Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

Equity

Funds

(II)

NVIT

Allspring

Discovery

Fund

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

NVIT

Multi-Manager

Mid

Cap

Value

Fund

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

Fund

NVIT

Real

Estate

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

66

Statements

of

Investments

69

Statements

of

Assets

and

Liabilities

120

Statements

of

Operations

128

Statements

of

Changes

in

Net

Assets

132

Financial

Highlights

146

Notes

to

Financial

Statements

157

Report

of

Independent

Registered

Public

Accounting

Firm

187

Supplemental

Information

188

Management

Information

197

Market

Index

Definitions

200

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

Allspring

Discovery

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Allspring

Discovery

Fund

Class

I

returned

20.58%*

versus

18.93%

for

its

benchmark,

the

Russell

2500™

Growth

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Mid-Cap

Growth

(consisting

of

120

investments

as

of

December

31,

2023),

was

20.50%

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

year

started

with

high

inflation

and

financial

tightening

producing

a

resounding

call

for

a

recession

in

2023,

and

yet

the

year

ended

on

a

positive

note

for

most

major

U.S.

equity

indices.

Supported

by

healthy

labor

markets,

declining

inflation

metrics,

and

a

resilient

consumer,

earnings

results

largely

exceeded

expectations.

Most

notably,

companies

connected

to

artificial

intelligence

and

GLP-1’s

(glucagon-like

peptide-1)

garnered

significant

attention

and

saw

their

valuations

soar.

For

most

of

the

year,

the

“Magnificent

7”

substantially

outperformed

the

rest

of

the

U.S.

equity

universe,

boosting

returns

in

large

cap

indexes

while

the

higher

policy

rates

deterred

sentiment

for

small

cap

stocks.

On

the

other

hand,

along

with

the

favorable

economic

data,

a

dovish

shift

in

tone

from

the

Federal

Reserve

in

December

fueled

a

rally

in

low

quality

and

unprofitable

businesses.

Successfully

avoiding

a

recession,

a

soft

landing

became

the

consensus

outlook

for

2024.

After

trailing

large

cap

indexes

for

most

of

the

year,

leadership

broadened

out

in

the

fourth

quarter.

As

is

often

the

case

during

“beta”

rallies,

investors

rotated

into

speculative

corners

of

financial

markets.

Previously

beaten

down

cyclicals,

meme

stocks,

and

cryptocurrencies

all

sharply

rallied.

At

a

high

level,

small

caps

benefitted

from

this

bullish

sentiment;

however,

leadership

was

concentrated

in

low

quality

and

unprofitable

businesses.

This

made

it

difficult

for

active

small

cap

portfolios

to

keep

up,

as

many

favor

businesses

with

higher

quality

fundamentals.

Despite

the

challenges

of

a

short-term

“junk

rally”,

the

year

ended

with

a

largely

optimistic

tone

towards

2024.

The

Fund

outperformed

its

benchmark

by

1.65%

during

the

period.

Security

selection

within

consumer

discretionary

and

industrials,

along

with

an

underweight

to

energy,

contributed

positively

to

returns.

Holdings

within

the

health

care,

communication

services,

and

information

technology

sectors

detracted

from

results.

Top

contributors

to

relative

performance

during

the

period

include

Saia,

Inc.,

MercadoLibre,

Inc.

and

BellRing

Brands,

Inc.

Within

industrials,

Saia,

Inc.

is

a

short

haul

trucking

company

that

specializes

in

ecommerce

fulfillment.

During

the

year,

shipment

volumes

and

contract

renewals

exceeded

expectations.

Additionally,

the

dissolution

of

a

key

competitor

created

a

unique

opportunity

for

Saia

to

expand

its

distribution

network.

We

hold

conviction

in

Saia’s

ability

to

execute

but

modestly

trimmed

the

position

due

to

elevated

valuation.

In

consumer

discretionary,

MercadoLibre,

Inc.

is

a

leading

ecommerce

and

payments

platform

in

Latin

America

that

launched

services

to

boost

user

engagement

and

advertising

revenue.

Improving

profitability

with

a

leading

technology

platform

provided

multiple

growth

opportunities

for

MercadoLibre.

The

Fund

has

held

MercadoLibre

for

several

years

and

continues

to

believe

in

its

potential

to

deliver

superior

future

returns.

In

staples,

BellRing

Brands,

Inc.

produces

high-quality

protein

based

nutritional

supplements.

After

navigating

production

headwinds

during

the

pandemic,

BellRing

expanded

manufacturing

to

boost

production

and

rationalized

non-core

products

to

reduce

overhead

costs.

The

recent

focus

on

GLP-1

medications

(glucagon-

like

peptide-1)

and

improving

healthy

eating

habits

may

create

another

opportunity

for

BellRing

to

expand

topline

sales.

As

the

company

improves

margins

and

trims

less

popular

products,

we

remain

optimistic

about

BellRing’s

ability

to

capture

market

share

and

continue

to

hold

the

position.

Top

detractors

from

relative

performance

in

2023

included

WNS

(Holdings)

Ltd.,

ZoomInfo

Technologies,

Inc.,

and

BILL

Holdings,

Inc.

Within

industrials,

WNS

(Holdings)

Ltd.

provides

business

processing

management

that

allows

clients

to

outsource

and

modernize

processes.

Delays

with

two

key

client

projects,

combined

with

lingering

concerns

that

artificial

intelligence

could

impact

WNS’

business

model,

placed

pressure

on

the

share

price.

In

light

of

rising

uncertainty,

the

Fund

trimmed

down

the

position

and

continued

to

hold

the

security

at

the

end

of

the

period.

In

communication

services,

ZoomInfo

Technologies,

Inc.

hosts

a

global

database

that

connects

sales

and

marketing

professionals

with

prospective

clients.

Macro

headwinds

and

layoffs

within

the

tech

industry

negatively

impacted

demand

for

ZoomInfo.

When

sales

did

not

reaccelerate

as

recession

fears

receded,

our

sell

discipline

was

triggered,

and

the

Fund

exited

the

position.

BILL

Holdings,

Inc.

provides

cloud-based

software

that

enables

small-

and

medium-sized

businesses

to

digitize

back-office

functions.

In

return,

BILL

receives

subscription

fees

and

a

portion

of

each

transaction

processed

on

its

platform.

During

the

year,

many

of

BILL’s

customers

reduced

advertising

and

discretionary

spending,

which

adversely

impacted

BILL’s

transactional

revenue.

The

Fund

still

holds

the

position,

but

we

are

closely

monitoring

fundamentals.

The

Fund

did

not

invest

in

derivatives

during

the

reporting

period

and

did

not

experience

any

liquidity

events

that

materially

impacted

the

performance.

Subadviser:

Allspring

Global

Investments,

LLC

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Allspring

Discovery

Fund

Portfolio

Managers:

Michael

T.

Smith,

CFA,

and

Christopher

J.

Warner,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

mid-sized

companies).

Smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more

established

companies.

Smaller

companies

are

more

vulnerable

than

larger

companies

to

adverse

business

and

economic

developments

and

may

have

more

limited

resources.

Therefore,

they

generally

involve

greater

risk.

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).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

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

Allspring

Discovery

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Asset

Allocation

1

Common

Stocks

98.5%

Repurchase

Agreements

10.1%

Liabilities

in

excess

of

other

assets

§

(8.6)%

100.0%

Top

Industries

2

Software

11.2%

Health

Care

Equipment

&

Supplies

6.7%

Commercial

Services

&

Supplies

6.5%

Trading

Companies

&

Distributors

5.1%

Semiconductors

&

Semiconductor

Equipment

5.0%

Biotechnology

4.7%

Electronic

Equipment,

Instruments

&

Components

3.7%

Hotels,

Restaurants

&

Leisure

3.6%

IT

Services

3.2%

Entertainment

3.1%

Other

Industries

#

47.2%

100.0%

Top

Holdings

2

Casella

Waste

Systems,

Inc.,

Class

A

2.3%

Teledyne

Technologies,

Inc.

2.1%

SiteOne

Landscape

Supply,

Inc.

2.1%

Globant

SA

2.0%

Axon

Enterprise,

Inc.

2.0%

Bio-Techne

Corp.

1.9%

Rexford

Industrial

Realty,

Inc.

1.8%

Tetra

Tech,

Inc.

1.8%

Morningstar,

Inc.

1.8%

Novanta,

Inc.

1.7%

Other

Holdings

#

80.5%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

#

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.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Allspring

Discovery

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

20.58%

9.62%

7.61%

3/24/2008

Class

II

20.44%

9.35%

7.35%

3/24/2008

Russell

2500

TM

Growth

Index

18.93%

11.43%

8.78%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.89%

0.83%

Class

II

1.14%

1.08%

^

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

Allspring

Discovery

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

I

shares

of

the

NVIT

Allspring

Discovery

Fund

versus

performance

of

the

Russell

2500

TM

Growth

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

AQR

Large

Cap

Defensive

Style

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Class

I

returned

8.27%

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.

Markets

began

the

year

with

a

strong

start

as

investors

anticipated

a

slowdown

in

the

Federal

Reserve

(“Fed”)

rate

hiking

path

and

inflation

began

its

descent

lower;

however,

in

March,

Silicon

Valley

Bank

(SVB)

and

Signature

Bank

fell

into

FDIC

receivership

following

bank

runs

that

resulted

in

swift

failures.

After

the

collapse

of

SVB

and

Signature,

investors

appeared

to

become

increasingly

bearish

on

economic

growth,

potentially

due

to

predictions

of

tighter

lending

conditions

and

increased

risk

aversion.

Following

these

events,

the

government’s

decision

to

ensure

all

deposits

of

the

failed

banks

appeared

to

have

a

positive

impact

on

the

sector

and

the

equity

markets

as

a

whole.

U.S.

equity

markets

saw

strong

positive

performance

in

the

second

quarter

as

rates

remained

flat

and

growth

expectations

increased.

Much

of

this

performance

was

driven

by

mega-cap

technology

stocks

(e.g.,

Apple,

Microsoft),

potentially

related

to

the

technological

advances

in

artificial

intelligence

and

indications

that

investment

within

the

technology

was

rising

rapidly.

Improved

outlook

for

the

sector

preceded

investors

allocating

into

more

speculative,

growth-based

investments

during

the

quarter.

Following

this

rally,

equity

performance

was

somewhat

mixed

throughout

the

third

quarter.

Resilient

economic

activity

and

lower

inflation

provided

a

tailwind

for

equities,

maintaining

momentum

from

the

Q2’s

concentrated,

AI-driven

rally.

After

a

sharp

rally

in

July,

the

equity

markets

pulled

back

as

U.S.

10-year

bond

yields

rose

over

60

basis

points

through

August

and

September.

Finally,

the

fourth

quarter

began

much

as

the

third

quarter

had

left

off,

with

unexpectedly

firm

U.S.

data

driving

bond

yields

to

new

highs

for

the

cycle

and

market

participants

continued

to

scale

back

expectations

for

Fed

easing,

which

resulted

in

a

downturn

in

October

for

U.S.

equities.

On

the

other

hand,

optimism

around

subsiding

inflation

and

less

hawkish

Fed

policy

for

2024

led

to

healthy

gains

in

November

and

December

to

conclude

a

strong

year

of

returns.

Within

sector

selection,

an

underweight

position

in

Energy

and

Real

Estate

contributed

over

the

period.

Stock

selection

within

Energy

contributed

as

well,

though

not

enough

to

offset

losses

from

other

sectors.

The

three

securities

contributing

the

most

to

performance

in

the

reporting

period

were

Costco,

Republic

Services,

Inc,

and

Regeneron

Pharmaceuticals.

The

overweights

in

these

three

securities

relative

to

the

benchmark

benefited

performance.

The

Fund

continues

to

hold

these

securities

at

the

end

of

the

period.

The

Fund

underperformed

the

benchmark

by

-18.02%

over

the

reporting

period.

Within

sector

selection,

an

underweight

position

in

Information

Technology,

as

well

as

overweight

positions

in

Consumer

Staples

and

Health

Care,

were

the

leading

detractors.

Stock

selection

within

Information

Technology,

Communication

Services,

and

Consumer

Discretionary

were

the

largest

detractors.

The

three

securities

detracting

the

most

to

performance

in

the

reporting

period

were

Apple

Inc.,

Nvidia

Corporation,

and

Microsoft

Corporation.

The

underweights

in

these

three

securities

relative

to

the

benchmark

detracted

from

the

performance.

The

Fund

continues

to

hold

these

securities

at

the

end

of

the

period.

The

Fund

is

a

long

only

equity

strategy

providing

exposure

to

the

Large

Cap

U.S.

universe

(as

measured

by

the

Russell

1000

®

Index).

It

seeks

to

provide

equity-like

returns

at

lower

risk

by

selecting

stocks

based

on

the

Defensive

theme.

At

AQR,

we

think

of

this

theme

in

two

manners:

low

statistical

risk

and

low

fundamental

risk

or

high-quality

characteristics.

The

Fund

aims

both

to

be

a

diversifier

to

other

equity

mandates

and

to

provide

downside

protection

during

periods

of

equity

losses.

As

a

Defensively

oriented

strategy,

the

Fund

maintains

a

beta

below

1.0

relative

to

the

Russell

1000

®

Index,

typically

in

the

0.6

–

0.8

range,

giving

it

the

propensity

to

underperform

the

Russell

1000

®

Index

during

periods

of

strong

equity

returns

while

outperforming

in

the

downward

markets.

Underperformance

was

driven

by

low

statistical

risk

as

well

as

the

strategy’s

structural

lower

market

exposure,

while

low

fundamental

risk

provided

offsetting

gains.

We

believe

that

the

Defensive

style,

like

other

styles,

has

long-term

efficacy

rooted

in

both

historical

evidence

and

economic

intuition;

however,

it

can

certainly

go

through

periods

of

underperformance,

particularly

during

strong

bull

markets.

As

such,

a

significant

amount

of

the

underperformance

seen

throughout

the

year

is

attributable

to

the

strong

rally

for

mega

cap

stocks

primarily

within

the

Information

Technology

sector.

Given

the

concentrated

rally

in

high-growth

names,

both

the

Fund’s

equal

risk

anchor

approach

(which

enforces

diversification

across

stocks

and

industries

via

constraints

derived

from

an

equal

risk

reference

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

portfolio)

and

the

Fund’s

preference

for

lower

risk

companies

drove

underperformance

during

the

2023

period.

Meanwhile,

gains

in

quality

slightly

offset

those

losses.

Fund

performance

was

captured

through

equities

and

limited

derivative

exposure

in

the

form

of

equity

index

futures.

Equity

index

futures

are

used

primarily

for

flow

and

cash

management

in

the

account,

leading

to

minimal

effect

on

portfolio

performance.

The

Fund

did

not

experience

any

liquidity

events

that

had

a

material

impact,

nor

was

there

any

change

in

the

Fund

that

would

result

in

a

liquidity

risk

during

the

reporting

period

ending

December

31,

2023.

Subadviser:

AQR

Capital

Management,

LLC

Portfolio

Managers:

Michele

L.

Aghassi,

Cliff

Asness,

Andrea

Frazzini,

and

John

Huss

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

is

subject

to

real

estate

and

REIT

risks

that

are

associated

with

investing

in

real

estate

and

the

real

estate

industry

in

general.

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

may

invest

in

more

aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

illiquidity

and

are

highly

volatile).

The

Fund

may

be

subject

to

model

and

data

risk

as

the

Fund’s

subadviser

relies

heavily

on

quantitative

models

and

information

and

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments

and

to

provide

risk

management

insights.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

any

decisions

made

in

reliance

thereon

expose

the

Fund

to

potential

risks.

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.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Asset

Allocation

1

Common

Stocks

97.7%

Repurchase

Agreements

4.3%

Futures

Contracts

0.1%

Liabilities

in

excess

of

other

assets

(2.1)%

100.0%

Top

Industries

2

Insurance

6.6%

Food

Products

5.9%

Health

Care

Providers

&

Services

5.4%

Biotechnology

4.9%

Consumer

Staples

Distribution

&

Retail

4.5%

Pharmaceuticals

4.3%

Beverages

4.1%

Household

Products

3.8%

Commercial

Services

&

Supplies

3.4%

Software

3.3%

Other

Industries

#

53.8%

100.0%

Top

Holdings

2

Costco

Wholesale

Corp.

1.6%

T-Mobile

US,

Inc.

1.5%

Regeneron

Pharmaceuticals,

Inc.

1.5%

McDonald's

Corp.

1.5%

Waste

Management,

Inc.

1.5%

Cisco

Systems,

Inc.

1.5%

Republic

Services,

Inc.,

Class

A

1.4%

Visa,

Inc.,

Class

A

1.4%

Merck

&

Co.,

Inc.

1.4%

Walmart,

Inc.

1.4%

Other

Holdings

#

85.3%

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

AQR

Large

Cap

Defensive

Style

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

8.27%

11.51%

10.11%

11/8/1982

Class

II

8.03%

11.24%

9.84%

7/11/2002

Class

IV

8.29%

11.51%

10.12%

4/28/2003

S&P

500

®

Index

26.29%

15.69%

12.03%

Expense

Ratios

Expense

Ratio

^

Class

I

0.78%

Class

II

1.03%

Class

IV

0.78%

^

Current

effective

prospectus

dated

May

1,

2023.

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

AQR

Large

Cap

Defensive

Style

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

AQR

Large

Cap

Defensive

Style

Fund

versus

performance

of

the

S&P

500

®

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

BlackRock

Equity

Dividend

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

For

the

annual

period

ended

December

31,

2023,

the

NVIT

BlackRock

Equity

Dividend

Fund

Class

I

returned

11.99%

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.

In

the

first

quarter,

the

U.S.

equity

market

rallied

over

the

quarter

on

the

back

of

cooling

inflation

and

resilient

economic

data.

In

combination

with

a

stronger-than-expected

gross

domestic

product,

inflation

data

led

investors

to

position

for

slower

rate

rises

from

the

Federal

Reserve

(“Fed”).

In

the

second

quarter,

the

U.S.

equity

market

rallied

over

the

quarter,

despite

concerns

over

the

debt

ceiling.

Robust

gains

were

supported

by

resilient

economic

data

and

strong

performance

by

large-cap

growth

stocks.

Concerns

regarding

the

U.S.

debt

ceiling

dampened

market

sentiment

in

May

2023

before

Congress

reached

an

agreement

to

suspend

it.

Later

in

the

quarter,

markets

rallied

boosted

by

the

Technology

sector

on

the

back

of

enthusiasm

over

artificial

intelligence

and

chipmakers.

In

the

third

quarter,

the

U.S.

equity

market

initially

rallied

over

the

quarter,

supported

by

a

falling

inflation

rate

and

resilient

economic

data.

The

Fed

raised

its

policy

rate

by

25

bps,

bringing

the

fed

funds

rate

to

5.25%

-

5.50%;

however,

uncertainty

about

whether

the

Fed

has

reached

the

endpoint

for

rate-hiking

cycle

has

dampened

the

market

sentiment.

A

slight

inflation

hike

in

August

2023

weighed

down

on

market

performance

over

the

second

part

of

third

quarter.

The

Fed

kept

rates

unchanged

during

their

September

meeting,

signaling

a

hawkish

pause

that

raised

concerns

about

high

rates

persisting

for

a

longer

period

and

a

possibility

of

another

rate

hike

later

this

year

-

driven

by

increasing

oil

prices

pushing

the

inflation

rate

higher.

In

the

fourth

quarter,

the

U.S.

equity

market

posted

overall

robust

gains

on

the

back

of

cooling

inflation

data.

The

market

initially

dampened

in

October

2023

with

expectations

that

interest

rates

would

remain

higher

for

longer.

Increasing

conflicts

in

the

Middle

East

further

exacerbated

the

initial

market

dampening.

Later

in

the

quarter,

however,

optimistic

inflation

data

led

to

hopes

that

interest

rates

had

reached

their

peak,

leading

the

market

to

rally

in

the

second

half

of

the

quarter.

During

the

quarter,

falling

consumer

price

index

data

raised

hopes

that

inflation

was

on

course

to

fall

back

to

the

Fed’s

2%

target.

The

Fed

held

interest

rates

steady

for

the

quarter

at

a

targeted

range

of

5.25%

to

5.50%.

Given

that

the

Fed

signaled

they

may

have

finished

their

series

of

rate

hikes,

market

expectations

of

rate

cuts

in

2024

increased.

The

largest

contributor

to

relative

performance

was

stock

selection

in

health

care.

Notably,

selection

decisions

within

the

pharmaceuticals

industry

proved

beneficial

due

to

our

decision

to

forgo

investing

in

overvalued

companies.

Selection

decisions

in

energy

were

also

a

source

of

relative

outperformance.

At

the

industry

level,

stock

selection

within

oil,

gas,

and

consumable

fuels

contributed

significantly

to

relative

performance.

In

financials,

our

selection

decisions

in

the

banks

and

insurance

industries

added

to

performance.

Lastly,

our

investment

decisions

in

utilities

added

to

performance,

mainly

due

to

allocation

decisions

in

the

electric

utilities

industry.

At

the

stock

level,

top

contributors

to

relative

performance

included

First

Citizens

Bancshares

(FCNCA

US)

and

Microsoft

(MSFT

US),

as

well

as

underweight

positions

to

Pfizer

and

Johnson

&

Johnson.

First

Citizens

is

a

regional

bank

serving

attractive

end

markets

and

is

priced

very

well

relative

to

their

peers.

First

Citizens

was

a

strong

outperformer

during

the

year,

mainly

due

to

the

Silicon

Valley

Bank

acquisition

in

early

2023.

Microsoft

also

saw

a

strong

year

due

to

the

generative

artificial

intelligence

(“AI”)

boom,

with

Microsoft

ultimately

being

one

of

the

better

positioned

companies

for

the

incoming

AI

revolution.

Other

notable

contributors

throughout

the

year

included

our

decision

to

forgo

investing

in

large

benchmark

names,

such

as

Pfizer

and

Johnson

&

Johnson.

While

both

names

certainly

benefitted

during

the

COVID-19

pandemic,

we

quickly

saw

their

valuations

rise

and

fundamentals

become

unattractive.

In

2023,

Pfizer’s

total

sales

drastically

declined

due

to

decreased

demand

for

COVID-19

products

and

their

2024’s

bleak

outlook.

Johnson

&

Johnson

struggled

in

2023

as

their

autoimmune

drug,

Stelara,

lost

market

exclusivity.

Stelara

and

Darzalex

(autoimmune

drug)

have

been

the

key

growth

drivers

for

the

company

in

the

recent

past.

At

the

end

of

the

period,

the

Fund

held

First

Citizens

Bancshares,

Microsoft,

and

Pfizer.

The

largest

detractor

from

relative

performance

was

due

to

investment

decisions

in

the

communication

services

sector.

Notably,

our

underweight

allocation

to

the

interactive

media

and

services

industry

proved

costly,

with

Meta

being

the

main

source

for

relative

underperformance.

Within

consumer

staples,

selection

decisions

in

the

consumer

staples,

distribution

&

retail

and

tobacco

industries

detracted

from

relative

returns.

Stock

selection

in

the

materials

sector

was

also

a

detractor

throughout

the

year.

At

the

industry

level,

this

was

most

prominent

in

the

containers

&

packaging

industry,

with

Sealed

Air

being

a

large

source

for

relative

underperformance.

Other

modest

detractors

during

the

year

were

the

portfolio’s

investment

decisions

in

industrials.

At

the

stock

level,

top

detractors

from

relative

performance

included

Dollar

General,

Sealed

Air,

Baxter

International

and

an

underweight

position

to

Meta

Platforms.

Dollar

General

struggled

in

2023

as

consumers

did

not

fully

rotate

into

the

lower

cost

retailers

amidst

recession

fears;

however,

by

the

fourth

quarter,

there

was

increased

traffic

and

inventory

indicating

consumers

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BlackRock

Equity

Dividend

Fund

may

be

trading

down

to

discount

retailers

after

all.

Sealed

Air

was

considered

a

COVID-19

beneficiary

due

to

the

increase

in

ecommerce

activity;

however,

the

name

struggled

in

2023

due

to

pricing

pressures

on

paper

protection.

Baxter

International

saw

a

strong

start

to

the

year

but

was

ultimately

offset

as

glucagon-like

peptide

1

(“GLP-1s”)

gained

popularity—GLP-1s

could

negatively

affect

Baxter’s

longer-term

outlook.

Finally,

Meta

Platforms

had

a

very

successful

year

in

terms

of

operating

strength.

The

company

successfully

monetized

Reels

(Tik

Tok

competitor)

and

cut

costs

aggressively

year-to-date.

Meta

also

was

reconstituted

from

the

Russell

1000

®

Value

to

the

Russell

1000

®

Growth

at

the

end

of

second

quarter.

Meta

is

broadly

ineligible

for

the

portfolio

given

it

is

not

a

quality

dividend

payer;

therefore,

we

were

not

able

to

capture

Meta’s

success.

The

Fund

held

Dollar

General,

Sealed

Air,

and

Baxter

International

at

the

end

of

the

period.

The

Fund

did

not

use

derivatives

for

the

reporting

period

and

did

not

experience

liquidity

events

that

materially

impacted

performance.

Subadviser:

BlackRock

Investment

Management,

LLC

Portfolio

Managers:

Tony

DeSpirito;

and

David

Zhou

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

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

invest

in

more-aggressive

investments

such

as

convertible

securities,

derivatives

(which

create

investment

leverage

and

are

highly

volatile)

and

real

estate

investment

trusts

(REITs)

(which

are

subject

to

abrupt

or

erratic

price

movements

and

generally

lack

liquidity).

The

Fund

may

employ

a

contrarian

investing

style

(investing

in

a

manner

that

differs

from

current

market

trends

and

causing

missed

opportunities).

Value

funds

may

underperform

other

funds

that

use

different

investing

styles.

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

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.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

BlackRock

Equity

Dividend

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Asset

Allocation

1

Common

Stocks

94.1%

Repurchase

Agreements

2.7%

Master

Limited

Partnership

1.6%

Other

assets

in

excess

of

liabilities

1.6%

100.0%

Top

Industries

2

Banks

10.7%

Health

Care

Providers

&

Services

8.0%

Oil,

Gas

&

Consumable

Fuels

7.9%

Insurance

6.4%

Health

Care

Equipment

&

Supplies

4.8%

Pharmaceuticals

4.7%

Professional

Services

4.6%

Financial

Services

3.9%

Capital

Markets

3.7%

Aerospace

&

Defense

3.6%

Other

Industries

#

41.7%

100.0%

Top

Holdings

2

Wells

Fargo

&

Co.

3.2%

Citigroup,

Inc.

2.9%

American

International

Group,

Inc.

2.6%

Shell

plc

2.6%

Kraft

Heinz

Co.

(The)

2.4%

Leidos

Holdings,

Inc.

2.3%

L3Harris

Technologies,

Inc.

2.2%

General

Motors

Co.

2.1%

BP

plc

2.1%

SS&C

Technologies

Holdings,

Inc.

2.1%

Other

Holdings

#

75.5%

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.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

BlackRock

Equity

Dividend

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

11.99%

11.28%

8.46%

10/31/1997

Class

II

11.77%

11.00%

8.19%

3/28/2003

Class

IV

12.04%

11.28%

8.46%

4/28/2003

Russell

1000

®

Value

Index

11.46%

10.91%

8.40%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.84%

0.80%

Class

II

1.09%

1.05%

Class

IV

0.84%

0.80%

^

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

BlackRock

Equity

Dividend

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

I

shares

of

the

NVIT

BlackRock

Equity

Dividend

Fund

versus

performance

of

the

Russell

1000

®

Value

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.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Calvert

Equity

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

Class

II

returned

20.68%*

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

following

commentary

is

provided

by

subadviser

,

Newton

Investment

Management

Limited,

for

the

reporting

period

of

1/1/2023

–

3/3/2023****:

From

a

sector

perspective,

Health

Care

contributed

the

most

to

relative

performance

during

the

period

which

was

driven

by

stock

selection,

specifically

investments

in

health

care

equipment

and

service

companies

including

The

Cooper

Companies,

Edwards

Lifesciences,

and

Medtronic.

A

zero

weighting

in

Energy

as

well

as

stock

selection

within

Industrials

also

proved

beneficial.

At

the

stock

level,

Salesforce

was

the

top

contributor

to

performance

as

it

delivered

an

impressive

set

of

fourth-quarter

results

in

2022.

Revenue

growth

was

better

than

feared,

although

it

was

an

acceleration

in

profitability

that

captured

investor

attention.

Trane

Technologies

was

another

to

report

a

solid

set

of

quarterly

results

as

sales

and

earnings

registered

above

expectations.

Guidance

for

2023

was

also

welcomed

by

investors

against

a

backdrop

of

resilient

bookings

and

record

backlog.

Stock

selection

disappointed

in

several

sectors

during

the

reporting

period:

Communication

Services,

Consumer

Discretionary,

Financials

and

Information

Technology.

An

overweight

in

Utilities

also

detracted

against

a

backdrop

of

rising

rates.

A

trio

of

sizeable

Index

constituents

that

the

portfolio

did

not

own

detracted

significantly.

Tesla

and

Meta

Platforms

both

performed

well

to

the

detriment

of

relative

returns.

Not

owning

NVIDIA,

which

was

perceived

as

a

way

to

gain

exposure

to

artificial

intelligence,

was

also

unhelpful.

From

a

holding

perspective,

NextEra

Energy

fell

following

the

surprise

retirement

of

Eric

Silagy,

CEO

at

the

company’s

largest

subsidiary,

Florida

Power

&

Light.

With

investors

waiting

on

several

key

data

points

later

in

the

year,

Eli

Lilly

struggled

with

the

more

defensive

areas

of

health

care

underperforming

following

last

year’s

outperformance.

The

Fund

did

not

invest

in

derivatives

during

the

period

and

had

no

liquidity

events

that

affected

performance.

SubAdviser:

Newton

Investment

Management

Limited

Portfolio

Manager:

Nick

Pope

The

following

commentary

is

provided

by

subadviser

,

Atlanta

Capital,

for

the

reporting

period

of

3/9/2023

–

12/31/2023****:

At

the

end

of

2022,

the

second

worst

year

in

the

Russell

1000

®

Growth

Index’s

history,

investors

were

wallowing

in

poor

market

returns,

debating

how

high

interest

rates

were,

and

inflation

could

go

and

speculate

about

recession,

and

soft

or

hard

landings.

In

addition,

elevated

geopolitical

risks

fostered

heightened

risk

aversion.

And

yet

the

42.68%

surge

in

2023

marked

the

strongest

year

in

the

history

of

the

growth

index,

at

least

on

the

surface.

The

equal

weighted

rose

28.4%,

and

the

return

would

have

been

16%

without

the

Magnificent

7

which

includes

Apple,

Microsoft,

Google

parent

Alphabet,

Amazon,

Nvidia,

Meta

Platforms

and

Tesla.

The

fourth

quarter

of

the

year

was

the

strongest,

up

14.2%,

fueled

by

hopes

of

lower

interest

rates.

Large

cap

growth

returns

were

driven

by

a

handful

of

favorite

stocks

and

sectors.

The

Magnificent

7

contributed

around

two-

thirds

of

the

Russell

1000

®

Growth’s

return

in

2023

and

accounted

for

47%

of

the

Index

weighting

by

year-end.

In

addition

to

the

concentrated

returns

in

the

Magnificent

7

stocks,

2023

saw

concentrated

returns

from

a

sector

perspective

as

well.

61%

of

the

Index

return

came

from

the

information

technology

sector,

17%

came

from

the

consumer

discretionary

sector

and

12%

came

from

the

communication

services

sector.

The

remaining

10%

of

the

Index

return

was

split

among

eight

sectors.

The

Fund

underperformed

its

benchmark,

the

Russell

1000

®

Growth

Index,

by

14.65%

during

the

period

from

March

7

through

the

end

of

the

year.

The

main

headwinds

to

relative

performance

were

our

large

underweight

to

the

Magnificent

7

group

of

stocks

and

the

outperformance

of

low-quality

stocks

versus

their

high-quality

peers.

Stock

selection

within

consumer

discretionary,

as

well

as

an

overweight

to

financials

and

an

underweight

to

information

technology,

were

the

leading

detractors

from

relative

performance.

A

lack

of

exposure

to

the

energy

sector,

as

well

as

stock

selection

within

financials

and

industrials,

contributed

to

relative

benchmark

comparisons.

As

a

reminder,

our

investment

approach

views

sector

weightings

as

the

residual

outcome

of

fundamental

security

selection

rather

than

an

intentional

process

favoring

a

particular

theme

or

style.

NVIT

Calvert

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

In

terms

of

individual

contributors

for

the

specified

period,

Intuit

Inc.

(INTU)

had

the

largest

positive

impact

on

relative

performance.

INTU

has

been

a

long-time

holding

in

the

Fund.

It

epitomizes

the

high

quality

and

compounding

business

in

which

we

seek

to

invest.

The

company’s

flagship

TurboTax

and

QuickBooks

solutions

are

industry

standards,

with

complementary

services

and

capabilities

further

aligning

these

platforms

with

customer

workflows.

High

switching

costs

enable

consistent

pricing

power,

and

a

record

of

proven

margin

expansion

keeps

its

returns

and

growth

as

the

best-in-class.

While

these

current

multiples

reflect

its

favorable

attributes,

and

its

prospects

for

continued

superior

execution

seem

promising,

we

continue

holding

INTU

in

the

Fund.

Our

lack

of

exposure

to

Apple

Inc.

(AAPL)

contributed

to

relative

performance

for

the

specific

period

beginning

in

March.

AAPL

underperformed

the

Russell

1000

®

Growth

Index

by

about

5%

from

March

7th

through

year-end.

Given

AAPL’s

Index

weighting

of

roughly

12.5%,

its

underperformance

of

the

Index

and

our

non-ownership,

the

math

worked

in

our

favor

for

this

name

to

fall

into

the

contributor’s

bucket.

Concerns

about

the

company’s

reliance

on

its

iPhone

business

has

kept

us

on

the

sidelines,

and

the

market’s

muted

reaction

to

the

most

recent

launch

confirmed

the

concerns.

We

continue

to

monitor

business

trends

at

this

high-

profile

name

but

remain

patient

in

our

investment

approach.

Additionally,

our

lack

of

exposure

to

UnitedHealth

Group

Incorporated

(UNH)

added

to

relative

performance

comparisons.

UNH

underperformed

the

Index

during

the

review

period,

and

therefore

our

avoidance

of

the

stock,

which

has

around

a

2%

weighting

in

the

Index,

was

additive.

UNH

shares

came

under

pressure

mid-year

after

the

company

issued

a

warning

that

they

saw

an

increase

in

elective

surgeries

post-COVID-19

that

would

increase

costs

and

cut

into

the

company’s

margins.

The

individual

detractors

for

the

specified

period

were

led

by

NVIDIA

Corporation

(NVDA),

which

we

did

not

hold

in

the

portfolio.

NVDA

was

largely

the

face

of

the

Magnificent

7

group

of

stocks

as

it

returned

239%

during

calendar

year

of

2023

and

113%

during

the

reporting

period.

The

stock

skyrocketed

on

enthusiasm

surrounding

Artificial

Intelligence

(“AI”)

and

the

company’s

strong

revenue

results.

NVDA

does

not

fit

our

investment

philosophy

due

to

the

company’s

volatile

and

inconsistent

earnings.

Our

overweight

position

in

Dollar

General

Corporation

(DG)

also

detracted

from

relative

performance.

The

retailer’s

shares

were

impacted

as

the

near-term

financial

expectations

were

lower.

Continued

inflationary

headwinds,

increased

shoplifting

activity

(“shrinkage”),

as

well

as

the

removal

of

certain

COVID-19

era

accommodations,

weighed

on

operating

results

throughout

2023.

Longer

term,

DG’s

competitive

position

as

the

“merchandiser

of

record”

in

many

rural

communities

should

continue

to

make

it

the

go-to

merchant

for

the

often-underserved

customer.

Despite

current

trends,

the

company’s

staple-heavy

mix

and

affordable

price

make

it

well

positioned

to

succeed

in

various

economic

environments,

so

we

continue

to

hold

position

in

DG.

Our

overweight

position

in

Thermo

Fisher

Scientific

Inc.

(TMO)

also

detracted

from

relative

results.

TMO

provides

vital

products

and

services

in

facilitating

drug

discovery.

This

long-standing

Fund

holding

remains

well

positioned

to

capitalize

on

rising

customer

research

and

development

budgets,

and

we

note

that

the

company

has

a

proven

track

record

for

value-enhancing

capital

deployment.

In

2023,

concerns

around

excess

inventories

and

post

COVID-19

normalization

of

revenues

weighed

on

the

shares,

but

the

underlying

demand

for

this

business

should

bring

balances

back

into

equilibrium

in

relatively

short

order,

so

we

continue

to

hold

position

in

TMO.

The

Fund

did

not

invest

in

derivatives

during

the

period

and

had

no

liquidity

events

impact

the

performance.

SubAdviser:

Atlanta

Capital

Management

Company,

L.L.C.

Portfolio

Manager:

Joe

B.

Hudepohl,

CFA;

Robert

R.

Walton,

CFA;

Lance

V.

Garrison,

CFA;

and

Jeff

A.

Miller,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

**Benchmark

is

updated

from

S&P

500

®

index

to

Russell

1000

®

Growth

Index

due

to

change

of

subadviser

and

strategy

of

the

Fund.

***Morningstar

Category

is

updated

from

Large

Blend

to

Large

Growth

due

to

change

of

subadviser

and

strategy

of

the

Fund.

****During

the

period

3/4/2023

–

3/8/2023,

the

Fund

was

managed

by

a

transition

manager.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(which

may

be

more

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

The

Fund's

investment

approach

may

cause

it

to

perform

differently

than

mutual

funds

that

invest

in

equity

securities

of

U.S.

companies,

but

that

do

not

integrate

consideration

of

ESG

issues

when

selecting

investments.

Investing

primarily

in

responsible

investments

carries

the

risk

that,

under

certain

market

conditions,

the

Fund

may

underperform

funds

that

do

not

utilize

a

responsible

investing

strategy.

The

application

of

responsible

investment

criteria

may

affect

the

Fund’s

exposure

to

certain

sectors

or

types

of

investments

and

may

impact

the

Fund’s

relative

investment

performance

depending

on

whether

such

sectors

or

investments

are

in

or

out

of

favor

in

the

market.

The

Fund

is

subject

to

REIT

risks

that

are

associated

with

the

direct

ownership

of

real

estate

and

the

real

estate

industry

in

general.

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Calvert

Equity

Fund

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

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

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.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Calvert

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Asset

Allocation

1

Common

Stocks

98.2%

Repurchase

Agreement

1.0%

Other

assets

in

excess

of

liabilities

0.8%

100.0%

Top

Industries

2

Financial

Services

13.2%

Life

Sciences

Tools

&

Services

11.0%

Software

10.1%

Capital

Markets

7.6%

Chemicals

7.1%

IT

Services

6.0%

Specialty

Retail

5.7%

Interactive

Media

&

Services

4.5%

Machinery

4.2%

Electronic

Equipment,

Instruments

&

Components

3.9%

Other

Industries

#

26.7%

100.0%

Top

Holdings

2

Visa,

Inc.,

Class

A

4.8%

Mastercard,

Inc.,

Class

A

4.7%

Thermo

Fisher

Scientific,

Inc.

4.7%

Microsoft

Corp.

4.6%

Danaher

Corp.

4.6%

Alphabet,

Inc.,

Class

C

4.5%

Zoetis,

Inc.,

Class

A

3.7%

Intuit,

Inc.

3.6%

TJX

Cos.,

Inc.

(The)

3.6%

S&P

Global,

Inc.

3.4%

Other

Holdings

#

57.8%

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.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Calvert

Equity

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

20.59%

10.98%

8.61%

3/24/2008

Class

II

20.68%

10.98%

8.56%

3/24/2008

S&P

500

®

Index

26.29%

15.69%

12.03%

Russell

1000

®

Growth

Index

42.68%

19.50%

14.86%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.92%

0.86%

Class

II

1.09%

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.

NVIT

Calvert

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

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

Calvert

Equity

Fund

versus

performance

of

the

S&P

500

®

Index

(previous

benchmark)

and

the

Russell

1000

®

Growth

Index

(new

benchmark

as

of

3/6/23)

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.

*

Fund's

benchmark

the

S&P

500

®

Index

is

replaced

with

Russell

1000

®

Growth

Index,

due

to

change

of

subadviser

and

strategy

of

the

Fund.

26

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund)

Class

I

returned

23.39%*

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

following

commentary

is

provided

by

subadviser,

Neuberger

Berman

Investment

Advisers

LLC,

for

the

reporting

period

of

1/1/2023

–

2/17/2023**:

U.S.

equities

posted

solid

gains

for

the

reporting

period.

An

improved

outlook

for

global

growth

and

the

potential

for

moderating

inflation

supported

investor

optimism.

Companies

have

an

opportunity

to

differentiate

based

on

their

earnings

and

cash

flow,

as

demonstrated

by

the

earnings

reports

released

thus

far

in

2023.

Our

active

and

fundamental

approach

to

investing

is

beneficial

to

effectively

navigating

the

current

environment

by

identifying

attractive,

company-specific

opportunities

with

robust

fundamentals.

We

believe

this

market

environment

is

conducive

to

creating

value

from

individual

stock

selection,

which

is

a

core

discipline

of

the

strategy.

We

continue

to

favor

companies

with

durable

business

models,

high

quality

management

teams,

strong

pricing

power,

and

solid

free

cash

flow

generation.

Following

outperformance

in

2022,

the

Fund

modestly

underperformed

the

benchmark

for

the

reporting

period.

During

this

period,

the

Fund’s

overweight

to

the

Consumer

Discretionary

sector,

underweight

to

Health

Care,

and

zero

exposure

to

Energy

benefited

relative

performance.

The

Fund

also

benefited

from

solid

stock

selection

within

the

Consumer

Staples

sector.

The

primary

detractors

from

performance

were

stock

selection

within

Communication

Services

and

Consumer

Discretionary

and

an

underweight

to

the

Information

Technology

sector.

The

three

largest

individual

detractors

to

performance

were

Aramark,

Chubb

Limited,

and

Pfizer.

As

of

the

end

of

the

period,

the

Fund

continued

to

hold

positions

in

all

three

companies.

The

top

three

individual

contributors

to

performance

were

Apple,

Brookfield

Corporation,

and

US

Foods,

all

of

which

were

held

in

the

Fund

for

the

reporting

period.

The

Fund

did

not

utilize

derivatives

during

the

period.

The

Fund

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

the

performance.

Subadviser:

Neuberger

Berman

Investment

Advisers

LLC

Portfolio

Manager:

Richard

S.

Nackenson

The

following

commentary

is

provided

by

subadviser,

Jacobs

Levy

Equity

Management,

Inc.,

for

the

reporting

period

of

2/24/2023

–

12/31/2023**:

U.S.

equities

surged

in

2023,

as

inflation

eased,

interest

rates

appeared

to

peak,

the

economy

grew,

and

investors

welcomed

perceived

advances

in

artificial

intelligence.

The

broad

equity

market

rose

about

26%

for

the

year,

as

large

caps

outpaced

small

and

mid-caps,

and

growth

bested

value.

Large

cap

dynamic

outperformed

large

cap

defensive,

while

among

small

caps,

defensive

edged

out

dynamic.

Notably,

the

speculative

fervor

surrounding

artificial

intelligence

drove

dramatic

gains

in

a

limited

number

of

mega

cap

growth

stocks,

which

also

turbocharged

returns

in

large

cap

growth

and

large

cap

dynamic

stock

indices.

For

the

year,

large

cap

growth

stocks

gained

more

than

42%,

outpacing

large

cap

value

stocks

by

about

31

percentage

points.

Large

cap

dynamic

stocks

gained

about

33%,

outperforming

large

cap

defensive

stocks

by

about

13%.

Jacobs

Levy’s

investment

process

is

engineered

to

combine

human

insight

and

intuition,

finance

and

behavioral

theory,

and

quantitative

and

statistical

methods.

The

Firm’s

stock

selection

process

entails

sophisticated

modeling

of

a

large

number

of

stocks

and

proprietary

factors

using

financial

statements,

analyst

forecasts,

corporate

management

signals,

economic

data

and

security

pricing,

as

well

as

alternative

data

sources.

Based

on

our

factor

models,

we

forecast

expected

returns

for

every

security

in

our

investment

universe.

Portfolios

are

diversified

across

individual

stocks,

industries,

and

sectors.

The

portfolio

outperformed

the

S&P

500

®

Index

during

the

period.

Communication

services,

health

care,

and

energy

contributed

positively

to

relative

performance,

while

information

technology,

financials,

and

consumer

discretionary

detracted.

Security

selection

in

communication

services,

health

care,

and

utilities

helped,

but

security

selection

in

information

technology,

financials,

and

consumer

discretionary

hurt.

Overweight

to

information

technology,

and

underweights

to

consumer

staples

and

health

care

contributed,

although

underweights

to

communication

services

and

industrials

and

an

overweight

to

utilities

detracted.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

December

31,

2023

-

Fund

Commentary

-

27

The

top

three

stock

contributors

to

relative

performance

held

during

the

period

were

overweights

to

Meta

Platforms

Inc.

Class

A

(META),

Intel

Corporation

(INTC),

and

Adobe

Incorporated

(ADBE).

META,

INTC,

and

ADBE

were

held

in

the

Fund

at

the

end

of

the

period.

The

top

three

stock

detractors

to

relative

performance

held

during

the

period

were

underweights

to

NVIDIA

Corporation

(NVDA),

and

overweights

to

Alphabet

Inc.

Class

C

(GOOG),

and

Target

Corporation

(TGT).

NVDA

and

GOOG

were

held

in

the

Fund

at

the

end

of

the

period.

The

Fund

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance

and

did

not

use

derivatives

during

the

period.

Subadviser:

Jacobs

Levy

Equity

Management,

Inc.

Portfolio

Manager:

Bruce

I.

Jacobs,

Ph.D.

and

Kenneth

N.

Levy,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

**For

the

period

2/18/2023

–

2/23/2023,

the

Fund

was

managed

by

a

transition

manager.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

also

has

selection

risk

in

that

the

securities

owned

by

the

Fund

may

underperform

the

markets,

the

relevant

indexes

or

the

securities

selected

by

other

funds

with

similar

investment

objectives

and

investment

strategies.

This

Fund

also

is

subject

to

quantitative

analysis

strategy

risk

in

that

the

success

of

the

Fund's

investment

strategy

may

depend

in

part

on

the

effectiveness

of

the

subadviser's

quantitative

tools

for

screening

securities.

These

strategies

may

incorporate

factors

that

are

not

predictive

of

a

security's

value.

It

also

is

subject

to

sector

risk

in

that

over

or

under

investing

in

particular

industries

or

sectors

may

cause

the

Fund

to

be

more

volatile

than

the

overall

stock

market.

The

Fund

may

be

subject

to

model

and

data

risk

as

the

Fund’s

subadviser

relies

heavily

on

quantitative

models

and

information

and

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments

and,

to

provide

risk

management

insights.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

any

decisions

made

in

reliance

thereon

expose

the

Fund

to

potential

risks.

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).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

28

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Asset

Allocation

1

Common

Stocks

99.2%

Other

assets

in

excess

of

liabilities

0.8%

100.0%

Top

Industries

2

Software

12.1%

Technology

Hardware,

Storage

&

Peripherals

8.6%

Semiconductors

&

Semiconductor

Equipment

7.6%

Health

Care

Providers

&

Services

6.5%

Insurance

4.9%

Hotels,

Restaurants

&

Leisure

4.2%

Financial

Services

4.1%

Interactive

Media

&

Services

3.5%

Capital

Markets

3.2%

Oil,

Gas

&

Consumable

Fuels

3.0%

Other

Industries

42.3%

100.0%

Top

Holdings

2

Apple,

Inc.

7.8%

Microsoft

Corp.

5.1%

NVIDIA

Corp.

4.6%

Mastercard,

Inc.,

Class

A

2.5%

Intel

Corp.

2.3%

Adobe,

Inc.

2.2%

Booking

Holdings,

Inc.

2.1%

Alphabet,

Inc.,

Class

C

1.9%

McKesson

Corp.

1.8%

Meta

Platforms,

Inc.,

Class

A

1.6%

Other

Holdings

68.1%

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

Jacobs

Levy

Large

Cap

Core

Fund

-

December

31,

2023

-

Fund

Commentary

-

29

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

23.39%

13.50%

10.37%

3/24/2008

Class

II

23.20%

13.40%

10.26%

3/24/2008

S&P

500

®

Index

26.29%

15.69%

12.03%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.83%

0.78%

Class

II

0.93%

0.88%

^

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.

30

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

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

Jacobs

Levy

Large

Cap

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

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

31

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Class

II

returned

34.99%*

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.

U.S.

equities

surged

in

2023,

as

inflation

eased,

interest

rates

appeared

to

peak,

the

economy

grew,

and

investors

welcomed

perceived

advances

in

artificial

intelligence.

The

broad

equity

market

rose

about

26%

for

the

year,

as

large

caps

outpaced

small

and

mid-caps,

and

growth

bested

value.

Large

cap

dynamic

outperformed

large

cap

defensive,

while

among

small

caps,

defensive

edged

out

dynamic.

Notably,

the

speculative

fervor

surrounding

artificial

intelligence

drove

dramatic

gains

in

a

limited

number

of

mega

cap

growth

stocks,

which

also

turbocharged

returns

in

large

cap

growth

and

large

cap

dynamic

stock

indices.

For

the

year,

large

cap

growth

stocks

gained

more

than

42%,

outpacing

large

cap

value

stocks

by

about

31

percentage

points.

Large

cap

dynamic

stocks

gained

about

33%,

outperforming

large

cap

defensive

stocks

by

about

13

percentage

points.

Jacobs

Levy’s

investment

process

is

engineered

to

combine

human

insight

and

intuition,

finance

and

behavioral

theory,

and

quantitative

and

statistical

methods.

The

firm’s

stock

selection

process

entails

sophisticated

modeling

of

a

large

number

of

stocks

and

proprietary

factors

using

financial

statements,

analyst

forecasts,

corporate

management

signals,

economic

data

and

security

pricing,

as

well

as

alternative

data

sources.

Based

on

our

factor

models,

we

forecast

expected

returns

for

every

security

in

our

investment

universe.

Portfolios

are

diversified

across

individual

stocks,

industries,

and

sectors.

The

Fund

underperformed

the

Russell

1000

®

Growth

Index

during

the

period.

Information

technology,

consumer

discretionary,

and

financials

detracted

from

relative

performance,

while

communication

services,

industrials,

and

health

care

contributed.

Security

selection

in

communication

services,

industrials,

and

utilities

helped,

but

security

selection

in

information

technology,

consumer

discretionary,

and

financials

hurt.

Overweight

to

information

technology,

and

underweights

to

consumer

staples

and

health

care

contributed,

although

overweights

to

utilities

and

materials,

and

an

underweight

to

communication

services

detracted.

The

top

three

stocks

contributors

to

relative

performance

held

during

the

period

were

an

overweight

to

CrowdStrike

Holdings,

Inc.

Class

A

(CRWD),

and

underweights

to

UnitedHealth

Group

Incorporated

(UNH)

and

Meta

Platforms

Inc.

Class

A

(META).

META

and

CRWD

were

held

in

the

Fund

at

the

end

of

the

period.

The

top

three

stock

detractors

to

relative

performance

held

during

the

period

were

underweights

to

NVIDIA

Corporation

(NVDA)

and

Tesla,

Inc.

(TSLA),

and

a

short

position

in

AppLovin

Corp.

Class

A

(APP).

NVDA

and

TSLA

were

held

in

the

Fund

at

the

end

of

the

period

and

no

longer

hold

the

short

position

in

APP.

A

130-30

portfolio

permits

a

modest

amount

of

short

exposure

in

conjunction

with

a

predominantly

long

portfolio.

The

130-30

portfolio

allocates

approximately

130%

of

capital

to

long

equity

exposures

and

approximately

30%

of

capital

to

short

equity

exposures,

thus

maintaining

100%

net

exposure

to

the

underlying

benchmark’s

systematic

risk

and

return.

This

portfolio

structure

enables

us

to

exploit

security

valuation

insights

more

fully

(as

compared

to

a

long-only

portfolio).

In

selecting

stocks

for

either

the

long

portfolio

or

short

portfolio,

Jacobs

Levy

employs

an

evaluation

process

that

focuses

on

modeling

a

large

number

of

stocks

and

proprietary

factors,

using

financial

statements,

security

analyst

forecasts,

corporate

management

signals,

economic

releases,

and

security

prices.

This

investment

approach

is

intended

to

seek

diversification

across

market

inefficiencies,

securities,

industries,

and

sectors,

while

seeking

to

manage

overall

portfolio

risk

exposures

relative

to

the

Russell

1000

Growth

Index.

To

implement

this

strategy,

the

Fund

is

invested

in

a

combination

of

direct

U.S.

equity

positions

and

individual

total

return

swaps

on

U.S.

equity

securities.

Short

exposure

to

equity

securities

is

gained

through

the

use

of

swap

contracts

and

long

exposure

to

equity

positions

is

gained

by

investing

100%

of

the

portfolio

directly

in

stocks

and

approximately

30%

of

the

portfolio

through

swaps.

While

the

strategy

utilizes

swaps

as

part

of

the

implementation,

stock

selection

and

risk

management

are

determined

at

the

overall

portfolio

level

through

a

unified

investment

process.

For

this

reason,

performance

attribution

of

the

swap

positions

is

not

a

meaningful

measure

and

should

not

be

evaluated

as

a

separate

component

of

the

portfolio’s

total

return.

The

Fund

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance

during

the

period.

Subadviser:

Jacobs

Levy

Equity

Management,

Inc.

32

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Portfolio

Managers:

Bruce

I

Jacobs,

Ph.D.

and

Kenneth

N.

Levy,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

also

subject

to

long/short

strategy

risk

where

it

is

possible

that

stocks

where

the

Fund

has

taken

a

long

position

will

decline

in

value

at

the

same

time

that

stocks

where

the

Fund

has

taken

a

short

position

increase

in

value,

thereby

increasing

potential

losses

to

the

Fund.

It

is

also

subject

to

the

risks

of

investing

in

foreign

securities

(which

are

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).

The

Fund

may

be

subject

to

model

and

data

risk

as

the

Fund’s

subadviser

relies

heavily

on

quantitative

models

and

information

and

data

supplied

or

made

available

by

third

parties

(“Models

and

Data”).

Models

and

Data

are

used

to

construct

sets

of

transactions

and

investments

and,

to

provide

risk

management

insights.

When

Models

and

Data

prove

to

be

incorrect

or

incomplete,

including

because

data

is

stale,

missing

or

unavailable,

any

decisions

made

in

reliance

thereon

expose

the

Fund

to

potential

risks.

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

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

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

33

Asset

Allocation

1

Common

Stocks

96.7%

Total

Return

Swaps

0.2%

Repurchase

Agreements

2.4%

Liabilities

in

excess

of

other

assets

0.7%

100.0%

Top

Industries

2

Software

21.9%

Technology

Hardware,

Storage

&

Peripherals

8.6%

Hotels,

Restaurants

&

Leisure

6.6%

Health

Care

Providers

&

Services

5.9%

Broadline

Retail

5.1%

Insurance

4.7%

Financial

Services

4.3%

Ground

Transportation

4.3%

Professional

Services

4.0%

Biotechnology

3.7%

Other

Industries

#

30.9%

100.0%

Top

Holdings

2

Microsoft

Corp.

9.8%

Apple,

Inc.

7.4%

Amazon.com,

Inc.

3.7%

Mastercard,

Inc.,

Class

A

3.0%

Booking

Holdings,

Inc.

2.1%

Uber

Technologies,

Inc.

1.9%

Automatic

Data

Processing,

Inc.

1.7%

Crowdstrike

Holdings,

Inc.,

Class

A

1.6%

Airbnb,

Inc.,

Class

A

1.6%

McKesson

Corp.

1.4%

Other

Holdings

#

65.8%

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.

34

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

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

35.36%

23.08%

15.33%

3/24/2008

Class

II

34.99%

22.78%

15.03%

3/24/2008

Russell

1000

®

Growth

Index

42.68%

19.50%

14.86%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.88%

0.81%

Class

II

1.13%

1.06%

^

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

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

35

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

Jacobs

Levy

Large

Cap

Growth

Fund

versus

performance

of

the

Russell

1000

®

Growth

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.

36

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Class

II

returned

8.63%

versus

12.71%

for

its

benchmark,

the

Russell

Midcap

®

Value

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Mid-Cap

Value

(consisting

of

93

investments

as

of

December

31,

2023),

was

11.24%

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.

This

Fund

uses

a

multi-manager

approach,

allocating

portions

of

its

assets

to

several

different

subadvisers.

The

Fund

strives

to

benefit

from

the

subadvisers’

specializations

and

diversification.

Therefore,

the

views

of

the

individual

managers

are

independent

and

may

appear

to

be

contradictory.

Please

note

that

each

subadviser

wrote

its

commentary

to

explain

the

performance

of

the

portion

of

the

Fund

that

it

manages.

This

Fund

is

subadvised

by

American

Century

Investment

Management,

Inc.,

Thompson,

Siegel

&

Walmsley

LLC,

and

Victory

Capital

Management

Inc.

The

following

commentary

is

provided

by

American

Century

Investment

Management,

Inc.:

The

American

Century

sleeve

of

the

Fund

returned

6.25%

for

the

12

months

ended

December

31,

2023

underperforming

its

benchmark,

the

Russell

Midcap

Value

Index,

which

returned

12.71%.

U.S.

equity

markets

ended

the

year

higher.

Despite

higher

interest

rates,

stocks

rose

in

the

first

half

of

the

year

and

economic

growth

remained

relatively

resilient.

Investors

also

hoped

the

Federal

Reserve

(“Fed”)

would

slow

or

pause

its

rate-hike

campaign.

Stocks

retreated

in

the

third

quarter,

however,

as

stubbornly

high

inflation

raised

the

expectations

that

the

interest

rates

would

remain

higher-for-longer.

Stocks

rallied

in

the

fourth

quarter

as

moderating

inflation

renewed

hopes

that

the

Fed

was

finished

with

rate

hikes.

Economic

growth

and

corporate

earnings

also

remained

relatively

resilient.

Value

stocks

underperformed.

Mid-cap

stocks

lagged

large

caps

but

outperformed

small

caps,

as

measured

by

the

Russell

Indices.

Value

stocks

underperformed

growth

for

the

twelve-month

period.

Consumer

discretionary

detracted

from

performance.

Security

selection

and

an

underweight

in

the

consumer

discretionary

sector

weighed

on

results.

The

portfolio

did

not

own

several

benchmark

stocks

in

the

specialty

retail

industry,

which

hurt

performance.

A

position

in

automotive

replacement

parts

retailer,

Advance

Auto

Parts,

underperformed

due

to

recent

disappointing

financial

results.

Financials

also

weighed

on

results.

Stock

selection

in

the

capital

markets

industry

hindered

relative

performance.

This

was

due

in

part

to

a

lack

of

exposure

to

stocks

that

were

strong

performers

for

the

market.

Consumer

staples

hurt

performance.

Allocation

among

names

in

the

consumer

staples

sector

caused

a

drag

on

relative

performance

during

the

period.

Overweight

positions

in

food

products

and

household

products

industries

detracted.

Shares

of

Conagra

Brands,

a

packaged

food

company,

fell

off

due

to

pricing

concerns

and

the

impact

of

weight

loss

drugs.

Materials

was

an

area

of

strength

and

selection

in

the

sector

helped

relative

performance.

Not

owning

several

benchmark

companies

in

the

chemicals

industry

proved

beneficial.

Energy

also

contributed,

stock

selection

and

an

underweight

in

the

energy

sector

aided

relative

performance.

While

the

portfolio

does

not

own

several

benchmark

names,

tactical

selections

in

some

sector

stocks

gave

results

a

lift.

The

detractors

to

performance

during

the

period

were

Conagra

Brands,

Advance

Auto

Parts,

and

Truist

Financial.

Along

with

its

peers,

shares

of

Conagra

Brands,

a

packaged-food

producer,

were

pressured

as

investors

shifted

toward

less

defensive

sectors.

Also,

investors

became

concerned

about

consumers

shifting

to

store

brands

to

save

money

and

possible

pushback

on

future

price

increases.

We

still

held

this

position

at

the

end

of

the

period.

Shares

of

Advance

Auto

Parts,

an

automotive

replacement

parts

retailer,

underperformed

due

to

quarterly

earnings

miss

and

guidance

reduction.

The

company

has

been

forced

to

raise

prices

less

than

the

product

cost

inflation

in

its

commercial

channel

as

competitors

have

become

more

promotional.

For

those

reasons,

we

exited

our

position

in

the

company.

Truist

Financial,

a

large

regional

bank,

lowered

revenue

guidance

during

the

period

due

to

higher

funding

costs

and

lower

loan

growth.

Regional

bank

valuations

for

Truist

and

peers

also

declined

due

to

concerns

around

liquidity

in

the

aftermath

of

bank

failures

early

in

the

year.

Truist

rebounded

later

in

the

year

as

reduced

credit

and

interest

rate

risk

lifted

bank

stocks.

We

still

held

our

position

at

the

end

of

this

period.

The

contributors

to

performance

during

the

period

were

First

Republic

Bank,

Cie

de

Saint-Gobain,

and

Beacon

Roofing

Supply.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

37

Lack

of

exposure

to

First

Republic

Bank

helped

performance.

In

general,

bank

stocks

underperformed

amid

the

failure

of

two

mid-cap

banks

in

the

first

quarter.

First

Republic

Bank

was

also

pressured

by

near-term

liquidity

fears

associated

with

the

large

unrealized

losses

in

its

relatively

longer-duration

assets.

We

still

held

this

position

at

the

end

of

the

period.

Cie

de

Saint-Gobain

is

a

global

diversified

building

products

manufacturer

with

notable

exposure

to

Europe.

Its

shares

outperformed

early

in

the

period

as

fears

of

an

energy

crisis

in

Europe

eased

due

to

a

much

warmer-than-expected

winter.

The

improved

global

economic

outlook

later

in

the

year

also

lifted

the

stock.

We

still

held

this

position

at

the

end

of

the

period.

Shares

of

Beacon

Roofing

Supply,

a

distributor

of

residential

and

business

roofing

supplies,

proved

resilient

through

the

year

as

the

housing

market

settled

into

a

higher

interest

rate

environment.

The

stability

in

the

roofing

business,

which

was

reinforced

by

a

steady

demand

for

renovations

and

re-roofing,

as

well

as

a

robust

increase

in

pricing,

drove

its

success

during

the

period.

We

still

held

this

position

at

the

end

of

the

period.

The

portfolio

buys

foreign

exchange

forward

hedge

contracts

to

offset

the

inherent

currency

risk

of

holding

foreign

securities.

This

sleeve

of

the

Fund

did

not

experience

any

liquidity

events

that

materially

impacted

the

performance

during

the

period.

Subadviser:

American

Century

Investment

Management,

Inc.

Portfolio

Managers:

Philip

N.

Davidson,

CFA;

Kevin

Toney,

CFA;

Michael

Liss,

CFA;

Brian

Woglom,

CFA;

and

Nathan

Rawlins,

CFA

The

following

commentary

is

provided

by

Thompson,

Siegel

&

Walmsley

LLC

(TSW):

The

TSW

sleeve

of

the

NVIT

Multi-Manager

Mid

Cap

Value

portfolio

returned

10.42%

and

underperformed

the

Russell

Midcap

®

Value

Index

by

for

the

year

ending

12/31/23.

Last

year

in

general

has

encountered

many

sub-periods

of

heightened

favoritism

and/

or

stress

in

the

market

ranging

from

the

banking

contagion

crisis

in

the

first

quarter

to

demand

for

anything

that

could

be

impacted

by

Artificial

Intelligence

(“AI”),

another

bout

of

meme

stock

demand

in

the

middle

of

the

year,

and

finally

a

polarizing

handful

of

months

to

finish

out

the

year

with

November

and

December

comprising

one

of

the

most

irrational

environments

that

we

have

witnessed

in

history.

We

generally

navigated

these

environments

well

in

aggregate

(notably

the

banking

crisis),

before

facing

the

aforementioned

pronounced

headwinds.

In

aggregate,

however,

the

year

was

quite

irrational,

favoring

more

distressed

companies

as

witnessed

by

demand

for

stocks

with

lower

profitability,

lower

return

on

invested

capital,

and

higher

valuation

multiples,

to

name

a

few.

The

leading

economic

industries

in

terms

of

contribution

to

the

portfolio's

relative

return

were

Financials,

Consumer

Staples,

and

Technology.

Within

Financials,

the

portfolio’s

underweight

to

banks

and

overall

stock

selection

across

the

industry

drove

positive

relative

returns.

Positions

in

First

Citizens

Bancshares,

a

bank

holding

company,

and

Ally

Financial,

Inc.,

a

holding

company

providing

financial

services

to

the

automotive

industry

and

other

related

banking

services,

were

the

top

contributors.

First

Citizens

moved

materially

higher

following

news

of

their

timely

acquisition

of

Silicon

Valley

Bank

from

the

FDIC.

The

deal

was

well

received

by

the

market

given

its

accretion

to

earnings

and

book

value,

and

management’s

positive

track

record

of

integrating

acquired

banks

into

its

overall

structure.

Ally

Financial

moved

higher

against

the

market

backdrop

as

they

are

less

sensitive

to

commercial

real

estate

than

most

banks,

have

a

healthy

insured

deposit

base,

and

have

generated

positive

sentiment

on

growth

in

book

value.

We

continue

to

hold

these

two

companies

in

the

portfolio.

Within

Consumer

Staples,

stock

selection

was

the

primary

driver

of

relative

return,

led

by

positions

in

Molson

Coors

Beverage

Co.,

a

beverage

producer,

and

Cencora,

a

drug

distributor.

Molson

Coors

moved

higher

after

gaining

market

share

from

their

largest

competitor.

The

company

also

has

benefited

from

better-than-expected

volume

growth

and

margin

expansion

across

geographies.

Shares

were

sold

in

the

third

quarter

of

2023

into

price

strength.

Cencora

benefited

from

execution

in

their

core

business,

which

included

an

uptick

in

utilization

for

their

services,

positive

sentiment

on

both

the

generic

drug

cycle

and

potential

distribution

of

glucagon-like

peptide

1

(GLP-1)

drugs,

and

reduced

uncertainty

from

opioid

liability

concerns

for

the

industry.

Lastly,

within

Technology,

our

positions

in

Western

Digital

Corp.,

a

company

engaged

in

developing,

manufacturing,

and

marketing,

data

storage

devices

and

solutions,

and

Flex

Ltd.,

a

contract

electronics

manufacturer,

were

both

primary

contributors.

Western

Digital

moved

higher

following

news

of

their

plan

to

split

their

Hard

Disk

Drive

(HDD)

business

from

their

flash

business

into

two

separate

public

companies.

The

company

has

also

achieved

positive

execution

and

is

benefiting

from

positive

secular

demand

in

its

core

products

through

growth

in

data

centers

and

the

internet-of-things

(IoT).

We

sold

our

position

into

strength

in

the

fourth

quarter.

Flex

Ltd.

was

also

a

contributor

given

the

recent

spin-off

of

NexTracker,

a

solar

tracking

solutions

company,

that

should

simplify

the

case

for

Flex’s

core

business.

We

continue

to

hold

the

position.

38

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

The

primary

detractors

from

relative

performance

were

Telecommunications,

Consumer

Discretionary,

and

Health

Care.

Within

Telecommunications,

our

positions

in

DISH

Network

Corp.,

a

provider

of

satellite

television

with

meaningful

ownership

in

wireless

spectrum,

and

Liberty

Global

Ltd.,

an

international

television

and

broadband

company,

both

were

the

primary

detractors.

DISH

was

impacted

by

a

cyber

security

breach

within

its

legacy

satellite

television

business

earlier

in

the

year,

and

market

concerns

on

the

financing

related

to

the

buildout

of

its

wireless

network.

We

continue

to

hold

the

shares

and

believe

upside

exists

going

forward

given

the

substantial

value

of

its

wireless

spectrum,

the

related

near-term

network

buildout,

and

cash

infusion

from

the

recent

merger

with

EchoStar.

Liberty

Global

has

been

impacted

by

weaker

near-term

fundamentals.

We

continue

to

hold

shares

as

we

believe

the

stock

is

inexpensive

on

a

sum

of

the

parts

basis,

with

multiple

ways

to

create

value

through

a

proven

management

team.

In

Consumer

Discretionary,

the

portfolio

was

impacted

to

a

large

degree

by

what

was

not

held

in

the

industry,

particularly

in

the

travel

and

leisure

and

home

construction

sectors.

Of

the

positions

held,

Advance

Auto

Parts,

an

auto

parts

distributor,

was

the

largest

detractor.

Advance

Auto

Parts

missed

earnings

and

reduced

guidance

earlier

in

the

year

driven

by

weaker

results

in

the

do-it-for-me

segment,

and

overall

inventory

management

challenges.

They

also

recently

announced

their

CEO

departure.

We

continue

to

hold

our

position

and

believe

shares

are

valued

near

historic

lows

on

a

forward

price-to-earnings

basis

with

optionality

to

right

size

the

business,

and

further

support

by

improving

fundamentals

in

their

end

market.

Lastly,

within

Health

Care,

positions

in

Bio-Rad

Laboratories,

a

manufacturer

of

equipment

and

consumables

for

use

in

life

sciences

and

clinical

diagnostics,

and

Organon

&

Co.,

a

pharmaceutical

company,

were

the

bottom

detractors.

Bio-Rad

has

generally

been

impacted

by

overall

inventory

de-stocking

in

the

post

COVID-19

environment

and

weaker

near-term

results.

We

continue

to

hold

shares

as

we

believe

the

stock

remains

undervalued,

and

supported

by

a

high

recurring

revenue

business

model,

margin-improvement

program,

and

optionality

from

its

minority

ownership

stake

in

biologics

company,

Sartorius.

Organon

faced

headwinds

due

to

a

slower

recovery

in

China

in

which

it

generates

nearly

a

quarter

of

its

revenue,

foreign

exchange

headwinds

and

lower

than

expected

sales

in

select

core

products.

We

continue

to

hold

shares

as

we

believe

many

of

the

headwinds

are

more

transitory

in

nature

and

should

re-rate

as

near-term

headwinds

abate

and

the

company

achieves

strong

free

cash

flow

used

for

deleveraging,

with

a

greater

market

focus

on

their

women’s

health

and

biosimilar

product

offerings.

Derivatives

were

not

utilized

in

the

TSW

sleeve

of

the

NVIT

Multi-Manager

Mid

Cap

Value

Fund.

There

were

no

liquidity

events

that

had

a

material

impact

on

the

TSW

sleeve

of

the

Fund.

Unless

otherwise

stated,

all

holdings

referenced

continue

to

be

held

in

the

portfolio.

Subadviser:

Thompson,

Siegel

&

Walmsley

LLC

Portfolio

Managers:

Brett

P.

Hawkins,

CFA

The

following

commentary

is

provided

by

Victory

Capital

Management

Inc:

After

meaningfully

selling

off

in

2022,

U.S.

equities

closed

the

year

on

a

positive

footing

with

all

major

indices

posting

double-

digit

gains.

A

year

ago,

the

overwhelming

consensus

among

market

participants,

economists

and

other

practitioners

was

that

the

economy

was

on

the

cusp

of

the

most

anticipated

recession

in

history.

Very

few

would

have

thought

that

the

economy

could

withstand

the

most

aggressive

tightening

campaign

in

decades

without

something

breaking.

Furthermore,

few

would

have

expected

the

magnitude

of

the

melt-up

in

the

U.S.

equity

market.

The

broad

market

S&P

500

®

Index

rallied

26.29%

while

the

tech-centric

NASDAQ

Composite

posted

an

astounding

return

of

44.6%

for

the

year.

Market

breadth

broadened

late

in

the

year

with

small-cap

equities

deciding

to

join

the

party

in

the

fourth

quarter.

While

small

cap

equities

underperformed

for

most

of

the

year,

the

Russell

2000

®

Index

posted

a

commendable

16.93%

return

for

the

period.

Mid-cap

equities,

as

measured

by

the

Russell

Midcap

®

Index

were

sandwiched

in

the

middle,

also

returning

an

impressive

17.23%.

The

fourth

quarter

rally

was

chalked

up

to

several

factors—chiefly,

the

Federal

Reserve

(“Fed”)

perceived

pivot,

which

signaled

the

end

to

the

hiking

campaign.

With

financial

conditions

loosening,

animal

spirits

were

unleashed

and

an

“everything

rally”

ensued.

The

Fed’s

dovish

pivot

likely

came

quicker

than

some

anticipated;

however,

disinflation

remained

on

the

right

trajectory

and

the

November

core

personal

consumption

expenditures

(“PCE”)

number

(Fed’s

preferred

metric)

registered

1.9%

—the

first

time

the

inflation

figure

dipped

below

2%

in

three

years.

In

December,

the

Federal

Open

Market

Committee

(“FOMC”)

meeting

added

fuel

to

the

fire

with

the

median

2024

dot

plots

implying

cuts

of

at

least

75

basis

points

(“bps”).

Despite

Fed

Chair

Jerome

Powell’s

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

39

attempts

to

temper

expectations

for

more

aggressive

cuts,

the

market

closed

the

year

pricing

in

roughly

six

cuts

in

2024.

With

the

euphoric

response

to

the

end

of

the

tightening

campaign,

the

“soft-landing/no-landing”

narrative

made

a

vengeful

comeback,

and

most

calls

for

a

recession

were

withdrawn

or

ultimately

dismissed.

In

the

finance

and

economics

profession,

practitioners

generally

look

to

history

for

parallels.

While

history

can

be

a

useful

tool,

it

may

not

yield

a

similar

outcome

under

current

circumstances.

A

key

takeaway

from

the

year

is

the

economic

models

and

playbooks

are

not

always

reliable.

At

the

beginning

of

the

year,

the

expectations

were

that

the

aggressive

tightening

campaign

would

create

a

domino

effect

and

would

ultimately

steer

the

economy

into

a

recession.

In

hindsight,

that’s

not

exactly

what

transpired.

While

inflation

has

declined,

the

economy

is

still

growing

above

trend,

the

labor

market

remains

robust,

and

the

consumer

remains

resilient

(for

now).

The

point

being

is

that

market

participants

were

looking

for

clues

from

prior

playbooks.

What

we

learned

instead

is

that

the

COVID-19

era

injected

certain

(and

unique)

dynamics

into

the

economy

that

existing

models

or

playbooks

may

have

overlooked

or

did

not

fully

appreciate.

That

is

why

we

believe

so

many

investors

were

“offsides”

during

the

year.

With

that

said,

we

are

not

necessarily

out

of

the

woods

yet.

It

is

still

possible

that

the

lagged

effects

from

an

aggressive

tightening

campaign

can

still

bite

even

though

the

current

consensus

has

mostly

dismissed

that

possibility.

Furthermore,

prematurely

easing

failed

to

subdue

inflation

in

the

1970s

and

early

1980s.

Whether

that

happens

in

the

current

environment

remains

to

be

seen;

however,

upside

risks

to

inflation

cannot

entirely

be

ruled

out.

In

a

scenario

where

rates

decline

and

the

housing

market

recovers,

a

second

wave

of

inflation

is

a

possibility.

Therefore,

it

behooves

us

to

ponder

whether

the

“soft-landing”

camp

has

prematurely

done

a

victory

lap.

For

the

12-month

period

ended

December

31,

2023,

large-cap

equities

outpaced

both

mid-

and

small-cap

equities.

Large-cap

equities,

as

measured

by

the

Russell

1000

®

Index

and

the

S&P

500

®

Index,

posted

returns

of

26.53%

and

26.29%,

respectively.

Mid-cap

equities,

as

measured

by

the

Russell

Midcap

®

Index,

returned

17.23%

during

the

period,

while

small-cap

stocks,

as

measured

by

the

Russell

2000

®

Index,

returned

16.93%.

Broken

down

by

style,

growth

notably

outpaced

value

within

the

large-

and

mid-cap

size

segments,

and

modestly

outpaced

within

the

small-cap

segment.

Specifically,

for

mid-caps,

the

Russell

Midcap

®

Growth

Index

returned

25.87%,

outpacing

its

value

counterpart,

which

returned

12.71%.

For

the

12-month

period

ended

December

31,

2023,

the

sleeve

of

the

NVIT

Multi-Manager

Mid

Cap

Value

Fund

underperformed

the

Russell

Midcap

®

Value

Index,

returning

10.12%

and

12.71%,

respectively.

For

the

year,

stock

selection

was

the

primary

driver

of

relative

underperformance.

Sector

allocation

partially

offset

the

unfavorable

impact

of

selection

for

the

period.

Index

returns

were

positive

across

eight

of

the

11

major

economic

sectors

for

the

year

and

varied

widely,

with

only

three

sectors

outpacing

the

broader

Russell

Midcap

®

Value

Index.

Industrials

was

the

top-performing

sector,

posting

a

return

of

28.88%.

By

contrast,

consumer

staples

was

the

worst-performing

sector,

returning

-3.04%.

Specifically,

for

the

Fund,

stock

selection

in

industrials

was

the

largest

detractor

from

relative

performance

for

the

year;

however,

an

overweight

in

the

top-performing

sector

partially

offset

the

unfavorable

impact

of

selection.

Stock

selection

in

consumer

discretionary,

financials,

real

estate

and

energy

also

detracted

from

relative

return.

On

the

other

hand,

an

underweight

in

energy

and

financials

partially

offset

the

negative

impact

of

selection

in

the

sectors.

Conversely,

stock

selection

in

materials,

information

technology,

health

care

and

communication

services

contributed

to

the

relative

return

for

the

year.

An

underweight

in

utilities

and

communication

services,

as

well

as

an

overweight

in

information

technology

also

augmented

performance.

The

largest

contributors

to

the

Portfolio

in

2023

were

as

follows:

Flex

Ltd.

(FLEX),

a

leading

provider

of

technology

solutions,

supply

chain

management

and

electronics

manufacturing

services

to

various

end

markets,

was

the

top

contributor

for

the

year.

FLEX

shares

benefited

from

the

price

appreciation

in

NexTracker

(NXT).

FLEX

spun

off

NXT

in

February

but

maintained

a

majority

ownership.

NXT

provides

intelligent

solar

tracker

solutions

for

utility

scale

and

distribution

solar

generation.

NXT

reported

its

first

earnings

report

as

a

public

company

in

May.

Revenues

were

ahead

of

expectations

as

demand

for

solar

solutions

remained

robust

and

supply

chain

headwinds

eased

during

the

period.

Western

Digital

Corp.

(WDC),

a

leading

data

storage

solutions

provider,

was

also

a

top

contributor.

Although

the

company

is

below

consensus

fiscal

year

2024

guidance,

the

signs

of

fundamentals

are

inflecting

likely

propelled

higher

shares.

Management

noted

that

Hard

Disk

Drive

and

Flash

revenue

are

expected

to

improve

in

2024

as

demand

for

storage

normalizes

and

Flash

segment

sees

higher

content

per

unit.

Management

has

navigated

the

challenging

demand

backdrop

better

than

peers

by

controlling

costs

and

cutting

capacity.

We

also

suspect

that

merger

rumors

between

WDC

and

Kioxia,

another

major

player

in

the

NAND

flash

memory

manufacturing

space,

was

a

tailwind

for

shares

during

the

year.

According

to

news

outlets,

WDC

terminated

merger

talks

during

the

fourth

quarter

due

to

opposition

from

a

major

Kioxia

shareholder.

Owens

Corning

(OC),

a

leading

provider

of

insulation,

roofing,

and

composites,

was

another

top

contributor.

The

company

continued

to

post

earnings

reports

that

beat

consensus

estimates.

OC’s

low

inventory

at

distributors

helped

them

navigate

the

40

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

destocking

headwinds

that

many

industries

faced

over

the

past

several

months.

Pricing

for

its

products

continued

to

hold

up.

Falling

asphalt

prices

also

helped

its

margins

as

the

company

was

able

to

control

costs

while

maintaining

an

advantage

on

price.

Two

holdings

in

the

materials

sector

rounded

out

the

top

contributors

list

for

the

year.

As

of

December

31,

2023,

we

maintain

a

position

in

each

of

the

top

three

contributors.

The

largest

detractors

to

the

Portfolio

in

2023

were

as

follows:

Zions

Bancorp.

(ZION)

was

the

top

detractor

for

the

year.

At

the

onset

of

the

banking

sector

tremors

in

the

first

quarter,

we

reviewed

all

our

bank

holdings

to

determine

which

banks

were

at

risk

given

the

uncertainties

surrounding

the

sector.

Given

what

we

knew

at

the

time,

we

divested

ZION

with

concerns

relating

to

lower

earnings

due

to

higher

funding

costs,

deposit

retention,

and

the

possibility

of

a

capital

raise

given

potential

of

lower

earnings,

higher

funding

costs,

and

significant

unrealized

losses

on

the

bank’s

investment

portfolio.

Genpact

Ltd.

(G),

a

business

processes

outsourcing

(“BPO”)

company,

was

another

top

detractor

during

the

year.

Gross

margins

declined

due

to

severance

costs

related

to

workforce

reductions

(short-cycle

advisory

business),

higher

travel

costs,

and

investments

for

new

deal

activity.

Further

weighing

on

the

stock

was

the

potential

impact

from

Artificial

Intelligence

(“AI”).

Like

many

of

its

BPO

peers,

investors

worry

that

the

introduction

of

AI

will

jeopardize

some

of

its

business

lines.

It

is

currently

not

known

whether

companies

will

turn

to

AI

to

manage

key

processes

such

as

accounting,

finance,

risk,

supply

chain,

etc.

The

company

is

a

late-cycle

business

that

typically

benefits

from

companies

looking

to

reduce

costs

ahead

of

an

economic

downturn.

We

maintained

a

position

in

Genpact

at

year

end.

After

meaningful

outperformance

over

the

past

couple

of

years,

2023

was

a

reset

year

for

Devon

Energy

Corp.

(DVN).

Production

missed

due

to

timing

of

completions

and

asset

integration

coupled

with

a

collapse

in

oil

prices.

These

factors

weighed

on

DVN’s

share

price

in

a

challenging

macro

backdrop

for

the

sector.

We

believe

the

bar

has

been

reset

for

one

of

the

most

compelling

cash

flow

generators

in

the

sector.

We

suspect

that

it

will

likely

take

a

couple

of

earnings

beats

to

get

investors

excited

about

the

stock

again.

The

management

team

has

an

operational

track

record

of

creating

value

for

shareholders,

and

we

would

anticipate

that

shareholder

focus

will

be

a

priority

next

year.

We

remain

invested

in

DVN

given

the

compelling

valuation.

The

sleeve

of

the

Fund

does

not

utilize

derivatives

and

did

not

experience

any

liquidity

events.

Subadviser:

Victory

Capital

Management

Inc.

Portfolio

Managers:

Gary

H.

Miller;

Greg

M.

Conners;

Jeffery

M.

Graff,

CFA;

Michael

F.

Rodarte,

CFA;

and

James

M.

Albers,

CFA

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

mid-sized

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid,

3)

are

more

vulnerable

to

adverse

business

and

economic

developments,

and

4)

have

more-limited

resources.

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

on

specific

sectors,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

Value

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Each

of

the

Fund’s

subadvisers

makes

investment

decisions

independently,

and

it

is

possible

that

the

security

selection

process

of

one

subadviser

will

not

complement

that

of

another

subadviser.

As

a

result,

the

Fund’s

exposure

to

a

given

security,

industry

sector

or

market

capitalization

could

be

smaller

or

larger

than

if

the

Fund

were

managed

by

a

single

subadviser,

which

could

affect

the

Fund’s

performance.

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

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

41

Asset

Allocation

1

Common

Stocks

96.6%

Repurchase

Agreements

3.5%

Master

Limited

Partnership

0.5%

Forward

Currency

Contracts

†

(0.0)%

Liabilities

in

excess

of

other

assets

(0.6)%

100.0%

Top

Industries

2

Insurance

8.4%

Oil,

Gas

&

Consumable

Fuels

5.1%

Electric

Utilities

4.9%

Health

Care

Providers

&

Services

4.8%

Health

Care

Equipment

&

Supplies

3.9%

Containers

&

Packaging

3.8%

Professional

Services

3.6%

Machinery

3.5%

Consumer

Staples

Distribution

&

Retail

3.3%

Media

3.3%

Other

Industries

#

55.4%

100.0%

Top

Holdings

2

Zimmer

Biomet

Holdings,

Inc.

1.5%

Willis

Towers

Watson

plc

1.5%

Quest

Diagnostics,

Inc.

1.3%

Bank

of

New

York

Mellon

Corp.

(The)

1.3%

Huntington

Ingalls

Industries,

Inc.

1.1%

Allstate

Corp.

(The)

1.1%

Global

Payments,

Inc.

1.1%

Evergy

,

Inc.

1.0%

Packaging

Corp.

of

America

1.0%

Flex

Ltd.

0.9%

Other

Holdings

#

88.2%

100.0%

†

Amount

rounds

to

less

than

0.1%.

#

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.

42

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

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

8.82%

10.06%

7.92%

3/24/2008

Class

II

8.63%

9.93%

7.81%

3/24/2008

Russell

Midcap

®

Value

Index

12.71%

11.16%

8.26%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.00%

0.93%

Class

II

1.09%

1.02%

^

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

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

43

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

Multi-Manager

Mid

Cap

Value

Fund

versus

performance

of

the

Russell

Midcap

®

Value

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.

44

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Class

I

returned

17.47%

versus

18.66%

for

its

benchmark,

the

Russell

2000

®

Growth

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Small

Growth

(consisting

of

88

investments

as

of

December

31,

2023),

was

16.79%

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.

This

Fund

uses

a

multi-manager

approach,

allocating

portions

of

its

assets

to

several

different

subadvisers.

The

Fund

strives

to

benefit

from

the

subadvisers’

specializations

and

diversification.

Therefore,

the

views

of

the

individual

managers

are

independent

and

may

appear

to

be

contradictory.

Please

note

that

each

subadviser

wrote

its

commentary

to

explain

the

performance

of

the

portion

of

the

Fund

that

it

manages.

This

Fund

is

subadvised

by

Invesco

Advisers,

Inc.

and

Wellington

Management

Company

LLP.

The

following

commentary

is

provided

by

Invesco

Advisers,

Inc.:

U.S.

stocks

generated

strong

returns

during

the

year,

primarily

due

to

a

resilient

economy,

progress

on

taming

inflation

combined

with

the

Federal

Reserve

(“Fed”)

comments

that

suggested

a

shift

to

easier

monetary

policy,

and

a

burst

of

enthusiasm

for

technology

and

mega-cap

companies.

The

Fund

slightly

underperformed

the

benchmark

during

the

year

primarily

as

a

result

of

weaker

stock

selection

within

the

health

care,

information

technology

and

materials

sectors.

These

results

were

partially

offset

by

stronger

stock

selection

within

the

consumer

discretionary,

consumer

staples

and

energy

sectors.

The

Fund

does

not

use

derivatives

and

did

not

experience

any

liquidity

issues.

Beauty,

Duolingo,

and

Hamilton

Lane

were

the

three

individual

securities

that

contributed

most

to

absolute

Fund

performance

during

the

reporting

period.

The

Fund

still

holds

positions

in

all

three

stocks.

Beauty

provides

cosmetic

and

skin-care

products.

The

company

reported

strong

fiscal

quarterly

results

where

revenues,

earnings-

per-share

and

earnings

before

interest,

taxes,

depreciation

and

amortization

all

exceeded

expectations.

Management

also

raised

its

fiscal

2023

and

2024

guidance

above

Wall

Street

expectations.

The

company

increased

its

market

share,

innovation

has

been

strong,

and

the

company

has

been

gaining

distribution

for

its

value-priced

beauty

products.

Duolingo

is

a

language-learning

website

and

mobile

application.

Duolingo

reported

quarterly

results

that

were

well

above

consensus

expectations.

Results

reflected

strength

across

many

key

metrics

and

management

provided

positive

forward

guidance.

The

company

continues

to

execute

with

paid

subscribers

and

daily

active

users

still

growing

at

a

high

growth

rate

despite

difficult

year-

over-year

comparisons.

Hamilton

Lane

provides

private

markets

investment

solutions.

Management

reported

solid

quarterly

results

and

continues

to

benefit

from

the

growth

of

assets

in

private

equity

funds.

The

company

manages

a

collection

of

funds

that

owns

stakes

in

private

funds,

as

well

as

co-invests

in

funds

that

make

direct

investments

referred

by

fund

partners.

Halozyme

Therapeutics,

Confluent,

and

Impinj

detracted

from

absolute

Fund

performance

during

the

reporting

period.

The

Fund

still

holds

a

position

in

Halozyme

Therapeutics

but

exited

Confluent

and

Impinj

during

the

fiscal

year.

Halozyme

Therapeutics

is

a

biopharmaceutical

technology

platform

company

that

lagged

as

part

of

the

broader

correction

in

the

biotech

sector

in

the

first

quarter

of

2023.

Confluent

provides

a

commercial

platform

for

managing

real-time

data

streams,

for

event-driven

architectures.

The

stock

underperformed

after

posting

weak

results

and

initiating

a

sales

force

transition.

Impinj

provides

radio-frequency

identification

solutions

for

identifying,

locating

and

authenticating

items.

Management

provided

weak

earnings

guidance

as

some

large

customers

delayed

purchase

decisions.

Invesco

Growth

Team’s

outlook

for

the

stock

market

in

2024

is

constructive.

The

economy

continues

to

expand,

inflation

is

moderating,

the

Fed

is

forecasting

interest

rate

cuts

and

corporate

profits

are

rising

once

again

following

a

multi-quarter

contraction.

Meanwhile,

technology-driven

innovation

continues

to

create

abundant

opportunities

for

wealth

creation.

Keeping

these

factors

in

mind,

the

Invesco

Growth

Team

remains

focused

on

investing

in

shares

of

reasonably

valued

companies

that

are

judged

to

have

superior

relative

growth

potential.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

45

Subadviser:

Invesco

Advisers,

Inc.

Portfolio

Managers:

Ronald

Zibelli

and

Ash

Shah

The

following

commentary

is

provided

by

Wellington

Management

Company,

LLP:

With

increasingly

dovish

commentary

and

an

updated

Federal

Reserve

(“Fed”)

"dot

plot"

indicating

several

rate

cuts

in

2024,

the

U.S.

market

has

now

fully

embraced

that

the

dramatic

rate

cycle

which

began

in

March

2022

has

come

to

an

end.

There

has

been

constructive

evidence

that

inflationary

trends

are

in

fact

moving

downward

towards

the

Fed's

stated

goal

of

2%,

yet

what

remains

to

be

seen

is

the

precise

onset,

cadence,

and

true

depth

of

how

interest

rate

cuts

will

be

enacted.

Any

disappointment

in

the

degree

or

timing

of

rate

cuts

could

leave

increasingly

expectant

markets

susceptible

to

short-term

weakness.

Labor

markets

have

remained

resilient

and

continue

to

underpin

the

U.S.

economy,

and

unemployment

levels

have

not

risen

to

the

higher

levels

that

many

expected

would

be

required

for

The

Federal

Open

Market

Committee

to

reach

its

inflationary

target.

Job

security

and

employment

prospects

continue

to

provide

confidence

to

the

U.S.

consumer,

yet

incremental

headwinds

from

rising

student

loan

obligations,

increased

credit

utilization

at

still-high

rates

and

the

complete

drawdown

of

"excess

savings"

from

all

but

the

higher-end

cohorts

remove

some

of

the

support

that

the

U.S.

consumer

carried

through

last

year.

An

easing

in

the

cost

of

capital

for

companies

and

consumers

alike

should

be

constructive

for

the

U.S.

economy

and

could

lead

to

an

improved

housing

market,

increasing

the

mergers

and

acquisitions,

and

increasing

levels

of

investment

which

should

benefit

more

rate-sensitive

sectors,

including

financials.

Furthermore,

robust

and

continued

innovation

within

the

technology

sector

provides

opportunities

for

driving

productivity

within

the

U.S.

workforce

as

companies

continue

to

explore

the

burgeoning

capabilities

that

Artificial

Intelligence

promises

to

bring.

2024

will

also

bring

pivotal

elections

in

both

Congress

and

the

Executive

branch

that

have

important

ramifications

for

the

direction

of

markets.

Given

that

2023

the

U.S.

government

generated

a

budget

deficit

at

close

to

8%

of

Gross

Domestic

Product,

the

largest

of

any

developed

nation

and

well

above

the

3.7%

level

in

2022,

the

expected

debate

over

fiscal

restraint

will

be

an

important

outcome

for

this

market.

Sector

allocation,

a

residual

of

our

bottom-up

stock

selection

process,

contributed

to

relative

performance.

A

lack

of

exposure

to

utilities,

an

underweight

to

health

care,

and

an

overweight

to

industrials

contributed

the

most

to

relative

performance.

This

was

partially

offset

by

an

underweight

to

materials

and

an

overweight

to

information

technology.

Security

selection

detracted

from

relative

performance.

Weak

selection

within

health

care,

industrials,

and

communication

services

detracted

from

relative

performance,

but

these

effects

were

partially

offset

by

stronger

selection

within

the

information

technology,

consumer

staples,

and

consumer

discretionary

sectors.

Top

contributors

to

relative

performance

were

overweight

positions

in

ImmunoGen

(Health

Care),

Wingstop

(Consumer

Discretionary),

and

Celsius

Holdings

(Consumer

Staples).

Shares

of

ImmunoGen

rose

as

the

company

reported

strong

topline

results

from

a

Phase

3

study

of

antibody-drug

conjugate

Elahere

compared

to

chemotherapy

for

the

treatment

of

a

specific

type

of

ovarian

cancer.

We

eliminated

the

position

at

the

end

of

the

period.

Shares

of

Wingstop

rose

over

the

period.

The

company

reported

third

quarter

results

that

beat

expectations.

We

continue

to

hold

the

position

at

the

end

of

the

period.

Shares

of

Celsius

Holdings,

finished

the

period

higher

after

the

beverage

company

posted

first-quarter

earnings

and

sales

nearly

doubled,

beating

consensus

estimates.

Management

attributed

this

to

the

drink’s

expanded

availability

and

increased

consumer

awareness.

Sell

side

analysts

expect

more

upside

to

come

as

the

company

expands

internationally

and

benefits

from

its

distribution

deal

with

PepsiCo.

We

eliminated

this

position

during

the

period.

The

top

relative

detractors

from

performance

included

overweight

positions

in

Ventyx

Biosciences

(Health

Care)

and

Aclaris

Therapeutics

(Health

Care)

and

an

out-of-benchmark

position

in

Western

Alliance

Bancorp

(Financials).

Shares

of

Ventyx

Biosciences,

a

clinical-stage

biopharmaceutical

company,

fell

during

the

period

after

the

company

announced

results

of

its

phase

two

trial

on

psoriasis

treatments.

The

company

stated

that

the

results

did

not

support

further

development

of

the

drug

due

to

the

magnitude

of

efficacy

observed,

causing

share

price

to

reach

its

lowest

level.

We

eliminated

the

position

at

the

end

of

the

period.

Shares

of

Aclaris

Therapeutics

fell

during

the

period

as

the

company

announced

disappointing

top-line

results

from

its

Phase

2b

study

of

oral

MK2

inhibitor

zunsemetinib

for

the

treatment

of

rheumatoid

arthritis.

The

trial

will

be

discontinued.

We

eliminated

the

position

at

the

end

of

the

period.

Shares

of

Western

Alliance

fell

sharply

and

then

finished

the

period

higher.

The

company

came

under

pressure

along

with

other

small

lenders

after

the

failure

of

Silicon

Valley

Bank

caused

concerns

that

other

banks

would

need

to

sell

long-term

assets

at

steep

losses

to

meet

liquidity

needs.

We

eliminated

the

position

at

the

end

of

the

period.

46

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

The

sleeve

of

the

portfolio

utilized

exchange

traded

Funds

(ETFs)

during

the

period

to

equitize

cash

and

it

had

minimal

impact

to

the

Fund.

There

was

no

liquidity

event

during

the

period

that

had

a

material

impact

to

performance.

Subadviser:

Wellington

Management

Company

LLP

Portfolio

Manager:

Mammen

Chally,

CFA,

David

Siegle,

CFA,

and

Douglas

McLane,

CFA

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:

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

may

invest

in

initial

public

offerings

(IPOs),

which

often

are

subject

to

greater

and

more-unpredictable

price

changes

than

more-established

stocks.

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

on

specific

sectors,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Each

of

the

Fund’s

Subadviser

makes

investment

decisions

independently,

and

it

is

possible

that

the

security

selection

process

of

one

Subadviser

will

not

complement

that

of

another

Subadviser.

As

a

result,

the

Fund’s

exposure

to

a

given

security,

industry

sector

or

market

capitalization

could

be

smaller

or

larger

than

if

the

Fund

were

managed

by

a

single

Subadviser,

which

could

affect

the

Fund’s

performance.

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

Multi-Manager

Small

Cap

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

47

Asset

Allocation

1

Common

Stocks

98.4%

Repurchase

Agreements

14.0%

Exchange

Traded

Fund

0.7%

Liabilities

in

excess

of

other

assets

§

(13.1)%

100.0%

Top

Industries

2

Software

11.4%

Semiconductors

&

Semiconductor

Equipment

6.1%

Health

Care

Providers

&

Services

5.2%

Biotechnology

5.1%

Health

Care

Equipment

&

Supplies

4.4%

Hotels,

Restaurants

&

Leisure

3.6%

Capital

Markets

3.0%

Trading

Companies

&

Distributors

2.9%

Electronic

Equipment,

Instruments

&

Components

2.8%

Aerospace

&

Defense

2.8%

Other

Industries

#

52.7%

100.0%

Top

Holdings

2

elf

Beauty,

Inc.

1.8%

Duolingo,

Inc.,

Class

A

1.5%

Comfort

Systems

USA,

Inc.

1.4%

Clean

Harbors,

Inc.

1.4%

Hamilton

Lane,

Inc.,

Class

A

1.4%

Curtiss-Wright

Corp.

1.3%

Wingstop

,

Inc.

1.2%

Medpace

Holdings,

Inc.

1.1%

Applied

Industrial

Technologies,

Inc.

1.1%

Altair

Engineering,

Inc.,

Class

A

1.1%

Other

Holdings

#

86.7%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

#

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.

48

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

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

17.47%

11.52%

8.33%

5/3/1999

Class

II

17.16%

11.25%

8.06%

3/7/2002

Russell

2000

®

Growth

Index

18.66%

9.22%

7.16%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.11%

1.09%

Class

II

1.36%

1.34%

^

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

Multi-Manager

Small

Cap

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

I

shares

of

the

NVIT

Multi-Manager

Small

Cap

Growth

Fund

versus

performance

of

the

Russell

2000

®

Growth

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.

50

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Multi-Manager

Small

Cap

Value

Fund

Class

I

returned

17.45%

versus

14.65%

for

its

benchmark,

the

Russell

2000

®

Value

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Small

Value

(consisting

of

64

investments

as

of

December

31,

2023),

was

14.22%

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.

This

Fund

uses

a

multi-manager

approach,

allocating

portions

of

its

assets

to

several

different

subadvisers.

The

Fund

strives

to

benefit

from

the

subadvisers’

specializations

and

diversification.

Therefore,

the

views

of

the

individual

managers

are

independent

and

may

appear

to

be

contradictory.

Please

note

that

each

subadviser

wrote

its

commentary

to

explain

the

performance

of

the

portion

of

the

Fund

that

it

manages.

This

Fund

is

subadvised

by

Jacobs

Levy

Equity

Management,

Inc.

and

WCM

Investment

Management,

LLC.

The

following

commentary

is

provided

by

Jacobs

Levy

Equity

Management,

Inc.:

U.S.

equities

surged

in

2023,

as

inflation

eased,

interest

rates

appeared

to

peak,

the

economy

grew,

and

investors

welcomed

perceived

advances

in

artificial

intelligence.

The

broad

equity

market

rose

about

26%

for

the

year,

as

large

caps

outpaced

small

and

mid-caps,

and

growth

bested

value.

Large

cap

dynamic

outperformed

large

cap

defensive,

while

among

small

caps,

defensive

edged

out

dynamic.

Notably,

the

speculative

fervor

surrounding

artificial

intelligence

drove

dramatic

gains

in

a

limited

number

of

mega

cap

growth

stocks,

which

also

turbocharged

returns

in

large

cap

growth

and

large

cap

dynamic

stock

indices.

For

the

year,

large

cap

growth

stocks

gained

more

than

42%,

outpacing

large

cap

value

stocks

by

about

31%.

Large

cap

dynamic

stocks

gained

about

33%,

outperforming

large

cap

defensive

stocks

by

about

13%.

Jacobs

Levy’s

investment

process

is

engineered

to

combine

human

insight

and

intuition,

finance

and

behavioral

theory,

and

quantitative

and

statistical

methods.

The

firm’s

stock

selection

process

entails

sophisticated

modeling

of

a

large

number

of

stocks

and

proprietary

factors

using

financial

statements,

analyst

forecasts,

corporate

management

signals,

economic

data

and

security

pricing,

as

well

as

alternative

data

sources.

Based

on

our

factor

models,

we

forecast

expected

returns

for

every

security

in

our

investment

universe.

Portfolios

are

diversified

across

individual

stocks,

industries,

and

sectors.

The

sleeve

of

the

Fund

underperformed

the

benchmark

during

the

period.

Health

care,

consumer

discretionary,

and

energy

detracted

from

the

relative

performance,

while

financials,

utilities,

and

industrials

contributed.

Security

selection

in

financials,

utilities,

and

industrials

helped,

but

security

selection

in

health

care,

consumer

discretionary,

and

energy

hurt.

Overweights

to

information

technology

and

industrials,

and

an

underweight

to

utilities

contributed,

although

an

underweight

to

energy

and

overweights

to

consumer

discretionary

and

financials

detracted.

The

top

three

stock

contributors

to

relative

performance

during

the

period

were

overweights

to

Boise

Cascade

Co.

(BCC),

Customers

Bancorp,

Inc.

(CUBI),

and

PROG

Holdings,

Inc.

(PRG).

BCC,

CUBI,

and

PRG

were

held

in

the

Fund

at

the

end

of

the

period.

The

top

three

stock

detractors

to

relative

performance

during

the

period

were

overweights

to

Veradigm

Inc.

(MDRX),

Emergent

BioSolutions

Inc.

(EBS),

and

Enanta

Pharmaceuticals,

Inc.

(ENTA).

MDRX,

EBS,

and

ENTA

were

held

in

the

Fund

at

the

end

of

the

period.

The

Jacobs

Levy’s

sleeve

of

the

Fund

did

not

use

derivatives

and

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance.

Subadviser:

Jacobs

Levy

Equity

Management

Inc.

Portfolio

Managers:

Bruce

I.

Jacobs,

Ph.D.

and

Kenneth

N.

Levy,

CFA

The

following

commentary

is

provided

by

WCM

Investment

Management,

LLC:

For

the

annual

period

ended

December

31,

2023,

the

sleeve

of

the

NVIT

Small

Cap

Value

Fund

registered

23.98%

versus

14.65%

for

its

benchmark,

the

Russell

2000

®

Value

Index.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

51

WCM’s

quality

emphasis

has

resulted

in

healthy

outperformance

against

its

benchmark

over

the

last

twelve

months.

Coming

off

the

heels

of

a

strong

finish

to

2022,

the

market

continued

its

run

through

the

first

two

quarters

of

2023.

In

the

third

quarter,

performance

took

a

sharp

turn

as

U.S.

equities

tumbled

amid

recessionary

fears

and

continued

monetary

tightening

from

the

Federal

Reserve

(“Fed”).

Small

caps

roared

back

to

life

late

in

the

year,

as

the

Fed

stopped

its

interest

rate

hike

campaign

amid

moderating

inflation

data.

Fortunately,

strong

stock

selection

has

been

the

highlight

for

the

Fund

over

the

last

twelve

months,

as

the

Fund’s

high-quality

businesses

outperformed

during

the

market’s

upswings

and

have

shown

strong

downside

protection

during

the

mid-year

pullback.

The

team

continues

to

believe

that

the

Fund’s

quality

emphasis

will

likely

be

rewarded

over

the

long-term,

regardless

of

shorter-

term

market

conditions.

Attribution

analysis

shows

that

both

allocation

and

selection

were

contributors

for

the

annual

period.

From

an

allocation

perspective,

the

primary

contributor

to

the

Fund’s

performance

was

overweight

to

the

Industrials

sector

(2nd

best

in

the

benchmark).

The

Fund’s

overweight

position

in

Technology

(3rd

best)

also

contributed

meaningfully.

Additionally,

the

Fund’s

underweighting

to

Financials

(5th

worst)

and

its

overweighting

to

Consumer

Discretionary

(best)

were

also

contributors.

From

a

selection

standpoint,

the

Fund’s

picks

in

Industrials

and

Financials

led

the

way.

Selection

within

the

Consumer

Staples

and

Technology

sectors

also

contributed

to

performance.

The

three

stocks

that

contributed

most

to

relative

Fund

performance

for

the

reporting

period

were

ePlus

Inc.

(PLUS),

Verra

Mobility

Corp.

(VRRM)

and

American

Woodmark

Corp.

(AMWD).

ePlus

has

performed

well,

as

investor

confidence

has

been

bolstered

by

strong

execution

and

a

robust

merger

and

acquisition

pipeline

in

front

of

PLUS.

VRRM

benefited

from

the

travel

recovery,

which

helped

its

commercial

business

recover

from

the

COVID-19

hangover,

while

VRRM’s

government

business

continued

its

steady

execution.

Lastly,

AMWD

has

posted

higher

than

expected

sales

growth

over

the

past

12

months

and

continues

to

improve

profitability.

The

Fund

continues

to

hold

all

three

securities.

From

an

allocation

perspective,

the

Fund’s

overweighting

to

Consumer

Staples

(4th

worst)

was

the

major

detractor

for

the

period.

Additionally,

the

Fund’s

overweighting

to

Health

Care

(3rd

worst)

and

avoidance

of

Energy

(5th

best)

also

hurt

performance.

From

a

selection

standpoint,

the

Fund’s

picks

in

Consumer

Discretionary

were

the

largest

source

of

underperformance.

Selection

within

the

Health

Care

and

Real

Estate

sectors

also

detracted

from

performance.

The

three

stocks

that

detracted

most

from

Fund

performance

for

the

reporting

period

were

E2open

Parent

Holdings

Inc.

(ETWO),

Leslie’s

Inc.

(LESL)

and

ICU

Medical

Inc.

(ICUI).

ETWO

has

seen

decelerating

growth

from

the

longer

customer

decision-making

due

to

economic

uncertainty,

and

the

Fund

sold

the

position

during

the

reporting

period.

Leslie’s

was

purchased

in

the

Fund

due

to

the

team’s

confidence

in

the

residential

pool

market

and

LESL’s

position

in

the

market;

however,

a

series

of

missteps

by

management

on

product

pricing

coupled

with

a

difficult

short-term

environment

caused

the

share

price

to

tumble.

Additionally,

management

communicated

poorly

with

investors,

leading

the

team

to

sell

the

position

in

the

Fund

as

it

no

longer

fit

in

our

definition

of

quality.

ICU

Medical

has

spent

the

last

few

years

stabilizing

revenues

while

managing

the

Smiths

integration,

which

has

limited

overall

profitability.

The

team

continues

to

believe

that

the

business

is

on

the

right

track

and

management

has

a

clear

vision

going

forward.

The

Fund

continues

to

hold

ICUI.

The

sleeve

of

the

Fund

did

not

use

derivatives

and

had

no

liquidity

events

impacting

performance

during

the

period.

Subadviser:

WCM

Investment

Management

Portfolio

Managers:

Jon

Detter,CFA;

Patrick

McGee,

CFA;

and

Anthony

Glickhouse,

CFA

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

small

companies

and

special

situation

companies.

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies:

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

may

invest

in

initial

public

offerings

(IPOs),

which

often

are

subject

to

greater

and

more-unpredictable

price

changes

than

more-established

stocks.

The

Fund

may

invest

in

real

estate

investment

trusts

(REITs),

which

are

subject

to

abrupt

or

erratic

price

movements

and

generally

lack

liquidity.

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).

Value

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

52

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Each

of

the

Fund’s

subadvisers

makes

investment

decisions

independently,

and

it

is

possible

that

the

security

selection

process

of

one

subadviser

will

not

complement

that

of

another

subadviser.

As

a

result,

the

Fund’s

exposure

to

a

given

security,

industry

sector

or

market

capitalization

could

be

smaller

or

larger

than

if

the

Fund

were

managed

by

a

single

subadviser,

which

could

affect

the

Fund’s

performance.

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

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

53

Asset

Allocation

1

Common

Stocks

98.7%

Repurchase

Agreements

6.2%

Rights

†

0.0%

Liabilities

in

excess

of

other

assets

(4.9)%

100.0%

Top

Industries

2

Banks

8.4%

Health

Care

Providers

&

Services

5.1%

Building

Products

5.0%

Oil,

Gas

&

Consumable

Fuels

4.8%

Software

4.1%

Insurance

4.1%

Construction

&

Engineering

3.6%

Chemicals

3.5%

Biotechnology

3.3%

Electronic

Equipment,

Instruments

&

Components

3.0%

Other

Industries

#

55.1%

100.0%

Top

Holdings

2

ePlus

,

Inc.

2.4%

Addus

HomeCare

Corp.

2.2%

Verra

Mobility

Corp.,

Class

A

2.1%

Element

Solutions,

Inc.

1.9%

API

Group

Corp.

1.9%

Enstar

Group

Ltd.

1.7%

MeridianLink

,

Inc.

1.6%

Hillman

Solutions

Corp.

1.6%

Virtus

Investment

Partners,

Inc.

1.4%

Ensign

Group,

Inc.

(The)

1.4%

Other

Holdings

#

81.8%

100.0%

†

Amount

rounds

to

less

than

0.1%.

#

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.

54

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

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

17.45%

11.06%

6.84%

10/31/1997

Class

II

17.15%

10.77%

6.57%

10/31/1997

Class

IV

17.59%

11.07%

6.85%

4/28/2003

Russell

2000

®

Value

Index

14.65%

10.00%

6.76%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.10%

1.06%

Class

II

1.35%

1.31%

Class

IV

1.10%

1.06%

^

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

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

55

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

Nationwide

NVIT

Multi-Manager

Small

Cap

Value

Fund

versus

performance

of

the

Russell

2000

®

Value

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.

56

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Multi-Manager

Small

Company

Fund

Class

I

returned

13.99%

versus

16.93%

for

its

benchmark,

the

Russell

2000

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Small

Blend

(consisting

of

132

investments

as

of

December

31,

2023),

was

16.24%

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.

This

Fund

uses

a

multi-manager

approach,

allocating

portions

of

its

assets

to

several

different

subadvisers.

The

Fund

strives

to

benefit

from

the

subadvisers’

specializations

and

diversification.

Therefore,

the

views

of

the

individual

managers

are

independent

and

may

appear

to

be

contradictory.

Please

note

that

each

subadviser

wrote

its

commentary

to

explain

the

performance

of

the

portion

of

the

Fund

that

it

manages.

This

Fund

is

subadvised

by

Jacobs

Levy

Equity

Management,

Inc.

and

Invesco

Advisers,

Inc.

The

following

commentary

is

provided

by

Jacobs

Levy

Equity

Management,

Inc.

U.S.

equities

surged

in

2023,

as

inflation

eased,

interest

rates

appeared

to

peak,

the

economy

grew,

and

investors

welcomed

perceived

advances

in

artificial

intelligence.

The

broad

equity

market

rose

about

26%

for

the

year,

as

large

caps

outpaced

small

and

mid-caps,

and

growth

bested

value.

Large

cap

dynamic

outperformed

large

cap

defensive,

while

among

small

caps,

defensive

edged

out

dynamic.

Notably,

the

speculative

fervor

surrounding

artificial

intelligence

drove

dramatic

gains

in

a

limited

number

of

mega

cap

growth

stocks,

which

also

turbocharged

returns

in

large

cap

growth

and

large

cap

dynamic

stock

indices.

For

the

year,

large

cap

growth

stocks

gained

more

than

42%,

outpacing

large

cap

value

stocks

by

about

31

percentage

points.

Large

cap

dynamic

stocks

gained

about

33%,

outperforming

large

cap

defensive

stocks

by

about

13

percentage

points.

Jacobs

Levy’s

investment

process

is

engineered

to

combine

human

insight

and

intuition,

finance

and

behavioral

theory,

and

quantitative

and

statistical

methods.

The

firm’s

stock

selection

process

entails

sophisticated

modeling

of

a

large

number

of

stocks

and

proprietary

factors

using

financial

statements,

analyst

forecasts,

corporate

management

signals,

economic

data

and

security

pricing,

as

well

as

alternative

data

sources.

Based

on

our

factor

models,

we

forecast

expected

returns

for

every

security

in

our

investment

universe.

Portfolios

are

diversified

across

individual

stocks,

industries,

and

sectors.

The

sleeve

of

the

Fund

underperformed

the

Russell

2000

Value

Index

during

the

period.

Health

care,

consumer

discretionary,

and

energy

detracted

from

relative

performance,

while

financials,

utilities,

and

industrials

contributed.

Security

selection

in

financials,

utilities,

and

industrials

helped,

but

security

selection

in

health

care,

consumer

discretionary,

and

energy

hurt.

Overweights

to

information

technology

and

industrials,

and

an

underweight

to

utilities

contributed,

although

an

underweight

to

energy

and

overweights

to

financials

and

consumer

discretionary

detracted.

The

top

three

contributors

to

relative

performance

held

during

the

period

were

overweights

to

Boise

Cascade

Co.

(BCC),

Customers

Bancorp,

Inc.

(CUBI),

and

PROG

Holdings,

Inc.

(PRG).

BCC,

CUBI,

and

PRG

were

held

in

the

Fund

at

the

end

of

the

period.

The

top

three

stock

detractors

to

relative

performance

held

during

the

period

were

overweights

to

Emergent

BioSolutions

Inc.

(EBS),

Veradigm

Inc.

(MDRX),

and

Enanta

Pharmaceuticals,

Inc.

(ENTA).

EBS,

MDRX,

and

ENTA

were

held

in

the

Fund

at

the

end

of

the

period.

The

sleeve

of

the

Fund

did

not

use

derivatives

and

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance.

Subadviser:

Jacobs

Levy

Equity

Management,

Inc.

Portfolio

Managers:

Bruce

I.

Jacobs,

Ph.D.

and

Kenneth

N.

Levy,

CFA

The

following

commentary

is

provided

by

Invesco

Advisers,

Inc.:

U.S.

stocks

generated

strong

returns

during

the

year,

primarily

due

to

a

resilient

economy,

progress

on

taming

inflation

combined

with

the

Federal

Reserve

(“Fed”)

comments

that

suggested

a

shift

to

easier

monetary

policy,

and

a

burst

of

enthusiasm

for

technology

and

mega-cap

companies.

The

Fund

slightly

underperformed

the

benchmark

during

the

year

primarily

as

a

result

of

weaker

stock

selection

within

the

health

care,

information

technology

and

materials

sectors.

These

results

were

partially

offset

by

stronger

stock

selection

within

the

consumer

discretionary,

consumer

staples

and

energy

sectors.

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Fund

Commentary

-

57

Beauty,

Duolingo,

and

Hamilton

Lane

were

the

three

individual

securities

that

contributed

most

to

absolute

Fund

performance

during

the

reporting

period.

The

Fund

still

holds

positions

in

all

three

stocks.

Beauty

provides

cosmetic

and

skin-care

products.

The

company

reported

strong

fiscal

quarterly

results

where

revenues,

earnings-

per-share,

and

earnings

before

interest,

taxes,

depreciation

and

amortization

all

exceeded

expectations.

Management

also

raised

its

fiscal

2023

and

2024

guidance

above

Wall

Street

expectations.

The

company

increased

its

market

share,

innovation

has

been

strong,

and

the

company

has

been

gaining

distribution

for

its

value-priced

beauty

products.

Duolingo

is

a

language-learning

website

and

mobile

application.

Duolingo

reported

quarterly

results

that

were

well

above

consensus

expectations.

Results

reflected

strength

across

many

key

metrics

and

management

provided

positive

forward

guidance.

The

company

continues

to

execute

with

paid

subscribers

and

their

daily

active

users

are

still

growing

at

a

high

growth

rate

despite

difficult

year-over-year

comparisons.

Hamilton

Lane

provides

private

markets

investment

solutions.

Management

reported

solid

quarterly

results

and

continues

to

benefit

from

the

growth

of

its

assets

in

private

equity

funds.

The

company

manages

a

collection

of

funds

that

owns

stakes

in

private

funds

as

well

as

co-invests

in

funds

that

make

direct

investments

referred

by

fund

partners.

Halozyme

Therapeutics,

Confluent,

and

Impinj

detracted

from

absolute

Fund

performance

during

the

reporting

period.

The

Fund

still

holds

a

position

in

Halozyme

Therapeutics

but

exited

Confluent

and

Impinj

during

the

fiscal

year.

Halozyme

Therapeutics

is

a

biopharmaceutical

technology

platform

company

that

lagged

as

part

of

the

broader

correction

in

the

biotech

sector

in

the

first

quarter

of

2023.

Confluent

provides

a

commercial

platform

for

managing

real-time

data

streams,

for

event-driven

architectures.

The

stock

underperformed

after

posting

weak

results

and

initiated

a

sales

force

transition.

Impinj

provides

radio-frequency

identification

solutions

for

identifying,

locating,

and

authenticating

items.

Management

provided

weak

earnings

guidance

as

some

large

customers

delayed

purchase

decisions.

Invesco

Growth

Team’s

outlook

for

the

stock

market

in

2024

is

constructive.

The

economy

continues

to

expand,

inflation

is

moderating,

the

Fed

is

forecasting

interest

rate

cuts,

and

corporate

profits

are

rising

once

again

following

a

multi-quarter

contraction.

Meanwhile,

technology-driven

innovation

continues

to

create

abundant

opportunities

for

wealth

creation.

Considering

all

these

factors,

the

Invesco

Growth

Team

remains

focused

on

investing

in

reasonably

valued

companies

judged

as

having

superior

relative

growth

potential.

The

Fund

does

not

use

derivatives

and

did

not

experience

any

liquidity

issues.

Subadviser:

Invesco

Advisers,

Inc.

Portfolio

Managers:

Ronald

Zibelli

and

Ash

Shah

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:

1)

usually

are

less

stable

in

price,

2)

are

less

liquid,

3)

are

more

vulnerable

to

adverse

business

and

economic

developments,

and

4)

have

more-limited

resources.

The

Fund

may

invest

in

initial

public

offerings

(IPOs),

which

often

are

subject

to

greater

and

more-unpredictable

price

changes

than

more-established

stocks.

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

on

specific

sectors,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

The

Fund

uses

both

a

growth

style

and

a

value

style

of

investing

and

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Each

of

the

Fund’s

subadvisers

makes

investment

decisions

independently,

and

it

is

possible

that

the

security

selection

process

of

one

subadviser

will

not

complement

that

of

another

subadviser.

As

a

result,

the

Fund’s

exposure

to

a

given

security,

industry

sector

or

market

capitalization

could

be

smaller

or

larger

than

if

the

Fund

were

managed

by

a

single

subadviser,

which

could

affect

the

Fund’s

performance.

58

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

Fund

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.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

99.4%

Repurchase

Agreements

7.7%

Rights

†

0.0%

Liabilities

in

excess

of

other

assets

§

(7.1)%

100.0%

Top

Industries

2

Banks

9.8%

Software

7.1%

Oil,

Gas

&

Consumable

Fuels

5.9%

Biotechnology

4.3%

Household

Durables

3.9%

Insurance

3.1%

Semiconductors

&

Semiconductor

Equipment

2.9%

Metals

&

Mining

2.7%

Health

Care

Equipment

&

Supplies

2.6%

Trading

Companies

&

Distributors

2.5%

Other

Industries

#

55.2%

100.0%

Top

Holdings

2

Boise

Cascade

Co.

1.0%

Taylor

Morrison

Home

Corp.,

Class

A

0.9%

KB

Home

0.9%

Texas

Capital

Bancshares,

Inc.

0.9%

Hamilton

Lane,

Inc.,

Class

A

0.9%

Customers

Bancorp,

Inc.

0.8%

California

Resources

Corp.

0.8%

Duolingo,

Inc.,

Class

A

0.8%

First

Bancorp

0.7%

elf

Beauty,

Inc.

0.7%

Other

Holdings

#

91.6%

100.0%

†

Amount

rounds

to

less

than

0.1%.

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

#

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

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Fund

Commentary

-

59

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

I

13.99%

13.31%

8.47%

10/23/1995

Class

II

13.69%

13.02%

8.20%

3/5/2002

Class

IV

13.96%

13.30%

8.47%

4/28/2003

Russell

2000

®

Index

16.93%

9.97%

7.16%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.07%

1.05%

Class

II

1.32%

1.30%

Class

IV

1.07%

1.05%

^

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.

60

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

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

Multi-Manager

Small

Company

Fund

versus

performance

of

the

Russell

2000

®

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

Real

Estate

Fund

-

December

31,

2023

-

Fund

Commentary

-

61

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Real

Estate

Fund

Class

I

returned

12.88%

versus

14.03%

for

its

benchmark,

the

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Real

Estate

(consisting

of

47

investments

as

of

December

31,

2023),

was

12.58%

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.

U.S.

equities

rose

in

2023

amid

easing

inflation,

optimism

for

lower

interest

rates,

strong

performances

in

select

mega-cap

technology

companies,

and

steady

gross

domestic

product

(“GDP”)

growth.

U.S.

equities

advanced

during

the

first

quarter.

The

sudden

collapse

of

two

U.S.

regional

banks

prompted

swift

policy

actions

by

the

Federal

regulators,

which

helped

stabilize

liquidity

and

stem

the

potential

for

broader

contagion.

Shares

of

large

technology

companies

surged,

helping

growth

stocks

to

significantly

outperform

their

value

counterparts.

The

U.S.

Federal

Reserve

(“Fed”)

slowed

its

pace

of

policy

tightening,

raising

interest

rates

by

25

basis

points

(“bps”)

in

February

and

March,

to

a

range

between

4.75%

–

5%.

U.S.

equities

rose

again

in

the

second

quarter,

largely

driven

by

a

potent

rally

in

a

narrow

group

of

mega-cap

technology

companies

that

benefited

from

investor

optimism

about

their

earnings

potential

and

growth

prospects

and

exuberance

surrounding

generative

artificial

intelligence.

U.S.

equities

fell

in

the

third

quarter,

pressured

by

rising

Treasury

yields

amid

views

that

the

Fed

would

keep

interest

rates

elevated

for

a

prolonged

period.

Even

as

household

budgets

were

strained

by

tightening

credit

conditions

and

lofty

prices,

markets

dialed

back

the

probability

of

recession

as

cooling

inflation,

a

solid

job

market,

and

resilient

consumer

spending

increased

the

potential

that

the

U.S.

economy

could

achieve

a

“soft

landing.”

Economic

data

released

during

the

third

quarter

indicated

healthy

momentum

in

the

U.S.

economy

after

GDP

in

the

second

quarter

grew

at

a

surprisingly

strong

2.1%

annualized

rate.

In

the

fourth

quarter,

U.S.

equities

registered

their

largest

quarterly

return

in

three

years

as

gains

broadened

beyond

those

of

the

“Magnificent

Seven”

stocks

that

dominated

the

stock

market’s

performance

for

most

of

the

year.

A

rapid

descent

in

inflation

prompted

the

Fed

to

pivot

from

its

“higher-for-longer”

policy

stance

in

December,

sending

Treasury

yields

lower

and

driving

stocks

higher.

The

Fed’s

Summary

of

Economic

Projections

implied

that

policymakers

anticipate

75

bps

of

interest-rate

cuts

in

2024.

The

Fund

underperformed

the

Dow

Jones

US

Select

Real

Estate

Securities

Index

during

the

twelve-month

period

ending

December

31,

2023.

Sector

allocation

was

the

primary

driver

of

relative

underperformance.

Overweight

allocations

to

real

estate

service

companies,

retail-shopping

centers,

as

well

as

an

underweight

allocation

to

self-storage

facilities,

detracted

from

relative

performance.

This

was

offset

by

underweight

allocations

to

office,

specialty

finance,

and

multifamily.

Security

selection

contributed

to

relative

performance.

Solid

selection

within

office,

healthcare

real

estate,

and

lodging

was

partially

offset

by

weaker

selection

in

multifamily,

real

estate

technology,

and

specialty

finance.

Top

detractors

from

relative

returns

during

the

period

included

underweight

positions

in

Digital

Realty

Trust

(real

estate

technology),

Ventas

(healthcare

real

estate),

and

positioning

in

AvalonBay

Communities

(multifamily).

Shares

of

Digital

Realty

Trust

rallied

during

the

period

on

the

back

of

solid

quarterly

results,

which

was

driven

by

significant

pricing

growth

on

renewal

leases,

especially

in

Europe.

Shares

of

Ventas

rose

during

the

period

as

their

senior

housing

operating

portfolio

exhibited

significant

pricing

power,

strong

demand,

and

attractive

positioning

in

the

marketplace.

Not

owning

AvalonBay

Communities

for

the

full

period

detracted

from

relative

performance.

Most

recently

the

company

reported

better-than-expected

revenue

growth

driven

by

occupancy,

lease

rates,

uncollectible

rent/bad

debt,

and

stabilized

development

yields.

Management

exceeded

expectations

and

raised

guidance

once

again.

The

Fund

holds

all

three

of

the

securities

at

the

end

of

the

period.

Top

contributors

to

relative

performance

during

the

period

included

not

holding

Realty

Income

(specialty

finance),

an

out-of-

benchmark

position

in

Iron

Mountain

(real

estate

technology),

and

an

overweight

position

in

Empire

State

Realty

(office).

Shares

of

Realty

Income

declined

during

the

period

following

its

quarterly-results

that

were

below

consensus

estimates

and

a

slightly

downward

full-year

guidance.

Shares

of

Iron

Mountain

rose

after

reporting

record

revenue

and

earnings

before

interest,

taxes,

depreciation

and

amortization

(“EBITDA”)

during

the

year.

The

company

also

announced

an

agreement

to

acquire

Regency

Technologies,

adding

operational

scale

and

deepening

abilities

in

Asset

Lifecycle

Management.

Shares

of

Empire

State

Realty

rose

during

the

period

following

the

company's

announcement

that

Flagstar

Bank

would

assume

a

space

lease

formerly

tenanted

by

the

failed

lender,

Signature

Bank.

Positive

news

surrounding

return-to-office

trends

also

aided

the

stock's

price.

The

Fund

holds

Iron

Mountain

and

Empire

State

Realty

at

the

end

of

the

period.

We

were

surprised

by

the

Fed’s

dovish

pivot

in

November

and

the

corresponding

quick

reversal

in

interest

rates.

While

inflation

has

decelerated

in

recent

months,

a

tight

labor

market

and

steady

base

effects

should

stabilize

inflation

around

3%,

which

is

still

above

the

Fed’s

target.

We

suspect

that

the

consumer

will

likely

soften,

and

growth

may

moderate

slightly

over

the

coming

months;

however,

we

believe

healthy

consumer

balance

sheets

and

a

manufacturing

resurgence

in

the

U.S.

should

help

avert

a

recession.

We

see

upside

risk

to

growth

expectations

in

2024.

Hence,

we

are

not

convinced

that

the

market

is

correct

in

pricing

six

rate

cuts

in

2024.

The

decline

in

interest

rates

and

the

Fed’s

shift

from

focusing

on

inflation

to

growth

has

created

a

put

under

the

market,

driving

risk

assets

higher.

We

expect

this

backdrop

will

continue

until

either

inflation

proves

stickier,

rates

move

higher,

or

a

recession

materializes.

That

said,

we

expect

the

velocity

of

risk

taking

to

slow

given

the

large

move

over

a

short

period

of

time.

62

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Real

Estate

Fund

Fortunately

for

Real

Estate

Investment

Trusts

(REITs),

lower

interest

rates

have

taken

pressure

off

financing

costs,

benefiting

those

with

higher

leverage

and/or

floating

rate

debt

the

most.

Should

rates

stabilize

below

4.5%,

we

would

expect

transaction

markets

to

start

to

open.

We

continue

to

expect

REITs

to

be

share

gainers

as

most

private

equity

participants

are

still

seeing

asset

write-downs.

Despite

the

recent

run

in

REITs,

we

expect

riskier

assets

to

do

well

as

long

as

the

market

embraces

an

easy

central

bank

narrative

without

a

recession.

In

the

near

term,

we

incrementally

favor

value

overgrowth

with

a

more

bar

belled

strategy

between

quality

and

beta.

As

economic

growth

firms

and

rates

stabilize

or

go

potentially

higher,

we

plan

to

prioritize

economic

sensitivity

over

leverage.

There

were

no

liquidity

events

that

had

a

material

impact

on

Fund

performance,

and

the

Fund

did

not

utilize

derivatives

during

the

period.

Subadviser:

Wellington

Management

Company

LLP

Portfolio

Manager:

Bradford

D.

Stoesser

The

Fund

is

a

non-diversified

fund,

which

means

that

a

relatively

high

percentage

of

the

Fund’s

assets

may

be

invested

in

a

limited

number

of

issuers.

The

Fund

is

a

nondiversified

fund,

which

means

that

a

relatively

high

percentage

of

the

Fund’s

assets

may

be

invested

in

a

limited

number

of

issuers.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

The

Fund

concentrates

on

investments

in

the

real

estate

investment

trust

(REIT)

sector,

subjecting

it

to

greater

volatility

than

that

of

other

mutual

funds.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Real

Estate

Fund

-

December

31,

2023

-

Fund

Commentary

-

63

Asset

Allocation

1

Common

Stocks

99.2%

Other

assets

in

excess

of

liabilities

0.8%

100.0%

Top

Industries

2

Specialized

REITs

28.3%

Industrial

REITs

16.4%

Residential

REITs

14.6%

Retail

REITs

12.6%

Health

Care

REITs

8.2%

Real

Estate

Management

&

Development

5.7%

Office

REITs

4.2%

Diversified

REITs

4.1%

Hotel

&

Resort

REITs

2.1%

Hotels,

Restaurants

&

Leisure

2.0%

Other

Industries

1.8%

100.0%

Top

Holdings

2

Prologis,

Inc.

12.7%

Equinix,

Inc.

8.0%

AvalonBay

Communities,

Inc.

5.5%

Welltower,

Inc.

5.5%

Simon

Property

Group,

Inc.

4.4%

Extra

Space

Storage,

Inc.

4.2%

Essex

Property

Trust,

Inc.

4.0%

Brixmor

Property

Group,

Inc.

3.9%

American

Homes

4

Rent,

Class

A

3.2%

Empire

State

Realty

Trust,

Inc.,

Class

A

2.7%

Other

Holdings

45.9%

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.

64

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Real

Estate

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

12.88%

7.92%

6.97%

3/24/2008

Class

II

12.64%

7.64%

6.71%

3/24/2008

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

(RESI)

14.03%

6.11%

6.98%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

0.93%

0.92%

Class

II

1.18%

1.17%

^

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

Real

Estate

Fund

-

December

31,

2023

-

Fund

Commentary

-

65

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

Real

Estate

Fund

versus

performance

of

the

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

(RESI)

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.

66

-

Shareholder

Expense

Example

-

December

31,

2023

-

Equity

Funds

(II)

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

Allspring

Discovery

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,021.20

4.18

0.82

Hypothetical

(b)(c)

1,000.00

1,021.07

4.18

0.82

Class

II

Shares

Actual

(b)

1,000.00

1,020.70

5.45

1.07

Hypothetical

(b)(c)

1,000.00

1,019.81

5.45

1.07

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,040.20

4.01

0.78

Hypothetical

(b)(c)

1,000.00

1,021.27

3.97

0.78

Class

II

Shares

Actual

(b)

1,000.00

1,039.50

5.29

1.03

Hypothetical

(b)(c)

1,000.00

1,020.01

5.24

1.03

Class

IV

Shares

Actual

(b)

1,000.00

1,040.30

4.01

0.78

Hypothetical

(b)(c)

1,000.00

1,021.27

3.97

0.78

Equity

Funds

(II)

-

December

31,

2023

-

Shareholder

Expense

Example

-

67

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

BlackRock

Equity

Dividend

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,055.90

4.15

0.80

Hypothetical

(b)(c)

1,000.00

1,021.17

4.08

0.80

Class

II

Shares

Actual

(b)

1,000.00

1,054.70

5.44

1.05

Hypothetical

(b)(c)

1,000.00

1,019.91

5.35

1.05

Class

IV

Shares

Actual

(b)

1,000.00

1,056.40

4.15

0.80

Hypothetical

(b)(c)

1,000.00

1,021.17

4.08

0.80

NVIT

Calvert

Equity

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,079.90

4.35

0.83

Hypothetical

(b)(c)

1,000.00

1,021.02

4.23

0.83

Class

II

Shares

Actual

(b)

1,000.00

1,080.50

4.56

0.87

Hypothetical

(b)(c)

1,000.00

1,020.82

4.43

0.87

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,102.30

4.19

0.79

Hypothetical

(b)(c)

1,000.00

1,021.22

4.02

0.79

Class

II

Shares

Actual

(b)

1,000.00

1,101.70

4.71

0.89

Hypothetical

(b)(c)

1,000.00

1,020.72

4.53

0.89

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,112.50

4.31

0.81

Hypothetical

(b)(c)

1,000.00

1,021.12

4.13

0.81

Class

II

Shares

Actual

(b)

1,000.00

1,111.60

5.64

1.06

Hypothetical

(b)(c)

1,000.00

1,019.86

5.40

1.06

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,053.20

4.81

0.93

Hypothetical

(b)(c)

1,000.00

1,020.52

4.74

0.93

Class

II

Shares

Actual

(b)

1,000.00

1,051.70

5.27

1.02

Hypothetical

(b)(c)

1,000.00

1,020.06

5.19

1.02

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,036.30

5.59

1.09

Hypothetical

(b)(c)

1,000.00

1,019.71

5.55

1.09

Class

II

Shares

Actual

(b)

1,000.00

1,035.20

6.87

1.34

Hypothetical

(b)(c)

1,000.00

1,018.45

6.82

1.34

68

-

Shareholder

Expense

Example

-

December

31,

2023

-

Equity

Funds

(II)

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

Multi-Manager

Small

Cap

Value

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,107.80

5.63

1.06

Hypothetical

(b)(c)

1,000.00

1,019.86

5.40

1.06

Class

II

Shares

Actual

(b)

1,000.00

1,106.20

6.95

1.31

Hypothetical

(b)(c)

1,000.00

1,018.60

6.67

1.31

Class

IV

Shares

Actual

(b)

1,000.00

1,107.80

5.63

1.06

Hypothetical

(b)(c)

1,000.00

1,019.86

5.40

1.06

NVIT

Multi-Manager

Small

Company

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,099.70

5.45

1.03

Hypothetical

(b)(c)

1,000.00

1,020.01

5.24

1.03

Class

II

Shares

Actual

(b)

1,000.00

1,097.70

6.77

1.28

Hypothetical

(b)(c)

1,000.00

1,018.75

6.51

1.28

Class

IV

Shares

Actual

(b)

1,000.00

1,099.40

5.45

1.03

Hypothetical

(b)(c)

1,000.00

1,020.01

5.24

1.03

NVIT

Real

Estate

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,069.30

4.33

0.83

Hypothetical

(b)(c)

1,000.00

1,021.02

4.23

0.83

Class

II

Shares

Actual

(b)

1,000.00

1,067.80

5.63

1.08

Hypothetical

(b)(c)

1,000.00

1,019.76

5.50

1.08

(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

Allspring

Discovery

Fund

-

December

31,

2023

-

Statement

of

Investments

-

69

Common

Stocks

98

.5

%

Shares

Value

($)

BRAZIL

2

.8

%

Broadline

Retail

1

.6

%

MercadoLibre,

Inc.

*

4,538

7,131,648

Financial

Services

1

.2

%

StoneCo

Ltd.,

Class

A

*

295,584

5,329,380

12,461,028

CANADA

1

.9

%

Commercial

Services

&

Supplies

1

.1

%

RB

Global,

Inc.

74,100

4,956,549

Software

0

.8

%

Descartes

Systems

Group,

Inc.

(The)

*

43,300

3,639,798

8,596,347

DENMARK

0

.8

%

Biotechnology

0

.8

%

Ascendis

Pharma

A/S,

ADR

*(a)

28,914

3,641,718

INDIA

1

.4

%

Professional

Services

1

.4

%

WNS

Holdings

Ltd.,

ADR

*

96,812

6,118,518

ISRAEL

1

.5

%

Broadline

Retail

1

.5

%

Global-e

Online

Ltd.

*(a)

164,128

6,504,393

SWITZERLAND

1

.1

%

Textiles,

Apparel

&

Luxury

Goods

1

.1

%

On

Holding

AG,

Class

A

*(a)

182,252

4,915,336

UNITED

STATES

89

.0

%

Aerospace

&

Defense

2

.9

%

Axon

Enterprise,

Inc.

*

37,139

9,594,118

Parsons

Corp.

*(a)

52,700

3,304,817

12,898,935

Beverages

1

.4

%

Celsius

Holdings,

Inc.

*(a)

111,000

6,051,720

Biotechnology

4

.3

%

Exact

Sciences

Corp.

*(a)

103,300

7,642,134

Halozyme

Therapeutics,

Inc.

*(a)

93,700

3,463,152

Natera,

Inc.

*

88,100

5,518,584

Sarepta

Therapeutics,

Inc.

*

24,529

2,365,331

18,989,201

Building

Products

1

.3

%

Advanced

Drainage

Systems,

Inc.

41,650

5,857,656

Capital

Markets

3

.1

%

Morningstar,

Inc.

(a)

29,800

8,529,952

Tradeweb

Markets,

Inc.,

Class

A

57,500

5,225,600

13,755,552

Commercial

Services

&

Supplies

6

.0

%

Casella

Waste

Systems,

Inc.,

Class

A

*(a)

130,859

11,183,211

Rollins,

Inc.

156,638

6,840,381

Tetra

Tech,

Inc.

51,523

8,600,734

26,624,326

Construction

&

Engineering

1

.3

%

EMCOR

Group,

Inc.

26,500

5,708,895

Electrical

Equipment

1

.8

%

Vertiv

Holdings

Co.,

Class

A

168,400

8,088,252

Electronic

Equipment,

Instruments

&

Components

4

.1

%

Novanta,

Inc.

*

48,173

8,112,815

Common

Stocks

Shares

Value

($)

UNITED

STATES

Electronic

Equipment,

Instruments

&

Components

Teledyne

Technologies,

Inc.

*

22,287

9,946,465

18,059,280

Entertainment

3

.4

%

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

*

82,941

5,236,066

Liberty

Media

Corp-Liberty

Live,

Class

C

*(a)

128,888

4,819,122

TKO

Group

Holdings,

Inc.

62,400

5,090,592

15,145,780

Financial

Services

1

.6

%

Jack

Henry

&

Associates,

Inc.

44,200

7,222,722

Ground

Transportation

2

.9

%

JB

Hunt

Transport

Services,

Inc.

29,600

5,912,304

Saia,

Inc.

*(a)

16,161

7,082,073

12,994,377

Health

Care

Equipment

&

Supplies

7

.3

%

Dexcom,

Inc.

*(a)

54,364

6,746,029

Inari

Medical,

Inc.

*(a)

64,522

4,188,768

Inspire

Medical

Systems,

Inc.

*(a)

28,220

5,740,795

iRhythm

Technologies,

Inc.

*(a)

50,836

5,441,485

Shockwave

Medical,

Inc.

*

37,671

7,178,586

TransMedics

Group,

Inc.

*(a)

37,600

2,967,768

32,263,431

Health

Care

Providers

&

Services

2

.9

%

HealthEquity,

Inc.

*(a)

95,600

6,338,280

Option

Care

Health,

Inc.

*

192,052

6,470,232

12,808,512

Hotels,

Restaurants

&

Leisure

3

.9

%

Chipotle

Mexican

Grill,

Inc.,

Class

A

*

2,300

5,260,008

MGM

Resorts

International

*

120,600

5,388,408

Wingstop,

Inc.

26,678

6,845,041

17,493,457

Industrial

REITs

2

.0

%

Rexford

Industrial

Realty,

Inc.

(a)

158,176

8,873,674

Interactive

Media

&

Services

1

.1

%

IAC,

Inc.

*

97,299

5,096,522

IT

Services

3

.5

%

Globant

SA

*

40,975

9,751,231

MongoDB,

Inc.,

Class

A

*(a)

13,639

5,576,305

15,327,536

Life

Sciences

Tools

&

Services

3

.4

%

Bio-Techne

Corp.

(a)

120,456

9,294,384

Repligen

Corp.

*(a)

32,500

5,843,500

15,137,884

Machinery

2

.7

%

Esab

Corp.

53,100

4,599,522

RBC

Bearings,

Inc.

*(a)

26,500

7,549,585

12,149,107

Metals

&

Mining

1

.6

%

ATI,

Inc.

*(a)

157,200

7,147,884

Personal

Care

Products

2

.1

%

BellRing

Brands,

Inc.

*

71,100

3,941,073

Coty,

Inc.,

Class

A

*(a)

426,800

5,300,856

9,241,929

Professional

Services

1

.2

%

Paylocity

Holding

Corp.

*(a)

31,400

5,176,290

Semiconductors

&

Semiconductor

Equipment

5

.4

%

Axcelis

Technologies,

Inc.

*

24,900

3,229,281

70

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

Entegris,

Inc.

(a)

52,100

6,242,622

Impinj,

Inc.

*(a)

55,616

5,007,108

Monolithic

Power

Systems,

Inc.

7,100

4,478,538

Onto

Innovation,

Inc.

*

32,300

4,938,670

23,896,219

Software

11

.5

%

BILL

Holdings,

Inc.

*(a)

53,765

4,386,686

CCC

Intelligent

Solutions

Holdings,

Inc.

*(a)

590,604

6,726,981

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

266,800

5,344,004

Confluent,

Inc.,

Class

A

*(a)

183,700

4,298,580

Dynatrace,

Inc.

*

120,000

6,562,800

Fair

Isaac

Corp.

*

3,700

4,306,837

HubSpot,

Inc.

*

11,172

6,485,793

Tyler

Technologies,

Inc.

*

16,000

6,689,920

Zscaler,

Inc.

*

27,100

6,004,276

50,805,877

Specialty

Retail

0

.8

%

Wayfair,

Inc.,

Class

A

*(a)

61,100

3,769,870

Trading

Companies

&

Distributors

5

.5

%

Applied

Industrial

Technologies,

Inc.

(a)

44,600

7,701,974

SiteOne

Landscape

Supply,

Inc.

*(a)

60,932

9,901,450

Watsco,

Inc.

(a)

16,300

6,984,061

24,587,485

395,172,373

Total

Common

Stocks

(cost

$338,815,593)

437,409,713

Repurchase

Agreements

10

.1

%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$10,005,934,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

12/31/2023

-

5/15/2044;

total

market

value

$10,200,000.

(b)(c)

10,000,000

10,000,000

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$10,005,934,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$10,200,000.

(b)(c)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,744,392,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$2,797,601.(b)

(c)

2,742,746

2,742,746

ING

Financial

Services

LLC,

5.32%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$20,011,823,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

5.35%,

maturing

1/15/2024

-

11/15/2053;

total

market

value

$20,400,003.

(b)(c)

20,000,000

20,000,000

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.(b)

(c)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$44,742,746)

44,742,746

Total

Investments

(cost

$383,558,339)

—

108.6%

482,152,459

Liabilities

in

excess

of

other

assets

—

(8.6)%

(

38,365,617

)

NET

ASSETS

—

100.0%

$

443,786,842

*

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

$84,897,815,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$44,742,746

and

by

$43,526,148

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$88,268,894.

(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

$44,742,746.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

DK

Denmark

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

December

31,

2023

-

Statement

of

Investments

-

71

Common

Stocks

97

.7

%

Shares

Value

($)

Aerospace

&

Defense

1

.6

%

Lockheed

Martin

Corp.

18,456

8,364,997

Northrop

Grumman

Corp.

4,262

1,995,213

10,360,210

Air

Freight

&

Logistics

1

.0

%

CH

Robinson

Worldwide,

Inc.

(a)

65,856

5,689,300

Expeditors

International

of

Washington,

Inc.

8,977

1,141,874

6,831,174

Banks

0

.0

%

†

TFS

Financial

Corp.(a)

15,021

220,658

Beverages

4

.2

%

Coca-Cola

Co.

(The)

126,268

7,440,973

Keurig

Dr

Pepper,

Inc.

13,810

460,149

Molson

Coors

Beverage

Co.,

Class

B

19,375

1,185,944

Monster

Beverage

Corp.*

163,734

9,432,716

PepsiCo,

Inc.

51,885

8,812,148

27,331,930

Biotechnology

5

.0

%

AbbVie,

Inc.

10,795

1,672,901

Amgen,

Inc.

24,656

7,101,421

Gilead

Sciences,

Inc.

47,837

3,875,275

Regeneron

Pharmaceuticals,

Inc.*

11,474

10,077,500

United

Therapeutics

Corp.*

16,863

3,708,005

Vertex

Pharmaceuticals,

Inc.*

15,596

6,345,857

32,780,959

Capital

Markets

2

.6

%

Cboe

Global

Markets,

Inc.

37,349

6,669,038

CME

Group,

Inc.

43,279

9,114,557

LPL

Financial

Holdings,

Inc.

5,421

1,233,928

17,017,523

Chemicals

0

.9

%

Air

Products

&

Chemicals,

Inc.

4,353

1,191,851

CF

Industries

Holdings,

Inc.

18,817

1,495,952

Corteva,

Inc.

41,820

2,004,014

LyondellBasell

Industries

NV,

Class

A

6,477

615,833

NewMarket

Corp.

1,037

566,026

5,873,676

Commercial

Services

&

Supplies

3

.5

%

Copart,

Inc.*

60,632

2,970,968

Republic

Services,

Inc.,

Class

A

58,385

9,628,270

Rollins,

Inc.

13,275

579,719

Waste

Management,

Inc.

55,185

9,883,634

23,062,591

Communications

Equipment

1

.5

%

Cisco

Systems,

Inc.

195,242

9,863,626

Construction

&

Engineering

0

.0

%

†

EMCOR

Group,

Inc.

1,386

298,586

Consumer

Staples

Distribution

&

Retail

4

.6

%

Casey's

General

Stores,

Inc.

12,839

3,527,387

Costco

Wholesale

Corp.

15,953

10,530,256

Kroger

Co.

(The)

147,729

6,752,693

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Walmart,

Inc.

60,639

9,559,738

30,370,074

Containers

&

Packaging

0

.4

%

AptarGroup,

Inc.

2,115

261,456

Packaging

Corp.

of

America

14,863

2,421,332

2,682,788

Diversified

Consumer

Services

0

.1

%

Grand

Canyon

Education,

Inc.*

6,466

853,771

Diversified

Telecommunication

Services

1

.9

%

AT&T,

Inc.

232,060

3,893,967

Verizon

Communications,

Inc.

230,212

8,678,992

12,572,959

Electric

Utilities

3

.0

%

Alliant

Energy

Corp.(a)

5,271

270,402

American

Electric

Power

Co.,

Inc.

31,374

2,548,196

Avangrid,

Inc.(a)

36,454

1,181,474

Duke

Energy

Corp.(a)

44,721

4,339,726

Evergy,

Inc.

38,619

2,015,912

IDACORP,

Inc.

11,736

1,153,884

Pinnacle

West

Capital

Corp.

51,644

3,710,105

Xcel

Energy,

Inc.

76,480

4,734,877

19,954,576

Electrical

Equipment

0

.7

%

Eaton

Corp.

plc

17,931

4,318,143

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Amphenol

Corp.,

Class

A

4,939

489,603

Entertainment

1

.4

%

Electronic

Arts,

Inc.

59,322

8,115,843

Take-Two

Interactive

Software,

Inc.*

5,816

936,085

9,051,928

Financial

Services

2

.0

%

Mastercard,

Inc.,

Class

A

8,059

3,437,244

Visa,

Inc.,

Class

A(a)

36,877

9,600,927

13,038,171

Food

Products

6

.0

%

Archer-Daniels-Midland

Co.

8,856

639,580

Campbell

Soup

Co.(a)

19,202

830,102

Flowers

Foods,

Inc.

112,210

2,525,847

General

Mills,

Inc.

50,887

3,314,779

Hershey

Co.

(The)

36,995

6,897,348

Hormel

Foods

Corp.(a)

152,248

4,888,683

J

M

Smucker

Co.

(The)

45,186

5,710,607

Kellanova

21,078

1,178,471

Kraft

Heinz

Co.

(The)

127,794

4,725,822

McCormick

&

Co.,

Inc.

(Non-Voting)

23,716

1,622,649

Mondelez

International,

Inc.,

Class

A

92,274

6,683,406

Seaboard

Corp.(a)

158

564,076

39,581,370

Ground

Transportation

2

.3

%

JB

Hunt

Transport

Services,

Inc.

5,850

1,168,479

Landstar

System,

Inc.(a)

27,300

5,286,645

72

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

Common

Stocks

Shares

Value

($)

Ground

Transportation

Old

Dominion

Freight

Line,

Inc.

13,450

5,451,688

U-Haul

Holding

Co.*(a)

4,550

326,690

U-Haul

Holding

Co.

(Non-Voting)

8,083

569,367

Union

Pacific

Corp.

9,445

2,319,881

15,122,750

Health

Care

Equipment

&

Supplies

3

.1

%

Abbott

Laboratories

84,286

9,277,360

Becton

Dickinson

&

Co.

12,973

3,163,207

Hologic,

Inc.*

12,645

903,485

Medtronic

plc

55,553

4,576,456

Stryker

Corp.

8,166

2,445,390

20,365,898

Health

Care

Providers

&

Services

5

.5

%

Chemed

Corp.(a)

7,039

4,116,055

Cigna

Group

(The)

5,259

1,574,807

CVS

Health

Corp.

8,719

688,452

Elevance

Health,

Inc.

9,894

4,665,615

Humana,

Inc.

19,343

8,855,419

McKesson

Corp.

11,509

5,328,437

Molina

Healthcare,

Inc.*

971

350,832

Quest

Diagnostics,

Inc.

10,316

1,422,370

UnitedHealth

Group,

Inc.

17,080

8,992,108

35,994,095

Health

Care

Technology

0

.2

%

Veeva

Systems,

Inc.,

Class

A*

8,192

1,577,124

Hotels,

Restaurants

&

Leisure

1

.6

%

Booking

Holdings,

Inc.*

170

603,028

McDonald's

Corp.

33,669

9,983,195

10,586,223

Household

Durables

0

.8

%

Garmin

Ltd.(a)

20,795

2,672,989

NVR,

Inc.*

233

1,631,105

PulteGroup,

Inc.

7,234

746,693

Toll

Brothers,

Inc.

2,659

273,319

5,324,106

Household

Products

3

.9

%

Church

&

Dwight

Co.,

Inc.(a)

54,434

5,147,279

Clorox

Co.

(The)

34,126

4,866,026

Colgate-Palmolive

Co.

77,768

6,198,887

Kimberly-Clark

Corp.

1,731

210,333

Procter

&

Gamble

Co.

(The)

61,892

9,069,654

25,492,179

Industrial

Conglomerates

1

.0

%

General

Electric

Co.

39,144

4,995,949

Honeywell

International,

Inc.

(a)

6,562

1,376,117

6,372,066

Insurance

6

.7

%

Allstate

Corp.

(The)

18,454

2,583,191

Aon

plc,

Class

A

1,560

453,991

Arch

Capital

Group

Ltd.*

14,251

1,058,422

Assured

Guaranty

Ltd.

12,359

924,824

Chubb

Ltd.

28,939

6,540,214

Everest

Group

Ltd.

7,945

2,809,193

Markel

Group,

Inc.*

1,696

2,408,150

Marsh

&

McLennan

Cos.,

Inc.

21,592

4,091,036

Common

Stocks

Shares

Value

($)

Insurance

Old

Republic

International

Corp.

24,286

714,009

Progressive

Corp.

(The)

57,478

9,155,096

RenaissanceRe

Holdings

Ltd.

9,112

1,785,952

Travelers

Cos.,

Inc.

(The)

25,638

4,883,783

Unum

Group(a)

98,751

4,465,520

White

Mountains

Insurance

Group

Ltd.(a)

1,530

2,302,665

44,176,046

Interactive

Media

&

Services

2

.0

%

Alphabet,

Inc.,

Class

A*

58,060

8,110,401

Meta

Platforms,

Inc.,

Class

A*

14,686

5,198,257

13,308,658

IT

Services

2

.0

%

Accenture

plc,

Class

A

13,497

4,736,232

Amdocs

Ltd.

8,422

740,210

International

Business

Machines

Corp.(a)

44,834

7,332,601

12,809,043

Life

Sciences

Tools

&

Services

1

.6

%

Agilent

Technologies,

Inc.(a)

3,763

523,170

Danaher

Corp.(a)

13,614

3,149,463

QIAGEN

NV*

5,163

224,229

Thermo

Fisher

Scientific,

Inc.

11,442

6,073,299

West

Pharmaceutical

Services,

Inc.

1,191

419,375

10,389,536

Machinery

1

.0

%

IDEX

Corp.

5,546

1,204,092

Illinois

Tool

Works,

Inc.(a)

19,835

5,195,580

6,399,672

Media

0

.7

%

New

York

Times

Co.

(The),

Class

A

93,951

4,602,659

Metals

&

Mining

0

.2

%

Newmont

Corp.

18,652

772,007

Royal

Gold,

Inc.(a)

3,893

470,897

1,242,904

Multi-Utilities

2

.6

%

Ameren

Corp.

48,372

3,499,230

Consolidated

Edison,

Inc.

37,368

3,399,367

DTE

Energy

Co.(a)

26,651

2,938,539

Public

Service

Enterprise

Group,

Inc.(a)

33,665

2,058,615

WEC

Energy

Group,

Inc.(a)

59,197

4,982,612

16,878,363

Office

REITs

0

.0

%

†

NET

Lease

Office

Properties

12,529

231,536

Oil,

Gas

&

Consumable

Fuels

2

.9

%

Chevron

Corp.

9,563

1,426,417

ConocoPhillips

16,604

1,927,226

Coterra

Energy,

Inc.

43,458

1,109,048

EOG

Resources,

Inc.

40,018

4,840,177

Exxon

Mobil

Corp.

27,466

2,746,051

HF

Sinclair

Corp.(a)

4,222

234,617

Marathon

Petroleum

Corp.

33,331

4,944,987

NVIT

AQR

Large

Cap

Defensive

Style

Fund

-

December

31,

2023

-

Statement

of

Investments

-

73

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Phillips

66

12,246

1,630,432

18,858,955

Pharmaceuticals

4

.4

%

Bristol-Myers

Squibb

Co.

19,355

993,105

Eli

Lilly

&

Co.

15,592

9,088,889

Johnson

&

Johnson

60,012

9,406,281

Merck

&

Co.,

Inc.

88,052

9,599,429

29,087,704

Professional

Services

3

.3

%

Automatic

Data

Processing,

Inc.

13,213

3,078,233

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

24,374

3,117,678

CACI

International,

Inc.,

Class

A*(a)

14,002

4,534,688

FTI

Consulting,

Inc.*(a)

26,144

5,206,578

Leidos

Holdings,

Inc.

2,556

276,661

Paychex,

Inc.

2,348

279,670

Robert

Half,

Inc.

36,864

3,241,083

Verisk

Analytics,

Inc.,

Class

A

7,430

1,774,730

21,509,321

Semiconductors

&

Semiconductor

Equipment

1

.1

%

Broadcom,

Inc.

3,981

4,443,791

NVIDIA

Corp.

1,732

857,721

Texas

Instruments,

Inc.(a)

13,119

2,236,265

7,537,777

Software

3

.4

%

Adobe,

Inc.*

2,432

1,450,931

Dolby

Laboratories,

Inc.,

Class

A

8,637

744,337

Microsoft

Corp.

19,506

7,335,036

Oracle

Corp.

27,315

2,879,821

Roper

Technologies,

Inc.

13,402

7,306,368

Synopsys,

Inc.*

4,642

2,390,212

Tyler

Technologies,

Inc.*

802

335,332

22,442,037

Specialty

Retail

3

.0

%

AutoZone,

Inc.*

3,584

9,266,826

Murphy

USA,

Inc.

3,409

1,215,513

O'Reilly

Automotive,

Inc.*

9,550

9,073,264

Ulta

Beauty,

Inc.*

670

328,294

19,883,897

Technology

Hardware,

Storage

&

Peripherals

0

.6

%

Apple,

Inc.

20,005

3,851,563

Textiles,

Apparel

&

Luxury

Goods

0

.2

%

Deckers

Outdoor

Corp.*

2,323

1,552,763

Tobacco

1

.6

%

Altria

Group,

Inc.

59,912

2,416,850

Philip

Morris

International,

Inc.

85,214

8,016,933

10,433,783

Wireless

Telecommunication

Services

1

.5

%

T-Mobile

US,

Inc.

62,961

10,094,537

Total

Common

Stocks

(cost

$463,688,491)

642,679,511

Repurchase

Agreements

4

.3

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$5,100,000.

(b)(c)

5,000,000

5,000,000

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,133,056,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$1,155,032.(b)(c)

1,132,384

1,132,384

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$66,128,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$67,410.(b)(c)

66,088

66,088

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,961,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,102,797.

(b)(c)

5,000,000

5,000,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$17,010,068,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$17,340,000.(b)(c)

17,000,000

17,000,000

Total

Repurchase

Agreements

(cost

$28,198,472)

28,198,472

Total

Investments

(cost

$491,886,963)

—

102.0%

670,877,983

Liabilities

in

excess

of

other

assets

—

(2.0)%

(

13,217,191

)

NET

ASSETS

—

100.0%

$

657,660,792

74

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

AQR

Large

Cap

Defensive

Style

Fund

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$39,176,345,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$28,198,472

and

by

$11,787,810

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$39,986,282.

(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

$28,198,472.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

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

40

3/2024

USD

9,640,000

354,201

Net

contracts

354,201

As

of

December

31,

2023,

the

Fund

had

$472,000

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

BlackRock

Equity

Dividend

Fund

-

December

31,

2023

-

Statement

of

Investments

-

75

Common

Stocks

94

.1

%

Shares

Value

($)

Aerospace

&

Defense

3

.5

%

L3Harris

Technologies,

Inc.

55,638

11,718,476

RTX

Corp.(a)

83,522

7,027,541

18,746,017

Automobile

Components

0

.4

%

Lear

Corp.

14,581

2,058,983

Automobiles

2

.1

%

General

Motors

Co.

309,867

11,130,423

Banks

10

.5

%

Bank

of

America

Corp.

97,577

3,285,417

Citigroup,

Inc.

299,588

15,410,807

Citizens

Financial

Group,

Inc.

111,784

3,704,522

First

Citizens

BancShares,

Inc.,

Class

A

7,275

10,323,007

JPMorgan

Chase

&

Co.

38,327

6,519,423

Wells

Fargo

&

Co.

335,282

16,502,581

55,745,757

Beverages

0

.8

%

Constellation

Brands,

Inc.,

Class

A

12,570

3,038,798

Keurig

Dr

Pepper,

Inc.

39,350

1,311,142

4,349,940

Building

Products

0

.7

%

Allegion

plc

29,997

3,800,320

Capital

Markets

3

.7

%

Carlyle

Group,

Inc.

(The)(a)

122,486

4,983,955

Goldman

Sachs

Group,

Inc.

(The)

10,039

3,872,745

Intercontinental

Exchange,

Inc.

23,248

2,985,741

Raymond

James

Financial,

Inc.

41,334

4,608,741

UBS

Group

AG

(Registered)

CHF

95,620

2,969,839

19,421,021

Chemicals

1

.1

%

International

Flavors

&

Fragrances,

Inc.

39,348

3,186,007

PPG

Industries,

Inc.

18,434

2,756,805

5,942,812

Communications

Equipment

1

.9

%

Cisco

Systems,

Inc.

194,954

9,849,076

Consumer

Finance

0

.5

%

American

Express

Co.

15,030

2,815,720

Consumer

Staples

Distribution

&

Retail

1

.9

%

Dollar

General

Corp.

72,371

9,838,837

Containers

&

Packaging

1

.4

%

Sealed

Air

Corp.(a)

206,135

7,528,050

Diversified

Telecommunication

Services

2

.2

%

AT&T,

Inc.

238,090

3,995,150

Verizon

Communications,

Inc.

205,384

7,742,977

11,738,127

Electric

Utilities

2

.6

%

American

Electric

Power

Co.,

Inc.(a)

67,209

5,458,715

Exelon

Corp.

72,362

2,597,796

NextEra

Energy,

Inc.

20,734

1,259,383

Common

Stocks

Shares

Value

($)

Electric

Utilities

PG&E

Corp.

233,684

4,213,322

13,529,216

Entertainment

0

.1

%

Walt

Disney

Co.

(The)*

5,887

531,537

Financial

Services

3

.8

%

Equitable

Holdings,

Inc.

67,241

2,239,125

Fidelity

National

Information

Services,

Inc.

173,938

10,448,456

Visa,

Inc.,

Class

A(a)

28,620

7,451,217

20,138,798

Food

Products

2

.3

%

Kraft

Heinz

Co.

(The)

333,917

12,348,251

Ground

Transportation

0

.5

%

Union

Pacific

Corp.

11,587

2,845,999

Health

Care

Equipment

&

Supplies

4

.7

%

Baxter

International,

Inc.

247,268

9,559,381

Koninklijke

Philips

NV*

260,059

6,073,459

Medtronic

plc

115,078

9,480,125

25,112,965

Health

Care

Providers

&

Services

7

.9

%

Cardinal

Health,

Inc.

81,048

8,169,638

Cencora,

Inc.(a)

13,455

2,763,388

Cigna

Group

(The)

23,093

6,915,199

CVS

Health

Corp.

20,265

1,600,124

Elevance

Health,

Inc.

21,274

10,031,967

Humana,

Inc.

6,021

2,756,474

Laboratory

Corp.

of

America

Holdings(a)

42,005

9,547,317

41,784,107

Household

Durables

2

.1

%

Newell

Brands,

Inc.(a)

206,950

1,796,326

Panasonic

Holdings

Corp.

374,500

3,671,963

Sony

Group

Corp.

57,400

5,438,919

10,907,208

Household

Products

0

.5

%

Henkel

AG

&

Co.

KGaA

(Preference)

31,880

2,564,168

Industrial

Conglomerates

0

.4

%

Siemens

AG

(Registered)

12,629

2,368,822

Insurance

6

.3

%

American

International

Group,

Inc.

200,856

13,607,994

Fidelity

National

Financial,

Inc.

(a)

142,456

7,268,105

First

American

Financial

Corp.

(a)

8,757

564,301

Prudential

plc

216,550

2,437,733

Willis

Towers

Watson

plc

39,262

9,469,995

33,348,128

IT

Services

1

.3

%

Cognizant

Technology

Solutions

Corp.,

Class

A

89,703

6,775,268

Leisure

Products

0

.3

%

Hasbro,

Inc.(a)

32,815

1,675,534

Life

Sciences

Tools

&

Services

0

.7

%

Fortrea

Holdings,

Inc.*

61,993

2,163,556

76

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Thermo

Fisher

Scientific,

Inc.

2,580

1,369,438

3,532,994

Machinery

1

.2

%

CNH

Industrial

NV

244,304

2,975,623

Fortive

Corp.

18,352

1,351,258

Komatsu

Ltd.

87,300

2,274,340

6,601,221

Media

2

.5

%

Comcast

Corp.,

Class

A

229,200

10,050,420

Fox

Corp.,

Class

A

116,010

3,442,017

13,492,437

Multi-Utilities

1

.3

%

Public

Service

Enterprise

Group,

Inc.

36,750

2,247,262

Sempra

61,986

4,632,214

6,879,476

Oil,

Gas

&

Consumable

Fuels

6

.2

%

BP

plc

1,867,410

11,035,492

Chevron

Corp.

19,540

2,914,586

Shell

plc

417,941

13,578,561

Suncor

Energy,

Inc.

166,841

5,345,586

32,874,225

Personal

Care

Products

1

.8

%

Unilever

plc,

ADR-UK(a)

197,166

9,558,608

Pharmaceuticals

4

.7

%

AstraZeneca

plc

29,265

3,941,509

Bayer

AG

(Registered)

122,265

4,538,941

Eli

Lilly

&

Co.

5,627

3,280,091

Novo

Nordisk

A/S,

ADR-DK

24,200

2,503,490

Pfizer,

Inc.

44,980

1,294,974

Sanofi

SA

93,470

9,266,745

24,825,750

Professional

Services

4

.5

%

Leidos

Holdings,

Inc.

108,842

11,781,058

Robert

Half,

Inc.

16,506

1,451,207

SS&C

Technologies

Holdings,

Inc.

178,026

10,879,169

24,111,434

Semiconductors

&

Semiconductor

Equipment

0

.9

%

Intel

Corp.

37,857

1,902,314

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

27,083

2,816,632

4,718,946

Software

1

.3

%

Microsoft

Corp.

18,161

6,829,262

Specialized

REITs

0

.8

%

American

Tower

Corp.

6,830

1,474,460

Crown

Castle,

Inc.

24,472

2,818,930

4,293,390

Specialty

Retail

0

.6

%

Ross

Stores,

Inc.

24,323

3,366,060

Technology

Hardware,

Storage

&

Peripherals

1

.8

%

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

6,453

9,674,260

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Ralph

Lauren

Corp.,

Class

A(a)

16,169

2,331,570

Tapestry,

Inc.(a)

15,320

563,929

2,895,499

Tobacco

1

.4

%

British

American

Tobacco

plc,

ADR-UK

245,138

7,180,092

Wireless

Telecommunication

Services

0

.4

%

Rogers

Communications,

Inc.,

Class

B

49,308

2,308,272

Total

Common

Stocks

(cost

$435,900,425)

500,037,010

Master

Limited

Partnership

1

.6

%

Oil,

Gas

&

Consumable

Fuels

1

.6

%

Enterprise

Products

Partners

LP

320,065

8,433,712

Total

Master

Limited

Partnership

(cost  $6,742,847)

8,433,712

Repurchase

Agreements

2

.7

%

Principal

Amount

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$2,040,000.

(b)(c)

2,000,000

2,000,000

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,811,967,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$1,847,110.(b)(c)

1,810,892

1,810,892

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$3,776,528,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$3,849,748.(b)(c)

3,774,263

3,774,263

NVIT

BlackRock

Equity

Dividend

Fund

-

December

31,

2023

-

Statement

of

Investments

-

77

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,962,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$5,102,797.

(b)(c)

5,000,000

5,000,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,818,292,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$1,853,560.(b)(c)

1,817,216

1,817,216

Total

Repurchase

Agreements

(cost

$14,402,371)

14,402,371

Total

Investments

(cost

$457,045,643)

—

98.4%

522,873,093

Other

assets

in

excess

of

liabilities

—

1.6%

8,254,703

NET

ASSETS

—

100.0%

$

531,127,796

*

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

$31,184,636,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,402,371

and

by

$17,547,414

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/30/2024

–

11/15/2052,

a

total

value

of

$31,949,785.

(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

$14,402,371.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

DK

Denmark

GDR

Global

Depositary

Receipt

KR

South

Korea

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

TW

Taiwan

UK

United

Kingdom

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

78

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Calvert

Equity

Fund

Common

Stocks

98

.2

%

Shares

Value

($)

Capital

Markets

7

.6

%

Charles

Schwab

Corp.

(The)

15,209

1,046,379

Intercontinental

Exchange,

Inc.

17,066

2,191,786

Moody's

Corp.

2,860

1,117,002

S&P

Global,

Inc.

8,179

3,603,013

7,958,180

Chemicals

7

.1

%

Air

Products

&

Chemicals,

Inc.

4,987

1,365,440

Ecolab,

Inc.

15,214

3,017,697

Linde

plc

7,425

3,049,522

7,432,659

Commercial

Services

&

Supplies

1

.1

%

Veralto

Corp.(a)

13,444

1,105,903

Consumer

Staples

Distribution

&

Retail

3

.2

%

Costco

Wholesale

Corp.

1,676

1,106,294

Dollar

General

Corp.

16,413

2,231,347

3,337,641

Containers

&

Packaging

0

.8

%

Ball

Corp.(a)

14,332

824,377

Electronic

Equipment,

Instruments

&

Components

3

.8

%

Amphenol

Corp.,

Class

A

30,186

2,992,338

TE

Connectivity

Ltd.

7,522

1,056,841

4,049,179

Entertainment

1

.0

%

Electronic

Arts,

Inc.

7,933

1,085,314

Financial

Services

13

.1

%

Fidelity

National

Information

Services,

Inc.

11,273

677,169

Fiserv,

Inc.*

15,561

2,067,123

Mastercard,

Inc.,

Class

A

11,514

4,910,836

PayPal

Holdings,

Inc.*

19,707

1,210,207

Visa,

Inc.,

Class

A(a)

19,101

4,972,947

13,838,282

Health

Care

Equipment

&

Supplies

1

.5

%

IDEXX

Laboratories,

Inc.*

1,881

1,044,049

Intuitive

Surgical,

Inc.*

1,675

565,078

1,609,127

Hotels,

Restaurants

&

Leisure

1

.2

%

Starbucks

Corp.

13,377

1,284,326

Insurance

2

.4

%

Aon

plc,

Class

A

2,997

872,187

Marsh

&

McLennan

Cos.,

Inc.

8,681

1,644,789

2,516,976

Interactive

Media

&

Services

4

.4

%

Alphabet,

Inc.,

Class

C*

33,059

4,659,005

IT

Services

5

.9

%

Accenture

plc,

Class

A

3,569

1,252,398

Gartner,

Inc.*(a)

7,791

3,514,598

VeriSign,

Inc.*

7,243

1,491,768

6,258,764

Life

Sciences

Tools

&

Services

10

.9

%

Agilent

Technologies,

Inc.

12,877

1,790,289

Danaher

Corp.

20,721

4,793,596

Thermo

Fisher

Scientific,

Inc.

9,181

4,873,183

11,457,068

Machinery

4

.1

%

IDEX

Corp.

7,777

1,688,465

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.

23,203

2,653,495

4,341,960

Personal

Care

Products

1

.4

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

10,123

1,480,489

Pharmaceuticals

3

.7

%

Zoetis,

Inc.,

Class

A

19,687

3,885,623

Professional

Services

3

.4

%

Verisk

Analytics,

Inc.,

Class

A

14,836

3,543,727

Semiconductors

&

Semiconductor

Equipment

0

.8

%

Texas

Instruments,

Inc.

5,142

876,505

Software

10

.0

%

Adobe,

Inc.*

3,302

1,969,973

Intuit,

Inc.

6,067

3,792,057

Microsoft

Corp.

12,831

4,824,969

10,586,999

Specialized

REITs

3

.8

%

American

Tower

Corp.

13,579

2,931,434

Crown

Castle,

Inc.

9,694

1,116,652

4,048,086

Specialty

Retail

5

.7

%

Lowe's

Cos.,

Inc.

5,866

1,305,478

O'Reilly

Automotive,

Inc.*

997

947,230

TJX

Cos.,

Inc.

(The)

39,701

3,724,351

5,977,059

Textiles,

Apparel

&

Luxury

Goods

1

.3

%

NIKE,

Inc.,

Class

B

12,650

1,373,411

Total

Common

Stocks

(cost

$84,688,507)

103,530,660

Repurchase

Agreement

1

.0

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,025,921,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,045,812.(b)(c)

1,025,306

1,025,306

Total

Repurchase

Agreement

(cost

$1,025,306)

1,025,306

Total

Investments

(cost

$85,713,813)

—

99.2%

104,555,966

Other

assets

in

excess

of

liabilities

—

0.8%

845,138

NET

ASSETS

—

100.0%

$

105,401,104

NVIT

Calvert

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

79

*

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

$6,818,529,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,025,306

and

by

$5,944,953

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

–

8/15/2053,

a

total

value

of

$6,970,259.

(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

$1,025,306.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

80

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

99

.2

%

Shares

Value

($)

Air

Freight

&

Logistics

0

.7

%

Expeditors

International

of

Washington,

Inc.

12,434

1,581,605

Automobile

Components

0

.8

%

BorgWarner,

Inc.

27,614

989,962

Lear

Corp.

5,799

818,877

1,808,839

Automobiles

2

.1

%

Ford

Motor

Co.

194,497

2,370,919

General

Motors

Co.

70,234

2,522,805

4,893,724

Banks

1

.0

%

Comerica,

Inc.

19,096

1,065,748

Cullen/Frost

Bankers,

Inc.

3,766

408,573

First

Horizon

Corp.

24,459

346,340

KeyCorp

25,776

371,174

2,191,835

Biotechnology

2

.5

%

Incyte

Corp.*

23,593

1,481,405

Neurocrine

Biosciences,

Inc.*

3,991

525,854

Sarepta

Therapeutics,

Inc.*

4,564

440,107

Ultragenyx

Pharmaceutical,

Inc.*

6,488

310,256

Vertex

Pharmaceuticals,

Inc.*

7,507

3,054,523

5,812,145

Broadline

Retail

2

.4

%

Amazon.com,

Inc.*

22,043

3,349,213

Coupang,

Inc.,

Class

A*

12,152

196,741

eBay,

Inc.

35,355

1,542,185

Etsy,

Inc.*

5,729

464,336

5,552,475

Building

Products

1

.1

%

Johnson

Controls

International

plc

21,270

1,226,003

Masco

Corp.

18,035

1,207,984

2,433,987

Capital

Markets

3

.2

%

Bank

of

New

York

Mellon

Corp.

(The)

46,250

2,407,313

Charles

Schwab

Corp.

(The)

37,084

2,551,379

LPL

Financial

Holdings,

Inc.

4,394

1,000,162

State

Street

Corp.

16,649

1,289,632

TPG,

Inc.,

Class

A

3,260

140,734

7,389,220

Chemicals

2

.7

%

Dow,

Inc.

35,589

1,951,701

DuPont

de

Nemours,

Inc.

16,063

1,235,727

Eastman

Chemical

Co.

8,266

742,452

Huntsman

Corp.

25,142

631,818

International

Flavors

&

Fragrances,

Inc.

6,805

551,001

LyondellBasell

Industries

NV,

Class

A

11,488

1,092,279

6,204,978

Communications

Equipment

0

.9

%

F5,

Inc.*

2,580

461,769

Juniper

Networks,

Inc.

56,244

1,658,073

2,119,842

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

0

.4

%

AECOM

10,297

951,752

Fluor

Corp.*

1,320

51,704

1,003,456

Consumer

Finance

1

.4

%

Discover

Financial

Services

10,246

1,151,650

SLM

Corp.

39,836

761,664

Synchrony

Financial

33,646

1,284,941

3,198,255

Consumer

Staples

Distribution

&

Retail

0

.6

%

Kroger

Co.

(The)

30,051

1,373,631

Distributors

0

.6

%

Genuine

Parts

Co.

9,121

1,263,258

Diversified

Telecommunication

Services

1

.6

%

AT&T,

Inc.

202,236

3,393,520

Iridium

Communications,

Inc.

9,100

374,556

3,768,076

Electric

Utilities

1

.6

%

Exelon

Corp.

52,700

1,891,930

NRG

Energy,

Inc.

23,677

1,224,101

Pinnacle

West

Capital

Corp.

9,530

684,635

3,800,666

Entertainment

0

.5

%

Live

Nation

Entertainment,

Inc.*

10,308

964,829

Playtika

Holding

Corp.*

32,243

281,159

1,245,988

Financial

Services

4

.1

%

Corebridge

Financial,

Inc.

21,982

476,130

Fidelity

National

Information

Services,

Inc.

10,539

633,078

Mastercard,

Inc.,

Class

A

13,626

5,811,625

PayPal

Holdings,

Inc.*

39,715

2,438,898

9,359,731

Food

Products

1

.4

%

Archer-Daniels-Midland

Co.

24,341

1,757,907

Tyson

Foods,

Inc.,

Class

A

27,832

1,495,970

3,253,877

Ground

Transportation

2

.9

%

JB

Hunt

Transport

Services,

Inc.

4,463

891,440

Lyft,

Inc.,

Class

A*

55,138

826,519

Old

Dominion

Freight

Line,

Inc.

4,295

1,740,892

Uber

Technologies,

Inc.*

54,383

3,348,361

6,807,212

Health

Care

Equipment

&

Supplies

1

.2

%

Edwards

Lifesciences

Corp.*

31,189

2,378,161

Tandem

Diabetes

Care,

Inc.*

16,799

496,915

2,875,076

Health

Care

Providers

&

Services

6

.4

%

Cardinal

Health,

Inc.

11,857

1,195,186

Centene

Corp.*

19,205

1,425,203

DaVita,

Inc.*

12,761

1,336,842

Elevance

Health,

Inc.

4,640

2,188,038

Humana,

Inc.

6,767

3,098,000

McKesson

Corp.

8,780

4,064,965

Molina

Healthcare,

Inc.*

4,107

1,483,900

14,792,134

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

December

31,

2023

-

Statement

of

Investments

-

81

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

4

.2

%

Airbnb,

Inc.,

Class

A*

18,398

2,504,704

Booking

Holdings,

Inc.*

1,337

4,742,633

Domino's

Pizza,

Inc.

2,760

1,137,755

Expedia

Group,

Inc.*

8,653

1,313,439

9,698,531

Household

Durables

1

.9

%

DR

Horton,

Inc.

10,240

1,556,275

Lennar

Corp.,

Class

A

12,845

1,914,419

NVR,

Inc.*

134

938,060

4,408,754

Insurance

4

.9

%

Allstate

Corp.

(The)

22,850

3,198,543

Arch

Capital

Group

Ltd.*

13,581

1,008,661

Hartford

Financial

Services

Group,

Inc.

(The)

15,675

1,259,956

MetLife,

Inc.

2,359

156,001

Progressive

Corp.

(The)

14,373

2,289,331

Travelers

Cos.,

Inc.

(The)

10,287

1,959,571

W

R

Berkley

Corp.

20,725

1,465,672

11,337,735

Interactive

Media

&

Services

3

.5

%

Alphabet,

Inc.,

Class

C*

31,118

4,385,459

Meta

Platforms,

Inc.,

Class

A*

10,256

3,630,214

8,015,673

IT

Services

2

.7

%

DXC

Technology

Co.*

20,333

465,016

EPAM

Systems,

Inc.*

4,777

1,420,393

GoDaddy,

Inc.,

Class

A*

10,639

1,129,436

Kyndryl

Holdings,

Inc.*

24,605

511,292

VeriSign,

Inc.*

12,992

2,675,832

6,201,969

Life

Sciences

Tools

&

Services

0

.4

%

Illumina,

Inc.*

6,742

938,756

Machinery

1

.5

%

AGCO

Corp.

8,266

1,003,575

Otis

Worldwide

Corp.

28,698

2,567,610

3,571,185

Media

1

.1

%

Fox

Corp.,

Class

A

36,509

1,083,222

Omnicom

Group,

Inc.

12,233

1,058,277

Paramount

Global,

Class

B

24,683

365,061

2,506,560

Multi-Utilities

0

.9

%

CMS

Energy

Corp.

10,129

588,191

DTE

Energy

Co.

13,637

1,503,616

2,091,807

Oil,

Gas

&

Consumable

Fuels

3

.0

%

ConocoPhillips

18,075

2,097,965

Phillips

66

15,235

2,028,388

Valero

Energy

Corp.

21,605

2,808,650

6,935,003

Paper

&

Forest

Products

0

.2

%

Louisiana-Pacific

Corp.

7,841

555,378

Passenger

Airlines

0

.2

%

Southwest

Airlines

Co.

17,951

518,425

Common

Stocks

Shares

Value

($)

Personal

Care

Products

0

.5

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

7,843

1,147,039

Pharmaceuticals

0

.7

%

Bristol-Myers

Squibb

Co.

11,316

580,624

Catalent,

Inc.*

10,696

480,571

Merck

&

Co.,

Inc.

1,405

153,173

Organon

&

Co.

20,809

300,066

1,514,434

Professional

Services

2

.4

%

Automatic

Data

Processing,

Inc.

11,265

2,624,407

Jacobs

Solutions,

Inc.

8,698

1,129,000

Paycom

Software,

Inc.

3,814

788,430

Robert

Half,

Inc.

9,704

853,176

TransUnion

1,170

80,391

TriNet

Group,

Inc.*

928

110,367

5,585,771

Residential

REITs

0

.4

%

Camden

Property

Trust

10,140

1,006,801

Semiconductors

&

Semiconductor

Equipment

7

.5

%

Intel

Corp.

106,583

5,355,796

NVIDIA

Corp.

21,419

10,607,117

Teradyne,

Inc.

13,554

1,470,880

17,433,793

Software

12

.0

%

Adobe,

Inc.*

8,459

5,046,639

Atlassian

Corp.,

Class

A*

4,482

1,066,089

Autodesk,

Inc.*

972

236,663

Confluent,

Inc.,

Class

A*

15,252

356,897

Crowdstrike

Holdings,

Inc.,

Class

A*

3,175

810,641

DocuSign,

Inc.,

Class

A*

6,290

373,940

Dropbox,

Inc.,

Class

A*

44,337

1,307,055

Five9,

Inc.*

2,855

224,660

Fortinet,

Inc.*

49,780

2,913,623

Guidewire

Software,

Inc.*

8,357

911,247

Microsoft

Corp.

31,070

11,683,563

Nutanix,

Inc.,

Class

A*

8,429

401,979

Procore

Technologies,

Inc.*

7,035

486,963

Qualys,

Inc.*

2,298

451,051

RingCentral,

Inc.,

Class

A*

7,624

258,835

SentinelOne,

Inc.,

Class

A*

6,959

190,955

Smartsheet,

Inc.,

Class

A*

7,593

363,097

Tenable

Holdings,

Inc.*

5,188

238,959

Zscaler,

Inc.*

1,539

340,981

27,663,837

Specialty

Retail

1

.8

%

Advance

Auto

Parts,

Inc.

10,073

614,755

AutoZone,

Inc.*

1,380

3,568,142

4,182,897

Technology

Hardware,

Storage

&

Peripherals

8

.5

%

Apple,

Inc.

93,466

17,995,009

HP,

Inc.

54,172

1,630,035

19,625,044

82

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0

.8

%

Lululemon

Athletica,

Inc.*

3,731

1,907,623

Total

Investments

(cost

$185,896,833)

—

99.2%

229,577,025

Other

assets

in

excess

of

liabilities

—

0.8%

1,746,717

NET

ASSETS

—

100.0%

$

231,323,742

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

83

Common

Stocks

96

.7

%

Shares

Value

($)

Aerospace

&

Defense

0

.2

%

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*(a)

24,045

764,150

Air

Freight

&

Logistics

0

.1

%

Forward

Air

Corp.

6,479

407,335

Automobile

Components

0

.3

%

Visteon

Corp.*

8,938

1,116,356

Automobiles

1

.0

%

Tesla,

Inc.*

13,072

3,248,131

Biotechnology

3

.6

%

Apellis

Pharmaceuticals,

Inc.*(a)

13,161

787,817

Exelixis,

Inc.*

66,504

1,595,431

Incyte

Corp.*

47,815

3,002,304

Ionis

Pharmaceuticals,

Inc.*(a)

37,508

1,897,530

Neurocrine

Biosciences,

Inc.*

16,540

2,179,310

Sarepta

Therapeutics,

Inc.*(a)

18,606

1,794,177

Ultragenyx

Pharmaceutical,

Inc.*

13,844

662,020

Vertex

Pharmaceuticals,

Inc.*

1,213

493,558

12,412,147

Broadline

Retail

5

.1

%

Amazon.com,

Inc.*

83,120

12,629,253

Coupang,

Inc.,

Class

A*

60,450

978,685

eBay,

Inc.

65,731

2,867,186

Etsy,

Inc.*(a)

9,816

795,587

17,270,711

Capital

Markets

2

.5

%

LPL

Financial

Holdings,

Inc.

11,760

2,676,812

MSCI,

Inc.,

Class

A

7,197

4,070,983

PJT

Partners,

Inc.,

Class

A(a)

6,630

675,398

TPG,

Inc.,

Class

A

24,807

1,070,918

8,494,111

Chemicals

0

.2

%

FMC

Corp.

7,823

493,240

Stepan

Co.(a)

3,109

293,956

787,196

Communications

Equipment

0

.6

%

Extreme

Networks,

Inc.*

28,118

496,001

Viavi

Solutions,

Inc.*(a)

149,398

1,504,438

2,000,439

Construction

&

Engineering

0

.2

%

Fluor

Corp.*(a)

13,296

520,804

Construction

Materials

0

.9

%

Eagle

Materials,

Inc.(a)

15,222

3,087,630

Consumer

Finance

0

.1

%

SLM

Corp.

13,367

255,577

Diversified

Consumer

Services

0

.0

%

†

Coursera,

Inc.*

7,550

146,243

Diversified

Telecommunication

Services

0

.5

%

Iridium

Communications,

Inc.

37,911

1,560,417

Electrical

Equipment

0

.9

%

NEXTracker,

Inc.,

Class

A*(a)

62,291

2,918,333

Electronic

Equipment,

Instruments

&

Components

0

.2

%

Belden,

Inc.

10,496

810,816

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

0

.1

%

Cactus,

Inc.,

Class

A(a)

8,431

382,767

Entertainment

1

.8

%

Live

Nation

Entertainment,

Inc.*(a)

22,413

2,097,857

Playtika

Holding

Corp.*

85,259

743,458

Spotify

Technology

SA*

16,656

3,129,829

5,971,144

Financial

Services

4

.2

%

Euronet

Worldwide,

Inc.*

11,562

1,173,427

Mastercard,

Inc.,

Class

A

24,114

10,284,862

PayPal

Holdings,

Inc.*

1,044

64,112

PennyMac

Financial

Services,

Inc.(a)

21,378

1,889,174

Remitly

Global,

Inc.*

19,713

382,827

WEX,

Inc.*

3,502

681,314

14,475,716

Ground

Transportation

4

.2

%

ArcBest

Corp.

4,149

498,751

Landstar

System,

Inc.(a)

5,150

997,298

Lyft,

Inc.,

Class

A*

126,476

1,895,875

Old

Dominion

Freight

Line,

Inc.(a)

10,249

4,154,227

RXO,

Inc.*(a)

17,450

405,887

Uber

Technologies,

Inc.*

104,706

6,446,749

14,398,787

Health

Care

Equipment

&

Supplies

1

.9

%

Edwards

Lifesciences

Corp.*

53,756

4,098,895

Inari

Medical,

Inc.*

11,130

722,559

Novocure

Ltd.*(a)

28,561

426,416

Tandem

Diabetes

Care,

Inc.*(a)

44,408

1,313,589

6,561,459

Health

Care

Providers

&

Services

5

.9

%

Cardinal

Health,

Inc.

12,225

1,232,280

Cencora,

Inc.

4,173

857,051

DaVita,

Inc.*

14,956

1,566,791

Elevance

Health,

Inc.

7,633

3,599,417

Humana,

Inc.

10,134

4,639,447

McKesson

Corp.

10,207

4,725,637

Molina

Healthcare,

Inc.*

9,411

3,400,288

20,020,911

Hotels,

Restaurants

&

Leisure

6

.5

%

Airbnb,

Inc.,

Class

A*

38,657

5,262,764

Booking

Holdings,

Inc.*

2,029

7,197,310

Domino's

Pizza,

Inc.

8,153

3,360,911

Expedia

Group,

Inc.*

26,286

3,989,952

SeaWorld

Entertainment,

Inc.*

3,664

193,569

Travel

+

Leisure

Co.(a)

47,269

1,847,745

Wynn

Resorts

Ltd.

3,939

358,882

22,211,133

Household

Durables

1

.1

%

NVR,

Inc.*

362

2,534,163

Sonos,

Inc.*

66,933

1,147,232

3,681,395

Independent

Power

and

Renewable

Electricity

Producers

1

.1

%

Vistra

Corp.(a)

96,565

3,719,684

84

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Insurance

4

.7

%

Arch

Capital

Group

Ltd.*

18,078

1,342,653

Everest

Group

Ltd.

2,082

736,154

Kinsale

Capital

Group,

Inc.(a)

5,363

1,796,122

Lincoln

National

Corp.

61,494

1,658,493

Progressive

Corp.

(The)

27,157

4,325,567

RLI

Corp.(a)

10,041

1,336,658

Ryan

Specialty

Holdings,

Inc.,

Class

A*(a)

45,980

1,978,060

Willis

Towers

Watson

plc

11,391

2,747,509

15,921,216

Interactive

Media

&

Services

3

.0

%

Alphabet,

Inc.,

Class

C*

32,048

4,516,524

Meta

Platforms,

Inc.,

Class

A*

12,205

4,320,082

Yelp,

Inc.,

Class

A*

14,505

686,667

ZoomInfo

Technologies,

Inc.,

Class

A*

47,272

874,059

10,397,332

IT

Services

2

.4

%

DigitalOcean

Holdings,

Inc.*(a)

7,521

275,946

EPAM

Systems,

Inc.*

6,895

2,050,159

GoDaddy,

Inc.,

Class

A*

30,883

3,278,539

VeriSign,

Inc.*

12,881

2,652,971

8,257,615

Life

Sciences

Tools

&

Services

0

.5

%

Illumina,

Inc.*

12,500

1,740,500

Machinery

2

.3

%

Allison

Transmission

Holdings,

Inc.

27,443

1,595,811

Otis

Worldwide

Corp.

38,690

3,461,594

Terex

Corp.(a)

47,650

2,737,969

7,795,374

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Par

Pacific

Holdings,

Inc.*

16,164

587,885

Pharmaceuticals

0

.2

%

Eli

Lilly

&

Co.

1,059

617,312

Professional

Services

3

.9

%

Automatic

Data

Processing,

Inc.

25,257

5,884,123

Genpact

Ltd.

40,562

1,407,907

Insperity,

Inc.

22,102

2,590,796

KBR,

Inc.(a)

55,075

3,051,706

TriNet

Group,

Inc.*(a)

4,460

530,428

13,464,960

Semiconductors

&

Semiconductor

Equipment

3

.2

%

Broadcom,

Inc.

212

236,645

Enphase

Energy,

Inc.*

2,086

275,644

KLA

Corp.

6,776

3,938,889

NVIDIA

Corp.

6,199

3,069,869

Silicon

Laboratories,

Inc.*

5,107

675,503

Teradyne,

Inc.(a)

23,730

2,575,179

10,771,729

Software

21

.7

%

Adobe,

Inc.*

5,064

3,021,182

Atlassian

Corp.,

Class

A*

17,813

4,237,000

Autodesk,

Inc.*

10,783

2,625,445

Box,

Inc.,

Class

A*

80,592

2,063,961

CommVault

Systems,

Inc.*

32,587

2,602,072

Confluent,

Inc.,

Class

A*

14,900

348,660

Common

Stocks

Shares

Value

($)

Software

Crowdstrike

Holdings,

Inc.,

Class

A*

21,200

5,412,784

DocuSign,

Inc.,

Class

A*

31,120

1,850,084

Dropbox,

Inc.,

Class

A*(a)

121,545

3,583,147

Fortinet,

Inc.*

79,222

4,636,864

Manhattan

Associates,

Inc.*(a)

1,222

263,121

Microsoft

Corp.

88,131

33,140,781

Nutanix,

Inc.,

Class

A*(a)

52,627

2,509,782

Procore

Technologies,

Inc.*

14,916

1,032,485

Qualys,

Inc.*(a)

8,928

1,752,388

RingCentral,

Inc.,

Class

A*

30,223

1,026,071

Smartsheet,

Inc.,

Class

A*

35,181

1,682,355

Sprinklr,

Inc.,

Class

A*

50,211

604,540

Tenable

Holdings,

Inc.*

23,542

1,084,345

Varonis

Systems,

Inc.,

Class

B*

9,746

441,299

73,918,366

Specialized

REITs

0

.5

%

SBA

Communications

Corp.,

Class

A(a)

7,369

1,869,442

Specialty

Retail

1

.0

%

AutoZone,

Inc.*

616

1,592,736

Dick's

Sporting

Goods,

Inc.(a)

13,023

1,913,730

3,506,466

Technology

Hardware,

Storage

&

Peripherals

8

.5

%

Apple,

Inc.

129,289

24,892,011

HP,

Inc.

90,126

2,711,891

Pure

Storage,

Inc.,

Class

A*

36,298

1,294,387

28,898,289

Textiles,

Apparel

&

Luxury

Goods

1

.0

%

Lululemon

Athletica,

Inc.*

6,722

3,436,891

Tobacco

0

.2

%

Vector

Group

Ltd.

50,013

564,147

Trading

Companies

&

Distributors

0

.2

%

GMS,

Inc.*

7,110

586,077

Total

Common

Stocks

(cost

$250,252,972)

329,556,993

Repurchase

Agreements

2

.4

%

Principal

Amount

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,001,187,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$2,040,000.

(b)(c)

2,000,000

2,000,000

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

85

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,866,169,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$2,921,739.(b)(c)

2,864,450

2,864,450

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,701,007,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$1,734,951.

(b)(c)

1,700,000

1,700,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,500,889,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$1,530,000.(b)(c)

1,500,000

1,500,000

Total

Repurchase

Agreements

(cost

$8,064,450)

8,064,450

Total

Investments

(cost

$258,317,422)

—

99.1%

337,621,443

Other

assets

in

excess

of

liabilities

—

0.9%

3,164,596

NET

ASSETS

—

100.0%

$

340,786,039

*

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

$34,070,565,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,064,450

and

by

$27,070,687

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$35,135,137.

(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

$8,064,450.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

86

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

OTC

Total

return

swap

contracts

outstanding

as

of

December

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

10X

Genomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,512

6,449

6,449

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

22,752

6,238

6,238

ACI

Worldwide,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

38,556

–

–

Adobe,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

5,828

3,031

3,031

Advanced

Energy

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

7,718

24,466

24,466

AeroVironment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

5,020

10,994

10,994

Agilysys,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,238

5,500

5,500

Altair

Engineering,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

14,489

1,304

1,304

Amicus

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

43,529

10,446

10,446

Amphenol

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

17,086

2,050

2,050

Atlanta

Braves

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

41,204

13,598

13,598

Axsome

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,668

6,705

6,705

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

8,768

11,749

11,749

Balchem

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

11,768

3,295

3,295

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

30,294

21,811

21,811

Bio-Techne

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

25,607

26,119

26,119

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

15,249

25,771

25,771

Brink's

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,417

7,444

7,444

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

19,915

2,987

2,987

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

87

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

38,149

17,930

17,930

Chemed

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

2,529

11,760

11,760

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

13,509

3,485

3,485

CONMED

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

8,785

22,314

22,314

Coupang,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

58,944

2,947

2,947

Crinetics

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

19,127

15,301

15,301

DaVita,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

14,904

11,923

11,923

Dorman

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,004

16,616

16,616

eBay,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

6,133

3,006

3,006

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

16,385

32,770

32,770

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

12,837

22,850

22,850

Envestnet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

28,592

4,289

4,289

ePlus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

6,593

4,483

4,483

Equitrans

Midstream

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

14,212

995

995

Estee

Lauder

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

16,471

8,730

8,730

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

730

3,387

3,387

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

18,777

31,921

31,921

First

Financial

Bankshares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

61,359

47,247

47,247

FirstCash

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

7,489

5,221

5,221

88

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

13,164

2,238

2,238

FMC

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

7,305

–

–

Freshpet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

22,360

20,571

20,571

GATX

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

11,654

5,011

5,011

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

78,447

4,315

4,315

Genpact

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,384

1,963

1,963

Ginkgo

Bioworks

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

267,573

21,406

21,406

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

45,697

19,878

19,878

ICON

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

2,517

2,769

2,769

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,640

620

620

Insulet

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

4,353

19,327

19,327

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

4,204

1,807

1,807

IonQ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

10,634

8,720

8,720

Iridium

Communications,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

15,648

6,386

6,386

Itron,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,538

11,538

11,538

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

56,142

19,650

19,650

Kontoor

Brands,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

9,202

4,417

4,417

Krystal

Biotech,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

2,842

12,021

12,021

LGI

Homes,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

4,733

11,833

11,833

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

89

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Live

Nation

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

5,123

3,176

3,176

Lululemon

Athletica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

4,549

11,281

11,281

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

533

3,257

3,257

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

427

16,691

16,691

Mueller

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

24,090

19,516

19,516

nCino,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

2,749

385

385

NeoGenomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

25,274

109,184

109,184

Northern

Oil

and

Gas,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

9,590

9,782

9,782

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

10,041

4,819

4,819

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

36,584

39,877

39,877

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,793

23,028

23,028

OSI

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

13,362

31,134

31,134

Otter

Tail

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

19,144

37,187

37,187

Paycom

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

13,137

18,458

18,458

Paycor

HCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

16,701

2,171

2,171

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

4,241

21,332

21,332

Progressive

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,500

8,910

8,910

PTC,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

10,294

7,824

7,824

Pure

Storage,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

8,503

765

765

90

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Quaker

Chemical

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

4,691

28,568

28,568

RadNet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

24,318

28,452

28,452

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

10,504

41,071

41,071

RLI

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

2,265

1,291

1,291

Ryan

Specialty

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

9,646

3,473

3,473

ServisFirst

Bancshares,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,006

85,355

85,355

Shoals

Technologies

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

32,191

6,116

6,116

Sitio

Royalties

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

26,203

2,882

2,882

Snowflake,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

25,308

7,339

7,339

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

39,766

16,304

16,304

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

4,661

16,081

16,081

SPX

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

16,271

27,498

27,498

Stride,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

7,176

2,871

2,871

Surgery

Partners,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

11,364

3,864

3,864

TransMedics

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

2,224

3,581

3,581

Valvoline,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

35,435

23,033

23,033

Vaxcyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

21,100

12,871

12,871

Viavi

Solutions,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

17,352

2,602

2,602

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

3,194

1,127

1,127

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

91

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Waters

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

797

3,037

3,037

WD-40

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

2,047

5,363

5,363

Wynn

Resorts

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,630

4,840

4,840

Ziff

Davis,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

15,284

16,201

16,201

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

59,829

26,325

26,325

–

–

Total

unrealized

appreciation

1,370,524

1,370,524

–

–

Abbott

Laboratories

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

15,444

(4,324)

(4,324)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

14,765

(19,785)

(19,785)

Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

75,897

(38,708)

(38,708)

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,872

(2,620)

(2,620)

APA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,903

(8,905)

(8,905)

Appfolio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

10,452

(9,825)

(9,825)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

101,136

(62,704)

(62,704)

ArcBest

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,380

(14,291)

(14,291)

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

5,007

(26,036)

(26,036)

Beacon

Roofing

Supply,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

4,845

(7,607)

(7,607)

BGC

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

110,136

(42,953)

(42,953)

Boston

Beer

Co.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

2,545

(8,016)

(8,016)

Box,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

32,161

(643)

(643)

Cogent

Communications

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

20,404

(21,526)

(21,526)

92

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Confluent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

16,399

(11,151)

(11,151)

Cytokinetics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

11,141

(557)

(557)

DigitalOcean

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

9,158

(13,371)

(13,371)

DocuSign,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,986

(3,095)

(3,095)

Duolingo,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,639

(15,505)

(15,505)

Exelixis,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

51,160

(3,070)

(3,070)

ExlService

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

32,075

(641)

(641)

Extreme

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

14,391

(1,295)

(1,295)

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

3,876

(1,783)

(1,783)

Fluor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

5,938

(2,613)

(2,613)

Flywire

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

29,541

(2,659)

(2,659)

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

3,220

(2,608)

(2,608)

Forward

Air

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

20,834

(17,084)

(17,084)

GMS,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

3,672

(5,214)

(5,214)

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,753

(3,334)

(3,334)

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

34,877

(2,093)

(2,093)

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

25,124

(9,798)

(9,798)

J

&

J

Snack

Foods

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

8,445

(4,095)

(4,095)

Landstar

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

8,409

(25,395)

(25,395)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

93

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

50,065

(11,014)

(11,014)

Livent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

26,097

(2,088)

(2,088)

LPL

Financial

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

1,407

(71)

(71)

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

18,480

(4,251)

(4,251)

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

7,254

(8,125)

(8,125)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

12,610

(26,481)

(26,481)

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

5,165

(18,852)

(18,852)

Natera,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

22,884

(32,496)

(32,496)

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

11,812

(11,812)

(11,812)

Ollie's

Bargain

Outlet

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

1,272

(1,030)

(1,030)

PagerDuty,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

19,008

(8,174)

(8,174)

Par

Pacific

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

8,624

(4,484)

(4,484)

PJT

Partners,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

10,556

(9,922)

(9,922)

Procore

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

19,579

(17,034)

(17,034)

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

4,810

(25,685)

(25,685)

RXO,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,216

(9,516)

(9,516)

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

4,056

(5,760)

(5,760)

SeaWorld

Entertainment,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

16,103

(5,153)

(5,153)

Sensient

Technologies

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,216

(146)

(146)

94

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

SentinelOne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

26,542

(7,698)

(7,698)

Silicon

Laboratories,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,109

(24,242)

(24,242)

Sonos,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

23,871

(7,400)

(7,400)

Spirit

AeroSystems

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

12,802

(3,456)

(3,456)

Spotify

Technology

SA

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

3,480

(8,213)

(8,213)

Sylvamo

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,504

(7,429)

(7,429)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

25,636

(34,352)

(34,352)

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

8,633

(10,446)

(10,446)

Teradata

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

8,560

(3,852)

(3,852)

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

32,693

(2,450)

(2,450)

Travel

+

Leisure

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

6,074

(1,215)

(1,215)

TriNet

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

9,989

(4,595)

(4,595)

Uber

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

3,624

(6,197)

(6,197)

U-Haul

Holding

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

7,222

(3,394)

(3,394)

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

12,145

(16,639)

(16,639)

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,164

(7,952)

(7,952)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

1.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

104,009

(3,120)

(3,120)

Varonis

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

6,496

(844)

(844)

Visteon

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

5,781

(19,887)

(19,887)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

95

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Yelp,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

3,219

(934)

(934)

Zoetis,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

4,526

(2,128)

(2,128)

–

–

Total

unrealized

depreciation

(771,841)

(771,841)

–

–

Net

unrealized

appreciation

598,683

598,683

Financing

Costs

of

Swap

Contracts

(

87,723

)

(

87,723

)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

510,960

510,960

As

of

December

31,

2023,

the

Fund

had

$5,890,000

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

96

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

2.0%

General

Dynamics

Corp.

1,944

504,798

Huntington

Ingalls

Industries,

Inc.

14,664

3,807,361

Textron,

Inc.

30,525

2,454,821

6,766,980

Air

Freight

&

Logistics

0.3%

FedEx

Corp.

3,900

986,583

Automobile

Components

1.8%

Aptiv

plc*

28,809

2,584,744

BorgWarner,

Inc.

81,004

2,903,993

Cie

Generale

des

Etablissements

Michelin

SCA

17,335

622,898

6,111,635

Banks

2.3%

Commerce

Bancshares,

Inc.

(a)

10,976

586,228

First

Citizens

BancShares

,

Inc.,

Class

A

689

977,670

First

Hawaiian,

Inc.(a)

23,777

543,542

Huntington

Bancshares,

Inc.

84,725

1,077,702

Prosperity

Bancshares,

Inc.

34,599

2,343,390

Truist

Financial

Corp.

32,845

1,212,638

US

Bancorp

10,060

435,397

Westamerica

Bancorp

8,181

461,490

7,638,057

Beverages

0.1%

Heineken

NV

3,977

404,640

Building

Products

1.3%

Builders

FirstSource

,

Inc.*

3,600

600,984

Carrier

Global

Corp.

23,800

1,367,310

Cie

de

Saint-Gobain

SA

12,256

906,286

Johnson

Controls

International

plc

11,919

687,011

Owens

Corning(a)

6,100

904,203

4,465,794

Capital

Markets

2.8%

Bank

of

New

York

Mellon

Corp.

(The)

83,732

4,358,251

Northern

Trust

Corp.

25,248

2,130,426

T.

Rowe

Price

Group,

Inc.

27,659

2,978,598

9,467,275

Chemicals

2.8%

Akzo

Nobel

NV

14,888

1,230,130

Axalta

Coating

Systems

Ltd.*

30,700

1,042,879

Mosaic

Co.

(The)

33,919

1,211,926

Olin

Corp.

29,600

1,596,920

RPM

International,

Inc.

17,175

1,917,245

Westlake

Corp.(a)

16,350

2,288,346

9,287,446

Commercial

Services

&

Supplies

0.7%

Republic

Services,

Inc.,

Class

A

14,235

2,347,494

Communications

Equipment

1.0%

F5,

Inc.*

7,002

1,253,218

Juniper

Networks,

Inc.

27,198

801,797

Common

Stocks

Shares

Value

($)

Communications

Equipment

Motorola

Solutions,

Inc.

4,300

1,346,287

3,401,302

Construction

&

Engineering

0.3%

Vinci

SA

9,043

1,135,739

Consumer

Finance

0.4%

Ally

Financial,

Inc.

35,693

1,246,400

Consumer

Staples

Distribution

&

Retail

3.3%

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

26,200

1,746,492

Dollar

General

Corp.

5,400

734,130

Dollar

Tree,

Inc.*(a)

20,545

2,918,417

Koninklijke

Ahold

Delhaize

NV

62,119

1,783,591

Sysco

Corp.

16,200

1,184,706

US

Foods

Holding

Corp.*

63,950

2,903,969

11,271,305

Containers

&

Packaging

3.8%

Amcor

plc

136,227

1,313,228

AptarGroup,

Inc.

9,900

1,223,838

Avery

Dennison

Corp.

10,300

2,082,248

Crown

Holdings,

Inc.

27,800

2,560,102

Graphic

Packaging

Holding

Co.

61,220

1,509,073

Packaging

Corp.

of

America

21,237

3,459,720

Sonoco

Products

Co.

11,609

648,595

12,796,804

Distributors

0.5%

LKQ

Corp.

35,655

1,703,952

Diversified

REITs

0.1%

WP

Carey,

Inc.(a)

5,630

364,880

Diversified

Telecommunication

Services

1.0%

BCE,

Inc.(a)

20,884

822,247

Liberty

Global

Ltd.,

Class

A*

135,432

2,406,627

3,228,874

Electric

Utilities

4.9%

Alliant

Energy

Corp.(a)

47,400

2,431,620

Duke

Energy

Corp.

14,524

1,409,409

Edison

International

19,407

1,387,406

Evergy

,

Inc.(a)

66,963

3,495,469

Eversource

Energy

15,565

960,672

Exelon

Corp.

38,600

1,385,740

OGE

Energy

Corp.

68,680

2,398,992

Pinnacle

West

Capital

Corp.

10,884

781,907

Xcel

Energy,

Inc.

38,000

2,352,580

16,603,795

Electrical

Equipment

0.8%

Emerson

Electric

Co.

16,919

1,646,726

Hubbell,

Inc.,

Class

B(a)

2,700

888,111

2,534,837

Electronic

Equipment,

Instruments

&

Components

2.8%

Amphenol

Corp.,

Class

A

19,800

1,962,774

Corning,

Inc.

10,709

326,089

Flex

Ltd.*(a)

103,475

3,151,849

TE

Connectivity

Ltd.

7,786

1,093,933

Vontier

Corp.

45,524

1,572,854

Zebra

Technologies

Corp.,

Class

A*(a)

4,400

1,202,652

9,310,151

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

0.4%

Baker

Hughes

Co.,

Class

A

20,578

703,356

Noble

Corp.

plc(a)

10,900

524,944

1,228,300

Entertainment

0.4%

Electronic

Arts,

Inc.

2,911

398,254

Warner

Bros

Discovery,

Inc.*(a)

80,040

910,855

1,309,109

Financial

Services

1.8%

Fidelity

National

Information

Services,

Inc.

16,200

973,134

FleetCor

Technologies,

Inc.*

5,240

1,480,876

Global

Payments,

Inc.

29,325

3,724,275

6,178,285

Food

Products

2.2%

Conagra

Brands,

Inc.

81,174

2,326,447

General

Mills,

Inc.

15,726

1,024,392

Post

Holdings,

Inc.*(a)

22,360

1,969,021

Tyson

Foods,

Inc.,

Class

A

38,700

2,080,125

7,399,985

Gas

Utilities

1.0%

Atmos

Energy

Corp.(a)

2,016

233,654

National

Fuel

Gas

Co.

20,000

1,003,400

ONE

Gas,

Inc.(a)

7,960

507,211

Spire,

Inc.(a)

25,496

1,589,421

3,333,686

Ground

Transportation

2.2%

Heartland

Express,

Inc.

40,821

582,107

JB

Hunt

Transport

Services,

Inc.

11,400

2,277,036

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

20,700

1,193,355

Landstar

System,

Inc.(a)

7,250

1,403,963

Norfolk

Southern

Corp.

7,634

1,804,525

7,260,986

Health

Care

Equipment

&

Supplies

3.9%

Becton

Dickinson

&

Co.

2,278

555,445

Cooper

Cos.,

Inc.

(The)

5,300

2,005,732

Dentsply

Sirona,

Inc.(a)

18,152

646,029

Envista

Holdings

Corp.*

28,201

678,516

Hologic,

Inc.*

37,229

2,660,012

Koninklijke

Philips

NV,

ADR-NL*(a)

63,493

1,481,292

Zimmer

Biomet

Holdings,

Inc.

41,996

5,110,913

13,137,939

Health

Care

Providers

&

Services

4.8%

Cardinal

Health,

Inc.(a)

9,912

999,130

Cencora

,

Inc.

8,900

1,827,882

Centene

Corp.*

32,421

2,405,962

Henry

Schein,

Inc.*

29,564

2,238,291

Laboratory

Corp.

of

America

Holdings(a)

11,935

2,712,706

Quest

Diagnostics,

Inc.

31,691

4,369,555

Universal

Health

Services,

Inc.,

Class

B

11,291

1,721,200

16,274,726

Health

Care

REITs

0.4%

Healthpeak

Properties,

Inc.

60,443

1,196,771

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1.7%

Darden

Restaurants,

Inc.(a)

11,550

1,897,665

Hilton

Worldwide

Holdings,

Inc.

8,200

1,493,138

Yum!

Brands,

Inc.

16,925

2,211,421

5,602,224

Household

Products

0.8%

Henkel

AG

&

Co.

KGaA

(Preference)

9,745

783,809

Kimberly-Clark

Corp.

14,544

1,767,241

2,551,050

Independent

Power

and

Renewable

Electricity

Producers

0.4%

Vistra

Corp.(a)

38,342

1,476,934

Insurance

8.4%

Aflac,

Inc.

6,795

560,587

Allstate

Corp.

(The)

26,813

3,753,284

American

Financial

Group,

Inc.

19,500

2,318,355

Arch

Capital

Group

Ltd.*

17,140

1,272,988

Fidelity

National

Financial,

Inc.

52,938

2,700,897

Hanover

Insurance

Group,

Inc.

(The)

5,949

722,328

Hartford

Financial

Services

Group,

Inc.

(The)

27,200

2,186,336

Markel

Group,

Inc.*(a)

1,580

2,243,442

Old

Republic

International

Corp.

106,735

3,138,009

Progressive

Corp.

(The)

5,800

923,824

Reinsurance

Group

of

America,

Inc.

8,932

1,445,019

W

R

Berkley

Corp.

29,450

2,082,704

Willis

Towers

Watson

plc

20,907

5,042,768

28,390,541

Interactive

Media

&

Services

0.5%

IAC,

Inc.*

33,540

1,756,825

IT

Services

0.4%

Amdocs

Ltd.

14,162

1,244,698

Life

Sciences

Tools

&

Services

1.6%

Agilent

Technologies,

Inc.

11,900

1,654,457

Bio-Rad

Laboratories,

Inc.,

Class

A*

7,700

2,486,253

ICON

plc*(a)

5,000

1,415,350

5,556,060

Machinery

3.6%

AGCO

Corp.(a)

14,900

1,809,009

CNH

Industrial

NV

68,700

836,766

Cummins,

Inc.

2,509

601,081

IMI

plc

18,159

388,713

Lincoln

Electric

Holdings,

Inc.

(a)

4,775

1,038,372

Middleby

Corp.

(The)*(a)

15,150

2,229,625

Oshkosh

Corp.

9,336

1,012,116

Parker-Hannifin

Corp.

2,175

1,002,023

Toro

Co.

(The)(a)

16,200

1,555,038

Xylem,

Inc.

13,200

1,509,552

11,982,295

Media

3.3%

Altice

USA,

Inc.,

Class

A*

147,720

480,090

98

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Media

DISH

Network

Corp.,

Class

A*(a)

95,460

550,804

Fox

Corp.,

Class

A

40,840

1,211,723

Fox

Corp.,

Class

B

38,926

1,076,304

Interpublic

Group

of

Cos.,

Inc.

(The)

35,166

1,147,818

Liberty

Broadband

Corp.,

Class

C*(a)

27,863

2,245,479

Liberty

Media

Corp-Liberty

SiriusXM*

72,100

2,075,038

News

Corp.,

Class

A(a)

74,000

1,816,700

Omnicom

Group,

Inc.

7,672

663,705

11,267,661

Metals

&

Mining

0.5%

Franco-Nevada

Corp.

15,075

1,670,461

Multi-Utilities

3.0%

CenterPoint

Energy,

Inc.

50,680

1,447,928

CMS

Energy

Corp.(a)

14,987

870,295

Dominion

Energy,

Inc.

61,100

2,871,700

NiSource,

Inc.

91,620

2,432,511

Northwestern

Energy

Group,

Inc.(a)

30,883

1,571,636

WEC

Energy

Group,

Inc.

9,915

834,545

10,028,615

Office

REITs

1.0%

Alexandria

Real

Estate

Equities,

Inc.

19,200

2,433,984

JBG

SMITH

Properties(a)

53,708

913,573

3,347,557

Oil,

Gas

&

Consumable

Fuels

4.5%

Chesapeake

Energy

Corp.(a)

13,420

1,032,535

Coterra

Energy,

Inc.

83,900

2,141,128

Devon

Energy

Corp.

38,625

1,749,713

Diamondback

Energy,

Inc.

10,441

1,619,190

EQT

Corp.

37,802

1,461,425

Hess

Corp.

10,600

1,528,096

HF

Sinclair

Corp.

16,540

919,128

Kinder

Morgan,

Inc.

115,300

2,033,892

Occidental

Petroleum

Corp.(a)

17,123

1,022,414

Williams

Cos.,

Inc.

(The)

48,360

1,684,379

15,191,900

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

11,300

800,379

Passenger

Airlines

0.9%

Alaska

Air

Group,

Inc.*(a)

40,525

1,583,312

Southwest

Airlines

Co.

49,139

1,419,134

3,002,446

Personal

Care

Products

0.1%

Kenvue

,

Inc.

22,214

478,267

Pharmaceuticals

1.5%

Catalent,

Inc.*(a)

17,600

790,768

Jazz

Pharmaceuticals

plc*

9,900

1,217,700

Organon

&

Co.(a)

64,040

923,457

Perrigo

Co.

plc

65,620

2,111,651

5,043,576

Professional

Services

3.6%

Clarivate

plc*(a)

186,109

1,723,369

FTI

Consulting,

Inc.*

10,850

2,160,778

Common

Stocks

Shares

Value

($)

Professional

Services

Genpact

Ltd.

48,800

1,693,848

Leidos

Holdings,

Inc.

22,650

2,451,636

ManpowerGroup,

Inc.

18,850

1,498,010

Maximus,

Inc.

20,200

1,693,972

TransUnion

15,550

1,068,440

12,290,053

Residential

REITs

1.4%

Camden

Property

Trust

19,100

1,896,439

Equity

LifeStyle

Properties,

Inc.

24,025

1,694,724

Essex

Property

Trust,

Inc.

4,975

1,233,501

4,824,664

Retail

REITs

1.6%

NNN

REIT,

Inc.

56,500

2,435,150

Realty

Income

Corp.

27,720

1,591,682

Regency

Centers

Corp.(a)

18,647

1,249,349

5,276,181

Semiconductors

&

Semiconductor

Equipment

1.5%

MKS

Instruments,

Inc.(a)

21,700

2,232,279

Skyworks

Solutions,

Inc.

20,575

2,313,042

Teradyne,

Inc.(a)

4,356

472,713

5,018,034

Specialized

REITs

1.6%

Gaming

and

Leisure

Properties,

Inc.(a)

25,440

1,255,464

Lamar

Advertising

Co.,

Class

A(a)

22,475

2,388,643

Public

Storage

3,893

1,187,365

VICI

Properties,

Inc.,

Class

A

20,374

649,523

5,480,995

Specialty

Retail

1.6%

Advance

Auto

Parts,

Inc.(a)

11,700

714,051

Dick's

Sporting

Goods,

Inc.(a)

12,600

1,851,570

GCI

Liberty,

Inc.*^∞

32,251

0

Ross

Stores,

Inc.

21,640

2,994,760

5,560,381

Technology

Hardware,

Storage

&

Peripherals

1.3%

Hewlett

Packard

Enterprise

Co.

57,300

972,954

HP,

Inc.

32,608

981,175

Western

Digital

Corp.*(a)

44,975

2,355,341

4,309,470

Textiles,

Apparel

&

Luxury

Goods

0.6%

Ralph

Lauren

Corp.,

Class

A(a)

14,500

2,090,900

Trading

Companies

&

Distributors

0.9%

Beacon

Roofing

Supply,

Inc.*

11,681

1,016,481

Bunzl

plc

30,021

1,218,583

MSC

Industrial

Direct

Co.,

Inc.,

Class

A(a)

8,329

843,395

3,078,459

Total

Common

Stocks

(cost

$291,025,227)

325,714,356

NVIT

Multi-Manager

Mid

Cap

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

99

Master

Limited

Partnership

0.5%

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

0.5%

Enterprise

Products

Partners

LP

70,499

1,857,649

Total

Master

Limited

Partnership

(cost  $1,749,635)

1,857,649

Repurchase

Agreements

3.5%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,645,329,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$2,696,617.(b)(c)

2,643,

742

2,643,742

ING

Financial

Services

LLC,

5.32%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,956,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

5.35%,

maturing

1/15/2024

-

11/15/2053;

total

market

value

$5,100,001.(b)(c)

5,000,000

5,000,000

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

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.(b)(c)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,000,598,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$1,020,610.

(b)(c)

1,000

,000

1,000,000

Total

Repurchase

Agreements

(cost

$11,643,742)

11,643,742

Total

Investments

(cost

$304,418,604)

—

100.6%

339,215,747

Liabilities

in

excess

of

other

assets

—

(0.6)%

(2,163,418)

NET

ASSETS

—

100.0%

$

337,052,329

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$42,424,509,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,643,742

and

by

$32,014,755

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$43,658,497

(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

$11,643,742.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

NL

Netherlands

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

REIT

Real

Estate

Investment

Trust

100

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Forward

foreign

currency

contracts

outstanding

as

of

December

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

687,433

CAD

919,359

Goldman

Sachs

Bank

USA

3/28/2024

(7,204)

USD

2,055,464

EUR

1,872,941

Bank

of

America

NA

3/28/2024

(19,304)

USD

1,901,824

EUR

1,732,917

JPMorgan

Chase

Bank

NA

3/28/2024

(17,831)

USD

1,901,824

EUR

1,732,917

Morgan

Stanley

Co.,

Inc.

3/28/2024

(17,831)

USD

1,385,534

GBP

1,093,045

Goldman

Sachs

Bank

USA

3/28/2024

(8,290)

Net

unrealized

depreciation

(70,460)

Currency:

CAD

Canadian

dollar

EUR

Euro

GBP

British

pound

USD

United

States

dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

101

Common

Stocks

98

.4

%

Shares

Value

($)

Aerospace

&

Defense

3

.1

%

AAR

Corp.*(a)

5,706

356,055

Curtiss-Wright

Corp.

8,786

1,957,433

Hexcel

Corp.(a)

14,295

1,054,256

Parsons

Corp.*

14,575

913,998

4,281,742

Automobile

Components

1

.0

%

Modine

Manufacturing

Co.*

8,950

534,315

Patrick

Industries,

Inc.(a)

1,926

193,274

Visteon

Corp.*

5,529

690,572

1,418,161

Banks

0

.5

%

Synovus

Financial

Corp.

7,507

282,638

Triumph

Financial,

Inc.*(a)

4,472

358,565

641,203

Beverages

0

.9

%

Boston

Beer

Co.,

Inc.

(The),

Class

A*

899

310,685

Celsius

Holdings,

Inc.*(a)

15,677

854,710

1,165,395

Biotechnology

5

.7

%

Akero

Therapeutics,

Inc.*

6,177

144,233

Alkermes

plc*(a)

16,728

464,035

Amicus

Therapeutics,

Inc.*

18,700

265,353

Apogee

Therapeutics,

Inc.*(a)

3,552

99,243

Blueprint

Medicines

Corp.*

7,412

683,683

Bridgebio

Pharma,

Inc.*(a)

5,177

208,996

Celldex

Therapeutics,

Inc.*(a)

6,835

271,076

Crinetics

Pharmaceuticals,

Inc.*(a)

9,275

330,005

Cytokinetics,

Inc.*(a)

13,514

1,128,284

Denali

Therapeutics,

Inc.*

8,727

187,281

Geron

Corp.*(a)

58,019

122,420

Halozyme

Therapeutics,

Inc.*(a)

9,018

333,305

Intellia

Therapeutics,

Inc.*

2,796

85,250

Ionis

Pharmaceuticals,

Inc.*(a)

4,258

215,412

Karuna

Therapeutics,

Inc.*

1,383

437,733

Kymera

Therapeutics,

Inc.*(a)

5,029

128,038

MoonLake

Immunotherapeutics,

Class

A*(a)

2,197

132,677

Morphic

Holding,

Inc.*(a)

4,538

131,057

Nuvalent,

Inc.,

Class

A*

3,403

250,427

Prothena

Corp.

plc*(a)

3,583

130,206

RayzeBio,

Inc.*(a)

4,273

265,652

REVOLUTION

Medicines,

Inc.*(a)

12,319

353,309

Rocket

Pharmaceuticals,

Inc.*

8,771

262,867

Sage

Therapeutics,

Inc.*

3,803

82,411

Ultragenyx

Pharmaceutical,

Inc.*(a)

8,385

400,971

Vaxcyte,

Inc.*(a)

7,237

454,484

Veracyte,

Inc.*(a)

7,261

199,750

7,768,158

Broadline

Retail

0

.7

%

Etsy,

Inc.*

4,537

367,724

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

8,082

613,343

981,067

Common

Stocks

Shares

Value

($)

Building

Products

2

.0

%

AAON,

Inc.

11,109

820,622

AZEK

Co.,

Inc.

(The),

Class

A*

29,609

1,132,544

Trex

Co.,

Inc.*(a)

4,813

398,468

Zurn

Elkay

Water

Solutions

Corp.(a)

11,609

341,421

2,693,055

Capital

Markets

3

.4

%

Cohen

&

Steers,

Inc.

2,784

210,832

Evercore,

Inc.,

Class

A(a)

7,857

1,343,940

Hamilton

Lane,

Inc.,

Class

A

18,890

2,142,882

StepStone

Group,

Inc.,

Class

A

12,783

406,883

Stifel

Financial

Corp.

7,657

529,481

4,634,018

Chemicals

1

.7

%

Axalta

Coating

Systems

Ltd.*

14,269

484,718

Cabot

Corp.

8,551

714,008

Element

Solutions,

Inc.

18,340

424,388

FMC

Corp.(a)

3,426

216,009

Livent

Corp.*(a)

25,517

458,796

2,297,919

Commercial

Services

&

Supplies

2

.6

%

Casella

Waste

Systems,

Inc.,

Class

A*(a)

16,131

1,378,555

Clean

Harbors,

Inc.*

12,301

2,146,648

3,525,203

Construction

&

Engineering

2

.8

%

Comfort

Systems

USA,

Inc.

10,811

2,223,498

EMCOR

Group,

Inc.

3,767

811,525

Fluor

Corp.*

14,768

578,463

WillScot

Mobile

Mini

Holdings

Corp.*

5,434

241,813

3,855,299

Construction

Materials

0

.5

%

Eagle

Materials,

Inc.(a)

3,498

709,534

Diversified

Consumer

Services

1

.9

%

Duolingo,

Inc.,

Class

A*(a)

10,317

2,340,411

European

Wax

Center,

Inc.,

Class

A*(a)

22,240

302,242

2,642,653

Electrical

Equipment

1

.1

%

NEXTracker,

Inc.,

Class

A*(a)

11,940

559,389

Shoals

Technologies

Group,

Inc.,

Class

A*

22,130

343,900

Vertiv

Holdings

Co.,

Class

A(a)

12,761

612,911

1,516,200

Electronic

Equipment,

Instruments

&

Components

3

.2

%

Badger

Meter,

Inc.(a)

4,504

695,283

Celestica,

Inc.*

22,936

671,566

Fabrinet*

4,074

775,404

Insight

Enterprises,

Inc.*(a)

3,511

622,114

Littelfuse,

Inc.(a)

883

236,256

Novanta,

Inc.*

7,998

1,346,943

4,347,566

Energy

Equipment

&

Services

2

.0

%

Cactus,

Inc.,

Class

A(a)

6,381

289,697

Helmerich

&

Payne,

Inc.

8,983

325,364

TechnipFMC

plc

41,697

839,778

102

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Weatherford

International

plc*(a)

12,972

1,269,051

2,723,890

Entertainment

0

.6

%

TKO

Group

Holdings,

Inc.

9,607

783,739

Financial

Services

2

.3

%

Essent

Group

Ltd.

8,347

440,221

Flywire

Corp.*

25,308

585,880

MGIC

Investment

Corp.

25,531

492,493

Mr.

Cooper

Group,

Inc.*(a)

5,894

383,817

Remitly

Global,

Inc.*

28,775

558,811

Shift4

Payments,

Inc.,

Class

A*(a)

2,019

150,092

WEX,

Inc.*

2,370

461,084

3,072,398

Food

Products

0

.4

%

Freshpet,

Inc.*(a)

5,729

497,048

Ground

Transportation

1

.2

%

Saia,

Inc.*(a)

3,648

1,598,627

Health

Care

Equipment

&

Supplies

4

.9

%

AtriCure,

Inc.*

7,506

267,889

Axonics,

Inc.*(a)

17,120

1,065,378

Glaukos

Corp.*

7,876

626,063

Haemonetics

Corp.*(a)

13,538

1,157,635

Inari

Medical,

Inc.*

5,571

361,669

Inspire

Medical

Systems,

Inc.*(a)

1,591

323,657

Integer

Holdings

Corp.*(a)

2,117

209,752

iRhythm

Technologies,

Inc.*(a)

3,824

409,321

Lantheus

Holdings,

Inc.*

9,779

606,298

Merit

Medical

Systems,

Inc.*

8,318

631,835

QuidelOrtho

Corp.*(a)

3,371

248,443

Shockwave

Medical,

Inc.*

2,325

443,052

TransMedics

Group,

Inc.*(a)

4,607

363,631

6,714,623

Health

Care

Providers

&

Services

5

.9

%

Acadia

Healthcare

Co.,

Inc.*(a)

15,717

1,222,154

Encompass

Health

Corp.(a)

22,425

1,496,196

Ensign

Group,

Inc.

(The)(a)

6,610

741,708

HealthEquity,

Inc.*

13,815

915,934

Option

Care

Health,

Inc.*

15,185

511,583

Owens

&

Minor,

Inc.*

7,332

141,288

Privia

Health

Group,

Inc.*(a)

20,893

481,166

Progyny,

Inc.*

12,015

446,718

RadNet,

Inc.*(a)

26,408

918,206

Surgery

Partners,

Inc.*(a)

33,878

1,083,757

7,958,710

Health

Care

Technology

0

.3

%

Evolent

Health,

Inc.,

Class

A*(a)

11,595

382,983

Hotel

&

Resort

REITs

0

.3

%

Ryman

Hospitality

Properties,

Inc.

3,419

376,295

Hotels,

Restaurants

&

Leisure

4

.1

%

Cava

Group,

Inc.*(a)

5,751

247,177

Red

Rock

Resorts,

Inc.,

Class

A(a)

20,725

1,105,264

Shake

Shack,

Inc.,

Class

A*

6,930

513,652

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Texas

Roadhouse,

Inc.,

Class

A

10,262

1,254,324

Wingstop,

Inc.

7,036

1,805,297

Wyndham

Hotels

&

Resorts,

Inc.

7,295

586,591

5,512,305

Household

Durables

2

.8

%

Century

Communities,

Inc.(a)

4,756

433,462

Meritage

Homes

Corp.

4,594

800,275

SharkNinja,

Inc.(a)

8,842

452,445

Taylor

Morrison

Home

Corp.,

Class

A*(a)

16,761

894,199

TopBuild

Corp.*

3,149

1,178,545

3,758,926

Industrial

REITs

0

.3

%

Terreno

Realty

Corp.(a)

6,523

408,796

Insurance

1

.1

%

Kinsale

Capital

Group,

Inc.(a)

3,364

1,126,637

Selective

Insurance

Group,

Inc.

3,099

308,289

1,434,926

Interactive

Media

&

Services

0

.6

%

Bumble,

Inc.,

Class

A*

9,269

136,625

Eventbrite,

Inc.,

Class

A*

31,682

264,862

ZoomInfo

Technologies,

Inc.,

Class

A*(a)

22,635

418,521

820,008

IT

Services

1

.6

%

Endava

plc,

ADR-UK*(a)

13,534

1,053,622

Grid

Dynamics

Holdings,

Inc.*

21,815

290,794

Perficient,

Inc.*

5,369

353,387

Squarespace,

Inc.,

Class

A*

14,660

483,927

2,181,730

Leisure

Products

0

.3

%

YETI

Holdings,

Inc.*(a)

8,693

450,124

Life

Sciences

Tools

&

Services

2

.3

%

10X

Genomics,

Inc.,

Class

A*(a)

12,355

691,386

Cytek

Biosciences,

Inc.*(a)

21,491

195,998

Medpace

Holdings,

Inc.*

5,587

1,712,583

Repligen

Corp.*(a)

3,020

542,996

3,142,963

Machinery

2

.3

%

Chart

Industries,

Inc.*(a)

3,984

543,139

Esab

Corp.

9,082

786,683

Hillman

Solutions

Corp.*

51,544

474,720

ITT,

Inc.

2,500

298,300

John

Bean

Technologies

Corp.

(a)

5,165

513,659

SPX

Technologies,

Inc.*(a)

5,777

583,535

3,200,036

Metals

&

Mining

1

.4

%

ATI,

Inc.*(a)

22,573

1,026,394

Carpenter

Technology

Corp.(a)

13,335

944,118

1,970,512

Oil,

Gas

&

Consumable

Fuels

2

.2

%

Chord

Energy

Corp.

2,181

362,548

NVIT

Multi-Manager

Small

Cap

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

103

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Gulfport

Energy

Corp.*

2,218

295,438

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

18,457

392,949

Matador

Resources

Co.(a)

14,442

821,172

Northern

Oil

and

Gas,

Inc.(a)

21,431

794,447

SM

Energy

Co.(a)

8,953

346,660

3,013,214

Paper

&

Forest

Products

0

.3

%

Louisiana-Pacific

Corp.

6,209

439,783

Personal

Care

Products

2

.5

%

BellRing

Brands,

Inc.*

11,839

656,236

elf

Beauty,

Inc.*(a)

18,854

2,721,386

3,377,622

Pharmaceuticals

0

.9

%

Intra-Cellular

Therapies,

Inc.*

15,561

1,114,479

Structure

Therapeutics,

Inc.,

ADR*(a)

2,747

111,967

1,226,446

Professional

Services

1

.7

%

CACI

International,

Inc.,

Class

A*

1,226

397,053

Ceridian

HCM

Holding,

Inc.*(a)

3,636

244,048

ExlService

Holdings,

Inc.*

9,014

278,082

Insperity,

Inc.

1,788

209,589

KBR,

Inc.

4,051

224,466

TriNet

Group,

Inc.*(a)

1,852

220,258

Verra

Mobility

Corp.,

Class

A*

31,421

723,626

2,297,122

Retail

REITs

0

.4

%

Phillips

Edison

&

Co.,

Inc.

13,452

490,729

Semiconductors

&

Semiconductor

Equipment

6

.9

%

Allegro

MicroSystems,

Inc.*

17,884

541,349

Axcelis

Technologies,

Inc.*

2,056

266,643

Cirrus

Logic,

Inc.*

3,543

294,742

Credo

Technology

Group

Holding

Ltd.*

33,277

647,903

FormFactor,

Inc.*

5,482

228,654

Lattice

Semiconductor

Corp.*

12,316

849,681

MACOM

Technology

Solutions

Holdings,

Inc.*(a)

12,449

1,157,135

MKS

Instruments,

Inc.(a)

3,838

394,815

Onto

Innovation,

Inc.*

9,206

1,407,597

Power

Integrations,

Inc.

5,651

464,004

Rambus,

Inc.*

20,769

1,417,484

Silicon

Laboratories,

Inc.*

6,450

853,141

Synaptics,

Inc.*

7,238

825,711

9,348,859

Software

12

.9

%

Agilysys,

Inc.*

4,582

388,645

Alarm.com

Holdings,

Inc.*

6,368

411,500

Altair

Engineering,

Inc.,

Class

A*(a)

19,255

1,620,308

Appfolio,

Inc.,

Class

A*

1,881

325,865

Blackbaud,

Inc.*

7,493

649,643

Braze,

Inc.,

Class

A*

24,560

1,304,873

CCC

Intelligent

Solutions

Holdings,

Inc.*(a)

20,463

233,074

CyberArk

Software

Ltd.*

5,845

1,280,347

DoubleVerify

Holdings,

Inc.*(a)

29,390

1,080,964

Common

Stocks

Shares

Value

($)

Software

Five9,

Inc.*

3,395

267,153

Freshworks,

Inc.,

Class

A*

17,131

402,407

Gitlab,

Inc.,

Class

A*

23,035

1,450,284

Guidewire

Software,

Inc.*(a)

12,670

1,381,537

Informatica,

Inc.,

Class

A*(a)

13,778

391,158

Intapp,

Inc.*(a)

9,169

348,605

JFrog

Ltd.*(a)

17,788

615,643

PowerSchool

Holdings,

Inc.,

Class

A*(a)

15,629

368,219

Rapid7,

Inc.*(a)

2,879

164,391

Sprinklr,

Inc.,

Class

A*(a)

14,173

170,643

Sprout

Social,

Inc.,

Class

A*(a)

21,294

1,308,303

SPS

Commerce,

Inc.*

6,754

1,309,195

Varonis

Systems,

Inc.,

Class

B*

24,940

1,129,283

Workiva,

Inc.,

Class

A*(a)

8,576

870,721

17,472,761

Specialty

Retail

0

.7

%

Boot

Barn

Holdings,

Inc.*(a)

4,655

357,318

Burlington

Stores,

Inc.*

1,687

328,088

Chewy,

Inc.,

Class

A*(a)

13,474

318,390

1,003,796

Technology

Hardware,

Storage

&

Peripherals

0

.2

%

Super

Micro

Computer,

Inc.*

1,029

292,504

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Crocs,

Inc.*

2,346

219,140

PVH

Corp.

1,539

187,942

VF

Corp.(a)

18,900

355,320

762,402

Trading

Companies

&

Distributors

3

.3

%

Applied

Industrial

Technologies,

Inc.

9,895

1,708,768

Boise

Cascade

Co.

3,304

427,405

FTAI

Aviation

Ltd.(a)

14,353

665,979

H&E

Equipment

Services,

Inc.

20,216

1,057,701

Herc

Holdings,

Inc.

1,010

150,379

Rush

Enterprises,

Inc.,

Class

A(a)

9,542

479,963

4,490,195

Total

Common

Stocks

(cost

$102,937,050)

133,681,245

Exchange

Traded

Fund

0

.7

%

Equity

Fund

0.7%

iShares

Russell

2000

Growth

ETF(a)

3,779

953,140

Total

Exchange

Traded

Fund

(cost

$772,299)

953,140

104

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Growth

Fund

Repurchase

Agreements

14

.0

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,000,594,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$1,020,000.

(b)(c)

1,000,000

1,000,000

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

$6,056,864,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$6,174,296.(b)(c)

6,053,231

6,053,231

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$3,001,777,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$3,061,678.

(b)(c)

3,000,000

3,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$7,004,146,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$7,140,000.(b)(c)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$19,053,231)

19,053,231

Total

Investments

(cost

$122,762,580)

—

113.1%

153,687,616

Liabilities

in

excess

of

other

assets

—

(13.1)%

(

17,831,543

)

NET

ASSETS

—

100.0%

$

135,856,073

*

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

$36,227,072,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,053,231

and

by

$18,580,068

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$37,633,299.

(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

$19,053,231.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

105

Common

Stocks

98

.7

%

Shares

Value

($)

Aerospace

&

Defense

0

.1

%

Kaman

Corp.

8,499

203,551

Air

Freight

&

Logistics

0

.0

%

†

Radiant

Logistics,

Inc.*

2,728

18,114

Automobile

Components

2

.8

%

Adient

plc*

18,528

673,678

American

Axle

&

Manufacturing

Holdings,

Inc.*

25,487

224,540

BorgWarner,

Inc.

6,953

249,265

Cooper-Standard

Holdings,

Inc.*

2,250

43,965

Dana,

Inc.

72,980

1,066,238

Dorman

Products,

Inc.*

32,500

2,710,825

Goodyear

Tire

&

Rubber

Co.

(The)*

66,860

957,435

Stoneridge,

Inc.*

7,680

150,298

6,076,244

Banks

8

.8

%

Amalgamated

Financial

Corp.

6,503

175,191

Amerant

Bancorp,

Inc.,

Class

A

4,022

98,820

Arrow

Financial

Corp.

180

5,029

BankUnited,

Inc.

46,370

1,503,779

BCB

Bancorp,

Inc.

3,196

41,069

Berkshire

Hills

Bancorp,

Inc.

18,504

459,454

Byline

Bancorp,

Inc.

3,301

77,771

Capital

Bancorp,

Inc.

3,073

74,367

Capital

City

Bank

Group,

Inc.

3,672

108,067

Carter

Bankshares,

Inc.*(a)

1,332

19,940

Central

Pacific

Financial

Corp.

12,216

240,411

Community

Trust

Bancorp,

Inc.

6,849

300,397

ConnectOne

Bancorp,

Inc.

9,402

215,400

Cullen/Frost

Bankers,

Inc.(a)

2,675

290,211

Customers

Bancorp,

Inc.*

25,938

1,494,547

East

West

Bancorp,

Inc.

2,348

168,938

Eastern

Bankshares,

Inc.(a)

47,835

679,257

FB

Financial

Corp.

12,906

514,304

Financial

Institutions,

Inc.

6,112

130,186

First

Bancorp

85,666

1,409,206

First

Business

Financial

Services,

Inc.

764

30,636

First

Financial

Corp.

7,221

310,720

First

Foundation,

Inc.

68,474

662,828

First

Horizon

Corp.

8,799

124,594

First

Internet

Bancorp

6,521

157,743

First

Savings

Financial

Group,

Inc.(a)

421

7,073

Five

Star

Bancorp

1,000

26,180

FS

Bancorp,

Inc.

1,120

41,395

Great

Southern

Bancorp,

Inc.

(a)

3,219

191,048

Guaranty

Bancshares,

Inc.(a)

3,052

102,608

Hanmi

Financial

Corp.

18,795

364,623

HarborOne

Bancorp,

Inc.

23,385

280,152

HBT

Financial,

Inc.

3,264

68,903

Heritage

Commerce

Corp.

655

6,498

Hilltop

Holdings,

Inc.

29,405

1,035,350

Home

Bancorp,

Inc.

843

35,414

HomeStreet,

Inc.(a)

22,302

229,711

HomeTrust

Bancshares,

Inc.

5,589

150,456

Common

Stocks

Shares

Value

($)

Banks

Horizon

Bancorp,

Inc.

1,871

26,774

Independent

Bank

Corp.

8,307

216,148

Investar

Holding

Corp.(a)

1,360

20,278

Kearny

Financial

Corp.

14,695

131,814

Macatawa

Bank

Corp.

1,488

16,785

Mercantile

Bank

Corp.

2,680

108,218

Metropolitan

Bank

Holding

Corp.*

8,320

460,762

Midland

States

Bancorp,

Inc.

7,844

216,181

MVB

Financial

Corp.

407

9,182

Northfield

Bancorp,

Inc.

6,713

84,449

Northrim

Bancorp,

Inc.

2,505

143,311

OceanFirst

Financial

Corp.

6,546

113,638

OFG

Bancorp

31,207

1,169,638

Old

Second

Bancorp,

Inc.

1,452

22,419

Origin

Bancorp,

Inc.

1,840

65,449

Pathward

Financial,

Inc.

7,534

398,775

Peapack-Gladstone

Financial

Corp.

5,163

153,961

Preferred

Bank

4,493

328,214

Primis

Financial

Corp.

5,970

75,580

QCR

Holdings,

Inc.

6,533

381,462

RBB

Bancorp

3,770

71,781

Sierra

Bancorp

2,845

64,155

SmartFinancial,

Inc.

3,843

94,115

South

Plains

Financial,

Inc.

2,612

75,643

Southern

First

Bancshares,

Inc.*

2,801

103,917

Texas

Capital

Bancshares,

Inc.*

24,976

1,614,199

Third

Coast

Bancshares,

Inc.*

1,560

30,997

UMB

Financial

Corp.

11,162

932,585

Veritex

Holdings,

Inc.

9,140

212,688

19,175,394

Biotechnology

3

.5

%

Aadi

Bioscience,

Inc.*(a)

3,949

7,977

Arcturus

Therapeutics

Holdings,

Inc.*

1,890

59,592

Arcus

Biosciences,

Inc.*(a)

7,102

135,648

CareDx,

Inc.*

64,415

772,980

Coherus

Biosciences,

Inc.*(a)

3,000

9,990

Design

Therapeutics,

Inc.*

18,500

49,025

Eagle

Pharmaceuticals,

Inc.*

5,000

26,150

Editas

Medicine,

Inc.*(a)

11,700

118,521

Emergent

BioSolutions,

Inc.*

67,430

161,832

Enanta

Pharmaceuticals,

Inc.*

21,489

202,211

Erasca,

Inc.*(a)

20,439

43,535

Exelixis,

Inc.*

9,975

239,300

Fate

Therapeutics,

Inc.*(a)

102,155

382,060

FibroGen,

Inc.*

129,981

115,202

Gossamer

Bio,

Inc.*

10,700

9,764

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

91,420

1,045,845

iTeos

Therapeutics,

Inc.*

22,699

248,554

Kodiak

Sciences,

Inc.*

28,289

85,999

Mersana

Therapeutics,

Inc.*(a)

9,400

21,808

Nurix

Therapeutics,

Inc.*(a)

30,980

319,714

Organogenesis

Holdings,

Inc.,

Class

A*

8,600

35,174

PMV

Pharmaceuticals,

Inc.*

5,400

16,740

106

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Poseida

Therapeutics,

Inc.,

Class

A*

23,711

79,669

PTC

Therapeutics,

Inc.*(a)

18,991

523,392

REGENXBIO,

Inc.*

36,562

656,288

Relay

Therapeutics,

Inc.*(a)

75,102

826,873

Sangamo

Therapeutics,

Inc.*

54,100

29,392

Stoke

Therapeutics,

Inc.*(a)

9,600

50,496

Sutro

Biopharma,

Inc.*

47,117

202,132

Travere

Therapeutics,

Inc.*

25,236

226,872

Vanda

Pharmaceuticals,

Inc.*

79,115

333,865

Vir

Biotechnology,

Inc.*

8,798

88,508

Y-mAbs

Therapeutics,

Inc.*(a)

6,200

42,284

Zymeworks,

Inc.*(a)

36,950

383,910

7,551,302

Broadline

Retail

0

.8

%

1stdibs.com,

Inc.*(a)

8,623

40,356

Ollie's

Bargain

Outlet

Holdings,

Inc.*(a)

22,200

1,684,758

1,725,114

Building

Products

5

.2

%

American

Woodmark

Corp.*

30,200

2,804,070

AZEK

Co.,

Inc.

(The),

Class

A*(a)

65,800

2,516,850

CSW

Industrials,

Inc.

9,300

1,928,913

Hayward

Holdings,

Inc.*(a)

210,500

2,862,800

Insteel

Industries,

Inc.

5,160

197,576

JELD-WEN

Holding,

Inc.*

15,516

292,942

Resideo

Technologies,

Inc.*

39,533

744,011

11,347,162

Capital

Markets

2

.2

%

Donnelley

Financial

Solutions,

Inc.*

8,018

500,083

Robinhood

Markets,

Inc.,

Class

A*

5,554

70,758

StoneX

Group,

Inc.*

8,962

661,664

TPG,

Inc.,

Class

A

4,627

199,748

Virtus

Investment

Partners,

Inc.

13,500

3,263,760

4,696,013

Chemicals

3

.7

%

American

Vanguard

Corp.

15,515

170,200

Ashland,

Inc.

23,600

1,989,716

Ecovyst,

Inc.*(a)

57,802

564,726

Element

Solutions,

Inc.

188,300

4,357,262

Huntsman

Corp.

9,380

235,719

Origin

Materials,

Inc.*(a)

90,009

75,265

Rayonier

Advanced

Materials,

Inc.*

58,404

236,536

Trinseo

plc

42,786

358,119

Valhi,

Inc.

120

1,823

7,989,366

Commercial

Services

&

Supplies

2

.7

%

BrightView

Holdings,

Inc.*

21,174

178,285

CoreCivic,

Inc.*(a)

79,179

1,150,471

Enviri

Corp.*

42,459

382,131

Interface,

Inc.,

Class

A

6,750

85,185

SP

Plus

Corp.*

19,644

1,006,755

Steelcase,

Inc.,

Class

A

57,458

776,832

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

UniFirst

Corp.

12,950

2,368,685

5,948,344

Communications

Equipment

0

.5

%

ADTRAN

Holdings,

Inc.(a)

53,565

393,167

Comtech

Telecommunications

Corp.

20,456

172,444

DZS,

Inc.*

10,008

19,716

KVH

Industries,

Inc.*(a)

3,350

17,621

NETGEAR,

Inc.*

28,912

421,537

Ribbon

Communications,

Inc.*

42,520

123,308

1,147,793

Construction

&

Engineering

3

.8

%

API

Group

Corp.*

125,700

4,349,220

Argan,

Inc.

9,058

423,824

EMCOR

Group,

Inc.

10,600

2,283,558

Fluor

Corp.*

15,110

591,859

Great

Lakes

Dredge

&

Dock

Corp.*

5,550

42,624

Limbach

Holdings,

Inc.*

907

41,241

Matrix

Service

Co.*

7,700

75,306

Primoris

Services

Corp.

3,715

123,375

Tutor

Perini

Corp.*

37,709

343,152

8,274,159

Construction

Materials

0

.1

%

Knife

River

Corp.*

3,280

217,070

Consumer

Finance

2

.2

%

EZCORP,

Inc.,

Class

A*(a)

42,679

373,014

Green

Dot

Corp.,

Class

A*

45,242

447,896

LendingClub

Corp.*

90,162

788,016

LendingTree,

Inc.*

1,000

30,320

Navient

Corp.(a)

64,063

1,192,853

Oportun

Financial

Corp.*

7,700

30,107

PRA

Group,

Inc.*(a)

15,699

411,314

PROG

Holdings,

Inc.*(a)

37,227

1,150,686

Regional

Management

Corp.

1,920

48,154

SLM

Corp.

21,161

404,598

4,876,958

Consumer

Staples

Distribution

&

Retail

1

.8

%

Andersons,

Inc.

(The)(a)

18,303

1,053,155

Grocery

Outlet

Holding

Corp.*

91,800

2,474,928

SpartanNash

Co.

19,396

445,138

3,973,221

Containers

&

Packaging

0

.1

%

Ranpak

Holdings

Corp.,

Class

A*

31,866

185,460

Diversified

Consumer

Services

0

.3

%

2U,

Inc.*(a)

68,729

84,537

Chegg,

Inc.*

44,932

510,427

Universal

Technical

Institute,

Inc.*

11,244

140,775

735,739

Diversified

REITs

0

.1

%

Armada

Hoffler

Properties,

Inc.

(a)

10,352

128,054

Diversified

Telecommunication

Services

0

.2

%

ATN

International,

Inc.

661

25,759

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

107

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Bandwidth,

Inc.,

Class

A*

26,702

386,378

412,137

Electric

Utilities

0

.4

%

NRG

Energy,

Inc.(a)

18,335

947,919

Electrical

Equipment

0

.4

%

Powell

Industries,

Inc.

8,685

767,754

Electronic

Equipment,

Instruments

&

Components

3

.2

%

Benchmark

Electronics,

Inc.

13,418

370,873

Daktronics,

Inc.*

40,993

347,621

ePlus,

Inc.*

68,500

5,469,040

FARO

Technologies,

Inc.*(a)

18,868

425,096

ScanSource,

Inc.*

8,488

336,210

6,948,840

Energy

Equipment

&

Services

0

.8

%

Atlas

Energy

Solutions,

Inc.

30,656

527,896

Helix

Energy

Solutions

Group,

Inc.*(a)

24,452

251,367

Newpark

Resources,

Inc.*

19,700

130,808

Oil

States

International,

Inc.*

47,774

324,386

Patterson-UTI

Energy,

Inc.

39,823

430,088

1,664,545

Entertainment

0

.1

%

Playstudios,

Inc.*

15,740

42,655

Playtika

Holding

Corp.*

10,682

93,147

Roku,

Inc.,

Class

A*(a)

956

87,627

223,429

Financial

Services

1

.0

%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

3,780

93,517

Corebridge

Financial,

Inc.

9,571

207,308

Jackson

Financial,

Inc.,

Class

A

25,170

1,288,704

Ocwen

Financial

Corp.*(a)

1,734

53,338

Paysafe

Ltd.*

29,753

380,541

PennyMac

Financial

Services,

Inc.(a)

1,670

147,578

2,170,986

Food

Products

0

.9

%

Lancaster

Colony

Corp.(a)

11,200

1,863,568

Gas

Utilities

0

.1

%

Northwest

Natural

Holding

Co.

7,984

310,897

Ground

Transportation

2

.3

%

ArcBest

Corp.(a)

12,383

1,488,561

Covenant

Logistics

Group,

Inc.,

Class

A

7,734

356,073

Landstar

System,

Inc.(a)

15,900

3,079,035

TuSimple

Holdings,

Inc.,

Class

A*(a)

20,262

17,786

4,941,455

Health

Care

Equipment

&

Supplies

2

.0

%

AngioDynamics,

Inc.*

50,085

392,666

Butterfly

Network,

Inc.*

18,038

19,481

Cue

Health,

Inc.*

4,100

666

Cutera,

Inc.*(a)

10,686

37,668

ICU

Medical,

Inc.*

23,849

2,378,699

Inogen,

Inc.*

24,800

136,152

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

OraSure

Technologies,

Inc.*

19,924

163,377

Orthofix

Medical,

Inc.*

35,003

471,841

Tandem

Diabetes

Care,

Inc.*(a)

8,250

244,035

Zimvie,

Inc.*

22,896

406,404

4,250,989

Health

Care

Providers

&

Services

5

.3

%

Addus

HomeCare

Corp.*(a)

53,000

4,921,050

AMN

Healthcare

Services,

Inc.*

18,200

1,362,816

Castle

Biosciences,

Inc.*

20,000

431,600

DocGo,

Inc.*(a)

302,400

1,690,416

Ensign

Group,

Inc.

(The)(a)

28,400

3,186,764

11,592,646

Health

Care

REITs

0

.1

%

CareTrust

REIT,

Inc.

4,860

108,767

Health

Care

Technology

0

.8

%

American

Well

Corp.,

Class

A*(a)

156,608

233,346

Computer

Programs

&

Systems,

Inc.*

15,794

176,893

Health

Catalyst,

Inc.*

54,431

504,031

Sharecare,

Inc.*(a)

36,400

39,312

Veradigm,

Inc.*(a)

84,046

881,642

1,835,224

Hotel

&

Resort

REITs

1

.8

%

Chatham

Lodging

Trust

14,712

157,713

Park

Hotels

&

Resorts,

Inc.(a)

6,110

93,483

Pebblebrook

Hotel

Trust(a)

11,769

188,068

RLJ

Lodging

Trust

120,660

1,414,135

Sunstone

Hotel

Investors,

Inc.

(a)

93,541

1,003,695

Xenia

Hotels

&

Resorts,

Inc.

78,400

1,067,808

3,924,902

Hotels,

Restaurants

&

Leisure

1

.2

%

Wyndham

Hotels

&

Resorts,

Inc.

32,700

2,629,407

Household

Durables

2

.7

%

GoPro,

Inc.,

Class

A*(a)

143,267

497,136

Hooker

Furnishings

Corp.(a)

3,198

83,404

KB

Home

28,676

1,791,103

Landsea

Homes

Corp.*(a)

17,847

234,510

Meritage

Homes

Corp.

5,333

929,009

Taylor

Morrison

Home

Corp.,

Class

A*

20,529

1,095,222

Tri

Pointe

Homes,

Inc.*

32,812

1,161,545

Universal

Electronics,

Inc.*

5,665

53,194

VOXX

International

Corp.,

Class

A*(a)

1,984

21,189

5,866,312

Independent

Power

and

Renewable

Electricity

Producers

0

.4

%

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

Vistra

Corp.

22,940

883,649

883,649

Insurance

4

.3

%

Brighthouse

Financial,

Inc.*

6,218

329,057

108

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Insurance

CNO

Financial

Group,

Inc.(a)

35,392

987,437

Donegal

Group,

Inc.,

Class

A

3,895

54,491

eHealth,

Inc.*

3,509

30,598

Employers

Holdings,

Inc.

16,815

662,511

Enstar

Group

Ltd.*

13,200

3,885,420

Fidelis

Insurance

Holdings

Ltd.*

21,883

277,258

Horace

Mann

Educators

Corp.

4,100

134,070

James

River

Group

Holdings

Ltd.

17,303

159,880

Mercury

General

Corp.

2,640

98,498

ProAssurance

Corp.

31,730

437,557

Reinsurance

Group

of

America,

Inc.

5,551

898,041

Safety

Insurance

Group,

Inc.

2,690

204,413

Selectquote,

Inc.*

1,064

1,458

Skyward

Specialty

Insurance

Group,

Inc.*(a)

17,808

603,335

United

Fire

Group,

Inc.

7,353

147,942

Universal

Insurance

Holdings,

Inc.

22,026

351,975

9,263,941

Interactive

Media

&

Services

0

.1

%

DHI

Group,

Inc.*(a)

3,985

10,321

Outbrain,

Inc.*

3,600

15,768

TrueCar,

Inc.*

16,580

57,367

Vimeo,

Inc.*

48,000

188,160

271,616

IT

Services

1

.0

%

Brightcove,

Inc.*

3,600

9,324

DXC

Technology

Co.*(a)

12,970

296,624

Edgio,

Inc.*(a)

6,700

2,295

Kyndryl

Holdings,

Inc.*

14,265

296,427

Rackspace

Technology,

Inc.*(a)

63,500

127,000

Squarespace,

Inc.,

Class

A*

34,686

1,144,985

Unisys

Corp.*

47,591

267,461

2,144,116

Leisure

Products

0

.2

%

American

Outdoor

Brands,

Inc.*

3,614

30,358

Funko,

Inc.,

Class

A*(a)

38,074

294,312

Latham

Group,

Inc.*(a)

4,000

10,520

Solo

Brands,

Inc.,

Class

A*(a)

7,100

43,736

378,926

Life

Sciences

Tools

&

Services

0

.2

%

Codexis,

Inc.*

24,200

73,810

MaxCyte,

Inc.*(a)

45,559

214,127

Quanterix

Corp.*

1,500

41,010

Seer,

Inc.,

Class

A*

24,400

47,336

376,283

Machinery

3

.1

%

AGCO

Corp.(a)

5,038

611,664

Astec

Industries,

Inc.

10,491

390,265

Greenbrier

Cos.,

Inc.

(The)(a)

720

31,810

Hillman

Solutions

Corp.*

383,600

3,532,956

Luxfer

Holdings

plc

2,858

25,550

Manitowoc

Co.,

Inc.

(The)*

37,133

619,750

Proto

Labs,

Inc.*

14,700

572,712

REV

Group,

Inc.

15,622

283,852

Common

Stocks

Shares

Value

($)

Machinery

Titan

International,

Inc.*

36,700

546,096

Trinity

Industries,

Inc.

4,184

111,252

6,725,907

Media

0

.6

%

Cardlytics,

Inc.*(a)

6,200

57,102

Clear

Channel

Outdoor

Holdings,

Inc.*

94,122

171,302

PubMatic,

Inc.,

Class

A*

7,264

118,476

Scholastic

Corp.

11,645

439,017

Stagwell,

Inc.,

Class

A*(a)

70,653

468,429

WideOpenWest,

Inc.*

19,400

78,570

1,332,896

Metals

&

Mining

2

.0

%

Olympic

Steel,

Inc.

7,454

497,182

Ramaco

Resources,

Inc.,

Class

A

9,300

159,774

Ryerson

Holding

Corp.

24,399

846,157

Schnitzer

Steel

Industries,

Inc.,

Class

A

21,319

642,981

SunCoke

Energy,

Inc.

74,948

804,942

Warrior

Met

Coal,

Inc.

22,085

1,346,522

4,297,558

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

Granite

Point

Mortgage

Trust,

Inc.

19,869

118,022

Great

Ajax

Corp.

3,700

19,610

137,632

Office

REITs

0

.8

%

Easterly

Government

Properties,

Inc.,

Class

A(a)

15,250

204,960

Equity

Commonwealth

71,393

1,370,745

Orion

Office

REIT,

Inc.

44,900

256,828

1,832,533

Oil,

Gas

&

Consumable

Fuels

5

.0

%

Berry

Corp.

63,000

442,890

California

Resources

Corp.

28,835

1,576,698

Centrus

Energy

Corp.,

Class

A*(a)

3,241

176,343

CNX

Resources

Corp.*(a)

44,374

887,480

CONSOL

Energy,

Inc.

4,403

442,633

CVR

Energy,

Inc.(a)

20,683

626,695

Delek

US

Holdings,

Inc.

28,440

733,752

DHT

Holdings,

Inc.

26,744

262,359

Gulfport

Energy

Corp.*

9,901

1,318,813

Par

Pacific

Holdings,

Inc.*

26,267

955,331

REX

American

Resources

Corp.*

1,067

50,469

Scorpio

Tankers,

Inc.

19,098

1,161,158

SM

Energy

Co.(a)

11,700

453,024

Teekay

Tankers

Ltd.,

Class

A

17,140

856,486

World

Kinect

Corp.

39,586

901,769

10,845,900

Paper

&

Forest

Products

0

.4

%

Clearwater

Paper

Corp.*

13,580

490,510

Louisiana-Pacific

Corp.

4,522

320,293

810,803

Personal

Care

Products

1

.4

%

Inter

Parfums,

Inc.

19,800

2,851,398

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Personal

Care

Products

Nature's

Sunshine

Products,

Inc.*

4,838

83,649

2,935,047

Pharmaceuticals

0

.4

%

Amneal

Pharmaceuticals,

Inc.*(a)

20,217

122,717

Atea

Pharmaceuticals,

Inc.*

13,200

40,260

Cara

Therapeutics,

Inc.*

31,400

23,330

Nektar

Therapeutics,

Class

A*(a)

179,308

101,309

NGM

Biopharmaceuticals,

Inc.*

24,900

21,389

Nuvation

Bio,

Inc.*

15,500

23,405

Phathom

Pharmaceuticals,

Inc.*(a)

19,582

178,784

Theravance

Biopharma,

Inc.*(a)

18,179

204,332

WaVe

Life

Sciences

Ltd.*

15,132

76,417

Zevra

Therapeutics,

Inc.*

2,000

13,100

805,043

Professional

Services

3

.0

%

Barrett

Business

Services,

Inc.

2,257

261,360

Conduent,

Inc.*

31,198

113,873

Heidrick

&

Struggles

International,

Inc.

8,227

242,943

HireRight

Holdings

Corp.*

3,575

48,084

Kelly

Services,

Inc.,

Class

A

11,613

251,073

Mistras

Group,

Inc.*

4,700

34,404

Resources

Connection,

Inc.

16,353

231,722

TrueBlue,

Inc.*

30,879

473,684

Verra

Mobility

Corp.,

Class

A*

209,900

4,833,997

6,491,140

Real

Estate

Management

&

Development

2

.0

%

Compass,

Inc.,

Class

A*(a)

92,482

347,732

Cushman

&

Wakefield

plc*(a)

224,400

2,423,520

Douglas

Elliman,

Inc.

63,532

187,420

Forestar

Group,

Inc.*(a)

16,155

534,246

Howard

Hughes

Holdings,

Inc.*

2,626

224,654

Newmark

Group,

Inc.,

Class

A

7,200

78,912

Opendoor

Technologies,

Inc.*(a)

74,116

332,040

RE/MAX

Holdings,

Inc.,

Class

A

17,349

231,262

RMR

Group,

Inc.

(The),

Class

A

2,574

72,664

4,432,450

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Alpha

&

Omega

Semiconductor

Ltd.*(a)

6,020

156,881

SMART

Global

Holdings,

Inc.*(a)

28,093

531,801

688,682

Software

4

.3

%

Adeia,

Inc.(a)

58,653

726,711

American

Software,

Inc.,

Class

A

15,866

179,286

CS

Disco,

Inc.*

12,800

97,152

Dropbox,

Inc.,

Class

A*(a)

38,121

1,123,807

Common

Stocks

Shares

Value

($)

Software

E2open

Parent

Holdings,

Inc.*(a)

52,100

228,719

Guidewire

Software,

Inc.*

3,753

409,227

LiveRamp

Holdings,

Inc.*

11,383

431,188

MeridianLink,

Inc.*(a)

151,189

3,744,952

Nutanix,

Inc.,

Class

A*(a)

26,941

1,284,816

ON24,

Inc.(a)

12,721

100,241

SecureWorks

Corp.,

Class

A*

4,792

35,365

SentinelOne,

Inc.,

Class

A*

4,988

136,871

SolarWinds

Corp.*

34,999

437,137

Upland

Software,

Inc.*

34,322

145,182

Xperi,

Inc.*

30,282

333,708

9,414,362

Specialty

Retail

2

.9

%

1-800-Flowers.com,

Inc.,

Class

A*

25,256

272,260

Aaron's

Co.,

Inc.

(The)

37,387

406,771

America's

Car-Mart,

Inc.*(a)

25,800

1,954,866

Boot

Barn

Holdings,

Inc.*(a)

11,300

867,388

Genesco,

Inc.*(a)

15,793

556,071

Lands'

End,

Inc.*

17,600

168,256

PetMed

Express,

Inc.

23,500

177,660

Sleep

Number

Corp.*

18,258

270,766

Sonic

Automotive,

Inc.,

Class

A(a)

18,451

1,037,131

ThredUp,

Inc.,

Class

A*(a)

7,500

16,875

Tilly's,

Inc.,

Class

A*

11,426

86,152

Zumiez,

Inc.*

20,604

419,085

6,233,281

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Quantum

Corp.*(a)

7,300

2,548

Turtle

Beach

Corp.*

14,855

162,662

Xerox

Holdings

Corp.

53,607

982,616

1,147,826

Textiles,

Apparel

&

Luxury

Goods

0

.8

%

Figs,

Inc.,

Class

A*(a)

15,900

110,505

G-III

Apparel

Group

Ltd.*

35,997

1,223,178

Movado

Group,

Inc.

5,914

178,307

Superior

Group

of

Cos.,

Inc.

1,600

21,600

Unifi,

Inc.*

5,898

39,281

Vera

Bradley,

Inc.*

17,334

133,472

1,706,343

Tobacco

0

.2

%

Vector

Group

Ltd.

40,650

458,532

Trading

Companies

&

Distributors

2

.7

%

Beacon

Roofing

Supply,

Inc.*

32,000

2,784,640

BlueLinx

Holdings,

Inc.*

390

44,191

Boise

Cascade

Co.(a)

15,708

2,031,988

Global

Industrial

Co.

2,466

95,779

GMS,

Inc.*

2,535

208,960

NOW,

Inc.*

57,015

645,410

5,810,968

Wireless

Telecommunication

Services

0

.0

%

†

Spok

Holdings,

Inc.

70

1,083

Total

Common

Stocks

(cost

$183,052,136)

214,155,352

110

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Rights

0

.0

%

†

Number

of

Rights

Value

($)

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

Repurchase

Agreements

6

.2

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,484,971,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,513,761.(b)(c)

1,484,080

1,484,080

ING

Financial

Services

LLC,

5.32%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,002,956,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

5.35%,

maturing

1/15/2024

-

11/15/2053;

total

market

value

$5,100,001.(b)(c)

5,000,000

5,000,000

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$7,004,146,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$7,143,915.

(b)(c)

7,000,000

7,000,000

Total

Repurchase

Agreements

(cost

$13,484,080)

13,484,080

Total

Investments

(cost

$196,542,325)

—

104.9%

227,639,432

Liabilities

in

excess

of

other

assets

—

(4.9)%

(

10,713,350

)

NET

ASSETS

—

100.0%

$

216,926,082

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$36,918,646,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,484,080

and

by

$24,948,655

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$38,432,735.

(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

$13,484,080.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Statement

of

Investments

-

111

Common

Stocks

99

.4

%

Shares

Value

($)

AUSTRALIA

0

.0

%

†

Capital

Markets

0

.0

%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0

.1

%

Insurance

0

.1

%

Fidelis

Insurance

Holdings

Ltd.

*

41,081

520,496

CANADA

0

.7

%

Electronic

Equipment,

Instruments

&

Components

0

.3

%

Celestica,

Inc.

*

34,645

1,014,406

Oil,

Gas

&

Consumable

Fuels

0

.4

%

Teekay

Tankers

Ltd.,

Class

A

(a)

31,128

1,555,466

2,569,872

ISRAEL

0

.3

%

Software

0

.3

%

JFrog

Ltd.

*

26,290

909,897

JAPAN

0

.2

%

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Allegro

MicroSystems,

Inc.

*

26,368

798,159

MONACO

0

.6

%

Oil,

Gas

&

Consumable

Fuels

0

.6

%

Scorpio

Tankers,

Inc.

37,024

2,251,059

PANAMA

0

.0

%

†

Financial

Services

0

.0

%

†

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

4,080

100,939

PUERTO

RICO

1

.5

%

Banks

1

.5

%

First

Bancorp

170,917

2,811,584

OFG

Bancorp

61,143

2,291,640

5,103,224

UNITED

KINGDOM

0

.8

%

Energy

Equipment

&

Services

0

.3

%

TechnipFMC

plc

(a)

61,478

1,238,167

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

IT

Services

0

.5

%

Endava

plc,

ADR

*(a)

20,570

1,601,375

Machinery

0

.0

%

†

Luxfer

Holdings

plc

4,561

40,775

2,880,317

UNITED

STATES

95

.2

%

Aerospace

&

Defense

1

.7

%

AAR

Corp.

*

8,733

544,939

Curtiss-Wright

Corp.

10,102

2,250,625

Hexcel

Corp.

21,633

1,595,434

Kaman

Corp.

16,726

400,588

Parsons

Corp.

*

22,023

1,381,062

6,172,648

Air

Freight

&

Logistics

0

.0

%

†

Radiant

Logistics,

Inc.

*

5,753

38,200

Automobile

Components

2

.1

%

Adient

plc

*

49,598

1,803,383

American

Axle

&

Manufacturing

Holdings,

Inc.

*(a)

34,933

307,760

BorgWarner,

Inc.

12,969

464,939

Cooper-Standard

Holdings,

Inc.

*

4,150

81,091

Common

Stocks

Shares

Value

($)

UNITED

STATES

Automobile

Components

Dana,

Inc.

145,736

2,129,202

Goodyear

Tire

&

Rubber

Co.

(The)

*

117,593

1,683,932

Modine

Manufacturing

Co.

*

13,657

815,323

Stoneridge,

Inc.

*

13,919

272,395

7,558,025

Banks

9

.2

%

1st

Source

Corp.

480

26,376

Amalgamated

Financial

Corp.

11,632

313,366

Amerant

Bancorp,

Inc.,

Class

A

6,092

149,680

Arrow

Financial

Corp.

1,720

48,057

BankUnited,

Inc.

85,111

2,760,150

Bankwell

Financial

Group,

Inc.

1,851

55,863

BCB

Bancorp,

Inc.

7,431

95,488

Berkshire

Hills

Bancorp,

Inc.

51,754

1,285,052

Byline

Bancorp,

Inc.

13,252

312,217

Capital

Bancorp,

Inc.

3,180

76,956

Capital

City

Bank

Group,

Inc.

6,687

196,798

Carter

Bankshares,

Inc.

*(a)

1,667

24,955

Central

Pacific

Financial

Corp.

29,957

589,554

Community

Trust

Bancorp,

Inc.

12,640

554,390

ConnectOne

Bancorp,

Inc.

(a)

17,009

389,676

Cullen/Frost

Bankers,

Inc.

(a)

4,991

541,474

Customers

Bancorp,

Inc.

*(a)

53,402

3,077,024

East

West

Bancorp,

Inc.

4,376

314,853

Eastern

Bankshares,

Inc.

(a)

81,625

1,159,075

FB

Financial

Corp.

22,565

899,215

Financial

Institutions,

Inc.

11,604

247,165

First

Financial

Corp.

14,131

608,057

First

Foundation,

Inc.

138,183

1,337,611

First

Horizon

Corp.

16,397

232,182

First

Internet

Bancorp

11,728

283,700

First

Savings

Financial

Group,

Inc.

1,433

24,074

Five

Star

Bancorp

6,039

158,101

FS

Bancorp,

Inc.

2,350

86,856

Great

Southern

Bancorp,

Inc.

(a)

6,470

383,995

Guaranty

Bancshares,

Inc.

(a)

3,415

114,812

Hanmi

Financial

Corp.

41,355

802,287

HarborOne

Bancorp,

Inc.

36,551

437,881

HBT

Financial,

Inc.

6,368

134,428

Heritage

Commerce

Corp.

1,024

10,158

Hilltop

Holdings,

Inc.

55,397

1,950,528

Home

Bancorp,

Inc.

(a)

1,500

63,015

HomeStreet,

Inc.

(a)

48,644

501,033

HomeTrust

Bancshares,

Inc.

11,387

306,538

Horizon

Bancorp,

Inc.

1,051

15,040

Independent

Bank

Corp.

17,100

444,942

Investar

Holding

Corp.

1,804

26,898

Kearny

Financial

Corp.

26,873

241,051

Macatawa

Bank

Corp.

13,797

155,630

Mercantile

Bank

Corp.

4,601

185,788

Metropolitan

Bank

Holding

Corp.

*(a)

15,925

881,927

Midland

States

Bancorp,

Inc.

14,801

407,916

MVB

Financial

Corp.

1,464

33,028

Northfield

Bancorp,

Inc.

6,761

85,053

Northrim

Bancorp,

Inc.

4,095

234,275

OceanFirst

Financial

Corp.

8,908

154,643

Old

Second

Bancorp,

Inc.

3,338

51,539

Origin

Bancorp,

Inc.

3,880

138,012

Pathward

Financial,

Inc.

9,941

526,177

112

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Peapack-Gladstone

Financial

Corp.

10,049

299,661

Preferred

Bank

8,377

611,940

Primis

Financial

Corp.

10,826

137,057

QCR

Holdings,

Inc.

14,167

827,211

RBB

Bancorp

(a)

10,692

203,576

Sierra

Bancorp

3,626

81,766

SmartFinancial,

Inc.

(a)

1,217

29,804

South

Plains

Financial,

Inc.

4,692

135,880

Southern

First

Bancshares,

Inc.

*

5,449

202,158

Texas

Capital

Bancshares,

Inc.

*(a)

50,098

3,237,835

Third

Coast

Bancshares,

Inc.

*

3,342

66,406

UMB

Financial

Corp.

25,888

2,162,942

Veritex

Holdings,

Inc.

18,179

423,025

32,553,820

Beverages

0

.4

%

Celsius

Holdings,

Inc.

*(a)

25,690

1,400,619

Biotechnology

4

.7

%

2seventy

bio,

Inc.

*(a)

253

1,080

Aadi

Bioscience,

Inc.

*(a)

7,887

15,932

Arcturus

Therapeutics

Holdings,

Inc.

*

3,750

118,238

Arcus

Biosciences,

Inc.

*(a)

16,469

314,558

Blueprint

Medicines

Corp.

*

3,419

315,369

CareDx,

Inc.

*

120,560

1,446,720

Coherus

Biosciences,

Inc.

*(a)

6,100

20,313

Cytokinetics,

Inc.

*(a)

10,864

907,035

Design

Therapeutics,

Inc.

*

29,300

77,645

Eagle

Pharmaceuticals,

Inc.

*

4,112

21,506

Editas

Medicine,

Inc.

*(a)

19,936

201,952

Emergent

BioSolutions,

Inc.

*(a)

131,399

315,358

Enanta

Pharmaceuticals,

Inc.

*

42,517

400,085

Erasca,

Inc.

*(a)

29,800

63,474

Exelixis,

Inc.

*

13,044

312,926

Fate

Therapeutics,

Inc.

*

177,900

665,346

FibroGen,

Inc.

*(a)

235,835

209,021

Gossamer

Bio,

Inc.

*

25,255

23,045

Halozyme

Therapeutics,

Inc.

*(a)

13,827

511,046

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

161,347

1,845,809

iTeos

Therapeutics,

Inc.

*(a)

43,405

475,285

Karuna

Therapeutics,

Inc.

*

2,179

689,675

Kodiak

Sciences,

Inc.

*

16,197

49,239

Mersana

Therapeutics,

Inc.

*(a)

18,000

41,760

Nurix

Therapeutics,

Inc.

*(a)

47,973

495,081

Organogenesis

Holdings,

Inc.,

Class

A

*

14,200

58,078

PMV

Pharmaceuticals,

Inc.

*

11,696

36,258

Poseida

Therapeutics,

Inc.,

Class

A

*

22,400

75,264

PTC

Therapeutics,

Inc.

*(a)

36,406

1,003,349

REGENXBIO,

Inc.

*

67,316

1,208,322

Relay

Therapeutics,

Inc.

*(a)

140,527

1,547,201

Sangamo

Therapeutics,

Inc.

*(a)

103,600

56,286

Stoke

Therapeutics,

Inc.

*(a)

16,271

85,585

Sutro

Biopharma,

Inc.

*

88,977

381,711

Travere

Therapeutics,

Inc.

*

69,114

621,335

Ultragenyx

Pharmaceutical,

Inc.

*

6,962

332,923

Vanda

Pharmaceuticals,

Inc.

*(a)

163,531

690,101

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Vir

Biotechnology,

Inc.

*

16,453

165,517

Y-mAbs

Therapeutics,

Inc.

*(a)

6,503

44,350

Zymeworks,

Inc.

*(a)

71,740

745,379

16,589,157

Broadline

Retail

0

.3

%

1stdibs.com,

Inc.

*(a)

7,823

36,612

Ollie's

Bargain

Outlet

Holdings,

Inc.

*(a)

12,282

932,081

968,693

Building

Products

1

.4

%

AAON,

Inc.

16,824

1,242,789

AZEK

Co.,

Inc.

(The),

Class

A

*

24,923

953,305

Insteel

Industries,

Inc.

11,176

427,929

Resideo

Technologies,

Inc.

*

82,418

1,551,106

Trex

Co.,

Inc.

*(a)

7,458

617,448

4,792,577

Capital

Markets

2

.3

%

Cohen

&

Steers,

Inc.

(a)

4,103

310,720

Donnelley

Financial

Solutions,

Inc.

*

16,297

1,016,444

Evercore,

Inc.,

Class

A

12,001

2,052,771

Hamilton

Lane,

Inc.,

Class

A

28,520

3,235,309

Robinhood

Markets,

Inc.,

Class

A

*

10,321

131,490

StoneX

Group,

Inc.

*

14,373

1,061,159

TPG,

Inc.,

Class

A

(a)

8,632

372,643

8,180,536

Chemicals

1

.0

%

American

Vanguard

Corp.

24,712

271,091

Ecovyst,

Inc.

*

109,048

1,065,399

Element

Solutions,

Inc.

26,924

623,021

Huntsman

Corp.

17,400

437,262

Origin

Materials,

Inc.

*(a)

161,716

135,227

Rayonier

Advanced

Materials,

Inc.

*(a)

76,299

309,011

Trinseo

plc

80,821

676,472

3,517,483

Commercial

Services

&

Supplies

2

.6

%

BrightView

Holdings,

Inc.

*

43,037

362,372

Casella

Waste

Systems,

Inc.,

Class

A

*

18,989

1,622,800

Clean

Harbors,

Inc.

*

15,739

2,746,613

CoreCivic,

Inc.

*(a)

125,459

1,822,919

Enviri

Corp.

*

78,371

705,339

Interface,

Inc.,

Class

A

15,865

200,216

Steelcase,

Inc.,

Class

A

119,178

1,611,287

9,071,546

Communications

Equipment

0

.6

%

ADTRAN

Holdings,

Inc.

(a)

101,307

743,593

Comtech

Telecommunications

Corp.

31,799

268,066

DZS,

Inc.

*(a)

9,295

18,311

KVH

Industries,

Inc.

*(a)

6,856

36,063

NETGEAR,

Inc.

*

52,881

771,004

Ribbon

Communications,

Inc.

*(a)

86,425

250,633

2,087,670

Construction

&

Engineering

2

.0

%

Argan,

Inc.

15,262

714,109

Comfort

Systems

USA,

Inc.

13,078

2,689,751

EMCOR

Group,

Inc.

5,892

1,269,314

Fluor

Corp.

*(a)

28,756

1,126,373

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Statement

of

Investments

-

113

Common

Stocks

Shares

Value

($)

UNITED

STATES

Construction

&

Engineering

Great

Lakes

Dredge

&

Dock

Corp.

*

8,355

64,166

Limbach

Holdings,

Inc.

*

5,595

254,405

Matrix

Service

Co.

*

15,384

150,456

Primoris

Services

Corp.

6,419

213,175

Tutor

Perini

Corp.

*

67,849

617,426

7,099,175

Construction

Materials

0

.4

%

Eagle

Materials,

Inc.

(a)

5,422

1,099,799

Knife

River

Corp.

*

5,630

372,593

1,472,392

Consumer

Finance

2

.7

%

EZCORP,

Inc.,

Class

A

*(a)

74,199

648,499

Green

Dot

Corp.,

Class

A

*

81,679

808,622

LendingClub

Corp.

*

187,074

1,635,027

LendingTree,

Inc.

*

4,410

133,711

Navient

Corp.

116,562

2,170,384

Oportun

Financial

Corp.

*

14,818

57,938

PRA

Group,

Inc.

*(a)

28,213

739,181

PROG

Holdings,

Inc.

*

76,562

2,366,532

Regional

Management

Corp.

6,022

151,032

SLM

Corp.

39,412

753,557

9,464,483

Consumer

Staples

Distribution

&

Retail

0

.8

%

Andersons,

Inc.

(The)

34,256

1,971,090

SpartanNash

Co.

36,468

836,941

2,808,031

Containers

&

Packaging

0

.1

%

Ranpak

Holdings

Corp.,

Class

A

*(a)

65,671

382,205

Diversified

Consumer

Services

1

.2

%

2U,

Inc.

*(a)

135,007

166,059

Chegg,

Inc.

*

85,784

974,506

Duolingo,

Inc.,

Class

A

*(a)

13,114

2,974,910

Universal

Technical

Institute,

Inc.

*

21,659

271,171

4,386,646

Diversified

REITs

0

.1

%

Armada

Hoffler

Properties,

Inc.

21,592

267,093

Diversified

Telecommunication

Services

0

.2

%

ATN

International,

Inc.

1,200

46,764

Bandwidth,

Inc.,

Class

A

*

52,351

757,519

804,283

Electric

Utilities

0

.5

%

NRG

Energy,

Inc.

(a)

36,137

1,868,283

Electrical

Equipment

0

.9

%

NEXTracker,

Inc.,

Class

A

*(a)

17,605

824,794

Powell

Industries,

Inc.

16,904

1,494,314

Vertiv

Holdings

Co.,

Class

A

(a)

19,126

918,622

3,237,730

Electronic

Equipment,

Instruments

&

Components

1

.6

%

Badger

Meter,

Inc.

6,642

1,025,326

Benchmark

Electronics,

Inc.

50,107

1,384,957

Daktronics,

Inc.

*

75,447

639,791

FARO

Technologies,

Inc.

*(a)

36,609

824,801

Novanta,

Inc.

*

7,601

1,280,084

ScanSource,

Inc.

*

13,125

519,881

5,674,840

Energy

Equipment

&

Services

1

.2

%

Atlas

Energy

Solutions,

Inc.

(a)

64,362

1,108,314

Common

Stocks

Shares

Value

($)

UNITED

STATES

Energy

Equipment

&

Services

Helix

Energy

Solutions

Group,

Inc.

*(a)

13,950

143,406

Newpark

Resources,

Inc.

*

35,106

233,104

Oil

States

International,

Inc.

*

84,970

576,946

Patterson-UTI

Energy,

Inc.

(a)

65,391

706,223

Weatherford

International

plc

*(a)

13,533

1,323,933

4,091,926

Entertainment

0

.5

%

Playstudios,

Inc.

*

21,110

57,208

Playtika

Holding

Corp.

*

21,202

184,881

Roku,

Inc.,

Class

A

*(a)

1,796

164,621

TKO

Group

Holdings,

Inc.

(a)

14,724

1,201,185

1,607,895

Financial

Services

1

.8

%

Corebridge

Financial,

Inc.

17,953

388,862

Essent

Group

Ltd.

12,590

663,997

Flywire

Corp.

*

39,293

909,633

Jackson

Financial,

Inc.,

Class

A

(a)

45,338

2,321,307

Mr.

Cooper

Group,

Inc.

*

8,995

585,754

Ocwen

Financial

Corp.

*(a)

4,648

142,972

Paysafe

Ltd.

*(a)

56,855

727,175

PennyMac

Financial

Services,

Inc.

(a)

2,709

239,394

Remitly

Global,

Inc.

*

17,527

340,374

6,319,468

Gas

Utilities

0

.1

%

Northwest

Natural

Holding

Co.

7,414

288,701

Ground

Transportation

1

.3

%

ArcBest

Corp.

7,248

871,282

Covenant

Logistics

Group,

Inc.,

Class

A

21,360

983,414

Saia,

Inc.

*(a)

6,234

2,731,864

TuSimple

Holdings,

Inc.,

Class

A

*(a)

37,885

33,255

4,619,815

Health

Care

Equipment

&

Supplies

2

.8

%

AngioDynamics,

Inc.

*

93,633

734,083

Axonics,

Inc.

*(a)

26,078

1,622,835

Butterfly

Network,

Inc.

*

16,604

17,932

Cue

Health,

Inc.

*(a)

8,638

1,404

Cutera,

Inc.

*(a)

15,800

55,695

Glaukos

Corp.

*

11,819

939,492

Haemonetics

Corp.

*(a)

11,071

946,681

Inogen,

Inc.

*

47,221

259,243

Integer

Holdings

Corp.

*(a)

3,228

319,830

Lantheus

Holdings,

Inc.

*

8,566

531,092

Merit

Medical

Systems,

Inc.

*(a)

12,625

958,996

OraSure

Technologies,

Inc.

*

32,147

263,605

Orthofix

Medical,

Inc.

*

65,070

877,144

Shockwave

Medical,

Inc.

*

3,399

647,713

Tandem

Diabetes

Care,

Inc.

*(a)

15,806

467,541

TransMedics

Group,

Inc.

*(a)

6,826

538,776

Zimvie,

Inc.

*

42,877

761,067

9,943,129

Health

Care

Providers

&

Services

2

.4

%

Acadia

Healthcare

Co.,

Inc.

*

24,388

1,896,411

Addus

HomeCare

Corp.

*

100

9,285

Castle

Biosciences,

Inc.

*

37,300

804,934

Encompass

Health

Corp.

20,841

1,390,512

HealthEquity,

Inc.

*

9,901

656,436

Privia

Health

Group,

Inc.

*(a)

32,541

749,419

114

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Health

Care

Providers

&

Services

Progyny,

Inc.

*

18,379

683,331

RadNet,

Inc.

*(a)

22,357

777,353

Surgery

Partners,

Inc.

*(a)

50,347

1,610,601

8,578,282

Health

Care

Technology

1

.2

%

American

Well

Corp.,

Class

A

*(a)

219,879

327,620

Computer

Programs

&

Systems,

Inc.

*

29,823

334,018

Evolent

Health,

Inc.,

Class

A

*(a)

17,540

579,346

Health

Catalyst,

Inc.

*

121,345

1,123,655

HealthStream,

Inc.

1,000

27,030

Sharecare,

Inc.

*(a)

69,000

74,520

Veradigm,

Inc.

*(a)

158,525

1,662,926

4,129,115

Hotel

&

Resort

REITs

1

.9

%

Chatham

Lodging

Trust

28,607

306,667

Park

Hotels

&

Resorts,

Inc.

(a)

11,398

174,389

RLJ

Lodging

Trust

(a)

228,235

2,674,915

Sunstone

Hotel

Investors,

Inc.

(a)

152,663

1,638,074

Xenia

Hotels

&

Resorts,

Inc.

(a)

149,855

2,041,025

6,835,070

Hotels,

Restaurants

&

Leisure

1

.8

%

Cava

Group,

Inc.

*(a)

9,633

414,026

Red

Rock

Resorts,

Inc.,

Class

A

(a)

32,800

1,749,224

Shake

Shack,

Inc.,

Class

A

*(a)

10,317

764,696

Texas

Roadhouse,

Inc.,

Class

A

9,886

1,208,366

Wingstop,

Inc.

8,068

2,070,088

6,206,400

Household

Durables

4

.2

%

GoPro,

Inc.,

Class

A

*(a)

281,212

975,806

Hooker

Furnishings

Corp.

(a)

5,453

142,214

KB

Home

56,124

3,505,505

Landsea

Homes

Corp.

*

31,001

407,353

Meritage

Homes

Corp.

15,539

2,706,894

Taylor

Morrison

Home

Corp.,

Class

A

*

66,003

3,521,259

TopBuild

Corp.

*

4,643

1,737,689

Tri

Pointe

Homes,

Inc.

*

51,289

1,815,631

Universal

Electronics,

Inc.

*

10,563

99,187

VOXX

International

Corp.,

Class

A

*

3,078

32,873

14,944,411

Independent

Power

and

Renewable

Electricity

Producers

0

.4

%

Vistra

Corp.

40,394

1,555,977

Industrial

REITs

0

.2

%

Terreno

Realty

Corp.

9,616

602,635

Insurance

3

.2

%

Brighthouse

Financial,

Inc.

*

9,736

515,229

CNO

Financial

Group,

Inc.

70,781

1,974,790

Donegal

Group,

Inc.,

Class

A

7,425

103,876

eHealth,

Inc.

*

5,352

46,669

Employers

Holdings,

Inc.

32,578

1,283,573

Horace

Mann

Educators

Corp.

8,280

270,756

James

River

Group

Holdings

Ltd.

33,616

310,612

Kinsale

Capital

Group,

Inc.

4,959

1,660,819

Mercury

General

Corp.

840

31,340

ProAssurance

Corp.

61,500

848,085

Reinsurance

Group

of

America,

Inc.

10,733

1,736,385

Common

Stocks

Shares

Value

($)

UNITED

STATES

Insurance

Safety

Insurance

Group,

Inc.

2,730

207,453

Selectquote,

Inc.

*

1,538

2,107

Skyward

Specialty

Insurance

Group,

Inc.

*(a)

34,928

1,183,361

United

Fire

Group,

Inc.

15,979

321,497

Universal

Insurance

Holdings,

Inc.

45,685

730,046

11,226,598

Interactive

Media

&

Services

0

.2

%

DHI

Group,

Inc.

*

3,672

9,510

Outbrain,

Inc.

*(a)

7,962

34,874

TrueCar,

Inc.

*(a)

63,639

220,191

Vimeo,

Inc.

*

84,637

331,777

596,352

IT

Services

1

.0

%

Brightcove,

Inc.

*

6,761

17,511

DXC

Technology

Co.

*(a)

24,631

563,311

Edgio,

Inc.

*(a)

12,800

4,384

Kyndryl

Holdings,

Inc.

*

7,370

153,149

Rackspace

Technology,

Inc.

*(a)

108,004

216,008

Squarespace,

Inc.,

Class

A

*

65,599

2,165,422

Unisys

Corp.

*

86,648

486,962

3,606,747

Leisure

Products

0

.2

%

American

Outdoor

Brands,

Inc.

*

1,687

14,171

Funko,

Inc.,

Class

A

*(a)

67,100

518,683

Latham

Group,

Inc.

*(a)

7,900

20,777

Solo

Brands,

Inc.,

Class

A

*(a)

8,400

51,744

605,375

Life

Sciences

Tools

&

Services

1

.5

%

10X

Genomics,

Inc.,

Class

A

*(a)

18,633

1,042,702

Codexis,

Inc.

*

48,013

146,440

MaxCyte,

Inc.

*(a)

84,900

399,030

Medpace

Holdings,

Inc.

*

8,707

2,668,956

Quanterix

Corp.

*

2,592

70,865

Repligen

Corp.

*(a)

5,147

925,431

Seer,

Inc.,

Class

A

*(a)

56,141

108,914

5,362,338

Machinery

2

.2

%

AGCO

Corp.

9,813

1,191,396

Astec

Industries,

Inc.

16,463

612,424

Esab

Corp.

13,681

1,185,048

Greenbrier

Cos.,

Inc.

(The)

(a)

3,054

134,926

Manitowoc

Co.,

Inc.

(The)

*

79,636

1,329,124

Proto

Labs,

Inc.

*

26,412

1,029,012

REV

Group,

Inc.

26,074

473,765

Titan

International,

Inc.

*

71,209

1,059,590

Trinity

Industries,

Inc.

24,248

644,754

7,660,039

Media

0

.7

%

Cardlytics,

Inc.

*(a)

10,600

97,626

Clear

Channel

Outdoor

Holdings,

Inc.

*

165,878

301,898

PubMatic,

Inc.,

Class

A

*

15,280

249,217

Scholastic

Corp.

20,275

764,368

Stagwell,

Inc.,

Class

A

*(a)

125,598

832,714

WideOpenWest,

Inc.

*(a)

47,337

191,715

2,437,538

Metals

&

Mining

2

.9

%

ATI,

Inc.

*(a)

34,278

1,558,621

Carpenter

Technology

Corp.

20,267

1,434,904

Olympic

Steel,

Inc.

(a)

14,164

944,739

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Statement

of

Investments

-

115

Common

Stocks

Shares

Value

($)

UNITED

STATES

Metals

&

Mining

Ramaco

Resources,

Inc.,

Class

A

19,015

326,678

Ryerson

Holding

Corp.

49,742

1,725,052

Schnitzer

Steel

Industries,

Inc.,

Class

A

34,588

1,043,174

SunCoke

Energy,

Inc.

99,471

1,068,319

Warrior

Met

Coal,

Inc.

37,333

2,276,192

10,377,679

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

Granite

Point

Mortgage

Trust,

Inc.

31,745

188,565

Great

Ajax

Corp.

7,600

40,280

228,845

Office

REITs

0

.9

%

Easterly

Government

Properties,

Inc.,

Class

A

(a)

23,350

313,824

Equity

Commonwealth

127,032

2,439,014

Orion

Office

REIT,

Inc.

83,861

479,685

3,232,523

Oil,

Gas

&

Consumable

Fuels

5

.3

%

Berry

Corp.

109,963

773,040

California

Resources

Corp.

(a)

55,720

3,046,769

Centrus

Energy

Corp.,

Class

A

*(a)

5,140

279,667

CNX

Resources

Corp.

*(a)

83,941

1,678,820

CONSOL

Energy,

Inc.

8,404

844,854

CVR

Energy,

Inc.

(a)

39,275

1,190,033

Delek

US

Holdings,

Inc.

52,292

1,349,134

DHT

Holdings,

Inc.

54,734

536,941

Gulfport

Energy

Corp.

*

18,770

2,500,164

Matador

Resources

Co.

(a)

21,733

1,235,738

Northern

Oil

and

Gas,

Inc.

(a)

24,639

913,368

Par

Pacific

Holdings,

Inc.

*

49,877

1,814,026

SM

Energy

Co.

(a)

22,900

886,688

World

Kinect

Corp.

83,327

1,898,189

18,947,431

Paper

&

Forest

Products

0

.4

%

Clearwater

Paper

Corp.

*

24,049

868,649

Louisiana-Pacific

Corp.

8,467

599,718

1,468,367

Personal

Care

Products

1

.1

%

BellRing

Brands,

Inc.

*

17,740

983,328

elf

Beauty,

Inc.

*(a)

19,417

2,802,650

Nature's

Sunshine

Products,

Inc.

*

10,813

186,957

3,972,935

Pharmaceuticals

0

.6

%

Amneal

Pharmaceuticals,

Inc.

*(a)

31,783

192,923

Atea

Pharmaceuticals,

Inc.

*

25,852

78,849

Cara

Therapeutics,

Inc.

*

74,470

55,331

Intra-Cellular

Therapies,

Inc.

*

12,644

905,562

Nektar

Therapeutics,

Class

A

*(a)

354,929

200,535

NGM

Biopharmaceuticals,

Inc.

*

71,376

61,312

Nuvation

Bio,

Inc.

*

36,898

55,716

Phathom

Pharmaceuticals,

Inc.

*(a)

37,758

344,731

Theravance

Biopharma,

Inc.

*(a)

24,824

279,022

WaVe

Life

Sciences

Ltd.

*

16,100

81,305

Zevra

Therapeutics,

Inc.

*

7,076

46,348

2,301,634

Professional

Services

0

.8

%

Barrett

Business

Services,

Inc.

3,949

457,294

Conduent,

Inc.

*

18,326

66,890

Heidrick

&

Struggles

International,

Inc.

14,394

425,055

Common

Stocks

Shares

Value

($)

UNITED

STATES

Professional

Services

HireRight

Holdings

Corp.

*

6,638

89,281

Kelly

Services,

Inc.,

Class

A

20,047

433,416

Mistras

Group,

Inc.

*(a)

7,500

54,900

Resources

Connection,

Inc.

33,244

471,067

TrueBlue,

Inc.

*

62,259

955,054

2,952,957

Real

Estate

Management

&

Development

1

.0

%

Compass,

Inc.,

Class

A

*(a)

174,761

657,101

Douglas

Elliman,

Inc.

126,607

373,491

Forestar

Group,

Inc.

*(a)

27,694

915,840

Howard

Hughes

Holdings,

Inc.

*(a)

3,814

326,288

Newmark

Group,

Inc.,

Class

A

13,300

145,768

Opendoor

Technologies,

Inc.

*(a)

145,094

650,021

RE/MAX

Holdings,

Inc.,

Class

A

36,051

480,560

RMR

Group,

Inc.

(The),

Class

A

4,472

126,245

3,675,314

Semiconductors

&

Semiconductor

Equipment

2

.9

%

Alpha

&

Omega

Semiconductor

Ltd.

*(a)

10,160

264,770

Credo

Technology

Group

Holding

Ltd.

*

32,017

623,371

Lattice

Semiconductor

Corp.

*(a)

18,159

1,252,789

MACOM

Technology

Solutions

Holdings,

Inc.

*

18,964

1,762,703

Onto

Innovation,

Inc.

*

9,319

1,424,875

Rambus,

Inc.

*

21,734

1,483,346

Silicon

Laboratories,

Inc.

*

9,512

1,258,152

SMART

Global

Holdings,

Inc.

*(a)

52,250

989,093

Synaptics,

Inc.

*

10,674

1,217,690

10,276,789

Software

7

.5

%

Adeia,

Inc.

(a)

108,459

1,343,807

Altair

Engineering,

Inc.,

Class

A

*

20,409

1,717,417

American

Software,

Inc.,

Class

A

20,524

231,921

Braze,

Inc.,

Class

A

*

28,170

1,496,672

CS

Disco,

Inc.

*

23,500

178,365

CyberArk

Software

Ltd.

*

9,054

1,983,279

DoubleVerify

Holdings,

Inc.

*(a)

34,839

1,281,378

Dropbox,

Inc.,

Class

A

*(a)

68,812

2,028,578

E2open

Parent

Holdings,

Inc.

*(a)

88,298

387,628

Freshworks,

Inc.,

Class

A

*

25,264

593,451

Gitlab,

Inc.,

Class

A

*

33,854

2,131,449

Guidewire

Software,

Inc.

*(a)

20,746

2,262,145

Informatica,

Inc.,

Class

A

*(a)

21,005

596,332

LiveRamp

Holdings,

Inc.

*

9,593

363,383

MeridianLink,

Inc.

*(a)

29,512

731,012

Nutanix,

Inc.,

Class

A

*(a)

48,886

2,331,374

ON24,

Inc.

(a)

26,272

207,023

SecureWorks

Corp.,

Class

A

*

10,846

80,043

SentinelOne,

Inc.,

Class

A

*

9,370

257,113

SolarWinds

Corp.

*

69,128

863,409

Sprout

Social,

Inc.,

Class

A

*(a)

20,941

1,286,615

SPS

Commerce,

Inc.

*

6,493

1,258,603

Upland

Software,

Inc.

*

55,745

235,801

Varonis

Systems,

Inc.,

Class

B

*

26,215

1,187,015

Workiva,

Inc.,

Class

A

*(a)

8,940

907,678

Xperi,

Inc.

*

54,220

597,504

26,538,995

Specialty

Retail

1

.7

%

1-800-Flowers.com,

Inc.,

Class

A

*(a)

38,884

419,170

116

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Specialty

Retail

Aaron's

Co.,

Inc.

(The)

69,668

757,988

Genesco,

Inc.

*

28,207

993,168

Lands'

End,

Inc.

*

29,597

282,947

PetMed

Express,

Inc.

41,974

317,323

Sleep

Number

Corp.

*

33,590

498,140

Sonic

Automotive,

Inc.,

Class

A

(a)

33,834

1,901,809

ThredUp,

Inc.,

Class

A

*(a)

13,986

31,469

Tilly's,

Inc.,

Class

A

*

21,742

163,935

Zumiez,

Inc.

*

37,991

772,737

6,138,686

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Quantum

Corp.

*

15,442

5,389

Turtle

Beach

Corp.

*

24,135

264,278

Xerox

Holdings

Corp.

74,031

1,356,989

1,626,656

Textiles,

Apparel

&

Luxury

Goods

0

.9

%

Figs,

Inc.,

Class

A

*(a)

29,700

206,415

G-III

Apparel

Group

Ltd.

*(a)

66,211

2,249,850

Movado

Group,

Inc.

9,885

298,033

Superior

Group

of

Cos.,

Inc.

1,500

20,250

Unifi,

Inc.

*(a)

11,759

78,315

Vera

Bradley,

Inc.

*

30,019

231,146

3,084,009

Tobacco

0

.3

%

Vector

Group

Ltd.

89,825

1,013,226

Trading

Companies

&

Distributors

2

.7

%

Applied

Industrial

Technologies,

Inc.

8,210

1,417,785

BlueLinx

Holdings,

Inc.

*

787

89,175

Boise

Cascade

Co.

29,895

3,867,217

Global

Industrial

Co.

7,080

274,987

GMS,

Inc.

*

7,790

642,130

H&E

Equipment

Services,

Inc.

30,470

1,594,190

NOW,

Inc.

*

153,033

1,732,334

9,617,818

Wireless

Telecommunication

Services

0

.0

%

†

Spok

Holdings,

Inc.

1,607

24,876

337,092,686

Total

Common

Stocks

(cost

$302,876,096)

352,226,649

Rights

0

.0

%

†

Number

of

Rights

UNITED

STATES

0

.0

%

†

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

4,756

0

Total

Rights

(cost

$12,075)

0

Repurchase

Agreements

7

.7

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$6,003,560,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$6,120,000.(b)

(c)

6,000,000

6,000,000

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,000,594,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

total

market

value

$1,020,000.(b)

(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,335,599,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$5,439,047.(b)

(c)

5,332,399

5,332,399

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

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.

(b)(c)

10,000,000

10,000,000

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2023

-

Statement

of

Investments

-

117

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Santander

US

Capital

Markets,

5.38%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$4,002,392,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

7.19%,

maturing

6/1/2024

-

8/20/2071;

total

market

value

$4,082,439.(b)

(c)

4,000,000

4,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Total

Repurchase

Agreements

(cost

$27,332,399)

27,332,399

Total

Investments

(cost

$330,220,570)

—

107.1%

379,559,048

Liabilities

in

excess

of

other

assets

—

(7.1)%

(

25,175,923

)

NET

ASSETS

—

100.0%

$

354,383,125

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$66,309,146,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,332,399

and

by

$41,575,351

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$68,907,750.

(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

$27,332,399.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

118

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Real

Estate

Fund

Common

Stocks

99

.2

%

Shares

Value

($)

Diversified

REITs

4

.1

%

Empire

State

Realty

Trust,

Inc.,

Class

A

588,297

5,700,598

Essential

Properties

Realty

Trust,

Inc.

123,642

3,160,289

8,860,887

Health

Care

Providers

&

Services

0

.9

%

Brookdale

Senior

Living,

Inc.*

352,047

2,048,914

Health

Care

REITs

8

.1

%

CareTrust

REIT,

Inc.

188,063

4,208,850

Global

Medical

REIT,

Inc.

57,254

635,520

Ventas,

Inc.

21,374

1,065,280

Welltower,

Inc.

129,842

11,707,853

17,617,503

Hotel

&

Resort

REITs

2

.1

%

Ryman

Hospitality

Properties,

Inc.

40,670

4,476,140

Hotels,

Restaurants

&

Leisure

2

.0

%

Hyatt

Hotels

Corp.,

Class

A

17,605

2,295,868

Marriott

International,

Inc.,

Class

A

9,178

2,069,731

4,365,599

Household

Durables

0

.8

%

Toll

Brothers,

Inc.

16,443

1,690,176

Industrial

REITs

16

.3

%

EastGroup

Properties,

Inc.

20,484

3,759,633

Plymouth

Industrial

REIT,

Inc.

176,520

4,248,837

Prologis,

Inc.

204,083

27,204,264

35,212,734

Office

REITs

4

.2

%

Kilroy

Realty

Corp.

107,002

4,262,960

SL

Green

Realty

Corp.

106,138

4,794,253

9,057,213

Real

Estate

Management

&

Development

5

.7

%

CBRE

Group,

Inc.,

Class

A*

48,401

4,505,649

Corp.

Inmobiliaria

Vesta

SAB

de

CV,

ADR-MX

111,581

4,420,839

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Tricon

Residential,

Inc.

364,312

3,315,239

12,241,727

Residential

REITs

14

.4

%

American

Homes

4

Rent,

Class

A

190,866

6,863,541

AvalonBay

Communities,

Inc.

62,731

11,744,498

Essex

Property

Trust,

Inc.

34,854

8,641,701

Veris

Residential,

Inc.

251,824

3,961,191

31,210,931

Retail

REITs

12

.5

%

Brixmor

Property

Group,

Inc.

361,244

8,406,148

Kite

Realty

Group

Trust

46,684

1,067,196

Phillips

Edison

&

Co.,

Inc.

104,869

3,825,621

Simon

Property

Group,

Inc.

65,899

9,399,834

Tanger,

Inc.

153,511

4,255,325

26,954,124

Specialized

REITs

28

.1

%

American

Tower

Corp.

19,925

4,301,409

CubeSmart

122,866

5,694,839

Digital

Realty

Trust,

Inc.

34,919

4,699,399

EPR

Properties

109,056

5,283,763

Equinix,

Inc.

21,211

17,083,127

Extra

Space

Storage,

Inc.

56,575

9,070,670

Iron

Mountain,

Inc.

80,593

5,639,898

Public

Storage

14,879

4,538,095

VICI

Properties,

Inc.,

Class

A

137,326

4,377,953

60,689,153

Total

Investments

(cost

$168,140,996)

—

99.2%

214,425,101

Other

assets

in

excess

of

liabilities

—

0.8%

1,700,909

NET

ASSETS

—

100.0%

$

216,126,010

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

MX

Mexico

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

120

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Allspring

Discovery

Fund

Assets:

Investment

securities,

at

value

*

$

437,409,713‌

Repurchase

agreements,

at

value

44,742,746‌

Cash

6,868,439‌

Cash

pledged

for

swap

contracts

—‌

Deposits

with

broker

for

futures

contracts

—‌

Foreign

currencies,

at

value

—‌

Interest

and

dividends

receivable

107,913‌

Security

lending

income

receivable

9,313‌

Receivable

for

investments

sold

—‌

Receivable

for

capital

shares

issued

5,647‌

Reclaims

receivable

—‌

Swap

contracts,

at

value

(Note

2)

—‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

51‌

Prepaid

expenses

316‌

Total

Assets

489,144,138‌

Liabilities:

Payable

for

investments

purchased

—‌

Payable

for

capital

shares

redeemed

206,883‌

Payable

for

variation

margin

on

futures

contracts

—‌

Swap

contracts,

at

value

(Note

2)

—‌

Payable

upon

return

of

securities

loaned

(Note

2)

44,742,746‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

264,851‌

Fund

administration

fees

25,267‌

Distribution

fees

23,604‌

Administrative

servicing

fees

28,201‌

Accounting

and

transfer

agent

fees

779‌

Trustee

fees

108‌

Due

to

broker

—‌

Custodian

fees

4,769‌

Compliance

program

costs

(Note

3)

454‌

Professional

fees

9,215‌

Printing

fees

44,454‌

Other

5,965‌

Total

Liabilities

45,357,296‌

Net

Assets

$

443,786,842‌

*

Includes

value

of

securities

on

loan

(Note

2)

84,897,815‌

Cost

of

investment

securities

338,815,593‌

Cost

of

repurchase

agreements

44,742,746‌

Cost

of

foreign

currencies

—‌

Represented

by:

Capital

$

411,501,949‌

Total

distributable

earnings

(loss)

32,284,893‌

Net

Assets

$

443,786,842‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

121

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

Calvert

Equity

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

$

642,679,511‌

$

508,470,722‌

$

103,530,660‌

$

229,577,025‌

$

329,556,993‌

28,198,472‌

14,402,371‌

1,025,306‌

—‌

8,064,450‌

13,737,227‌

21,963,532‌

1,933,983‌

1,950,600‌

5,092,662‌

—‌

—‌

—‌

—‌

5,890,000‌

472,026‌

—‌

—‌

—‌

—‌

—‌

90‌

—‌

—‌

—‌

1,273,047‌

690,659‌

98,244‌

187,059‌

148,591‌

3,347‌

3,749‌

676‌

—‌

2,194‌

—‌

—‌

—‌

37,667‌

2,069,832‌

224,282‌

276,537‌

7,124‌

8,820‌

523,084‌

—‌

289,471‌

—‌

3,782‌

—‌

—‌

—‌

—‌

—‌

1,370,524‌

—‌

11,669‌

—‌

—‌

10,053‌

653‌

649‌

99‌

213‌

197‌

686,588,565‌

546,109,449‌

106,596,092‌

231,765,166‌

352,728,580‌

—‌

—‌

—‌

167,214‌

2,337,129‌

180,504‌

66,519‌

27,211‌

88,029‌

174,675‌

24,500‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

859,564‌

28,198,472‌

14,402,371‌

1,025,306‌

—‌

8,064,450‌

323,722‌

279,593‌

53,162‌

105,329‌

184,543‌

30,977‌

27,115‌

15,343‌

18,797‌

21,346‌

21,996‌

94,759‌

7,345‌

10,163‌

48,370‌

94,482‌

68,553‌

9,741‌

23,176‌

42,491‌

1,077‌

816‌

228‌

393‌

502‌

119‌

90‌

7‌

17‌

93‌

—‌

—‌

—‌

—‌

150,540‌

4,790‌

3,777‌

1,029‌

1,786‌

2,122‌

722‌

565‌

112‌

246‌

354‌

9,012‌

9,635‌

13,126‌

13,183‌

9,201‌

32,011‌

24,186‌

39,149‌

11,264‌

26,317‌

5,389‌

3,674‌

3,229‌

1,827‌

20,844‌

28,927,773‌

14,981,653‌

1,194,988‌

441,424‌

11,942,541‌

$

657,660,792‌

$

531,127,796‌

$

105,401,104‌

$

231,323,742‌

$

340,786,039‌

39,176,345‌

31,184,636‌

6,818,529‌

—‌

34,070,565‌

463,688,491‌

442,643,272‌

84,688,507‌

185,896,833‌

250,252,972‌

28,198,472‌

14,402,371‌

1,025,306‌

—‌

8,064,450‌

—‌

101‌

—‌

—‌

—‌

$

452,427,282‌

$

448,159,047‌

$

72,836,340‌

$

105,928,050‌

$

229,247,550‌

205,233,510‌

82,968,749‌

32,564,764‌

125,395,692‌

111,538,489‌

$

657,660,792‌

$

531,127,796‌

$

105,401,104‌

$

231,323,742‌

$

340,786,039‌

122

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Allspring

Discovery

Fund

Net

Assets:

Class

I

Shares

$

330,069,830‌

Class

II

Shares

113,717,012‌

Class

IV

Shares

—‌

Total

$

443,786,842‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

52,650,723‌

Class

II

Shares

20,997,645‌

Class

IV

Shares

—‌

Total

73,648,368‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

6

.27‌

Class

II

Shares

$

5

.42‌

Class

IV

Shares

$

—‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

123

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

Calvert

Equity

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

$

410,239,335‌

$

57,789,155‌

$

7,800,076‌

$

182,645,522‌

$

108,356,584‌

104,399,975‌

454,663,672‌

97,601,028‌

48,678,220‌

232,429,455‌

143,021,482‌

18,674,969‌

—‌

—‌

—‌

$

657,660,792‌

$

531,127,796‌

$

105,401,104‌

$

231,323,742‌

$

340,786,039‌

19,346,905‌

2,964,338‌

647,598‌

14,510,306‌

12,749,758‌

4,958,134‌

23,626,398‌

8,114,455‌

3,953,892‌

28,799,661‌

6,752,507‌

957,365‌

—‌

—‌

—‌

31,057,546‌

27,548,101‌

8,762,053‌

18,464,198‌

41,549,419‌

$

21

.20‌

$

19

.49‌

$

12

.04‌

$

12

.59‌

$

8

.50‌

$

21

.06‌

$

19

.24‌

$

12

.03‌

$

12

.31‌

$

8

.07‌

$

21

.18‌

$

19

.51‌

$

—‌

$

—‌

$

—‌

124

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Assets:

Investment

securities,

at

value

*

$

327,572,005‌

Repurchase

agreements,

at

value

11,643,742‌

Cash

9,016,281‌

Foreign

currencies,

at

value

26,697‌

Interest

and

dividends

receivable

499,338‌

Security

lending

income

receivable

6,967‌

Receivable

for

investments

sold

1,265,423‌

Receivable

for

capital

shares

issued

108,846‌

Reclaims

receivable

5,496‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

4,513‌

Prepaid

expenses

309‌

Total

Assets

350,149,617‌

Liabilities:

Payable

for

investments

purchased

932,220‌

Payable

for

capital

shares

redeemed

96,548‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

(Note

2)

70,460‌

Payable

upon

return

of

securities

loaned

(Note

2)

11,643,742‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

202,293‌

Fund

administration

fees

24,377‌

Distribution

fees

65,277‌

Administrative

servicing

fees

10,994‌

Accounting

and

transfer

agent

fees

604‌

Trustee

fees

73‌

Custodian

fees

2,697‌

Compliance

program

costs

(Note

3)

358‌

Professional

fees

9,108‌

Printing

fees

32,720‌

Other

5,817‌

Total

Liabilities

13,097,288‌

Net

Assets

$

337,052,329‌

*

Includes

value

of

securities

on

loan

(Note

2)

42,424,509‌

Cost

of

investment

securities

292,774,862‌

Cost

of

repurchase

agreements

11,643,742‌

Cost

of

foreign

currencies

26,285‌

Represented

by:

Capital

$

304,806,465‌

Total

distributable

earnings

(loss)

32,245,864‌

Net

Assets

$

337,052,329‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

125

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

Fund

NVIT

Real

Estate

Fund

$

134,634,385‌

$

214,155,352‌

$

352,226,649‌

$

214,425,101‌

19,053,231‌

13,484,080‌

27,332,399‌

—‌

903,861‌

3,194,366‌

2,649,415‌

1,086,463‌

—‌

—‌

—‌

—‌

45,710‌

137,089‌

259,114‌

814,716‌

8,066‌

3,888‌

12,480‌

—‌

224,345‌

452,379‌

957,998‌

52,059‌

450,400‌

28,339‌

129,007‌

49,618‌

—‌

—‌

—‌

—‌

—‌

123‌

—‌

—‌

95‌

192‌

419‌

181‌

155,320,093‌

231,455,808‌

383,567,481‌

216,428,138‌

186,717‌

635,284‌

1,033,876‌

—‌

42,454‌

152,883‌

400,638‌

95,385‌

—‌

—‌

—‌

—‌

19,053,231‌

13,484,080‌

27,332,399‌

—‌

94,362‌

154,340‌

240,419‌

108,418‌

17,338‌

19,552‌

25,420‌

18,409‌

12,812‌

10,672‌

14,983‌

16,035‌

19,481‌

33,861‌

50,030‌

28,236‌

291‌

424‌

646‌

392‌

31‌

14‌

19‌

15‌

688‌

1,539‌

4,059‌

1,571‌

142‌

220‌

364‌

220‌

8,752‌

8,837‌

9,281‌

8,803‌

21,710‌

24,953‌

69,317‌

22,569‌

6,011‌

3,067‌

2,905‌

2,075‌

19,464,020‌

14,529,726‌

29,184,356‌

302,128‌

$

135,856,073‌

$

216,926,082‌

$

354,383,125‌

$

216,126,010‌

36,227,072‌

36,918,646‌

66,309,146‌

—‌

103,709,349‌

183,058,245‌

302,888,171‌

168,140,996‌

19,053,231‌

13,484,080‌

27,332,399‌

—‌

—‌

—‌

—‌

—‌

$

112,122,402‌

$

184,754,598‌

$

295,377,285‌

$

179,850,463‌

23,733,671‌

32,171,484‌

59,005,840‌

36,275,547‌

$

135,856,073‌

$

216,926,082‌

$

354,383,125‌

$

216,126,010‌

126

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Net

Assets:

Class

I

Shares

$

24,318,409‌

Class

II

Shares

312,733,920‌

Class

IV

Shares

—‌

Total

$

337,052,329‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

3,175,661‌

Class

II

Shares

40,438,210‌

Class

IV

Shares

—‌

Total

43,613,871‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

7.66‌

Class

II

Shares

$

7.73‌

Class

IV

Shares

$

—‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

127

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

Fund

NVIT

Real

Estate

Fund

$

74,780,053‌

$

142,939,208‌

$

258,289,549‌

$

138,949,337‌

61,076,020‌

52,153,608‌

72,835,028‌

77,176,673‌

—‌

21,833,266‌

23,258,548‌

—‌

$

135,856,073‌

$

216,926,082‌

$

354,383,125‌

$

216,126,010‌

5,449,199‌

15,177,189‌

14,179,671‌

18,854,469‌

5,324,662‌

5,910,274‌

4,534,748‌

10,627,677‌

—‌

2,318,924‌

1,279,227‌

—‌

10,773,861‌

23,406,387‌

19,993,646‌

29,482,146‌

$

13.72‌

$

9.42‌

$

18.22‌

$

7.37‌

$

11.47‌

$

8.82‌

$

16.06‌

$

7.26‌

$

—‌

$

9.42‌

$

18.18‌

$

—‌

128

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Allspring

Discovery

Fund

INVESTMENT

INCOME:

Dividend

income

$

1,448,680‌

Interest

income

555,627‌

Income

from

securities

lending

(Note

2)

99,342‌

Foreign

tax

withholding

(

19,565‌

)

Total

Income

2,084,084‌

EXPENSES:

Investment

advisory

fees

3,217,523‌

Fund

administration

fees

131,498‌

Distribution

fees

Class

II

Shares

278,886‌

Administrative

servicing

fees

Class

I

Shares

222,839‌

Administrative

servicing

fees

Class

II

Shares

78,088‌

Administrative

servicing

fees

Class

IV

Shares

—‌

Professional

fees

43,705‌

Printing

fees

9,687‌

Trustee

fees

15,362‌

Custodian

fees

4,460‌

Accounting

and

transfer

agent

fees

3,554‌

Compliance

program

costs

(Note

3)

1,822‌

Other

6,882‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

4,014,306‌

Distribution

fees

waived

-

Class

II

(Note

3)

—‌

Investment

advisory

fees

waived

(Note

3)

(

124,667‌

)

Expenses

reimbursed

by

adviser

(Note

3)

(

78,715‌

)

Net

Expenses

3,810,924‌

NET

INVESTMENT

INCOME/(LOSS)

(

1,726,840‌

)

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

(

25,446,600‌

)

Expiration

or

closing

of

futures

contracts

(Note

2)

—‌

Foreign

currency

transactions

(Note

2)

—‌

Expiration

or

closing

of

swap

contracts

(Note

2)

—‌

Net

realized

gains

(losses)

(

25,446,600‌

)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

107,258,173‌

Futures

contracts

(Note

2)

—‌

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—‌

Swap

contracts

(Note

2)

—‌

Net

change

in

unrealized

appreciation/depreciation

107,258,173‌

Net

realized/unrealized

gains

(losses)

81,811,573‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

80,084,733‌

Equity

Funds

(II)

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

129

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

Calvert

Equity

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

$

13,451,144‌

$

13,490,519‌

$

1,100,016‌

$

2,721,914‌

$

1,801,768‌

617,938‌

1,104,615‌

109,702‌

69,858‌

386,785‌

45,245‌

36,407‌

3,449‌

—‌

27,291‌

—‌

(

223,040‌

)

—‌

(

5,260‌

)

—‌

14,114,327‌

14,408,501‌

1,213,167‌

2,786,512‌

2,215,844‌

3,828,930‌

3,206,404‌

650,774‌

1,292,222‌

1,790,874‌

187,882‌

163,951‌

69,602‌

93,712‌

107,017‌

261,410‌

1,081,636‌

232,672‌

115,679‌

457,714‌

615,979‌

83,319‌

8,595‌

253,648‌

138,972‌

156,846‌

648,985‌

46,536‌

—‌

274,630‌

209,451‌

26,712‌

—‌

—‌

—‌

51,109‌

49,727‌

42,102‌

45,954‌

40,965‌

35,023‌

14,396‌

9,250‌

29,883‌

10,988‌

23,603‌

18,095‌

3,519‌

7,687‌

9,934‌

16,942‌

15,825‌

3,086‌

6,175‌

11,041‌

5,086‌

10,926‌

8,156‌

1,819‌

2,258‌

2,830‌

2,197‌

428‌

930‌

1,191‌

12,263‌

12,203‌

1,550‌

4,190‌

1,975‌

5,407,354‌

5,334,376‌

1,076,270‌

1,851,899‌

2,847,559‌

—‌

—‌

(

148,912‌

)

—‌

—‌

—‌

—‌

(

50,061‌

)

(

101,916‌

)

—‌

—‌

(

203,503‌

)

(

7,186‌

)

—‌

(

155,108‌

)

5,407,354‌

5,130,873‌

870,111‌

1,749,983‌

2,692,451‌

8,706,973‌

9,277,628‌

343,056‌

1,036,529‌

(

476,607‌

)

23,711,216‌

21,241,737‌

13,930,203‌

81,781,913‌

27,809,630‌

1,268,204‌

—‌

—‌

—‌

—‌

—‌

(

8,218‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

5,044,275‌

24,979,420‌

21,233,519‌

13,930,203‌

81,781,913‌

32,853,905‌

17,740,481‌

26,960,341‌

4,645,025‌

(

37,071,037‌

)

50,348,186‌

316,755‌

—‌

—‌

—‌

—‌

—‌

11,257‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

225,862‌

18,057,236‌

26,971,598‌

4,645,025‌

(

37,071,037‌

)

50,574,048‌

43,036,656‌

48,205,117‌

18,575,228‌

44,710,876‌

83,427,953‌

$

51,743,629‌

$

57,482,745‌

$

18,918,284‌

$

45,747,405‌

$

82,951,346‌

130

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

INVESTMENT

INCOME:

Dividend

income

$

7,108,282‌

Interest

income

461,584‌

Income

from

securities

lending

(Note

2)

65,708‌

Foreign

tax

withholding

(

45,898‌

)

Total

Income

7,589,676‌

EXPENSES:

Investment

advisory

fees

2,515,857‌

Fund

administration

fees

120,840‌

Distribution

fees

Class

II

Shares

779,203‌

Administrative

servicing

fees

Class

I

Shares

40,790‌

Administrative

servicing

fees

Class

II

Shares

31,171‌

Administrative

servicing

fees

Class

IV

Shares

—‌

Professional

fees

41,128‌

Printing

fees

43,290‌

Trustee

fees

12,017‌

Custodian

fees

10,268‌

Accounting

and

transfer

agent

fees

9,951‌

Compliance

program

costs

(Note

3)

1,449‌

Other

3,358‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

3,609,322‌

Investment

advisory

fees

waived

(Note

3)

(

101,705‌

)

Investment

advisory

fees

voluntarily

waived

(Note

3)

—‌

Expenses

reimbursed

by

adviser

(Note

3)

(

106,191‌

)

Net

Expenses

3,401,426‌

NET

INVESTMENT

INCOME/(LOSS)

4,188,250‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

5,973,371‌

Settlement

of

forward

foreign

currency

contracts

(Note

2)

(

59,997‌

)

Foreign

currency

transactions

(Note

2)

523‌

Net

realized

gains

(losses)

5,913,897‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

17,863,087‌

Forward

foreign

currency

contracts

(Note

2)

(

32,117‌

)

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

222‌

Net

change

in

unrealized

appreciation/depreciation

17,831,192‌

Net

realized/unrealized

gains

(losses)

23,745,089‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

27,933,339‌

Equity

Funds

(II)

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

131

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

Fund

NVIT

Real

Estate

Fund

$

627,134‌

$

2,670,433‌

$

4,816,505‌

$

6,178,041‌

133,336‌

213,023‌

236,949‌

102,057‌

56,456‌

57,360‌

98,269‌

—‌

—‌

(

7,341‌

)

(

14,272‌

)

(

8,383‌

)

816,926‌

2,933,475‌

5,137,451‌

6,271,715‌

1,030,244‌

1,760,305‌

2,920,821‌

1,463,475‌

77,429‌

88,877‌

113,893‌

88,991‌

136,420‌

122,626‌

172,323‌

187,059‌

102,198‌

199,492‌

376,275‌

201,366‌

81,852‌

73,576‌

103,394‌

112,236‌

—‌

30,526‌

32,317‌

—‌

33,503‌

36,396‌

41,915‌

35,775‌

2,356‌

18,120‌

2,799‌

22,240‌

4,376‌

7,228‌

12,090‌

7,348‌

3,763‌

6,235‌

12,953‌

7,224‌

1,345‌

1,981‌

3,031‌

1,833‌

525‌

865‌

1,454‌

901‌

1,642‌

2,447‌

7,765‌

4,249‌

1,475,653‌

2,348,674‌

3,801,030‌

2,132,697‌

—‌

—‌

(

78,500‌

)

(

27,184‌

)

—‌

—‌

—‌

(

170,440‌

)

(

1,039‌

)

(

79,693‌

)

—‌

—‌

1,474,614‌

2,268,981‌

3,722,530‌

1,935,073‌

(

657,688‌

)

664,494‌

1,414,921‌

4,336,642‌

5,975,968‌

1,672,216‌

10,702,722‌

(

8,020,334‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

5,975,968‌

1,672,216‌

10,702,722‌

(

8,020,334‌

)

14,834,375‌

30,586,252‌

32,732,644‌

28,969,872‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

14,834,375‌

30,586,252‌

32,732,644‌

28,969,872‌

20,810,343‌

32,258,468‌

43,435,366‌

20,949,538‌

$

20,152,655‌

$

32,922,962‌

$

44,850,287‌

$

25,286,180‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

132

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Allspring

Discovery

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

(

1,726,840‌

)

$

(

3,074,633‌

)

Net

realized

gains

(losses)

(

25,446,600‌

)

(

38,383,964‌

)

Net

change

in

unrealized

appreciation/depreciation

107,258,173‌

(

217,059,700‌

)

Change

in

net

assets

resulting

from

operations

80,084,733‌

(

258,518,297‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

—‌

(

93,427,135‌

)

Class

II

—‌

(

37,834,260‌

)

Class

IV

—‌

—‌

Change

in

net

assets

from

shareholder

distributions

—‌

(

131,261,395‌

)

Change

in

net

assets

from

capital

transactions

(

42,234,192‌

)

102,931,811‌

Change

in

net

assets

37,850,541‌

(

286,847,881‌

)

Net

Assets:

Beginning

of

year

405,936,301‌

692,784,182‌

End

of

year

$

443,786,842‌

$

405,936,301‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

2,824,073‌

$

7,747,494‌

Dividends

reinvested

—‌

93,427,135‌

Cost

of

shares

redeemed

(

31,390,001‌

)

(

39,214,653‌

)

Total

Class

I

Shares

(

28,565,928‌

)

61,959,976‌

Class

II

Shares

Proceeds

from

shares

issued

15,034,533‌

32,409,729‌

Dividends

reinvested

—‌

37,834,260‌

Cost

of

shares

redeemed

(

28,702,797‌

)

(

29,272,154‌

)

Total

Class

II

Shares

(

13,668,264‌

)

40,971,835‌

Class

IV

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

IV

Shares

—‌

—‌

Change

in

net

assets

from

capital

transactions

$

(

42,234,192‌

)

$

102,931,811‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

133

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

8,706,973‌

$

7,773,877‌

$

9,277,628‌

$

7,457,784‌

24,979,420‌

63,764,875‌

21,233,519‌

41,815,906‌

18,057,236‌

(

138,605,275‌

)

26,971,598‌

(

70,685,183‌

)

51,743,629‌

(

67,066,523‌

)

57,482,745‌

(

21,411,493‌

)

(

45,402,667‌

)

(

50,078,963‌

)

(

5,621,163‌

)

(

6,474,172‌

)

(

11,475,799‌

)

(

12,500,064‌

)

(

42,974,792‌

)

(

49,987,679‌

)

(

15,574,081‌

)

(

16,513,314‌

)

(

1,784,930‌

)

(

2,148,858‌

)

(

72,452,547‌

)

(

79,092,341‌

)

(

50,380,885‌

)

(

58,610,709‌

)

16,408,200‌

16,407,243‌

16,440,976‌

47,150,229‌

(

4,300,718‌

)

(

129,751,621‌

)

23,542,836‌

(

32,871,973‌

)

661,961,510‌

791,713,131‌

507,584,960‌

540,456,933‌

$

657,660,792‌

$

661,961,510‌

$

531,127,796‌

$

507,584,960‌

$

5,329,920‌

$

5,805,123‌

$

4,893,036‌

$

7,486,661‌

45,402,667‌

50,078,963‌

5,621,163‌

6,474,172‌

(

44,664,432‌

)

(

48,699,908‌

)

(

8,113,224‌

)

(

9,610,799‌

)

6,068,155‌

7,184,178‌

2,400,975‌

4,350,034‌

4,381,336‌

7,228,701‌

18,045,985‌

42,679,191‌

11,475,799‌

12,500,064‌

42,974,792‌

49,987,679‌

(

13,628,509‌

)

(

19,112,816‌

)

(

47,712,848‌

)

(

50,490,337‌

)

2,228,626‌

615,949‌

13,307,929‌

42,176,533‌

1,728,287‌

963,282‌

449,957‌

764,131‌

15,574,081‌

16,513,314‌

1,784,930‌

2,148,858‌

(

9,190,949‌

)

(

8,869,480‌

)

(

1,502,815‌

)

(

2,289,327‌

)

8,111,419‌

8,607,116‌

732,072‌

623,662‌

$

16,408,200‌

$

16,407,243‌

$

16,440,976‌

$

47,150,229‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

134

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Allspring

Discovery

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

489,926‌

1,104,528‌

Reinvested

—‌

16,448,439‌

Redeemed

(

5,436,880‌

)

(

5,296,111‌

)

Total

Class

I

Shares

(

4,946,954‌

)

12,256,856‌

Class

II

Shares

Issued

3,091,576‌

4,619,150‌

Reinvested

—‌

7,689,890‌

Redeemed

(

5,713,362‌

)

(

4,791,304‌

)

Total

Class

II

Shares

(

2,621,786‌

)

7,517,736‌

Class

IV

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

IV

Shares

—‌

—‌

Total

change

in

shares

(

7,568,740‌

)

19,774,592‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

135

NVIT

AQR

Large

Cap

Defensive

Style

Fund

NVIT

BlackRock

Equity

Dividend

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

242,217‌

249,954‌

248,743‌

344,140‌

2,197,627‌

2,297,396‌

302,377‌

337,169‌

(

2,046,187‌

)

(

2,052,377‌

)

(

418,672‌

)

(

447,008‌

)

393,657‌

494,973‌

132,448‌

234,301‌

199,229‌

302,429‌

942,680‌

2,014,476‌

560,423‌

578,277‌

2,344,714‌

2,638,358‌

(

631,584‌

)

(

792,044‌

)

(

2,452,157‌

)

(

2,299,334‌

)

128,068‌

88,662‌

835,237‌

2,353,500‌

78,554‌

39,568‌

23,047‌

34,796‌

754,587‌

758,218‌

95,962‌

111,854‌

(

419,904‌

)

(

372,073‌

)

(

76,974‌

)

(

109,215‌

)

413,237‌

425,713‌

42,035‌

37,435‌

934,962‌

1,009,348‌

1,009,720‌

2,625,236‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

136

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Calvert

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

343,056‌

$

534,339‌

Net

realized

gains

13,930,203‌

11,305,747‌

Net

change

in

unrealized

appreciation/depreciation

4,645,025‌

(

42,768,503‌

)

Change

in

net

assets

resulting

from

operations

18,918,284‌

(

30,928,417‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

867,201‌

)

(

526,004‌

)

Class

II

(

10,981,987‌

)

(

7,284,243‌

)

Change

in

net

assets

from

shareholder

distributions

(

11,849,188‌

)

(

7,810,247‌

)

Change

in

net

assets

from

capital

transactions

2,217,994‌

(

7,490,387‌

)

Change

in

net

assets

9,287,090‌

(

46,229,051‌

)

Net

Assets:

Beginning

of

year

96,114,014‌

142,343,065‌

End

of

year

$

105,401,104‌

$

96,114,014‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

1,892,921‌

$

1,292,749‌

Dividends

reinvested

867,201‌

526,004‌

Cost

of

shares

redeemed

(

2,025,698‌

)

(

1,923,317‌

)

Total

Class

I

Shares

734,424‌

(

104,564‌

)

Class

II

Shares

Proceeds

from

shares

issued

2,383,856‌

6,704,843‌

Dividends

reinvested

10,981,987‌

7,284,243‌

Cost

of

shares

redeemed

(

11,882,273‌

)

(

21,374,909‌

)

Total

Class

II

Shares

1,483,570‌

(

7,385,823‌

)

Change

in

net

assets

from

capital

transactions

$

2,217,994‌

$

(

7,490,387‌

)

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

158,400‌

91,090‌

Reinvested

77,394‌

43,867‌

Redeemed

(

169,667‌

)

(

145,804‌

)

Total

Class

I

Shares

66,127‌

(

10,847‌

)

Class

II

Shares

Issued

208,863‌

496,319‌

Reinvested

981,241‌

608,443‌

Redeemed

(

1,004,192‌

)

(

1,583,443‌

)

Total

Class

II

Shares

185,912‌

(

478,681‌

)

Total

change

in

shares

252,039‌

(

489,528‌

)

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

137

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

1,036,529‌

$

881,824‌

$

(

476,607‌

)

$

(

339,609‌

)

81,781,913‌

15,844,372‌

32,853,905‌

29,155,573‌

(

37,071,037‌

)

(

62,710,827‌

)

50,574,048‌

(

64,455,948‌

)

45,747,405‌

(

45,984,631‌

)

82,951,346‌

(

35,639,984‌

)

(

13,324,860‌

)

(

20,140,653‌

)

(

9,765,131‌

)

(

20,307,536‌

)

(

3,586,192‌

)

(

5,756,227‌

)

(

20,095,670‌

)

(

38,073,479‌

)

(

16,911,052‌

)

(

25,896,880‌

)

(

29,860,801‌

)

(

58,381,015‌

)

(

6,065,246‌

)

6,829,393‌

59,445,807‌

40,419,417‌

22,771,107‌

(

65,052,118‌

)

112,536,352‌

(

53,601,582‌

)

208,552,635‌

273,604,753‌

228,249,687‌

281,851,269‌

$

231,323,742‌

$

208,552,635‌

$

340,786,039‌

$

228,249,687‌

$

1,058,932‌

$

1,918,661‌

$

16,576,581‌

$

12,166,422‌

13,324,860‌

20,140,653‌

9,765,131‌

20,307,536‌

(

17,294,117‌

)

(

19,063,272‌

)

(

15,247,086‌

)

(

15,366,352‌

)

(

2,910,325‌

)

2,996,042‌

11,094,626‌

17,107,606‌

1,854,683‌

6,182,977‌

71,238,932‌

74,571,206‌

3,586,192‌

5,756,227‌

20,095,670‌

38,073,479‌

(

8,595,796‌

)

(

8,105,853‌

)

(

42,983,421‌

)

(

89,332,874‌

)

(

3,154,921‌

)

3,833,351‌

48,351,181‌

23,311,811‌

$

(

6,065,246‌

)

$

6,829,393‌

$

59,445,807‌

$

40,419,417‌

91,221‌

147,353‌

2,070,924‌

1,313,924‌

1,144,379‌

1,830,565‌

1,250,337‌

2,774,164‌

(

1,471,188‌

)

(

1,515,893‌

)

(

1,934,248‌

)

(

1,696,399‌

)

(

235,588‌

)

462,025‌

1,387,013‌

2,391,689‌

161,327‌

485,590‌

9,430,908‌

8,213,960‌

315,225‌

534,003‌

2,708,311‌

5,446,806‌

(

733,588‌

)

(

656,304‌

)

(

5,667,727‌

)

(

9,908,080‌

)

(

257,036‌

)

363,289‌

6,471,492‌

3,752,686‌

(

492,624‌

)

825,314‌

7,858,505‌

6,144,375‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

138

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

4,188,250‌

$

4,767,067‌

Net

realized

gains

(losses)

5,913,897‌

50,758,459‌

Net

change

in

unrealized

appreciation/depreciation

17,831,192‌

(

65,683,569‌

)

Change

in

net

assets

resulting

from

operations

27,933,339‌

(

10,158,043‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

3,908,538‌

)

(

2,167,849‌

)

Class

II

(

49,923,138‌

)

(

29,201,294‌

)

Class

IV

—‌

—‌

Change

in

net

assets

from

shareholder

distributions

(

53,831,676‌

)

(

31,369,143‌

)

Change

in

net

assets

from

capital

transactions

12,778,140‌

8,614,270‌

Change

in

net

assets

(

13,120,197‌

)

(

32,912,916‌

)

Net

Assets:

Beginning

of

year

350,172,526‌

383,085,442‌

End

of

year

$

337,052,329‌

$

350,172,526‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

6,612,102‌

$

7,974,468‌

Dividends

reinvested

3,908,538‌

2,167,849‌

Cost

of

shares

redeemed

(

8,991,972‌

)

(

5,643,478‌

)

Total

Class

I

Shares

1,528,668‌

4,498,839‌

Class

II

Shares

Proceeds

from

shares

issued

4,380,151‌

19,845,287‌

Dividends

reinvested

49,923,138‌

29,201,294‌

Cost

of

shares

redeemed

(

43,053,817‌

)

(

44,931,150‌

)

Total

Class

II

Shares

11,249,472‌

4,115,431‌

Class

IV

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

IV

Shares

—‌

—‌

Change

in

net

assets

from

capital

transactions

$

12,778,140‌

$

8,614,270‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

139

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

(

657,688‌

)

$

(

745,457‌

)

$

664,494‌

$

643,007‌

5,975,968‌

(

11,923,334‌

)

1,672,216‌

10,073,323‌

14,834,375‌

(

37,425,809‌

)

30,586,252‌

(

41,790,125‌

)

20,152,655‌

(

50,094,600‌

)

32,922,962‌

(

31,073,795‌

)

—‌

(

10,821,466‌

)

(

6,970,539‌

)

(

21,659,659‌

)

—‌

(

10,103,504‌

)

(

2,581,019‌

)

(

8,451,760‌

)

—‌

—‌

(

1,075,213‌

)

(

3,307,206‌

)

—‌

(

20,924,970‌

)

(

10,626,771‌

)

(

33,418,625‌

)

1,289,285‌

22,120,620‌

(

6,595,496‌

)

15,325,024‌

21,441,940‌

(

48,898,950‌

)

15,700,695‌

(

49,167,396‌

)

114,414,133‌

163,313,083‌

201,225,387‌

250,392,783‌

$

135,856,073‌

$

114,414,133‌

$

216,926,082‌

$

201,225,387‌

$

9,995,677‌

$

10,726,747‌

$

4,999,108‌

$

6,294,396‌

—‌

10,821,466‌

6,970,539‌

21,659,659‌

(

11,040,750‌

)

(

13,569,550‌

)

(

15,537,094‌

)

(

19,322,044‌

)

(

1,045,073‌

)

7,978,663‌

(

3,567,447‌

)

8,632,011‌

22,990,285‌

20,718,431‌

5,273,990‌

8,353,566‌

—‌

10,103,504‌

2,581,019‌

8,451,760‌

(

20,655,927‌

)

(

16,679,978‌

)

(

10,591,770‌

)

(

11,697,913‌

)

2,334,358‌

14,141,957‌

(

2,736,761‌

)

5,107,413‌

—‌

—‌

299,033‌

349,933‌

—‌

—‌

1,075,213‌

3,307,206‌

—‌

—‌

(

1,665,534‌

)

(

2,071,539‌

)

—‌

—‌

(

291,288‌

)

1,585,600‌

$

1,289,285‌

$

22,120,620‌

$

(

6,595,496‌

)

$

15,325,024‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

140

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Multi-Manager

Mid

Cap

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

805,417‌

876,058‌

Reinvested

537,726‌

257,641‌

Redeemed

(

1,081,566‌

)

(

624,700‌

)

Total

Class

I

Shares

261,577‌

508,999‌

Class

II

Shares

Issued

532,010‌

2,243,313‌

Reinvested

6,803,350‌

3,446,325‌

Redeemed

(

5,218,085‌

)

(

4,913,901‌

)

Total

Class

II

Shares

2,117,275‌

775,737‌

Class

IV

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

IV

Shares

—‌

—‌

Total

change

in

shares

2,378,852‌

1,284,736‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

141

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

788,241‌

721,388‌

564,862‌

648,742‌

—‌

874,815‌

822,925‌

2,523,799‌

(

874,319‌

)

(

916,642‌

)

(

1,758,373‌

)

(

1,894,234‌

)

(

86,078‌

)

679,561‌

(

370,586‌

)

1,278,307‌

2,224,609‌

1,611,651‌

632,394‌

876,515‌

—‌

974,301‌

325,937‌

1,048,497‌

(

1,980,560‌

)

(

1,394,746‌

)

(

1,290,019‌

)

(

1,182,971‌

)

244,049‌

1,191,206‌

(

331,688‌

)

742,041‌

—‌

—‌

33,895‌

38,988‌

—‌

—‌

126,948‌

385,358‌

—‌

—‌

(

190,105‌

)

(

212,148‌

)

—‌

—‌

(

29,262‌

)

212,198‌

157,971‌

1,870,767‌

(

731,536‌

)

2,232,546‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

142

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Multi-Manager

Small

Company

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

1,414,921‌

$

1,651,701‌

Net

realized

gains

(losses)

10,702,722‌

1,491,068‌

Net

change

in

unrealized

appreciation/depreciation

32,732,644‌

(

88,149,037‌

)

Change

in

net

assets

resulting

from

operations

44,850,287‌

(

85,006,268‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

2,662,953‌

)

(

64,116,253‌

)

Class

II

(

685,341‌

)

(

17,737,470‌

)

Class

IV

(

237,351‌

)

(

5,335,783‌

)

Change

in

net

assets

from

shareholder

distributions

(

3,585,645‌

)

(

87,189,506‌

)

Change

in

net

assets

from

capital

transactions

(

38,808,871‌

)

66,903,485‌

Change

in

net

assets

2,455,771‌

(

105,292,289‌

)

Net

Assets:

Beginning

of

year

351,927,354‌

457,219,643‌

End

of

year

$

354,383,125‌

$

351,927,354‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

9,366,395‌

$

17,705,879‌

Dividends

reinvested

2,662,953‌

64,116,253‌

Cost

of

shares

redeemed

(

45,111,427‌

)

(

42,262,327‌

)

Total

Class

I

Shares

(

33,082,079‌

)

39,559,805‌

Class

II

Shares

Proceeds

from

shares

issued

11,371,981‌

20,590,430‌

Dividends

reinvested

685,341‌

17,737,470‌

Cost

of

shares

redeemed

(

16,679,246‌

)

(

15,185,787‌

)

Total

Class

II

Shares

(

4,621,924‌

)

23,142,113‌

Class

IV

Shares

Proceeds

from

shares

issued

1,160,059‌

2,109,236‌

Dividends

reinvested

237,351‌

5,335,783‌

Cost

of

shares

redeemed

(

2,502,278‌

)

(

3,243,452‌

)

Total

Class

IV

Shares

(

1,104,868‌

)

4,201,567‌

Change

in

net

assets

from

capital

transactions

$

(

38,808,871‌

)

$

66,903,485‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

143

NVIT

Real

Estate

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

4,336,642‌

$

4,386,195‌

(

8,020,334‌

)

3,872,659‌

28,969,872‌

(

98,541,872‌

)

25,286,180‌

(

90,283,018‌

)

(

6,067,833‌

)

(

14,133,959‌

)

(

3,237,978‌

)

(

7,816,963‌

)

—‌

—‌

(

9,305,811‌

)

(

21,950,922‌

)

(

12,452,932‌

)

3,277,450‌

3,527,437‌

(

108,956,490‌

)

212,598,573‌

321,555,063‌

$

216,126,010‌

$

212,598,573‌

$

6,073,562‌

$

11,162,115‌

6,067,833‌

14,133,959‌

(

19,577,551‌

)

(

21,510,762‌

)

(

7,436,156‌

)

3,785,312‌

5,429,978‌

16,797,020‌

3,237,978‌

7,816,963‌

(

13,684,732‌

)

(

25,121,845‌

)

(

5,016,776‌

)

(

507,862‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

$

(

12,452,932‌

)

$

3,277,450‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

144

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

Equity

Funds

(II)

NVIT

Multi-Manager

Small

Company

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

564,805‌

817,994‌

Reinvested

158,861‌

3,839,572‌

Redeemed

(

2,730,437‌

)

(

2,021,796‌

)

Total

Class

I

Shares

(

2,006,771‌

)

2,635,770‌

Class

II

Shares

Issued

793,802‌

1,114,812‌

Reinvested

46,479‌

1,203,396‌

Redeemed

(

1,114,264‌

)

(

826,683‌

)

Total

Class

II

Shares

(

273,983‌

)

1,491,525‌

Class

IV

Shares

Issued

68,699‌

103,926‌

Reinvested

14,187‌

320,106‌

Redeemed

(

153,120‌

)

(

166,394‌

)

Total

Class

IV

Shares

(

70,234‌

)

257,638‌

Total

change

in

shares

(

2,350,988‌

)

4,384,933‌

Equity

Funds

(II)

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

145

NVIT

Real

Estate

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

868,235‌

1,326,505‌

872,923‌

1,863,960‌

(

2,817,623‌

)

(

2,484,382‌

)

(

1,076,465‌

)

706,083‌

803,086‌

1,859,467‌

473,137‌

1,046,038‌

(

1,977,264‌

)

(

2,982,040‌

)

(

701,041‌

)

(

76,535‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(

1,777,506‌

)

629,548‌

146

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Allspring

Discovery

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)(f)

Class

I

Shares

12/31/2023

$

5.20

$

(

0.02

)

$

1.09

$

1.07

$

—

$

—

$

—

$

6.27

20.58%

$

330,070

0.82%

(0.34)%

0.87%

53.01%

12/31/2022

11.56

(

0.04

)

(

4.12

)

(

4.16

)

—

(

2.20

)

(

2.20

)

5.20

(37.61)%

299,552

0.82%

(0.59)%

0.89%

52.92%

12/31/2021

13.85

(

0.09

)

(

0.35

)

(

0.44

)

(

0.02

)

(

1.83

)

(

1.85

)

11.56

(4.70)%

524,188

0.82%

(0.71)%

0.88%

56.85%

12/31/2020

9.91

(

0.06

)

5.62

5.56

—

(

1.62

)

(

1.62

)

13.85

60.90%

600,572

0.82%

(0.57)%

0.89%

86.95%

12/31/2019

9.55

(

0.04

)

3.49

3.45

—

(

3.09

)

(

3.09

)

9.91

37.25%

415,069

0.85%

(0.37)%

0.88%

60.07%

Class

II

Shares

12/31/2023

4.50

(

0.03

)

0.95

0.92

—

—

—

5.42

20.44%

113,717

1.07%

(0.59)%

1.12%

53.01%

12/31/2022

10.47

(

0.05

)

(

3.72

)

(

3.77

)

—

(

2.20

)

(

2.20

)

4.50

(37.82)%

106,384

1.07%

(0.84)%

1.15%

52.92%

12/31/2021

12.72

(

0.12

)

(

0.30

)

(

0.42

)

—

(

1.83

)

(

1.83

)

10.47

(4.93)%

168,596

1.07%

(0.96)%

1.13%

56.85%

12/31/2020

9.23

(

0.08

)

5.19

5.11

—

(

1.62

)

(

1.62

)

12.72

60.50%

185,865

1.07%

(0.82)%

1.14%

86.95%

12/31/2019

9.08

(

0.06

)

3.30

3.24

—

(

3.09

)

(

3.09

)

9.23

36.84%

146,505

1.10%

(0.62)%

1.13%

60.07%

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.

Equity

Funds

(II)

-

December

31,

2023

-

Financial

Highlights

-

147

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

AQR

Large

Cap

Defensive

Style

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)

Portfolio

Turnover(b)(e)

Class

I

Shares

12/31/2023

$

22.00

$

0.30

$

1.42

$

1.72

$

(

0.28

)

$

(

2.24

)

$

(

2.52

)

$

21.20

8.27%

$

410,239

0.79%

1.37%

0.79%

20.34%

12/31/2022

27.22

0.28

(

2.63

)

(

2.35

)

(

0.27

)

(

2.60

)

(

2.87

)

22.00

(8.44)%

416,998

0.79%

1.16%

0.79%

25.96%

12/31/2021

23.53

0.20

4.90

5.10

(

0.20

)

(

1.21

)

(

1.41

)

27.22

21.88%

502,466

0.80%

0.79%

0.80%

17.86%

12/31/2020

23.17

0.24

2.06

2.30

(

0.25

)

(

1.69

)

(

1.94

)

23.53

10.35%

462,718

0.80%

1.06%

0.80%

27.72%

12/31/2019

18.90

0.24

5.25

5.49

(

0.26

)

(

0.96

)

(

1.22

)

23.17

29.31%

492,852

0.79%

1.12%

0.79%

16.10%

Class

II

Shares

12/31/2023

21.87

0.24

1.42

1.66

(

0.23

)

(

2.24

)

(

2.47

)

21.06

8.03%

104,400

1.04%

1.12%

1.04%

20.34%

12/31/2022

27.08

0.22

(

2.62

)

(

2.40

)

(

0.21

)

(

2.60

)

(

2.81

)

21.87

(8.66)%

105,627

1.04%

0.91%

1.04%

25.96%

12/31/2021

23.42

0.14

4.86

5.00

(

0.13

)

(

1.21

)

(

1.34

)

27.08

21.57%

128,404

1.05%

0.54%

1.05%

17.86%

12/31/2020

23.08

0.18

2.05

2.23

(

0.20

)

(

1.69

)

(

1.89

)

23.42

10.05%

111,293

1.05%

0.82%

1.05%

27.72%

12/31/2019

18.83

0.19

5.22

5.41

(

0.20

)

(

0.96

)

(

1.16

)

23.08

29.02%

114,363

1.04%

0.87%

1.04%

16.10%

Class

IV

Shares

12/31/2023

21.98

0.30

1.42

1.72

(

0.28

)

(

2.24

)

(

2.52

)

21.18

8.29%

143,021

0.79%

1.37%

0.79%

20.34%

12/31/2022

27.20

0.28

(

2.63

)

(

2.35

)

(

0.27

)

(

2.60

)

(

2.87

)

21.98

(8.45)%

139,336

0.79%

1.17%

0.79%

25.96%

12/31/2021

23.51

0.20

4.90

5.10

(

0.20

)

(

1.21

)

(

1.41

)

27.20

21.90%

160,843

0.80%

0.79%

0.80%

17.86%

12/31/2020

23.16

0.24

2.05

2.29

(

0.25

)

(

1.69

)

(

1.94

)

23.51

10.32%

141,910

0.80%

1.06%

0.80%

27.72%

12/31/2019

18.89

0.24

5.25

5.49

(

0.26

)

(

0.96

)

(

1.22

)

23.16

29.34%

138,425

0.79%

1.12%

0.79%

16.10%

(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)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

148

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

BlackRock

Equity

Dividend

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

$

19.32

$

0.40

$

1.78

$

2.18

$

(

0.35

)

$

(

1.66

)

$

(

2.01

)

$

19.49

11.99%

$

57,789

0.80%

2.05%

0.84%

41.27%

12/31/2022

22.79

0.36

(

1.32

)

(

0.96

)

(

0.30

)

(

2.21

)

(

2.51

)

19.32

(3.99)%

54,699

0.80%

1.67%

0.84%

52.53%

12/31/2021

19.39

0.32

3.60

3.92

(

0.29

)

(

0.23

)

(

0.52

)

22.79

20.29%

59,202

0.80%

1.46%

0.85%

49.65%

12/31/2020

19.90

0.35

0.25

0.60

(

0.31

)

(

0.80

)

(

1.11

)

19.39

3.63%

52,262

0.80%

1.96%

0.87%

47.27%

12/31/2019

16.56

0.37

4.07

4.44

(

0.34

)

(

0.76

)

(

1.10

)

19.90

27.31%

54,306

0.80%

1.98%

0.87%

43.80%

Class

II

Shares

12/31/2023

19.09

0.35

1.77

2.12

(

0.31

)

(

1.66

)

(

1.97

)

19.24

11.77%

454,664

1.05%

1.80%

1.09%

41.27%

12/31/2022

22.57

0.30

(

1.32

)

(

1.02

)

(

0.25

)

(

2.21

)

(

2.46

)

19.09

(4.29)%

435,196

1.05%

1.42%

1.09%

52.53%

12/31/2021

19.21

0.26

3.57

3.83

(

0.24

)

(

0.23

)

(

0.47

)

22.57

20.00%

461,237

1.05%

1.21%

1.10%

49.65%

12/31/2020

19.74

0.30

0.24

0.54

(

0.27

)

(

0.80

)

(

1.07

)

19.21

3.35%

373,700

1.05%

1.70%

1.12%

47.27%

12/31/2019

16.44

0.32

4.04

4.36

(

0.30

)

(

0.76

)

(

1.06

)

19.74

27.01%

333,793

1.05%

1.72%

1.12%

43.80%

Class

IV

Shares

12/31/2023

19.33

0.40

1.79

2.19

(

0.35

)

(

1.66

)

(

2.01

)

19.51

12.04%

18,675

0.80%

2.05%

0.84%

41.27%

12/31/2022

22.80

0.36

(

1.32

)

(

0.96

)

(

0.30

)

(

2.21

)

(

2.51

)

19.33

(3.99)%

17,690

0.80%

1.67%

0.84%

52.53%

12/31/2021

19.40

0.32

3.60

3.92

(

0.29

)

(

0.23

)

(

0.52

)

22.80

20.28%

20,018

0.80%

1.46%

0.85%

49.65%

12/31/2020

19.91

0.35

0.25

0.60

(

0.31

)

(

0.80

)

(

1.11

)

19.40

3.63%

18,394

0.80%

1.95%

0.87%

47.27%

12/31/2019

16.57

0.37

4.07

4.44

(

0.34

)

(

0.76

)

(

1.10

)

19.91

27.29%

18,984

0.80%

1.99%

0.87%

43.80%

(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.

Equity

Funds

(I)

-

December

31,

2023

-

Financial

Highlights

-

149

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Calvert

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

I

Shares

12/31/2023

$

11.31

$

0.04

$

2.18

$

2.22

$

(

0.04

)

$

(

1.45

)

$

(

1.49

)

$

12.04

20.59%

$

7,800

0.85%

0.36%

0.91%

92.57%

12/31/2022

15.84

0.06

(

3.64

)

(

3.58

)

(

0.06

)

(

0.89

)

(

0.95

)

11.31

(22.92)%

6,576

0.86%

0.49%

0.92%

30.18%

12/31/2021

14.08

0.04

3.65

3.69

(

0.05

)

(

1.88

)

(

1.93

)

15.84

26.81%

9,380

0.87%

0.28%

0.94%

17.60%

12/31/2020

13.36

0.11

1.59

1.70

(

0.10

)

(

0.88

)

(

0.98

)

14.08

13.36%

8,556

0.87%

0.83%

0.94%

105.33%

12/31/2019

11.87

0.10

2.86

2.96

(

0.10

)

(

1.37

)

(

1.47

)

13.36

26.01%

6,853

0.85%

0.73%

0.86%

27.03%

Class

II

Shares

12/31/2023

11.29

0.04

2.18

2.22

(

0.03

)

(

1.45

)

(

1.48

)

12.03

20.68%

97,601

0.87%

0.34%

1.09%

92.57%

12/31/2022

15.82

0.06

(

3.64

)

(

3.58

)

(

0.06

)

(

0.89

)

(

0.95

)

11.29

(22.95)%

89,538

0.87%

0.49%

1.09%

30.18%

12/31/2021

14.07

0.04

3.64

3.68

(

0.05

)

(

1.88

)

(

1.93

)

15.82

26.76%

132,963

0.87%

0.27%

1.10%

17.60%

12/31/2020

13.35

0.10

1.60

1.70

(

0.10

)

(

0.88

)

(

0.98

)

14.07

13.34%

108,906

0.89%

0.81%

1.12%

105.33%

12/31/2019

11.85

0.09

2.87

2.96

(

0.09

)

(

1.37

)

(

1.46

)

13.35

26.05%

112,156

0.92%

0.68%

1.09%

27.03%

(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.

150

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Jacobs

Levy

Large

Cap

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

$

11.05

$

0.06

$

2.44

$

2.50

$

(

0.06

)

$

(

0.90

)

$

(

0.96

)

$

12.59

23.39%

$

182,646

0.79%

0.50%

0.84%

166.06%

12/31/2022

15.15

0.05

(

2.64

)

(

2.59

)

(

0.05

)

(

1.46

)

(

1.51

)

11.05

(17.06)%

162,956

0.83%

0.41%

0.83%

10.20%

12/31/2021

12.24

0.04

3.19

3.23

(

0.04

)

(

0.28

)

(

0.32

)

15.15

26.57%

216,356

0.84%

0.30%

0.84%

12.58%

12/31/2020

11.78

0.04

1.43

1.47

(

0.05

)

(

0.96

)

(

1.01

)

12.24

13.55%

187,758

0.85%

0.41%

0.85%

22.11%

12/31/2019

10.06

0.07

2.68

2.75

(

0.07

)

(

0.96

)

(

1.03

)

11.78

28.07%

185,209

0.84%

0.60%

0.84%

22.98%

Class

II

Shares

12/31/2023

10.83

0.05

2.38

2.43

(

0.05

)

(

0.90

)

(

0.95

)

12.31

23.20%

48,678

0.89%

0.40%

0.94%

166.06%

12/31/2022

14.88

0.04

(

2.59

)

(

2.55

)

(

0.04

)

(

1.46

)

(

1.50

)

10.83

(17.11)%

45,596

0.93%

0.32%

0.93%

10.20%

12/31/2021

12.03

0.03

3.13

3.16

(

0.03

)

(

0.28

)

(

0.31

)

14.88

26.42%

57,249

0.94%

0.20%

0.94%

12.58%

12/31/2020

11.60

0.03

1.40

1.43

(

0.04

)

(

0.96

)

(

1.00

)

12.03

13.40%

48,964

0.95%

0.31%

0.95%

22.11%

12/31/2019

9.91

0.06

2.65

2.71

(

0.06

)

(

0.96

)

(

1.02

)

11.60

28.09%

47,660

0.94%

0.50%

0.94%

22.98%

(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.

Equity

Funds

(II)

-

December

31,

2023

-

Financial

Highlights

-

151

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Jacobs

Levy

Large

Cap

Growth

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

I

Shares  

12/31/2023

$

6.97

$

—

$

2.39

$

2.39

$

(

0.44

)

$

(

0.42

)

$

(

0.86

)

$

8.50

35.36%  

$

108,357

0.81%  

(0.01)%  

0.87%  

106.31%  

12/31/2022

10.48

—

(

1.20

)

(

1.20

)

(

0.50

)

(

1.81

)

(

2.31

)

6.97

(12.49)%

79,244

0.81%

0.03%

0.88%

136.52%

12/31/2021

8.94

(

0.01

)

3.42

3.41

—

(

1.87

)

(

1.87

)

10.48

40.45%

93,990

0.81%

(0.11)%

0.90%

107.88%

12/31/2020

12.40

0.01

3.09

3.10

—

(

6.56

)

(

6.56

)

8.94

30.09%

73,693

0.81%

0.07%

0.94%

187.56%

12/31/2019

11.37

0.04

3.26

3.30

(

0.49

)

(

1.78

)

(

2.27

)

12.40

30.53%

65,304

0.85%

0.33%

0.87%

48.66%

Class

II

Shares

12/31/2023

6.67

(

0.02

)

2.28

2.26

(

0.44

)

(

0.42

)

(

0.86

)

8.07

34.99%

232,429

1.06%

(0.26)%

1.12%

106.31%

12/31/2022

10.11

(

0.02

)

(

1.15

)

(

1.17

)

(

0.46

)

(

1.81

)

(

2.27

)

6.67

(12.64)%

149,006

1.06%

(0.23)%

1.14%

136.52%

12/31/2021

8.70

(

0.03

)

3.31

3.28

—

(

1.87

)

(

1.87

)

10.11

40.03%(g)

187,861

1.06%

(0.36)%

1.15%

107.88%

12/31/2020

12.24

(

0.02

)

3.04

3.02

—

(

6.56

)

(

6.56

)

8.70

29.77%(g)

139,637

1.06%

(0.18)%

1.19%

187.56%

12/31/2019

11.25

0.01

3.22

3.23

(

0.46

)

(

1.78

)

(

2.24

)

12.24

30.22%

128,499

1.10%

0.08%

1.12%

48.66%

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.

152

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Mid

Cap

Value

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

$

8.43

$

0.11

$

0.54

$

0.65

$

(

0.13

)

$

(

1.29

)

$

(

1.42

)

$

7.66

8.82%

$

24,318

0.93%

1.33%

0.99%

36.55%

12/31/2022

9.52

0.13

(

0.39

)

(

0.26

)

(

0.13

)

(

0.70

)

(

0.83

)

8.43

(2.59)%

24,558

0.93%

1.44%

0.99%

93.03%

12/31/2021

7.73

0.07

1.80

1.87

(

0.08

)

—

(

0.08

)

9.52

24.20%

22,901

0.93%

0.84%

1.00%

56.28%

12/31/2020

7.98

0.09

(

0.19

)

(

0.10

)

(

0.15

)

—

(

0.15

)

7.73

(1.07)%

16,786

0.95%

1.27%

1.01%

97.54%

12/31/2019

8.04

0.13

1.67

1.80

(

0.19

)

(

1.67

)

(

1.86

)

7.98

23.97%

18,105

0.97%

1.51%

1.00%

46.78%

Class

II

Shares

12/31/2023

8.50

0.10

0.54

0.64

(

0.12

)

(

1.29

)

(

1.41

)

7.73

8.63%

312,734

1.02%

1.24%

1.08%

36.55%

12/31/2022

9.59

0.12

(

0.39

)

(

0.27

)

(

0.12

)

(

0.70

)

(

0.82

)

8.50

(2.66)%

325,615

1.02%

1.32%

1.08%

93.03%

12/31/2021

7.79

0.07

1.80

1.87

(

0.07

)

—

(

0.07

)

9.59

24.02%

360,185

1.02%

0.73%

1.09%

56.28%

12/31/2020

8.04

0.08

(

0.19

)

(

0.11

)

(

0.14

)

—

(

0.14

)

7.79

(1.14)%

322,931

1.04%

1.17%

1.10%

97.54%

12/31/2019

8.09

0.12

1.69

1.81

(

0.19

)

(

1.67

)

(

1.86

)

8.04

23.85%

354,803

1.06%

1.39%

1.08%

46.78%

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.

Equity

Funds

(II)

-

December

31,

2023

-

Financial

Highlights

-

153

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Cap

Growth

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)(f)

Class

I

Shares

12/31/2023

$

11.68

$

(

0.05

)

$

2.09

$

2.04

$

—

$

—

$

—

$

13.72

17.47%

$

74,780

1.09%

(0.43)%

1.09%

90.98%

12/31/2022

19.86

(

0.07

)

(

5.83

)

(

5.90

)

—

(

2.28

)

(

2.28

)

11.68

(30.33)%(g)

64,673

1.09%

(0.49)%

1.11%

77.32%

12/31/2021

19.65

(

0.13

)

2.16

2.03

—

(

1.82

)

(

1.82

)

19.86

10.25%(g)

96,458

1.09%

(0.64)%

1.12%

61.82%

12/31/2020

15.98

(

0.11

)

6.03

5.92

—

(

2.25

)

(

2.25

)

19.65

40.89%

96,535

1.09%

(0.65)%

1.15%

72.58%

12/31/2019

15.95

(

0.09

)

5.38

5.29

—

(

5.26

)

(

5.26

)

15.98

35.71%

76,434

1.10%

(0.50)%

1.12%

65.88%

Class

II

Shares

12/31/2023

9.79

(

0.07

)

1.75

1.68

—

—

—

11.47

17.16%

61,076

1.34%

(0.67)%

1.34%

90.98%

12/31/2022

17.19

(

0.09

)

(

5.03

)

(

5.12

)

—

(

2.28

)

(

2.28

)

9.79

(30.51)%

49,741

1.34%

(0.73)%

1.36%

77.32%

12/31/2021

17.26

(

0.16

)

1.91

1.75

—

(

1.82

)

(

1.82

)

17.19

10.05%

66,855

1.34%

(0.89)%

1.37%

61.82%

12/31/2020

14.32

(

0.13

)

5.32

5.19

—

(

2.25

)

(

2.25

)

17.26

40.51%

55,653

1.34%

(0.90)%

1.40%

72.58%

12/31/2019

14.76

(

0.12

)

4.94

4.82

—

(

5.26

)

(

5.26

)

14.32

35.38%

45,612

1.35%

(0.75)%

1.37%

65.88%

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.

154

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Cap

Value

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

I

Shares

12/31/2023

$

8.47

$

0.03

$

1.40

$

1.43

$

(

0.04

)

$

(

0.44

)

$

(

0.48

)

$

9.42

17.45%

$

142,939

1.06%

0.39%

1.10%

54.06%

12/31/2022

11.58

0.04

(

1.52

)

(

1.48

)

(

0.03

)

(

1.60

)

(

1.63

)

8.47

(12.91)%

131,645

1.06%

0.35%

1.11%

52.48%

12/31/2021

8.77

(

0.01

)

2.82

2.81

—

—

—

11.58

32.04%

165,179

1.06%

(0.06)%

1.13%

60.03%

12/31/2020

8.39

(

0.01

)

0.44

0.43

(

0.01

)

(

0.04

)

(

0.05

)

8.77

5.15%

134,656

1.06%

(0.09)%

1.15%

49.77%

12/31/2019

10.60

0.07

1.57

1.64

(

0.09

)

(

3.76

)

(

3.85

)

8.39

19.00%

141,656

1.08%

0.63%

1.10%

127.30%

Class

II

Shares

12/31/2023

7.96

0.01

1.31

1.32

(

0.02

)

(

0.44

)

(

0.46

)

8.82

17.15%

52,154

1.31%

0.14%

1.35%

54.06%

12/31/2022

11.00

0.01

(

1.44

)

(

1.43

)

(

0.01

)

(

1.60

)

(

1.61

)

7.96

(13.16)%

49,703

1.31%

0.11%

1.36%

52.48%

12/31/2021

8.36

(

0.03

)

2.67

2.64

—

—

—

11.00

31.58%

60,496

1.31%

(0.30)%

1.38%

60.03%

12/31/2020

8.01

(

0.02

)

0.41

0.39

—

(

0.04

)

(

0.04

)

8.36

4.95%

42,278

1.31%

(0.34)%

1.40%

49.77%

12/31/2019

10.29

0.04

1.51

1.55

(

0.07

)

(

3.76

)

(

3.83

)

8.01

18.69%

39,566

1.33%

0.38%

1.35%

127.30%

Class

IV

Shares

12/31/2023

8.46

0.03

1.41

1.44

(

0.04

)

(

0.44

)

(

0.48

)

9.42

17.59%

21,833

1.06%

0.39%

1.10%

54.06%

12/31/2022

11.57

0.04

(

1.52

)

(

1.48

)

(

0.03

)

(

1.60

)

(

1.63

)

8.46

(12.94)%

19,877

1.06%

0.36%

1.11%

52.48%

12/31/2021

8.77

(

0.01

)

2.81

2.80

—

—

—

11.57

31.93%

24,718

1.06%

(0.06)%

1.13%

60.03%

12/31/2020

8.39

(

0.01

)

0.44

0.43

(

0.01

)

(

0.04

)

(

0.05

)

8.77

5.15%

20,289

1.06%

(0.09)%

1.15%

49.77%

12/31/2019

10.60

0.07

1.57

1.64

(

0.09

)

(

3.76

)

(

3.85

)

8.39

19.00%

20,635

1.08%

0.63%

1.10%

127.30%

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.

Equity

Funds

(II)

-

December

31,

2023

-

Financial

Highlights

-

155

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Multi-Manager

Small

Company

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

I

Shares

12/31/2023

$

16.16

$

0.08

$

2.17

$

2.25

$

(

0.09

)

$

(

0.10

)

$

(

0.19

)

$

18.22

13.99%

$

258,290

1.04%

0.47%

1.06%

80.61%

12/31/2022

25.89

0.10

(

4.82

)

(

4.72

)

(

0.08

)

(

4.93

)

(

5.01

)

16.16

(18.77)%

261,535

1.05%

0.48%

1.07%

74.80%

12/31/2021

19.99

(

0.02

)

6.17

6.15

—

(

0.25

)

(

0.25

)

25.89

30.84%

350,780

1.06%

(0.07)%

1.08%

74.63%

12/31/2020

17.02

(

0.01

)

3.67

3.66

—

(

0.69

)

(

0.69

)

19.99

22.69%

263,798

1.09%

(0.08)%

1.11%

64.45%

12/31/2019

15.33

0.02

3.73

3.75

(

0.01

)

(

2.05

)

(

2.06

)

17.02

25.65%

246,026

1.08%

0.10%

1.10%

73.21%

Class

II

Shares

12/31/2023

14.27

0.03

1.91

1.94

(

0.05

)

(

0.10

)

(

0.15

)

16.06

13.69%

72,835

1.29%

0.21%

1.31%

80.61%

12/31/2022

23.58

0.04

(

4.37

)

(

4.33

)

(

0.05

)

(

4.93

)

(

4.98

)

14.27

(18.98)%

68,627

1.30%

0.23%

1.32%

74.80%

12/31/2021

18.27

(

0.07

)

5.63

5.56

—

(

0.25

)

(

0.25

)

23.58

30.51%

78,214

1.31%

(0.31)%

1.33%

74.63%

12/31/2020

15.66

(

0.05

)

3.35

3.30

—

(

0.69

)

(

0.69

)

18.27

22.36%

50,740

1.34%

(0.33)%

1.36%

64.45%

12/31/2019

14.27

(

0.02

)

3.46

3.44

—

(

2.05

)

(

2.05

)

15.66

25.35%

46,018

1.33%

(0.15)%

1.35%

73.21%

Class

IV

Shares

12/31/2023

16.13

0.08

2.16

2.24

(

0.09

)

(

0.10

)

(

0.19

)

18.18

13.96%

23,259

1.04%

0.47%

1.06%

80.61%

12/31/2022

25.85

0.10

(

4.81

)

(

4.71

)

(

0.08

)

(

4.93

)

(

5.01

)

16.13

(18.76)%

21,765

1.05%

0.48%

1.07%

74.80%

12/31/2021

19.97

(

0.02

)

6.15

6.13

—

(

0.25

)

(

0.25

)

25.85

30.77%

28,226

1.06%

(0.08)%

1.08%

74.63%

12/31/2020

17.00

(

0.01

)

3.67

3.66

—

(

0.69

)

(

0.69

)

19.97

22.72%

23,965

1.09%

(0.08)%

1.11%

64.45%

12/31/2019

15.31

0.02

3.73

3.75

(

0.01

)

(

2.05

)

(

2.06

)

17.00

25.69%

21,200

1.08%

0.10%

1.10%

73.21%

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.

156

-

Financial

Highlights

-

December

31,

2023

-

Equity

Funds

(II)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Real

Estate

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

$

6.84

$

0.15

$

0.70

$

0.85

$

(

0.16

)

$

(

0.16

)

$

(

0.32

)

$

7.37

12.88%

$

138,949

0.84%

2.16%

0.93%

107.42%

12/31/2022

10.55

0.15

(

3.09

)

(

2.94

)

(

0.13

)

(

0.64

)

(

0.77

)

6.84

(28.52)%

136,237

0.84%

1.83%

0.93%

92.95%

12/31/2021

7.26

0.07

3.32

3.39

(

0.10

)

—

(

0.10

)

10.55

46.75%

202,790

0.85%

0.82%

0.94%

65.02%

12/31/2020

7.83

0.10

(

0.53

)

(

0.43

)

(

0.11

)

(

0.03

)

(

0.14

)

7.26

(5.39)%

150,351

0.85%

1.39%

0.94%

72.49%

12/31/2019

6.09

0.13

1.74

1.87

(

0.13

)

—

(

0.13

)

7.83

30.70%

174,343

0.84%

1.71%

0.93%

44.83%

Class

II

Shares

12/31/2023

6.74

0.13

0.70

0.83

(

0.15

)

(

0.16

)

(

0.31

)

7.26

12.64%

77,177

1.09%

1.92%

1.18%

107.42%

12/31/2022

10.41

0.13

(

3.06

)

(

2.93

)

(

0.10

)

(

0.64

)

(

0.74

)

6.74

(28.72)%

76,361

1.09%

1.54%

1.18%

92.95%

12/31/2021

7.17

0.05

3.27

3.32

(

0.08

)

—

(

0.08

)

10.41

46.33%

118,765

1.10%

0.57%

1.19%

65.02%

12/31/2020

7.74

0.08

(

0.53

)

(

0.45

)

(

0.09

)

(

0.03

)

(

0.12

)

7.17

(5.70)%

83,147

1.10%

1.13%

1.19%

72.49%

12/31/2019

6.02

0.11

1.72

1.83

(

0.11

)

—

(

0.11

)

7.74

30.44%

105,887

1.09%

1.48%

1.18%

44.83%

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.

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

157

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

eleven

(11) 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

Allspring

Discovery

Fund ("Discovery") 

NVIT

AQR

Large

Cap

Defensive

Style

Fund

("Defensive

Style") 

NVIT

BlackRock

Equity

Dividend

Fund

("Equity

Dividend")

NVIT

Calvert

Equity

Fund

(formerly,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund)

("Calvert

Equity")

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

(formerly,

NVIT

Neuberger

Berman

Multi

Cap

Opportunities

Fund)

("JL

Large

Cap

Core") 

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

("JL

Large

Cap

Growth")

NVIT

Multi-Manager

Mid

Cap

Value

Fund

("Mid

Cap

Value")

NVIT

Multi-Manager

Small

Cap

Growth

Fund

("Small

Cap

Growth")

NVIT

Multi-Manager

Small

Cap

Value

Fund

("Small

Cap

Value")

NVIT

Multi-Manager

Small

Company

Fund

("Small

Company")

NVIT

Real

Estate

Fund

("Real

Estate")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company

(“NLAIC”),

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

Equity

Dividend,

JL

Large

Cap

Core,

Small

Cap

Growth,

Small

Cap

Value, and

Real

Estate.

Shares

of

Discovery,

Defensive

Style,

Calvert

Equity,

JL

Large

Cap

Growth,

and

Mid

Cap

Value

are

held

by

separate

accounts

established

by

NLIC,

NLAIC,

and

other

affiliated

insurance

companies.

Shares

of

Small

Company

are

held

by

separate

accounts

established

by

NLIC,

NLAIC,

and

other

unaffiliated

insurance

companies.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

IV 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

Real

Estate,

is

a

diversified

fund

as

defined

in

the

1940

Act.

Real

Estate

is

a

non-diversified

fund,

as

defined

in

the

1940

Act.

Effective

February

21,

2023,

NVIT

Neuberger

Berman

Multi-Cap

Opportunities

Fund

was renamed

to "NVIT

Jacobs

Levy

Large

Cap

Core

Fund".

Effective

March

6,

2023,

NVIT

BNY

Mellon

Sustainable

U.S.

Equity

Fund

was

renamed

to

"NVIT

Calvert

Equity

Fund".

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.

158

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

(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.

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.

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

159

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

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

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.

Discovery

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

437,409,713

$

–

$

–

$

437,409,713

Repurchase

Agreements

–

44,742,746

–

44,742,746

Total

$

437,409,713

$

44,742,746

$

–

$

482,152,459

Defensive

Style

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

642,679,511

$

–

$

–

$

642,679,511

Futures

Contracts#

354,201

–

–

354,201

Repurchase

Agreements

–

28,198,472

–

28,198,472

Total

$

643,033,712

$

28,198,472

$

–

$

671,232,184

Equity

Dividend

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

18,746,017

$

–

$

–

$

18,746,017

Automobile

Components

2,058,983

–

–

2,058,983

Automobiles

11,130,423

–

–

11,130,423

Banks

55,745,757

–

–

55,745,757

Beverages

4,349,940

–

–

4,349,940

Building

Products

3,800,320

–

–

3,800,320

Capital

Markets

16,451,182

2,969,839

–

19,421,021

Chemicals

5,942,812

–

–

5,942,812

Communications

Equipment

9,849,076

–

–

9,849,076

Consumer

Finance

2,815,720

–

–

2,815,720

Consumer

Staples

Distribution

&

Retail

9,838,837

–

–

9,838,837

160

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

Level

1

Level

2

Level

3

Total

Assets:

Containers

&

Packaging

$

7,528,050

$

–

$

–

$

7,528,050

Diversified

Telecommunication

Services

11,738,127

–

–

11,738,127

Electric

Utilities

13,529,216

–

–

13,529,216

Entertainment

531,537

–

–

531,537

Financial

Services

20,138,798

–

–

20,138,798

Food

Products

12,348,251

–

–

12,348,251

Ground

Transportation

2,845,999

–

–

2,845,999

Health

Care

Equipment

&

Supplies

19,039,506

6,073,459

–

25,112,965

Health

Care

Providers

&

Services

41,784,107

–

–

41,784,107

Household

Durables

1,796,326

9,110,882

–

10,907,208

Household

Products

–

2,564,168

–

2,564,168

Industrial

Conglomerates

–

2,368,822

–

2,368,822

Insurance

30,910,395

2,437,733

–

33,348,128

IT

Services

6,775,268

–

–

6,775,268

Leisure

Products

1,675,534

–

–

1,675,534

Life

Sciences

Tools

&

Services

3,532,994

–

–

3,532,994

Machinery

4,326,881

2,274,340

–

6,601,221

Media

13,492,437

–

–

13,492,437

Multi-Utilities

6,879,476

–

–

6,879,476

Oil,

Gas

&

Consumable

Fuels

8,260,172

24,614,053

–

32,874,225

Personal

Care

Products

9,558,608

–

–

9,558,608

Pharmaceuticals

7,078,555

17,747,195

–

24,825,750

Professional

Services

24,111,434

–

–

24,111,434

Semiconductors

&

Semiconductor

Equipment

4,718,946

–

–

4,718,946

Software

6,829,262

–

–

6,829,262

Specialized

REITs

4,293,390

–

–

4,293,390

Specialty

Retail

3,366,060

–

–

3,366,060

Technology

Hardware,

Storage

&

Peripherals

–

9,674,260

–

9,674,260

Textiles,

Apparel

&

Luxury

Goods

2,895,499

–

–

2,895,499

Tobacco

7,180,092

–

–

7,180,092

Wireless

Telecommunication

Services

2,308,272

–

–

2,308,272

Total

Common

Stocks

$

420,202,259

$

79,834,751

$

–

$

500,037,010

Master

Limited

Partnership

8,433,712

–

–

8,433,712

Repurchase

Agreements

–

14,402,371

–

14,402,371

Total

$

428,635,971

$

94,237,122

$

–

$

522,873,093

Calvert

Equity

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

103,530,660

$

–

$

–

$

103,530,660

Repurchase

Agreement

–

1,025,306

–

1,025,306

Total

$

103,530,660

$

1,025,306

$

–

$

104,555,966

JL

Large

Cap

Core

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

229,577,025

$

–

$

–

$

229,577,025

Total

$

229,577,025

$

–

$

–

$

229,577,025

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

161

JL

Large

Cap

Growth

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

329,556,993

$

–

$

–

$

329,556,993

Repurchase

Agreements

–

8,064,450

–

8,064,450

Total

Return

Swaps†

–

1,370,524

–

1,370,524

Total

Assets

$

329,556,993

$

9,434,974

$

–

$

338,991,967

Liabilities:

Total

Return

Swaps†

$

–

$

(859,564)

$

–

$

(859,564)

Total

Liabilities

$

–

$

(859,564)

$

–

$

(859,564)

Total

$

329,556,993

$

8,575,410

$

–

$

338,132,403

Mid

Cap

Value

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

6,766,980

$

–

$

–

$

6,766,980

Air

Freight

&

Logistics

986,583

–

–

986,583

Automobile

Components

5,488,737

622,898

–

6,111,635

Banks

7,638,057

–

–

7,638,057

Beverages

–

404,640

–

404,640

Building

Products

3,559,508

906,286

–

4,465,794

Capital

Markets

9,467,275

–

–

9,467,275

Chemicals

8,057,316

1,230,130

–

9,287,446

Commercial

Services

&

Supplies

2,347,494

–

–

2,347,494

Communications

Equipment

3,401,302

–

–

3,401,302

Construction

&

Engineering

–

1,135,739

–

1,135,739

Consumer

Finance

1,246,400

–

–

1,246,400

Consumer

Staples

Distribution

&

Retail

9,487,714

1,783,591

–

11,271,305

Containers

&

Packaging

12,796,804

–

–

12,796,804

Distributors

1,703,952

–

–

1,703,952

Diversified

REITs

364,880

–

–

364,880

Diversified

Telecommunication

Services

3,228,874

–

–

3,228,874

Electric

Utilities

16,603,795

–

–

16,603,795

Electrical

Equipment

2,534,837

–

–

2,534,837

Electronic

Equipment,

Instruments

&

Components

9,310,151

–

–

9,310,151

Energy

Equipment

&

Services

1,228,300

–

–

1,228,300

Entertainment

1,309,109

–

–

1,309,109

Financial

Services

6,178,285

–

–

6,178,285

Food

Products

7,399,985

–

–

7,399,985

Gas

Utilities

3,333,686

–

–

3,333,686

Ground

Transportation

7,260,986

–

–

7,260,986

Health

Care

Equipment

&

Supplies

13,137,939

–

–

13,137,939

Health

Care

Providers

&

Services

16,274,726

–

–

16,274,726

Health

Care

REITs

1,196,771

–

–

1,196,771

Hotels,

Restaurants

&

Leisure

5,602,224

–

–

5,602,224

Household

Products

1,767,241

783,809

–

2,551,050

Independent

Power

and

Renewable

Electricity

Producers

1,476,934

–

–

1,476,934

Insurance

28,390,541

–

–

28,390,541

Interactive

Media

&

Services

1,756,825

–

–

1,756,825

IT

Services

1,244,698

–

–

1,244,698

Life

Sciences

Tools

&

Services

5,556,060

–

–

5,556,060

Machinery

11,593,582

388,713

–

11,982,295

Media

11,267,661

–

–

11,267,661

Metals

&

Mining

1,670,461

–

–

1,670,461

Multi-Utilities

10,028,615

–

–

10,028,615

Office

REITs

3,347,557

–

–

3,347,557

162

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

Level

1

Level

2

Level

3

Total

Assets:

Oil,

Gas

&

Consumable

Fuels

$

15,191,900

$

–

$

–

$

15,191,900

Paper

&

Forest

Products

800,379

–

–

800,379

Passenger

Airlines

3,002,446

–

–

3,002,446

Personal

Care

Products

478,267

–

–

478,267

Pharmaceuticals

5,043,576

–

–

5,043,576

Professional

Services

12,290,053

–

–

12,290,053

Residential

REITs

4,824,664

–

–

4,824,664

Retail

REITs

5,276,181

–

–

5,276,181

Semiconductors

&

Semiconductor

Equipment

5,018,034

–

–

5,018,034

Specialized

REITs

5,480,995

–

–

5,480,995

Specialty

Retail

5,560,381

–

–

5,560,381

Technology

Hardware,

Storage

&

Peripherals

4,309,470

–

–

4,309,470

Textiles,

Apparel

&

Luxury

Goods

2,090,900

–

–

2,090,900

Trading

Companies

&

Distributors

1,859,876

1,218,583

–

3,078,459

Total

Common

Stocks

$

317,239,967

$

8,474,389

$

–

$

325,714,356

Master

Limited

Partnership

1,857,649

–

–

1,857,649

Repurchase

Agreements

–

11,643,742

–

11,643,742

Total

Assets

$

319,097,616

$

20,118,131

$

–

$

339,215,747

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(70,460)

$

–

$

(70,460)

Total

Liabilities

$

–

$

(70,460)

$

–

$

(70,460)

Total

$

319,097,616

$

20,047,671

$

–

$

339,145,287

Small

Cap

Growth

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

133,681,245

$

–

$

–

$

133,681,245

Exchange

Traded

Fund

953,140

–

–

953,140

Repurchase

Agreements

–

19,053,231

–

19,053,231

Total

$

134,634,385

$

19,053,231

$

–

$

153,687,616

Small

Cap

Value

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

203,551

$

–

$

–

$

203,551

Air

Freight

&

Logistics

18,114

–

–

18,114

Automobile

Components

6,076,244

–

–

6,076,244

Banks

19,175,394

–

–

19,175,394

Biotechnology

7,551,302

–

–

7,551,302

Broadline

Retail

1,725,114

–

–

1,725,114

Building

Products

11,347,162

–

–

11,347,162

Capital

Markets

4,696,013

–

–

4,696,013

Chemicals

7,989,366

–

–

7,989,366

Commercial

Services

&

Supplies

5,948,344

–

–

5,948,344

Communications

Equipment

1,147,793

–

–

1,147,793

Construction

&

Engineering

8,274,159

–

–

8,274,159

Construction

Materials

217,070

–

–

217,070

Consumer

Finance

4,876,958

–

–

4,876,958

Consumer

Staples

Distribution

&

Retail

3,973,221

–

–

3,973,221

Containers

&

Packaging

185,460

–

–

185,460

Diversified

Consumer

Services

735,739

–

–

735,739

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

163

Level

1

Level

2

Level

3

Total

Assets:

Diversified

REITs

$

128,054

$

–

$

–

$

128,054

Diversified

Telecommunication

Services

412,137

–

–

412,137

Electric

Utilities

947,919

–

–

947,919

Electrical

Equipment

767,754

–

–

767,754

Electronic

Equipment,

Instruments

&

Components

6,948,840

–

–

6,948,840

Energy

Equipment

&

Services

1,664,545

–

–

1,664,545

Entertainment

223,429

–

–

223,429

Financial

Services

2,170,986

–

–

2,170,986

Food

Products

1,863,568

–

–

1,863,568

Gas

Utilities

310,897

–

–

310,897

Ground

Transportation

4,941,455

–

–

4,941,455

Health

Care

Equipment

&

Supplies

4,250,989

–

–

4,250,989

Health

Care

Providers

&

Services

11,592,646

–

–

11,592,646

Health

Care

REITs

108,767

–

–

108,767

Health

Care

Technology

1,835,224

–

–

1,835,224

Hotel

&

Resort

REITs

3,924,902

–

–

3,924,902

Hotels,

Restaurants

&

Leisure

2,629,407

–

–

2,629,407

Household

Durables

5,866,312

–

–

5,866,312

Independent

Power

and

Renewable

Electricity

Producers

883,649

–

–

883,649

Insurance

9,263,941

–

–

9,263,941

Interactive

Media

&

Services

271,616

–

–

271,616

IT

Services

2,144,116

–

–

2,144,116

Leisure

Products

378,926

–

–

378,926

Life

Sciences

Tools

&

Services

376,283

–

–

376,283

Machinery

6,725,907

–

–

6,725,907

Media

1,332,896

–

–

1,332,896

Metals

&

Mining

4,297,558

–

–

4,297,558

Mortgage

Real

Estate

Investment

Trusts

(REITs)

137,632

–

–

137,632

Office

REITs

1,832,533

–

–

1,832,533

Oil,

Gas

&

Consumable

Fuels

10,845,900

–

–

10,845,900

Paper

&

Forest

Products

810,803

–

–

810,803

Personal

Care

Products

2,935,047

–

–

2,935,047

Pharmaceuticals

805,043

–

–

805,043

Professional

Services

6,491,140

–

–

6,491,140

Real

Estate

Management

&

Development

4,432,450

–

–

4,432,450

Semiconductors

&

Semiconductor

Equipment

688,682

–

–

688,682

Software

9,414,362

–

–

9,414,362

Specialty

Retail

6,233,281

–

–

6,233,281

Technology

Hardware,

Storage

&

Peripherals

1,147,826

–

–

1,147,826

Textiles,

Apparel

&

Luxury

Goods

1,706,343

–

–

1,706,343

Tobacco

458,532

–

–

458,532

Trading

Companies

&

Distributors

5,810,968

–

–

5,810,968

Wireless

Telecommunication

Services

1,083

–

–

1,083

Total

Common

Stocks

$

214,155,352

$

–

$

–

$

214,155,352

Repurchase

Agreements

–

13,484,080

–

13,484,080

Rights

–

–

–

–

Total

$

214,155,352

$

13,484,080

$

–

$

227,639,432

Small

Company

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

6,172,648

$

–

$

–

$

6,172,648

164

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

Level

1

Level

2

Level

3

Total

Assets:

Air

Freight

&

Logistics

$

38,200

$

–

$

–

$

38,200

Automobile

Components

7,558,025

–

–

7,558,025

Banks

37,657,044

–

–

37,657,044

Beverages

1,400,619

–

–

1,400,619

Biotechnology

16,589,157

–

–

16,589,157

Broadline

Retail

968,693

–

–

968,693

Building

Products

4,792,577

–

–

4,792,577

Capital

Markets

8,180,536

–

–

8,180,536

Chemicals

3,517,483

–

–

3,517,483

Commercial

Services

&

Supplies

9,071,546

–

–

9,071,546

Communications

Equipment

2,087,670

–

–

2,087,670

Construction

&

Engineering

7,099,175

–

–

7,099,175

Construction

Materials

1,472,392

–

–

1,472,392

Consumer

Finance

9,464,483

–

–

9,464,483

Consumer

Staples

Distribution

&

Retail

2,808,031

–

–

2,808,031

Containers

&

Packaging

382,205

–

–

382,205

Diversified

Consumer

Services

4,386,646

–

–

4,386,646

Diversified

REITs

267,093

–

–

267,093

Diversified

Telecommunication

Services

804,283

–

–

804,283

Electric

Utilities

1,868,283

–

–

1,868,283

Electrical

Equipment

3,237,730

–

–

3,237,730

Electronic

Equipment,

Instruments

&

Components

6,689,246

–

–

6,689,246

Energy

Equipment

&

Services

5,330,093

–

–

5,330,093

Entertainment

1,607,895

–

–

1,607,895

Financial

Services

6,420,407

–

–

6,420,407

Gas

Utilities

288,701

–

–

288,701

Ground

Transportation

4,619,815

–

–

4,619,815

Health

Care

Equipment

&

Supplies

9,943,129

–

–

9,943,129

Health

Care

Providers

&

Services

8,578,282

–

–

8,578,282

Health

Care

Technology

4,129,115

–

–

4,129,115

Hotel

&

Resort

REITs

6,835,070

–

–

6,835,070

Hotels,

Restaurants

&

Leisure

6,206,400

–

–

6,206,400

Household

Durables

14,944,411

–

–

14,944,411

Independent

Power

and

Renewable

Electricity

Producers

1,555,977

–

–

1,555,977

Industrial

REITs

602,635

–

–

602,635

Insurance

11,747,094

–

–

11,747,094

Interactive

Media

&

Services

596,352

–

–

596,352

IT

Services

5,208,122

–

–

5,208,122

Leisure

Products

605,375

–

–

605,375

Life

Sciences

Tools

&

Services

5,362,338

–

–

5,362,338

Machinery

7,700,814

–

–

7,700,814

Media

2,437,538

–

–

2,437,538

Metals

&

Mining

10,377,679

–

–

10,377,679

Mortgage

Real

Estate

Investment

Trusts

(REITs)

228,845

–

–

228,845

Office

REITs

3,232,523

–

–

3,232,523

Oil,

Gas

&

Consumable

Fuels

22,753,956

–

–

22,753,956

Paper

&

Forest

Products

1,468,367

–

–

1,468,367

Personal

Care

Products

3,972,935

–

–

3,972,935

Pharmaceuticals

2,301,634

–

–

2,301,634

Professional

Services

2,952,957

–

–

2,952,957

Real

Estate

Management

&

Development

3,675,314

–

–

3,675,314

Semiconductors

&

Semiconductor

Equipment

11,074,948

–

–

11,074,948

Software

27,448,892

–

–

27,448,892

Specialty

Retail

6,138,686

–

–

6,138,686

Technology

Hardware,

Storage

&

Peripherals

1,626,656

–

–

1,626,656

Textiles,

Apparel

&

Luxury

Goods

3,084,009

–

–

3,084,009

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

165

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

(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

Level

1

Level

2

Level

3

Total

Assets:

Tobacco

$

1,013,226

$

–

$

–

$

1,013,226

Trading

Companies

&

Distributors

9,617,818

–

–

9,617,818

Wireless

Telecommunication

Services

24,876

–

–

24,876

Total

Common

Stocks

$

352,226,649

$

–

$

–

$

352,226,649

Repurchase

Agreements

–

27,332,399

–

27,332,399

Rights

–

–

–

–

Total

$

352,226,649

$

27,332,399

$

–

$

379,559,048

Real

Estate

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

214,425,101

$

–

$

–

$

214,425,101

Total

$

214,425,101

$

–

$

–

$

214,425,101

#

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.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

As

of

December

31,

2023,

Mid

Cap

Value

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

As

of

December

31,

2023,

Small

Cap

Value

held

one

rights

investment

and

one

common

stock

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

As

of

December

31,

2023,

Small

Company

held

one

rights

investment

and

two

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

166

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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)

Swap

Contracts             

Total

Return

Swap

Contracts

—

Certain

Funds

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

Funds'

swap

agreements

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

“Swap

contracts,

at

value”

for

over-the

counter

(“OTC”)

swaps

and

under

“Receivable/payable

for

variation

margin on

centrally

cleared swap

contracts”

for

centrally

cleared

swaps,

in

a

table

in

the

Statement

of

Investments, and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

swap

contracts,"

as

applicable.

(e)

Forward

Foreign

Currency

Contracts          

Certain

Funds

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency, to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

167

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The Funds' forward

foreign

currency

contracts

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

“Unrealized

appreciation/(depreciation)

on

forward

foreign

currency

contracts,”

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

settlement

of

forward

foreign

currency

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

forward

foreign

currency

contracts,”

as

applicable.

(f)

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

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:

Defensive

Style

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

354,201

Total

$

354,201

168

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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:

JL

Large

Cap

Growth

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

1,370,524

Total

$

1,370,524

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(859,564)

Total

$

(859,564)

Mid

Cap

Value

Liabilities:

Statements

of

Assets

and

Liabilities

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(70,460)

Total

$

(70,460)

#

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.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

Defensive

Style

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

1,268,204

Total

$

1,268,204

JL

Large

Cap

Growth

Realized

Gains

(Losses):

Total

Swap

Contracts

Equity

risk

$

5,044,275

Total

$

5,044,275

Mid

Cap

Value

Realized

Gains

(Losses):

Total

Forward

Foreign

Currency

Contracts

Currency

risk

$

(59,997)

Total

$

(59,997)

Defensive

Style

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

316,755

Total

$

316,755

JL

Large

Cap

Growth

Unrealized

Appreciation/Depreciation:

Total

Swap

Contracts

Equity

risk

$

225,862

Total

$

225,862

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

169

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

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.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument’s

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

As

of December

31,

2023,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

“Statements

of

Assets

and

Liabilities".

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for

forward

foreign

currency

contracts

and

OTC

swap

contracts,

as

applicable,

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2023:

Mid

Cap

Value

Unrealized

Appreciation/Depreciation:

Total

Forward

Foreign

Currency

Contracts

Currency

risk

$

(32,117)

Total

$

(32,117)

Defensive

Style

Futures

Contracts:

Average

Notional

Balance

Long

$

9,799,350

JL

Large

Cap

Growth

Total

Return

Swaps:

Average

Notional

Balance

—

Receives

Float

Rate

$

89,222,556

Average

Notional

Balance

—

Pays

Float

Rate

$

(82,809,791)

Mid

Cap

Value

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

Purchased

$

471,464

Average

Settlement

Value

Sold

$

8,397,480

JL

Large

Cap

Growth

Offsetting

of

Financial

Assets,

Derivative

Assets

and

Collateral

Received

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts

of

Recognized

Asset

Derivatives  

Derivatives

Available

for

Offset

Collateral

Received

Net

Amount

of

Asset

Derivatives

JPMorgan

Chase

Bank

NA

Swap

Contracts

$

1,370,524

$

(771,841)

$

—

$

598,683

Total

$

1,370,524

$

(771,841)

$

—

$

598,683

170

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

(g)

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.

Offsetting

of

Financial

Liabilities,

Derivative

Liabilities

and

Collateral

Pledged

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts  

of

Recognized

Liability

Derivatives

Derivatives

Available

for

Offset

Collateral

Pledged

*

Net

Amount

of

Liability

Derivatives

JPMorgan

Chase

Bank

NA

Swap

Contracts

$

(771,841)

$

771,841

$

—

$

—

Total

$

(771,841)

$

771,841

$

—

$

—

*

Per

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

from

the

counterparties.

Aggregate

additional

collateral

pledged

was

$5,890,000.

Mid

Cap

Value

Offsetting

of

Financial

Liabilities,

Derivative

Liabilities

and

Collateral

Pledged

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts  

of

Recognized

Liability

Derivatives

Derivatives

Available

for

Offset

Collateral

Pledged

Net

Amount

of

Liability

Derivatives

Bank

of

America

NA

Forward

Foreign

Currency

Contracts

$

(19,304)

$

—

$

—

$

(19,304)

Goldman

Sachs

Bank

USA

Forward

Foreign

Currency

Contracts

(15,494)

—

—

(15,494)

JPMorgan

Chase

Bank

NA

Forward

Foreign

Currency

Contracts

(17,831)

—

—

(17,831)

Morgan

Stanley

Co.,

Inc.

Forward

Foreign

Currency

Contracts

(17,831)

—

—

(17,831)

Total

$

(70,460)

$

—

$

—

$

(70,460)

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

171

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.

As

of December

31,

2023,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(h)

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.

l

Fund

Amounts

of

Liabilities

Presented

in

the

Statements

of

Assets

and

Liabilities

Discovery

$

44,742,746

Defensive

Style

28,198,472

Equity

Dividend

14,402,371

Calvert

Equity

1,025,306

JL

Large

Cap

Growth

8,064,450

Mid

Cap

Value

11,643,742

Small

Cap

Growth

19,053,231

Small

Cap

Value

13,484,080

Small

Company

27,332,399

172

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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.

BNP

Paribas

Securities

Corp.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$

45,026,700,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

12/31/2023

-

5/15/2044;

total

market

value

$

45,900,000.

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.

ING

Financial

Services

LLC,

5.32%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$35,020,689,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

5.35%,

maturing

1/15/2024

-

11/15/2053;

total

market

value

$35,700,005.

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.

Discovery

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

BNP

Paribas

Securities

Corp.

$

10,000,000

$

–

$

10,000,000

$

(10,000,000)

$

–

BofA

Securities,

Inc.

10,000,000

–

10,000,000

(10,000,000)

–

Cantor

Fitzgerald

&

Co.

2,742,746

–

2,742,746

(2,742,746)

–

ING

Financial

Services

LLC

20,000,000

–

20,000,000

(20,000,000)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Total

$

44,742,746

$

–

$

44,742,746

$

(44,742,746)

$

–

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

173

Defensive

Style

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

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

BofA

Securities,

Inc.

1,132,384

–

1,132,384

(1,132,384)

–

Cantor

Fitzgerald

&

Co.

66,088

–

66,088

(66,088)

–

MetLife,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

Pershing

LLC

17,000,000

–

17,000,000

(17,000,000)

–

Total

$

28,198,472

$

–

$

28,198,472

$

(28,198,472)

$

–

Equity

Dividend

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

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

BofA

Securities,

Inc.

1,810,892

–

1,810,892

(1,810,892)

–

Cantor

Fitzgerald

&

Co.

3,774,263

–

3,774,263

(3,774,263)

–

MetLife,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

Pershing

LLC

1,817,216

–

1,817,216

(1,817,216)

–

Total

$

14,402,371

$

–

$

14,402,371

$

(14,402,371)

$

–

Calvert

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

Cantor

Fitzgerald

&

Co.

$

1,025,306

$

–

$

1,025,306

$

(1,025,306)

$

–

Total

$

1,025,306

$

–

$

1,025,306

$

(1,025,306)

$

–

174

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

JL

Large

Cap

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

Bank

of

America

NA

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

Cantor

Fitzgerald

&

Co.

2,864,450

–

2,864,450

(2,864,450)

–

MetLife,

Inc.

1,700,000

–

1,700,000

(1,700,000)

–

Pershing

LLC

1,500,000

–

1,500,000

(1,500,000)

–

Total

$

8,064,450

$

–

$

8,064,450

$

(8,064,450)

$

–

Mid

Cap

Value

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.

$

2,643,742

$

–

$

2,643,742

$

(2,643,742)

$

–

ING

Financial

Services

LLC

5,000,000

–

5,000,000

(5,000,000)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Santander

US

Capital

Markets

1,000,000

–

1,000,000

(1,000,000)

–

Total

$

11,643,742

$

–

$

11,643,742

$

(11,643,742)

$

–

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

175

Small

Cap

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

Bank

of

America

NA

$

1,000,000

$

–

$

1,000,000

$

(1,000,000)

$

–

BofA

Securities,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Cantor

Fitzgerald

&

Co.

6,053,231

–

6,053,231

(6,053,231)

–

MetLife,

Inc.

3,000,000

–

3,000,000

(3,000,000)

–

Pershing

LLC

7,000,000

–

7,000,000

(7,000,000)

–

Total

$

19,053,231

$

–

$

19,053,231

$

(19,053,231)

$

–

Small

Cap

Value

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.

$

1,484,080

$

–

$

1,484,080

$

(1,484,080)

$

–

ING

Financial

Services

LLC

5,000,000

–

5,000,000

(5,000,000)

–

MetLife,

Inc.

7,000,000

–

7,000,000

(7,000,000)

–

Total

$

13,484,080

$

–

$

13,484,080

$

(13,484,080)

$

–

176

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

(i)

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.

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.

(j)

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

Small

Company

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

$

6,000,000

$

–

$

6,000,000

$

(6,000,000)

$

–

BofA

Securities,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Cantor

Fitzgerald

&

Co.

5,332,399

–

5,332,399

(5,332,399)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

10,000,000

–

10,000,000

(10,000,000)

–

Santander

US

Capital

Markets

4,000,000

–

4,000,000

(4,000,000)

–

Total

$

27,332,399

$

–

$

27,332,399

$

(27,332,399)

$

–

*

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.

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

177

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

real

estate

investments

trusts,

investments

in

partnerships,

treatments

of

notional

principal

contracts, investments

in

passive

foreign

investment

companies

("PFICs"),

and 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,

investments

in

partnerships,

mark-to-market

adjustments

on

futures, treatment

of

notional

principal

contracts, and investments

in

PFICs.

 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:

(k)

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.

(l)

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.

Fund

Capital

Total

Distributable

Earnings

(Loss)

Discovery

$

(1,753,373)

$

1,753,373

Defensive

Style

–

–

Equity

Dividend

(1,451)

1,451

Calvert

Equity

–

–

JL

Large

Cap

Core

–

–

JL

Large

Cap

Growth

–

–

Mid

Cap

Value

(108)

108

Small

Cap

Growth

(525,296)

525,296

Small

Cap

Value

–

–

Small

Company

–

–

Real

Estate

120,749

(120,749)

178

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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

Discovery

Allspring

Global

Investments,

LLC

Defensive

Style

AQR

Capital

Management,

LLC

Equity

Dividend

BlackRock

Investment

Management,

LLC

Calvert

Equity(a)

Atlanta

Capital

Management

Company,

L.L.C.

JL

Large

Cap

Core(b)

Jacobs

Levy

Equity

Management,

Inc.

(“Jacobs

Levy”)

JL

Large

Cap

Growth

Jacobs

Levy

Mid

Cap

Value

American

Century

Investments

Management,

Inc.

Thompson,

Siegel

&

Walmsley

LLC

Victory

Capital

Management

Inc.

Small

Cap

Growth

Invesco

Advisers,

Inc.

("Invesco")

Wellington

Management

Company

LLP

(“Wellington

Management”)

Small

Cap

Value

Jacobs

Levy

WCM

Investment

Management,

LLC

Small

Company

Jacobs

Levy

Invesco

Real

Estate

Wellington

Management

(a)

Effective

end

of

business

on

March

3,

2023,

Newton

Investment

Management

Limited

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

Effective

start

of

business

on

March

6,

2023,

Atlanta

Capital

Management

Company,

L.L.C.

was

appointed

as

the

subadviser

to

the

Fund.

(b)

Effective

end

of

business

on

February

17,

2023,

Neuberger

Berman

Investment

Advisers

LLC

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

Effective

start

of

business

on

February

21,

2023,

Jacobs

Levy

Equity

Management,

Inc.

was

appointed

as

the

subadviser

to

the

Fund.

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

Discovery

Up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Defensive

Style

Up

to

$250

million

0.60%

$250

million

up

to

$1

billion

0.575%

$1

billion

up

to

$2

billion

0.55%

$2

billion

up

to

$5

billion

0.525%

$5

billion

and

more

0.50%

Equity

Dividend

Up

to

$100

million

0.70%

$100

million

up

to

$250

million

0.65%

$250

million

up

to

$500

million

0.60%

$500

million

and

more

0.55%

Calvert

Equity

Up

to

$1

billion

0.65%

$1

billion

and

more

0.60%

JL

Large

Cap

Core

Up

to

$1

billion

0.60%

$1

billion

and

more

0.55%

JL

Large

Cap

Growth

Up

to

$1

billion

0.65%

$1

billion

and

more

0.60%

Mid

Cap

Value

Up

to

$1

billion

0.75%

$1

billion

and

more

0.73%

Small

Cap

Growth

Up

to

$200

million

0.84%

$200

million

and

more

0.79%

Small

Cap

Value

Up

to

$200

million

0.87%

$200

million

and

more

0.82%

Small

Company

Up

to

$200

million

0.885%

$200

million

and

more

0.835%

Real

Estate

Up

to

$500

million

0.70%

$500

million

up

to

$1

billion

0.65%

$1

billion

and

more

0.60%

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

179

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.

During

the

year

ended December

31,

2023,

due

to

a

reduction

in

the

subadvisory

fees

payable

by

NFA,

NFA

has

agreed

to

waive

a

portion

of

its

Investment

Advisory

Fee.

The

following

table

provides

the

waiver

of

such

investment

advisory

fee

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

Fund

Advisory

Fee

Waiver

(annual

rate)

Discovery

0.029%

Calvert

Equity

0.050

JL

Large

Cap

Core

(a)

0.055

Mid

Cap

Value

0.0303

Small

Company

0.023

Real

Estate

0.013

(a)

The

rate

is

effective

on

February

21,

2023.

Fund

Amount

Discovery

$

124,667

Calvert

Equity

50,061

JL

Large

Cap

Core

101,916

Mid

Cap

Value

101,705

Small

Company

78,500

Real

Estate

27,184

Fund

Amount

Real

Estate

$

170,440

Fund

Effective

Advisory

Fee

Rate

Before

Contractual*

and

Voluntary**

Fee

Waivers

and

Expense

Reimbursements

Effective

Advisory

Fee

Rate

After

Contractual*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

and

Voluntary*

Fee

Waivers

Effective

Advisory

Fee

Rate

After

Contractual*

and

Voluntary**

Fee

Waivers

and

Expense

Reimbursements

Discovery

0.75

%

0.72

%

0.72

%

0.70

%

Defensive

Style

0.58

N/A

      N/A

0.58

Equity

Dividend

0.63

N/A

      N/A

0.59

Calvert

Equity

0.65

0.60

0.60

0.59

JL

Large

Cap

Core

0.60

0.55

0.55

0.55

JL

Large

Cap

Growth

0.65

N/A

      N/A

0.59

Mid

Cap

Value

0.75

0.72

0.72

0.69

Small

Cap

Growth

0.84

N/A

      N/A

0.84

Small

Cap

Value

0.87

N/A

      N/A

0.83

Small

Company

0.86

0.83

0.83

0.83

Real

Estate

0.70

0.69

0.61

0.61

N/A

—

Not

Applicable.

*

Please

see

above

for

additional

information

regarding

contractual

waivers.

**

Voluntary

waivers

may

be

discontinued

at

any

time

at

the

discretion

of

NFA.

180

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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.

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)

Discovery

All

Classes

0.78%

Equity

Dividend

All

Classes

0.65

Calvert

Equity

All

Classes

0.78

JL

Large

Cap

Growth

All

Classes

0.66

Mid

Cap

Value

All

Classes

0.79

Small

Cap

Growth

All

Classes

0.94

Small

Cap

Value

All

Classes

0.91

Fund

Classes

Amount

(annual

rate)

Discovery

Class

I

0.92%

Real

Estate

Class

II

1.68%

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

Discovery

$

227,524

$

207,781

$

78,715

$

514,020

Defensive

Style

—

—

—

—

Equity

Dividend

237,368

216,758

203,503

657,629

Calvert

Equity

27,027

9,458

7,186

43,671

JL

Large

Cap

Core

—

—

—

—

JL

Large

Cap

Growth

216,788

181,485

146,108

544,381

Mid

Cap

Value

148,745

120,026

106,191

374,962

Small

Cap

Growth

39,311

21,919

1,039

62,269

Small

Cap

Value

152,342

98,030

79,693

330,065

Small

Company

—

—

—

—

Real

Estate

—

—

—

—

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

181

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$1,243,692

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

$14,592.

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:

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

0.20%

of

the

average

daily

net

assets

of

Class

IV

shares

of

each Fund.

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

Fund

Class

II

Shares

Discovery

0.25%

Defensive

Style

0.25%

Equity

Dividend

0.25%

Calvert

Equity

0.25%

JL

Large

Cap

Core

0.25%

JL

Large

Cap

Growth

0.25%

Mid

Cap

Value

0.25%

Small

Cap

Growth

0.25%

Small

Cap

Value

0.25%

Small

Company

0.25%

Real

Estate

0.25%

Fund

Distribution

Fee

Waiver

(Annual

Rate)

Calvert

Equity

0.16%

Fund

Amount

Calvert

Equity

$

148,912

182

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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:

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.

Fund

Class

I

Class

II

Class

IV

Discovery

0.07%

0.07%

N/A

Defensive

Style

0.15

0.15

0.15%

Equity

Dividend

0.15

0.15

0.15

Calvert

Equity

0.12

0.05

N/A

JL

Large

Cap

Core

0.15

N/A

N/A

JL

Large

Cap

Growth

0.15

0.15

N/A

Mid

Cap

Value

0.17

0.01

N/A

Small

Cap

Growth

0.15

0.15

N/A

Small

Cap

Value

0.15

0.15

0.15

Small

Company

0.15

0.15

0.15

Real

Estate

0.15

0.15

N/A

N/A

—

Not

Applicable.

Fund

Amount

Discovery

$

300,927

Defensive

Style

982,276

Equity

Dividend

759,016

Calvert

Equity

55,131

JL

Large

Cap

Core

253,648

JL

Large

Cap

Growth

413,602

Mid

Cap

Value

71,961

Small

Cap

Growth

184,050

Small

Cap

Value

303,594

Small

Company

511,986

Real

Estate

313,602

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

183

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

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.

Fund

Purchases

Sales

Discovery

$

222,384,957

$

259,647,460

Defensive

Style

130,520,120

173,907,621

Equity

Dividend

199,628,775

221,117,326

Calvert

Equity

90,862,179

100,640,381

JL

Large

Cap

Core

356,008,325

377,127,423

JL

Large

Cap

Growth

314,440,818

284,082,293

Mid

Cap

Value

119,450,741

155,327,670

Small

Cap

Growth

111,588,752

109,750,614

Small

Cap

Value

107,290,058

122,699,405

Small

Company

272,127,045

308,311,579

Real

Estate

222,983,847

235,119,661

184

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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. 

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:

Fund

Amount

Discovery

$

633

Calvert

Equity

2,227

JL

Large

Cap

Core

1,745

Mid

Cap

Value

6,542

Small

Cap

Growth

380

Small

Cap

Value

2,719

Real

Estate

12,059

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Discovery

$

–

$

–

$

–

$

–

$

–

Defensive

Style

8,457,435

63,995,112

72,452,547

–

72,452,547

Equity

Dividend

13,405,198

36,975,687

50,380,885

–

50,380,885

Calvert

Equity

355,036

11,494,152

11,849,188

–

11,849,188

JL

Large

Cap

Core

1,058,379

15,852,673

16,911,052

–

16,911,052

JL

Large

Cap

Growth

15,190,244

14,670,557

29,860,801

–

29,860,801

Mid

Cap

Value

13,221,801

40,609,875

53,831,676

–

53,831,676

Small

Cap

Growth

–

–

–

–

–

Small

Cap

Value

1,335,274

9,291,497

10,626,771

–

10,626,771

Small

Company

1,578,738

2,006,907

3,585,645

–

3,585,645

Real

Estate

4,573,989

4,731,822

9,305,811

–

9,305,811

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Equity

Funds

(II)

-

December

31,

2023

-

Notes

to

Financial

Statements

-

185

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: 

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Discovery

$

–

$

131,261,395

$

131,261,395

$

–

$

131,261,395

Defensive

Style

10,689,129

68,403,212

79,092,341

–

79,092,341

Equity

Dividend

19,883,375

38,727,334

58,610,709

–

58,610,709

Calvert

Equity

4,337,895

3,472,352

7,810,247

–

7,810,247

JL

Large

Cap

Core

3,096,872

22,800,008

25,896,880

–

25,896,880

JL

Large

Cap

Growth

35,656,972

22,724,043

58,381,015

–

58,381,015

Mid

Cap

Value

25,833,368

5,535,775

31,369,143

–

31,369,143

Small

Cap

Growth

–

20,924,970

20,924,970

–

20,924,970

Small

Cap

Value

14,190,177

19,228,448

33,418,625

–

33,418,625

Small

Company

28,527,944

58,661,562

87,189,506

–

87,189,506

Real

Estate

5,464,148

16,486,774

21,950,922

–

21,950,922

*

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)

Discovery

$

–

$

–

$

–

$

–

$

(61,343,941)

$

93,628,834

$

32,284,893

Defensive

Style

2,270,139

24,098,838

26,368,977

–

–

178,864,533

205,233,510

Equity

Dividend

5,501,554

16,173,293

21,674,847

–

–

61,293,902

82,968,749

Calvert

Equity

1,725,427

12,183,646

13,909,073

–

–

18,655,691

32,564,764

JL

Large

Cap

Core

9,785,636

72,064,293

81,849,929

–

–

43,545,763

125,395,692

JL

Large

Cap

Growth

17,406,654

16,098,704

33,505,358

–

–

78,033,131

111,538,489

Mid

Cap

Value

1,875,136

4,562,753

6,437,889

–

–

25,807,975

32,245,864

Small

Cap

Growth

–

–

–

–

(5,125,053)

28,858,724

23,733,671

Small

Cap

Value

1,391,708

1,888,233

3,279,941

–

–

28,891,543

32,171,484

Small

Company

89,629

10,640,433

10,730,062

–

–

48,275,778

59,005,840

Real

Estate

1,923,788

–

1,923,788

–

(8,511,487)

42,863,246

36,275,547

*

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)

Discovery

$

388,523,625

$

106,453,735

$

(12,824,901)

$

93,628,834

Defensive

Style

492,367,651

189,603,711

(10,739,178)

178,864,533

Equity

Dividend

461,583,754

86,407,430

(25,118,091)

61,289,339

Calvert

Equity

85,900,275

21,395,607

(2,739,916)

18,655,691

JL

Large

Cap

Core

186,031,262

47,046,059

(3,500,296)

43,545,763

JL

Large

Cap

Growth

260,099,272

83,604,875

(5,571,744)

78,033,131

Mid

Cap

Value

313,338,109

41,511,001

(15,703,823)

25,807,178

Small

Cap

Growth

124,828,892

31,348,922

(2,490,198)

28,858,724

Small

Cap

Value

198,747,889

46,851,928

(17,960,385)

28,891,543

Small

Company

331,283,271

74,988,841

(26,713,064)

48,275,777

Real

Estate

171,561,855

43,072,003

(208,757)

42,863,246

186

-

Notes

to

Financial

Statements

-

December

31,

2023

-

Equity

Funds

(II)

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

On

December 6,

2023,

the

Board

of

Trustees

approved

the

termination

of

American

Century

Investment

Management,

Inc.

and

Thompson,

Siegel

&

Walmsley

LLC

as

subadvisers

to NVIT

Multi-Manager

Mid

Cap

Value

Fund

("Mid

Cap

Value") and

approved

the

appointment

of Victory

Capital

Management

Inc. to

subadvise

Mid

Cap

Value. The

change

will

become

effective

on

or

about

February 26,

2024

(the

"Effective

Date").

As

of

the

Effective

Date, Mid

Cap

Value will

be

renamed

"NVIT

Victory

Mid

Cap

Value

Fund."

On

December

6,

2023,

the

Board

of

Trustees

approved

the

termination

of

Wellington

Management

Company

LLP

as

a

subadviser

to

NVIT

Multi-Manager Small

Cap

Growth Fund

("Small

Cap

Growth").

The

change

will

become

effective

on

or

about

March

11,

2024

(the

"Effective

Date").

As

of

the

Effective

Date, Small

Cap

Growth will

be

renamed

"NVIT Invesco Small

Cap

Growth Fund." 

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no

additional

subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Fund

Amount

Discovery

$

(61,343,941)

Small

Cap

Growth

(5,125,053)

Real

Estate

(8,511,487)

Fund

Utilized

Small

Cap

Growth

$

6,102,188

Equity

Funds

(II)

-

December

31,

2023

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

187

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

Allspring

Discovery

Fund,

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

NVIT

BlackRock

Equity

Dividend

Fund,

NVIT

Calvert

Equity

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

NVIT

Multi-Manager

Mid

Cap

Value

Fund,

NVIT

Multi-Manager

Small

Cap

Growth

Fund,

NVIT

Multi-Manager

Small

Cap

Value

Fund,

NVIT

Multi-Manager

Small

Company

Fund

and

NVIT

Real

Estate

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Allspring

Discovery

Fund,

NVIT

AQR

Large

Cap

Defensive

Style

Fund,

NVIT

BlackRock

Equity

Dividend

Fund,

NVIT

Calvert

Equity

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

NVIT

Multi-Manager

Mid

Cap

Value

Fund,

NVIT

Multi-Manager

Small

Cap

Growth

Fund,

NVIT

Multi-Manager

Small

Cap

Value

Fund,

NVIT

Multi-Manager

Small

Company

Fund

and

NVIT

Real

Estate

Fund

(eleven

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

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.

188

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

(II)

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

(II)

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

189

• 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.

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• 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

Equity

Funds

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Supplemental

Information

-

191

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

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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

Equity

Funds

(II)

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

193

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.

NVIT

Multi-Manager

Mid

Cap

Value

Fund

NVIT

Multi-Manager

Small

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

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:  

• 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

194

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

(II)

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.

• 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-

Equity

Funds

(II)

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

195

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

Multi-Manager

Mid

Cap

Value

Fund,

the

Trustees

noted

that

the

Fund

was

shown

to

pay

actual

management

fees

and

to

have

a

total

expense

ratio

at

levels

below

its

peer

group

median.

With

respect

to

NVIT

Multi-Manager

Small

Cap

Growth

Fund,

NVIT

Multi-Manager

Small

Cap

Value

Fund,

and

NVIT

Multi-Manager

Small

Company

Fund,

the

Trustees

noted

that,

although

each

Fund

was

shown

to

pay

actual

management

fees

at

a

level

higher

than

its

peer

group

median

(in

the

fifth

quintile),

the

Fund’s

total

expense

ratio

was

at

a

level

below

its

peer

group

median

(or,

in

the

case

of

the

total

expense

ratio

of

NVIT

Multi-Manager

Small

Cap

Value

Fund

and

NVIT

Multi-Manager

Small

Company

Fund,

was

within

what

the

Trustees

considered

a

acceptable

range

of

the

Fund’s

peer

group

median).  

With

respect

to

each

Fund

other

than

NVIT

Multi-Manager

Mid

Cap

Value

Fund

and

NVIT

Multi-Manager

Small

Cap

Growth

Fund,

the

Trustees

noted

that

each

of

these

Funds

was

shown

to

have

experienced

three-year

performance

for

the

period

ended

June

30,

2023

at

or

above

its

performance

universe

median.

With

respect

to

NVIT

Multi-Manager

Mid

Cap

Value

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

calendar

year

2021

and

the

Fund’s

stock

selection

and

overweight

sector

allocations

compared

to

its

benchmark.

In

this

regard,

the

Trustees

noted

that

the

Fund

had

ranked

in

the

second

quintile

of

its

performance

universe

for

the

calendar

year

2022.

The

Trustees

noted

that

on

December

6,

2023,

the

Board

approved

the

termination

of

two

of

three

Sub-

Advisers

to

the

Fund

with

the

remaining

Sub-Adviser

becoming

the

sole

Sub-Adviser

to

the

Fund.

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

Multi-Manager

Small

Cap

Growth

Fund,

the

Trustees

noted

that

the

Fund

had

experienced

three-year

performance

below

median

but

within

the

third

quintile

of

its

performance

universe

and

considered

that

the

investment

performance

for

the

Fund

had

improved

to

the

first

quintile

of

its

performance

universe

for

the

one-year

period

ended

June

30,

2023.

The

Trustees

noted

that

on

December

6,

2023,

the

Board

approved

the

termination

of

one

of

the

two

Sub-Advisers

to

the

Fund

with

the

remaining

Sub-Adviser

becoming

the

sole

Sub-Adviser

to

the

Fund.

The

Trustees

determined

on

the

basis

of

all

of

the

information

presented

to

them

that

the

expense

and

performance

information

of

each

of

the

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

all

of

the

Funds’

advisory

fee

rate

schedules

are

subject

to

contractual

advisory

fee

breakpoints.

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:

Fund

Dividends

Received

Deduction

Discovery

–

%

196

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

Equity

Funds

(II)

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

Defensive

Style

100.00

%

Equity

Dividend

59.62

Calvert

Equity

52.72

JL

Large

Cap

Core

27.94

JL

Large

Cap

Growth

10.03

Mid

Cap

Value

53.14

Small

Cap

Growth

–

Small

Cap

Value

84.73

Small

Company

100.00

Real

Estate

0.54

Fund

Amount

Discovery

$

–

Defensive

Style

63,995,112

Equity

Dividend

36,975,687

Calvert

Equity

11,494,152

JL

Large

Cap

Core

15,852,673

JL

Large

Cap

Growth

14,670,557

Mid

Cap

Value

40,609,875

Small

Cap

Growth

–

Small

Cap

Value

9,291,497

Small

Company

2,006,907

Real

Estate

4,731,822

Equity

Funds

(II)

-

December

31,

2023

-

Management

Information

-

197

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.

198

-

Management

Information

-

December

31,

2023

-

Equity

Funds

(II)

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

(II)

-

December

31,

2023

-

Management

Information

-

199

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.

200

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(II)

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

(II)

-

December

31,

2023

-

Market

Index

Definitions

-

201

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.

202

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(II)

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

(II)

-

December

31,

2023

-

Market

Index

Definitions

-

203

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.

204

-

Market

Index

Definitions

-

December

31,

2023

-

Equity

Funds

(II)

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-2

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

1940

Act

Funds

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

U.S.

130/30

Equity

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

27

Statements

of

Investments

29

Statements

of

Assets

and

Liabilities

68

Statements

of

Operations

72

Statements

of

Changes

in

Net

Assets

74

Financial

Highlights

78

Notes

to

Financial

Statements

83

Report

of

Independent

Registered

Public

Accounting

Firm

103

Supplemental

Information

104

Management

Information

111

Market

Index

Definitions

114

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

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Class

Y

returned

13.43%

versus

9.83%

for

its

benchmark,

the

MSCI

Emerging

Markets

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Diversified

Emerging

Mkts

(consisting

of

79

investments

as

of

December

31,

2023),

was

10.14%

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

MSCI

Emerging

Markets

Index

rose

significantly

in

December

2023,

ending

the

year

significantly

higher.

Ongoing

Sino-U.S.

tensions,

geopolitical

tensions

in

the

Middle

East,

concerns

related

to

the

economic

slowdown

in

China,

and

the

issues

with

the

Chinese

real

estate

sector

were

some

of

the

key

drivers

over

a

major

part

of

the

year.

The

year

started

on

a

high

note

against

the

backdrop

of

China’s

reopening,

but

this

was

short-lived

as

geopolitical

tensions

between

the

U.S.

and

China

re-escalated

in

the

first

quarter.

This

was

followed

by

concerns

that

the

efforts

undertaken

by

the

Chinese

government

to

stimulate

the

economy

were

inadequate.

Meanwhile,

the

problems

in

the

Chinese

real

estate

sector

worsened,

causing

concerns

related

to

Taiwan

as

well.

Due

to

these

factors,

the

Index

remained

mostly

flat

over

the

first

half

of

the

year

despite

strong

performance

in

markets

such

as

India.

During

the

second

half

of

the

year,

tensions

in

the

Middle

East

caused

the

Index

to

reach

a

low

point

near

the

end

of

October;

however,

Emerging

Market

equities

have

rallied

sharply

since

November

as

cooling

inflation

and

strong

macroeconomic

data

created

expectations

that

the

U.S.

and

European

interest

rate

hiking

cycles

have

ended.

This

caused

the

Index

to

end

the

year

significantly

higher.

The

Fund

outperformed

the

benchmark,

MSCI

Emerging

Markets

®

Index,

by

360

basis

points

for

the

period.

Among

investment

themes,

signals

within

the

Themes

and

Trends

pillar

contributed

most

positively

to

relative

returns

followed

by

the

suite

of

signals

within

Fundamental

Mispricings,

Sentiment

Analysis,

and

High-Quality

Business

Models.

Within

Themes

and

Trends,

industry

momentum

factors

performed

well.

These

factors

aim

to

identify

trending

industries

that

have

exhibited

strong

historical

performance.

Meanwhile,

signals

gauging

relative

valuation

within

the

Fundamental

Mispricings

pillar

helped

relative

performance.

Additionally,

within

Sentiment

Analysis,

factors

evaluating

analyst

&

management

sentiment

added

to

the

relative

returns

of

the

portfolio.

Finally,

financial

quality

related

signals

helped

the

performance

of

the

High-Quality

Business

Models

pillar.

Among

sectors,

holdings

within

the

Financials

sector

contributed

the

most

to

relative

performance,

with

an

overall

overweight

position

within

the

Financial

Services

industry

contributing

particularly

strongly.

On

the

downside,

holdings

within

the

Consumer

Discretionary

sector

detracted

the

most

from

excess

returns,

where

an

overall

overweight

position

within

the

Broadline

Retail

industry

hurt

relative

performance.

At

an

individual

stock

level,

an

overweight

position

in

REC

Ltd.,

held

primarily

due

to

views

around

Themes

and

Trends

related

factors,

performed

well.

An

overweight

position

in

Petroleo

Brasileiro

SA

helped

performance,

particularly

due

to

contributions

from

our

Fundamental

Mispricings

pillar.

Also,

an

overweight

in

ITC

Ltd.

contributed

to

performance

due

to

our

High-Quality

Business

Models

pillar.

Conversely,

an

underweight

position

in

Adani

Enterprises

Ltd.,

held

primarily

due

to

views

on

Themes

and

Trends

related

factors,

did

not

do

well.

An

underweight

in

SK

Hynix

Inc.

detracted

from

performance,

particularly

due

to

challenges

from

our

High-Quality

Business

Models

pillar.

An

overweight

in

Adani

Power

Ltd.

detracted

from

performance

due

to

challenges

from

our

Themes

and

Trends

pillar.

At

the

end

of

the

period,

the

Fund

held

all

the

securities

mentioned

above,

except

ITC

Ltd.

and

Adani

Enterprises

Ltd.

Among

countries,

the

position

in

Taiwan

contributed

the

most

to

relative

performance.

Meanwhile,

the

positioning

in

South

Africa

detracted

during

the

period.

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

We

used

derivatives

(Futures

and

Forward

Contracts),

only

for

hedging

purposes

including

for

the

equitization

of

cash

positions

in

the

portfolio.

There

were

no

liquidity

events

throughout

the

period

that

had

a

material

impact

on

performance.

Subadviser:

Goldman

Sachs

Asset

Management,

L.P.

Portfolio

Managers:

Dennis

Walsh;

Osman

Ali,

CFA;

Len

Ioffe,

CFA;

and

Takashi

Suwabe

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

mid-cap

companies.

Smaller

companies

involve

greater

risk

than

larger,

more

established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more

limited

resources.

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’s

investment

strategy

may

involve

high

portfolio

turnover,

which

may

result

in

higher

levels

of

transaction

costs

paid

by

the

Fund

and

greater

tax

liabilities

for

shareholders.

The

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

mutual

funds,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

These

transactions

may

increase

transaction

costs

to

the

Fund

and

lead

to

an

increase

in

the

Fund’s

expense

ratio.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

99.1%

Repurchase

Agreements

1.0%

Futures

Contracts

†

0.0%

Liabilities

in

excess

of

other

assets

(0.1)%

100.0%

Top

Industries

2

Banks

16.2%

Semiconductors

&

Semiconductor

Equipment

12.0%

Technology

Hardware,

Storage

&

Peripherals

8.7%

Interactive

Media

&

Services

6.2%

Broadline

Retail

5.3%

Insurance

4.9%

Metals

&

Mining

4.8%

Oil,

Gas

&

Consumable

Fuels

3.9%

Pharmaceuticals

3.3%

Beverages

2.6%

Other

Industries

#

32.1%

100.0%

Top

Holdings

2

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

5.9%

Tencent

Holdings

Ltd.

4.2%

Samsung

Electronics

Co.

Ltd.

2.9%

Alibaba

Group

Holding

Ltd.

2.5%

ICICI

Bank

Ltd.,

ADR

1.6%

MediaTek,

Inc.

1.5%

Axis

Bank

Ltd.

1.3%

ASE

Technology

Holding

Co.

Ltd.

1.2%

Coca-Cola

Femsa

SAB

de

CV,

ADR

1.1%

NetEase,

Inc.

1.1%

Other

Holdings

#

76.7%

100.0%

Top

Countries

2

China

27.0%

India

16.6%

Taiwan

16.3%

South

Korea

13.3%

Brazil

5.9%

Saudi

Arabia

3.6%

Mexico

3.2%

Indonesia

2.4%

South

Africa

2.3%

Thailand

2.2%

Other

Countries

#

7.2%

100.0%

†

Amount

rounds

to

less

than

0.1%.

#

For

purposes

of

listing

top

industries,

top

holdings

and

top

countries,

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

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

13.43%

(2.62)%

4.33%

7/16/2020

MSCI

Emerging

Markets

®

Index

9.83%

(5.08)

%

1.22%

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

GS

Emerging

Markets

Equity

Insights

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

GS

Emerging

Markets

Equity

Insights

Fund

from

inception

through

12/31/23

versus

the

MSCI

Emerging

Markets

®

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

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

For

the

annual

period

ended

December

31,

2023,

the

NVIT

GS

International

Equity

Insights

Fund

Class

Y

returned

19.52%

versus

18.24%

for

its

benchmark,

the

MSCI

EAFE

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Foreign

Large

Blend

(consisting

of

127

investments

as

of

December

31,

2023),

was

17.15%

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

MSCI

EAFE

®

Index

gained

significantly

during

December

2023,

closing

the

year

meaningfully

up.

European

equities

strengthened

on

the

back

of

positive

performance

from

the

real

estate

and

information

technology

stocks

in

addition

to

economically

sensitive

sectors

such

as

industrial

and

materials.

A

decline

in

Eurozone

inflation

figures

also

boosted

investor

sentiment.

Milder

than

expected

winters

also

helped

avoid

an

energy

crisis,

therefore

helping

economic

activity

in

the

regions.

Japanese

equities

also

rose

during

the

year

aided

by

positive

macroeconomic

cues

such

as

mild

inflation

and

wage

growth.

Equities

continued

to

gain

towards

the

end

of

the

year

as

cooling

inflation

and

strong

macroeconomic

data

created

expectations

that

the

U.S.

and

European

interest

rate

hiking

cycles

have

ended.

The

Fund

outperformed

its

benchmark

by

128

basis

points.

Both

bottom-up

stock

selection

and

top-down

country

selection

contributed

positively

to

relative

returns

during

the

period.

Among

investment

themes,

signals

within

the

Sentiment

Analysis

pillar

contributed

most

positively

to

relative

returns

followed

by

the

suite

of

signals

within

Fundamental

Mispricings,

Themes

and

Trends,

and

High-Quality

Business

Models.

Within

Sentiment

Analysis,

analyst

&

management

sentiment

factors

performed

well.

These

factors

use

natural

language

processing

and

machine

learning

techniques

to

synthesize

sell-side

reports

and

earnings

call

transcripts

to

gauge

analyst

and

management

sentiment.

Meanwhile,

signals

gauging

industry

rotation

within

the

Fundamental

Mispricings

pillar

helped

relative

performance.

Additionally,

within

Themes

and

Trends,

factors

evaluating

economic

linkages

added

to

the

relative

returns

of

the

portfolio.

Finally,

insider

transactions

related

signals

helped

the

performance

of

the

High-Quality

Business

Models

pillar.

Among

sectors,

holdings

within

the

Consumer

Discretionary

sector

contributed

the

most

to

relative

performance,

with

an

overall

overweight

position

within

the

Textiles,

Apparel

&

Luxury

Goods

industry

contributing

particularly

strongly.

On

the

downside,

holdings

within

the

Energy

sector

detracted

the

most

from

excess

returns,

where

an

underweight

position

within

the

Oil,

Gas

&

Consumable

Fuels

industry

hurt

relative

performance.

At

an

individual

stock

level,

an

overweight

position

in

SCREEN

Holdings

Co.

Ltd.,

held

primarily

due

to

views

around

Fundamental

Mispricings

related

factors,

performed

well.

An

overweight

position

in

Kobe

Steel

Ltd.

helped

performance

due

to

contributions

from

our

Sentiment

Analysis

pillar.

An

overweight

position

in

Mitsubishi

Corp.

also

helped

performance

due

to

contributions

from

our

Fundamental

Mispricings

pillar.

The

Fund

held

SCREEN

and

Kobe

Steel

and

no

longer

held

Mitsubishi

at

the

end

of

the

period.

Conversely,

an

overweight

position

in

British

American

Tobacco

PLC,

held

primarily

due

to

views

on

Fundamental

Mispricings

related

factors,

did

not

do

well.

An

overweight

position

in

Sumitomo

Pharma

Co.

Ltd.

detracted

from

performance

due

to

challenges

from

our

Fundamental

Mispricings

pillar.

An

overweight

position

in

Genmab

A/S

detracted

from

performance

due

to

challenges

from

our

High-Quality

Business

Models

pillar.

As

of

the

end

of

the

period,

the

Fund

held

British

American

Tobacco

and

Genmab

A/S,

and

did

not

hold

Sumitomo

Pharma.

Among

countries,

the

positioning

in

Japan

contributed

the

most

to

relative

performance.

Meanwhile,

the

positioning

in

Australia

detracted

during

the

period.

We

used

derivatives

(futures

and

forward

contracts),

only

for

hedging

purposes

including

for

the

equitization

of

cash

positions

in

the

portfolio.

There

were

no

liquidity

events

throughout

the

period

that

had

a

material

impact

on

performance.

Subadviser:

Goldman

Sachs

Asset

Management,

L.P.

Portfolio

Managers:

Osman

Ali,

CFA;

Len

Ioffe,

CFA;

Takashi

Suwabe;

and

Dennis

Walsh

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

International

Equity

Insights

Fund

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities,

including

mid-cap

companies.

Smaller

companies

involve

greater

risk

than

larger,

more

established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more

limited

resources.

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

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile)

The

Fund’s

investment

strategy

may

involve

high

portfolio

turnover,

which

may

result

in

higher

levels

of

transaction

costs

paid

by

the

Fund

and

greater

tax

liabilities

for

shareholders.

The

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

mutual

funds,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

These

transactions

may

increase

transaction

costs

to

the

Fund

and

lead

to

an

increase

in

the

Fund’s

expense

ratio.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

98.7%

Repurchase

Agreements

1.1%

Futures

Contracts

†

0.0%

Other

assets

in

excess

of

liabilities

0.2%

100.0%

Top

Industries

2

Pharmaceuticals

8.6%

Banks

7.5%

Insurance

6.6%

Semiconductors

&

Semiconductor

Equipment

5.1%

Metals

&

Mining

4.3%

Software

3.7%

Electrical

Equipment

3.6%

Multi-Utilities

3.6%

Financial

Services

3.4%

Aerospace

&

Defense

3.4%

Other

Industries

#

50.2%

100.0%

Top

Holdings

2

Novo

Nordisk

A/S,

Class

B

3.0%

ASML

Holding

NV

2.3%

Nestle

SA

(Registered)

1.8%

SAP

SE

1.7%

Novartis

AG

(Registered)

1.6%

Roche

Holding

AG

1.4%

Industria

de

Diseno

Textil

SA

1.3%

Honda

Motor

Co.

Ltd.

1.3%

UniCredit

SpA

1.3%

E.ON

SE

1.3%

Other

Holdings

#

83.0%

100.0%

Top

Countries

2

Japan

24.3%

Germany

9.8%

France

9.0%

United

Kingdom

8.9%

United

States

7.2%

Australia

6.6%

Switzerland

6.2%

Netherlands

5.2%

Sweden

4.4%

Denmark

4.2%

Other

Countries

#

14.2%

100.0%

†

Amount

rounds

to

less

than

0.1%.

#

For

purposes

of

listing

top

industries,

top

holdings

and

top

countries,

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

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

19.52%

4.58%

5.28%

11/14/2019

MSCI

EAFE

®

Index

18.24%

4.02

%

5.64%

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

GS

International

Equity

Insights

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

GS

International

Equity

Insights

Fund

from

inception

through

12/31/23

versus

the

MSCI

EAFE

®

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

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

GS

Large

Cap

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

For

the

annual

period

ended

December

31,

2023,

the

NVIT

GS

Large

Cap

Equity

Fund

Class

Y

(formerly,

NVIT

GS

Large

Cap

Equity

Insights

Fund)

returned

23.31%*

versus

26.53%

for

its

benchmark,

the

Russell

1000®

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

portions,

or

“sleeves,”

both

managed

by

Goldman

Sachs

Asset

Management,

L.P.

(“GSAM”).

For

the

first

sleeve,

GSAM

uses

a

quantitative

style

of

management,

in

combination

with

a

qualitative

overlay,

that

emphasizes

fundamentally

based

stock

selection,

careful

portfolio

construction

and

efficient

implementation.

Investments

in

the

second

sleeve

are

managed

by

GSAM

focusing

on

their

exposures

to

quantitative

factors,

such

as,

for

example,

valuation,

profitability,

and

volatility,

to

seek

to

enhance

the

sleeve’s

risk

adjusted

returns.

The

following

commentary

is

provided

for

the

first

sleeve

for

the

reporting

period

of

1/1/2023

–

12/31/2023:

The

Russell

1000®

Index

rose

significantly

during

December

2023.

The

year

started

off

with

investors

battling

high

interest

rates,

a

regional

banking

crisis

and

geopolitical

uncertainty.

But

towards

the

end,

the

investors

had

plenty

to

cheer

about

as

economic

resilience,

a

trend

of

slowing

rate

hikes,

disinflation,

and

the

excitement

around

Artificial

Intelligence

helped

counter

many

of

the

roadblocks

faced

during

the

start

of

the

year.

The

decline

in

inflation

proved

to

be

one

of

the

biggest

drivers

behind

the

growth

in

the

markets.

From

its

peak

in

June

2022,

the

Consumer

Price

Index

has

seen

a

significant

drop

solidifying

disinflation

as

the

biggest

theme

of

2023.

Another

growth

driver

was

the

resilience

of

the

economy

in

the

form

of

a

strong

labor

market

and

unwavering

consumer

demand.

Most

of

the

rally

observed

in

the

market

was

due

to

the

strong

performance

of

the

Magnificent

7

stocks,

which

include

Apple,

Microsoft,

Google

parent

Alphabet,

Amazon,

Nvidia,

Meta

Platforms

and

Tesla.

They

accounted

for

a

significant

chunk

of

the

performance;

however,

this

divergence

in

performance

provides

an

opportunity

for

diversification

as

the

laggard

stocks

are

expected

to

catch-up

as

the

bull

run

is

expected

to

continue

in

2024.

Among

investment

themes,

signals

within

the

Sentiment

Analysis

pillar

detracted

during

the

period.

Signals

within

Fundamental

Mispricings,

High-Quality

Business

Models,

and

Themes

and

Trends

also

hurt

relative

performance.

The

factors

looking

at

investor

sentiment

within

the

Sentiment

Analysis

pillar

hurt

relative

performance.

Moreover,

within

Fundamental

Mispricings,

signals

gauging

relative

valuation

detracted

considerably

during

the

period.

Meanwhile,

financial

quality

related

factors

hurt

the

performance

of

the

High-Quality

Business

Models

pillar.

Lastly,

within

Themes

and

Trends,

signals

evaluating

industry

momentum

detracted

from

relative

returns.

Certain

factor

groups

within

the

pillars

contributed

to

performance.

Within

Fundamental

Mispricings,

performance

was

helped

by

the

industry

rotation

related

factors.

These

signals

focus

on

industry-level

valuations

that

have

changed

as

a

result

of

changes

in

market

environments.

Additionally,

within

High

Quality

Business

Models,

traditional

profitability

related

factors

contributed

to

performance.

These

factors

measure

the

quality

and

sustainability

of

a

company's

profits.

Finally,

within

Themes

and

Trends

pillar

our

economic

linkages

related

factors

helped

relative

performance.

Among

sectors,

holdings

within

the

Health

Care

sector

detracted

the

most

from

relative

performance,

with

an

overall

overweight

position

within

the

Health

Care

Providers

and

Services

industry

being

especially

challenged.

On

the

upside,

holdings

within

the

Utilities

sector

contributed

the

most

to

excess

returns,

with

an

overall

underweight

position

within

the

Electric

Utilities

industry

contributing

particularly

strongly.

At

an

individual

stock

level,

an

overweight

position

in

Palo

Alto

Networks

Inc.,

held

primarily

due

to

views

around

High-Quality

Business

Models

related

factors

performed

well.

An

underweight

in

Pfizer

Inc.

contributed

due

to

our

High-Quality

Business

Models

pillar.

An

overweight

in

Bank

of

America

Corp.

helped

performance

due

to

contributions

from

our

Fundamental

Mispricings

pillar.

The

Fund

held

Bank

of

America,

and

no

longer

held

Pfizer

and

Palo

Alto

Networks

as

of

the

end

of

period.

Conversely,

an

underweight

position

in

Meta

Platforms

Inc.,

held

primarily

due

to

views

on

High-Quality

Business

Models

related

factors,

did

not

do

well.

An

overweight

position

in

Incyte

Corp.

detracted

from

performance

due

to

challenges

from

our

Sentiment

Analysis

pillar.

An

overweight

position

in

CVS

Health

Corp.

detracted

from

performance

due

to

challenges

from

our

Fundamental

Mispricings

pillar.

The

Fund

held

Meta

and

no

longer

had

Incyte

and

CVS

as

of

the

end

of

the

period.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

Large

Cap

Equity

Fund

We

used

futures

for

hedging

purposes

including

for

the

equitization

of

cash

positions

in

the

portfolio.

There

were

no

liquidity

events

throughout

the

period

that

had

a

material

impact

on

performance.

Subadviser:

Goldman

Sachs

Asset

Management,

L.P.

Portfolio

Managers:

Osman

Ali,

CFA;

Len

Ioffe,

CFA;

Takashi

Suwabe;

and

Dennis

Walsh

The

following

commentary

is

provided

for

the

second

sleeve

for

the

reporting

period

of

7/10/2023

–

12/31/2023:

The

S&P

500®

Index

as

a

broad-based

index

started

off

strong

in

the

first

two

months

of

the

third

quarter,

reaching

its

2023

high

at

the

end

of

July

before

a

sharp

pullback

in

September.

Although

economic

activity

remained

resilient

in

the

quarter,

the

market

declined

predominantly

due

to

a

pickup

in

soft

landing

concerns,

surging

energy

prices,

and

disinflationary

pressures

on

corporate

earnings.

After

a

promising

first

half

of

2023,

U.S.

economic

data

continued

to

surprise

to

the

upside

over

the

past

few

months

as

demonstrated

by

the

still-tight

labor

market,

resilient

housing

data,

and

increased

consumer

spending.

The

demand

for

labor

remains

robust

with

high

levels

of

employment

and

job

openings,

yet

it

has

recently

shown

signs

of

cooling

with

average

hourly

earnings

increasing

by

just

4.3%

from

a

year

ago

in

August,

matching

the

lowest

year-over-year

increase

since

June

2021.

Soft-

landing

expectations

faced

new

setbacks

in

recent

months,

most

notably

a

massive

spike

in

energy

prices

that

included

a

10.6%

increase

in

oil

prices

in

August

alone

and

the

looming

threat

of

the

Federal

government

shutdown.

There

were

also

concerns

about

the

consumer

impacts

from

student

loan

repayments

resuming

and

a

strike

against

automakers

by

the

United

Auto

Workers

union

that

began

in

September

and

had

shown

minimal

progress

toward

resolution.

The

Federal

Open

Market

Committee

(“FOMC”)

acted

in

line

with

consensus

forecasts

in

recent

meetings,

hiking

rates

by

25

basis

points

(“bps”)

in

July

and

keeping

rates

unchanged

at

5.25%

-

5.50%

in

September;

however,

the

Federal

Reserve’s

(“Fed”)

higher-for-longer

narrative

appeared

to

gain

further

recognition

from

investors

after

the

Fed’s

September

dot

plot

showed

median

expectations

for

only

50

bps

in

rate

cuts

for

2024,

down

from

100

bps

in

the

June

dot

plot.

In

addition,

policymakers’

forecasts

shifted

to

favor

one

more

rate

hike

in

2023.

On

the

earnings

front,

S&P

500

companies

saw

earnings

decline

by

4.21%

in

the

second

quarter

from

a

year

earlier,

marking

the

third

consecutive

quarter

of

negative

earnings

growth

reported

by

the

Index

companies.

Firms

continue

to

juggle

challenges

regarding

margin

compression

and

top-line

growth

from

rising

costs,

a

reduction

in

consumer

spending,

and

an

increase

in

interest

expenses.

The

S&P

500®

Index

increased

11.69%

in

the

fourth

quarter,

finishing

the

year

nearly

eclipsing

its

all-time

high.

The

quarter

saw

a

broadening

of

market

leadership

following

the

mega-cap

dominance

for

most

of

the

year.

U.S.

equity

markets

began

the

quarter

with

negative

momentum

as

investors

digested

a

more

resilient

than

expected

U.S.

economy

and

a

higher-for-longer

Fed

interest

rate

regime,

then

shifted

direction

in

November

and

December

to

end

the

year

with

positive

performance.

The

month

of

November

saw

the

most

significant

easing

in

financial

conditions

of

any

month

in

over

four

decades.

Market

sentiment

took

a

positive

turn

on

the

back

of

an

overall

shift

in

tonality

from

the

Fed

officials

signaling

potential

easing

of

monetary

policy

in

the

coming

year,

a

gradual

cooldown

in

economic

activity

while

the

labor

market

remained

resilient,

and

a

rally

across

U.S.

Treasuries

marking

one

of

the

best

monthly

performances

on

record

in

November,

all

underpinning

soft

landing

and

disinflation

traction

themes.

The

FOMC

held

rates

unchanged

throughout

the

quarter,

maintaining

the

target

range

for

the

federal

funds

rate

between

5.25%

-

5.50%

as

growth

of

the

U.S.

economy

has

slowed,

the

unemployment

rate

has

remained

low

despite

abating

job

gains,

and

inflationary

pressures

have

continued

to

trend

downwards.

Near

the

end

of

the

quarter,

there

was

a

major

shift

in

the

Fed’s

policy

path

expectations

with

the

Summary

of

Economic

Projections

median

dot

plot

signaling

75

bps

of

rate

cuts

in

2024.

Fed

Chair

Jerome

Powell

did

not

supply

any

pushback

against

the

more

aggressive

market

easing

expectations

and

expressed

optimism

that

the

likelihood

of

additional

rate

hikes

is

low.

Moreover,

Fed

Governor

Christopher

Waller

stated

that

if

disinflation

persisted

over

the

next

several

months,

the

Fed

could

cut

rates

as

early

as

spring

of

2024.

U.S.

economic

data

provided

further

evidence

of

disinflation

momentum,

with

November’s

annualized

core

Consumer

Price

Index

(“CPI”)

dropping

to

its

lowest

level

since

September

2021

and

Core

Personal

Consumption

Expenditure

for

November

increasing

1.9%

on

a

six-month

annualized

basis,

measuring

below

the

Fed’s

inflation

target

of

2%

for

the

first

time

in

more

than

three

years.

U.S.

Treasury

yields

across

the

curve

declined

in

December

as

demand

for

longer-duration

fixed

income

securities

rose.

The

U.S.

Treasury

10-year

note,

and

30-year

bond

were

auctioned

at

4.30%

and

4.34%,

respectively,

both

maturities

lower

than

their

previous

auctions,

reflecting

investor

expectations

that

the

Fed

has

reins

on

inflation

and

is

done

with

its

interest

rate

hiking

campaign.

Market

seasonality

proved

to

be

another

tailwind

to

equities

during

the

quarter

as

November

and

December

historically

represent

the

strongest

two-month

period

for

stocks,

returning

an

average

gain

of

3.0%

and

delivering

positive

performance

75%

of

the

time.

Market

participants’

hopes

for

a

soft

landing

were

reassured

as

the

U.S.

economy

continued

to

exhibit

signs

of

moderation.

This

was

illustrated

as

Gross

Domestic

Product

grew

at

an

annualized

rate

of

4.9%

in

the

third

quarter,

below

market

expectations

of

a

5.2%

increase.

The

labor

market

continued

to

gradually

ease

with

September

ADP

nonfarm

payrolls

increasing

NVIT

GS

Large

Cap

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

by

less

than

expected,

though

the

U.S.

economy

experienced

surprisingly

high

job

gains

across

the

Health

Care,

Government,

and

Hospitality

industries.

As

a

result,

the

unemployment

rate

fell

to

3.7%

from

3.9%

the

month

prior.

Consumers

remained

resilient

amid

a

prolonged

restrictive

policy

backdrop

as

retail

sales

increased

0.3%

month-over-month

in

November,

well

above

forecasts

of

a

0.1%

decline.

Among

sectors,

our

holdings

within

the

Health

Care,

Industrials,

and

Materials

sectors

contributed

the

most

to

relative

performance,

all

driven

by

stock

selection.

On

the

downside,

holdings

within

the

Financials,

Communication

Services,

and

Utilities

sectors

detracted

the

most

from

relative

performance.

On

the

positive

side,

our

overweight

in

luxury

fashion

holding

company,

Capri

Holdings

Limited

(CPRI—Sold

Out),

was

a

top

contributor

to

relative

returns.

The

company

appreciated

meaningfully

after

it

was

announced

that

Tapestry,

Inc.

reached

an

agreement

to

purchase

the

company

at

a

significant

premium

in

an

all-cash

deal,

which

was

later

approved

by

shareholders.

Given

the

large

move

upwards,

we

decided

to

wind

the

position

down

and

exit.

Furthermore,

our

overweight

in

data

analytics

and

credit

scoring

services

company,

Fair

Isaac

Corp.,

was

a

top

contributor

to

relative

returns.

Most

of

the

strength

came

after

the

company

reported

its

third

quarter

earnings

in

which

it

missed

on

the

bottom-line

due

to

a

higher-than-expected

tax

rate,

but

both

revenue

and

adjusted

earnings

before

interest,

taxes,

depreciation,

and

amortization

were

slightly

above

expectations.

The

company’s

key

performance

indicators

remained

strong

especially

in

its

software

business.

Furthermore,

higher

growth

levered

finance

names

appreciated

broadly

as

the

Fed

held

rates

steady

and

signaled

a

possible

end

to

the

hiking

cycle.

Overall,

we

continue

to

believe

in

Fair

Isaac

Corp.

as

credit

scores

is

a

unique

business

with

centrality

in

the

financial

industry,

limited

reinvestment

needs,

and

pricing

power

strength.

Furthermore,

we

believe

the

software

business

is

gaining

traction

with

its

platform

strategy.

Also,

we

are

constructive

on

the

name

as

the

company

may

have

cyclical

upside

from

a

recovery

in

mortgage

volumes.

Lastly,

our

overweight

in

technology

infrastructure

and

computer

company,

Dell

Technologies,

Inc.,

was

a

top

contributor

to

relative

returns.

The

company’s

stock

appreciated

after

it

announced

second-quarter

results

well

ahead

of

estimates

as

the

company

stated

it

is

seeing

Artificial

Intelligence

(“AI”)

related

benefits

come

to

fruition.

The

results

were

driven

by

AI

servers

and

better

margins

on

its

PCs.

The

company

additionally

saw

improved

cash

flow,

an

alleviation

of

working

capital

issues,

and

it

currently

has

an

excess

of

cash

that

should

bode

well

for

return

of

capital

plans.

The

company

also

reported

third-quarter

results

where

bottom-line

earnings

surpassed

expectations,

but

revenue

missed

driven

by

PCs

sales

but

was

sheltered

by

server

sales

outperforming.

We

believe

the

personal

computer

market

is

close

to

bottoming

as

units

sold

are

back

to

pre-pandemic

levels

and

channel

inventory

has

come

down

substantially.

As

expectations

have

been

heavily

re-risked,

we

believe

estimates

should

move

higher

as

the

company

shows

execution

and

the

ability

to

return

to

historical

free

cash

flow

conversion

levels

in

the

near

future.

Furthermore,

Dell

maintains

a

very

strong

balance

sheet,

and

we

expect

even

more

return

of

capital

in

the

future.

On

the

negative

side,

our

overweight

in

global

energy

technology

company,

Enphase

Energy,

Inc.,

was

a

top

detractor

from

relative

returns.

Its

stock

came

under

pressure

after

reporting

second

quarter

earnings

that

beat

bottom-line

estimates,

but

the

entire

focus

was

a

weak

revenue

guidance

for

the

next

quarter

due

to

one-time

inventory

rationalization.

As

weakness

in

the

U.S.

residential

solar

market

was

emerging,

the

market

did

not

take

kindly

to

worse

than

expected

results.

Overall,

we

still

remain

confident

in

the

position

as

in

line

with

increased

de-carbonization

efforts,

solar

investment

is

projected

to

eclipse

oil

&

gas

production,

and

we

believe

that

Enphase

is

the

highest

quality

solar

energy

manufacturer

and

will

have

consistently

plentiful

opportunities

for

growth

over

time.

We

remain

optimistic

about

the

company

as

we

believe

the

Inflation

Reduction

Act

bill

makes

the

company

more

attractive,

the

reacceleration

commences

in

the

U.S.

in

2023,

and

the

company

increases

market

presence

in

Europe.

Furthermore,

our

overweight

in

American

pharmaceutical

company,

Bristol-Myers

Squibb

Company,

was

a

top

detractor

from

relative

returns.

Much

of

the

negative

performance

was

attributed

to

continued

pessimism

on

the

declining

sales

of

Revlimid,

a

cancer

drug

threatened

by

generics

alternatives.

The

company

reported

third-quarter

2023

bottom-line

earnings

ahead

of

expectations

in

October,

but

the

company’s

stock

continued

to

decline

throughout

November

as

Revlimid

sales

continued

to

struggle.

Additionally,

investors

reacted

negatively

to

an

announcement

in

mid-November

that

the

U.S.

Food

and

Drug

Administration

delayed

the

approval

of

earlier

use

of

a

cancer

treatment

drug.

Overall,

we

believe

generic

erosion

has

already

been

accounted

for

by

investors,

and

the

company’s

future

growth

profile

is

determined

by

sales

from

its

new

product

portfolio,

which

is

on

track

potentially

to

offset

its

patent

cliff.

As

more

pipeline

wins

come

in,

we

believe

the

stock

should

perform

well.

We

continue

to

hold

the

conviction

that

the

company

is

well

positioned

financially

with

a

strong

balance

sheet

and

has

enough

products

in

the

pipeline

to

renew

its

growth

trajectory.

Lastly,

our

overweight

in

specialty

flavoring

and

food

seasonings

company,

McCormick

&

Company,

Incorporated,

was

a

top

detractor

from

relative

returns.

The

company’s

share

price

experienced

volatility

as

it

faced

a

challenging

inflationary

environment

hurting

performance.

The

company’s

stock

fell

sharply

after

reporting

disappointing

third-quarter

earnings

with

earnings

per

share

dropping

as

the

company

continued

to

battle

higher

interest

expenses

and

high

borrowing

costs.

Furthermore,

investors

were

concerned

over

the

volume

miss

driven

by

a

slower

recovery

in

China

which

was

shielded

by

pricing

gains.

Despite

recent

headwinds,

we

continue

to

believe

in

the

company

as

its

America’s

consumer

business

is

improving,

it

is

gaining

share

globally,

and

its

flavor

solutions

business

grew

significantly

during

the

quarter.

Additionally,

we

continue

to

see

tailwinds

from

its

cost-savings,

supply

chain,

and

cost

structure

optimization

programs

going

into

2024,

and

deleveraging

is

occurring

faster

with

merger

and

acquisition

coming

back

in

its

radar.

We

did

not

use

derivatives

and

there

were

no

liquidity

events

throughout

the

period

that

had

a

material

impact

on

performance.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

Large

Cap

Equity

Fund

Subadviser:

Goldman

Sachs

Asset

Management,

L.P.

Portfolio

Managers:

Steven

Barry

and

Stephen

Becker,

CPA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund’s

investment

strategy

may

involve

high

portfolio

turnover,

which

may

result

in

higher

levels

of

transaction

costs

paid

by

the

Fund

and

greater

tax

liabilities

for

shareholders.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

mutual

funds,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

These

transactions

may

increase

transaction

costs

to

the

Fund

and

lead

to

an

increase

in

the

Fund’s

expense

ratio.

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

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.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

99.3%

Repurchase

Agreements

1.2%

Liabilities

in

excess

of

other

assets

(0.5)%

100.0%

Top

Industries

2

Software

12.7%

Technology

Hardware,

Storage

&

Peripherals

8.2%

Interactive

Media

&

Services

6.7%

Semiconductors

&

Semiconductor

Equipment

5.5%

Financial

Services

4.5%

Broadline

Retail

3.4%

Banks

3.1%

Insurance

3.0%

Health

Care

Providers

&

Services

2.9%

Oil,

Gas

&

Consumable

Fuels

2.8%

Other

Industries

#

47.2%

100.0%

Top

Holdings

2

Microsoft

Corp.

7.0%

Apple,

Inc.

6.7%

Alphabet,

Inc.,

Class

A

3.5%

Amazon.com,

Inc.

3.4%

NVIDIA

Corp.

2.3%

Meta

Platforms,

Inc.,

Class

A

2.1%

Visa,

Inc.,

Class

A

1.8%

Berkshire

Hathaway,

Inc.,

Class

B

1.8%

Salesforce,

Inc.

1.4%

Bank

of

America

Corp.

1.4%

Other

Holdings

#

68.6%

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

GS

Large

Cap

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

23.31%

8.83%

11.95%

10/24/2019

Russell

1000

®

Index

26.53%

8.97

%

13.40%

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

GS

Large

Cap

Equity

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

GS

Large

Cap

Equity

Fund

from

inception

through

12/31/23

versus

the

Russell

1000

®

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

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

For

the

annual

period

ended

December

31,

2023,

the

NVIT

GS

Small

Cap

Equity

Insights

Fund

Class

Y

returned

19.83%

versus

16.93%

for

its

benchmark,

the

Russell

2000®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Small

Blend

(consisting

of

132

investments

as

of

December

31,

2023),

was

16.24%

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

Russell

2000®

Index

rose

significantly

during

December

2023.

The

year

started

off

with

investors

battling

high

interest

rates,

a

regional

banking

crisis,

and

geopolitical

uncertainty.

But

towards

the

end,

the

investors

had

plenty

to

cheer

about

as

economic

resilience,

a

trend

of

slowing

rate

hikes,

disinflation,

and

the

excitement

around

Artificial

Intelligence

helped

counter

many

of

the

roadblocks

faced

during

the

start

of

the

year.

The

decline

in

inflation

proved

to

be

one

of

the

biggest

drivers

behind

the

growth

in

the

markets.

From

its

peak

in

June

2022,

the

Consumer

Price

Index

has

seen

a

significant

drop

solidifying

disinflation

as

the

biggest

theme

of

2023.

Another

growth

driver

was

the

resilience

of

the

economy

in

the

form

of

a

strong

labor

market

and

unwavering

consumer

demand.

Most

of

the

rally

observed

in

the

market

was

due

to

the

strong

performance

of

the

Magnificent

7

stocks

which

include

Apple,

Microsoft,

Google

parent

Alphabet,

Amazon,

Nvidia,

Meta

Platforms

and

Tesla.

They

accounted

for

a

significant

chunk

of

the

performance;

however,

this

divergence

in

performance

provides

an

opportunity

for

diversification

as

the

laggard

stocks

are

expected

to

catch-up

as

the

bull

run

is

expected

to

continue

in

2024.

The

Fund

outperformed

its

benchmark

by

290

basis

points

during

the

period.

Among

investment

themes,

signals

within

the

High-

Quality

Business

Models

pillar

contributed

most

positively

to

relative

returns

followed

by

the

suite

of

signals

within

Sentiment

Analysis,

Fundamental

Mispricings,

and

Themes

and

Trends.

Within

High-Quality

Business

Models,

management

quality

factors

performed

well.

These

factors

aim

to

identify

companies

with

strong

management

teams

that

generate

value

for

their

shareholders.

Meanwhile,

signals

gauging

analyst

&

management

sentiment

within

the

Sentiment

Analysis

pillar

helped

relative

performance.

Additionally,

within

Fundamental

Mispricings,

factors

evaluating

changes

in

valuation

added

to

the

relative

returns

of

the

portfolio.

Finally,

economic

linkages

related

signals

helped

the

performance

of

the

Themes

and

Trends

pillar.

Among

sectors,

holdings

within

the

Financials

sector

contributed

the

most

to

relative

performance,

with

an

overall

overweight

position

within

the

Banks

industry

contributing

particularly

strongly.

On

the

downside,

holdings

within

the

Real

Estate

sector

detracted

the

most

from

excess

returns

due

to

an

overall

overweight

position

within

the

Residential

Real

Estate

Investment

Trusts

industry

that

hurt

relative

performance.

At

an

individual

stock

level,

an

overweight

position

in

M/I

Homes

Inc.,

held

primarily

due

to

views

around

High-Quality

Business

Models

related

factors,

performed

well.

An

overweight

in

E.L.F.

Beauty

Inc.

helped

performance

due

to

contributions

from

our

High-Quality

Business

Models

pillar.

An

overweight

in

Super

Micro

Computer

Inc.

helped

performance

due

to

contributions

from

our

High-Quality

Business

Models

pillar.

Conversely,

an

overweight

position

in

TG

Therapeutics

Inc.,

held

primarily

due

to

views

on

Sentiment

Analysis

related

factors,

did

not

do

well.

An

overweight

in

Clear

Secure

Inc.

detracted

from

performance

due

to

challenges

from

our

High-Quality

Business

Models

pillar.

An

overweight

in

NexPoint

Residential

Trust

Inc.

also

detracted

from

performance

due

to

challenges

from

our

High-

Quality

Business

Models

pillar.

The

securities

mentioned

above

were

held

in

the

Fund

as

of

the

end

of

the

period.

We

used

futures

only

for

hedging

purposes

including

for

the

equitization

of

cash

positions

in

the

portfolio.

There

were

no

liquidity

events

throughout

the

period

that

had

a

material

impact

on

performance.

Subadviser:

Goldman

Sachs

Asset

Management,

L.P.

Portfolio

Managers:

Osman

Ali,

CFA;

Len

Ioffe,

CFA;

Takashi

Suwabe;

and

Dennis

Walsh

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

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more

limited

resources.

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).

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Fund’s

investment

strategy

may

involve

high

portfolio

turnover,

which

may

result

in

higher

levels

of

transaction

costs

paid

by

the

Fund

and

greater

tax

liabilities

for

shareholders.

The

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

mutual

funds,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

These

transactions

may

increase

transaction

costs

to

the

Fund

and

lead

to

an

increase

in

the

Fund’s

expense

ratio.

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.

Asset

Allocation

1

Common

Stocks

99.0%

Repurchase

Agreements

17.7%

Futures

Contracts

†

0.0%

Liabilities

in

excess

of

other

assets

§

(16.7)%

100.0%

Top

Industries

2

Banks

7.7%

Software

6.0%

Biotechnology

5.9%

Oil,

Gas

&

Consumable

Fuels

4.0%

Diversified

Consumer

Services

3.0%

Financial

Services

2.7%

Hotel

&

Resort

REITs

2.7%

Health

Care

Providers

&

Services

2.7%

Specialty

Retail

2.6%

Professional

Services

2.6%

Other

Industries

#

60.1%

100.0%

Top

Holdings

2

Super

Micro

Computer,

Inc.

0.9%

Duolingo,

Inc.,

Class

A

0.7%

M/I

Homes,

Inc.

0.7%

Ryman

Hospitality

Properties,

Inc.

0.7%

Academy

Sports

&

Outdoors,

Inc.

0.7%

Encore

Wire

Corp.

0.7%

Qualys,

Inc.

0.7%

Comfort

Systems

USA,

Inc.

0.7%

Varonis

Systems,

Inc.,

Class

B

0.7%

elf

Beauty,

Inc.

0.6%

Other

Holdings

#

92.9%

100.0%

§

Please

refer

to

the

Statements

of

Assets

and

Liabilities

for

additional

details.

#

For

purposes

of

listing

top

holdings

and

top

industries,

the

repurchase

agreements

are

included

as

part

of

Other.

†

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

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

19.83%

5.79%

8.68%

10/10/2019

Russell

2000

®

Index

16.93%

2.22

%

9.17%

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

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

GS

Small

Cap

Equity

Insights

Fund

from

inception

through

12/31/23

versus

the

Russell

2000

®

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

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

For

the

annual

period

ended

December

31,

2023,

the

NVIT

U.S.

130/30

Equity

Fund

Class

Y

returned

26.17%*

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.

U.S.

equities

surged

in

2023,

as

inflation

eased,

interest

rates

appeared

to

peak,

the

economy

grew,

and

investors

welcomed

perceived

advances

in

artificial

intelligence.

The

broad

equity

market

rose

about

26%

for

the

year,

as

large

caps

outpaced

small

caps

and

mid-caps,

and

growth

bested

value.

Large

cap

dynamic

outperformed

large

cap

defensive,

while

among

small

caps,

defensive

edged

out

dynamic.

Notably,

the

speculative

fervor

surrounding

artificial

intelligence

drove

dramatic

gains

in

a

limited

number

of

mega

cap

growth

stocks,

which

also

turbocharged

returns

in

large

cap

growth

and

large

cap

dynamic

stock

indices.

For

the

year,

large

cap

growth

stocks

gained

more

than

42%,

outpacing

large

cap

value

stocks

by

about

31%.

Large

cap

dynamic

stocks

gained

about

33%,

outperforming

large

cap

defensive

stocks

by

about

13%.

Jacobs

Levy’s

investment

process

is

engineered

to

combine

human

insight

and

intuition,

finance

and

behavioral

theory,

and

quantitative

and

statistical

methods.

The

firm’s

stock

selection

process

entails

sophisticated

modeling

of

a

large

number

of

stocks

and

proprietary

factors

using

financial

statements,

analyst

forecasts,

corporate

management

signals,

economic

data

and

security

pricing,

as

well

as

alternative

data

sources.

Based

on

our

factor

models,

we

forecast

expected

returns

for

every

security

in

our

investment

universe.

Portfolios

are

diversified

across

individual

stocks,

industries,

and

sectors.

The

Fund

slightly

underperformed

the

S&P

500

®

Index

during

the

period.

Communication

services,

health

care,

and

utilities

contributed

positively

to

relative

performance,

while

financials,

consumer

discretionary,

and

materials

detracted.

Security

selection

in

communication

services,

utilities,

and

health

care

helped,

but

security

selection

in

financials,

information

technology,

and

consumer

discretionary

hurt.

Overweights

to

information

technology,

and

underweights

to

healthcare

and

energy

contributed,

although

overweights

to

utilities

and

materials,

and

an

underweight

to

communication

services

detracted.

The

top

three

stock

contributors

to

relative

performance

held

during

the

period

were

overweights

to

Meta

Platforms,

Inc.

Class

A

(META),

Dell

Technologies,

Inc.

Class

C

(DELL),

and

Intel

Corporation

(INTC).

INTC

was

the

only

security

still

held

in

the

Fund

at

the

end

of

the

period.

The

top

three

stock

detractors

to

relative

performance

held

during

the

periods

were

underweights

to

NVIDIA

Corporation

(NVDA)

and

Tesla,

Inc.

(TSLA),

and

an

overweight

to

First

Republic

Bank

(FRCB).

NVDA

was

the

only

security

held

in

the

Fund

at

the

end

of

the

period.

The

Fund

permits

a

modest

amount

of

short

exposure

in

conjunction

with

a

predominantly

long

portfolio.

The

Fund

allocates

approximately

130%

of

capital

to

long

equity

exposures

and

approximately

30%

of

capital

to

short

equity

exposures,

thus

maintaining

100%

net

exposure

to

the

underlying

benchmark’s

systematic

risk

and

return.

This

portfolio

structure

enables

us

to

exploit

security

valuation

insights

more

fully

(as

compared

to

a

long-only

portfolio).

To

implement

this

strategy,

the

Fund

is

invested

in

a

combination

of

direct

U.S.

equity

positions

and

individual

total

return

swaps

(“TRS”)

on

U.S.

equity

securities.

Short

exposure

to

equity

securities

is

gained

through

the

use

of

swap

contracts

and

long

exposure

to

equity

positions

is

gained

by

investing

100%

of

the

portfolio

directly

in

stocks

and

approximately

30%

of

the

portfolio

through

swaps.

While

the

strategy

utilizes

swaps

as

part

of

the

implementation,

stock

selection

and

risk

management

are

determined

at

the

overall

portfolio

level

through

a

unified

investment

process.

For

this

reason,

performance

attribution

of

the

swap

positions

is

not

a

meaningful

measure

and

should

not

be

evaluated

as

a

separate

component

of

the

portfolio’s

total

return.

The

portfolio

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance.

Subadviser:

Jacobs

Levy

Equity

Management,

Inc.

Portfolio

Managers:

Bruce

I.

Jacobs,

Ph.D.

and

Kenneth

N.

Levy,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

The

Fund

uses

a

long/short

strategy:

a

long

position

(i.e.,

the

Fund

owns

a

stock

outright)

will

cause

the

Fund

to

lose

money

if

the

price

of

the

stock

declines,

and

a

short

position

will

cause

the

Fund

to

lose

money

if

the

price

of

the

stock

increases.

Short

sales

involve

a

form

of

leverage

(investment

exposure

that

exceeds

the

initial

amount

invested),

which

can

exaggerate

the

Fund’s

losses.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

97.3%

Total

Return

Swaps

0.2%

Other

assets

in

excess

of

liabilities

2.5%

100.0%

Top

Industries

2

Software

11.5%

Technology

Hardware,

Storage

&

Peripherals

9.0%

Semiconductors

&

Semiconductor

Equipment

7.7%

Hotels,

Restaurants

&

Leisure

5.2%

Insurance

5.0%

Financial

Services

4.4%

Ground

Transportation

4.0%

Health

Care

Providers

&

Services

3.9%

Electric

Utilities

3.6%

Household

Durables

2.9%

Other

Industries

42.8%

100.0%

Top

Holdings

2

Apple,

Inc.

8.3%

Microsoft

Corp.

3.8%

NVIDIA

Corp.

3.3%

Intel

Corp.

2.4%

Mastercard,

Inc.,

Class

A

2.3%

Alphabet,

Inc.,

Class

C

2.0%

Booking

Holdings,

Inc.

1.9%

Uber

Technologies,

Inc.

1.8%

PayPal

Holdings,

Inc.

1.7%

Lululemon

Athletica,

Inc.

1.7%

Other

Holdings

70.8%

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

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

3

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

Y

26.17%

20.40%

19.87%

10/24/2019

S&P

500

®

Index

26.29%

10.00

%

13.49%

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

U.S.

130/30

Equity

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

U.S.

130/30

Equity

Fund

from

inception

through

12/31/23

versus

the

S&P

500

®

Index

for

the

same

period.

Unlike

the

Fund,

the

returns

for

these

unmanaged

indexes

do

not

reflect

any

fees,

expenses,

or

sales

charges

Unlike

the

Fund,

the

performance

of

the

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.

1940

Act

Funds

-

December

31,

2023

-

Shareholder

Expense

Examples

-

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

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,055.10

5.13

0.99

Hypothetical

(b)(c)

1,000.00

1,020.21

5.04

0.99

NVIT

GS

International

Equity

Insights

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,061.90

4.21

0.81

Hypothetical

(b)(c)

1,000.00

1,021.12

4.13

0.81

NVIT

GS

Large

Cap

Equity

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,085.70

3.00

0.57

Hypothetical

(b)(c)

1,000.00

1,022.33

2.91

0.57

NVIT

GS

Small

Cap

Equity

Insights

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,081.90

3.94

0.75

Hypothetical

(b)(c)

1,000.00

1,021.42

3.82

0.75

28

-

Shareholder

Expense

Examples

-

December

31,

2023

-

1940

Act

Funds

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

U.S.

130/30

Equity

Fund

Class

Y

Shares

Actual

(b)

1,000.00

1,125.60

4.29

0.80

Hypothetical

(b)(c)

1,000.00

1,021.17

4.08

0.80

(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

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

29

Common

Stocks

99

.1

%

Shares

Value

($)

BRAZIL

5

.9

%

Aerospace

&

Defense

0

.0

%

†

Embraer

SA,

ADR

*

17,225

317,801

Banks

1

.0

%

Banco

Bradesco

SA,

ADR

892,300

3,123,050

Banco

Bradesco

SA

34,100

106,757

Banco

do

Brasil

SA

46,600

532,391

Banco

Pan

SA

(Preference)

*

183,800

325,594

Itau

Unibanco

Holding

SA

(Preference)

277,200

1,927,518

Itausa

SA

(Preference)

418,940

890,517

6,905,827

Capital

Markets

0

.6

%

Banco

BTG

Pactual

SA

*

613,700

4,722,026

Diversified

Consumer

Services

0

.1

%

YDUQS

Participacoes

SA

117,600

540,066

Diversified

Telecommunication

Services

0

.5

%

Telefonica

Brasil

SA,

ADR

226,250

2,475,175

Telefonica

Brasil

SA

137,100

1,506,905

3,982,080

Electric

Utilities

0

.2

%

Centrais

Eletricas

Brasileiras

SA

84,700

729,508

Cia

Energetica

de

Minas

Gerais,

ADR

117,983

273,721

CPFL

Energia

SA

63,500

503,234

1,506,463

Electrical

Equipment

0

.2

%

WEG

SA

184,400

1,432,824

Financial

Services

0

.3

%

Cielo

SA

587,700

569,495

Pagseguro

Digital

Ltd.,

Class

A

*(a)

113,300

1,412,851

1,982,346

Health

Care

Providers

&

Services

0

.0

%

†

Odontoprev

SA

46,300

110,716

Household

Durables

0

.1

%

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

108,000

530,192

Insurance

0

.5

%

BB

Seguridade

Participacoes

SA

176,400

1,219,762

Caixa

Seguridade

Participacoes

S/A

206,600

548,121

Porto

Seguro

SA

*

396,200

2,340,014

4,107,897

Machinery

0

.0

%

†

Marcopolo

SA

(Preference)

240,500

347,869

Metals

&

Mining

1

.5

%

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

(Preference)

30,000

286,169

Cia

Siderurgica

Nacional

SA

114,600

456,865

CSN

Mineracao

SA

1,119,900

1,796,205

Gerdau

SA

(Preference)

157,900

764,227

Usinas

Siderurgicas

de

Minas

Gerais

S

(Preference)

548,500

1,044,234

Vale

SA,

Class

B,

ADR

404,033

6,407,963

10,755,663

Oil,

Gas

&

Consumable

Fuels

0

.5

%

Enauta

Participacoes

SA

57,000

235,274

Petroleo

Brasileiro

SA,

ADR

95,216

1,520,600

Common

Stocks

Shares

Value

($)

BRAZIL

Oil,

Gas

&

Consumable

Fuels

Ultrapar

Participacoes

SA

367,400

1,989,305

3,745,179

Water

Utilities

0

.2

%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP,

ADR

*(a)

8,666

131,983

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

337,900

1,421,593

1,553,576

Wireless

Telecommunication

Services

0

.2

%

TIM

SA

407,400

1,502,909

44,043,434

CHILE

0

.1

%

Banks

0

.0

%

†

Banco

de

Chile

1,380,116

162,119

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Colbun

SA

2,115,690

335,721

Marine

Transportation

0

.1

%

Cia

Sud

Americana

de

Vapores

SA

6,057,993

372,002

869,842

CHINA

26

.9

%

Aerospace

&

Defense

0

.0

%

†

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

227,000

97,262

Automobiles

1

.3

%

BYD

Co.

Ltd.,

Class

A

31,100

866,940

BYD

Co.

Ltd.,

Class

H

92,500

2,541,894

Geely

Automobile

Holdings

Ltd.

1,028,000

1,125,193

Li

Auto,

Inc.,

Class

A

*

290,600

5,444,255

9,978,282

Banks

1

.2

%

Agricultural

Bank

of

China

Ltd.,

Class

H

11,277,000

4,333,909

China

CITIC

Bank

Corp.

Ltd.,

Class

H

3,899,000

1,835,429

China

Construction

Bank

Corp.,

Class

H

4,493,000

2,688,026

8,857,364

Biotechnology

0

.1

%

BeiGene

Ltd.

*

32,600

454,185

Broadline

Retail

5

.2

%

Alibaba

Group

Holding

Ltd.

1,925,000

18,603,686

JD.com,

Inc.,

Class

A

497,395

7,169,267

PDD

Holdings,

Inc.,

ADR

*(a)

46,980

6,873,644

Vipshop

Holdings

Ltd.,

ADR

*

337,083

5,986,594

38,633,191

Building

Products

0

.2

%

China

Lesso

Group

Holdings

Ltd.

1,596,000

831,911

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

285,600

584,378

1,416,289

Capital

Markets

0

.1

%

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

6,217,000

620,187

30

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Chemicals

0

.1

%

Hengli

Petrochemical

Co.

Ltd.,

Class

A

*

340,800

632,311

Construction

&

Engineering

0

.2

%

China

Communications

Services

Corp.

Ltd.,

Class

H

1,320,000

546,918

China

Railway

Group

Ltd.,

Class

H

1,222,000

543,860

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

1,313,000

672,612

1,763,390

Construction

Materials

0

.2

%

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

611,200

1,662,094

Diversified

Consumer

Services

0

.4

%

East

Buy

Holding

Ltd.

Reg.

S

*(a)

(b)

118,500

421,014

New

Oriental

Education

&

Technology

Group,

Inc.

*

377,500

2,751,652

3,172,666

Electronic

Equipment,

Instruments

&

Components

0

.3

%

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

610,805

1,297,072

Sunny

Optical

Technology

Group

Co.

Ltd.

107,000

983,810

2,280,882

Entertainment

1

.6

%

Kingsoft

Corp.

Ltd.

197,400

609,385

NetEase,

Inc.

427,500

7,934,151

Tencent

Music

Entertainment

Group,

ADR

*

217,416

1,958,918

Wanda

Film

Holding

Co.

Ltd.,

Class

A

*

796,000

1,459,055

11,961,509

Food

Products

0

.0

%

†

China

Feihe

Ltd.

Reg.

S

(b)

379,000

206,953

Health

Care

Providers

&

Services

0

.6

%

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

692,958

1,543,008

China

Resources

Medical

Holdings

Co.

Ltd.

656,500

404,823

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

444,000

1,235,328

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

1,229,482

1,214,693

Sinopharm

Group

Co.

Ltd.,

Class

H

34,000

88,869

4,486,721

Hotels,

Restaurants

&

Leisure

2

.4

%

BTG

Hotels

Group

Co.

Ltd.,

Class

A

*

183,100

404,641

H

World

Group

Ltd.

309,800

1,033,825

H

World

Group

Ltd.,

ADR

34,700

1,160,368

Meituan,

Class

B

Reg.

S

*(b)

700,660

7,384,990

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

*

871,200

1,618,389

Trip.com

Group

Ltd.

*

141,300

5,082,703

Trip.com

Group

Ltd.,

ADR

*

32,200

1,159,522

17,844,438

Common

Stocks

Shares

Value

($)

CHINA

Household

Durables

0

.0

%

†

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

48,590

220,254

Industrial

Conglomerates

0

.3

%

CITIC

Ltd.

2,409,000

2,420,383

Insurance

1

.3

%

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

985,400

1,985,173

China

Taiping

Insurance

Holdings

Co.

Ltd.

2,449,200

2,102,931

New

China

Life

Insurance

Co.

Ltd.,

Class

H

175,600

341,557

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

2,818,000

865,084

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

1,047,500

4,738,320

10,033,065

Interactive

Media

&

Services

5

.6

%

Baidu,

Inc.,

Class

A

*

380,050

5,648,039

Kanzhun

Ltd.,

ADR

21,900

363,759

Kuaishou

Technology

Reg.

S

*(b)

656,800

4,436,910

Tencent

Holdings

Ltd.

824,400

31,146,457

41,595,165

Life

Sciences

Tools

&

Services

0

.3

%

WuXi

AppTec

Co.

Ltd.,

Class

A

115,000

1,185,203

Wuxi

Biologics

Cayman,

Inc.

Reg.

S

*(b)

210,500

795,162

1,980,365

Machinery

0

.4

%

Sinotruk

Hong

Kong

Ltd.

850,000

1,674,033

Weichai

Power

Co.

Ltd.,

Class

H

460,000

769,628

Yutong

Bus

Co.

Ltd.,

Class

A

454,655

848,639

3,292,300

Metals

&

Mining

1

.4

%

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

8,540,360

7,152,897

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

935,100

2,191,442

Shougang

Fushan

Resources

Group

Ltd.

2,618,000

965,409

10,309,748

Oil,

Gas

&

Consumable

Fuels

0

.2

%

PetroChina

Co.

Ltd.,

Class

H

2,302,000

1,517,494

Pharmaceuticals

0

.6

%

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

7,800

127,369

China

Medical

System

Holdings

Ltd.

1,223,000

2,165,522

CSPC

Pharmaceutical

Group

Ltd.

1,726,000

1,613,218

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

25,000

173,704

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

91,800

283,818

YiChang

HEC

ChangJiang

Pharmaceutical

Co.

Ltd.,

Class

H

Reg.

S

*(b)

66,000

80,479

4,444,110

Real

Estate

Management

&

Development

0

.5

%

China

Overseas

Land

&

Investment

Ltd.

686,000

1,215,474

China

Resources

Land

Ltd.

530,000

1,912,166

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

CHINA

Real

Estate

Management

&

Development

KE

Holdings,

Inc.,

ADR

45,500

737,555

3,865,195

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Jinko

Solar

Co.

Ltd.,

Class

A

779,863

971,939

Silergy

Corp.

82,000

1,334,744

2,306,683

Software

0

.1

%

Kingdee

International

Software

Group

Co.

Ltd.

*

545,000

791,189

Specialty

Retail

0

.3

%

Topsports

International

Holdings

Ltd.

Reg.

S

(b)

2,050,000

1,594,493

Zhongsheng

Group

Holdings

Ltd.

318,000

766,990

2,361,483

Technology

Hardware,

Storage

&

Peripherals

1

.2

%

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

188,870

3,680,078

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

2,566,600

5,109,994

8,790,072

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

ANTA

Sports

Products

Ltd.

88,000

857,663

Li

Ning

Co.

Ltd.

49,500

133,562

Shenzhou

International

Group

Holdings

Ltd.

205,300

2,106,658

3,097,883

Transportation

Infrastructure

0

.1

%

Anhui

Expressway

Co.

Ltd.,

Class

H

90,000

88,794

Jiangsu

Expressway

Co.

Ltd.,

Class

H

720,000

647,589

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

528,100

364,662

1,101,045

202,194,158

GREECE

0

.2

%

Banks

0

.2

%

Piraeus

Financial

Holdings

SA

*

401,136

1,413,963

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Motor

Oil

Hellas

Corinth

Refineries

SA

5,458

143,066

1,557,029

HONG

KONG

0

.3

%

Pharmaceuticals

0

.3

%

Sino

Biopharmaceutical

Ltd.

3,067,000

1,371,767

United

Laboratories

International

Holdings

Ltd.

(The)

912,000

818,322

2,190,089

INDIA

16

.6

%

Aerospace

&

Defense

0

.9

%

Bharat

Dynamics

Ltd.

Reg.

S

13,534

278,300

Bharat

Electronics

Ltd.

1,942,742

4,299,166

Hindustan

Aeronautics

Ltd.

Reg.

S

61,036

2,056,641

6,634,107

Automobile

Components

0

.9

%

Apollo

Tyres

Ltd.

326,316

1,777,952

Balkrishna

Industries

Ltd.

53,335

1,644,389

Ceat

Ltd.

46,273

1,347,811

JK

Tyre

&

Industries

Ltd.

129,820

619,678

Common

Stocks

Shares

Value

($)

INDIA

Automobile

Components

MRF

Ltd.

895

1,393,175

6,783,005

Automobiles

0

.1

%

Tata

Motors

Ltd.,

Class

A

114,380

712,965

Banks

4

.2

%

Axis

Bank

Ltd.

747,033

9,881,206

Bandhan

Bank

Ltd.

Reg.

S

(b)

345,145

998,937

Bank

of

Baroda

169,670

470,340

Canara

Bank

663,240

3,482,470

Equitas

Small

Finance

Bank

Ltd.

Reg.

S

(b)

196,358

248,768

ICICI

Bank

Ltd.,

ADR

(a)

489,139

11,661,075

Indian

Bank

137,920

696,050

State

Bank

of

India

411,263

3,167,164

30,606,010

Beverages

0

.5

%

Varun

Beverages

Ltd.

246,437

3,661,372

Building

Products

0

.0

%

†

Kajaria

Ceramics

Ltd.

20,699

323,174

Capital

Markets

0

.3

%

IDFC

Ltd.

498,302

757,592

JM

Financial

Ltd.

459,812

542,386

Motilal

Oswal

Financial

Services

Ltd.

54,791

815,172

2,115,150

Chemicals

0

.1

%

Pidilite

Industries

Ltd.

30,020

978,631

Construction

&

Engineering

0

.4

%

ITD

Cementation

India

Ltd.

184,874

633,356

KNR

Constructions

Ltd.

128,778

396,575

Larsen

&

Toubro

Ltd.

49,978

2,115,539

3,145,470

Construction

Materials

1

.3

%

JK

Cement

Ltd.

24,717

1,123,891

Shree

Cement

Ltd.

4,158

1,431,021

UltraTech

Cement

Ltd.

59,576

7,514,502

10,069,414

Electric

Utilities

0

.4

%

Power

Grid

Corp.

of

India

Ltd.

1,155,185

3,288,609

Financial

Services

1

.0

%

IIFL

Finance

Ltd.

16,288

116,769

Indiabulls

Housing

Finance

Ltd.

335,337

871,775

L&T

Finance

Holdings

Ltd.

443,661

877,939

Power

Finance

Corp.

Ltd.

724,192

3,320,318

REC

Ltd.

496,289

2,459,099

7,645,900

Health

Care

Providers

&

Services

0

.2

%

Narayana

Hrudayalaya

Ltd.

Reg.

S

95,611

1,378,935

Independent

Power

and

Renewable

Electricity

Producers

0

.6

%

Adani

Power

Ltd.

*

242,627

1,525,721

JSW

Energy

Ltd.

125,597

616,214

NTPC

Ltd.

495,212

1,847,517

PTC

India

Ltd.

194,334

443,399

4,432,851

Insurance

0

.2

%

General

Insurance

Corp.

of

India

Reg.

S

(b)

26,606

98,407

32

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Insurance

SBI

Life

Insurance

Co.

Ltd.

Reg.

S

(b)

65,509

1,127,309

1,225,716

Interactive

Media

&

Services

0

.0

%

†

Just

Dial

Ltd.

*

18,653

179,595

IT

Services

0

.6

%

Tata

Consultancy

Services

Ltd.

99,509

4,530,881

Machinery

0

.1

%

Cummins

India

Ltd.

36,247

853,917

Jamna

Auto

Industries

Ltd.

75,570

101,272

955,189

Metals

&

Mining

0

.7

%

APL

Apollo

Tubes

Ltd.

17,986

331,753

Godawari

Power

and

Ispat

Ltd.

100,259

910,711

Jindal

Stainless

Ltd.

38,685

265,572

JSW

Steel

Ltd.

182,454

1,927,657

NMDC

Ltd.

500,823

1,259,355

Steel

Authority

of

India

Ltd.

220,547

327,219

Welspun

Corp.

Ltd.

71,624

471,343

5,493,610

Oil,

Gas

&

Consumable

Fuels

1

.0

%

Bharat

Petroleum

Corp.

Ltd.

217,146

1,174,991

Indian

Oil

Corp.

Ltd.

1,770,326

2,756,019

Oil

&

Natural

Gas

Corp.

Ltd.

199,353

490,540

Petronet

LNG

Ltd.

111,034

296,790

Reliance

Industries

Ltd.

82,932

2,573,668

7,292,008

Pharmaceuticals

2

.4

%

Aarti

Drugs

Ltd.

35,708

209,746

Ajanta

Pharma

Ltd.

80,227

2,004,917

Alkem

Laboratories

Ltd.

23,209

1,450,354

Cipla

Ltd.

81,732

1,223,843

Dr

Reddy's

Laboratories

Ltd.,

ADR

64,733

4,504,123

JB

Chemicals

&

Pharmaceuticals

Ltd.

15,985

311,727

Lupin

Ltd.

58,571

929,955

Torrent

Pharmaceuticals

Ltd.

116,743

3,232,466

Zydus

Lifesciences

Ltd.

473,239

3,918,400

17,785,531

Software

0

.2

%

Tata

Elxsi

Ltd.

14,607

1,535,123

Specialty

Retail

0

.1

%

Trent

Ltd.

12,539

459,893

Trading

Companies

&

Distributors

0

.1

%

IndiaMart

InterMesh

Ltd.

Reg.

S

(b)

27,986

914,054

Transportation

Infrastructure

0

.3

%

Adani

Ports

&

Special

Economic

Zone

Ltd.

185,925

2,281,912

124,429,105

INDONESIA

2

.4

%

Banks

1

.6

%

Bank

Central

Asia

Tbk.

PT

6,785,400

4,138,618

Bank

CIMB

Niaga

Tbk.

PT

1,357,400

149,337

Bank

Mandiri

Persero

Tbk.

PT

14,063,500

5,516,705

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

5,846,000

2,167,361

11,972,021

Common

Stocks

Shares

Value

($)

INDONESIA

Construction

Materials

0

.0

%

†

Indocement

Tunggal

Prakarsa

Tbk.

PT

212,400

129,560

Diversified

Telecommunication

Services

0

.6

%

Telkom

Indonesia

Persero

Tbk.

PT

17,665,600

4,534,224

Household

Products

0

.1

%

Unilever

Indonesia

Tbk.

PT

1,637,100

375,211

Industrial

Conglomerates

0

.0

%

†

Astra

International

Tbk.

PT

518,300

189,925

Metals

&

Mining

0

.0

%

†

Aneka

Tambang

Tbk.

2,244,400

248,965

Oil,

Gas

&

Consumable

Fuels

0

.1

%

United

Tractors

Tbk.

PT

308,100

452,403

Transportation

Infrastructure

0

.0

%

†

Jasa

Marga

Persero

Tbk.

PT

682,200

215,743

18,118,052

LUXEMBOURG

0

.3

%

Capital

Markets

0

.3

%

Reinet

Investments

SCA

95,004

2,425,036

MEXICO

3

.2

%

Banks

1

.0

%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

548,069

5,511,351

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

*

653,700

1,798,147

7,309,498

Beverages

2

.0

%

Arca

Continental

SAB

de

CV

593,802

6,483,530

Coca-Cola

Femsa

SAB

de

CV,

ADR

89,644

8,483,909

14,967,439

Diversified

REITs

0

.0

%

†

Fibra

Uno

Administracion

SA

de

CV

94,000

169,223

Household

Products

0

.0

%

†

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

91,086

204,744

Metals

&

Mining

0

.1

%

Ternium

SA,

ADR

20,500

870,635

Transportation

Infrastructure

0

.1

%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

23,829

252,252

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

16,202

175,292

427,544

23,949,083

PERU

0

.2

%

Banks

0

.2

%

Credicorp

Ltd.

9,600

1,439,328

PHILIPPINES

0

.4

%

Banks

0

.1

%

Metropolitan

Bank

&

Trust

Co.

980,600

908,062

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

Aboitiz

Power

Corp.

1,634,500

1,116,034

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

PHILIPPINES

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Semirara

Mining

&

Power

Corp.,

Class

A

552,300

301,476

Transportation

Infrastructure

0

.1

%

International

Container

Terminal

Services,

Inc.

172,370

763,429

3,089,001

POLAND

1

.5

%

Banks

0

.6

%

Alior

Bank

SA

*

9,306

180,530

Bank

Polska

Kasa

Opieki

SA

104,563

4,039,802

4,220,332

Construction

&

Engineering

0

.0

%

†

Budimex

SA

1,274

202,680

Insurance

0

.9

%

Powszechny

Zaklad

Ubezpieczen

SA

536,997

6,450,391

10,873,403

QATAR

1

.1

%

Banks

0

.6

%

Commercial

Bank

PSQC

(The)

147,797

241,504

Qatar

National

Bank

QPSC

805,009

3,548,225

3,789,729

Diversified

Telecommunication

Services

0

.1

%

Ooredoo

QPSC

310,367

927,360

Energy

Equipment

&

Services

0

.0

%

†

Gulf

International

Services

QSC

195,670

147,069

Multi-Utilities

0

.1

%

Qatar

Electricity

&

Water

Co.

QSC

197,266

979,123

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Qatar

Gas

Transport

Co.

Ltd.

2,393,968

2,270,278

8,113,559

RUSSIA

0

.0

%

†

Banks

0

.0

%

†

Sberbank

of

Russia

PJSC

^∞

819,980

0

VTB

Bank

PJSC

*^∞

548,744,000

0

0

Chemicals

0

.0

%

†

PhosAgro

PJSC,

GDR

Reg.

S

*^∞

7,548

0

0

SAUDI

ARABIA

3

.6

%

Banks

1

.7

%

Al

Rajhi

Bank

124,792

2,893,421

Alinma

Bank

97,252

1,004,569

Arab

National

Bank

327,682

2,215,708

Banque

Saudi

Fransi

158,814

1,693,853

Riyad

Bank

231,365

1,761,663

Saudi

Awwal

Bank

154,016

1,543,087

Saudi

Investment

Bank

(The)

48,316

204,817

Saudi

National

Bank

(The)

143,463

1,478,997

12,796,115

Building

Products

0

.0

%

†

Bawan

Co.

14,379

171,767

Construction

Materials

0

.1

%

Saudi

Cement

Co.

43,927

614,964

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Diversified

Consumer

Services

0

.0

%

†

Ataa

Educational

Co.

9,600

184,708

Diversified

Telecommunication

Services

0

.1

%

Saudi

Telecom

Co.

102,651

1,106,932

Food

Products

0

.1

%

Saudia

Dairy

&

Foodstuff

Co.

11,006

977,460

Health

Care

Providers

&

Services

0

.1

%

Al

Hammadi

Holding

12,640

201,123

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,243

94,075

Mouwasat

Medical

Services

Co.

7,398

220,485

Saudi

Chemical

Co.

Holding

189,282

215,980

731,663

Insurance

0

.2

%

Bupa

Arabia

for

Cooperative

Insurance

Co.

19,452

1,105,798

Co.

for

Cooperative

Insurance

(The)

5,098

177,207

1,283,005

Oil,

Gas

&

Consumable

Fuels

1

.0

%

Aldrees

Petroleum

and

Transport

Services

Co.

50,794

2,395,220

Saudi

Arabian

Oil

Co.

Reg.

S

(b)

589,411

5,195,149

7,590,369

Professional

Services

0

.1

%

Maharah

Human

Resources

Co.

25,847

538,920

Real

Estate

Management

&

Development

0

.1

%

Arabian

Centres

Co.

Ltd.

69,324

379,925

Transportation

Infrastructure

0

.1

%

Sustained

Infrastructure

Holding

Co.

94,669

755,905

27,131,733

SOUTH

AFRICA

2

.3

%

Banks

0

.3

%

Standard

Bank

Group

Ltd.

202,358

2,297,650

Broadline

Retail

0

.1

%

Naspers

Ltd.,

Class

N

6,277

1,074,445

Capital

Markets

0

.2

%

Investec

Ltd.

200,211

1,374,338

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Pick

n

Pay

Stores

Ltd.

73,788

93,743

Financial

Services

0

.8

%

FirstRand

Ltd.

1,287,208

5,167,041

Hotels,

Restaurants

&

Leisure

0

.1

%

Sun

International

Ltd.

173,110

387,042

Industrial

Conglomerates

0

.0

%

†

Bidvest

Group

Ltd.

(The)

132

1,824

Reunert

Ltd.

70,141

229,754

231,578

Insurance

0

.5

%

Momentum

Metropolitan

Holdings

110,255

131,580

Old

Mutual

Ltd.

672,524

480,817

OUTsurance

Group

Ltd.

134,677

311,539

Sanlam

Ltd.

783,248

3,119,025

4,042,961

Metals

&

Mining

0

.2

%

Gold

Fields

Ltd.,

ADR

27,128

392,271

34

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

Metals

&

Mining

Kumba

Iron

Ore

Ltd.

34,794

1,170,165

1,562,436

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Thungela

Resources

Ltd.

103,899

873,465

Specialty

Retail

0

.0

%

†

Mr

Price

Group

Ltd.

32,340

277,421

17,382,120

SOUTH

KOREA

13

.4

%

Aerospace

&

Defense

0

.6

%

Hanwha

Aerospace

Co.

Ltd.

*

35,243

3,393,561

Hanwha

Systems

Co.

Ltd.

*

62,263

836,477

Korea

Aerospace

Industries

Ltd.

*

15,925

616,442

4,846,480

Automobile

Components

0

.1

%

Hankook

Tire

&

Technology

Co.

Ltd.

*

31,878

1,120,159

Automobiles

1

.0

%

Kia

Corp.

*

93,248

7,221,235

Banks

2

.1

%

DGB

Financial

Group,

Inc.

*

121,299

798,268

Hana

Financial

Group,

Inc.

79,520

2,673,424

JB

Financial

Group

Co.

Ltd.

239,530

2,112,634

KB

Financial

Group,

Inc.

157,394

6,583,060

Shinhan

Financial

Group

Co.

Ltd.

105,790

3,287,753

Woori

Financial

Group,

Inc.

8,602

86,688

15,541,827

Capital

Markets

0

.1

%

Daou

Technology,

Inc.

*

7,232

100,286

KIWOOM

Securities

Co.

Ltd.

*

3,745

287,914

Korea

Investment

Holdings

Co.

Ltd.

*

6,331

300,259

NH

Investment

&

Securities

Co.

Ltd.

*

28,899

231,302

919,761

Chemicals

0

.1

%

Hyosung

TNC

Corp.

*

1,414

400,294

Diversified

Telecommunication

Services

0

.5

%

KT

Corp.

*

153,388

4,089,945

Electrical

Equipment

0

.1

%

Ecopro

Co.

Ltd.

*

1,483

739,364

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Samsung

SDI

Co.

Ltd.

*

2,234

813,199

Financial

Services

0

.5

%

Meritz

Financial

Group,

Inc.

*

88,677

4,063,303

Industrial

Conglomerates

0

.9

%

GS

Holdings

Corp.

*

63,906

2,026,924

Samsung

C&T

Corp.

*

44,381

4,457,363

6,484,287

Insurance

1

.3

%

DB

Insurance

Co.

Ltd.

*

22,671

1,470,448

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

*

40,373

969,802

Korean

Reinsurance

Co.

*

89,877

499,634

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

*

28,957

5,905,588

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Insurance

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Preference)

*

5,570

821,641

9,667,113

Interactive

Media

&

Services

0

.7

%

Kakao

Corp.

*

23,086

969,233

NAVER

Corp.

22,771

3,940,995

4,910,228

Machinery

0

.4

%

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

*

30,607

2,864,405

Metals

&

Mining

0

.5

%

Hyundai

Steel

Co.

*

35,594

1,005,218

POSCO

Holdings,

Inc.

7,187

2,769,393

SeAH

Besteel

Holdings

Corp.

*

11,949

229,732

4,004,343

Pharmaceuticals

0

.0

%

†

Daewoong

Pharmaceutical

Co.

Ltd.

*

2,625

237,594

Semiconductors

&

Semiconductor

Equipment

0

.6

%

Doosan

Tesna,

Inc.

*

10,177

460,246

Hanmi

Semiconductor

Co.

Ltd.

*

27,706

1,319,178

SK

Hynix,

Inc.

22,609

2,468,568

Systems

Technology,

Inc.

*

5,778

131,584

TechWing,

Inc.

*

14,994

132,647

Worldex

Industry

&

Trading

Co.

Ltd.

*

13,461

266,098

4,778,321

Software

0

.0

%

†

Douzone

Bizon

Co.

Ltd.

*

7,078

158,635

Technology

Hardware,

Storage

&

Peripherals

3

.5

%

Samsung

Electronics

Co.

Ltd.

354,244

21,545,090

Samsung

Electronics

Co.

Ltd.

(Preference)

80,764

3,894,587

25,439,677

Tobacco

0

.1

%

KT&G

Corp.

8,972

604,657

Trading

Companies

&

Distributors

0

.2

%

Posco

International

Corp.

*

24,747

1,191,044

100,095,871

TAIWAN

16

.4

%

Automobile

Components

0

.0

%

†

Cheng

Shin

Rubber

Industry

Co.

Ltd.

239,000

349,069

Banks

0

.4

%

CTBC

Financial

Holding

Co.

Ltd.

3,007,000

2,773,368

Electronic

Equipment,

Instruments

&

Components

0

.5

%

Hon

Hai

Precision

Industry

Co.

Ltd.

965,000

3,282,265

Primax

Electronics

Ltd.

48,000

105,708

WPG

Holdings

Ltd.

53,000

140,650

Zero

One

Technology

Co.

Ltd.

87,000

185,322

3,713,945

Household

Durables

0

.0

%

†

Nien

Made

Enterprise

Co.

Ltd.

29,000

332,926

Metals

&

Mining

0

.2

%

Tung

Ho

Steel

Enterprise

Corp.

547,000

1,258,813

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

35

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

11

.2

%

AMPOC

Far-East

Co.

Ltd.

58,000

149,012

AP

Memory

Technology

Corp.

24,000

364,463

Ardentec

Corp.

110,000

264,745

ASE

Technology

Holding

Co.

Ltd.

2,035,000

8,924,586

ASMedia

Technology,

Inc.

16,000

941,462

Chipbond

Technology

Corp.

539,000

1,268,260

eMemory

Technology,

Inc.

2,000

158,529

Everlight

Electronics

Co.

Ltd.

383,000

623,236

Faraday

Technology

Corp.

24,000

277,301

Fitipower

Integrated

Technology,

Inc.

53,000

443,079

FocalTech

Systems

Co.

Ltd.

*

66,000

241,383

Genesys

Logic,

Inc.

219,000

852,840

Global

Mixed

Mode

Technology,

Inc.

167,000

1,433,418

ITE

Technology,

Inc.

426,000

2,082,887

King

Yuan

Electronics

Co.

Ltd.

1,215,000

3,348,408

Materials

Analysis

Technology,

Inc.

23,000

173,338

MediaTek,

Inc.

332,000

10,934,642

Novatek

Microelectronics

Corp.

199,000

3,346,831

Powertech

Technology,

Inc.

53,000

243,104

Silicon

Motion

Technology

Corp.,

ADR

32,700

2,003,529

Sitronix

Technology

Corp.

25,000

225,990

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

2,315,000

44,553,292

Ultra

Chip,

Inc.

87,000

282,331

83,136,666

Technology

Hardware,

Storage

&

Peripherals

4

.1

%

Advantech

Co.

Ltd.

244,087

2,951,928

Asia

Vital

Components

Co.

Ltd.

16,000

174,073

Asustek

Computer,

Inc.

37,000

588,430

Catcher

Technology

Co.

Ltd.

214,000

1,350,206

Chicony

Electronics

Co.

Ltd.

487,000

2,769,890

Clevo

Co.

69,000

91,377

Compal

Electronics,

Inc.

4,751,000

6,177,147

Elitegroup

Computer

Systems

Co.

Ltd.

116,000

118,874

Getac

Holdings

Corp.

567,000

2,045,548

Gigabyte

Technology

Co.

Ltd.

70,000

603,888

Inventec

Corp.

1,460,000

2,501,057

Lite-On

Technology

Corp.

1,058,000

4,014,130

Micro-Star

International

Co.

Ltd.

45,000

298,230

Pegatron

Corp.

710,000

2,013,643

Quanta

Computer,

Inc.

505,000

3,674,923

Transcend

Information,

Inc.

132,000

346,099

Wistron

Corp.

416,000

1,331,607

31,051,050

122,615,837

THAILAND

2

.2

%

Banks

0

.6

%

Krung

Thai

Bank

PCL

5,094,800

2,744,974

Thanachart

Capital

PCL

75,700

109,749

TMBThanachart

Bank

PCL

26,896,900

1,315,034

4,169,757

Health

Care

Providers

&

Services

0

.2

%

Bumrungrad

Hospital

PCL

279,300

1,815,383

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

Electricity

Generating

PCL

126,300

472,912

Common

Stocks

Shares

Value

($)

THAILAND

Independent

Power

and

Renewable

Electricity

Producers

Gulf

Energy

Development

PCL

617,900

804,312

1,277,224

Oil,

Gas

&

Consumable

Fuels

0

.6

%

PTT

PCL

4,009,000

4,198,982

Pharmaceuticals

0

.0

%

†

Mega

Lifesciences

PCL

250,400

294,943

Wireless

Telecommunication

Services

0

.6

%

Advanced

Info

Service

PCL

455,500

2,893,794

Intouch

Holdings

PCL,

Class

F

1,051,900

2,200,394

5,094,188

16,850,477

TURKEY

0

.7

%

Banks

0

.2

%

Yapi

ve

Kredi

Bankasi

A/S

2,127,915

1,412,380

Beverages

0

.1

%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S

134,719

628,528

Consumer

Staples

Distribution

&

Retail

0

.1

%

Migros

Ticaret

A/S

71,768

815,052

Electric

Utilities

0

.0

%

†

Enerjisa

Enerji

A/S

Reg.

S

(b)

73,021

112,886

Industrial

Conglomerates

0

.2

%

KOC

Holding

A/S

333,098

1,602,926

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Turkiye

Petrol

Rafinerileri

A/S

114,529

555,811

5,127,583

UNITED

ARAB

EMIRATES

1

.2

%

Banks

0

.7

%

Abu

Dhabi

Commercial

Bank

PJSC

55,794

139,439

Abu

Dhabi

Islamic

Bank

PJSC

202,952

559,217

Dubai

Islamic

Bank

PJSC

401,556

625,511

Emirates

NBD

Bank

PJSC

841,133

3,964,443

5,288,610

Industrial

Conglomerates

0

.0

%

†

Dubai

Investments

PJSC

184,966

117,516

Multi-Utilities

0

.1

%

Dubai

Electricity

&

Water

Authority

PJSC

1,668,741

1,118,069

Passenger

Airlines

0

.3

%

Air

Arabia

PJSC

2,608,363

2,002,689

Real

Estate

Management

&

Development

0

.1

%

Emaar

Development

PJSC

245,513

477,857

9,004,741

UNITED

KINGDOM

0

.2

%

Metals

&

Mining

0

.2

%

Anglogold

Ashanti

plc

60,242

1,160,123

Total

Common

Stocks

(cost

$694,275,705)

742,659,604

36

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Repurchase

Agreements

1

.0

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$3,001,780,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

3.50%,

maturing

5/1/2045

-

1/1/2047;

total

market

value

$3,060,000.(c)

(d)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,306,602,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$2,351,323.(c)

(d)

2,305,219

2,305,219

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.(c)

(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$7,305,219)

7,305,219

Total

Investments

(cost

$701,580,924)

—

100.1%

749,964,823

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

639,353

)

NET

ASSETS

—

100.0%

$

749,325,470

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$7,134,267,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,305,219.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$28,725,505

which

represents

3.83%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$7,305,219.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

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

Emerging

Markets

E-Mini

Index

25

3/2024

USD

1,292,125

60,041

Net

contracts

60,041

As

of

December

31,

2023,

the

Fund

had

$40,682

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

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

37

Common

Stocks

98

.7

%

Shares

Value

($)

AUSTRALIA

6

.6

%

Banks

0

.1

%

Commonwealth

Bank

of

Australia

5,102

387,715

National

Australia

Bank

Ltd.

22,527

469,850

857,565

Capital

Markets

0

.3

%

Macquarie

Group

Ltd.

15,068

1,877,883

Commercial

Services

&

Supplies

0

.6

%

Brambles

Ltd.

497,169

4,603,343

Consumer

Staples

Distribution

&

Retail

0

.6

%

Woolworths

Group

Ltd.

182,902

4,628,644

Diversified

REITs

0

.1

%

Stockland

254,503

771,396

Diversified

Telecommunication

Services

0

.3

%

Telstra

Group

Ltd.

744,717

2,006,612

Financial

Services

0

.0

%

†

Challenger

Ltd.

65,190

287,784

Health

Care

Equipment

&

Supplies

0

.6

%

Cochlear

Ltd.

22,544

4,580,647

Hotels,

Restaurants

&

Leisure

0

.1

%

Aristocrat

Leisure

Ltd.

20,505

568,526

Industrial

REITs

0

.1

%

Goodman

Group

38,047

653,287

Insurance

0

.7

%

Insurance

Australia

Group

Ltd.

715,011

2,754,765

Suncorp

Group

Ltd.

256,754

2,417,467

5,172,232

Metals

&

Mining

2

.0

%

BHP

Group

Ltd.

253,799

8,700,367

BlueScope

Steel

Ltd.

102,487

1,631,041

Deterra

Royalties

Ltd.

278,137

996,400

Glencore

plc

176,707

1,060,108

Northern

Star

Resources

Ltd.

49,524

463,267

Perenti

Ltd.

*(a)

242,627

171,721

Perseus

Mining

Ltd.

295,180

373,729

Rio

Tinto

Ltd.

4,172

384,489

Rio

Tinto

plc,

ADR

(a)

12,176

906,625

Westgold

Resources

Ltd.

*

178,586

266,040

14,953,787

Office

REITs

0

.4

%

Dexus

581,252

3,026,349

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Whitehaven

Coal

Ltd.

60,227

305,125

Retail

REITs

0

.6

%

Scentre

Group

2,139,902

4,340,035

Software

0

.1

%

Technology

One

Ltd.

36,324

379,274

49,012,489

AUSTRIA

0

.5

%

Banks

0

.5

%

BAWAG

Group

AG

Reg.

S

*(b)

31,835

1,690,833

Erste

Group

Bank

AG

43,374

1,759,823

Raiffeisen

Bank

International

AG

(a)

29,365

605,572

4,056,228

Common

Stocks

Shares

Value

($)

BELGIUM

0

.1

%

Banks

0

.0

%

†

KBC

Ancora

5,525

253,214

Health

Care

Providers

&

Services

0

.0

%

†

Fagron

10,404

190,761

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Euronav

NV

30,745

542,205

986,180

CHINA

0

.7

%

Broadline

Retail

0

.6

%

Prosus

NV

143,253

4,271,391

Machinery

0

.1

%

Yangzijiang

Shipbuilding

Holdings

Ltd.

637,400

718,708

4,990,099

DENMARK

4

.2

%

Banks

0

.3

%

Danske

Bank

A/S

18,516

494,566

Jyske

Bank

A/S

(Registered)

2,738

196,112

Spar

Nord

Bank

A/S

9,592

151,368

Sydbank

A/S

27,066

1,179,536

2,021,582

Biotechnology

0

.6

%

Genmab

A/S

*

13,738

4,375,983

Pharmaceuticals

2

.9

%

Novo

Nordisk

A/S,

Class

B

214,751

22,212,735

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Pandora

A/S

21,471

2,966,257

31,576,557

FINLAND

0

.9

%

Banks

0

.7

%

Nordea

Bank

Abp

383,316

4,741,067

Insurance

0

.1

%

Sampo

OYJ,

Class

A

19,345

846,600

Machinery

0

.1

%

Kone

OYJ,

Class

B

9,766

488,714

Real

Estate

Management

&

Development

0

.0

%

†

Kojamo

OYJ

26,998

358,480

6,434,861

FRANCE

8

.9

%

Aerospace

&

Defense

1

.9

%

Dassault

Aviation

SA

27,315

5,404,944

Safran

SA

27,125

4,784,967

Thales

SA

24,126

3,568,135

13,758,046

Automobile

Components

0

.1

%

Cie

Generale

des

Etablissements

Michelin

SCA

18,962

681,361

Building

Products

0

.4

%

Cie

de

Saint-Gobain

SA

43,548

3,220,213

Chemicals

1

.2

%

Air

Liquide

SA

45,655

8,881,327

Construction

&

Engineering

0

.7

%

Eiffage

SA

48,220

5,175,976

38

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Electrical

Equipment

1

.1

%

Legrand

SA

71,971

7,496,506

Nexans

SA

5,122

448,556

7,945,062

Energy

Equipment

&

Services

0

.0

%

†

Vallourec

SACA

*

8,961

139,046

Financial

Services

0

.1

%

Edenred

SE

16,931

1,016,591

IT

Services

0

.0

%

†

Alten

SA

1,486

222,034

Multi-Utilities

1

.0

%

Engie

SA

272,323

4,788,568

Veolia

Environnement

SA

85,040

2,686,002

7,474,570

Office

REITs

0

.1

%

Gecina

SA

7,738

944,975

Pharmaceuticals

0

.2

%

Ipsen

SA

12,605

1,504,430

Retail

REITs

0

.0

%

†

Klepierre

SA

7,002

191,459

Software

0

.4

%

Dassault

Systemes

SE

64,106

3,138,285

Textiles,

Apparel

&

Luxury

Goods

1

.5

%

Hermes

International

SCA

3,775

8,011,583

Kering

SA

1,578

700,286

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,662

2,159,215

10,871,084

Trading

Companies

&

Distributors

0

.2

%

Rexel

SA

60,353

1,658,953

66,823,412

GERMANY

9

.8

%

Automobile

Components

0

.1

%

Continental

AG

8,306

706,428

Automobiles

0

.4

%

Bayerische

Motoren

Werke

AG

(Preference)

26,403

2,622,167

Capital

Markets

0

.5

%

Deutsche

Boerse

AG

18,269

3,761,340

DWS

Group

GmbH

&

Co.

KGaA

Reg.

S

(b)

7,308

280,783

4,042,123

Chemicals

0

.0

%

†

FUCHS

SE

(Preference)

7,113

316,456

Diversified

Telecommunication

Services

0

.6

%

Deutsche

Telekom

AG

(Registered)

195,745

4,700,674

Health

Care

Technology

0

.1

%

CompuGroup

Medical

SE

&

Co.

KgaA

12,601

527,202

Household

Products

0

.8

%

Henkel

AG

&

Co.

KGaA

36,002

2,582,463

Henkel

AG

&

Co.

KGaA

(Preference)

46,445

3,735,658

6,318,121

Common

Stocks

Shares

Value

($)

GERMANY

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

RWE

AG

3,826

173,951

Industrial

Conglomerates

1

.1

%

Siemens

AG

(Registered)

44,787

8,400,700

Insurance

2

.1

%

Allianz

SE

(Registered)

24,488

6,540,755

Hannover

Rueck

SE

13,168

3,146,281

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

13,458

5,572,906

15,259,942

Machinery

0

.2

%

GEA

Group

AG

27,126

1,128,979

Marine

Transportation

0

.0

%

†

Hapag-Lloyd

AG

Reg.

S

(a)(b)

1,850

275,712

Multi-Utilities

1

.3

%

E.ON

SE

702,871

9,429,084

Real

Estate

Management

&

Development

0

.1

%

Sirius

Real

Estate

Ltd.

247,234

296,457

TAG

Immobilien

AG

*

34,914

508,595

805,052

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Infineon

Technologies

AG

34,430

1,436,026

Software

2

.1

%

Nemetschek

SE

13,950

1,208,050

SAP

SE

84,714

13,031,168

TeamViewer

SE

Reg.

S

*(b)

55,533

859,843

15,099,061

Trading

Companies

&

Distributors

0

.2

%

Brenntag

SE

18,283

1,678,445

72,920,123

HONG

KONG

1

.6

%

Industrial

Conglomerates

0

.3

%

Jardine

Matheson

Holdings

Ltd.

51,900

2,136,354

Insurance

1

.0

%

AIA

Group

Ltd.

868,800

7,545,880

Real

Estate

Management

&

Development

0

.3

%

Swire

Pacific

Ltd.,

Class

A

284,500

2,402,385

12,084,619

ISRAEL

0

.1

%

Financial

Services

0

.1

%

Plus500

Ltd.

46,731

989,637

ITALY

2

.8

%

Aerospace

&

Defense

0

.1

%

Leonardo

SpA

33,483

552,407

Automobiles

0

.1

%

Ferrari

NV

2,958

996,964

Banks

1

.6

%

Banco

BPM

SpA

333,155

1,759,076

BPER

Banca

134,748

450,302

Credito

Emiliano

SpA

51,808

459,880

UniCredit

SpA

352,875

9,572,696

12,241,954

Capital

Markets

0

.1

%

Azimut

Holding

SpA

16,185

423,155

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

ITALY

Capital

Markets

Banca

Generali

SpA

8,641

320,946

744,101

Electric

Utilities

0

.4

%

Enel

SpA

380,507

2,832,179

Electrical

Equipment

0

.0

%

†

Prysmian

SpA

4,370

199,235

Financial

Services

0

.2

%

Banca

Mediolanum

SpA

145,376

1,369,943

Insurance

0

.2

%

Unipol

Gruppo

SpA

217,866

1,241,663

Multi-Utilities

0

.1

%

Hera

SpA

192,320

631,118

20,809,564

JAPAN

24

.4

%

Automobile

Components

1

.0

%

Aisan

Industry

Co.

Ltd.

55,400

460,410

Aisin

Corp.

120,700

4,205,484

Exedy

Corp.

8,200

150,420

Sumitomo

Electric

Industries

Ltd.

185,900

2,359,335

Toyo

Tire

Corp.

39,400

656,120

7,831,769

Automobiles

2

.3

%

Honda

Motor

Co.

Ltd.

935,300

9,668,163

Mazda

Motor

Corp.

194,100

2,058,881

Nissan

Motor

Co.

Ltd.

192,600

751,815

Subaru

Corp.

129,600

2,365,039

Toyota

Motor

Corp.

123,100

2,259,720

17,103,618

Banks

1

.2

%

Japan

Post

Bank

Co.

Ltd.

70,600

718,690

Kyoto

Financial

Group,

Inc.

19,200

298,752

Mitsubishi

UFJ

Financial

Group,

Inc.

273,300

2,351,937

Mizuho

Financial

Group,

Inc.

136,200

2,329,459

Sumitomo

Mitsui

Financial

Group,

Inc.

60,300

2,937,220

8,636,058

Broadline

Retail

0

.5

%

J

Front

Retailing

Co.

Ltd.

83,700

759,819

Pan

Pacific

International

Holdings

Corp.

10,700

254,655

Takashimaya

Co.

Ltd.

206,200

2,804,330

3,818,804

Capital

Markets

0

.5

%

Daiwa

Securities

Group,

Inc.

218,900

1,467,113

Marusan

Securities

Co.

Ltd.

(a)

47,100

281,139

Okasan

Securities

Group,

Inc.

142,100

688,459

Tokai

Tokyo

Financial

Holdings,

Inc.

266,200

991,270

3,427,981

Chemicals

0

.3

%

Air

Water,

Inc.

102,200

1,397,978

Mitsubishi

Chemical

Group

Corp.

24,700

150,932

Nippon

Sanso

Holdings

Corp.

23,900

637,343

2,186,253

Commercial

Services

&

Supplies

1

.0

%

Dai

Nippon

Printing

Co.

Ltd.

43,900

1,295,371

Itoki

Corp.

(a)

106,400

1,012,034

Kokuyo

Co.

Ltd.

(a)

52,000

844,403

Common

Stocks

Shares

Value

($)

JAPAN

Commercial

Services

&

Supplies

Okamura

Corp.

32,600

502,734

Pilot

Corp.

(a)

6,200

184,435

TOPPAN

Holdings,

Inc.

121,200

3,372,156

7,211,133

Construction

&

Engineering

0

.1

%

Toyo

Construction

Co.

Ltd.

47,100

397,846

Consumer

Staples

Distribution

&

Retail

0

.3

%

H2O

Retailing

Corp.

7,000

75,695

Life

Corp.

5,400

126,358

Mitsubishi

Shokuhin

Co.

Ltd.

16,300

553,872

San-A

Co.

Ltd.

8,500

274,243

Seven

&

i

Holdings

Co.

Ltd.

32,700

1,295,086

2,325,254

Diversified

Telecommunication

Services

0

.5

%

Nippon

Telegraph

&

Telephone

Corp.

3,043,700

3,716,029

Electric

Utilities

0

.2

%

Chubu

Electric

Power

Co.,

Inc.

108,700

1,402,560

Shikoku

Electric

Power

Co.,

Inc.

18,900

135,453

1,538,013

Electrical

Equipment

0

.3

%

Mitsubishi

Electric

Corp.

160,700

2,268,535

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Canon

Marketing

Japan,

Inc.

(a)

10,800

326,601

Yokogawa

Electric

Corp.

34,100

647,735

974,336

Financial

Services

1

.6

%

Mitsubishi

HC

Capital,

Inc.

524,800

3,519,155

ORIX

Corp.

333,200

6,243,095

Tokyo

Century

Corp.

186,000

2,008,624

11,770,874

Food

Products

0

.1

%

Nisshin

Seifun

Group,

Inc.

47,000

633,569

Ground

Transportation

0

.4

%

Central

Japan

Railway

Co.

120,700

3,060,397

Nikkon

Holdings

Co.

Ltd.

5,800

126,499

3,186,896

Health

Care

Providers

&

Services

0

.5

%

Alfresa

Holdings

Corp.

59,400

1,007,953

Medipal

Holdings

Corp.

73,200

1,185,139

Suzuken

Co.

Ltd.

44,000

1,455,891

Toho

Holdings

Co.

Ltd.

(a)

8,100

184,971

3,833,954

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Heiwa

Corp.

10,300

153,079

Oriental

Land

Co.

Ltd.

3,200

118,855

271,934

Household

Durables

0

.7

%

Casio

Computer

Co.

Ltd.

27,800

241,375

Panasonic

Holdings

Corp.

37,400

366,706

Sekisui

Chemical

Co.

Ltd.

117,000

1,682,711

Sekisui

House

Ltd.

120,600

2,672,092

4,962,884

Insurance

1

.4

%

Dai-ichi

Life

Holdings,

Inc.

26,300

558,359

MS&AD

Insurance

Group

Holdings,

Inc.

149,300

5,859,277

Sompo

Holdings,

Inc.

67,900

3,315,570

Tokio

Marine

Holdings,

Inc.

16,100

401,943

10,135,149

40

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

JAPAN

IT

Services

1

.1

%

NEC

Corp.

37,000

2,183,328

NEC

Networks

&

System

Integration

Corp.

19,400

326,306

Nomura

Research

Institute

Ltd.

15,800

457,815

Otsuka

Corp.

10,500

431,825

SCSK

Corp.

209,100

4,139,840

TIS,

Inc.

16,700

367,240

7,906,354

Leisure

Products

0

.2

%

Mars

Group

Holdings

Corp.

(a)

51,300

895,313

Sankyo

Co.

Ltd.

13,400

779,871

1,675,184

Machinery

0

.7

%

Kurita

Water

Industries

Ltd.

48,300

1,884,281

Mitsubishi

Logisnext

Co.

Ltd.

39,500

385,692

NGK

Insulators

Ltd.

68,600

817,441

Sumitomo

Heavy

Industries

Ltd.

(a)

99,300

2,494,888

5,582,302

Marine

Transportation

0

.0

%

†

Iino

Kaiun

Kaisha

Ltd.

36,300

304,633

Media

0

.0

%

†

SKY

Perfect

JSAT

Holdings,

Inc.

44,500

220,567

Metals

&

Mining

1

.6

%

JFE

Holdings,

Inc.

296,900

4,589,796

Kobe

Steel

Ltd.

(a)

143,800

1,852,006

Kyoei

Steel

Ltd.

13,000

183,725

Maruichi

Steel

Tube

Ltd.

7,700

199,907

Nippon

Steel

Corp.

209,800

4,794,037

11,619,471

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Cosmo

Energy

Holdings

Co.

Ltd.

5,500

220,907

ENEOS

Holdings,

Inc.

344,200

1,362,727

Idemitsu

Kosan

Co.

Ltd.

122,500

667,188

2,250,822

Personal

Care

Products

0

.1

%

Kobayashi

Pharmaceutical

Co.

Ltd.

9,700

466,438

Pharmaceuticals

0

.9

%

Daiichi

Sankyo

Co.

Ltd.

17,000

470,634

Ono

Pharmaceutical

Co.

Ltd.

111,700

1,995,117

Otsuka

Holdings

Co.

Ltd.

58,600

2,193,252

Santen

Pharmaceutical

Co.

Ltd.

150,900

1,501,022

Towa

Pharmaceutical

Co.

Ltd.

14,500

241,640

ZERIA

Pharmaceutical

Co.

Ltd.

12,900

184,505

6,586,170

Real

Estate

Management

&

Development

2

.3

%

Hulic

Co.

Ltd.

(a)

13,400

139,926

Mitsubishi

Estate

Co.

Ltd.

189,000

2,596,360

Mitsui

Fudosan

Co.

Ltd.

127,100

3,106,547

Nomura

Real

Estate

Holdings,

Inc.

96,100

2,521,168

Sumitomo

Realty

&

Development

Co.

Ltd.

110,800

3,283,853

Tokyu

Fudosan

Holdings

Corp.

849,200

5,405,350

17,053,204

Retail

REITs

0

.1

%

Japan

Metropolitan

Fund

Invest

664

479,341

Semiconductors

&

Semiconductor

Equipment

2

.1

%

Advantest

Corp.

44,000

1,515,118

Common

Stocks

Shares

Value

($)

JAPAN

Semiconductors

&

Semiconductor

Equipment

Axell

Corp.

11,300

172,172

Mimasu

Semiconductor

Industry

Co.

Ltd.

14,600

330,016

Optorun

Co.

Ltd.

(a)

34,800

400,301

Renesas

Electronics

Corp.

*

100,200

1,798,290

SCREEN

Holdings

Co.

Ltd.

61,500

5,169,516

Tokyo

Electron

Ltd.

29,600

5,261,417

Tokyo

Seimitsu

Co.

Ltd.

14,600

892,044

15,538,874

Software

0

.7

%

Computer

Engineering

&

Consulting

Ltd.

20,500

226,970

Trend

Micro,

Inc.

*(a)

90,700

4,825,757

5,052,727

Specialty

Retail

0

.0

%

†

Aoyama

Trading

Co.

Ltd.

25,900

271,366

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Brother

Industries

Ltd.

65,600

1,044,394

Transportation

Infrastructure

0

.1

%

Kamigumi

Co.

Ltd.

38,800

924,241

Wireless

Telecommunication

Services

1

.1

%

KDDI

Corp.

129,300

4,105,032

SoftBank

Group

Corp.

95,400

4,214,958

8,319,990

181,526,967

LUXEMBOURG

0

.1

%

Life

Sciences

Tools

&

Services

0

.1

%

Eurofins

Scientific

SE

13,785

901,927

NETHERLANDS

5

.2

%

Banks

0

.1

%

ING

Groep

NV

58,155

870,592

Beverages

0

.0

%

†

Heineken

Holding

NV

1,660

140,715

Capital

Markets

0

.0

%

†

Van

Lanschot

Kempen

NV,

CVA

3,806

118,787

Consumer

Staples

Distribution

&

Retail

1

.1

%

Koninklijke

Ahold

Delhaize

NV

281,018

8,068,724

Financial

Services

0

.1

%

Adyen

NV

Reg.

S

*(b)

603

777,337

Oil,

Gas

&

Consumable

Fuels

1

.2

%

Shell

plc

273,421

8,987,054

Semiconductors

&

Semiconductor

Equipment

2

.7

%

ASM

International

NV

2,223

1,157,609

ASML

Holding

NV

22,261

16,807,345

BE

Semiconductor

Industries

NV

11,358

1,711,503

19,676,457

38,639,666

NEW

ZEALAND

0

.5

%

Diversified

Telecommunication

Services

0

.2

%

Spark

New

Zealand

Ltd.

426,565

1,397,269

Software

0

.3

%

Xero

Ltd.

*

26,467

2,017,650

3,414,919

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

NORWAY

0

.7

%

Aerospace

&

Defense

0

.3

%

Kongsberg

Gruppen

ASA

42,429

1,942,199

Energy

Equipment

&

Services

0

.2

%

Aker

Solutions

ASA

30,436

125,822

PGS

ASA

*

787,718

664,779

TGS

ASA

40,925

531,782

1,322,383

Insurance

0

.0

%

†

Protector

Forsikring

ASA

13,095

231,739

Marine

Transportation

0

.2

%

Hoegh

Autoliners

ASA

37,089

336,773

Stolt-Nielsen

Ltd.

21,647

663,285

Wallenius

Wilhelmsen

ASA

47,326

414,243

1,414,301

Media

0

.0

%

†

Schibsted

ASA,

Class

B

10,877

295,975

5,206,597

PORTUGAL

0

.2

%

Consumer

Staples

Distribution

&

Retail

0

.2

%

Jeronimo

Martins

SGPS

SA

61,544

1,564,846

SINGAPORE

0

.8

%

Banks

0

.3

%

Oversea-Chinese

Banking

Corp.

Ltd.

35,200

345,754

United

Overseas

Bank

Ltd.

71,400

1,536,700

1,882,454

Industrial

Conglomerates

0

.2

%

Keppel

Corp.

Ltd.

267,400

1,429,713

Multi-Utilities

0

.1

%

Sembcorp

Industries

Ltd.

211,800

850,250

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Hafnia

Ltd.

86,732

598,733

Semiconductors

&

Semiconductor

Equipment

0

.1

%

STMicroelectronics

NV

20,507

1,028,067

5,789,217

SOUTH

AFRICA

0

.1

%

Metals

&

Mining

0

.1

%

Anglo

American

plc

37,096

930,858

SPAIN

3

.8

%

Banks

1

.3

%

Banco

Bilbao

Vizcaya

Argentaria

SA

93,480

851,728

Banco

de

Sabadell

SA

398,381

489,528

Banco

Santander

SA

1,184,673

4,945,362

Bankinter

SA

450,781

2,884,868

CaixaBank

SA

318,539

1,310,754

10,482,240

Electric

Utilities

0

.2

%

Iberdrola

SA

92,265

1,206,652

Hotels,

Restaurants

&

Leisure

1

.0

%

Amadeus

IT

Group

SA

100,562

7,212,310

Specialty

Retail

1

.3

%

Industria

de

Diseno

Textil

SA

226,215

9,866,687

28,767,889

Common

Stocks

Shares

Value

($)

SWEDEN

4

.4

%

Aerospace

&

Defense

0

.2

%

Saab

AB,

Class

B

19,749

1,189,941

Banks

0

.4

%

Skandinaviska

Enskilda

Banken

AB,

Class

A

127,897

1,760,535

Swedbank

AB,

Class

A

56,160

1,134,695

2,895,230

Biotechnology

0

.1

%

Swedish

Orphan

Biovitrum

AB

*

34,373

910,445

Building

Products

0

.0

%

†

Lindab

International

AB

16,480

325,285

Capital

Markets

0

.1

%

Avanza

Bank

Holding

AB

(a)

39,905

923,996

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Hexagon

AB,

Class

B

48,565

585,116

Financial

Services

1

.0

%

Investor

AB,

Class

A

5,694

130,702

Investor

AB,

Class

B

325,020

7,543,686

7,674,388

Hotels,

Restaurants

&

Leisure

0

.2

%

Evolution

AB

Reg.

S

(b)

11,662

1,395,787

Machinery

1

.6

%

Epiroc

AB,

Class

B

75,382

1,319,107

Indutrade

AB

10,741

280,251

SKF

AB,

Class

B

135,844

2,713,856

Trelleborg

AB,

Class

B

74,427

2,493,381

Volvo

AB,

Class

B

160,922

4,183,321

10,989,916

Metals

&

Mining

0

.6

%

SSAB

AB,

Class

A

211,873

1,611,426

SSAB

AB,

Class

B

409,334

3,139,336

4,750,762

Real

Estate

Management

&

Development

0

.1

%

Nyfosa

AB

(a)

36,806

352,268

Wihlborgs

Fastigheter

AB

65,320

613,611

965,879

Software

0

.0

%

†

Fortnox

AB

53,844

323,689

32,930,434

SWITZERLAND

6

.2

%

Capital

Markets

1

.6

%

Julius

Baer

Group

Ltd.

62,531

3,513,623

UBS

Group

AG

(Registered)

282,143

8,763,014

12,276,637

Chemicals

0

.3

%

Sika

AG

(Registered)

5,764

1,883,295

Electrical

Equipment

1

.2

%

ABB

Ltd.

(Registered)

195,358

8,681,531

Food

Products

0

.1

%

Barry

Callebaut

AG

(Registered)

162

273,783

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

5

606,371

880,154

Health

Care

Equipment

&

Supplies

0

.0

%

†

Sonova

Holding

AG

(Registered)

965

315,563

Insurance

0

.6

%

Zurich

Insurance

Group

AG

8,375

4,378,517

42

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SWITZERLAND

Life

Sciences

Tools

&

Services

0

.2

%

Lonza

Group

AG

(Registered)

4,293

1,806,138

Pharmaceuticals

1

.6

%

Novartis

AG

(Registered)

115,678

11,679,952

Software

0

.1

%

Temenos

AG

(Registered)

7,809

728,759

Technology

Hardware,

Storage

&

Peripherals

0

.5

%

Logitech

International

SA

(Registered)

41,050

3,895,662

46,526,208

UNITED

KINGDOM

8

.9

%

Aerospace

&

Defense

1

.0

%

BAE

Systems

plc

190,386

2,693,559

Melrose

Industries

plc

246,364

1,779,987

Rolls-Royce

Holdings

plc

*

873,310

3,325,913

7,799,459

Banks

0

.9

%

HSBC

Holdings

plc

538,575

4,350,117

NatWest

Group

plc

905,021

2,525,881

6,875,998

Broadline

Retail

0

.3

%

Next

plc

20,015

2,066,163

Capital

Markets

0

.1

%

Investec

plc

75,329

508,532

Construction

&

Engineering

0

.0

%

†

Balfour

Beatty

plc

67,591

284,875

Consumer

Staples

Distribution

&

Retail

0

.2

%

Marks

&

Spencer

Group

plc

415,742

1,441,306

Financial

Services

0

.2

%

M&G

plc

374,063

1,057,460

OSB

Group

plc

62,142

366,244

1,423,704

Hotels,

Restaurants

&

Leisure

0

.5

%

Compass

Group

plc

121,158

3,310,632

Playtech

plc

*

44,365

253,327

3,563,959

Household

Durables

0

.3

%

Bellway

plc

10,106

329,748

Berkeley

Group

Holdings

plc

8,825

525,812

Redrow

plc

34,368

269,846

Taylor

Wimpey

plc

277,892

519,490

Vistry

Group

plc

52,986

616,742

2,261,638

Industrial

Conglomerates

0

.6

%

CK

Hutchison

Holdings

Ltd.

363,500

1,956,490

Smiths

Group

plc

123,312

2,767,004

4,723,494

Insurance

0

.6

%

Aviva

plc

488,196

2,700,273

Beazley

plc

199,628

1,325,275

Direct

Line

Insurance

Group

plc

*

323,369

749,427

4,774,975

Media

0

.4

%

Informa

plc

267,520

2,655,880

Multi-Utilities

1

.1

%

Centrica

plc

623,418

1,115,426

National

Grid

plc

542,718

7,327,958

8,443,384

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Oil,

Gas

&

Consumable

Fuels

0

.7

%

BP

plc,

ADR

(a)

139,853

4,950,796

Pharmaceuticals

0

.6

%

AstraZeneca

plc,

ADR

(a)

64,610

4,351,484

Software

0

.1

%

Sage

Group

plc

(The)

63,219

943,072

Specialty

Retail

0

.1

%

Dunelm

Group

plc

41,748

582,011

Tobacco

1

.1

%

British

American

Tobacco

plc

277,980

8,112,085

Trading

Companies

&

Distributors

0

.1

%

Travis

Perkins

plc

74,586

785,210

66,548,025

UNITED

STATES

7

.2

%

Automobiles

0

.3

%

Stellantis

NV

108,826

2,548,546

Construction

Materials

0

.9

%

CRH

plc

38,571

2,667,570

Holcim

AG

50,223

3,943,899

6,611,469

Electrical

Equipment

1

.1

%

Schneider

Electric

SE

39,680

7,989,572

Energy

Equipment

&

Services

0

.4

%

Tenaris

SA

155,204

2,698,588

Food

Products

1

.8

%

Nestle

SA

(Registered)

118,100

13,668,584

Pharmaceuticals

2

.4

%

GSK

plc,

ADR

12,206

452,354

Roche

Holding

AG

36,093

10,460,911

Sanofi

SA

72,936

7,230,976

18,144,241

Professional

Services

0

.0

%

†

Experian

plc

5,265

214,558

Trading

Companies

&

Distributors

0

.3

%

Ferguson

plc

9,920

1,902,708

53,778,266

Total

Common

Stocks

(cost

$641,433,610)

737,209,588

Repurchase

Agreements

1

.1

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$5,987,932,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$6,104,027.(c)

(d)

5,984,341

5,984,341

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

43

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$500,297,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$510,280.(c)(d)

500,000

500,000

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.(c)

(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$8,484,341)

8,484,341

Total

Investments

(cost

$649,917,951)

—

99.8%

745,693,929

Other

assets

in

excess

of

liabilities

—

0.2%

1,617,354

NET

ASSETS

—

100.0%

$

747,311,283

*

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

$13,097,819,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,484,341

and

by

$5,297,928

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.35%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$13,782,269.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$5,280,295

which

represents

0.71%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$8,484,341.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

44

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

International

Equity

Insights

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

Hang

Seng

Index

1

1/2024

HKD

109,701

3,473

MSCI

Singapore

Index

1

1/2024

SGD

21,800

1,049

EURO

STOXX

50

Index

13

3/2024

EUR

651,982

(4,916)

FTSE

100

Index

2

3/2024

GBP

197,736

4,658

SPI

200

Index

1

3/2024

AUD

129,220

842

TOPIX

Index

2

3/2024

JPY

335,603

(1,161)

Net

contracts

3,945

As

of

December

31,

2023,

the

Fund

had

$92,758

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:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

SGD

Singapore

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Large

Cap

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

45

Common

Stocks

99.3%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Curtiss-Wright

Corp.

2,607

580,814

L3Harris

Technologies,

Inc.

13,065

2,751,750

Lockheed

Martin

Corp.

29,991

13,593,121

Northrop

Grumman

Corp.

26,800

12,546,152

29,471,837

Air

Freight

&

Logistics

0.7%

CH

Robinson

Worldwide,

Inc.

31,654

2,734,589

United

Parcel

Service,

Inc.,

Class

B

79,402

12,484,377

15,218,966

Automobile

Components

0.9%

Aptiv

plc*

88,021

7,897,244

Lear

Corp.

85,056

12,010,758

19,908,002

Automobiles

1.3%

Tesla,

Inc.*

116,902

29,047,809

Banks

3.1%

Bank

of

America

Corp.

886,189

29,837,984

Cullen/Frost

Bankers,

Inc.

31,417

3,408,430

East

West

Bancorp,

Inc.

94,564

6,803,880

First

Citizens

BancShares,

Inc.,

Class

A

1,391

1,973,787

JPMorgan

Chase

&

Co.

117,223

19,939,632

M&T

Bank

Corp.

18,806

2,577,927

Prosperity

Bancshares,

Inc.

49,863

3,377,221

67,918,861

Beverages

0.6%

Coca-Cola

Europacific

Partners

plc

79,196

5,285,541

Constellation

Brands,

Inc.,

Class

A

25,820

6,241,985

Monster

Beverage

Corp.*

29,528

1,701,108

13,228,634

Biotechnology

2.1%

AbbVie,

Inc.(a)

47,686

7,389,900

Amgen,

Inc.(a)

32,540

9,372,171

Biogen,

Inc.*(a)

23,973

6,203,493

BioMarin

Pharmaceutical,

Inc.*

55,712

5,371,751

Moderna,

Inc.*

26,455

2,630,950

Natera,

Inc.*

25,077

1,570,823

Neurocrine

Biosciences,

Inc.*

62,684

8,259,244

Vertex

Pharmaceuticals,

Inc.*

10,906

4,437,542

45,235,874

Broadline

Retail

3.4%

Amazon.com,

Inc.*

493,828

75,032,226

Building

Products

0.4%

Allegion

plc(a)

40,883

5,179,467

Lennox

International,

Inc.

10,353

4,633,175

9,812,642

Capital

Markets

1.8%

Ameriprise

Financial,

Inc.

745

282,973

CME

Group,

Inc.

30,219

6,364,121

Coinbase

Global,

Inc.,

Class

A*

2,822

490,802

Interactive

Brokers

Group,

Inc.,

Class

A

65,941

5,466,509

MSCI,

Inc.,

Class

A

12,650

7,155,473

Nasdaq,

Inc.

111,279

6,469,761

Common

Stocks

Shares

Value

($)

Capital

Markets

Northern

Trust

Corp.

143,815

12,135,110

Stifel

Financial

Corp.

5,788

400,240

38,764,989

Chemicals

2.1%

Celanese

Corp.,

Class

A(a)

46,488

7,222,840

Linde

plc

46,946

19,281,192

PPG

Industries,

Inc.

9,126

1,364,793

RPM

International,

Inc.

29,763

3,322,444

Sherwin-Williams

Co.

(The)

48,598

15,157,716

46,348,985

Communications

Equipment

1.0%

Arista

Networks,

Inc.*

33,639

7,922,321

Cisco

Systems,

Inc.

83,167

4,201,597

Motorola

Solutions,

Inc.

29,999

9,392,387

21,516,305

Construction

Materials

0.6%

Martin

Marietta

Materials,

Inc.

7,117

3,550,743

Vulcan

Materials

Co.

41,717

9,470,176

13,020,919

Consumer

Finance

1.6%

American

Express

Co.

47,761

8,947,546

Capital

One

Financial

Corp.

100,525

13,180,838

Discover

Financial

Services

52,487

5,899,539

OneMain

Holdings,

Inc.

11,974

589,121

SoFi

Technologies,

Inc.*

42,808

425,939

Synchrony

Financial

143,175

5,467,853

34,510,836

Consumer

Staples

Distribution

&

Retail

1.0%

Costco

Wholesale

Corp.

17,371

11,466,250

Grocery

Outlet

Holding

Corp.*

13,681

368,840

Performance

Food

Group

Co.*

82,889

5,731,774

Walmart,

Inc.

21,872

3,448,121

21,014,985

Containers

&

Packaging

0.3%

Avery

Dennison

Corp.

33,215

6,714,744

Distributors

0.2%

LKQ

Corp.

88,312

4,220,431

Diversified

Consumer

Services

0.1%

Grand

Canyon

Education,

Inc.*

12,308

1,625,148

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

539,940

9,060,193

Electric

Utilities

1.0%

Exelon

Corp.

116,587

4,185,473

FirstEnergy

Corp.

139,792

5,124,775

NextEra

Energy,

Inc.

99,953

6,071,145

Xcel

Energy,

Inc.

96,733

5,988,740

21,370,133

Electrical

Equipment

1.1%

AMETEK,

Inc.

78,402

12,927,706

nVent

Electric

plc

68,795

4,065,096

Rockwell

Automation,

Inc.

22,469

6,976,175

23,968,977

Electronic

Equipment,

Instruments

&

Components

0.7%

Avnet,

Inc.

23,101

1,164,290

CDW

Corp.(a)

32,789

7,453,596

46

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

Shares

Value

($)

Electronic

Equipment,

Instruments

&

Components

Keysight

Technologies,

Inc.*

37,689

5,995,943

14,613,829

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.,

Class

A

171,076

5,847,378

Schlumberger

NV

8,189

426,155

6,273,533

Entertainment

1.3%

Electronic

Arts,

Inc.

58,631

8,021,307

Netflix,

Inc.*

28,873

14,057,686

Spotify

Technology

SA*

3,663

688,315

Warner

Bros

Discovery,

Inc.*(a)

553,506

6,298,898

29,066,206

Financial

Services

4.5%

Berkshire

Hathaway,

Inc.,

Class

B*

109,035

38,888,423

Equitable

Holdings,

Inc.

99,623

3,317,446

Fidelity

National

Information

Services,

Inc.

104,960

6,304,947

Fiserv,

Inc.*

56,711

7,533,489

Mastercard,

Inc.,

Class

A

7,962

3,395,873

Visa,

Inc.,

Class

A(a)

152,504

39,704,416

99,144,594

Food

Products

0.8%

Freshpet,

Inc.*

5,188

450,111

General

Mills,

Inc.

183,554

11,956,707

McCormick

&

Co.,

Inc.

(Non-Voting)

70,842

4,847,010

17,253,828

Gas

Utilities

0.1%

Atmos

Energy

Corp.

21,658

2,510,162

Ground

Transportation

0.6%

Old

Dominion

Freight

Line,

Inc.(a)

15,724

6,373,409

Saia,

Inc.*(a)

16,236

7,114,940

13,488,349

Health

Care

Equipment

&

Supplies

1.3%

Boston

Scientific

Corp.*

156,505

9,047,554

Cooper

Cos.,

Inc.

(The)(a)

14,828

5,611,508

Intuitive

Surgical,

Inc.*

25,206

8,503,496

Zimmer

Biomet

Holdings,

Inc.

40,808

4,966,334

28,128,892

Health

Care

Providers

&

Services

3.0%

Cencora,

Inc.(a)

31,652

6,500,688

Centene

Corp.*

56,359

4,182,402

CVS

Health

Corp.

109,291

8,629,617

Elevance

Health,

Inc.

30,163

14,223,664

Encompass

Health

Corp.

18,507

1,234,787

Humana,

Inc.

15,831

7,247,590

Quest

Diagnostics,

Inc.

16,700

2,302,596

UnitedHealth

Group,

Inc.

31,183

16,416,914

Universal

Health

Services,

Inc.,

Class

B

24,870

3,791,183

64,529,441

Health

Care

REITs

0.3%

Ventas,

Inc.

126,421

6,300,823

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Welltower,

Inc.

7,200

649,224

6,950,047

Health

Care

Technology

0.3%

Veeva

Systems,

Inc.,

Class

A*

29,186

5,618,889

Hotel

&

Resort

REITs

0.9%

Host

Hotels

&

Resorts,

Inc.

624,597

12,160,903

Park

Hotels

&

Resorts,

Inc.

524,339

8,022,387

20,183,290

Hotels,

Restaurants

&

Leisure

2.7%

Airbnb,

Inc.,

Class

A*

8,547

1,163,589

Chipotle

Mexican

Grill,

Inc.,

Class

A*

5,808

13,282,664

Domino's

Pizza,

Inc.

16,728

6,895,783

Expedia

Group,

Inc.*

49,168

7,463,211

Las

Vegas

Sands

Corp.

163,081

8,025,216

McDonald's

Corp.

32,213

9,551,477

Wynn

Resorts

Ltd.

66,623

6,070,021

Yum!

Brands,

Inc.

44,449

5,807,706

58,259,667

Household

Durables

0.9%

DR

Horton,

Inc.

79,477

12,078,914

Lennar

Corp.,

Class

A

51,166

7,625,781

19,704,695

Household

Products

1.5%

Colgate-Palmolive

Co.

87,502

6,974,785

Kimberly-Clark

Corp.

97,082

11,796,434

Procter

&

Gamble

Co.

(The)

93,206

13,658,407

32,429,626

Industrial

Conglomerates

0.5%

General

Electric

Co.

79,975

10,207,209

Industrial

REITs

0.1%

Rexford

Industrial

Realty,

Inc.

40,472

2,270,479

Insurance

3.0%

Allstate

Corp.

(The)

59,873

8,381,022

American

Financial

Group,

Inc.

34,283

4,075,906

Arch

Capital

Group

Ltd.*

79,422

5,898,672

Everest

Group

Ltd.

2,315

818,538

Globe

Life,

Inc.

51,192

6,231,090

Kinsale

Capital

Group,

Inc.

16,515

5,531,039

Marsh

&

McLennan

Cos.,

Inc.

39,844

7,549,243

Principal

Financial

Group,

Inc.

23,689

1,863,614

Progressive

Corp.

(The)

85,098

13,554,409

Travelers

Cos.,

Inc.

(The)

34,788

6,626,766

Unum

Group

124,101

5,611,847

66,142,146

Interactive

Media

&

Services

6.7%

Alphabet,

Inc.,

Class

A*

550,153

76,850,873

Alphabet,

Inc.,

Class

C*

141,157

19,893,256

Match

Group,

Inc.*

127,110

4,639,515

Meta

Platforms,

Inc.,

Class

A*

128,723

45,562,793

146,946,437

IT

Services

1.2%

Accenture

plc,

Class

A

33,285

11,680,039

International

Business

Machines

Corp.

76,457

12,504,543

VeriSign,

Inc.*

13,002

2,677,892

26,862,474

NVIT

GS

Large

Cap

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

2.2%

Agilent

Technologies,

Inc.(a)

54,675

7,601,465

Bio-Rad

Laboratories,

Inc.,

Class

A*

6,057

1,955,745

Bruker

Corp.

70,115

5,152,050

Danaher

Corp.

41,997

9,715,586

Medpace

Holdings,

Inc.*

9,629

2,951,578

Mettler-Toledo

International,

Inc.*

12,766

15,484,647

West

Pharmaceutical

Services,

Inc.

14,492

5,102,923

47,963,994

Machinery

2.4%

Caterpillar,

Inc.

33,913

10,027,057

Cummins,

Inc.

27,116

6,496,180

Fortive

Corp.

77,814

5,729,445

Illinois

Tool

Works,

Inc.

27,398

7,176,632

ITT,

Inc.

56,536

6,745,876

Parker-Hannifin

Corp.

12,939

5,960,997

Stanley

Black

&

Decker,

Inc.

61,475

6,030,698

Xylem,

Inc.

44,604

5,100,913

53,267,798

Media

0.3%

Cable

One,

Inc.

1,008

561,043

Interpublic

Group

of

Cos.,

Inc.

(The)

136,232

4,446,612

Paramount

Global,

Class

B

56,482

835,369

Trade

Desk,

Inc.

(The),

Class

A*

14,716

1,058,963

6,901,987

Metals

&

Mining

0.3%

Steel

Dynamics,

Inc.

51,981

6,138,956

Multi-Utilities

0.7%

Ameren

Corp.

72,281

5,228,807

NiSource,

Inc.

206,007

5,469,486

WEC

Energy

Group,

Inc.

51,177

4,307,568

15,005,861

Oil,

Gas

&

Consumable

Fuels

2.8%

Antero

Resources

Corp.*

186,424

4,228,096

Cheniere

Energy,

Inc.

68,759

11,737,849

Chesapeake

Energy

Corp.(a)

38,536

2,964,960

Chevron

Corp.

45,569

6,797,072

ConocoPhillips

32,947

3,824,158

Exxon

Mobil

Corp.

100,038

10,001,799

HF

Sinclair

Corp.

99,616

5,535,661

Kinder

Morgan,

Inc.

72,210

1,273,784

Marathon

Oil

Corp.

247,459

5,978,610

Marathon

Petroleum

Corp.

52,452

7,781,779

Valero

Energy

Corp.

10,323

1,341,990

61,465,758

Personal

Care

Products

0.3%

Kenvue,

Inc.

297,114

6,396,864

Pharmaceuticals

2.4%

AstraZeneca

plc,

ADR-UK

81,206

5,469,224

Bristol-Myers

Squibb

Co.

160,598

8,240,283

Eli

Lilly

&

Co.

23,276

13,568,046

Johnson

&

Johnson

28,869

4,524,927

Merck

&

Co.,

Inc.

24,091

2,626,401

Royalty

Pharma

plc,

Class

A

129,931

3,649,762

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Zoetis,

Inc.,

Class

A

67,692

13,360,370

51,439,013

Real

Estate

Management

&

Development

0.2%

CoStar

Group,

Inc.*

22,879

1,999,396

Zillow

Group,

Inc.,

Class

C*

51,387

2,973,252

4,972,648

Residential

REITs

0.8%

American

Homes

4

Rent,

Class

A

138,895

4,994,664

AvalonBay

Communities,

Inc.

45,620

8,540,976

Invitation

Homes,

Inc.

96,632

3,296,118

16,831,758

Retail

REITs

0.4%

Simon

Property

Group,

Inc.

54,317

7,747,777

Semiconductors

&

Semiconductor

Equipment

5.5%

Applied

Materials,

Inc.

62,880

10,190,962

Broadcom,

Inc.(a)

4,448

4,965,080

Enphase

Energy,

Inc.*(a)

43,274

5,718,226

KLA

Corp.

14,045

8,164,359

Marvell

Technology,

Inc.

114,194

6,887,040

Microchip

Technology,

Inc.

27,690

2,497,084

Micron

Technology,

Inc.

22,901

1,954,371

MKS

Instruments,

Inc.

67,025

6,894,862

NVIDIA

Corp.

102,299

50,660,511

Skyworks

Solutions,

Inc.

12,422

1,396,481

Texas

Instruments,

Inc.

118,419

20,185,703

119,514,679

Software

12.8%

Adobe,

Inc.*

12,679

7,564,291

AppLovin

Corp.,

Class

A*

129,626

5,165,596

Crowdstrike

Holdings,

Inc.,

Class

A*

13,344

3,406,990

DocuSign,

Inc.,

Class

A*

123,616

7,348,971

Dropbox,

Inc.,

Class

A*

404,747

11,931,942

Dynatrace,

Inc.*

109,692

5,999,055

Fair

Isaac

Corp.*

3,778

4,397,630

Intuit,

Inc.

32,807

20,505,359

Microsoft

Corp.

405,242

152,387,202

Oracle

Corp.

119,806

12,631,147

Palo

Alto

Networks,

Inc.*

25,158

7,418,591

Salesforce,

Inc.*

117,768

30,989,472

ServiceNow,

Inc.*

4,700

3,320,503

Workday,

Inc.,

Class

A*(a)

18,840

5,200,970

278,267,719

Specialized

REITs

0.1%

SBA

Communications

Corp.,

Class

A

7,781

1,973,962

Specialty

Retail

1.9%

Burlington

Stores,

Inc.*

7,217

1,403,562

Home

Depot,

Inc.

(The)

43,648

15,126,214

Lowe's

Cos.,

Inc.

40,734

9,065,352

Ross

Stores,

Inc.

75,917

10,506,154

Ulta

Beauty,

Inc.*

12,287

6,020,507

42,121,789

Technology

Hardware,

Storage

&

Peripherals

8.2%

Apple,

Inc.

766,285

147,532,851

Dell

Technologies,

Inc.,

Class

C

250,343

19,151,239

48

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Hewlett

Packard

Enterprise

Co.

708,610

12,032,198

178,716,288

Textiles,

Apparel

&

Luxury

Goods

1.0%

Deckers

Outdoor

Corp.*

2,639

1,763,987

Lululemon

Athletica,

Inc.*

20,173

10,314,253

NIKE,

Inc.,

Class

B

78,543

8,527,414

Skechers

USA,

Inc.,

Class

A*

15,127

943,017

21,548,671

Tobacco

0.3%

Philip

Morris

International,

Inc.

60,786

5,718,747

Trading

Companies

&

Distributors

0.9%

Fastenal

Co.

94,532

6,122,837

Ferguson

plc

67,010

12,937,621

19,060,458

Total

Common

Stocks

(cost

$1,728,094,263)

2,162,650,016

Repurchase

Agreements

1.2%

Principal

Amount

($)

BofA

Securities,

Inc.,

5.34%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$4,002,374,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

6.74%,

maturing

1/25/2025

-

11/20/2072;

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

$5,254,765,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$5,356,645.(b)(c)

5,251,

613

5,251,613

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$2,001,185,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$2,041,119.

(b)(c)

2,000,000

2,000,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$15,008,884,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$15,300,000.(b)(c)

15,000,000

15,000,000

Total

Repurchase

Agreements

(cost

$26,251,613)

26,251,613

Total

Investments

(cost

$1,754,345,876)

—

100.5%

2,188,901,629

Liabilities

in

excess

of

other

assets

—

(0.5)%

(10,385,067)

NET

ASSETS

—

100.0%

$

2,178,516,562

*

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

$62,103,377,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,251,613

and

by

$37,606,048

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

1/30/2024

–

11/15/2052,

a

total

value

of

$63,857,661.

(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

$26,251,613.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

49

Common

Stocks

99

.0

%

Shares

Value

($)

Aerospace

&

Defense

1

.1

%

AAR

Corp.*(a)

6,292

392,621

National

Presto

Industries,

Inc.

(a)

5,876

471,725

Parsons

Corp.*(a)

22,397

1,404,516

Triumph

Group,

Inc.*

10,878

180,357

2,449,219

Automobile

Components

2

.1

%

Adient

plc*

24,760

900,274

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

52,357

461,265

Atmus

Filtration

Technologies,

Inc.*

22,465

527,703

Dorman

Products,

Inc.*(a)

4,665

389,108

Goodyear

Tire

&

Rubber

Co.

(The)*

97,037

1,389,570

Holley,

Inc.*

5,184

25,246

Modine

Manufacturing

Co.*

9,126

544,822

Patrick

Industries,

Inc.(a)

2,442

245,055

XPEL,

Inc.

Reg.

S*(a)

2,383

128,324

4,611,367

Banks

9

.0

%

Amalgamated

Financial

Corp.

25,111

676,490

Ameris

Bancorp

18,615

987,526

Axos

Financial,

Inc.*(a)

11,332

618,727

BancFirst

Corp.

8,928

868,962

Bancorp,

Inc.

(The)*

21,009

810,107

BankUnited,

Inc.

9,271

300,659

Banner

Corp.

5,159

276,316

Business

First

Bancshares,

Inc.(a)

8,909

219,607

Byline

Bancorp,

Inc.

7,703

181,483

Capital

City

Bank

Group,

Inc.

3,266

96,118

Central

Pacific

Financial

Corp.

10,176

200,264

Civista

Bancshares,

Inc.

1,278

23,566

Community

Trust

Bancorp,

Inc.

5,414

237,458

CVB

Financial

Corp.

43,215

872,511

Enterprise

Financial

Services

Corp.

566

25,272

Esquire

Financial

Holdings,

Inc.

4,567

228,167

Financial

Institutions,

Inc.

4,495

95,744

First

Bancorp

55,473

912,531

First

Bancorp,

Inc.

(The)

1,691

47,720

First

Commonwealth

Financial

Corp.(a)

52,932

817,270

First

Financial

Bancorp

6,147

145,991

First

Financial

Bankshares,

Inc.(a)

8,158

247,187

Fulton

Financial

Corp.

4,722

77,724

Hancock

Whitney

Corp.

16,781

815,389

Hanmi

Financial

Corp.

29,704

576,258

Heartland

Financial

USA,

Inc.

3,041

114,372

Heritage

Commerce

Corp.

7,649

75,878

Heritage

Financial

Corp.

33,391

714,233

Home

Bancorp,

Inc.(a)

8,503

357,211

HomeTrust

Bancshares,

Inc.

3,466

93,305

Hope

Bancorp,

Inc.

2,014

24,329

Independent

Bank

Corp.

1,629

42,387

International

Bancshares

Corp.

18,017

978,683

Macatawa

Bank

Corp.

25,872

291,836

Common

Stocks

Shares

Value

($)

Banks

Metrocity

Bankshares,

Inc.

3,764

90,411

National

Bank

Holdings

Corp.,

Class

A

20,751

771,730

Northeast

Community

Bancorp,

Inc.(a)

8,246

146,284

OFG

Bancorp

21,638

810,992

Old

Second

Bancorp,

Inc.

12,122

187,164

Pathward

Financial,

Inc.

14,785

782,570

Preferred

Bank

3,868

282,557

Provident

Financial

Services,

Inc.(a)

22,824

411,517

Renasant

Corp.(a)

446

15,021

Sierra

Bancorp(a)

4,630

104,407

Southside

Bancshares,

Inc.

23,755

744,007

Texas

Capital

Bancshares,

Inc.*(a)

15,223

983,862

Timberland

Bancorp,

Inc.

1,276

40,143

TrustCo

Bank

Corp.

21,343

662,700

UMB

Financial

Corp.

11,878

992,407

WesBanco,

Inc.(a)

1,746

54,772

20,131,825

Beverages

0

.7

%

Coca-Cola

Consolidated,

Inc.

246

228,387

Primo

Water

Corp.

88,107

1,326,010

1,554,397

Biotechnology

6

.9

%

ACADIA

Pharmaceuticals,

Inc.*

11,784

368,957

ADMA

Biologics,

Inc.*(a)

125,648

567,929

Aldeyra

Therapeutics,

Inc.*

11,960

41,980

Alkermes

plc*(a)

20,068

556,686

Alpine

Immune

Sciences,

Inc.*(a)

2,765

52,701

AnaptysBio,

Inc.*(a)

7,527

161,228

Apogee

Therapeutics,

Inc.*(a)

1,249

34,897

Arcellx,

Inc.*(a)

1,602

88,911

Arcturus

Therapeutics

Holdings,

Inc.*

11,035

347,934

Arcus

Biosciences,

Inc.*

17,813

340,228

Aurinia

Pharmaceuticals,

Inc.*(a)

126,925

1,141,056

BioCryst

Pharmaceuticals,

Inc.*

18,986

113,726

Biohaven

Ltd.*(a)

6,868

293,950

Bridgebio

Pharma,

Inc.*(a)

6,798

274,435

CareDx,

Inc.*

16,002

192,024

Cogent

Biosciences,

Inc.*

9,886

58,130

Coherus

Biosciences,

Inc.*(a)

31,781

105,831

Day

One

Biopharmaceuticals,

Inc.*(a)

7,309

106,711

Deciphera

Pharmaceuticals,

Inc.*

36,949

595,987

Design

Therapeutics,

Inc.*

13,866

36,745

Eagle

Pharmaceuticals,

Inc.*

12,596

65,877

Emergent

BioSolutions,

Inc.*

9,282

22,277

Enanta

Pharmaceuticals,

Inc.*

9,753

91,776

Erasca,

Inc.*(a)

8,544

18,199

Generation

Bio

Co.*(a)

12,633

20,844

Halozyme

Therapeutics,

Inc.*

19,738

729,516

Inozyme

Pharma,

Inc.*

5,981

25,479

50

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Iovance

Biotherapeutics,

Inc.*(a)

39,306

319,558

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

19,532

223,446

iTeos

Therapeutics,

Inc.*(a)

18,844

206,342

Kiniksa

Pharmaceuticals

Ltd.,

Class

A*

49,081

860,881

Kodiak

Sciences,

Inc.*

33,169

100,834

Krystal

Biotech,

Inc.*(a)

436

54,090

Kymera

Therapeutics,

Inc.*(a)

2,784

70,881

MacroGenics,

Inc.*(a)

42,594

409,754

MannKind

Corp.*(a)

187,985

684,265

MeiraGTx

Holdings

plc*

8,375

58,793

Mural

Oncology

plc*(a)

4,257

25,201

Nurix

Therapeutics,

Inc.*(a)

14,794

152,674

Olema

Pharmaceuticals,

Inc.*(a)

15,841

222,249

PMV

Pharmaceuticals,

Inc.*

47,073

145,926

Poseida

Therapeutics,

Inc.,

Class

A*

47,532

159,708

Precigen,

Inc.*(a)

17,843

23,910

Relay

Therapeutics,

Inc.*

5,185

57,087

REVOLUTION

Medicines,

Inc.*

6,270

179,824

Rigel

Pharmaceuticals,

Inc.*

48,854

70,838

Rocket

Pharmaceuticals,

Inc.*

9,790

293,406

SpringWorks

Therapeutics,

Inc.*(a)

12,447

454,316

Sutro

Biopharma,

Inc.*

92,569

397,121

TG

Therapeutics,

Inc.*(a)

32,257

550,950

Vera

Therapeutics,

Inc.,

Class

A*(a)

3,019

46,432

Veracyte,

Inc.*(a)

23,553

647,943

Vericel

Corp.*(a)

30,057

1,070,330

Verve

Therapeutics,

Inc.*

13,108

182,726

Viking

Therapeutics,

Inc.*

51,056

950,152

Y-mAbs

Therapeutics,

Inc.*

52,598

358,718

15,432,369

Broadline

Retail

0

.1

%

Dillard's,

Inc.,

Class

A(a)

633

255,510

Building

Products

1

.1

%

AAON,

Inc.

7,080

523,000

American

Woodmark

Corp.*

3,857

358,122

CSW

Industrials,

Inc.

507

105,157

Masterbrand,

Inc.*

44,845

665,948

PGT

Innovations,

Inc.*(a)

19,131

778,632

Quanex

Building

Products

Corp.

2,786

85,168

2,516,027

Capital

Markets

0

.5

%

AssetMark

Financial

Holdings,

Inc.*

4,785

143,311

Moelis

&

Co.,

Class

A(a)

12,280

689,276

Open

Lending

Corp.*

13,705

116,629

Piper

Sandler

Cos.

408

71,347

StoneX

Group,

Inc.*(a)

1,937

143,009

1,163,572

Chemicals

1

.5

%

Hawkins,

Inc.

779

54,857

HB

Fuller

Co.

640

52,102

Common

Stocks

Shares

Value

($)

Chemicals

Innospec,

Inc.(a)

13,146

1,620,113

Koppers

Holdings,

Inc.

718

36,776

Mativ

Holdings,

Inc.(a)

6,121

93,713

Minerals

Technologies,

Inc.

15,254

1,087,763

Orion

SA

12,315

341,495

Rayonier

Advanced

Materials,

Inc.*

18,557

75,156

3,361,975

Commercial

Services

&

Supplies

0

.8

%

Cimpress

plc*

1,421

113,751

Deluxe

Corp.

10,928

234,406

Ennis,

Inc.

33,958

744,020

Healthcare

Services

Group,

Inc.*

54,145

561,484

Steelcase,

Inc.,

Class

A

7,276

98,371

1,752,032

Communications

Equipment

0

.9

%

NetScout

Systems,

Inc.*(a)

22,082

484,700

Viavi

Solutions,

Inc.*

146,064

1,470,864

1,955,564

Construction

&

Engineering

2

.3

%

Comfort

Systems

USA,

Inc.

8,448

1,737,500

Dycom

Industries,

Inc.*

1,192

137,187

Fluor

Corp.*

15,735

616,340

IES

Holdings,

Inc.*

6,633

525,466

Limbach

Holdings,

Inc.*

821

37,331

Northwest

Pipe

Co.*

4,946

149,666

Primoris

Services

Corp.

29,436

977,570

Sterling

Infrastructure,

Inc.*

9,934

873,497

5,054,557

Construction

Materials

0

.7

%

Summit

Materials,

Inc.,

Class

A*(a)

43,688

1,680,241

Consumer

Finance

0

.4

%

Nelnet,

Inc.,

Class

A

4,553

401,665

Regional

Management

Corp.

8,422

211,224

Upstart

Holdings,

Inc.*(a)

3,509

143,378

World

Acceptance

Corp.*

244

31,849

788,116

Consumer

Staples

Distribution

&

Retail

0

.2

%

PriceSmart,

Inc.

1,788

135,495

Weis

Markets,

Inc.

4,991

319,224

454,719

Distributors

0

.0

%

†

Weyco

Group,

Inc.

969

30,388

Diversified

Consumer

Services

3

.5

%

Adtalem

Global

Education,

Inc.*

11,431

673,857

Coursera,

Inc.*

76,648

1,484,672

Duolingo,

Inc.,

Class

A*

8,617

1,954,766

European

Wax

Center,

Inc.,

Class

A*(a)

25,944

352,579

Frontdoor,

Inc.*

34,434

1,212,766

Graham

Holdings

Co.,

Class

B

360

250,747

Laureate

Education,

Inc.

20,492

280,945

Perdoceo

Education

Corp.

24,721

434,101

Strategic

Education,

Inc.

13,046

1,205,059

7,849,492

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Diversified

REITs

0

.2

%

American

Assets

Trust,

Inc.

17,820

401,128

Diversified

Telecommunication

Services

0

.2

%

Liberty

Latin

America

Ltd.,

Class

A*

1,651

12,069

Liberty

Latin

America

Ltd.,

Class

C*

53,719

394,297

406,366

Electric

Utilities

0

.0

%

†

ALLETE,

Inc.

649

39,693

Electrical

Equipment

2

.7

%

Allient,

Inc.

1,682

50,813

Atkore,

Inc.*(a)

8,928

1,428,480

Encore

Wire

Corp.(a)

8,378

1,789,541

Enovix

Corp.*(a)

3,621

45,335

Fluence

Energy,

Inc.,

Class

A*

6,047

144,221

FTC

Solar,

Inc.*(a)

85,937

59,537

NEXTracker,

Inc.,

Class

A*(a)

8,321

389,839

Powell

Industries,

Inc.

9,930

877,812

Shoals

Technologies

Group,

Inc.,

Class

A*(a)

2,689

41,787

Thermon

Group

Holdings,

Inc.*

37,333

1,215,936

6,043,301

Electronic

Equipment,

Instruments

&

Components

2

.1

%

Badger

Meter,

Inc.

6,923

1,068,703

Bel

Fuse,

Inc.,

Class

B

1,294

86,400

Belden,

Inc.(a)

8,587

663,346

Benchmark

Electronics,

Inc.

8,115

224,299

ePlus,

Inc.*

10,475

836,324

Fabrinet*(a)

4,348

827,555

Itron,

Inc.*

2,083

157,287

PC

Connection,

Inc.

3,817

256,541

Sanmina

Corp.*

3,579

183,853

Vishay

Precision

Group,

Inc.*

9,374

319,372

4,623,680

Energy

Equipment

&

Services

1

.7

%

Archrock,

Inc.

35,629

548,687

Atlas

Energy

Solutions,

Inc.(a)

10,303

177,418

Borr

Drilling

Ltd.*

38,022

279,842

ChampionX

Corp.

3,634

106,149

Dril-Quip,

Inc.*

12,113

281,870

Helix

Energy

Solutions

Group,

Inc.*(a)

15,241

156,677

Helmerich

&

Payne,

Inc.(a)

2,582

93,520

Kodiak

Gas

Services,

Inc.

7,961

159,857

Nabors

Industries

Ltd.*(a)

8,345

681,202

Oil

States

International,

Inc.*

32,505

220,709

ProFrac

Holding

Corp.,

Class

A*(a)

32,294

273,853

ProPetro

Holding

Corp.*

53,440

447,827

RPC,

Inc.(a)

55,882

406,821

Select

Water

Solutions,

Inc.,

Class

A

5,931

45,016

3,879,448

Entertainment

0

.1

%

Cinemark

Holdings,

Inc.*(a)

6,999

98,616

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

3,864

122,837

Common

Stocks

Shares

Value

($)

Entertainment

Vivid

Seats,

Inc.,

Class

A*

7,917

50,035

271,488

Financial

Services

3

.2

%

A-Mark

Precious

Metals,

Inc.

(a)

19,160

579,590

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

54,998

1,360,651

Essent

Group

Ltd.(a)

15,344

809,243

I3

Verticals,

Inc.,

Class

A*

19,424

411,206

Marqeta,

Inc.,

Class

A*

157,846

1,101,765

Merchants

Bancorp

5,968

254,117

NMI

Holdings,

Inc.,

Class

A*

6,608

196,125

Pagseguro

Digital

Ltd.,

Class

A*(a)

54,263

676,660

Payoneer

Global,

Inc.*

19,206

100,063

Remitly

Global,

Inc.*

11,847

230,069

Repay

Holdings

Corp.,

Class

A*(a)

5,310

45,347

StoneCo

Ltd.,

Class

A*

77,024

1,388,743

7,153,579

Food

Products

0

.4

%

Cal-Maine

Foods,

Inc.

3,996

229,330

J

&

J

Snack

Foods

Corp.(a)

4,393

734,246

963,576

Gas

Utilities

0

.2

%

Northwest

Natural

Holding

Co.

11,959

465,683

Ground

Transportation

0

.1

%

ArcBest

Corp.

424

50,969

Marten

Transport

Ltd.

12,182

255,578

306,547

Health

Care

Equipment

&

Supplies

1

.6

%

Artivion,

Inc.*

6,240

111,571

AtriCure,

Inc.*(a)

10,636

379,599

Embecta

Corp.(a)

43,878

830,611

Inmode

Ltd.*(a)

10,039

223,267

iRadimed

Corp.

3,251

154,325

LeMaitre

Vascular,

Inc.(a)

2,121

120,388

Merit

Medical

Systems,

Inc.*(a)

4,059

308,322

Pulmonx

Corp.*(a)

6,491

82,760

Surmodics,

Inc.*

3,359

122,100

Tactile

Systems

Technology,

Inc.*

3,234

46,246

TransMedics

Group,

Inc.*(a)

747

58,961

UFP

Technologies,

Inc.*

1,179

202,835

Utah

Medical

Products,

Inc.

4,944

416,384

Varex

Imaging

Corp.*(a)

29,403

602,761

3,660,130

Health

Care

Providers

&

Services

3

.1

%

Agiliti,

Inc.*(a)

29,585

234,313

Alignment

Healthcare,

Inc.*(a)

62,834

541,001

Brookdale

Senior

Living,

Inc.*

67,405

392,297

Community

Health

Systems,

Inc.*

12,033

37,663

HealthEquity,

Inc.*(a)

24,882

1,649,677

Hims

&

Hers

Health,

Inc.*(a)

80,194

713,727

Joint

Corp.

(The)*(a)

40,422

388,455

ModivCare,

Inc.*(a)

5,673

249,555

52

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

OPKO

Health,

Inc.*(a)

33,277

50,248

Option

Care

Health,

Inc.*

7,227

243,478

Pediatrix

Medical

Group,

Inc.*

13,836

128,675

Pennant

Group,

Inc.

(The)*

50,893

708,431

PetIQ,

Inc.,

Class

A*

12,356

244,031

Progyny,

Inc.*

3,789

140,875

Select

Medical

Holdings

Corp.

32,204

756,794

Surgery

Partners,

Inc.*

17,446

558,097

7,037,317

Health

Care

REITs

0

.1

%

LTC

Properties,

Inc.

3,696

118,716

Health

Care

Technology

0

.4

%

American

Well

Corp.,

Class

A*

18,135

27,021

Health

Catalyst,

Inc.*

6,289

58,236

Phreesia,

Inc.*

8,179

189,344

Schrodinger,

Inc.*

14,257

510,401

785,002

Hotel

&

Resort

REITs

3

.2

%

Chatham

Lodging

Trust

102,655

1,100,462

DiamondRock

Hospitality

Co.(a)

137,781

1,293,764

RLJ

Lodging

Trust

127,150

1,490,198

Ryman

Hospitality

Properties,

Inc.

17,317

1,905,909

Service

Properties

Trust

139,458

1,190,971

Xenia

Hotels

&

Resorts,

Inc.

7,242

98,636

7,079,940

Hotels,

Restaurants

&

Leisure

1

.8

%

Cheesecake

Factory,

Inc.

(The)(a)

7,873

275,634

Chuy's

Holdings,

Inc.*

22,053

843,086

Dine

Brands

Global,

Inc.

4,499

223,376

Everi

Holdings,

Inc.*

54,212

610,969

International

Game

Technology

plc(a)

10,863

297,755

Life

Time

Group

Holdings,

Inc.*(a)

3,265

49,236

Monarch

Casino

&

Resort,

Inc.

4,233

292,712

PlayAGS,

Inc.*

13,147

110,829

Portillo's,

Inc.,

Class

A*(a)

43,025

685,388

Sabre

Corp.*

8,258

36,335

Shake

Shack,

Inc.,

Class

A*

4,925

365,041

Xponential

Fitness,

Inc.,

Class

A*

20,417

263,175

4,053,536

Household

Durables

2

.1

%

Beazer

Homes

USA,

Inc.*

9,528

321,951

Century

Communities,

Inc.

946

86,218

Dream

Finders

Homes,

Inc.,

Class

A*(a)

8,410

298,807

Green

Brick

Partners,

Inc.*

13,079

679,323

Helen

of

Troy

Ltd.*

1,097

132,529

Hovnanian

Enterprises,

Inc.,

Class

A*(a)

819

127,453

LGI

Homes,

Inc.*

7,875

1,048,635

M/I

Homes,

Inc.*

14,103

1,942,547

MDC

Holdings,

Inc.(a)

1,038

57,350

4,694,813

Common

Stocks

Shares

Value

($)

Household

Products

0

.0

%

†

WD-40

Co.(a)

101

24,146

Industrial

REITs

0

.9

%

LXP

Industrial

Trust(a)

144,189

1,430,355

Terreno

Realty

Corp.

9,446

591,981

2,022,336

Insurance

2

.0

%

Ambac

Financial

Group,

Inc.*

30,816

507,848

BRP

Group,

Inc.,

Class

A*(a)

2,192

52,652

CNO

Financial

Group,

Inc.

700

19,530

Crawford

&

Co.,

Class

A

21,504

283,423

Employers

Holdings,

Inc.

33,441

1,317,575

Genworth

Financial,

Inc.,

Class

A*

24,214

161,749

Goosehead

Insurance,

Inc.,

Class

A*(a)

14,219

1,077,800

James

River

Group

Holdings

Ltd.

36,773

339,783

Palomar

Holdings,

Inc.*

10,898

604,839

Universal

Insurance

Holdings,

Inc.(a)

14,688

234,714

4,599,913

Interactive

Media

&

Services

1

.9

%

Bumble,

Inc.,

Class

A*

59,074

870,751

Cars.com,

Inc.*

32,888

623,886

Eventbrite,

Inc.,

Class

A*

51,598

431,359

fuboTV,

Inc.*(a)

59,290

188,542

Grindr,

Inc.*

33,377

293,050

Vimeo,

Inc.*

269,807

1,057,644

Yelp,

Inc.,

Class

A*

7,883

373,181

ZipRecruiter,

Inc.,

Class

A*

27,297

379,428

4,217,841

IT

Services

0

.8

%

Fastly,

Inc.,

Class

A*(a)

40,107

713,905

Perficient,

Inc.*(a)

2,643

173,962

Rackspace

Technology,

Inc.*(a)

30,432

60,864

Thoughtworks

Holding,

Inc.*

45,870

220,635

Unisys

Corp.*

114,138

641,455

1,810,821

Leisure

Products

0

.6

%

Funko,

Inc.,

Class

A*(a)

47,917

370,398

Malibu

Boats,

Inc.,

Class

A*(a)

5,024

275,416

MasterCraft

Boat

Holdings,

Inc.*

22,773

515,581

Sturm

Ruger

&

Co.,

Inc.

2,988

135,804

1,297,199

Life

Sciences

Tools

&

Services

0

.5

%

Adaptive

Biotechnologies

Corp.*

11,677

57,217

Mesa

Laboratories,

Inc.

8,106

849,266

NanoString

Technologies,

Inc.*(a)

67,040

50,173

Quanterix

Corp.*

7,382

201,824

1,158,480

Machinery

2

.9

%

Blue

Bird

Corp.*

2,701

72,819

Chart

Industries,

Inc.*(a)

3,457

471,293

Douglas

Dynamics,

Inc.

15,658

464,729

Federal

Signal

Corp.(a)

5,179

397,436

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Machinery

Franklin

Electric

Co.,

Inc.

16,683

1,612,412

Gorman-Rupp

Co.

(The)

5,355

190,263

John

Bean

Technologies

Corp.

1,145

113,870

Omega

Flex,

Inc.

1,099

77,491

Proto

Labs,

Inc.*

2,598

101,218

Standex

International

Corp.(a)

2,096

331,965

Terex

Corp.(a)

3,512

201,800

Trinity

Industries,

Inc.(a)

44,826

1,191,923

Wabash

National

Corp.(a)

38,274

980,580

Watts

Water

Technologies,

Inc.,

Class

A(a)

1,967

409,805

6,617,604

Marine

Transportation

0

.1

%

Costamare,

Inc.(a)

9,458

98,458

Golden

Ocean

Group

Ltd.

17,424

170,058

268,516

Media

0

.6

%

AMC

Networks,

Inc.,

Class

A*(a)

2,429

45,641

Daily

Journal

Corp.*(a)

411

140,077

EW

Scripps

Co.

(The),

Class

A*

10,947

87,466

Magnite,

Inc.*

28,290

264,229

TechTarget,

Inc.*(a)

991

34,546

Thryv

Holdings,

Inc.*(a)

30,938

629,588

WideOpenWest,

Inc.*

7,934

32,133

1,233,680

Metals

&

Mining

2

.4

%

Alpha

Metallurgical

Resources,

Inc.(a)

902

305,706

Arch

Resources,

Inc.

1,567

260,028

ATI,

Inc.*(a)

33,222

1,510,604

Carpenter

Technology

Corp.

23,178

1,641,003

Coeur

Mining,

Inc.*(a)

20,455

66,683

Commercial

Metals

Co.

1,055

52,792

Haynes

International,

Inc.

16,360

933,338

Olympic

Steel,

Inc.

4,967

331,299

Ryerson

Holding

Corp.(a)

8,559

296,826

SunCoke

Energy,

Inc.

8,660

93,009

5,491,288

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1

.4

%

Angel

Oak

Mortgage

REIT,

Inc.

3,050

32,330

Arbor

Realty

Trust,

Inc.(a)

47,666

723,570

ARMOUR

Residential

REIT,

Inc.(a)

27,015

521,930

BrightSpire

Capital,

Inc.,

Class

A

9,701

72,175

Invesco

Mortgage

Capital,

Inc.

(a)

46,368

410,820

Ladder

Capital

Corp.,

Class

A

23,400

269,334

PennyMac

Mortgage

Investment

Trust(a)

18,627

278,474

Two

Harbors

Investment

Corp.

67,375

938,534

3,247,167

Multi-Utilities

0

.7

%

Avista

Corp.

5,422

193,782

Black

Hills

Corp.

25,779

1,390,777

1,584,559

Common

Stocks

Shares

Value

($)

Office

REITs

0

.3

%

Equity

Commonwealth

35,509

681,773

Oil,

Gas

&

Consumable

Fuels

4

.7

%

CONSOL

Energy,

Inc.(a)

4,435

445,851

DHT

Holdings,

Inc.

109,310

1,072,331

Encore

Energy

Corp.*(a)

11,291

44,374

Equitrans

Midstream

Corp.

48,988

498,698

Excelerate

Energy,

Inc.,

Class

A

3,398

52,533

Golar

LNG

Ltd.

34,436

791,684

International

Seaways,

Inc.(a)

17,698

804,905

Kosmos

Energy

Ltd.*

97,682

655,446

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

18,242

388,372

Matador

Resources

Co.(a)

1,951

110,934

Murphy

Oil

Corp.

3,384

144,361

Nordic

American

Tankers

Ltd.

272,131

1,142,950

PBF

Energy,

Inc.,

Class

A

8,440

371,022

Peabody

Energy

Corp.

15,934

387,515

Scorpio

Tankers,

Inc.

23,522

1,430,138

SilverBow

Resources,

Inc.*(a)

646

18,786

SM

Energy

Co.(a)

6,816

263,916

Teekay

Corp.*

87,735

627,305

Teekay

Tankers

Ltd.,

Class

A(a)

26,650

1,331,700

10,582,821

Passenger

Airlines

0

.1

%

SkyWest,

Inc.*

6,222

324,788

Personal

Care

Products

1

.5

%

elf

Beauty,

Inc.*(a)

11,758

1,697,150

Herbalife

Ltd.*(a)

78,914

1,204,228

Inter

Parfums,

Inc.

3,051

439,374

3,340,752

Pharmaceuticals

1

.2

%

Amphastar

Pharmaceuticals,

Inc.*

376

23,256

Amylyx

Pharmaceuticals,

Inc.*(a)

2,332

34,327

Assertio

Holdings,

Inc.*(a)

41,448

44,349

Axsome

Therapeutics,

Inc.*(a)

401

31,915

Intra-Cellular

Therapies,

Inc.*

13,814

989,359

Phibro

Animal

Health

Corp.,

Class

A

32,515

376,524

Prestige

Consumer

Healthcare,

Inc.*

19,226

1,177,016

2,676,746

Professional

Services

3

.0

%

Alight,

Inc.,

Class

A*

179,138

1,528,047

Asure

Software,

Inc.*

12,504

119,038

CBIZ,

Inc.*(a)

23,563

1,474,808

ExlService

Holdings,

Inc.*(a)

51,952

1,602,719

Exponent,

Inc.

2,465

217,019

Franklin

Covey

Co.*

8,564

372,791

IBEX

Holdings

Ltd.*

8,386

159,418

Upwork,

Inc.*

85,682

1,274,091

6,747,931

Real

Estate

Management

&

Development

0

.6

%

Compass,

Inc.,

Class

A*(a)

44,114

165,869

Douglas

Elliman,

Inc.

28,590

84,340

Forestar

Group,

Inc.*

16,713

552,699

54

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Newmark

Group,

Inc.,

Class

A

8,645

94,749

Redfin

Corp.*

40,687

419,890

1,317,547

Residential

REITs

0

.8

%

Centerspace

6,687

389,183

Independence

Realty

Trust,

Inc.(a)

11,224

171,727

NexPoint

Residential

Trust,

Inc.

30,763

1,059,170

UMH

Properties,

Inc.

7,436

113,920

1,734,000

Retail

REITs

1

.0

%

Alexander's,

Inc.(a)

2,130

454,904

Kite

Realty

Group

Trust

39,503

903,039

Macerich

Co.

(The)

11,479

177,121

NETSTREIT

Corp.(a)

30,953

552,511

Tanger,

Inc.(a)

5,297

146,833

Urban

Edge

Properties

6,541

119,700

2,354,108

Semiconductors

&

Semiconductor

Equipment

1

.7

%

ACM

Research,

Inc.,

Class

A*

3,002

58,659

Amkor

Technology,

Inc.

2,681

89,197

Axcelis

Technologies,

Inc.*

9,355

1,213,250

Cohu,

Inc.*

10,238

362,323

FormFactor,

Inc.*

11,676

487,006

Ichor

Holdings

Ltd.*(a)

13,087

440,116

Onto

Innovation,

Inc.*

1,126

172,165

PDF

Solutions,

Inc.*

10,414

334,706

Photronics,

Inc.*

778

24,406

Rambus,

Inc.*

6,235

425,539

SiTime

Corp.*(a)

1,846

225,359

Synaptics,

Inc.*

585

66,737

3,899,463

Software

7

.0

%

A10

Networks,

Inc.

6,540

86,132

ACI

Worldwide,

Inc.*

10,230

313,038

Alarm.com

Holdings,

Inc.*

11,649

752,758

Amplitude,

Inc.,

Class

A*

10,354

131,703

Appfolio,

Inc.,

Class

A*

5,243

908,297

Asana,

Inc.,

Class

A*(a)

19,854

377,425

Braze,

Inc.,

Class

A*

10,587

562,487

C3.ai,

Inc.,

Class

A*(a)

1,921

55,152

Cleanspark,

Inc.*(a)

27,193

299,939

Clear

Secure,

Inc.,

Class

A(a)

64,522

1,332,379

Consensus

Cloud

Solutions,

Inc.*(a)

1,120

29,355

Everbridge,

Inc.*

11,361

276,186

Expensify,

Inc.,

Class

A*

8,347

20,617

Instructure

Holdings,

Inc.*(a)

17,751

479,455

Intapp,

Inc.*(a)

7,307

277,812

LiveRamp

Holdings,

Inc.*

11,237

425,658

Marathon

Digital

Holdings,

Inc.*(a)

8,577

201,474

MicroStrategy,

Inc.,

Class

A*(a)

1,176

742,785

Q2

Holdings,

Inc.*

19,667

853,745

Qualys,

Inc.*

8,924

1,751,603

Rapid7,

Inc.*(a)

4,836

276,136

Red

Violet,

Inc.*

5,057

100,988

Riot

Platforms,

Inc.*(a)

22,869

353,783

Common

Stocks

Shares

Value

($)

Software

Sapiens

International

Corp.

NV

13,910

402,555

SolarWinds

Corp.*

45,513

568,457

SPS

Commerce,

Inc.*(a)

5,245

1,016,691

Tenable

Holdings,

Inc.*(a)

23,144

1,066,013

Varonis

Systems,

Inc.,

Class

B*

37,969

1,719,236

Weave

Communications,

Inc.*

4,905

56,260

Yext,

Inc.*

28,614

168,536

Zeta

Global

Holdings

Corp.,

Class

A*(a)

10,664

94,057

Zuora,

Inc.,

Class

A*(a)

10,953

102,958

15,803,670

Specialized

REITs

0

.4

%

Four

Corners

Property

Trust,

Inc.(a)

19,722

498,966

Uniti

Group,

Inc.(a)

53,978

311,993

810,959

Specialty

Retail

3

.0

%

Aaron's

Co.,

Inc.

(The)

4,244

46,175

Abercrombie

&

Fitch

Co.,

Class

A*

4,358

384,463

Academy

Sports

&

Outdoors,

Inc.(a)

28,756

1,897,896

American

Eagle

Outfitters,

Inc.

(a)

11,782

249,307

Boot

Barn

Holdings,

Inc.*(a)

1,484

113,912

CarParts.com,

Inc.*

52,981

167,420

Carvana

Co.,

Class

A*(a)

10,767

570,005

Cato

Corp.

(The),

Class

A(a)

10,814

77,212

Foot

Locker,

Inc.(a)

31,927

994,526

Group

1

Automotive,

Inc.(a)

1,533

467,166

Haverty

Furniture

Cos.,

Inc.

1,063

37,736

Sleep

Number

Corp.*

3,512

52,083

Stitch

Fix,

Inc.,

Class

A*

6,002

21,427

Urban

Outfitters,

Inc.*

31,559

1,126,341

Warby

Parker,

Inc.,

Class

A*(a)

12,828

180,875

Winmark

Corp.

426

177,876

Zumiez,

Inc.*

12,827

260,901

6,825,321

Technology

Hardware,

Storage

&

Peripherals

1

.6

%

Eastman

Kodak

Co.*

28,597

111,528

Super

Micro

Computer,

Inc.*(a)

8,167

2,321,552

Xerox

Holdings

Corp.

64,434

1,181,075

3,614,155

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Oxford

Industries,

Inc.(a)

11,881

1,188,100

Trading

Companies

&

Distributors

1

.7

%

Applied

Industrial

Technologies,

Inc.

4,571

789,366

H&E

Equipment

Services,

Inc.

4,572

239,207

Herc

Holdings,

Inc.

1,284

191,175

McGrath

RentCorp

1,375

164,477

MRC

Global,

Inc.*

54,065

595,256

NOW,

Inc.*

50,696

573,879

Rush

Enterprises,

Inc.,

Class

A(a)

23,760

1,195,128

3,748,488

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2023

-

Statement

of

Investments

-

55

Common

Stocks

Shares

Value

($)

Water

Utilities

0

.0

%

†

York

Water

Co.

(The)

2,513

97,052

Wireless

Telecommunication

Services

0

.1

%

Telephone

&

Data

Systems,

Inc.

7,591

139,295

Total

Common

Stocks

(cost

$192,055,926)

222,485,832

Repurchase

Agreements

17

.7

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,878,469,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,914,889.(b)(c)

1,877,342

1,877,342

MetLife,

Inc.,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$15,008,884,

collateralized

by

U.S.

Government

Treasury

Securities,

0.00%,

maturing

5/15/2046;

total

market

value

$15,308,390.(b)(c)

15,000,000

15,000,000

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$23,013,622,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$23,460,000.(b)(c)

23,000,000

23,000,000

Total

Repurchase

Agreements

(cost

$39,877,342)

39,877,342

Total

Investments

(cost

$231,933,268)

—

116.7%

262,363,174

Liabilities

in

excess

of

other

assets

—

(16.7)%

(

37,568,460

)

NET

ASSETS

—

100.0%

$

224,794,714

*

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

$46,402,278,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$39,877,342

and

by

$8,973,823

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

7.63%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$48,851,165.

(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

$39,877,342.

(c)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

56

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

GS

Small

Cap

Equity

Insights

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

2000

E-Mini

Index

1

3/2024

USD

102,385

7,268

Net

contracts

7,268

As

of

December

31,

2023,

the

Fund

had

$7,150

segregated

as

collateral

with

the

broker

for

open

futures

contracts.

Currency:

USD

United

States

Dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

57

Common

Stocks

97

.3

%

Shares

Value

($)

Automobile

Components

1

.2

%

BorgWarner,

Inc.

32,300

1,157,955

Lear

Corp.

66,629

9,408,681

10,566,636

Automobiles

2

.0

%

Ford

Motor

Co.

341,712

4,165,469

General

Motors

Co.

405,464

14,564,267

18,729,736

Banks

1

.8

%

Comerica,

Inc.

120,213

6,709,088

KeyCorp

685,171

9,866,462

16,575,550

Biotechnology

2

.4

%

Exelixis,

Inc.*

34,857

836,219

Incyte

Corp.*

116,340

7,304,989

Ionis

Pharmaceuticals,

Inc.*

44,104

2,231,221

Neurocrine

Biosciences,

Inc.*

36,041

4,748,762

Sarepta

Therapeutics,

Inc.*

45,956

4,431,537

Ultragenyx

Pharmaceutical,

Inc.*

58,119

2,779,251

22,331,979

Broadline

Retail

2

.5

%

Amazon.com,

Inc.*

91,429

13,891,722

Coupang,

Inc.,

Class

A*

142,915

2,313,794

eBay,

Inc.

82,488

3,598,127

Etsy,

Inc.*

43,229

3,503,710

23,307,353

Capital

Markets

1

.1

%

Interactive

Brokers

Group,

Inc.,

Class

A

45,581

3,778,665

LPL

Financial

Holdings,

Inc.

28,839

6,564,333

TPG,

Inc.,

Class

A

1,740

75,116

10,418,114

Chemicals

2

.2

%

Dow,

Inc.

223,461

12,254,601

Eastman

Chemical

Co.

11,404

1,024,307

Huntsman

Corp.

282,400

7,096,712

20,375,620

Communications

Equipment

1

.2

%

F5,

Inc.*

5,179

926,937

Juniper

Networks,

Inc.

341,958

10,080,922

11,007,859

Construction

&

Engineering

1

.1

%

AECOM

107,429

9,929,662

Consumer

Finance

1

.6

%

SLM

Corp.

205,098

3,921,474

Synchrony

Financial

288,748

11,027,286

14,948,760

Consumer

Staples

Distribution

&

Retail

0

.1

%

Kroger

Co.

(The)

22,412

1,024,452

Distributors

0

.4

%

Genuine

Parts

Co.

27,348

3,787,698

Diversified

Telecommunication

Services

0

.6

%

Iridium

Communications,

Inc.

132,604

5,457,981

Electric

Utilities

3

.5

%

Exelon

Corp.

279,142

10,021,198

NRG

Energy,

Inc.

264,801

13,690,212

Common

Stocks

Shares

Value

($)

Electric

Utilities

Pinnacle

West

Capital

Corp.

122,830

8,824,107

32,535,517

Entertainment

1

.4

%

Live

Nation

Entertainment,

Inc.*

131,463

12,304,937

Playtika

Holding

Corp.*

25,182

219,587

12,524,524

Financial

Services

4

.3

%

Corebridge

Financial,

Inc.

144,370

3,127,054

Mastercard,

Inc.,

Class

A

48,057

20,496,791

PayPal

Holdings,

Inc.*

252,090

15,480,847

39,104,692

Food

Products

1

.1

%

Archer-Daniels-Midland

Co.

126,498

9,135,685

Tyson

Foods,

Inc.,

Class

A

11,733

630,649

9,766,334

Ground

Transportation

3

.9

%

Landstar

System,

Inc.

3,191

617,937

Lyft,

Inc.,

Class

A*

423,074

6,341,879

Old

Dominion

Freight

Line,

Inc.

29,210

11,839,689

Uber

Technologies,

Inc.*

267,564

16,473,916

U-Haul

Holding

Co.*

1,131

81,206

35,354,627

Health

Care

Equipment

&

Supplies

1

.8

%

Edwards

Lifesciences

Corp.*

168,472

12,845,990

Tandem

Diabetes

Care,

Inc.*

139,756

4,133,982

16,979,972

Health

Care

Providers

&

Services

3

.8

%

Cardinal

Health,

Inc.

101,932

10,274,746

DaVita,

Inc.*

107,566

11,268,614

Elevance

Health,

Inc.

3,974

1,873,979

Humana,

Inc.

12,922

5,915,821

Molina

Healthcare,

Inc.*

16,313

5,894,050

35,227,210

Hotels,

Restaurants

&

Leisure

5

.1

%

Airbnb,

Inc.,

Class

A*

45,101

6,140,050

Booking

Holdings,

Inc.*

4,858

17,232,395

Domino's

Pizza,

Inc.

26,839

11,063,841

Expedia

Group,

Inc.*

79,810

12,114,360

46,550,646

Household

Durables

2

.8

%

DR

Horton,

Inc.

76,787

11,670,088

Lennar

Corp.,

Class

A

72,445

10,797,203

NVR,

Inc.*

506

3,542,228

26,009,519

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

Vistra

Corp.

38,594

1,486,641

Insurance

4

.8

%

Allstate

Corp.

(The)

74,864

10,479,463

Brighthouse

Financial,

Inc.*

110,396

5,842,156

Everest

Group

Ltd.

21,327

7,540,801

Hartford

Financial

Services

Group,

Inc.

(The)

15,715

1,263,172

Lincoln

National

Corp.

7,424

200,225

Progressive

Corp.

(The)

4,791

763,110

Reinsurance

Group

of

America,

Inc.

46,926

7,591,688

58

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

Shares

Value

($)

Insurance

W

R

Berkley

Corp.

151,323

10,701,563

44,382,178

Interactive

Media

&

Services

2

.0

%

Alphabet,

Inc.,

Class

C*

128,962

18,174,615

IT

Services

2

.8

%

Cognizant

Technology

Solutions

Corp.,

Class

A

29,156

2,202,153

DXC

Technology

Co.*

93,500

2,138,345

EPAM

Systems,

Inc.*

20,251

6,021,432

GoDaddy,

Inc.,

Class

A*

46,833

4,971,791

VeriSign,

Inc.*

50,777

10,458,031

25,791,752

Life

Sciences

Tools

&

Services

1

.2

%

Illumina,

Inc.*

77,461

10,785,670

Machinery

2

.7

%

AGCO

Corp.

50,190

6,093,568

Oshkosh

Corp.

95,026

10,301,769

Otis

Worldwide

Corp.

93,763

8,388,975

24,784,312

Media

0

.9

%

Fox

Corp.,

Class

A

86,089

2,554,261

Paramount

Global,

Class

B

355,112

5,252,106

7,806,367

Metals

&

Mining

0

.1

%

MP

Materials

Corp.*

35,116

697,053

Multi-Utilities

0

.5

%

DTE

Energy

Co.

45,327

4,997,755

Oil,

Gas

&

Consumable

Fuels

2

.6

%

Marathon

Petroleum

Corp.

75,438

11,191,982

Valero

Energy

Corp.

96,943

12,602,590

23,794,572

Paper

&

Forest

Products

0

.5

%

Louisiana-Pacific

Corp.

63,079

4,467,886

Pharmaceuticals

0

.4

%

Organon

&

Co.

278,700

4,018,854

Professional

Services

0

.9

%

Automatic

Data

Processing,

Inc.

21,084

4,911,939

Paycom

Software,

Inc.

7,080

1,463,578

TriNet

Group,

Inc.*

15,433

1,835,447

8,210,964

Real

Estate

Management

&

Development

0

.1

%

Howard

Hughes

Holdings,

Inc.*

5,583

477,626

Residential

REITs

0

.7

%

Camden

Property

Trust

65,912

6,544,402

Semiconductors

&

Semiconductor

Equipment

7

.5

%

Cirrus

Logic,

Inc.*

11,142

926,903

Intel

Corp.

432,873

21,751,868

NVIDIA

Corp.

59,253

29,343,271

Qorvo,

Inc.*

99,610

11,217,082

Teradyne,

Inc.

52,183

5,662,899

68,902,023

Software

11

.2

%

Atlassian

Corp.,

Class

A*

52,024

12,374,429

Common

Stocks

Shares

Value

($)

Software

BILL

Holdings,

Inc.*

22,174

1,809,177

Crowdstrike

Holdings,

Inc.,

Class

A*

46,879

11,969,146

Dropbox,

Inc.,

Class

A*

148,276

4,371,176

Fortinet,

Inc.*

215,937

12,638,793

Guidewire

Software,

Inc.*

70,731

7,712,508

Microsoft

Corp.

90,305

33,958,292

Nutanix,

Inc.,

Class

A*

49,845

2,377,108

Procore

Technologies,

Inc.*

24,965

1,728,077

Qualys,

Inc.*

18,099

3,552,472

RingCentral,

Inc.,

Class

A*

33,051

1,122,081

SentinelOne,

Inc.,

Class

A*

100,232

2,750,366

Smartsheet,

Inc.,

Class

A*

89,379

4,274,104

Tenable

Holdings,

Inc.*

52,325

2,410,090

103,047,819

Specialty

Retail

1

.8

%

Advance

Auto

Parts,

Inc.

81,453

4,971,077

AutoZone,

Inc.*

4,527

11,705,056

16,676,133

Technology

Hardware,

Storage

&

Peripherals

8

.8

%

Apple,

Inc.

385,879

74,293,284

HP,

Inc.

200,605

6,036,204

80,329,488

Textiles,

Apparel

&

Luxury

Goods

1

.7

%

Lululemon

Athletica,

Inc.*

29,875

15,274,789

Total

Investments

(cost

$713,841,953)

—

97.3%

893,165,340

Other

assets

in

excess

of

liabilities

—

2.7%

24,607,357

NET

ASSETS

—

100.0%

$

917,772,697

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

59

OTC

Total

return

swap

contracts

outstanding

as

of

December

31,

2023

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

10X

Genomics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

8,789

10,283

10,283

AAON,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

58,752

19,976

19,976

Acadia

Healthcare

Co.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

36,950

33,994

33,994

Affirm

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

23,717

49,806

49,806

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

471,302

37,704

37,704

Annaly

Capital

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

55,333

28,220

28,220

Applied

Industrial

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

11,369

11,667

11,667

Archer-Daniels-

Midland

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

26,210

13,105

13,105

Avantor,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

128,009

24,322

24,322

Azenta,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

44,426

51,534

51,534

Badger

Meter,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

23,778

31,863

31,863

Bentley

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

108,225

77,922

77,922

Blackstone,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

42,435

71,715

71,715

Booking

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

690

8,680

8,680

BorgWarner,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

226,773

27,213

27,213

Bridgebio

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

16,027

56,415

56,415

Bright

Horizons

Family

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

18,674

49,673

49,673

Broadcom,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

359

1,677

1,677

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

56,921

8,538

8,538

60

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Centene

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

78,875

61,522

61,522

Certara,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

100,343

47,161

47,161

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

15,508

70,406

70,406

Churchill

Downs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

42,234

10,896

10,896

Civitas

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

28,268

24,876

24,876

Clean

Harbors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

1,217

4,101

4,101

Cognizant

Technology

Solutions

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

12,749

2,805

2,805

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

75,761

96,974

96,974

Concentrix

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

25,996

39,254

39,254

Danaher

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

21,597

27,644

27,644

DTE

Energy

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

42,128

66,984

66,984

DXC

Technology

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

218,564

4,371

4,371

eBay,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

136,699

66,982

66,982

Ensign

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

49,286

98,572

98,572

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

39,213

69,799

69,799

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

2,625

12,180

12,180

Exact

Sciences

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

30,659

52,120

52,120

First

Horizon

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

239,693

40,748

40,748

FirstCash

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

21,979

21,979

21,979

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

61

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Fiserv,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

37,801

6,426

6,426

Floor

&

Decor

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

19,184

71,173

71,173

Freshpet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

63,583

58,496

58,496

Gen

Digital,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

266,505

14,658

14,658

Genuine

Parts

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

40,853

1,817

1,817

Ginkgo

Bioworks

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.82%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

763,041

61,043

61,043

H&R

Block,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2024

7,200

1,872

1,872

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

26,416

42,794

42,794

Hartford

Financial

Services

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

106,413

93,643

93,643

HP,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

133,239

16,735

16,735

Humana,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

20,245

147,282

147,282

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

50,410

5,545

5,545

Interactive

Brokers

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

13,089

4,974

4,974

Ionis

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

6,081

2,615

2,615

Iridium

Communications,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

9,716

3,984

3,984

Iron

Mountain,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

29,751

4,747

4,747

Kroger

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

202,653

160,096

160,096

Lululemon

Athletica,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

1,703

4,223

4,223

Mastercard,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

8,980

19,307

19,307

62

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Maximus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,486

1,048

1,048

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

34,509

210,850

210,850

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

44,466

120,948

120,948

MicroStrategy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.57%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

960

37,526

37,526

MKS

Instruments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

44,754

68,474

68,474

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

17,988

80,586

80,586

Mueller

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

61,560

47,401

47,401

nCino,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

160,512

22,472

22,472

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

66,605

31,970

31,970

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

17,347

18,908

18,908

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

274,837

19,239

19,239

Onto

Innovation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

20,799

70,509

70,509

Organon

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

42,929

14,596

14,596

Otis

Worldwide

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

37,130

7,426

7,426

Playtika

Holding

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

150,691

25,617

25,617

Pool

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

14,533

73,101

73,101

Power

Integrations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

36,022

54,753

54,753

QuidelOrtho

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

14,950

26,013

26,013

R1

RCM,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

141,747

18,427

18,427

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

63

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

17,109

22,413

22,413

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

1,785

1,482

1,482

Repligen

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

26,833

104,917

104,917

SoFi

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

45,384

16,792

16,792

Sotera

Health

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

119,278

48,904

48,904

SouthState

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

4,791

7,905

7,905

SPS

Commerce,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

10,417

35,939

35,939

Sunrun,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

118,496

81,762

81,762

Take-Two

Interactive

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,919

277

277

TFS

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

17,222

3,918

3,918

TPG,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

8

1

1

Trade

Desk,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

15,370

32,584

32,584

Travelers

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

18,930

54,329

54,329

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

163,177

231,711

231,711

Valvoline,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

141,115

91,725

91,725

Vaxcyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

34,890

21,283

21,283

Virtu

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

41,411

5,383

5,383

W

R

Berkley

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

801

1,025

1,025

Warner

Bros

Discovery,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

446,398

49,104

49,104

64

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Webster

Financial

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

105,989

59,354

59,354

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

79,093

34,802

34,802

–

–

Total

unrealized

appreciation

4,010,585

4,010,585

–

–

Advance

Auto

Parts,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

57,755

(30,610)

(30,610)

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

43,818

(58,716)

(58,716)

AGCO

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

22,072

(13,464)

(13,464)

Airbnb,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

77,253

(31,674)

(31,674)

Allison

Transmission

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

8,928

(536)

(536)

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

25,525

(1,787)

(1,787)

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

25,430

(7,442)

(7,442)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2024

32,662

(20,250)

(20,250)

Ares

Management

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

36,431

(24,044)

(24,044)

Autodesk,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

3,861

(6,293)

(6,293)

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

25,084

(502)

(502)

Brighthouse

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

40,049

(26,432)

(26,432)

Casey's

General

Stores,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

6,892

(1,447)

(1,447)

Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

18,464

(21,972)

(21,972)

Columbia

Banking

System,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

159,405

(9,564)

(9,564)

Confluent,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

123,093

(83,703)

(83,703)

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

240,631

(139,566)

(139,566)

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

65

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

EPAM

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

9,525

(30,194)

(30,194)

Erie

Indemnity

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,881

(23,879)

(23,879)

Evercore,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

65,316

(104,506)

(104,506)

Exelixis,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

1,635

(98)

(98)

F5,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

26,575

(22,855)

(22,855)

Five

Below,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

14,105

(6,488)

(6,488)

Fluor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

30,150

(13,266)

(13,266)

Ford

Motor

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

759,124

(37,956)

(37,956)

Fox

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

190,447

(5,713)

(5,713)

Frontier

Communications

Parent,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

219,678

(118,626)

(118,626)

GoDaddy,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

1,374

(591)

(591)

Guidewire

Software,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

6,833

(7,995)

(7,995)

Halozyme

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

65,612

(3,937)

(3,937)

Healthcare

Realty

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

316,252

(28,533)

(28,533)

Huntsman

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

57,510

(25,880)

(25,880)

ICU

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

28,188

(2,255)

(2,255)

JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

7,748

(19,447)

(19,447)

Kyndryl

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

236,407

(106,383)

(106,383)

Leggett

&

Platt,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

73,655

(20,623)

(20,623)

66

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Lincoln

National

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2024

12,265

(2,698)

(2,698)

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/28/2024

6,289

(4,528)

(4,528)

Louisiana-Pacific

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

63,796

(64,434)

(64,434)

Marathon

Petroleum

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

10,419

(7,241)

(7,241)

Masimo

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

26,583

(55,824)

(55,824)

Motorola

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

15,487

(56,528)

(56,528)

MP

Materials

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/29/2024

35,429

(26,217)

(26,217)

Natera,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

38,036

(54,011)

(54,011)

Neurocrine

Biosciences,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

22,047

(22,047)

(22,047)

New

York

Community

Bancorp,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

466,485

(4,665)

(4,665)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

884

(21,543)

(21,543)

Oshkosh

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

13,632

(409)

(409)

Paramount

Global

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2024

208,297

(31,245)

(31,245)

Procore

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

47,461

(41,291)

(41,291)

Qualys,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

19,261

(102,854)

(102,854)

RingCentral,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/28/2025

26,718

(6,880)

(6,880)

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

129,538

(67,360)

(67,360)

S&P

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

12,551

(17,822)

(17,822)

SLM

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

245,143

(14,709)

(14,709)

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

67

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Smartsheet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/30/2024

19,099

(11,459)

(11,459)

T

Rowe

Price

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

42,953

(9,450)

(9,450)

Tandem

Diabetes

Care,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/28/2024

13,275

(17,789)

(17,789)

Teledyne

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

12,140

(55,358)

(55,358)

Tenable

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2024

41,577

(50,308)

(50,308)

Teradyne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

56,956

(120,747)

(120,747)

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

69,890

(95,749)

(95,749)

Union

Pacific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/31/2025

19,601

(19,846)

(19,846)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

1.07%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

403,088

(12,093)

(12,093)

Valero

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/31/2024

7,353

(5,882)

(5,882)

Viasat,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.45%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

103,886

(22,855)

(22,855)

VICI

Properties,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/29/2024

151,096

(71,771)

(71,771)

ZoomInfo

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2024

142,680

(45,659)

(45,659)

–

–

Total

unrealized

depreciation

(2,198,499)

(2,198,499)

–

–

Net

unrealized

appreciation

1,812,086

1,812,086

Financing

Costs

of

Swap

Contracts

(

224,356

)

(

224,356

)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,587,730

1,587,730

As

of

December

31,

2023,

the

Fund

had

$13,710,000

segregated

as

collateral

for

swap

contracts.

OBFR

Overnight

Bank

Funding

Rate

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

68

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Assets:

Investment

securities,

at

value

*

$

742,659,604‌

Repurchase

agreements,

at

value

7,305,219‌

Cash

7,665,989‌

Cash

pledged

for

swap

contracts

—‌

Deposits

with

broker

for

futures

contracts

40,475‌

Foreign

currencies,

at

value

595,598‌

Interest

and

dividends

receivable

2,119,105‌

Security

lending

income

receivable

1,878‌

Receivable

for

investments

sold

—‌

Reclaims

receivable

25,058‌

Swap

contracts,

at

value

(Note

2)

—‌

Receivable

for

variation

margin

on

futures

contracts

1,250‌

Due

from

broker

—‌

Prepaid

expenses

878‌

Total

Assets

760,415,054‌

Liabilities:

Payable

for

investments

purchased

—‌

Payable

for

capital

shares

redeemed

41,748‌

Payable

for

variation

margin

on

futures

contracts

—‌

Swap

contracts,

at

value

(Note

2)

—‌

Payable

upon

return

of

securities

loaned

(Note

2)

7,305,219‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

565,799‌

Fund

administration

fees

30,203‌

Accounting

and

transfer

agent

fees

674‌

Trustee

fees

2,810‌

Deferred

capital

gain

country

tax

3,094,548‌

Custodian

fees

10,163‌

Compliance

program

costs

(Note

3)

818‌

Professional

fees

30,116‌

Printing

fees

3,775‌

Other

3,711‌

Total

Liabilities

11,089,584‌

Net

Assets

$

749,325,470‌

*

Includes

value

of

securities

on

loan

(Note

2)

7,134,267‌

Cost

of

investment

securities

694,275,705‌

Cost

of

repurchase

agreements

7,305,219‌

Cost

of

foreign

currencies

591,327‌

Represented

by:

Capital

$

801,279,235‌

Total

distributable

earnings

(loss)

(51,953,765‌)

Net

Assets

$

749,325,470‌

1940

Act

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

69

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

U.S.

130/30

Equity

Fund

$

737,209,588‌

$

2,162,650,016‌

$

222,485,832‌

$

893,165,340‌

8,484,341‌

26,251,613‌

39,877,342‌

—‌

1,869,487‌

10,163,603‌

2,269,337‌

6,127,585‌

—‌

—‌

—‌

13,710,000‌

89,182‌

—‌

7,150‌

—‌

4,546,016‌

—‌

—‌

—‌

784,856‌

2,672,799‌

224,701‌

592,286‌

9,990‌

6,082‌

7,874‌

—‌

—‌

7,274,400‌

—‌

5,373,410‌

4,021,481‌

—‌

—‌

—‌

—‌

—‌

—‌

4,010,585‌

937‌

—‌

—‌

—‌

—‌

—‌

—‌

110,087‌

721‌

3,324‌

343‌

1,561‌

757,016,599‌

2,209,021,837‌

264,872,579‌

923,090,854‌

—‌

2,184,872‌

—‌

—‌

665,692‌

955,183‌

11,102‌

2,230,367‌

—‌

—‌

1,580‌

—‌

—‌

—‌

—‌

2,422,855‌

8,484,341‌

26,251,613‌

39,877,342‌

—‌

458,330‌

977,313‌

129,087‌

584,442‌

33,480‌

75,274‌

20,229‌

38,933‌

3,792‌

5,907‌

4,993‌

2,611‌

63‌

132‌

16‌

92‌

—‌

—‌

—‌

—‌

28,498‌

18,940‌

3,660‌

16,656‌

803‌

2,445‌

231‌

1,013‌

18,661‌

12,623‌

10,550‌

10,445‌

3,238‌

1,862‌

17,264‌

2,562‌

8,418‌

19,111‌

1,811‌

8,181‌

9,705,316‌

30,505,275‌

40,077,865‌

5,318,157‌

$

747,311,283‌

$

2,178,516,562‌

$

224,794,714‌

$

917,772,697‌

13,097,819‌

62,103,377‌

46,402,278‌

—‌

641,433,610‌

1,728,094,263‌

192,055,926‌

713,841,953‌

8,484,341‌

26,251,613‌

39,877,342‌

—‌

4,414,934‌

—‌

—‌

—‌

$

697,178,129‌

$

1,732,689,575‌

$

220,530,327‌

$

670,774,101‌

50,133,154‌

445,826,987‌

4,264,387‌

246,998,596‌

$

747,311,283‌

$

2,178,516,562‌

$

224,794,714‌

$

917,772,697‌

70

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Net

Assets:

Class

Y

Shares

$

749,325,470‌

Total

$

749,325,470‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

Y

Shares

93,279,585‌

Total

93,279,585‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

Y

Shares

$

8.03‌

1940

Act

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

71

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

U.S.

130/30

Equity

Fund

$

747,311,283‌

$

2,178,516,562‌

$

224,794,714‌

$

917,772,697‌

$

747,311,283‌

$

2,178,516,562‌

$

224,794,714‌

$

917,772,697‌

73,789,153‌

192,095,075‌

21,254,855‌

82,821,469‌

73,789,153‌

192,095,075‌

21,254,855‌

82,821,469‌

$

10.13‌

$

11.34‌

$

10.58‌

$

11.08‌

72

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

INVESTMENT

INCOME:

Dividend

income

$

16,952,363‌

Income

from

non-cash

dividends

1,222,154‌

Interest

income

320,281‌

Income

from

securities

lending

(Note

2)

19,609‌

Foreign

tax

withholding

(1,918,310‌)

European

Union

tax

reclaims

(Note

2)

—‌

Total

Income

16,596,097‌

EXPENSES:

Investment

advisory

fees

4,426,546‌

Fund

administration

fees

161,470‌

Professional

fees

85,917‌

Printing

fees

5,775‌

Trustee

fees

18,154‌

Custodian

fees

30,622‌

Accounting

and

transfer

agent

fees

10,241‌

Compliance

program

costs

(Note

3)

2,239‌

European

Union

tax

reclaims

filing

fees

(Note

2)

—‌

Other

11,352‌

Total

expenses

before

earnings

credit

4,752,316‌

Earnings

credit

(Note

4)

—‌

Net

Expenses

4,752,316‌

NET

INVESTMENT

INCOME

11,843,781‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities†

(15,707,472‌)

Expiration

or

closing

of

futures

contracts

(Note

2)

(2,721,023‌)

Foreign

currency

transactions

(Note

2)

(788,081‌)

Expiration

or

closing

of

swap

contracts

(Note

2)

—‌

Net

realized

gains

(losses)

(19,216,576‌)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

††

82,097,689‌

Futures

contracts

(Note

2)

66,529‌

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

5,160‌

Swap

contracts

(Note

2)

—‌

Net

change

in

unrealized

appreciation/depreciation

82,169,378‌

Net

realized/unrealized

gains

(losses)

62,952,802‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

74,796,583‌

†

Net

of

capital

gain

country

taxes

$

(1,352,216‌)

††

Net

of

(increase)

decrease

in

deferred

capital

gain

country

tax

accrual

on

unrealized

appreciation/depreciation

$

(2,162,800‌)

1940

Act

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

73

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

U.S.

130/30

Equity

Fund

$

26,632,499‌

$

31,079,291‌

$

3,479,106‌

$

12,764,788‌

—‌

—‌

—‌

—‌

64,254‌

767,029‌

98,268‌

1,204,616‌

229,362‌

50,486‌

80,968‌

—‌

(2,629,095‌)

(31,319‌)

(14,008‌)

—‌

349,881‌

—‌

—‌

—‌

24,646,901‌

31,865,487‌

3,644,334‌

13,969,404‌

5,535,564‌

12,034,780‌

1,517,179‌

7,180,738‌

223,611‌

625,838‌

73,094‌

290,293‌

63,102‌

83,354‌

21,369‌

65,422‌

3,859‌

15,239‌

331‌

7,562‌

26,902‌

81,584‌

7,730‌

34,486‌

91,552‌

61,816‌

9,576‌

35,202‌

5,258‌

15,571‌

1,609‌

6,725‌

3,245‌

9,781‌

931‌

4,125‌

69,976‌

—‌

—‌

—‌

6,769‌

60,453‌

5,555‌

25,843‌

6,029,838‌

12,988,416‌

1,637,374‌

7,650,396‌

—‌

—‌

—‌

(23,292‌)

6,029,838‌

12,988,416‌

1,637,374‌

7,627,104‌

18,617,063‌

18,877,071‌

2,006,960‌

6,342,300‌

47,464,641‌

137,118,574‌

6,819,314‌

69,474,531‌

223,178‌

722,320‌

34,149‌

—‌

(491,812‌)

—‌

—‌

—‌

—‌

—‌

—‌

168,995‌

47,196,007‌

137,840,894‌

6,853,463‌

69,643,526‌

70,367,547‌

321,577,147‌

31,647,335‌

144,531,275‌

3,945‌

156,383‌

7,268‌

—‌

457,679‌

—‌

—‌

—‌

—‌

—‌

—‌

3,284,009‌

70,829,171‌

321,733,530‌

31,654,603‌

147,815,284‌

118,025,178‌

459,574,424‌

38,508,066‌

217,458,810‌

$

136,642,241‌

$

478,451,495‌

$

40,515,026‌

$

223,801,110‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

74

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

1940

Act

Funds

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

11,843,781‌

$

13,380,861‌

Net

realized

gains

(losses)

(

19,216,576‌

)

(

72,413,822‌

)

Net

change

in

unrealized

appreciation/depreciation

82,169,378‌

(

43,247,285‌

)

Change

in

net

assets

resulting

from

operations

74,796,583‌

(

102,280,246‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

Y

(

15,671,729‌

)

(

120,534,574‌

)

Change

in

net

assets

from

shareholder

distributions

(

15,671,729‌

)

(

120,534,574‌

)

Change

in

net

assets

from

capital

transactions

249,334,007‌

127,582,413‌

Change

in

net

assets

308,458,861‌

(

95,232,407‌

)

Net

Assets:

Beginning

of

year

440,866,609‌

536,099,016‌

End

of

year

$

749,325,470‌

$

440,866,609‌

CAPITAL

TRANSACTIONS:

Class

Y

Shares

Proceeds

from

shares

issued

$

304,563,432‌

$

21,914,014‌

Dividends

reinvested

15,671,729‌

120,534,574‌

Cost

of

shares

redeemed

(

70,901,154‌

)

(

14,866,175‌

)

Total

Class

Y

Shares

249,334,007‌

127,582,413‌

Change

in

net

assets

from

capital

transactions

$

249,334,007‌

$

127,582,413‌

SHARE

TRANSACTIONS:

Class

Y

Shares

Issued

40,180,287‌

2,125,245‌

Reinvested

2,052,597‌

15,998,757‌

Redeemed

(

9,096,237‌

)

(

1,655,413‌

)

Total

Class

Y

Shares

33,136,647‌

16,468,589‌

Total

change

in

shares

33,136,647‌

16,468,589‌

1940

Act

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

75

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

18,617,063‌

$

30,161,324‌

$

18,877,071‌

$

21,724,754‌

47,196,007‌

(

93,014,481‌

)

137,840,894‌

(

112,694,732‌

)

70,829,171‌

(

99,935,585‌

)

321,733,530‌

(

493,796,142‌

)

136,642,241‌

(

162,788,742‌

)

478,451,495‌

(

584,766,120‌

)

(

23,723,838‌

)

(

86,552,496‌

)

(

19,297,861‌

)

(

631,841,596‌

)

(

23,723,838‌

)

(

86,552,496‌

)

(

19,297,861‌

)

(

631,841,596‌

)

(

146,175,349‌

)

(

161,063,513‌

)

(

587,644,986‌

)

478,993,602‌

(

33,256,946‌

)

(

410,404,751‌

)

(

128,491,352‌

)

(

737,614,114‌

)

780,568,229‌

1,190,972,980‌

2,307,007,914‌

3,044,622,028‌

$

747,311,283‌

$

780,568,229‌

$

2,178,516,562‌

$

2,307,007,914‌

$

6,305,407‌

$

7,814,654‌

$

17,043,392‌

$

196,575,758‌

23,723,838‌

86,552,496‌

19,297,861‌

631,841,596‌

(

176,204,594‌

)

(

255,430,663‌

)

(

623,986,239‌

)

(

349,423,752‌

)

(

146,175,349‌

)

(

161,063,513‌

)

(

587,644,986‌

)

478,993,602‌

$

(

146,175,349‌

)

$

(

161,063,513‌

)

$

(

587,644,986‌

)

$

478,993,602‌

667,092‌

819,025‌

1,689,464‌

14,435,582‌

2,467,070‌

10,371,195‌

1,767,784‌

65,537,417‌

(

18,413,102‌

)

(

26,009,720‌

)

(

59,844,522‌

)

(

27,346,985‌

)

(

15,278,940‌

)

(

14,819,500‌

)

(

56,387,274‌

)

52,626,014‌

(

15,278,940‌

)

(

14,819,500‌

)

(

56,387,274‌

)

52,626,014‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

76

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

1940

Act

Funds

+

NVIT

GS

Small

Cap

Equity

Insights

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

2,006,960‌

$

2,119,186‌

Net

realized

gains

(losses)

6,853,463‌

(

32,025,442‌

)

Net

change

in

unrealized

appreciation/depreciation

31,654,603‌

(

28,856,645‌

)

Change

in

net

assets

resulting

from

operations

40,515,026‌

(

58,762,901‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

Y

(

2,153,283‌

)

(

53,726,852‌

)

Change

in

net

assets

from

shareholder

distributions

(

2,153,283‌

)

(

53,726,852‌

)

Change

in

net

assets

from

capital

transactions

(

40,014,973‌

)

41,861,786‌

Change

in

net

assets

(

1,653,230‌

)

(

70,627,967‌

)

Net

Assets:

Beginning

of

year

226,447,944‌

297,075,911‌

End

of

year

$

224,794,714‌

$

226,447,944‌

CAPITAL

TRANSACTIONS:

Class

Y

Shares

Proceeds

from

shares

issued

$

2,639,862‌

$

2,543,453‌

Dividends

reinvested

2,153,283‌

53,726,852‌

Cost

of

shares

redeemed

(

44,808,118‌

)

(

14,408,519‌

)

Total

Class

Y

Shares

(

40,014,973‌

)

41,861,786‌

Change

in

net

assets

from

capital

transactions

$

(

40,014,973‌

)

$

41,861,786‌

SHARE

TRANSACTIONS:

Class

Y

Shares

Issued

283,527‌

207,767‌

Reinvested

217,603‌

5,890,482‌

Redeemed

(

4,626,962‌

)

(

1,505,592‌

)

Total

Class

Y

Shares

(

4,125,832‌

)

4,592,657‌

Total

change

in

shares

(

4,125,832‌

)

4,592,657‌

1940

Act

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

77

NVIT

U.S.

130/30

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

6,342,300‌

$

7,971,446‌

69,643,526‌

279,103,603‌

147,815,284‌

(

269,783,760‌

)

223,801,110‌

17,291,289‌

(

289,826,363‌

)

(

252,878,879‌

)

(

289,826,363‌

)

(

252,878,879‌

)

(

21,591,476‌

)

(

148,738,606‌

)

(

87,616,729‌

)

(

384,326,196‌

)

1,005,389,426‌

1,389,715,622‌

$

917,772,697‌

$

1,005,389,426‌

$

4,986,022‌

$

2,599,774‌

289,826,363‌

252,878,879‌

(

316,403,861‌

)

(

404,217,259‌

)

(

21,591,476‌

)

(

148,738,606‌

)

$

(

21,591,476‌

)

$

(

148,738,606‌

)

407,181‌

160,493‌

28,387,855‌

19,737,860‌

(

23,940,910‌

)

(

25,481,663‌

)

4,854,126‌

(

5,583,310‌

)

4,854,126‌

(

5,583,310‌

)

78

-

Financial

Highlights

-

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Emerging

Markets

Equity

Insights

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)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

7.33

$

0.19

$

0.78

$

0.97

$

(

0.27

)

$

—

$

(

0.27

)

$

8.03

13.43%

$

749,325

0.99%

2.47%

0.99%

160.74%

12/31/2022

12.27

0.27

(

2.54

)

(

2.27

)

(

0.41

)

(

2.26

)

(

2.67

)

7.33

(18.86)%

440,867

0.98%

2.81%

0.98%

157.70%

12/31/2021

12.54

0.32

(

0.27

)

0.05

(

0.24

)

(

0.08

)

(

0.32

)

12.27

0.33%

536,099

0.98%

2.39%

0.98%

188.81%

12/31/2020(e)

10.00

0.02

2.52

2.54

—

—

—

12.54

25.40%

678,516

0.98%

0.36%

0.98%

84.81%

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)

For

the

period

from

July

17,

2020

(commencement

of

operations)

through

December

31,

2020.

Total

return

is

calculated

based

on

inception

date

of

July

16,

2020

through

December

31,

2020.

1940

Act

Funds

-

December

31,

2023

-

Financial

Highlights

-

79

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

International

Equity

Insights

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)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

8.76

$

0.24

$

1.45

$

1.69

$

(

0.32

)

$

—

$

(

0.32

)

$

10.13

19.52%

$

747,311

0.80%

2.47%

0.80%

152.26%

12/31/2022

11.46

0.32

(

2.02

)

(

1.70

)

(

0.48

)

(

0.52

)

(

1.00

)

8.76

(14.29)%

780,568

0.77%

3.30%

0.77%

158.67%

12/31/2021

10.80

0.28

0.99

1.27

(

0.61

)

—

(

0.61

)

11.46

11.65%

1,190,973

0.76%

2.43%

0.76%

156.27%

12/31/2020

10.31

0.15

0.35

0.50

(

0.01

)

—

(

0.01

)

10.80

4.89%(e)

1,467,786

0.77%

1.59%

0.77%

163.28%

12/31/2019(f)

10.00

—

0.31

0.31

—

—

—

10.31

3.10%(e)

1,679,081

0.74%

0.30%

0.74%

12.52%

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)

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.

(f)

For

the

period

from

November

15,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

November

14,

2019

through

December

31,

2019.

80

-

Financial

Highlights

-

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Large

Cap

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)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

9.28

$

0.08

$

2.08

$

2.16

$

(

0.10

)

$

—

$

(

0.10

)

$

11.34

23.31%

$

2,178,517

0.57%

0.83%

0.57%

190.89%

12/31/2022

15.55

0.10

(

3.06

)

(

2.96

)

(

0.11

)

(

3.20

)

(

3.31

)

9.28

(19.64)%(e)

2,307,008

0.57%

0.85%

0.57%

203.75%

12/31/2021

12.26

0.10

3.57

3.67

(

0.11

)

(

0.27

)

(

0.38

)

15.55

30.06%(e)

3,044,622

0.57%

0.67%

0.57%

207.61%

12/31/2020

10.60

0.08

1.73

1.81

(

0.09

)

(

0.06

)

(

0.15

)

12.26

17.22%

2,713,154

0.58%

0.79%

0.58%

213.52%

12/31/2019(f)

10.00

0.03

0.59

0.62

(

0.02

)

—

(

0.02

)

10.60

6.19%

2,700,504

0.56%

1.65%

0.56%

42.61%

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)

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.

(f)

For

the

period

from

October

25,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

October

24,

2019

through

December

31,

2019.

1940

Act

Funds

-

December

31,

2023

-

Financial

Highlights

-

81

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

GS

Small

Cap

Equity

Insights

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)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

8.92

$

0.09

$

1.67

$

1.76

$

(

0.10

)

$

—

$

(

0.10

)

$

10.58

19.83%

$

224,795

0.75%

0.92%

0.75%

151.16%

12/31/2022

14.29

0.10

(

2.87

)

(

2.77

)

(

0.08

)

(

2.52

)

(

2.60

)

8.92

(19.68)%

226,448

0.75%

0.85%

0.75%

158.45%

12/31/2021

11.68

0.06

2.63

2.69

(

0.08

)

—

(

0.08

)

14.29

23.02%

297,076

0.77%

0.42%

0.77%

171.52%

12/31/2020

11.12

0.05

0.77

0.82

(

0.05

)

(

0.21

)

(

0.26

)

11.68

7.81%

219,526

0.85%

0.57%

0.85%

147.75%

12/31/2019(e)

10.00

0.02

1.11

1.13

(

0.01

)

—

(

0.01

)

11.12

11.34%

197,726

0.80%

0.72%

0.80%

41.80%

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)

For

the

period

from

October

11,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

October

10,

2019

through

December

31,

2019.

82

-

Financial

Highlights

-

December

31,

2023

-

1940

Act

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

U.S.

130/30

Equity

Fund

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Return

of

Capital

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)

Portfolio

Turnover(b)

Class

Y

Shares

12/31/2023

$

12.90

$

0.08

$

2.86

$

2.94

$

(

2.36

)

$

(

2.40

)

$

—

$

(

4.76

)

$

11.08

26.17%

$

917,773

0.80%

0.66%

0.80%

71.61%

12/31/2022

16.63

0.11

0.10

0.21

(

0.93

)

(

3.01

)

—

(

3.94

)

12.90

1.64%

1,005,389

0.79%

0.69%

0.79%

113.42%

12/31/2021

12.22

0.08

4.33

4.41

—

—

—

—

16.63

36.09%

1,389,716

0.78%

0.56%

0.78%

102.12%

12/31/2020

10.49

0.07

1.66

1.73

—

—

—

—

12.22

16.49%

951,673

0.82%

0.69%

0.82%

74.26%

12/31/2019(e)

10.00

0.02

0.48

0.50

—

—

(

0.01

)

(

0.01

)

10.49

5.05%

897,683

0.80%

1.12%

0.80%

34.72%

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)

For

the

period

from

October

25,

2019

(commencement

of

operations)

through

December

31,

2019.

Total

return

is

calculated

based

on

inception

date

of

October

24,

2019

through

December

31,

2019.

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

83

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

GS

Emerging

Markets

Equity

Insights

Fund

("GS

Emerging

Markets")

NVIT

GS

International

Equity

Insights

Fund

("GS

International") 

NVIT

GS

Large

Cap

Equity Fund

(formerly,

GS

Large

Cap

Equity

Insights

Fund)

("GS

Large

Cap")

NVIT

GS

Small

Cap

Equity

Insights

Fund

("GS

Small

Cap")

NVIT

U.S.

130/30

Equity

Fund

("U.S.

130/30")

Only

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT Blueprint

Funds,

hold

shares

of GS

International,

GS

Large

Cap,

GS

Small

Cap

and

U.S.

130/30.

Shares

of

GS

Emerging

Markets

are

held

by

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT

Blueprint

Funds

and

NVIT

Investor

Destinations

Funds.

The

Funds

currently

offer Class

Y shares. 

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act. 

Effective

July

10,

2023,

NVIT

GS

Large

Cap

Equity

Insights

Fund

was

renamed

NVIT

GS

Large

Cap

Equity

Fund.

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.

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.

84

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

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.  

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

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

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.

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

85

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.

GS

Emerging

Markets

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

317,801

$

11,577,849

$

–

$

11,895,650

Automobile

Components

–

8,252,233

–

8,252,233

Automobiles

–

17,912,482

–

17,912,482

Banks

23,695,070

98,168,890

–

121,863,960

Beverages

14,967,439

4,289,900

–

19,257,339

Biotechnology

–

454,185

–

454,185

Broadline

Retail

12,860,238

26,847,398

–

39,707,636

Building

Products

–

1,911,230

–

1,911,230

Capital

Markets

–

12,176,498

–

12,176,498

Chemicals

–

2,011,236

–

2,011,236

Construction

&

Engineering

–

5,111,540

–

5,111,540

Construction

Materials

–

12,476,032

–

12,476,032

Consumer

Staples

Distribution

&

Retail

–

908,795

–

908,795

Diversified

Consumer

Services

–

3,897,440

–

3,897,440

Diversified

REITs

169,223

–

–

169,223

Diversified

Telecommunication

Services

2,475,175

12,165,366

–

14,640,541

Electric

Utilities

273,721

4,634,237

–

4,907,958

Electrical

Equipment

–

2,172,188

–

2,172,188

Electronic

Equipment,

Instruments

&

Components

–

6,808,026

–

6,808,026

Energy

Equipment

&

Services

–

147,069

–

147,069

Entertainment

1,958,918

10,002,591

–

11,961,509

Financial

Services

1,412,851

17,445,739

–

18,858,590

Food

Products

–

1,184,413

–

1,184,413

Health

Care

Providers

&

Services

–

8,523,418

–

8,523,418

Hotels,

Restaurants

&

Leisure

2,319,890

15,911,590

–

18,231,480

Household

Durables

–

1,083,372

–

1,083,372

Household

Products

204,744

375,211

–

579,955

Independent

Power

and

Renewable

Electricity

Producers

335,721

6,826,109

–

7,161,830

Industrial

Conglomerates

–

11,046,615

–

11,046,615

Insurance

–

36,810,148

–

36,810,148

Interactive

Media

&

Services

363,759

46,321,229

–

46,684,988

IT

Services

–

4,530,881

–

4,530,881

Life

Sciences

Tools

&

Services

–

1,980,365

–

1,980,365

Machinery

–

7,459,763

–

7,459,763

Marine

Transportation

372,002

–

–

372,002

Metals

&

Mining

7,670,869

27,993,467

–

35,664,336

Multi-Utilities

–

2,097,192

–

2,097,192

Oil,

Gas

&

Consumable

Fuels

5,719,582

23,220,949

–

28,940,531

Passenger

Airlines

–

2,002,689

–

2,002,689

Pharmaceuticals

4,504,123

20,448,144

–

24,952,267

Professional

Services

–

538,920

–

538,920

Real

Estate

Management

&

Development

737,555

3,985,422

–

4,722,977

Semiconductors

&

Semiconductor

Equipment

2,003,529

88,218,141

–

90,221,670

Software

–

2,484,947

–

2,484,947

Specialty

Retail

–

3,098,797

–

3,098,797

Technology

Hardware,

Storage

&

Peripherals

–

65,280,799

–

65,280,799

Textiles,

Apparel

&

Luxury

Goods

–

3,097,883

–

3,097,883

Tobacco

–

604,657

–

604,657

Trading

Companies

&

Distributors

–

2,105,098

–

2,105,098

Transportation

Infrastructure

427,544

5,118,034

–

5,545,578

Water

Utilities

131,983

1,421,593

–

1,553,576

86

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

Level

1

Level

2

Level

3

Total

Assets:

Wireless

Telecommunication

Services

$

–

$

6,597,097

$

–

$

6,597,097

Total

Common

Stocks

$

82,921,737

$

659,737,867

$

–

$

742,659,604

Futures

Contracts#

60,041

–

–

60,041

Repurchase

Agreements

–

7,305,219

–

7,305,219

Total

$

82,981,778

$

667,043,086

$

–

$

750,024,864

GS

International

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

25,242,052

$

–

$

25,242,052

Automobile

Components

–

9,219,558

–

9,219,558

Automobiles

–

23,271,295

–

23,271,295

Banks

–

55,814,182

–

55,814,182

Beverages

–

140,715

–

140,715

Biotechnology

–

5,286,428

–

5,286,428

Broadline

Retail

–

10,156,358

–

10,156,358

Building

Products

–

3,545,498

–

3,545,498

Capital

Markets

–

23,920,040

–

23,920,040

Chemicals

–

13,267,331

–

13,267,331

Commercial

Services

&

Supplies

–

11,814,476

–

11,814,476

Construction

&

Engineering

–

5,858,697

–

5,858,697

Construction

Materials

2,667,570

3,943,899

–

6,611,469

Consumer

Staples

Distribution

&

Retail

–

18,028,774

–

18,028,774

Diversified

REITs

–

771,396

–

771,396

Diversified

Telecommunication

Services

–

11,820,584

–

11,820,584

Electric

Utilities

–

5,576,844

–

5,576,844

Electrical

Equipment

–

27,083,935

–

27,083,935

Electronic

Equipment,

Instruments

&

Components

–

1,559,452

–

1,559,452

Energy

Equipment

&

Services

–

4,160,017

–

4,160,017

Financial

Services

–

25,310,258

–

25,310,258

Food

Products

–

15,182,307

–

15,182,307

Ground

Transportation

–

3,186,896

–

3,186,896

Health

Care

Equipment

&

Supplies

–

4,896,210

–

4,896,210

Health

Care

Providers

&

Services

–

4,024,715

–

4,024,715

Health

Care

Technology

–

527,202

–

527,202

Hotels,

Restaurants

&

Leisure

–

13,012,516

–

13,012,516

Household

Durables

–

7,224,522

–

7,224,522

Household

Products

–

6,318,121

–

6,318,121

Independent

Power

and

Renewable

Electricity

Producers

–

173,951

–

173,951

Industrial

Conglomerates

–

16,690,261

–

16,690,261

Industrial

REITs

–

653,287

–

653,287

Insurance

–

49,586,697

–

49,586,697

IT

Services

–

8,128,388

–

8,128,388

Leisure

Products

–

1,675,184

–

1,675,184

Life

Sciences

Tools

&

Services

–

2,708,065

–

2,708,065

Machinery

–

18,908,619

–

18,908,619

Marine

Transportation

–

1,994,646

–

1,994,646

Media

–

3,172,422

–

3,172,422

Metals

&

Mining

906,625

31,348,253

–

32,254,878

Multi-Utilities

–

26,828,406

–

26,828,406

Office

REITs

–

3,971,324

–

3,971,324

Oil,

Gas

&

Consumable

Fuels

4,950,796

12,683,939

–

17,634,735

Personal

Care

Products

–

466,438

–

466,438

Pharmaceuticals

4,803,838

59,675,174

–

64,479,012

Professional

Services

–

214,558

–

214,558

Real

Estate

Management

&

Development

–

21,585,000

–

21,585,000

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

87

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

–

$

5,010,835

$

–

$

5,010,835

Semiconductors

&

Semiconductor

Equipment

–

37,679,424

–

37,679,424

Software

–

27,682,517

–

27,682,517

Specialty

Retail

–

10,720,064

–

10,720,064

Technology

Hardware,

Storage

&

Peripherals

–

4,940,056

–

4,940,056

Textiles,

Apparel

&

Luxury

Goods

–

13,837,341

–

13,837,341

Tobacco

–

8,112,085

–

8,112,085

Trading

Companies

&

Distributors

–

6,025,316

–

6,025,316

Transportation

Infrastructure

–

924,241

–

924,241

Wireless

Telecommunication

Services

–

8,319,990

–

8,319,990

Total

Common

Stocks

$

13,328,829

$

723,880,759

$

–

$

737,209,588

Futures

Contracts#

10,022

–

–

10,022

Repurchase

Agreements

–

8,484,341

–

8,484,341

Total

Assets

$

13,338,851

$

732,365,100

$

–

$

745,703,951

Liabilities:

Futures

Contracts#

$

(6,077)

$

–

$

–

$

(6,077)

Total

Liabilities

$

(6,077)

$

–

$

–

$

(6,077)

Total

$

13,332,774

$

732,365,100

$

–

$

745,697,874

GS

Large

Cap

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,162,650,016

$

–

$

–

$

2,162,650,016

Repurchase

Agreements

–

26,251,613

–

26,251,613

Total

$

2,162,650,016

$

26,251,613

$

–

$

2,188,901,629

GS

Small

Cap

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

222,485,832

$

–

$

–

$

222,485,832

Futures

Contracts#

7,268

–

–

7,268

Repurchase

Agreements

–

39,877,342

–

39,877,342

Total

$

222,493,100

$

39,877,342

$

–

$

262,370,442

U.S.

130/30

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

893,165,340

$

–

$

–

$

893,165,340

Total

Return

Swaps†

–

4,010,585

–

4,010,585

Total

Assets

$

893,165,340

$

4,010,585

$

–

$

897,175,925

Liabilities:

Total

Return

Swaps†

$

–

$

(2,422,855)

$

–

$

(2,422,855)

Total

Liabilities

$

–

$

(2,422,855)

$

–

$

(2,422,855)

Total

$

893,165,340

$

1,587,730

$

–

$

894,753,070

#

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.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

88

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

(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)

Swap

Contracts             

Total

Return

Swap

Contracts

—

Certain

Funds

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

As

of

December

31,

2023,

GS

Emerging

Markets

held

three

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

GS

Emerging

Markets

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

(3,933,848)

(3,933,848)

Purchases

—

—

Sales

(917,584)

(917,584)

Change

in

Unrealized

Appreciation/Depreciation

4,851,432

4,851,432

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

12/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

12/31/2023

**

$

—

$

—

**

Included

in

the

Statement

of

Operations

under

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

89

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

Funds'

swap

agreements

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

“Swap

contracts,

at

value”

for

over-the

counter

(“OTC”)

swaps

and

under

“Receivable/payable

for

variation

margin on

centrally

cleared swap

contracts”

for

centrally

cleared

swaps,

in

a

table

in

the

Statement

of

Investments, and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

swap

contracts,"

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

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

90

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

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:

GS

Emerging

Markets

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

60,041

Total

$

60,041

GS

International

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

10,022

Total

$

10,022

Liabilities:

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(6,077)

Total

$

(6,077)

GS

Small

Cap

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

7,268

Total

$

7,268

U.S.

130/30

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

4,010,585

Total

$

4,010,585

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(2,422,855)

Total

$

(2,422,855)

#

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.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

91

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:

GS

Emerging

Markets

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

(2,721,023)

Total

$

(2,721,023)

GS

International

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

223,178

Total

$

223,178

GS

Large

Cap

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

722,320

Total

$

722,320

GS

Small

Cap

Realized

Gains

(Losses):

Total

Futures

Contracts

Equity

risk

$

34,149

Total

$

34,149

U.S.

130/30

Realized

Gains

(Losses):

Total

Swap

Contracts

Equity

risk

$

168,995

Total

$

168,995

GS

Emerging

Markets

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

66,529

Total

$

66,529

GS

International

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

3,945

Total

$

3,945

GS

Large

Cap

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

156,383

Total

$

156,383

92

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held

during

the year

ended December

31,

2023:

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.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument’s

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

“Statements

of

Assets

and

Liabilities".

As

of December

31,

2023,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

GS

Small

Cap

Unrealized

Appreciation/Depreciation:

Total

Futures

Contracts

Equity

risk

$

7,268

Total

$

7,268

U.S.

130/30

Unrealized

Appreciation/Depreciation:

Total

Swap

Contracts

Equity

risk

$

3,284,009

Total

$

3,284,009

GS

Emerging

Markets

Futures

Contracts:

Average

Notional

Balance

Long

$

587,869

GS

International

Futures

Contracts:

Average

Notional

Balance

Long

$

219,333

GS

Large

Cap

Futures

Contracts:

Average

Notional

Balance

Long

$

3,313,288

GS

Small

Cap

Futures

Contracts:

Average

Notional

Balance

Long

$

53,075

U.S.

130/30

Total

Return

Swaps:

Average

Notional

Balance

—

Receives

Float

Rate

$

310,600,962

Average

Notional

Balance

—

Pays

Float

Rate

$

(289,376,368)

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

93

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for OTC

swap

contracts,

as

applicable,

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2023:

(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.

U.S.

130/30

Offsetting

of

Financial

Assets,

Derivative

Assets

and

Collateral

Received

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts

of

Recognized

Asset

Derivatives  

Derivatives

Available

for

Offset

Collateral

Received

Net

Amount

of

Asset

Derivatives

JPMorgan

Chase

Bank

NA

Swap

Contracts

$

4,010,585

$

(2,198,499)

$

—

$

1,812,086

Total

$

4,010,585

$

(2,198,499)

$

—

$

1,812,086

Offsetting

of

Financial

Liabilities,

Derivative

Liabilities

and

Collateral

Pledged

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts  

of

Recognized

Liability

Derivatives

Derivatives

Available

for

Offset

Collateral

Pledged

*

Net

Amount

of

Liability

Derivatives

JPMorgan

Chase

Bank

NA

Swap

Contracts

$

(2,198,499)

2,198,499

$

—

$

—

Total

$

(2,198,499)

$

2,198,499

$

—

$

—

*

Per

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

from

the

counterparties.

Aggregate

additional

collateral

pledged

was

$13,710,000.

94

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

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:

1

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.

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.

Fund

Amounts

of

Liabilities

Presented

in

the

Statements

of

Assets

and

Liabilities

GS

Emerging

Markets

$

7,305,219

GS

International

8,484,341

GS

Large

Cap

26,251,613

GS

Small

Cap

39,877,342

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

95

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.

GS

Emerging

Markets

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

$

3,000,000

$

–

$

3,000,000

$

(3,000,000)

$

–

Cantor

Fitzgerald

&

Co.

2,305,219

–

2,305,219

(2,305,219)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Total

$

7,305,219

$

–

$

7,305,219

$

(7,305,219)

$

–

GS

International

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.

$

5,984,341

$

–

$

5,984,341

$

(5,984,341)

$

–

MetLife,

Inc.

500,000

–

500,000

(500,000)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Total

$

8,484,341

$

–

$

8,484,341

$

(8,484,341)

$

–

96

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

(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.

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

GS

Large

Cap

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.

$

4,000,000

$

–

$

4,000,000

$

(4,000,000)

$

–

Cantor

Fitzgerald

&

Co.

5,251,613

–

5,251,613

(5,251,613)

–

MetLife,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Pershing

LLC

15,000,000

–

15,000,000

(15,000,000)

–

Total

$

26,251,613

$

–

$

26,251,613

$

(26,251,613)

$

–

GS

Small

Cap

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.

$

1,877,342

$

–

$

1,877,342

$

(1,877,342)

$

–

MetLife,

Inc.

15,000,000

–

15,000,000

(15,000,000)

–

Pershing

LLC

23,000,000

–

23,000,000

(23,000,000)

–

Total

$

39,877,342

$

–

$

39,877,342

$

(39,877,342)

$

–

*

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.

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

97

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

foreign

currency

gain/

loss,

investments

in

passive

foreign

investment

companies

("PFICs"),

investments

in

real

estate

investment

trusts,

non-taxable

distributions,

net

operating

loss

netting

to

short-term

gains, redesignation

of

distributions,

and

treatment

of

notional

principal

contracts.

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

treatment

of

notional

principal

contracts,

outstanding

wash

sale

loss

deferrals,

and

investments

in

PFICs.

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.  

For

the

year

ended

December

31,

2023,

the

Funds

have

no

reclassifications

between

capital

and

total

distributable

earnings.

(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

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

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.

(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.

98

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

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.

For

the

year

ended

December

31,

2023,

the

Funds'

effective

advisory

fee

rates

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

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

Fund

Subadviser

GS

Emerging

Markets

Equity

Goldman

Sachs

Asset

Management,

L.P.

(“GSAM”)

GS

International

GSAM

GS

Large

Cap

GSAM

GS

Small

Cap

GSAM

U.S.

130/30

Jacobs

Levy

Equity

Management,

Inc.

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

GS

Emerging

Markets

Equity

Up

to

$100

million

0.95%

$100

million

up

to

$200

million

0.93%

$200

million

up

to

$500

million

0.91%

$500

million

and

more

0.89%

GS

International

Up

to

$200

million

0.78%

$200

million

up

to

$500

million

0.73%

$500

million

up

to

$1

billion

0.70%

$1

billion

up

to

$2

billion

0.68%

$2

billion

and

more

0.67%

GS

Large

Cap

Up

to

$200

million

0.58%

$200

million

up

to

$500

million

0.55%

$500

million

up

to

$1

billion

0.53%

$1

billion

up

to

$2

billion

0.52%

$2

billion

and

more

0.51%

GS

Small

Cap

Up

to

$100

million

0.72%

$100

million

up

to

$200

million

0.68%

$200

million

and

more

0.66%

U.S.

130/30

Up

to

$200

million

0.93%

$200

million

up

to

$500

million

0.73%

$500

million

and

more

0.68%

Fund

Effective

Advisory

Fee

Rate

GS

Emerging

Markets

0.92

%

GS

International

0.73

GS

Large

Cap

0.53

GS

Small

Cap

0.70

U.S.

130/30

0.75

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

99

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

$1,374,306

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

$20,321.

4.

Line

of

Credit,

Interfund

Lending

and

Earnings

Credit

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

Securities

and

Exchange

Commission

(“SEC”)

(the

“Order”),

the

Funds

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,

none

of

the

Funds

engaged

in

interfund

lending.

JPMorgan

provides

earnings

credits

for

cash

balances

maintained

in

U.S.

130/30’s

custody

accounts,

which

are

used

to

offset

custody

fees

of the

Fund.

Credits

earned,

if

any,

are

presented

in

the

Statements

of

Operations.

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

100

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

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

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.

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. 

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.

Fund

Purchases

Sales

GS

Emerging

Markets

$

1,000,082,986

$

765,028,460

GS

International

1,130,522,280

1,284,409,930

GS

Large

Cap

4,290,700,282

4,863,799,819

GS

Small

Cap

326,907,730

367,333,649

U.S.

130/30

665,121,432

954,877,257

1940

Act

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

101

During

the year

ended

December

31,

2023,

the

Funds

did

not

recapture

any

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:

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: 

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

GS

Emerging

Markets

$

15,671,729

$

–

$

15,671,729

$

–

$

15,671,729

GS

International

23,723,838

–

23,723,838

–

23,723,838

GS

Large

Cap

19,297,861

–

19,297,861

–

19,297,861

GS

Small

Cap

2,153,283

–

2,153,283

–

2,153,283

U.S.

130/30

165,856,795

123,969,568

289,826,363

–

289,826,363

*

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

GS

Emerging

Markets

$

113,006,866

$

7,527,708

$

120,534,574

$

–

$

120,534,574

GS

International

41,444,675

45,107,821

86,552,496

–

86,552,496

GS

Large

Cap

415,125,947

216,715,649

631,841,596

–

631,841,596

GS

Small

Cap

35,818,282

17,908,570

53,726,852

–

53,726,852

U.S.

130/30

131,205,515

121,673,364

252,878,879

–

252,878,879

*

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)

GS

Emerging

Markets

$

18,123,102

$

–

$

18,123,102

$

–

$

(89,361,121)

$

19,284,254

$

(51,953,765)

GS

International

21,262,799

–

21,262,799

–

(56,743,121)

85,613,476

50,133,154

GS

Large

Cap

5,584,449

20,004,864

25,589,313

–

–

420,237,674

445,826,987

GS

Small

Cap

363,242

–

363,242

–

(25,310,015)

29,211,160

4,264,387

U.S.

130/30

5,937,930

61,881,473

67,819,403

–

–

179,179,193

246,998,596

*

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)

GS

Emerging

Markets

$

727,652,955

$

62,937,631

$

(40,565,722)

$

22,371,909

GS

International

660,430,747

94,504,994

(9,237,867)

85,267,127

GS

Large

Cap

1,768,663,956

443,562,609

(23,324,936)

420,237,673

GS

Small

Cap

233,159,282

37,158,608

(7,947,448)

29,211,160

U.S.

130/30

715,573,877

199,053,437

(19,874,244)

179,179,193

102

-

Notes

to

Financial

Statements

-

December

31,

2023

-

1940

Act

Funds

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

Amount

GS

Emerging

Markets

$

(89,361,121)

GS

International

(56,743,121)

GS

Small

Cap

(25,310,015)

Fund

Utilized

GS

International

$

36,492,312

GS

Large

Cap

101,160,327

GS

Small

Cap

5,424,783

1940

Act

Funds

-

December

31,

2023

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

103

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund

and

NVIT

U.S.

130/30

Equity

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund

and

NVIT

U.S.

130/30

Equity

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

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.

104

-

Supplemental

Information

-

December

31,

2023

-

1940

Act

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:

1940

Act

Funds

-

December

31,

2023

-

Supplemental

Information

-

105

• 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.

106

-

Supplemental

Information

-

December

31,

2023

-

1940

Act

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

1940

Act

Funds

-

December

31,

2023

-

Supplemental

Information

-

107

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

108

-

Supplemental

Information

-

December

31,

2023

-

1940

Act

Funds

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

1940

Act

Funds

-

December

31,

2023

-

Supplemental

Information

-

109

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.

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

GS

Emerging

Markets

0.20

%

GS

International

–

GS

Large

Cap

100.00

GS

Small

Cap

67.66

U.S.

130/30

11.55

Fund

Amount

GS

Emerging

Markets

$

–

GS

International

–

GS

Large

Cap

–

GS

Small

Cap

–

U.S.

130/30

123,969,568

110

-

Supplemental

Information

-

December

31,

2023

-

1940

Act

Funds

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

Per

Share

GS

Emerging

Markets

$

12,909,254

$

0.1384

GS

International

22,667,870

0.3072

GS

Large

Cap

–

–

GS

Small

Cap

–

–

U.S.

130/30

–

–

Fund

Amount

Per

Share

GS

Emerging

Markets

$

3,092

,259

$

0.0332

GS

International

1,562,549

0.0212

GS

Large

Cap

–

–

GS

Small

Cap

–

–

U.S.

130/30

–

–

1940

Act

Funds

-

December

31,

2023

-

Management

Information

-

111

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.

112

-

Management

Information

-

December

31,

2023

-

1940

Act

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.

1940

Act

Funds

-

December

31,

2023

-

Management

Information

-

113

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.

114

-

Market

Index

Definitions

-

December

31,

2023

-

1940

Act

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.

1940

Act

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

115

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.

116

-

Market

Index

Definitions

-

December

31,

2023

-

1940

Act

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.

1940

Act

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

117

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.

118

-

Market

Index

Definitions

-

December

31,

2023

-

1940

Act

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-40

(2-24)

Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

International

Funds

NVIT

Columbia

Overseas

Value

Fund

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

NVIT

NS

Partners

International

Focused

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

Example

26

Statements

of

Investments

28

Statements

of

Assets

and

Liabilities

44

Statements

of

Operations

48

Statements

of

Changes

in

Net

Assets

50

Financial

Highlights

57

Notes

to

Financial

Statements

61

Report

of

Independent

Registered

Public

Accounting

Firm

80

Supplemental

Information

81

Management

Information

89

Market

Index

Definitions

92

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

Columbia

Overseas

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Columbia

Overseas

Value

Fund

Class

I

returned

15.46%

versus

18.95%

for

its

benchmark,

the

MSCI

EAFE

®

Value

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Foreign

Large

Value

(consisting

of

50

investments

as

of

December

31,

2023),

was

17.75%

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.

Developed

international

equity

markets

generally

rose

during

the

calendar

year

2023,

continuing

a

recovery

from

lows

recorded

in

September

2022.

With

the

exception

of

real

estate,

all

economic

sectors

within

the

MSCI

EAFE®

Value

Index

produced

positive

returns

for

the

period.

Information

Technology,

Industrials

and

Consumer

Discretionary

were

the

best

performing

sectors,

all

with

returns

above

20%.

Using

the

MSCI

EAFE

®

Value

Index

and

the

S&P

500

®

Index

for

comparison,

developed

international

equities

underperformed

the

U.S.

counterparts,

returning

18.95%

versus

26.29%.

Trajectory

generally

was

upward

from

the

start

of

the

period,

supported

by

favorable

events

such

as

the

extremely

warm

winter

across

Europe,

which

allayed

concerns

of

energy

shortages

resulting

from

the

loss

of

Russian

supplies

after

the

invasion

of

Ukraine.

More

good

news

was

the

abandonment

of

the

zero

COVID-19

policy

in

China

just

before

the

start

of

the

reporting

period,

allowing

for

activity

to

begin

to

normalize

after

the

prolonged

period

of

rolling

lockdowns

across

the

country.

A

rise

in

rates

from

very

negative

levels

and

the

steepening

of

yield

curves

provided

earnings

leverage

that

particularly

helped

European

banks.

But

momentum

stalled

and

markets

retreated

somewhat

after

reaching

mid-year

highs

as

rising

interest

rates

and

a

steep

increase

in

oil

prices

weighed

on

sentiment.

Mixed

inflation

news

added

to

downside

pressure

as

well,

with

worries

over

falling

retail

sales

in

Germany,

and

decade

high

borrowing

costs

in

France,

and

Italy

more

than

offsetting

reports

that

overall

Eurozone

inflation

hit

a

two-year

low

during

the

last

month

of

the

period.

Likewise,

worries

grew

that

the

summer

travel

boom

was

starting

to

fade

as

stubborn

inflation

erodes

consumer

disposable

income.

In

addition,

China’s

post-lockdown

rebound

proved

far

less

robust

than

hoped

for,

due

to

signs

of

a

technology

cold

war

as

the

U.S.

escalated

restrictions

on

sales

of

chipmaking

equipment.

A

property

slump,

high

local

government

debt

and

increasing

consumer

pessimism

added

to

the

overall

economic

worries,

as

did

factory

activity

contracting.

Ongoing

geopolitical

conflict

in

Ukraine

complicated

uncertainties

for

investors,

as

did

the

Gaza

hostilities

that

erupted

on

October

7.

Optimism

resumed

and

developed

international

markets

reaccelerated

around

the

end

of

October;

however,

in

parallel

with

a

rebound

in

U.S.

equities

that

began

when

the

Federal

Reserve

(“Fed”)

held

rates

steady

at

its

November

1

meeting.

Expectations

that

U.S.

officials

believed

inflation

may

have

cooled

enough

to

forestall

more

rate

hikes

and

perhaps

even

spur

cutting

next

year

extended

to

other

central

banks

as

well.

As

was

the

case

in

the

previous

12-month

period,

U.S.

dollar

weakness

(down

around

2%

for

the

period)

provided

some

help

for

U.S.

investors

who

owned

international

equities.

As

an

illustration,

the

MSCI

EAFE

®

Value

Index

measured

in

local

currency

terms

returned

more

than

two

percentage

less

than

the

dollar-denominated

version

(18.24%

as

noted

above).

The

Fund

underperformed

the

benchmark

for

the

period.

The

top

detractors

from

a

sector

perspective

were

an

overweight

to

consumer

staples

and

underweights

to

consumer

discretionary

and

industrials.

These

results

distinctly

reflect

the

strategy’s

high-

conviction

positioning,

which

can

be

described

as

a

lopsided

barbell

–

heavy

emphasis

on

capital

preservation

and

defensive

exposures

counter-balanced

by

moderate

exposure

to

early

cycle

inflation

beneficiaries

(plus

energy,

where

our

longstanding

overweight

has

been

based

on

a

belief

that

supply

shortages

have

become

structural

and

are

not

fully

reflected

in

current

commodity

prices).

As

such,

we

opted

not

to

try

timing

the

counter-cyclical

rallies

that

occurred

throughout

the

period,

given

that

we

do

not

attempt

to

make

short-term

timing

moves.

The

top

individual

detractors

for

the

period

were

British

American

Tobacco,

which

fell

on

escalating

worries

over

slowing

U.S.

volume

and

delays

in

its

buyback

plans.

Jazz

Pharmaceuticals

shares

fell

after

disappointing

investors

with

poor

trials,

particularly

for

a

new

post-traumatic

stress

disorder

treatment.

Diversified

Energy

Company,

a

U.S.

natural

gas

producer

and

distributor,

fell

in

line

with

oil

prices

(West

Texas

Intermediate

crude

oil,

for

example,

finished

the

quarter

down

24%

from

its

2023

high

in

late

September).

In

addition,

investors

worried

about

uncertainties

related

to

remediation

of

aging

oil

and

gas

wells.

The

top

detractors

from

a

country

allocation

perspective

were

lack

of

exposure

to

Italy

and

modest

overweights

to

China

and

South

Africa

(please

note

that

the

Fund

does

not

make

explicit

top-down

country

allocation

decisions

and

that

country-level

exposures

are

the

result

of

bottom-up

security

selection;

in

addition,

this

attribution

is

based

on

MSCI-defined

corporate

headquarter

domiciles).

The

top

contributors

for

the

period

from

a

sector

perspective

were

underweights

to

real

estate,

materials,

and

utilities.

The

top

individual

contributors

for

the

period

were

Norway-based

tanker

operator,

BW

LPG,

which

advanced

after

posting

its

best

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Columbia

Overseas

Value

Fund

quarterly

performance

on

record

with

its

third

quarter

results.

Cameco

Corporation,

a

Canadian

Uranium

miner,

rose

as

investors

increasingly

considered

demand/supply

imbalances

in

the

commodity

amid

growing

acceptance

of

the

role

nuclear

will

play

in

the

energy

transition.

Burford

Capital

Limited,

a

U.K.

based

litigation

finance

provider,

rose

after

reporting

strong

results

and

favorable

developments

in

a

large

case

involving

the

government

of

Argentina.

The

top

contributors

from

a

country

allocation

perspective

were

overweights

to

Greece

(we

own

one

bank)

and

Canada

(we

own

seven

names

in

addition

to

uranium

miner

Cameco

noted

above—three

oil-related

names,

a

timber

company,

a

copper

miner,

a

silver

miner,

and

an

agricultural

chemical

supplier).

An

underweight

to

Hong

Kong

also

helped

with

relative

results.

All

the

securities

mentioned

above

continue

to

be

held

in

the

Fund

at

the

end

of

the

period.

During

the

period,

the

Fund

bought

and

sold

currency

contracts

to

neutralize

variances

with

benchmark

exposures

resulting

from

bottom-up

selection

and

construction.

A

routine,

long-established

risk-control

component

of

the

investment

process,

the

use

of

these

derivatives

had

minimal

effect

on

Fund

performance

for

the

year.

The

Fund

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance.

Subadviser:

Columbia

Management

Investment

Advisors,

LLC

Portfolio

Manager:

Fred

Copper,

Daisuke

Nomoto,

Paul

DiGiacomo

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies

and

preferred

stock).

Smaller

companies

are

usually

less

stable

in

price

and

less

liquid

than

larger,

more

established

companies.

Smaller

companies

are

more

vulnerable

than

larger

companies

to

adverse

business

and

economic

developments

and

may

have

more

limited

resources.

Therefore,

they

generally

involve

greater

risk.

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

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

Value

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Columbia

Overseas

Value

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Asset

Allocation

1

Common

Stocks

97.9%

Repurchase

Agreements

2.7%

Exchange

Traded

Fund

0.4%

Forward

Currency

Contracts

0.2%

Liabilities

in

excess

of

other

assets

(1.2)%

100.0%

Top

Industries

2

Banks

13.1%

Oil,

Gas

&

Consumable

Fuels

13.0%

Pharmaceuticals

10.3%

Insurance

8.0%

Electronic

Equipment,

Instruments

&

Components

4.3%

Consumer

Staples

Distribution

&

Retail

3.9%

Multi-Utilities

3.6%

Metals

&

Mining

3.3%

Tobacco

3.0%

Financial

Services

2.9%

Other

Industries

#

34.6%

100.0%

Top

Holdings

2

Shell

plc

4.1%

TotalEnergies

SE

3.7%

AXA

SA

2.6%

ING

Groep

NV

2.4%

Sumitomo

Mitsui

Financial

Group,

Inc.

2.4%

Novartis

AG

(Registered)

2.3%

Banco

Santander

SA

2.3%

Sanofi

SA

2.2%

Engie

SA

2.2%

BNP

Paribas

SA

2.1%

Other

Holdings

#

73.7%

100.0%

Top

Countries

2

Japan

23.5%

France

11.7%

United

Kingdom

11.4%

Netherlands

10.5%

United

States

9.3%

Germany

4.0%

Canada

3.6%

Israel

3.3%

Switzerland

3.0%

Spain

2.4%

Other

Countries

#

17.3%

100.0%

#

For

purposes

of

listing

top

industries,

top

holdings

and

top

countries,

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.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Columbia

Overseas

Value

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

2

15.46%

7.25%

2.74%

3/24/2009

Class

X

15.67%

N/A

10.56%

10/9/2020

Class

Z

15.36%

N/A

10.28%

10/9/2020

MSCI

EAFE

®

Value

Index

18.95%

7.08%

3.16%

Expense

Ratios

Expense

Ratio

^

Class

I

0.99%

Class

X

0.85%

Class

Z

1.10%

N/A

—

Not

Applicable.

^

Current

effective

prospectus

dated

May

1,

2023.

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

Effective

April

30,

2014,

Class

III

Shares

were

renamed

Class

I

Shares.

NVIT

Columbia

Overseas

Value

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

I

shares

of

the

NVIT

Columbia

Overseas

Value

Fund

versus

the

MSCI

EAFE

®

Value

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

Emerging

Markets

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

Emerging

Markets

Fund

Class

I

returned

4.16%

versus

9.83%

for

its

benchmark,

the

MSCI

Emerging

Markets

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Diversified

Emerging

Mkts

(consisting

of

79

investments

as

of

December

31,

2023),

was

10.14%

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

following

commentary

is

provided

by

subadviser

,

Loomis,

Sayles,

&

Company,

L.P.,

for

the

reporting

period

of

1/1/2023

–

6/30/2023

:

During

the

period,

the

largest

contributors

were

Taiwan

Semiconductor

Manufacturing

Company

Limited

(TSMC),

MercadoLibre,

Inc.

and

Cholamandalam

Investment

and

Finance

Company

Limited.

Semiconductor

leader,

TSMC,

saw

its

stock

rally

20%

(local

shares)

in

the

first

quarter.

MercadoLibre

took

advantage

of

the

positive

operating

leverage

cycle

to

redeploy

higher

levels

of

free

cash

flow

and

further

built

its

moat.

For

Cholamandalam,

we

believed

the

company

was

in

one

of

the

best

operating

environments

with

moderating

inflation,

high

levels

of

small

and

medium

size

enterprises

pent-up

demand

for

credit,

and

India

exits

a

period

of

tight

lending

and

liquidity.

While

the

outperformance

reduced

our

medium-term

internal

rate

of

return,

we

believed

it

is

one

of

the

highest-quality

businesses

in

India,

delivering

a

combination

of

strong

growth

with

high

levels

of

underlying

profitability.

The

main

detractors

were

Kingdee,

GDS

Holdings

Limited,

and

Kuaishou

Technology.

The

majority

of

Kingdee’s

customer

base

is

small

and

medium

size

enterprises

in

China.

We

believed

these

enterprises

still

drove

the

majority

of

Kingdee’s

earnings;

however,

with

China’s

weak

macro

environment,

small

and

medium

size

enterprises

were

hit

hard

and

faced

a

steep

recovery

path

after

zero

COVID-19

policy.

Heeding

potentially

elongated

macro

weakness,

we

reduced

exposure

to

investments

with

end-markets

that

were

particularly

sensitive

to

the

economy.

Kuaishou

continued

to

execute

towards

its

long-term

targets

and

surprisingly

posted

positive

earnings;

however,

due

to

concerns

on

China’s

elongated

pace

of

recovery,

we

reduced

our

position

in

Kuaishou

given

the

increased

risk

of

longer-term

valuation

and

de-rating

across

the

entire

Chinese

consumer

internet

space.

Due

to

macro

and

regulatory

uncertainty,

GDS,

cloud

infrastructure

at

China’s

largest

hyperscalers,

likely

remained

stagnant

and

reduced

risk

even

though

cloud

computing

growth

may

accelerate,

driven

by

artificial

intelligence

applications.

As

GDS

continued

to

spend

on

long-

term

expansion,

equity

holders

could

see

a

downturn

even

though

GDS’

longer-term

financial

trajectory

may

improve.

Thus,

we

fully

exited

our

GDS

investment.

The

Fund

did

not

use

derivatives

during

the

period,

and

there

were

no

material

liquidity

events.

Subadviser:

Loomis,

Sayles,

&

Company,

L.P.

Portfolio

Manager:

Ashish

Chugh

The

following

commentary

is

provided

by

subadviser

,

NS

Partners

Ltd.,

for

the

reporting

period

of

1/1/2023

–

12/31/2023

:

Markets

cheered

encouraging

inflation

data

globally

into

year-end

and

prospects

that

central

banks

have

reached

the

end

of

the

hiking

cycle.

Stock

selection

in

China

was

the

sole

significant

drag,

albeit

easing

slightly

in

the

fourth

quarter

as

the

foreign

investor

withdraw

and

state-owned

enterprises

outperformance

cooled.

Key

contributors

included

Indian

mid-caps

in

consumer

staple

and

healthcare,

technology

in

South

Korea

and

Taiwan,

and

Polish

financials.

An

underweight

to

Brazil

was

a

detractor,

with

economic

soft

landing

hopes

lifting

iron

ore

giant,

Vale,

and

stocks

sensitive

to

domestic

demand

and

rates,

particularly

through

the

fourth

quarter.

Strong

stock

picking

in

Brazil

was

enough

to

offset

this

underweight

through

2023,

led

by

oil

company,

Petrobras,

with

a

total

return

of

89%

in

USD

terms.

Portfolio

activity

was

focused

on

rebalancing

within

China,

with

a

weak

domestic

and

slowing

international

economy

prompting

the

exit

from

some

cyclical

names,

recycling

this

into

more

defensive

exposure.

Information

Technology

names

in

South

Korea

and

Taiwan

were

contributors

on

investor

enthusiasm

for

artificial

intelligence

(“AI”).

These

companies

already

had

started

to

look

attractive

at

end

of

2022,

as

the

end

of

a

brutal

inventory

de-stocking

cycle

for

semiconductors

came

into

view.

Many

of

the

names

added

at

that

time

also

had

exposure

to

the

growth

of

AI

technology,

leaving

it

well-positioned

for

a

rally

which

took

off

following

Nvidia

Corporation’s

announcement

of

its

first

quarter

results.

In

addition

to

chip

giants

like

SK

Hynix

and

TSMC,

there

were

several

small

and

mid-cap

companies

dominating

their

respective

niches

within

the

semiconductor

industry

that

also

contributed

through

the

period.

For

example,

South

Korea’s

HPSP

is

a

specialist

in

high

pressure

annealing

technology

–

the

process

of

removing

defects

in

advanced

chips

through

high

pressure

hydrogen

injections

to

enhance

electron

movement

and

hence

performance.

The

company

is

a

monopoly

in

its

niche,

the

only

high-pressure

annealing

equipment

provider

certified

by

TSMC,

Samsung,

Intel

and

Hynix.

Growth

in

AI

and

other

high

performance

computing

applications

underpin

strong

demand

even

through

a

wider

industry

downcycle.

NVIT

Emerging

Markets

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

In

Taiwan,

eMemory

surged

in

part

due

to

the

positive

sentiment

surrounding

the

successful

ARM

IPO.

eMemory

is

another

niche

player

in

semiconductors,

specializing

in

non-volatile

silicon

intellectual

property

and

layout

design

embedded

in

the

building

blocks

of

chips.

The

technology

can

be

used

for

storing

memory

even

with

the

power

off

with

core

applications

including

programable

instructions,

encryption,

and

identification.

Growth

drivers

include

advanced

chip

node

migration,

AI,

cybersecurity,

and

advanced

driver

assistance

technology.

Chip

design

houses

and

firms

that

design,

manufacture

and

sell

chips

are

increasingly

outsourcing

to

the

likes

of

eMemory,

who

provides

designs

for

core

chip

features.

The

company

receives

license

fees

for

the

initial

designs

when

they

are

incorporated

into

the

chips.

Once

chips

have

entered

production,

eMemory

charges

royalties

as

a

percentage

of

the

wafer

price.

With

over

four

hundred

licenses,

these

accumulated

projects

generate

recurring

passive

income

as

the

designs

enter

production.

Trading

at

a

2024

price-to-earnings

ratio

of

around

78x,

eMemory

is

optically

expensive

but

the

valuation

is

justified

in

our

view

by

a

high

and

rising

60%

net

margin,

72%

return

on

equity

and

40%

earnings

per

share

growth.

Strong

stock

picking

in

Indian

mid-caps

was

a

contributor

led

by

PepsiCo

bottler,

Varun

Beverages,

and

private

hospital

operator,

Max

Healthcare.

Varun

continues

to

sustain

leadership

and

reported

mid-teens

revenue

growth

for

the

quarter

ending

September

30,

well

ahead

of

peers.

Margins

and

earnings

growth

beat

expectations

due

to

improving

product

pipeline

with

an

increasing

sales

volume

in

energy

drink:

Sting,

Gatorade,

health

range,

and

dairy.

The

company

is

planning

to

increase

its

capacity

by

45%

compared

to

levels

in

2022

in

preparation

for

the

next

season,

which

is

signaling

management’s

optimism

on

growth

potential.

A

further

boost

to

the

share

price

came

on

news

that

the

company

would

buy

South

Africa-based

The

Beverage

Company.

The

news

confirmed

speculation

that

Varun

was

set

to

be

rewarded

by

PepsiCo

for

its

performance

in

India

with

a

new

market

opportunity.

Varun

will

look

to

improve

Pepsi’s

low

single-digit

market

share

in

South

Africa.

Stock

picking

in

China

was

the

key

detractor

through

the

year,

with

the

country

being

one

of

the

few

emerging

markets

posting

a

negative

return.

As

of

New

Year’s

Day

2024,

the

MSCI

China

Index

was

down

57%

from

its

2021

high.

The

2022

Congress

in

which

Xi

Jinping

anointed

himself

leader

for

life

and

appointed

his

cadres

to

the

Standing

Committee

was

a

setback

in

institutional

quality.

While

our

analysis

identified

this

risk

at

the

time,

the

assessment

indicated

that

this

development

was

a

long-term

structural

negative

that

would

slowly

play

out,

gradually

impairing

China’s

long-term

investment

appeal.

Instead,

the

impact

of

deteriorating

institutional

quality

on

investment

sentiment

has

taken

hold

at

pace.

This

has

been

most

visible

in

the

authorities’

pursuit

of

the

contradictory

aims

of

Xi

Jinping’s

thoughts

and

common

prosperity.

Consequently,

China

failed

to

reignite

entrepreneurial

spirits

with

a

drip

feed

of

economic

support,

while

pursuing

crackdowns

across

key

sectors

from

education,

healthcare,

internet,

and

real

estate.

Chinese

equities

broadly

could

remain

cheap

for

some

time

given

the

level

of

investor

malaise

and

missteps

by

authorities.

Yet

even

in

this

scenario,

much

like

in

Japan’s

two

lost

decades,

China

can

offer

up

opportunities

for

stock

pickers.

Also

similar

to

Japan,

China’s

exporters

have

been

boosted

by

a

hyper-competitive

currency

and

are

operating

in

a

continental-sized

market

that

provides

the

scale

to

dominate

globally.

In

a

slowing

global

economy,

the

goods

produced

by

the

medical

device

manufacturer,

Mindray,

or

the

EV

behemoth,

BYD,

that

are

competitively

priced

with

quality

can

gain

market

shares.

Other

names

such

as

AIA

and

Prudential,

which

have

been

among

the

largest

detractors

this

year,

reported

record

earnings

and

are

beneficiaries

of

regional

tail

winds

set

to

play

out

over

the

next

decade.

They

do

not

depend

on

an

abrupt

change

of

opinion

from

authorities

in

the

matter

of

economic

stimulus.

Portfolio

activity

has

reduced

exposure

in

China

to

slightly

underweight,

reflecting

conviction

in

the

names

above,

while

exiting

names

like

ecommerce

shopping

platform,

Meituan,

and

domestic

sportswear

brand,

Li

Ning,

and

selling

down

China

Education,

all

of

which

face

cyclical

headwinds.

While

slowing

monetary

data

signaled

that

inflation

was

likely

to

undershoot

market

expectations,

our

view

remains

that

the

magnitude

of

monetary

tightening

risks

a

sharper

slowdown.

Therefore,

a

preference

for

defensive

businesses

over

cyclicals

is

maintained.

Emerging

markets

likely

will

not

avoid

the

bite

of

a

slowdown

in

developed

markets’

economies;

however,

trade

valuations

in

emerging

markets

are

below

long

run

averages,

currencies

are

cheap

(outside

of

South

America),

and

inflation

has

been

contained

well

ahead

of

developed

peers.

A

trend

of

decline

in

the

dollar

would

likely

support

the

case

for

emerging

markets

outperformance,

and

there

are

hints

this

may

be

underway.

The

U.S.

currency

fell

sharply

in

October

on

the

news

as

U.S.

inflation

was

receding

faster

than

expectations.

Rate

cuts

by

the

Federal

Reserve

in

2024

could

add

downward

pressure,

allowing

more

central

banks

in

emerging

markets

to

begin

easing

and

thus

boost

global

liquidity

conditions.

All

the

securities

mentioned

above

continued

to

be

held

as

of

the

end

of

the

period,

except

Vale,

Meituan,

and

Li

Ning.

The

Fund

did

not

invest

in

any

derivatives,

and

there

were

no

liquidity

events

impacting

performance.

Subadviser:

NS

Partners

Ltd.

Portfolio

Manager:

Ian

Beattie

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Emerging

Markets

Fund

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

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

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).

Some

of

the

Fund’s

investments

may

subject

the

Fund

to

liquidity

risk,

making

the

Fund

more

volatile

than

other

mutual

funds.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Each

of

the

Fund’s

subadvisers

makes

investment

decisions

independently,

and

it

is

possible

that

the

security

selection

process

of

one

subadviser

will

not

complement

that

of

another

subadviser.

As

a

result,

the

Fund’s

exposure

to

a

given

security,

industry

sector

or

market

capitalization

could

be

smaller

or

larger

than

if

the

Fund

were

managed

by

a

single

subadviser,

which

could

affect

the

Fund’s

performance.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

Emerging

Markets

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

Asset

Allocation

1

Common

Stocks

96.8%

Other

assets

in

excess

of

liabilities

3.2%

100.0%

Top

Industries

2

Semiconductors

&

Semiconductor

Equipment

15.6%

Banks

15.0%

Technology

Hardware,

Storage

&

Peripherals

10.3%

Interactive

Media

&

Services

5.1%

Hotels,

Restaurants

&

Leisure

4.8%

Beverages

4.7%

Electronic

Equipment,

Instruments

&

Components

4.4%

Oil,

Gas

&

Consumable

Fuels

3.9%

Insurance

3.1%

Health

Care

Providers

&

Services

2.6%

Other

Industries

#

30.5%

100.0%

Top

Holdings

2

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

8.5%

Samsung

Electronics

Co.

Ltd.

7.2%

Tencent

Holdings

Ltd.

5.1%

HDFC

Bank

Ltd.

3.6%

Varun

Beverages

Ltd.

3.5%

SK

Hynix,

Inc.

3.1%

Max

Healthcare

Institute

Ltd.

2.6%

Larsen

&

Toubro

Ltd.

2.4%

NetEase,

Inc.

2.1%

Bharti

Airtel

Ltd.

2.1%

Other

Holdings

#

59.8%

100.0%

Top

Countries

2

China

23.5%

India

19.5%

Taiwan

17.0%

South

Korea

15.3%

Hong

Kong

3.9%

Brazil

3.6%

Thailand

3.3%

Indonesia

3.3%

Greece

2.0%

Mexico

1.9%

Other

Countries

#

6.7%

100.0%

#

For

purposes

of

listing

top

industries,

top

holdings

and

top

countries,

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.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

Emerging

Markets

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

4.16%

0.25%

0.12%

8/30/2000

Class

II

3.86%

(0.01)%

(0.13)%

8/30/2000

Class

D

3.80%

(0.08)%

1.73%

7/29/2016

Class

Y

4.33%

0.41%

0.56%

4/30/2014

MSCI

Emerging

Markets

®

Index

9.83%

3.68%

2.66%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.17%

1.09%

Class

II

1.42%

1.34%

Class

D

1.48%

1.40%

Class

Y

1.02%

0.94%

^

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

Emerging

Markets

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

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

Emerging

Markets

Fund

versus

performance

of

the

MSCI

Emerging

Markets

®

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.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

International

Equity

Fund

For

the

annual

period

ended

December

31,

2023,

the

NVIT

International

Equity

Fund

Class

I

returned

21.70%*

versus

15.62%

for

its

benchmark,

the

MSCI

®

ACWI

ex

USA

Index**.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Foreign

Large

Blend

(consisting

of

127

investments

as

of

December

31,

2023),

was

17.15%

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.

In

2023,

the

Fund

outperformed

the

benchmark.

Developed

markets

were

broadly

in

a

risk-on

posture,

especially

in

November

and

December

as

investors

anticipated

central

bank

rate

cuts

(except

in

Japan).

Small

cap

and

higher

risk

stocks

led

the

rally.

Analysts’

estimates

were

ineffective

as

the

“Higher

for

Longer”

narrative

caused

a

reassessment

of

the

optimism

at

the

beginning

of

the

year.

In

emerging

markets,

lower

risk

and

higher

quality

companies

were

rewarded

for

most

of

the

year

as

slower

growth

and

higher

interest

rates

were

reflected

in

the

consensus.

Continued

disappointment

in

China

from

the

issues

of

the

real

estate

overhang,

low

consumer

confidence

and

lack

of

meaningful

government

stimulus

was

baked

into

analysts’

expectations.

Stocks

with

rising

earnings

estimates

outperformed.

Value

measures

were

effective

during

the

year

as

defensive

measures

did

well

in

emerging

markets,

particularly

in

China

where

more

cyclical

value

measures

were

favored

in

developed

regions.

Growth

measures

were

rewarded

in

developed

markets.

Quality

fared

well

in

both

developed

and

emerging

markets

with

emerging

showing

a

much

higher

preference

for

strong

and

stable

cash

flow

companies.

Equity

markets

continued

to

react

to

central

bank

policies

as

a

softening

tone

supported

by

favorable

inflation

news

prompted

a

resurgence

in

equity

over

the

last

two

months.

November’s

core

inflation

reading

at

3.2%

in

the

U.S.

was

the

lowest

since

April

2021,

allowing

the

Federal

Reserve

to

make

a

notable

dovish

pivot

at

its

December

FOMC

meeting.

Economic

figures

and

notably

consumer

spending

remained

strong,

providing

optimism

that

the

global

recession

may

be

mild

as

the

central

banks

have

likely

engineered

a

soft

landing.

Oil

prices

continued

to

ease

despite

tensions

in

the

Middle

East

as

inventories

rose.

By

contrast,

gold

continued

to

appreciate,

finishing

13.5%

higher

for

the

year.

Emerging

markets

continued

to

rally

in

December,

finishing

the

quarter

with

a

7.9%

gain

(MSCI

All

Country

World

in

USD).

A

weaker

U.S.

dollar,

its

first

decline

since

2020,

helped

to

boost

the

quarterly

return.

Asian

markets,

the

dominant

region

in

the

Index,

had

mixed

quarters

and

trailed

the

broader

Index.

India

continued

to

be

a

stalwart

among

emerging

markets

and

rallied

another

11.9%

during

the

last

quarter.

The

country’s

introduction

of

a

digital

payment

system,

higher

tax

receipts,

significant

infrastructure

spending,

and

foreign

investment

raised

investor

optimism.

South

Korea

and

Taiwan

also

stood

out

as

their

technology

exposure

continued

to

benefit

from

the

global

technology

boom.

Taiwan

Semiconductor

Manufacturing

Company

(TSMC)

accounts

for

more

than

40%

of

the

Taiwan

market’s

capitalization.

China

continued

to

drag

on

the

market’s

performance

with

a

quarterly

loss

of

4.2%.

Structural

issues,

including

debt

and

real

estate

restructuring,

youth

unemployment,

and

trade

sanctions,

continued

to

impact

investor

sentiment.

China’s

Index

weight

has

dropped

by

20%

in

the

past

year.

Latin

American

markets

led

all

the

emerging

market

regions

for

the

quarter

as

both

Brazil

and

Mexico

returned

more

than

17%.

Nearshoring

continued

to

benefit

Mexico’s

economy,

and

the

central

bank

lowered

interest

rates,

which

were

among

the

highest

real

rates

in

the

world.

Middle

East

and

North

Africa

and

European

markets

trailed

modestly

as

softness

in

oil

prices

impacted

the

Middle

East

markets

except

Saudi

Arabia.

Regional

divergence

in

factor

performance

was

a

dominant

theme

during

the

quarter,

particularly

between

the

developed

and

emerging

markets.

In

developed

markets,

risk

measures

were

popular

with

small-cap,

higher-beta,

and

more

volatile

stocks

outperforming,

especially

in

the

United

States

and

Europe.

Emerging

markets

retained

the

risk-off

tone

led

by

lower

volatility

and

larger

cap

stocks.

Value,

especially

low

price-earnings

ratio

and

higher

dividend

stocks

and

sentiment

measures

lagged

in

developed

markets

but

outperformed

in

emerging

markets.

Quality

measures

were

favored

in

Japan

and

emerging

markets

but

lagged

in

the

United

States.

Growth

measures

were

positive

in

most

markets,

except

for

the

emerging

markets.

Stock

selection

accounted

for

the

outperformance

while

sector

allocation

detracted.

Financials

and

health

care

were

the

best-

performing

sectors;

utilities

and

communication

services

were

the

biggest

detractors.

Regionally,

stock

selection

in

China

and

Japan

were

the

strongest,

and

Australia

and

the

UK

were

the

weakest.

From

a

factor

perspective,

value

emerged

as

the

most

effective

factor

for

the

year,

especially

during

a

strong

third

quarter.

Sentiment

generally

performed

well

but

experienced

a

significant

drawdown

in

November

and

December.

Growth

measures

yielded

mixed

results

throughout

the

year.

Quality

contributed

to

a

modest

yet

positive

return

in

developed

markets

and

demonstrated

greater

strength

in

emerging

markets.

Stock

selection

was

equally

effective

in

emerging

markets

and

developed

markets

(proportionate

to

their

respective

portfolio

weights).

Novo

Nordisk

(weight

loss

and

diabetes

drugs),

PetroChina

(strong

rally

in

1st

half

followed

by

trim)

and

Hindustan

Aeronautics

(Airbus

partnership)

led

the

portfolio

for

the

year.

China

Longyuan

Power

(large

renewable

player

adversely

impacted

by

the

reduction

in

subsidies),

Unilever

(weak

sales

growth

in

highly

competitive

market)

and

Ping

An

Insurance

(weak

insurance

sales)

were

the

primary

detractors

for

the

year.

At

the

end

of

the

period,

the

Fund

held

all

the

securities,

except

Ping

An

Insurance.

The

Fund

did

not

utilize

derivatives

and

did

not

experience

any

liquidity

events

that

had

a

material

impact

on

performance

during

the

period.

NVIT

International

Equity

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

Subadviser:

Lazard

Asset

Management

LLC

Portfolio

Managers:

Paul

Moghtader

CFA,

Susanne

Willumsen,

Taras

Ivanenko

PhD,

CFA

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

**

The

MSCI

ACWI

Index

is

MSCI’s

global

equity

index,

designed

to

represent

performance

of

large-

and

mid-cap

stocks

across

23

developed

and

24

emerging

markets.

With

more

than

2,900

constituents

across

11

sectors

and

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

market.

Please

see

also

the

description

of

the

benchmark

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

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

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

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

uses

both

a

growth

style

and

a

value

style

of

investing

and

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

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.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

International

Equity

Fund

Asset

Allocation

1

Common

Stocks

99.4%

Repurchase

Agreements

3.6%

Warrant

†

0.0%

Liabilities

in

excess

of

other

assets

(3.0)%

100.0%

Top

Industries

2

Pharmaceuticals

10.1%

Banks

10.0%

Semiconductors

&

Semiconductor

Equipment

7.7%

Automobiles

6.2%

Insurance

5.3%

Broadline

Retail

3.3%

Metals

&

Mining

3.2%

Technology

Hardware,

Storage

&

Peripherals

2.9%

Oil,

Gas

&

Consumable

Fuels

2.7%

Capital

Markets

2.4%

Other

Industries

#

46.2%

100.0%

Top

Holdings

2

Novo

Nordisk

A/S,

Class

B

3.1%

Infineon

Technologies

AG

2.0%

Constellation

Software,

Inc.

1.9%

ASML

Holding

NV

1.9%

Vinci

SA

1.8%

Bayerische

Motoren

Werke

AG

1.6%

Roche

Holding

AG

1.6%

Manulife

Financial

Corp.

1.5%

Samsung

Electronics

Co.

Ltd.

1.5%

Japan

Post

Holdings

Co.

Ltd.

1.5%

Other

Holdings

#

81.6%

100.0%

Top

Countries

2

Japan

13.8%

China

8.4%

United

Kingdom

7.9%

Canada

7.4%

France

6.3%

Germany

5.5%

Australia

4.5%

Taiwan

4.4%

India

4.2%

Denmark

4.0%

Other

Countries

#

33.6%

100.0%

†

Amount

rounds

to

less

than

0.1%.

#

For

purposes

of

listing

top

industries,

top

holdings

and

top

countries,

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

International

Equity

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

I

21.70%

8.65%

4.85%

8/30/2000

Class

II

2

21.46%

8.40%

4.59%

4/28/2008

MSCI

ACWI

®

ex

USA

15.62%

7.08%

3.83%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

I

1.12%

0.98%

Class

II

1.37%

1.23%

^

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.

2

Effective

April

30,

2014,

Class

VI

Shares

were

renamed

Class

II

Shares.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

International

Equity

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

International

Equity

Fund

versus

performance

of

the

MSCI

ACWI

®

ex

USA

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

NS

Partners

International

Focused

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

For

the

annual

period

ended

December

31,

2023,

the

NVIT

NS

Partners

International

Focused

Growth

Fund

Class

I

returned

15.67%

versus

17.58%

for

its

benchmark,

the

MSCI

EAFE

®

Growth

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Foreign

Large

Growth

(consisting

of

75

investments

as

of

December

31,

2023),

was

15.84%

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.

International

equity

markets

had

a

strong

end

to

2023

helped

by

bond

yields

falling

significantly

in

response

to

better

inflation

data

and

a

perceived

‘pivot’

in

interest

rate

policy

by

the

Federal

Reserve

(“Fed”).

As

we

forecasted,

inflation

has

fallen

rapidly

in

line

with

broad

money

growth

with

the

usual

two-year

lag.

What

has

surprised

us

is

the

resilience

of

the

U.S.

economy

despite

monetary

tightening,

which

appears

partly

to

reflect

consumption

driven

by

the

savings

built

up

during

COVID-19.

Improvements

in

the

global

supply

chain

have

also

supported

industrial

production.

Better

inflation

news

has

allowed

the

Fed

to

pause

on

rate

hikes

since

July

despite

strong

third

quarter

Gross

Domestic

Product

(“GDP”)

growth

and

a

still-tight

labor

market.

With

inflation

likely

to

continue

to

fall,

investors

are

more

hopeful

of

a

soft

landing

coupled

with

rate

cuts

in

2024

and

have

rerated

risk

assets

accordingly.

However,

global

manufacturing

in

the

Purchasing

Managers'

Index

shows

that

new

orders

are

likely

to

decline

further

and

money

trends

yet

to

suggest

a

significant

subsequent

recovery,

this

optimism

on

a

soft

landing

may

prove

premature.

Japanese

stocks

have

been

hitting

33-year

highs

in

local

currency

terms

in

2023,

although

U.S.

dollar

returns

have

been

pared

by

Yen

weakness.

The

market

has

found

favor

within

Asia

again

as

investors

rotate

away

from

China

just

as

corporate

Japan

is

making

efforts

to

improve

shareholder

returns

and

capital

efficiency.

In

China,

the

policy

missteps

continue

with

an

ill-timed

announcement

of

proposals

to

reduce

spending

on

video

games

hitting

related

internet

and

gaming

stocks

at

the

end

of

a

tumultuous

year.

Government

measures

to

prop

up

the

property

market

have

failed

to

reverse

the

decline

in

home

sales

and

the

sector’s

woes

remain

a

significant

drag

on

the

economy.

The

People's

Bank

of

China

accelerated

liquidity

injections

at

year-end,

suggesting

a

policy

shift

that

could

revive

historically

undervalued

equities,

but

a

large

fiscal

package

is

probably

needed

to

boost

investor

sentiment

to

a

level

that

might

offset

the

structural

outflows

of

international

capital

wary

of

the

geopolitical

tensions

and

a

more

autocratic

regime.

Prospects

in

the

UK

and

Eurozone

are

still

downbeat

as

money

trends

continue

to

lag,

suggesting

further

economic

underperformance

and

a

more

urgent

need

for

policy

relief.

The

UK

/

Eurozone

economies

are

on

the

brink

of

technical

recessions,

with

GDP

falling

by

0.1%

in

the

third

quarter

in

both

regions

and

data

in

early

fourth

quarter

remained

downbeat.

Relative

performance

improved

during

the

fourth

quarter

as

quality

growth

stocks

outperformed,

although

the

strong

gains

made

by

cyclical

shares

were

unhelpful.

At

a

sector

level,

Information

Technology

posted

the

largest

absolute

gains

during

the

year

rising

+40%,

driven

by

the

bottoming

of

the

memory

cycle,

the

expectation

of

falling

U.S.

rates

into

the

year

end,

and

the

explosion

of

Artificial

Intelligence

into

the

mainstream.

The

Fund

was

overweight

the

sector

and

benefited

from

the

move.

At

a

stock

level,

there

were

strong

returns

from

Australian

cloud

accounting

software

provider,

Xero,

and

extreme

ultraviolet

(EUV)

related

names

such

as

ASML,

ASM

International,

and

Lasertec

Corporation,

which

benefit

as

the

world

transitions

to

smaller

and

more

complex

semiconductors.

The

securities,

except

Lasertec,

continue

to

be

held

in

the

Fund

as

of

the

end

of

the

period.

Healthcare

provided

the

strongest

contribution

to

returns

(+87

basis

points

(“bps”)),

although

the

sector

lagged

the

overall

market.

Rising

rates

remained

a

headwind

to

performance

for

the

higher

rated

medical

technology

names

during

the

first

half

of

the

year,

but

this

eased

into

the

year

end

as

yields

peaked.

The

overweight

in

Novo

Nordisk

(+55%)

contributed

positively,

as

the

market

concluded

its

glucagon-like

peptide-1

(“GLP1”)

weight

loss

drug

would

help

by

reducing

the

overall

burden

on

the

healthcare

system

with

reduced

cardiovascular

and

other

events.

To

give

an

idea

on

the

impact

of

the

GLP1

drugs,

food

stocks

were

sold

as

the

market

fretted

about

reduced

consumption

and

airline

stocks

rose

on

the

prospect

of

reduced

fuel

costs.

Sentiment

clearly

got

ahead

of

itself

but

having

seen

the

immediate

effects

of

the

drugs,

the

influence

is

not

to

be

underestimated.

Competition

is

likely

going

to

be

fierce

once

the

patents

expire

towards

the

end

of

the

decade.

The

Fund

continues

to

hold

Novo

Nordisk.

Real

Estate

provided

a

strong

contribution

(+73

bps)

rising

46%

versus

a

sector

return

of

24%,

driven

by

falling

rate

expectations

and

good

stock

specific

performance

from

Goodman

Group

in

Australia,

which

the

Fund

continues

to

hold

as

of

December

31,

2023.

With

the

Fed

pivot

in

the

fourth

quarter,

the

market

had

been

looking

to

increase

sector

weightings

although

stocks

have

been

trying

to

price

this

outcome

since

fourth

quarter

2022.

The

rise

in

U.S.

yields

to

5%

during

the

year

gave

pause

for

thought;

however,

as

inflation

continued

its

downward

trend,

the

unwind

from

higher

yields

was

quite

dramatic.

With

central

banks

set

to

start

cutting

rates

‘en

masse’

during

2024,

the

sector

is

likely

to

remain

well

supported.

Industrials

were

another

strong

sector

(+27%)

contributing

61

bps,

but

our

cautious

macro

setup

into

the

year

resulted

in

an

underweight

for

the

entire

period.

We

prefer

companies

with

recurring

revenues

and

asset

light

business

models

such

as

Wolters

Kluwer

(+38%)

and

Recruit

(+34%),

both

of

which

performed

strongly.

Other

subsectors

also

performed

well

such

as

Schneider

in

France

(+46%),

which

benefits

from

increased

electrification

globally,

and

Airbus

(+32%)

in

France,

which

is

seeing

a

growing

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

NS

Partners

International

Focused

Growth

Fund

backlog

order

for

passenger

planes

as

travel

resumes,

as

well

as

benefiting

from

the

never-ending

problems

at

Boeing.

The

securities

were

held

in

the

portfolio

at

the

end

of

the

period.

The

main

negatives

at

a

sector

level

were

financials

(-179

bps)

and

consumer

staples

(-155

bps).

Within

financials,

one

of

the

major

negative

factors

was

exposure

to

Hong

Kong/China

related

names,

with

AIA

(-20%),

Prudential

(Pru)

(-15%)

and

HK

Exchange

(-19%),

all

of

which

posted

disappointing

returns.

The

insurers

were

especially

frustrating

as

valuations

were

at

multi-

year

lows

and

earnings

momentum

had

ticked

up

significantly

since

Hong

Kong/China

reopened.

We

can

see

significant

value

within

the

Pru

and

AIA

franchises

across

SouthEast

Asia

but

are

aware

that

sentiment

remains

a

significant

headwind.

We

have

exited

HK

Exchange

as

allocations

and

volumes

in

the

region

continue

to

decline,

and

reduced

the

exposure

to

Pru/AIA.

On

the

London

Stock

Exchange,

payments

software

company,

Adyen,

performed

well

but

was

not

enough

to

offset

the

negatives.

The

Fund

exited

the

position.

Macquarie

in

Australia

(+16%),

which

is

a

long-term

investment

in

infrastructure

and

green

energy,

should

start

to

outperform

the

vanilla

banks

in

a

falling

rate

environment.

Macquarie

is

one

of

most

experienced

companies

in

these

areas

and

has

a

long

history

of

delivering

strong

returns.

There

is

also

the

optionality

of

ongoing

disruption

and

volatility

in

energy

markets,

where

Macquarie

has

made

significant

returns

in

the

recent

past.

The

position

continues

to

be

held

in

the

portfolio

as

of

the

period-end.

The

Fund

was

overweight

consumer

staples

(+4%)

during

the

year,

which

lagged

more

cyclical

areas

of

the

market;

stock

specific

issues

in

consumer

staples

also

negatively

impacted

the

Fund

performance.

Strong

performance

from

L’Oreal

(+41%)

in

France

was

not

enough

to

offset

negative

returns

from

Budweiser

Apac

(-39%)

in

Hong

Kong,

Remy

Cointreau

(¬22%)

in

France,

and

Bakkafrost

(-14%)

in

the

Faroe

Islands.

Negative

HK/China

sentiment

impacted

the

alcohol

names,

and

operational

issues

at

a

newly

opened

facility

in

Scotland

hindered

Bakkafrost.

We

have

maintained

our

holdings

in

Remy

and

Bakkafrost,

both

of

which

we

think

have

strong

and

well-run

businesses,

and

further

reduced

our

HK/China

exposure

with

the

sale

of

Budweiser

Apac.

Top

stock

performers

included

cosmetic

giant

L’Oreal

(+41%)

in

France,

fashion

retailer

Inditex

(+70%)

in

Spain,

and

eyeglass/

EUV

related

Hoya

(+30%)

in

Japan.

L’Oreal

continues

to

power

ahead

in

skincare

and

color

cosmetics,

aided

in

part

by

their

significant

marketing

budget,

but

more

importantly

due

to

constant

and

more

effective

reinvestment

in

product

and

distribution

in

a

highly

competitive

sector.

The

strong

performance

of

Inditex

was

due

to

market

share

gains,

improved

asset

turns

and

increased

cost

efficiencies,

all

contributing

to

solid

margin

expansion

and

earnings

per

share

upgrades

throughout

the

year.

Hoya’s

core

strength

lies

in

optical

related

areas,

including

a

leading

share

in

eyeglasses,

the

number

one

position

in

EUV

mask

blanks,

and

a

leading

position

in

data

center

storage

devices.

The

more

cyclical

technology

related

areas

of

its

business

slowed

after

the

COVID-19

but

are

now

recovering.

Artificial

Intelligence

is

likely

to

give

a

strong

boost

to

storage

demand

in

the

future,

and

more

importantly

short

term;

one

of

the

large

hard

disk

drive

manufacturers

is

currently

appraising

Hoya’

s

storage

technology.

At

the

end

of

the

period,

the

Fund

held

L’Oreal

and

Hoya,

and

no

longer

held

Inditex.

The

Fund

underperformed

the

MSCI

EAFE

®

Growth

Index

mainly

due

to

exposure

in

HK/China,

and

a

more

cautious

sector

stance

was

a

headwind

to

performance.

We

would

expect

improved

performance

from

our

quality

growth

style

in

a

falling

interest

rate

environment.

The

Fund

did

not

invest

in

any

derivatives,

and

there

were

no

liquidity

events

that

materially

impacted

performance.

Subadviser:

NS

Partners

Ltd

Portfolio

Managers:

Julian

Linton

and

Tim

Bray

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.

Smaller

companies

are

more

vulnerable

than

larger

companies

to

adverse

business

and

economic

developments

and

may

have

more

limited

resources.

Therefore,

they

generally

involve

greater

risk.

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

may

invest

in

more-aggressive

investments

such

as

derivatives

(which

create

investment

leverage

and

are

highly

volatile).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

may

hold

larger

positions

in

fewer

securities

and

financial

instruments

than

other

funds;

therefore

a

change

in

value

of

a

single

security

or

instrument

may

have

a

substantial

impact

on

the

Fund's

value

and

total

return.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

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.

NVIT

NS

Partners

International

Focused

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

Asset

Allocation

1

Common

Stocks

99.3%

Other

assets

in

excess

of

liabilities

0.7%

100.0%

Top

Industries

2

Food

Products

9.2%

Pharmaceuticals

8.5%

Professional

Services

8.3%

Chemicals

6.8%

Semiconductors

&

Semiconductor

Equipment

5.8%

Health

Care

Equipment

&

Supplies

5.4%

Insurance

5.1%

Software

4.8%

Diversified

Telecommunication

Services

4.4%

Personal

Care

Products

4.2%

Other

Industries

37.5%

100.0%

Top

Holdings

2

Novo

Nordisk

A/S,

Class

B

5.1%

Nestle

SA

(Registered)

4.8%

SAP

SE

3.4%

Airbus

SE

3.3%

Hoya

Corp.

3.3%

AstraZeneca

plc

3.3%

Experian

plc

3.2%

Recruit

Holdings

Co.

Ltd.

3.2%

L'Oreal

SA

3.0%

CSL

Ltd.

2.8%

Other

Holdings

64.6%

100.0%

Top

Countries

2

Japan

20.5%

United

States

13.5%

France

12.8%

Netherlands

7.6%

Switzerland

6.6%

Spain

6.4%

Australia

5.6%

United

Kingdom

5.6%

Denmark

5.1%

Germany

4.6%

Other

Countries

11.7%

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.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

NS

Partners

International

Focused

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

15.67%

7.39%

3.76%

3/24/2008

Class

II

2

15.54%

7.15%

3.51%

3/24/2008

MSCI

EAFE

®

Growth

Index

17.58%

8.81%

5.15%

Expense

Ratios

Gross

Expense

Ratio

^

Expense

Ratio

^

Class

I

1.15%

0.98%

Class

II

1.40%

1.23%

^

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.

2

Effective

April

30,

2014,

Class

VI

Shares

were

renamed

Class

II

Shares.

NVIT

NS

Partners

International

Focused

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

25

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

NS

Partners

International

Focused

Growth

Fund

versus

performance

of

the

MSCI

EAFE

®

Growth

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

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

26

-

Shareholder

Expense

Example

-

December

31,

2023

-

International

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

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

NVIT

Columbia

Overseas

Value

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,079.40

5.35

1.02

Hypothetical

(b)(c)

1,000.00

1,020.06

5.19

1.02

Class

X

Shares

Actual

(b)

1,000.00

1,080.00

4.61

0.88

Hypothetical

(b)(c)

1,000.00

1,020.77

4.48

0.88

Class

Z

Shares

Actual

(b)

1,000.00

1,078.80

5.92

1.13

Hypothetical

(b)(c)

1,000.00

1,019.51

5.75

1.13

International

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

27

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

Emerging

Markets

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,002.50

5.75

1.14

Hypothetical

(b)(c)

1,000.00

1,019.46

5.80

1.14

Class

II

Shares

Actual

(b)

1,000.00

1,000.90

7.01

1.39

Hypothetical

(b)(c)

1,000.00

1,018.20

7.07

1.39

Class

D

Shares

Actual

(b)

1,000.00

1,000.40

7.16

1.42

Hypothetical

(b)(c)

1,000.00

1,018.05

7.22

1.42

Class

Y

Shares

Actual

(b)

1,000.00

1,001.20

4.69

0.93

Hypothetical

(b)(c)

1,000.00

1,020.52

4.74

0.93

NVIT

International

Equity

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,079.20

5.14

0.98

Hypothetical

(b)(c)

1,000.00

1,020.27

4.99

0.98

Class

II

Shares

Actual

(b)

1,000.00

1,078.70

6.44

1.23

Hypothetical

(b)(c)

1,000.00

1,019.00

6.26

1.23

NVIT

NS

Partners

International

Focused

Growth

Fund

Class

I

Shares

Actual

(b)

1,000.00

1,023.70

4.95

0.97

Hypothetical

(b)(c)

1,000.00

1,020.32

4.94

0.97

Class

II

Shares

Actual

(b)

1,000.00

1,023.80

6.22

1.22

Hypothetical

(b)(c)

1,000.00

1,019.06

6.21

1.22

(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.

28

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Columbia

Overseas

Value

Fund

Common

Stocks

97

.9

%

Shares

Value

($)

AUSTRALIA

2

.4

%

Hotels,

Restaurants

&

Leisure

0

.5

%

Flutter

Entertainment

plc

*

6,727

1,184,697

Metals

&

Mining

1

.9

%

Northern

Star

Resources

Ltd.

478,493

4,476,017

5,660,714

BELGIUM

1

.1

%

Diversified

Telecommunication

Services

1

.1

%

Liberty

Global

Ltd.,

Class

C

*(a)

132,148

2,463,239

CANADA

3

.6

%

Chemicals

0

.4

%

Nutrien

Ltd.

16,823

947,640

Metals

&

Mining

1

.2

%

Pan

American

Silver

Corp.

70,477

1,150,889

Teck

Resources

Ltd.,

Class

B

40,338

1,705,088

2,855,977

Oil,

Gas

&

Consumable

Fuels

2

.0

%

Cameco

Corp.

68,725

2,962,047

Vermilion

Energy,

Inc.

(a)

140,553

1,695,069

4,657,116

8,460,733

CHINA

0

.8

%

Water

Utilities

0

.8

%

Guangdong

Investment

Ltd.

2,556,000

1,858,303

FINLAND

2

.1

%

Paper

&

Forest

Products

2

.1

%

UPM-Kymmene

OYJ

128,762

4,843,472

FRANCE

11

.9

%

Banks

2

.1

%

BNP

Paribas

SA

72,324

5,011,108

Biotechnology

0

.0

%

†

DBV

Technologies

SA,

ADR

*

27,993

26,672

Construction

&

Engineering

1

.1

%

Eiffage

SA

23,963

2,572,209

Insurance

2

.6

%

AXA

SA

188,498

6,153,115

Multi-Utilities

2

.2

%

Engie

SA

299,141

5,260,141

Oil,

Gas

&

Consumable

Fuels

3

.9

%

TotalEnergies

SE

129,469

8,794,628

27,817,873

GERMANY

4

.0

%

Automobiles

0

.5

%

Mercedes-Benz

Group

AG

17,455

1,205,512

Machinery

1

.1

%

Duerr

AG

59,585

1,406,767

KION

Group

AG

26,221

1,119,744

2,526,511

Multi-Utilities

1

.4

%

E.ON

SE

251,131

3,368,948

Pharmaceuticals

1

.0

%

Bayer

AG

(Registered)

23,134

858,822

Merck

KGaA

9,226

1,467,466

2,326,288

9,427,259

Common

Stocks

Shares

Value

($)

GREECE

1

.0

%

Banks

1

.0

%

Piraeus

Financial

Holdings

SA

*

682,881

2,407,085

HONG

KONG

1

.3

%

Food

Products

1

.3

%

WH

Group

Ltd.

Reg.

S

(b)

4,701,377

3,032,458

IRELAND

1

.1

%

Banks

1

.1

%

Bank

of

Ireland

Group

plc

274,256

2,485,997

Biotechnology

0

.0

%

†

Amarin

Corp.

plc,

ADR

*(a)

24,495

21,311

2,507,308

ISRAEL

3

.4

%

Banks

0

.8

%

Bank

Hapoalim

BM

213,955

1,917,114

Diversified

Telecommunication

Services

0

.6

%

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

978,330

1,329,511

Software

2

.0

%

Check

Point

Software

Technologies

Ltd.

*

30,295

4,628,773

7,875,398

JAPAN

23

.7

%

Automobiles

0

.9

%

Toyota

Motor

Corp.

112,400

2,063,302

Banks

3

.6

%

Mebuki

Financial

Group,

Inc.

850,900

2,581,011

Sumitomo

Mitsui

Financial

Group,

Inc.

115,000

5,601,662

8,182,673

Building

Products

0

.3

%

Sanwa

Holdings

Corp.

47,200

713,143

Commercial

Services

&

Supplies

1

.3

%

TOPPAN

Holdings,

Inc.

112,600

3,132,878

Construction

&

Engineering

0

.7

%

Kinden

Corp.

89,900

1,525,091

Consumer

Staples

Distribution

&

Retail

2

.1

%

Kusuri

no

Aoki

Holdings

Co.

Ltd.

39,300

893,361

MatsukiyoCocokara

&

Co.

154,600

2,732,520

Sundrug

Co.

Ltd.

39,100

1,254,777

4,880,658

Electronic

Equipment,

Instruments

&

Components

2

.9

%

Daiwabo

Holdings

Co.

Ltd.

163,200

3,563,426

Macnica

Holdings,

Inc.

61,100

3,206,628

6,770,054

Financial

Services

1

.6

%

ORIX

Corp.

203,500

3,812,935

Health

Care

Providers

&

Services

0

.7

%

Ship

Healthcare

Holdings,

Inc.

98,000

1,674,769

Insurance

1

.4

%

Dai-ichi

Life

Holdings,

Inc.

156,300

3,318,309

Leisure

Products

1

.8

%

Sankyo

Co.

Ltd.

73,700

4,289,293

Machinery

0

.3

%

Takuma

Co.

Ltd.

60,900

770,419

NVIT

Columbia

Overseas

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

1

.6

%

Takeda

Pharmaceutical

Co.

Ltd.

131,200

3,766,405

Specialty

Retail

1

.7

%

Shimamura

Co.

Ltd.

36,200

4,040,321

Trading

Companies

&

Distributors

2

.8

%

ITOCHU

Corp.

99,900

4,077,849

Marubeni

Corp.

165,000

2,596,280

6,674,129

55,614,379

NETHERLANDS

10

.6

%

Banks

2

.5

%

ING

Groep

NV

384,825

5,760,905

Consumer

Staples

Distribution

&

Retail

1

.9

%

Koninklijke

Ahold

Delhaize

NV

152,987

4,392,636

Insurance

2

.1

%

ASR

Nederland

NV

102,588

4,850,949

Oil,

Gas

&

Consumable

Fuels

4

.1

%

Shell

plc

300,754

9,771,252

24,775,742

NORWAY

0

.7

%

Food

Products

0

.7

%

Leroy

Seafood

Group

ASA

413,472

1,702,813

RUSSIA

0

.0

%

†

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

LUKOIL

PJSC

^∞

10,847

0

SINGAPORE

2

.3

%

Electronic

Equipment,

Instruments

&

Components

1

.5

%

Venture

Corp.

Ltd.

329,200

3,390,671

Oil,

Gas

&

Consumable

Fuels

0

.8

%

BW

LPG

Ltd.

Reg.

S

(b)

130,583

1,938,927

5,329,598

SOUTH

AFRICA

0

.2

%

Metals

&

Mining

0

.2

%

Sibanye

Stillwater

Ltd.,

ADR

(a)

104,989

570,090

SOUTH

KOREA

0

.7

%

Broadline

Retail

0

.1

%

Hyundai

Home

Shopping

Network

Corp.

*

7,678

256,361

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Youngone

Corp.

*

36,817

1,299,393

1,555,754

SPAIN

2

.4

%

Banks

2

.3

%

Banco

Santander

SA

1,284,984

5,364,105

Energy

Equipment

&

Services

0

.1

%

Tecnicas

Reunidas

SA

*

36,225

333,840

5,697,945

SWEDEN

0

.1

%

Entertainment

0

.1

%

Stillfront

Group

AB

*

276,150

334,321

SWITZERLAND

3

.0

%

Capital

Markets

0

.7

%

UBS

Group

AG

(Registered)

49,464

1,536,291

Common

Stocks

Shares

Value

($)

SWITZERLAND

Pharmaceuticals

2

.3

%

Novartis

AG

(Registered)

54,815

5,534,644

7,070,935

TAIWAN

1

.0

%

Insurance

1

.0

%

Fubon

Financial

Holding

Co.

Ltd.

1,084,490

2,286,505

UNITED

KINGDOM

11

.5

%

Capital

Markets

1

.2

%

TP

ICAP

Group

plc

1,154,810

2,870,241

Diversified

Telecommunication

Services

1

.2

%

BT

Group

plc

(a)

1,795,014

2,819,635

Energy

Equipment

&

Services

0

.2

%

John

Wood

Group

plc

*

197,325

430,484

Household

Durables

0

.2

%

Crest

Nicholson

Holdings

plc

135,394

373,904

Industrial

Conglomerates

1

.9

%

DCC

plc

59,258

4,348,301

Insurance

1

.0

%

Just

Group

plc

2,078,074

2,272,792

Oil,

Gas

&

Consumable

Fuels

0

.9

%

BP

plc

369,719

2,184,861

Pharmaceuticals

0

.7

%

AstraZeneca

plc,

ADR

25,003

1,683,952

Tobacco

2

.9

%

British

American

Tobacco

plc

160,606

4,686,845

Imperial

Brands

plc

100,773

2,315,747

7,002,592

Wireless

Telecommunication

Services

1

.3

%

Vodafone

Group

plc

3,523,272

3,060,575

27,047,337

UNITED

STATES

9

.0

%

Biotechnology

0

.2

%

Insmed,

Inc.

*

15,646

484,869

Sage

Therapeutics,

Inc.

*

4,653

100,831

585,700

Chemicals

0

.6

%

Livent

Corp.

*(a)

74,381

1,337,370

Financial

Services

1

.3

%

Burford

Capital

Ltd.

(a)

195,997

3,057,553

Food

Products

0

.7

%

JBS

SA

309,250

1,580,772

Oil,

Gas

&

Consumable

Fuels

1

.4

%

Diversified

Energy

Co.

plc

Reg.

S

(a)

127,668

1,810,877

Energy

Fuels,

Inc.

*(a)

216,916

1,559,626

3,370,503

Pharmaceuticals

4

.8

%

Jazz

Pharmaceuticals

plc

*(a)

25,694

3,160,362

Roche

Holding

AG

9,259

2,683,556

Sanofi

SA

53,597

5,313,681

11,157,599

21,089,497

Total

Common

Stocks

(cost

$183,737,593)

229,428,758

30

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Columbia

Overseas

Value

Fund

Exchange

Traded

Fund

0

.4

%

Shares

Value

($)

UNITED

STATES

0

.4

%

iShares

MSCI

EAFE

Value

ETF

(a)

17,240

898,204

Total

Exchange

Traded

Fund

(cost

$857,459)

898,204

Repurchase

Agreements

2

.7

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$434,491,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$442,915.(c)(d)

434,230

434,230

Pershing

LLC,

5.33%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$6,003,554,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.27%

-

8.00%,

maturing

2/15/2024

-

10/20/2073;

total

market

value

$6,120,000.(c)

(d)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$6,434,230)

6,434,230

Total

Investments

(cost

$191,029,282)

—

101.0%

236,761,192

Liabilities

in

excess

of

other

assets

—

(1.0)%

(

2,262,927

)

NET

ASSETS

—

100.0%

$

234,498,265

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$14,077,897,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$6,434,230

and

by

$8,191,675

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

–

8/15/2053,

a

total

value

of

$14,625,905.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$4,971,385

which

represents

2.12%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2023

was

$6,434,230.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

Columbia

Overseas

Value

Fund

-

December

31,

2023

-

Statement

of

Investments

-

31

Forward

Foreign

Currency

Contracts

outstanding

as

of

December

31,

2023:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

1,367,000

USD

912,493

Morgan

Stanley

Co.,

Inc.

2/1/2024

20,004

AUD

18,948,000

USD

12,535,428

State

Street

Bank

and

Trust

Co.

2/1/2024

389,917

CHF

3,932,000

USD

4,522,555

UBS

AG

Stamford

Branch

2/1/2024

167,602

DKK

9,367,000

USD

1,361,055

State

Street

Bank

and

Trust

Co.

2/1/2024

28,319

EUR

3,981,000

USD

4,309,273

Citibank

NA

2/1/2024

91,037

NZD

737,000

USD

455,137

Morgan

Stanley

Co.,

Inc.

2/1/2024

10,816

SEK

47,262,000

USD

4,542,473

Morgan

Stanley

Co.,

Inc.

2/1/2024

149,335

Total

unrealized

appreciation

857,030

DKK

4,667,000

USD

696,671

Citibank

NA

2/1/2024

(

4,432

)

USD

5,652,929

CAD

7,677,000

UBS

AG

Stamford

Branch

2/1/2024

(

143,270

)

USD

455,492

DKK

3,100,000

HSBC

Bank

USA,

N.A.

2/1/2024

(

4,320

)

USD

1,807,836

ILS

6,692,000

HSBC

Bank

USA,

N.A.

2/1/2024

(

41,631

)

USD

3,944,916

JPY

561,253,000

Barclays

Bank

plc

2/1/2024

(

54,359

)

USD

1,142,969

JPY

162,808,000

Citibank

NA

2/1/2024

(

17,139

)

USD

465,876

JPY

65,800,000

State

Street

Bank

and

Trust

Co.

2/1/2024

(

2,990

)

USD

1,585,878

KRW

2,076,469,000

Goldman

Sachs

International

**

2/1/2024

(

29,264

)

USD

453,090

SGD

605,000

HSBC

Bank

USA,

N.A.

2/1/2024

(

6,007

)

USD

2,257,887

TWD

70,638,000

Goldman

Sachs

International

**

2/1/2024

(

52,608

)

Total

unrealized

depreciation

(

356,020

)

Net

unrealized

appreciation

501,010

**

Non-deliverable

forward.

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CHF

Swiss

franc

DKK

Danish

krone

EUR

Euro

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

TWD

Taiwan

new

dollar

USD

United

States

dollar

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Emerging

Markets

Fund

Common

Stocks

96

.8

%

Shares

Value

($)

BRAZIL

3

.5

%

Banks

2

.0

%

Banco

Bradesco

SA,

ADR

293,080

1,025,780

Itau

Unibanco

Holding

SA,

ADR

267,023

1,855,810

2,881,590

Oil,

Gas

&

Consumable

Fuels

1

.5

%

Petroleo

Brasileiro

SA,

ADR

141,993

2,267,628

5,149,218

CHILE

1

.1

%

Banks

0

.6

%

Banco

Santander

Chile

18,488,046

902,358

Electrical

Equipment

0

.5

%

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

12,441

749,197

1,651,555

CHINA

22

.8

%

Automobiles

0

.8

%

BYD

Co.

Ltd.,

Class

A

42,200

1,176,363

Beverages

1

.2

%

Kweichow

Moutai

Co.

Ltd.,

Class

A

7,052

1,712,970

Broadline

Retail

1

.3

%

Alibaba

Group

Holding

Ltd.

199,469

1,927,719

Diversified

Consumer

Services

0

.0

%

†

China

Education

Group

Holdings

Ltd.

Reg.

S

100,000

62,580

Electrical

Equipment

1

.0

%

NARI

Technology

Co.

Ltd.,

Class

A

448,765

1,415,574

Electronic

Equipment,

Instruments

&

Components

1

.0

%

Sunny

Optical

Technology

Group

Co.

Ltd.

158,600

1,458,245

Entertainment

2

.1

%

NetEase,

Inc.

164,903

3,060,503

Health

Care

Equipment

&

Supplies

1

.0

%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

35,100

1,440,378

Hotels,

Restaurants

&

Leisure

1

.9

%

Trip.com

Group

Ltd.,

ADR

*(a)

63,700

2,293,837

Yum

China

Holdings,

Inc.

11,800

500,674

2,794,511

Interactive

Media

&

Services

4

.8

%

Tencent

Holdings

Ltd.

192,100

7,257,683

Life

Sciences

Tools

&

Services

0

.7

%

WuXi

AppTec

Co.

Ltd.,

Class

A

97,965

1,009,638

Machinery

1

.2

%

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

86,500

666,298

Shenzhen

Envicool

Technology

Co.

Ltd.,

Class

A

278,504

1,078,316

1,744,614

Oil,

Gas

&

Consumable

Fuels

0

.9

%

PetroChina

Co.

Ltd.,

Class

H

2,070,000

1,364,558

Passenger

Airlines

0

.9

%

Spring

Airlines

Co.

Ltd.,

Class

A

*

182,225

1,288,348

Real

Estate

Management

&

Development

1

.0

%

KE

Holdings,

Inc.,

ADR

93,500

1,515,635

Common

Stocks

Shares

Value

($)

CHINA

Software

1

.6

%

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

338,269

2,323,779

Textiles,

Apparel

&

Luxury

Goods

1

.4

%

Shenzhou

International

Group

Holdings

Ltd.

200,700

2,059,455

33,612,553

GREECE

1

.9

%

Hotels,

Restaurants

&

Leisure

1

.2

%

OPAP

SA

103,926

1,764,224

Industrial

Conglomerates

0

.7

%

Mytilineos

SA

25,793

1,045,133

2,809,357

HONG

KONG

3

.8

%

Capital

Markets

0

.8

%

Hong

Kong

Exchanges

&

Clearing

Ltd.

34,000

1,163,316

Insurance

3

.0

%

AIA

Group

Ltd.

281,413

2,444,186

Prudential

plc

172,181

1,938,265

4,382,451

5,545,767

INDIA

18

.9

%

Automobile

Components

0

.6

%

Sona

Blw

Precision

Forgings

Ltd.

Reg.

S

(b)

123,008

951,254

Banks

6

.5

%

Axis

Bank

Ltd.

167,597

2,216,851

HDFC

Bank

Ltd.

250,730

5,143,593

HDFC

Bank

Ltd.,

ADR

33,023

2,216,174

9,576,618

Beverages

3

.4

%

Varun

Beverages

Ltd.

340,995

5,066,242

Construction

&

Engineering

2

.4

%

Larsen

&

Toubro

Ltd.

82,388

3,487,436

Ground

Transportation

1

.4

%

Container

Corp.

of

India

Ltd.

194,534

2,007,206

Health

Care

Providers

&

Services

2

.5

%

Max

Healthcare

Institute

Ltd.

446,909

3,681,615

Wireless

Telecommunication

Services

2

.1

%

Bharti

Airtel

Ltd.

246,116

3,048,928

27,819,299

INDONESIA

3

.2

%

Banks

1

.6

%

Bank

Central

Asia

Tbk.

PT

2,315,915

1,412,545

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

2,691,600

997,891

2,410,436

Diversified

Telecommunication

Services

1

.6

%

Telkom

Indonesia

Persero

Tbk.

PT

9,124,800

2,342,060

4,752,496

MALAYSIA

1

.6

%

Banks

1

.6

%

Public

Bank

Bhd.

2,450,400

2,286,088

NVIT

Emerging

Markets

Fund

-

December

31,

2023

-

Statement

of

Investments

-

33

Common

Stocks

Shares

Value

($)

MEXICO

1

.8

%

Consumer

Staples

Distribution

&

Retail

1

.8

%

Wal-Mart

de

Mexico

SAB

de

CV

(a)

644,753

2,717,447

PHILIPPINES

0

.9

%

Hotels,

Restaurants

&

Leisure

0

.9

%

Jollibee

Foods

Corp.

298,760

1,355,653

POLAND

1

.6

%

Banks

1

.2

%

Bank

Polska

Kasa

Opieki

SA

47,440

1,832,849

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

LPP

SA

131

538,920

2,371,769

RUSSIA

0

.0

%

†

Banks

0

.0

%

†

Sberbank

of

Russia

PJSC

(Preference)

^∞

533,346

0

TCS

Group

Holding

plc,

GDR

Reg.

S

*^∞

24,424

0

0

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Magnit

PJSC

^∞

32,259

0

Interactive

Media

&

Services

0

.0

%

†

Yandex

NV,

Class

A

*^∞

33,418

0

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Gazprom

PJSC

*^∞

1,425,666

0

0

SOUTH

AFRICA

1

.3

%

Financial

Services

1

.3

%

FirstRand

Ltd.

459,770

1,845,584

SOUTH

KOREA

14

.8

%

Automobile

Components

1

.5

%

Hyundai

Mobis

Co.

Ltd.

11,755

2,151,720

Automobiles

0

.5

%

Kia

Corp.

*

10,212

790,829

Semiconductors

&

Semiconductor

Equipment

3

.8

%

HPSP

Co.

Ltd.

*

34,750

1,174,323

SK

Hynix,

Inc.

41,144

4,492,315

5,666,638

Technology

Hardware,

Storage

&

Peripherals

9

.0

%

Samsung

Electronics

Co.

Ltd.

170,054

10,342,670

Samsung

Electronics

Co.

Ltd.

(Preference)

60,704

2,927,257

13,269,927

21,879,114

TAIWAN

16

.4

%

Communications

Equipment

0

.8

%

Accton

Technology

Corp.

72,541

1,229,163

Electronic

Equipment,

Instruments

&

Components

3

.3

%

Delta

Electronics,

Inc.

212,000

2,159,139

Lotes

Co.

Ltd.

34,000

1,181,027

Unimicron

Technology

Corp.

277,000

1,578,856

4,919,022

Semiconductors

&

Semiconductor

Equipment

11

.3

%

Alchip

Technologies

Ltd.

17,000

1,801,377

eMemory

Technology,

Inc.

20,000

1,585,293

Global

Unichip

Corp.

19,000

1,071,794

Common

Stocks

Shares

Value

($)

TAIWAN

Semiconductors

&

Semiconductor

Equipment

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

626,923

12,065,437

16,523,901

Technology

Hardware,

Storage

&

Peripherals

1

.0

%

Wiwynn

Corp.

26,000

1,535,461

24,207,547

THAILAND

3

.2

%

Banks

0

.8

%

SCB

X

PCL

409,200

1,252,806

Hotels,

Restaurants

&

Leisure

0

.6

%

Minor

International

PCL

1,069,700

923,206

Oil,

Gas

&

Consumable

Fuels

1

.3

%

PTT

Exploration

&

Production

PCL

441,075

1,918,718

Specialty

Retail

0

.5

%

Home

Product

Center

PCL

2,009,300

687,762

4,782,492

Total

Common

Stocks

(cost

$127,352,924)

142,785,939

Total

Investments

(cost

$127,352,924)

—

96.8%

142,785,939

Other

assets

in

excess

of

liabilities

—

3.2%

4,658,606

NET

ASSETS

—

100.0%

$

147,444,545

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2023.

The

total

value

of

securities

on

loan

as

of

December

31,

2023

was

$589,972,

which

was

collateralized

by

$627,996

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

7.63%,

and

maturity

dates

ranging

from

4/30/2024

–

2/15/2052.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$951,254

which

represents

0.65%

of

net

assets.

34

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

Emerging

Markets

Fund

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

International

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

35

Common

Stocks

99.4%

Shares

Value

($)

AUSTRALIA

4.6%

Commercial

Services

&

Supplies

1.0%

Brambles

Ltd.

99,367

920,050

Health

Care

Equipment

&

Supplies

0.4%

Cochlear

Ltd.

1,699

345,215

Health

Care

Providers

&

Services

0.6%

Sonic

Healthcare

Ltd.

24,512

535,106

Hotels,

Restaurants

&

Leisure

0.8%

Aristocrat

Leisure

Ltd.

25,700

712,563

Metals

&

Mining

1.5%

BlueScope

Steel

Ltd.

19,018

302,664

Coronado

Global

Resources,

Inc.

CRDI

Reg.

S

(a)

62,183

74,292

Northern

Star

Resources

Ltd.

22,790

213,187

Perseus

Mining

Ltd.

252,363

319,518

Pilbara

Minerals

Ltd.

(b)

138,563

371,336

Ramelius

Resources

Ltd.

(b)

103,337

119,165

1,400,162

Passenger

Airlines

0.3%

Qantas

Airways

Ltd.

*

78,931

287,759

4,200,855

AUSTRIA

0.3%

Banks

0.3%

Raiffeisen

Bank

International

AG

(b)

11,229

231,567

BRAZIL

1.5%

Metals

&

Mining

0.1%

Vale

SA

6,500

103,070

Oil,

Gas

&

Consumable

Fuels

1.3%

Petroleo

Brasileiro

SA

(Preference)

144,900

1,107,650

Water

Utilities

0.1%

Cia

De

Sanena

Do

Parana

*

19,200

115,196

1,325,916

CANADA

7.6%

Broadline

Retail

1.2%

Dollarama,

Inc.

(b)

15,582

1,122,920

Consumer

Staples

Distribution

&

Retail

0.2%

Metro,

Inc.,

Class

A

2,729

141,264

Independent

Power

and

Renewable

Electricity

Producers

0.3%

TransAlta

Corp.

32,463

269,984

Insurance

1.7%

Fairfax

Financial

Holdings

Ltd.

97

89,494

Manulife

Financial

Corp.

63,989

1,413,982

1,503,476

IT

Services

1.4%

CGI,

Inc.

*

9,047

969,187

Shopify,

Inc.,

Class

A

*

3,717

289,382

1,258,569

Metals

&

Mining

0.6%

Agnico

Eagle

Mines

Ltd.

3,890

213,281

Kinross

Gold

Corp.

16,134

97,653

Torex

Gold

Resources,

Inc.

*

20,092

221,686

532,620

Oil,

Gas

&

Consumable

Fuels

0.3%

Canadian

Natural

Resources

Ltd.

2,886

189,075

Vermilion

Energy,

Inc.

(b)

5,733

69,096

258,171

Common

Stocks

Shares

Value

($)

CANADA

Software

1.9%

Constellation

Software,

Inc.

723

1,792,575

6,879,579

CHILE

0.1%

Electric

Utilities

0.1%

Enel

Chile

SA

732,123

47,359

CHINA

8.6%

Air

Freight

&

Logistics

0.1%

ZTO

Express

Cayman,

Inc.,

ADR

5,894

125,424

Automobiles

0.1%

BYD

Co.

Ltd.,

Class

H

2,500

68,700

Banks

0.5%

Bank

of

China

Ltd.,

Class

H

850,000

323,400

China

Construction

Bank

Corp.,

Class

H

153,000

91,535

China

Merchants

Bank

Co.

Ltd.,

Class

H

16,500

57,448

472,383

Broadline

Retail

2.1%

Alibaba

Group

Holding

Ltd.

84,100

812,765

Alibaba

Group

Holding

Ltd.,

ADR

2,708

209,897

JD.com,

Inc.,

Class

A

26,057

375,576

PDD

Holdings,

Inc.,

ADR

*(b)

2,288

334,757

Vipshop

Holdings

Ltd.,

ADR

*(b)

12,965

230,258

1,963,253

Chemicals

0.2%

Jinan

Acetate

Chemical

Co.

Ltd.

6,846

177,480

Communications

Equipment

0.1%

BYD

Electronic

International

Co.

Ltd.

17,500

81,864

Diversified

Consumer

Services

0.1%

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR

*

1,255

91,966

Electronic

Equipment,

Instruments

&

Components

0.1%

Sunny

Optical

Technology

Group

Co.

Ltd.

9,200

84,589

Entertainment

1.0%

NetEase,

Inc.

36,500

677,418

Tencent

Music

Entertainment

Group,

ADR

*

21,871

197,058

874,476

Gas

Utilities

0.2%

Beijing

Enterprises

Holdings

Ltd.

23,500

81,694

Kunlun

Energy

Co.

Ltd.

102,000

91,885

173,579

Health

Care

Providers

&

Services

0.1%

Sinopharm

Group

Co.

Ltd.,

Class

H

24,800

64,822

Hotels,

Restaurants

&

Leisure

0.4%

Haidilao

International

Holding

Ltd.

Reg.

S

(a)(b)

110,000

204,087

Meituan,

Class

B

Reg.

S

*(a)

12,600

132,805

336,892

Household

Durables

0.1%

Hisense

Home

Appliances

Group

Co.

Ltd.

34,000

73,218

36

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Independent

Power

and

Renewable

Electricity

Producers

0.4%

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

525,000

397,635

Insurance

0.1%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

70,000

83,090

Interactive

Media

&

Services

1.4%

Baidu,

Inc.,

ADR

*

1,970

234,607

Kuaishou

Technology

Reg.

S

*(a)

11,600

78,362

Meitu,

Inc.

Reg.

S

*(a)(b)

165,000

75,812

Tencent

Holdings

Ltd.

25,100

948,298

1,337,079

Machinery

0.3%

Yangzijiang

Shipbuilding

Holdings

Ltd.

276,300

311,545

Oil,

Gas

&

Consumable

Fuels

0.3%

PetroChina

Co.

Ltd.,

Class

H

412,000

271,593

Pharmaceuticals

0.3%

CSPC

Pharmaceutical

Group

Ltd.

259,200

242,263

Real

Estate

Management

&

Development

0.2%

China

Overseas

Property

Holdings

Ltd.

85,000

63,711

KE

Holdings,

Inc.,

ADR

5,603

90,824

154,535

Specialty

Retail

0.1%

China

Yongda

Automobiles

Services

Holdings

Ltd.

162,500

60,895

Technology

Hardware,

Storage

&

Peripherals

0.4%

Xiaomi

Corp.,

Class

B

Reg.

S

*(a)

177,000

352,400

7,799,681

COLOMBIA

0.1%

Banks

0.1%

Bancolombia

SA,

ADR

2,242

68,986

DENMARK

4.1%

Marine

Transportation

0.6%

AP

Moller

-

Maersk

A/S,

Class

B

283

508,683

Pharmaceuticals

3.2%

Novo

Nordisk

A/S,

Class

B

28,181

2,914,897

Textiles,

Apparel

&

Luxury

Goods

0.3%

Pandora

A/S

1,925

265,942

3,689,522

FRANCE

6.5%

Banks

1.4%

BNP

Paribas

SA

13,227

916,458

Societe

Generale

SA

11,579

308,708

1,225,166

Building

Products

0.9%

Cie

de

Saint-Gobain

SA

11,464

847,720

Construction

&

Engineering

1.9%

Vinci

SA

13,143

1,650,672

Containers

&

Packaging

0.3%

Verallia

SA

Reg.

S

(a)

7,786

300,938

Hotels,

Restaurants

&

Leisure

0.5%

La

Francaise

des

Jeux

SAEM

Reg.

S

(a)

11,788

427,908

Common

Stocks

Shares

Value

($)

FRANCE

Insurance

0.6%

AXA

SA

16,923

552,415

IT

Services

0.4%

Capgemini

SE

1,911

399,769

Oil,

Gas

&

Consumable

Fuels

0.2%

TotalEnergies

SE

2,730

185,445

Professional

Services

0.1%

Teleperformance

SE

659

96,321

Retail

REITs

0.1%

Unibail-Rodamco-Westfield

*

1,416

104,314

Trading

Companies

&

Distributors

0.1%

Rexel

SA

4,185

115,035

5,905,703

GERMANY

5.6%

Automobiles

1.6%

Bayerische

Motoren

Werke

AG

13,751

1,529,439

Capital

Markets

0.8%

Deutsche

Bank

AG

(Registered)

51,026

696,442

Hotels,

Restaurants

&

Leisure

0.2%

TUI

AG

*

17,994

140,347

Insurance

0.5%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

466

192,969

Talanx

AG

3,413

243,573

436,542

Machinery

0.1%

Rational

AG

78

60,262

Personal

Care

Products

0.1%

Beiersdorf

AG

303

45,398

Semiconductors

&

Semiconductor

Equipment

2.1%

Infineon

Technologies

AG

45,007

1,877,177

SMA

Solar

Technology

AG

*(b)

1,275

85,244

1,962,421

Software

0.2%

SAP

SE

1,462

224,893

5,095,744

GREECE

0.6%

Banks

0.6%

Eurobank

Ergasias

Services

and

Holdings

SA

*

113,251

201,026

National

Bank

of

Greece

SA

*

26,561

184,317

Piraeus

Financial

Holdings

SA

*

33,302

117,386

502,729

HONG

KONG

1.8%

Food

Products

0.3%

WH

Group

Ltd.

Reg.

S

(a)

403,000

259,941

Oil,

Gas

&

Consumable

Fuels

0.1%

United

Energy

Group

Ltd.

(b)

846,000

92,293

Real

Estate

Management

&

Development

0.5%

Swire

Pacific

Ltd.,

Class

A

56,000

472,877

Retail

REITs

0.9%

Link

REIT

141,600

791,880

1,616,991

NVIT

International

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

37

Common

Stocks

Shares

Value

($)

INDIA

4.4%

Aerospace

&

Defense

0.6%

Hindustan

Aeronautics

Ltd.

Reg.

S

16,891

569,151

Banks

1.6%

Bank

of

Baroda

54,229

150,328

Karur

Vysya

Bank

Ltd.

(The)

65,952

133,688

State

Bank

of

India

142,629

1,098,396

1,382,412

Chemicals

0.1%

GHCL

Ltd.

10,801

75,330

Financial

Services

0.1%

LIC

Housing

Finance

Ltd.

16,772

107,864

Insurance

0.3%

Life

Insurance

Corp.

of

India

27,005

269,992

IT

Services

0.2%

HCL

Technologies

Ltd.

10,858

191,019

Metals

&

Mining

0.3%

NMDC

Steel

Ltd.

*

167,036

103,053

Vedanta

Ltd.

51,255

159,171

262,224

Pharmaceuticals

1.2%

Cipla

Ltd.

6,213

93,033

Dr

Reddy's

Laboratories

Ltd.

14,229

990,880

1,083,913

3,941,905

INDONESIA

0.7%

Banks

0.6%

Bank

Mandiri

Persero

Tbk.

PT

1,276,800

500,852

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

259,900

96,356

597,208

Food

Products

0.1%

First

Resources

Ltd.

57,200

61,921

659,129

IRELAND

0.7%

Passenger

Airlines

0.3%

Ryanair

Holdings

plc,

ADR

*(b)

1,719

229,246

Trading

Companies

&

Distributors

0.4%

AerCap

Holdings

NV

*

5,106

379,478

608,724

ISRAEL

0.3%

Semiconductors

&

Semiconductor

Equipment

0.2%

Nova

Ltd.

*(b)

938

128,872

Software

0.1%

Check

Point

Software

Technologies

Ltd.

*

648

99,008

227,880

ITALY

2.7%

Automobiles

1.2%

Ferrari

NV

3,382

1,139,868

Banks

1.2%

Banco

BPM

SpA

33,928

179,142

UniCredit

SpA

32,138

871,831

1,050,973

Construction

Materials

0.1%

Buzzi

SpA

2,923

88,890

Common

Stocks

Shares

Value

($)

ITALY

Diversified

Telecommunication

Services

0.2%

Telecom

Italia

SpA

*(b)

548,762

178,557

2,458,288

JAPAN

14.2%

Automobile

Components

0.3%

Denso

Corp.

18,000

269,981

Automobiles

1.7%

Honda

Motor

Co.

Ltd.

72,700

751,498

Mitsubishi

Motors

Corp.

29,100

92,224

Subaru

Corp.

8,500

155,114

Toyota

Motor

Corp.

27,200

499,304

1,498,140

Banks

1.7%

Hyakugo

Bank

Ltd.

(The)

23,500

88,656

Japan

Post

Bank

Co.

Ltd.

5,400

54,971

Mizuho

Financial

Group,

Inc.

75,000

1,282,741

Tokyo

Kiraboshi

Financial

Group,

Inc.

3,900

109,582

1,535,950

Beverages

0.1%

Takara

Holdings,

Inc.

(b)

9,700

85,009

Capital

Markets

0.1%

Daiwa

Securities

Group,

Inc.

17,800

119,299

Chemicals

0.9%

Shin-Etsu

Chemical

Co.

Ltd.

19,100

798,117

Consumer

Staples

Distribution

&

Retail

0.5%

Lawson,

Inc.

8,100

418,055

Entertainment

0.1%

Anycolor,

Inc.

*(b)

4,100

89,990

Financial

Services

0.4%

ORIX

Corp.

19,200

359,746

Food

Products

0.2%

Yakult

Honsha

Co.

Ltd.

7,400

165,944

Ground

Transportation

0.1%

East

Japan

Railway

Co.

1,500

86,292

Household

Durables

0.1%

Panasonic

Holdings

Corp.

8,100

79,420

Insurance

1.9%

Japan

Post

Holdings

Co.

Ltd.

157,200

1,402,925

MS&AD

Insurance

Group

Holdings,

Inc.

7,000

274,715

1,677,640

Leisure

Products

0.3%

Bandai

Namco

Holdings,

Inc.

11,300

225,906

Sega

Sammy

Holdings,

Inc.

5,600

78,094

304,000

Machinery

0.8%

Komatsu

Ltd.

13,600

354,307

NGK

Insulators

Ltd.

24,200

288,369

NSK

Ltd.

15,000

80,969

723,645

Media

0.2%

SKY

Perfect

JSAT

Holdings,

Inc.

35,400

175,462

Metals

&

Mining

0.2%

JFE

Holdings,

Inc.

12,000

185,509

38

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

2.2%

Chugai

Pharmaceutical

Co.

Ltd.

14,300

542,200

Ono

Pharmaceutical

Co.

Ltd.

26,900

480,471

Otsuka

Holdings

Co.

Ltd.

(b)

27,500

1,029,258

2,051,929

Semiconductors

&

Semiconductor

Equipment

0.1%

Tokyo

Electron

Ltd.

600

106,650

Tobacco

1.4%

Japan

Tobacco,

Inc.

(b)

48,400

1,249,337

Trading

Companies

&

Distributors

0.6%

Mitsui

&

Co.

Ltd.

15,600

581,243

Wireless

Telecommunication

Services

0.3%

SoftBank

Corp.

24,000

299,107

12,860,465

LUXEMBOURG

0.1%

Capital

Markets

0.1%

Reinet

Investments

SCA

3,759

95,951

MEXICO

0.9%

Beverages

0.4%

Arca

Continental

SAB

de

CV

(b)

8,700

94,992

Coca-Cola

Femsa

SAB

de

CV,

ADR

2,962

280,324

375,316

Construction

Materials

0.2%

Cemex

SAB

de

CV,

ADR

*

24,450

189,488

Diversified

REITs

0.1%

Fibra

Uno

Administracion

SA

de

CV

50,400

90,732

Household

Products

0.2%

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

74,300

167,012

822,548

NETHERLANDS

3.4%

Insurance

0.2%

NN

Group

NV

3,642

144,079

Professional

Services

1.3%

Wolters

Kluwer

NV

8,406

1,194,529

Semiconductors

&

Semiconductor

Equipment

1.9%

ASML

Holding

NV

2,360

1,781,831

3,120,439

PHILIPPINES

0.2%

Transportation

Infrastructure

0.2%

International

Container

Terminal

Services,

Inc.

43,480

192,574

POLAND

0.4%

Oil,

Gas

&

Consumable

Fuels

0.4%

ORLEN

SA

21,788

362,632

PORTUGAL

0.1%

Consumer

Staples

Distribution

&

Retail

0.1%

Jeronimo

Martins

SGPS

SA

3,533

89,832

SAUDI

ARABIA

0.7%

Diversified

Telecommunication

Services

0.2%

Saudi

Telecom

Co.

20,054

216,251

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Health

Care

Providers

&

Services

0.1%

Saudi

Chemical

Co.

Holding

74,731

85,272

IT

Services

0.4%

Arabian

Internet

&

Communications

Services

Co.

4,053

374,079

675,602

SINGAPORE

1.6%

Multi-Utilities

0.3%

Sembcorp

Industries

Ltd.

58,400

234,441

Passenger

Airlines

0.1%

Singapore

Airlines

Ltd.

15,700

77,809

Semiconductors

&

Semiconductor

Equipment

1.2%

STMicroelectronics

NV

23,304

1,169,312

1,481,562

SOUTH

AFRICA

0.4%

Insurance

0.1%

Momentum

Metropolitan

Holdings

71,468

85,291

Metals

&

Mining

0.2%

Gold

Fields

Ltd.,

ADR

(b)

14,441

208,816

Paper

&

Forest

Products

0.1%

Sappi

Ltd.

39,319

94,784

388,891

SOUTH

KOREA

3.9%

Automobiles

1.1%

Kia

Corp.

*

13,061

1,011,460

Banks

0.2%

KB

Financial

Group,

Inc.

4,246

177,590

Financial

Services

0.3%

Meritz

Financial

Group,

Inc.

*

5,283

242,074

Insurance

0.2%

DB

Insurance

Co.

Ltd.

*

2,865

185,825

Machinery

0.5%

Doosan

Bobcat,

Inc.

9,896

385,704

Hyundai

Rotem

Co.

Ltd.

*

2,974

61,153

446,857

Metals

&

Mining

0.1%

POSCO

Holdings,

Inc.

277

106,737

Technology

Hardware,

Storage

&

Peripherals

1.5%

Samsung

Electronics

Co.

Ltd.

23,082

1,403,846

3,574,389

SPAIN

2.1%

Banks

0.1%

Banco

Santander

SA

21,857

91,241

Electric

Utilities

1.1%

Iberdrola

SA

74,684

976,726

Specialty

Retail

0.9%

Industria

de

Diseno

Textil

SA

19,245

839,398

1,907,365

SWEDEN

1.9%

Hotels,

Restaurants

&

Leisure

0.3%

Betsson

AB,

Class

B

*

22,018

236,844

Machinery

0.7%

Atlas

Copco

AB,

Class

A

19,007

327,295

NVIT

International

Equity

Fund

-

December

31,

2023

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

SWEDEN

Machinery

SKF

AB,

Class

B

8,149

162,799

Volvo

AB,

Class

B

5,879

152,830

642,924

Metals

&

Mining

0.2%

Boliden

AB

6,766

211,086

Real

Estate

Management

&

Development

0.7%

Fastighets

AB

Balder,

Class

B

*(b)

84,966

606,813

1,697,667

SWITZERLAND

2.0%

Building

Products

0.2%

Belimo

Holding

AG

(Registered)

317

174,864

Capital

Markets

0.6%

UBS

Group

AG

(Registered)

17,675

548,964

Pharmaceuticals

0.6%

Novartis

AG

(Registered)

5,177

522,719

Technology

Hardware,

Storage

&

Peripherals

0.6%

Logitech

International

SA

(Registered)

6,386

606,034

1,852,581

TAIWAN

4.5%

Communications

Equipment

0.3%

Accton

Technology

Corp.

16,000

271,110

Electronic

Equipment,

Instruments

&

Components

1.1%

Delta

Electronics,

Inc.

98,000

998,093

Entertainment

0.4%

International

Games

System

Co.

Ltd.

15,000

353,536

Personal

Care

Products

0.2%

Grape

King

Bio

Ltd.

30,000

152,436

Semiconductors

&

Semiconductor

Equipment

2.2%

MediaTek,

Inc.

18,000

592,843

Novatek

Microelectronics

Corp.

14,000

235,455

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

63,000

1,212,466

2,040,764

Technology

Hardware,

Storage

&

Peripherals

0.3%

Asia

Vital

Components

Co.

Ltd.

9,000

97,916

Micro-Star

International

Co.

Ltd.

31,000

205,447

303,363

4,119,302

THAILAND

0.4%

Health

Care

Providers

&

Services

0.3%

Bumrungrad

Hospital

PCL

48,200

313,288

Oil,

Gas

&

Consumable

Fuels

0.1%

PTT

Exploration

&

Production

PCL

20,300

88,307

401,595

TURKEY

0.5%

Banks

0.3%

Turkiye

Garanti

Bankasi

A/S

41,460

82,191

Turkiye

Is

Bankasi

A/S,

Class

C

264,546

209,986

292,177

Wireless

Telecommunication

Services

0.2%

Turkcell

Iletisim

Hizmetleri

A/S

75,828

144,397

436,574

Common

Stocks

Shares

Value

($)

UNITED

ARAB

EMIRATES

0.4%

Real

Estate

Management

&

Development

0.4%

Emaar

Properties

PJSC

172,065

370,881

UNITED

KINGDOM

8.2%

Aerospace

&

Defense

0.7%

BAE

Systems

plc

15,146

214,284

Rolls-Royce

Holdings

plc

*

109,269

416,140

630,424

Banks

1.8%

Barclays

plc

131,838

256,791

HSBC

Holdings

plc

41,122

332,146

NatWest

Group

plc

75,714

211,315

Standard

Chartered

plc

87,552

740,598

Virgin

Money

UK

plc

77,506

161,854

1,702,704

Beverages

0.1%

Britvic

plc

5,219

55,950

Capital

Markets

0.9%

3i

Group

plc

16,128

496,458

IG

Group

Holdings

plc

10,657

103,816

Investec

plc

19,253

129,973

Man

Group

plc

20,936

61,912

792,159

Commercial

Services

&

Supplies

0.2%

Johnson

Service

Group

plc

110,000

198,448

Consumer

Staples

Distribution

&

Retail

0.6%

J

Sainsbury

plc

24,748

95,252

Marks

&

Spencer

Group

plc

85,587

296,716

Tesco

plc

42,936

158,823

550,791

Hotels,

Restaurants

&

Leisure

0.3%

Compass

Group

plc

10,509

287,158

Marine

Transportation

0.1%

Global

Ship

Lease,

Inc.,

Class

A

4,573

90,637

Media

0.1%

4imprint

Group

plc

1,564

90,875

Multi-Utilities

0.3%

Centrica

plc

154,803

276,975

Oil,

Gas

&

Consumable

Fuels

0.1%

BP

plc

18,716

110,603

Passenger

Airlines

0.5%

International

Consolidated

Airlines

Group

SA

*

227,025

447,506

Personal

Care

Products

0.8%

Unilever

plc

14,276

691,254

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR

2,744

184,808

Professional

Services

0.3%

RELX

plc

5,837

231,497

Tobacco

0.8%

British

American

Tobacco

plc

23,301

679,976

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

plc

3,309

229,282

Wireless

Telecommunication

Services

0.1%

Vodafone

Group

plc

154,426

134,146

7,385,193

40

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

3.3%

Automobiles

0.6%

Stellantis

NV

23,561

552,331

Pharmaceuticals

2.7%

GSK

plc

50,333

929,716

Roche

Holding

AG

5,057

1,465,681

2,395,397

2,947,728

Total

Common

Stocks

(cost

$74,516,228)

90,044,329

Warrants

0.0%

†

Number

of

Warrants

Value

($)

CANADA

0.0%

†

Software

0.0%

†

Constellation

Software,

Inc.,

expiring

at

an

exercise

price

of

$11.50

on

03/31/40*^∞

723

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreements

3.6%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

5.40%,

dated

12/29/2023,

due

1/2/2024,

repurchase

price

$1,262,407,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

0.38%

-

28.14%,

maturing

10/15/2024

-

11/20/2073;

total

market

value

$1,286,883.(c)

(d)

1,261,650

1,261,650

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.(c)

(d)

2,000,000

2,000,

000

Total

Repurchase

Agreements

(cost

$3,261,650)

3,261,650

Total

Investments

(cost

$77,777,878)

—

103.0%

93,305,979

Liabilities

in

excess

of

other

assets

—

(3.0)%

(2,735,055)

NET

ASSETS

—

100.0%

$

90,570,924

*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$1,906,545

which

represents

2.11%

of

net

assets.

(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

$4,531,485,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,261,650

and

by

$1,528,392

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.38%,

and

maturity

dates

ranging

from

1/15/2024

–

11/15/2053,

a

total

value

of

$4,790,042.

(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

$3,261,650.

(d)

Please

refer

to

Note

2

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CRDI

CREST

Depository

Interest

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

NS

Partners

International

Focused

Growth

Fund

-

December

31,

2023

-

Statement

of

Investments

-

41

Common

Stocks

99.3%

Shares

Value

($)

AUSTRALIA

5.6%

Capital

Markets

1.7%

Macquarie

Group

Ltd.

30,649

3,819,700

Industrial

REITs

2.4%

Goodman

Group

323,724

5,558,514

Metals

&

Mining

1.5%

Pilbara

Minerals

Ltd.

(a)

1,229,184

3,294,097

12,672,311

CHINA

1.0%

Beverages

1.0%

Budweiser

Brewing

Co.

APAC

Ltd.

Reg.

S

(b)

1,212,300

2,263,327

DENMARK

5.1%

Pharmaceuticals

5.1%

Novo

Nordisk

A/S,

Class

B

111,538

11,536,915

FAROE

ISLANDS

2.4%

Food

Products

2.4%

Bakkafrost

P/F

102,812

5,370,063

FRANCE

12.7%

Aerospace

&

Defense

3.2%

Airbus

SE

48,136

7,430,189

Beverages

1.4%

Remy

Cointreau

SA

24,206

3,075,436

Diversified

Telecommunication

Services

1.8%

Orange

SA

354,932

4,037,868

Insurance

1.5%

AXA

SA

104,165

3,400,244

Personal

Care

Products

3.0%

L'Oreal

SA

13,440

6,682,442

Textiles,

Apparel

&

Luxury

Goods

1.8%

Hermes

International

SCA

1,968

4,176,634

28,802,813

GERMANY

4.6%

Personal

Care

Products

1.2%

Beiersdorf

AG

18,563

2,781,286

Software

3.4%

SAP

SE

49,150

7,560,520

10,341,806

HONG

KONG

3.6%

Insurance

3.6%

AIA

Group

Ltd.

564,000

4,898,569

Prudential

plc

286,825

3,228,829

8,127,398

INDIA

1.4%

Banks

1.4%

HDFC

Bank

Ltd.,

ADR

(a)

47,126

3,162,626

JAPAN

20.3%

Chemicals

2.2%

Shin-Etsu

Chemical

Co.

Ltd.

118,100

4,934,954

Electronic

Equipment,

Instruments

&

Components

2.7%

Keyence

Corp.

13,700

6,005,304

Food

Products

1.9%

Ajinomoto

Co.,

Inc.

113,800

4,397,927

Common

Stocks

Shares

Value

($)

JAPAN

Health

Care

Equipment

&

Supplies

5.2%

Hoya

Corp.

59,600

7,412,400

Terumo

Corp.

143,400

4,679,359

12,091,759

Household

Durables

2.7%

Sony

Group

Corp.

64,700

6,130,628

Professional

Services

3.2%

Recruit

Holdings

Co.

Ltd.

167,200

7,138,320

Semiconductors

&

Semiconductor

Equipment

2.4%

Advantest

Corp.

92,800

3,195,522

SUMCO

Corp.

153,200

2,288,593

5,484,115

46,183,007

NETHERLANDS

7.5%

Entertainment

2.2%

Universal

Music

Group

NV

178,039

5,084,108

Professional

Services

1.9%

Wolters

Kluwer

NV

29,947

4,255,599

Semiconductors

&

Semiconductor

Equipment

3.4%

ASM

International

NV

4,206

2,190,239

ASML

Holding

NV

7,289

5,503,290

7,693,529

17,033,236

NEW

ZEALAND

1.4%

Software

1.4%

Xero

Ltd.

*

42,635

3,250,180

SOUTH

KOREA

1.8%

Technology

Hardware,

Storage

&

Peripherals

1.8%

Samsung

Electronics

Co.

Ltd.,

GDR

Reg.

S

2,664

3,993,837

SPAIN

6.4%

Diversified

Telecommunication

Services

2.6%

Cellnex

Telecom

SA

Reg.

S

(b)

146,068

5,771,318

Hotels,

Restaurants

&

Leisure

2.3%

Amadeus

IT

Group

SA

73,034

5,238,001

Specialty

Retail

1.5%

Industria

de

Diseno

Textil

SA

77,572

3,383,413

14,392,732

SWITZERLAND

6.6%

Chemicals

4.6%

Givaudan

SA

(Registered)

1,130

4,700,848

Sika

AG

(Registered)

17,428

5,694,322

10,395,170

Life

Sciences

Tools

&

Services

2.0%

Lonza

Group

AG

(Registered)

10,721

4,510,506

14,905,676

UNITED

KINGDOM

5.5%

Industrial

REITs

1.0%

Segro

plc

208,100

2,342,337

Oil,

Gas

&

Consumable

Fuels

1.2%

BP

plc

473,860

2,800,284

Pharmaceuticals

3.3%

AstraZeneca

plc

55,034

7,412,165

12,554,786

42

-

Statement

of

Investments

-

December

31,

2023

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

13.4%

Biotechnology

2.7%

CSL

Ltd.

31,823

6,204,208

Electrical

Equipment

2.7%

Schneider

Electric

SE

30,293

6,099,499

Food

Products

4.8%

Nestle

SA

(Registered)

93,239

10,791,236

Professional

Services

3.2%

Experian

plc

175,929

7,169,417

30,264,360

Total

Common

Stocks

(cost

$192,445,127)

224,855,073

Total

Investments

(cost

$192,445,127)

—

99.3%

224,855,073

Other

assets

in

excess

of

liabilities

—

0.7%

1,539,112

NET

ASSETS

—

100.0%

$

226,394,185

*

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

$2,920,490,

which

was

collateralized

by

$3,121,782

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

–

6.00%,

and

maturity

dates

ranging

from

1/31/2024

–

8/15/2053.

(b)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2023

was

$8,034,645

which

represents

3.55%

of

net

assets.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

44

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Columbia

Overseas

Value

Fund

Assets:

Investment

securities,

at

value

*

$

230,326,962‌

Repurchase

agreements,

at

value

6,434,230‌

Cash

1,336,300‌

Foreign

currencies,

at

value

—‌

Interest

and

dividends

receivable

356,257‌

Security

lending

income

receivable

2,183‌

Receivable

for

investments

sold

233,057‌

Receivable

for

capital

shares

issued

99,871‌

Reclaims

receivable

2,185,610‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

(Note

2)

857,030‌

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—‌

Prepaid

expenses

267‌

Total

Assets

241,831,767‌

Liabilities:

Payable

for

capital

shares

redeemed

263,304‌

Foreign

currency

overdraft

payable

(Note

2)

7,580‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

(Note

2)

356,020‌

Payable

upon

return

of

securities

loaned

(Note

2)

6,434,230‌

Accrued

expenses

and

other

payables:

Investment

advisory

fees

146,973‌

Fund

administration

fees

23,470‌

Distribution

fees

33,861‌

Administrative

servicing

fees

8,648‌

Accounting

and

transfer

agent

fees

484‌

Trustee

fees

76‌

Deferred

capital

gain

country

tax

—‌

Custodian

fees

4,960‌

Compliance

program

costs

(Note

3)

251‌

Professional

fees

10,665‌

Printing

fees

37,805‌

Other

5,175‌

Total

Liabilities

7,333,502‌

Net

Assets

$

234,498,265‌

*

Includes

value

of

securities

on

loan

(Note

2)

14,077,897‌

Cost

of

investment

securities

184,595,052‌

Cost

of

repurchase

agreements

6,434,230‌

Cost

of

foreign

currencies

(

7,580‌

)

Represented

by:

Capital

$

207,238,970‌

Total

distributable

earnings

(loss)

27,259,295‌

Net

Assets

$

234,498,265‌

International

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

45

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

$

142,785,939‌

$

90,044,329‌

$

224,855,073‌

—‌

3,261,650‌

—‌

2,742,091‌

396,946‌

903,699‌

37,861‌

7,677‌

3,307‌

400,690‌

157,584‌

54,228‌

70‌

1,360‌

891‌

1,326,447‌

—‌

—‌

1,392,644‌

9,524‌

18,898‌

4,595‌

384,366‌

901,713‌

—‌

—‌

—‌

—‌

4,001‌

2,063‌

150‌

73‌

—‌

148,690,487‌

94,267,510‌

226,739,872‌

55,735‌

147,883‌

34,362‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

3,261,650‌

—‌

104,421‌

60,224‌

148,281‌

21,059‌

14,898‌

18,777‌

20,354‌

8,848‌

32,929‌

28,024‌

13,152‌

29,817‌

898‌

246‌

399‌

41‌

4‌

9‌

936,455‌

144,915‌

—‌

23,682‌

675‌

17,380‌

343‌

95‌

238‌

25,553‌

24,649‌

24,058‌

24,154‌

18,179‌

28,829‌

5,223‌

1,168‌

10,608‌

1,245,942‌

3,696,586‌

345,687‌

$

147,444,545‌

$

90,570,924‌

$

226,394,185‌

589,972‌

4,531,485‌

2,920,490‌

127,352,924‌

74,516,228‌

192,445,127‌

—‌

3,261,650‌

—‌

36,868‌

7,615‌

3,302‌

$

300,016,249‌

$

77,418,973‌

$

229,975,329‌

(

152,571,704‌

)

13,151,951‌

(

3,581,144‌

)

$

147,444,545‌

$

90,570,924‌

$

226,394,185‌

46

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Columbia

Overseas

Value

Fund

Net

Assets:

Class

I

Shares

$

27,342,386‌

Class

II

Shares

—‌

Class

D

Shares

—‌

Class

X

Shares

45,256,141‌

Class

Y

Shares

—‌

Class

Z

Shares

161,899,738‌

Total

$

234,498,265‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

I

Shares

2,314,325‌

Class

II

Shares

—‌

Class

D

Shares

—‌

Class

X

Shares

3,861,469‌

Class

Y

Shares

—‌

Class

Z

Shares

13,839,907‌

Total

20,015,701‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

11

.81‌

Class

II

Shares

$

—‌

Class

D

Shares

$

—‌

Class

X

Shares

$

11

.72‌

Class

Y

Shares

$

—‌

Class

Z

Shares

$

11

.70‌

International

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

47

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

$

47,940,872‌

$

47,983,599‌

$

67,051,159‌

80,467,522‌

42,587,325‌

159,343,026‌

19,030,946‌

—‌

—‌

—‌

—‌

—‌

5,205‌

—‌

—‌

—‌

—‌

—‌

$

147,444,545‌

$

90,570,924‌

$

226,394,185‌

4,575,296‌

4,461,798‌

8,625,195‌

7,806,315‌

4,009,521‌

20,678,256‌

1,841,767‌

—‌

—‌

—‌

—‌

—‌

498‌

—‌

—‌

—‌

—‌

—‌

14,223,876‌

8,471,319‌

29,303,451‌

$

10

.48‌

$

10

.75‌

$

7

.77‌

$

10

.31‌

$

10

.62‌

$

7

.71‌

$

10

.33‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

10

.45‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

48

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Columbia

Overseas

Value

Fund

INVESTMENT

INCOME:

Dividend

income

$

9,921,553‌

European

Union

tax

reclaims

(Note

2)

295,033‌

Income

from

securities

lending

(Note

2)

96,644‌

Interest

income

51,229‌

Foreign

tax

withholding

(

791,258‌

)

Total

Income

9,573,201‌

EXPENSES:

Investment

advisory

fees

1,753,387‌

Fund

administration

fees

96,846‌

Distribution

fees

Class

II

Shares

—‌

Distribution

fees

Class

D

Shares

—‌

Distribution

fees

Class

Z

Shares

407,198‌

Administrative

servicing

fees

Class

I

Shares

41,082‌

Administrative

servicing

fees

Class

II

Shares

—‌

Administrative

servicing

fees

Class

D

Shares

—‌

Administrative

servicing

fees

Class

X

Shares

4,352‌

Administrative

servicing

fees

Class

Z

Shares

16,290‌

Professional

fees

48,693‌

Printing

fees

19,396‌

Trustee

fees

8,352‌

Custodian

fees

7,497‌

Accounting

and

transfer

agent

fees

9,403‌

Compliance

program

costs

(Note

3)

1,020‌

European

Union

tax

reclaims

filing

fees

(Note

2)

51,955‌

Other

1,928‌

Total

expenses

before

fees

waived

and

expenses

reimbursed

2,467,399‌

Investment

advisory

fees

waived

(Note

3)

—‌

Expenses

reimbursed

by

adviser

(Note

3)

—‌

Net

Expenses

2,467,399‌

NET

INVESTMENT

INCOME

7,105,802‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities†

10,870,280‌

Settlement

of

forward

foreign

currency

contracts

(Note

2)

(

418,382‌

)

Foreign

currency

transactions

(Note

2)

(

21,501‌

)

Net

realized

gains

(losses)

10,430,397‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

††

15,282,703‌

Forward

foreign

currency

contracts

(Note

2)

485,037‌

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

121,028‌

Net

change

in

unrealized

appreciation/depreciation

15,888,768‌

Net

realized/unrealized

gains

(losses)

26,319,165‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

33,424,967‌

†

Net

of

capital

gain

country

taxes

$

—‌

††

Net

of

(increase)

decrease

in

deferred

capital

gain

country

tax

accrual

on

unrealized

appreciation/depreciation

$

—‌

International

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

49

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

NVIT

NS

Partners

International

Focused

Growth

Fund

$

9,511,147‌

$

3,258,771‌

$

3,558,248‌

—‌

713‌

6,284‌

5,660‌

44,127‌

8,484‌

263,657‌

20,655‌

44,825‌

(

945,310‌

)

(

312,313‌

)

(

322,699‌

)

8,835,154‌

3,011,953‌

3,295,142‌

4,014,003‌

678,990‌

1,865,440‌

148,566‌

63,597‌

92,045‌

203,066‌

96,223‌

386,088‌

46,244‌

—‌

—‌

—‌

—‌

—‌

71,358‌

69,577‌

97,252‌

121,840‌

57,734‌

231,654‌

33,296‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

67,369‌

53,382‌

44,182‌

32,881‌

8,069‌

19,388‌

16,528‌

3,002‌

7,758‌

53,421‌

5,612‌

41,635‌

11,328‌

8,211‌

8,949‌

1,876‌

370‌

952‌

—‌

28‌

1,254‌

6,835‌

1,219‌

1,830‌

4,828,611‌

1,046,014‌

2,798,427‌

(

368,350‌

)

—‌

(

127,173‌

)

—‌

(

117,502‌

)

(

151,899‌

)

4,460,261‌

928,512‌

2,519,355‌

4,374,893‌

2,083,441‌

775,787‌

(

67,814,180‌

)

2,992,187‌

1,124,969‌

—‌

—‌

—‌

(

568,800‌

)

(

10,109‌

)

(

20,627‌

)

(

68,382,980‌

)

2,982,078‌

1,104,342‌

70,195,889‌

11,529,605‌

30,450,257‌

—‌

—‌

—‌

3,548‌

24,705‌

55,107‌

70,199,437‌

11,554,310‌

30,505,364‌

1,816,457‌

14,536,388‌

31,609,706‌

$

6,191,350‌

$

16,619,829‌

$

32,385,493‌

$

(

1,896,913‌

)

$

(

139,159‌

)

$

(

45,573‌

)

$

204,383‌

$

17,149‌

$

90,658‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

International

Funds

NVIT

Columbia

Overseas

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

7,105,802‌

$

7,015,067‌

Net

realized

gains

(losses)

10,430,397‌

5,353,757‌

Net

change

in

unrealized

appreciation/depreciation

15,888,768‌

(

29,822,381‌

)

Change

in

net

assets

resulting

from

operations

33,424,967‌

(

17,453,557‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

656,563‌

)

(

1,016,244‌

)

Class

II

—‌

—‌

Class

D

—‌

—‌

Class

X

(

1,182,151‌

)

(

1,504,480‌

)

Class

Y

—‌

—‌

Class

Z

(

3,751,438‌

)

(

6,508,505‌

)

Change

in

net

assets

from

shareholder

distributions

(

5,590,152‌

)

(

9,029,229‌

)

Change

in

net

assets

from

capital

transactions

(

38,551,153‌

)

(

8,760,209‌

)

Change

in

net

assets

(

10,716,338‌

)

(

35,242,995‌

)

Net

Assets:

Beginning

of

year

245,214,603‌

280,457,598‌

End

of

year

$

234,498,265‌

$

245,214,603‌

International

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

51

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

4,374,893‌

$

6,201,983‌

$

2,083,441‌

$

2,937,644‌

(

68,382,980‌

)

(

73,545,603‌

)

2,982,078‌

(

5,575,230‌

)

70,199,437‌

(

76,772,986‌

)

11,554,310‌

(

11,849,693‌

)

6,191,350‌

(

144,116,606‌

)

16,619,829‌

(

14,487,279‌

)

(

815,237‌

)

(

461,208‌

)

(

1,263,029‌

)

(

7,552,956‌

)

(

1,199,842‌

)

(

581,346‌

)

(

1,017,890‌

)

(

6,294,817‌

)

(

257,534‌

)

(

35,972‌

)

—‌

—‌

—‌

—‌

—‌

—‌

(

3,761,348‌

)

(

4,338,556‌

)

—‌

—‌

—‌

—‌

—‌

—‌

(

6,033,961‌

)

(

5,417,082‌

)

(

2,280,919‌

)

(

13,847,773‌

)

(

333,160,876‌

)

49,227,177‌

(

5,020,076‌

)

6,549,920‌

(

333,003,487‌

)

(

100,306,511‌

)

9,318,834‌

(

21,785,132‌

)

480,448,032‌

580,754,543‌

81,252,090‌

103,037,222‌

$

147,444,545‌

$

480,448,032‌

$

90,570,924‌

$

81,252,090‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

52

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

International

Funds

NVIT

Columbia

Overseas

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

368,211‌

$

2,040,455‌

Dividends

reinvested

656,563‌

1,016,244‌

Cost

of

shares

redeemed

(

4,255,216‌

)

(

5,483,855‌

)

Total

Class

I

Shares

(

3,230,442‌

)

(

2,427,156‌

)

Class

II

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

II

Shares

—‌

—‌

Class

D

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

D

Shares

—‌

—‌

Class

X

Shares

Proceeds

from

shares

issued

4,621,462‌

6,794,437‌

Dividends

reinvested

1,182,151‌

1,504,480‌

Cost

of

shares

redeemed

(

7,489,302‌

)

(

6,272,042‌

)

Total

Class

X

Shares

(

1,685,689‌

)

2,026,875‌

Class

Y

Shares

Proceeds

from

shares

issued

—‌

—‌

Dividends

reinvested

—‌

—‌

Cost

of

shares

redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Class

Z

Shares

Proceeds

from

shares

issued

6,447,405‌

13,824,332‌

Dividends

reinvested

3,751,438‌

6,508,505‌

Cost

of

shares

redeemed

(

43,833,865‌

)

(

28,692,765‌

)

Total

Class

Z

Shares

(

33,635,022‌

)

(

8,359,928‌

)

Change

in

net

assets

from

capital

transactions

$

(

38,551,153‌

)

$

(

8,760,209‌

)

International

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

53

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

4,563,786‌

$

9,129,540‌

$

3,930,114‌

$

4,461,114‌

815,237‌

461,208‌

1,263,029‌

7,552,956‌

(

5,812,454‌

)

(

7,096,459‌

)

(

9,367,258‌

)

(

8,325,632‌

)

(

433,431‌

)

2,494,289‌

(

4,174,115‌

)

3,688,438‌

6,915,633‌

11,042,536‌

4,259,510‌

2,125,446‌

1,199,842‌

581,346‌

1,017,890‌

6,294,817‌

(

9,605,515‌

)

(

11,326,334‌

)

(

6,123,361‌

)

(

5,558,781‌

)

(

1,490,040‌

)

297,548‌

(

845,961‌

)

2,861,482‌

3,033,038‌

969,199‌

—‌

—‌

257,534‌

35,972‌

—‌

—‌

(

3,673,998‌

)

(

3,791,671‌

)

—‌

—‌

(

383,426‌

)

(

2,786,500‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

4,823,358‌

51,490,710‌

—‌

—‌

3,761,348‌

4,338,556‌

—‌

—‌

(

339,438,685‌

)

(

6,607,426‌

)

—‌

—‌

(

330,853,979‌

)

49,221,840‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

$

(

333,160,876‌

)

$

49,227,177‌

$

(

5,020,076‌

)

$

6,549,920‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

54

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

International

Funds

NVIT

Columbia

Overseas

Value

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

33,056‌

195,534‌

Reinvested

58,465‌

104,984‌

Redeemed

(

381,694‌

)

(

517,036‌

)

Total

Class

I

Shares

(

290,173‌

)

(

216,518‌

)

Class

II

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

II

Shares

—‌

—‌

Class

D

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

D

Shares

—‌

—‌

Class

X

Shares

Issued

417,005‌

633,188‌

Reinvested

106,049‌

156,554‌

Redeemed

(

678,106‌

)

(

587,165‌

)

Total

Class

X

Shares

(

155,052‌

)

202,577‌

Class

Y

Shares

Issued

—‌

—‌

Reinvested

—‌

—‌

Redeemed

—‌

—‌

Total

Class

Y

Shares

—‌

—‌

Class

Z

Shares

Issued

583,321‌

1,308,063‌

Reinvested

337,360‌

678,676‌

Redeemed

(

4,054,372‌

)

(

2,726,450‌

)

Total

Class

Z

Shares

(

3,133,691‌

)

(

739,711‌

)

Total

change

in

shares

(

3,578,916‌

)

(

753,652‌

)

International

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

55

NVIT

Emerging

Markets

Fund

NVIT

International

Equity

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

438,940‌

822,090‌

392,267‌

424,991‌

80,460‌

44,125‌

123,348‌

850,656‌

(

554,189‌

)

(

623,972‌

)

(

940,142‌

)

(

793,401‌

)

(

34,789‌

)

242,243‌

(

424,527‌

)

482,246‌

664,413‌

986,615‌

429,692‌

212,338‌

120,431‌

56,496‌

100,775‌

718,782‌

(

938,337‌

)

(

1,031,059‌

)

(

629,822‌

)

(

534,275‌

)

(

153,493‌

)

12,052‌

(

99,355‌

)

396,845‌

289,928‌

86,687‌

—‌

—‌

25,794‌

3,486‌

—‌

—‌

(

356,813‌

)

(

341,424‌

)

—‌

—‌

(

41,091‌

)

(

251,251‌

)

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

463,301‌

4,892,804‌

—‌

—‌

370,576‌

415,505‌

—‌

—‌

(

33,496,582‌

)

(

602,513‌

)

—‌

—‌

(

32,662,705‌

)

4,705,796‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

—‌

(

32,892,078‌

)

4,708,840‌

(

523,882‌

)

879,091‌

56

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

NS

Partners

International

Focused

Growth

Fund 

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

775,787‌

$

1,145,076‌

Net

realized

gains

(losses)

1,104,342‌

(

34,959,897‌

)

Net

change

in

unrealized

appreciation/depreciation

30,505,364‌

(

94,756,075‌

)

Change

in

net

assets

resulting

from

operations

32,385,493‌

(

128,570,896‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

I

(

1,233,409‌

)

(

2,696,726‌

)

Class

II

(

2,104,126‌

)

(

6,872,064‌

)

Change

in

net

assets

from

shareholder

distributions

(

3,337,535‌

)

(

9,568,790‌

)

Change

in

net

assets

from

capital

transactions

(

23,320,411‌

)

29,015,253‌

Change

in

net

assets

5,727,547‌

(

109,124,433‌

)

Net

Assets:

Beginning

of

year

220,666,638‌

329,791,071‌

End

of

year

$

226,394,185‌

$

220,666,638‌

CAPITAL

TRANSACTIONS:

Class

I

Shares

Proceeds

from

shares

issued

$

5,559,325‌

$

4,393,884‌

Dividends

reinvested

1,233,409‌

2,696,726‌

Cost

of

shares

redeemed

(

9,368,075‌

)

(

7,310,581‌

)

Total

Class

I

Shares

(

2,575,341‌

)

(

219,971‌

)

Class

II

Shares

Proceeds

from

shares

issued

7,065,651‌

48,009,220‌

Dividends

reinvested

2,104,126‌

6,872,064‌

Cost

of

shares

redeemed

(

29,914,847‌

)

(

25,646,060‌

)

Total

Class

II

Shares

(

20,745,070‌

)

29,235,224‌

Change

in

net

assets

from

capital

transactions

$

(

23,320,411‌

)

$

29,015,253‌

SHARE

TRANSACTIONS:

Class

I

Shares

Issued

776,597‌

573,843‌

Reinvested

170,802‌

416,161‌

Redeemed

(

1,295,481‌

)

(

947,612‌

)

Total

Class

I

Shares

(

348,082‌

)

42,392‌

Class

II

Shares

Issued

1,031,901‌

5,815,391‌

Reinvested

295,376‌

1,072,085‌

Redeemed

(

4,162,903‌

)

(

3,147,622‌

)

Total

Class

II

Shares

(

2,835,626‌

)

3,739,854‌

Total

change

in

shares

(

3,183,708‌

)

3,782,246‌

International

Funds

-

December

31,

2023

-

Financial

Highlights

-

57

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Columbia

Overseas

Value

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

$

10.48

$

0.35

$

1.26

$

1.61

$

(0.28)

$

—  

$

(0.28)

$

11.81

15.46%

$

27,342

1.00%

3.10%

1.00%

37.23%

12/31/2022

11.60

0.30

(1.03)

(0.73)

(0.39)

—  

(0.39)

10.48

(5.99)%

27,292

0.98%

2.85%

0.98%

38.18%

12/31/2021

10.76

0.29

0.83

1.12

(0.28)

—  

(0.28)

11.60

10.40%

32,733

1.02%

2.50%

1.03%

36.23%

12/31/2020

10.37

0.17

0.35

0.52

(0.13)

—  

(0.13)

10.76

5.18%

199,236

1.02%

1.80%

1.02%

127.19%(g)

12/31/2019

10.43

0.28

0.91

1.19

(0.25)

(1.00)

(1.25)

10.37

12.49%

197,772

1.02%

2.61%

1.02%

40.16%

Class

X

Shares

12/31/2023

10.41

0.36

1.26

1.62

(0.31)

—  

(0.31)

11.72

15.67%

45,256

0.87%

3.24%

0.87%

37.23%

12/31/2022

11.51

0.31

(1.02)

(0.71)

(0.39)

—  

(0.39)

10.41

(5.86)%

41,808

0.84%

3.00%

0.84%

38.18%

12/31/2021

10.76

0.31

0.83

1.14

(0.39)

—  

(0.39)

11.51

10.58%

43,911

0.88%

2.62%

0.89%

36.23%

12/31/2020(h)

9.37

0.01

1.38

1.39

—

—  

—

10.76

14.83%

41,215

0.91%

0.49%

0.91%

127.19%(g)

Class

Z

Shares

12/31/2023

10.38

0.33

1.25

1.58

(0.26)

—  

(0.26)

11.70

15.36%

161,900

1.11%

2.98%

1.11%

37.23%

12/31/2022

11.51

0.29

(1.03)

(0.74)

(0.39)

—  

(0.39)

10.38

(6.13)%

176,115

1.09%

2.75%

1.09%

38.18%

12/31/2021

10.76

0.28

0.83

1.11

(0.36)

—  

(0.36)

11.51

10.28%

203,813

1.13%

2.36%

1.14%

36.23%

12/31/2020(h)

9.37

—

1.39

1.39

—

—  

—

10.76

14.83%

63,808

1.17%

0.22%

1.17%

127.19%(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)

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)

Excludes

merger

activity.

(h)

For

the

period

from

October

12,

2020

(commencement

of

operations)

through

December

31,

2020.

Total

return

is

calculated

based

on

inception

date

of

October

9,

2020

through

December

31,

2020.

58

-

Financial

Highlights

-

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

Emerging

Markets

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

$

10.24

$

0.10

$

0.32

$

0.42

$

(

0.18

)

$

—

$

(

0.18

)

$

10.48

4.16%

$

47,941

1.11%

0.92%

1.20%

71.45%

12/31/2022

13.74

0.13

(

3.53

)

(

3.40

)

(

0.10

)

—

(

0.10

)

10.24

(24.75)%

47,205

1.08%

1.20%

1.17%

62.21%

12/31/2021

14.96

0.12

(

1.20

)

(

1.08

)

(

0.14

)

—

(

0.14

)

13.74

(7.28)%

60,015

1.10%

0.77%

1.18%

121.44%

12/31/2020

13.45

0.13

1.62

1.75

(

0.24

)

—

(

0.24

)

14.96

13.30%

67,331

1.12%

1.02%

1.18%

25.45%

12/31/2019

11.21

0.28

2.27

2.55

(

0.31

)

—

(

0.31

)

13.45

22.95%

69,303

1.11%

2.23%

1.16%

22.56%

Class

II

Shares

12/31/2023

10.08

0.07

0.31

0.38

(

0.15

)

—

(

0.15

)

10.31

3.86%

80,468

1.36%

0.66%

1.45%

71.45%

12/31/2022

13.52

0.10

(

3.47

)

(

3.37

)

(

0.07

)

—

(

0.07

)

10.08

(24.92)%

80,197

1.33%

0.95%

1.42%

62.21%

12/31/2021

14.76

0.07

(

1.17

)

(

1.10

)

(

0.14

)

—

(

0.14

)

13.52

(7.51)%

107,438

1.35%

0.47%

1.43%

121.44%

12/31/2020

13.28

0.09

1.60

1.69

(

0.21

)

—

(

0.21

)

14.76

13.00%

59,555

1.37%

0.78%

1.43%

25.45%

12/31/2019

11.07

0.25

2.24

2.49

(

0.28

)

—

(

0.28

)

13.28

22.66%

60,374

1.36%

2.01%

1.41%

22.56%

Class

D

Shares

12/31/2023

10.10

0.07

0.31

0.38

(

0.15

)

—

(

0.15

)

10.33

3.80%

19,031

1.39%

0.64%

1.48%

71.45%

12/31/2022

13.49

0.10

(

3.47

)

(

3.37

)

(

0.02

)

—

(

0.02

)

10.10

(24.99)%

19,013

1.39%

0.87%

1.48%

62.21%

12/31/2021

14.74

0.07

(

1.18

)

(

1.11

)

(

0.14

)

—

(

0.14

)

13.49

(7.59)%

28,779

1.44%

0.44%

1.52%

121.44%

12/31/2020

13.26

0.08

1.60

1.68

(

0.20

)

—

(

0.20

)

14.74

12.92%

37,053

1.46%

0.67%

1.52%

25.45%

12/31/2019

11.05

0.23

2.25

2.48

(

0.27

)

—

(

0.27

)

13.26

22.58%

39,779

1.45%

1.87%

1.50%

22.56%

Class

Y

Shares

12/31/2023

10.23

0.12

0.30

0.42

(

0.20

)

—

(

0.20

)

10.45

4.13%(g)

5

0.93%

1.19%

1.02%

71.45%

12/31/2022

13.75

0.15

(

3.53

)

(

3.38

)

(

0.14

)

—

(

0.14

)

10.23

(24.60)%

334,033

0.93%

1.36%

1.02%

62.21%

12/31/2021

14.95

0.14

(

1.20

)

(

1.06

)

(

0.14

)

—

(

0.14

)

13.75

(7.15)%

384,522

0.95%

0.92%

1.03%

121.44%

12/31/2020

13.45

0.16

1.60

1.76

(

0.26

)

—

(

0.26

)

14.95

13.37%

433,936

0.97%

1.30%

1.03%

25.45%

12/31/2019

11.20

0.31

2.27

2.58

(

0.33

)

—

(

0.33

)

13.45

23.24%

780,200

0.96%

2.46%

1.01%

22.56%

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.

International

Funds

-

December

31,

2023

-

Financial

Highlights

-

59

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

International

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

I

Shares

12/31/2023

$

9.08

$

0.26

$

1.69

$

1.95

$

(

0.28

)

$

—

$

(

0.28

)

$

10.75

21.70%

$

47,984

0.98%

2.59%

1.12%

74.54%

12/31/2022

12.75

0.37

(

2.25

)

(

1.88

)

(

0.38

)

(

1.41

)

(

1.79

)

9.08

(14.12)%

44,377

1.11%

3.54%

1.12%

68.60%

12/31/2021

11.61

0.30

1.17

1.47

(

0.33

)

—

(

0.33

)

12.75

12.66%

56,158

1.13%

2.34%

1.14%

86.05%

12/31/2020

10.88

0.15

0.70

0.85

(

0.12

)

—

(

0.12

)

11.61

7.95%

54,133

1.16%

1.48%

1.17%

95.01%

12/31/2019

9.82

0.23

1.59

1.82

(

0.28

)

(

0.48

)

(

0.76

)

10.88

19.12%

56,389

1.12%

2.14%

1.13%

49.50%

Class

II

Shares

12/31/2023

8.97

0.23

1.68

1.91

(

0.26

)

—

(

0.26

)

10.62

21.46%

42,587

1.23%

2.29%

1.37%

74.54%

12/31/2022

12.63

0.34

(

2.23

)

(

1.89

)

(

0.36

)

(

1.41

)

(

1.77

)

8.97

(14.38)%

36,875

1.36%

3.28%

1.37%

68.60%

12/31/2021

11.50

0.26

1.16

1.42

(

0.29

)

—

(

0.29

)

12.63

12.40%

46,879

1.38%

2.08%

1.39%

86.05%

12/31/2020

10.78

0.12

0.70

0.82

(

0.10

)

—

(

0.10

)

11.50

7.69%

47,927

1.41%

1.22%

1.42%

95.01%

12/31/2019

9.73

0.20

1.58

1.78

(

0.25

)

(

0.48

)

(

0.73

)

10.78

18.91%

48,215

1.37%

1.89%

1.38%

49.50%

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.

60

-

Financial

Highlights

-

December

31,

2023

-

International

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

NS

Partners

International

Focused

Growth

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

I

Shares

12/31/2023

$

6.85

$

0.04

$

1.02

$

1.06

$

(

0.14

)

$

—

$

(

0.14

)

$

7.77

15.67%

$

67,051

0.97%

0.53%

1.10%

27.79%

12/31/2022

11.56

0.05

(

4.45

)

(

4.40

)

(g)

—

(

0.31

)

(

0.31

)

6.85

(37.93)%(g)

61,455

0.97%

0.66%

1.15%

94.95%

12/31/2021

12.09

(

0.05

)

(

0.02

)

(

0.07

)

(

0.05

)

(

0.41

)

(

0.46

)

11.56

(1.08)%

103,199

0.97%

(0.42)%

1.10%

21.23%

12/31/2020

11.26

0.08

4.93

5.01

(

0.13

)

(

4.05

)

(

4.18

)

12.09

51.04%

112,437

0.97%

0.69%

1.16%

45.67%

12/31/2019

9.14

0.01

2.96

2.97

(

0.14

)

(

0.71

)

(

0.85

)

11.26

33.15%

80,957

1.07%

0.12%

1.09%

24.39%

Class

II

Shares

12/31/2023

6.77

0.02

1.02

1.04

(

0.10

)

—

(

0.10

)

7.71

15.54%

159,343

1.22%

0.28%

1.35%

27.79%

12/31/2022

11.46

0.03

(

4.41

)

(

4.38

)

(g)

—

(

0.31

)

(

0.31

)

6.77

(38.08)%(g)

159,211

1.22%

0.42%

1.40%

94.95%

12/31/2021

12.01

(

0.09

)

(

0.02

)

(

0.11

)

(

0.03

)

(

0.41

)

(

0.44

)

11.46

(1.41)%

226,592

1.22%

(0.68)%

1.35%

21.23%

12/31/2020

11.20

0.04

4.92

4.96

(

0.10

)

(

4.05

)

(

4.15

)

12.01

50.76%

138,672

1.22%

0.39%

1.41%

45.67%

12/31/2019

9.09

(

0.01

)

2.93

2.92

(

0.10

)

(

0.71

)

(

0.81

)

11.20

32.84%

104,815

1.32%

(0.13)%

1.34%

24.39%

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

settlement

proceeds

which

impacted

the

Fund’s

per

share

operations

activity

and

total

return.

The

per

share

impact

was

$0.07

for

both

Class

I

and

Class

II.

Excluding

the

settlement

proceeds,

the

Class

I

and

Class

II

total

returns

are

-38.58%

and

-38.68%

respectively.

(Note

10).

–

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

61

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

four

(4) 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

Columbia

Overseas

Value

Fund

("Overseas

Value")

NVIT

Emerging

Markets

Fund

("Emerging

Markets")

NVIT

International

Equity

Fund

("International

Equity")

NVIT

NS

Partners

International

Focused

Growth

Fund

("International

Focused

Growth") 

Shares

of

Overseas

Value,

International

Focused

Growth

and

International

Equity are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

Nationwide

Life

and

Annuity

Insurance

Company

(“NLAIC”),

a

wholly

owned

subsidiary

of

NLIC,

and other

affiliated

insurance

companies.

Shares

of

Emerging

Markets

are

held

by

separate

accounts

established

by

NLIC

and

NLAIC,

other

affiliated

and unaffiliated

insurance

companies,

and

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the NVIT

Investor

Destinations

Funds.

The

Funds,

as

applicable,

currently

offer

Class

I,

Class

II,

Class

D,

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

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.

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)

62

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

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.  

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

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

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.

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

63

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.

Overseas

Value

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Automobiles

$

–

$

3,268,814

$

–

$

3,268,814

Banks

–

31,128,987

–

31,128,987

Biotechnology

633,683

–

–

633,683

Broadline

Retail

–

256,361

–

256,361

Building

Products

–

713,143

–

713,143

Capital

Markets

–

4,406,532

–

4,406,532

Chemicals

2,285,010

–

–

2,285,010

Commercial

Services

&

Supplies

–

3,132,878

–

3,132,878

Construction

&

Engineering

–

4,097,300

–

4,097,300

Consumer

Staples

Distribution

&

Retail

–

9,273,294

–

9,273,294

Diversified

Telecommunication

Services

2,463,239

4,149,146

–

6,612,385

Electronic

Equipment,

Instruments

&

Components

–

10,160,725

–

10,160,725

Energy

Equipment

&

Services

–

764,324

–

764,324

Entertainment

–

334,321

–

334,321

Financial

Services

3,057,553

3,812,935

–

6,870,488

Food

Products

–

6,316,043

–

6,316,043

Health

Care

Providers

&

Services

–

1,674,769

–

1,674,769

Hotels,

Restaurants

&

Leisure

–

1,184,697

–

1,184,697

Household

Durables

–

373,904

–

373,904

Industrial

Conglomerates

–

4,348,301

–

4,348,301

Insurance

–

18,881,670

–

18,881,670

Leisure

Products

–

4,289,293

–

4,289,293

Machinery

–

3,296,930

–

3,296,930

Metals

&

Mining

3,426,067

4,476,017

–

7,902,084

Multi-Utilities

–

8,629,089

–

8,629,089

Oil,

Gas

&

Consumable

Fuels

6,216,742

24,500,545

–

30,717,287

Paper

&

Forest

Products

–

4,843,472

–

4,843,472

Pharmaceuticals

4,844,314

19,624,574

–

24,468,888

Software

4,628,773

–

–

4,628,773

Specialty

Retail

–

4,040,321

–

4,040,321

Textiles,

Apparel

&

Luxury

Goods

–

1,299,393

–

1,299,393

Tobacco

–

7,002,592

–

7,002,592

Trading

Companies

&

Distributors

–

6,674,129

–

6,674,129

Water

Utilities

–

1,858,303

–

1,858,303

Wireless

Telecommunication

Services

–

3,060,575

–

3,060,575

Total

Common

Stocks

$

27,555,381

$

201,873,377

$

–

$

229,428,758

Exchange

Traded

Fund

898,204

–

–

898,204

Forward

Foreign

Currency

Contracts

–

857,030

–

857,030

Repurchase

Agreements

–

6,434,230

–

6,434,230

Total

Assets

$

28,453,585

$

209,164,637

$

–

$

237,618,222

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(356,020)

$

–

$

(356,020)

Total

Liabilities

$

–

$

(356,020)

$

–

$

(356,020)

Total

$

28,453,585

$

208,808,617

$

–

$

237,262,202

Emerging

Markets

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Automobile

Components

$

–

$

3,102,974

$

–

$

3,102,974

64

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

Level

1

Level

2

Level

3

Total

Assets:

Automobiles

$

–

$

1,967,192

$

–

$

1,967,192

Banks

7,252,928

13,889,817

–

21,142,745

Beverages

–

6,779,212

–

6,779,212

Broadline

Retail

–

1,927,719

–

1,927,719

Capital

Markets

–

1,163,316

–

1,163,316

Communications

Equipment

–

1,229,163

–

1,229,163

Construction

&

Engineering

–

3,487,436

–

3,487,436

Consumer

Staples

Distribution

&

Retail

2,717,447

–

–

2,717,447

Diversified

Consumer

Services

–

62,580

–

62,580

Diversified

Telecommunication

Services

–

2,342,060

–

2,342,060

Electrical

Equipment

749,197

1,415,574

–

2,164,771

Electronic

Equipment,

Instruments

&

Components

–

6,377,267

–

6,377,267

Entertainment

–

3,060,503

–

3,060,503

Financial

Services

–

1,845,584

–

1,845,584

Ground

Transportation

–

2,007,206

–

2,007,206

Health

Care

Equipment

&

Supplies

–

1,440,378

–

1,440,378

Health

Care

Providers

&

Services

–

3,681,615

–

3,681,615

Hotels,

Restaurants

&

Leisure

2,794,511

4,043,083

–

6,837,594

Industrial

Conglomerates

–

1,045,133

–

1,045,133

Insurance

–

4,382,451

–

4,382,451

Interactive

Media

&

Services

–

7,257,683

–

7,257,683

Life

Sciences

Tools

&

Services

–

1,009,638

–

1,009,638

Machinery

–

1,744,614

–

1,744,614

Oil,

Gas

&

Consumable

Fuels

2,267,628

3,283,276

–

5,550,904

Passenger

Airlines

–

1,288,348

–

1,288,348

Real

Estate

Management

&

Development

1,515,635

–

–

1,515,635

Semiconductors

&

Semiconductor

Equipment

–

22,190,539

–

22,190,539

Software

–

2,323,779

–

2,323,779

Specialty

Retail

–

687,762

–

687,762

Technology

Hardware,

Storage

&

Peripherals

–

14,805,388

–

14,805,388

Textiles,

Apparel

&

Luxury

Goods

–

2,598,375

–

2,598,375

Wireless

Telecommunication

Services

–

3,048,928

–

3,048,928

Total

$

17,297,346

$

125,488,593

$

–

$

142,785,939

International

Equity

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

1,199,575

$

–

$

1,199,575

Air

Freight

&

Logistics

125,424

–

–

125,424

Automobile

Components

–

269,981

–

269,981

Automobiles

–

5,799,938

–

5,799,938

Banks

68,986

9,262,100

–

9,331,086

Beverages

375,316

140,959

–

516,275

Broadline

Retail

1,897,832

1,188,341

–

3,086,173

Building

Products

–

1,022,584

–

1,022,584

Capital

Markets

–

2,252,815

–

2,252,815

Chemicals

–

1,050,927

–

1,050,927

Commercial

Services

&

Supplies

–

1,118,498

–

1,118,498

Communications

Equipment

–

352,974

–

352,974

Construction

&

Engineering

–

1,650,672

–

1,650,672

Construction

Materials

189,488

88,890

–

278,378

Consumer

Staples

Distribution

&

Retail

141,264

1,058,678

–

1,199,942

Containers

&

Packaging

–

300,938

–

300,938

Diversified

Consumer

Services

91,966

–

–

91,966

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

65

Level

1

Level

2

Level

3

Total

Assets:

Diversified

REITs

$

90,732

$

–

$

–

$

90,732

Diversified

Telecommunication

Services

–

394,808

–

394,808

Electric

Utilities

47,359

976,726

–

1,024,085

Electronic

Equipment,

Instruments

&

Components

–

1,082,682

–

1,082,682

Entertainment

197,058

1,120,944

–

1,318,002

Financial

Services

–

709,684

–

709,684

Food

Products

–

487,806

–

487,806

Gas

Utilities

–

173,579

–

173,579

Ground

Transportation

–

86,292

–

86,292

Health

Care

Equipment

&

Supplies

–

345,215

–

345,215

Health

Care

Providers

&

Services

–

998,488

–

998,488

Hotels,

Restaurants

&

Leisure

–

2,141,712

–

2,141,712

Household

Durables

–

152,638

–

152,638

Household

Products

167,012

–

–

167,012

Independent

Power

and

Renewable

Electricity

Producers

269,984

397,635

–

667,619

Insurance

1,503,476

3,434,874

–

4,938,350

Interactive

Media

&

Services

234,607

1,102,472

–

1,337,079

IT

Services

1,258,569

964,867

–

2,223,436

Leisure

Products

–

304,000

–

304,000

Machinery

–

2,185,233

–

2,185,233

Marine

Transportation

90,637

508,683

–

599,320

Media

–

266,337

–

266,337

Metals

&

Mining

741,436

2,268,788

–

3,010,224

Multi-Utilities

–

511,416

–

511,416

Oil,

Gas

&

Consumable

Fuels

258,171

2,218,523

–

2,476,694

Paper

&

Forest

Products

–

94,784

–

94,784

Passenger

Airlines

229,246

813,074

–

1,042,320

Personal

Care

Products

–

889,088

–

889,088

Pharmaceuticals

184,808

9,211,118

–

9,395,926

Professional

Services

–

1,522,347

–

1,522,347

Real

Estate

Management

&

Development

90,824

1,514,282

–

1,605,106

Retail

REITs

–

896,194

–

896,194

Semiconductors

&

Semiconductor

Equipment

128,872

7,060,978

–

7,189,850

Software

1,891,583

224,893

–

2,116,476

Specialty

Retail

–

900,293

–

900,293

Technology

Hardware,

Storage

&

Peripherals

–

2,665,643

–

2,665,643

Textiles,

Apparel

&

Luxury

Goods

–

265,942

–

265,942

Tobacco

–

1,929,313

–

1,929,313

Trading

Companies

&

Distributors

379,478

925,560

–

1,305,038

Transportation

Infrastructure

–

192,574

–

192,574

Water

Utilities

–

115,196

–

115,196

Wireless

Telecommunication

Services

–

577,650

–

577,650

Total

Common

Stocks

$

10,654,128

$

79,390,201

$

–

$

90,044,329

Repurchase

Agreements

–

3,261,650

–

3,261,650

Warrants

–

–

–

–

Total

$

10,654,128

$

82,651,851

$

–

$

93,305,979

International

Focused

Growth

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

7,430,189

$

–

$

7,430,189

Banks

3,162,626

–

–

3,162,626

Beverages

–

5,338,763

–

5,338,763

66

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

Level

1

Level

2

Level

3

Total

Assets:

Biotechnology

$

–

$

6,204,208

$

–

$

6,204,208

Capital

Markets

–

3,819,700

–

3,819,700

Chemicals

–

15,330,124

–

15,330,124

Diversified

Telecommunication

Services

–

9,809,186

–

9,809,186

Electrical

Equipment

–

6,099,499

–

6,099,499

Electronic

Equipment,

Instruments

&

Components

–

6,005,304

–

6,005,304

Entertainment

–

5,084,108

–

5,084,108

Food

Products

–

20,559,226

–

20,559,226

Health

Care

Equipment

&

Supplies

–

12,091,759

–

12,091,759

Hotels,

Restaurants

&

Leisure

–

5,238,001

–

5,238,001

Household

Durables

–

6,130,628

–

6,130,628

Industrial

REITs

–

7,900,851

–

7,900,851

Insurance

–

11,527,642

–

11,527,642

Life

Sciences

Tools

&

Services

–

4,510,506

–

4,510,506

Metals

&

Mining

–

3,294,097

–

3,294,097

Oil,

Gas

&

Consumable

Fuels

–

2,800,284

–

2,800,284

Personal

Care

Products

–

9,463,728

–

9,463,728

Pharmaceuticals

–

18,949,080

–

18,949,080

Professional

Services

–

18,563,336

–

18,563,336

Semiconductors

&

Semiconductor

Equipment

–

13,177,644

–

13,177,644

Software

–

10,810,700

–

10,810,700

Specialty

Retail

–

3,383,413

–

3,383,413

Technology

Hardware,

Storage

&

Peripherals

–

3,993,837

–

3,993,837

Textiles,

Apparel

&

Luxury

Goods

–

4,176,634

–

4,176,634

Total

$

3,162,626

$

221,692,447

$

–

$

224,855,073

As

of

December

31,

2023,

Overseas

Value

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

As

of

December

31,

2023,

Emerging

Markets

held

five

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

As

of

December

31,

2023,

International

Equity

held

one

warrant

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

Emerging

Markets

Common

Stocks

Total

Balance

as

of

12/31/2022

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

4,855,320

4,855,320

Sales

(4,855,320)

(4,855,320)

Change

in

Unrealized

Appreciation/Depreciation

—

—

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

12/31/2023

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

12/31/2023

**

$

—

$

—

*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

**

Included

in

the

Statement

of

Operations

under

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

67

(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,

Funds

that

had

overdrawn

balances

were

as

follows:

(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)

Forward

Foreign

Currency

Contracts          

Certain

Funds

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency, to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The Funds' forward

foreign

currency

contracts

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

“Unrealized

appreciation/(depreciation)

on

forward

foreign

currency

contracts,”

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

“Net

realized

gains

(losses)

from

settlement

of

forward

foreign

currency

contracts”

and

“Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

forward

foreign

currency

contracts,”

as

applicable.

Fund

Foreign

Currency

Amount

(USD)

Overseas

Value

$

7,580

68

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

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:

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.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument’s

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

“Statements

of

Assets

and

Liabilities".

Overseas

Value

Assets:

Statements

of

Assets

and

Liabilities

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

857,030

Total

$

857,030

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(356,020)

Total

$

(356,020)

Overseas

Value

Realized

Gains

(Losses):

Total

Forward

Foreign

Currency

Contracts

Currency

risk

$

(418,382)

Total

$

(418,382)

Overseas

Value

Unrealized

Appreciation/Depreciation:

Total

Forward

Foreign

Currency

Contracts

Currency

risk

$

485,037

Total

$

485,037

Overseas

Value

Forward

Foreign

Currency

Exchange

Contracts:

Average

Settlement

Value

Purchased

$

29,501,472

Average

Settlement

Value

Sold

$

18,873,149

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

69

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for

forward

foreign

currency

contracts

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2023:

(e)

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

Overseas

Value

Offsetting

of

Financial

Assets,

Derivative

Assets

and

Collateral

Received

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts

of

Recognized

Asset

Derivatives  

Derivatives

Available

for

Offset

Collateral

Received

Net

Amount

of

Asset

Derivatives

Citibank

NA

Forward

Foreign

Currency

Contracts

$

91,037

$

(21,571)

$

—

$

69,466

Morgan

Stanley

Co.,

Inc.

Forward

Foreign

Currency

Contracts

180,155

—

—

180,155

State

Street

Bank

and

Trust

Co.

Forward

Foreign

Currency

Contracts

418,236

(2,990)

—

415,246

UBS

AG

Stamford

Branch

Forward

Foreign

Currency

Contracts

167,602

(143,270)

—

24,332

Total

$

857,030

$

(167,831)

$

—

$

689,199

Offsetting

of

Financial

Liabilities,

Derivative

Liabilities

and

Collateral

Pledged

by

Counterparty:

Gross

Amounts

Not

Offset

in

the

Statements

of

Assets

and

Liabilities

Counterparty

Description

Gross

Amounts  

of

Recognized

Liability

Derivatives

Derivatives

Available

for

Offset

Collateral

Pledged

Net

Amount

of

Liability

Derivatives

Barclays

Bank

plc

Forward

Foreign

Currency

Contracts

$

(54,359)

$

—

$

—

$

(54,359)

Citibank

NA

Forward

Foreign

Currency

Contracts

$

(21,571)

21,571

$

—

$

—

Goldman

Sachs

International

Forward

Foreign

Currency

Contracts

(81,872)

—

—

(81,872)

HSBC

Bank

USA,

N.A.

Forward

Foreign

Currency

Contracts

(51,958)

—

—

(51,958)

State

Street

Bank

and

Trust

Co.

Forward

Foreign

Currency

Contracts

(2,990)

2,990

—

—

UBS

AG

Stamford

Branch

Forward

Foreign

Currency

Contracts

(143,270)

143,270

—

—

Total

$

(356,020)

$

167,831

$

—

$

(188,189)

70

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

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.

As

of December

31,

2023,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(f)

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

Securities

and

Exchange

Commission

("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

Overseas

Value

$

6,434,230

International

Equity

3,261,650

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

71

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:

(g)

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.

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.

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.

Overseas

Value

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.

$

434,230

$

–

$

434,230

$

(434,230)

$

–

Pershing

LLC

6,000,000

–

6,000,000

(6,000,000)

–

Total

$

6,434,230

$

–

$

6,434,230

$

(6,434,230)

$

–

International

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

Cantor

Fitzgerald

&

Co.

$

1,261,650

$

–

$

1,261,650

$

(1,261,650)

$

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Total

$

3,261,650

$

–

$

3,261,650

$

(3,261,650)

$

–

*

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.

72

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

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.

(h)

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,

reclassifications

due

to

corportate

actions,

foreign

capital

gains

tax, and

investments

in

passive

foreign

investment

companies

("PFICs").

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,

treatment

of

corporate

actions, mark-to-

market

adjustments

on

forwards, and

investments

in

PFICs.

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.  

For

the

year

ended

December

31,

2023,

the

Funds

have

no

reclassifications

between

capital

and

total

distributable

earnings.

(i)

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.

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

73

(j)

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.

(k)

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.

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.

Fund

Subadviser

Overseas

Value

Columbia

Management

Investment

Advisers,

LLC

Emerging

Markets

NS

Partners

Ltd

("NS

Partners")(a)

International

Equity

Lazard

Asset

Management,

LLC

International

Focused

Growth

NS

Partners

(a)

Effective

end

of

business

on

June

23,

2023,

Loomis,

Sayles

&

Company

L.P.

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

Fund

Fee

Schedule

Advisory

Fee

(annual

rate)

Overseas

Value

Up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Emerging

Markets

Up

to

$500

million

0.95%

$500

million

up

to

$2

billion

0.90%

$2

billion

and

more

0.85%

International

Equity

Up

to

$500

million

0.80%

$500

million

up

to

$2

billion

0.75%

$2

billion

and

more

0.70%

International

Focused

Growth

Up

to

$500

million

0.85%

$500

million

up

to

$1

billion

0.82%

$1

billion

and

more

0.80%

Fund

Advisory

Fee

Waiver

(annual

rate)

Emerging

Markets

0.0873%

International

Focused

Growth

0.058

74

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

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:

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.

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.

Fund

Amount

Emerging

Markets

$

368,350

International

Focused

Growth

127,173

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

Overseas

Value

0.75

%

N/A

0.75

%

Emerging

Markets

0.95

0.86

%

0.86

International

Equity

0.80

N/A

0.66

International

Focused

Growth

0.85

0.79

0.72

N/A

—

Not

Applicable.

*

Please

see

above

for

additional

information

regarding

contractual

waivers.

Fund

Classes

Amount

(annual

rate)

Overseas

Value

All

Classes

0.87%

Emerging

Markets

All

Classes

1.20

International

Equity

All

Classes

0.83

International

Focused

Growth

All

Classes

0.88

Fund

Classes

Amount

(annual

rate)

Emerging

Markets

Class

II

1.43%

International

Focused

Growth

Class

II

1.25%

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

75

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

$401,054

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

$4,218.

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,

Class

D and

Class Z

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, Class

II

and

Class

D shares

of

the

Fund

and

up

to

0.01%

of

the

average

daily

net

assets

of

Class

X and

Class

Z

shares of

each Fund.

Fund

Fiscal

Year

2021

Amount

Fiscal

Year

2022

Amount

Fiscal

Year

2023

Amount

Total

Overseas

Value

$

31,704

$

—

$

—

$

31,704

Emerging

Markets

—

—

—

—

International

Equity

—

—

117,502

117,502

International

Focused

Growth

208,754

274,757

142,899

626,410

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

76

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

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:

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

Class

I

Class

II

Class

D

Class

X

Class

Z

Overseas

Value

0.15%

N/A

N/A

0.01%

0.01%

Emerging

Markets

0.15

0.15%

0.18%

N/A

N/A

International

Equity

0.15

0.15

N/A

N/A

N/A

International

Focused

Growth

0.15

0.15

N/A

N/A

N/A

N/A

—

Not

Applicable.

Fund

Amount

Overseas

Value

$

61,724

Emerging

Markets

226,494

International

Equity

127,311

International

Focused

Growth

328,906

Fund

Purchases

Sales

Overseas

Value

$

86,131,196

$

124,145,942

Emerging

Markets

295,237,242

630,286,073

International

Equity

62,650,893

67,699,071

International

Focused

Growth

60,538,605

86,845,799

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

77

6.

Portfolio

Investment

Risks 

(a)

Risks

Associated

with

Credit

and

Emerging

Markets               

Investments

in

emerging

market

instruments

are

subject

to

certain

additional

credit

and

market

risks.

The

yields

of

emerging

market

debt

obligations

reflect,

among

other

things,

perceived

credit

risk.

The

Fund’s

investment

in

securities

rated

below

investment

grade

typically

involves

risks

not

associated

with

higher-rated

securities

including,

among

others,

greater

risk

of

not

receiving

timely

and/or

ultimate

payment

of

interest

and

principal,

greater

market

price

volatility,

and

less-liquid

secondary

market

trading.

The

consequences

of

political,

social,

economic,

or

diplomatic

changes

may

have

disruptive

effects

on

the

market

prices

of

emerging

market

investments.

(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

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.

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

amended

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. 

78

-

Notes

to

Financial

Statements

-

December

31,

2023

-

International

Funds

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

each

Fund

was

as

follows: 

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

Overseas

Value

$

5,590,152

$

–

$

5,590,152

$

–

$

5,590,152

Emerging

Markets

6,033,961

–

6,033,961

–

6,033,961

International

Equity

2,280,919

–

2,280,919

–

2,280,919

International

Focused

Growth

3,337,535

–

3,337,535

–

3,337,535

*

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

Overseas

Value

$

9,029,229

$

–

$

9,029,229

$

–

$

9,029,229

Emerging

Markets

5,417,082

–

5,417,082

–

5,417,082

International

Equity

5,160,671

8,687,102

13,847,773

–

13,847,773

International

Focused

Growth

1,558,156

8,010,634

9,568,790

–

9,568,790

*

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)

Overseas

Value

$

12,334,955

$

–

$

12,334,955

$

–

$

(18,863,304)

$

33,787,644

$

27,259,295

Emerging

Markets

2,579,431

–

2,579,431

–

(165,695,279)

10,544,144

(152,571,704)

International

Equity

1,852,042

–

1,852,042

–

(3,076,723)

14,376,632

13,151,951

International

Focused

Growth

486,192

–

486,192

–

(36,370,680)

32,303,344

(3,581,144)

*

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)

Overseas

Value

$

203,531,439

$

51,265,540

$

(17,534,777)

$

33,730,763

Emerging

Markets

131,307,549

32,284,963

(20,806,573)

11,478,390

International

Equity

78,804,488

17,584,225

(3,082,734)

14,501,491

International

Focused

Growth

192,588,363

40,194,090

(7,927,380)

32,266,710

International

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

79

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.

Settlement

Proceeds

During

the

year

ended December

31,

2022,

International

Focused

Growth

reached

a

settlement

agreement

in

the

amount

of

$2,187,429

from

a

former

subadvisor.

These

settlement

proceeds

are

reflected

in

the

Financial

Highlights. 

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

Amount

Overseas

Value

$

(18,863,304)

Emerging

Markets

*

(165,695,279)

International

Equity

(3,076,723)

International

Focused

Growth

(36,370,680)

*

A

portion

of

the

Fund’s

capital

loss

carryforward

is

subject

to

an

annual

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Fund

Utilized

Overseas

Value

$

9,047,122

International

Equity

2,552,798

International

Focused

Growth

859,296

80

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2023

-

International

Funds

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

Columbia

Overseas

Value

Fund,

NVIT

Emerging

Markets

Fund,

NVIT

International

Equity

Fund

and

NVIT

NS

Partners

International

Focused

Growth

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Columbia

Overseas

Value

Fund,

NVIT

Emerging

Markets

Fund,

NVIT

International

Equity

Fund

and

NVIT

NS

Partners

International

Focused

Growth

Fund

(four

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

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.

International

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

81

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:

82

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

International

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.

International

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

83

• 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

84

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

International

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

International

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

85

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

86

-

Supplemental

Information

-

December

31,

2023

(Unaudited)

-

International

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:

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

Overseas

Value

–

%

Emerging

Markets

0.12

International

Equity

0.01

International

Focused

Growth

–

Fund

Amount

Per

Share

Overseas

Value

$

8,599,876

$

0.4297

Emerging

Markets

3,828,997

0.2692

International

Equity

2,423,082

0.2860

International

Focused

Growth

1,023,086

0.0349

International

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

87

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

Overseas

Value

$

364,242

$

0.0182

Emerging

Markets

2,782,627

0.1956

International

Equity

361,818

0.0427

International

Focused

Growth

273,377

0.0093

International

Funds

-

December

31,

2023

-

Management

Information

-

89

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.

90

-

Management

Information

-

December

31,

2023

-

International

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.

International

Funds

-

December

31,

2023

-

Management

Information

-

91

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.

92

-

Market

Index

Definitions

-

December

31,

2023

-

International

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.

International

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

93

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.

94

-

Market

Index

Definitions

-

December

31,

2023

-

International

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.

International

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

95

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.

96

-

Market

Index

Definitions

-

December

31,

2023

-

International

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-INT

(2-24)