

1

.9

%

Allegion

plc

351

44,468

Trane

Technologies

plc

235

57,317

101,785

Capital

Markets

7

.3

%

Charles

Schwab

Corp.

(The)

2,058

141,591

MarketAxess

Holdings,

Inc.

344

100,740

S&P

Global,

Inc.

323

142,288

384,619

Chemicals

1

.7

%

Sherwin-Williams

Co.

(The)

294

91,699

Communications

Equipment

1

.1

%

Arista

Networks,

Inc.*

252

59,348

Electric

Utilities

2

.0

%

NextEra

Energy,

Inc.

1,715

104,169

Electrical

Equipment

0

.5

%

Rockwell

Automation,

Inc.

89

27,633

Energy

Equipment

&

Services

1

.0

%

Schlumberger

NV

970

50,479

Entertainment

1

.3

%

ROBLOX

Corp.,

Class

A*

1,440

65,837

Financial

Services

5

.3

%

Block,

Inc.,

Class

A*

1,218

94,212

Mastercard,

Inc.,

Class

A

293

124,968

Toast,

Inc.,

Class

A*

3,336

60,915

280,095

Food

Products

1

.9

%

Lamb

Weston

Holdings,

Inc.

941

101,713

Ground

Transportation

1

.2

%

Uber

Technologies,

Inc.*

1,050

64,648

Health

Care

Equipment

&

Supplies

6

.3

%

Boston

Scientific

Corp.*

1,499

86,657

Dexcom,

Inc.*

351

43,556

Intuitive

Surgical,

Inc.*

267

90,075

Stryker

Corp.

382

114,394

334,682

Health

Care

Providers

&

Services

3

.2

%

UnitedHealth

Group,

Inc.

316

166,364

Hotels,

Restaurants

&

Leisure

2

.5

%

Domino's

Pizza,

Inc.

147

60,598

Royal

Caribbean

Cruises

Ltd.*

559

72,385

132,983

Industrial

Conglomerates

1

.4

%

Honeywell

International,

Inc.

338

70,882

Common

Stocks

Shares

Value

($)

Insurance

2

.7

%

Kinsale

Capital

Group,

Inc.

184

61,624

Progressive

Corp.

(The)

519

82,666

144,290

Interactive

Media

&

Services

5

.0

%

Alphabet,

Inc.,

Class

A*

823

114,965

Meta

Platforms,

Inc.,

Class

A*

423

149,725

264,690

Pharmaceuticals

3

.2

%

Eli

Lilly

&

Co.

147

85,689

Zoetis,

Inc.,

Class

A

412

81,317

167,006

Professional

Services

1

.4

%

Automatic

Data

Processing,

Inc.

319

74,317

Real

Estate

Management

&

Development

2

.2

%

Zillow

Group,

Inc.,

Class

C*

1,977

114,389

Semiconductors

&

Semiconductor

Equipment

9

.7

%

Advanced

Micro

Devices,

Inc.*

1,058

155,960

NVIDIA

Corp.

369

182,736

NXP

Semiconductors

NV

235

53,975

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

1,156

120,224

512,895

Software

14

.7

%

Autodesk,

Inc.*

176

42,852

Datadog,

Inc.,

Class

A*

323

39,206

HashiCorp,

Inc.,

Class

A*

1,863

44,041

Microsoft

Corp.

1,278

480,579

Procore

Technologies,

Inc.*

466

32,257

Salesforce,

Inc.*

529

139,201

778,136

Specialty

Retail

3

.0

%

Burlington

Stores,

Inc.*

470

91,405

Lowe's

Cos.,

Inc.

307

68,323

159,728

Technology

Hardware,

Storage

&

Peripherals

4

.5

%

Apple,

Inc.

949

182,711

Pure

Storage,

Inc.,

Class

A*

1,555

55,451

238,162

Tobacco

1

.9

%

Philip

Morris

International,

Inc.

1,048

98,596

Total

Investments

(cost

$4,141,609)

—

98.5%

5,200,149

Other

assets

in

excess

of

liabilities

—

1.5%

79,945

NET

ASSETS

—

100.0%

$

5,280,094

*

Denotes

a

non-income

producing

security.

NVIT

J.P.

Morgan

Innovators

Fund

-

December

31,

2023

-

Statement

of

Investments

-

55

ADR

American

Depositary

Receipt

TW

Taiwan

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

56

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

97

.0

%

Shares

Value

($)

Aerospace

&

Defense

1

.4

%

TransDigm

Group,

Inc.

125

126,450

Automobiles

2

.5

%

Tesla,

Inc.*

923

229,347

Beverages

1

.0

%

Celsius

Holdings,

Inc.*

1,142

62,262

Monster

Beverage

Corp.*

542

31,224

93,486

Biotechnology

3

.0

%

Alnylam

Pharmaceuticals,

Inc.*

92

17,610

Exact

Sciences

Corp.*

928

68,653

Moderna,

Inc.*

114

11,337

Regeneron

Pharmaceuticals,

Inc.*

209

183,563

281,163

Broadline

Retail

8

.5

%

Amazon.com,

Inc.*

4,256

646,657

MercadoLibre,

Inc.*

93

146,153

792,810

Building

Products

1

.0

%

Trane

Technologies

plc

399

97,316

Capital

Markets

1

.5

%

Blackstone,

Inc.

557

72,922

Charles

Schwab

Corp.

(The)

199

13,691

Morgan

Stanley

438

40,844

MSCI,

Inc.,

Class

A

27

15,273

142,730

Communications

Equipment

0

.8

%

Arista

Networks,

Inc.*

310

73,008

Construction

&

Engineering

0

.6

%

Quanta

Services,

Inc.

243

52,439

Electrical

Equipment

1

.6

%

Eaton

Corp.

plc

638

153,643

Electronic

Equipment,

Instruments

&

Components

1

.5

%

Amphenol

Corp.,

Class

A

914

90,605

Jabil,

Inc.

379

48,284

138,889

Entertainment

3

.0

%

Netflix,

Inc.*

508

247,335

Spotify

Technology

SA*

166

31,193

278,528

Financial

Services

2

.8

%

Block,

Inc.,

Class

A*

193

14,929

Mastercard,

Inc.,

Class

A

585

249,508

264,437

Ground

Transportation

2

.1

%

Uber

Technologies,

Inc.*

3,105

191,175

Health

Care

Equipment

&

Supplies

0

.9

%

Align

Technology,

Inc.*

87

23,838

Edwards

Lifesciences

Corp.*

325

24,781

Intuitive

Surgical,

Inc.*

111

37,447

86,066

Health

Care

Providers

&

Services

1

.4

%

HCA

Healthcare,

Inc.

77

20,842

McKesson

Corp.

243

112,504

133,346

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

4

.0

%

Airbnb,

Inc.,

Class

A*

243

33,082

Chipotle

Mexican

Grill,

Inc.,

Class

A*

49

112,061

DoorDash,

Inc.,

Class

A*

547

54,093

Marriott

International,

Inc.,

Class

A

545

122,903

Starbucks

Corp.

484

46,469

368,608

Household

Durables

0

.6

%

DR

Horton,

Inc.

384

58,360

Interactive

Media

&

Services

8

.9

%

Alphabet,

Inc.,

Class

C*

2,488

350,634

Meta

Platforms,

Inc.,

Class

A*

1,357

480,324

830,958

IT

Services

2

.4

%

Cognizant

Technology

Solutions

Corp.,

Class

A

580

43,807

MongoDB,

Inc.,

Class

A*

89

36,388

Shopify,

Inc.,

Class

A*

1,784

138,974

219,169

Life

Sciences

Tools

&

Services

0

.0

%

†

Thermo

Fisher

Scientific,

Inc.

9

4,777

Machinery

0

.7

%

Deere

&

Co.

154

61,580

Media

0

.7

%

Trade

Desk,

Inc.

(The),

Class

A*

873

62,821

Metals

&

Mining

0

.4

%

Freeport-McMoRan,

Inc.

806

34,311

Oil,

Gas

&

Consumable

Fuels

1

.0

%

Cheniere

Energy,

Inc.

247

42,165

ConocoPhillips

453

52,580

94,745

Personal

Care

Products

0

.0

%

†

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

34

4,973

Pharmaceuticals

4

.7

%

Eli

Lilly

&

Co.

743

433,110

Semiconductors

&

Semiconductor

Equipment

10

.3

%

Advanced

Micro

Devices,

Inc.*

594

87,561

ASML

Holding

NV

(Registered),

ADR-NL

42

31,791

Broadcom,

Inc.

219

244,459

First

Solar,

Inc.*

111

19,123

Lam

Research

Corp.

96

75,193

NVIDIA

Corp.

941

466,002

ON

Semiconductor

Corp.*

405

33,830

957,959

Software

22

.0

%

Adobe,

Inc.*

274

163,468

HubSpot,

Inc.*

102

59,215

Intuit,

Inc.

173

108,130

Microsoft

Corp.

2,820

1,060,433

Oracle

Corp.

1,462

154,139

Palo

Alto

Networks,

Inc.*

232

68,412

Salesforce,

Inc.*

610

160,516

ServiceNow,

Inc.*

114

80,540

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

57

Common

Stocks

Shares

Value

($)

Software

Synopsys,

Inc.*

242

124,608

Workday,

Inc.,

Class

A*

239

65,978

2,045,439

Specialty

Retail

1

.8

%

AutoZone,

Inc.*

29

74,983

Lowe's

Cos.,

Inc.

404

89,910

164,893

Technology

Hardware,

Storage

&

Peripherals

5

.3

%

Apple,

Inc.

2,556

492,107

Trading

Companies

&

Distributors

0

.6

%

WW

Grainger,

Inc.

66

54,694

Total

Investments

(cost

$6,992,480)

—

97.0%

9,023,337

Other

assets

in

excess

of

liabilities

—

3.0%

280,895

NET

ASSETS

—

100.0%

$

9,304,232

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

ADR

American

Depositary

Receipt

NL

Netherlands

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

58

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

J.P.Morgan

U.S.

Equity

Fund

Common

Stocks

99

.9

%

Shares

Value

($)

Aerospace

&

Defense

2

.5

%

Howmet

Aerospace,

Inc.

8,214

444,542

Northrop

Grumman

Corp.

3,287

1,538,776

1,983,318

Automobiles

0

.7

%

Tesla,

Inc.*

2,161

536,965

Banks

3

.6

%

US

Bancorp

24,872

1,076,460

Wells

Fargo

&

Co.

36,482

1,795,644

2,872,104

Beverages

2

.3

%

Coca-Cola

Co.

(The)

31,598

1,862,070

Biotechnology

6

.3

%

AbbVie,

Inc.

13,957

2,162,916

Biogen,

Inc.*

2,584

668,662

Regeneron

Pharmaceuticals,

Inc.*

1,730

1,519,442

Vertex

Pharmaceuticals,

Inc.*

1,753

713,278

5,064,298

Broadline

Retail

4

.6

%

Amazon.com,

Inc.*

24,404

3,707,944

Building

Products

1

.1

%

Trane

Technologies

plc

3,722

907,796

Capital

Markets

4

.9

%

Ameriprise

Financial,

Inc.

2,997

1,138,350

Morgan

Stanley

21,412

1,996,669

S&P

Global,

Inc.

1,819

801,306

3,936,325

Chemicals

1

.5

%

Eastman

Chemical

Co.

4,652

417,843

PPG

Industries,

Inc.

5,318

795,307

1,213,150

Construction

Materials

1

.3

%

Vulcan

Materials

Co.

4,651

1,055,824

Consumer

Finance

1

.6

%

American

Express

Co.

6,866

1,286,276

Electric

Utilities

4

.0

%

NextEra

Energy,

Inc.

29,035

1,763,586

PG&E

Corp.

79,949

1,441,480

3,205,066

Electrical

Equipment

2

.0

%

Eaton

Corp.

plc

6,735

1,621,923

Energy

Equipment

&

Services

2

.4

%

Baker

Hughes

Co.,

Class

A

56,047

1,915,686

Financial

Services

2

.6

%

FleetCor

Technologies,

Inc.*

1,349

381,241

Mastercard,

Inc.,

Class

A

4,102

1,749,544

2,130,785

Ground

Transportation

3

.2

%

CSX

Corp.

22,619

784,201

Norfolk

Southern

Corp.

4,979

1,176,936

Common

Stocks

Shares

Value

($)

Ground

Transportation

Uber

Technologies,

Inc.*

9,424

580,235

2,541,372

Health

Care

Equipment

&

Supplies

1

.4

%

Stryker

Corp.

3,888

1,164,301

Health

Care

Providers

&

Services

3

.2

%

UnitedHealth

Group,

Inc.

4,831

2,543,377

Hotels,

Restaurants

&

Leisure

2

.9

%

Marriott

International,

Inc.,

Class

A

2,159

486,876

McDonald's

Corp.

6,316

1,872,757

2,359,633

Industrial

REITs

2

.4

%

Prologis,

Inc.

14,220

1,895,526

Insurance

0

.9

%

Progressive

Corp.

(The)

4,367

695,576

Interactive

Media

&

Services

5

.9

%

Alphabet,

Inc.,

Class

A*

17,397

2,430,187

Meta

Platforms,

Inc.,

Class

A*

6,520

2,307,819

4,738,006

IT

Services

1

.4

%

Accenture

plc,

Class

A

3,124

1,096,243

Life

Sciences

Tools

&

Services

1

.1

%

Danaher

Corp.

4,007

926,979

Machinery

2

.5

%

Deere

&

Co.

4,942

1,976,158

Oil,

Gas

&

Consumable

Fuels

2

.9

%

ConocoPhillips

9,111

1,057,514

Pioneer

Natural

Resources

Co.

5,606

1,260,677

2,318,191

Pharmaceuticals

1

.8

%

Bristol-Myers

Squibb

Co.

19,644

1,007,934

Eli

Lilly

&

Co.

773

450,597

1,458,531

Semiconductors

&

Semiconductor

Equipment

8

.5

%

Advanced

Micro

Devices,

Inc.*

7,309

1,077,420

Analog

Devices,

Inc.

2,999

595,481

ASML

Holding

NV

(Registered),

ADR-NL

637

482,158

NVIDIA

Corp.

5,350

2,649,427

NXP

Semiconductors

NV

8,691

1,996,149

6,800,635

Software

11

.6

%

Intuit,

Inc.

969

605,654

Microsoft

Corp.

19,900

7,483,196

Oracle

Corp.

11,504

1,212,867

9,301,717

Specialty

Retail

3

.2

%

Lowe's

Cos.,

Inc.

8,275

1,841,601

TJX

Cos.,

Inc.

(The)

8,157

765,208

2,606,809

Technology

Hardware,

Storage

&

Peripherals

5

.6

%

Apple,

Inc.

20,940

4,031,578

NVIT

J.P.Morgan

U.S.

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Seagate

Technology

Holdings

plc

5,225

446,058

4,477,636

Total

Investments

(cost

$62,649,078)

—

99.9%

80,200,220

Other

assets

in

excess

of

liabilities

—

0.1%

61,926

NET

ASSETS

—

100.0%

$

80,262,146

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

60

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Common

Stocks

99

.0

%

Shares

Value

($)

Automobiles

3

.9

%

Tesla,

Inc.*

1,233

306,376

Banks

0

.5

%

NU

Holdings

Ltd.,

Class

A*

5,075

42,275

Broadline

Retail

4

.6

%

Amazon.com,

Inc.*

1,673

254,196

MercadoLibre,

Inc.*

72

113,151

367,347

Capital

Markets

0

.3

%

Robinhood

Markets,

Inc.,

Class

A*

2,011

25,620

Communications

Equipment

0

.9

%

Arista

Networks,

Inc.*

308

72,537

Electrical

Equipment

0

.3

%

Vicor

Corp.*

596

26,784

Electronic

Equipment,

Instruments

&

Components

2

.2

%

Amphenol

Corp.,

Class

A

860

85,252

Jabil,

Inc.

672

85,613

170,865

Entertainment

5

.0

%

Netflix,

Inc.*

513

249,770

Take-Two

Interactive

Software,

Inc.*

896

144,211

393,981

Ground

Transportation

2

.8

%

Uber

Technologies,

Inc.*

3,639

224,053

Health

Care

Equipment

&

Supplies

0

.7

%

Dexcom,

Inc.*

422

52,366

Health

Care

Technology

0

.8

%

Veeva

Systems,

Inc.,

Class

A*

347

66,805

Hotels,

Restaurants

&

Leisure

1

.9

%

Booking

Holdings,

Inc.*

42

148,983

Interactive

Media

&

Services

8

.4

%

Alphabet,

Inc.,

Class

C*

1,791

252,406

Meta

Platforms,

Inc.,

Class

A*

1,167

413,071

665,477

IT

Services

7

.5

%

MongoDB,

Inc.,

Class

A*

426

174,170

Okta,

Inc.,

Class

A*

663

60,021

Shopify,

Inc.,

Class

A*

2,811

218,977

Snowflake,

Inc.,

Class

A*

693

137,907

591,075

Media

1

.4

%

Trade

Desk,

Inc.

(The),

Class

A*

1,553

111,754

Semiconductors

&

Semiconductor

Equipment

24

.1

%

Advanced

Micro

Devices,

Inc.*

1,854

273,298

Analog

Devices,

Inc.

411

81,608

ASML

Holding

NV

(Registered),

ADR-NL

125

94,615

Axcelis

Technologies,

Inc.*

167

21,658

Broadcom,

Inc.

106

118,323

Credo

Technology

Group

Holding

Ltd.*

4,567

88,920

Entegris,

Inc.

591

70,814

First

Solar,

Inc.*

165

28,426

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

Lam

Research

Corp.

247

193,465

Marvell

Technology,

Inc.

1,478

89,138

Micron

Technology,

Inc.

1,064

90,802

MKS

Instruments,

Inc.

493

50,715

Monolithic

Power

Systems,

Inc.

222

140,033

NVIDIA

Corp.

661

327,340

Onto

Innovation,

Inc.*

205

31,345

Rambus,

Inc.*

860

58,695

Universal

Display

Corp.

578

110,548

Wolfspeed,

Inc.*

1,012

44,032

1,913,775

Software

31

.7

%

Adobe,

Inc.*

335

199,861

Atlassian

Corp.,

Class

A*

359

85,392

BILL

Holdings,

Inc.*

566

46,180

Confluent,

Inc.,

Class

A*

3,924

91,821

Crowdstrike

Holdings,

Inc.,

Class

A*

487

124,341

Datadog,

Inc.,

Class

A*

877

106,450

Elastic

NV*

1,383

155,864

HashiCorp,

Inc.,

Class

A*

724

17,115

HubSpot,

Inc.*

284

164,873

Intuit,

Inc.

192

120,006

Microsoft

Corp.

315

118,452

Oracle

Corp.

2,043

215,393

Palo

Alto

Networks,

Inc.*

268

79,028

Procore

Technologies,

Inc.*

1,299

89,917

Salesforce,

Inc.*

764

201,039

ServiceNow,

Inc.*

185

130,701

Synopsys,

Inc.*

535

275,477

Unity

Software,

Inc.*

2,058

84,152

Workday,

Inc.,

Class

A*

761

210,082

2,516,144

Specialized

REITs

1

.6

%

American

Tower

Corp.

140

30,223

Equinix,

Inc.

121

97,452

127,675

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Super

Micro

Computer,

Inc.*

105

29,847

Total

Investments

(cost

$5,806,051)

—

99.0%

7,853,739

Other

assets

in

excess

of

liabilities

—

1.0%

81,895

NET

ASSETS

—

100.0%

$

7,935,634

*

Denotes

a

non-income

producing

security.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

December

31,

2023

-

Statement

of

Investments

-

61

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

62

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Assets:

Investment

securities,

at

value

*

$

2,128,083,542‌

Repurchase

agreements,

at

value

54,951,707‌

Cash

89,293,392‌

Foreign

currencies,

at

value

—‌

Interest

and

dividends

receivable

2,111,882‌

Security

lending

income

receivable

10,468‌

Receivable

for

investments

sold

—‌

Receivable

for

capital

shares

issued

89,136‌

Reclaims

receivable

—‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

10,407‌

Prepaid

expenses

2,685‌

Total

Assets

2,274,553,219‌

Liabilities:

Payable

for

investments

purchased

—‌

Payable

for

capital

shares

redeemed

1,081,643‌

Payable

for

variation

margin

on

futures

contracts

328,300‌

Payable

upon

return

of

securities

loaned

(Note

2)

54,951,707‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

795,682‌

Fund

administration

fees

76,136‌

Distribution

fees

125,347‌

Administrative

servicing

fees

267,313‌

Accounting

and

transfer

agent

fees

3,204‌

Trustee

fees

86‌

Due

to

broker

4‌

Custodian

fees

16,064‌

Compliance

program

costs

(Note

3)

2,370‌

Professional

fees

10,159‌

Printing

fees

142,467‌

Other

17,636‌

Total

Liabilities

57,818,118‌

Net

Assets

$

2,216,735,101‌

*

Includes

value

of

securities

on

loan

(Note

2)

291,812,742‌

Cost

of

investment

securities

1,295,428,765‌

Cost

of

repurchase

agreements

54,951,707‌

Cost

of

foreign

currencies

—‌

Represented

by:

Capital

$

1,599,857,514‌

Total

distributable

earnings

(loss)

616,877,587‌

Net

Assets

$

2,216,735,101‌

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

63

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

$

493,880,589‌

$

5,153,634‌

$

5,200,149‌

$

9,023,337‌

$

80,200,220‌

26,804,125‌

83,967‌

—‌

—‌

—‌

39,193,150‌

229,633‌

95,947‌

302,125‌

1,409,342‌

38,937‌

—‌

—‌

—‌

—‌

1,078,882‌

1,921‌

3,335‌

1,596‌

45,749‌

2,170‌

67‌

—‌

9‌

185‌

—‌

—‌

—‌

—‌

69,759‌

104,789‌

—‌

—‌

—‌

4,652‌

34,119‌

—‌

—‌

—‌

—‌

—‌

5,304‌

5,310‌

5,088‌

1,948‌

682‌

7‌

9‌

10‌

120‌

561,137,443‌

5,474,533‌

5,304,750‌

9,332,165‌

81,731,975‌

2,121,186‌

80,215‌

—‌

—‌

1,118,226‌

891,557‌

13‌

17‌

1,485‌

251,990‌

40,030‌

—‌

—‌

—‌

—‌

26,804,125‌

83,967‌

—‌

—‌

—‌

253,739‌

3,274‌

3,295‌

5,025‌

26,002‌

37,609‌

12,590‌

12,592‌

12,681‌

14,541‌

45,887‌

—‌

—‌

—‌

16,656‌

85,457‌

—‌

—‌

—‌

14,265‌

1,168‌

105‌

106‌

109‌

953‌

109‌

2‌

1‌

1‌

6‌

4‌

—‌

—‌

—‌

—‌

3,891‌

306‌

260‌

302‌

528‌

577‌

27‌

28‌

25‌

84‌

12,943‌

7,333‌

7,324‌

7,247‌

7,028‌

65,600‌

161‌

444‌

456‌

18,529‌

4,030‌

589‌

589‌

602‌

1,021‌

30,367,912‌

188,582‌

24,656‌

27,933‌

1,469,829‌

$

530,769,531‌

$

5,285,951‌

$

5,280,094‌

$

9,304,232‌

$

80,262,146‌

62,154,469‌

81,227‌

—‌

—‌

—‌

395,314,597‌

3,599,216‌

4,141,609‌

6,992,480‌

62,649,078‌

26,804,125‌

83,967‌

—‌

—‌

—‌

39,903‌

—‌

—‌

—‌

—‌

$

398,316,447‌

$

4,052,399‌

$

4,518,534‌

$

7,666,871‌

$

66,694,895‌

132,453,084‌

1,233,552‌

761,560‌

1,637,361‌

13,567,251‌

$

530,769,531‌

$

5,285,951‌

$

5,280,094‌

$

9,304,232‌

$

80,262,146‌

64

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Net

Assets:

Class

I

Shares

$

1,617,136,456‌

Class

II

Shares

599,598,645‌

Class

X

Shares

—‌

Class

Y

Shares

—‌

Class

Z

Shares

—‌

Total

$

2,216,735,101‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

76,643,433‌

Class

II

Shares

28,827,013‌

Class

X

Shares

—‌

Class

Y

Shares

—‌

Class

Z

Shares

—‌

Total

105,470,446‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

21

.10‌

Class

II

Shares

$

20

.80‌

Class

X

Shares

$

—‌

Class

Y

Shares

$

—‌

Class

Z

Shares

$

—‌

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

65

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

$

222,008,313‌

$

—‌

$

—‌

$

—‌

$

—‌

67,544,671‌

—‌

—‌

—‌

80,252,857‌

69,065,612‌

—‌

—‌

—‌

—‌

—‌

5,285,951‌

5,280,094‌

9,304,232‌

9,289‌

172,150,935‌

—‌

—‌

—‌

—‌

$

530,769,531‌

$

5,285,951‌

$

5,280,094‌

$

9,304,232‌

$

80,262,146‌

13,222,725‌

—‌

—‌

—‌

—‌

4,054,144‌

—‌

—‌

—‌

4,723,240‌

4,119,878‌

—‌

—‌

—‌

—‌

—‌

402,375‌

456,181‌

754,426‌

550‌

10,423,028‌

—‌

—‌

—‌

—‌

31,819,775‌

402,375‌

456,181‌

754,426‌

4,723,790‌

$

16

.79‌

$

—‌

$

—‌

$

—‌

$

—‌

$

16

.66‌

$

—‌

$

—‌

$

—‌

$

16

.99‌

$

16

.76‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

13

.14‌

$

11

.57‌

$

12

.33‌

$

16

.89‌

$

16

.52‌

$

—‌

$

—‌

$

—‌

$

—‌

66

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Assets:

Investment

securities,

at

value

$

7,853,739‌

Cash

257,628‌

Interest

and

dividends

receivable

1,659‌

Security

lending

income

receivable

26‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

5,638‌

Prepaid

expenses

9‌

Total

Assets

8,118,699‌

Liabilities:

Payable

for

investments

purchased

155,330‌

Payable

for

capital

shares

redeemed

1,438‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

4,833‌

Fund

administration

fees

12,644‌

Accounting

and

transfer

agent

fees

107‌

Trustee

fees

2‌

Custodian

fees

347‌

Compliance

program

costs

(Note

3)

25‌

Professional

fees

7,302‌

Printing

fees

443‌

Other

594‌

Total

Liabilities

183,065‌

Net

Assets

$

7,935,634‌

Cost

of

investment

securities

5,806,051‌

Represented

by:

Capital

$

6,173,728‌

Total

distributable

earnings

(loss)

1,761,906‌

Net

Assets

$

7,935,634‌

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

67

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Net

Assets:

Class

Y

Shares

$

7,935,634‌

Total

$

7,935,634‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

Y

Shares

589,081‌

Total

589,081‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

Y

Shares

$

13

.47‌

68

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

INVESTMENT

INCOME:

Dividend

income

$

30,067,167‌

Interest

income

12,772,954‌

Income

from

securities

lending

(Note

2)

151,665‌

Foreign

tax

withholding

(

8,092‌

)

European

Union

tax

reclaims

(Note

2)

—‌

Total

Income

42,983,694‌

EXPENSES:

Investment

advisory

fees

9,817,951‌

Fund

administration

fees

523,448‌

Distribution

fees

Class

II

Shares

1,439,989‌

Distribution

fees

Class

Z

Shares

—‌

Administrative

servicing

fees

Class

I

Shares

2,283,658‌

Administrative

servicing

fees

Class

II

Shares

863,998‌

Administrative

servicing

fees

Class

X

Shares

—‌

Administrative

servicing

fees

Class

Z

Shares

—‌

Professional

fees

98,800‌

Printing

fees

15,466‌

Trustee

fees

75,233‌

Custodian

fees

73,599‌

Accounting

and

transfer

agent

fees

14,339‌

Compliance

program

costs

(Note

3)

9,032‌

European

Union

tax

reclaims

filing

fees

(Note

2)

—‌

Other

52,552‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

15,268,065‌

Distribution

fees

waived

-

Class

II

(Note

3)

—‌

Investment

advisory

fees

waived

(Note

3)

(

797,407‌

)

Expenses

reimbursed

by

adviser

(Note

3)

(

179,974‌

)

Net

Expenses

14,290,684‌

NET

INVESTMENT

INCOME

28,693,010‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

(

5,420,186‌

)

Expiration

or

closing

of

futures

contracts

(Note

2)

(

121,081‌

)

Foreign

currency

transactions

(Note

2)

—‌

Net

realized

gains

(losses)

(

5,541,267‌

)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

423,418,663‌

Futures

contracts

(Note

2)

2,709,091‌

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—‌

Net

change

in

unrealized

appreciation/depreciation

426,127,754‌

Net

realized/unrealized

gains

(losses)

420,586,487‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

449,279,497‌

Equity

Funds

(I)

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

69

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

$

10,796,007‌

$

17,951‌

$

31,791‌

$

44,506‌

$

1,073,393‌

2,992,392‌

6,347‌

9,007‌

11,304‌

39,612‌

137,978‌

384‌

127‌

149‌

360‌

(

75,734‌

)

(

87‌

)

(

523‌

)

(

68‌

)

(

6,567‌

)

1,867‌

—‌

—‌

—‌

—‌

13,852,510‌

24,595‌

40,402‌

55,891‌

1,106,798‌

3,044,271‌

29,377‌

30,527‌

42,957‌

263,576‌

169,814‌

50,885‌

50,930‌

51,574‌

41,037‌

172,501‌

—‌

—‌

—‌

168,838‌

448,381‌

—‌

—‌

—‌

—‌

552,740‌

—‌

—‌

—‌

—‌

172,501‌

—‌

—‌

—‌

168,838‌

79,055‌

—‌

—‌

—‌

—‌

215,225‌

—‌

—‌

—‌

—‌

46,345‌

28,362‌

28,362‌

28,443‌

42,595‌

59,785‌

6,293‌

3,828‌

3,974‌

1,113‌

19,276‌

129‌

138‌

235‌

2,447‌

3,489‌

350‌

355‌

51‌

2,647‌

4,043‌

47‌

48‌

62‌

501‌

2,314‌

1‌

1‌

1‌

293‌

373‌

—‌

—‌

—‌

—‌

4,958‌

107‌

117‌

151‌

1,066‌

4,995,071‌

115,551‌

114,306‌

127,448‌

692,951‌

(

55,201‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(

91,335‌

)

(

89,169‌

)

(

86,524‌

)

(

57,797‌

)

4,939,870‌

24,216‌

25,137‌

40,924‌

635,154‌

8,912,640‌

379‌

15,265‌

14,967‌

471,644‌

43,842,286‌

2,885‌

23,515‌

(

319,677‌

)

(

1,232,678‌

)

(

9,148,521‌

)

—‌

—‌

—‌

(

15,831‌

)

567‌

—‌

—‌

—‌

—‌

34,694,332‌

2,885‌

23,515‌

(

319,677‌

)

(

1,248,509‌

)

1,012,470‌

1,948,730‌

1,188,749‌

2,230,652‌

16,757,826‌

43,455‌

—‌

—‌

—‌

—‌

2,870‌

—‌

—‌

—‌

—‌

1,058,795‌

1,948,730‌

1,188,749‌

2,230,652‌

16,757,826‌

35,753,127‌

1,951,615‌

1,212,264‌

1,910,975‌

15,509,317‌

$

44,665,767‌

$

1,951,994‌

$

1,227,529‌

$

1,925,942‌

$

15,980,961‌

70

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Equity

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

INVESTMENT

INCOME:

Dividend

income

$

15,836‌

Interest

income

4,512‌

Income

from

securities

lending

(Note

2)

654‌

Foreign

tax

withholding

(

102‌

)

Total

Income

20,900‌

EXPENSES:

Investment

advisory

fees

38,915‌

Fund

administration

fees

51,202‌

Professional

fees

28,443‌

Printing

fees

3,843‌

Trustee

fees

180‌

Custodian

fees

48‌

Accounting

and

transfer

agent

fees

53‌

Compliance

program

costs

(Note

3)

1‌

Other

124‌

Total

expenses

before

expenses

reimbursed

122,809‌

Expenses

reimbursed

by

adviser

(Note

3)

(

90,692‌

)

Net

Expenses

32,117‌

NET

INVESTMENT

LOSS

(

11,217‌

)

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

(

152,844‌

)

Net

realized

gains

(losses)

(

152,844‌

)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

2,540,275‌

Net

change

in

unrealized

appreciation/depreciation

2,540,275‌

Net

realized/unrealized

gains

(losses)

2,387,431‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

2,376,214‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

72

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(I)

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

28,693,010‌

$

19,265,842‌

Net

realized

gains

(losses)

(

5,541,267‌

)

(

195,188,935‌

)

Net

change

in

unrealized

appreciation/depreciation

426,127,754‌

(

429,313,504‌

)

Change

in

net

assets

resulting

from

operations

449,279,497‌

(

605,236,597‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

21,629,643‌

)

(

117,598,686‌

)

Class

II

(

6,713,408‌

)

(

44,736,196‌

)

Class

X

—‌

—‌

Class

Y

—‌

—‌

Class

Z

—‌

—‌

Change

in

net

assets

from

shareholder

distributions

(

28,343,051‌

)

(

162,334,882‌

)

Change

in

net

assets

from

capital

transactions

(

197,540,022‌

)

(

62,742,972‌

)

Change

in

net

assets

223,396,424‌

(

830,314,451‌

)

Net

Assets:

Beginning

of

year

1,993,338,677‌

2,823,653,128‌

End

of

year

$

2,216,735,101‌

$

1,993,338,677‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

7,371,261‌

$

14,447,177‌

Dividends

reinvested

21,629,643‌

117,598,686‌

Cost

of

shares

redeemed

(

156,157,210‌

)

(

156,272,584‌

)

Total

Class

I

Shares

(

127,156,306‌

)

(

24,226,721‌

)

Class

II

Shares

Proceeds

from

shares

issued

12,011,382‌

33,633,118‌

Dividends

reinvested

6,713,408‌

44,736,196‌

Cost

of

shares

redeemed

(

89,108,506‌

)

(

116,885,565‌

)

Total

Class

II

Shares

(

70,383,716‌

)

(

38,516,251‌

)

Class

X

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

X

Shares

—‌

—‌

Class

Y

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Class

Z

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

Z

Shares

—‌

—‌

Change

in

net

assets

from

capital

transactions

$

(

197,540,022‌

)

$

(

62,742,972‌

)

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

73

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Period

Ended

December

31,

2022(a)

$

8,912,640‌

$

7,383,323‌

$

379‌

$

(

2,852‌

)

34,694,332‌

31,077,520‌

2,885‌

(

323,751‌

)

1,058,795‌

(

47,686,066‌

)

1,948,730‌

(

394,312‌

)

44,665,767‌

(

9,225,223‌

)

1,951,994‌

(

720,915‌

)

(

15,973,153‌

)

(

35,125,205‌

)

—‌

—‌

(

4,865,906‌

)

(

11,213,435‌

)

—‌

—‌

(

4,989,340‌

)

(

9,843,026‌

)

—‌

—‌

—‌

—‌

(

496‌

)

—‌

(

12,857,055‌

)

(

29,485,782‌

)

—‌

—‌

(

38,685,454‌

)

(

85,667,448‌

)

(

496‌

)

—‌

(

34,866,169‌

)

37,595,004‌

635,998‌

3,419,370‌

(

28,885,856‌

)

(

57,297,667‌

)

2,587,496‌

2,698,455‌

559,655,387‌

616,953,054‌

2,698,455‌

—‌

$

530,769,531‌

$

559,655,387‌

$

5,285,951‌

$

2,698,455‌

$

1,228,200‌

$

3,102,854‌

$

—‌

$

—‌

15,973,153‌

35,125,205‌

—‌

—‌

(

27,244,013‌

)

(

29,800,308‌

)

—‌

—‌

(

10,042,660‌

)

8,427,751‌

—‌

—‌

312,699‌

1,467,784‌

—‌

—‌

4,865,906‌

11,213,435‌

—‌

—‌

(

10,754,344‌

)

(

11,757,542‌

)

—‌

—‌

(

5,575,739‌

)

923,677‌

—‌

—‌

8,001,470‌

7,737,732‌

—‌

—‌

4,989,340‌

9,843,026‌

—‌

—‌

(

10,790,569‌

)

(

9,604,460‌

)

—‌

—‌

2,200,241‌

7,976,298‌

—‌

—‌

—‌

—‌

789,572‌

3,422,004‌

—‌

—‌

496‌

—‌

—‌

—‌

(

154,070‌

)

(

2,634‌

)

—‌

—‌

635,998‌

3,419,370‌

9,184,040‌

43,791,657‌

—‌

—‌

12,857,055‌

29,485,782‌

—‌

—‌

(

43,489,106‌

)

(

53,010,161‌

)

—‌

—‌

(

21,448,011‌

)

20,267,278‌

—‌

—‌

$

(

34,866,169‌

)

$

37,595,004‌

$

635,998‌

$

3,419,370‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(I)

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

383,676‌

725,450‌

Reinvested

1,060,758‌

6,605,615‌

Redeemed

(

8,148,817‌

)

(

7,909,249‌

)

Total

Class

I

Shares

(

6,704,383‌

)

(

578,184‌

)

Class

II

Shares

Issued

654,608‌

1,699,009‌

Reinvested

334,123‌

2,553,153‌

Redeemed

(

4,697,378‌

)

(

5,756,800‌

)

Total

Class

II

Shares

(

3,708,647‌

)

(

1,504,638‌

)

Class

X

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

X

Shares

—‌

—‌

Class

Y

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Class

Z

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

Z

Shares

—‌

—‌

Total

change

in

shares

(

10,413,030‌

)

(

2,082,822‌

)

(a)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

75

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Period

Ended

December

31,

2022(a)

73,819‌

163,816‌

—‌

—‌

970,636‌

2,204,253‌

—‌

—‌

(

1,637,412‌

)

(

1,627,560‌

)

—‌

—‌

(

592,957‌

)

740,509‌

—‌

—‌

19,094‌

78,885‌

—‌

—‌

298,140‌

709,911‌

—‌

—‌

(

651,048‌

)

(

655,171‌

)

—‌

—‌

(

333,814‌

)

133,625‌

—‌

—‌

480,731‌

425,143‌

—‌

—‌

303,347‌

617,386‌

—‌

—‌

(

647,043‌

)

(

520,045‌

)

—‌

—‌

137,035‌

522,484‌

—‌

—‌

—‌

—‌

68,615‌

347,873‌

—‌

—‌

39‌

—‌

—‌

—‌

(

13,842‌

)

(

310‌

)

—‌

—‌

54,812‌

347,563‌

560,277‌

2,354,565‌

—‌

—‌

794,594‌

1,880,530‌

—‌

—‌

(

2,663,840‌

)

(

2,925,101‌

)

—‌

—‌

(

1,308,969‌

)

1,309,994‌

—‌

—‌

(

2,098,705‌

)

2,706,612‌

54,812‌

347,563‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(I)

NVIT

J.P.

Morgan

Innovators

Fund

Year

Ended

December

31,

2023

Period

Ended

December

31,

2022(a)

OPERATIONS:

Net

investment

income

$

15,265‌

$

7,723‌

Net

realized

gains

(losses)

23,515‌

(

320,495‌

)

Net

change

in

unrealized

appreciation/depreciation

1,188,749‌

(

130,209‌

)

Change

in

net

assets

resulting

from

operations

1,227,529‌

(

442,981‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

—‌

—‌

Class

Y

(

15,966‌

)

(

7,446‌

)

Change

in

net

assets

from

shareholder

distributions

(

15,966‌

)

(

7,446‌

)

Change

in

net

assets

from

capital

transactions

916,655‌

3,602,303‌

Change

in

net

assets

2,128,218‌

3,151,876‌

Net

Assets:

Beginning

of

year

3,151,876‌

—‌

End

of

year

$

5,280,094‌

$

3,151,876‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

—‌

$

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

II

Shares

—‌

—‌

Class

Y

Shares

Proceeds

from

shares

issued

1,226,953‌

3,598,015‌

Dividends

reinvested

15,966‌

7,446‌

Cost

of

shares

redeemed

(

326,264‌

)

(

3,158‌

)

Total

Class

Y

Shares

916,655‌

3,602,303‌

Change

in

net

assets

from

capital

transactions

$

916,655‌

$

3,602,303‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

II

Shares

—‌

—‌

Class

Y

Shares

Issued

123,501‌

363,886‌

Reinvested

1,411‌

852‌

Redeemed

(

33,115‌

)

(

354‌

)

Total

Class

Y

Shares

91,797‌

364,384‌

Total

change

in

shares

91,797‌

364,384‌

(a)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Equity

Funds

(I)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

77

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Year

Ended

December

31,

2023

Period

Ended

December

31,

2022(a)

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

14,967‌

$

18,866‌

$

471,644‌

$

330,568‌

(

319,677‌

)

(

73,819‌

)

(

1,248,509‌

)

(

2,476,778‌

)

2,230,652‌

(

199,795‌

)

16,757,826‌

(

7,452,362‌

)

1,925,942‌

(

254,748‌

)

15,980,961‌

(

9,598,572‌

)

—‌

—‌

(

477,870‌

)

(

650,038‌

)

(

16,783‌

)

(

18,975‌

)

(

95‌

)

(

129‌

)

(

16,783‌

)

(

18,975‌

)

(

477,965‌

)

(

650,167‌

)

3,160,609‌

4,508,187‌

10,026,942‌

20,602,070‌

5,069,768‌

4,234,464‌

25,529,938‌

10,353,331‌

4,234,464‌

—‌

54,732,208‌

44,378,877‌

$

9,304,232‌

$

4,234,464‌

$

80,262,146‌

$

54,732,208‌

$

—‌

$

—‌

$

16,018,615‌

$

22,725,093‌

—‌

—‌

477,870‌

650,038‌

—‌

—‌

(

6,469,638‌

)

(

2,773,190‌

)

—‌

—‌

10,026,847‌

20,601,941‌

3,456,782‌

4,509,819‌

—‌

—‌

16,783‌

18,975‌

95‌

129‌

(

312,956‌

)

(

20,607‌

)

—‌

—‌

3,160,609‌

4,508,187‌

95‌

129‌

$

3,160,609‌

$

4,508,187‌

$

10,026,942‌

$

20,602,070‌

—‌

—‌

1,058,781‌

1,564,972‌

—‌

—‌

29,148‌

46,252‌

—‌

—‌

(

420,219‌

)

(

174,493‌

)

—‌

—‌

667,710‌

1,436,731‌

317,176‌

463,651‌

—‌

—‌

1,378‌

2,043‌

6‌

9‌

(

27,646‌

)

(

2,176‌

)

—‌

—‌

290,908‌

463,518‌

6‌

9‌

290,908‌

463,518‌

667,716‌

1,436,740‌

78

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Year

Ended

December

31,

2023

Period

Ended

December

31,

2022(a)

OPERATIONS:

Net

investment

loss

$

(11,217

)

$

(2,381

)

Net

realized

losses

(152,844

)

(132,938

)

Net

change

in

unrealized

appreciation/depreciation

2,540,275

(492,587

)

Change

in

net

assets

resulting

from

operations

2,376,214

(627,906

)

Change

in

net

assets

from

capital

transactions

2,422,704

3,764,622

Change

in

net

assets

4,798,918

3,136,716

Net

Assets:

Beginning

of

year

3,136,716

—

End

of

year

$

7,935,634

$

3,136,716

CAPITAL

TRANSACTIONS:

Class

Y

Shares

Proceeds

from

shares

issued

$

2,741,421

$

3,768,952

Dividends

reinvested

—

—

Cost

of

shares

redeemed

(318,717

)

(4,330

)

Total

Class

Y

Shares

2,422,704

3,764,622

Change

in

net

assets

from

capital

transactions

$

2,422,704

$

3,764,622

SHARE

TRANSACTIONS:

Class

Y

Shares

Issued

232,642

384,313

Reinvested

—

—

Redeemed

(27,390

)

(484

)

Total

Class

Y

Shares

205,252

383,829

Total

change

in

shares

205,252

383,829

(a)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Equity

Funds

(I)

-

December

31,

2023

-

Financial

Highlights

-

79

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

I

Shares

12/31/2023

$

17.27

$

0.27

$

3.84

$

4.11

$

(

0.28

)

$

—

$

(

0.28

)

$

21.10

23.88%

$

1,617,136

0.61%

1.44%

0.66%

3.09%

12/31/2022

24.03

0.18

(

5.46

)

(

5.28

)

(

0.17

)

(

1.31

)

(

1.48

)

17.27

(22.10)%

1,439,331

0.61%

0.93%

0.67%

1.98%

12/31/2021

18.84

0.13

5.54

5.67

(

0.11

)

(

0.37

)

(

0.48

)

24.03

30.24%

2,016,400

0.61%

0.62%

0.67%

9.79%

12/31/2020

17.76

0.22

2.97

3.19

(

0.23

)

(

1.88

)

(

2.11

)

18.84

18.90%

1,422,089

0.61%

1.28%

0.68%

10.36%

12/31/2019

17.57

0.31

5.78

6.09

(

0.29

)

(

5.61

)

(

5.90

)

17.76

37.62%

1,333,079

0.61%

1.62%

0.68%

3.18%

Class

II

Shares

12/31/2023

17.03

0.22

3.78

4.00

(

0.23

)

—

(

0.23

)

20.80

23.56%

599,599

0.86%

1.18%

0.91%

3.09%

12/31/2022

23.71

0.13

(

5.38

)

(

5.25

)

(

0.12

)

(

1.31

)

(

1.43

)

17.03

(22.26)%

554,007

0.86%

0.68%

0.92%

1.98%

12/31/2021

18.62

0.08

5.46

5.54

(

0.08

)

(

0.37

)

(

0.45

)

23.71

29.91%

807,253

0.86%

0.37%

0.92%

9.79%

12/31/2020

17.59

0.18

2.92

3.10

(

0.19

)

(

1.88

)

(

2.07

)

18.62

18.53%

360,834

0.86%

1.02%

0.93%

10.36%

12/31/2019

17.45

0.26

5.74

6.00

(

0.25

)

(

5.61

)

(

5.86

)

17.59

37.33%

363,497

0.86%

1.37%

0.93%

3.18%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

80

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

I

Shares

12/31/2023

$

16.61

$

0.29

$

1.14

$

1.43

$

(

0.29

)

$

(

0.96

)

$

(

1.25

)

$

16.79

8.84%

$

222,008

0.88%

1.71%

0.88%

79.22%

12/31/2022

19.87

0.24

(

0.62

)

(

0.38

)

(

0.20

)

(

2.68

)

(

2.88

)

16.61

(1.13)%

229,418

0.87%

1.34%

0.87%

79.56%

12/31/2021

14.95

0.17

4.98

5.15

(

0.23

)

—

(

0.23

)

19.87

34.53%

259,805

0.88%

0.96%

0.90%

86.42%

12/31/2020

15.37

0.21

(

0.05

)

0.16

(

0.23

)

(

0.35

)

(

0.58

)

14.95

1.49%

169,059

0.91%

1.62%

0.91%

132.01%

12/31/2019

14.05

0.30

3.23

3.53

(

0.41

)

(

1.80

)

(

2.21

)

15.37

26.95%

205,999

0.89%

1.97%

0.89%

43.24%

Class

II

Shares

12/31/2023

16.49

0.25

1.14

1.39

(

0.26

)

(

0.96

)

(

1.22

)

16.66

8.65%

67,545

1.05%

1.54%

1.13%

79.22%

12/31/2022

19.75

0.21

(

0.62

)

(

0.41

)

(

0.17

)

(

2.68

)

(

2.85

)

16.49

(1.30)%

72,340

1.04%

1.17%

1.12%

79.56%

12/31/2021

14.85

0.14

4.95

5.09

(

0.19

)

—

(

0.19

)

19.75

34.32%

84,025

1.06%

0.78%

1.15%

86.42%

12/31/2020

15.22

0.19

(

0.05

)

0.14

(

0.16

)

(

0.35

)

(

0.51

)

14.85

1.39%

78,329

1.08%

1.50%

1.16%

132.01%

12/31/2019

13.94

0.27

3.19

3.46

(

0.38

)

(

1.80

)

(

2.18

)

15.22

26.68%

175,915

1.06%

1.80%

1.14%

43.24%

Class

X

Shares

12/31/2023

16.58

0.31

1.14

1.45

(

0.31

)

(

0.96

)

(

1.27

)

16.76

9.00%

69,066

0.75%

1.85%

0.75%

79.22%

12/31/2022

19.84

0.27

(

0.62

)

(

0.35

)

(

0.23

)

(

2.68

)

(

2.91

)

16.58

(1.02)%

66,042

0.74%

1.48%

0.74%

79.56%

12/31/2021

14.92

0.19

4.98

5.17

(

0.25

)

—

(

0.25

)

19.84

34.71%

68,665

0.75%

1.09%

0.77%

86.42%

12/31/2020(g)

12.97

0.06

2.07

2.13

(

0.18

)

—

(

0.18

)

14.92

16.46%

47,678

0.78%

1.26%

0.79%

132.01%

Class

Z

Shares

12/31/2023

16.35

0.26

1.14

1.40

(

0.27

)

(

0.96

)

(

1.23

)

16.52

8.78%

172,151

1.00%

1.59%

1.00%

79.22%

12/31/2022

19.62

0.22

(

0.63

)

(

0.41

)

(

0.18

)

(

2.68

)

(

2.86

)

16.35

(1.30)%

191,855

0.99%

1.23%

0.99%

79.56%

12/31/2021

14.76

0.15

4.91

5.06

(

0.20

)

—

(

0.20

)

19.62

34.35%

204,457

1.00%

0.83%

1.02%

86.42%

12/31/2020(g)

12.83

0.04

2.06

2.10

(

0.17

)

—

(

0.17

)

14.76

16.41%

175,284

1.03%

1.01%

1.04%

132.01%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

For

the

period

from

September

8,

2020

(commencement

of

operations)

through

December

31,

2020.

Total

return

is

calculated

based

on

inception

date

of

September

4,

2020

through

December

31,

2020.

Equity

Funds

(I)

-

December

31,

2023

-

Financial

Highlights

-

81

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Loss(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

7.76

$

—

$

5.38

$

5.38

$

—

$

—

$

—

$

13.14

69.35%

$

5,286

0.62%

0.01%

2.96%

72.09%

12/31/2022(f)

10.00

(

0.01

)

(

2.23

)

(

2.24

)

—

—

—

7.76

(22.40)%

2,698

0.63%

(0.15)%

5.60%

66.62%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022.

82

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

Innovators

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

8.65

$

0.04

$

2.92

$

2.96

$

(

0.04

)

$

—

$

(

0.04

)

$

11.57

34.17%

$

5,280

0.62%

0.38%

2.82%

93.79%

12/31/2022(f)

10.00

0.02

(

1.35

)

(

1.33

)

(

0.02

)

—

(

0.02

)

8.65

(13.30)%

3,152

0.63%

0.37%

5.28%

52.19%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022.

Equity

Funds

(I)

-

December

31,

2023

-

Financial

Highlights

-

83

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

9.14

$

0.02

$

3.19

$

3.21

$

(

0.02

)

$

—

$

(

0.02

)

$

12.33

35.15%

$

9,304

0.62%

0.23%

1.93%

59.02%

12/31/2022(f)

10.00

0.05

(

0.87

)

(

0.82

)

(

0.04

)

—

(

0.04

)

9.14

(8.19)%

4,234

0.62%

0.77%

4.47%

12.22%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022.

84

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(I)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)(f)

Class

II

Shares

12/31/2023

$

13.49

$

0.11

$

3.49

$

3.60

$

(

0.10

)

$

—

$

(

0.10

)

$

16.99

26.73%

$

80,253

0.94%

0.70%

1.03%

51.24%

12/31/2022

16.94

0.10

(

3.38

)

(

3.28

)

(

0.08

)

(

0.09

)

(

0.17

)

13.49

(19.38)%

54,725

0.94%

0.69%

1.10%

47.17%

12/31/2021

13.62

0.05

3.74

3.79

(

0.04

)

(

0.43

)

(

0.47

)

16.94

27.93%

44,370

0.89%

0.33%

1.37%

61.64%

12/31/2020

11.03

0.05

2.81

2.86

(

0.04

)

(

0.23

)

(

0.27

)

13.62

25.99%

14,303

0.94%

0.46%

3.53%

123.37%

12/31/2019(g)

10.00

0.02

1.03

1.05

(

0.02

)

—

(

0.02

)

11.03

10.51%

2,889

0.93%

0.71%

8.34%

11.87%

Class

Y

Shares

12/31/2023

13.41

0.18

3.47

3.65

(

0.17

)

—

(

0.17

)

16.89

27.30%(h)

9

0.44%

1.20%

0.52%

51.24%

12/31/2022

16.83

0.17

(

3.35

)

(

3.18

)

(

0.15

)

(

0.09

)

(

0.24

)

13.41

(18.95)%(h)

7

0.44%

1.16%

0.61%

47.17%

12/31/2021

13.52

0.12

3.74

3.86

(

0.12

)

(

0.43

)

(

0.55

)

16.83

28.66%(h)

9

0.44%

0.80%

0.97%

61.64%

12/31/2020

11.07

0.11

2.81

2.92

(

0.24

)

(

0.23

)

(

0.47

)

13.52

26.52%

7

0.45%

0.98%

3.52%

123.37%

12/31/2019(g)

10.00

0.03

1.04

1.07

—

—

—

11.07

10.70%

6

0.44%

1.21%

7.92%

11.87%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g)

For

the

period

from

October

7,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

October

4,

2019

through

December

31,

2019.

(h)

Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Equity

Funds

(I)

-

December

31,

2023

-

Financial

Highlights

-

85

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Loss(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

Ratio

of

Net

Investment

Loss

to

Average

Net

Assets(d)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

8.17

$

(

0.02

)

$

5.32

$

5.30

$

—

$

—

$

—

$

13.47

64.87%

$

7,936

0.62%

(0.22)%

2.37%

31.34%

12/31/2022(f)

10.00

(

0.01

)

(

1.82

)

(

1.83

)

—

—

—

8.17

(18.30)%

3,137

0.63%

(0.12)%

5.35%

20.01%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Annualized

for

periods

less

than

one

year.

(e)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

(f)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022.

86

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

seven

(7) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

("U.S.

Core")

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund ("U.S.

Equity

Income")

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

("Digital

Evolution

Strategy")

NVIT

J.P.

Morgan

Innovators

Fund

("Innovators") 

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

("Large

Cap

Growth") 

NVIT

J.P.

Morgan

U.S.

Equity

Fund

("U.S.

Equity")

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

("US

Technology

Leaders")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

hold

shares

of

Digital

Evolution

Strategy,

Innovators,

Large

Cap

Growth,

U.S. Equity,

and

US

Technology

Leaders.

Shares

of

U.S.

Core

are

held

by separate

accounts

established

by

NLIC

and

Nationwide

Life

and

Annuity

Insurance

Company

(“NLAIC”),

a

wholly

owned

subsidiary

of

NLIC.

Shares

of

U.S.

Equity

Income

are

held

by

separate

accounts

established

by

NLIC,

NLAIC,

and

other

affiliated insurance

companies.

The

Funds,

as

applicable,

currently

offer

Class

I,

Class

II,

Class

X,

Class

Y,

and

Class Z

shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each Fund,

except

Digital

Evolution

Strategy,

is

a

diversified

fund

as

defined

in

the

1940

Act. Digital

Evolution

Strategy

is

a

non-

diversified

fund,

as

defined

in

the

1940

Act.

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

87

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

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

“Valuation

Time”.

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

(“NAV”)

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

(“MLPs”)

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.  

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

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

a

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

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.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

88

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds’

net

assets

as

of

December

31,

2023.

Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

U.S.

Core

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,941,778,159

$

–

$

–

$

1,941,778,159

Futures

Contracts#

2,669,387

–

–

2,669,387

Purchased

Option

9,280,350

–

–

9,280,350

Repurchase

Agreements

–

54,951,707

–

54,951,707

Short-Term

Investments

–

177,025,033

–

177,025,033

Total

$

1,953,727,896

$

231,976,740

$

–

$

2,185,704,636

U.S.

Equity

Income

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

467,627,449

$

–

$

–

$

467,627,449

Futures

Contracts#

1,815,805

–

–

1,815,805

Purchased

Option

2,324,700

–

–

2,324,700

Repurchase

Agreements

–

26,804,125

–

26,804,125

Short-Term

Investments

–

23,928,440

–

23,928,440

Total

Assets

$

471,767,954

$

50,732,565

$

–

$

522,500,519

Liabilities:

Futures

Contracts#

$

(1,140,917)

$

–

$

–

$

(1,140,917)

Total

Liabilities

$

(1,140,917)

$

–

$

–

$

(1,140,917)

Total

$

470,627,037

$

50,732,565

$

–

$

521,359,602

Digital

Evolution

Strategy

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

5,153,634

$

–

$

–

$

5,153,634

Repurchase

Agreement

–

83,967

–

83,967

Total

$

5,153,634

$

83,967

$

–

$

5,237,601

Innovators

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

5,200,149

$

–

$

–

$

5,200,149

Total

$

5,200,149

$

–

$

–

$

5,200,149

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

89

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023,

the

Funds

did

not

have

overdrawn

balances.

(c)

Foreign

Currency

Transactions              

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

The

Funds

may,

nevertheless,

engage

in

foreign

currency

transactions.

In

those

instances,

a

Fund

will

convert

foreign

currency

amounts

into

U.S.

dollars

at

the

current

rate

of

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund’s

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

foreign

currency

transactions”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d)

Options      

Certain

Funds

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

Large

Cap

Growth

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

9,023,337

$

–

$

–

$

9,023,337

Total

$

9,023,337

$

–

$

–

$

9,023,337

U.S.

Equity

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

80,200,220

$

–

$

–

$

80,200,220

Total

$

80,200,220

$

–

$

–

$

80,200,220

US

Technology

Leaders

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

7,853,739

$

–

$

–

$

7,853,739

Total

$

7,853,739

$

–

$

–

$

7,853,739

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

90

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

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

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

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.

A

Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit

a

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If

a

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

a

Fund

could

cause

material

losses

because

a

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

a

Fund)

expose

a

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines,

a

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

a

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or

a

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

The

Funds' purchased

options

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

“Investment

securities,

at

value,”

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

transactions

in

investment

securities”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities,”

as

applicable.

(e)

Futures

Contracts  

Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

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

each

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, a

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, a

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 a

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

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

91

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, a

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, a

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. A

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

“Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,”

as

applicable.

The

following

is

a

summary

of

the

Funds’

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2023:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

December

31,

2023:

The

Effect

of

Derivative

Instruments

on

the

Statements

of

Operations

for

the

Year

Ended

December

31,

2023:

U.S.

Core

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

9,280,350

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

2,669,387

Total

$

11,949,737

U.S.

Equity

Income

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,324,700

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

1,815,805

Total

$

4,140,505

Liabilities:

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(1,140,917)

Total

$

(1,140,917)

#

Includes

cumulative

appreciation/(depreciation)

of

futures

contracts

as

reported

in

the

Statement

of

Investments.

Only

current

day's

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities.

U.S.

Core

Realized

Gains

(Losses):

Total

Purchased

Options§

Equity

risk

$

9,187,808

Futures

Contracts

Equity

risk

9,890,326

Interest

rate

risk

(10,011,407)

Total

$

9,066,727

92

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Statements

of

Operations

for

the Year

Ended December

31,

2023:

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

U.S.

Equity

Income

Realized

Gains

(Losses):

Total

Purchased

Options§

Equity

risk

$

2,301,422

Futures

Contracts

Equity

risk

(6,623,077)

Interest

rate

risk

(2,525,444)

Total

$

(6,847,099)

U.S.

Equity

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(15,831)

Total

$

(15,831)

§

Realized

gains

(losses)

from

purchased

options

are

included

in

"Net

realized

gains

(losses)

from

transactions

in

investment

securities."

U.S.

Core

Unrealized

Appreciation/Depreciation:

Total

Purchased

Options§

Equity

risk

$

8,538,840

Futures

Contracts

Equity

risk

2,709,091

Total

$

11,247,931

U.S.

Equity

Income

Unrealized

Appreciation/Depreciation:

Total

Purchased

Options§

Equity

risk

$

2,138,836

Futures

Contracts

Equity

risk

43,455

Total

$

2,182,291

§

Change

in

unrealized

appreciation/depreciation

from

purchased

options

and

purchased

swaptions

are

included

in

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

U.S.

Core

Options:

Average

Value

Purchased

$

5,842,808

Average

Number

of

Purchased

Option

Contracts

1,551

Futures

Contracts:

Average

Notional

Balance

Long

$

127,018,686

Average

Notional

Balance

Short

$

2,607,935

U.S.

Equity

Income

Options:

Average

Value

Purchased

$

1,463,547

Average

Number

of

Purchased

Option

Contracts

388

Futures

Contracts:

Average

Notional

Balance

Long

$

65,919,512

Average

Notional

Balance

Short

$

54,031,572

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

93

As

of December

31,

2023,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

(f)

Securities

Lending 

During

the

year

ended

December

31,

2023, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

33

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

“Dividend

income”

and/or

“Interest

income”,

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

“Income

from

securities

lending”.

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

In

accordance

with

guidance

presented

in

FASB

Accounting

Standards

Update

2014-11,

Balance

Sheet

(Topic)

860:

Repurchase-

to-Maturity

Transactions,

Repurchase

Financings,

and

Disclosures,

liabilities

under

the

outstanding

securities

lending

transactions

as

of

December

31,

2023,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust’s

securities

lending

policies

and

procedures

require

that

the

borrower

(i)

deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii)

at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund’s

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund’s

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

U.S.

Equity

Futures

Contracts:

Average

Notional

Balance

Long

$

132,894

Fund

Amounts

of

Liabilities

Presented

in

the

Statements

of

Assets

and

Liabilities

U.S.

Core

$

54,951,707

U.S.

Equity

Income

26,804,125

Digital

Evolution

Strategy

83,967

94

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

As

of December

31,

2023,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(g)

Joint

Repurchase

Agreements

During

the year

ended December

31,

2023,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

(“repo”

or

collectively

“repos”)

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

As

of December

31,

2023, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

As

of

December

31,

2023,

the

joint

repos

on

a

gross

basis

were

as

follows:

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

146,982,433,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$149,832,183.

Citi

Global

Market,

Inc.,

5.31%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

100,059,000,

collateralized

by

U.S.

Government

Treasury

Securities,

0.38%,

maturing

4/15/2024

-

1/31/2026;

total

market

value

$102,000,081.

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$144,080,277,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$146,955,445.

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$234,398,780,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$238,945,247.

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$99,059,180,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$101,040,364.

U.S.

Core

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

9,018,468

$

–

$

9,018,468

$

(9,018,468)

$

–

Citi

Global

Market,

Inc.

25,000,000

–

25,000,000

(25,000,000)

–

MetLife,

Inc.

5,933,239

–

5,933,239

(5,933,239)

–

Pershing

LLC

10,000,000

–

10,000,000

(10,000,000)

–

Santander

US

Capital

Markets

5,000,000

–

5,000,000

(5,000,000)

–

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

95

(h)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund’s

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund’s

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Total

$

54,951,707

$

–

$

54,951,707

$

(54,951,707)

$

–

U.S.

Equity

Income

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

8,804,125

$

–

$

8,804,125

$

(8,804,125)

$

–

Pershing

LLC

18,000,000

–

18,000,000

(18,000,000)

–

Total

$

26,804,125

$

–

$

26,804,125

$

(26,804,125)

$

–

Digital

Evolution

Strategy

Gross

Amounts

not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statements

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statements

of

Assets

and

Liabilities

Collateral

Received

*

Net

Amounts

of

Assets

Cantor

Fitzgerald

&

Co.

$

83,967

$

–

$

83,967

$

(83,967)

$

–

Total

$

83,967

$

–

$

83,967

$

(83,967)

$

–

*

As

of

December

31,

2023,

the

value

of

the

collateral

received

exceeded

the

market

value

of

the

Fund’s

proportionate

holding

in

the

joint

repos.

Please

refer

to

the

Statement

of

Investments

for

the

Fund’s

undivided

interest

in

each

joint

repo

and

related

collateral.

96

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

(“REIT”),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(i)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to

net

operating

loss.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2023

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals,

mark-to-market

adjustments

on

options,

and

mark-to-market

adjustments

on

futures.

 These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.  

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

(j)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

Fund

Capital

Total

Distributable

Earnings

(Loss)

U.S.

Core

$

–

$

–

U.S.

Equity

Income

–

–

Digital

Evolution

Strategy

(117)

117

Innovators

(424)

424

Large

Cap

Growth

(1,816)

1,816

U.S.

Equity

–

–

US

Technology

Leaders

(11,217)

11,217

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

97

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

(k)

Allocation

of

Expenses,

Income

and

Gains

and

Losses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(l)

European

Union

(“EU”)

Reclaims 

As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

3.

Transactions

with

Affiliates

Under

the

terms

of

the

Trust’s

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2023,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund’s

average

daily

net

assets.

During

the

year

ended

December

31,

2023,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

Fund

Subadviser

U.S.

Core

Newton

Investment

Management

North

America,

LLC

(“Newton

US”)

U.S.

Equity

Income

Newton

US

Digital

Evolution

Strategy

J.P.

Morgan

Investment

Management

Inc.

("JPMIM")

Innovators

JPMIM

Large

Cap

Growth

JPMIM

U.S.

Equity

JPMIM

US

Technology

Leaders

JPMIM

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

U.S.

Core

Up

to

$500

million

0.50%

$500

million

up

to

$1

billion

0.475%

$1

billion

and

more

0.45%

U.S.

Equity

Income

Up

to

$500

million

0.57%

$500

million

up

to

$1

billion

0.55%

$1

billion

and

more

0.53%

Digital

Evolution

Strategy

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Innovators

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Large

Cap

Growth

$0

up

to

$500

million

0.65%

$500

million

and

more

0.60%

U.S.

Equity

All

assets

0.39%

98

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2024.

During

the

year

ended December

31,

2023,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended

December

31,

2023,

the

effective

advisory

fee

rates

before

and

after

contractual

and

voluntary

advisory

fee

waivers

and

expense

reimbursements due

to the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

Rule

12b-1

fees,

fees

paid

pursuant

to

an

Administrative

Services

Plan,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

acquired

fund

fees

and

expenses,

short

sale

dividend

expenses,

excludable

sub

administration

fees,

other

expenditures

which

are

capitalized

in

accordance

with

U.S.

GAAP,

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

other

non-routine

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

US

Technology

Leaders

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Fund

Advisory

Fee

Waiver

(annual

rate)

U.S.

Core

0.038%

Fund

Amount

U.S.

Core

$

797,407

Fund

Effective

Advisory

Fee

Rate

Before

Contractual*

Fee

Waivers

and

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

and

Expense

Reimbursements

U.S.

Core

0.47

%

0.43

%

0.42

%

U.S.

Equity

Income

0.57

N/A

0.57

Digital

Evolution

Strategy

0.75

N/A

0.00

Innovators

0.75

N/A

0.00

Large

Cap

Growth

0.65

N/A

0.00

U.S.

Equity

0.39

N/A

0.30

US

Technology

Leaders

0.75

N/A

0.00

N/A

—

Not

Applicable.

*

Please

see

above

for

additional

information

regarding

contractual

waivers.

Fund

Classes

Amount

(annual

rate)

Digital

Evolution

Strategy

All

Classes

0.62%

Innovators

All

Classes

0.62

Large

Cap

Growth

All

Classes

0.62

U.S.

Equity

All

Classes

0.44

US

Technology

Leaders

All

Classes

0.62

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

99

expenses

not

incurred

in

the

ordinary

course

of

a

Fund’s

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2024.

Prior

to

November

12,

2023,

the

Trust

and

NFA

had

entered

into

a

written

Expense

Limitation

Agreement

that

limited

certain

Funds'

operating

expenses, without

any

exclusions

for

Rule

12b-1

fees,

administrative

services

fees

or

excludable

sub

administration

fees

and

taking

into

account

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table.

NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i)

the

Fund’s

assets

exceed

$100

million

and

(ii)

the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2023,

the

cumulative

potential

reimbursements

for certain

Funds,

listed

by

the period

or

year in

which

NFA

waived

fees

or

reimbursed

expenses

to certain

Funds

are:

During

the

year

ended

December

31,

2023,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement. 

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services. 

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

Fund

Classes

Amount

(annual

rate)

U.S.

Core

Class

I

0.65%

Class

II

0.90%

U.S.

Equity

Income

Class

I

0.92%

Class

II

1.09%

Class

X

0.79%

Class

Z

1.04%

Fund

Classes

Amount

(annual

rate)

U.S.

Equity

Income

Class

I

1.01%

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

U.S.

Core

$

395,057

$

327,567

$

179,974

$

902,598

U.S.

Equity

Income

—

—

—

—

Digital

Evolution

Strategy

—

96,427(a)

84,036

180,463

Innovators

—

96,630(a)

79,479

176,109

Large

Cap

Growth

—

94,883(a)

76,855

171,738

U.S.

Equity

140,997

76,803

53,797

271,597

US

Technology

Leaders

—

96,586(a)

81,011

177,597

(a)

For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

100

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$938,890

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$11,643.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds’

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

the

respective

class

of

the

Funds

at

an

annual

rate

as

listed

in

the

following

table.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2024:

g

During

the year

ended December

31,

2023, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

the

Fund

and

up

to

0.12%

of

the

average

daily

net

assets

of

Class

X and

Class

Z

shares of

each Fund.

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

Fund

Class

II

Shares

Class

Z

Shares

U.S.

Core

0.25%

N/A

U.S.

Equity

Income

0.25%

0.25%

U.S.

Equity

0.25%

N/A

N/A

-

Not

Applicable.

Fund

Distribution

Fee

Waiver

(Annual

Rate)

U.S.

Equity

Income

0.08%

Fund

Amount

U.S.

Equity

Income

$

55,201

Fund

Class

I

Class

II

Class

X

Class

Z

U.S.

Core

0.15%

0.15%

N/A

N/A

U.S.

Equity

Income

0.25

0.25

0.12%

0.12%

U.S.

Equity

N/A

0.25

N/A

N/A

N/A

—

Not

Applicable.

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

101

For

the

year

ended

December

31,

2023,

each

Fund’s

total

administrative

services

fees

were

as

follows:

4.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

none

of

the

Funds

engaged

in

interfund

lending.

5.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

Fund

Amount

U.S.

Core

$

3,147,656

U.S.

Equity

Income

1,019,521

Digital

Evolution

Strategy

N/A

Innovators

N/A

Large

Cap

Growth

N/A

U.S.

Equity

168,838

US

Technology

Leaders

N/A

N/A

—

Not

Applicable.

Fund

Purchases

*

Sales

*

U.S.

Core

$

56,591,364

$

232,659,955

U.S.

Equity

Income

374,826,875

429,043,581

Digital

Evolution

Strategy

3,473,512

2,735,501

Innovators

4,840,754

3,668,798

Large

Cap

Growth

6,913,322

3,766,823

U.S.

Equity

44,740,668

34,312,286

US

Technology

Leaders

3,972,587

1,618,053

*

Includes

purchases

and

sales

of

long-term

U.S.

Government

securities,

if

any.

102

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

6.

Portfolio

Investment

Risks 

(a)

Risks

Associated

with

Foreign

Securities

and

Currencies        

Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(b)

Risks

Associated

with

REIT

and

Real

Estate

Investments           

Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

(c)

Risks

Associated

with

Interest

Rates             

Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund’s

investments

to

decline

significantly.

(d)

Risks

Associated

with

Social

Policy              

The

Fund’s

social

policy

may

cause

it

to

underperform

similar

mutual

funds

that

do

not

have

a

social

policy.

This

can

occur

because:

undervalued

stocks

that

do

not

meet

the

social

criteria

could

outperform

those

that

do;

economic

or

political

changes

could

make

certain

companies

less

attractive

for

investment;

or

the

social

policy

could

cause

the

Fund

to

seek

or

avoid

stocks

that

subsequently

perform

well.

7.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

Equity

Funds

(I)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

103

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

9.

Recaptured

Brokerage

Commissions

The

Funds

have

entered

into

agreements

with

brokers

whereby

the

brokers

will

return

a

portion

of

the

Funds’

brokerage

commissions

on

behalf

of

certain

Funds.

Such

amounts,

under

such

agreements,

are

included

in

net

realized

gains

(losses)

from

transactions

in

investment

securities

presented

in

the

Funds’

Statements

of

Operations.

During

the year

ended

December

31,

2023,

the

Funds

recaptured

the

following

amounts

of

brokerage

commissions:

10.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

Fund

Amount

Digital

Evolution

Strategy

$

11

Innovators

8

Large

Cap

Growth

151

US

Technology

Leaders

60

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

U.S.

Core

$

28,343,051

$

–

$

28,343,051

$

–

$

28,343,051

U.S.

Equity

Income

14,751,973

23,933,481

38,685,454

–

38,685,454

Digital

Evolution

Strategy

496

–

496

–

496

Innovators

15,966

–

15,966

–

15,966

Large

Cap

Growth

16,783

–

16,783

–

16,783

U.S.

Equity

477,965

–

477,965

–

477,965

US

Technology

Leaders

–

–

–

–

–

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

U.S.

Core

$

58,941,669

$

103,393,213

$

162,334,882

$

–

$

162,334,882

U.S.

Equity

Income

62,761,514

22,905,934

85,667,448

–

85,667,448

Digital

Evolution

Strategy

–

–

–

–

–

Innovators

7,446

–

7,446

–

7,446

Large

Cap

Growth

18,975

–

18,975

–

18,975

U.S.

Equity

426,390

223,777

650,167

–

650,167

US

Technology

Leaders

–

–

–

–

–

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

104

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(I)

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

During

the

year

ended December

31,

2023,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

U.S.

Core

$

2,252,415

$

–

$

2,252,415

$

–

$

(204,612,449)

$

819,237,621

$

616,877,587

U.S.

Equity

Income

962,321

37,973,856

38,936,177

–

–

93,516,907

132,453,084

Digital

Evolution

Strategy

–

–

–

–

(302,728)

1,536,280

1,233,552

Innovators

–

–

–

–

(272,718)

1,034,278

761,560

Large

Cap

Growth

–

–

–

–

(331,963)

1,969,324

1,637,361

U.S.

Equity

7,308

–

7,308

–

(2,468,981)

16,028,924

13,567,251

US

Technology

Leaders

–

–

–

–

(236,624)

1,998,530

1,761,906

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Fund

Tax

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

U.S.

Core

$

1,366,239,196

$

866,464,190

$

(46,998,750)

$

819,465,440

U.S.

Equity

Income

427,842,355

95,946,482

(2,429,235)

93,517,247

Digital

Evolution

Strategy

3,701,321

1,543,377

(7,097)

1,536,280

Innovators

4,165,871

1,057,622

(23,344)

1,034,278

Large

Cap

Growth

7,054,013

2,007,617

(38,293)

1,969,324

U.S.

Equity

64,171,296

16,825,048

(796,124)

16,028,924

US

Technology

Leaders

5,855,209

2,095,392

(96,862)

1,998,530

Fund

Amount

Digital

Evolution

Strategy

$

(302,728)

Innovators

(272,718)

Large

Cap

Growth

(331,963)

U.S.

Equity

(2,468,981)

US

Technology

Leaders

(236,624)

U.S.

Core

(204,612,449)

Fund

Utilized

Digital

Evolution

Strategy

$

5,033

Innovators

35,120

U.S.

Core

9,248,450

Equity

Funds

-

December

31,

2023

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

105

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

(seven

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets

for

each

of

the

periods

indicated

in

the

table

below

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

(1)

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

(2)

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

(1)

NVIT

J.P.

Morgan

U.S.

Equity

Fund

(1)

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

(2)

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

(2)

NVIT

J.P.

Morgan

Innovators

Fund

(2)

(1)

Statement

of

operations

for

the

year

ended

December

31,

2023

and

statements

of

changes

in

net

assets

for

the

years

ended

December

31,

2023

and

2022.

(2)

Statement

of

operations

for

the

year

ended

December

31,

2023,

and

statement

of

changes

in

net

assets

for

the

year

ended

December

31,

2023

and

the

period

April

28,

2022

(commencement

of

operations)

through

December

31,

2022.

106

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

NVIT

Allspring

Discovery

Fund

NVIT

Amundi

Multi

Sector

Bond

Fund

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

BlackRock

Managed

Global

Allocation

Fund

NVIT

BNY

Mellon

Core

Plus

Bond

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

NVIT

Columbia

Overseas

Value

Fund

NVIT

Core

Bond

Fund

NVIT

DoubleLine

Total

Return

Tactical

Fund

NVIT

Emerging

Markets

Fund

NVIT

Federated

High

Income

Bond

Fund

NVIT

Government

Bond

Fund

NVIT

Government

Money

Market

Fund

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

 (formerly,

NVIT

GS

Large

Cap

Equity

Insights

Fund)

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

International

Equity

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly, NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund)  

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

NVIT

Loomis

Short

Term

Bond

Fund

(formerly,

NVIT

Short

Term

Bond

Fund)

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

NVIT

Real

Estate

Fund

NVIT

U.S.

130/30

Equity

Fund

Continuation

of Advisory

(and Sub-Advisory)

Agreements

The

Trust’s

investment

advisory

agreements

with

its

Investment

Adviser

(the

“Adviser”)

and

its

Sub-Advisers

(each,

a

“Sub-Adviser”)

(together,

the

“Advisory

Agreements”)

must

be

approved

for

each

series

of

the

Trust

(individually,

a

“Fund”

and

collectively,

the

“Funds”)

for

an

initial

term

no

longer

than

two

years,

and

may

continue

in

effect

thereafter

only

if

such

continuation

is

approved

at

least

annually,

(i)

by

the

vote

of

the

Trustees

or

by

a

vote

of

the

shareholders

of

the

Fund

in

question,

and

(ii)

by

the

vote

of

a

majority

of

the

Trustees

who

are

not

parties

to

the

Advisory

Agreements

or

“interested

persons”

of

any

party

thereto

(the

“Independent

Trustees”),

cast

in

person

at

a

meeting

called

for

the

purpose

of

voting

on

such

approval.

The

Board

of

Trustees

(the

“Board”)

has

five

regularly

scheduled

meetings

each

year

and

takes

into

account

throughout

the

year

matters

bearing

on

the

Advisory

Agreements.

The

Board

and

its

standing

committees

consider,

at

each

meeting,

factors

that

are

relevant

to

the

annual

continuation

of

each

Fund’s

Advisory

Agreements,

including

investment

performance,

Sub-Adviser

updates

and

reviews,

reports

with

respect

to

compliance

monitoring,

and

the

services

and

support

provided

to

the

Fund

and

its

shareholders.

Although

the

Board

considers

the

renewal

of

the

Advisory

Agreements

for

all

of

the

Nationwide

mutual

funds

at

the

same

meetings,

the

Board

considers

each

Fund’s

investment

advisory

and

sub-advisory

relationships

separately.

In

preparation

for

the

Board’s

meetings

in

2023

to

consider

the

continuation

of

the

Advisory

Agreements,

the

Trustees

requested

and

were

furnished

with

a

wide

range

of

information

to

assist

in

their

deliberations.

These

materials

included:

Equity

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

107

• A

summary

report

for

each

Fund

that

sets

out

a

variety

of

information

regarding

the

Fund,

including

average

net

assets,

performance,

expense,

and

profitability

information

for

the

past

three

years.

• Reports

from

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

a

leading

independent

source

of

mutual

fund

industry

data,

describing,

for

each

Fund’s

largest

share

class,

the

Fund’s

(a)

performance

rankings

(over

multiple

periods

ended

June

30,

2023)

compared

with

a

performance

universe

created

by

Broadridge

of

similar

or

peer

group

funds,

and

(b)

expense

rankings

comparing

the

Fund’s

fees

and

expenses

with

expense

groups

created

by

Broadridge

of

similar

or

peer

group

funds.

(Where

information

was

unavailable

or

limited

in

respect

of

the

largest

share

class,

the

Board

in

certain

cases

considered

supplemental

information

regarding another

share class.)

An

independent

consultant

retained

by

the

Independent

Trustees

provided

input

to

Broadridge

as

to

the

composition

of

the

various

performance

universes,

expense

groups,

and

peer

funds.

• Information

regarding

voluntary

or

contractual

expense

limitations

or

reductions

and

the

relationship

of

expenses

to

any

expense

limitation.

• Information

provided

by

the

Adviser

as

to

the

Adviser’s

profitability

in

providing

services

under

the

Advisory

Agreements.

The

Trustees

recognized

that

the

use

of

different

reasonable

methodologies,

including

among

other

things

calculation

and

allocation

of

related

expenses,

can

give

rise

to

different

measures

of

reported

profit

and

loss.

For

Sub-Advisers

not

affiliated

with

the

Adviser,

the

Trustees

did

not

consider

profitability

data

or

information

as

to

the

fees

a

Sub-Adviser

charges

to

other

clients

to

be

a

determinative

factor.

• Information

from

the

Adviser

regarding

economies

of

scale

and

breakpoints,

including

information

provided

by

the

Adviser

as

to

the

circumstances

under

which

specific

actions

intended

to

share

the

benefits

of

economies

of

scale

might

be

appropriate.

The

Adviser

may

not

have

been

able

to,

or

might

have

opted

not

to,

provide

information

in

response

to

certain

information

requests,

in

which

case

the

Trustees

conducted

their

evaluation

based

on

information

that

was

provided.

In

such

cases,

the

Trustees

determined

that

the

omission

of

any

such

information

was

not

material

to

its

considerations.

The

Trustees

met

with

representatives

of

the

Adviser

at

the

Trustees’

regular

quarterly

meetings

in

September

and

December

2023

to

discuss

matters

related

to

the

continuation

of

the

Advisory

Agreements.

In

addition,

the

Trustees

met

separately

with

independent

legal

counsel

to

the

Independent

Trustees

(“Independent

Legal

Counsel”)

in

October

and

in

November,

to

review

information

and

materials

provided

to

them,

and

to

formulate

requests

for

additional

information.

The

Trustees

submitted

supplemental

information

requests

to

the

Adviser

following

each

meeting

with

Independent

Legal

Counsel.

At

the

Trustees’

regular

quarterly

meeting

in

December

2023,

the

Trustees

met

to

give

final

consideration

to

information

bearing

on

the

continuation

of

the

Advisory

Agreements.

The

Trustees

considered,

among

other

things,

information

provided

by

the

Adviser

in

response

to

their

previous

information

requests.

The

Trustees

engaged

in

discussion

and

consideration

among

themselves,

and

with

the

Adviser,

Trust

counsel,

and

Independent

Legal

Counsel

regarding

the

various

factors

that

may

contribute

to

the

determination

of

whether

the

continuation

of

the

Advisory

Agreements

should

be

approved.

In

considering

this

information

with

respect

to

each

of

the

Funds,

the

Trustees

took

into

account,

among

other

things,

the

nature,

extent,

and

quality

of

services

provided

by

the

Adviser

and

relevant

Sub-Adviser.

In

evaluating

the

Advisory

Agreements

for

the

Funds,

the

Trustees

also

reviewed

information

provided

by

the

Adviser

concerning

the

following,

among

other

things:

• The

terms

of

the

Advisory

Agreements

and

a

summary

of

the

services

performed

by

the

Adviser

and

Sub-Advisers.

• The

activities

of

the

Adviser

in

selecting,

overseeing,

and

evaluating

each

Sub-Adviser;

reporting

by

the

Adviser

to

the

Trustees

regarding

the

Sub-Advisers;

and

steps

taken

by

the

Adviser,

where

appropriate,

to

identify

replacement

Sub-Advisers

and

to

put

those

Sub-Advisers

in

place.

• The

investment

advisory

and

oversight

capabilities

of

the

Adviser,

including,

among

other

things,

its

expertise

in

investment,

economic,

and

financial

analysis.

• The

Adviser’s

and

Sub-Advisers’

personnel

and

methods;

changes

in

the

Adviser’s

senior

management

personnel;

the

number

of

the

Adviser’s

advisory

and

analytical

personnel;

general

information

about

the

compensation

of

the

Adviser’s

advisory

personnel;

the

Adviser’s

and

Sub-Advisers’

investment

processes;

the

Adviser’s

risk

assessment

and

risk

management

capabilities;

and

the

Adviser’s

valuation

and

valuation

oversight

capabilities.

108

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

• The

financial

condition

and

stability

of

the

Adviser

and

the

Adviser’s

assessment

of

the

financial

condition

and

stability

of

the

Sub-Advisers.

• Potential

ancillary

benefits,

in

addition

to

fees

for

serving

as

investment

adviser,

derived

by

the

Adviser

as

a

result

of

being

investment

adviser

for

the

Funds,

including,

among

other

things,

information

on

fees

inuring

to

the

Adviser’s

affiliates

for

serving

as

the

Trust’s

administrator,

fund

accountant,

and

transfer

agent,

fees

or

other

payments

relating

to

shareholder

servicing

or

sub-

transfer

agency

services

provided

by

or

through

the

Adviser

or

its

affiliates,

enhanced

relationships

with

large

financial

concerns

that

serve,

or

whose

affiliates

serve,

as

sub-advisers

or

other

service

providers

to

one

or

more

of

the

Funds.

Based

on

information

provided

by

Broadridge

and

the

Adviser,

the

Trustees

reviewed

expense

information

for

each

of

the

Funds

and

the

total

return

investment

performance

of

each

of

the

Funds,

as

well

as

the

performance

of

the

Funds’

peer

groups

over

various

time

periods.

The

Trustees

considered

that

NVIT

Allspring

Discovery

Fund,

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

Core

Bond

Fund,

NVIT

Emerging

Markets

Fund,

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Insights

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund,

NVIT

International

Equity

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

NVIT

Real

Estate

Fund,

and

NVIT

Loomis

Short

Term

Bond

Fund

were

each

shown

to

pay

actual

management

fees

and

to

have

total

expense

ratios

(including

12b-1/non-12b-1

fees)

at

levels

lower

than

or

equal

to

their

peer

group

medians.

The

Trustees

determined

that

the

expense

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Amundi

Multi

Sector

Bond

Fund,

NVIT

Calvert

Equity

Fund,

NVIT

DoubleLine

Total

Return

Tactical

Fund,

NVIT

Federated

High

Income

Bond

Fund,

NVIT

Government

Bond

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

the

Trustees

considered

that,

although

each

Fund

was

shown

to

pay

actual

management

fees

at

a

level

equal

to

or

higher

than

its

peer

group

median,

its

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

at

a

level

equal

to

or

lower

than

the

Fund’s

peer

group

median

(or,

in

the

case

of

the

total

expense

ratio

of

NVIT

Columbia

Overseas

Value

Fund,

NVIT

NS

Partners

International

Focused

Growth

Fund

and

NVIT

U.S.

130/30

Equity

Fund,

within

what

the

Trustees

considered

a

generally

acceptable

range

of

the

Fund’s

peer

group

median)

and

the

level

of

the

Fund’s

actual

management

fee

was

not

so

high,

in

the

Trustees’

judgment,

as

to

be

inconsistent

with

continuation

of

its

Advisory

Agreements.

For

the

Funds

above,

the

Trustees

also

considered

each

Fund’s

investment

performance.

They

noted

that,

with

the

exception

of

the

Funds

referred

to

below

in

this

paragraph

and

the

next

13

paragraphs,

each

of

the

Funds

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

(or

the

two-year

period

with

respect

to

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

which

commenced

operations

in

July

2020)

at

or

above

its

performance

universe

median,

or

below

the

median

but

within

the

top

three

comparative

quintiles.

With

respect

to

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund,

the

Trustees

considered

that

the

Funds

had

been

organized

in

2022

and

did

not

yet

have

two

years

of

performance.

With

respect

to

NVIT

Allspring

Discovery

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process

that

invests

in

high

growth

companies,

particularly

in

calendar

years

2021

and

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

and

three-month

periods

ended

June

30,

2023.

The

Trustees

have

also

designated

the

Fund

as

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe,

two-year

performance

in

the

second

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Sub-Adviser’s

focus

on

delivering

superior

risk-adjusted

returns

means

that

the

Fund’s

performance

will

lag

in

up

markets,

particularly

in

strong

bull

markets

such

as

those

that

occurred

in

2020

and

2023.

In

this

regard,

the

Trustees

noted

that

the

Fund’s

performance

for

the

2022

calendar

year

had

ranked

in

the

first

quintile

of

its

performance

universe.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

Equity

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

109

With

respect

to

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

challenging

market

conditions

for

the

Sub-Adviser’s

investment

process,

particularly

in

calendar

year

2022.

In

this

regard,

the

Trustees

noted

that

the

Fund

had

ranked

in

the

first

quintile

of

its

performance

universe

for

the

calendar

year

2021

and

the

Fund’s

performance

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

With

respect

to

NVIT

DoubleLine

Total

Return

Tactical

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

third

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Calvert

Equity

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

as

of

March

2023,

the

Fund’s

prior

subadviser

had

been

replaced

and

that

additional

time

was

necessary

to

evaluate

the

Fund’s

performance

under

the

new

Sub-Adviser.

With

respect

to

NVIT

Core

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

was

primarily

attributable

to

the

Fund’s

overweight

positions

in

longer

duration

investment

grade

corporate

credit

and

high

yield

and

the

steps

taken

by

the

Sub-Adviser

in

2023

to

address

the

Fund’s

performance.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Emerging

Markets

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

underperformance

was

primarily

attributable

to

prior

sub-advisers

to

the

Fund.

The

Trustees

noted

that

the

Fund’s

Sub-Adviser

assumed

management

of

a

portion

of

the

Fund’s

assets

in

September

2021

and

became

the

sole

sub-adviser

of

the

Fund

in

June

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

Federated

High

Income

Bond

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

was

primarily

attributable

to

volatility

in

the

markets

that

began

in

the

first

quarter

of

2021

through

2022.

In

this

regard,

the

Trustees

noted

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

three-month

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

GS

Large

Cap

Equity

Insights

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fourth

quintile

of

its

performance

universe.

The

Trustees

considered

changes

that

the

Adviser

had

made

to

add

a

qualitative-based

strategy

from

the

Sub-Adviser

in

an

effort

to

improve

the

Fund’s

performance.

With

respect

to

NVIT

GS

Small

Cap

Equity

Insights

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

With

respect

to

NVIT

iShares

®

Fixed

Income

ETF

Fund,

the

Trustees

noted

that,

for

the

periods

ended

June

30,

2023,

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe,

two-year

performance

in

the

third

quintile

of

its

performance

universe,

and

one-year

performance

in

the

fifth

quintile

of

its

performance

universe.

The

Trustees

considered

the

Adviser’s

statements

that

the

Fund’s

underperformance

relative

to

its

index

was

within

the

Adviser’s

expectations

because

the

Fund

gross

performance

exceeded

its

index

by

15

basis

points

for

the

three-year

period

ended

June

30,

2023.

With

respect

to

NVIT

NS

Partners

International

Focused

Growth

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

underperformance

was

primarily

attributable

to

the

Fund’s

prior

sub-adviser

that

was

replaced

in

August

2022.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

110

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

The

Trustees

determined

that

the

performance

information

of

each

of

the

foregoing

Funds

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

that

on

December

6,

2023,

the

Board

approved

the

liquidation

of

the

Fund

effective

in

April

2024,

subject

to

shareholder

approval.

The

Trustees

determined

that

the

performance

information

of

the

Fund

was

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement

for

the

period

until

its

liquidation.

The

Trustees

considered

that

certain

Funds

compared

unfavorably

with

their

peers

on

the

basis

of

both

expenses

and

performance

records.

With

respect

to

NVIT

Blackrock

Equity

Dividend

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-

1/non-12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

in

light

of

the

fact

that

it

is

subadvised

by

BlackRock

Investment

Management.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fourth

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

second

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

also

considered

that

the

Fund

has

been

designated

to

be

subject

to

heightened

review

by

the

Trustees

in

the

coming

year

in

light

of

its

investment

performance.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

BlackRock

Managed

Global

Allocation

Fund,

the

Trustees

noted

that

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

and

to

pay

actual

management

fees

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

noted

that

a

significant

portion

of

the

Fund’s

expenses

were

represented

by

underlying

fund

expenses

and

considered

the

Adviser’s

statements

that

many

investors

make

an

active

choice

to

invest

in

the

Fund

because

it

provides

exposure

to

an

underlying

fund

managed

by

BlackRock

Investment

Management.

The

Trustees

also

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Government

Money

Market

Fund,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

third

quintile

of

its

performance

universe.

The

Trustees

noted

that

the

Fund

was

shown

to

pay

actual

management

fees

at

a

level

higher

than

its

peer

group

median,

in

the

fourth

quintile,

and

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-12b-1

fees)

was

in

the

fourth

quintile

of

its

peer

group.

The

Trustees

considered

the

Adviser’s

statements

as

to

the

amount

of

waivers

in

place

to

maintain

a

yield

for

peer

money

market

funds

and

that

comparative

expense

rankings

were

expected

to

improve

in

a

normalized

interest

rate

environment.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

With

respect

to

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

also

considered

that

the

Fund’s

total

expense

ratio

(including

12b-1/non-

12b-1

fees)

with

respect

to

Class

I

shares

ranked

in

the

first

quintile

its

peer

group.

The

Trustees

considered

that

on

December

6,

2023,

the

Board

approved

(i)

a

reduction

in

the

contractual

investment

advisory

paid

with

respect

to

the

Fund,

(ii)

an

amendment

to

the

Fund’s

expense

limitation

agreement

reducing

the

Fund’s

expense

limitation

and

(iii)

an

amendment

to

the

Administrative

Services

Agreement,

which

the

Adviser

stated

would

have

a

combined

effect

of

reducing

the

Fund’s

annual

operating

expenses

by

11

basis

points.

With

respect

to

the

Fund’s

performance,

the

Trustees

considered

that

the

Fund

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023,

above

its

performance

universe

median,

in

the

first

quintile

of

its

performance

universe.

With

respect

to

NVIT

Managed

American

Funds

Growth

&

Income

Fund,

the

Trustees

noted

that

although

the

Fund

was

shown

to

have

a

total

expense

ratio

(including

12b-1/non-12b-1

fees)

in

the

fifth

quintile

of

its

peer

group,

it

was

shown

to

pay

actual

Equity

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

111

management

fees

at

a

level

lower

than

its

peer

group

median.

The

Trustees

considered

the

Adviser’s

statements

that

mutual

funds

with

a

volatility

overlay

generally

have

higher

expenses

compared

to

mutual

funds

without

a

volatility

overlay

and

the

Fund’s

peer

group

was

comprised

of

a

mixture

of

funds,

including

peers

without

a

volatility

overlay.

With

respect

to

the

Fund’s

performance,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

in

the

fifth

quintile

of

its

performance

universe

and

considered

the

Adviser’s

statements

that

the

volatility

overlay

that

is

part

of

the

Fund’s

investment

strategy

will

have

the

effect

of

causing

the

Fund

to

underperform

its

peers

under

various

market

conditions

including

recent

market

conditions,

but

that

the

overlay

is

performing

as

intended.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

the

Fund,

and

other

factors

considered

by

them,

were

consistent

with

the

continuation

of

the

Fund’s

Advisory

Agreement.

The

Trustees

considered

whether

each

of

the

Funds

may

benefit

from

any

economies

of

scale

realized

by

the

Adviser

in

the

event

of

growth

in

assets

of

the

Fund.

The

Trustees

noted

that

each

Fund’s

advisory

fee

rate

schedule,

with

the

exception

of

NVIT

Blackrock

Managed

Global

Allocation

Fund,

NVIT

iShares

®

Fixed

Income

ETF

Fund,

NVIT

iShares

®

Global

Equity

ETF

Fund,

NVIT

J.P.

Morgan

Mozaic

SM

Multi-Asset

Fund,

and

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

is

subject

to

contractual

advisory

fee

breakpoints.

The

Trustees

determined

to

continue

to

monitor

the

fees

paid

by

the

Funds

without

breakpoints

to

determine

whether

breakpoints

might

in

the

future

become

appropriate,

as

their

assets

grow.

The

Board

also

considered

the

extent

to

which

economies

of

scale

realized

by

the

Adviser

or

the

relevant

Sub-Advisers

could

be

shared

with

a

Fund

through

fee

waivers,

expense

reimbursements,

or

other

expense

reductions.

Based

on

all

relevant

information

and

factors,

the

Trustees

unanimously

approved

the

continuation

of

the

Advisory

Agreements

at

their

meeting

in

December

2023.

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2023, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2023,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Fund

Dividends

Received

Deduction

U.S.

Core

94

.04

%

U.S.

Equity

Income

75

.07

Digital

Evolution

Strategy

100

.00

Innovators

100

.00

Large

Cap

Growth

100

.00

U.S.

Equity

100

.00

US

Technology

Leaders

–

Fund

Amount

U.S.

Core

$

–

U.S.

Equity

Income

23,933,481

Digital

Evolution

Strategy

–

Innovators

–

Large

Cap

Growth

–

U.S.

Equity

–

US

Technology

Leaders

–

Equity

Funds

(I)

-

December

31,

2023

-

Management

Information

-

113

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

114

-

Management

Information

-

December

31,

2023

-

Equity

Funds

(I)

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

Equity

Funds

(I)

-

December

31,

2023

-

Management

Information

-

115

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

116

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(I)

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

Equity

Funds

(I)

-

December

31,

2023

-

Market

Index

Definitions

-

117

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

118

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(I)

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

Equity

Funds

(I)

-

December

31,

2023

-

Market

Index

Definitions

-

119

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

120

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(I)

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

through

2065+).

The

series

reflects

a

subset

of

target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

about

S&P

Indexes

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

content.

S&P

parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

content

is

provided

on

an

"as

is"

basis.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

P.O.

Box

701

Milwaukee,

WI

53201-0701

nationwide.com/mutualfunds

NAR-CEQ-1

(2-24)