NVIT

American

Funds

Asset

Allocation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

100

.1

%

Shares

Value

($)

Balanced

Fund

100.1%

American

Funds

Asset

Allocation

Fund,

Class

1(a)

236,916,886

6,467,830,992

Total

Investment

Company

(cost

$4,323,943,691)

6,467,830,992

Total

Investments

(cost

$4,323,943,691)

—

100.1%

6,467,830,992

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

3,502,740

)

NET

ASSETS

—

100.0%

$

6,464,328,252

(a)

Investment

in

master

fund.

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Asset

Allocation

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds

Asset

Allocation

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2025,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Company

100

.1

%

Shares

Value

($)

Fixed

Income

Fund

100

.1

%

American

Funds

The

Bond

Fund

of

America,

Class

1(a)

340,184,231

3,320,198,094

Total

Investment

Company

(cost

$3,460,140,396)

3,320,198,094

Total

Investments

(cost

$3,460,140,396)

—

100.1%

3,320,198,094

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,810,191

)

NET

ASSETS

—

100.0%

$

3,318,387,903

(a)

Investment

in

master

fund.

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Bond

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds The

Bond

Fund

of

America (the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2025,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Global

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Global

Growth

Fund,

Class

1(a)

17,741,585

676,841,485

Total

Investment

Company

(cost

$498,942,935)

676,841,485

Total

Investments

(cost

$498,942,935)

—

100.1%

676,841,485

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

391,112

)

NET

ASSETS

—

100.0%

$

676,450,373

(a)

Investment

in

master

fund.

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Global

Growth

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Global

Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2025,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth

Fund,

Class

1(a)

17,810,090

2,473,287,162

Total

Investment

Company

(cost

$1,484,795,600)

2,473,287,162

Total

Investments

(cost

$1,484,795,600)

—

100.1%

2,473,287,162

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

1,289,479

)

NET

ASSETS

—

100.0%

$

2,471,997,683

(a)

Investment

in

master

fund.

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth

Fund (“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2025,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

American

Funds

Growth-Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Company

100

.1

%

Shares

Value

($)

Equity

Fund

100.1%

American

Funds

Growth-

Income

Fund,

Class

1(a)

63,743,698

4,254,254,413

Total

Investment

Company

(cost

$2,845,468,903)

4,254,254,413

Total

Investments

(cost

$2,845,468,903)

—

100.1%

4,254,254,413

Liabilities

in

excess

of

other

assets

—

(0.1)%

(

2,277,239

)

NET

ASSETS

—

100.0%

$

4,251,977,174

(a)

Investment

in

master

fund.

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

American

Funds

Growth-Income

Fund

NVIT

American

Funds

Growth-Income

Fund

(“the

Fund”)

operates

as

a

“feeder

fund,”

which

means

that

the

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risks.

Instead,

the

Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

the

American

Funds Growth-Income

Fund

(the

“Master

Fund”),

a

series

of

the

American

Funds

Insurance

Series

®

,

which

invests

directly

in

individual

securities.

The

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

For

accounting

and

financial

reporting

purposes,

the

Fund

is

treated

as

a

fund

of

funds.

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

As

of September

30,

2025,

100%

of

the

market

value

of

the

Fund

was

determined

based

on

Level

1

inputs.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

90

.8

%

Shares

Value

($)

Equity

Funds

82.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

7,622,111

108,386,422

Nationwide

International

Equity

Portfolio,

Class

R6(a)

3,246,927

43,508,819

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

4,491,447

46,711,050

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,279,204

24,296,313

NVIT

International

Index

Fund,

Class

Y(a)

2,690,664

34,978,635

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

3,170,669

74,986,331

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,621,676

32,271,361

Total

Equity

Funds

(cost

$293,393,499)

365,138,931

Fixed

Income

Fund

7.9%

NVIT

Bond

Index

Fund,

Class

Y(a)

3,671,460

34,915,580

Total

Fixed

Income

Funds

(cost

$34,410,127)

34,915,580

Total

Investment

Companies

(cost

$327,803,626)

400,054,511

Exchange

Traded

Funds

9

.3

%

Equity

Funds

8.3%

iShares

Core

MSCI

EAFE

ETF

100,283

8,755,709

iShares

Core

S&P

500

ETF

20,032

13,407,418

iShares

Core

S&P

Small-Cap

ETF(b)

48,270

5,735,924

JPMorgan

Equity

Premium

Income

ETF

150,969

8,620,330

Total

Equity

Funds

(cost

$33,226,285)

36,519,381

Fixed

Income

Fund

1.0%

iShares

7-10

Year

Treasury

Bond

ETF

42,809

4,129,356

Total

Fixed

Income

Funds

(cost  $4,591,881)

4,129,356

Total

Exchange

Traded

Funds

(cost

$37,818,166)

40,648,737

Short-Term

Investment

0

.0

%

†

Money

Market

Fund

0.0%

†

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

42,089

42,089

Total

Short-Term

Investment

(cost

$42,089)

42,089

Repurchase

Agreements

1

.2

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$305,160,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$311,227.(d)

305,124

305,124

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$4,080,476.(d)

4,000,000

4,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,527.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$5,305,124)

5,305,124

Total

Investments

(cost

$370,969,005)

—

101.3%

446,050,461

Liabilities

in

excess

of

other

assets

—

(1.3)%

(

5,537,330

)

NET

ASSETS

—

100.0%

$

440,513,131

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$5,209,983,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,305,124.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$5,305,124.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

40,648,737

$

–

$

–

$

40,648,737

Investment

Companies

400,054,511

–

–

400,054,511

Repurchase

Agreements

–

5,305,124

–

5,305,124

Short-Term

Investment

42,089

–

–

42,089

Total

$

440,745,337

$

5,305,124

$

–

$

446,050,461

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

Investment

Companies

89

.0

%

Shares

Value

($)

Equity

Funds

44.8%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

10,996,788

156,374,330

Nationwide

International

Equity

Portfolio,

Class

R6(a)

3,309,148

44,342,585

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

6,456,153

67,143,986

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,036,426

32,368,300

NVIT

International

Index

Fund,

Class

Y(a)

2,081,464

27,059,036

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,792,206

136,985,677

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

832,491

16,566,575

Total

Equity

Funds

(cost

$387,023,431)

480,840,489

Fixed

Income

Funds

44.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

3,431,899

30,029,115

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

477,052

4,350,713

NVIT

Bond

Index

Fund,

Class

Y(a)

35,253,951

335,265,071

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

6,551,654

62,109,679

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,225,177

42,632,037

Total

Fixed

Income

Funds

(cost

$494,337,746)

474,386,615

Total

Investment

Companies

(cost

$881,361,177)

955,227,104

Exchange

Traded

Funds

9

.0

%

Equity

Funds

7.8%

iShares

Core

MSCI

EAFE

ETF

248,265

21,676,017

iShares

Core

S&P

500

ETF

48,371

32,374,711

iShares

Core

S&P

Small-Cap

ETF(b)

71,223

8,463,429

JPMorgan

Equity

Premium

Income

ETF(b)

377,970

21,582,087

Total

Equity

Funds

(cost

$76,056,669)

84,096,244

Fixed

Income

Funds

1.2%

iShares

20+

Year

Treasury

Bond

ETF

49,025

4,381,364

iShares

7-10

Year

Treasury

Bond

ETF

89,632

8,645,903

Total

Fixed

Income

Funds

(cost

$15,638,994)

13,027,267

Total

Exchange

Traded

Funds

(cost

$91,695,663)

97,123,511

Short-Term

Investment

2

.0

%

Shares

Value

($)

Money

Market

Fund

2.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

21,161,699

21,161,699

Total

Short-Term

Investment

(cost

$21,161,699)

21,161,699

Repurchase

Agreements

1

.8

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,499,725,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,529,541.(d)

1,499,550

1,499,550

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$12,001,407,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$12,240,001.(d)

12,000,000

12,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$4,080,476.(d)

4,000,000

4,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$19,499,550)

19,499,550

Total

Investments

(cost

$1,013,718,089)

—

101.8%

1,093,011,864

Liabilities

in

excess

of

other

assets

—

(1.8)%

(

19,779,429

)

NET

ASSETS

—

100.0%

$

1,073,232,435

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$19,117,272,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,499,550.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$19,499,550.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Balanced

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

97,123,511

$

–

$

–

$

97,123,511

Investment

Companies

955,227,104

–

–

955,227,104

Repurchase

Agreements

–

19,499,550

–

19,499,550

Short-Term

Investment

21,161,699

–

–

21,161,699

Total

$

1,073,512,314

$

19,499,550

$

–

$

1,093,011,864

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

Investment

Companies

90

.0

%

Shares

Value

($)

Equity

Funds

62.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

15,886,674

225,908,498

Nationwide

International

Equity

Portfolio,

Class

R6(a)

4,854,611

65,051,791

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

9,356,442

97,307,001

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,269,475

45,512,603

NVIT

International

Index

Fund,

Class

Y(a)

2,758,005

35,854,071

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

7,018,296

165,982,707

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,310,031

26,069,626

Total

Equity

Funds

(cost

$528,746,345)

661,686,297

Fixed

Income

Funds

27.7%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,238,001

10,832,511

NVIT

Bond

Index

Fund,

Class

Y(a)

24,325,537

231,335,859

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

2,757,059

26,136,916

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,592,543

26,158,755

Total

Fixed

Income

Funds

(cost

$305,369,548)

294,464,041

Total

Investment

Companies

(cost

$834,115,893)

956,150,338

Exchange

Traded

Funds

9

.5

%

Equity

Funds

8.3%

iShares

Core

MSCI

EAFE

ETF

247,260

21,588,271

iShares

Core

S&P

500

ETF

49,006

32,799,716

iShares

Core

S&P

Small-Cap

ETF(b)

108,797

12,928,347

JPMorgan

Equity

Premium

Income

ETF(b)

373,507

21,327,250

Total

Equity

Funds

(cost

$80,359,012)

88,643,584

Fixed

Income

Funds

1.2%

iShares

20+

Year

Treasury

Bond

ETF

107,467

9,604,326

iShares

7-10

Year

Treasury

Bond

ETF

32,747

3,158,775

Total

Fixed

Income

Funds

(cost

$18,196,138)

12,763,101

Total

Exchange

Traded

Funds

(cost

$98,555,150)

101,406,685

Short-Term

Investment

0

.6

%

Shares

Value

($)

Money

Market

Fund

0.6%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

6,006,495

6,006,495

Total

Short-Term

Investment

(cost

$6,006,495)

6,006,495

Repurchase

Agreements

0

.3

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,350,527,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,377,377.(d)

1,350,369

1,350,369

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$2,040,238.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$3,350,369)

3,350,369

Total

Investments

(cost

$942,027,907)

—

100.4%

1,066,913,887

Liabilities

in

excess

of

other

assets

—

(0.4)%

(

3,846,205

)

NET

ASSETS

—

100.0%

$

1,063,067,682

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$5,387,484,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,350,369

and

by

$2,135,428

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.88%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2053,

a

total

value

of

$5,485,797.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$3,350,369.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

101,406,685

$

–

$

–

$

101,406,685

Investment

Companies

956,150,338

–

–

956,150,338

Repurchase

Agreements

–

3,350,369

–

3,350,369

Short-Term

Investment

6,006,495

–

–

6,006,495

Total

$

1,063,563,518

$

3,350,369

$

–

$

1,066,913,887

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

86

.9

%

Shares

Value

($)

Equity

Funds

16.0%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,352,302

19,229,734

Nationwide

International

Equity

Portfolio,

Class

R6(a)

461,238

6,180,592

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

794,139

8,259,045

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

490,559

5,229,363

NVIT

International

Index

Fund,

Class

Y(a)

318,005

4,134,059

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,095,010

25,896,990

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

15,813

314,681

Total

Equity

Funds

(cost

$55,267,944)

69,244,464

Fixed

Income

Funds

70.9%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,595,803

13,963,276

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,363,334

21,553,603

NVIT

Bond

Index

Fund,

Class

Y(a)

18,229,753

173,364,955

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

5,705,339

54,086,609

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,278,928

43,174,379

Total

Fixed

Income

Funds

(cost

$310,587,419)

306,142,822

Total

Investment

Companies

(cost

$365,855,363)

375,387,286

Exchange

Traded

Funds

10

.2

%

Equity

Funds

6.2%

iShares

Core

MSCI

EAFE

ETF

62,537

5,460,106

iShares

Core

S&P

500

ETF

17,081

11,432,313

iShares

Core

S&P

Small-Cap

ETF

10,477

1,244,982

JPMorgan

Equity

Premium

Income

ETF

152,179

8,689,421

Total

Equity

Funds

(cost

$24,481,856)

26,826,822

Fixed

Income

Funds

4.0%

iShares

20+

Year

Treasury

Bond

ETF

108,494

9,696,109

iShares

7-10

Year

Treasury

Bond

ETF(b)

78,332

7,555,904

Total

Fixed

Income

Funds

(cost

$21,927,963)

17,252,013

Total

Exchange

Traded

Funds

(cost

$46,409,819)

44,078,835

Short-Term

Investment

3

.0

%

Shares

Value

($)

Money

Market

Fund

3.0%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

12,926,608

12,926,608

Total

Short-Term

Investment

(cost

$12,926,608)

12,926,608

Repurchase

Agreements

1

.0

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,420,572,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,448,813.(d)

1,420,405

1,420,405

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,234,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$1,020,119.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$4,420,405)

4,420,405

Total

Investments

(cost

$429,612,195)

—

101.1%

436,813,134

Liabilities

in

excess

of

other

assets

—

(1.1)%

(

4,633,285

)

NET

ASSETS

—

100.0%

$

432,179,849

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$4,331,054,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,420,405.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$4,420,405.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Conservative

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

44,078,835

$

–

$

–

$

44,078,835

Investment

Companies

375,387,286

–

–

375,387,286

Repurchase

Agreements

–

4,420,405

–

4,420,405

Short-Term

Investment

12,926,608

–

–

12,926,608

Total

$

432,392,729

$

4,420,405

$

–

$

436,813,134

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

88

.4

%

Shares

Value

($)

Equity

Funds

53.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

22,540,490

320,525,766

Nationwide

International

Equity

Portfolio,

Class

R6(a)

6,781,054

90,866,119

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

13,268,195

137,989,225

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,093,947

64,961,471

NVIT

International

Index

Fund,

Class

Y(a)

4,072,415

52,941,400

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

10,687,807

252,766,644

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

1,518,225

30,212,685

Total

Equity

Funds

(cost

$759,839,598)

950,263,310

Fixed

Income

Funds

35.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

4,059,331

35,519,143

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

777,160

7,087,700

NVIT

Bond

Index

Fund,

Class

Y(a)

50,335,047

478,686,295

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

7,001,635

66,375,498

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,468,377

34,995,925

Total

Fixed

Income

Funds

(cost

$647,865,742)

622,664,561

Total

Investment

Companies

(cost

$1,407,705,340)

1,572,927,871

Exchange

Traded

Funds

10

.1

%

Equity

Funds

7.9%

iShares

Core

MSCI

EAFE

ETF

411,353

35,915,230

iShares

Core

S&P

500

ETF

81,399

54,480,351

iShares

Core

S&P

Small-Cap

ETF(b)

134,520

15,985,011

JPMorgan

Equity

Premium

Income

ETF(b)

623,327

35,591,972

Total

Equity

Funds

(cost

$128,558,270)

141,972,564

Fixed

Income

Funds

2.2%

iShares

20+

Year

Treasury

Bond

ETF

239,128

21,370,869

iShares

7-10

Year

Treasury

Bond

ETF(b)

182,166

17,571,733

Total

Fixed

Income

Funds

(cost

$52,351,000)

38,942,602

Total

Exchange

Traded

Funds

(cost

$180,909,270)

180,915,166

Short-Term

Investment

1

.5

%

Shares

Value

($)

Money

Market

Fund

1.5%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

25,825,939

25,825,939

Total

Short-Term

Investment

(cost

$25,825,939)

25,825,939

Repurchase

Agreements

1

.4

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$7,723,962,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$7,877,519.(d)

7,723,057

7,723,057

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$12,001,397,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$12,240,002.

(d)

12,000,000

12,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$5,102,636.(d)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$24,723,057)

24,723,057

Total

Investments

(cost

$1,639,163,606)

—

101.4%

1,804,392,033

Liabilities

in

excess

of

other

assets

—

(1.4)%

(

25,640,967

)

NET

ASSETS

—

100.0%

$

1,778,751,066

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$24,232,247,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$24,723,057.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$24,723,057.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderate

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Moderate

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

180,915,166

$

–

$

–

$

180,915,166

Investment

Companies

1,572,927,871

–

–

1,572,927,871

Repurchase

Agreements

–

24,723,057

–

24,723,057

Short-Term

Investment

25,825,939

–

–

25,825,939

Total

$

1,779,668,976

$

24,723,057

$

–

$

1,804,392,033

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

Investment

Companies

91

.6

%

Shares

Value

($)

Equity

Funds

71.3%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

16,736,110

237,987,478

Nationwide

International

Equity

Portfolio,

Class

R6(a)

6,366,642

85,313,004

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

9,873,208

102,681,365

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,812,354

51,299,694

NVIT

International

Index

Fund,

Class

Y(a)

3,186,958

41,430,450

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

7,489,578

177,128,519

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

2,387,237

47,506,016

Total

Equity

Funds

(cost

$595,629,585)

743,346,526

Fixed

Income

Funds

20.3%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,067,999

18,094,991

NVIT

Bond

Index

Fund,

Class

Y(a)

18,162,083

172,721,411

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

2,152,380

20,404,564

Total

Fixed

Income

Funds

(cost

$214,317,261)

211,220,966

Total

Investment

Companies

(cost

$809,946,846)

954,567,492

Exchange

Traded

Funds

8

.4

%

Equity

Funds

7.4%

iShares

Core

MSCI

EAFE

ETF

241,850

21,115,924

iShares

Core

S&P

500

ETF

32,831

21,973,788

iShares

Core

S&P

Small-Cap

ETF(b)

116,593

13,854,746

JPMorgan

Equity

Premium

Income

ETF(b)

360,060

20,559,426

Total

Equity

Funds

(cost

$70,935,313)

77,503,884

Fixed

Income

Fund

1.0%

iShares

7-10

Year

Treasury

Bond

ETF

105,227

10,150,197

Total

Fixed

Income

Funds

(cost  $11,215,827)

10,150,197

Total

Exchange

Traded

Funds

(cost

$82,151,140)

87,654,081

Short-Term

Investment

0

.1

%

Money

Market

Fund

0.1%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

1,484,939

1,484,939

Total

Short-Term

Investment

(cost

$1,484,939)

1,484,939

Repurchase

Agreements

2

.6

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$15,572,251,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$15,881,836.(d)

15,570,426

15,570,426

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$2,040,238.(d)

2,000,000

2,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$7,000,815,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$7,140,001.(d)

7,000,000

7,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$27,570,426)

27,570,426

Total

Investments

(cost

$921,153,351)

—

102.7%

1,071,276,938

Liabilities

in

excess

of

other

assets

—

(2.7)%

(

28,093,008

)

NET

ASSETS

—

100.0%

$

1,043,183,930

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$27,049,089,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,570,426.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$27,570,426.

ETF

Exchange

Traded

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

87,654,081

$

–

$

–

$

87,654,081

Investment

Companies

954,567,492

–

–

954,567,492

Repurchase

Agreements

–

27,570,426

–

27,570,426

Short-Term

Investment

1,484,939

–

–

1,484,939

Total

$

1,043,706,512

$

27,570,426

$

–

$

1,071,276,938

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

Investment

Companies

88

.6

%

Shares

Value

($)

Equity

Funds

34.4%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,681,206

52,346,746

Nationwide

International

Equity

Portfolio,

Class

R6(a)

1,146,947

15,369,085

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

2,161,316

22,477,683

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,128,657

12,031,481

NVIT

International

Index

Fund,

Class

Y(a)

1,270,371

16,514,829

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,924,192

45,507,149

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

339,421

6,754,480

Total

Equity

Funds

(cost

$135,305,193)

171,001,453

Fixed

Income

Funds

54.2%

Nationwide

Bond

Portfolio,

Class

R6(a)

2,094,918

18,330,530

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,634,372

14,905,469

NVIT

Bond

Index

Fund,

Class

Y(a)

18,671,647

177,567,360

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

3,371,313

31,960,045

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,707,770

27,321,396

Total

Fixed

Income

Funds

(cost

$278,859,301)

270,084,800

Total

Investment

Companies

(cost

$414,164,494)

441,086,253

Exchange

Traded

Funds

9

.3

%

Equity

Funds

7.8%

iShares

Core

MSCI

EAFE

ETF

115,425

10,077,757

iShares

Core

S&P

500

ETF

22,446

15,023,108

iShares

Core

S&P

Small-Cap

ETF(b)

32,133

3,818,364

JPMorgan

Equity

Premium

Income

ETF(b)

175,796

10,037,952

Total

Equity

Funds

(cost

$35,251,064)

38,957,181

Fixed

Income

Funds

1.5%

iShares

20+

Year

Treasury

Bond

ETF

33,810

3,021,600

iShares

7-10

Year

Treasury

Bond

ETF

44,090

4,252,921

Total

Fixed

Income

Funds

(cost

$8,719,660)

7,274,521

Total

Exchange

Traded

Funds

(cost

$43,970,724)

46,231,702

Short-Term

Investment

2

.2

%

Shares

Value

($)

Money

Market

Fund

2.2%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

10,873,476

10,873,476

Total

Short-Term

Investment

(cost

$10,873,476)

10,873,476

Repurchase

Agreements

0

.8

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,216,069,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,240,245.(d)

1,215,927

1,215,927

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,350,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$3,061,582.(d)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$4,215,927)

4,215,927

Total

Investments

(cost

$473,224,621)

—

100.9%

502,407,358

Liabilities

in

excess

of

other

assets

—

(0.9)%

(

4,380,470

)

NET

ASSETS

—

100.0%

$

498,026,888

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$6,689,598,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,215,927

and

by

$2,602,767

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.88%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2053,

a

total

value

of

$6,818,694.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$4,215,927.

ETF

Exchange

Traded

Fund

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

46,231,702

$

–

$

–

$

46,231,702

Investment

Companies

441,086,253

–

–

441,086,253

Repurchase

Agreements

–

4,215,927

–

4,215,927

Short-Term

Investment

10,873,476

–

–

10,873,476

Total

$

498,191,431

$

4,215,927

$

–

$

502,407,358

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Investment

Companies

83

.9

%

Shares

Value

($)

Equity

Funds

51.9%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

11,513,316

163,719,356

Nationwide

International

Equity

Portfolio,

Class

R6(a)

3,374,713

45,221,155

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

6,665,955

69,325,928

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,162,091

33,707,887

NVIT

International

Index

Fund,

Class

Y(a)

1,965,988

25,557,841

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,511,109

130,337,725

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

755,900

15,042,402

Total

Equity

Funds

(cost

$388,934,839)

482,912,294

Fixed

Income

Funds

32.0%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,934,724

16,928,834

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

370,443

3,378,440

NVIT

Bond

Index

Fund,

Class

Y(a)

24,077,339

228,975,498

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

3,344,648

31,707,263

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,652,223

16,670,930

Total

Fixed

Income

Funds

(cost

$298,511,419)

297,660,965

Total

Investment

Companies

(cost

$687,446,258)

780,573,259

Exchange

Traded

Funds

9

.9

%

Equity

Funds

7.8%

iShares

Core

MSCI

EAFE

ETF

209,832

18,320,432

iShares

Core

S&P

500

ETF

41,907

28,048,355

iShares

Core

S&P

Small-Cap

ETF(b)

70,397

8,365,276

JPMorgan

Equity

Premium

Income

ETF(b)

311,453

17,783,966

Total

Equity

Funds

(cost

$65,608,102)

72,518,029

Fixed

Income

Funds

2.1%

iShares

20+

Year

Treasury

Bond

ETF

119,999

10,724,310

iShares

7-10

Year

Treasury

Bond

ETF

91,628

8,838,437

Total

Fixed

Income

Funds

(cost

$25,985,835)

19,562,747

Total

Exchange

Traded

Funds

(cost

$91,593,937)

92,080,776

Short-Term

Investment

1

.3

%

Shares

Value

($)

Money

Market

Fund

1.3%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

12,473,369

12,473,369

Total

Short-Term

Investment

(cost

$12,473,369)

12,473,369

Repurchase

Agreements

1

.4

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,583,892,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$5,694,903.(d)

5,583,238

5,583,238

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,234,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,650,426,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$3,723,434.(d)

3,650,000

3,650,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$2,040,000.(d)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$13,233,238)

13,233,238

Total

Investments

(cost

$804,746,802)

—

96.5%

898,360,642

Other

assets

in

excess

of

liabilities

—

3.5%

32,735,353

NET

ASSETS

—

100.0%

$

931,095,995

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$20,327,179,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$13,233,238

and

by

$7,491,078

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.88%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2053,

a

total

value

of

$20,724,316.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$13,233,238.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

353

12/2025

USD

49,160,545

(132,965)

Russell

2000

E-Mini

Index

53

12/2025

USD

6,507,075

102,340

S&P

500

E-Mini

Index

361

12/2025

USD

121,634,438

1,653,294

S&P

Midcap

400

E-Mini

Index

30

12/2025

USD

9,858,600

(68,566)

Net

contracts

1,554,103

Currency:

USD

United

States

Dollar

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Investor

Destinations

Managed

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

92,080,776

$

–

$

–

$

92,080,776

Futures

Contracts

1,755,634

–

–

1,755,634

Investment

Companies

780,573,259

–

–

780,573,259

Repurchase

Agreements

–

13,233,238

–

13,233,238

Short-Term

Investment

12,473,369

–

–

12,473,369

Total

Assets

$

886,883,038

$

13,233,238

$

–

$

900,116,276

Liabilities:

Futures

Contracts

$

(

201,531

)

$

–

$

–

$

(

201,531

)

Total

Liabilities

$

(

201,531

)

$

–

$

–

$

(

201,531

)

Total

$

886,681,507

$

13,233,238

$

–

$

899,914,745

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

Fund

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

1,755,634

Total

$

1,755,634

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(201,531)

Total

$

(201,531)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

Investment

Companies

85

.0

%

Shares

Value

($)

Equity

Funds

44.2%

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

4,025,659

57,244,869

Nationwide

International

Equity

Portfolio,

Class

R6(a)

1,181,080

15,826,468

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

2,297,200

23,890,885

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,132,939

12,077,131

NVIT

International

Index

Fund,

Class

Y(a)

716,695

9,317,035

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

2,132,739

50,439,283

NVIT

Mid

Cap

Index

Fund,

Class

Y(a)

294,612

5,862,776

Total

Equity

Funds

(cost

$141,680,363)

174,658,447

Fixed

Income

Funds

40.8%

Nationwide

Bond

Portfolio,

Class

R6(a)

1,165,332

10,196,655

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

159,368

1,453,438

NVIT

Bond

Index

Fund,

Class

Y(a)

11,962,357

113,762,015

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

2,225,657

21,099,229

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

1,421,846

14,346,426

Total

Fixed

Income

Funds

(cost

$162,080,639)

160,857,763

Total

Investment

Companies

(cost

$303,761,002)

335,516,210

Exchange

Traded

Funds

8

.9

%

Equity

Funds

7.7%

iShares

Core

MSCI

EAFE

ETF(b)

88,932

7,764,653

iShares

Core

S&P

500

ETF

17,878

11,965,745

iShares

Core

S&P

Small-Cap

ETF(b)

26,103

3,101,820

JPMorgan

Equity

Premium

Income

ETF(b)

132,039

7,539,427

Total

Equity

Funds

(cost

$27,477,689)

30,371,645

Fixed

Income

Funds

1.2%

iShares

20+

Year

Treasury

Bond

ETF

16,927

1,512,766

iShares

7-10

Year

Treasury

Bond

ETF

31,040

2,994,118

Total

Fixed

Income

Funds

(cost

$5,298,750)

4,506,884

Total

Exchange

Traded

Funds

(cost

$32,776,439)

34,878,529

Short-Term

Investment

1

.8

%

Shares

Value

($)

Money

Market

Fund

1.8%

Fidelity

Investments

Money

Market

Government

Portfolio

-

Institutional

Class,

4.08%

(c)

7,154,036

7,154,036

Total

Short-Term

Investment

(cost

$7,154,036)

7,154,036

Repurchase

Agreements

1

.0

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,085,014,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,126,465.(d)

2,084,770

2,084,770

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,020,000.(d)

1,000,000

1,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$1,020,119.(d)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$4,084,770)

4,084,770

Total

Investments

(cost

$347,776,247)

—

96.7%

381,633,545

Other

assets

in

excess

of

liabilities

—

3.3%

13,161,493

NET

ASSETS

—

100.0%

$

394,795,038

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$4,002,511,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,084,770.

(c)

Represents

7-day

effective

yield

as

of

September

30,

2025.

(d)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$4,084,770.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

99

12/2025

USD

13,787,235

(39,098)

Russell

2000

E-Mini

Index

17

12/2025

USD

2,087,175

30,681

S&P

500

E-Mini

Index

101

12/2025

USD

34,030,688

460,963

S&P

Midcap

400

E-Mini

Index

9

12/2025

USD

2,957,580

(20,633)

Net

contracts

431,913

Currency:

USD

United

States

Dollar

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

33

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

34,878,529

$

–

$

–

$

34,878,529

Futures

Contracts

491,644

–

–

491,644

Investment

Companies

335,516,210

–

–

335,516,210

Repurchase

Agreements

–

4,084,770

–

4,084,770

Short-Term

Investment

7,154,036

–

–

7,154,036

Total

Assets

$

378,040,419

$

4,084,770

$

–

$

382,125,189

Liabilities:

Futures

Contracts

$

(

59,731

)

$

–

$

–

$

(

59,731

)

Total

Liabilities

$

(

59,731

)

$

–

$

–

$

(

59,731

)

Total

$

377,980,688

$

4,084,770

$

–

$

382,065,458

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

491,644

Total

$

491,644

Liabilities:

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

35

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(59,731)

Total

$

(59,731)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Companies

94

.5

%

Shares

Value

($)

Equity

Funds

85.6%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

1,401,811

14,578,837

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,513,100

16,129,650

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,144,397

54,125,829

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

7,980,362

101,430,401

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,168,490

14,010,201

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,439,098

50,694,495

Total

Equity

Funds

(cost

$211,654,239)

250,969,413

Fixed

Income

Funds

8.9%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

296,739

2,842,758

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

2,464,823

23,366,523

Total

Fixed

Income

Funds

(cost

$25,732,980)

26,209,281

Total

Investment

Companies

(cost

$237,387,219)

277,178,694

Exchange

Traded

Funds

5

.5

%

Shares

Value

($)

Equity

Funds

5.5%

iShares

Core

MSCI

EAFE

ETF

19,149

1,671,899

iShares

Core

S&P

500

ETF

13,056

8,738,381

JPMorgan

Equity

Premium

Income

ETF

98,473

5,622,808

Total

Exchange

Traded

Funds

(cost

$14,732,682)

16,033,088

Total

Investments

(cost

$252,119,901)

—

100.0%

293,211,782

Other

assets

in

excess

of

liabilities

—

0.0%

†

36,432

NET

ASSETS

—

100.0%

$

293,248,214

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

16,033,088

$

–

$

–

$

16,033,088

Investment

Companies

277,178,694

–

–

277,178,694

Total

$

293,211,782

$

–

$

–

$

293,211,782

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Investment

Companies

94

.7

%

Shares

Value

($)

Equity

Funds

73.1%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

2,050,397

21,324,127

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,275,344

24,255,163

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,457,446

71,274,246

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

11,647,102

148,034,671

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,743,554

20,905,215

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

6,504,913

74,286,102

Total

Equity

Funds

(cost

$299,238,841)

360,079,524

Fixed

Income

Funds

21.6%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

996,342

9,544,960

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

9,218,390

87,390,334

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

932,081

9,404,701

Total

Fixed

Income

Funds

(cost

$108,943,666)

106,339,995

Total

Investment

Companies

(cost

$408,182,507)

466,419,519

Exchange

Traded

Funds

5

.3

%

Equity

Funds

5.3%

iShares

Core

MSCI

EAFE

ETF

16,880

1,473,793

iShares

Core

S&P

500

ETF

22,499

15,058,581

JPMorgan

Equity

Premium

Income

ETF

167,544

9,566,762

Total

Exchange

Traded

Funds

(cost

$24,182,756)

26,099,136

Total

Investments

(cost

$432,365,263)

—

100.0%

492,518,655

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

169,045

)

NET

ASSETS

—

100.0%

$

492,349,610

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

26,099,136

$

–

$

–

$

26,099,136

Investment

Companies

466,419,519

–

–

466,419,519

Total

$

492,518,655

$

–

$

–

$

492,518,655

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderate

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Investment

Companies

94

.0

%

Shares

Value

($)

Equity

Funds

54.3%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

6,259,388

65,097,636

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

6,264,537

66,779,962

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

11,244,099

146,847,932

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

35,372,489

449,584,338

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,492,406

41,873,946

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

20,047,885

228,946,853

Total

Equity

Funds

(cost

$826,635,555)

999,130,667

Fixed

Income

Funds

39.7%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,808,220

46,062,748

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

60,572,008

574,222,632

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

10,820,440

109,178,242

Total

Fixed

Income

Funds

(cost

$774,247,397)

729,463,622

Total

Investment

Companies

(cost

$1,600,882,952)

1,728,594,289

Exchange

Traded

Funds

6

.0

%

Equity

Funds

6.0%

iShares

Core

MSCI

EAFE

ETF

193,234

16,871,260

iShares

Core

S&P

500

ETF

83,449

55,852,416

JPMorgan

Equity

Premium

Income

ETF

650,391

37,137,326

Total

Exchange

Traded

Funds

(cost

$99,654,747)

109,861,002

Total

Investments

(cost

$1,700,537,699)

—

100.0%

1,838,455,291

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

615,831

)

NET

ASSETS

—

100.0%

$

1,837,839,460

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Moderate

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

109,861,002

$

–

$

–

$

109,861,002

Investment

Companies

1,728,594,289

–

–

1,728,594,289

Total

$

1,838,455,291

$

–

$

–

$

1,838,455,291

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Investment

Companies

94

.1

%

Shares

Value

($)

Equity

Funds

34.2%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

1,003,755

10,439,049

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,073,023

11,438,423

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,031,037

26,525,346

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

5,078,482

64,547,501

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

510,425

6,119,995

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,737,774

42,685,376

Total

Equity

Funds

(cost

$134,291,806)

161,755,690

Fixed

Income

Funds

59.9%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,035,161

9,440,672

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,978,754

18,956,463

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

21,383,894

202,719,315

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,122,901

51,690,071

Total

Fixed

Income

Funds

(cost

$299,681,096)

282,806,521

Total

Investment

Companies

(cost

$433,972,902)

444,562,211

Exchange

Traded

Funds

5

.9

%

Equity

Funds

5.9%

iShares

Core

MSCI

EAFE

ETF

50,000

4,365,500

iShares

Core

S&P

500

ETF

21,367

14,300,933

JPMorgan

Equity

Premium

Income

ETF

166,716

9,519,484

Total

Exchange

Traded

Funds

(cost

$25,545,254)

28,185,917

Total

Investments

(cost

$459,518,156)

—

100.0%

472,748,128

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

208,607

)

NET

ASSETS

—

100.0%

$

472,539,521

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Moderately

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

28,185,917

$

–

$

–

$

28,185,917

Investment

Companies

444,562,211

–

–

444,562,211

Total

$

472,748,128

$

–

$

–

$

472,748,128

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Conservative

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

Investment

Companies

94

.8

%

Shares

Value

($)

Equity

Funds

15.8%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

475,368

4,943,826

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

424,841

4,528,803

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

802,717

10,483,478

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

1,895,280

24,089,007

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

149,629

1,794,054

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,234,196

25,514,521

Total

Equity

Funds

(cost

$57,803,518)

71,353,689

Fixed

Income

Funds

79.0%

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,979,016

18,048,629

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,600,214

24,910,052

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

26,882,920

254,850,084

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,805,790

58,580,417

Total

Fixed

Income

Funds

(cost

$369,096,727)

356,389,182

Total

Investment

Companies

(cost

$426,900,245)

427,742,871

Exchange

Traded

Funds

5

.2

%

Equity

Funds

5.2%

iShares

Core

MSCI

EAFE

ETF

31,133

2,718,222

iShares

Core

S&P

500

ETF

17,511

11,720,113

JPMorgan

Equity

Premium

Income

ETF

157,993

9,021,400

Total

Exchange

Traded

Funds

(cost

$21,457,708)

23,459,735

Total

Investments

(cost

$448,357,953)

—

100.0%

451,202,606

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

176,136

)

NET

ASSETS

—

100.0%

$

451,026,470

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Conservative

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

23,459,735

$

–

$

–

$

23,459,735

Investment

Companies

427,742,871

–

–

427,742,871

Total

$

451,202,606

$

–

$

–

$

451,202,606

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Balanced

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

94

.1

%

Shares

Value

($)

Equity

Funds

44.3%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

3,957,679

41,159,857

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,205,625

44,831,965

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

8,980,902

117,290,580

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

21,426,332

272,328,683

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,195,819

26,327,868

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,571,506

154,986,604

Total

Equity

Funds

(cost

$543,138,888)

656,925,557

Fixed

Income

Funds

49.8%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

5,427,248

51,993,040

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

58,485,610

554,443,583

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

13,126,872

132,450,143

Total

Fixed

Income

Funds

(cost

$786,147,136)

738,886,766

Total

Investment

Companies

(cost

$1,329,286,024)

1,395,812,323

Exchange

Traded

Funds

5

.9

%

Equity

Funds

5.9%

iShares

Core

MSCI

EAFE

ETF

155,381

13,566,315

iShares

Core

S&P

500

ETF

67,052

44,877,904

JPMorgan

Equity

Premium

Income

ETF

522,524

29,836,120

Total

Exchange

Traded

Funds

(cost

$80,004,596)

88,280,339

Total

Investments

(cost

$1,409,290,620)

—

100.0%

1,484,092,662

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

510,640

)

NET

ASSETS

—

100.0%

$

1,483,582,022

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Balanced

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

88,280,339

$

–

$

–

$

88,280,339

Investment

Companies

1,395,812,323

–

–

1,395,812,323

Total

$

1,484,092,662

$

–

$

–

$

1,484,092,662

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Capital

Appreciation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

Investment

Companies

94

.0

%

Shares

Value

($)

Equity

Funds

64.6%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

7,301,549

75,936,108

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

7,616,661

81,193,604

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

16,109,130

210,385,243

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

43,535,541

553,336,731

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

5,153,085

61,785,486

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

20,851,289

238,121,724

Total

Equity

Funds

(cost

$1,007,838,876)

1,220,758,896

Fixed

Income

Funds

29.4%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

3,937,168

37,718,066

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

48,672,139

461,411,876

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,521,845

55,715,421

Total

Fixed

Income

Funds

(cost

$586,861,502)

554,845,363

Total

Investment

Companies

(cost

$1,594,700,378)

1,775,604,259

Exchange

Traded

Funds

6

.0

%

Equity

Funds

6.0%

iShares

Core

MSCI

EAFE

ETF

200,305

17,488,629

iShares

Core

S&P

500

ETF

87,013

58,237,801

JPMorgan

Equity

Premium

Income

ETF

662,689

37,839,542

Total

Exchange

Traded

Funds

(cost

$103,049,994)

113,565,972

Total

Investments

(cost

$1,697,750,372)

—

100.0%

1,889,170,231

Liabilities

in

excess

of

other

assets

—

0.0%

†

(

626,252

)

NET

ASSETS

—

100.0%

$

1,888,543,979

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

113,565,972

$

–

$

–

$

113,565,972

Investment

Companies

1,775,604,259

–

–

1,775,604,259

Total

$

1,889,170,231

$

–

$

–

$

1,889,170,231

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Investment

Companies

88

.3

%

Shares

Value

($)

Equity

Funds

42.9%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

1,178,264

12,253,944

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,322,306

14,095,786

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,695,641

35,205,073

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

6,558,397

83,357,229

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

692,279

8,300,424

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,096,273

46,779,443

Total

Equity

Funds

(cost

$165,171,005)

199,991,899

Fixed

Income

Funds

45.4%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,553,043

14,878,150

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

16,797,679

159,241,994

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,734,717

37,683,296

Total

Fixed

Income

Funds

(cost

$215,907,288)

211,803,440

Total

Investment

Companies

(cost

$381,078,293)

411,795,339

Exchange

Traded

Funds

5

.7

%

Equity

Funds

5.7%

iShares

Core

MSCI

EAFE

ETF

46,372

4,048,739

iShares

Core

S&P

500

ETF

20,739

13,880,613

JPMorgan

Equity

Premium

Income

ETF

153,298

8,753,316

Total

Exchange

Traded

Funds

(cost

$24,178,661)

26,682,668

Total

Investments

(cost

$405,256,954)

—

94.0%

438,478,007

Other

assets

in

excess

of

liabilities

—

6.0%

27,761,392

NET

ASSETS

—

100.0%

$

466,239,399

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

168

12/2025

USD

23,396,520

(44,830)

Russell

2000

E-Mini

Index

23

12/2025

USD

2,823,825

42,781

S&P

500

E-Mini

Index

157

12/2025

USD

52,899,188

716,750

S&P

Midcap

400

E-Mini

Index

1

12/2025

USD

328,620

(2,292)

Net

contracts

712,409

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

26,682,668

$

–

$

–

$

26,682,668

Futures

Contracts

759,531

–

–

759,531

Investment

Companies

411,795,339

–

–

411,795,339

Total

Assets

$

439,237,538

$

–

$

–

$

439,237,538

Liabilities:

Futures

Contracts

$

(

47,122

)

$

–

$

–

$

(

47,122

)

Total

Liabilities

$

(

47,122

)

$

–

$

–

$

(

47,122

)

Total

$

439,190,416

$

–

$

–

$

439,190,416

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

50%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

759,531

Total

$

759,531

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

47,122

)

Total

$

(

47,122

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

Investment

Companies

87

.9

%

Shares

Value

($)

Equity

Funds

52.0%

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6*(a)

3,465,429

36,040,467

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,639,584

38,797,962

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

6,236,405

81,447,446

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

20,036,531

254,664,308

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,029,846

24,337,859

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

11,191,012

127,801,362

Total

Equity

Funds

(cost

$462,879,395)

563,089,404

Fixed

Income

Funds

35.9%

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,543,573

24,367,434

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

32,352,005

306,697,006

Investment

Companies

Shares

Value

($)

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,708,417

57,597,931

Total

Fixed

Income

Funds

(cost

$393,709,884)

388,662,371

Total

Investment

Companies

(cost

$856,589,279)

951,751,775

Exchange

Traded

Funds

5

.7

%

Equity

Funds

5.7%

iShares

Core

MSCI

EAFE

ETF

107,814

9,413,241

iShares

Core

S&P

500

ETF

48,016

32,137,109

JPMorgan

Equity

Premium

Income

ETF

356,283

20,343,759

Total

Exchange

Traded

Funds

(cost

$56,153,321)

61,894,109

Total

Investments

(cost

$912,742,600)

—

93.6%

1,013,645,884

Other

assets

in

excess

of

liabilities

—

6.4%

69,695,668

NET

ASSETS

—

100.0%

$

1,083,341,552

*

Denotes

a

non-income

producing

security.

(a)

Investment

in

affiliate.

ETF

Exchange

Traded

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

487

12/2025

USD

67,822,055

(143,969)

Russell

2000

E-Mini

Index

75

12/2025

USD

9,208,125

139,244

S&P

500

E-Mini

Index

503

12/2025

USD

169,479,563

2,288,242

S&P

Midcap

400

E-Mini

Index

3

12/2025

USD

985,860

(6,878)

Net

contracts

2,276,639

Currency:

USD

United

States

Dollar

NVIT

Blueprint

SM

Managed

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

61,894,109

$

–

$

–

$

61,894,109

Futures

Contracts

2,427,486

–

–

2,427,486

Investment

Companies

951,751,775

–

–

951,751,775

Total

Assets

$

1,016,073,370

$

–

$

–

$

1,016,073,370

Liabilities:

Futures

Contracts

$

(

150,847

)

$

–

$

–

$

(

150,847

)

Total

Liabilities

$

(

150,847

)

$

–

$

–

$

(

150,847

)

Total

$

1,015,922,523

$

–

$

–

$

1,015,922,523

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Blueprint

SM

Managed

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

Financial

futures

contracts

(“futures

contracts”)

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

The

Fund

is

subject

to

equity

risk

in

the

normal

course

of

pursuing

its

objective(s)

in

two

respects.

First,

the

Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund’s

allocations

to

underlying

equity

funds.

Second,

the

Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA’s

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

the

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund’s

assets.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

2,427,486

Total

$

2,427,486

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

150,847

)

Total

$

(

150,847

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Investment

Company

93.9%

Shares

Value

($)

Alternative

Assets

93.9%

BlackRock

Global

Allocation

VI

Fund,

Class

I

16,509,625

313,022,499

Total

Alternative

Assets

(cost

$260,126,976)

313,022,499

Total

Investment

Company

(cost

$260,126,976)

313,022,499

Total

Investments

(cost

$260,126,976)

—

93.9%

313,022,499

Other

assets

in

excess

of

liabilities

—

6.1%

20,165,811

NET

ASSETS

—

100.0%

$

333,188,310

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

122

12/2025

USD

16,990,330

(47,052)

Russell

2000

E-Mini

Index

4

12/2025

USD

491,100

7,770

S&P

500

E-Mini

Index

120

12/2025

USD

40,432,500

552,976

S&P

Midcap

400

E-Mini

Index

6

12/2025

USD

1,971,720

(13,665)

Net

contracts

500,029

Currency:

USD

United

States

Dollar

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

560,746

$

–

$

–

$

560,746

Investment

Company

313,022,499

–

–

313,022,499

Total

Assets

$

313,583,245

$

–

$

–

$

313,583,245

Liabilities:

Futures

Contracts

$

(60,717)

$

–

$

–

$

(60,717)

Total

Liabilities

$

(60,717)

$

–

$

–

$

(60,717)

Total

$

313,522,528

$

–

$

–

$

313,522,528

NVIT

BlackRock

Managed

Global

Allocation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

560,746

Total

$

560,746

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(60,717)

Total

$

(60,717)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

iShares

®

Fixed

Income

ETF

Fund

Exchange

Traded

Funds

99

.5

%

Shares

Value

($)

Fixed

Income

Funds

99.5%

iShares

Core

10+

Year

USD

Bond

ETF(a)

185,229

9,352,212

iShares

Core

1-5

Year

USD

Bond

ETF(a)

285,983

13,967,410

iShares

Core

Total

USD

Bond

Market

ETF(a)

199,185

9,303,931

iShares

Core

U.S.

Aggregate

Bond

ETF(a)

464,454

46,561,514

iShares

MBS

ETF

97,741

9,300,056

iShares

U.S.

Treasury

Bond

ETF(a)

200,958

4,646,149

Total

Exchange

Traded

Funds

(cost

$95,384,333)

93,131,272

Repurchase

Agreements

3

.9

%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$647,418,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$660,289.(b)

647,343

647,343

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,345,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$3,060,011.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$3,647,343)

3,647,343

Total

Investments

(cost

$99,031,676)

—

103.4%

96,778,615

Liabilities

in

excess

of

other

assets

—

(3.4)%

(

3,208,293

)

NET

ASSETS

—

100.0%

$

93,570,322

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$4,870,470,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,647,343

and

by

$1,333,238

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

5/15/2054,

a

total

value

of

$4,980,581.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$3,647,343.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Fixed

Income

ETF

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

93,131,272

$

–

$

–

$

93,131,272

Repurchase

Agreements

–

3,647,343

–

3,647,343

Total

$

93,131,272

$

3,647,343

$

–

$

96,778,615

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

iShares

®

Global

Equity

ETF

Fund

Exchange

Traded

Funds

100

.0

%

Shares

Value

($)

Equity

Funds

100.0%

iShares

Core

MSCI

EAFE

ETF

135,254

11,809,027

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

174,337

13,976,597

iShares

Core

S&P

500

ETF

10,902

7,296,709

iShares

Core

S&P

Mid-Cap

ETF(a)

279,761

18,257,203

iShares

Core

S&P

Small-Cap

ETF(a)

24,620

2,925,595

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

199,821

29,103,929

iShares

MSCI

USA

Momentum

Factor

ETF(a)

9,023

2,313,948

iShares

MSCI

USA

Quality

Factor

ETF(a)

10,765

2,093,792

iShares

MSCI

USA

Size

Factor

ETF(a)

11,797

1,896,722

iShares

MSCI

USA

Value

Factor

ETF(a)

15,964

1,996,298

iShares

U.S.

Equity

Factor

ETF

136,428

9,424,446

iShares

U.S.

Small-Cap

Equity

Factor

ETF

27,091

2,014,216

Total

Exchange

Traded

Funds

(cost

$69,621,925)

103,108,482

Repurchase

Agreements

9

.9

%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,238,239,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,322,498.(b)

4,237,743

4,237,743

  Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,234,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,349,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$3,060,001.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$10,237,743)

10,237,743

Total

Investments

(cost

$79,859,668)

—

109.9%

113,346,225

Liabilities

in

excess

of

other

assets

—

(9.9)%

(

10,165,510

)

NET

ASSETS

—

100.0%

$

103,180,715

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$16,447,498,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,237,743

and

by

$6,499,987

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

4.75%,

and

maturity

dates

ranging

from

10/15/2026

-

11/15/2053,

a

total

value

of

$16,737,730.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$10,237,743.

ETF

Exchange

Traded

Fund

NVIT

iShares

®

Global

Equity

ETF

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Exchange

Traded

Funds

$

103,108,482

$

–

$

–

$

103,108,482

Repurchase

Agreements

–

10,237,743

–

10,237,743

Total

$

103,108,482

$

10,237,743

$

–

$

113,346,225

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

Investment

Company

94.9%

Shares

Value

($)

Equity

Fund

94.9%

American

Funds

Growth-Income

Fund,

Class

1

10,509,608

701,411,264

Total

Investment

Company

(cost

$497,365,612)

701,411,264

Total

Investments

(cost

$497,365,612)

—

94.9%

701,411,264

Other

assets

in

excess

of

liabilities

—

5.1%

37,479,314

NET

ASSETS

—

100.0%

$

738,890,578

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

12

12/2025

USD

1,671,180

(2,738)

S&P

500

E-Mini

Index

98

12/2025

USD

33,019,875

436,013

S&P

Midcap

400

E-Mini

Index

6

12/2025

USD

1,971,720

(13,755)

Net

contracts

419,520

Currency:

USD

United

States

Dollar

NVIT

Managed

American

Funds

Growth-Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

436,013

$

–

$

–

$

436,013

Investment

Company

701,411,264

–

–

701,411,264

Total

Assets

$

701,847,277

$

–

$

–

$

701,847,277

Liabilities:

Futures

Contracts

$

(16,493)

$

–

$

–

$

(16,493)

Total

Liabilities

$

(16,493)

$

–

$

–

$

(16,493)

Total

$

701,830,784

$

–

$

–

$

701,830,784

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Managed

American

Funds

Growth-Income

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

436,013

Total

$

436,013

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(16,493)

Total

$

(16,493)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Investment

Companies

94

.2

%

Shares

Value

($)

Balanced

Fund

28.3%

American

Balanced

Fund,

Class

R6

20,333,107

785,467,918

Total

Balanced

Fund

(cost

$675,808,503)

785,467,918

Equity

Funds

47.1%

American

Funds

Growth

Fund,

Class

1

5,637,033

782,814,776

American

Funds

Washington

Mutual

Investors

Fund,

Class

1

29,179,075

524,931,562

Total

Equity

Funds

(cost

$980,684,170)

1,307,746,338

Investment

Companies

Shares

Value

($)

Fixed

Income

Funds

18.8%

American

Funds

U.S.

Government

Securities

Fund,

Class

1

12,844,107

130,367,685

Bond

Fund

of

America

(The),

Class

R6

34,214,679

391,758,075

Total

Fixed

Income

Funds

(cost

$537,285,660)

522,125,760

Total

Investment

Companies

(cost

$2,193,778,333)

2,615,340,016

Total

Investments

(cost

$2,193,778,333)

—

94.2%

2,615,340,016

Other

assets

in

excess

of

liabilities

—

5.8%

159,918,401

NET

ASSETS

—

100.0%

$

2,775,258,417

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

EAFE

E-Mini

Index

126

12/2025

USD

17,547,390

(42,396)

Russell

2000

E-Mini

Index

28

12/2025

USD

3,437,700

50,508

S&P

500

E-Mini

Index

1,002

12/2025

USD

337,611,375

4,591,285

S&P

Midcap

400

E-Mini

Index

77

12/2025

USD

25,303,740

(176,846)

Net

contracts

4,422,551

Currency:

USD

United

States

Dollar

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Futures

Contracts

$

4,641,793

$

–

$

–

$

4,641,793

Investment

Companies

2,615,340,016

–

–

2,615,340,016

Total

Assets

$

2,619,981,809

$

–

$

–

$

2,619,981,809

Liabilities:

Futures

Contracts

$

(

219,242

)

$

–

$

–

$

(

219,242

)

Total

Liabilities

$

(

219,242

)

$

–

$

–

$

(

219,242

)

Total

$

2,619,762,567

$

–

$

–

$

2,619,762,567

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Managed

American

Funds

Asset

Allocation

Fund

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

4,641,793

Total

$

4,641,793

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

219,242

)

Total

$

(

219,242

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

99.5%

Shares

Value

($)

BELGIUM

0.2%

Electrical

Equipment

0.1%

Cenergy

Holdings

SA

28,449

408,712

Metals

&

Mining

0.1%

Viohalco

SA

84,083

736,595

1,145,307

BRAZIL

4.8%

Aerospace

&

Defense

0.8%

Embraer

SA,

ADR

79,025

4,777,061

Automobile

Components

0.1%

Iochpe

Maxion

SA

209,300

468,760

Banks

2.2%

Banco

Bradesco

SA,

ADR

(a)

1,217,700

4,115,826

Banco

Bradesco

SA

597,500

1,709,789

Banco

do

Brasil

SA

1,556,200

6,459,009

Itau

Unibanco

Holding

SA

3,600

23,437

12,308,061

Consumer

Staples

Distribution

&

Retail

0.0%

†

Raia

Drogasil

SA

55,400

191,736

Diversified

Consumer

Services

0.2%

Anima

Holding

SA

456,100

293,940

Cogna

Educacao

SA

652,200

409,291

YDUQS

Participacoes

SA

86,800

210,711

913,942

Electric

Utilities

0.3%

Cia

Energetica

de

Minas

Gerais,

ADR

(a)

332,100

700,731

Neoenergia

SA

91,400

492,871

Transmissora

Alianca

de

Energia

Eletrica

SA

117,000

805,903

1,999,505

Health

Care

Providers

&

Services

0.3%

Rede

D'Or

Sao

Luiz

SA

Reg.

S

(b)

242,200

1,914,937

Household

Durables

0.2%

Cury

Construtora

e

Incorporadora

SA

150,700

978,853

Metals

&

Mining

0.0%

†

Vale

SA,

Class

B,

ADR

(a)

5,600

60,816

Oil,

Gas

&

Consumable

Fuels

0.6%

Petroleo

Brasileiro

SA

(Preference)

571,300

3,376,974

Real

Estate

Management

&

Development

0.0%

†

JHSF

Participacoes

SA

207,800

252,612

Specialty

Retail

0.1%

C&A

MODAS

SA,

Class

A

59,700

183,848

Grupo

SBF

SA

217,900

532,237

716,085

Wireless

Telecommunication

Services

0.0%

†

TIM

SA

49,800

219,888

28,179,230

CHILE

0.4%

Banks

0.2%

Banco

de

Chile

5,524,216

838,834

Broadline

Retail

0.1%

Falabella

SA

47,547

281,891

Ripley

Corp.

SA

479,742

233,526

515,417

Common

Stocks

Shares

Value

($)

CHILE

Electric

Utilities

0.0%

†

Enel

Americas

SA

1,143,964

115,416

Engie

Energia

Chile

SA

74,594

107,845

223,261

Industrial

Conglomerates

0.1%

Quinenco

SA

107,874

476,857

Specialty

Retail

0.0%

†

Empresas

Copec

SA

26,800

196,241

2,250,610

CHINA

29.8%

Automobile

Components

0.3%

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

Reg.

S

(b)

69,200

696,714

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

373,686

1,074,182

1,770,896

Automobiles

2.1%

Geely

Automobile

Holdings

Ltd.

1,576,000

3,962,536

SAIC

Motor

Corp.

Ltd.,

Class

A

657,901

1,584,053

Seres

Group

Co.

Ltd.,

Class

A

88,400

2,129,382

XPeng

,

Inc.,

Class

A

*

71,300

840,338

Yadea

Group

Holdings

Ltd.

Reg.

S

(b)

996,000

1,774,877

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H

Reg.

S

*(b)

223,700

1,908,757

12,199,943

Banks

1.7%

Agricultural

Bank

of

China

Ltd.,

Class

H

3,929,000

2,647,525

Bank

of

China

Ltd.,

Class

H

138,000

75,621

Bank

of

Shanghai

Co.

Ltd.,

Class

A

686,980

864,726

China

Construction

Bank

Corp.,

Class

H

1,327,000

1,277,039

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

6,439,000

4,754,145

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

326,700

546,117

10,165,173

Biotechnology

0.8%

3SBio,

Inc.

Reg.

S

(b)

378,500

1,463,186

Ascentage

Pharma

Group

International

Reg.

S

*(a)(b)

26,200

260,565

BeOne

Medicines

Ltd.,

Class

H

*

60,700

1,603,003

Innovent

Biologics,

Inc.

Reg.

S

*(b)

89,500

1,114,533

Lepu

Biopharma

Co.

Ltd.,

Class

H

Reg.

S

*(b)

203,000

207,756

4,649,043

Broadline

Retail

4.8%

Alibaba

Group

Holding

Ltd.

937,800

21,021,517

JD.com,

Inc.,

Class

A

142,550

2,491,380

PDD

Holdings,

Inc.,

ADR

*

29,580

3,909,589

Vipshop

Holdings

Ltd.,

ADR

7,900

155,156

27,577,642

Building

Products

0.0%

†

China

Lesso

Group

Holdings

Ltd.

373,000

234,422

Capital

Markets

1.6%

China

Galaxy

Securities

Co.

Ltd.,

Class

H

1,452,000

2,215,483

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

CHINA

Capital

Markets

China

International

Capital

Corp.

Ltd.,

Class

H

Reg.

S

(b)

282,400

779,369

CSC

Financial

Co.

Ltd.,

Class

H

Reg.

S

(b)

251,000

457,521

Guosen

Securities

Co.

Ltd.,

Class

A

880,676

1,669,348

Huatai

Securities

Co.

Ltd.,

Class

A

360,700

1,104,095

Orient

Securities

Co.

Ltd.,

Class

H

Reg.

S

(b)

244,800

254,149

SDIC

Capital

Co.

Ltd.,

Class

A

59,900

66,435

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

1,516,800

700,696

SooChow

Securities

Co.

Ltd.,

Class

A

1,610,150

2,217,312

9,464,408

Chemicals

0.0%

†

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

58,900

147,149

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

97,000

135,949

283,098

Construction

&

Engineering

0.2%

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

1,021,500

887,034

Consumer

Staples

Distribution

&

Retail

0.1%

JD

Health

International,

Inc.

Reg.

S

*(b)

56,500

483,275

Electrical

Equipment

0.6%

GEM

Co.

Ltd.,

Class

A

348,100

411,647

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

516,200

933,560

Harbin

Electric

Co.

Ltd.,

Class

H

390,000

590,242

Sun

King

Technology

Group

Ltd.

*

970,000

241,817

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

10,800

245,885

TBEA

Co.

Ltd.,

Class

A

546,610

1,361,900

3,785,051

Electronic

Equipment,

Instruments

&

Components

0.5%

AAC

Technologies

Holdings,

Inc.

183,000

1,077,579

FIH

Mobile

Ltd.

*(a)

95,700

216,215

Q

Technology

Group

Co.

Ltd.

Reg.

S

421,000

910,546

Sunny

Optical

Technology

Group

Co.

Ltd.

41,500

484,732

2,689,072

Entertainment

1.0%

NetEase

Cloud

Music,

Inc.

Reg.

S

*(b)

28,700

958,155

NetEase,

Inc.

133,200

4,049,782

Tencent

Music

Entertainment

Group,

ADR

34,400

802,896

5,810,833

Financial

Services

0.1%

China

Development

Bank

Financial

Leasing

Co.

Ltd.,

Class

H

Reg.

S

(b)

1,394,000

318,858

Far

East

Horizon

Ltd.

280,000

247,189

566,047

Hotels,

Restaurants

&

Leisure

0.2%

Meituan

,

Class

B

Reg.

S

*(b)

32,260

431,669

Common

Stocks

Shares

Value

($)

CHINA

Hotels,

Restaurants

&

Leisure

Tongcheng

Travel

Holdings

Ltd.

Reg.

S

25,600

75,430

Trip.com

Group

Ltd.

9,800

742,932

1,250,031

Household

Durables

0.1%

TCL

Electronics

Holdings

Ltd.

616,000

832,356

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Huaneng

Power

International,

Inc.,

Class

H

510,000

354,928

Industrial

Conglomerates

0.1%

CITIC

Ltd.

263,000

386,500

Fosun

International

Ltd.

258,000

182,678

569,178

Insurance

0.4%

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

938,000

2,121,227

Interactive

Media

&

Services

6.9%

Kuaishou

Technology

Reg.

S

(b)

232,700

2,533,771

Meitu

,

Inc.

Reg.

S

*(b)

172,500

205,768

Newborn

Town,

Inc.

Reg.

S

*

140,000

235,183

Tencent

Holdings

Ltd.

426,900

36,370,084

Weibo

Corp.,

Class

A

31,820

404,116

39,748,922

Life

Sciences

Tools

&

Services

0.3%

WuXi

AppTec

Co.

Ltd.,

Class

A

96,000

1,502,072

WuXi

AppTec

Co.

Ltd.,

Class

H

Reg.

S

(a)(b)

21,800

333,315

1,835,387

Machinery

0.8%

Lonking

Holdings

Ltd.

3,229,000

1,237,662

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

1,298,000

1,356,060

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

493,600

1,609,020

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

49,600

272,513

4,475,255

Metals

&

Mining

3.1%

China

Gold

International

Resources

Corp.

Ltd.

64,400

1,152,087

China

Hongqiao

Group

Ltd.

(a)

466,500

1,586,360

China

Nonferrous

Mining

Corp.

Ltd.

809,000

1,560,602

China

Oriental

Group

Co.

Ltd.

1,604,000

286,552

CMOC

Group

Ltd.,

Class

A

211,700

467,234

CMOC

Group

Ltd.,

Class

H

1,086,000

2,195,415

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

254,900

713,849

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(a)

100,000

403,877

Zijin

Mining

Group

Co.

Ltd.,

Class

A

1,615,250

6,659,953

Zijin

Mining

Group

Co.

Ltd.,

Class

H

800,000

3,355,839

18,381,768

Oil,

Gas

&

Consumable

Fuels

0.1%

PetroChina

Co.

Ltd.,

Class

H

416,000

378,513

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

CHINA

Pharmaceuticals

1.6%

Consun

Pharmaceutical

Group

Ltd.

648,000

1,422,258

CSPC

Pharmaceutical

Group

Ltd.

1,956,000

2,359,313

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(b)

292,000

1,355,371

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

515,800

2,293,060

Shanghai

Allist

Pharmaceuticals

Co.

Ltd.,

Class

A

29,222

452,964

Simcere

Pharmaceutical

Group

Ltd.

Reg.

S

(b)

423,000

686,081

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

117,100

933,648

9,502,695

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Piotech

,

Inc.,

Class

A

7,380

269,077

Software

0.0%

†

Linklogis

,

Inc.,

Class

B

Reg.

S

(b)

609,000

269,037

Specialty

Retail

0.3%

Pop

Mart

International

Group

Ltd.

Reg.

S

(b)

49,400

1,689,237

Technology

Hardware,

Storage

&

Peripherals

1.9%

Lenovo

Group

Ltd.

284,000

422,261

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

1,572,800

10,951,197

11,373,458

Tobacco

0.1%

Smoore

International

Holdings

Ltd.

Reg.

S

(b)

221,000

501,046

Transportation

Infrastructure

0.0%

†

Qingdao

Port

International

Co.

Ltd.,

Class

H

Reg.

S

(b)

239,000

221,940

174,339,992

COLOMBIA

0.0%

†

Banks

0.0%

†

Grupo

Cibest

SA,

ADR

4,342

225,523

CZECH

REPUBLIC

0.2%

Banks

0.2%

Komercni

Banka

A/S

17,714

889,063

Moneta

Money

Bank

A/S

Reg.

S

(b)

70,552

562,802

1,451,865

GREECE

0.3%

Banks

0.0%

†

National

Bank

of

Greece

SA

19,772

287,986

Hotels,

Restaurants

&

Leisure

0.3%

OPAP

SA

62,158

1,450,603

1,738,589

HONG

KONG

1.2%

Electronic

Equipment,

Instruments

&

Components

0.2%

Wasion

Holdings

Ltd.

888,000

1,447,954

Food

Products

0.0%

†

WH

Group

Ltd.

Reg.

S

(b)

106,500

115,757

Pharmaceuticals

1.0%

Sino

Biopharmaceutical

Ltd.

5,099,000

5,341,095

6,904,806

Common

Stocks

Shares

Value

($)

HUNGARY

0.1%

Banks

0.0%

†

OTP

Bank

Nyrt

.

1,170

101,331

Diversified

Telecommunication

Services

0.1%

Magyar

Telekom

Telecommunications

plc

51,000

272,348

373,679

INDIA

14.8%

Aerospace

&

Defense

0.1%

Garden

Reach

Shipbuilders

&

Engineers

Ltd.

17,717

504,696

Automobile

Components

0.3%

Bosch

Ltd.

1,486

638,655

Minda

Corp.

Ltd.

31,660

203,091

Samvardhana

Motherson

International

Ltd.

613,759

730,671

1,572,417

Automobiles

1.1%

Eicher

Motors

Ltd.

17,781

1,403,163

Hero

MotoCorp

Ltd.

7,808

481,380

Maruti

Suzuki

India

Ltd.

8,597

1,553,193

Tata

Motors

Ltd.

314,799

2,412,255

TVS

Motor

Co.

Ltd.

10,420

403,876

6,253,867

Banks

2.9%

Bank

of

India

134,728

187,296

HDFC

Bank

Ltd.

709,523

7,601,789

ICICI

Bank

Ltd.,

ADR

201,080

6,078,648

State

Bank

of

India

208,053

2,044,593

UCO

Bank

431,069

148,084

16,060,410

Capital

Markets

0.3%

360

ONE

WAM

Ltd.

39,095

451,947

Edelweiss

Financial

Services

Ltd.

71,308

86,254

HDFC

Asset

Management

Co.

Ltd.

Reg.

S

(b)

8,978

558,982

IIFL

Capital

Services

Ltd.

26,340

83,034

JM

Financial

Ltd.

342,725

616,602

Motilal

Oswal

Financial

Services

Ltd.

21,049

211,858

2,008,677

Chemicals

0.7%

Chambal

Fertilisers

and

Chemicals

Ltd.

212,467

1,222,443

Coromandel

International

Ltd.

50,714

1,285,750

Solar

Industries

India

Ltd.

9,077

1,362,543

UPL

Ltd.

44,570

329,249

4,199,985

Construction

&

Engineering

1.2%

Engineers

India

Ltd.

42,614

92,693

Larsen

&

Toubro

Ltd.

174,241

7,181,321

7,274,014

Construction

Materials

0.0%

†

Ramco

Cements

Ltd.

(The)

12,360

137,494

Consumer

Finance

0.4%

Muthoot

Finance

Ltd.

60,918

2,111,328

Diversified

Telecommunication

Services

0.2%

Indus

Towers

Ltd.

*

320,453

1,237,875

Electric

Utilities

0.2%

Power

Grid

Corp.

of

India

Ltd.

303,977

961,039

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

INDIA

Electrical

Equipment

0.6%

GE

Vernova

T&D

India

Ltd.

23,643

788,421

Graphite

India

Ltd.

46,445

290,711

Hitachi

Energy

India

Ltd.

4,678

948,371

Polycab

India

Ltd.

15,086

1,240,796

3,268,299

Electronic

Equipment,

Instruments

&

Components

0.1%

Kaynes

Technology

India

Ltd.

*

6,545

519,928

Financial

Services

0.3%

Aditya

Birla

Capital

Ltd.

*

191,271

630,008

Power

Finance

Corp.

Ltd.

239,941

1,108,874

1,738,882

Food

Products

0.0%

†

Avanti

Feeds

Ltd.

40,407

291,676

Household

Durables

0.1%

Dixon

Technologies

India

Ltd.

Reg.

S

3,314

609,522

Independent

Power

and

Renewable

Electricity

Producers

0.3%

NTPC

Ltd.

453,899

1,740,586

Industrial

Conglomerates

0.0%

†

Apar

Industries

Ltd.

1,155

106,509

Interactive

Media

&

Services

0.0%

†

Info

Edge

India

Ltd.

13,936

205,560

IT

Services

1.0%

HCL

Technologies

Ltd.

17,454

272,354

Infosys

Ltd.,

ADR

(a)

241,337

3,926,553

Wipro

Ltd.

700,188

1,885,076

6,083,983

Life

Sciences

Tools

&

Services

0.0%

†

Syngene

International

Ltd.

Reg.

S

(b)

22,819

160,128

Machinery

0.7%

BEML

Ltd.

3,179

149,536

Cochin

Shipyard

Ltd.

Reg.

S

(b)

38,488

775,907

Cummins

India

Ltd.

55,225

2,440,195

Force

Motors

Ltd.

764

144,650

Jamna

Auto

Industries

Ltd.

346,210

392,409

3,902,697

Metals

&

Mining

1.4%

Hindalco

Industries

Ltd.

600,255

5,152,295

Hindustan

Zinc

Ltd.

512,239

2,783,996

7,936,291

Oil,

Gas

&

Consumable

Fuels

0.9%

Bharat

Petroleum

Corp.

Ltd.

113,905

435,808

Coal

India

Ltd.

197,434

867,254

Petronet

LNG

Ltd.

54,677

171,763

Reliance

Industries

Ltd.

238,421

3,663,400

5,138,225

Pharmaceuticals

0.6%

Ajanta

Pharma

Ltd.

17,570

476,214

JB

Chemicals

&

Pharmaceuticals

Ltd.

21,442

414,270

Lupin

Ltd.

47,217

1,018,841

Zydus

Lifesciences

Ltd.

144,037

1,593,292

3,502,617

Real

Estate

Management

&

Development

0.1%

DLF

Ltd.

54,409

437,048

Common

Stocks

Shares

Value

($)

INDIA

Specialty

Retail

0.0%

†

FSN

E-Commerce

Ventures

Ltd.

*

68,780

180,049

Tobacco

0.2%

ITC

Ltd.

298,910

1,351,914

Transportation

Infrastructure

0.0%

†

Gujarat

Pipavav

Port

Ltd.

53,198

94,691

Wireless

Telecommunication

Services

1.1%

Bharti

Airtel

Ltd.

314,844

6,670,099

86,260,506

INDONESIA

1.1%

Banks

0.3%

Bank

Central

Asia

Tbk

.

PT

2,817,400

1,290,148

Bank

CIMB

Niaga

Tbk

.

PT

3,918,000

398,251

1,688,399

Broadline

Retail

0.0%

†

GoTo

Gojek

Tokopedia

Tbk

.

PT,

Class

A

*

76,788,800

249,610

Chemicals

0.1%

Chandra

Asri

Pacific

Tbk

.

PT

1,334,700

619,076

Food

Products

0.1%

Bumitama

Agri

Ltd.

457,900

401,176

Independent

Power

and

Renewable

Electricity

Producers

0.1%

Pertamina

Geothermal

Energy

PT

4,245,900

357,712

Media

0.2%

Elang

Mahkota

Teknologi

Tbk

.

PT

10,239,400

772,304

Surya

Citra

Media

Tbk

.

PT

18,497,500

374,060

1,146,364

Metals

&

Mining

0.3%

Aneka

Tambang

Tbk

.

11,397,400

2,168,857

6,631,194

MAURITIUS

0.0%

†

Real

Estate

Management

&

Development

0.0%

†

Lighthouse

Properties

plc

292,426

132,951

MEXICO

1.9%

Banks

0.5%

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

341,204

3,437,099

Beverages

0.1%

Arca

Continental

SAB

de

CV

(a)

28,004

293,626

Construction

Materials

0.1%

Cemex

SAB

de

CV,

ADR

52,250

469,728

Diversified

REITs

0.1%

Fibra

Uno

Administracion

SA

de

CV

282,700

416,637

Metals

&

Mining

0.8%

Grupo

Mexico

SAB

de

CV

Series B

427,905

3,731,946

Industrias

Penoles

SAB

de

CV

*(a)

28,900

1,291,651

5,023,597

Pharmaceuticals

0.1%

Genomma

Lab

Internacional

SAB

de

CV,

Class

B

(a)

301,700

316,963

Transportation

Infrastructure

0.2%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

198

64,019

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

MEXICO

Transportation

Infrastructure

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

(a)

77,026

1,050,819

1,114,838

11,072,488

PHILIPPINES

0.5%

Banks

0.2%

Metropolitan

Bank

&

Trust

Co.

980,600

1,147,091

Transportation

Infrastructure

0.3%

International

Container

Terminal

Services,

Inc.

214,200

1,735,365

2,882,456

POLAND

1.2%

Banks

0.3%

Alior

Bank

SA

10,625

299,898

Bank

Polska

Kasa

Opieki

SA

4,841

232,662

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

40,932

793,647

Santander

Bank

Polska

SA

1,232

160,247

1,486,454

Electric

Utilities

0.1%

PGE

Polska

Grupa

Energetyczna

SA

*

293,041

866,103

Insurance

0.1%

Powszechny

Zaklad

Ubezpieczen

SA

44,805

670,068

Oil,

Gas

&

Consumable

Fuels

0.7%

ORLEN

SA

160,323

3,816,379

6,839,004

QATAR

0.5%

Banks

0.2%

Al

Rayan

Bank

116,021

75,725

Qatar

International

Islamic

Bank

QSC

262,196

782,275

Qatar

National

Bank

QPSC

73,236

374,081

1,232,081

Diversified

Telecommunication

Services

0.2%

Ooredoo

QPSC

254,394

955,679

Wireless

Telecommunication

Services

0.1%

Vodafone

Qatar

PQSC

893,232

601,277

2,789,037

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

*^∞

819,980

0

VTB

Bank

PJSC

*^∞

109,749

0

0

Chemicals

0.0%

†

PhosAgro

PJSC

Reg.

S

*^∞

7,500

0

PhosAgro

PJSC,

GDR

Reg.

S

*^∞

48

0

0

0

SAUDI

ARABIA

3.9%

Banks

2.8%

Al

Rajhi

Bank

157,744

4,503,513

Alinma

Bank

21,457

153,599

Arab

National

Bank

463,753

3,062,071

Banque

Saudi

Fransi

114,414

545,485

Common

Stocks

Shares

Value

($)

SAUDI

ARABIA

Banks

Riyad

Bank

570,871

4,150,417

Saudi

Awwal

Bank

267,638

2,293,953

Saudi

National

Bank

(The)

121,562

1,272,646

15,981,684

Chemicals

0.1%

SABIC

Agri-Nutrients

Co.

17,451

555,448

Construction

&

Engineering

0.2%

Al

Babtain

Power

&

Telecommunication

Co.

59,768

921,902

Electrical

Equipment

0.1%

Riyadh

Cables

Group

Co.

23,799

807,865

Metals

&

Mining

0.1%

Arabian

Pipes

Co.

165,527

276,664

Saudi

Arabian

Mining

Co.

*

28,056

479,200

755,864

Real

Estate

Management

&

Development

0.1%

Arabian

Centres

Co.

Reg.

S

(b)

68,756

415,572

Specialty

Retail

0.1%

Aldrees

Petroleum

and

Transport

Services

Co.

20,366

681,682

Wireless

Telecommunication

Services

0.4%

Etihad

Etisalat

Co.

140,177

2,532,556

22,652,573

SOUTH

AFRICA

3.3%

Broadline

Retail

1.5%

Naspers

Ltd.,

Class

N

24,338

8,846,751

Financial

Services

0.5%

FirstRand

Ltd.

671,994

3,023,673

Insurance

0.1%

Momentum

Group

Ltd.

253,743

482,391

Metals

&

Mining

1.2%

DRDGOLD

Ltd.

166,381

465,818

Gold

Fields

Ltd.,

ADR

71,048

2,981,174

Harmony

Gold

Mining

Co.

Ltd.,

ADR

168,437

3,057,132

Northam

Platinum

Holdings

Ltd.

20,261

329,832

6,833,956

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Exxaro

Resources

Ltd.

14,357

149,994

19,336,765

SOUTH

KOREA

11.6%

Aerospace

&

Defense

0.1%

LIG

Nex1

Co.

Ltd.

1,062

387,833

Air

Freight

&

Logistics

0.2%

Hyundai

Glovis

Co.

Ltd.

9,001

1,064,396

Banks

1.8%

Hana

Financial

Group,

Inc.

56,303

3,517,288

iM

Financial

Group

Co.

Ltd.

33,286

325,598

KB

Financial

Group,

Inc.

49,336

4,074,544

Shinhan

Financial

Group

Co.

Ltd.

53,604

2,695,795

10,613,225

Broadline

Retail

0.1%

Hyundai

Department

Store

Co.

Ltd.

10,871

682,857

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

Capital

Markets

0.9%

Daou

Technology,

Inc.

27,491

724,335

Korea

Investment

Holdings

Co.

Ltd.

7,304

761,566

Korea

Investment

Holdings

Co.

Ltd.

(Preference)

2,056

154,862

Mirae

Asset

Securities

Co.

Ltd.

112,228

1,721,685

Mirae

Asset

Securities

Co.

Ltd.

(Preference)

103,004

705,313

Samsung

Securities

Co.

Ltd.

17,408

894,893

4,962,654

Electric

Utilities

0.2%

Korea

Electric

Power

Corp.

41,789

1,077,492

Financial

Services

0.1%

Meritz

Financial

Group,

Inc.

5,539

447,652

Hotels,

Restaurants

&

Leisure

0.0%

†

Kangwon

Land,

Inc.

15,775

206,757

Interactive

Media

&

Services

0.7%

Kakao

Corp.

11,312

483,489

NAVER

Corp.

17,834

3,404,663

3,888,152

IT

Services

0.0%

†

Cafe24

Corp.

*

3,099

91,664

Machinery

2.1%

Hanwha

Engine

*

22,890

733,655

HD

Hyundai

Heavy

Industries

Co.

Ltd.

4,489

1,651,069

HD

HYUNDAI

MIPO

9,690

1,407,142

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

19,899

5,853,748

Samsung

Heavy

Industries

Co.

Ltd.

*

145,582

2,277,557

SNT

Energy

Co.

Ltd.

4,944

192,561

12,115,732

Semiconductors

&

Semiconductor

Equipment

1.9%

DB

HiTek

Co.

Ltd.

4,628

188,428

LEENO

Industrial,

Inc.

4,523

167,004

SK

Hynix,

Inc.

42,710

10,678,901

WONIK

IPS

Co.

Ltd.

4,582

154,513

11,188,846

Technology

Hardware,

Storage

&

Peripherals

3.5%

Samsung

Electronics

Co.

Ltd.

317,220

19,066,946

Samsung

Electronics

Co.

Ltd.

(Preference)

44,184

2,100,564

21,167,510

67,894,770

TAIWAN

20.0%

Communications

Equipment

0.0%

†

Arcadyan

Technology

Corp.

18,000

129,926

Senao

Networks,

Inc.

27,000

140,505

270,431

Construction

&

Engineering

0.5%

Acter

Group

Corp.

Ltd.

26,000

663,807

United

Integrated

Services

Co.

Ltd.

49,000

1,449,749

Yankey

Engineering

Co.

Ltd.

60,000

875,868

2,989,424

Electrical

Equipment

0.2%

Advanced

Energy

Solution

Holding

Co.

Ltd.

13,000

497,285

Common

Stocks

Shares

Value

($)

TAIWAN

Electrical

Equipment

Hong

TAI

Electric

Industrial

264,000

332,838

HUA

ENG

Wire

&

Cable

Co.

Ltd.

108,000

112,964

943,087

Electronic

Equipment,

Instruments

&

Components

3.5%

Alltop

Technology

Co.

Ltd.

54,000

446,930

Argosy

Research,

Inc.

29,000

166,622

Asia

Optical

Co.,

Inc.

79,000

413,802

Channel

Well

Technology

Co.

Ltd.

183,000

485,025

Chroma

ATE,

Inc.

129,000

2,462,198

Chunghwa

Precision

Test

Tech

Co.

Ltd.

20,000

1,255,391

Compeq

Manufacturing

Co.

Ltd.

496,000

1,199,711

Delta

Electronics,

Inc.

35,000

981,107

Dynamic

Holding

Co.

Ltd.

128,000

378,213

Dynapack

International

Technology

Corp.

119,000

1,465,246

Eson

Precision

Ind

Co.

Ltd.

123,000

321,851

Global

Brands

Manufacture

Ltd.

119,000

470,590

Hannstar

Board

Corp.

33,000

99,639

Hon

Hai

Precision

Industry

Co.

Ltd.

336,000

2,394,036

Ichia

Technologies,

Inc.

130,000

220,708

ITEQ

Corp.

367,000

1,276,433

Lelon

Electronics

Corp.

308,000

882,069

New

Era

Electronics

Co.

Ltd.

174,000

302,849

Simplo

Technology

Co.

Ltd.

72,000

875,615

Sinbon

Electronics

Co.

Ltd.

35,000

264,774

Stark

Technology,

Inc.

52,000

304,202

Test

Research,

Inc.

56,000

329,656

Tripod

Technology

Corp.

217,000

2,130,019

Unitech

Printed

Circuit

Board

Corp.

377,000

331,761

Zhen

Ding

Technology

Holding

Ltd.

153,000

838,991

20,297,438

Financial

Services

0.3%

Yuanta

Financial

Holding

Co.

Ltd.

1,365,130

1,559,061

Semiconductors

&

Semiconductor

Equipment

14.4%

ADATA

Technology

Co.

Ltd.

46,000

237,215

Alchip

Technologies

Ltd.

7,000

801,204

Ardentec

Corp.

167,000

469,067

ASE

Technology

Holding

Co.

Ltd.

183,000

992,765

Genesys

Logic,

Inc.

26,000

99,799

Himax

Technologies,

Inc.,

ADR

(a)

52,100

460,043

King

Yuan

Electronics

Co.

Ltd.

275,000

1,487,982

Marketech

International

Corp.

33,000

265,577

MediaTek,

Inc.

175,000

7,585,850

MPI

Corp.

7,000

396,666

Realtek

Semiconductor

Corp.

6,000

108,491

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,637,000

71,216,625

ZillTek

Technology

Corp.

20,000

139,776

84,261,060

Technology

Hardware,

Storage

&

Peripherals

1.1%

Asustek

Computer,

Inc.

278,000

6,107,519

Forcecon

Tech

Co.

Ltd.

35,000

123,262

6,230,781

116,551,282

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Common

Stocks

Shares

Value

($)

THAILAND

1.3%

Banks

0.5%

Krung

Thai

Bank

PCL

1,010,000

773,334

SCB

X

PCL

526,300

2,070,768

2,844,102

Consumer

Finance

0.0%

†

Muangthai

Capital

PCL

86,600

108,782

Electronic

Equipment,

Instruments

&

Components

0.1%

Hana

Microelectronics

PCL

702,700

495,838

Food

Products

0.5%

Charoen

Pokphand

Foods

PCL

3,898,000

2,683,351

Real

Estate

Management

&

Development

0.1%

Land

&

Houses

PCL

4,641,700

618,949

Specialty

Retail

0.1%

Com7

PCL,

Class

F

868,600

690,363

7,441,385

TURKEY

0.9%

Capital

Markets

0.1%

Is

Yatirim

Menkul

Degerler

A/S

342,605

357,931

Construction

&

Engineering

0.2%

Enka

Insaat

ve

Sanayi

A/S

638,181

1,080,971

Diversified

REITs

0.1%

Torunlar

Gayrimenkul

Yatirim

Ortakligi

A/S

163,099

293,314

Machinery

0.1%

Otokar

Otomotiv

ve

Savunma

Sanayi

AS

*

48,000

591,674

Metals

&

Mining

0.2%

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S

*

38,898

398,724

Kocaer

Celik

Sanayi

ve

Ticaret

A/S

739,298

249,199

Koza

Anadolu

Metal

Madencilik

Isletmeleri

A/S

*

284,332

615,683

1,263,606

Oil,

Gas

&

Consumable

Fuels

0.1%

Turkiye

Petrol

Rafinerileri

A/S

287,739

1,294,367

Wireless

Telecommunication

Services

0.1%

Turkcell

Iletisim

Hizmetleri

A/S

167,861

395,190

5,277,053

UNITED

ARAB

EMIRATES

1.0%

Banks

0.7%

Abu

Dhabi

Commercial

Bank

PJSC

586,070

2,327,054

Dubai

Islamic

Bank

PJSC

219,203

571,384

Emirates

NBD

Bank

PJSC

170,667

1,127,994

4,026,432

Chemicals

0.0%

†

Fertiglobe

plc

358,575

240,218

Construction

&

Engineering

0.1%

NMDC

Group

PJSC

30,669

182,442

Orascom

Construction

plc

Reg.

S

17,619

154,678

337,120

Industrial

Conglomerates

0.1%

Dubai

Investments

PJSC

546,778

449,562

Interactive

Media

&

Services

0.0%

†

Yalla

Group

Ltd.,

ADR

*

19,000

142,690

Common

Stocks

Shares

Value

($)

UNITED

ARAB

EMIRATES

Real

Estate

Management

&

Development

0.1%

Emaar

Properties

PJSC

143,092

508,638

5,704,660

UNITED

KINGDOM

0.5%

Metals

&

Mining

0.5%

Anglogold

Ashanti

plc

42,615

3,005,635

Total

Common

Stocks

(cost

$432,776,260)

581,081,360

Repurchase

Agreements

1.3%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,941,475,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,999,953.(c)

2,941,130

2,941,130

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$500,058,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$510,059.(c)

500,000

500,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,460,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$4,080,014.(c)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$7,441,130)

7,441,130

Total

Investments

(cost

$440,217,390)

—

100.8%

588,522,490

Liabilities

in

excess

of

other

assets

—

(0.8)%

(4,883,685)

NET

ASSETS

—

100.0%

$583,638,805

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$9,838,911,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,441,130

and

by

$2,803,604

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.00%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$10,244,734.

(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

September

30,

2025

was

$35,060,928

which

represents

6.01%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$7,441,130.

ADR

American

Depositary

Receipt

AS

Stock

Corp.

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

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

3

12/2025

USD

203,955

2,092

Net

contracts

2,092

Currency:

USD

United

States

Dollar

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

4,777,061

$

892,529

$

–

$

5,669,590

Air

Freight

&

Logistics

–

1,064,396

–

1,064,396

Automobile

Components

468,760

3,343,313

–

3,812,073

Automobiles

–

18,453,809

–

18,453,809

Banks

24,958,935

58,936,816

–

83,895,751

Beverages

293,626

–

–

293,626

Biotechnology

–

4,649,043

–

4,649,043

Broadline

Retail

4,580,161

33,292,116

–

37,872,277

Building

Products

–

234,422

–

234,422

Capital

Markets

–

16,793,670

–

16,793,670

Chemicals

–

5,897,826

–

5,897,826

Communications

Equipment

–

270,431

–

270,431

Construction

&

Engineering

–

13,490,465

–

13,490,465

Construction

Materials

469,728

137,494

–

607,222

Consumer

Finance

–

2,220,111

–

2,220,111

Consumer

Staples

Distribution

&

Retail

191,736

483,275

–

675,011

Diversified

Consumer

Services

913,942

–

–

913,942

Diversified

REITs

416,636

293,314

–

709,950

Diversified

Telecommunication

Services

–

2,465,902

–

2,465,902

Electric

Utilities

2,222,767

2,904,634

–

5,127,401

Electrical

Equipment

–

9,213,013

–

9,213,013

Electronic

Equipment,

Instruments

&

Components

–

25,450,229

–

25,450,229

Entertainment

802,896

5,007,937

–

5,810,833

Financial

Services

–

7,335,316

–

7,335,316

Food

Products

–

3,491,961

–

3,491,961

Health

Care

Providers

&

Services

1,914,937

–

–

1,914,937

Hotels,

Restaurants

&

Leisure

–

2,907,392

–

2,907,392

Household

Durables

978,853

1,441,878

–

2,420,731

Independent

Power

and

Renewable

Electricity

Producers

–

2,453,226

–

2,453,226

Industrial

Conglomerates

476,856

1,125,249

–

1,602,105

Insurance

–

3,273,687

–

3,273,687

Interactive

Media

&

Services

142,690

43,842,633

–

43,985,323

IT

Services

3,926,553

2,249,094

–

6,175,647

Life

Sciences

Tools

&

Services

–

1,995,515

–

1,995,515

Machinery

–

21,085,357

–

21,085,357

Media

–

1,146,364

–

1,146,364

Metals

&

Mining

11,122,719

35,044,265

–

46,166,984

Oil,

Gas

&

Consumable

Fuels

3,376,974

10,777,477

–

14,154,451

Pharmaceuticals

316,963

18,346,407

–

18,663,370

Real

Estate

Management

&

Development

252,612

2,113,158

–

2,365,770

Semiconductors

&

Semiconductor

Equipment

460,043

95,258,941

–

95,718,984

Software

–

269,037

–

269,037

Specialty

Retail

912,326

3,241,332

–

4,153,658

Technology

Hardware,

Storage

&

Peripherals

–

38,771,747

–

38,771,747

Tobacco

–

1,852,960

–

1,852,960

Transportation

Infrastructure

1,114,838

2,051,997

–

3,166,835

Wireless

Telecommunication

Services

219,888

10,199,122

–

10,419,010

Total

Common

Stocks

$

65,312,500

$

515,768,860

$

–

$

581,081,360

Futures

Contracts

2,092

–

–

2,092

Repurchase

Agreements

–

7,441,130

–

7,441,130

Total

$

65,314,592

$

523,209,990

$

–

$

588,524,582

As

of

September

30,

2025,

the

Fund

held

four

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

valued

at

$0.

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

2,092

Total

$

2,092

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

97.6%

Shares

Value

($)

AUSTRALIA

7.0%

Banks

1.5%

Bendigo

&

Adelaide

Bank

Ltd.

26,034

224,826

Commonwealth

Bank

of

Australia

93,224

10,307,740

Westpac

Banking

Corp.

36,924

949,977

11,482,543

Broadline

Retail

0.5%

Wesfarmers

Ltd.

56,903

3,471,507

Capital

Markets

0.2%

HUB24

Ltd.

8,257

552,385

Macquarie

Group

Ltd.

8,901

1,294,585

1,846,970

Chemicals

0.1%

Orica

Ltd.

60,965

854,785

Commercial

Services

&

Supplies

0.3%

Brambles

Ltd.

128,206

2,114,047

Diversified

Telecommunication

Services

0.4%

Telstra

Group

Ltd.

1,030,058

3,287,531

Electronic

Equipment,

Instruments

&

Components

0.1%

Codan

Ltd.

22,006

430,344

Financial

Services

0.1%

Challenger

Ltd.

122,819

704,698

Health

Care

Technology

0.5%

Pro

Medicus

Ltd.

18,709

3,829,173

Insurance

0.3%

QBE

Insurance

Group

Ltd.

20,303

276,956

Suncorp

Group

Ltd.

127,480

1,715,296

1,992,252

Interactive

Media

&

Services

0.1%

CAR

Group

Ltd.

24,063

586,816

Metals

&

Mining

2.6%

BHP

Group

Ltd.

98,849

2,761,979

Capricorn

Metals

Ltd.

*

27,722

244,288

Develop

Global

Ltd.

*

68,243

191,701

Evolution

Mining

Ltd.

311,214

2,242,043

Glencore

plc

793,700

3,667,887

Northern

Star

Resources

Ltd.

(a)

192,252

3,032,029

Perenti

Ltd.

246,562

458,647

Perseus

Mining

Ltd.

228,697

745,625

Ramelius

Resources

Ltd.

(a)

139,134

359,189

Regis

Resources

Ltd.

145,852

583,017

Rio

Tinto

plc,

ADR

77,690

5,128,316

Sandfire

Resources

Ltd.

*

97,764

925,848

20,340,569

Passenger

Airlines

0.2%

Qantas

Airways

Ltd.

178,702

1,295,771

Specialty

Retail

0.1%

JB

Hi-Fi

Ltd.

4,221

323,433

Nick

Scali

Ltd.

(a)

18,912

291,621

615,054

52,852,060

AUSTRIA

0.4%

Banks

0.4%

BAWAG

Group

AG

Reg.

S

(b)

14,275

1,886,414

Raiffeisen

Bank

International

AG

20,111

697,399

2,583,813

Common

Stocks

Shares

Value

($)

AUSTRIA

Construction

&

Engineering

0.0%

†

Porr

Ag

3,996

133,901

2,717,714

BELGIUM

0.7%

Banks

0.2%

KBC

Ancora

22,510

1,790,620

Pharmaceuticals

0.5%

UCB

SA

12,156

3,363,189

5,153,809

CHINA

1.5%

Automobile

Components

0.2%

Nexteer

Automotive

Group

Ltd.

1,050,000

1,148,759

Broadline

Retail

0.9%

Prosus

NV

92,297

6,545,585

Electronic

Equipment,

Instruments

&

Components

0.1%

AAC

Technologies

Holdings,

Inc.

122,000

718,386

Industrial

Conglomerates

0.0%

†

Fosun

International

Ltd.

340,000

240,739

Machinery

0.1%

Yangzijiang

Shipbuilding

Holdings

Ltd.

380,100

995,982

Technology

Hardware,

Storage

&

Peripherals

0.2%

Lenovo

Group

Ltd.

910,000

1,353,019

11,002,470

DENMARK

1.4%

Banks

0.6%

Danske

Bank

A/S

48,985

2,093,203

Ringkjoebing

Landbobank

A/S

5,391

1,250,328

Sydbank

A/S

10,518

844,922

4,188,453

Electrical

Equipment

0.1%

Vestas

Wind

Systems

A/S

32,577

632,246

Pharmaceuticals

0.7%

Novo

Nordisk

A/S,

Class

B

95,601

5,276,766

Tobacco

0.0%

†

Scandinavian

Tobacco

Group

A/S,

Class

A

Reg.

S

(b)

14,155

195,671

10,293,136

FINLAND

2.0%

Banks

1.2%

Nordea

Bank

Abp

537,415

8,846,663

Communications

Equipment

0.3%

Nokia

OYJ

418,397

2,004,802

Machinery

0.5%

Konecranes

OYJ

3,949

327,124

Wartsila

OYJ

Abp

120,201

3,599,649

3,926,773

14,778,238

FRANCE

11.2%

Aerospace

&

Defense

3.0%

Dassault

Aviation

SA

9,575

3,196,053

Safran

SA

39,675

14,050,527

Thales

SA

18,914

5,927,231

23,173,811

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

FRANCE

Automobile

Components

0.4%

Cie

Generale

des

Etablissements

Michelin

SCA

4,214

151,364

Valeo

SE

205,499

2,532,509

2,683,873

Chemicals

1.7%

Air

Liquide

SA

62,633

13,034,638

Diversified

REITs

0.1%

Covivio

SA

6,609

445,746

Electrical

Equipment

0.8%

Legrand

SA

34,110

5,689,933

Nexans

SA

1,269

189,424

5,879,357

Food

Products

0.7%

Danone

SA

59,119

5,150,702

Health

Care

Equipment

&

Supplies

0.5%

EssilorLuxottica

SA

12,093

3,944,444

Insurance

0.7%

AXA

SA

112,865

5,404,074

Multi-Utilities

0.9%

Engie

SA

302,038

6,478,886

Office

REITs

0.1%

Gecina

SA

9,213

923,481

Oil,

Gas

&

Consumable

Fuels

0.9%

Gaztransport

Et

Technigaz

SA

1,690

312,532

TotalEnergies

SE

100,248

6,117,227

6,429,759

Retail

REITs

0.3%

Klepierre

SA

34,200

1,332,162

Unibail-Rodamco-Westfield

11,463

1,208,831

2,540,993

Software

0.0%

†

Dassault

Systemes

SE

8,917

299,959

Textiles,

Apparel

&

Luxury

Goods

1.1%

Hermes

International

SCA

664

1,628,411

LVMH

Moet

Hennessy

Louis

Vuitton

SE

10,689

6,540,425

8,168,836

84,558,559

GEORGIA

0.2%

Banks

0.2%

Lion

Finance

Group

plc

9,558

984,468

TBC

Bank

Group

plc

9,516

584,562

1,569,030

GERMANY

10.1%

Aerospace

&

Defense

0.7%

MTU

Aero

Engines

AG

8,044

3,691,971

Rheinmetall

AG

621

1,445,600

5,137,571

Automobile

Components

0.8%

Aumovio

SE

*

24,917

1,027,394

Continental

AG

76,548

5,046,732

6,074,126

Automobiles

0.4%

Mercedes-Benz

Group

AG

42,974

2,700,175

Capital

Markets

1.0%

Deutsche

Bank

AG

(Registered)

217,388

7,645,843

Common

Stocks

Shares

Value

($)

GERMANY

Diversified

Telecommunication

Services

0.0%

†

Deutsche

Telekom

AG

(Registered)

7,233

246,432

Electrical

Equipment

0.5%

Nordex

SE

*(a)

29,993

769,695

Siemens

Energy

AG

*

25,626

2,996,393

3,766,088

Health

Care

Equipment

&

Supplies

0.1%

Siemens

Healthineers

AG

Reg.

S

(b)

12,886

697,125

Household

Products

0.4%

Henkel

AG

&

Co.

KGaA

38,737

2,873,363

Industrial

Conglomerates

1.4%

Siemens

AG

(Registered)

38,975

10,516,157

Insurance

1.8%

Allianz

SE

(Registered)

33,611

14,128,124

Hannover

Rueck

SE

305

91,986

14,220,110

Interactive

Media

&

Services

0.1%

Scout24

SE

Reg.

S

(b)

6,552

820,344

Machinery

0.2%

Knorr-Bremse

AG

17,760

1,667,810

Multi-Utilities

0.7%

E.ON

SE

262,575

4,936,989

Semiconductors

&

Semiconductor

Equipment

0.9%

Infineon

Technologies

AG

167,713

6,546,124

Software

1.1%

Nemetschek

SE

4,936

642,334

SAP

SE

27,408

7,347,852

7,990,186

75,838,443

HONG

KONG

1.8%

Automobile

Components

0.1%

Johnson

Electric

Holdings

Ltd.

(a)

77,000

404,380

Capital

Markets

0.4%

Hong

Kong

Exchanges

&

Clearing

Ltd.

51,600

2,932,816

Food

Products

0.3%

WH

Group

Ltd.

Reg.

S

(b)

2,113,500

2,297,213

Insurance

0.6%

AIA

Group

Ltd.

352,200

3,375,921

Prudential

plc

128,505

1,808,906

5,184,827

Real

Estate

Management

&

Development

0.4%

Hongkong

Land

Holdings

Ltd.

280,200

1,773,106

Swire

Properties

Ltd.

446,800

1,271,171

3,044,277

13,863,513

ISRAEL

0.1%

Capital

Markets

0.1%

Plus500

Ltd.

14,220

616,151

ITALY

2.7%

Aerospace

&

Defense

0.1%

Avio

SpA

Reg.

S

(a)

8,103

509,060

Leonardo

SpA

1,496

95,032

604,092

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

ITALY

Banks

1.6%

Banca

Monte

dei

Paschi

di

Siena

SpA

(a)

60,779

539,669

Credito

Emiliano

SpA

13,432

216,488

FinecoBank

Banca

Fineco

SpA

88,054

1,907,471

Intesa

Sanpaolo

SpA

192,816

1,275,114

UniCredit

SpA

94,158

7,148,822

11,087,564

Capital

Markets

0.1%

Azimut

Holding

SpA

5,406

209,467

Banca

Generali

SpA

10,636

593,162

802,629

Diversified

Telecommunication

Services

0.0%

†

RAI

Way

SpA

Reg.

S

(b)

33,029

233,888

Electric

Utilities

0.2%

Enel

SpA

167,293

1,586,679

Energy

Equipment

&

Services

0.0%

†

Saipem

SpA

114,047

329,206

Financial

Services

0.5%

Banca

Mediolanum

SpA

189,842

3,808,981

Insurance

0.1%

Unipol

Assicurazioni

SpA

45,940

986,842

IT

Services

0.0%

†

Reply

SpA

1,488

211,826

Leisure

Products

0.1%

Technogym

SpA

Reg.

S

(b)

32,883

557,862

20,209,569

IVORY

COAST

0.2%

Metals

&

Mining

0.2%

Endeavour

Mining

plc

37,812

1,580,367

JAPAN

24.6%

Automobile

Components

1.1%

GS

Yuasa

Corp.

(a)

5,600

132,257

NOK

Corp.

16,400

287,783

Sumitomo

Electric

Industries

Ltd.

281,300

7,991,977

Toyota

Boshoku

Corp.

10,900

180,590

8,592,607

Automobiles

1.5%

Isuzu

Motors

Ltd.

(a)

62,300

786,320

Toyota

Motor

Corp.

498,400

9,538,206

Yamaha

Motor

Co.

Ltd.

97,700

734,191

11,058,717

Banks

1.6%

Chugin

Financial

Group,

Inc.

(a)

26,500

390,301

Iyogin

Holdings,

Inc.

(a)

8,600

130,338

Mitsubishi

UFJ

Financial

Group,

Inc.

280,400

4,441,920

Mizuho

Financial

Group,

Inc.

51,900

1,737,090

Musashino

Bank

Ltd.

(The)

(a)

15,300

418,678

Nishi-Nippon

Financial

Holdings,

Inc.

10,600

179,560

Sumitomo

Mitsui

Financial

Group,

Inc.

156,300

4,375,376

Sumitomo

Mitsui

Trust

Group,

Inc.

16,900

490,355

Yokohama

Financial

Group,

Inc.

32,500

249,304

12,412,922

Broadline

Retail

0.1%

Isetan

Mitsukoshi

Holdings

Ltd.

(a)

49,600

915,120

Common

Stocks

Shares

Value

($)

JAPAN

Building

Products

0.3%

AGC,

Inc.

62,100

2,026,700

Capital

Markets

1.0%

Daiwa

Securities

Group,

Inc.

(a)

423,900

3,439,789

IwaiCosmo

Holdings,

Inc.

39,900

732,492

Nomura

Holdings,

Inc.

384,700

2,817,034

SBI

Holdings,

Inc.

2,400

104,197

Tokai

Tokyo

Financial

Holdings,

Inc.

(a)

127,900

508,650

7,602,162

Chemicals

0.2%

Sakai

Chemical

Industry

Co.

Ltd.

(a)

21,200

407,661

Tosoh

Corp.

(a)

52,600

779,260

1,186,921

Commercial

Services

&

Supplies

0.3%

Okamura

Corp.

(a)

25,700

407,839

TOPPAN

Holdings,

Inc.

30,900

794,362

TRE

Holdings

Corp.

(a)

70,800

743,210

1,945,411

Construction

&

Engineering

0.4%

Chudenko

Corp.

(a)

25,100

668,154

Kinden

Corp.

27,300

935,542

Nishimatsu

Construction

Co.

Ltd.

(a)

21,400

758,689

Taikisha

Ltd.

14,800

285,667

2,648,052

Construction

Materials

0.2%

Sumitomo

Osaka

Cement

Co.

Ltd.

(a)

8,500

223,329

Taiheiyo

Cement

Corp.

(a)

56,600

1,469,551

1,692,880

Consumer

Finance

0.1%

Acom

Co.

Ltd.

(a)

158,700

515,984

Credit

Saison

Co.

Ltd.

(a)

19,500

519,659

1,035,643

Consumer

Staples

Distribution

&

Retail

0.5%

Sugi

Holdings

Co.

Ltd.

9,000

217,043

Tsuruha

Holdings,

Inc.

(a)

219,500

3,514,569

3,731,612

Distributors

0.1%

PALTAC

Corp.

16,000

500,764

Diversified

Telecommunication

Services

0.3%

NTT,

Inc.

1,835,000

1,918,833

Electric

Utilities

0.1%

Kyushu

Electric

Power

Co.,

Inc.

(a)

49,300

493,533

Electrical

Equipment

1.0%

Fuji

Electric

Co.

Ltd.

(a)

58,900

4,025,997

Fujikura

Ltd.

10,400

1,011,117

Idec

Corp.

(a)

20,100

328,717

Mabuchi

Motor

Co.

Ltd.

39,600

692,701

Mitsubishi

Electric

Corp.

24,100

627,406

Nitto

Kogyo

Corp.

(a)

9,100

222,512

Sinfonia

Technology

Co.

Ltd.

4,700

288,610

7,197,060

Electronic

Equipment,

Instruments

&

Components

1.2%

Hosiden

Corp.

(a)

13,300

211,944

Ibiden

Co.

Ltd.

(a)

7,500

453,493

Iriso

Electronics

Co.

Ltd.

(a)

28,600

569,799

Kyocera

Corp.

222,300

3,020,291

Nippon

Electric

Glass

Co.

Ltd.

(a)

22,800

747,528

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

Common

Stocks

Shares

Value

($)

JAPAN

Electronic

Equipment,

Instruments

&

Components

Osaki

Electric

Co.

Ltd.

(a)

19,800

171,382

Sumida

Corp.

33,000

242,061

TDK

Corp.

180,900

2,616,915

V

Technology

Co.

Ltd.

(a)

13,700

319,664

Yokogawa

Electric

Corp.

18,300

525,252

8,878,329

Energy

Equipment

&

Services

0.2%

Modec,

Inc.

(a)

28,200

1,573,182

Entertainment

0.4%

Konami

Group

Corp.

(a)

21,000

3,030,174

Financial

Services

0.0%

†

ORIX

Corp.

11,600

302,916

Ground

Transportation

0.4%

Kyushu

Railway

Co.

39,900

1,057,168

West

Japan

Railway

Co.

(a)

88,800

1,946,663

3,003,831

Health

Care

Equipment

&

Supplies

0.1%

Paramount

Bed

Holdings

Co.

Ltd.

16,800

412,372

Hotels,

Restaurants

&

Leisure

0.1%

Heiwa

Corp.

(a)

78,500

1,116,174

Household

Durables

0.6%

Panasonic

Holdings

Corp.

103,800

1,127,423

Sony

Group

Corp.

114,800

3,294,210

Token

Corp.

1,200

120,842

4,542,475

Independent

Power

and

Renewable

Electricity

Producers

0.3%

Electric

Power

Development

Co.

Ltd.

124,300

2,333,388

Insurance

1.1%

Dai-ichi

Life

Holdings,

Inc.

333,800

2,625,958

Japan

Post

Holdings

Co.

Ltd.

(a)

583,300

5,790,897

Sony

Financial

Group,

Inc.

*

114,800

127,310

8,544,165

IT

Services

0.2%

NEC

Corp.

34,300

1,096,540

Nomura

Research

Institute

Ltd.

20,500

786,291

1,882,831

Machinery

1.4%

Daifuku

Co.

Ltd.

21,900

700,533

Glory

Ltd.

8,600

212,773

Kyokuto

Kaihatsu

Kogyo

Co.

Ltd.

(a)

11,100

204,008

Mitsubishi

Heavy

Industries

Ltd.

98,000

2,560,741

Mitsui

E&S

Co.

Ltd.

(a)

31,700

956,452

Nabtesco

Corp.

26,300

594,801

NGK

Insulators

Ltd.

(a)

217,000

3,633,475

NTN

Corp.

(a)

121,000

279,396

Shinmaywa

Industries

Ltd.

(a)

16,400

206,030

Takuma

Co.

Ltd.

(a)

19,300

292,415

Tsugami

Corp.

(a)

17,700

284,836

Tsukishima

Holdings

Co.

Ltd.

(a)

29,400

583,261

10,508,721

Media

0.0%

†

Tv

Tokyo

Holdings

Corp.

6,600

220,251

Metals

&

Mining

0.3%

JX

Advanced

Metals

Corp.

163,500

2,163,044

Common

Stocks

Shares

Value

($)

JAPAN

Oil,

Gas

&

Consumable

Fuels

0.7%

ENEOS

Holdings,

Inc.

827,500

5,253,422

Passenger

Airlines

0.2%

ANA

Holdings,

Inc.

87,900

1,701,159

Pharmaceuticals

1.9%

Astellas

Pharma,

Inc.

70,600

769,973

Chugai

Pharmaceutical

Co.

Ltd.

19,000

840,470

Daiichi

Sankyo

Co.

Ltd.

51,400

1,150,453

Hisamitsu

Pharmaceutical

Co.,

Inc.

11,100

309,103

Otsuka

Holdings

Co.

Ltd.

10,600

566,294

Sawai

Group

Holdings

Co.

Ltd.

(a)

17,800

241,012

Shionogi

&

Co.

Ltd.

101,700

1,798,672

Takeda

Pharmaceutical

Co.

Ltd.

310,900

9,076,336

14,752,313

Professional

Services

0.0%

†

Tanseisha

Co.

Ltd.

(a)

19,700

186,937

Real

Estate

Management

&

Development

1.4%

Daiwa

House

Industry

Co.

Ltd.

108,100

3,886,104

Heiwa

Real

Estate

Co.

Ltd.

(a)

9,200

147,021

Mitsui

Fudosan

Co.

Ltd.

329,500

3,599,525

Tokyu

Fudosan

Holdings

Corp.

326,100

2,702,445

10,335,095

Semiconductors

&

Semiconductor

Equipment

1.9%

Advantest

Corp.

(a)

43,900

4,389,139

Japan

Material

Co.

Ltd.

114,100

1,404,934

Renesas

Electronics

Corp.

148,100

1,701,482

SCREEN

Holdings

Co.

Ltd.

(a)

21,200

1,919,525

Tazmo

Co.

Ltd.

(a)

31,800

522,188

Tokyo

Seimitsu

Co.

Ltd.

13,300

900,159

Ulvac,

Inc.

(a)

19,800

867,278

Yamaichi

Electronics

Co.

Ltd.

(a)

120,300

2,850,849

14,555,554

Software

0.0%

†

Cybozu,

Inc.

(a)

7,400

170,347

Specialty

Retail

0.3%

Fast

Retailing

Co.

Ltd.

5,200

1,579,072

Sanrio

Co.

Ltd.

(a)

14,000

655,651

2,234,723

Technology

Hardware,

Storage

&

Peripherals

0.4%

Canon,

Inc.

(a)

94,700

2,772,194

Ricoh

Co.

Ltd.

29,200

257,537

3,029,731

Tobacco

1.2%

Japan

Tobacco,

Inc.

276,900

9,101,018

Trading

Companies

&

Distributors

0.6%

Inaba

Denki

Sangyo

Co.

Ltd.

7,200

204,669

Mitsubishi

Corp.

129,100

3,077,465

Sumitomo

Corp.

36,500

1,056,306

4,338,440

Wireless

Telecommunication

Services

0.9%

KDDI

Corp.

250,900

4,020,304

SoftBank

Corp.

1,039,900

1,529,513

SoftBank

Group

Corp.

11,600

1,473,317

7,023,134

186,152,663

NETHERLANDS

3.7%

Biotechnology

0.2%

Argenx

SE

*

1,886

1,385,421

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Capital

Markets

0.0%

†

Van

Lanschot

Kempen

NV,

CVA

(a)

3,902

233,455

Construction

&

Engineering

0.1%

Fugro

NV

(a)

8,225

87,831

Koninklijke

BAM

Groep

NV

57,666

547,429

635,260

Consumer

Staples

Distribution

&

Retail

0.7%

Koninklijke

Ahold

Delhaize

NV

133,537

5,402,385

Financial

Services

0.4%

Adyen

NV

Reg.

S

*(b)

617

990,192

EXOR

NV

17,532

1,721,376

2,711,568

Professional

Services

0.1%

Wolters

Kluwer

NV

6,330

864,093

Semiconductors

&

Semiconductor

Equipment

2.2%

ASM

International

NV

1,804

1,084,405

ASML

Holding

NV

(a)

16,329

15,920,151

17,004,556

28,236,738

NEW

ZEALAND

0.3%

Food

Products

0.0%

†

a2

Milk

Co.

Ltd.

(The)

(a)

31,371

179,307

Health

Care

Equipment

&

Supplies

0.3%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

81,561

1,750,823

1,930,130

NIGERIA

0.1%

Wireless

Telecommunication

Services

0.1%

Airtel

Africa

plc

Reg.

S

(b)

311,512

1,023,329

NORWAY

0.2%

Aerospace

&

Defense

0.1%

Kongsberg

Gruppen

ASA

27,006

862,822

Food

Products

0.0%

†

Orkla

ASA

8,253

86,358

Marine

Transportation

0.1%

Wallenius

Wilhelmsen

ASA

70,747

629,484

1,578,664

PORTUGAL

0.2%

Banks

0.2%

Banco

Comercial

Portugues

SA,

Class

R

1,587,988

1,408,637

SINGAPORE

1.1%

Aerospace

&

Defense

0.5%

Singapore

Technologies

Engineering

Ltd.

526,400

3,518,582

Banks

0.4%

Oversea-Chinese

Banking

Corp.

Ltd.

95,400

1,216,600

United

Overseas

Bank

Ltd.

73,500

1,971,780

3,188,380

Diversified

Telecommunication

Services

0.2%

Singapore

Telecommunications

Ltd.

498,800

1,595,754

8,302,716

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

0.3%

Metals

&

Mining

0.3%

Anglo

American

plc

62,835

2,365,734

SPAIN

2.9%

Banks

2.2%

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)

367,580

7,071,688

Banco

Santander

SA

728,969

7,618,664

CaixaBank

SA

(a)

16,300

171,619

Unicaja

Banco

SA

Reg.

S

(b)

537,025

1,473,019

16,334,990

Commercial

Services

&

Supplies

0.0%

†

Befesa

SA

Reg.

S

(b)

5,266

178,114

Construction

&

Engineering

0.0%

†

Obrascon

Huarte

Lain

SA

*

239,634

124,415

Containers

&

Packaging

0.1%

Vidrala

SA

5,011

529,855

Insurance

0.0%

†

Mapfre

SA

21,961

104,384

Specialty

Retail

0.4%

Industria

de

Diseno

Textil

SA

(a)

47,902

2,646,401

Transportation

Infrastructure

0.2%

Aena

SME

SA

Reg.

S

(b)

59,892

1,640,975

21,559,134

SWEDEN

2.3%

Automobile

Components

0.0%

†

Dometic

Group

AB

(b)

35,869

187,810

Banks

0.2%

Svenska

Handelsbanken

AB,

Class

A

(a)

65,218

852,400

Swedbank

AB,

Class

A

28,426

859,647

1,712,047

Commercial

Services

&

Supplies

0.0%

†

Loomis

AB,

Class

B

7,037

301,029

Communications

Equipment

0.6%

Telefonaktiebolaget

LM

Ericsson,

Class

B

479,028

3,973,529

Health

Care

Providers

&

Services

0.0%

†

Ambea

AB

Reg.

S

(b)

15,513

224,048

Hotels,

Restaurants

&

Leisure

0.3%

Evolution

AB

Reg.

S

(b)

26,467

2,172,270

Machinery

0.9%

Atlas

Copco

AB,

Class

B

65,354

986,128

Epiroc

AB,

Class

A

(a)

43,741

923,729

Epiroc

AB,

Class

B

57,798

1,093,854

Sandvik

AB

60,334

1,689,595

SKF

AB,

Class

B

60,376

1,506,600

6,199,906

Metals

&

Mining

0.3%

Boliden

AB

*

52,179

2,129,595

SSAB

AB,

Class

A

27,410

164,030

2,293,625

17,064,264

SWITZERLAND

4.2%

Capital

Markets

1.6%

UBS

Group

AG

(Registered)

284,143

11,680,720

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

Shares

Value

($)

SWITZERLAND

Electrical

Equipment

1.1%

ABB

Ltd.

(Registered)

113,750

8,198,385

Accelleron

Industries

AG

1,800

151,532

8,349,917

Health

Care

Equipment

&

Supplies

0.5%

Sonova

Holding

AG

(Registered)

14,335

3,927,837

Machinery

0.6%

Burckhardt

Compression

Holding

AG

222

172,110

Schindler

Holding

AG

(a)

8,711

3,311,694

Schindler

Holding

AG

(Registered)

3,371

1,218,764

4,702,568

Professional

Services

0.2%

SGS

SA

(Registered)

15,056

1,566,057

Software

0.0%

†

Temenos

AG

(Registered)

3,291

265,561

Textiles,

Apparel

&

Luxury

Goods

0.2%

Cie

Financiere

Richemont

SA

(Registered)

7,093

1,360,997

31,853,657

UNITED

KINGDOM

9.8%

Aerospace

&

Defense

1.2%

Babcock

International

Group

plc

56,710

1,014,704

BAE

Systems

plc

133,660

3,703,699

Rolls-Royce

Holdings

plc

268,431

4,297,526

9,015,929

Banks

2.5%

HSBC

Holdings

plc

790,837

11,162,479

Lloyds

Banking

Group

plc

4,872,880

5,489,054

NatWest

Group

plc

157,030

1,102,207

17,753,740

Broadline

Retail

0.5%

Next

plc

24,239

4,037,636

Capital

Markets

0.1%

IG

Group

Holdings

plc

32,799

475,624

Consumer

Staples

Distribution

&

Retail

0.6%

Tesco

plc

699,740

4,194,420

Electronic

Equipment,

Instruments

&

Components

0.3%

Halma

plc

52,779

2,449,772

Financial

Services

0.0%

†

Paragon

Banking

Group

plc

20,690

242,177

Hotels,

Restaurants

&

Leisure

0.2%

InterContinental

Hotels

Group

plc

10,826

1,312,107

Playtech

plc

31,644

157,175

1,469,282

Industrial

Conglomerates

0.2%

DCC

plc

(a)

16,336

1,054,118

Smiths

Group

plc

22,358

713,228

1,767,346

Insurance

0.4%

Beazley

plc

190,379

2,329,054

Lancashire

Holdings

Ltd.

89,346

814,580

3,143,634

Machinery

0.0%

†

Rotork

plc

39,523

181,265

Multi-Utilities

0.1%

National

Grid

plc

69,774

1,005,904

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Passenger

Airlines

0.1%

easyJet

plc

152,289

951,573

Pharmaceuticals

1.7%

AstraZeneca

plc,

ADR

165,462

12,694,245

Professional

Services

0.2%

Intertek

Group

plc

16,450

1,051,574

RELX

plc

15,123

722,308

1,773,882

Specialty

Retail

0.2%

Kingfisher

plc

272,064

1,136,176

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

Burberry

Group

plc

*

20,569

324,634

Tobacco

1.3%

Imperial

Brands

plc

238,154

10,116,714

Wireless

Telecommunication

Services

0.2%

Vodafone

Group

plc,

ADR

105,403

1,222,675

73,956,628

UNITED

STATES

8.6%

Construction

Materials

0.9%

Holcim

AG

76,908

6,545,422

Electrical

Equipment

0.0%

†

Schneider

Electric

SE

921

260,003

Entertainment

0.4%

Spotify

Technology

SA

*

3,803

2,654,494

Food

Products

1.9%

Nestle

SA

(Registered)

158,834

14,590,203

Health

Care

Equipment

&

Supplies

0.1%

Alcon

AG

(a)

11,163

836,168

Hotels,

Restaurants

&

Leisure

0.1%

Carnival

plc,

ADR

*

19,208

507,860

Oil,

Gas

&

Consumable

Fuels

0.6%

BP

plc,

ADR

21,207

730,793

Shell

plc

97,226

3,492,593

4,223,386

Pharmaceuticals

4.6%

GSK

plc,

ADR

(a)

102,002

4,402,406

Novartis

AG

(Registered)

85,133

10,947,297

Roche

Holding

AG

30,266

9,961,486

Sanofi

SA

107,658

10,176,288

35,487,477

65,105,013

Total

Common

Stocks

(cost

$597,808,357)

735,570,366

Repurchase

Agreements

4.6%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$996,599,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,016,412.(c)

996,482

996,482

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,000,933,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$8,160,952.(c)

8,000,000

8,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,582,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$5,100,001.(c)

5,000,000

5,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$5,102,636.(c)

5,000,000

5,000,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$16,001,840,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$16,320,056.(c)

16,000,000

16,000,000

Total

Repurchase

Agreements

(cost

$34,996,482)

34,996,482

Total

Investments

(cost

$632,804,839)

—

102.2%

770,566,848

Liabilities

in

excess

of

other

assets

—

(2.2)%

(16,730,257)

NET

ASSETS

—

100.0%

$753,836,591

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$52,940,999,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,996,482

and

by

$20,366,188

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$55,362,670.

(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

September

30,

2025

was

$14,578,274

which

represents

1.93%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$34,996,482.

ADR

American

Depositary

Receipt

BAM

Build

America

Mutual

CVA

Dutch

Certification

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Hang

Seng

Index

3

10/2025

HKD

518,739

12,434

MSCI

Singapore

Index

5

10/2025

SGD

173,398

(412)

EURO

STOXX

50

Index

98

12/2025

EUR

6,375,303

97,622

FTSE

100

Index

18

12/2025

GBP

2,277,386

17,633

SPI

200

Index

6

12/2025

AUD

880,690

(424)

TOPIX

Index

14

12/2025

JPY

2,973,526

24,829

Net

contracts

151,682

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

SGD

Singapore

Dollar

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

42,312,806

$

–

$

42,312,806

Automobile

Components

1,027,394

18,064,161

–

19,091,555

Automobiles

–

13,758,892

–

13,758,892

Banks

–

94,359,401

–

94,359,401

Biotechnology

–

1,385,421

–

1,385,421

Broadline

Retail

–

14,969,848

–

14,969,848

Building

Products

–

2,026,700

–

2,026,700

Capital

Markets

–

33,836,371

–

33,836,371

Chemicals

–

15,076,343

–

15,076,343

Commercial

Services

&

Supplies

–

4,538,601

–

4,538,601

Communications

Equipment

–

5,978,331

–

5,978,331

Construction

&

Engineering

–

3,541,628

–

3,541,628

Construction

Materials

–

8,238,302

–

8,238,302

Consumer

Finance

–

1,035,643

–

1,035,643

Consumer

Staples

Distribution

&

Retail

–

13,328,418

–

13,328,418

Containers

&

Packaging

–

529,855

–

529,855

Distributors

–

500,764

–

500,764

Diversified

REITs

–

445,746

–

445,746

Diversified

Telecommunication

Services

–

7,282,438

–

7,282,438

Electric

Utilities

–

2,080,213

–

2,080,213

Electrical

Equipment

–

26,084,670

–

26,084,670

Electronic

Equipment,

Instruments

&

Components

–

12,476,831

–

12,476,831

Energy

Equipment

&

Services

–

1,902,389

–

1,902,389

Entertainment

2,654,494

3,030,174

–

5,684,668

Financial

Services

–

7,770,340

–

7,770,340

Food

Products

–

22,303,783

–

22,303,783

Ground

Transportation

–

3,003,831

–

3,003,831

Health

Care

Equipment

&

Supplies

–

11,568,769

–

11,568,769

Health

Care

Providers

&

Services

–

224,048

–

224,048

Health

Care

Technology

–

3,829,173

–

3,829,173

Hotels,

Restaurants

&

Leisure

507,860

4,757,726

–

5,265,586

Household

Durables

–

4,542,475

–

4,542,475

Household

Products

–

2,873,363

–

2,873,363

Independent

Power

and

Renewable

Electricity

Producers

–

2,333,388

–

2,333,388

Industrial

Conglomerates

–

12,524,241

–

12,524,241

Insurance

127,310

39,452,980

–

39,580,290

Interactive

Media

&

Services

–

1,407,160

–

1,407,160

IT

Services

–

2,094,658

–

2,094,658

Leisure

Products

–

557,862

–

557,862

Machinery

–

28,183,025

–

28,183,025

Marine

Transportation

–

629,484

–

629,484

Media

–

220,251

–

220,251

Metals

&

Mining

5,128,316

23,615,024

–

28,743,340

Multi-Utilities

–

12,421,778

–

12,421,778

Office

REITs

–

923,481

–

923,481

Oil,

Gas

&

Consumable

Fuels

730,793

15,175,774

–

15,906,567

Passenger

Airlines

–

3,948,504

–

3,948,504

Pharmaceuticals

17,096,651

54,477,338

–

71,573,989

Professional

Services

–

4,390,969

–

4,390,969

Real

Estate

Management

&

Development

–

13,379,371

–

13,379,371

Retail

REITs

–

2,540,993

–

2,540,993

Semiconductors

&

Semiconductor

Equipment

–

38,106,235

–

38,106,235

Software

–

8,726,052

–

8,726,052

Specialty

Retail

–

6,632,354

–

6,632,354

Technology

Hardware,

Storage

&

Peripherals

–

4,382,750

–

4,382,750

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

International

Equity

Insights

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Textiles,

Apparel

&

Luxury

Goods

$

–

$

9,854,467

$

–

$

9,854,467

Tobacco

–

19,413,403

–

19,413,403

Trading

Companies

&

Distributors

–

4,338,440

–

4,338,440

Transportation

Infrastructure

–

1,640,975

–

1,640,975

Wireless

Telecommunication

Services

1,222,675

8,046,462

–

9,269,137

Total

Common

Stocks

$

28,495,493

$

707,074,873

$

–

$

735,570,366

Futures

Contracts

152,518

–

–

152,518

Repurchase

Agreements

–

34,996,482

–

34,996,482

Total

Assets

$

28,648,011

$

742,071,355

$

–

$

770,719,366

Liabilities:

Futures

Contracts

$

(836)

$

–

$

–

$

(836)

Total

Liabilities

$

(836)

$

–

$

–

$

(836)

Total

$

28,647,175

$

742,071,355

$

–

$

770,718,530

NVIT

GS

International

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

152,518

Total

$

152,518

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(836)

Total

$

(836)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.4%

Archer

Aviation,

Inc.,

Class

A*(a)

36,351

348,243

Byrna

Technologies,

Inc.*(a)

2,547

56,441

Mercury

Systems,

Inc.*(a)

12,177

942,500

Moog,

Inc.,

Class

A(a)

7,654

1,589,506

2,936,690

Automobile

Components

1.4%

Adient

plc*(a)

31,132

749,659

American

Axle

&

Manufacturing

Holdings,

Inc.*

43,106

259,067

Cooper-Standard

Holdings,

Inc.*

1,009

37,262

LCI

Industries

2,471

230,174

Motorcar

Parts

of

America,

Inc.*

6,680

110,487

Phinia,

Inc.

20,720

1,190,986

Solid

Power,

Inc.*

97,910

339,748

XPEL,

Inc.

Reg.

S*

620

20,503

2,937,886

Banks

8.4%

Amerant

Bancorp,

Inc.,

Class

A

1,544

29,753

Ameris

Bancorp(a)

13,224

969,451

Associated

Banc-Corp.

35,947

924,197

BancFirst

Corp.(a)

3,214

406,410

Bank

of

Hawaii

Corp.

7,002

459,611

Blue

Foundry

Bancorp*

5,244

47,668

Capitol

Federal

Financial,

Inc.

(a)

75,373

478,619

Central

Pacific

Financial

Corp.

6,148

186,530

Chemung

Financial

Corp.

605

31,775

Community

Trust

Bancorp,

Inc.

11,110

621,605

CVB

Financial

Corp.

19,386

366,589

Dime

Community

Bancshares,

Inc.(a)

23,135

690,117

FB

Financial

Corp.

2,362

131,658

First

Bancorp,

Inc.

(The)

3,325

87,315

First

Financial

Bankshares,

Inc.(a)

5,448

183,325

First

Internet

Bancorp

3,844

86,221

First

Merchants

Corp.

10,946

412,664

Glacier

Bancorp,

Inc.(a)

535

26,039

Hancock

Whitney

Corp.(a)

16,105

1,008,334

Hanmi

Financial

Corp.

6,538

161,423

Heritage

Commerce

Corp.

1,817

18,043

Home

Bancorp,

Inc.

4,752

258,152

HomeTrust

Bancshares,

Inc.

2,702

110,620

International

Bancshares

Corp.

12,102

832,013

Kearny

Financial

Corp.

3,620

23,783

LCNB

Corp.

1,300

19,487

Live

Oak

Bancshares,

Inc.

11,648

410,243

Northeast

Community

Bancorp,

Inc.

2,144

44,102

Northrim

Bancorp,

Inc.

14,840

321,434

Origin

Bancorp,

Inc.(a)

727

25,096

Park

National

Corp.

219

35,594

Provident

Financial

Services,

Inc.

26,865

517,957

Red

River

Bancshares,

Inc.

6,788

439,998

Common

Stocks

Shares

Value

($)

Banks

Seacoast

Banking

Corp.

of

Florida

1,329

40,442

ServisFirst

Bancshares,

Inc.

10,930

880,193

Sierra

Bancorp

4,630

133,853

Sound

Financial

Bancorp,

Inc.

707

32,564

Southern

First

Bancshares,

Inc.*

5,940

262,073

Southside

Bancshares,

Inc.

3,981

112,463

Texas

Capital

Bancshares,

Inc.*

10,402

879,281

Timberland

Bancorp,

Inc.

1,323

44,030

TriCo

Bancshares

6,387

283,647

TrustCo

Bank

Corp.

16,748

607,952

Trustmark

Corp.

16,827

666,349

UMB

Financial

Corp.(a)

8,151

964,671

United

Community

Banks,

Inc.

24,469

767,103

Washington

Trust

Bancorp,

Inc.(a)

6,485

187,417

WesBanco,

Inc.

25,367

809,968

Westamerica

Bancorp

4,630

231,454

17,269,286

Biotechnology

6.0%

ACADIA

Pharmaceuticals,

Inc.*

25,822

551,042

Akero

Therapeutics,

Inc.*(a)

554

26,304

Amicus

Therapeutics,

Inc.*

88,058

693,897

Annexon,

Inc.*(a)

133,516

407,224

Arcellx,

Inc.*

725

59,523

Arcturus

Therapeutics

Holdings,

Inc.*(a)

9,452

174,200

Arcus

Biosciences,

Inc.*(a)

10,191

138,598

Aurinia

Pharmaceuticals,

Inc.*

6,865

75,858

Avidity

Biosciences,

Inc.*(a)

8,613

375,268

BioCryst

Pharmaceuticals,

Inc.*(a)

28,406

215,602

Celldex

Therapeutics,

Inc.*(a)

6,952

179,848

Cogent

Biosciences,

Inc.*

19,651

282,188

CRISPR

Therapeutics

AG*(a)

4,410

285,812

Cullinan

Therapeutics,

Inc.*

23,011

136,455

Cytokinetics,

Inc.*

1,407

77,329

Denali

Therapeutics,

Inc.*

54,621

793,097

Design

Therapeutics,

Inc.*(a)

21,319

160,532

Dyne

Therapeutics,

Inc.*

20,203

255,568

Emergent

BioSolutions,

Inc.*

3,342

29,476

Erasca,

Inc.*

108,321

236,140

Heron

Therapeutics,

Inc.*(a)

33,640

42,386

Immunovant,

Inc.*(a)

16,448

265,142

Janux

Therapeutics,

Inc.*

3,064

74,884

Keros

Therapeutics,

Inc.*

34,370

543,733

Kodiak

Sciences,

Inc.*

6,199

101,478

Krystal

Biotech,

Inc.*

340

60,020

Kymera

Therapeutics,

Inc.*

9,219

521,795

Larimar

Therapeutics,

Inc.*(a)

52,135

168,396

Lexeo

Therapeutics,

Inc.*

6,894

45,776

Madrigal

Pharmaceuticals,

Inc.*

1,780

816,415

Myriad

Genetics,

Inc.*

52,573

380,103

Nurix

Therapeutics,

Inc.*(a)

20,391

188,413

Nuvalent,

Inc.,

Class

A*(a)

3,918

338,829

ORIC

Pharmaceuticals,

Inc.*(a)

1,836

22,032

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

Biotechnology

Praxis

Precision

Medicines,

Inc.*(a)

7,606

403,118

Protagonist

Therapeutics,

Inc.*

488

32,418

Prothena

Corp.

plc*

26,286

256,551

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

3,924

19,149

Relay

Therapeutics,

Inc.*

4,145

21,637

Rhythm

Pharmaceuticals,

Inc.*(a)

2,276

229,853

Rigel

Pharmaceuticals,

Inc.*(a)

15,916

450,900

Spyre

Therapeutics,

Inc.*(a)

6,579

110,264

TG

Therapeutics,

Inc.*

20,421

737,709

Twist

Bioscience

Corp.*(a)

18,516

521,040

Vera

Therapeutics,

Inc.,

Class

A*

672

19,528

Veracyte,

Inc.*

21,138

725,668

12,251,198

Broadline

Retail

0.0%

†

Kohl's

Corp.(a)

1,858

28,557

Building

Products

0.7%

Griffon

Corp.

16,109

1,226,700

Tecnoglass,

Inc.

3,792

253,723

1,480,423

Capital

Markets

1.7%

BGC

Group,

Inc.,

Class

A

54,801

518,417

DigitalBridge

Group,

Inc.(a)

27,606

322,990

Patria

Investments

Ltd.,

Class

A(a)

2,793

40,778

Piper

Sandler

Cos.

2,669

926,116

Victory

Capital

Holdings,

Inc.,

Class

A

19,163

1,240,996

WisdomTree,

Inc.(a)

31,735

441,117

3,490,414

Chemicals

1.4%

Aspen

Aerogels,

Inc.*(a)

52,687

366,701

Avient

Corp.

7,206

237,438

Hawkins,

Inc.(a)

1,052

192,221

Innospec,

Inc.

13,963

1,077,385

Mativ

Holdings,

Inc.

7,325

82,846

Minerals

Technologies,

Inc.

6,530

405,644

PureCycle

Technologies,

Inc.*(a)

9,140

120,191

Stepan

Co.

6,578

313,771

2,796,197

Commercial

Services

&

Supplies

1.6%

ACCO

Brands

Corp.

5,614

22,400

BrightView

Holdings,

Inc.*

4,765

63,851

Deluxe

Corp.

16,376

317,039

Healthcare

Services

Group,

Inc.*(a)

37,990

639,372

HNI

Corp.(a)

26,602

1,246,304

Interface,

Inc.,

Class

A

1,065

30,821

Montrose

Environmental

Group,

Inc.*(a)

35,274

968,624

Perma-Fix

Environmental

Services,

Inc.*(a)

6,536

66,013

Pitney

Bowes,

Inc.

3,710

42,331

3,396,755

Common

Stocks

Shares

Value

($)

Communications

Equipment

0.6%

Applied

Optoelectronics,

Inc.*(a)

10,389

269,387

CommScope

Holding

Co.,

Inc.*

41,638

644,556

Harmonic,

Inc.*

1,647

16,767

NETGEAR,

Inc.*

7,349

238,034

Viasat,

Inc.*

4,970

145,621

1,314,365

Construction

&

Engineering

3.1%

Arcosa,

Inc.

1,363

127,727

Argan,

Inc.

3,351

904,937

Centuri

Holdings,

Inc.*

21,774

460,955

Construction

Partners,

Inc.,

Class

A*(a)

2,086

264,922

Dycom

Industries,

Inc.*

2,067

603,068

IES

Holdings,

Inc.*(a)

564

224,275

Limbach

Holdings,

Inc.*

731

70,995

Matrix

Service

Co.*

21,010

274,811

MYR

Group,

Inc.*

4,279

890,160

Primoris

Services

Corp.

11,410

1,566,935

Tutor

Perini

Corp.*

13,564

889,663

6,278,448

Construction

Materials

0.7%

Knife

River

Corp.*

2,335

179,491

United

States

Lime

&

Minerals,

Inc.(a)

9,574

1,259,460

1,438,951

Consumer

Finance

1.6%

Dave,

Inc.*

1,650

328,927

Encore

Capital

Group,

Inc.*(a)

20,211

843,607

Enova

International,

Inc.*

1,331

153,185

FirstCash

Holdings,

Inc.(a)

1,580

250,303

LendingTree,

Inc.*

442

28,611

Medallion

Financial

Corp.

3,010

30,401

OppFi,

Inc.

39,081

442,788

Regional

Management

Corp.

15,882

618,763

Upstart

Holdings,

Inc.*(a)

8,815

447,802

World

Acceptance

Corp.*

819

138,526

3,282,913

Consumer

Staples

Distribution

&

Retail

0.3%

Chefs'

Warehouse,

Inc.

(The)*

6,276

366,079

Grocery

Outlet

Holding

Corp.*(a)

15,523

249,144

615,223

Distributors

0.1%

GigaCloud

Technology,

Inc.,

Class

A*

4,206

119,450

Diversified

Consumer

Services

2.2%

Coursera,

Inc.*

64,212

751,923

European

Wax

Center,

Inc.,

Class

A*

85,493

341,117

Frontdoor,

Inc.*

4,876

328,106

Graham

Holdings

Co.,

Class

B

660

777,025

Laureate

Education,

Inc.*

48,771

1,538,237

Perdoceo

Education

Corp.

1,250

47,075

Stride,

Inc.*

3,911

582,504

Universal

Technical

Institute,

Inc.*

7,693

250,407

4,616,394

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Diversified

REITs

0.8%

Alexander

&

Baldwin,

Inc.

6,627

120,545

Alpine

Income

Property

Trust,

Inc.

7,217

102,265

Armada

Hoffler

Properties,

Inc.

(a)

29,398

206,080

Broadstone

Net

Lease,

Inc.

64,796

1,157,904

1,586,794

Diversified

Telecommunication

Services

0.3%

ATN

International,

Inc.

3,414

51,107

Bandwidth,

Inc.,

Class

A*(a)

22,060

367,740

Globalstar,

Inc.*(a)

2,417

87,955

IDT

Corp.,

Class

B(a)

3,539

185,125

691,927

Electric

Utilities

0.4%

Oklo,

Inc.,

Class

A*

7,060

788,108

Electrical

Equipment

2.6%

American

Superconductor

Corp.*

17,751

1,054,232

Bloom

Energy

Corp.,

Class

A*(a)

13,807

1,167,658

Enovix

Corp.*(a)

1,149

11,456

Eos

Energy

Enterprises,

Inc.*(a)

8,806

100,300

NEXTracker,

Inc.,

Class

A*

15,603

1,154,466

NuScale

Power

Corp.,

Class

A*(a)

9,815

353,340

Plug

Power,

Inc.*(a)

36,238

84,435

Powell

Industries,

Inc.

1,286

391,986

Sunrun,

Inc.*

31,035

536,595

Thermon

Group

Holdings,

Inc.*

1,109

29,632

Vicor

Corp.*(a)

7,731

384,385

5,268,485

Electronic

Equipment,

Instruments

&

Components

3.2%

Advanced

Energy

Industries,

Inc.

993

168,949

Fabrinet*

2,167

790,131

Knowles

Corp.*(a)

51,648

1,203,915

OSI

Systems,

Inc.*

783

195,155

Ouster,

Inc.*

2,319

62,729

Sanmina

Corp.*(a)

12,785

1,471,681

TTM

Technologies,

Inc.*

28,406

1,636,186

Vishay

Intertechnology,

Inc.(a)

68,327

1,045,403

6,574,149

Energy

Equipment

&

Services

1.7%

Borr

Drilling

Ltd.(a)

101,598

273,299

Expro

Group

Holdings

NV*

25,535

303,356

Helix

Energy

Solutions

Group,

Inc.*

17,544

115,089

Natural

Gas

Services

Group,

Inc.

3,245

90,828

Noble

Corp.

plc(a)

9,570

270,640

Oceaneering

International,

Inc.*

50,504

1,251,489

ProFrac

Holding

Corp.,

Class

A*

12,337

45,647

Seadrill

Ltd.*

28,826

870,833

TETRA

Technologies,

Inc.*

24,478

140,748

Transocean

Ltd.*

24,904

77,700

3,439,629

Common

Stocks

Shares

Value

($)

Entertainment

0.5%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

42,253

122,534

Cinemark

Holdings,

Inc.(a)

18,914

529,970

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

7,371

333,464

Starz

Entertainment

Corp.

3,157

46,503

1,032,471

Financial

Services

2.4%

Alerus

Financial

Corp.

3,263

72,243

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

30,232

1,389,765

Jackson

Financial,

Inc.,

Class

A

5,419

548,565

Marqeta,

Inc.,

Class

A*

46,805

247,130

NCR

Atleos

Corp.*(a)

23,595

927,519

Pagseguro

Digital

Ltd.,

Class

A

5,993

59,930

Payoneer

Global,

Inc.*

32,833

198,640

Remitly

Global,

Inc.*

14,881

242,560

Sezzle,

Inc.*

1,762

140,132

SWK

Holdings

Corp.

3,741

54,432

Velocity

Financial,

Inc.*

4,340

78,728

Walker

&

Dunlop,

Inc.

11,213

937,631

4,897,275

Food

Products

0.6%

BRC,

Inc.,

Class

A*(a)

50,108

78,168

Cal-Maine

Foods,

Inc.

12,965

1,220,007

1,298,175

Gas

Utilities

0.6%

New

Jersey

Resources

Corp.

7,923

381,492

ONE

Gas,

Inc.(a)

10,089

816,604

1,198,096

Ground

Transportation

0.1%

FTAI

Infrastructure,

Inc.(a)

59,264

258,391

Health

Care

Equipment

&

Supplies

3.2%

Accuray,

Inc.*

18,789

31,378

AtriCure,

Inc.*

23,172

816,813

Cerus

Corp.*

123,821

196,875

Delcath

Systems,

Inc.*(a)

9,252

99,459

Embecta

Corp.

20,455

288,620

Glaukos

Corp.*

5,979

487,587

Haemonetics

Corp.*

6,263

305,259

Inogen,

Inc.*

26,894

219,724

Integer

Holdings

Corp.*

7,151

738,913

iRadimed

Corp.

11,518

819,621

iRhythm

Technologies,

Inc.*

5,039

866,658

LeMaitre

Vascular,

Inc.

3,049

266,818

PROCEPT

BioRobotics

Corp.*(a)

9,285

331,382

Pro-Dex,

Inc.*

893

30,228

Pulmonx

Corp.*

8,865

14,361

QuidelOrtho

Corp.*(a)

5,870

172,872

SI-BONE,

Inc.*

1,881

27,688

TransMedics

Group,

Inc.*

5,496

616,651

Varex

Imaging

Corp.*

14,636

181,486

6,512,393

Health

Care

Providers

&

Services

3.0%

Addus

HomeCare

Corp.*

495

58,405

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

agilon

health,

Inc.*

146,131

150,515

Ardent

Health,

Inc.*

29,723

393,830

Aveanna

Healthcare

Holdings,

Inc.*

5,035

44,660

CorVel

Corp.*

4,833

374,171

Enhabit,

Inc.*

22,569

180,778

GeneDx

Holdings

Corp.,

Class

A*

3,594

387,218

Guardant

Health,

Inc.*

9,696

605,806

HealthEquity,

Inc.*(a)

10,559

1,000,676

Hims

&

Hers

Health,

Inc.*(a)

15,992

907,066

Joint

Corp.

(The)*(a)

5,277

50,343

LifeStance

Health

Group,

Inc.*

43,147

237,308

Nano-X

Imaging

Ltd.*(a)

42,000

155,400

National

HealthCare

Corp.

692

84,085

Pediatrix

Medical

Group,

Inc.*

4,565

76,464

Pennant

Group,

Inc.

(The)*

18,160

457,995

Privia

Health

Group,

Inc.*(a)

18,554

461,995

Talkspace,

Inc.*

10,999

30,357

Viemed

Healthcare,

Inc.*

81,367

552,482

6,209,554

Health

Care

REITs

0.2%

Community

Healthcare

Trust,

Inc.(a)

1,435

21,955

Global

Medical

REIT,

Inc.(a)

9,474

319,369

341,324

Health

Care

Technology

0.6%

LifeMD,

Inc.*(a)

7,279

49,425

OptimizeRx

Corp.*(a)

12,034

246,697

Phreesia,

Inc.*

8,773

206,341

Waystar

Holding

Corp.*(a)

17,184

651,617

1,154,080

Hotel

&

Resort

REITs

1.8%

Apple

Hospitality

REIT,

Inc.(a)

100,841

1,211,100

Braemar

Hotels

&

Resorts,

Inc.

10,463

28,564

Chatham

Lodging

Trust

95,282

639,342

RLJ

Lodging

Trust(a)

130,838

942,034

Service

Properties

Trust(a)

64,758

175,494

Xenia

Hotels

&

Resorts,

Inc.(a)

57,709

791,768

3,788,302

Hotels,

Restaurants

&

Leisure

1.9%

Brightstar

Lottery

plc(a)

73,899

1,274,758

Brinker

International,

Inc.*

4,744

600,970

Dine

Brands

Global,

Inc.

762

18,837

Lindblad

Expeditions

Holdings,

Inc.*

7,147

91,482

Monarch

Casino

&

Resort,

Inc.

950

100,548

RCI

Hospitality

Holdings,

Inc.

7,155

218,299

Red

Rock

Resorts,

Inc.,

Class

A

22,337

1,363,897

Shake

Shack,

Inc.,

Class

A*

1,958

183,288

3,852,079

Household

Durables

0.9%

Century

Communities,

Inc.

2,958

187,448

Ethan

Allen

Interiors,

Inc.

14,913

439,337

Green

Brick

Partners,

Inc.*(a)

1,344

99,268

LGI

Homes,

Inc.*

8,877

459,030

Meritage

Homes

Corp.

7,911

572,994

1,758,077

Common

Stocks

Shares

Value

($)

Household

Products

0.5%

Energizer

Holdings,

Inc.

40,401

1,005,581

Independent

Power

and

Renewable

Electricity

Producers

0.7%

Ormat

Technologies,

Inc.(a)

14,083

1,355,489

Industrial

REITs

0.6%

LXP

Industrial

Trust(a)

148,135

1,327,290

Insurance

1.9%

Ambac

Financial

Group,

Inc.*

7,561

63,059

AMERISAFE,

Inc.

20,569

901,745

HCI

Group,

Inc.

1,748

335,494

Lemonade,

Inc.*(a)

7,341

392,964

Oscar

Health,

Inc.,

Class

A*(a)

10,338

195,698

Root,

Inc.,

Class

A*

122

10,920

Selective

Insurance

Group,

Inc.

4,104

332,711

Stewart

Information

Services

Corp.

16,444

1,205,674

Trupanion,

Inc.*(a)

1,480

64,054

Universal

Insurance

Holdings,

Inc.

17,839

469,166

3,971,485

Interactive

Media

&

Services

0.4%

Grindr,

Inc.*(a)

18,590

279,222

QuinStreet,

Inc.*

40,162

621,306

900,528

IT

Services

0.6%

Applied

Digital

Corp.*

11,987

274,982

BigBear.ai

Holdings,

Inc.*(a)

6,658

43,410

DigitalOcean

Holdings,

Inc.*(a)

13,281

453,679

Fastly,

Inc.,

Class

A*

50,108

428,423

TSS,

Inc.*(a)

5,371

97,269

1,297,763

Leisure

Products

1.0%

JAKKS

Pacific,

Inc.

4,595

86,064

MasterCraft

Boat

Holdings,

Inc.*(a)

25,643

550,299

Peloton

Interactive,

Inc.,

Class

A*

123,308

1,109,772

Smith

&

Wesson

Brands,

Inc.

24,869

244,462

1,990,597

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Inc.,

Class

A*

38,125

445,681

Adaptive

Biotechnologies

Corp.*(a)

60,673

907,668

Alpha

Teknova,

Inc.*(a)

3,895

24,110

Cytek

Biosciences,

Inc.*(a)

74,881

259,837

Mesa

Laboratories,

Inc.

1,002

67,144

Pacific

Biosciences

of

California,

Inc.*(a)

31,716

40,597

1,745,037

Machinery

3.1%

Astec

Industries,

Inc.

404

19,444

Atmus

Filtration

Technologies,

Inc.(a)

11,099

500,454

Chart

Industries,

Inc.*

3,457

691,919

ESCO

Technologies,

Inc.

4,811

1,015,650

Federal

Signal

Corp.

5,828

693,474

Gencor

Industries,

Inc.*

5,075

74,247

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Machinery

Gorman-Rupp

Co.

(The)

846

39,263

Helios

Technologies,

Inc.

6,751

351,930

Hillenbrand,

Inc.(a)

19,639

531,039

Kennametal,

Inc.(a)

14,268

298,629

Microvast

Holdings,

Inc.*(a)

37,588

144,714

Miller

Industries,

Inc.

14,282

577,278

Omega

Flex,

Inc.

3,376

105,281

Proto

Labs,

Inc.*

3,845

192,365

REV

Group,

Inc.

12,169

689,617

SPX

Technologies,

Inc.*

324

60,517

Standex

International

Corp.(a)

466

98,745

Tennant

Co.

2,255

182,790

Wabash

National

Corp.

3,056

30,163

6,297,519

Marine

Transportation

0.7%

Costamare,

Inc.

25,967

309,267

Matson,

Inc.(a)

4,366

430,444

Pangaea

Logistics

Solutions

Ltd.(a)

27,590

140,157

Safe

Bulkers,

Inc.

138,205

613,630

1,493,498

Media

0.6%

Cable

One,

Inc.(a)

3,657

647,472

Entravision

Communications

Corp.,

Class

A

49,738

115,890

Gannett

Co.,

Inc.*

38,275

158,076

Gray

Media,

Inc.

38,973

225,264

Newsmax,

Inc.,

Class

B*

3,863

47,901

Sinclair,

Inc.

2,304

34,790

1,229,393

Metals

&

Mining

1.9%

Coeur

Mining,

Inc.*

58,771

1,102,544

Hecla

Mining

Co.

158,836

1,921,916

Ivanhoe

Electric,

Inc.*

18,201

228,423

Novagold

Resources,

Inc.*

12,386

108,997

Olympic

Steel,

Inc.

8,334

253,770

Perpetua

Resources

Corp.*

2,284

46,205

Worthington

Steel,

Inc.

9,427

286,486

3,948,341

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.6%

BrightSpire

Capital,

Inc.,

Class

A(a)

32,144

174,542

Invesco

Mortgage

Capital,

Inc.

(a)

17,618

133,192

Nexpoint

Real

Estate

Finance,

Inc.(a)

14,249

202,051

Orchid

Island

Capital,

Inc.(a)

32,967

231,099

TPG

RE

Finance

Trust,

Inc.(a)

61,810

529,093

1,269,977

Multi-Utilities

0.7%

Black

Hills

Corp.

22,813

1,405,053

Office

REITs

0.2%

Empire

State

Realty

Trust,

Inc.,

Class

A

51,199

392,184

Oil,

Gas

&

Consumable

Fuels

3.0%

Centrus

Energy

Corp.,

Class

A*(a)

120

37,208

Clean

Energy

Fuels

Corp.*(a)

53,151

137,130

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Core

Natural

Resources,

Inc.

(a)

2,051

171,218

Crescent

Energy

Co.,

Class

A

23,083

205,900

DHT

Holdings,

Inc.

71,300

852,035

Diversified

Energy

Co.

plc

Reg.

S

39,135

548,281

Energy

Fuels,

Inc.*

9,709

149,033

Golar

LNG

Ltd.(a)

9,546

385,754

Granite

Ridge

Resources,

Inc.

5,074

27,450

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

41,105

981,176

Nordic

American

Tankers

Ltd.

197,798

621,086

PBF

Energy,

Inc.,

Class

A

2,714

81,881

Peabody

Energy

Corp.

5,704

151,270

Sable

Offshore

Corp.*

9,345

163,164

Scorpio

Tankers,

Inc.

7,959

446,102

SFL

Corp.

Ltd.

63,564

478,637

Uranium

Energy

Corp.*

48,313

644,496

6,081,821

Passenger

Airlines

1.4%

Allegiant

Travel

Co.*(a)

8,371

508,706

JetBlue

Airways

Corp.*(a)

144,243

709,675

Joby

Aviation,

Inc.*(a)

17,721

286,017

SkyWest,

Inc.*

12,908

1,298,803

2,803,201

Personal

Care

Products

0.2%

Herbalife

Ltd.*

48,396

408,462

Pharmaceuticals

2.5%

Aclaris

Therapeutics,

Inc.*

63,131

119,949

Amneal

Pharmaceuticals,

Inc.*(a)

63,481

635,445

ANI

Pharmaceuticals,

Inc.*

4,782

438,031

Atea

Pharmaceuticals,

Inc.*

6,055

17,560

Axsome

Therapeutics,

Inc.*

2,998

364,107

Collegium

Pharmaceutical,

Inc.*

10,305

360,572

Edgewise

Therapeutics,

Inc.*

7,678

124,537

Enliven

Therapeutics,

Inc.*

3,440

70,417

EyePoint

Pharmaceuticals,

Inc.*(a)

8,613

122,649

Harmony

Biosciences

Holdings,

Inc.*(a)

1,767

48,699

Ligand

Pharmaceuticals,

Inc.*(a)

691

122,404

Prestige

Consumer

Healthcare,

Inc.*

12,658

789,859

SIGA

Technologies,

Inc.

30,563

279,651

Supernus

Pharmaceuticals,

Inc.*

32,193

1,538,503

Theravance

Biopharma,

Inc.*

2,763

40,340

Third

Harmonic

Bio,

Inc.*∞

12,914

0

5,072,723

Professional

Services

2.1%

Alight,

Inc.,

Class

A(a)

242,548

790,707

ICF

International,

Inc.

776

72,013

Innodata,

Inc.*(a)

6,301

485,618

Legalzoom.com,

Inc.*

1,895

19,670

Planet

Labs

PBC*

31,802

412,790

Upwork,

Inc.*

50,814

943,616

Verra

Mobility

Corp.,

Class

A*

54,443

1,344,742

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Professional

Services

Willdan

Group,

Inc.*

2,048

198,021

4,267,177

Real

Estate

Management

&

Development

0.8%

Compass,

Inc.,

Class

A*

59,665

479,110

Douglas

Elliman,

Inc.*

33,408

95,547

Forestar

Group,

Inc.*

6,220

165,390

FRP

Holdings,

Inc.*

18,758

456,945

Kennedy-Wilson

Holdings,

Inc.

26,794

222,926

St

Joe

Co.

(The)

6,015

297,622

1,717,540

Residential

REITs

0.5%

NexPoint

Residential

Trust,

Inc.

29,856

961,960

Retail

REITs

1.8%

CBL

&

Associates

Properties,

Inc.

21,210

648,602

FrontView

REIT,

Inc.(a)

3,560

48,808

Kite

Realty

Group

Trust

37,116

827,687

Macerich

Co.

(The)

10,595

192,829

Phillips

Edison

&

Co.,

Inc.

15,142

519,825

Tanger,

Inc.

4,984

168,658

Urban

Edge

Properties(a)

51,358

1,051,298

Whitestone

REIT

12,080

148,342

3,606,049

Semiconductors

&

Semiconductor

Equipment

3.9%

ACM

Research,

Inc.,

Class

A*

1,859

72,743

Alpha

&

Omega

Semiconductor

Ltd.*

3,959

110,694

Ambarella,

Inc.*

10,218

843,189

Credo

Technology

Group

Holding

Ltd.*

11,401

1,660,100

Diodes,

Inc.*(a)

18,985

1,010,192

Impinj,

Inc.*

252

45,549

MaxLinear,

Inc.,

Class

A*

57,959

931,981

Rambus,

Inc.*

758

78,983

Rigetti

Computing,

Inc.*(a)

20,088

598,421

Semtech

Corp.*

14,171

1,012,518

Silicon

Laboratories,

Inc.*

8,452

1,108,311

SiTime

Corp.*

1,706

514,035

7,986,716

Software

5.1%

BlackLine,

Inc.*

1,463

77,685

C3.ai,

Inc.,

Class

A*(a)

10,698

185,503

Cerence,

Inc.*(a)

14,590

181,791

Cleanspark,

Inc.*(a)

28,165

408,393

Commvault

Systems,

Inc.*

9,281

1,752,067

Consensus

Cloud

Solutions,

Inc.*(a)

7,668

225,209

D-Wave

Quantum,

Inc.*(a)

21,523

531,833

Hut

8

Corp.*

6,177

215,021

Intapp,

Inc.*

2,507

102,536

InterDigital,

Inc.

2,379

821,302

MARA

Holdings,

Inc.*(a)

33,425

610,341

Ooma,

Inc.*

9,122

109,373

Pagaya

Technologies

Ltd.,

Class

A*

2,308

68,525

Porch

Group,

Inc.*(a)

20,086

337,043

Q2

Holdings,

Inc.*(a)

3,258

235,847

Red

Violet,

Inc.(a)

7,822

408,700

Riot

Platforms,

Inc.*(a)

19,591

372,817

Common

Stocks

Shares

Value

($)

Software

SoundHound

AI,

Inc.,

Class

A*(a)

20,237

325,411

SoundThinking,

Inc.*

2,931

35,348

Terawulf,

Inc.*(a)

29,977

342,337

Varonis

Systems,

Inc.,

Class

B*

26,183

1,504,737

Vertex,

Inc.,

Class

A*(a)

17,536

434,717

Zeta

Global

Holdings

Corp.,

Class

A*

58,985

1,172,032

10,458,568

Specialty

Retail

3.8%

American

Eagle

Outfitters,

Inc.

68,462

1,171,385

Boot

Barn

Holdings,

Inc.*

5,666

938,970

Buckle,

Inc.

(The)

3,771

221,207

Citi

Trends,

Inc.*

3,651

113,291

Haverty

Furniture

Cos.,

Inc.

24,882

545,662

RealReal,

Inc.

(The)*

9,699

103,100

Revolve

Group,

Inc.,

Class

A*

29,026

618,254

Shoe

Carnival,

Inc.(a)

18,557

385,800

Sonic

Automotive,

Inc.,

Class

A(a)

14,667

1,116,012

Stitch

Fix,

Inc.,

Class

A*

22,282

96,927

Urban

Outfitters,

Inc.*

3,426

244,719

Victoria's

Secret

&

Co.*

18,782

509,743

Warby

Parker,

Inc.,

Class

A*

31,004

855,090

Winmark

Corp.(a)

822

409,167

Zumiez,

Inc.*

29,410

576,730

7,906,057

Technology

Hardware,

Storage

&

Peripherals

0.8%

Corsair

Gaming,

Inc.*

15,422

137,564

IonQ,

Inc.*(a)

24,270

1,492,605

Quantum

Computing,

Inc.*(a)

4,814

88,626

1,718,795

Textiles,

Apparel

&

Luxury

Goods

1.6%

G-III

Apparel

Group

Ltd.*

7,643

203,380

Kontoor

Brands,

Inc.(a)

17,559

1,400,682

Movado

Group,

Inc.(a)

32,861

623,373

Oxford

Industries,

Inc.(a)

8,091

328,009

Steven

Madden

Ltd.(a)

19,234

643,954

3,199,398

Trading

Companies

&

Distributors

0.6%

Custom

Truck

One

Source,

Inc.*

10,978

70,479

DNOW,

Inc.*

42,471

647,683

DXP

Enterprises,

Inc.*

1,229

146,337

Rush

Enterprises,

Inc.,

Class

A

4,391

234,787

Xometry,

Inc.,

Class

A*(a)

3,859

210,199

1,309,485

Water

Utilities

0.4%

American

States

Water

Co.

1,933

141,727

Consolidated

Water

Co.

Ltd.

557

19,651

Global

Water

Resources,

Inc.

2,739

28,212

Middlesex

Water

Co.(a)

11,116

601,598

791,188

Wireless

Telecommunication

Services

0.2%

Spok

Holdings,

Inc.

9,842

169,775

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

Telephone

&

Data

Systems,

Inc.

4,914

192,825

362,600

Total

Common

Stocks

(cost

$174,657,708)

203,183,934

Rights

0.0%

†

Number

of

Rights

Biotechnology

0.0%

†

Cargo

Therapeutics,

Inc.,

CVR*∞

20,331

0

Total

Rights

(cost

$0)

0

Repurchase

Agreements

16.6%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,180,643,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,263,756.(b)

4,180,153

4,180,153

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,469,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$9,001,050,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$9,181,071.(b)

9,000,000

9,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$5,102,636.(b)

5,000,000

5,000,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,150,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$10,200,035.(b)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$34,180,153)

34,180,153

Total

Investments

(cost

$208,837,861)

—

115.6%

237,364,087

Liabilities

in

excess

of

other

assets

—

(15.6)%

(31,979,424)

NET

ASSETS

—

100.0%

$

205,384,663

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

33

*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$44,375,401,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$34,180,153

and

by

$11,582,606

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$45,762,759.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$34,180,153.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

11

12/2025

USD

1,350,525

9,211

Net

contracts

9,211

Currency:

USD

United

States

Dollar

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

35

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

2,936,690

$

–

$

–

$

2,936,690

Automobile

Components

2,937,886

–

–

2,937,886

Banks

17,269,285

–

–

17,269,285

Biotechnology

12,251,197

–

–

12,251,197

Broadline

Retail

28,557

–

–

28,557

Building

Products

1,480,423

–

–

1,480,423

Capital

Markets

3,490,414

–

–

3,490,414

Chemicals

2,796,197

–

–

2,796,197

Commercial

Services

&

Supplies

3,396,755

–

–

3,396,755

Communications

Equipment

1,314,365

–

–

1,314,365

Construction

&

Engineering

6,278,448

–

–

6,278,448

Construction

Materials

1,438,951

–

–

1,438,951

Consumer

Finance

3,282,913

–

–

3,282,913

Consumer

Staples

Distribution

&

Retail

615,223

–

–

615,223

Distributors

119,450

–

–

119,450

Diversified

Consumer

Services

4,616,394

–

–

4,616,394

Diversified

REITs

1,586,795

–

–

1,586,795

Diversified

Telecommunication

Services

691,928

–

–

691,928

Electric

Utilities

788,108

–

–

788,108

Electrical

Equipment

5,268,485

–

–

5,268,485

Electronic

Equipment,

Instruments

&

Components

6,574,149

–

–

6,574,149

Energy

Equipment

&

Services

3,439,629

–

–

3,439,629

Entertainment

1,032,471

–

–

1,032,471

Financial

Services

4,897,275

–

–

4,897,275

Food

Products

1,298,175

–

–

1,298,175

Gas

Utilities

1,198,096

–

–

1,198,096

Ground

Transportation

258,391

–

–

258,391

Health

Care

Equipment

&

Supplies

6,512,393

–

–

6,512,393

Health

Care

Providers

&

Services

6,209,554

–

–

6,209,554

Health

Care

REITs

341,324

–

–

341,324

Health

Care

Technology

1,154,080

–

–

1,154,080

Hotel

&

Resort

REITs

3,788,302

–

–

3,788,302

Hotels,

Restaurants

&

Leisure

3,852,079

–

–

3,852,079

Household

Durables

1,758,077

–

–

1,758,077

Household

Products

1,005,581

–

–

1,005,581

Independent

Power

and

Renewable

Electricity

Producers

1,355,489

–

–

1,355,489

Industrial

REITs

1,327,290

–

–

1,327,290

Insurance

3,971,485

–

–

3,971,485

Interactive

Media

&

Services

900,528

–

–

900,528

IT

Services

1,297,763

–

–

1,297,763

Leisure

Products

1,990,597

–

–

1,990,597

Life

Sciences

Tools

&

Services

1,745,037

–

–

1,745,037

Machinery

6,297,519

–

–

6,297,519

Marine

Transportation

1,493,498

–

–

1,493,498

Media

1,229,393

–

–

1,229,393

Metals

&

Mining

3,948,341

–

–

3,948,341

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1,269,977

–

–

1,269,977

Multi-Utilities

1,405,053

–

–

1,405,053

Office

REITs

392,184

–

–

392,184

Oil,

Gas

&

Consumable

Fuels

6,081,821

–

–

6,081,821

Passenger

Airlines

2,803,201

–

–

2,803,201

Personal

Care

Products

408,462

–

–

408,462

Pharmaceuticals

5,072,723

–

–

5,072,723

Professional

Services

4,267,177

–

–

4,267,177

Real

Estate

Management

&

Development

1,717,540

–

–

1,717,540

Residential

REITs

961,960

–

–

961,960

36

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

3,606,049

$

–

$

–

$

3,606,049

Semiconductors

&

Semiconductor

Equipment

7,986,716

–

–

7,986,716

Software

10,458,568

–

–

10,458,568

Specialty

Retail

7,906,057

–

–

7,906,057

Technology

Hardware,

Storage

&

Peripherals

1,718,795

–

–

1,718,795

Textiles,

Apparel

&

Luxury

Goods

3,199,398

–

–

3,199,398

Trading

Companies

&

Distributors

1,309,485

–

–

1,309,485

Water

Utilities

791,188

–

–

791,188

Wireless

Telecommunication

Services

362,600

–

–

362,600

Total

Common

Stocks

$

203,183,934

$

–

$

–

$

203,183,934

Futures

Contracts

9,211

–

–

9,211

Repurchase

Agreements

–

34,180,153

–

34,180,153

Rights

–

–

–

–

Total

$

203,193,145

$

34,180,153

$

–

$

237,373,298

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

37

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

9,211

Total

$

9,211

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

38

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

99.0%

Shares

Value

($)

Aerospace

&

Defense

1.8%

GE

Aerospace

46,377

13,951,129

General

Dynamics

Corp.

21,900

7,467,900

L3Harris

Technologies,

Inc.

26,407

8,064,962

Woodward,

Inc.

21,134

5,340,773

34,824,764

Automobile

Components

0.4%

Aptiv

plc*

69,025

5,951,335

BorgWarner,

Inc.

20,960

921,402

Gentex

Corp.

21,466

607,488

7,480,225

Automobiles

1.8%

Ford

Motor

Co.

56,663

677,689

Tesla,

Inc.*

77,330

34,390,198

35,067,887

Banks

3.9%

Bank

of

America

Corp.

540,556

27,887,284

Cadence

Bank(a)

25,149

944,093

Cullen/Frost

Bankers,

Inc.

8,998

1,140,677

Huntington

Bancshares,

Inc.

150,174

2,593,505

JPMorgan

Chase

&

Co.

92,986

29,330,574

PNC

Financial

Services

Group,

Inc.

(The)

44,409

8,923,100

Wintrust

Financial

Corp.

37,531

4,970,606

75,789,839

Beverages

1.2%

Coca-Cola

Co.

(The)

223,873

14,847,257

Coca-Cola

Europacific

Partners

plc(a)

47,229

4,269,974

Primo

Brands

Corp.,

Class

A

174,374

3,853,666

22,970,897

Biotechnology

2.7%

AbbVie,

Inc.

107,740

24,946,120

Argenx

SE,

ADR-NL*

6,398

4,718,909

BioMarin

Pharmaceutical,

Inc.*

90,577

4,905,650

BioNTech

SE,

ADR-DE*(a)

25,794

2,543,804

Natera,

Inc.*

1,955

314,696

Neurocrine

Biosciences,

Inc.*

37,849

5,313,243

Regeneron

Pharmaceuticals,

Inc.

18,930

10,643,771

53,386,193

Broadline

Retail

3.5%

Amazon.com,

Inc.*

299,518

65,765,167

Macy's,

Inc.

69,574

1,247,462

Ollie's

Bargain

Outlet

Holdings,

Inc.*

12,151

1,560,188

68,572,817

Building

Products

0.3%

Advanced

Drainage

Systems,

Inc.

16,790

2,328,773

Builders

FirstSource,

Inc.*

18,916

2,293,565

Carrier

Global

Corp.

25,045

1,495,186

6,117,524

Capital

Markets

2.3%

Charles

Schwab

Corp.

(The)

49,872

4,761,280

CME

Group,

Inc.

45,433

12,275,542

Coinbase

Global,

Inc.,

Class

A*

2,059

694,892

Evercore,

Inc.,

Class

A

5,885

1,985,128

Common

Stocks

Shares

Value

($)

Capital

Markets

Franklin

Resources,

Inc.

88,234

2,040,852

Morgan

Stanley

23,161

3,681,673

MSCI,

Inc.,

Class

A

7,452

4,228,339

Nasdaq,

Inc.

39,699

3,511,377

Raymond

James

Financial,

Inc.

34,111

5,887,559

Stifel

Financial

Corp.

10,501

1,191,548

Tradeweb

Markets,

Inc.,

Class

A

40,762

4,523,767

44,781,957

Chemicals

1.8%

Axalta

Coating

Systems

Ltd.*

53,182

1,522,069

DuPont

de

Nemours,

Inc.

29,604

2,306,151

Element

Solutions,

Inc.

20,245

509,567

Linde

plc

30,606

14,537,850

RPM

International,

Inc.

53,548

6,312,238

Sherwin-Williams

Co.

(The)

18,649

6,457,403

Westlake

Corp.

41,423

3,192,056

34,837,334

Commercial

Services

&

Supplies

0.3%

Clean

Harbors,

Inc.*

15,896

3,691,369

Tetra

Tech,

Inc.

90,855

3,032,740

6,724,109

Communications

Equipment

0.5%

Arista

Networks,

Inc.*

22,075

3,216,548

Motorola

Solutions,

Inc.

13,455

6,152,837

9,369,385

Construction

&

Engineering

0.3%

AECOM

5,988

781,255

Comfort

Systems

USA,

Inc.

5,535

4,567,371

5,348,626

Construction

Materials

0.3%

Vulcan

Materials

Co.

18,731

5,762,030

Consumer

Finance

1.3%

American

Express

Co.

8,696

2,888,463

Capital

One

Financial

Corp.

67,355

14,318,326

OneMain

Holdings,

Inc.

11,996

677,294

Synchrony

Financial

109,192

7,758,092

25,642,175

Consumer

Staples

Distribution

&

Retail

1.2%

Casey's

General

Stores,

Inc.

1,007

569,277

Costco

Wholesale

Corp.

11,726

10,853,938

Sprouts

Farmers

Market,

Inc.*

9,106

990,733

Walmart,

Inc.

115,470

11,900,338

24,314,286

Diversified

Consumer

Services

0.7%

ADT,

Inc.

215,934

1,880,785

Bright

Horizons

Family

Solutions,

Inc.*

82,707

8,979,499

Grand

Canyon

Education,

Inc.*

16,230

3,562,810

14,423,094

Diversified

Telecommunication

Services

0.3%

AT&T,

Inc.

186,286

5,260,717

Iridium

Communications,

Inc.

25,086

438,001

5,698,718

Electric

Utilities

0.4%

PG&E

Corp.

185,666

2,799,843

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

39

Common

Stocks

Shares

Value

($)

Electric

Utilities

PPL

Corp.

145,515

5,407,338

8,207,181

Electrical

Equipment

1.7%

AMETEK,

Inc.

98,527

18,523,076

GE

Vernova,

Inc.

12,764

7,848,584

Rockwell

Automation,

Inc.

20,808

7,273,020

33,644,680

Electronic

Equipment,

Instruments

&

Components

0.8%

Amphenol

Corp.,

Class

A

102,800

12,721,500

Jabil,

Inc.

11,900

2,584,323

15,305,823

Energy

Equipment

&

Services

0.0%

†

NOV,

Inc.

48,593

643,857

Entertainment

1.8%

Live

Nation

Entertainment,

Inc.*(a)

35,923

5,869,818

Netflix,

Inc.*

18,389

22,046,940

ROBLOX

Corp.,

Class

A*

9,112

1,262,194

Spotify

Technology

SA*

9,065

6,327,370

35,506,322

Financial

Services

4.0%

Affirm

Holdings,

Inc.,

Class

A*

12,875

940,905

Berkshire

Hathaway,

Inc.,

Class

B*(a)

30,095

15,129,961

Corpay,

Inc.*

17,671

5,090,308

Equitable

Holdings,

Inc.

48,543

2,465,014

Fidelity

National

Information

Services,

Inc.

75,562

4,982,558

Fiserv,

Inc.*

25,458

3,282,300

Mastercard,

Inc.,

Class

A

35,952

20,449,857

Visa,

Inc.,

Class

A

72,624

24,792,381

77,133,284

Food

Products

0.2%

Tyson

Foods,

Inc.,

Class

A

61,542

3,341,731

Ground

Transportation

0.7%

Old

Dominion

Freight

Line,

Inc.

30,703

4,322,368

Uber

Technologies,

Inc.*

95,162

9,323,021

13,645,389

Health

Care

Equipment

&

Supplies

1.2%

Abbott

Laboratories

75,064

10,054,072

Align

Technology,

Inc.*

26,271

3,289,655

Boston

Scientific

Corp.*

79,935

7,804,054

Intuitive

Surgical,

Inc.*

2,835

1,267,897

22,415,678

Health

Care

Providers

&

Services

1.1%

Cencora,

Inc.

14,885

4,652,009

Chemed

Corp.

2,956

1,323,520

Labcorp

Holdings,

Inc.

1,566

449,536

Molina

Healthcare,

Inc.*

14,181

2,713,676

Universal

Health

Services,

Inc.,

Class

B

57,248

11,703,781

20,842,522

Health

Care

REITs

0.9%

Alexandria

Real

Estate

Equities,

Inc.

46,569

3,881,061

Ventas,

Inc.

40,600

2,841,594

Common

Stocks

Shares

Value

($)

Health

Care

REITs

Welltower,

Inc.

62,365

11,109,701

17,832,356

Hotel

&

Resort

REITs

0.1%

Host

Hotels

&

Resorts,

Inc.

55,525

945,036

Park

Hotels

&

Resorts,

Inc.

153,804

1,704,148

2,649,184

Hotels,

Restaurants

&

Leisure

1.9%

Domino's

Pizza,

Inc.

9,918

4,281,700

Norwegian

Cruise

Line

Holdings

Ltd.*

310,300

7,642,689

Planet

Fitness,

Inc.,

Class

A*

17,428

1,809,027

Royal

Caribbean

Cruises

Ltd.

34,329

11,108,178

Starbucks

Corp.

70,629

5,975,213

Texas

Roadhouse,

Inc.,

Class

A

29,695

4,933,824

Yum!

Brands,

Inc.

7,968

1,211,136

36,961,767

Household

Durables

0.4%

DR

Horton,

Inc.(a)

37,973

6,435,285

PulteGroup,

Inc.

12,648

1,671,180

8,106,465

Household

Products

0.4%

Procter

&

Gamble

Co.

(The)

52,679

8,094,128

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Corp.

(The)

84,377

1,110,402

Vistra

Corp.

33,421

6,547,842

7,658,244

Industrial

Conglomerates

0.4%

Honeywell

International,

Inc.

33,947

7,145,844

Industrial

REITs

0.5%

Americold

Realty

Trust,

Inc.(a)

120,373

1,473,365

Prologis,

Inc.

80,088

9,171,678

10,645,043

Insurance

2.2%

Allstate

Corp.

(The)

28,043

6,019,430

American

Financial

Group,

Inc.

34,808

5,072,222

Erie

Indemnity

Co.,

Class

A

9,477

3,015,202

Loews

Corp.

25,401

2,550,007

Marsh

&

McLennan

Cos.,

Inc.

61,856

12,465,840

Principal

Financial

Group,

Inc.

80,231

6,651,952

Prudential

Financial,

Inc.

3,807

394,938

RLI

Corp.

6,665

434,691

Travelers

Cos.,

Inc.

(The)

24,077

6,722,780

43,327,062

Interactive

Media

&

Services

6.3%

Alphabet,

Inc.,

Class

A

244,559

59,452,293

Alphabet,

Inc.,

Class

C

49,670

12,097,128

Meta

Platforms,

Inc.,

Class

A

68,879

50,583,360

122,132,781

IT

Services

0.3%

Snowflake,

Inc.,

Class

A*

26,883

6,063,461

Life

Sciences

Tools

&

Services

0.7%

Agilent

Technologies,

Inc.

42,616

5,469,764

Medpace

Holdings,

Inc.*

2,484

1,277,173

Mettler-Toledo

International,

Inc.*

3,863

4,742,257

40

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

West

Pharmaceutical

Services,

Inc.

10,391

2,725,871

14,215,065

Machinery

1.8%

Caterpillar,

Inc.

12,861

6,136,626

IDEX

Corp.

15,299

2,490,065

Ingersoll

Rand,

Inc.(a)

35,955

2,970,602

ITT,

Inc.

36,160

6,463,962

Mueller

Industries,

Inc.

79,464

8,034,605

Oshkosh

Corp.

11,986

1,554,584

PACCAR,

Inc.

5,922

582,251

Parker-Hannifin

Corp.

317

240,334

Snap-on,

Inc.

1,951

676,080

Stanley

Black

&

Decker,

Inc.

(a)

66,936

4,975,353

34,124,462

Marine

Transportation

0.2%

Kirby

Corp.*

44,890

3,746,070

Media

0.5%

Fox

Corp.,

Class

B

2,401

137,553

New

York

Times

Co.

(The),

Class

A

54,955

3,154,417

News

Corp.,

Class

A

29,750

913,623

Nexstar

Media

Group,

Inc.,

Class

A

10,354

2,047,400

Omnicom

Group,

Inc.

30,793

2,510,553

8,763,546

Metals

&

Mining

0.9%

Carpenter

Technology

Corp.

12,270

3,012,776

Freeport-McMoRan,

Inc.

71,275

2,795,406

Southern

Copper

Corp.

94,601

11,480,777

17,288,959

Multi-Utilities

0.3%

CMS

Energy

Corp.

67,632

4,954,720

Oil,

Gas

&

Consumable

Fuels

2.5%

Antero

Resources

Corp.*

67,587

2,268,220

Chevron

Corp.

139,597

21,678,018

ConocoPhillips

61,465

5,813,974

Exxon

Mobil

Corp.

115,537

13,026,797

Phillips

66

47,525

6,464,350

49,251,359

Passenger

Airlines

1.1%

Alaska

Air

Group,

Inc.*

63,576

3,164,814

Delta

Air

Lines,

Inc.

24,347

1,381,692

Southwest

Airlines

Co.

325,421

10,384,184

United

Airlines

Holdings,

Inc.*

66,996

6,465,114

21,395,804

Pharmaceuticals

2.4%

AstraZeneca

plc,

ADR-UK

27,909

2,141,179

Bristol-Myers

Squibb

Co.

116,542

5,256,044

Eli

Lilly

&

Co.

30,745

23,458,435

Johnson

&

Johnson

24,021

4,453,974

Zoetis,

Inc.,

Class

A

77,582

11,351,798

46,661,430

Professional

Services

0.7%

Amentum

Holdings,

Inc.*

32,268

772,819

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

43,561

4,353,922

Common

Stocks

Shares

Value

($)

Professional

Services

CACI

International,

Inc.,

Class

A*

9,030

4,503,983

Parsons

Corp.*

45,265

3,753,374

SS&C

Technologies

Holdings,

Inc.

9,504

843,575

14,227,673

Residential

REITs

0.6%

AvalonBay

Communities,

Inc.

(a)

23,629

4,564,414

Camden

Property

Trust

22,559

2,408,850

Equity

LifeStyle

Properties,

Inc.

80,977

4,915,304

11,888,568

Semiconductors

&

Semiconductor

Equipment

13.4%

Broadcom,

Inc.

182,004

60,044,940

KLA

Corp.

8,376

9,034,354

Lam

Research

Corp.

45,091

6,037,685

MACOM

Technology

Solutions

Holdings,

Inc.*

7,307

909,648

Marvell

Technology,

Inc.

55,040

4,627,213

Micron

Technology,

Inc.

46,581

7,793,933

NVIDIA

Corp.

812,723

151,637,857

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

22,887

6,392,110

Teradyne,

Inc.(a)

20,278

2,791,064

Texas

Instruments,

Inc.

70,358

12,926,875

262,195,679

Software

12.2%

AppLovin

Corp.,

Class

A*

13,972

10,039,441

Atlassian

Corp.,

Class

A*

23,403

3,737,459

Crowdstrike

Holdings,

Inc.,

Class

A*

3,079

1,509,880

Datadog,

Inc.,

Class

A*

45,638

6,498,851

Dolby

Laboratories,

Inc.,

Class

A

49,286

3,566,828

Dynatrace,

Inc.*

91,924

4,453,718

Fortinet,

Inc.*

7,368

619,501

Intuit,

Inc.

22,108

15,097,774

Microsoft

Corp.

271,544

140,646,215

Monday.com

Ltd.*(a)

18,533

3,589,657

Oracle

Corp.

69,308

19,492,182

Palantir

Technologies,

Inc.,

Class

A*

5,198

948,219

Palo

Alto

Networks,

Inc.*

28,427

5,788,306

RingCentral,

Inc.,

Class

A*

56,469

1,600,331

Salesforce,

Inc.

31,802

7,537,074

ServiceNow,

Inc.*

5,791

5,329,341

Strategy,

Inc.,

Class

A*

3,120

1,005,295

Tyler

Technologies,

Inc.*

9,316

4,873,759

Workday,

Inc.,

Class

A*

7,735

1,862,047

238,195,878

Specialized

REITs

1.8%

Equinix,

Inc.

14,066

11,017,054

Extra

Space

Storage,

Inc.

16,647

2,346,228

Lamar

Advertising

Co.,

Class

A

16,295

1,994,834

Public

Storage

38,126

11,012,695

VICI

Properties,

Inc.,

Class

A

193,960

6,325,036

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

41

Common

Stocks

Shares

Value

($)

Specialized

REITs

Weyerhaeuser

Co.

89,979

2,230,579

34,926,426

Specialty

Retail

1.5%

Carvana

Co.,

Class

A*

788

297,265

Chewy,

Inc.,

Class

A*

10,528

425,858

Five

Below,

Inc.*

12,020

1,859,494

Home

Depot,

Inc.

(The)

26,586

10,772,381

Lithia

Motors,

Inc.,

Class

A

15,093

4,769,388

Lowe's

Cos.,

Inc.

25,109

6,310,143

TJX

Cos.,

Inc.

(The)

33,471

4,837,898

Tractor

Supply

Co.

1,905

108,338

29,380,765

Technology

Hardware,

Storage

&

Peripherals

6.2%

Apple,

Inc.

456,719

116,294,359

Dell

Technologies,

Inc.,

Class

C

23,723

3,363,209

NetApp,

Inc.

7,630

903,850

120,561,418

Textiles,

Apparel

&

Luxury

Goods

0.2%

Birkenstock

Holding

plc*

34,651

1,567,958

Tapestry,

Inc.

24,933

2,822,914

4,390,872

Trading

Companies

&

Distributors

0.8%

Fastenal

Co.

121,113

5,939,382

Ferguson

Enterprises,

Inc.

23,287

5,229,794

FTAI

Aviation

Ltd.

31,761

5,299,640

16,468,816

Wireless

Telecommunication

Services

0.9%

T-Mobile

US,

Inc.

74,661

17,872,350

Total

Common

Stocks

(cost

$1,319,682,949)

1,932,924,522

Repurchase

Agreements

0.8%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$231,902,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$236,513.(b)

231,875

231,875

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,352,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,116,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$5,102,636.(b)

5,000,000

5,000,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,575,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$5,100,017.(b)

5,000,000

5,000,000

Total

Repurchase

Agreements

(cost

$15,231,875)

15,231,875

Total

Investments

(cost

$1,334,914,824)

—

99.8%

1,948,156,397

Other

assets

in

excess

of

liabilities

—

0.2%

3,847,022

NET

ASSETS

—

100.0%

$

1,952,003,419

42

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$26,267,162,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,231,875

and

by

$11,696,671

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

5/15/2055,

a

total

value

of

$26,928,546.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$15,231,875.

ADR

American

Depositary

Receipt

DE

Germany

NL

Netherlands

REIT

Real

Estate

Investment

Trust

TW

Taiwan

UK

United

Kingdom

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

43

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

18

12/2025

USD

6,064,875

83,634

Net

contracts

83,634

Currency:

USD

United

States

Dollar

44

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GS

Large

Cap

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

GS

Large

Cap

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

45

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,932,924,522

$

–

$

–

$

1,932,924,522

Futures

Contracts

83,634

–

–

83,634

Repurchase

Agreements

–

15,231,875

–

15,231,875

Total

$

1,933,008,156

$

15,231,875

$

–

$

1,948,240,031

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

83,634

Total

$

83,634

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

46

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Common

Stocks

96.9%

Shares

Value

($)

Aerospace

&

Defense

0.0%

†

Huntington

Ingalls

Industries,

Inc.

343

98,753

Air

Freight

&

Logistics

0.2%

Expeditors

International

of

Washington,

Inc.

19,111

2,342,817

Automobile

Components

0.1%

Lear

Corp.

5,715

574,986

Automobiles

2.0%

Ford

Motor

Co.

974,378

11,653,561

General

Motors

Co.

118,169

7,204,764

Tesla,

Inc.*

1,982

881,435

19,739,760

Banks

0.2%

BOK

Financial

Corp.

19,731

2,198,823

Beverages

1.4%

Monster

Beverage

Corp.*

199,369

13,419,527

Biotechnology

2.6%

Alnylam

Pharmaceuticals,

Inc.*

10,760

4,906,560

Halozyme

Therapeutics,

Inc.*

38,948

2,856,446

Incyte

Corp.*

108,280

9,183,227

Moderna,

Inc.*

158,723

4,099,815

Ultragenyx

Pharmaceutical,

Inc.*

152,902

4,599,292

25,645,340

Broadline

Retail

3.1%

Amazon.com,

Inc.*

76,298

16,752,752

Coupang,

Inc.*

241,026

7,761,037

MercadoLibre,

Inc.*

2,487

5,811,970

30,325,759

Building

Products

1.0%

Masco

Corp.

137,748

9,696,082

Capital

Markets

3.1%

Bank

of

New

York

Mellon

Corp.

(The)

53,915

5,874,579

Interactive

Brokers

Group,

Inc.,

Class

A

248,122

17,073,275

Northern

Trust

Corp.

55,279

7,440,553

30,388,407

Chemicals

1.6%

Celanese

Corp.,

Class

A

91,969

3,870,055

Huntsman

Corp.

375,122

3,368,596

Scotts

Miracle-Gro

Co.

(The)

27,566

1,569,884

Westlake

Corp.

95,753

7,378,726

16,187,261

Commercial

Services

&

Supplies

0.6%

Rollins,

Inc.

96,047

5,641,801

Communications

Equipment

1.8%

Arista

Networks,

Inc.*

121,475

17,700,122

Construction

&

Engineering

2.9%

Comfort

Systems

USA,

Inc.

14,053

11,596,254

EMCOR

Group,

Inc.

8,579

5,572,404

MasTec,

Inc.*

52,622

11,198,488

28,367,146

Consumer

Finance

1.0%

Ally

Financial,

Inc.

257,985

10,113,012

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

1.3%

Target

Corp.

141,547

12,696,766

Containers

&

Packaging

1.0%

Crown

Holdings,

Inc.

108,021

10,433,748

Electric

Utilities

0.4%

Pinnacle

West

Capital

Corp.

45,461

4,076,033

Electrical

Equipment

1.0%

GE

Vernova,

Inc.

15,831

9,734,482

Electronic

Equipment,

Instruments

&

Components

1.1%

Jabil,

Inc.

51,662

11,219,437

Entertainment

0.7%

ROBLOX

Corp.,

Class

A*

5,538

767,124

Roku,

Inc.,

Class

A*

61,345

6,142,475

6,909,599

Financial

Services

1.0%

Corebridge

Financial,

Inc.

323,364

10,363,816

Food

Products

1.7%

Freshpet,

Inc.*

90,560

4,990,762

Pilgrim's

Pride

Corp.

177,912

7,244,577

Smithfield

Foods,

Inc.

48,519

1,139,226

Tyson

Foods,

Inc.,

Class

A

65,364

3,549,265

16,923,830

Ground

Transportation

2.0%

JB

Hunt

Transport

Services,

Inc.

52,344

7,022,995

Landstar

System,

Inc.

51,130

6,266,493

Lyft,

Inc.,

Class

A*

227,910

5,016,299

Ryder

System,

Inc.

8,474

1,598,535

19,904,322

Health

Care

Equipment

&

Supplies

3.9%

Align

Technology,

Inc.*

61,607

7,714,429

Dentsply

Sirona,

Inc.

443,753

5,631,226

Edwards

Lifesciences

Corp.*

189,746

14,756,546

GE

HealthCare

Technologies,

Inc.

138,952

10,435,295

38,537,496

Health

Care

Providers

&

Services

1.2%

McKesson

Corp.

3,595

2,777,281

Molina

Healthcare,

Inc.*

49,279

9,430,030

12,207,311

Hotels,

Restaurants

&

Leisure

3.6%

Airbnb,

Inc.,

Class

A*

33,406

4,056,157

Booking

Holdings,

Inc.

3,612

19,502,163

Domino's

Pizza,

Inc.

29,261

12,632,266

36,190,586

Household

Durables

1.3%

Garmin

Ltd.

29,901

7,362,224

NVR,

Inc.*

673

5,407,326

12,769,550

Household

Products

0.6%

Clorox

Co.

(The)

46,399

5,720,997

Insurance

4.1%

CNA

Financial

Corp.

51,391

2,387,626

Everest

Group

Ltd.

20,889

7,315,954

First

American

Financial

Corp.

24,692

1,586,214

Globe

Life,

Inc.

120,876

17,281,642

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

47

Common

Stocks

Shares

Value

($)

Insurance

Hanover

Insurance

Group,

Inc.

(The)

1,253

227,582

Reinsurance

Group

of

America,

Inc.

40,773

7,833,717

RLI

Corp.

10,790

703,724

Travelers

Cos.,

Inc.

(The)

13,111

3,660,853

40,997,312

Interactive

Media

&

Services

5.8%

Alphabet,

Inc.,

Class

C

102,268

24,907,371

Match

Group,

Inc.

341,505

12,061,957

Meta

Platforms,

Inc.,

Class

A

24,595

18,062,076

Snap,

Inc.,

Class

A*

294,842

2,273,232

57,304,636

IT

Services

1.6%

VeriSign,

Inc.

56,633

15,832,888

Life

Sciences

Tools

&

Services

1.5%

Illumina,

Inc.*

91,053

8,647,304

West

Pharmaceutical

Services,

Inc.

23,422

6,144,293

14,791,597

Machinery

1.8%

Graco,

Inc.

68,607

5,828,851

Otis

Worldwide

Corp.

126,985

11,610,238

17,439,089

Media

0.5%

Trade

Desk,

Inc.

(The),

Class

A*

96,552

4,732,013

Oil,

Gas

&

Consumable

Fuels

3.0%

Coterra

Energy,

Inc.

56,123

1,327,309

HF

Sinclair

Corp.

128,223

6,711,192

Phillips

66

92,477

12,578,722

Valero

Energy

Corp.

53,475

9,104,653

29,721,876

Paper

&

Forest

Products

0.7%

Louisiana-Pacific

Corp.

79,423

7,055,939

Passenger

Airlines

1.3%

Southwest

Airlines

Co.

401,120

12,799,739

Professional

Services

0.2%

FTI

Consulting,

Inc.*

6,431

1,039,571

ManpowerGroup,

Inc.

3,725

141,178

Robert

Half,

Inc.

23,599

801,894

1,982,643

Residential

REITs

2.1%

Camden

Property

Trust

102,503

10,945,270

Essex

Property

Trust,

Inc.

35,879

9,603,373

20,548,643

Semiconductors

&

Semiconductor

Equipment

10.7%

Amkor

Technology,

Inc.

21,096

599,126

Broadcom,

Inc.

22,880

7,548,341

Lam

Research

Corp.

14,123

1,891,070

NVIDIA

Corp.

408,644

76,244,798

QUALCOMM,

Inc.

117,056

19,473,436

105,756,771

Software

11.9%

Adobe,

Inc.*

43,596

15,378,488

Dropbox,

Inc.,

Class

A*

140,028

4,230,246

Fortinet,

Inc.*

129,977

10,928,466

Common

Stocks

Shares

Value

($)

Software

Manhattan

Associates,

Inc.*

46,866

9,606,593

Microsoft

Corp.

77,649

40,218,300

Nutanix,

Inc.,

Class

A*

81,160

6,037,492

Pegasystems,

Inc.

197,564

11,359,930

RingCentral,

Inc.,

Class

A*

24,538

695,407

Salesforce,

Inc.

52,893

12,535,641

Teradata

Corp.*

34,316

738,137

UiPath,

Inc.,

Class

A*

274,668

3,675,058

Zoom

Communications,

Inc.,

Class

A*

34,219

2,823,067

118,226,825

Specialized

REITs

0.1%

Millrose

Properties,

Inc.

34,196

1,149,328

Specialty

Retail

2.6%

Lowe's

Cos.,

Inc.

10,710

2,691,530

O'Reilly

Automotive,

Inc.*

166,965

18,000,497

Tractor

Supply

Co.

10,073

572,851

Wayfair,

Inc.,

Class

A*

23,946

2,139,096

Williams-Sonoma,

Inc.

14,688

2,870,770

26,274,744

Technology

Hardware,

Storage

&

Peripherals

5.0%

Apple,

Inc.

140,154

35,687,413

NetApp,

Inc.

114,609

13,576,582

49,263,995

Textiles,

Apparel

&

Luxury

Goods

1.2%

Deckers

Outdoor

Corp.*

116,292

11,788,520

Trading

Companies

&

Distributors

0.4%

Fastenal

Co.

78,982

3,873,277

Total

Investments

(cost

$742,572,750)

—

96.9%

959,667,404

Other

assets

in

excess

of

liabilities

—

3.1%

30,451,773

NET

ASSETS

—

100.0%

$

990,119,177

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

48

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2025

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Alcoa

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

73,046

70,124

70,124

APA

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

258,597

15,516

15,516

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

9/30/2026

93,163

18,633

18,633

Arista

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

16,998

39,775

39,775

Avis

Budget

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

9/30/2026

15,089

14,410

14,410

Bridgebio

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

32,753

655

655

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

189,268

159,931

159,931

CCC

Intelligent

Solutions

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

484,965

92,143

92,143

Celanese

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

105,853

131,258

131,258

Charter

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

7,510

7,623

7,623

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

6/30/2026

30,145

15,675

15,675

Clearwater

Analytics

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

252,453

45,442

45,442

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

276,460

176,934

176,934

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

5/29/2026

55,260

13,815

13,815

Comfort

Systems

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

4,812

112,505

112,505

Concentrix

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

86,203

144,821

144,821

Crown

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

22,095

884

884

DENTSPLY

SIRONA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

38,949

9,348

9,348

Diamondback

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

35,823

17,195

17,195

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

49

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Dutch

Bros,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

60,779

13,979

13,979

D-Wave

Quantum,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

26,120

15,672

15,672

EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

10,622

94,642

94,642

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

6/30/2026

57,394

59,977

59,977

Essex

Property

Trust,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

8,990

36,050

36,050

First

Solar,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

12,069

36,207

36,207

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

5/29/2026

4,468

3,128

3,128

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

7/31/2026

149,516

2,990

2,990

FTI

Consulting,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

35,067

13,676

13,676

GE

HealthCare

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

24,242

48,726

48,726

GE

Vernova,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

15,194

189,469

189,469

General

Motors

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

144,508

–

–

GXO

Logistics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

124,725

4,989

4,989

Halozyme

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

28,911

1,446

1,446

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

13,716

46,909

46,909

HealthEquity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

38,896

22,171

22,171

Hims

&

Hers

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

38,279

91,870

91,870

Huntington

Ingalls

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

61,514

598,531

598,531

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

7/31/2026

83,360

30,010

30,010

50

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

8/31/2026

52,321

48,135

48,135

IonQ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

10,597

29,248

29,248

IPG

Photonics

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

1,756

562

562

Jabil,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

19,421

53,214

53,214

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

132,099

408,626

408,626

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

395

58

58

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

10/30/2026

10,035

55,092

55,092

Louisiana-Pacific

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

49,629

194,546

194,546

MARA

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

30,959

12,384

12,384

Masco

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

33,686

11,790

11,790

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

20,482

236,362

236,362

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

16,040

67,047

67,047

Monster

Beverage

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

28,705

10,047

10,047

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

8/31/2026

105,203

498,760

498,760

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

25,401

38,610

38,610

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

20,607

53,578

53,578

Planet

Fitness,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

39,624

54,285

54,285

Primo

Brands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

122,870

6,144

6,144

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

1,785

3,927

3,927

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

51

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

RLI

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

18,435

17,882

17,882

Robert

Half,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

436

126

126

Rollins,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

13,563

5,222

5,222

Ryder

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

5/29/2026

5,343

13,838

13,838

Scotts

Miracle-Gro

Co.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

101,498

181,681

181,681

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

41,987

68,019

68,019

Tractor

Supply

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

4,872

1,998

1,998

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

7/31/2026

40,113

155,530

155,530

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

151,962

127,648

127,648

UiPath,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

204,979

168,083

168,083

Unity

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

92,162

267,270

267,270

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

660,433

19,813

19,812

Wayfair,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

10,587

1,481

1,481

West

Pharmaceutical

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

7/31/2026

20,859

41,926

41,927

Westlake

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

6,816

3,884

3,884

Williams-Sonoma,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

41,297

143,300

143,300

–

–

Total

unrealized

appreciation

5,397,245

5,397,245

–

–

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

10/30/2026

265,898

(58,498)

(58,498)

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

7/31/2026

2,105

(14,040)

(14,040)

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

7/31/2026

33,198

(14,275)

(14,275)

52

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

10/30/2026

16,030

(99,386)

(99,386)

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

12/31/2025

515,429

(97,932)

(97,932)

Agree

Realty

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

28,192

(28,812)

(28,812)

Align

Technology,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

28,784

(33,102)

(33,102)

Ally

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

74,729

(49,321)

(49,321)

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

10,731

(27,901)

(27,901)

Analog

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

8,560

(16,264)

(16,264)

Aon

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

11,803

(23,134)

(23,134)

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

7/31/2026

110,671

(87,430)

(87,430)

Blackstone

Secured

Lending

Fund

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

23,020

(460)

(460)

BOK

Financial

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

6,805

(136)

(136)

CareTrust

REIT,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

9,730

(6,762)

(6,762)

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

46,181

(180,568)

(180,568)

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

10/30/2026

197,726

(7,909)

(7,909)

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

5/29/2026

61,103

(67,824)

(67,824)

Coeur

Mining,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

181,525

(5,446)

(5,446)

Commercial

Metals

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

92,992

(1,860)

(1,860)

Corebridge

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

3,666

(2,786)

(2,786)

Crane

NXT

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

10,480

(24,209)

(24,209)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

53

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

8,046

(15,368)

(15,368)

Dillard's,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

6,750

(36,112)

(36,112)

Dominion

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

81,946

(20,487)

(20,487)

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

10/30/2026

290,515

(127,827)

(127,827)

EchoStar

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

77,676

(210,502)

(210,502)

Elanco

Animal

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

319,868

(169,530)

(169,530)

Eli

Lilly

&

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

1,527

(55,720)

(55,720)

Emerson

Electric

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

38,143

(93,736)

(93,736)

Encompass

Health

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

37,727

(43,386)

(43,386)

EQT

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

98,809

(11,985)

(11,985)

Expand

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

52,468

(46,959)

(46,959)

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

44,521

(7,569)

(7,569)

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

9/30/2026

25,080

(14,296)

(14,296)

Graphic

Packaging

Holding

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

70,434

(26,765)

(26,765)

IDEXX

Laboratories,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

2,406

(20,042)

(20,042)

Impinj,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

10,308

(5,669)

(5,669)

Insmed,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

21,299

(50,266)

(50,266)

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

6/30/2026

20,560

(12,953)

(12,953)

JBT

Marel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

45,488

(154,204)

(154,204)

54

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.40%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

348,825

(48,836)

(48,836)

Kratos

Defense

&

Security

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

70,412

(231,655)

(231,655)

Labcorp

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

19,618

(98,679)

(98,679)

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

71,083

(117,287)

(117,287)

Loar

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

51,388

(76,568)

(76,568)

Lumentum

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

45,405

(5,903)

(5,903)

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

13,393

(36,027)

(36,027)

ManpowerGroup,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

30,257

(5,446)

(5,446)

Match

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

4,170

(4,921)

(4,921)

Medpace

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

11,216

(150,294)

(150,294)

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

14,560

(123,687)

(123,687)

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

10/30/2026

14,267

(22,685)

(22,685)

NVR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

19

(1,149)

(1,149)

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

234,882

(16,442)

(16,442)

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

24,296

(26,483)

(26,483)

Phillips

66

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

23,296

(8,154)

(8,154)

Quest

Diagnostics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

26,734

(46,517)

(46,517)

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

10/30/2026

67,466

(101,874)

(101,874)

Rambus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

17,195

(3,611)

(3,611)

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

55

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

8/31/2026

16,679

(99,907)

(99,907)

Revolution

Medicines,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

104,771

(66,006)

(66,006)

Revvity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

2,906

(10,026)

(10,026)

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

5/29/2026

154,335

(371,947)

(371,947)

ROBLOX

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

22,515

(68,446)

(68,446)

Rocket

Lab

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

26,529

(23,876)

(23,876)

Snap,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

123,143

(84,969)

(84,969)

Somnigroup

International,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

72,415

(142,658)

(142,658)

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

6/30/2026

119,158

(79,836)

(79,836)

Texas

Pacific

Land

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

527

(6,851)

(6,851)

Ubiquiti,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

7,692

(24,230)

(24,230)

UGI

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

173,469

(78,927)

(78,927)

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

9/30/2026

76,092

(21,305)

(21,305)

Valero

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

38,278

(28,708)

(28,708)

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

10/30/2026

122,876

(28,260)

(28,260)

–

–

Total

unrealized

depreciation

(4,233,601)

(4,233,601)

–

–

Net

unrealized

appreciation

1,163,644

1,163,644

Financing

Costs

of

Swap

Contracts

(7,174)

(7,174)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,156,470

1,156,470

56

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

OBFR

Overnight

Bank

Funding

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Index

Reference

Rate

Overnight

Bank

Funding

Rate

(OBFR)

4.09%

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

57

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

58

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

U.S.

130/30

Equity

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

959,667,404

$

–

$

–

$

959,667,404

Total

Return

Swaps†

–

5,397,245

–

5,397,245

Total

Assets

$

959,667,404

$

5,397,245

$

–

$

965,064,649

Liabilities:

Total

Return

Swaps†

$

–

$

(4,240,775)

$

–

$

(4,240,775)

Total

Liabilities

$

–

$

(4,240,775)

$

–

$

(4,240,775)

Total

$

959,667,404

$

1,156,470

$

–

$

960,823,874

†

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).

NVIT

U.S.

130/30

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

59

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

5,397,245

Total

$

5,397,245

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(4,240,775)

Total

$

(4,240,775)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

92.3%

Shares

Value

($)

Aerospace

&

Defense

2.1%

Axon

Enterprise,

Inc.*

3,177

2,279,942

Boeing

Co.

(The)*

30,761

6,639,147

GE

Aerospace

43,129

12,974,066

General

Dynamics

Corp.

10,248

3,494,568

Howmet

Aerospace,

Inc.

16,331

3,204,632

Huntington

Ingalls

Industries,

Inc.

1,554

447,412

L3Harris

Technologies,

Inc.

7,666

2,341,273

Lockheed

Martin

Corp.

8,362

4,174,394

Northrop

Grumman

Corp.

5,415

3,299,468

RTX

Corp.

54,213

9,071,461

Textron,

Inc.

6,870

580,446

TransDigm

Group,

Inc.

2,286

3,012,994

51,519,803

Air

Freight

&

Logistics

0.2%

CH

Robinson

Worldwide,

Inc.

4,666

617,779

Expeditors

International

of

Washington,

Inc.

5,712

700,234

FedEx

Corp.

8,851

2,087,154

United

Parcel

Service,

Inc.,

Class

B(a)

29,704

2,481,175

5,886,342

Automobile

Components

0.0%

†

Aptiv

plc*

8,418

725,800

Automobiles

2.2%

Ford

Motor

Co.

158,163

1,891,629

General

Motors

Co.

38,709

2,360,088

Tesla,

Inc.*

113,862

50,636,709

54,888,426

Banks

3.3%

Bank

of

America

Corp.

272,596

14,063,228

Citigroup,

Inc.

75,174

7,630,161

Citizens

Financial

Group,

Inc.

16,957

901,434

Fifth

Third

Bancorp(a)

26,629

1,186,322

Huntington

Bancshares,

Inc.

57,315

989,830

JPMorgan

Chase

&

Co.

111,783

35,259,712

KeyCorp

39,137

731,471

M&T

Bank

Corp.

6,664

1,316,940

PNC

Financial

Services

Group,

Inc.

(The)

16,139

3,242,809

Regions

Financial

Corp.(a)

35,637

939,748

Truist

Financial

Corp.

53,027

2,424,394

US

Bancorp

63,495

3,068,713

Wells

Fargo

&

Co.

130,637

10,949,993

82,704,755

Beverages

0.9%

Brown-Forman

Corp.,

Class

B

5,907

159,962

Coca-Cola

Co.

(The)

157,337

10,434,590

Constellation

Brands,

Inc.,

Class

A(a)

6,002

808,289

Keurig

Dr

Pepper,

Inc.

55,006

1,403,203

Molson

Coors

Beverage

Co.,

Class

B

6,463

292,451

Monster

Beverage

Corp.*

28,433

1,913,825

PepsiCo,

Inc.

55,610

7,809,868

22,822,188

Biotechnology

1.5%

AbbVie,

Inc.

71,814

16,627,814

Amgen,

Inc.

21,769

6,143,212

Common

Stocks

Shares

Value

($)

Biotechnology

Biogen,

Inc.*

5,753

805,880

Gilead

Sciences,

Inc.

50,341

5,587,851

Incyte

Corp.*

6,192

525,144

Moderna,

Inc.*(a)

14,264

368,439

Regeneron

Pharmaceuticals,

Inc.

4,157

2,337,356

Vertex

Pharmaceuticals,

Inc.*

10,360

4,057,390

36,453,086

Broadline

Retail

3.5%

Amazon.com,

Inc.*

393,035

86,298,695

eBay,

Inc.

18,301

1,664,476

87,963,171

Building

Products

0.5%

A

O

Smith

Corp.

4,826

354,277

Allegion

plc

3,569

632,962

Builders

FirstSource,

Inc.*(a)

4,627

561,024

Carrier

Global

Corp.

32,108

1,916,847

Johnson

Controls

International

plc

26,586

2,923,131

Lennox

International,

Inc.(a)

1,258

665,935

Masco

Corp.

8,269

582,055

Trane

Technologies

plc

8,984

3,790,888

11,427,119

Capital

Markets

3.2%

Ameriprise

Financial,

Inc.

3,935

1,933,069

Bank

of

New

York

Mellon

Corp.

(The)

28,442

3,099,040

Blackrock,

Inc.

5,890

6,866,974

Blackstone,

Inc.

29,767

5,085,692

Cboe

Global

Markets,

Inc.

4,250

1,042,313

Charles

Schwab

Corp.

(The)

69,181

6,604,710

CME

Group,

Inc.

14,524

3,924,240

Coinbase

Global,

Inc.,

Class

A*

9,163

3,092,421

FactSet

Research

Systems,

Inc.

1,515

434,032

Franklin

Resources,

Inc.(a)

12,909

298,585

Goldman

Sachs

Group,

Inc.

(The)

12,357

9,840,497

Interactive

Brokers

Group,

Inc.,

Class

A

17,652

1,214,634

Intercontinental

Exchange,

Inc.

23,136

3,897,953

Invesco

Ltd.

18,349

420,926

KKR

&

Co.,

Inc.

27,614

3,588,439

Moody's

Corp.

6,308

3,005,636

Morgan

Stanley

49,586

7,882,191

MSCI,

Inc.,

Class

A

3,154

1,789,611

Nasdaq,

Inc.

17,181

1,519,659

Northern

Trust

Corp.

7,929

1,067,243

Raymond

James

Financial,

Inc.(a)

7,261

1,253,249

Robinhood

Markets,

Inc.,

Class

A*

31,291

4,480,245

S&P

Global,

Inc.

12,722

6,191,925

State

Street

Corp.

11,509

1,335,159

T.

Rowe

Price

Group,

Inc.

8,723

895,329

80,763,772

Chemicals

1.0%

Air

Products

&

Chemicals,

Inc.

(a)

9,009

2,456,934

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Chemicals

Albemarle

Corp.

4,758

385,779

CF

Industries

Holdings,

Inc.(a)

6,717

602,515

Corteva,

Inc.

27,404

1,853,332

Dow,

Inc.

27,485

630,231

DuPont

de

Nemours,

Inc.

17,118

1,333,492

Eastman

Chemical

Co.

4,736

298,605

Ecolab,

Inc.

10,294

2,819,115

International

Flavors

&

Fragrances,

Inc.

10,767

662,601

Linde

plc

19,108

9,076,300

LyondellBasell

Industries

NV,

Class

A

10,215

500,944

Mosaic

Co.

(The)

12,281

425,905

PPG

Industries,

Inc.(a)

9,126

959,234

Sherwin-Williams

Co.

(The)

9,391

3,251,728

25,256,715

Commercial

Services

&

Supplies

0.5%

Cintas

Corp.

13,937

2,860,709

Copart,

Inc.*

35,590

1,600,482

Republic

Services,

Inc.,

Class

A

8,291

1,902,619

Rollins,

Inc.

11,003

646,316

Veralto

Corp.

10,324

1,100,642

Waste

Management,

Inc.

14,911

3,292,796

11,403,564

Communications

Equipment

0.8%

Arista

Networks,

Inc.*

42,014

6,121,860

Cisco

Systems,

Inc.

161,174

11,027,525

F5,

Inc.*

2,277

735,904

Motorola

Solutions,

Inc.

6,715

3,070,702

20,955,991

Construction

&

Engineering

0.1%

EMCOR

Group,

Inc.

1,702

1,105,517

Quanta

Services,

Inc.

6,046

2,505,583

3,611,100

Construction

Materials

0.1%

Martin

Marietta

Materials,

Inc.

2,459

1,549,859

Vulcan

Materials

Co.

5,442

1,674,068

3,223,927

Consumer

Finance

0.6%

American

Express

Co.

22,099

7,340,404

Capital

One

Financial

Corp.

25,892

5,504,121

Synchrony

Financial

15,097

1,072,642

13,917,167

Consumer

Staples

Distribution

&

Retail

1.7%

Costco

Wholesale

Corp.

18,053

16,710,398

Dollar

General

Corp.

8,810

910,514

Dollar

Tree,

Inc.*(a)

7,649

721,836

Kroger

Co.

(The)

24,745

1,668,060

Sysco

Corp.

19,653

1,618,228

Target

Corp.

18,154

1,628,414

Walmart,

Inc.

176,700

18,210,702

41,468,152

Containers

&

Packaging

0.2%

Amcor

plc

92,823

759,292

Avery

Dennison

Corp.

3,318

538,080

Ball

Corp.

10,746

541,814

International

Paper

Co.

20,785

964,424

Packaging

Corp.

of

America

3,729

812,661

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Smurfit

WestRock

plc(a)

21,351

908,912

4,525,183

Distributors

0.1%

Genuine

Parts

Co.

5,384

746,222

LKQ

Corp.

10,896

332,764

Pool

Corp.

1,399

433,788

1,512,774

Diversified

Telecommunication

Services

0.6%

AT&T,

Inc.

293,553

8,289,937

Verizon

Communications,

Inc.

170,954

7,513,428

15,803,365

Electric

Utilities

1.4%

Alliant

Energy

Corp.

10,601

714,613

American

Electric

Power

Co.,

Inc.

21,793

2,451,712

Constellation

Energy

Corp.

12,648

4,162,077

Duke

Energy

Corp.(a)

31,709

3,923,989

Edison

International

15,148

837,381

Entergy

Corp.

18,515

1,725,413

Evergy,

Inc.

9,160

696,343

Eversource

Energy

14,990

1,066,389

Exelon

Corp.

40,843

1,838,343

FirstEnergy

Corp.

21,471

983,801

NextEra

Energy,

Inc.

83,344

6,291,639

NRG

Energy,

Inc.

7,814

1,265,477

PG&E

Corp.

87,396

1,317,932

Pinnacle

West

Capital

Corp.

4,515

404,815

PPL

Corp.

29,860

1,109,598

Southern

Co.

(The)(a)

44,341

4,202,197

Xcel

Energy,

Inc.

23,789

1,918,583

34,910,302

Electrical

Equipment

0.8%

AMETEK,

Inc.

9,374

1,762,312

Eaton

Corp.

plc

15,842

5,928,868

Emerson

Electric

Co.

22,803

2,991,298

GE

Vernova,

Inc.

11,062

6,802,024

Generac

Holdings,

Inc.*

2,432

407,117

Hubbell,

Inc.,

Class

B

2,106

906,233

Rockwell

Automation,

Inc.

4,542

1,587,565

20,385,417

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol

Corp.,

Class

A

49,347

6,106,691

CDW

Corp.

5,384

857,564

Corning,

Inc.

31,320

2,569,180

Jabil,

Inc.

4,377

950,553

Keysight

Technologies,

Inc.*

6,946

1,214,994

TE

Connectivity

plc

11,983

2,630,628

Teledyne

Technologies,

Inc.*

1,888

1,106,444

Trimble,

Inc.*

9,416

768,816

Zebra

Technologies

Corp.,

Class

A*

1,953

580,353

16,785,223

Energy

Equipment

&

Services

0.2%

Baker

Hughes

Co.,

Class

A

40,012

1,949,385

Halliburton

Co.

34,037

837,310

Schlumberger

NV

60,340

2,073,886

4,860,581

Entertainment

1.4%

Electronic

Arts,

Inc.

8,958

1,806,829

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

6,349

1,037,427

Netflix,

Inc.*

17,271

20,706,547

Take-Two

Interactive

Software,

Inc.*

6,988

1,805,420

TKO

Group

Holdings,

Inc.,

Class

A

2,826

570,739

Walt

Disney

Co.

(The)

72,945

8,352,202

Warner

Bros

Discovery,

Inc.*

99,648

1,946,125

36,225,289

Financial

Services

3.7%

Apollo

Global

Management,

Inc.(a)

18,556

2,472,958

Berkshire

Hathaway,

Inc.,

Class

B*

74,377

37,392,293

Block,

Inc.,

Class

A*

22,460

1,623,184

Corpay,

Inc.*

2,929

843,728

Fidelity

National

Information

Services,

Inc.

21,475

1,416,061

Fiserv,

Inc.*

22,133

2,853,608

Global

Payments,

Inc.

9,644

801,223

Jack

Henry

&

Associates,

Inc.

(a)

3,091

460,343

Mastercard,

Inc.,

Class

A

33,261

18,919,189

PayPal

Holdings,

Inc.*

38,611

2,589,254

Visa,

Inc.,

Class

A

69,041

23,569,217

92,941,058

Food

Products

0.5%

Archer-Daniels-Midland

Co.(a)

19,404

1,159,195

Bunge

Global

SA(a)

5,630

457,438

Campbell's

Co.

(The)(a)

7,200

227,376

Conagra

Brands,

Inc.

20,575

376,728

General

Mills,

Inc.

21,645

1,091,341

Hershey

Co.

(The)

5,989

1,120,243

Hormel

Foods

Corp.(a)

12,154

300,690

J

M

Smucker

Co.

(The)

4,257

462,310

Kellanova

10,590

868,592

Kraft

Heinz

Co.

(The)(a)

35,069

913,197

Lamb

Weston

Holdings,

Inc.

5,274

306,314

McCormick

&

Co.,

Inc.

(Non-Voting)

10,651

712,658

Mondelez

International,

Inc.,

Class

A

52,541

3,282,236

Tyson

Foods,

Inc.,

Class

A

11,388

618,368

11,896,686

Gas

Utilities

0.0%

†

Atmos

Energy

Corp.(a)

6,407

1,093,995

Ground

Transportation

0.8%

CSX

Corp.

76,169

2,704,761

JB

Hunt

Transport

Services,

Inc.

3,045

408,548

Norfolk

Southern

Corp.

9,133

2,743,644

Old

Dominion

Freight

Line,

Inc.

7,420

1,044,588

Uber

Technologies,

Inc.*

84,688

8,296,883

Union

Pacific

Corp.

24,151

5,708,572

20,906,996

Health

Care

Equipment

&

Supplies

1.9%

Abbott

Laboratories

70,979

9,506,927

Align

Technology,

Inc.*

2,936

367,646

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Baxter

International,

Inc.

21,269

484,295

Becton

Dickinson

&

Co.

11,692

2,188,392

Boston

Scientific

Corp.*

60,356

5,892,556

Cooper

Cos.,

Inc.

(The)*(a)

8,083

554,170

Dexcom,

Inc.*

16,065

1,081,014

Edwards

Lifesciences

Corp.*

23,405

1,820,207

GE

HealthCare

Technologies,

Inc.

18,551

1,393,180

Hologic,

Inc.*

9,205

621,245

IDEXX

Laboratories,

Inc.*

3,258

2,081,504

Insulet

Corp.*

2,848

879,263

Intuitive

Surgical,

Inc.*

14,517

6,492,438

Medtronic

plc

51,833

4,936,575

ResMed,

Inc.

5,924

1,621,577

Solventum

Corp.*

5,593

408,289

STERIS

plc

3,974

983,327

Stryker

Corp.

14,032

5,187,209

Zimmer

Biomet

Holdings,

Inc.

7,865

774,703

47,274,517

Health

Care

Providers

&

Services

1.5%

Cardinal

Health,

Inc.

9,737

1,528,320

Cencora,

Inc.

7,575

2,367,415

Centene

Corp.*

19,164

683,772

Cigna

Group

(The)

10,870

3,133,277

CVS

Health

Corp.

51,581

3,888,692

DaVita,

Inc.*

1,491

198,109

Elevance

Health,

Inc.

9,166

2,961,718

HCA

Healthcare,

Inc.

6,744

2,874,293

Henry

Schein,

Inc.*

4,637

307,758

Humana,

Inc.

4,851

1,262,085

Labcorp

Holdings,

Inc.(a)

3,299

947,011

McKesson

Corp.

5,030

3,885,876

Molina

Healthcare,

Inc.*(a)

2,131

407,788

Quest

Diagnostics,

Inc.(a)

4,614

879,336

UnitedHealth

Group,

Inc.

36,748

12,689,084

Universal

Health

Services,

Inc.,

Class

B

2,317

473,687

38,488,221

Health

Care

REITs

0.3%

Alexandria

Real

Estate

Equities,

Inc.(a)

6,296

524,709

Healthpeak

Properties,

Inc.

27,143

519,788

Ventas,

Inc.

18,465

1,292,365

Welltower,

Inc.

26,706

4,757,407

7,094,269

Hotel

&

Resort

REITs

0.0%

†

Host

Hotels

&

Resorts,

Inc.(a)

25,870

440,307

Hotels,

Restaurants

&

Leisure

1.7%

Airbnb,

Inc.,

Class

A*

17,778

2,158,605

Booking

Holdings,

Inc.

1,320

7,127,036

Carnival

Corp.*

43,408

1,254,925

Chipotle

Mexican

Grill,

Inc.,

Class

A*

54,400

2,131,936

Darden

Restaurants,

Inc.

4,680

890,885

Domino's

Pizza,

Inc.

1,325

572,016

DoorDash,

Inc.,

Class

A*

14,941

4,063,802

Expedia

Group,

Inc.

4,885

1,044,169

Hilton

Worldwide

Holdings,

Inc.

9,624

2,496,850

Las

Vegas

Sands

Corp.

12,972

697,764

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

International,

Inc.,

Class

A

9,165

2,386,933

McDonald's

Corp.

29,020

8,818,888

MGM

Resorts

International*

7,576

262,584

Norwegian

Cruise

Line

Holdings

Ltd.*

18,657

459,522

Royal

Caribbean

Cruises

Ltd.

(a)

10,309

3,335,786

Starbucks

Corp.

45,808

3,875,357

Wynn

Resorts

Ltd.

3,333

427,524

Yum!

Brands,

Inc.

11,299

1,717,448

43,722,030

Household

Durables

0.3%

DR

Horton,

Inc.(a)

11,218

1,901,114

Garmin

Ltd.

6,599

1,624,806

Lennar

Corp.,

Class

A(a)

9,323

1,175,071

Mohawk

Industries,

Inc.*

2,118

273,053

NVR,

Inc.*

114

915,951

PulteGroup,

Inc.

7,979

1,054,265

6,944,260

Household

Products

0.8%

Church

&

Dwight

Co.,

Inc.

9,981

874,635

Clorox

Co.

(The)(a)

4,778

589,128

Colgate-Palmolive

Co.

32,750

2,618,035

Kimberly-Clark

Corp.

13,480

1,676,103

Procter

&

Gamble

Co.

(The)

95,232

14,632,397

20,390,298

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

26,214

344,976

Vistra

Corp.

12,998

2,546,568

2,891,544

Industrial

Conglomerates

0.4%

3M

Co.

21,621

3,355,147

Honeywell

International,

Inc.

25,889

5,449,634

8,804,781

Industrial

REITs

0.2%

Prologis,

Inc.

37,856

4,335,269

Insurance

1.7%

Aflac,

Inc.

19,153

2,139,390

Allstate

Corp.

(The)

10,804

2,319,079

American

International

Group,

Inc.

22,970

1,804,064

Aon

plc,

Class

A

8,757

3,122,571

Arch

Capital

Group

Ltd.

14,982

1,359,317

Arthur

J

Gallagher

&

Co.

10,411

3,224,703

Assurant,

Inc.

2,104

455,726

Brown

&

Brown,

Inc.

11,189

1,049,416

Chubb

Ltd.

15,037

4,244,193

Cincinnati

Financial

Corp.

6,484

1,025,121

Erie

Indemnity

Co.,

Class

A

1,031

328,023

Everest

Group

Ltd.

1,682

589,087

Globe

Life,

Inc.

3,139

448,783

Hartford

Insurance

Group,

Inc.

(The)(a)

11,533

1,538,387

Loews

Corp.(a)

7,312

734,052

Marsh

&

McLennan

Cos.,

Inc.

19,870

4,004,401

MetLife,

Inc.

23,035

1,897,393

Principal

Financial

Group,

Inc.

8,154

676,048

Common

Stocks

Shares

Value

($)

Insurance

Progressive

Corp.

(The)

23,730

5,860,124

Prudential

Financial,

Inc.

14,237

1,476,946

Travelers

Cos.,

Inc.

(The)

9,077

2,534,480

W

R

Berkley

Corp.

12,092

926,489

Willis

Towers

Watson

plc(a)

3,963

1,369,018

43,126,811

Interactive

Media

&

Services

6.7%

Alphabet,

Inc.,

Class

A

235,276

57,195,596

Alphabet,

Inc.,

Class

C

190,151

46,311,276

Match

Group,

Inc.(a)

9,150

323,178

Meta

Platforms,

Inc.,

Class

A

88,014

64,635,721

168,465,771

IT

Services

0.9%

Accenture

plc,

Class

A

25,340

6,248,844

Akamai

Technologies,

Inc.*

6,255

473,879

Cognizant

Technology

Solutions

Corp.,

Class

A

19,858

1,331,876

EPAM

Systems,

Inc.*

2,176

328,119

Gartner,

Inc.*

3,031

796,759

GoDaddy,

Inc.,

Class

A*

5,529

756,533

International

Business

Machines

Corp.

37,737

10,647,872

VeriSign,

Inc.

3,400

950,538

21,534,420

Leisure

Products

0.0%

†

Hasbro,

Inc.(a)

4,974

377,278

Life

Sciences

Tools

&

Services

0.8%

Agilent

Technologies,

Inc.

11,745

1,507,471

Bio-Techne

Corp.(a)

6,442

358,369

Charles

River

Laboratories

International,

Inc.*

1,793

280,533

Danaher

Corp.

25,742

5,103,609

IQVIA

Holdings,

Inc.*(a)

6,838

1,298,810

Mettler-Toledo

International,

Inc.*

835

1,025,054

Revvity,

Inc.

4,954

434,218

Thermo

Fisher

Scientific,

Inc.

15,304

7,422,746

Waters

Corp.*

2,351

704,853

West

Pharmaceutical

Services,

Inc.

2,785

730,589

18,866,252

Machinery

1.4%

Caterpillar,

Inc.

19,082

9,104,976

Cummins,

Inc.(a)

5,620

2,373,719

Deere

&

Co.(a)

10,200

4,664,052

Dover

Corp.

5,562

927,909

Fortive

Corp.

13,143

643,876

IDEX

Corp.

2,954

480,793

Illinois

Tool

Works,

Inc.(a)

10,834

2,825,074

Ingersoll

Rand,

Inc.

15,468

1,277,966

Nordson

Corp.

2,255

511,772

Otis

Worldwide

Corp.

15,891

1,452,914

PACCAR,

Inc.

21,416

2,105,621

Parker-Hannifin

Corp.

5,213

3,952,236

Pentair

plc

6,950

769,782

Snap-on,

Inc.(a)

2,180

755,435

Stanley

Black

&

Decker,

Inc.

6,161

457,947

Westinghouse

Air

Brake

Technologies

Corp.

6,812

1,365,602

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.(a)

9,780

1,442,550

35,112,224

Media

0.4%

Charter

Communications,

Inc.,

Class

A*(a)

3,799

1,045,124

Comcast

Corp.,

Class

A

149,544

4,698,673

Fox

Corp.,

Class

A

8,860

558,711

Fox

Corp.,

Class

B

4,896

280,492

Interpublic

Group

of

Cos.,

Inc.

(The)

14,933

416,780

News

Corp.,

Class

A

15,654

480,734

News

Corp.,

Class

B

4,547

157,099

Omnicom

Group,

Inc.

7,506

611,964

Paramount

Skydance

Corp.,

Class

B(a)

12,264

232,035

Trade

Desk,

Inc.

(The),

Class

A*

18,612

912,174

9,393,786

Metals

&

Mining

0.3%

Freeport-McMoRan,

Inc.

58,591

2,297,939

Newmont

Corp.

44,721

3,770,428

Nucor

Corp.

9,287

1,257,738

Steel

Dynamics,

Inc.

5,342

744,835

8,070,940

Multi-Utilities

0.6%

Ameren

Corp.(a)

11,221

1,171,248

CenterPoint

Energy,

Inc.(a)

27,293

1,058,968

CMS

Energy

Corp.

11,929

873,919

Consolidated

Edison,

Inc.

14,335

1,440,954

Dominion

Energy,

Inc.(a)

35,025

2,142,479

DTE

Energy

Co.

8,678

1,227,329

NiSource,

Inc.

19,612

849,200

Public

Service

Enterprise

Group,

Inc.

20,143

1,681,135

Sempra

26,057

2,344,609

WEC

Energy

Group,

Inc.

13,274

1,521,068

14,310,909

Office

REITs

0.0%

†

BXP,

Inc.

6,304

468,639

Oil,

Gas

&

Consumable

Fuels

2.5%

APA

Corp.

15,636

379,642

Chevron

Corp.

77,947

12,104,390

ConocoPhillips

50,726

4,798,172

Coterra

Energy,

Inc.

32,267

763,115

Devon

Energy

Corp.

25,084

879,445

Diamondback

Energy,

Inc.

7,765

1,111,171

EOG

Resources,

Inc.

22,092

2,476,955

EQT

Corp.

24,767

1,348,068

Expand

Energy

Corp.

9,539

1,013,423

Exxon

Mobil

Corp.

173,050

19,511,388

Kinder

Morgan,

Inc.

79,216

2,242,605

Marathon

Petroleum

Corp.

12,423

2,394,409

Occidental

Petroleum

Corp.(a)

29,131

1,376,440

ONEOK,

Inc.

25,264

1,843,514

Phillips

66

16,354

2,224,471

Targa

Resources

Corp.

8,739

1,464,132

Texas

Pacific

Land

Corp.

808

754,381

Valero

Energy

Corp.

12,702

2,162,643

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

49,507

3,136,268

61,984,632

Passenger

Airlines

0.1%

Delta

Air

Lines,

Inc.

26,439

1,500,413

Southwest

Airlines

Co.(a)

21,505

686,225

United

Airlines

Holdings,

Inc.*

12,987

1,253,245

3,439,883

Personal

Care

Products

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

9,638

849,301

Kenvue,

Inc.

77,728

1,261,525

2,110,826

Pharmaceuticals

2.6%

Bristol-Myers

Squibb

Co.

82,037

3,699,869

Eli

Lilly

&

Co.

32,222

24,585,386

Johnson

&

Johnson

98,159

18,200,642

Merck

&

Co.,

Inc.

101,633

8,530,057

Pfizer,

Inc.

230,032

5,861,215

Viatris,

Inc.

46,363

458,994

Zoetis,

Inc.,

Class

A

18,040

2,639,613

63,975,776

Professional

Services

0.5%

Automatic

Data

Processing,

Inc.

16,560

4,860,360

Broadridge

Financial

Solutions,

Inc.

4,726

1,125,591

Dayforce,

Inc.*(a)

5,987

412,445

Equifax,

Inc.

5,012

1,285,728

Jacobs

Solutions,

Inc.

4,736

709,737

Leidos

Holdings,

Inc.

5,110

965,586

Paychex,

Inc.

13,037

1,652,570

Paycom

Software,

Inc.

2,028

422,108

Verisk

Analytics,

Inc.,

Class

A

5,742

1,444,170

12,878,295

Real

Estate

Management

&

Development

0.1%

CBRE

Group,

Inc.,

Class

A*

11,961

1,884,575

CoStar

Group,

Inc.*

17,317

1,461,036

3,345,611

Residential

REITs

0.2%

AvalonBay

Communities,

Inc.

(a)

5,794

1,119,227

Camden

Property

Trust(a)

4,541

484,888

Equity

Residential

14,343

928,422

Essex

Property

Trust,

Inc.(a)

2,515

673,165

Invitation

Homes,

Inc.

23,663

694,036

Mid-America

Apartment

Communities,

Inc.

4,861

679,227

UDR,

Inc.

12,968

483,188

5,062,153

Retail

REITs

0.2%

Federal

Realty

Investment

Trust

3,176

321,761

Kimco

Realty

Corp.

28,138

614,815

Realty

Income

Corp.(a)

36,365

2,210,628

Regency

Centers

Corp.(a)

6,976

508,550

Simon

Property

Group,

Inc.

12,786

2,399,549

6,055,303

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

12.7%

Advanced

Micro

Devices,

Inc.*

65,863

10,655,975

Analog

Devices,

Inc.

20,234

4,971,494

Applied

Materials,

Inc.

32,600

6,674,524

Broadcom,

Inc.

190,823

62,954,416

First

Solar,

Inc.*

4,513

995,252

Intel

Corp.*

176,106

5,908,356

KLA

Corp.

5,349

5,769,431

Lam

Research

Corp.

51,469

6,891,699

Microchip

Technology,

Inc.

21,510

1,381,372

Micron

Technology,

Inc.

45,303

7,580,098

Monolithic

Power

Systems,

Inc.

1,978

1,821,026

NVIDIA

Corp.

989,931

184,701,326

NXP

Semiconductors

NV

10,197

2,322,163

ON

Semiconductor

Corp.*(a)

16,540

815,587

QUALCOMM,

Inc.

43,757

7,279,414

Skyworks

Solutions,

Inc.

6,044

465,267

Teradyne,

Inc.

6,351

874,152

Texas

Instruments,

Inc.

36,805

6,762,183

318,823,735

Software

10.5%

Adobe,

Inc.*

17,230

6,077,883

AppLovin

Corp.,

Class

A*(a)

10,968

7,880,947

Autodesk,

Inc.*

8,716

2,768,812

Cadence

Design

Systems,

Inc.*

11,139

3,912,685

Crowdstrike

Holdings,

Inc.,

Class

A*

10,161

4,982,751

Datadog,

Inc.,

Class

A*

13,163

1,874,411

Fair

Isaac

Corp.*

965

1,444,151

Fortinet,

Inc.*

26,781

2,251,746

Gen

Digital,

Inc.(a)

23,190

658,364

Intuit,

Inc.

11,335

7,740,785

Microsoft

Corp.

301,574

156,200,253

Oracle

Corp.

67,204

18,900,453

Palantir

Technologies,

Inc.,

Class

A*

92,234

16,825,326

Palo

Alto

Networks,

Inc.*

27,011

5,499,980

PTC,

Inc.*

4,884

991,550

Roper

Technologies,

Inc.

4,337

2,162,819

Salesforce,

Inc.

38,858

9,209,346

ServiceNow,

Inc.*

8,445

7,771,765

Synopsys,

Inc.*

7,436

3,668,848

Tyler

Technologies,

Inc.*

1,735

907,683

Workday,

Inc.,

Class

A*

8,928

2,149,237

263,879,795

Specialized

REITs

0.7%

American

Tower

Corp.

19,098

3,672,927

Crown

Castle,

Inc.

17,429

1,681,724

Digital

Realty

Trust,

Inc.

12,915

2,232,745

Equinix,

Inc.

3,974

3,112,596

Extra

Space

Storage,

Inc.

8,846

1,246,755

Iron

Mountain,

Inc.

11,790

1,201,873

Public

Storage

6,415

1,852,973

SBA

Communications

Corp.,

Class

A

4,468

863,888

VICI

Properties,

Inc.,

Class

A

42,051

1,371,283

Weyerhaeuser

Co.

30,179

748,138

17,984,902

Common

Stocks

Shares

Value

($)

Specialty

Retail

1.7%

AutoZone,

Inc.*

682

2,925,944

Best

Buy

Co.,

Inc.(a)

8,054

609,044

CarMax,

Inc.*

6,275

281,559

Home

Depot,

Inc.

(The)

40,440

16,385,884

Lowe's

Cos.,

Inc.

22,666

5,696,192

O'Reilly

Automotive,

Inc.*

34,414

3,710,173

Ross

Stores,

Inc.

13,413

2,044,007

TJX

Cos.,

Inc.

(The)

45,549

6,583,652

Tractor

Supply

Co.

21,112

1,200,639

Ulta

Beauty,

Inc.*

1,844

1,008,207

Williams-Sonoma,

Inc.

4,837

945,392

41,390,693

Technology

Hardware,

Storage

&

Peripherals

6.5%

Apple,

Inc.

602,092

153,310,686

Dell

Technologies,

Inc.,

Class

C

12,170

1,725,341

Hewlett

Packard

Enterprise

Co.

53,026

1,302,319

HP,

Inc.(a)

37,951

1,033,406

NetApp,

Inc.

7,870

932,280

Seagate

Technology

Holdings

plc(a)

8,668

2,046,168

Super

Micro

Computer,

Inc.*(a)

20,427

979,270

Western

Digital

Corp.

14,241

1,709,774

163,039,244

Textiles,

Apparel

&

Luxury

Goods

0.2%

Deckers

Outdoor

Corp.*

5,966

604,774

Lululemon

Athletica,

Inc.*

4,642

825,951

NIKE,

Inc.,

Class

B

48,045

3,350,178

Ralph

Lauren

Corp.,

Class

A

1,554

487,272

Tapestry,

Inc.

8,437

955,237

6,223,412

Tobacco

0.6%

Altria

Group,

Inc.

68,014

4,493,005

Philip

Morris

International,

Inc.

63,217

10,253,797

14,746,802

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

46,803

2,295,219

United

Rentals,

Inc.(a)

2,623

2,504,073

WW

Grainger,

Inc.

1,805

1,720,093

6,519,385

Water

Utilities

0.0%

†

American

Water

Works

Co.,

Inc.

7,944

1,105,725

Wireless

Telecommunication

Services

0.2%

T-Mobile

US,

Inc.

19,455

4,657,138

Total

Common

Stocks

(cost

$936,458,449)

2,314,173,783

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Purchased

Options

0.5%

Number

of

Contracts

Value

($)

Call

Options

0.5%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

10/17/2025

at

USD

6,575.00,

European

Style

Notional

Amount:

USD

260,115,750

Exchange

Traded

*

772

7,420,850

S&P

500

E-Mini

Index

11/21/2025

at

USD

6,775.00,

European

Style

Notional

Amount:

USD

259,778,813

Exchange

Traded

*

771

4,356,150

Total

Purchased

Options

(cost

$4,925,569)

11,777,000

Short-Term

Investment

2.9%

Shares

U.S.

Treasury

Obligation

2.9%

U.S.

Treasury

Bills,

4.05%,

2/5/2026(a)

73,000,000

72,034,443

Total

Short-Term

Investment

(cost

$71,977,228)

72,034,443

Repurchase

Agreements

1.6%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,474,362,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,523,553.(b)

2,474,072

2,474,072

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$10,201,190.(b)

10,000,000

10,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$20,002,328,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$20,400,004.(b)

20,000,000

20,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(b)

2,000,000

2,000,000

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,230,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$2,040,007.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$39,474,072)

39,474,072

Total

Investments

(cost

$1,052,835,318)

—

97.3%

2,437,459,298

Other

assets

in

excess

of

liabilities

—

2.7%

68,810,819

NET

ASSETS

—

100.0%

$

2,506,270,117

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$130,548,778,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$39,474,072

and

by

$93,762,010

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$133,236,082.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$39,474,072.

REIT

Real

Estate

Investment

Trust

Currency:

USD

United

States

Dollar

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

Long

Bond

2,278

12/2025

USD

265,600,563

5,664,238

Total

long

contracts

5,664,238

Short

Contracts

S&P

500

E-Mini

Index

(73)

12/2025

USD

(24,596,438)

(141,729)

Total

short

contracts

(141,729)

Net

contracts

5,522,509

Currency:

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

2,314,173,783

$

–

$

–

$

2,314,173,783

Futures

Contracts

5,664,238

–

–

5,664,238

Purchased

Option

11,777,000

–

–

11,777,000

Repurchase

Agreements

–

39,474,072

–

39,474,072

Short-Term

Investment

–

72,034,443

–

72,034,443

Total

Assets

$

2,331,615,021

$

111,508,515

$

–

$

2,443,123,536

Liabilities:

Futures

Contracts

$

(141,729)

$

–

$

–

$

(

141,729)

Total

Liabilities

$

(141,729)

$

–

$

–

$

(141,729)

Total

$

2,331,473,292

$

111,508,515

$

–

$

2,442,981,807

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

11,777,000

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

5,664,238

Total

$

17,441,238

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(141,729)

Total

$

(141,729)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

Common

Stocks

89.2%

Shares

Value

($)

Aerospace

&

Defense

3.5%

Howmet

Aerospace,

Inc.

13,950

2,737,409

L3Harris

Technologies,

Inc.

55,403

16,920,630

19,658,039

Air

Freight

&

Logistics

0.4%

FedEx

Corp.(a)

10,485

2,472,468

Automobiles

0.6%

Ford

Motor

Co.

288,734

3,453,259

Banks

11.0%

Bank

of

America

Corp.

246,193

12,701,097

Citigroup,

Inc.

99,480

10,097,220

Columbia

Banking

System,

Inc.(a)

130,274

3,353,253

Comerica,

Inc.

94,477

6,473,564

First

Horizon

Corp.

349,438

7,900,793

JPMorgan

Chase

&

Co.

64,937

20,483,078

61,009,005

Biotechnology

0.5%

Gilead

Sciences,

Inc.

22,901

2,542,011

Broadline

Retail

1.9%

Amazon.com,

Inc.*

48,986

10,755,856

Building

Products

1.4%

Carlisle

Cos.,

Inc.

16,902

5,560,082

Fortune

Brands

Innovations,

Inc.

43,058

2,298,867

7,858,949

Capital

Markets

3.3%

Charles

Schwab

Corp.

(The)

27,068

2,584,182

Goldman

Sachs

Group,

Inc.

(The)

8,672

6,905,947

Intercontinental

Exchange,

Inc.

27,109

4,567,324

Morgan

Stanley

25,807

4,102,281

18,159,734

Chemicals

0.5%

Mosaic

Co.

(The)

82,163

2,849,413

Communications

Equipment

3.5%

Cisco

Systems,

Inc.

281,759

19,277,951

Construction

Materials

2.4%

CRH

plc

112,178

13,450,142

Consumer

Finance

1.7%

Capital

One

Financial

Corp.

45,608

9,695,349

Containers

&

Packaging

2.3%

International

Paper

Co.(a)

221,566

10,280,663

Packaging

Corp.

of

America

12,066

2,629,543

12,910,206

Diversified

Telecommunication

Services

2.9%

AT&T,

Inc.

577,416

16,306,228

Electric

Utilities

0.7%

Constellation

Energy

Corp.

11,834

3,894,214

Electrical

Equipment

1.7%

Emerson

Electric

Co.

17,670

2,317,951

Hubbell,

Inc.,

Class

B

17,181

7,393,156

9,711,107

Electronic

Equipment,

Instruments

&

Components

1.0%

TE

Connectivity

plc

24,482

5,374,533

Common

Stocks

Shares

Value

($)

Entertainment

0.9%

Walt

Disney

Co.

(The)

44,420

5,086,090

Financial

Services

4.8%

Berkshire

Hathaway,

Inc.,

Class

B*

39,942

20,080,441

Voya

Financial,

Inc.

85,279

6,378,869

26,459,310

Ground

Transportation

1.8%

CSX

Corp.

275,458

9,781,514

Health

Care

Equipment

&

Supplies

3.3%

Alcon

AG

CHF

55,320

4,121,893

Medtronic

plc

150,702

14,352,859

18,474,752

Health

Care

Providers

&

Services

3.7%

Humana,

Inc.

20,041

5,214,067

Labcorp

Holdings,

Inc.(a)

21,831

6,266,807

UnitedHealth

Group,

Inc.

26,783

9,248,170

20,729,044

Hotels,

Restaurants

&

Leisure

1.7%

Las

Vegas

Sands

Corp.

93,346

5,021,081

Royal

Caribbean

Cruises

Ltd.

(a)

14,298

4,626,547

9,647,628

Industrial

Conglomerates

0.6%

Honeywell

International,

Inc.

15,717

3,308,428

Insurance

5.8%

American

International

Group,

Inc.

58,726

4,612,340

Aon

plc,

Class

A

32,619

11,631,283

Assurant,

Inc.

70,841

15,344,161

Old

Republic

International

Corp.

14,100

598,827

32,186,611

IT

Services

1.0%

International

Business

Machines

Corp.

18,948

5,346,368

Life

Sciences

Tools

&

Services

1.8%

Danaher

Corp.

24,118

4,781,635

Thermo

Fisher

Scientific,

Inc.

10,818

5,246,946

10,028,581

Machinery

1.6%

Caterpillar,

Inc.

12,764

6,090,343

Cummins,

Inc.

6,149

2,597,153

8,687,496

Media

1.1%

Omnicom

Group,

Inc.

74,955

6,111,081

Metals

&

Mining

2.1%

Freeport-McMoRan,

Inc.

169,407

6,644,142

Newmont

Corp.

58,193

4,906,252

11,550,394

Multi-Utilities

0.7%

Dominion

Energy,

Inc.(a)

63,401

3,878,239

Oil,

Gas

&

Consumable

Fuels

8.5%

Chevron

Corp.

56,249

8,734,907

Diamondback

Energy,

Inc.

29,852

4,271,821

EQT

Corp.

95,997

5,225,117

Exxon

Mobil

Corp.

97,136

10,952,084

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Marathon

Petroleum

Corp.

40,849

7,873,236

Permian

Resources

Corp.,

Class

A

188,018

2,406,631

Phillips

66

56,263

7,652,893

47,116,689

Passenger

Airlines

1.0%

Delta

Air

Lines,

Inc.

94,462

5,360,718

Personal

Care

Products

1.3%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

59,611

5,252,921

Kenvue

,

Inc.

123,547

2,005,168

7,258,089

Pharmaceuticals

3.6%

Johnson

&

Johnson

108,877

20,187,973

Semiconductors

&

Semiconductor

Equipment

1.4%

Applied

Materials,

Inc.

36,884

7,551,630

Software

1.1%

Dolby

Laboratories,

Inc.,

Class

A

85,651

6,198,563

Specialized

REITs

0.9%

Weyerhaeuser

Co.

195,457

4,845,379

Tobacco

0.8%

Philip

Morris

International,

Inc.

27,806

4,510,133

Trading

Companies

&

Distributors

0.4%

Ferguson

Enterprises,

Inc.

11,297

2,537,080

Total

Common

Stocks

(cost

$376,008,524)

496,220,254

Purchased

Options

0.5%

Number

of

Contracts

Call

Options

0.5%

Future

Equity

Index

Options:

0.5%

S&P

500

E-Mini

Index

10/17/2025

at

USD

6,575.00,

European

Style

Notional

Amount:

USD

57,616,313

Exchange

Traded

*

171

1,643,737

S&P

500

E-Mini

Index

11/21/2025

at

USD

6,775.00,

European

Style

Notional

Amount:

USD

57,616,313

Exchange

Traded

*

171

966,150

Total

Purchased

Options

(cost

$1,091,682)

2,609,887

Short-Term

Investment

3.9%

Shares

U.S.

Treasury

Obligation

3.9%

U.S.

Treasury

Bills,

4.05%,

2/5/2026(a)

22,000,000

21,709,010

Total

Short-Term

Investment

(cost

$21,691,767)

21,709,010

Repurchase

Agreements

0.9%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,908,109,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,965,923.(b)

2,907,768

2,907,768

Total

Repurchase

Agreements

(cost

$4,907,768)

4,907,768

Total

Investments

(cost

$403,699,741)

—

94.5%

525,446,919

Other

assets

in

excess

of

liabilities

—

5.5%

30,484,986

NET

ASSETS

—

100.0%

$

555,931,905

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$26,969,923,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$4,907,768

and

by

$22,601,517

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$27,509,285.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$4,907,768.

REIT

Real

Estate

Investment

Trust

Currency:

CHF

Switzerland

Franc

USD

United

States

Dollar

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

1000

Value

E-Mini

Index

464

12/2025

USD

46,799,040

341,977

U.S.

Treasury

Long

Bond

522

12/2025

USD

60,861,938

1,297,951

Total

long

contracts

1,639,928

Short

Contracts

S&P

500

E-Mini

Index

(161)

12/2025

USD

(54,246,938)

(659,647)

Total

short

contracts

(659,647)

Net

contracts

980,281

Currency:

USD

United

States

Dollar

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using options and financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

496,220,254

$

–

$

–

$

496,220,254

Futures

Contracts

1,639,928

–

–

1,639,928

Purchased

Option

2,609,887

–

–

2,609,887

Repurchase

Agreements

–

4,907,768

–

4,907,768

Short-Term

Investment

–

21,709,010

–

21,709,010

Total

Assets

$

500,470,069

$

26,616,778

$

–

$

527,086,847

Liabilities:

Futures

Contracts

$

(659,647)

$

–

$

–

$

(659,647)

Total

Liabilities

$

(659,647)

$

–

$

–

$

(659,647)

Total

$

499,810,422

$

26,616,778

$

–

$

526,427,200

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

Assets:

Fair

Value

Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,609,887

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

341,977

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

1,297,951

Total

$

4,249,815

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(659,647)

Total

$

(659,647)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

Common

Stocks

97

.5

%

Shares

Value

($)

Broadline

Retail

1

.5

%

Amazon.com,

Inc.*

1,422

312,228

Communications

Equipment

2

.0

%

Arista

Networks,

Inc.*

2,905

423,287

Electronic

Equipment,

Instruments

&

Components

2

.8

%

Celestica,

Inc.*

774

190,698

Coherent

Corp.*

2,655

285,997

Corning,

Inc.

1,333

109,346

586,041

Entertainment

2

.1

%

Spotify

Technology

SA*

301

210,098

Take-Two

Interactive

Software,

Inc.*

866

223,740

433,838

Financial

Services

1

.4

%

Toast,

Inc.,

Class

A*

7,788

284,340

Interactive

Media

&

Services

16

.9

%

Alphabet,

Inc.,

Class

A

7,579

1,842,455

Meta

Platforms,

Inc.,

Class

A

1,614

1,185,289

Pinterest,

Inc.,

Class

A*

8,009

257,650

ZoomInfo

Technologies,

Inc.,

Class

A*

17,400

189,834

3,475,228

IT

Services

6

.6

%

International

Business

Machines

Corp.

1,156

326,177

MongoDB,

Inc.,

Class

A*

1,368

424,600

Shopify,

Inc.,

Class

A*

2,566

381,333

Snowflake,

Inc.,

Class

A*

976

220,137

1,352,247

Semiconductors

&

Semiconductor

Equipment

27

.3

%

Advanced

Micro

Devices,

Inc.*

3,151

509,800

Applied

Materials,

Inc.

1,044

213,749

ASML

Holding

NV

(Registered),

ADR-NL

236

228,469

Astera

Labs,

Inc.*

914

178,961

Broadcom,

Inc.

2,787

919,459

Microchip

Technology,

Inc.

5,726

367,724

Micron

Technology,

Inc.

3,536

591,643

NVIDIA

Corp.

10,682

1,993,048

ON

Semiconductor

Corp.*

5,807

286,343

Texas

Instruments,

Inc.

1,772

325,570

5,614,766

Software

29

.2

%

Adobe,

Inc.*

1,107

390,494

AppLovin

Corp.,

Class

A*

852

612,196

Atlassian

Corp.,

Class

A*

1,443

230,447

Crowdstrike

Holdings,

Inc.,

Class

A*

691

338,853

Dynatrace,

Inc.*

5,153

249,663

Guidewire

Software,

Inc.*

938

215,609

Klaviyo,

Inc.,

Class

A*

4,772

132,137

Microsoft

Corp.

3,804

1,970,282

Monday.com

Ltd.*

987

191,172

Oracle

Corp.

2,423

681,444

Palantir

Technologies,

Inc.,

Class

A*

1,127

205,587

Salesforce,

Inc.

2,171

514,527

Common

Stocks

Shares

Value

($)

Software

Synopsys,

Inc.*

553

272,845

6,005,256

Technology

Hardware,

Storage

&

Peripherals

7

.7

%

Apple,

Inc.

5,108

1,300,650

Seagate

Technology

Holdings

plc

1,199

283,036

1,583,686

Total

Investments

(cost

$13,802,999)

—

97.5%

20,070,917

Other

assets

in

excess

of

liabilities

—

2.5%

511,977

NET

ASSETS

—

100.0%

$

20,582,894

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

20,070,917

$

–

$

–

$

20,070,917

Total

$

20,070,917

$

–

$

–

$

20,070,917

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

Common

Stocks

97

.6

%

Shares

Value

($)

Aerospace

&

Defense

1

.5

%

Boeing

Co.

(The)*

660

142,448

Beverages

3

.0

%

Celsius

Holdings,

Inc.*

2,135

122,741

PepsiCo,

Inc.

1,143

160,523

283,264

Biotechnology

3

.2

%

Gilead

Sciences,

Inc.

1,257

139,527

Insmed,

Inc.*

660

95,047

Natera,

Inc.*

367

59,076

293,650

Broadline

Retail

7

.0

%

Amazon.com,

Inc.*

2,530

555,512

Global-e

Online

Ltd.*

2,736

97,839

653,351

Building

Products

1

.0

%

Trane

Technologies

plc

220

92,831

Capital

Markets

4

.5

%

Blackstone,

Inc.

880

150,348

Charles

Schwab

Corp.

(The)

1,760

168,027

Coinbase

Global,

Inc.,

Class

A*

293

98,885

417,260

Chemicals

2

.1

%

Sherwin-Williams

Co.

(The)

550

190,443

Communications

Equipment

1

.9

%

Arista

Networks,

Inc.*

816

118,899

Lumentum

Holdings,

Inc.*

372

60,528

179,427

Construction

&

Engineering

1

.2

%

Quanta

Services,

Inc.

259

107,335

Consumer

Finance

2

.4

%

American

Express

Co.

660

219,226

Electric

Utilities

1

.2

%

NextEra

Energy,

Inc.

1,467

110,744

Electrical

Equipment

2

.6

%

Eaton

Corp.

plc

293

109,655

GE

Vernova,

Inc.

220

135,278

244,933

Energy

Equipment

&

Services

1

.6

%

Baker

Hughes

Co.,

Class

A

3,119

151,958

Entertainment

1

.9

%

Netflix,

Inc.*

147

176,241

Financial

Services

2

.5

%

Corpay,

Inc.*

513

147,775

Toast,

Inc.,

Class

A*

2,237

81,673

229,448

Ground

Transportation

1

.4

%

Old

Dominion

Freight

Line,

Inc.

917

129,095

Health

Care

Equipment

&

Supplies

2

.4

%

Boston

Scientific

Corp.*

1,137

111,006

Stryker

Corp.

293

108,313

219,319

Health

Care

Providers

&

Services

1

.4

%

Humana,

Inc.

515

133,987

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

1

.3

%

Carnival

Corp.*

2,493

72,072

Cava

Group,

Inc.*

807

48,751

120,823

Independent

Power

and

Renewable

Electricity

Producers

0

.4

%

Vistra

Corp.

182

35,657

Insurance

1

.2

%

Kinsale

Capital

Group,

Inc.

257

109,292

Interactive

Media

&

Services

7

.2

%

Alphabet,

Inc.,

Class

A

1,292

314,085

Meta

Platforms,

Inc.,

Class

A

480

352,503

666,588

Life

Sciences

Tools

&

Services

1

.5

%

Thermo

Fisher

Scientific,

Inc.

295

143,081

Machinery

0

.7

%

Deere

&

Co.

147

67,217

Personal

Care

Products

1

.3

%

elf

Beauty,

Inc.*

885

117,245

Pharmaceuticals

0

.6

%

Eli

Lilly

&

Co.

74

56,462

Real

Estate

Management

&

Development

1

.7

%

Zillow

Group,

Inc.,

Class

C*

2,063

158,954

Semiconductors

&

Semiconductor

Equipment

14

.0

%

ASML

Holding

NV

(Registered),

ADR-NL

111

107,458

Broadcom,

Inc.

629

207,513

NVIDIA

Corp.

4,143

773,001

NXP

Semiconductors

NV

407

92,686

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

440

122,888

1,303,546

Software

15

.5

%

AppLovin

Corp.,

Class

A*

257

184,665

Autodesk,

Inc.*

477

151,529

Braze,

Inc.,

Class

A*

3,282

93,340

Datadog,

Inc.,

Class

A*

1,063

151,371

Microsoft

Corp.

1,283

664,530

Oracle

Corp.

367

103,215

Unity

Software,

Inc.*

2,175

87,087

1,435,737

Specialty

Retail

2

.1

%

RH*

403

81,874

Williams-Sonoma,

Inc.

594

116,097

197,971

Technology

Hardware,

Storage

&

Peripherals

3

.0

%

Apple,

Inc.

1,105

281,366

Textiles,

Apparel

&

Luxury

Goods

1

.3

%

NIKE,

Inc.,

Class

B

1,687

117,634

NVIT

J.P.

Morgan

Innovators

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

Common

Stocks

Shares

Value

($)

Tobacco

3

.0

%

Philip

Morris

International,

Inc.

1,723

279,471

Total

Investments

(cost

$6,490,919)

—

97.6%

9,066,004

Other

assets

in

excess

of

liabilities

—

2.4%

223,702

NET

ASSETS

—

100.0%

$

9,289,706

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

TW

Taiwan

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Innovators

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

9,066,004

$

–

$

–

$

9,066,004

Total

$

9,066,004

$

–

$

–

$

9,066,004

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

96

.9

%

Shares

Value

($)

Aerospace

&

Defense

1

.7

%

GE

Aerospace

1,340

403,099

RTX

Corp.

858

143,569

TransDigm

Group,

Inc.

78

102,805

649,473

Automobiles

3

.4

%

Tesla,

Inc.*

2,858

1,271,010

Beverages

0

.6

%

Coca-Cola

Co.

(The)

3,097

205,393

Biotechnology

3

.7

%

AbbVie,

Inc.

1,274

294,982

Alnylam

Pharmaceuticals,

Inc.*

412

187,872

Gilead

Sciences,

Inc.

1,870

207,570

Insmed,

Inc.*

3,100

446,431

Natera,

Inc.*

1,407

226,485

1,363,340

Broadline

Retail

6

.0

%

Alibaba

Group

Holding

Ltd.,

ADR-CN

1,992

356,030

Amazon.com,

Inc.*

5,410

1,187,874

MercadoLibre,

Inc.*

139

324,834

Sea

Ltd.,

ADR-SG*

2,001

357,639

2,226,377

Building

Products

0

.3

%

Trane

Technologies

plc

257

108,444

Capital

Markets

3

.6

%

Blackstone,

Inc.

837

143,001

Charles

Schwab

Corp.

(The)

2,229

212,803

Goldman

Sachs

Group,

Inc.

(The)

601

478,606

Intercontinental

Exchange,

Inc.

520

87,609

KKR

&

Co.,

Inc.

347

45,093

Robinhood

Markets,

Inc.,

Class

A*

2,637

377,566

1,344,678

Communications

Equipment

0

.5

%

Arista

Networks,

Inc.*

1,296

188,840

Construction

&

Engineering

0

.5

%

Quanta

Services,

Inc.

441

182,759

Consumer

Finance

0

.6

%

SoFi

Technologies,

Inc.*

8,101

214,028

Consumer

Staples

Distribution

&

Retail

1

.7

%

Walmart,

Inc.

6,299

649,175

Electrical

Equipment

1

.2

%

Eaton

Corp.

plc

50

18,713

GE

Vernova,

Inc.

707

434,734

453,447

Electronic

Equipment,

Instruments

&

Components

0

.9

%

Amphenol

Corp.,

Class

A

1,837

227,329

Celestica,

Inc.*

500

123,190

350,519

Entertainment

3

.1

%

Netflix,

Inc.*

591

708,562

ROBLOX

Corp.,

Class

A*

2,732

378,436

Spotify

Technology

SA*

107

74,686

1,161,684

Common

Stocks

Shares

Value

($)

Financial

Services

3

.4

%

Berkshire

Hathaway,

Inc.,

Class

B*

267

134,231

Mastercard,

Inc.,

Class

A

1,760

1,001,106

Visa,

Inc.,

Class

A

381

130,066

1,265,403

Ground

Transportation

0

.8

%

Uber

Technologies,

Inc.*

3,209

314,386

Health

Care

Equipment

&

Supplies

0

.8

%

Abbott

Laboratories

2,154

288,507

Intuitive

Surgical,

Inc.*

36

16,100

304,607

Health

Care

Providers

&

Services

0

.8

%

Hims

&

Hers

Health,

Inc.*

2,606

147,812

McKesson

Corp.

203

156,826

304,638

Hotels,

Restaurants

&

Leisure

3

.0

%

Booking

Holdings,

Inc.

60

323,956

DoorDash,

Inc.,

Class

A*

2,205

599,738

McDonald's

Corp.

590

179,295

1,102,989

Household

Durables

0

.5

%

DR

Horton,

Inc.

1,002

169,809

Independent

Power

and

Renewable

Electricity

Producers

0

.3

%

Vistra

Corp.

602

117,944

Industrial

Conglomerates

1

.2

%

3M

Co.

2,959

459,178

Interactive

Media

&

Services

9

.1

%

Alphabet,

Inc.,

Class

C

5,849

1,424,524

Meta

Platforms,

Inc.,

Class

A

2,700

1,982,826

3,407,350

IT

Services

3

.7

%

Cloudflare,

Inc.,

Class

A*

1,274

273,388

International

Business

Machines

Corp.

1,725

486,726

Shopify,

Inc.,

Class

A*

3,079

457,570

Snowflake,

Inc.,

Class

A*

405

91,348

Twilio,

Inc.,

Class

A*

859

85,977

1,395,009

Machinery

0

.3

%

Deere

&

Co.

247

112,943

Oil,

Gas

&

Consumable

Fuels

0

.3

%

Cheniere

Energy,

Inc.

409

96,107

Pharmaceuticals

0

.4

%

Eli

Lilly

&

Co.

24

18,312

Johnson

&

Johnson

607

112,550

130,862

Semiconductors

&

Semiconductor

Equipment

17

.3

%

Broadcom,

Inc.

5,030

1,659,447

Lam

Research

Corp.

173

23,165

NVIDIA

Corp.

24,396

4,551,806

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

870

242,982

6,477,400

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

Common

Stocks

Shares

Value

($)

Software

17

.9

%

AppLovin

Corp.,

Class

A*

517

371,485

Crowdstrike

Holdings,

Inc.,

Class

A*

355

174,085

Intuit,

Inc.

400

273,164

Microsoft

Corp.

7,676

3,975,784

Oracle

Corp.

3,388

952,841

Palantir

Technologies,

Inc.,

Class

A*

2,655

484,325

Palo

Alto

Networks,

Inc.*

861

175,317

ServiceNow,

Inc.*

305

280,686

6,687,687

Specialty

Retail

1

.1

%

AutoZone,

Inc.*

28

120,127

Carvana

Co.,

Class

A*

768

289,720

409,847

Technology

Hardware,

Storage

&

Peripherals

6

.8

%

Apple,

Inc.

10,001

2,546,555

Tobacco

1

.4

%

Philip

Morris

International,

Inc.

3,266

529,745

Total

Investments

(cost

$26,010,631)

—

96.9%

36,201,626

Other

assets

in

excess

of

liabilities

—

3.1%

1,143,415

NET

ASSETS

—

100.0%

$

37,345,041

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

SG

Singapore

TW

Taiwan

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

36,201,626

$

–

$

–

$

36,201,626

Total

$

36,201,626

$

–

$

–

$

36,201,626

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

Common

Stocks

99

.4

%

Shares

Value

($)

Aerospace

&

Defense

2

.6

%

Howmet

Aerospace,

Inc.

53,515

10,501,249

Northrop

Grumman

Corp.

34,395

20,957,561

31,458,810

Automobiles

1

.6

%

Tesla,

Inc.*

44,347

19,721,998

Banks

3

.6

%

US

Bancorp

185,459

8,963,233

Wells

Fargo

&

Co.

404,006

33,863,783

42,827,016

Biotechnology

2

.8

%

AbbVie,

Inc.

81,264

18,815,866

Regeneron

Pharmaceuticals,

Inc.

12,975

7,295,453

Vertex

Pharmaceuticals,

Inc.*

20,551

8,048,594

34,159,913

Broadline

Retail

4

.1

%

Amazon.com,

Inc.*

224,080

49,201,246

Building

Products

2

.1

%

Carrier

Global

Corp.

156,874

9,365,378

Trane

Technologies

plc

37,280

15,730,669

25,096,047

Capital

Markets

3

.7

%

Ameriprise

Financial,

Inc.

24,250

11,912,813

Blackstone,

Inc.

113,679

19,422,057

Morgan

Stanley

80,818

12,846,829

44,181,699

Construction

Materials

1

.9

%

Vulcan

Materials

Co.

73,499

22,609,762

Consumer

Finance

2

.3

%

American

Express

Co.

82,676

27,461,660

Consumer

Staples

Distribution

&

Retail

2

.1

%

Walmart,

Inc.

246,153

25,368,528

Electric

Utilities

3

.3

%

Entergy

Corp.

70,266

6,548,089

NextEra

Energy,

Inc.

245,607

18,540,872

Southern

Co.

(The)

150,947

14,305,247

39,394,208

Electrical

Equipment

1

.4

%

Eaton

Corp.

plc

46,607

17,442,670

Energy

Equipment

&

Services

2

.6

%

Baker

Hughes

Co.,

Class

A

647,257

31,534,361

Entertainment

2

.1

%

Walt

Disney

Co.

(The)

221,130

25,319,385

Financial

Services

2

.7

%

Mastercard,

Inc.,

Class

A

57,927

32,949,457

Food

Products

1

.2

%

Mondelez

International,

Inc.,

Class

A

231,400

14,455,558

Health

Care

Equipment

&

Supplies

3

.8

%

Edwards

Lifesciences

Corp.*

176,066

13,692,653

Medtronic

plc

173,608

16,534,426

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Stryker

Corp.

42,629

15,758,662

45,985,741

Hotels,

Restaurants

&

Leisure

3

.4

%

Chipotle

Mexican

Grill,

Inc.,

Class

A*

149,235

5,848,520

Marriott

International,

Inc.,

Class

A

36,006

9,377,403

McDonald's

Corp.

83,005

25,224,389

40,450,312

Industrial

REITs

0

.6

%

Prologis,

Inc.

63,408

7,261,484

Insurance

3

.7

%

Arthur

J

Gallagher

&

Co.

77,211

23,915,335

Progressive

Corp.

(The)

44,409

10,966,803

Travelers

Cos.,

Inc.

(The)

34,791

9,714,343

44,596,481

Interactive

Media

&

Services

7

.6

%

Alphabet,

Inc.,

Class

A

199,337

48,458,824

Meta

Platforms,

Inc.,

Class

A

58,152

42,705,666

91,164,490

Machinery

1

.0

%

Deere

&

Co.

26,304

12,027,767

Pharmaceuticals

1

.5

%

Eli

Lilly

&

Co.

24,403

18,619,489

Semiconductors

&

Semiconductor

Equipment

14

.4

%

ASML

Holding

NV

(Registered),

ADR-NL

10,172

9,847,412

Broadcom,

Inc.

78,284

25,826,675

NVIDIA

Corp.

594,578

110,936,363

NXP

Semiconductors

NV

120,332

27,403,206

174,013,656

Software

13

.1

%

Intuit,

Inc.

20,713

14,145,115

Microsoft

Corp.

204,780

106,065,801

Oracle

Corp.

78,365

22,039,372

ServiceNow,

Inc.*

17,292

15,913,482

158,163,770

Specialty

Retail

2

.5

%

Lowe's

Cos.,

Inc.

119,848

30,119,001

Technology

Hardware,

Storage

&

Peripherals

7

.4

%

Apple,

Inc.

349,387

88,964,412

Trading

Companies

&

Distributors

0

.3

%

United

Rentals,

Inc.

4,443

4,241,554

Total

Investments

(cost

$971,693,818)

—

99.4%

1,198,790,475

Other

assets

in

excess

of

liabilities

—

0.6%

6,812,793

NET

ASSETS

—

100.0%

$

1,205,603,268

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of September

30,

2025,

the

Fund

had

no

open

futures

contracts.  

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,198,790,475

$

–

$

–

$

1,198,790,475

Total

$

1,198,790,475

$

–

$

–

$

1,198,790,475

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

Common

Stocks

99.2%

Shares

Value

($)

Automobiles

3.6%

Tesla,

Inc.*

1,834

815,616

Banks

0.9%

NU

Holdings

Ltd.,

Class

A*

13,375

214,134

Broadline

Retail

8.1%

Alibaba

Group

Holding

Ltd.,

ADR-CN

2,853

509,917

Amazon.com,

Inc.*

1,632

358,338

MercadoLibre,

Inc.*

176

411,301

Sea

Ltd.,

ADR-SG*

3,250

580,873

1,860,429

Capital

Markets

6.3%

Coinbase

Global,

Inc.,

Class

A*

686

231,518

Robinhood

Markets,

Inc.,

Class

A*

8,480

1,214,167

1,445,685

Communications

Equipment

3.1%

Arista

Networks,

Inc.*

2,250

327,848

Ciena

Corp.*

2,627

382,675

710,523

Electrical

Equipment

0.7%

Vicor

Corp.*

3,015

149,906

Entertainment

9.9%

Netflix,

Inc.*

695

833,249

ROBLOX

Corp.,

Class

A*

677

93,778

Spotify

Technology

SA*

613

427,874

Take-Two

Interactive

Software,

Inc.*

3,474

897,543

2,252,444

Ground

Transportation

1.6%

Uber

Technologies,

Inc.*

3,710

363,469

Health

Care

Technology

1.9%

Veeva

Systems,

Inc.,

Class

A*

1,451

432,267

Hotels,

Restaurants

&

Leisure

1.3%

Booking

Holdings,

Inc.

55

296,960

Insurance

0.6%

Lemonade,

Inc.*

2,610

139,713

Interactive

Media

&

Services

8.1%

Alphabet,

Inc.,

Class

C

2,823

687,542

Meta

Platforms,

Inc.,

Class

A

1,106

812,224

Reddit,

Inc.,

Class

A*

1,478

339,925

1,839,691

IT

Services

8.7%

Cloudflare,

Inc.,

Class

A*

606

130,042

Shopify,

Inc.,

Class

A*

4,466

663,692

Snowflake,

Inc.,

Class

A*

4,177

942,122

Twilio,

Inc.,

Class

A*

2,557

255,930

1,991,786

Life

Sciences

Tools

&

Services

1.4%

Tempus

AI,

Inc.,

Class

A*

4,060

327,683

Media

0.2%

EchoStar

Corp.,

Class

A*

541

41,311

Semiconductors

&

Semiconductor

Equipment

20.5%

Advanced

Micro

Devices,

Inc.*

1,160

187,676

Allegro

MicroSystems,

Inc.*

3,779

110,347

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

ARM

Holdings

plc,

ADR*

439

62,114

ASML

Holding

NV

(Registered),

ADR-NL

218

211,044

Broadcom,

Inc.

2,284

753,514

Credo

Technology

Group

Holding

Ltd.*

4,774

695,142

Lam

Research

Corp.

3,337

446,824

MACOM

Technology

Solutions

Holdings,

Inc.*

314

39,090

Micron

Technology,

Inc.

1,446

241,945

NVIDIA

Corp.

6,364

1,187,395

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

2,703

754,921

4,690,012

Software

21.6%

AppLovin

Corp.,

Class

A*

445

319,750

Cadence

Design

Systems,

Inc.*

567

199,164

Crowdstrike

Holdings,

Inc.,

Class

A*

566

277,555

Datadog,

Inc.,

Class

A*

1,002

142,685

Figma,

Inc.,

Class

A*(a)

1,539

79,828

HubSpot,

Inc.*

542

253,548

Intuit,

Inc.

722

493,061

Microsoft

Corp.

1,058

547,991

Oracle

Corp.

3,260

916,842

Palantir

Technologies,

Inc.,

Class

A*

1,226

223,647

Palo

Alto

Networks,

Inc.*

1,332

271,222

ServiceNow,

Inc.*

789

726,101

ServiceTitan,

Inc.,

Class

A*

1,861

187,645

Zoom

Communications,

Inc.,

Class

A*

3,441

283,882

4,922,921

Specialized

REITs

0.3%

SBA

Communications

Corp.,

Class

A

324

62,645

Specialty

Retail

0.4%

Warby

Parker,

Inc.,

Class

A*

3,755

103,563

Total

Common

Stocks

(cost

$13,691,497)

22,660,758

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

33

Repurchase

Agreement

0.4%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$83,446,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$85,105.(b)

83,437

83,437

Total

Repurchase

Agreement

(cost

$83,437)

83,437

Total

Investments

(cost

$13,774,934)

—

99.6%

22,744,195

Other

assets

in

excess

of

liabilities

—

0.4%

83,996

NET

ASSETS

—

100.0%

$

22,828,191

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$79,776,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$83,437.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$83,437.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

REIT

Real

Estate

Investment

Trust

SG

Singapore

TW

Taiwan

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

22,660,758

$

–

$

–

$

22,660,758

Repurchase

Agreement

–

83,437

–

83,437

Total

$

22,660,758

$

83,437

$

–

$

22,744,195

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Allspring

Discovery

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98

.6

%

Shares

Value

($)

BRAZIL

1

.3

%

Broadline

Retail

1

.3

%

MercadoLibre,

Inc.

*

2,520

5,889,089

CANADA

3

.5

%

Commercial

Services

&

Supplies

1

.3

%

RB

Global,

Inc.

53,619

5,810,155

Electronic

Equipment,

Instruments

&

Components

2

.2

%

Celestica,

Inc.

*

40,697

10,026,927

15,837,082

DENMARK

1

.2

%

Biotechnology

1

.2

%

Ascendis

Pharma

A/S,

ADR

*

26,648

5,297,889

ISRAEL

1

.2

%

Pharmaceuticals

1

.2

%

Teva

Pharmaceutical

Industries

Ltd.,

ADR

*

275,244

5,559,929

UNITED

STATES

91

.4

%

Aerospace

&

Defense

4

.6

%

ATI,

Inc.

*(a)

46,892

3,814,195

Curtiss-Wright

Corp.

17,082

9,274,501

Mercury

Systems,

Inc.

*(a)

94,669

7,327,381

20,416,077

Biotechnology

5

.2

%

ADMA

Biologics,

Inc.

*(a)

191,199

2,802,977

Insmed,

Inc.

*

40,113

5,776,673

Natera,

Inc.

*

25,133

4,045,659

Neurocrine

Biosciences,

Inc.

*

35,892

5,038,519

Soleno

Therapeutics,

Inc.

*

34,058

2,302,321

Vericel

Corp.

*(a)

100,938

3,176,519

23,142,668

Building

Products

1

.1

%

AAON,

Inc.

(a)

54,566

5,098,647

Capital

Markets

1

.3

%

Miami

International

Holdings,

Inc.

*

57,046

2,296,672

Robinhood

Markets,

Inc.,

Class

A

*

25,588

3,663,690

5,960,362

Commercial

Services

&

Supplies

2

.9

%

Casella

Waste

Systems,

Inc.,

Class

A

*

98,669

9,361,715

Tetra

Tech,

Inc.

108,090

3,608,044

12,969,759

Construction

&

Engineering

6

.4

%

Argan,

Inc.

(a)

23,952

6,468,238

Construction

Partners,

Inc.,

Class

A

*(a)

79,930

10,151,110

EMCOR

Group,

Inc.

18,708

12,151,594

28,770,942

Diversified

Consumer

Services

1

.5

%

Adtalem

Global

Education,

Inc.

*

43,074

6,652,779

Electrical

Equipment

0

.6

%

Power

Solutions

International,

Inc.

*(a)

26,700

2,622,474

Electronic

Equipment,

Instruments

&

Components

2

.1

%

Novanta,

Inc.

*

43,337

4,340,201

Teledyne

Technologies,

Inc.

*

8,968

5,255,606

9,595,807

Entertainment

3

.6

%

Liberty

Media

Corp-Liberty

Live,

Class

C

*(a)

79,333

7,692,921

Common

Stocks

Shares

Value

($)

UNITED

STATES

Entertainment

TKO

Group

Holdings,

Inc.,

Class

A

42,601

8,603,698

16,296,619

Financial

Services

4

.6

%

Affirm

Holdings,

Inc.,

Class

A

*

101,621

7,426,463

Equitable

Holdings,

Inc.

176,204

8,947,639

Toast,

Inc.,

Class

A

*

115,647

4,222,272

20,596,374

Ground

Transportation

1

.2

%

Saia,

Inc.

*(a)

17,748

5,313,041

Health

Care

Equipment

&

Supplies

4

.7

%

Glaukos

Corp.

*

41,535

3,387,179

iRhythm

Technologies,

Inc.

*(a)

56,365

9,694,217

Penumbra,

Inc.

*

31,038

7,862,546

20,943,942

Health

Care

Providers

&

Services

7

.5

%

Guardant

Health,

Inc.

*(a)

82,960

5,183,341

HealthEquity,

Inc.

*

78,511

7,440,487

Option

Care

Health,

Inc.

*(a)

190,654

5,292,555

RadNet,

Inc.

*

125,079

9,532,270

Tenet

Healthcare

Corp.

*

29,813

6,053,232

33,501,885

Hotels,

Restaurants

&

Leisure

5

.3

%

Dutch

Bros,

Inc.,

Class

A

*

109,574

5,735,103

Hyatt

Hotels

Corp.,

Class

A

38,757

5,500,781

Viking

Holdings

Ltd.

*(a)

97,919

6,086,645

Wingstop,

Inc.

24,995

6,290,742

23,613,271

Household

Durables

2

.3

%

SharkNinja,

Inc.

*

41,707

4,302,077

Taylor

Morrison

Home

Corp.,

Class

A

*

88,005

5,809,210

10,111,287

Independent

Power

and

Renewable

Electricity

Producers

2

.8

%

Talen

Energy

Corp.

*(a)

29,971

12,749,064

Insurance

1

.3

%

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)

106,754

6,016,655

Life

Sciences

Tools

&

Services

1

.1

%

Repligen

Corp.

*

35,806

4,786,188

Machinery

3

.0

%

Esab

Corp.

47,891

5,351,340

RBC

Bearings,

Inc.

*

20,226

7,894,006

13,245,346

Metals

&

Mining

1

.9

%

Carpenter

Technology

Corp.

34,846

8,556,087

Professional

Services

2

.0

%

Parsons

Corp.

*(a)

57,140

4,738,049

UL

Solutions,

Inc.,

Class

A

(a)

61,198

4,336,490

9,074,539

Real

Estate

Management

&

Development

1

.6

%

Jones

Lang

LaSalle,

Inc.

*

23,776

7,091,905

Semiconductors

&

Semiconductor

Equipment

5

.5

%

Astera

Labs,

Inc.

*

33,095

6,480,001

Impinj,

Inc.

*(a)

23,641

4,273,111

Monolithic

Power

Systems,

Inc.

6,591

6,067,938

Rambus,

Inc.

*(a)

72,699

7,575,236

24,396,286

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Software

12

.0

%

Clearwater

Analytics

Holdings,

Inc.,

Class

A

*

328,776

5,924,544

Commvault

Systems,

Inc.

*

42,915

8,101,493

Guidewire

Software,

Inc.

*

31,458

7,230,936

Procore

Technologies,

Inc.

*

90,107

6,570,602

SailPoint,

Inc.

*(a)

161,823

3,573,052

Samsara,

Inc.,

Class

A

*

128,917

4,802,158

ServiceTitan,

Inc.,

Class

A

*(a)

39,258

3,958,384

Tyler

Technologies,

Inc.

*

11,279

5,900,722

Varonis

Systems,

Inc.,

Class

B

*

125,358

7,204,324

53,266,215

Specialty

Retail

2

.6

%

Burlington

Stores,

Inc.

*

19,934

5,073,203

Chewy,

Inc.,

Class

A

*

161,506

6,532,918

11,606,121

Trading

Companies

&

Distributors

2

.7

%

Applied

Industrial

Technologies,

Inc.

27,671

7,223,515

SiteOne

Landscape

Supply,

Inc.

*

38,204

4,920,675

12,144,190

408,538,530

Total

Common

Stocks

(cost

$327,966,910)

441,122,519

Repurchase

Agreements

4

.9

%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$15,001,746,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$15,300,002.(b)

15,000,000

15,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$986,339,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,005,948.(b)

986,224

986,224

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,349,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$3,060,001.(b)

3,000,000

3,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$21,986,224)

21,986,224

Total

Investments

(cost

$349,953,134)

—

103.5%

463,108,743

Liabilities

in

excess

of

other

assets

—

(3.5)%

(

15,641,211

)

NET

ASSETS

—

100.0%

$447,467,532

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$64,269,928,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,986,224

and

by

$43,671,982

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$65,658,206.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$21,986,224.

ADR

American

Depositary

Receipt

NVIT

Allspring

Discovery

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Allspring

Discovery

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

441,122,519

$

–

$

–

$

441,122,519

Repurchase

Agreements

–

21,986,224

–

21,986,224

Total

$

441,122,519

$

21,986,224

$

–

$

463,108,743

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

99

.8

%

Shares

Value

($)

Aerospace

&

Defense

3

.3

%

Howmet

Aerospace,

Inc.

40,175

7,883,540

Northrop

Grumman

Corp.

10,226

6,230,906

RTX

Corp.

39,396

6,592,133

Textron,

Inc.

23,180

1,958,478

22,665,057

Air

Freight

&

Logistics

0

.3

%

United

Parcel

Service,

Inc.,

Class

B

23,472

1,960,616

Automobile

Components

0

.2

%

Aptiv

plc*

12,759

1,100,081

Automobiles

1

.8

%

Tesla,

Inc.*

27,562

12,257,373

Banks

4

.1

%

Bank

of

America

Corp.

178,864

9,227,594

First

Citizens

BancShares,

Inc.,

Class

A

1,173

2,098,685

Wells

Fargo

&

Co.

201,898

16,923,090

28,249,369

Beverages

0

.8

%

Coca-Cola

Co.

(The)

41,977

2,783,914

PepsiCo,

Inc.

18,554

2,605,724

5,389,638

Biotechnology

2

.4

%

AbbVie,

Inc.

45,093

10,440,833

Regeneron

Pharmaceuticals,

Inc.

6,574

3,696,363

Vertex

Pharmaceuticals,

Inc.*

5,990

2,345,924

16,483,120

Broadline

Retail

4

.3

%

Amazon.com,

Inc.*

135,037

29,650,074

Building

Products

0

.9

%

Trane

Technologies

plc

15,388

6,493,120

Capital

Markets

3

.8

%

Ameriprise

Financial,

Inc.

10,859

5,334,484

Blackstone,

Inc.

21,086

3,602,543

Charles

Schwab

Corp.

(The)

57,073

5,448,759

CME

Group,

Inc.

16,508

4,460,297

Morgan

Stanley

30,776

4,892,153

State

Street

Corp.

21,329

2,474,377

26,212,613

Chemicals

0

.8

%

Axalta

Coating

Systems

Ltd.*

87,898

2,515,641

DuPont

de

Nemours,

Inc.

28,196

2,196,468

Linde

plc

1,850

878,750

5,590,859

Communications

Equipment

0

.4

%

Arista

Networks,

Inc.*

10,519

1,532,723

Motorola

Solutions,

Inc.

2,727

1,247,030

2,779,753

Consumer

Finance

1

.2

%

American

Express

Co.

24,641

8,184,754

Consumer

Staples

Distribution

&

Retail

1

.6

%

BJ's

Wholesale

Club

Holdings,

Inc.*

25,761

2,402,213

Costco

Wholesale

Corp.

2,337

2,163,197

Performance

Food

Group

Co.*

34,867

3,627,563

Common

Stocks

Shares

Value

($)

Consumer

Staples

Distribution

&

Retail

Walmart,

Inc.

29,510

3,041,301

11,234,274

Diversified

Telecommunication

Services

0

.6

%

Verizon

Communications,

Inc.

94,180

4,139,211

Electric

Utilities

2

.0

%

Entergy

Corp.

39,688

3,698,525

NextEra

Energy,

Inc.

59,605

4,499,581

Southern

Co.

(The)

61,456

5,824,185

14,022,291

Electrical

Equipment

0

.7

%

Eaton

Corp.

plc

12,272

4,592,796

Electronic

Equipment,

Instruments

&

Components

0

.6

%

Amphenol

Corp.,

Class

A

35,013

4,332,859

Entertainment

1

.5

%

Netflix,

Inc.*

2,484

2,978,117

Spotify

Technology

SA*

2,678

1,869,244

Walt

Disney

Co.

(The)

47,382

5,425,239

10,272,600

Financial

Services

3

.3

%

Berkshire

Hathaway,

Inc.,

Class

B*

11,346

5,704,088

Corpay,

Inc.*

5,357

1,543,138

Fidelity

National

Information

Services,

Inc.

31,799

2,096,826

Mastercard,

Inc.,

Class

A

23,715

13,489,329

22,833,381

Food

Products

0

.8

%

Mondelez

International,

Inc.,

Class

A

87,752

5,481,867

Ground

Transportation

1

.0

%

CSX

Corp.

196,736

6,986,095

Health

Care

Equipment

&

Supplies

1

.9

%

Edwards

Lifesciences

Corp.*

27,465

2,135,953

Medtronic

plc

51,375

4,892,955

Stryker

Corp.

16,995

6,282,542

13,311,450

Health

Care

Providers

&

Services

1

.4

%

Cigna

Group

(The)

10,665

3,074,186

UnitedHealth

Group,

Inc.

19,089

6,591,432

9,665,618

Health

Care

REITs

0

.3

%

Ventas,

Inc.

26,589

1,860,964

Hotels,

Restaurants

&

Leisure

1

.8

%

Chipotle

Mexican

Grill,

Inc.,

Class

A*

58,144

2,278,663

Hilton

Worldwide

Holdings,

Inc.

14,463

3,752,281

McDonald's

Corp.

18,651

5,667,852

Starbucks

Corp.

8,571

725,107

12,423,903

Household

Products

0

.3

%

Procter

&

Gamble

Co.

(The)

12,856

1,975,324

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Vistra

Corp.

3,993

782,309

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

Common

Stocks

Shares

Value

($)

Industrial

Conglomerates

0

.7

%

3M

Co.

32,189

4,995,089

Industrial

REITs

0

.5

%

Prologis,

Inc.

33,065

3,786,604

Insurance

1

.7

%

Arthur

J

Gallagher

&

Co.

8,084

2,503,938

MetLife,

Inc.

37,351

3,076,602

Progressive

Corp.

(The)

24,787

6,121,150

11,701,690

Interactive

Media

&

Services

7

.6

%

Alphabet,

Inc.,

Class

A

107,961

26,245,319

Meta

Platforms,

Inc.,

Class

A

36,036

26,464,118

52,709,437

IT

Services

0

.4

%

Cognizant

Technology

Solutions

Corp.,

Class

A

39,299

2,635,784

Life

Sciences

Tools

&

Services

0

.8

%

Thermo

Fisher

Scientific,

Inc.

10,957

5,314,364

Machinery

1

.1

%

Deere

&

Co.

8,376

3,830,010

Dover

Corp.

22,060

3,680,270

7,510,280

Media

0

.6

%

Comcast

Corp.,

Class

A

142,828

4,487,656

Multi-Utilities

0

.6

%

CMS

Energy

Corp.

53,469

3,917,139

Oil,

Gas

&

Consumable

Fuels

3

.0

%

ConocoPhillips

56,099

5,306,404

EOG

Resources,

Inc.

47,723

5,350,703

Exxon

Mobil

Corp.

92,670

10,448,543

21,105,650

Pharmaceuticals

2

.4

%

Bristol-Myers

Squibb

Co.

123,398

5,565,250

Elanco

Animal

Health,

Inc.*

102,702

2,068,418

Eli

Lilly

&

Co.

9,496

7,245,448

Johnson

&

Johnson

11,006

2,040,733

16,919,849

Professional

Services

0

.4

%

Leidos

Holdings,

Inc.

13,830

2,613,317

Semiconductors

&

Semiconductor

Equipment

14

.2

%

Advanced

Micro

Devices,

Inc.*

4,529

732,747

Analog

Devices,

Inc.

12,807

3,146,680

ASML

Holding

NV

(Registered),

ADR-NL

2,240

2,168,522

Broadcom,

Inc.

53,518

17,656,123

Lam

Research

Corp.

31,507

4,218,787

Micron

Technology,

Inc.

35,159

5,882,804

NVIDIA

Corp.

320,621

59,821,466

NXP

Semiconductors

NV

19,576

4,458,043

98,085,172

Software

11

.5

%

AppLovin

Corp.,

Class

A*

1,850

1,329,299

Autodesk,

Inc.*

5,308

1,686,192

Intuit,

Inc.

8,084

5,520,645

Microsoft

Corp.

109,520

56,725,884

Oracle

Corp.

13,051

3,670,463

Common

Stocks

Shares

Value

($)

Software

Palantir

Technologies,

Inc.,

Class

A*

9,447

1,723,322

Salesforce,

Inc.

24,154

5,724,498

ServiceNow,

Inc.*

1,753

1,613,251

Synopsys,

Inc.*

3,798

1,873,895

79,867,449

Specialized

REITs

0

.6

%

Digital

Realty

Trust,

Inc.

23,715

4,099,849

Specialty

Retail

2

.3

%

AutoZone,

Inc.*

1,071

4,594,847

Lowe's

Cos.,

Inc.

30,484

7,660,934

TJX

Cos.,

Inc.

(The)

27,660

3,997,976

16,253,757

Technology

Hardware,

Storage

&

Peripherals

8

.0

%

Apple,

Inc.

179,887

45,804,627

Hewlett

Packard

Enterprise

Co.

142,341

3,495,895

Seagate

Technology

Holdings

plc

25,517

6,023,543

55,324,065

Tobacco

1

.2

%

Philip

Morris

International,

Inc.

52,544

8,522,637

Total

Investments

(cost

$615,104,016)

—

99.8%

690,781,157

Other

assets

in

excess

of

liabilities

—

0.2%

1,364,238

NET

ASSETS

—

100.0%

$

692,145,395

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Written

Call

Options

Contracts

as

of

September

30,

2025:

D

escription

Counterparty

Number

of

Contracts

Notional

Amount

Exercise

  Price  

Expiration

Date

Value

($)  

S&P

500

Index

Exchange

Traded

259

USD

173,231,114

USD

6,595.00

10/3/2025

(2,766,120)

S&P

500

Index

Exchange

Traded

259

USD

173,231,114

USD

6,705.00

10/10/2025

(1,189,846)

S&P

500

Index

Exchange

Traded

259

USD

173,231,114

USD

6,755.00

10/17/2025

(1,077,440)

S&P

500

Index

Exchange

Traded

259

USD

173,231,114

USD

6,770.00

10/24/2025

(933,695)

Total

written

call

options

contracts

(5,967,101)

Total

Written

Options

Contracts

(Premiums

Received

($4,155,480))

(5,967,101)

Currency:

USD

United

States

dollar

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

690,781,157

$

–

$

–

$

690,781,157

Total

Assets

$

690,781,157

$

–

$

–

$

690,781,157

Liabilities:

Written

Options

$

(

5,967,101

)

$

–

$

–

$

(

5,967,101

)

Total

Liabilities

$

(

5,967,101

)

$

–

$

–

$

(

5,967,101

)

Total

$

684,814,056

$

–

$

–

$

684,814,056

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund)

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of September

30,

2025,

the

Fund

had

no

open

futures

contracts.  

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Liabilities:

Fair

Value

Written

Options

Equity

risk

Written

options,

at

value

$

(

5,967,101

)

Total

$

(

5,967,101

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

95

.0

%

Shares

Value

($)

Aerospace

&

Defense

3

.2

%

Airbus

SE

14,749

3,447,803

Boeing

Co.

(The)*

12,665

2,733,487

L3Harris

Technologies,

Inc.

19,642

5,998,863

Lockheed

Martin

Corp.

6,821

3,405,111

RTX

Corp.

16,690

2,792,738

18,378,002

Automobile

Components

0

.1

%

Lear

Corp.

6,263

630,120

Automobiles

0

.9

%

General

Motors

Co.

80,764

4,924,181

Banks

11

.4

%

Bank

of

America

Corp.

130,321

6,723,260

Citigroup,

Inc.

196,346

19,929,119

First

Citizens

BancShares,

Inc.,

Class

A

7,288

13,039,398

JPMorgan

Chase

&

Co.

22,149

6,986,459

Wells

Fargo

&

Co.

224,113

18,785,152

65,463,388

Beverages

0

.5

%

Keurig

Dr

Pepper,

Inc.

102,779

2,621,892

Broadline

Retail

2

.5

%

Amazon.com,

Inc.*

65,275

14,332,432

Building

Products

0

.5

%

Fortune

Brands

Innovations,

Inc.

54,656

2,918,084

Capital

Markets

3

.6

%

Carlyle

Group,

Inc.

(The)(a)

81,963

5,139,080

Charles

Schwab

Corp.

(The)

47,317

4,517,354

Intercontinental

Exchange,

Inc.

66,462

11,197,518

20,853,952

Chemicals

2

.2

%

Air

Products

&

Chemicals,

Inc.

15,336

4,182,434

LyondellBasell

Industries

NV,

Class

A

51,060

2,503,982

PPG

Industries,

Inc.(a)

56,823

5,972,666

12,659,082

Commercial

Services

&

Supplies

1

.1

%

Rentokil

Initial

plc

1,263,172

6,383,111

Communications

Equipment

1

.0

%

Cisco

Systems,

Inc.

80,050

5,477,021

Consumer

Staples

Distribution

&

Retail

1

.9

%

Dollar

General

Corp.

83,380

8,617,323

Sysco

Corp.

25,387

2,090,366

10,707,689

Containers

&

Packaging

1

.6

%

Crown

Holdings,

Inc.

34,422

3,324,821

Sealed

Air

Corp.(a)

164,715

5,822,675

9,147,496

Diversified

Telecommunication

Services

0

.9

%

Verizon

Communications,

Inc.

121,091

5,321,949

Electric

Utilities

3

.0

%

American

Electric

Power

Co.,

Inc.(a)

23,680

2,664,000

Edison

International

43,335

2,395,559

Evergy,

Inc.

48,147

3,660,135

Exelon

Corp.

135,378

6,093,364

Common

Stocks

Shares

Value

($)

Electric

Utilities

PG&E

Corp.

152,263

2,296,126

17,109,184

Electronic

Equipment,

Instruments

&

Components

0

.8

%

CDW

Corp.

25,720

4,096,682

Ralliant

Corp.

16,462

719,883

4,816,565

Entertainment

1

.9

%

Electronic

Arts,

Inc.

39,187

7,904,018

Walt

Disney

Co.

(The)

27,679

3,169,245

11,073,263

Financial

Services

2

.0

%

Fidelity

National

Information

Services,

Inc.

177,159

11,681,864

Food

Products

2

.3

%

Campbell's

Co.

(The)(a)

91,962

2,904,160

Kraft

Heinz

Co.

(The)

240,776

6,269,807

Lamb

Weston

Holdings,

Inc.

65,686

3,815,043

12,989,010

Ground

Transportation

0

.7

%

CSX

Corp.

58,801

2,088,024

Union

Pacific

Corp.

8,549

2,020,727

4,108,751

Health

Care

Equipment

&

Supplies

6

.1

%

Baxter

International,

Inc.

503,914

11,474,122

Becton

Dickinson

&

Co.

61,255

11,465,098

Medtronic

plc

122,469

11,663,948

34,603,168

Health

Care

Providers

&

Services

6

.4

%

Cardinal

Health,

Inc.

80,109

12,573,909

CVS

Health

Corp.

176,367

13,296,308

Elevance

Health,

Inc.

22,846

7,382,000

Labcorp

Holdings,

Inc.

10,956

3,145,029

36,397,246

Health

Care

REITs

0

.6

%

Healthcare

Realty

Trust,

Inc.,

Class

A

172,995

3,119,100

Household

Products

1

.0

%

Henkel

AG

&

Co.

KGaA

(Preference)(a)

71,099

5,738,887

Industrial

Conglomerates

0

.7

%

Honeywell

International,

Inc.

17,655

3,716,377

Industrial

REITs

1

.1

%

Rexford

Industrial

Realty,

Inc.

(a)

93,224

3,832,439

STAG

Industrial,

Inc.(a)

69,548

2,454,349

6,286,788

Insurance

3

.5

%

American

International

Group,

Inc.

52,728

4,141,257

Fidelity

National

Financial,

Inc.

100,230

6,062,913

Willis

Towers

Watson

plc(a)

28,889

9,979,705

20,183,875

Interactive

Media

&

Services

2

.3

%

Alphabet,

Inc.,

Class

C

29,945

7,293,105

Meta

Platforms,

Inc.,

Class

A

7,678

5,638,569

12,931,674

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

Common

Stocks

Shares

Value

($)

IT

Services

0

.8

%

Cognizant

Technology

Solutions

Corp.,

Class

A

69,430

4,656,670

Leisure

Products

1

.1

%

Hasbro,

Inc.

79,941

6,063,525

Machinery

0

.8

%

CNH

Industrial

NV(a)

202,465

2,196,745

Fortive

Corp.(a)

49,387

2,419,469

4,616,214

Media

2

.0

%

Comcast

Corp.,

Class

A

254,125

7,984,607

WPP

plc

741,458

3,705,082

11,689,689

Metals

&

Mining

1

.7

%

Barrick

Mining

Corp.

108,830

3,566,359

Teck

Resources

Ltd.,

Class

B

141,144

6,194,810

9,761,169

Multi-Utilities

1

.7

%

Dominion

Energy,

Inc.(a)

111,646

6,829,386

Sempra

33,769

3,038,534

9,867,920

Oil,

Gas

&

Consumable

Fuels

4

.1

%

BP

plc

2,289,442

13,133,264

Shell

plc

292,184

10,402,802

23,536,066

Pharmaceuticals

2

.4

%

AstraZeneca

plc

24,651

3,765,523

Bristol-Myers

Squibb

Co.

65,774

2,966,408

Pfizer,

Inc.

56,190

1,431,721

Sanofi

SA

61,448

5,808,324

13,971,976

Professional

Services

3

.8

%

Leidos

Holdings,

Inc.

29,859

5,642,157

SS&C

Technologies

Holdings,

Inc.

180,136

15,988,871

21,631,028

Residential

REITs

0

.7

%

AvalonBay

Communities,

Inc.

(a)

21,820

4,214,969

Semiconductors

&

Semiconductor

Equipment

1

.8

%

NVIDIA

Corp.

13,520

2,522,562

STMicroelectronics

NV

98,285

2,778,254

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

17,844

4,983,651

10,284,467

Software

1

.9

%

Microsoft

Corp.

21,434

11,101,740

Specialized

REITs

0

.9

%

Crown

Castle,

Inc.

52,689

5,083,962

Technology

Hardware,

Storage

&

Peripherals

5

.8

%

Hewlett

Packard

Enterprise

Co.

255,889

6,284,634

HP,

Inc.

283,586

7,722,047

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

8,859

13,307,796

Common

Stocks

Shares

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Western

Digital

Corp.

49,868

5,987,152

33,301,629

Tobacco

1

.0

%

British

American

Tobacco

plc,

ADR-UK

102,412

5,436,029

Trading

Companies

&

Distributors

0

.7

%

WESCO

International,

Inc.(a)

18,182

3,845,493

Total

Common

Stocks

(cost

$425,102,500)

543,636,697

Master

Limited

Partnership

1

.2

%

Oil,

Gas

&

Consumable

Fuels

1

.2

%

Enterprise

Products

Partners

LP

218,601

6,835,653

Total

Master

Limited

Partnership

(cost  $4,973,684)

6,835,653

Repurchase

Agreements

2

.6

%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,864,536,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$5,981,126.(b)

5,863,849

5,863,849

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$1,020,119.(b)

1,000,000

1,000,000

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,582,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$5,100,001.(b)

5,000,000

5,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(b)

2,000,000

2,000,000

Total

Repurchase

Agreements

(cost

$14,863,849)

14,863,849

Total

Investments

(cost

$444,940,033)

—

98.8%

565,336,199

Other

assets

in

excess

of

liabilities

—

1.2%

6,829,467

NET

ASSETS

—

100.0%

$

572,165,666

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$33,364,078,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,863,849

and

by

$19,185,185

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$34,049,034.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$14,863,849.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

TW

Taiwan

UK

United

Kingdom

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

BlackRock

Equity

Dividend

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

BlackRock

Equity

Dividend

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

14,930,199

$

3,447,803

$

–

$

18,378,002

Automobile

Components

630,120

–

–

630,120

Automobiles

4,924,181

–

–

4,924,181

Banks

65,463,388

–

–

65,463,388

Beverages

2,621,892

–

–

2,621,892

Broadline

Retail

14,332,432

–

–

14,332,432

Building

Products

2,918,084

–

–

2,918,084

Capital

Markets

20,853,952

–

–

20,853,952

Chemicals

12,659,082

–

–

12,659,082

Commercial

Services

&

Supplies

–

6,383,111

–

6,383,111

Communications

Equipment

5,477,021

–

–

5,477,021

Consumer

Staples

Distribution

&

Retail

10,707,689

–

–

10,707,689

Containers

&

Packaging

9,147,496

–

–

9,147,496

Diversified

Telecommunication

Services

5,321,949

–

–

5,321,949

Electric

Utilities

17,109,184

–

–

17,109,184

Electronic

Equipment,

Instruments

&

Components

4,816,565

–

–

4,816,565

Entertainment

11,073,263

–

–

11,073,263

Financial

Services

11,681,864

–

–

11,681,864

Food

Products

12,989,010

–

–

12,989,010

Ground

Transportation

4,108,751

–

–

4,108,751

Health

Care

Equipment

&

Supplies

34,603,168

–

–

34,603,168

Health

Care

Providers

&

Services

36,397,245

–

–

36,397,245

Health

Care

REITs

3,119,100

–

–

3,119,100

Household

Products

–

5,738,887

–

5,738,887

Industrial

Conglomerates

3,716,378

–

–

3,716,378

Industrial

REITs

6,286,788

–

–

6,286,788

Insurance

20,183,875

–

–

20,183,875

Interactive

Media

&

Services

12,931,674

–

–

12,931,674

IT

Services

4,656,670

–

–

4,656,670

Leisure

Products

6,063,525

–

–

6,063,525

Machinery

4,616,214

–

–

4,616,214

Media

7,984,607

3,705,082

–

11,689,689

Metals

&

Mining

9,761,169

–

–

9,761,169

Multi-Utilities

9,867,920

–

–

9,867,920

Oil,

Gas

&

Consumable

Fuels

–

23,536,066

–

23,536,066

Pharmaceuticals

4,398,128

9,573,848

–

13,971,976

Professional

Services

21,631,028

–

–

21,631,028

Residential

REITs

4,214,969

–

–

4,214,969

Semiconductors

&

Semiconductor

Equipment

7,506,213

2,778,254

–

10,284,467

Software

11,101,740

–

–

11,101,740

Specialized

REITs

5,083,962

–

–

5,083,962

Technology

Hardware,

Storage

&

Peripherals

19,993,833

13,307,796

–

33,301,629

Tobacco

5,436,029

–

–

5,436,029

Trading

Companies

&

Distributors

3,845,493

–

–

3,845,493

Total

Common

Stocks

$

475,165,850

$

68,470,847

$

–

$

543,636,697

Master

Limited

Partnership

6,835,653

–

–

6,835,653

Repurchase

Agreements

–

14,863,849

–

14,863,849

Total

$

482,001,503

$

83,334,696

$

–

$

565,336,199

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GQG

US

Quality

Equity

Fund

(formerly,

NVIT

Calvert

Equity

Fund)

Common

Stocks

99

.2

%

Shares

Value

($)

Beverages

3

.8

%

Coca-Cola

Co.

(The)

37,673

2,498,473

Diageo

plc,

ADR-UK

11,107

1,059,941

3,558,414

Capital

Markets

3

.5

%

CME

Group,

Inc.

8,912

2,407,933

Intercontinental

Exchange,

Inc.

5,430

914,847

3,322,780

Consumer

Staples

Distribution

&

Retail

2

.3

%

Kroger

Co.

(The)

31,853

2,147,211

Diversified

Telecommunication

Services

12

.1

%

AT&T,

Inc.

222,957

6,296,306

Verizon

Communications,

Inc.

116,121

5,103,518

11,399,824

Electric

Utilities

16

.4

%

American

Electric

Power

Co.,

Inc.

39,331

4,424,737

Duke

Energy

Corp.

22,926

2,837,093

Exelon

Corp.

58,211

2,620,077

NextEra

Energy,

Inc.

29,543

2,230,201

PPL

Corp.

37,284

1,385,473

Xcel

Energy,

Inc.

25,149

2,028,267

15,525,848

Financial

Services

2

.0

%

Visa,

Inc.,

Class

A

5,627

1,920,945

Gas

Utilities

1

.0

%

Atmos

Energy

Corp.

5,589

954,322

Health

Care

Providers

&

Services

4

.7

%

Cigna

Group

(The)

15,359

4,427,232

Insurance

14

.6

%

Allstate

Corp.

(The)

11,415

2,450,230

American

International

Group,

Inc.

48,332

3,795,995

Cincinnati

Financial

Corp.

14,735

2,329,604

Progressive

Corp.

(The)

19,245

4,752,553

Common

Stocks

Shares

Value

($)

Insurance

Slide

Insurance

Holdings,

Inc.*

25,775

406,858

13,735,240

Interactive

Media

&

Services

3

.4

%

Meta

Platforms,

Inc.,

Class

A

4,348

3,193,084

Multi-Utilities

3

.6

%

CenterPoint

Energy,

Inc.

48,848

1,895,302

DTE

Energy

Co.

10,750

1,520,373

3,415,675

Oil,

Gas

&

Consumable

Fuels

8

.6

%

Chevron

Corp.

11,813

1,834,441

Enbridge,

Inc.

45,901

2,316,164

Exxon

Mobil

Corp.

35,332

3,983,683

8,134,288

Pharmaceuticals

5

.4

%

Johnson

&

Johnson

16,515

3,062,211

Novartis

AG,

ADR

16,166

2,073,128

5,135,339

Software

2

.6

%

Microsoft

Corp.

4,718

2,443,688

Tobacco

13

.3

%

Altria

Group,

Inc.

70,302

4,644,150

Philip

Morris

International,

Inc.

48,611

7,884,704

12,528,854

Water

Utilities

1

.9

%

American

Water

Works

Co.,

Inc.

13,117

1,825,755

Total

Investments

(cost

$89,561,477)

—

99.2%

93,668,499

Other

assets

in

excess

of

liabilities

—

0.8%

780,391

NET

ASSETS

—

100.0%

$

94,448,890

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

UK

United

Kingdom

NVIT

GQG

US

Quality

Equity

Fund

(formerly,

NVIT

Calvert

Equity

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

GQG

US

Quality

Equity

Fund

(formerly,

NVIT

Calvert

Equity

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

93,668,499

$

–

$

–

$

93,668,499

Total

$

93,668,499

$

–

$

–

$

93,668,499

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

Common

Stocks

99

.2

%

Shares

Value

($)

Aerospace

&

Defense

1

.3

%

Huntington

Ingalls

Industries,

Inc.

6,147

1,769,783

Leonardo

DRS,

Inc.

687

31,190

Lockheed

Martin

Corp.

2,938

1,466,679

3,267,652

Air

Freight

&

Logistics

0

.4

%

Expeditors

International

of

Washington,

Inc.

8,313

1,019,091

Automobile

Components

0

.3

%

Autoliv,

Inc.

3,836

473,746

Lear

Corp.

2,540

255,549

729,295

Automobiles

2

.4

%

Ford

Motor

Co.

129,112

1,544,179

General

Motors

Co.

68,622

4,183,883

Tesla,

Inc.*

762

338,877

6,066,939

Banks

3

.1

%

BOK

Financial

Corp.(a)

4,764

530,900

Citigroup,

Inc.

30,770

3,123,155

Wells

Fargo

&

Co.

49,769

4,171,638

7,825,693

Beverages

1

.0

%

Monster

Beverage

Corp.*

37,385

2,516,384

Biotechnology

2

.8

%

Alnylam

Pharmaceuticals,

Inc.*

728

331,968

Halozyme

Therapeutics,

Inc.*

5,988

439,160

Incyte

Corp.*

17,761

1,506,310

Moderna,

Inc.*(a)

17,725

457,837

Regeneron

Pharmaceuticals,

Inc.

3,380

1,900,473

Ultragenyx

Pharmaceutical,

Inc.*(a)

10,875

327,120

Vertex

Pharmaceuticals,

Inc.*

4,844

1,897,104

6,859,972

Broadline

Retail

2

.0

%

Amazon.com,

Inc.*

21,243

4,664,326

Coupang,

Inc.*

10,820

348,404

5,012,730

Building

Products

0

.6

%

Masco

Corp.

21,458

1,510,429

Capital

Markets

4

.1

%

Bank

of

New

York

Mellon

Corp.

(The)

41,962

4,572,179

Interactive

Brokers

Group,

Inc.,

Class

A

32,000

2,201,920

Northern

Trust

Corp.

21,068

2,835,753

State

Street

Corp.(a)

5,364

622,278

10,232,130

Chemicals

1

.0

%

Celanese

Corp.,

Class

A

9,532

401,107

Huntsman

Corp.

78,587

705,711

Scotts

Miracle-Gro

Co.

(The)

12,748

725,999

Westlake

Corp.(a)

8,775

676,201

2,509,018

Commercial

Services

&

Supplies

0

.4

%

Rollins,

Inc.

18,724

1,099,848

Common

Stocks

Shares

Value

($)

Communications

Equipment

2

.0

%

Arista

Networks,

Inc.*

34,052

4,961,717

Construction

&

Engineering

1

.7

%

Comfort

Systems

USA,

Inc.

2,284

1,884,711

EMCOR

Group,

Inc.

2,484

1,613,457

MasTec,

Inc.*

3,098

659,286

4,157,454

Consumer

Finance

0

.3

%

Ally

Financial,

Inc.

21,682

849,934

Consumer

Staples

Distribution

&

Retail

1

.8

%

Costco

Wholesale

Corp.

2,372

2,195,594

Target

Corp.

24,423

2,190,743

4,386,337

Containers

&

Packaging

0

.4

%

Ball

Corp.

17,723

893,594

Electronic

Equipment,

Instruments

&

Components

1

.0

%

Jabil,

Inc.

10,880

2,362,810

Entertainment

0

.1

%

Roku,

Inc.,

Class

A*

2,613

261,640

Financial

Services

2

.8

%

Corebridge

Financial,

Inc.

24,349

780,385

Fiserv,

Inc.*

2,748

354,300

Mastercard,

Inc.,

Class

A(a)

10,381

5,904,817

7,039,502

Food

Products

1

.6

%

Archer-Daniels-Midland

Co.(a)

25,794

1,540,933

Pilgrim's

Pride

Corp.(a)

11,528

469,420

Smithfield

Foods,

Inc.(a)

18,721

439,569

Tyson

Foods,

Inc.,

Class

A

27,832

1,511,278

3,961,200

Ground

Transportation

1

.5

%

JB

Hunt

Transport

Services,

Inc.(a)

17,073

2,290,684

Landstar

System,

Inc.

9,276

1,136,867

Ryder

System,

Inc.

1,000

188,640

3,616,191

Health

Care

Equipment

&

Supplies

2

.7

%

Align

Technology,

Inc.*

5,869

734,916

Dentsply

Sirona,

Inc.

50,250

637,673

Edwards

Lifesciences

Corp.*

42,651

3,316,968

GE

HealthCare

Technologies,

Inc.

25,752

1,933,975

6,623,532

Health

Care

Providers

&

Services

1

.8

%

McKesson

Corp.

5,696

4,400,388

Hotels,

Restaurants

&

Leisure

3

.1

%

Airbnb,

Inc.,

Class

A*

12,652

1,536,206

Booking

Holdings,

Inc.

884

4,772,955

Domino's

Pizza,

Inc.

2,760

1,191,519

DraftKings,

Inc.,

Class

A*(a)

3,885

145,299

7,645,979

Household

Durables

1

.6

%

Garmin

Ltd.

9,682

2,383,902

NVR,

Inc.*

192

1,542,655

3,926,557

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

Common

Stocks

Shares

Value

($)

Household

Products

0

.3

%

Church

&

Dwight

Co.,

Inc.

8,347

731,448

Insurance

4

.2

%

Arch

Capital

Group

Ltd.

7,898

716,586

CNA

Financial

Corp.(a)

12,246

568,949

Everest

Group

Ltd.

3,418

1,197,086

Globe

Life,

Inc.

12,573

1,797,562

MetLife,

Inc.

17,429

1,435,627

Prudential

Financial,

Inc.

14,906

1,546,348

RLI

Corp.

952

62,089

Travelers

Cos.,

Inc.

(The)

11,022

3,077,563

10,401,810

Interactive

Media

&

Services

5

.6

%

Alphabet,

Inc.,

Class

C

25,860

6,298,203

Match

Group,

Inc.

33,603

1,186,858

Meta

Platforms,

Inc.,

Class

A

8,685

6,378,090

13,863,151

IT

Services

1

.5

%

VeriSign,

Inc.

12,992

3,632,173

Life

Sciences

Tools

&

Services

0

.7

%

Illumina,

Inc.*

5,957

565,736

West

Pharmaceutical

Services,

Inc.

4,750

1,246,068

1,811,804

Machinery

1

.5

%

Cummins,

Inc.

845

356,902

Graco,

Inc.

8,082

686,647

Otis

Worldwide

Corp.

28,698

2,623,858

3,667,407

Media

0

.7

%

Comcast

Corp.,

Class

A

57,443

1,804,859

Metals

&

Mining

0

.3

%

Commercial

Metals

Co.

13,466

771,332

Multi-Utilities

0

.7

%

Public

Service

Enterprise

Group,

Inc.

20,166

1,683,054

Oil,

Gas

&

Consumable

Fuels

2

.3

%

Exxon

Mobil

Corp.

15,720

1,772,430

HF

Sinclair

Corp.

9,114

477,027

Phillips

66

13,483

1,833,958

Valero

Energy

Corp.

9,667

1,645,903

5,729,318

Passenger

Airlines

0

.5

%

Southwest

Airlines

Co.(a)

37,481

1,196,019

Professional

Services

1

.5

%

Automatic

Data

Processing,

Inc.

6,921

2,031,314

FTI

Consulting,

Inc.*

4,763

769,939

Jacobs

Solutions,

Inc.

5,849

876,531

3,677,784

Residential

REITs

0

.6

%

Essex

Property

Trust,

Inc.(a)

6,041

1,616,934

Semiconductors

&

Semiconductor

Equipment

13

.0

%

Broadcom,

Inc.

5,379

1,774,586

Lam

Research

Corp.

18,851

2,524,149

NVIDIA

Corp.

125,119

23,344,703

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.

28,099

4,674,549

32,317,987

Software

12

.0

%

Adobe,

Inc.*

11,401

4,021,703

Dropbox,

Inc.,

Class

A*(a)

60,424

1,825,409

Fortinet,

Inc.*

29,718

2,498,689

Manhattan

Associates,

Inc.*

7,459

1,528,946

Microsoft

Corp.

24,092

12,478,451

Nutanix,

Inc.,

Class

A*

6,445

479,444

Pegasystems,

Inc.(a)

22,886

1,315,945

RingCentral,

Inc.,

Class

A*

14,112

399,934

Salesforce,

Inc.

10,714

2,539,218

Workday,

Inc.,

Class

A*

9,741

2,344,951

Zoom

Communications,

Inc.,

Class

A*

164

13,530

Zscaler,

Inc.*(a)

846

253,512

29,699,732

Specialized

REITs

0

.1

%

Millrose

Properties,

Inc.

6,422

215,843

Specialty

Retail

3

.2

%

Best

Buy

Co.,

Inc.

8,831

667,800

Lowe's

Cos.,

Inc.

5,246

1,318,372

O'Reilly

Automotive,

Inc.*

41,835

4,510,231

Wayfair,

Inc.,

Class

A*

1,681

150,164

Williams-Sonoma,

Inc.

6,321

1,235,440

7,882,007

Technology

Hardware,

Storage

&

Peripherals

7

.7

%

Apple,

Inc.

69,773

17,766,299

NetApp,

Inc.

12,194

1,444,501

19,210,800

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Columbia

Sportswear

Co.(a)

6,090

318,507

Deckers

Outdoor

Corp.*

10,122

1,026,067

1,344,574

Trading

Companies

&

Distributors

0

.5

%

Fastenal

Co.

25,014

1,226,687

Total

Common

Stocks

(cost

$175,383,338)

246,220,739

Repurchase

Agreements

4

.6

%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,425,623,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$8,593,128.(b)

8,424,635

8,424,635

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$1,020,119.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$11,424,635)

11,424,635

Total

Investments

(cost

$186,807,973)

—

103.8%

257,645,374

Liabilities

in

excess

of

other

assets

—

(3.8)%

(

9,329,413

)

NET

ASSETS

—

100.0%

$

248,315,961

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$14,253,436,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$11,424,635

and

by

$3,185,076

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.13%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2055,

a

total

value

of

$14,609,711.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$11,424,635.

REIT

Real

Estate

Investment

Trust

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

246,220,739

$

–

$

–

$

246,220,739

Repurchase

Agreements

–

11,424,635

–

11,424,635

Total

$

246,220,739

$

11,424,635

$

–

$

257,645,374

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

Common

Stocks

96.6%

Shares

Value

($)

Aerospace

&

Defense

2.6%

L3Harris

Technologies,

Inc.

14,275

4,359,728

StandardAero,

Inc.*

23,950

653,596

Textron,

Inc.(a)

36,850

3,113,456

8,126,780

Automobile

Components

1.4%

BorgWarner,

Inc.

96,200

4,228,952

Banks

3.3%

Huntington

Bancshares,

Inc.

295,500

5,103,285

Truist

Financial

Corp.

109,975

5,028,057

10,131,342

Building

Products

1.5%

Builders

FirstSource,

Inc.*

17,800

2,158,250

Carrier

Global

Corp.

40,300

2,405,910

4,564,160

Capital

Markets

1.7%

Raymond

James

Financial,

Inc.

29,925

5,165,055

Chemicals

4.7%

Axalta

Coating

Systems

Ltd.*

70,900

2,029,158

CF

Industries

Holdings,

Inc.(a)

54,850

4,920,045

RPM

International,

Inc.

39,200

4,620,896

Westlake

Corp.

37,400

2,882,044

14,452,143

Commercial

Services

&

Supplies

1.1%

Republic

Services,

Inc.,

Class

A

14,400

3,304,512

Consumer

Staples

Distribution

&

Retail

5.6%

Casey's

General

Stores,

Inc.

9,100

5,144,412

Maplebear,

Inc.*(a)

40,650

1,494,294

Performance

Food

Group

Co.*

59,725

6,213,789

US

Foods

Holding

Corp.*

60,100

4,604,862

17,457,357

Containers

&

Packaging

4.5%

AptarGroup,

Inc.

29,000

3,876,140

Crown

Holdings,

Inc.(a)

47,600

4,597,684

Graphic

Packaging

Holding

Co.(a)

36,500

714,305

Packaging

Corp.

of

America

21,775

4,745,426

13,933,555

Electric

Utilities

2.5%

Alliant

Energy

Corp.

113,600

7,657,776

Electrical

Equipment

2.3%

Hubbell,

Inc.,

Class

B

9,225

3,969,610

Regal

Rexnord

Corp.(a)

21,675

3,109,062

7,078,672

Electronic

Equipment,

Instruments

&

Components

4.4%

Keysight

Technologies,

Inc.*

31,725

5,549,337

Trimble,

Inc.*

64,500

5,266,425

Zebra

Technologies

Corp.,

Class

A*

9,700

2,882,452

13,698,214

Energy

Equipment

&

Services

1.5%

Baker

Hughes

Co.,

Class

A

93,900

4,574,808

Ground

Transportation

3.8%

CSX

Corp.

141,800

5,035,318

Common

Stocks

Shares

Value

($)

Ground

Transportation

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A(a)

103,300

4,081,383

Landstar

System,

Inc.

20,800

2,549,248

11,665,949

Health

Care

Equipment

&

Supplies

1.6%

Hologic,

Inc.*

71,350

4,815,411

Health

Care

Providers

&

Services

4.5%

Labcorp

Holdings,

Inc.

20,850

5,985,201

Molina

Healthcare,

Inc.*(a)

12,725

2,435,056

Quest

Diagnostics,

Inc.(a)

28,800

5,488,704

13,908,961

Hotels,

Restaurants

&

Leisure

3.1%

Expedia

Group,

Inc.

25,950

5,546,813

Hilton

Worldwide

Holdings,

Inc.

8,075

2,094,978

Texas

Roadhouse,

Inc.,

Class

A

12,400

2,060,260

9,702,051

Insurance

9.9%

American

Financial

Group,

Inc.

37,725

5,497,287

Fidelity

National

Financial,

Inc.

90,275

5,460,735

Hartford

Insurance

Group,

Inc.

(The)

39,100

5,215,549

Old

Republic

International

Corp.

104,950

4,457,226

Principal

Financial

Group,

Inc.

48,300

4,004,553

Willis

Towers

Watson

plc(a)

17,250

5,959,013

30,594,363

IT

Services

0.7%

Akamai

Technologies,

Inc.*

30,300

2,295,528

Machinery

5.3%

AGCO

Corp.(a)

28,900

3,094,323

Lincoln

Electric

Holdings,

Inc.

23,525

5,547,901

Middleby

Corp.

(The)*

17,500

2,326,275

Xylem,

Inc.

36,200

5,339,500

16,307,999

Metals

&

Mining

2.6%

Franco-Nevada

Corp.(a)

21,275

4,742,410

Steel

Dynamics,

Inc.(a)

24,675

3,440,436

8,182,846

Multi-Utilities

1.8%

CMS

Energy

Corp.

77,350

5,666,661

Oil,

Gas

&

Consumable

Fuels

3.7%

Chord

Energy

Corp.

39,875

3,962,379

Coterra

Energy,

Inc.

182,175

4,308,438

Devon

Energy

Corp.

92,500

3,243,050

11,513,867

Personal

Care

Products

0.9%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

29,975

2,641,397

Professional

Services

2.9%

FTI

Consulting,

Inc.*

14,775

2,388,379

Genpact

Ltd.

69,150

2,896,693

TransUnion(a)

42,900

3,594,162

8,879,234

Residential

REITs

2.9%

Camden

Property

Trust

36,500

3,897,470

NVIT

Victory

Mid

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

Shares

Value

($)

Residential

REITs

Equity

LifeStyle

Properties,

Inc.(a)

84,125

5,106,387

9,003,857

Retail

REITs

1.8%

NNN

REIT,

Inc.

128,025

5,450,024

Semiconductors

&

Semiconductor

Equipment

3.2%

Microchip

Technology,

Inc.

72,175

4,635,078

MKS,

Inc.

43,600

5,396,372

10,031,450

Software

1.2%

Check

Point

Software

Technologies

Ltd.*(a)

17,850

3,693,344

Specialized

REITs

2.4%

Lamar

Advertising

Co.,

Class

A(a)

41,675

5,101,854

SBA

Communications

Corp.,

Class

A

11,300

2,184,855

7,286,709

Specialty

Retail

5.4%

AutoZone,

Inc.*

555

2,381,083

Bath

&

Body

Works,

Inc.

93,575

2,410,492

GCI

Liberty,

Inc.

Escrow,

Class

Class

A*^∞

32,251

0

Lowe's

Cos.,

Inc.

18,325

4,605,256

Penske

Automotive

Group,

Inc.

18,500

3,217,335

Tractor

Supply

Co.

53,100

3,019,797

Williams-Sonoma,

Inc.

5,850

1,143,382

16,777,345

Textiles,

Apparel

&

Luxury

Goods

0.2%

Ralph

Lauren

Corp.,

Class

A

2,475

776,061

Water

Utilities

1.6%

American

Water

Works

Co.,

Inc.

34,800

4,843,812

Total

Common

Stocks

(cost

$263,547,276)

298,410,195

Repurchase

Agreements

6.9%

Principal

Amount

($)

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,436,552,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,524,753.(b)

4,436,032

4,436,032

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,234,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$9,001,050,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$9,181,071.(b)

9,000,000

9,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(b)

2,000,000

2,000,000

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,345,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$3,060,011.(b)

3,000,000

3,000,000

Total

Repurchase

Agreements

(cost

$21,436,032)

21,436,032

Total

Investments

(cost

$284,983,308)

—

103.5%

319,846,227

Liabilities

in

excess

of

other

assets

—

(3.5)%

(10,897,822)

NET

ASSETS

—

100.0%

$

308,948,405

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$42,245,320,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,436,032

and

by

$21,571,420

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.13%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2055,

a

total

value

of

$43,007,452.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$21,436,032.

REIT

Real

Estate

Investment

Trust

NVIT

Victory

Mid

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Victory

Mid

Cap

Value

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

8,126,780

$

–

$

–

$

8,126,780

Automobile

Components

4,228,952

–

–

4,228,952

Banks

10,131,342

–

–

10,131,342

Building

Products

4,564,160

–

–

4,564,160

Capital

Markets

5,165,055

–

–

5,165,055

Chemicals

14,452,143

–

–

14,452,143

Commercial

Services

&

Supplies

3,304,512

–

–

3,304,512

Consumer

Staples

Distribution

&

Retail

17,457,356

–

–

17,457,356

Containers

&

Packaging

13,933,555

–

–

13,933,555

Electric

Utilities

7,657,776

–

–

7,657,776

Electrical

Equipment

7,078,672

–

–

7,078,672

Electronic

Equipment,

Instruments

&

Components

13,698,214

–

–

13,698,214

Energy

Equipment

&

Services

4,574,808

–

–

4,574,808

Ground

Transportation

11,665,949

–

–

11,665,949

Health

Care

Equipment

&

Supplies

4,815,412

–

–

4,815,412

Health

Care

Providers

&

Services

13,908,961

–

–

13,908,961

Hotels,

Restaurants

&

Leisure

9,702,051

–

–

9,702,051

Insurance

30,594,362

–

–

30,594,362

IT

Services

2,295,528

–

–

2,295,528

Machinery

16,307,998

–

–

16,307,998

Metals

&

Mining

8,182,846

–

–

8,182,846

Multi-Utilities

5,666,661

–

–

5,666,661

Oil,

Gas

&

Consumable

Fuels

11,513,868

–

–

11,513,868

Personal

Care

Products

2,641,397

–

–

2,641,397

Professional

Services

8,879,234

–

–

8,879,234

Residential

REITs

9,003,858

–

–

9,003,858

Retail

REITs

5,450,024

–

–

5,450,024

Semiconductors

&

Semiconductor

Equipment

10,031,451

–

–

10,031,451

Software

3,693,344

–

–

3,693,344

Specialized

REITs

7,286,709

–

–

7,286,709

Specialty

Retail

16,777,344

–

–

16,777,344

Textiles,

Apparel

&

Luxury

Goods

776,061

–

–

776,061

Water

Utilities

4,843,812

–

–

4,843,812

Total

Common

Stocks

$

298,410,195

$

–

$

–

$

298,410,195

Repurchase

Agreements

–

21,436,032

–

21,436,032

Total

$

298,410,195

$

21,436,032

$

–

$

319,846,227

As

of

September

30,

2025,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Victory

Mid

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

As

of

September

30,

2025,

the

Fund

had

no

open

forward

foreign

currency

contracts.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Common

Stocks

92.5%

Shares

Value

($)

Aerospace

&

Defense

0.4%

GE

Aerospace

6,792

2,043,169

Automobiles

1.8%

Tesla,

Inc.*

21,761

9,677,552

Banks

2.0%

NU

Holdings

Ltd.,

Class

A*

328,699

5,262,471

Popular,

Inc.

39,307

4,992,382

10,254,853

Beverages

1.4%

Monster

Beverage

Corp.*

112,882

7,598,087

Biotechnology

3.4%

ACADIA

Pharmaceuticals,

Inc.*

17,663

376,928

Alnylam

Pharmaceuticals,

Inc.*

1,111

506,616

Denali

Therapeutics,

Inc.*(a)

43,165

626,756

Exelixis

,

Inc.*

29,200

1,205,960

Halozyme

Therapeutics,

Inc.*

46,833

3,434,732

Incyte

Corp.*

80,008

6,785,479

Sarepta

Therapeutics,

Inc.*

73,975

1,425,498

Ultragenyx

Pharmaceutical,

Inc.*

113,788

3,422,743

17,784,712

Broadline

Retail

3.4%

Amazon.com,

Inc.*

49,907

10,958,080

Coupang,

Inc.*

155,976

5,022,427

Etsy,

Inc.*(a)

26,250

1,742,738

17,723,245

Capital

Markets

2.9%

Bank

of

New

York

Mellon

Corp.

(The)

48,568

5,291,969

Interactive

Brokers

Group,

Inc.,

Class

A

118,516

8,155,086

Robinhood

Markets,

Inc.,

Class

A*

11,759

1,683,654

15,130,709

Chemicals

0.0%

†

Innospec,

Inc.

1,206

93,055

Commercial

Services

&

Supplies

1.0%

Rollins,

Inc.

88,982

5,226,803

Communications

Equipment

2.1%

Arista

Networks,

Inc.*

77,081

11,231,473

Construction

&

Engineering

5.5%

Argan,

Inc.

7,167

1,935,448

Comfort

Systems

USA,

Inc.

11,502

9,491,220

Dycom

Industries,

Inc.*

7,152

2,086,668

EMCOR

Group,

Inc.

9,122

5,925,104

MasTec

,

Inc.*

18,789

3,998,487

Primoris

Services

Corp.(a)

39,122

5,372,624

28,809,551

Consumer

Finance

1.1%

Ally

Financial,

Inc.

147,379

5,777,257

Electrical

Equipment

0.3%

GE

Vernova

,

Inc.

1,408

865,779

Powell

Industries,

Inc.(a)

2,424

738,860

1,604,639

Electronic

Equipment,

Instruments

&

Components

1.1%

Jabil,

Inc.

27,109

5,887,262

Common

Stocks

Shares

Value

($)

Entertainment

2.7%

ROBLOX

Corp.,

Class

A*

44,045

6,101,113

Roku,

Inc.,

Class

A*

35,299

3,534,489

Spotify

Technology

SA*

6,766

4,722,668

14,358,270

Financial

Services

0.7%

Marqeta

,

Inc.,

Class

A*(a)

488,828

2,581,012

Mastercard,

Inc.,

Class

A

2,063

1,173,455

3,754,467

Food

Products

0.6%

Freshpet

,

Inc.*(a)

28,605

1,576,421

Marzetti

Co.

(The)

8,191

1,415,323

2,991,744

Ground

Transportation

0.8%

Lyft,

Inc.,

Class

A*

167,441

3,685,376

Old

Dominion

Freight

Line,

Inc.

95

13,374

U-Haul

Holding

Co.*(a)

9,623

549,185

4,247,935

Health

Care

Equipment

&

Supplies

0.1%

Lantheus

Holdings,

Inc.*(a)

11,391

584,244

Health

Care

Providers

&

Services

2.4%

McKesson

Corp.

12,329

9,524,646

Molina

Healthcare,

Inc.*(a)

16,500

3,157,440

12,682,086

Hotels,

Restaurants

&

Leisure

4.4%

Airbnb,

Inc.,

Class

A*

27,438

3,331,522

Booking

Holdings,

Inc.

1,826

9,859,067

Cava

Group,

Inc.*(a)

29,848

1,803,117

Domino's

Pizza,

Inc.

9,434

4,072,752

DraftKings,

Inc.,

Class

A*(a)

37,057

1,385,932

Wingstop

,

Inc.(a)

10,416

2,621,499

23,073,889

Household

Durables

0.5%

Cavco

Industries,

Inc.*(a)

4,522

2,626,061

Household

Products

0.2%

WD-40

Co.

4,701

928,918

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Vistra

Corp.

20,423

4,001,274

Insurance

1.5%

Everest

Group

Ltd.

4,125

1,444,699

Goosehead

Insurance,

Inc.,

Class

A(a)

9,940

739,735

Oscar

Health,

Inc.,

Class

A*(a)

36,435

689,715

RLI

Corp.(a)

29,942

1,952,817

Selective

Insurance

Group,

Inc.

38,393

3,112,520

7,939,486

Interactive

Media

&

Services

6.0%

Alphabet,

Inc.,

Class

C

62,403

15,198,251

Cargurus

,

Inc.,

Class

A*(a)

25,667

955,582

Meta

Platforms,

Inc.,

Class

A

19,874

14,595,068

Yelp,

Inc.,

Class

A*

14,505

452,556

31,201,457

IT

Services

0.3%

DigitalOcean

Holdings,

Inc.*(a)

42,023

1,435,506

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

Common

Stocks

Shares

Value

($)

Machinery

0.1%

Franklin

Electric

Co.,

Inc.

3,748

356,810

Media

0.6%

Trade

Desk,

Inc.

(The),

Class

A*

61,328

3,005,685

Oil,

Gas

&

Consumable

Fuels

0.5%

HF

Sinclair

Corp.

7,058

369,416

Phillips

66

18,653

2,537,181

2,906,597

Passenger

Airlines

1.0%

Alaska

Air

Group,

Inc.*

36,747

1,829,265

Southwest

Airlines

Co.(a)

106,847

3,409,488

5,238,753

Professional

Services

1.3%

Insperity,

Inc.

44,192

2,174,246

KBR,

Inc.

68,212

3,225,746

TriNet

Group,

Inc.

18,984

1,269,840

6,669,832

Real

Estate

Management

&

Development

0.2%

Compass,

Inc.,

Class

A*

104,940

842,668

Semiconductors

&

Semiconductor

Equipment

10.3%

Broadcom,

Inc.

42,372

13,978,946

Kulicke

&

Soffa

Industries,

Inc.

42,015

1,707,490

Lam

Research

Corp.

84,173

11,270,765

NVIDIA

Corp.

93,578

17,459,783

QUALCOMM,

Inc.

41,508

6,905,271

Silicon

Laboratories,

Inc.*

17,869

2,343,162

53,665,417

Software

15.9%

Adobe,

Inc.*

27,834

9,818,443

Appfolio

,

Inc.,

Class

A*(a)

5,983

1,649,274

Atlassian

Corp.,

Class

A*

22,172

3,540,868

Blackbaud,

Inc.*

6,150

395,506

Braze,

Inc.,

Class

A*

10,365

294,781

Clear

Secure,

Inc.,

Class

A

48,471

1,617,962

Dropbox,

Inc.,

Class

A*(a)

205,437

6,206,252

Fortinet,

Inc.*

84,758

7,126,453

Manhattan

Associates,

Inc.*

11,004

2,255,600

Microsoft

Corp.

59,516

30,826,312

Nutanix,

Inc.,

Class

A*

29,705

2,209,755

Palantir

Technologies,

Inc.,

Class

A*

11,092

2,023,403

Pegasystems,

Inc.

84,364

4,850,930

RingCentral,

Inc.,

Class

A*

60,116

1,703,687

Salesforce,

Inc.

30,567

7,244,379

Teradata

Corp.*(a)

63,178

1,358,959

83,122,564

Specialty

Retail

2.6%

O'Reilly

Automotive,

Inc.*

60,915

6,567,246

RH*

6,988

1,419,682

Wayfair,

Inc.,

Class

A*

16,731

1,494,580

Williams-Sonoma,

Inc.(a)

20,580

4,022,361

13,503,869

Technology

Hardware,

Storage

&

Peripherals

10.6%

Apple,

Inc.

217,489

55,379,224

Textiles,

Apparel

&

Luxury

Goods

1.1%

Deckers

Outdoor

Corp.*

54,732

5,548,183

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

0.9%

Fastenal

Co.

94,220

4,620,549

Total

Common

Stocks

(cost

$355,272,901)

483,527,855

Repurchase

Agreements

3.2%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,164,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$10,200,001.(b)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,487,397,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,536,848.(b)

2,487,106

2,487,106

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$4,080,476.(b)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$16,487,106)

16,487,106

Total

Investments

(cost

$371,760,007)

—

95.7%

500,014,961

Other

assets

in

excess

of

liabilities

—

4.3%

22,722,180

NET

ASSETS

—

100.0%

$

522,737,141

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$29,242,462,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,487,106

and

by

$13,930,443

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$30,417,549.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$16,487,106.

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

33

OTC

Total

return

swap

contracts

outstanding

as

of

September

30,

2025

:

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

ACADIA

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

41,885

838

838

Acuren

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

173,986

165,287

165,287

ADMA

Biologics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

10,503

420

420

Akero

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

4,708

659

659

Alnylam

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

10/30/2026

13,726

116,808

116,808

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

5,889

30,446

30,446

Blackbaud,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

8,246

9,236

9,236

Brookfield

Asset

Management

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

43,531

41,335

41,335

Centrus

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

7,297

40,498

40,498

Clearwater

Analytics

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

136,348

24,543

24,543

Construction

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

11/30/2026

19,714

2,107

2,107

Core

Natural

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

8/31/2026

34,792

50,100

50,100

CoreCivic

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

91,876

109,332

109,332

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

5/29/2026

58,895

109,545

109,545

Dutch

Bros,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

47,679

9,799

9,799

D-Wave

Quantum,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

13,791

8,275

8,275

EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

2,412

21,491

21,491

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

6/30/2026

29,586

30,917

30,917

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/28/2025

730

4,920

4,920

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

5/29/2026

34,350

25,076

25,076

Five9,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

75,926

89,853

89,853

Franklin

Electric

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

2,106

2,127

2,127

Freshworks

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

107,192

63,243

63,243

GE

Vernova

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

14,350

178,945

178,945

GEO

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

10/30/2026

89,006

43,613

43,613

Goosehead

Insurance,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

4,788

4,405

4,405

HealthEquity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

24,908

14,198

14,198

HF

Sinclair

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

49,999

18,000

18,000

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

56,892

85,907

85,907

Hims

&

Hers

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

16,349

39,238

39,238

Insperity,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

6,400

5,056

5,056

IonQ

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.47%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

4,626

12,768

12,768

Jabil,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

4,772

13,075

13,075

KBR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

1,464

754

754

Kulicke

&

Soffa

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

12,748

3,633

3,633

Lantheus

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

10/30/2026

2,114

1,416

1,416

LCI

Industries

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

5,441

2,993

2,993

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

7/31/2026

4,871

26,742

26,742

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

35

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Lockheed

Martin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

7,625

55,129

55,129

MasTec

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

4,126

13,451

13,451

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

32,269

134,884

134,884

MYR

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

5/29/2026

18,214

20,035

20,035

NU

Holdings

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

184,083

11,045

11,045

NuScale

Power

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

5.09%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

45,868

99,075

99,075

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

8/31/2026

303,854

1,440,338

1,440,338

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

3,655

5,556

5,556

O'Reilly

Automotive,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

25,980

6,755

6,755

Palantir

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

14,645

52,136

52,136

PAR

Technology

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

40,282

22,558

22,558

Powell

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

1,305

2,336

2,336

PROCEPT

BioRobotics

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

43,019

34,415

34,415

QUALCOMM,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

11,827

23,063

23,063

RLI

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

5,658

5,488

5,488

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

9/30/2026

3,613

23,340

23,340

Rollins,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

1,918

738

738

Sable

Offshore

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

62,177

66,529

66,529

Scholar

Rock

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

5,800

6,496

6,496

36

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Selective

Insurance

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

8,206

17,315

17,315

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

24,424

39,567

39,567

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

10/30/2026

66,975

1,339

1,339

Unity

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

77,945

226,040

226,040

Uranium

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

250,343

137,689

137,689

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

451,097

13,533

13,533

Wingstop

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

1,583

222

222

Workiva,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

876

762

762

Zscaler,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

18,365

50,687

50,687

–

–

Total

unrealized

appreciation

3,918,119

3,918,119

–

–

Addus

HomeCare

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

22,323

(4,465)

(4,465)

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

9/30/2026

16,909

(7,271)

(7,271)

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

10/30/2026

10,836

(67,183)

(67,183)

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

6/30/2026

12,849

(18,374)

(18,374)

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

8/31/2026

19,404

(29,106)

(29,106)

Ally

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

3,142

(2,074)

(2,074)

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

10/30/2026

1,600

(960)

(960)

Anglogold

Ashanti

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

37,137

(67,056)

(67,056)

Aon

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

6,727

(13,185)

(13,185)

Appfolio

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

7,758

(53,685)

(53,685)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

37

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Applied

Digital

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

21,302

(16,829)

(16,829)

Argan,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

4,738

(4,833)

(4,833)

Arrowhead

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

61,958

(43,990)

(43,990)

Arthur

J

Gallagher

&

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

2,323

(10,872)

(10,872)

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

10/30/2026

3,851

(21,604)

(21,604)

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

5/29/2026

12,196

(46,711)

(46,711)

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2025

9,054

(99,322)

(99,322)

Boston

Scientific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

21,829

(12,879)

(12,879)

Braze,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

43,148

(163,099)

(163,099)

Calix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

34,893

(349)

(349)

Cargurus

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

17,270

(3,799)

(3,799)

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

10/30/2026

27,804

(108,714)

(108,714)

Clear

Secure,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

9,258

(26,894)

(26,894)

Coca-Cola

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

8/31/2026

12,238

(19,718)

(19,718)

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

10/30/2026

102,186

(31,678)

(31,678)

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

9/30/2026

56,016

(35,290)

(35,290)

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/31/2025

726

(1,387)

(1,387)

DigitalOcean

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

18,586

(23,418)

(23,418)

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

9/30/2026

6,812

(29,632)

(29,632)

38

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

FTAI

Aviation

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

17,322

(62,186)

(62,186)

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

8/31/2026

25,827

(125,003)

(125,003)

Hershey

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

10/30/2026

13,020

(38,279)

(38,279)

IDEXX

Laboratories,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

3,437

(11,561)

(11,561)

Impinj

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

18,335

(10,084)

(10,084)

JBT

Marel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

18,847

(63,891)

(63,891)

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.40%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

190,138

(26,619)

(26,619)

Knife

River

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

32,754

(94,659)

(94,659)

Kratos

Defense

&

Security

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

35,306

(116,157)

(116,157)

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

47,357

(78,139)

(78,139)

Loar

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

29,359

(43,745)

(43,745)

Lumentum

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

19,241

(2,501)

(2,501)

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

10/30/2026

136,215

(125,318)

(125,318)

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

10/30/2026

17,757

(47,766)

(47,766)

Marqeta

,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

10,192

(1,223)

(1,223)

Medpace

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

2,509

(33,621)

(33,621)

Mercury

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

35,734

(75,756)

(75,756)

Mirion

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

131,596

(101,329)

(101,329)

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

698

(1,110)

(1,110)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

39

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

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

10/30/2026

10,659

(26,861)

(26,861)

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

10/30/2026

10,337

(116,291)

(116,291)

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

42,944

(46,809)

(46,809)

Progress

Software

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

38,087

(50,275)

(50,275)

Protagonist

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

42,290

(54,554)

(54,554)

PureCycle

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.59%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

55,154

(1,655)

(1,655)

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

10/30/2026

43,554

(65,767)

(65,767)

Rambus,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

31,010

(6,512)

(6,512)

RB

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

10/30/2026

22,451

(26,192)

(26,192)

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

5/29/2026

55,409

(133,536)

(133,536)

ROBLOX

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

25,215

(76,654)

(76,654)

Rocket

Lab

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

11,496

(10,346)

(10,346)

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

6/30/2026

34,307

(22,986)

(22,986)

Texas

Pacific

Land

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

2,658

(34,554)

(34,554)

Trade

Desk,

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

10/30/2026

41,013

(25,838)

(25,838)

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

9/30/2026

21,916

(25,423)

(25,423)

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

8/31/2026

10,841

(3,035)

(3,035)

VSE

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

17,236

(34,644)

(34,644)

Wendy's

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

18,607

(3,163)

(3,163)

40

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

Reference

Entity

Payments

Made

by

Fund

Payments

Received

by

Fund

Frequency

of

Payments

Made/

Received

Counterparty

Maturity

Date

Quantity

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

WesBanco

,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

48,874

(14,662)

(14,662)

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

6/30/2026

10,558

(1,795)

(1,795)

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

59,861

(13,768)

(13,768)

–

–

Total

unrealized

depreciation

(2,818,644)

(2,818,644)

–

–

Net

unrealized

appreciation

1,099,475

1,099,475

Financing

Costs

of

Swap

Contracts

(4,525)

(4,525)

Total

Unrealized

Appreciation

(Depreciation)

including

Financing

Costs

of

Swap

Contracts

1,094,950

1,094,950

OBFR

Overnight

Bank

Funding

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Index

Reference

Rate

Overnight

Bank

Funding

Rate

(OBFR)

4.09%

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

41

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

42

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts.

(a)

Swap

Contracts             

Total

Return

Swap

Contracts

— The

Fund

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution. The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between the

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

483,527,855

$

–

$

–

$

483,527,855

Repurchase

Agreements

–

16,487,106

–

16,487,106

Total

Return

Swaps†

–

3,918,119

–

3,918,119

Total

Assets

$

483,527,855

$

20,405,225

$

–

$

503,933,080

Liabilities:

Total

Return

Swaps†

$

–

$

(2,823,169)

$

–

$

(2,823,169)

Total

Liabilities

$

–

$

(2,823,169)

$

–

$

(2,823,169)

Total

$

483,527,855

$

17,582,056

$

–

$

501,109,911

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

43

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

3,918,119

Total

$

3,918,119

Liabilities:

Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(2,823,169)

Total

$

(2,823,169)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

44

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

Common

Stocks

97.8%

Shares

Value

($)

Aerospace

&

Defense

9.9%

AeroVironment,

Inc.*

8,984

2,828,972

Archer

Aviation,

Inc.,

Class

A*(a)

98,881

947,280

ATI,

Inc.*

29,484

2,398,229

Curtiss-Wright

Corp.

7,909

4,294,112

Embraer

SA,

ADR-BR

53,307

3,222,408

Karman

Holdings,

Inc.*(a)

41,625

3,005,325

Mercury

Systems,

Inc.*(a)

21,388

1,655,431

Rocket

Lab

Corp.*(a)

62,779

3,007,742

21,359,499

Automobile

Components

0.3%

Modine

Manufacturing

Co.*

3,851

547,458

Banks

1.2%

Bancorp,

Inc.

(The)*

34,976

2,619,353

Biotechnology

6.1%

ADMA

Biologics,

Inc.*(a)

40,843

598,758

Bridgebio

Pharma,

Inc.*

38,051

1,976,369

Caris

Life

Sciences,

Inc.*

16,177

489,354

Halozyme

Therapeutics,

Inc.*

26,879

1,971,306

Insmed,

Inc.*

23,619

3,401,372

Madrigal

Pharmaceuticals,

Inc.*

3,239

1,485,600

Merus

NV*

11,676

1,099,296

Protagonist

Therapeutics,

Inc.*(a)

12,164

808,055

Soleno

Therapeutics,

Inc.*

13,237

894,821

Twist

Bioscience

Corp.*(a)

16,209

456,121

13,181,052

Broadline

Retail

1.7%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

28,208

3,621,907

Capital

Markets

8.2%

Bullish*

7,392

470,205

Evercore,

Inc.,

Class

A(a)

10,755

3,627,877

Hamilton

Lane,

Inc.,

Class

A

19,113

2,576,241

Marex

Group

plc

42,274

1,421,252

Piper

Sandler

Cos.(a)

6,764

2,347,040

PJT

Partners,

Inc.,

Class

A

9,940

1,766,636

StepStone

Group,

Inc.,

Class

A

72,424

4,730,011

Virtu

Financial,

Inc.,

Class

A

25,129

892,080

17,831,342

Commercial

Services

&

Supplies

1.5%

Casella

Waste

Systems,

Inc.,

Class

A*(a)

19,662

1,865,530

OPENLANE,

Inc.*(a)

46,923

1,350,444

3,215,974

Communications

Equipment

1.0%

Lumentum

Holdings,

Inc.*(a)

13,980

2,274,686

Construction

&

Engineering

6.8%

Argan,

Inc.(a)

8,021

2,166,071

Construction

Partners,

Inc.,

Class

A*(a)

25,216

3,202,432

Everus

Construction

Group,

Inc.*(a)

12,990

1,113,893

Primoris

Services

Corp.

28,565

3,922,831

Sterling

Infrastructure,

Inc.*(a)

12,648

4,296,273

14,701,500

Common

Stocks

Shares

Value

($)

Consumer

Finance

0.9%

Enova

International,

Inc.*

13,568

1,561,541

Figure

Technology

Solutions,

Inc.,

Class

A*

10,400

378,248

1,939,789

Diversified

Consumer

Services

1.6%

Duolingo,

Inc.,

Class

A*(a)

4,487

1,444,096

Stride,

Inc.*

12,894

1,920,432

3,364,528

Electrical

Equipment

1.2%

Bloom

Energy

Corp.,

Class

A*

13,749

1,162,753

Powell

Industries,

Inc.(a)

4,665

1,421,939

2,584,692

Electronic

Equipment,

Instruments

&

Components

6.4%

Advanced

Energy

Industries,

Inc.

18,838

3,205,097

Badger

Meter,

Inc.

6,142

1,096,838

Fabrinet*(a)

10,261

3,741,366

Itron,

Inc.*

12,847

1,600,222

Sanmina

Corp.*

11,965

1,377,291

TTM

Technologies,

Inc.*

50,861

2,929,594

13,950,408

Energy

Equipment

&

Services

2.2%

Archrock,

Inc.

67,219

1,768,532

TechnipFMC

plc(a)

76,268

3,008,772

4,777,304

Financial

Services

1.1%

Mr.

Cooper

Group,

Inc.

2,498

526,553

Paymentus

Holdings,

Inc.,

Class

A*

61,080

1,869,048

2,395,601

Ground

Transportation

0.5%

Lyft,

Inc.,

Class

A*

48,495

1,067,375

Health

Care

Equipment

&

Supplies

1.9%

Glaukos

Corp.*

7,696

627,609

Integer

Holdings

Corp.*(a)

5,848

604,274

iRhythm

Technologies,

Inc.*

9,575

1,646,804

Merit

Medical

Systems,

Inc.*

15,802

1,315,200

4,193,887

Health

Care

Providers

&

Services

8.2%

Alignment

Healthcare,

Inc.*

58,516

1,021,104

BrightSpring

Health

Services,

Inc.*

123,106

3,639,013

Encompass

Health

Corp.

36,099

4,585,295

GeneDx

Holdings

Corp.,

Class

A*

13,354

1,438,760

Guardant

Health,

Inc.*

46,304

2,893,074

HealthEquity,

Inc.*(a)

20,265

1,920,514

RadNet,

Inc.*(a)

29,612

2,256,731

17,754,491

Health

Care

Technology

0.9%

Waystar

Holding

Corp.*(a)

53,174

2,016,358

Hotels,

Restaurants

&

Leisure

4.5%

Black

Rock

Coffee

Bar,

Inc.,

Class

A*

26,919

642,287

Dutch

Bros,

Inc.,

Class

A*

29,923

1,566,170

Planet

Fitness,

Inc.,

Class

A*

24,718

2,565,729

Shake

Shack,

Inc.,

Class

A*

15,542

1,454,887

NVIT

Invesco

Small

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

45

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Sportradar

Group

AG,

Class

A*

88,679

2,385,465

Wingstop,

Inc.(a)

4,655

1,171,570

9,786,108

Independent

Power

and

Renewable

Electricity

Producers

1.6%

Talen

Energy

Corp.*(a)

8,101

3,446,003

Insurance

0.7%

Accelerant

Holdings,

Class

A*(a)

25,704

382,733

Palomar

Holdings,

Inc.*

9,926

1,158,860

1,541,593

Life

Sciences

Tools

&

Services

0.3%

Repligen

Corp.*

4,255

568,766

Machinery

6.9%

Crane

Co.

18,787

3,459,438

Esab

Corp.

16,655

1,861,030

ESCO

Technologies,

Inc.

13,342

2,816,630

Federal

Signal

Corp.(a)

17,902

2,130,159

Mueller

Water

Products,

Inc.,

Class

A

42,689

1,089,423

SPX

Technologies,

Inc.*

18,519

3,458,979

14,815,659

Metals

&

Mining

2.7%

Carpenter

Technology

Corp.

17,622

4,326,906

MP

Materials

Corp.*

21,569

1,446,633

5,773,539

Office

REITs

0.5%

Highwoods

Properties,

Inc.(a)

33,207

1,056,647

Pharmaceuticals

1.1%

Axsome

Therapeutics,

Inc.*

13,875

1,685,119

Ligand

Pharmaceuticals,

Inc.*(a)

4,416

782,250

2,467,369

Semiconductors

&

Semiconductor

Equipment

9.2%

Allegro

MicroSystems,

Inc.*

52,636

1,536,971

Impinj,

Inc.*(a)

10,834

1,958,246

Lattice

Semiconductor

Corp.*

40,355

2,958,829

MACOM

Technology

Solutions

Holdings,

Inc.*

27,920

3,475,761

Nova

Ltd.*(a)

9,106

2,910,824

SiTime

Corp.*

13,479

4,061,357

Tower

Semiconductor

Ltd.*

41,401

2,993,292

19,895,280

Software

7.0%

Appfolio,

Inc.,

Class

A*(a)

7,647

2,107,972

AvePoint,

Inc.*

67,233

1,009,167

Cellebrite

DI

Ltd.*

115,124

2,133,248

Commvault

Systems,

Inc.*

16,567

3,127,518

CyberArk

Software

Ltd.*

3,429

1,656,721

Life360,

Inc.*(a)

10,349

1,100,099

Netskope,

Inc.,

Class

A*

8,691

197,547

Pegasystems,

Inc.

39,266

2,257,795

ServiceTitan,

Inc.,

Class

A*

15,339

1,546,631

15,136,698

Specialty

Retail

0.9%

Boot

Barn

Holdings,

Inc.*(a)

11,837

1,961,628

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

0.8%

Applied

Industrial

Technologies,

Inc.

6,333

1,653,230

Total

Common

Stocks

(cost

$156,125,565)

211,499,724

Repurchase

Agreements

6.6%

Principal

Amount

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,466,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,333,258,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,399,525.(b)

3,332,867

3,332,867

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,350,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$3,060,357.(b)

3,000,000

3,000,000

46

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,115,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$1,020,003.(b)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$14,332,867)

14,332,867

Total

Investments

(cost

$170,458,432)

—

104.4%

225,832,591

Liabilities

in

excess

of

other

assets

—

(4.4)%

(9,617,060)

NET

ASSETS

—

100.0%

$

216,215,531

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$47,492,033,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,332,867

and

by

$34,323,349

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.13%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2055,

a

total

value

of

$48,656,216.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$14,332,867.

ADR

American

Depositary

Receipt

BR

Brazil

REIT

Real

Estate

Investment

Trust

NVIT

Invesco

Small

Cap

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

47

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

48

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Invesco

Small

Cap

Growth

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

211,499,724

$

–

$

–

$

211,499,724

Repurchase

Agreements

–

14,332,867

–

14,332,867

Total

$

211,499,724

$

14,332,867

$

–

$

225,832,591

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

49

Common

Stocks

98

.3

%

Shares

Value

($)

Aerospace

&

Defense

1

.5

%

Cadre

Holdings,

Inc.(a)

71,170

2,598,417

Huntington

Ingalls

Industries,

Inc.(a)

944

271,787

2,870,204

Air

Freight

&

Logistics

0

.1

%

Hub

Group,

Inc.,

Class

A

4,260

146,714

Radiant

Logistics,

Inc.*

9,079

53,566

200,280

Automobile

Components

2

.8

%

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

128,440

771,924

Cooper-Standard

Holdings,

Inc.*(a)

9,320

344,188

Dana,

Inc.

66,443

1,331,518

Dorman

Products,

Inc.*(a)

14,398

2,244,360

Lear

Corp.

3,712

373,464

Stoneridge,

Inc.*

9,009

68,648

Strattec

Security

Corp.*(a)

4,360

296,742

5,430,844

Banks

9

.6

%

1st

Source

Corp.

470

28,933

Amerant

Bancorp,

Inc.,

Class

A

9,712

187,150

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

14,340

615,473

Bank7

Corp.

691

31,973

BankUnited,

Inc.(a)

48,150

1,837,404

BayCom

Corp.

860

24,725

BCB

Bancorp,

Inc.

3,196

27,741

Beacon

Financial

Corp.

18,994

450,348

BOK

Financial

Corp.

1,990

221,766

Business

First

Bancshares,

Inc.

5,756

135,899

Byline

Bancorp,

Inc.

4,874

135,156

Capital

City

Bank

Group,

Inc.

3,672

153,453

Central

Pacific

Financial

Corp.

11,316

343,327

Civista

Bancshares,

Inc.

3,867

78,539

Colony

Bankcorp,

Inc.

2,100

35,721

Community

Trust

Bancorp,

Inc.

6,849

383,202

ConnectOne

Bancorp,

Inc.(a)

5,597

138,862

FB

Financial

Corp.

13,411

747,529

First

Bancorp(a)

90,266

1,990,365

First

Bank

1,000

16,290

First

Commonwealth

Financial

Corp.

6,050

103,153

First

Financial

Corp.

5,764

325,320

First

Internet

Bancorp

3,677

82,475

First

Savings

Financial

Group,

Inc.

103

3,237

Flushing

Financial

Corp.

12,995

179,461

FS

Bancorp,

Inc.

1,120

44,710

Great

Southern

Bancorp,

Inc.

(a)

1,259

77,114

Hanmi

Financial

Corp.

19,973

493,133

HBT

Financial,

Inc.

3,264

82,253

Heritage

Commerce

Corp.

52,655

522,864

Hilltop

Holdings,

Inc.

35,815

1,196,937

Home

Bancorp,

Inc.

843

45,796

HomeTrust

Bancshares,

Inc.

4,289

175,592

Common

Stocks

Shares

Value

($)

Banks

Independent

Bank

Corp.

8,927

276,514

Investar

Holding

Corp.

257

5,965

Kearny

Financial

Corp.

32,095

210,864

Live

Oak

Bancshares,

Inc.

5,460

192,301

Mercantile

Bank

Corp.

1,860

83,700

Midland

States

Bancorp,

Inc.

9,744

167,012

MVB

Financial

Corp.

85

2,130

National

Bank

Holdings

Corp.,

Class

A

11,034

426,354

Northeast

Community

Bancorp,

Inc.

4,785

98,427

Northfield

Bancorp,

Inc.

26,211

309,290

Northrim

Bancorp,

Inc.

10,020

217,033

OceanFirst

Financial

Corp.

630

11,069

OFG

Bancorp

31,207

1,357,192

OP

Bancorp(a)

1,250

17,400

Orange

County

Bancorp,

Inc.

2,100

52,941

Origin

Bancorp,

Inc.(a)

1,840

63,517

PCB

Bancorp

1,000

21,000

Peapack-Gladstone

Financial

Corp.

4,863

134,219

Primis

Financial

Corp.

1,870

19,654

Prosperity

Bancshares,

Inc.

5,971

396,176

RBB

Bancorp

4,920

92,299

Red

River

Bancshares,

Inc.

100

6,482

Republic

Bancorp,

Inc.,

Class

A

1,301

93,997

Sierra

Bancorp

2,845

82,249

SmartFinancial,

Inc.

1,332

47,592

South

Plains

Financial,

Inc.

2,905

112,278

Texas

Capital

Bancshares,

Inc.*

18,173

1,536,164

Third

Coast

Bancshares,

Inc.*

6,337

240,616

Tompkins

Financial

Corp.

3,661

242,395

Towne

Bank

5,177

178,969

TriCo

Bancshares(a)

3,820

169,646

United

Bankshares,

Inc.

15,280

568,569

Unity

Bancorp,

Inc.

2,900

141,723

WaFd,

Inc.

2,920

88,447

Westamerica

Bancorp

5,620

280,944

18,861,029

Biotechnology

2

.4

%

Aldeyra

Therapeutics,

Inc.*

18,312

95,589

Alector,

Inc.*

36,000

106,560

Anika

Therapeutics,

Inc.*

6,037

56,748

Arcturus

Therapeutics

Holdings,

Inc.*(a)

5,957

109,787

Arcus

Biosciences,

Inc.*(a)

17,631

239,781

Caribou

Biosciences,

Inc.*

31,484

73,358

Dyne

Therapeutics,

Inc.*(a)

25,300

320,045

Editas

Medicine,

Inc.*(a)

57,500

199,525

Emergent

BioSolutions,

Inc.*(a)

6,800

59,976

Enanta

Pharmaceuticals,

Inc.*(a)

11,637

139,295

Entrada

Therapeutics,

Inc.*(a)

21,850

126,730

Fate

Therapeutics,

Inc.*

68,466

86,267

Foghorn

Therapeutics,

Inc.*

1,500

7,335

Inhibrx

Biosciences,

Inc.*

900

30,312

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

36,249

47,486

50

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Keros

Therapeutics,

Inc.*

32,066

507,284

Kodiak

Sciences,

Inc.*

5,284

86,499

Kura

Oncology,

Inc.*

94,935

840,175

Kyverna

Therapeutics,

Inc.*

3,500

21,000

MacroGenics,

Inc.*

32,438

54,496

Myriad

Genetics,

Inc.*

109,355

790,637

PMV

Pharmaceuticals,

Inc.*

4,800

6,720

Prothena

Corp.

plc*

32,486

317,063

Tyra

Biosciences,

Inc.*(a)

18,187

254,436

Vanda

Pharmaceuticals,

Inc.*

14,570

72,704

Zentalis

Pharmaceuticals,

Inc.*

28,825

43,526

4,693,334

Broadline

Retail

0

.1

%

1stdibs.com,

Inc.*

7,323

18,966

Dillard's,

Inc.,

Class

A

181

111,221

130,187

Building

Products

3

.5

%

American

Woodmark

Corp.*

25,457

1,699,509

CSW

Industrials,

Inc.(a)

6,678

1,621,084

Hayward

Holdings,

Inc.*(a)

180,477

2,728,812

Insteel

Industries,

Inc.

6,520

249,977

JELD-WEN

Holding,

Inc.*

104,393

512,570

6,811,952

Capital

Markets

1

.3

%

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

200

3,150

Virtus

Investment

Partners,

Inc.(a)

13,447

2,555,333

2,558,483

Chemicals

4

.2

%

American

Vanguard

Corp.*

16,278

93,436

Ashland,

Inc.

25,056

1,200,433

Celanese

Corp.,

Class

A

3,285

138,233

Core

Molding

Technologies,

Inc.*(a)

4,892

100,530

Element

Solutions,

Inc.(a)

164,704

4,145,600

Huntsman

Corp.

9,380

84,232

Koppers

Holdings,

Inc.

6,242

174,776

Kronos

Worldwide,

Inc.(a)

19,055

109,376

Quaker

Chemical

Corp.

15,313

2,017,488

Scotts

Miracle-Gro

Co.

(The)

3,013

171,590

8,235,694

Commercial

Services

&

Supplies

0

.4

%

Ennis,

Inc.

17,667

322,953

Vestis

Corp.(a)

99,747

451,854

774,807

Communications

Equipment

0

.9

%

Aviat

Networks,

Inc.*(a)

13,954

319,965

Inseego

Corp.*(a)

4,800

71,856

NETGEAR,

Inc.*

35,011

1,134,007

Ribbon

Communications,

Inc.*(a)

41,120

156,256

1,682,084

Construction

&

Engineering

1

.3

%

Great

Lakes

Dredge

&

Dock

Corp.*

2,700

32,373

Matrix

Service

Co.*

16,973

222,007

Orion

Group

Holdings,

Inc.*(a)

33,083

275,250

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Tutor

Perini

Corp.*

30,940

2,029,355

2,558,985

Consumer

Finance

2

.6

%

Bread

Financial

Holdings,

Inc.

(a)

31,367

1,749,338

Green

Dot

Corp.,

Class

A*

47,586

639,080

LendingTree,

Inc.*

8,581

555,448

Navient

Corp.

18,500

243,275

PRA

Group,

Inc.*

32,886

507,760

PROG

Holdings,

Inc.

35,490

1,148,456

Regional

Management

Corp.

4,180

162,853

5,006,210

Consumer

Staples

Distribution

&

Retail

0

.6

%

Andersons,

Inc.

(The)

31,719

1,262,733

Containers

&

Packaging

0

.2

%

AptarGroup,

Inc.

316

42,237

Ardagh

Metal

Packaging

SA

102,100

407,379

449,616

Distributors

0

.2

%

A-Mark

Precious

Metals,

Inc.

18,006

465,815

Diversified

Consumer

Services

0

.0

%

†

Chegg,

Inc.*(a)

54,800

82,748

Diversified

REITs

0

.1

%

Alpine

Income

Property

Trust,

Inc.

8,216

116,421

Diversified

Telecommunication

Services

0

.3

%

ATN

International,

Inc.

8,259

123,637

Bandwidth,

Inc.,

Class

A*(a)

18,702

311,762

IDT

Corp.,

Class

B

1,408

73,653

509,052

Electric

Utilities

0

.1

%

Genie

Energy

Ltd.,

Class

B

20,089

300,331

Electrical

Equipment

0

.7

%

Atkore,

Inc.

17,620

1,105,479

Fluence

Energy,

Inc.*(a)

16,800

181,440

1,286,919

Electronic

Equipment,

Instruments

&

Components

5

.3

%

Cognex

Corp.

51,907

2,351,387

ePlus,

Inc.

50,175

3,562,927

Ingram

Micro

Holding

Corp.

8,164

175,444

Insight

Enterprises,

Inc.*(a)

15,910

1,804,353

Jabil,

Inc.

2,661

577,890

PC

Connection,

Inc.

6,767

419,486

Rogers

Corp.*(a)

5,934

477,450

ScanSource,

Inc.*

17,528

771,057

SmartRent,

Inc.,

Class

A*(a)

135,415

190,935

10,330,929

Energy

Equipment

&

Services

0

.7

%

DMC

Global,

Inc.*(a)

14,297

120,810

Forum

Energy

Technologies,

Inc.*(a)

2,920

77,993

Liberty

Energy,

Inc.,

Class

A(a)

58,788

725,444

Oil

States

International,

Inc.*

4,993

30,258

Ranger

Energy

Services,

Inc.,

Class

A

19,208

269,680

RPC,

Inc.(a)

44,732

212,924

1,437,109

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

51

Common

Stocks

Shares

Value

($)

Entertainment

0

.4

%

Eventbrite,

Inc.,

Class

A*

54,699

137,841

Playstudios,

Inc.*

13,740

13,226

Playtika

Holding

Corp.(a)

8,882

34,551

Roku,

Inc.,

Class

A*

5,375

538,199

Skillz,

Inc.,

Class

A*(a)

1,600

12,800

736,617

Financial

Services

1

.4

%

Compass

Diversified

Holdings

57,815

382,735

Jack

Henry

&

Associates,

Inc.

(a)

1,167

173,801

Marqeta,

Inc.,

Class

A*(a)

129,441

683,449

Merchants

Bancorp(a)

12,085

384,303

Pagseguro

Digital

Ltd.,

Class

A(a)

70,601

706,010

Paysafe

Ltd.*(a)

37,377

482,911

2,813,209

Food

Products

0

.8

%

Calavo

Growers,

Inc.(a)

15,740

405,147

Dole

plc(a)

31,664

425,564

Pilgrim's

Pride

Corp.(a)

8,993

366,195

Smithfield

Foods,

Inc.

16,587

389,463

1,586,369

Gas

Utilities

0

.1

%

Southwest

Gas

Holdings,

Inc.

2,640

206,818

Ground

Transportation

2

.9

%

ArcBest

Corp.

21,742

1,519,114

Covenant

Logistics

Group,

Inc.,

Class

A

14,716

318,749

Heartland

Express,

Inc.(a)

1,938

16,240

Landstar

System,

Inc.

19,333

2,369,452

Lyft,

Inc.,

Class

A*

42,233

929,548

Werner

Enterprises,

Inc.

18,969

499,264

5,652,367

Health

Care

Equipment

&

Supplies

2

.1

%

Accuray,

Inc.*

19,400

32,398

Dentsply

Sirona,

Inc.

22,997

291,832

ICU

Medical,

Inc.*(a)

22,744

2,728,370

Inogen,

Inc.*

24,800

202,616

OraSure

Technologies,

Inc.*

72,958

234,195

Orthofix

Medical,

Inc.*(a)

2,400

35,136

Varex

Imaging

Corp.*

50,775

629,610

4,154,157

Health

Care

Providers

&

Services

5

.6

%

Addus

HomeCare

Corp.*(a)

47,923

5,654,435

Aveanna

Healthcare

Holdings,

Inc.*

3,242

28,756

Ensign

Group,

Inc.

(The)(a)

17,732

3,063,558

LifeStance

Health

Group,

Inc.*

47,052

258,786

Pennant

Group,

Inc.

(The)*

78,729

1,985,545

10,991,080

Health

Care

REITs

0

.1

%

Community

Healthcare

Trust,

Inc.(a)

13,650

208,845

Health

Care

Technology

0

.4

%

Evolent

Health,

Inc.,

Class

A*(a)

75,603

639,601

HealthStream,

Inc.(a)

7,682

216,940

856,541

Common

Stocks

Shares

Value

($)

Hotel

&

Resort

REITs

1

.6

%

Braemar

Hotels

&

Resorts,

Inc.(a)

7,994

21,824

Chatham

Lodging

Trust

22,612

151,727

RLJ

Lodging

Trust(a)

68,822

495,518

Sunstone

Hotel

Investors,

Inc.

144,882

1,357,544

Xenia

Hotels

&

Resorts,

Inc.(a)

77,896

1,068,733

3,095,346

Hotels,

Restaurants

&

Leisure

1

.1

%

Wyndham

Hotels

&

Resorts,

Inc.

26,682

2,131,892

Household

Durables

3

.6

%

Cricut,

Inc.,

Class

A(a)

55,700

350,353

Ethan

Allen

Interiors,

Inc.(a)

22,246

655,367

Flexsteel

Industries,

Inc.(a)

1,826

84,635

GoPro,

Inc.,

Class

A*

110,467

234,190

Helen

of

Troy

Ltd.*

7,490

188,748

iRobot

Corp.*(a)

39,100

140,369

KB

Home(a)

20,207

1,285,974

La-Z-Boy,

Inc.(a)

9,520

326,726

Sonos,

Inc.*

45,650

721,270

Taylor

Morrison

Home

Corp.,

Class

A*

20,529

1,355,119

Traeger,

Inc.*

8,758

10,685

Tri

Pointe

Homes,

Inc.*

49,914

1,695,579

7,049,015

Household

Products

0

.1

%

Reynolds

Consumer

Products,

Inc.(a)

11,180

273,575

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.

Reg.

S*^∞

155,500

0

Industrial

REITs

0

.1

%

LXP

Industrial

Trust(a)

12,900

115,584

Insurance

6

.9

%

American

Coastal

Insurance

Corp.

5,742

65,401

CNO

Financial

Group,

Inc.

35,392

1,399,754

Donegal

Group,

Inc.,

Class

A(a)

10,965

212,611

Employers

Holdings,

Inc.

18,093

768,591

Fidelis

Insurance

Holdings

Ltd.

(a)

56,512

1,025,693

Genworth

Financial,

Inc.,

Class

A*

32,794

291,867

Globe

Life,

Inc.

763

109,086

Goosehead

Insurance,

Inc.,

Class

A(a)

4,132

307,504

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

4,124

52,375

Heritage

Insurance

Holdings,

Inc.*

26,468

666,464

Hippo

Holdings,

Inc.*(a)

4,440

160,550

Horace

Mann

Educators

Corp.

1,320

59,624

James

River

Group

Holdings

Ltd.(a)

23,940

132,867

Mercury

General

Corp.

10,968

929,867

Reinsurance

Group

of

America,

Inc.

5,158

991,007

52

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Common

Stocks

Shares

Value

($)

Insurance

RLI

Corp.

1,706

111,265

Safety

Insurance

Group,

Inc.

4,890

345,674

Selectquote,

Inc.*

24,564

48,145

SiriusPoint

Ltd.*

24,797

448,578

Skyward

Specialty

Insurance

Group,

Inc.*

47,887

2,277,506

United

Fire

Group,

Inc.

7,353

223,678

Universal

Insurance

Holdings,

Inc.

18,316

481,711

White

Mountains

Insurance

Group

Ltd.(a)

1,441

2,408,660

13,518,478

Interactive

Media

&

Services

0

.3

%

Match

Group,

Inc.

4,331

152,971

Nextdoor

Holdings,

Inc.*

221,648

463,244

Teads

Holding

Co.*

9,437

15,571

631,786

IT

Services

0

.2

%

Grid

Dynamics

Holdings,

Inc.*

14,600

112,566

Rackspace

Technology,

Inc.*(a)

42,321

59,673

Unisys

Corp.*

50,791

198,085

370,324

Leisure

Products

1

.2

%

Johnson

Outdoors,

Inc.,

Class

A(a)

6,019

243,108

Polaris,

Inc.(a)

2,380

138,349

YETI

Holdings,

Inc.*

58,407

1,937,944

2,319,401

Life

Sciences

Tools

&

Services

0

.8

%

10X

Genomics,

Inc.,

Class

A*(a)

85,925

1,004,463

Codexis,

Inc.*

39,456

96,273

CryoPort,

Inc.*(a)

23,100

218,988

Cytek

Biosciences,

Inc.*(a)

54,463

188,987

OmniAb,

Inc.*

52,136

83,417

1,592,128

Machinery

2

.6

%

Astec

Industries,

Inc.(a)

5,211

250,806

Columbus

McKinnon

Corp.

9,019

129,333

Graco,

Inc.

3,274

278,159

Hillman

Solutions

Corp.*(a)

318,466

2,923,518

Hyster-Yale,

Inc.

5,340

196,832

Manitowoc

Co.,

Inc.

(The)*

31,542

315,735

Mayville

Engineering

Co.,

Inc.*

13,299

182,994

Miller

Industries,

Inc.

4,355

176,029

Wabash

National

Corp.

59,798

590,206

Worthington

Enterprises,

Inc.

2,450

135,951

5,179,563

Marine

Transportation

0

.1

%

Costamare,

Inc.

11,678

139,085

Media

0

.6

%

AMC

Networks,

Inc.,

Class

A*(a)

25,075

206,618

Clear

Channel

Outdoor

Holdings,

Inc.*

24,900

39,342

Gray

Media,

Inc.(a)

12,300

71,094

PubMatic,

Inc.,

Class

A*(a)

41,678

345,094

Common

Stocks

Shares

Value

($)

Media

Scholastic

Corp.(a)

20,318

556,307

1,218,455

Metals

&

Mining

1

.6

%

Commercial

Metals

Co.

12,134

695,035

Ferroglobe

plc(a)

82,492

375,339

Olympic

Steel,

Inc.

10,194

310,407

Reliance,

Inc.

586

164,566

Ryerson

Holding

Corp.(a)

20,860

476,860

SunCoke

Energy,

Inc.

74,948

611,576

Worthington

Steel,

Inc.

13,820

419,990

3,053,773

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

AG

Mortgage

Investment

Trust,

Inc.(a)

8,800

63,712

Angel

Oak

Mortgage

REIT,

Inc.

6,900

64,653

Nexpoint

Real

Estate

Finance,

Inc.

300

4,254

132,619

Multi-Utilities

0

.6

%

Avista

Corp.

31,820

1,203,114

Office

REITs

0

.4

%

Easterly

Government

Properties,

Inc.,

Class

A

28,868

661,943

Orion

Properties,

Inc.

19,200

51,840

713,783

Oil,

Gas

&

Consumable

Fuels

2

.0

%

BKV

Corp.*(a)

1,600

37,008

Excelerate

Energy,

Inc.,

Class

A(a)

21,010

529,242

Granite

Ridge

Resources,

Inc.

(a)

50,000

270,500

Green

Plains,

Inc.*

48,900

429,831

Par

Pacific

Holdings,

Inc.*

17,360

614,891

Teekay

Tankers

Ltd.,

Class

A(a)

18,425

931,384

World

Kinect

Corp.(a)

45,260

1,174,497

3,987,353

Paper

&

Forest

Products

0

.6

%

Clearwater

Paper

Corp.*

15,683

325,579

Louisiana-Pacific

Corp.

6,148

546,188

Magnera

Corp.*

18,019

211,183

1,082,950

Passenger

Airlines

1

.2

%

Allegiant

Travel

Co.*(a)

22,222

1,350,431

JetBlue

Airways

Corp.*(a)

192,199

945,619

2,296,050

Personal

Care

Products

1

.6

%

Beauty

Health

Co.

(The)*(a)

14,400

28,656

Herbalife

Ltd.*

66,117

558,027

Interparfums,

Inc.

20,360

2,003,017

Medifast,

Inc.*(a)

5,371

73,422

Nature's

Sunshine

Products,

Inc.*

10,474

162,556

USANA

Health

Sciences,

Inc.*(a)

13,512

372,256

3,197,934

Pharmaceuticals

1

.7

%

Arvinas,

Inc.*

12,866

109,618

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

53

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Atea

Pharmaceuticals,

Inc.*

8,566

24,841

BioAge

Labs,

Inc.*(a)

9,700

57,036

Biote

Corp.,

Class

A*(a)

6,506

19,518

Indivior

plc*(a)

10,768

259,617

Ligand

Pharmaceuticals,

Inc.*(a)

6,849

1,213,232

Neumora

Therapeutics,

Inc.*

18,600

33,852

Pacira

BioSciences,

Inc.*(a)

49,429

1,273,785

SIGA

Technologies,

Inc.

15,604

142,777

Supernus

Pharmaceuticals,

Inc.*

2,100

100,359

3,234,635

Professional

Services

5

.5

%

CBIZ,

Inc.*(a)

29,456

1,559,990

Conduent,

Inc.*

122,066

341,785

Forrester

Research,

Inc.*

2,500

26,500

Franklin

Covey

Co.*(a)

11,077

215,005

FTI

Consulting,

Inc.*

1,296

209,498

Heidrick

&

Struggles

International,

Inc.

5,591

278,264

ICF

International,

Inc.

27,197

2,523,882

Kelly

Services,

Inc.,

Class

A

20,337

266,821

Kforce,

Inc.

16,547

496,079

Mistras

Group,

Inc.*

9,800

96,432

Resources

Connection,

Inc.

23,906

120,725

Skillsoft

Corp.*

1,000

13,020

TrueBlue,

Inc.*

21,068

129,147

Verra

Mobility

Corp.,

Class

A*

180,470

4,457,609

10,734,757

Real

Estate

Management

&

Development

2

.4

%

Cushman

&

Wakefield

plc*(a)

250,589

3,989,377

Forestar

Group,

Inc.*

16,688

443,734

RE/MAX

Holdings,

Inc.,

Class

A*

9,769

92,122

RMR

Group,

Inc.

(The),

Class

A(a)

6,824

107,341

4,632,574

Residential

REITs

0

.4

%

American

Homes

4

Rent,

Class

A

8,358

277,903

Equity

LifeStyle

Properties,

Inc.

3,268

198,368

NexPoint

Residential

Trust,

Inc.

9,670

311,567

787,838

Retail

REITs

0

.9

%

InvenTrust

Properties

Corp.

34,010

973,366

SITE

Centers

Corp.(a)

52,525

473,250

Whitestone

REIT

23,359

286,849

1,733,465

Semiconductors

&

Semiconductor

Equipment

0

.0

%

†

Amkor

Technology,

Inc.

1,440

40,896

Software

1

.8

%

Arteris,

Inc.*(a)

17,661

178,376

CS

Disco,

Inc.*

7,217

46,622

Dropbox,

Inc.,

Class

A*(a)

33,477

1,011,340

N-able,

Inc.*

46,682

364,120

ON24,

Inc.*(a)

12,632

72,255

OneSpan,

Inc.

22,900

363,881

Common

Stocks

Shares

Value

($)

Software

Rimini

Street,

Inc.*

18,130

84,849

SPS

Commerce,

Inc.*

10,480

1,091,387

Telos

Corp.*(a)

26,130

178,729

Xperi,

Inc.*(a)

29,050

188,244

3,579,803

Specialty

Retail

3

.2

%

America's

Car-Mart,

Inc.*(a)

32,279

942,870

Citi

Trends,

Inc.*

6,560

203,557

Designer

Brands,

Inc.,

Class

A(a)

32,100

113,634

Haverty

Furniture

Cos.,

Inc.

11,506

252,326

Lands'

End,

Inc.*(a)

12,050

169,905

Leslie's,

Inc.*(a)

3,835

21,092

Shoe

Carnival,

Inc.(a)

7,472

155,343

Sleep

Number

Corp.*(a)

28,408

199,424

Sonic

Automotive,

Inc.,

Class

A

17,951

1,365,892

Stitch

Fix,

Inc.,

Class

A*

128,369

558,405

Torrid

Holdings,

Inc.*(a)

38,337

67,090

Winmark

Corp.(a)

3,483

1,733,733

Zumiez,

Inc.*(a)

24,954

489,348

6,272,619

Technology

Hardware,

Storage

&

Peripherals

0

.2

%

Xerox

Holdings

Corp.(a)

90,511

340,321

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Columbia

Sportswear

Co.(a)

2,230

116,629

G-III

Apparel

Group

Ltd.*

13,762

366,207

Movado

Group,

Inc.

18,919

358,894

Superior

Group

of

Cos.,

Inc.

3,724

39,921

881,651

Trading

Companies

&

Distributors

1

.1

%

Alta

Equipment

Group,

Inc.

1,400

10,136

BlueLinx

Holdings,

Inc.*

5,556

406,032

Boise

Cascade

Co.

1,957

151,315

DNOW,

Inc.*

57,015

869,479

Hudson

Technologies,

Inc.*

26,272

260,881

NPK

International,

Inc.*

42,100

476,151

2,173,994

Water

Utilities

0

.6

%

American

States

Water

Co.

7,539

552,759

California

Water

Service

Group

8,740

401,079

H2O

America

3,000

146,100

1,099,938

Wireless

Telecommunication

Services

0

.1

%

Spok

Holdings,

Inc.

10,607

182,971

Total

Common

Stocks

(cost

$171,571,185)

192,259,439

Rights

0

.0

%

†

Number

of

Rights

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,406

0

Total

Rights

(cost

$6,109)

0

54

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

Repurchase

Agreements

8

.2

%

Principal

Amount

($)

Value

($)

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,500,175,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,530,000.(b)

1,500,000

1,500,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,448,610,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,537,051.(b)

4,448,089

4,448,089

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$1,020,119.(b)

1,000,000

1,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,116,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$1,020,000.(b)

1,000,000

1,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(b)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$6,000,690,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$6,120,021.(b)

6,000,000

6,000,000

Total

Repurchase

Agreements

(cost

$15,948,089)

15,948,089

Total

Investments

(cost

$187,525,383)

—

106.5%

208,207,528

Liabilities

in

excess

of

other

assets

—

(6.5)%

(

12,722,113

)

NET

ASSETS

—

100.0%

$

195,485,415

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$49,315,384,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$15,948,089

and

by

$34,545,816

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$50,493,905.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$15,948,089.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

55

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

56

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

2,870,204

$

–

$

–

$

2,870,204

Air

Freight

&

Logistics

200,281

–

–

200,281

Automobile

Components

5,430,844

–

–

5,430,844

Banks

18,861,028

–

–

18,861,028

Biotechnology

4,693,334

–

–

4,693,334

Broadline

Retail

130,187

–

–

130,187

Building

Products

6,811,952

–

–

6,811,952

Capital

Markets

2,558,483

–

–

2,558,483

Chemicals

8,235,694

–

–

8,235,694

Commercial

Services

&

Supplies

774,807

–

–

774,807

Communications

Equipment

1,682,084

–

–

1,682,084

Construction

&

Engineering

2,558,985

–

–

2,558,985

Consumer

Finance

5,006,210

–

–

5,006,210

Consumer

Staples

Distribution

&

Retail

1,262,733

–

–

1,262,733

Containers

&

Packaging

449,616

–

–

449,616

Distributors

465,815

–

–

465,815

Diversified

Consumer

Services

82,748

–

–

82,748

Diversified

REITs

116,421

–

–

116,421

Diversified

Telecommunication

Services

509,052

–

–

509,052

Electric

Utilities

300,331

–

–

300,331

Electrical

Equipment

1,286,919

–

–

1,286,919

Electronic

Equipment,

Instruments

&

Components

10,330,929

–

–

10,330,929

Energy

Equipment

&

Services

1,437,109

–

–

1,437,109

Entertainment

736,617

–

–

736,617

Financial

Services

2,813,209

–

–

2,813,209

Food

Products

1,586,369

–

–

1,586,369

Gas

Utilities

206,818

–

–

206,818

Ground

Transportation

5,652,367

–

–

5,652,367

Health

Care

Equipment

&

Supplies

4,154,157

–

–

4,154,157

Health

Care

Providers

&

Services

10,991,080

–

–

10,991,080

Health

Care

REITs

208,845

–

–

208,845

Health

Care

Technology

856,541

–

–

856,541

Hotel

&

Resort

REITs

3,095,346

–

–

3,095,346

Hotels,

Restaurants

&

Leisure

2,131,892

–

–

2,131,892

Household

Durables

7,049,015

–

–

7,049,015

Household

Products

273,575

–

–

273,575

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Industrial

REITs

115,584

–

–

115,584

Insurance

13,518,477

–

–

13,518,477

Interactive

Media

&

Services

631,786

–

–

631,786

IT

Services

370,324

–

–

370,324

Leisure

Products

2,319,401

–

–

2,319,401

Life

Sciences

Tools

&

Services

1,592,128

–

–

1,592,128

Machinery

5,179,563

–

–

5,179,563

Marine

Transportation

139,085

–

–

139,085

Media

1,218,455

–

–

1,218,455

Metals

&

Mining

3,053,773

–

–

3,053,773

Mortgage

Real

Estate

Investment

Trusts

(REITs)

132,619

–

–

132,619

Multi-Utilities

1,203,114

–

–

1,203,114

Office

REITs

713,783

–

–

713,783

Oil,

Gas

&

Consumable

Fuels

3,987,353

–

–

3,987,353

Paper

&

Forest

Products

1,082,950

–

–

1,082,950

Passenger

Airlines

2,296,050

–

–

2,296,050

Personal

Care

Products

3,197,934

–

–

3,197,934

Pharmaceuticals

3,234,635

–

–

3,234,635

Professional

Services

10,734,757

–

–

10,734,757

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

57

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:

Real

Estate

Management

&

Development

$

4,632,574

$

–

$

–

$

4,632,574

Residential

REITs

787,839

–

–

787,839

Retail

REITs

1,733,465

–

–

1,733,465

Semiconductors

&

Semiconductor

Equipment

40,896

–

–

40,896

Software

3,579,803

–

–

3,579,803

Specialty

Retail

6,272,619

–

–

6,272,619

Technology

Hardware,

Storage

&

Peripherals

340,321

–

–

340,321

Textiles,

Apparel

&

Luxury

Goods

881,651

–

–

881,651

Trading

Companies

&

Distributors

2,173,994

–

–

2,173,994

Water

Utilities

1,099,938

–

–

1,099,938

Wireless

Telecommunication

Services

182,971

–

–

182,971

Total

Common

Stocks

$

192,259,439

$

–

$

–

$

192,259,439

Repurchase

Agreements

–

15,948,089

–

15,948,089

Rights

–

–

–

–

Total

$

192,259,439

$

15,948,089

$

–

$

208,207,528

As

of

September

30,

2025,

the

Fund

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

58

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

99

.3

%

Shares

Value

($)

AUSTRALIA

0

.0

%

†

Capital

Markets

0

.0

%

†

Aet

&

D

Holdings

No.

1

*^∞

106,305

0

BERMUDA

0

.3

%

Banks

0

.3

%

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

(a)

26,514

1,137,981

BRAZIL

1

.0

%

Aerospace

&

Defense

0

.6

%

Embraer

SA,

ADR

36,276

2,192,884

Financial

Services

0

.4

%

Pagseguro

Digital

Ltd.,

Class

A

(a)

126,381

1,263,810

3,456,694

CANADA

0

.1

%

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Teekay

Tankers

Ltd.,

Class

A

5,966

301,581

CAYMAN

ISLANDS

0

.2

%

Capital

Markets

0

.1

%

Bullish

*

5,038

320,467

Insurance

0

.1

%

Accelerant

Holdings,

Class

A

*(a)

17,494

260,486

580,953

IRELAND

0

.1

%

Biotechnology

0

.1

%

Prothena

Corp.

plc

*

48,078

469,241

ISRAEL

1

.5

%

Semiconductors

&

Semiconductor

Equipment

1

.1

%

Nova

Ltd.

*

6,133

1,960,475

Tower

Semiconductor

Ltd.

*

28,229

2,040,957

4,001,432

Software

0

.4

%

Cellebrite

DI

Ltd.

*

78,034

1,445,970

5,447,402

JAPAN

0

.3

%

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Allegro

MicroSystems,

Inc.

*

35,365

1,032,658

MONACO

0

.0

%

†

Marine

Transportation

0

.0

%

†

Costamare,

Inc.

3,400

40,494

NETHERLANDS

0

.2

%

Biotechnology

0

.2

%

Merus

NV

*

7,881

741,996

PUERTO

RICO

1

.8

%

Banks

1

.8

%

First

Bancorp

(a)

170,917

3,768,720

OFG

Bancorp

61,143

2,659,109

6,427,829

SWEDEN

0

.0

%

†

Insurance

0

.0

%

†

SiriusPoint

Ltd.

*(a)

8,950

161,906

SWITZERLAND

0

.5

%

Hotels,

Restaurants

&

Leisure

0

.5

%

Sportradar

Group

AG,

Class

A

*

59,817

1,609,077

THAILAND

0

.7

%

Electronic

Equipment,

Instruments

&

Components

0

.7

%

Fabrinet

*(a)

6,973

2,542,495

Common

Stocks

Shares

Value

($)

THAILAND

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

BKV

Corp.

*(a)

3,000

69,390

2,611,885

UNITED

KINGDOM

1

.4

%

Capital

Markets

0

.3

%

Marex

Group

plc

26,927

905,286

Energy

Equipment

&

Services

0

.6

%

TechnipFMC

plc

(a)

51,997

2,051,282

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Infinity

Bio-energy

Ltd.

Reg.

S

*^∞

94,500

0

Insurance

0

.5

%

Fidelis

Insurance

Holdings

Ltd.

(a)

102,363

1,857,888

4,814,456

UNITED

STATES

91

.2

%

Aerospace

&

Defense

3

.6

%

AeroVironment,

Inc.

*

6,085

1,916,106

Archer

Aviation,

Inc.,

Class

A

*(a)

66,533

637,386

ATI,

Inc.

*

20,284

1,649,901

Curtiss-Wright

Corp.

5,419

2,942,192

Huntington

Ingalls

Industries,

Inc.

(a)

1,759

506,434

Karman

Holdings,

Inc.

*(a)

28,286

2,042,249

Mercury

Systems,

Inc.

*(a)

14,321

1,108,445

Rocket

Lab

Corp.

*(a)

42,776

2,049,398

12,852,111

Air

Freight

&

Logistics

0

.1

%

Hub

Group,

Inc.,

Class

A

9,234

318,019

Radiant

Logistics,

Inc.

*

18,440

108,796

426,815

Automobile

Components

1

.7

%

American

Axle

&

Manufacturing

Holdings,

Inc.

*(a)

228,692

1,374,439

Cooper-Standard

Holdings,

Inc.

*(a)

14,766

545,308

Dana,

Inc.

127,065

2,546,383

Lear

Corp.

6,566

660,605

Modine

Manufacturing

Co.

*

2,576

366,204

Stoneridge,

Inc.

*

14,690

111,938

Strattec

Security

Corp.

*(a)

7,800

530,868

6,135,745

Banks

8

.3

%

1st

Source

Corp.

1,300

80,028

Bancorp,

Inc.

(The)

*

22,795

1,707,117

Bank7

Corp.

2,940

136,034

BankUnited,

Inc.

91,549

3,493,509

BayCom

Corp.

2,023

58,161

BCB

Bancorp,

Inc.

7,431

64,501

Beacon

Financial

Corp.

10,043

238,120

BOK

Financial

Corp.

3,380

376,667

Business

First

Bancshares,

Inc.

(a)

7,174

169,378

Byline

Bancorp,

Inc.

13,352

370,251

Capital

City

Bank

Group,

Inc.

6,687

279,450

Central

Pacific

Financial

Corp.

(a)

23,426

710,745

Civista

Bancshares,

Inc.

(a)

5,763

117,047

Colony

Bankcorp,

Inc.

2,300

39,123

Community

Trust

Bancorp,

Inc.

12,640

707,208

ConnectOne

Bancorp,

Inc.

10,158

252,020

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

59

Common

Stocks

Shares

Value

($)

UNITED

STATES

Banks

Enterprise

Financial

Services

Corp.

(a)

8,706

504,774

FB

Financial

Corp.

25,049

1,396,231

First

Bank

1,200

19,548

First

Business

Financial

Services,

Inc.

2,511

128,714

First

Commonwealth

Financial

Corp.

11,350

193,518

First

Financial

Corp.

8,506

480,079

First

Internet

Bancorp

7,101

159,275

Flushing

Financial

Corp.

33,178

458,188

FS

Bancorp,

Inc.

2,350

93,812

Great

Southern

Bancorp,

Inc.

(a)

2,833

173,521

Hanmi

Financial

Corp.

37,728

931,504

HBT

Financial,

Inc.

6,368

160,474

Heritage

Commerce

Corp.

92,279

916,330

Hilltop

Holdings,

Inc.

70,737

2,364,030

Home

Bancorp,

Inc.

1,500

81,488

HomeTrust

Bancshares,

Inc.

8,347

341,726

Independent

Bank

Corp.

16,000

495,600

Kearny

Financial

Corp.

(a)

61,048

401,085

Live

Oak

Bancshares,

Inc.

10,468

368,683

Mercantile

Bank

Corp.

3,127

140,715

Midland

States

Bancorp,

Inc.

21,864

374,749

MVB

Financial

Corp.

963

24,133

National

Bank

Holdings

Corp.,

Class

A

3,719

143,702

Northeast

Community

Bancorp,

Inc.

3,660

75,286

Northfield

Bancorp,

Inc.

51,292

605,246

Northrim

Bancorp,

Inc.

16,380

354,791

OceanFirst

Financial

Corp.

1,221

21,453

OP

Bancorp

(a)

980

13,642

Orange

County

Bancorp,

Inc.

4,698

118,437

Origin

Bancorp,

Inc.

(a)

3,880

133,938

PCB

Bancorp

1,703

35,763

Peapack-Gladstone

Financial

Corp.

13,318

367,577

Primis

Financial

Corp.

2,541

26,706

Prosperity

Bancshares,

Inc.

11,140

739,139

RBB

Bancorp

10,692

200,582

Red

River

Bancshares,

Inc.

200

12,964

Republic

Bancorp,

Inc.,

Class

A

3,040

219,640

Sierra

Bancorp

3,626

104,828

South

Plains

Financial,

Inc.

5,592

216,131

Southern

First

Bancshares,

Inc.

*

405

17,869

Texas

Capital

Bancshares,

Inc.

*(a)

45,024

3,805,878

Third

Coast

Bancshares,

Inc.

*

13,332

506,216

Tompkins

Financial

Corp.

8,527

564,573

Towne

Bank

7,741

267,606

TriCo

Bancshares

(a)

10,263

455,780

United

Bankshares,

Inc.

25,780

959,274

Unity

Bancorp,

Inc.

6,548

320,001

WaFd,

Inc.

960

29,078

Westamerica

Bancorp

10,585

529,144

29,852,780

Biotechnology

4

.4

%

ADMA

Biologics,

Inc.

*(a)

27,326

400,599

Aldeyra

Therapeutics,

Inc.

*

37,907

197,875

Alector,

Inc.

*(a)

75,314

222,929

Common

Stocks

Shares

Value

($)

UNITED

STATES

Biotechnology

Anika

Therapeutics,

Inc.

*

11,924

112,086

Arcturus

Therapeutics

Holdings,

Inc.

*(a)

12,628

232,734

Arcus

Biosciences,

Inc.

*(a)

34,888

474,477

Bridgebio

Pharma,

Inc.

*

26,375

1,369,918

Caribou

Biosciences,

Inc.

*

60,174

140,205

Caris

Life

Sciences,

Inc.

*

10,847

328,122

Cartesian

Therapeutics,

Inc.

*(a)

1,000

10,220

Dyne

Therapeutics,

Inc.

*(a)

47,500

600,875

Editas

Medicine,

Inc.

*(a)

98,285

341,049

Emergent

BioSolutions,

Inc.

*(a)

12,682

111,855

Enanta

Pharmaceuticals,

Inc.

*(a)

14,836

177,587

Entrada

Therapeutics,

Inc.

*

38,250

221,850

Fate

Therapeutics,

Inc.

*(a)

82,270

103,660

Foghorn

Therapeutics,

Inc.

*

4,000

19,560

Halozyme

Therapeutics,

Inc.

*

18,230

1,336,988

Inhibrx

Biosciences,

Inc.

*

1,580

53,214

Insmed,

Inc.

*

16,676

2,401,511

Ironwood

Pharmaceuticals,

Inc.,

Class

A

*

65,247

85,474

Keros

Therapeutics,

Inc.

*(a)

58,809

930,358

Kodiak

Sciences,

Inc.

*

5,723

93,686

Kura

Oncology,

Inc.

*

167,081

1,478,667

Kyverna

Therapeutics,

Inc.

*(a)

25,883

155,298

MacroGenics,

Inc.

*

59,471

99,911

Madrigal

Pharmaceuticals,

Inc.

*

2,164

992,540

Myriad

Genetics,

Inc.

*

184,323

1,332,655

PMV

Pharmaceuticals,

Inc.

*

7,800

10,920

Protagonist

Therapeutics,

Inc.

*(a)

8,127

539,877

Soleno

Therapeutics,

Inc.

*

8,909

602,248

Twist

Bioscience

Corp.

*(a)

11,044

310,778

Tyra

Biosciences,

Inc.

*(a)

24,420

341,636

Vanda

Pharmaceuticals,

Inc.

*

36,843

183,847

Zentalis

Pharmaceuticals,

Inc.

*

47,262

71,366

16,086,575

Broadline

Retail

0

.8

%

1stdibs.com,

Inc.

*(a)

6,323

16,377

Dillard's,

Inc.,

Class

A

352

216,297

Ollie's

Bargain

Outlet

Holdings,

Inc.

*

19,126

2,455,778

2,688,452

Building

Products

0

.4

%

Insteel

Industries,

Inc.

14,209

544,773

JELD-WEN

Holding,

Inc.

*(a)

183,171

899,370

1,444,143

Capital

Markets

3

.1

%

Evercore,

Inc.,

Class

A

(a)

7,290

2,459,063

Hamilton

Lane,

Inc.,

Class

A

13,902

1,873,851

Piper

Sandler

Cos.

(a)

4,352

1,510,100

PJT

Partners,

Inc.,

Class

A

6,688

1,188,658

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

700

11,025

StepStone

Group,

Inc.,

Class

A

51,179

3,342,500

Virtu

Financial,

Inc.,

Class

A

17,001

603,536

10,988,733

Chemicals

0

.5

%

American

Vanguard

Corp.

*

28,124

161,432

Celanese

Corp.,

Class

A

5,781

243,264

Core

Molding

Technologies,

Inc.

*(a)

8,673

178,230

Huntsman

Corp.

17,400

156,252

60

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Chemicals

Koppers

Holdings,

Inc.

14,838

415,464

Kronos

Worldwide,

Inc.

(a)

32,831

188,450

Scotts

Miracle-Gro

Co.

(The)

6,023

343,010

1,686,102

Commercial

Services

&

Supplies

1

.0

%

Casella

Waste

Systems,

Inc.,

Class

A

*(a)

13,305

1,262,379

Ennis,

Inc.

(a)

28,174

515,021

OPENLANE,

Inc.

*(a)

31,681

911,779

Vestis

Corp.

(a)

187,495

849,352

3,538,531

Communications

Equipment

1

.3

%

Aviat

Networks,

Inc.

*(a)

24,687

566,073

Inseego

Corp.

*(a)

2,000

29,940

Lumentum

Holdings,

Inc.

*(a)

9,482

1,542,816

NETGEAR,

Inc.

*

63,704

2,063,373

Ribbon

Communications,

Inc.

*(a)

82,425

313,215

4,515,417

Construction

&

Engineering

3

.7

%

Argan,

Inc.

(a)

5,433

1,467,182

Construction

Partners,

Inc.,

Class

A

*

17,358

2,204,466

Everus

Construction

Group,

Inc.

*(a)

8,770

752,028

Great

Lakes

Dredge

&

Dock

Corp.

*

5,251

62,959

MasTec,

Inc.

*

978

208,128

Matrix

Service

Co.

*(a)

29,730

388,868

Orion

Group

Holdings,

Inc.

*(a)

14,711

122,396

Primoris

Services

Corp.

19,328

2,654,314

Sterling

Infrastructure,

Inc.

*(a)

8,509

2,890,337

Tutor

Perini

Corp.

*

34,988

2,294,863

13,045,541

Consumer

Finance

2

.7

%

Bread

Financial

Holdings,

Inc.

(a)

57,993

3,234,270

Enova

International,

Inc.

*

9,188

1,057,447

Figure

Technology

Solutions,

Inc.,

Class

A

*

7,000

254,590

Green

Dot

Corp.,

Class

A

*

88,254

1,185,251

LendingTree,

Inc.

*

13,522

875,279

PRA

Group,

Inc.

*

57,556

888,665

PROG

Holdings,

Inc.

59,793

1,934,901

Regional

Management

Corp.

6,222

242,409

9,672,812

Consumer

Staples

Distribution

&

Retail

0

.6

%

Andersons,

Inc.

(The)

53,023

2,110,846

Containers

&

Packaging

0

.2

%

Ardagh

Metal

Packaging

SA

192,814

769,328

Distributors

0

.2

%

A-Mark

Precious

Metals,

Inc.

31,830

823,442

Diversified

Consumer

Services

0

.7

%

Chegg,

Inc.

*(a)

97,213

146,792

Duolingo,

Inc.,

Class

A

*(a)

3,089

994,164

Stride,

Inc.

*

8,748

1,302,927

2,443,883

Diversified

REITs

0

.1

%

Alpine

Income

Property

Trust,

Inc.

12,802

181,404

Diversified

Telecommunication

Services

0

.3

%

ATN

International,

Inc.

(a)

14,696

219,999

Common

Stocks

Shares

Value

($)

UNITED

STATES

Diversified

Telecommunication

Services

Bandwidth,

Inc.,

Class

A

*

35,662

594,486

IDT

Corp.,

Class

B

2,288

119,685

934,170

Electric

Utilities

0

.1

%

Genie

Energy

Ltd.,

Class

B

(a)

35,005

523,325

Electrical

Equipment

1

.1

%

Atkore,

Inc.

30,790

1,931,765

Bloom

Energy

Corp.,

Class

A

*(a)

9,283

785,063

Fluence

Energy,

Inc.

*(a)

30,002

324,022

Powell

Industries,

Inc.

(a)

3,168

965,638

4,006,488

Electronic

Equipment,

Instruments

&

Components

3

.4

%

Advanced

Energy

Industries,

Inc.

12,689

2,158,907

Badger

Meter,

Inc.

4,143

739,857

ePlus,

Inc.

600

42,606

Ingram

Micro

Holding

Corp.

(a)

16,270

349,642

Itron,

Inc.

*

8,632

1,075,202

Jabil,

Inc.

7,408

1,608,795

PC

Connection,

Inc.

12,706

787,645

Rogers

Corp.

*(a)

6,580

529,427

Sanmina

Corp.

*

8,116

934,233

ScanSource,

Inc.

*

32,778

1,441,904

SmartRent,

Inc.,

Class

A

*(a)

228,755

322,545

TTM

Technologies,

Inc.

*(a)

34,359

1,979,078

11,969,841

Energy

Equipment

&

Services

0

.7

%

Archrock,

Inc.

45,829

1,205,760

DMC

Global,

Inc.

*(a)

27,705

234,107

Forum

Energy

Technologies,

Inc.

*(a)

2,860

76,391

Oil

States

International,

Inc.

*

2,094

12,690

Ranger

Energy

Services,

Inc.,

Class

A

34,225

480,519

RPC,

Inc.

(a)

82,827

394,257

2,403,724

Entertainment

0

.4

%

Eventbrite,

Inc.,

Class

A

*

91,347

230,194

Playstudios,

Inc.

*

19,110

18,395

Playtika

Holding

Corp.

(a)

11,502

44,743

Roku,

Inc.,

Class

A

*

10,345

1,035,845

Skillz,

Inc.,

Class

A

*

2,600

20,800

1,349,977

Financial

Services

1

.5

%

Compass

Diversified

Holdings

90,623

599,924

Jack

Henry

&

Associates,

Inc.

(a)

2,191

326,306

Jackson

Financial,

Inc.,

Class

A

71

7,187

Marqeta,

Inc.,

Class

A

*(a)

231,571

1,222,695

Merchants

Bancorp

(a)

19,034

605,281

Mr.

Cooper

Group,

Inc.

1,677

353,495

Paymentus

Holdings,

Inc.,

Class

A

*(a)

38,909

1,190,615

Paysafe

Ltd.

*(a)

73,114

944,633

5,250,136

Food

Products

0

.8

%

Calavo

Growers,

Inc.

(a)

26,480

681,595

Dole

plc

58,830

790,675

Pilgrim's

Pride

Corp.

(a)

16,784

683,444

Smithfield

Foods,

Inc.

29,345

689,021

2,844,735

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

61

Common

Stocks

Shares

Value

($)

UNITED

STATES

Gas

Utilities

0

.6

%

Southwest

Gas

Holdings,

Inc.

27,533

2,156,935

Ground

Transportation

1

.7

%

ArcBest

Corp.

(a)

35,260

2,463,616

Covenant

Logistics

Group,

Inc.,

Class

A

34,026

737,003

Heartland

Express,

Inc.

(a)

3,342

28,006

Landstar

System,

Inc.

6,711

822,500

Lyft,

Inc.,

Class

A

*

36,258

798,039

Marten

Transport

Ltd.

34,450

367,237

Werner

Enterprises,

Inc.

35,320

929,622

6,146,023

Health

Care

Equipment

&

Supplies

1

.4

%

Accuray,

Inc.

*

49,480

82,632

Dentsply

Sirona,

Inc.

40,148

509,478

Glaukos

Corp.

*

5,225

426,099

Inogen,

Inc.

*

47,221

385,796

Integer

Holdings

Corp.

*(a)

3,907

403,710

iRhythm

Technologies,

Inc.

*

6,495

1,117,074

Merit

Medical

Systems,

Inc.

*

10,643

885,817

OraSure

Technologies,

Inc.

*

138,591

444,877

Orthofix

Medical,

Inc.

*(a)

4,326

63,333

Varex

Imaging

Corp.

*

56,308

698,219

5,017,035

Health

Care

Providers

&

Services

3

.5

%

Alignment

Healthcare,

Inc.

*

39,902

696,290

Aveanna

Healthcare

Holdings,

Inc.

*

6,359

56,404

BrightSpring

Health

Services,

Inc.

*

81,965

2,422,885

Encompass

Health

Corp.

24,550

3,118,341

GeneDx

Holdings

Corp.,

Class

A

*

9,058

975,909

Guardant

Health,

Inc.

*

31,391

1,961,310

HealthEquity,

Inc.

*

13,540

1,283,186

LifeStance

Health

Group,

Inc.

*

83,400

458,700

RadNet,

Inc.

*(a)

20,140

1,534,869

12,507,894

Health

Care

REITs

0

.1

%

Community

Healthcare

Trust,

Inc.

(a)

28,946

442,874

Health

Care

Technology

0

.8

%

Evolent

Health,

Inc.,

Class

A

*

136,695

1,156,440

HealthStream,

Inc.

(a)

14,021

395,953

Waystar

Holding

Corp.

*(a)

36,240

1,374,221

2,926,614

Hotel

&

Resort

REITs

1

.7

%

Braemar

Hotels

&

Resorts,

Inc.

25,500

69,615

Chatham

Lodging

Trust

32,407

217,451

RLJ

Lodging

Trust

(a)

192,935

1,389,132

Sunstone

Hotel

Investors,

Inc.

262,833

2,462,745

Xenia

Hotels

&

Resorts,

Inc.

(a)

149,042

2,044,856

6,183,799

Hotels,

Restaurants

&

Leisure

1

.4

%

Black

Rock

Coffee

Bar,

Inc.,

Class

A

*

18,249

435,421

Dutch

Bros,

Inc.,

Class

A

*

20,183

1,056,378

Planet

Fitness,

Inc.,

Class

A

*

16,455

1,708,029

Shake

Shack,

Inc.,

Class

A

*

10,494

982,343

Wingstop,

Inc.

3,157

794,554

4,976,725

Common

Stocks

Shares

Value

($)

UNITED

STATES

Household

Durables

3

.6

%

Cricut,

Inc.,

Class

A

(a)

99,096

623,314

Ethan

Allen

Interiors,

Inc.

(a)

40,186

1,183,880

Flexsteel

Industries,

Inc.

4,604

213,395

GoPro,

Inc.,

Class

A

*

199,221

422,349

Helen

of

Troy

Ltd.

*

26,535

668,682

iRobot

Corp.

*(a)

74,100

266,019

KB

Home

(a)

37,984

2,417,302

La-Z-Boy,

Inc.

(a)

17,720

608,150

Sonos,

Inc.

*

81,594

1,289,185

Taylor

Morrison

Home

Corp.,

Class

A

*

39,901

2,633,865

Traeger,

Inc.

*

15,285

18,648

Tri

Pointe

Homes,

Inc.

*

69,519

2,361,560

12,706,349

Household

Products

0

.1

%

Reynolds

Consumer

Products,

Inc.

(a)

19,960

488,421

Independent

Power

and

Renewable

Electricity

Producers

0

.7

%

Talen

Energy

Corp.

*(a)

5,491

2,335,762

Insurance

3

.9

%

American

Coastal

Insurance

Corp.

3,468

39,501

CNO

Financial

Group,

Inc.

58,328

2,306,871

Donegal

Group,

Inc.,

Class

A

(a)

18,794

364,416

Employers

Holdings,

Inc.

33,998

1,444,235

Genworth

Financial,

Inc.,

Class

A

*

99,902

889,128

Globe

Life,

Inc.

6,350

907,860

Goosehead

Insurance,

Inc.,

Class

A

(a)

3,400

253,028

Greenlight

Capital

Re

Ltd.,

Class

A

*(a)

6,971

88,532

Heritage

Insurance

Holdings,

Inc.

*

49,665

1,250,565

Hippo

Holdings,

Inc.

*(a)

7,952

287,544

James

River

Group

Holdings

Ltd.

(a)

46,324

257,098

Mercury

General

Corp.

14,802

1,254,914

Palomar

Holdings,

Inc.

*

6,719

784,443

Reinsurance

Group

of

America,

Inc.

10,733

2,062,130

Safety

Insurance

Group,

Inc.

5,340

377,485

Selectquote,

Inc.

*

44,683

87,579

United

Fire

Group,

Inc.

15,979

486,081

Universal

Insurance

Holdings,

Inc.

31,290

822,927

13,964,337

Interactive

Media

&

Services

0

.3

%

Match

Group,

Inc.

8,108

286,375

Nextdoor

Holdings,

Inc.

*(a)

378,159

790,352

Teads

Holding

Co.

*(a)

6,979

11,515

1,088,242

IT

Services

0

.2

%

Grid

Dynamics

Holdings,

Inc.

*

24,200

186,582

Rackspace

Technology,

Inc.

*(a)

96,904

136,635

Unisys

Corp.

*

103,363

403,115

726,332

Leisure

Products

0

.1

%

Johnson

Outdoors,

Inc.,

Class

A

9,289

375,183

MasterCraft

Boat

Holdings,

Inc.

*(a)

129

2,768

377,951

Life

Sciences

Tools

&

Services

0

.9

%

10X

Genomics,

Inc.,

Class

A

*(a)

153,404

1,793,293

62

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Life

Sciences

Tools

&

Services

Codexis,

Inc.

*

52,330

127,685

CryoPort,

Inc.

*(a)

40,650

385,362

Cytek

Biosciences,

Inc.

*(a)

98,007

340,084

OmniAb,

Inc.

*(a)

99,200

158,720

Repligen

Corp.

*

2,901

387,777

3,192,921

Machinery

3

.9

%

Astec

Industries,

Inc.

(a)

8,866

426,721

Columbus

McKinnon

Corp.

12,508

179,365

Crane

Co.

12,765

2,350,547

Esab

Corp.

11,299

1,262,550

ESCO

Technologies,

Inc.

9,050

1,910,546

Federal

Signal

Corp.

12,141

1,444,658

Graco,

Inc.

5,800

492,768

Hyster-Yale,

Inc.

5,612

206,858

Manitowoc

Co.,

Inc.

(The)

*(a)

56,431

564,874

Mayville

Engineering

Co.,

Inc.

*

19,213

264,371

Miller

Industries,

Inc.

3,140

126,919

Mueller

Water

Products,

Inc.,

Class

A

28,752

733,751

SPX

Technologies,

Inc.

*

12,998

2,427,766

Wabash

National

Corp.

110,760

1,093,201

Worthington

Enterprises,

Inc.

7,490

415,620

13,900,515

Media

0

.5

%

AMC

Networks,

Inc.,

Class

A

*(a)

39,083

322,044

Clear

Channel

Outdoor

Holdings,

Inc.

*

43,600

68,888

Gray

Media,

Inc.

(a)

12,400

71,672

PubMatic,

Inc.,

Class

A

*

74,280

615,038

Scholastic

Corp.

(a)

21,018

575,473

1,653,115

Metals

&

Mining

2

.5

%

Carpenter

Technology

Corp.

11,929

2,929,047

Commercial

Metals

Co.

21,857

1,251,969

Ferroglobe

plc

(a)

14,400

65,520

MP

Materials

Corp.

*

14,599

979,155

Olympic

Steel,

Inc.

16,892

514,361

Reliance,

Inc.

1,387

389,511

Ryerson

Holding

Corp.

(a)

39,292

898,215

SunCoke

Energy,

Inc.

(a)

118,434

966,421

Worthington

Steel,

Inc.

(a)

24,453

743,127

8,737,326

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.1

%

AG

Mortgage

Investment

Trust,

Inc.

(a)

9,200

66,608

Angel

Oak

Mortgage

REIT,

Inc.

11,760

110,191

Nexpoint

Real

Estate

Finance,

Inc.

300

4,254

181,053

Multi-Utilities

0

.7

%

Avista

Corp.

65,359

2,471,224

Office

REITs

0

.6

%

Easterly

Government

Properties,

Inc.,

Class

A

(a)

53,939

1,236,821

Highwoods

Properties,

Inc.

(a)

22,702

722,378

1,959,199

Oil,

Gas

&

Consumable

Fuels

1

.5

%

Excelerate

Energy,

Inc.,

Class

A

(a)

40,151

1,011,404

Granite

Ridge

Resources,

Inc.

(a)

87,800

474,998

Green

Plains,

Inc.

*(a)

102,614

901,977

Common

Stocks

Shares

Value

($)

UNITED

STATES

Oil,

Gas

&

Consumable

Fuels

Par

Pacific

Holdings,

Inc.

*

29,680

1,051,266

World

Kinect

Corp.

(a)

79,210

2,055,499

5,495,144

Paper

&

Forest

Products

0

.5

%

Clearwater

Paper

Corp.

*

30,287

628,758

Louisiana-Pacific

Corp.

11,438

1,016,152

Magnera

Corp.

*

20,700

242,604

1,887,514

Passenger

Airlines

1

.2

%

Allegiant

Travel

Co.

*(a)

40,431

2,456,992

JetBlue

Airways

Corp.

*(a)

385,712

1,897,703

4,354,695

Personal

Care

Products

0

.5

%

Beauty

Health

Co.

(The)

*(a)

75,921

151,083

Herbalife

Ltd.

*

91,512

772,361

Medifast,

Inc.

*(a)

5,121

70,004

Nature's

Sunshine

Products,

Inc.

*

15,972

247,885

USANA

Health

Sciences,

Inc.

*(a)

23,565

649,216

1,890,549

Pharmaceuticals

2

.0

%

Arvinas,

Inc.

*

14,500

123,540

Atea

Pharmaceuticals,

Inc.

*

19,705

57,145

Axsome

Therapeutics,

Inc.

*

9,446

1,147,217

BioAge

Labs,

Inc.

*(a)

17,800

104,664

Biote

Corp.,

Class

A

*(a)

7,600

22,800

Ligand

Pharmaceuticals,

Inc.

*(a)

16,612

2,942,649

Neumora

Therapeutics,

Inc.

*(a)

80,900

147,238

Pacira

BioSciences,

Inc.

*(a)

95,774

2,468,096

SIGA

Technologies,

Inc.

(a)

31,193

285,416

7,298,765

Professional

Services

1

.2

%

Conduent,

Inc.

*(a)

211,291

591,615

Forrester

Research,

Inc.

*

5,350

56,710

Franklin

Covey

Co.

*(a)

18,160

352,486

FTI

Consulting,

Inc.

*

2,605

421,098

Heidrick

&

Struggles

International,

Inc.

11,022

548,565

ICF

International,

Inc.

3,390

314,592

Kelly

Services,

Inc.,

Class

A

43,518

570,956

Kforce,

Inc.

(a)

25,698

770,426

Mistras

Group,

Inc.

*

18,669

183,703

Resources

Connection,

Inc.

42,425

214,246

Skillsoft

Corp.

*(a)

2,000

26,040

TrueBlue,

Inc.

*

39,672

243,189

4,293,626

Real

Estate

Management

&

Development

0

.3

%

Forestar

Group,

Inc.

*

31,574

839,552

RE/MAX

Holdings,

Inc.,

Class

A

*

13,318

125,589

RMR

Group,

Inc.

(The),

Class

A

(a)

13,272

208,769

1,173,910

Residential

REITs

0

.4

%

American

Homes

4

Rent,

Class

A

11,748

390,621

Equity

LifeStyle

Properties,

Inc.

6,144

372,941

NexPoint

Residential

Trust,

Inc.

16,398

528,343

1,291,905

Retail

REITs

0

.8

%

InvenTrust

Properties

Corp.

63,355

1,813,220

SITE

Centers

Corp.

47,300

426,173

Whitestone

REIT

44,529

546,816

2,786,209

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

63

Common

Stocks

Shares

Value

($)

UNITED

STATES

Semiconductors

&

Semiconductor

Equipment

2

.4

%

Impinj,

Inc.

*(a)

7,318

1,322,729

Lattice

Semiconductor

Corp.

*

27,181

1,992,911

MACOM

Technology

Solutions

Holdings,

Inc.

*

18,739

2,332,818

SiTime

Corp.

*

9,119

2,747,645

8,396,103

Software

3

.7

%

Appfolio,

Inc.,

Class

A

*

5,163

1,423,233

Arteris,

Inc.

*

31,200

315,120

AvePoint,

Inc.

*

45,609

684,591

Commvault

Systems,

Inc.

*

11,239

2,121,698

CS

Disco,

Inc.

*

6,298

40,685

CyberArk

Software

Ltd.

*

2,298

1,110,279

Dropbox,

Inc.,

Class

A

*(a)

64,812

1,957,971

Life360,

Inc.

*(a)

6,987

742,718

N-able,

Inc.

*(a)

64,144

500,323

Netskope,

Inc.,

Class

A

*

5,885

133,766

ON24,

Inc.

*(a)

17,229

98,550

OneSpan,

Inc.

45,512

723,186

Pegasystems,

Inc.

(a)

26,608

1,529,960

Rimini

Street,

Inc.

*

35,522

166,243

ServiceTitan,

Inc.,

Class

A

*

9,910

999,225

Telos

Corp.

*(a)

30,518

208,743

Xperi,

Inc.

*(a)

55,532

359,847

13,116,138

Specialty

Retail

3

.0

%

Boot

Barn

Holdings,

Inc.

*(a)

8,028

1,330,400

Citi

Trends,

Inc.

*

11,739

364,261

Designer

Brands,

Inc.,

Class

A

(a)

52,508

185,878

Haverty

Furniture

Cos.,

Inc.

(a)

20,085

440,464

Lands'

End,

Inc.

*(a)

18,439

259,990

Leslie's,

Inc.

*

6,053

33,292

Shoe

Carnival,

Inc.

(a)

6,924

143,950

Sleep

Number

Corp.

*(a)

52,840

370,937

Sonic

Automotive,

Inc.,

Class

A

32,524

2,474,751

Stitch

Fix,

Inc.,

Class

A

*

244,081

1,061,752

Torrid

Holdings,

Inc.

*(a)

60,257

105,450

Winmark

Corp.

(a)

6,148

3,060,290

Zumiez,

Inc.

*

46,342

908,767

10,740,182

Technology

Hardware,

Storage

&

Peripherals

0

.2

%

Xerox

Holdings

Corp.

(a)

144,975

545,106

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

Columbia

Sportswear

Co.

(a)

1,190

62,237

G-III

Apparel

Group

Ltd.

*

27,564

733,478

Movado

Group,

Inc.

30,660

581,620

Superior

Group

of

Cos.,

Inc.

6,808

72,982

1,450,317

Trading

Companies

&

Distributors

1

.5

%

Applied

Industrial

Technologies,

Inc.

4,316

1,126,692

BlueLinx

Holdings,

Inc.

*

9,064

662,397

Boise

Cascade

Co.

861

66,573

DNOW,

Inc.

*

153,033

2,333,753

Hudson

Technologies,

Inc.

*

33,800

335,634

NPK

International,

Inc.

*

78,827

891,533

5,416,582

Water

Utilities

0

.5

%

American

States

Water

Co.

14,191

1,040,484

California

Water

Service

Group

16,420

753,514

Common

Stocks

Shares

Value

($)

UNITED

STATES

Water

Utilities

H2O

America

2,940

143,178

1,937,176

Wireless

Telecommunication

Services

0

.1

%

Spok

Holdings,

Inc.

14,970

258,233

325,017,856

Total

Common

Stocks

(cost

$290,884,085)

353,852,009

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

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,349,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,257,737,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,322,503.(b)

3,257,356

3,257,356

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$12,001,400,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$12,241,428.(b)

12,000,000

12,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,527.(b)

1,000,000

1,000,000

64

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,000,920,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$8,160,028.(b)

8,000,000

8,000,000

Total

Repurchase

Agreements

(cost

$27,257,356)

27,257,356

Total

Investments

(cost

$318,153,516)

—

107.0%

381,109,365

Liabilities

in

excess

of

other

assets

—

(7.0)%

(

25,056,796

)

NET

ASSETS

—

100.0%

$356,052,569

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$80,027,639,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,257,356

and

by

$54,724,756

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

5/15/2055,

a

total

value

of

$81,982,112.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$27,257,356.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

65

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

66

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Multi-Manager

Small

Company

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

15,044,995

$

–

$

–

$

15,044,995

Air

Freight

&

Logistics

426,815

–

–

426,815

Automobile

Components

6,135,745

–

–

6,135,745

Banks

37,418,589

–

–

37,418,589

Biotechnology

17,297,812

–

–

17,297,812

Broadline

Retail

2,688,452

–

–

2,688,452

Building

Products

1,444,143

–

–

1,444,143

Capital

Markets

12,214,486

–

–

12,214,486

Chemicals

1,686,102

–

–

1,686,102

Commercial

Services

&

Supplies

3,538,531

–

–

3,538,531

Communications

Equipment

4,515,417

–

–

4,515,417

Construction

&

Engineering

13,045,541

–

–

13,045,541

Consumer

Finance

9,672,812

–

–

9,672,812

Consumer

Staples

Distribution

&

Retail

2,110,846

–

–

2,110,846

Containers

&

Packaging

769,328

–

–

769,328

Distributors

823,442

–

–

823,442

Diversified

Consumer

Services

2,443,883

–

–

2,443,883

Diversified

REITs

181,404

–

–

181,404

Diversified

Telecommunication

Services

934,170

–

–

934,170

Electric

Utilities

523,325

–

–

523,325

Electrical

Equipment

4,006,488

–

–

4,006,488

Electronic

Equipment,

Instruments

&

Components

14,512,336

–

–

14,512,336

Energy

Equipment

&

Services

4,455,006

–

–

4,455,006

Entertainment

1,349,977

–

–

1,349,977

Financial

Services

6,513,946

–

–

6,513,946

Food

Products

2,844,735

–

–

2,844,735

Gas

Utilities

2,156,935

–

–

2,156,935

Ground

Transportation

6,146,023

–

–

6,146,023

Health

Care

Equipment

&

Supplies

5,017,035

–

–

5,017,035

Health

Care

Providers

&

Services

12,507,894

–

–

12,507,894

Health

Care

REITs

442,874

–

–

442,874

Health

Care

Technology

2,926,614

–

–

2,926,614

Hotel

&

Resort

REITs

6,183,799

–

–

6,183,799

Hotels,

Restaurants

&

Leisure

6,585,803

–

–

6,585,803

Household

Durables

12,706,349

–

–

12,706,349

Household

Products

488,421

–

–

488,421

Independent

Power

and

Renewable

Electricity

Producers

2,335,762

–

–

2,335,762

Insurance

16,244,617

–

–

16,244,617

Interactive

Media

&

Services

1,088,242

–

–

1,088,242

IT

Services

726,332

–

–

726,332

Leisure

Products

377,951

–

–

377,951

Life

Sciences

Tools

&

Services

3,192,921

–

–

3,192,921

Machinery

13,900,515

–

–

13,900,515

Marine

Transportation

40,494

–

–

40,494

Media

1,653,115

–

–

1,653,115

Metals

&

Mining

8,737,326

–

–

8,737,326

Mortgage

Real

Estate

Investment

Trusts

(REITs)

181,053

–

–

181,053

Multi-Utilities

2,471,224

–

–

2,471,224

Office

REITs

1,959,199

–

–

1,959,199

Oil,

Gas

&

Consumable

Fuels

5,866,115

–

–

5,866,115

Paper

&

Forest

Products

1,887,514

–

–

1,887,514

Passenger

Airlines

4,354,695

–

–

4,354,695

Personal

Care

Products

1,890,549

–

–

1,890,549

Pharmaceuticals

7,298,765

–

–

7,298,765

Professional

Services

4,293,626

–

–

4,293,626

Real

Estate

Management

&

Development

1,173,910

–

–

1,173,910

NVIT

Multi-Manager

Small

Company

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

67

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:

Residential

REITs

$

1,291,905

$

–

$

–

$

1,291,905

Retail

REITs

2,786,209

–

–

2,786,209

Semiconductors

&

Semiconductor

Equipment

13,430,193

–

–

13,430,193

Software

14,562,108

–

–

14,562,108

Specialty

Retail

10,740,182

–

–

10,740,182

Technology

Hardware,

Storage

&

Peripherals

545,106

–

–

545,106

Textiles,

Apparel

&

Luxury

Goods

1,450,317

–

–

1,450,317

Trading

Companies

&

Distributors

5,416,582

–

–

5,416,582

Water

Utilities

1,937,176

–

–

1,937,176

Wireless

Telecommunication

Services

258,233

–

–

258,233

Total

Common

Stocks

$

353,852,009

$

–

$

–

$

353,852,009

Repurchase

Agreements

–

27,257,356

–

27,257,356

Rights

–

–

–

–

Total

$

353,852,009

$

27,257,356

$

–

$

381,109,365

As

of

September

30,

2025,

the

Fund

held

two

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

68

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Real

Estate

Fund

Common

Stocks

98

.8

%

Shares

Value

($)

Capital

Markets

2

.1

%

Brookfield

Corp.

60,482

4,147,856

Diversified

REITs

5

.7

%

Essential

Properties

Realty

Trust,

Inc.

118,025

3,512,424

WP

Carey,

Inc.

116,022

7,839,606

11,352,030

Health

Care

Providers

&

Services

1

.7

%

Brookdale

Senior

Living,

Inc.*

404,006

3,421,931

Health

Care

REITs

19

.5

%

American

Healthcare

REIT,

Inc.

148,845

6,252,979

CareTrust

REIT,

Inc.

145,728

5,053,847

Ventas,

Inc.

49,556

3,468,424

Welltower,

Inc.

137,296

24,457,909

39,233,159

Hotel

&

Resort

REITs

1

.4

%

Xenia

Hotels

&

Resorts,

Inc.

201,100

2,759,092

Hotels,

Restaurants

&

Leisure

2

.0

%

Hilton

Worldwide

Holdings,

Inc.

10,518

2,728,790

Hyatt

Hotels

Corp.,

Class

A

9,145

1,297,950

4,026,740

Industrial

REITs

12

.3

%

EastGroup

Properties,

Inc.

21,791

3,688,345

Prologis,

Inc.

182,998

20,956,931

24,645,276

Office

REITs

6

.1

%

COPT

Defense

Properties

66,049

1,919,384

JBG

SMITH

Properties

65,764

1,463,249

Kilroy

Realty

Corp.

91,422

3,862,579

Paramount

Group,

Inc.*

303,681

1,986,074

SL

Green

Realty

Corp.

51,248

3,065,143

12,296,429

Real

Estate

Management

&

Development

1

.0

%

CBRE

Group,

Inc.,

Class

A*

6,479

1,020,831

Common

Stocks

Shares

Value

($)

Real

Estate

Management

&

Development

Jones

Lang

LaSalle,

Inc.*

3,480

1,038,015

2,058,846

Residential

REITs

11

.1

%

American

Homes

4

Rent,

Class

A

45,575

1,515,369

AvalonBay

Communities,

Inc.

33,591

6,488,773

Essex

Property

Trust,

Inc.

37,059

9,919,212

Mid-America

Apartment

Communities,

Inc.

30,805

4,304,383

22,227,737

Retail

REITs

15

.6

%

Brixmor

Property

Group,

Inc.

144,148

3,990,017

Realty

Income

Corp.

49,498

3,008,983

Regency

Centers

Corp.

56,001

4,082,473

Simon

Property

Group,

Inc.

70,665

13,261,700

Tanger,

Inc.

88,377

2,990,678

Urban

Edge

Properties

199,090

4,075,372

31,409,223

Specialized

REITs

20

.3

%

American

Tower

Corp.

5,755

1,106,802

Digital

Realty

Trust,

Inc.

61,601

10,649,581

EPR

Properties

25,056

1,453,498

Equinix,

Inc.

14,389

11,270,040

Millrose

Properties,

Inc.

100,675

3,383,687

Public

Storage

27,467

7,933,843

Smartstop

Self

Storage

REIT,

Inc.

134,211

5,051,702

40,849,153

Total

Investments

(cost

$156,449,865)

—

98.8%

198,427,472

Other

assets

in

excess

of

liabilities

—

1.2%

2,334,797

NET

ASSETS

—

100.0%

$

200,762,269

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

NVIT

Real

Estate

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

69

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

198,427,472

$

–

$

–

$

198,427,472

Total

$

198,427,472

$

–

$

–

$

198,427,472

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

13.4%

Principal

Amount

($)

Value

($)

Airlines

1.0%

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

490,075

467,099

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

173,953

169,085

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

345,626

335,507

971,691

Financial

Services

0.6%

PRET

LLC,

Series

2024-

NPL9,

Class

A1,

5.85%,

12/25/2054(a)(b)

606,468

607,433

Home

Equity

3.1%

HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

4.63%,

4/25/2037(c)

377,454

247,777

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-RM1,

Class

A5,

4.75%,

8/25/2036(c)

1,510,599

664,373

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

4.69%,

5/25/2037(c)

623,764

605,736

PRET

LLC,

Series

2024-

NPL7,

Class

A1,

5.93%,

10/25/2054(a)(b)

725,778

726,533

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(b)

2,781,357

725,076

2,969,495

Other

8.2%

Acrec

Fl

LLC,

Series

2025-

FL3,

Class

A,

5.45%,

8/18/2042(a)(c)

100,000

99,906

ACRES

LLC,

Series

2025-

FL3,

Class

A,

5.75%,

8/18/2040(a)(c)

50,000

50,122

AMSR

Trust,

Series

2024-

SFR1,

Class

B,

4.29%,

7/17/2041(a)(b)

746,000

731,695

AREIT

Ltd.,

Series

2025-

CRE10,

Class

A,

5.53%,

12/17/2029(a)(c)

100,000

100,187

DataBank

Issuer,

Series

2021-1A,

Class

A2,

2.06%,

2/27/2051(a)

155,000

153,123

Empower

CLO

Ltd.,

Series

2023-2A,

Class

AR,

5.61%,

10/15/2038(a)(c)

500,000

502,302

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(c)

1,000,000

990,668

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

171,689

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

988,266

881,677

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

580,751

500,609

Invesco

CLO

Ltd.,

Series

2021-3A,

Class

DR,

7.25%,

10/22/2034(a)(c)

500,000

500,240

KREF

Ltd.,

Series

2021-

FL2,

Class

A,

5.33%,

2/15/2039(a)(c)

48,770

48,737

LCM

XV

LP,

Series

15A,

Class

DR,

8.29%,

7/20/2030(a)(c)

250,000

249,984

LFT

CRE

Ltd.,

Series

2021-

FL1,

Class

B,

6.01%,

6/15/2039(a)(c)

110,000

109,449

LoanCore

Issuer

LLC,

Series

2025-CRE8,

Class

A,

5.53%,

8/17/2042(a)(c)

100,000

100,245

MF1

LLC,

Series

2025-

FL17,

Class

A,

5.46%,

2/18/2040(a)(c)

100,000

100,184

MF1

Ltd.,

Series

2022-

FL8,

Class

A,

5.48%,

2/19/2037(a)(c)

7,188

7,188

Progress

Residential

Trust,

Series

2022-SFR3,

Class

A,

3.20%,

4/17/2039(a)

467,978

459,410

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

5.78%,

10/20/2030(a)(c)

102,781

102,845

Scalelogix

Abs

Us

Issuer

LLC,

Series

2025-1A,

Class

B,

6.16%,

7/25/2055(a)

150,000

149,459

STWD

Ltd.,

Series

2021-

FL2,

Class

A,

5.45%,

4/18/2038(a)(c)

44,782

44,779

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

408,335

390,483

TRTX

Issuer

Ltd.,

Series

2022-FL5,

Class

A,

5.79%,

2/15/2039(a)(c)

81,468

81,464

Upstart

Pass-Through

Trust,

Series

2021-ST4,

Class

A,

2.00%,

7/20/2027(a)

3,575

3,569

Vibrant

CLO

XR

Ltd.,

Series

2018-10RA,

Class

C1,

9.33%,

4/20/2036(a)(c)

500,000

505,659

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

347,409

320,214

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Wellfleet

CLO

Ltd.,

Series

2022-1A,

Class

A1RN,

5.74%,

7/15/2037(a)(c)

500,000

500,582

7,856,469

Student

Loan

0.5%

SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

500,000

484,519

Total

Asset-Backed

Securities

(cost

$14,691,728)

12,889,607

Collateralized

Mortgage

Obligations

21.5%

Alternative

Loan

Trust,

Series

2005-64CB,

Class

1A12,

5.07%,

12/25/2035(c)

727,215

615,033

Angel

Oak

Mortgage

Trust,

Series

2025-6,

Class

M1A,

6.33%,

4/25/2070(a)(c)

900,000

911,623

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

4.75%,

2/25/2036(c)

3

3

BRAVO

Residential

Funding

Trust,

Series

2025-

NQM9,

Class

M1,

6.02%,

9/25/2065(a)(c)

1,000,000

998,329

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

1

1

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,029,364

437,361

CIM

Trust,

Series

2023-

R4,

Class

A1,

5.00%,

5/25/2062(a)(c)

722,049

721,513

COLT

Mortgage

Loan

Trust,

Series

2022-4,

Class

A1,

4.30%,

3/25/2067(a)(c)

670,136

667,771

FHLMC

REMICS

Series

5004,

Class

LS,

IO,

1.68%,

7/25/2050(c)

2,234,532

331,072

Series

5009,

Class

ZN,

3.50%,

7/25/2050

1,501,034

1,020,443

Series

5025,

Class

GB,

1.50%,

10/25/2050

1,626,000

1,066,169

Series

375,

Class

C1,

IO,

2.50%,

1/25/2051

2,234,384

352,952

Series

5129,

Class

TZ,

2.50%,

8/25/2051

1,999,282

1,021,679

Series

5131,

Class

IG,

IO,

3.50%,

8/25/2051

1,626,475

297,790

Series

5198,

Class

KZ,

2.00%,

2/25/2052

1,750,690

1,074,515

Series

5524,

Class

FB,

5.56%,

4/25/2055(c)

1,167,676

1,165,901

Series

5539,

Class

FC,

5.86%,

5/25/2055(c)

278,784

281,765

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

5543,

Class

FM,

5.86%,

6/25/2055(c)

946,987

957,111

FHLMC

STACR

REMIC

Trust,

Series

2024-DNA3,

Class

M2,

5.81%,

10/25/2044(a)

(c)

900,000

900,275

FNMA

REMICS

Series

2025-35,

Class

KY,

3.50%,

4/25/2046

1,155,000

1,049,864

Series

2020-77,

Class

S,

IO,

0.00%,

11/25/2050(c)

5,168,799

259,499

Series

2023-36,

Class

,

IO,

2.50%,

10/25/2052

1,885,270

295,494

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(c)

700,000

659,385

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

0.00%,

7/20/2049(c)

3,666,054

54,260

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

5,976,605

852,919

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

2,484,981

360,238

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

2,838,687

401,721

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,349,730

384,515

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

3,249,671

531,187

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

4.63%,

7/25/2047(c)

587,851

383,848

New

Residential

Mortgage

Loan

Trust,

Series

2021-

NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(c)

550,000

462,650

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

802,580

671,547

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(c)

600,000

461,809

Series

2024-R1,

Class

M1,

5.90%,

9/25/2069(a)(c)

1,000,000

1,000,018

Total

Collateralized

Mortgage

Obligations

(cost

$20,759,721)

20,650,260

Commercial

Mortgage-Backed

Securities

7.3%

BANK

Series

2020-BN30,

Class

XB,

IO,

0.83%,

12/15/2053(c)

3,036,000

95,996

Series

2017-BNK6,

Class

XA,

IO,

0.90%,

7/15/2060(c)

3,446,761

35,097

Series

2018-BN10,

Class

XA,

IO,

0.83%,

2/15/2061(c)

2,646,309

36,017

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.13%,

2/15/2053(c)

1,858,638

66,049

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2021-C12,

Class

XA,

IO,

1.05%,

11/15/2054(c)

2,640,990

105,233

Series

2022-C18,

Class

XD,

IO,

2.35%,

12/15/2055(a)(c)

1,000,000

138,812

Series

2025-5C37,

Class

A3,

5.02%,

9/15/2058

49,000

50,094

Series

2025-C32,

Class

XA,

IO,

1.36%,

2/15/2062(c)

999,077

83,954

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.78%,

9/15/2053(c)

1,126,462

55,730

Series

2021-B27,

Class

XA,

IO,

1.35%,

7/15/2054(c)

1,941,118

97,564

Series

2024-V8,

Class

A1,

5.51%,

7/15/2057

88,741

90,406

Series

2025-V16,

Class

A3,

5.44%,

8/15/2058(c)

100,000

103,973

Series

2025-V17,

Class

A3,

5.07%,

9/15/2058

48,000

49,175

BMO

Mortgage

Trust

Series

2024-5C7,

Class

AS,

5.89%,

11/15/2057(c)

50,000

51,546

Series

2025-5C12,

Class

AS,

5.56%,

10/15/2058

49,000

50,387

BPR

Trust,

Series

2021-

TY,

Class

A,

5.32%,

9/15/2038(a)(c)

100,000

99,938

BSTN

Commercial

Mortgage

Trust,

Series

2025-

HUB,

Class

A,

1.00%,

4/13/2041(a)(c)

100,000

100,000

BX

Commercial

Mortgage

Trust

Series

2021-XL2,

Class

D,

5.66%,

10/15/2038(a)(c)

70,000

69,912

Series

2024-MF,

Class

D,

6.84%,

2/15/2039(a)(c)

88,545

88,767

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

5.31%,

5/15/2038(a)(c)

75,759

75,284

CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

1.06%,

11/13/2050(c)

4,402,893

56,381

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.69%,

5/10/2058(c)

1,228,408

4,196

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

2.01%,

1/15/2049(c)

512,684

450

Series

2017-CX10,

Class

XA,

IO,

0.98%,

11/15/2050(c)

5,087,153

59,159

CSMC,

Series

2021-

B33,

Class

A1,

3.05%,

10/10/2043(a)

88,364

84,295

CSMC

Trust,

Series

2017-

CALI,

Class

F,

3.90%,

11/10/2032(a)(c)

250,000

23,825

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.54%,

5/25/2030(c)

974,224

930,206

Series

2020-M7,

Class

X2,

IO,

1.33%,

3/25/2031(c)

5,100,838

207,883

Series

2022-M5,

Class

X,

IO,

0.67%,

1/1/2034(c)

13,031,000

378,038

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.03%,

12/16/2062(c)

4,102,187

297,859

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(c)

4,559,451

235,261

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(c)

5,140,645

363,419

Series

2021-79,

Class

,

IO,

0.86%,

8/16/2063(c)

4,658,531

300,798

Series

2021-65,

Class

,

IO,

0.87%,

8/16/2063(c)

4,648,394

304,787

Series

2021-150,

Class

,

IO,

1.04%,

11/16/2063(c)

5,574,426

423,226

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(c)

6,340,134

324,480

Series

2021-208,

Class

,

IO,

0.76%,

6/16/2064(c)

6,109,770

331,938

Series

2024-29,

Class

AI,

IO,

0.73%,

10/16/2065(c)

7,425,780

436,011

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

5.75%,

7/16/2035(a)(c)

28,457

28,387

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.62%,

11/10/2049(c)

4,845,750

13,695

Series

2017-GS8,

Class

XA,

IO,

1.07%,

11/10/2050(c)

4,579,119

63,694

Series

2018-GS9,

Class

C,

4.49%,

3/10/2051(c)

100,000

87,615

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2020-COR7,

Class

XA,

IO,

1.77%,

5/13/2053(c)

1,200,889

57,933

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.39%,

5/15/2050(c)

2,198,409

33,103

Morgan

Stanley

Capital

I

Trust,

Series

2019-L3,

Class

XA,

IO,

0.71%,

11/15/2052(c)

2,801,276

59,431

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.98%,

10/10/2048(c)

2,288,808

13,934

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(c)

161,000

145,198

Series

2021-C59,

Class

XA,

IO,

1.62%,

4/15/2054(c)

1,627,495

95,840

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2024-5C1,

Class

A3,

5.93%,

7/15/2057

48,000

50,310

Total

Commercial

Mortgage-Backed

Securities

(cost

$7,345,340)

6,955,286

Corporate

Bonds

11.9%

Aerospace

&

Defense

0.2%

General

Electric

Co.

,

4.90%,

1/29/2036

12,000

12,167

Goat

Holdco

LLC

,

6.75%,

2/1/2032(a)

20,000

20,500

Hexcel

Corp.

,

5.88%,

2/26/2035

18,000

18,821

Lockheed

Martin

Corp.

,

5.00%,

8/15/2035

30,000

30,476

Northrop

Grumman

Corp.

,

4.03%,

10/15/2047

18,000

14,666

5.20%,

6/1/2054

50,000

47,607

TransDigm,

Inc.

,

6.38%,

5/31/2033(a)

30,000

30,337

6.25%,

1/31/2034(a)

5,000

5,142

6.75%,

1/31/2034(a)

5,000

5,170

184,886

Automobile

Components

0.1%

American

Axle

&

Manufacturing,

Inc.

,

6.38%,

10/15/2032(a)

15,000

14,975

7.75%,

10/15/2033(a)

10,000

10,078

Clarios

Global

LP

,

6.75%,

2/15/2030(a)

35,000

36,155

6.75%,

9/15/2032(a)

40,000

40,887

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

10,000

8,600

110,695

Automobiles

0.1%

Hyundai

Capital

America

,

5.30%,

1/8/2029(a)

49,000

50,171

Nissan

Motor

Acceptance

Co.

LLC

,

6.13%,

9/30/2030(a)

20,000

20,007

70,178

Banks

1.0%

Banco

de

Credito

del

Peru

S.A.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

9/30/2031(d)

62,000

60,958

Banco

Internacional

del

Peru

SAA

Interbank

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%),

6.40%,

4/30/2035(a)(d)

150,000

154,800

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Banco

Mercantil

del

Norte

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.07%),

8.38%,

5/20/2031(a)(d)(e)

200,000

210,590

Bank

of

America

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

6.63%,

5/01/2030(d)(e)

14,000

14,567

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

21,000

21,929

(SOFR

+

1.70%),

5.74%,

2/12/2036(d)

25,000

25,974

Canadian

Imperial

Bank

of

Commerce

,

(SOFR

+

1.11%),

5.25%,

1/13/2031(d)

29,000

29,945

Citigroup,

Inc.

,

Series

GG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.89%),

6.87%,

8/15/2030(d)(e)

15,000

15,458

(SOFR

+

1.46%),

4.95%,

5/7/2031(d)

26,000

26,494

(SOFR

+

1.17%),

4.50%,

9/11/2031(d)

18,000

18,010

(SOFR

+

2.66%),

6.17%,

5/25/2034(d)

13,000

13,832

Huntington

Bancshares,

Inc.

,

(United

States

SOFR

Compounded

Index

+

1.87%),

5.71%,

2/2/2035(d)

14,000

14,592

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.01%),

5.14%,

1/24/2031(d)

24,000

24,786

(SOFR

+

1.44%),

5.10%,

4/22/2031(d)

29,000

29,960

(SOFR

+

1.46%),

5.29%,

7/22/2035(d)

54,000

55,775

(SOFR

+

1.64%),

5.58%,

7/23/2036(d)

19,000

19,697

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.42%),

5.37%,

7/21/2036(d)

19,000

19,552

Santander

Holdings

USA,

Inc.

,

(SOFR

+

1.61%),

5.47%,

3/20/2029(d)

18,000

18,343

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

13,000

14,080

(SOFR

+

1.57%),

5.15%,

8/5/2032(d)

27,000

27,788

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

5.15%,

4/23/2031(d)

61,000

62,910

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.34%),

4.89%,

9/15/2036(d)

63,000

62,874

942,914

Beverages

0.0%

†

Keurig

Dr

Pepper,

Inc.

,

Series

10,

5.20%,

3/15/2031

24,000

24,530

Biotechnology

0.1%

AbbVie,

Inc.

,

5.50%,

3/15/2064

29,000

28,985

Amgen,

Inc.

,

5.75%,

3/2/2063

44,000

43,895

Biogen,

Inc.

,

5.05%,

1/15/2031

60,000

61,683

134,563

Broadline

Retail

0.0%

†

Wayfair

LLC

,

7.25%,

10/31/2029(a)

25,000

25,776

Building

Products

0.3%

Amrize

Finance

US

LLC

,

4.95%,

4/7/2030(a)

12,000

12,265

Builders

FirstSource,

Inc.

,

6.38%,

3/1/2034(a)

30,000

30,903

6.75%,

5/15/2035(a)

15,000

15,662

Carlisle

Cos.,

Inc.

,

5.55%,

9/15/2040

12,000

12,147

Cornerstone

Building

Brands,

Inc.

,

9.50%,

8/15/2029(a)

20,000

19,433

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

30,000

30,839

Griffon

Corp.

,

5.75%,

3/1/2028

40,000

40,013

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

30,000

30,818

Owens

Corning

,

5.70%,

6/15/2034

27,000

28,442

Quikrete

Holdings,

Inc.

,

6.75%,

3/1/2033(a)

25,000

25,992

Standard

Building

Solutions,

Inc.

,

6.50%,

8/15/2032(a)

65,000

66,691

313,205

Capital

Markets

0.1%

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.23%),

5.06%,

7/22/2032(d)

22,000

22,731

Brookfield

Asset

Management

Ltd.

,

6.08%,

9/15/2055

24,000

24,903

Goldman

Sachs

Group,

Inc.

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.46%),

6.85%,

2/10/2030(d)(e)

13,000

13,503

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.55%),

5.33%,

7/23/2035(d)

29,000

29,854

Morgan

Stanley

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(d)

14,000

14,679

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(d)

28,000

29,316

134,986

Chemicals

0.3%

Celanese

US

Holdings

LLC

,

6.50%,

4/15/2030

10,000

10,065

6.75%,

4/15/2033

10,000

9,958

EQUATE

Petrochemical

Co.

KSC

,

Reg.

S,

4.25%,

11/3/2026

200,000

199,290

Olin

Corp.

,

6.63%,

4/1/2033(a)

10,000

10,052

Qnity

Electronics,

Inc.

,

6.25%,

8/15/2033(a)

15,000

15,318

Solstice

Advanced

Materials,

Inc.

,

5.63%,

9/30/2033(a)

5,000

5,016

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

20,000

18,590

268,289

Commercial

Services

&

Supplies

0.3%

Allied

Universal

Holdco

LLC

,

7.88%,

2/15/2031(a)

60,000

62,910

Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)

29,000

29,582

Garda

World

Security

Corp.

,

8.25%,

8/1/2032(a)

45,000

46,646

8.38%,

11/15/2032(a)

30,000

31,141

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

50,000

49,395

Republic

Services,

Inc.

,

5.15%,

3/15/2035

29,000

29,943

Rollins,

Inc.

,

5.25%,

2/24/2035

11,000

11,194

Veralto

Corp.

,

5.35%,

9/18/2028

10,000

10,320

5.45%,

9/18/2033

15,000

15,686

Veritiv

Operating

Co.

,

10.50%,

11/30/2030(a)

15,000

16,098

Waste

Connections,

Inc.

,

5.25%,

9/1/2035

23,000

23,699

326,614

Communications

Equipment

0.0%

†

CommScope

LLC

,

9.50%,

12/15/2031(a)

15,000

15,527

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Communications

Equipment

Motorola

Solutions,

Inc.

,

5.20%,

8/15/2032

26,000

26,795

42,322

Construction

&

Engineering

0.2%

Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

110,990

90,623

MasTec,

Inc.

,

5.90%,

6/15/2029

28,000

29,307

Quanta

Services,

Inc.

,

5.25%,

8/9/2034

45,000

46,134

166,064

Consumer

Finance

0.5%

American

Express

Co.

,

(SOFR

+

1.44%),

5.02%,

4/25/2031(d)

62,000

63,753

Avolon

Holdings

Funding

Ltd.

,

5.75%,

3/1/2029(a)

50,000

51,766

Azorra

Finance

Ltd.

,

7.75%,

4/15/2030(a)

15,000

15,786

7.25%,

1/15/2031(a)

25,000

26,032

GGAM

Finance

Ltd.

,

6.88%,

4/15/2029(a)

60,000

62,221

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)

90,000

92,982

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

15,000

15,255

6.40%,

3/26/2029(a)

14,000

14,744

5.15%,

3/17/2030(a)

5,000

5,070

6.50%,

3/26/2031(a)

6,000

6,427

OneMain

Finance

Corp.

,

6.13%,

5/15/2030

20,000

20,254

7.50%,

5/15/2031

20,000

20,907

7.13%,

9/15/2032

10,000

10,330

6.50%,

3/15/2033

25,000

25,040

430,567

Consumer

Staples

Distribution

&

Retail

0.1%

Kroger

Co.

(The)

,

5.65%,

9/15/2064

29,000

28,288

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

60,000

59,995

US

Foods,

Inc.

,

5.75%,

4/15/2033(a)

40,000

40,209

128,492

Containers

&

Packaging

0.1%

Avery

Dennison

Corp.

,

5.75%,

3/15/2033

14,000

14,797

CCL

Industries,

Inc.

,

3.05%,

6/1/2030(a)

33,000

31,022

Clydesdale

Acquisition

Holdings,

Inc.

,

6.75%,

4/15/2032(a)

30,000

30,776

Sonoco

Products

Co.

,

4.60%,

9/1/2029

15,000

15,089

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Trident

TPI

Holdings,

Inc.

,

12.75%,

12/31/2028(a)

20,000

21,325

113,009

Distributors

0.0%

†

Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

15,000

14,836

Genuine

Parts

Co.

,

4.95%,

8/15/2029

21,000

21,370

36,206

Diversified

Consumer

Services

0.1%

Mavis

Tire

Express

Services

Topco

Corp.

,

6.50%,

5/15/2029(a)

15,000

14,928

Wand

NewCo

3,

Inc.

,

7.63%,

1/30/2032(a)

40,000

42,145

57,073

Diversified

REITs

0.1%

Uniti

Group

LP

,

8.63%,

6/15/2032(a)

15,000

14,330

VICI

Properties

LP

,

4.63%,

12/1/2029(a)

60,000

59,409

73,739

Diversified

Telecommunication

Services

0.2%

AT&T,

Inc.

,

6.05%,

8/15/2056

60,000

62,191

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.39%),

6.88%,

9/15/2055(d)

18,000

18,674

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

20,000

19,866

4.75%,

3/1/2030(a)

25,000

23,989

4.75%,

2/1/2032(a)

15,000

13,871

Level

3

Financing,

Inc.

,

4.50%,

4/1/2030(a)

15,000

13,706

6.88%,

6/30/2033(a)

30,000

30,576

TELUS

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.71%),

7.00%,

10/15/2055(d)

30,000

31,633

Windstream

Services

LLC

,

8.25%,

10/1/2031(a)

5,000

5,179

7.50%,

10/15/2033(a)

5,000

4,999

224,684

Electric

Utilities

0.7%

AEP

Texas,

Inc.

,

5.45%,

5/15/2029

15,000

15,562

Alliant

Energy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%),

5.75%,

4/1/2056(d)

12,000

12,015

Arizona

Public

Service

Co.

,

5.90%,

8/15/2055

61,000

62,464

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Commonwealth

Edison

Co.

,

5.95%,

6/1/2055

61,000

64,842

Duke

Energy

Corp.

,

5.00%,

8/15/2052

9,000

8,102

5.80%,

6/15/2054

52,000

52,535

Entergy

Arkansas

LLC

,

5.75%,

6/1/2054

15,000

15,357

Entergy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%),

7.13%,

12/1/2054(d)

29,000

30,302

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

20,000

17,793

Evergy

Kansas

Central,

Inc.

,

5.70%,

3/15/2053

32,000

32,304

Interstate

Power

and

Light

Co.

,

5.60%,

10/1/2055

15,000

14,756

JSW

Hydro

Energy

Ltd.

,

Reg.

S,

4.13%,

5/18/2031

142,000

134,190

Kentucky

Utilities

Co.

,

5.85%,

8/15/2055

12,000

12,330

Mexico

Generadora

de

Energia

S

de

rl

,

Reg.

S,

5.50%,

12/6/2032

109,718

112,047

Niagara

Mohawk

Power

Corp.

,

4.65%,

10/3/2030(a)

31,000

31,143

NRG

Energy,

Inc.

,

6.00%,

2/1/2033(a)

15,000

15,234

Southern

Co.

(The)

,

Series

2025,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.07%),

6.38%,

3/15/2055(d)

9,000

9,590

Trans-Allegheny

Interstate

Line

Co.

,

5.00%,

1/15/2031(a)

58,000

59,467

Virginia

Electric

and

Power

Co.

,

5.55%,

8/15/2054

13,000

12,882

712,915

Electrical

Equipment

0.1%

Molex

Electronic

Technologies

LLC

,

5.25%,

4/30/2032(a)

33,000

33,582

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028

29,000

29,998

Vertiv

Group

Corp.

,

4.13%,

11/15/2028(a)

15,000

14,647

78,227

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

,

5.15%,

8/21/2029

31,000

31,736

Avnet,

Inc.

,

6.25%,

3/15/2028

56,000

58,275

90,011

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

0.2%

Kodiak

Gas

Services

LLC

,

6.50%,

10/1/2033(a)

15,000

15,273

6.75%,

10/1/2035(a)

15,000

15,401

Nabors

Industries,

Inc.

,

9.13%,

1/31/2030(a)

10,000

10,400

Transocean

Poseidon

Ltd.

,

6.88%,

2/1/2027(a)

33,750

33,720

WBI

Operating

LLC

,

6.50%,

10/15/2033(a)

30,000

30,000

Weatherford

International

Ltd.

,

6.75%,

10/15/2033(a)

35,000

35,024

139,818

Entertainment

0.1%

Netflix,

Inc.

,

5.38%,

11/15/2029(a)

22,000

23,021

5.40%,

8/15/2054

19,000

19,134

Warnermedia

Holdings,

Inc.

,

4.05%,

3/15/2029

10,000

9,650

4.28%,

3/15/2032

5,000

4,582

5.05%,

3/15/2042

10,000

7,983

64,370

Financial

Services

0.2%

Block

Financial

LLC

,

5.38%,

9/15/2032

64,000

64,515

Fiserv,

Inc.

,

4.55%,

2/15/2031

30,000

30,111

5.45%,

3/15/2034

24,000

24,802

Freedom

Mortgage

Holdings

LLC

,

8.38%,

4/1/2032(a)

5,000

5,241

PennyMac

Financial

Services,

Inc.

,

7.88%,

12/15/2029(a)

35,000

37,145

6.88%,

5/15/2032(a)

10,000

10,362

Rocket

Cos.,

Inc.

,

6.38%,

8/1/2033(a)

15,000

15,482

187,658

Food

Products

0.2%

Bunge

Ltd.

Finance

Corp.

,

4.65%,

9/17/2034

35,000

34,310

Campbell's

Co.

(The)

,

5.40%,

3/21/2034

13,000

13,319

Flowers

Foods,

Inc.

,

5.75%,

3/15/2035

28,000

28,520

JBS

USA

Holding

Lux

Sarl

,

3.75%,

12/1/2031

47,000

44,401

Mars,

Inc.

,

5.70%,

5/1/2055(a)

30,000

30,388

150,938

Gas

Utilities

0.0%

†

National

Fuel

Gas

Co.

,

5.95%,

3/15/2035

12,000

12,514

Southern

Natural

Gas

Co.

LLC

,

5.45%,

8/1/2035(a)

7,000

7,141

19,655

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

0.7%

Burlington

Northern

Santa

Fe

LLC

,

5.50%,

3/15/2055

28,000

28,063

CSX

Corp.

,

3.35%,

9/15/2049

69,000

49,400

Dcli

Bidco

LLC

,

7.75%,

11/15/2029(a)

25,000

25,994

Genesee

&

Wyoming,

Inc.

,

6.25%,

4/15/2032(a)

60,000

60,969

Lima

Metro

Line

2

Finance

Ltd.

,

Reg.

S,

5.88%,

7/5/2034

77,898

80,405

Penske

Truck

Leasing

Co.

LP

,

5.25%,

2/1/2030(a)

59,000

60,852

Simpar

Europe

SA

,

Reg.

S,

5.20%,

1/26/2031

200,000

166,700

Star

Leasing

Co.

LLC

,

7.63%,

2/15/2030(a)

15,000

14,576

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

31,000

27,680

Uber

Technologies,

Inc.

,

4.80%,

9/15/2034

55,000

55,103

Watco

Cos.

LLC

,

7.13%,

8/1/2032(a)

55,000

56,929

626,671

Health

Care

Equipment

&

Supplies

0.1%

Bausch

+

Lomb

Corp.

,

8.38%,

10/1/2028(a)

30,000

31,266

GE

HealthCare

Technologies,

Inc.

,

4.80%,

1/15/2031

27,000

27,443

Solventum

Corp.

,

5.40%,

3/1/2029

11,000

11,352

Zimmer

Biomet

Holdings,

Inc.

,

5.20%,

9/15/2034

27,000

27,643

97,704

Health

Care

Providers

&

Services

0.3%

Cardinal

Health,

Inc.

,

4.90%,

9/15/2045

65,000

58,649

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

20,000

19,413

Elevance

Health,

Inc.

,

5.13%,

2/15/2053

57,000

52,063

Laboratory

Corp.

of

America

Holdings

,

4.80%,

10/1/2034

60,000

59,534

LifePoint

Health,

Inc.

,

10.00%,

6/1/2032(a)

25,000

26,249

Quest

Diagnostics,

Inc.

,

5.00%,

12/15/2034

27,000

27,329

Radiology

Partners,

Inc.

,

8.50%,

7/15/2032(a)

30,000

31,045

274,282

Health

Care

REITs

0.0%

†

Omega

Healthcare

Investors,

Inc.

,

4.75%,

1/15/2028

15,000

15,125

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

REITs

Omega

Healthcare

Investors,

Inc.,

3.25%,

4/15/2033

16,000

14,117

29,242

Health

Care

Technology

0.0%

†

IQVIA,

Inc.

,

6.25%,

2/1/2029

19,000

20,000

Hotel

&

Resort

REITs

0.0%

†

RHP

Hotel

Properties

LP

,

6.50%,

6/15/2033(a)

25,000

25,747

Hotels,

Restaurants

&

Leisure

0.6%

Caesars

Entertainment,

Inc.

,

6.00%,

10/15/2032(a)

35,000

34,474

Carnival

Corp.

,

5.13%,

5/1/2029(a)

10,000

10,000

5.88%,

6/15/2031(a)

30,000

30,742

5.75%,

8/1/2032(a)

30,000

30,530

6.13%,

2/15/2033(a)

11,000

11,276

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

66,000

65,428

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

10,000

9,384

Full

House

Resorts,

Inc.

,

8.25%,

2/15/2028(a)

15,000

13,921

Life

Time,

Inc.

,

6.00%,

11/15/2031(a)

40,000

40,639

Light

&

Wonder

International,

Inc.

,

6.25%,

10/1/2033(a)

25,000

25,042

Marriott

International,

Inc.

,

4.50%,

10/15/2031

31,000

30,864

5.35%,

3/15/2035

55,000

56,250

McDonald's

Corp.

,

5.45%,

8/14/2053

29,000

28,787

NCL

Corp.

Ltd.

,

5.88%,

1/15/2031(a)

10,000

9,999

6.25%,

9/15/2033(a)

10,000

10,052

Rivers

Enterprise

Borrower

LLC

,

6.63%,

2/1/2033(a)

45,000

45,600

Rivers

Enterprise

Lender

LLC

,

6.25%,

10/15/2030(a)

10,000

10,089

Royal

Caribbean

Cruises

Ltd.

,

5.38%,

7/15/2027(a)

34,000

34,301

5.38%,

1/15/2036

13,000

13,076

Sabre

GLBL,

Inc.

,

8.63%,

6/1/2027(a)

3,000

3,043

10.75%,

11/15/2029(a)

18,000

17,395

Six

Flags

Entertainment

Corp.

,

7.25%,

5/15/2031(a)

20,000

20,008

Viking

Cruises

Ltd.

,

5.88%,

10/15/2033(a)

35,000

35,025

Voyager

Parent

LLC

,

9.25%,

7/1/2032(a)

15,000

15,862

601,787

Household

Durables

0.0%

†

Newell

Brands,

Inc.

,

6.38%,

5/15/2030

10,000

9,908

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

Whirlpool

Corp.

,

6.50%,

6/15/2033

15,000

14,969

24,877

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

PSEG

Power

LLC

,

5.20%,

5/15/2030(a)

20,000

20,518

Southern

Power

Co.

,

Series

B,

4.90%,

10/1/2035

16,000

15,779

36,297

Industrial

REITs

0.1%

First

Industrial

LP

,

5.25%,

1/15/2031

40,000

41,007

Lineage

OP

LP

,

5.25%,

7/15/2030(a)

30,000

30,409

71,416

Insurance

0.5%

Acrisure

LLC

,

6.75%,

7/1/2032(a)

25,000

25,742

Alliant

Holdings

Intermediate

LLC

,

6.50%,

10/1/2031(a)

40,000

40,897

American

International

Group,

Inc.

,

5.45%,

5/7/2035

12,000

12,501

American

National

Group,

Inc.

,

5.75%,

10/1/2029

13,000

13,447

6.00%,

7/15/2035

41,000

41,855

APH

Somerset

Investor

2

LLC

,

7.88%,

11/1/2029(a)

15,000

15,654

Arthur

J

Gallagher

&

Co.

,

4.85%,

12/15/2029

14,000

14,286

Aspen

Insurance

Holdings

Ltd.

,

5.75%,

7/1/2030

27,000

28,259

Athene

Global

Funding

,

4.72%,

10/8/2029(a)

14,000

14,113

5.03%,

7/17/2030(a)

16,000

16,256

Athene

Holding

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.61%),

6.63%,

10/15/2054(d)

22,000

22,198

Brown

&

Brown,

Inc.

,

6.25%,

6/23/2055

12,000

12,627

Guardian

Life

Global

Funding

,

4.80%,

4/28/2030(a)

23,000

23,507

Massachusetts

Mutual

Life

Insurance

Co.

,

3.38%,

4/15/2050(a)

62,000

43,142

MetLife,

Inc.

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%),

6.35%,

3/15/2055(d)

24,000

25,499

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

50,000

52,006

Prudential

Financial,

Inc.

,

5.20%,

3/14/2035

18,000

18,503

Travelers

Cos.,

Inc.

(The)

,

5.70%,

7/24/2055

12,000

12,427

432,919

Interactive

Media

&

Services

0.1%

Meta

Platforms,

Inc.

,

5.60%,

5/15/2053

51,000

51,732

IT

Services

0.1%

CoreWeave,

Inc.

,

9.25%,

6/1/2030(a)

15,000

15,492

Kyndryl

Holdings,

Inc.

,

4.10%,

10/15/2041

56,000

45,434

VeriSign,

Inc.

,

5.25%,

6/1/2032

36,000

36,980

97,906

Life

Sciences

Tools

&

Services

0.0%

†

Agilent

Technologies,

Inc.

,

4.75%,

9/9/2034

32,000

31,893

Machinery

0.2%

Husky

Injection

Molding

Systems

Ltd.

,

9.00%,

2/15/2029(a)

75,000

78,389

Westinghouse

Air

Brake

Technologies

Corp.

,

4.90%,

5/29/2030

60,000

61,318

139,707

Marine

Transportation

0.2%

Yinson

Bergenia

Production

BV

,

8.50%,

1/31/2045(a)

200,000

214,607

Media

0.3%

Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

10,000

9,712

7.13%,

2/15/2031(a)

20,000

20,673

Directv

Financing

LLC

,

8.88%,

2/1/2030(a)

20,000

19,754

DirecTV

Financing

LLC

,

5.88%,

8/15/2027(a)

21,000

20,976

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

15,000

14,379

5.13%,

6/1/2029

10,000

8,552

EchoStar

Corp.

,

10.75%,

11/30/2029

10,000

11,002

Gray

Media,

Inc.

,

9.63%,

7/15/2032(a)

15,000

15,325

7.25%,

8/15/2033(a)

15,000

14,864

Lamar

Media

Corp.

,

5.38%,

11/1/2033(a)

20,000

19,853

Sirius

XM

Radio

LLC

,

5.50%,

7/1/2029(a)

85,000

85,020

Univision

Communications,

Inc.

,

7.38%,

6/30/2030(a)

30,000

30,144

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Videotron

Ltd.

,

5.70%,

1/15/2035(a)

30,000

30,572

300,826

Metals

&

Mining

0.1%

ArcelorMittal

SA

,

6.00%,

6/17/2034

16,000

17,082

Newmont

Corp.

,

5.35%,

3/15/2034

26,000

27,119

Novelis

Corp.

,

6.88%,

1/30/2030(a)

10,000

10,370

Rio

Tinto

Finance

USA

plc

,

5.75%,

3/14/2055

17,000

17,495

Vale

Overseas

Ltd.

,

6.40%,

6/28/2054

17,000

17,475

89,541

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

†

Starwood

Property

Trust,

Inc.

,

5.25%,

10/15/2028(a)

30,000

30,009

Multi-Utilities

0.2%

Black

Hills

Corp.

,

6.00%,

1/15/2035

27,000

28,741

CMS

Energy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.96%),

6.50%,

6/1/2055(d)

14,000

14,495

Consumers

Energy

Co.

,

4.50%,

1/15/2031

17,000

17,174

DTE

Energy

Co.

,

5.85%,

6/1/2034

41,000

43,563

NiSource,

Inc.

,

5.35%,

4/1/2034

24,000

24,710

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

6.95%,

11/30/2054(d)

13,000

13,528

5.85%,

4/1/2055

24,000

24,339

Southern

Co.

Gas

Capital

Corp.

,

Series

A,

4.05%,

9/15/2028

10,000

9,989

176,539

Oil,

Gas

&

Consumable

Fuels

1.1%

Buckeye

Partners

LP

,

6.88%,

7/1/2029(a)

60,000

62,182

Cheniere

Energy

Partners

LP

,

4.00%,

3/1/2031

30,000

28,931

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

52,000

51,838

Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)

15,000

14,895

6.75%,

3/15/2033(a)

25,000

25,330

Civitas

Resources,

Inc.

,

8.38%,

7/1/2028(a)

15,000

15,548

Colonial

Enterprises,

Inc.

,

5.63%,

11/15/2035(a)

18,000

18,133

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

11/05/2025(g)

100,000

100,130

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

14,000

13,659

Eastern

Energy

Gas

Holdings

LLC

,

5.65%,

10/15/2054

31,000

30,541

Ecopetrol

SA

,

5.88%,

11/2/2051

200,000

148,153

Enterprise

Products

Operating

LLC

,

5.55%,

2/16/2055

29,000

28,663

Expand

Energy

Corp.

,

6.75%,

4/15/2029(a)

10,000

10,104

4.75%,

2/1/2032

14,000

13,759

Florida

Gas

Transmission

Co.

LLC

,

5.75%,

7/15/2035(a)

12,000

12,444

Gulfport

Energy

Operating

Corp.

,

6.75%,

9/1/2029(a)

65,000

66,703

Gulfstream

Natural

Gas

System

LLC

,

5.60%,

7/23/2035(a)

17,000

17,418

Harvest

Midstream

I

LP

,

7.50%,

5/15/2032(a)

30,000

30,645

Hess

Midstream

Operations

LP

,

5.88%,

3/1/2028(a)

15,000

15,291

5.50%,

10/15/2030(a)

18,000

18,130

Hilcorp

Energy

I

LP

,

7.25%,

2/15/2035(a)

15,000

14,659

Kinder

Morgan

Energy

Partners

LP

,

6.95%,

1/15/2038

14,000

15,743

Kinetik

Holdings

LP

,

5.88%,

6/15/2030(a)

13,000

13,076

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

20,000

20,191

NGL

Energy

Operating

LLC

,

8.13%,

2/15/2029(a)

10,000

10,253

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

33,000

29,893

Permian

Resources

Operating

LLC

,

6.25%,

2/1/2033(a)

17,000

17,317

Petroleos

Mexicanos

,

6.75%,

9/21/2047

50,000

41,265

Tallgrass

Energy

Partners

LP

,

7.38%,

2/15/2029(a)

20,000

20,597

6.75%,

3/15/2034(a)

10,000

9,900

Targa

Resources

Corp.

,

5.50%,

2/15/2035

11,000

11,193

Venture

Global

LNG,

Inc.

,

8.38%,

6/1/2031(a)

20,000

21,000

9.88%,

2/1/2032(a)

10,000

10,887

Venture

Global

Plaquemines

LNG

LLC

,

7.50%,

5/1/2033(a)

5,000

5,525

6.50%,

1/15/2034(a)

15,000

15,790

Viper

Energy

Partners

LLC

,

4.90%,

8/1/2030

22,000

22,164

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Vital

Energy,

Inc.

,

7.88%,

4/15/2032(a)

15,000

14,561

1,016,511

Paper

&

Forest

Products

0.0%

†

Suzano

Netherlands

BV

,

5.50%,

1/15/2036

17,000

17,017

Passenger

Airlines

0.0%

†

American

Airlines,

Inc.

,

8.50%,

5/15/2029(a)

20,000

20,863

JetBlue

Airways

Corp.

,

9.88%,

9/20/2031(a)

10,000

10,143

31,006

Pharmaceuticals

0.1%

Bausch

Health

Cos.,

Inc.

,

5.25%,

1/30/2030(a)

10,000

7,050

14.00%,

10/15/2030(a)

1,000

1,003

Merck

&

Co.,

Inc.

,

5.70%,

9/15/2055

37,000

38,182

Royalty

Pharma

plc

,

5.95%,

9/25/2055

18,000

18,077

Zoetis,

Inc.

,

4.15%,

8/17/2028

30,000

30,104

4.70%,

2/1/2043

12,000

11,075

105,491

Professional

Services

0.2%

Amentum

Holdings,

Inc.

,

7.25%,

8/1/2032(a)

15,000

15,575

CACI

International,

Inc.

,

6.38%,

6/15/2033(a)

10,000

10,316

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

52,000

54,976

Paychex,

Inc.

,

5.35%,

4/15/2032

59,000

61,221

Verisk

Analytics,

Inc.

,

5.25%,

6/5/2034

28,000

28,867

VT

Topco,

Inc.

,

8.50%,

8/15/2030(a)

15,000

15,261

186,216

Real

Estate

Management

&

Development

0.0%

†

Anywhere

Real

Estate

Group

LLC

,

7.00%,

4/15/2030(a)

15,000

15,180

Residential

REITs

0.1%

American

Homes

4

Rent

LP

,

5.50%,

2/1/2034

40,000

41,277

Essential

Properties

LP

,

5.40%,

12/1/2035

17,000

17,064

Sun

Communities

Operating

LP

,

2.70%,

7/15/2031

32,000

28,945

87,286

Retail

REITs

0.1%

Agree

LP

,

5.63%,

6/15/2034

20,000

20,823

Corporate

Bonds

Principal

Amount

($)

Value

($)

Retail

REITs

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

5.75%,

7/15/2034

30,000

31,214

52,037

Semiconductors

&

Semiconductor

Equipment

0.2%

Broadcom,

Inc.

,

3.50%,

2/15/2041(a)

77,000

63,365

Marvell

Technology,

Inc.

,

5.95%,

9/15/2033

55,000

59,010

NXP

BV

,

4.85%,

8/19/2032

23,000

23,028

Qorvo,

Inc.

,

3.38%,

4/1/2031(a)

20,000

18,376

163,779

Software

0.2%

AppLovin

Corp.

,

5.38%,

12/1/2031

15,000

15,517

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

35,000

34,714

Atlassian

Corp.

,

5.25%,

5/15/2029

19,000

19,533

Cloud

Software

Group,

Inc.

,

6.63%,

8/15/2033(a)

15,000

15,270

Ellucian

Holdings,

Inc.

,

6.50%,

12/1/2029(a)

20,000

20,318

Oracle

Corp.

,

5.88%,

9/26/2045

24,000

24,065

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028

18,000

18,084

Workday,

Inc.

,

3.80%,

4/1/2032

14,000

13,368

160,869

Specialized

REITs

0.1%

American

Tower

Corp.

,

3.70%,

10/15/2049

10,000

7,498

Equinix,

Inc.

,

3.90%,

4/15/2032

29,000

27,817

2.95%,

9/15/2051

52,000

33,209

Extra

Space

Storage

LP

,

4.95%,

1/15/2033

14,000

14,083

5.40%,

2/1/2034

27,000

27,784

Iron

Mountain,

Inc.

,

6.25%,

1/15/2033(a)

5,000

5,100

115,491

Specialty

Retail

0.2%

AutoZone,

Inc.

,

5.13%,

6/15/2030

26,000

26,833

Lowe's

Cos.,

Inc.

,

5.63%,

4/15/2053

14,000

13,922

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

10,000

9,204

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

14,000

14,241

5.00%,

8/19/2034

16,000

16,145

Staples,

Inc.

,

10.75%,

9/1/2029(a)

15,000

14,832

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Victra

Holdings

LLC

,

8.75%,

9/15/2029(a)

50,000

52,419

147,596

Technology

Hardware,

Storage

&

Peripherals

0.1%

Dell,

Inc.

,

6.50%,

4/15/2038

14,000

15,191

Hewlett

Packard

Enterprise

Co.

,

5.00%,

10/15/2034

60,000

59,533

NetApp,

Inc.

,

5.50%,

3/17/2032

14,000

14,566

89,290

Tobacco

0.1%

BAT

Capital

Corp.

,

5.63%,

8/15/2035

31,000

32,209

4.54%,

8/15/2047

34,000

28,511

Philip

Morris

International,

Inc.

,

5.38%,

2/15/2033

26,000

27,152

5.25%,

2/13/2034

27,000

27,880

115,752

Trading

Companies

&

Distributors

0.1%

Aviation

Capital

Group

LLC

,

5.38%,

7/15/2029(a)

20,000

20,486

FTAI

Aviation

Investors

LLC

,

5.88%,

4/15/2033(a)

10,000

10,063

GATX

Corp.

,

5.50%,

6/15/2035

16,000

16,508

5.20%,

3/15/2044

6,000

5,709

Herc

Holdings,

Inc.

,

7.00%,

6/15/2030(a)

15,000

15,581

QXO

Building

Products,

Inc.

,

6.75%,

4/30/2032(a)

15,000

15,531

WESCO

Distribution,

Inc.

,

6.38%,

3/15/2033(a)

5,000

5,183

89,061

Transportation

Infrastructure

0.3%

Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

160,000

147,087

Rutas

2

&

7

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

153,333

116,380

Seaspan

Corp.

,

5.50%,

8/1/2029(a)

25,000

24,104

287,571

Wireless

Telecommunication

Services

0.1%

T-Mobile

USA,

Inc.

,

5.50%,

1/15/2055

75,000

72,516

Total

Corporate

Bonds

(cost

$11,176,544)

11,378,755

Foreign

Government

Securities

0.7%

Principal

Amount

($)

Value

($)

COLOMBIA

0.2%

Republic

of

Colombia

,

4.13%,

5/15/2051

250,000

162,450

DOMINICAN

REPUBLIC

0.1%

Dominican

Republic

Government

Bond

,

Reg.

S,

5.50%,

2/22/2029

150,000

152,888

GUATEMALA

0.2%

Republic

of

Guatemala

,

Reg.

S,

4.50%,

5/3/2026

200,000

199,000

MOROCCO

0.2%

Kingdom

of

Morocco

,

Reg.

S,

5.95%,

3/8/2028

200,000

207,094

Total

Foreign

Government

Securities

(cost

$793,271)

721,432

Mortgage-Backed

Securities

18.9%

FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,124,555

1,051,630

Pool#

G08775

4.00%,

8/1/2047

350,014

335,723

Pool#

Q51461

3.50%,

10/1/2047

489,588

455,824

FHLMC

UMBS

Pool

Pool#

SD5677

5.00%,

3/1/2054

532,816

534,698

Pool#

SD6874

5.50%,

11/1/2054

871,802

891,838

Pool#

SL1124

6.00%,

4/1/2055

1,499,192

1,541,154

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,910,114

Pool#

BS9551

5.94%,

9/1/2053

1,872,027

1,974,192

FNMA

UMBS

Pool

Pool#

FS9234

4.00%,

4/1/2045

1,082,692

1,053,211

Pool#

MA2888

2.50%,

1/1/2047

863,678

751,552

Pool#

AS9937

3.00%,

7/1/2047

872,042

788,058

Pool#

FM8215

2.50%,

3/1/2051

1,194,825

1,026,222

Pool#

CB0705

3.00%,

6/1/2051

1,143,086

1,013,018

Pool#

MA4416

3.50%,

9/1/2051

977,236

898,730

Pool#

FS8642

6.00%,

6/1/2054

1,942,370

2,011,184

Pool#

FS9671

5.50%,

11/1/2054

881,794

902,060

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FA0627

5.50%,

2/1/2055

945,844

965,110

Total

Mortgage-Backed

Securities

(cost

$19,201,349)

18,104,318

U.S.

Treasury

Obligations

21.9%

U.S.

Treasury

Inflation

Linked

Notes

0.38%,

7/15/2027

290,536

288,562

1.63%,

10/15/2027

370,784

376,726

0.50%,

1/15/2028

288,125

284,776

U.S.

Treasury

Notes

0.75%,

3/31/2026

5,000,000

4,924,101

0.75%,

5/31/2026

4,000,000

3,919,766

0.75%,

1/31/2028

9,650,000

9,036,320

0.63%,

8/15/2030

2,500,000

2,155,371

Total

U.S.

Treasury

Obligations

(cost

$20,807,385)

20,985,622

Investment

Company

1.1%

Shares

Fixed

Income

Fund

1.1%

DoubleLine

Floating

Rate

Fund,

Class

I

112,959

1,016,630

Total

Investment

Company

(cost

$1,065,203)

1,016,630

Total

Investments

(cost

$95,840,541)

—

96.7%

92,701,910

Other

assets

in

excess

of

liabilities

—

3.3%

3,170,708

NET

ASSETS

—

100.0%

$

95,872,618

†

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

September

30,

2025

was

$23,076,292

which

represents

24.07%

of

net

assets.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(c)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(e)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2025.

The

maturity

date

reflects

the

next

call

date.

(f)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g)

Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

IO

Interest

only

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

152

12/2025

USD

31,676,563

14,491

U.S.

Treasury

5

Year

Note

26

12/2025

USD

2,839,078

(1,539)

U.S.

Treasury

10

Year

Ultra

Note

5

12/2025

USD

575,391

5,740

U.S.

Treasury

Long

Bond

50

12/2025

USD

5,829,687

107,015

U.S.

Treasury

Ultra

Bond

4

12/2025

USD

480,250

12,685

Net

contracts

138,392

Currency:

USD

United

States

Dollar

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

12,889,607

$

–

$

12,889,607

Collateralized

Mortgage

Obligations

–

20,650,260

–

20,650,260

Commercial

Mortgage-Backed

Securities

–

6,955,286

–

6,955,286

Corporate

Bonds

–

11,378,755

–

11,378,755

Foreign

Government

Securities

–

721,432

–

721,432

Futures

Contracts

139,931

–

–

139,931

Investment

Company

1,016,630

–

–

1,016,630

Mortgage-Backed

Securities

–

18,104,318

–

18,104,318

U.S.

Treasury

Obligations

–

20,985,622

–

20,985,622

Total

Assets

$

1,156,561

$

91,685,280

$

–

$

92,841,841

Liabilities:

Futures

Contracts

$

(1,539)

$

–

$

–

$

(1,539)

Total

Liabilities

$

(1,539)

$

–

$

–

$

(1,539)

Total

$

1,155,022

$

91,685,280

$

–

$

92,840,302

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

139,931

Total

$

139,931

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(1,539)

Total

$

(1,539)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Asset-Backed

Securities

8.7%

Principal

Amount

($)

Value

($)

Airlines

0.5%

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

1,568,238

1,494,715

Automobiles

3.3%

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

E,

6.07%,

6/15/2033(a)

1,263,937

1,268,228

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2024-1A,

Class

B,

6.87%,

6/17/2030(a)

870,000

892,660

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

C,

6.48%,

6/20/2030(a)

540,000

560,431

CPS

Auto

Receivables

Trust,

Series

2024-B,

Class

E,

8.36%,

11/17/2031(a)

930,000

982,380

Exeter

Automobile

Receivables

Trust,

Series

2024-4A,

Class

E,

7.65%,

2/17/2032(a)

1,480,000

1,540,793

GLS

Auto

Receivables

Issuer

Trust,

Series

2021-4A,

Class

E,

4.43%,

10/16/2028(a)

1,640,000

1,618,267

GLS

Auto

Select

Receivables

Trust,

Series

2024-

1A,

Class

D,

6.43%,

1/15/2031(a)

1,650,000

1,717,117

Kinetic

Advantage

Master

Owner

Trust,

Series

2024-1A,

Class

A,

7.02%,

11/15/2027(a)(b)

1,780,000

1,782,660

10,362,536

Equipment

Loans

&

Leases

0.5%

NMEF

Funding

LLC,

Series

2025-B,

Class

E,

7.66%,

1/18/2033(a)

500,000

504,095

SCF

Equipment

Leasing

LLC,

Series

2022-1A,

Class

E,

5.26%,

7/20/2032(a)

940,000

936,049

1,440,144

Other

4.4%

Arbor

Realty

Collateralized

Loan

Obligation

Ltd.,

Series

2025-BTR1,

Class

B,

7.32%,

1/20/2041(a)(b)

1,440,000

1,436,400

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

Series

2021-FL3,

Class

A,

5.33%,

8/15/2034(a)(b)

269,373

269,371

Series

2022-FL1,

Class

A,

5.82%,

1/15/2037(a)(b)

652,958

652,958

BHG

Securitization

Trust,

Series

2022-C,

Class

E,

9.73%,

10/17/2035(a)

830,000

896,207

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

BSPRT

Issuer

LLC,

Series

2025-FL12,

Class

A,

0.00%,

1/17/2043(a)(b)

1,490,000

1,486,255

FS

Rialto

Issuer

LLC,

Series

2022-FL4,

Class

A,

6.29%,

1/19/2039(a)(b)

335,212

335,213

Lending

Funding

Trust,

Series

2020-2A,

Class

D,

6.77%,

4/21/2031(a)

910,000

911,941

LoanCore

Issuer

Ltd.,

Series

2022-CRE7,

Class

A,

5.93%,

1/17/2037(a)(b)

1,035,756

1,037,199

MF1,

Series

2024-FL16,

Class

A,

5.68%,

11/18/2039(a)(b)

1,185,000

1,187,963

PFP

Ltd.,

Series

2024-

11,

Class

A,

6.05%,

9/17/2039(a)(b)

386,421

387,025

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

2,059,606

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,610,913

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

741,019

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

974,261

13,986,331

Total

Asset-Backed

Securities

(cost

$27,280,768)

27,283,726

Collateralized

Mortgage

Obligations

8.8%

A&D

Mortgage

Trust

Series

2023-NQM3,

Class

B1,

8.13%,

7/25/2068(a)(b)

770,000

776,491

Series

2023-NQM4,

Class

B1,

8.06%,

9/25/2068(a)(b)

930,000

943,321

Connecticut

Avenue

Securities

Trust,

Series

2021-R01,

Class

1B2,

10.36%,

10/25/2041(a)(b)

1,500,000

1,556,597

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/2054(a)

290,000

290,180

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.23%,

7/25/2051(a)(b)

544,294

420,223

FHLMC

STACR

REMIC

Trust

Series

2020-HQA5,

Class

B2,

11.76%,

11/25/2050(a)

(b)

1,140,000

1,395,185

Series

2020-DNA6,

Class

B2,

10.01%,

12/25/2050(a)

(b)

2,115,000

2,433,339

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

15.47%,

10/25/2048(a)

(b)

2,800,000

3,473,876

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

19

Collateralized

Mortgage

Obligations

Principal

Amount

($)

Value

($)

Series

2019-DNA3,

Class

B2,

12.62%,

7/25/2049(a)(b)

1,360,000

1,528,177

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.20%,

6/1/2051(a)(b)

75,856,518

937,253

FNMA

REMICS,

Series

2018-

42,

Class

SB,

IO,

1.73%,

6/25/2048(b)

2,851,963

366,679

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

3.28%,

4/25/2065(a)(b)

805,000

715,135

GNMA

REMICS

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,556,148

260,058

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

775,755

127,136

Home

RE

Ltd.,

Series

2023-

1,

Class

M1B,

8.96%,

10/25/2033(a)(b)

513,992

527,128

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

24,065,673

305,651

Imperial

Fund

Mortgage

Trust,

Series

2022-NQM5,

Class

B1,

6.25%,

8/25/2067(a)(c)

990,000

986,220

J.P.

Morgan

Mortgage

Trust

Series

2021-8,

Class

AX1,

IO,

0.11%,

12/25/2051(a)(b)

41,741,148

264,484

Series

2021-10,

Class

AX1,

IO,

0.11%,

12/25/2051(a)(b)

46,793,371

301,420

MFA

Trust,

Series

2023-

RTL2,

Class

A1,

8.50%,

11/25/2028(a)(c)

718,000

723,391

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

B2,

7.40%,

9/25/2068(a)(b)

1,300,000

1,300,555

Saluda

Grade

Alternative

Mortgage

Trust

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/2030(a)(c)

430,000

435,124

Series

2025-LOC4,

Class

A1A,

6.11%,

6/25/2055(a)

(b)

1,126,191

1,128,080

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

14.97%,

2/25/2047(a)(b)

2,000,000

2,449,126

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,829,000

1,796,314

Verus

Securitization

Trust

Series

2023-3,

Class

B2,

7.73%,

3/25/2068(a)(b)

1,400,000

1,399,130

Series

2023-5,

Class

B2,

8.00%,

6/25/2068(a)(b)

340,000

339,612

Series

2023-INV3,

Class

B2,

8.18%,

11/25/2068(a)(b)

580,000

583,292

Total

Collateralized

Mortgage

Obligations

(cost

$24,843,596)

27,763,177

Commercial

Mortgage-Backed

Securities

5.9%

Principal

Amount

($)

Value

($)

BX

Trust,

Series

2021-

ARIA,

Class

D,

6.16%,

10/15/2036(a)(b)

1,700,000

1,700,000

Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.65%,

10/10/2048(b)

3,000,000

2,433,950

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

8.11%,

1/25/2051(a)(b)

1,275,000

1,313,075

Series

2021-MN3,

Class

M2,

8.36%,

11/25/2051(a)

(b)

1,615,000

1,674,700

GS

Mortgage

Securities

Corp.

Trust

Series

2021-IP,

Class

D,

6.37%,

10/15/2036(a)(b)

700,000

696,534

Series

2021-IP,

Class

E,

7.82%,

10/15/2036(a)(b)

300,000

295,934

HTL

Commercial

Mortgage

Trust

Series

2024-T53,

Class

C,

7.32%,

5/10/2039(a)(b)

410,000

417,925

Series

2024-T53,

Class

D,

8.47%,

5/10/2039(a)(b)

990,000

1,016,154

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.47%,

6/15/2049(a)(b)

2,500,000

1,188,549

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

4.11%,

4/15/2048(a)(b)

2,000,000

1,200,000

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,820,885

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

543,619

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

13.22%,

10/25/2049(a)(b)

2,136,000

2,183,084

VRTX

Trust

Series

2025-HQ,

Class

B,

5.67%,

8/5/2042(a)(b)

670,000

676,647

Series

2025-HQ,

Class

C,

6.12%,

8/5/2042(a)(b)

320,000

323,809

Series

2025-HQ,

Class

D,

6.82%,

8/5/2042(a)(b)

160,000

162,866

Total

Commercial

Mortgage-Backed

Securities

(cost

$20,407,658)

18,647,731

Common

Stocks

0.2%

Shares

Media

0.0%

†

Diamond

Sports

Group

LLC

*^∞

171

1,753

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Common

Stocks

Shares

Value

($)

Passenger

Airlines

0.2%

Grupo

Aeromexico

SAB

de

CV

*^∞

43,743

701,641

Wireless

Telecommunication

Services

0.0%

†

WOM

Mobile

SA

*^∞

579

13,317

Total

Common

Stocks

(cost

$736,468)

716,711

Convertible

Bond

0.1%

Principal

Amount

($)

Wireless

Telecommunication

Services

0.1%

WOM

Chile

Holdco

SpA

,

5.00%,

4/1/2032(a)(d)(e)

358,196

311,481

Total

Convertible

Bond

(cost

$358,047)

311,481

Corporate

Bonds

64.2%

Aerospace

&

Defense

1.5%

Boeing

Co.

(The)

,

6.86%,

5/1/2054(f)

2,120,000

2,418,291

7.01%,

5/1/2064

415,000

480,426

Czechoslovak

Group

A/S

,

5.25%,

1/10/2031(a)

EUR

465,000

567,209

Goat

Holdco

LLC

,

6.75%,

2/1/2032(a)(f)

580,000

594,500

TransDigm,

Inc.

,

6.25%,

1/31/2034(a)

248,000

255,048

6.75%,

1/31/2034(a)(f)

450,000

465,281

4,780,755

Automobiles

1.7%

Hyundai

Capital

America

,

5.68%,

6/26/2028(a)(f)

950,000

980,549

6.50%,

1/16/2029(a)(f)

690,000

731,405

4.50%,

9/18/2030(a)(f)

810,000

806,143

6.20%,

9/21/2030(a)

770,000

821,296

5.40%,

6/23/2032(a)(f)

760,000

782,474

Volkswagen

Group

of

America

Finance

LLC

,

5.80%,

3/27/2035(a)(f)

1,250,000

1,281,675

5,403,542

Banks

7.0%

Barclays

plc

,

(ICE

IBA

-

USD

SOFR

ICE

Swap

Rate

5

Year

+

3.69%),

7.63%,

3/15/2035(d)(f)(g)

350,000

370,889

BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.13%),

7.45%,

6/27/2035(a)(d)(f)(g)

1,530,000

1,596,933

CaixaBank

SA

,

Reg.

S,

(EUR

Swap

Annual

5

Year

+

3.86%),

3.63%,

9/14/2028(d)(g)

1,000,000

1,134,444

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.

,

Series

GG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.89%),

6.87%,

8/15/2030(d)(f)(g)

1,000,000

1,030,557

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(d)

989,000

988,271

HSBC

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.64%),

6.95%,

8/27/2031(d)(f)(g)

1,205,000

1,259,933

(SOFR

+

1.96%),

5.74%,

9/10/2036(d)

440,000

448,937

ING

Groep

NV

,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

4.25%,

5/16/2031(d)(g)

2,208,000

1,968,453

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.75%),

8.13%,

11/10/2033(d)(g)

595,000

669,824

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.72%),

6.75%,

11/10/2033(a)(d)(g)

450,000

456,522

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%,

3/01/2029(a)(d)(g)

1,525,000

1,414,435

Regions

Financial

Corp.

,

(SOFR

+

2.06%),

5.50%,

9/6/2035(d)(f)

955,000

981,806

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.14%),

6.34%,

5/31/2035(d)(f)

1,900,000

2,024,955

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

6.10%,

4/13/2033(a)(d)(f)

1,000,000

1,053,888

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.20%),

6.22%,

6/15/2033(a)(d)

2,300,000

2,416,773

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.43%),

6.23%,

1/21/2036(a)(d)(f)

890,000

962,766

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(d)(f)

1,360,000

1,355,619

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

UniCredit

SpA

,

(USD

ICE

Swap

Rate

5

Year

+

3.70%),

5.86%,

6/19/2032(a)(d)(f)

1,760,000

1,787,455

21,922,460

Capital

Markets

3.8%

Citadel

Securities

Global

Holdings

LLC

,

5.50%,

6/18/2030(a)(f)

2,090,000

2,145,089

6.20%,

6/18/2035(a)

800,000

840,380

Jane

Street

Group

,

6.75%,

5/1/2033(a)

1,452,000

1,508,097

Jefferies

Financial

Group,

Inc.

,

6.20%,

4/14/2034(f)

1,260,000

1,339,628

Macquarie

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

5.64%,

8/13/2036(a)(d)

1,550,000

1,570,094

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)

1,310,000

1,329,028

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(d)(f)

695,000

728,694

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(d)(f)

375,000

392,624

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.20%),

5.96%,

1/12/2034(a)(d)

1,890,000

2,021,755

(ICE

IBA

-

USD

SOFR

ICE

Swap

Rate

5

Year

+

3.30%),

7.00%,

2/05/2035(a)(d)(f)(g)

220,000

224,274

12,099,663

Commercial

Services

&

Supplies

1.1%

Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)(f)

1,815,000

1,851,408

Garda

World

Security

Corp.

,

8.38%,

11/15/2032(a)(f)

1,710,000

1,775,026

3,626,434

Consumer

Finance

3.7%

Ally

Financial,

Inc.

,

(SOFR

+

3.26%),

6.99%,

6/13/2029(d)(f)

1,040,000

1,098,092

(SOFR

+

2.29%),

6.18%,

7/26/2035(d)(f)

1,050,000

1,082,963

Avolon

Holdings

Funding

Ltd.

,

6.38%,

5/4/2028(a)

1,665,000

1,736,792

5.38%,

5/30/2030(a)

545,000

559,053

Ford

Motor

Credit

Co.

LLC

,

6.05%,

11/5/2031(f)

1,355,000

1,384,915

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033(f)

2,340,000

2,509,297

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)(f)

1,435,000

1,482,553

OneMain

Finance

Corp.

,

6.50%,

3/15/2033(f)

1,975,000

1,978,120

11,831,785

Containers

&

Packaging

0.4%

Ball

Corp.

,

4.25%,

7/1/2032

EUR

1,190,000

1,428,998

Diversified

Consumer

Services

0.2%

Champions

Financing,

Inc.

,

8.75%,

2/15/2029(a)(f)

620,000

598,770

Diversified

REITs

1.0%

Uniti

Group

LP

,

6.00%,

1/15/2030(a)

3,200,000

2,897,298

8.63%,

6/15/2032(a)(f)

295,000

281,829

3,179,127

Diversified

Telecommunication

Services

1.7%

Level

3

Financing,

Inc.

,

6.88%,

6/30/2033(a)

1,480,000

1,508,386

Total

Play

Telecomunicaciones

SA

de

CV

,

11.13%,

12/31/2032(a)

3,777,250

3,725,673

5,234,059

Electric

Utilities

0.6%

American

Electric

Power

Co.,

Inc.

,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.13%),

5.80%,

3/15/2056(d)(f)

1,360,000

1,355,235

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.94%),

6.05%,

3/15/2056(d)

540,000

540,759

1,895,994

Energy

Equipment

&

Services

1.2%

Borr

IHC

Ltd.

,

10.00%,

11/15/2028(a)(f)

378,354

374,933

10.38%,

11/15/2030(a)(f)

1,569,723

1,569,445

Transocean

International

Ltd.

,

6.80%,

3/15/2038(f)

2,175,000

1,842,201

3,786,579

Financial

Services

3.4%

Alamo

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

9.08%),

12.98%,

6/7/2026(a)(d)

700,000

736,750

Series

A,

(1

Month

Treasury

Bill

Rate

+

6.54%),

10.44%,

6/7/2027(a)(d)

500,000

528,900

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Alamo

Re

Ltd.,

Series

B,

(1

Month

Treasury

Bill

Rate

+

8.43%),

12.34%,

6/7/2027(a)(d)

250,000

268,275

Aquila

Re

I

Ltd.

,

Series

A-1,

(3

Month

Treasury

Bill

Rate

+

5.34%),

5.34%,

6/8/2026(a)(d)

450,000

463,050

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

8.83%),

8.83%,

6/8/2026(a)(d)

450,000

471,375

Series

A-1.,

(BRMMUSDF

+

5.39%),

9.39%,

6/7/2027(a)

(d)

250,000

259,200

Atlas

Capital

DAC

,

Series

A,

(SOFR

+

7.57%),

11.71%,

6/5/2026(a)(d)

450,000

466,290

Series

2024,

(SOFR

+

12.22%),

16.41%,

6/8/2027(a)(d)

250,000

278,725

Freedom

Mortgage

Holdings

LLC

,

9.25%,

2/1/2029(a)(f)

845,000

889,088

9.13%,

5/15/2031(a)

1,010,000

1,074,188

8.38%,

4/1/2032(a)(f)

125,000

131,019

High

Point

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

5.64%),

9.64%,

1/6/2027(a)

(d)

250,000

256,575

Hypatia

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

10.50%),

14.40%,

4/8/2026(a)(d)

450,000

469,575

Lightning

Re

,

Series

2023-1,

(3

Month

Treasury

Bill

Rate

+

11.00%),

14.90%,

3/31/2026(a)(d)

400,000

417,920

Locke

Tavern

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.96%),

8.87%,

4/9/2026(a)(d)

450,000

459,270

Long

Point

Re

IV

Ltd.

,

Series

2022,

(3

Month

Treasury

Bill

Rate

+

4.25%),

8.16%,

6/1/2026(a)(d)

450,000

456,750

Mona

Lisa

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

12.50%),

16.41%,

1/8/2026(a)(d)

450,000

460,800

PennyMac

Financial

Services,

Inc.

,

6.75%,

2/15/2034(a)(f)

520,000

530,445

Queen

Street

2023

RE

DAC

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.50%),

11.40%,

12/8/2025(a)(d)

450,000

454,500

Topanga

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

4.77%),

4.77%,

1/8/2026(a)(d)

450,000

443,700

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Woodside

Finance

Ltd.

,

6.00%,

5/19/2035

1,105,000

1,153,417

10,669,812

Food

Products

1.9%

Darling

Global

Finance

BV

,

4.50%,

7/15/2032(a)

EUR

955,000

1,132,012

Grupo

Nutresa

SA

,

9.00%,

5/12/2035(a)(f)

3,015,000

3,419,914

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

1,625,000

1,485,398

6,037,324

Gas

Utilities

0.6%

KeySpan

Gas

East

Corp.

,

5.99%,

3/6/2033(a)(f)

1,770,000

1,874,357

Health

Care

Providers

&

Services

0.5%

US

Acute

Care

Solutions

LLC

,

9.75%,

5/15/2029(a)(f)

1,535,000

1,571,813

Hotels,

Restaurants

&

Leisure

3.9%

Carnival

Corp.

,

5.75%,

1/15/2030(a)

1,060,000

1,342,081

Cruise

Yacht

Upper

HoldCo

Ltd.

,

11.88%,

7/5/2028

800,000

692,432

Darden

Restaurants,

Inc.

,

6.30%,

10/10/2033(f)

2,960,000

3,205,343

Genting

New

York

LLC

,

7.25%,

10/1/2029(a)(f)

1,710,000

1,766,364

Lottomatica

Group

Spa

,

4.88%,

1/31/2031(a)

1,335,000

1,614,985

Melco

Resorts

Finance

Ltd.

,

6.50%,

9/24/2033(a)

255,000

255,202

Resorts

World

Las

Vegas

LLC

,

8.45%,

7/27/2030(a)(f)

1,300,000

1,320,715

4.63%,

4/6/2031(a)(f)

400,000

342,792

Royal

Caribbean

Cruises

Ltd.

,

5.38%,

1/15/2036

385,000

387,245

Wynn

Macau

Ltd.

,

6.75%,

2/15/2034(a)(f)

1,220,000

1,236,783

12,163,942

Insurance

12.1%

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

6.55%,

10/30/2033(a)(d)

(f)(g)

600,000

619,440

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.77%),

5.60%,

9/3/2054(a)(d)

2,000,000

2,052,044

Blue

Ridge

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.25%),

9.16%,

1/8/2027(a)(d)

250,000

258,800

Series

B,

(FHMMUSTF

+

7.99%),

11.98%,

1/8/2027(a)(d)

250,000

264,675

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Bonanza

RE

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.03%),

11.93%,

1/8/2026(a)(d)

450,000

456,525

Series

C,

(MSMMUSTF

+

5.50%),

9.47%,

12/19/2027(a)(d)

250,000

255,875

Cape

Lookout

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

7.20%),

11.10%,

4/28/2026(a)(d)

450,000

465,930

Citrus

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.59%),

10.49%,

6/7/2026(a)(d)

450,000

467,010

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034(f)

2,191,000

2,325,031

Dai-ichi

Life

Insurance

Co.

Ltd.

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.52%),

6.20%,

1/16/2035(a)(d)(g)

3,560,000

3,700,485

Farmers

Exchange

Capital

III

,

(CME

Term

SOFR

3

Month

+

3.72%),

5.45%,

10/15/2054(a)(d)

2,010,000

1,881,738

Farmers

Insurance

Exchange

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.86%),

7.00%,

10/15/2064(a)(d)

410,000

425,580

First

Coast

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

9.94%),

9.94%,

4/7/2026(a)(d)

400,000

413,600

FloodSmart

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

17.15%),

21.05%,

3/11/2026(a)(d)

800,000

818,000

Series

A,

(3

Month

Treasury

Bill

Rate

+

14.36%),

18.26%,

3/12/2027(a)(d)

500,000

530,600

Four

Lakes

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.81%),

10.71%,

1/7/2026(a)(d)

450,000

454,860

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.80%),

9.70%,

1/7/2027(a)(d)

250,000

255,575

Gateway

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

13.94%),

17.84%,

2/24/2026(a)(d)

450,000

471,375

Series

AA,

(1

Month

Treasury

Bill

Rate

+

5.90%),

9.80%,

7/8/2027(a)(d)

250,000

259,900

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Hanwha

Life

Insurance

Co.

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.29%),

6.30%,

6/24/2055(a)(d)

610,000

638,640

Herbie

Re

Ltd.

,

Series

A,

(JMMMUSTF

+

6.90%),

10.92%,

1/7/2028(a)(d)

250,000

253,475

Integrity

Re

Ltd.

,

Series

B,

(1

Month

Treasury

Bill

Rate

+

13.32%),

17.23%,

6/6/2026(a)(d)

250,000

270,100

Kendall

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

6.25%),

10.15%,

4/30/2027(a)(d)

250,000

263,225

Series

B,

(GSMMUSTI

+

7.74%),

11.71%,

4/30/2027(a)(d)

250,000

262,825

Kilimanjaro

II

Re

Ltd.

,

Series

C-1,

(3

Month

Treasury

Bill

Rate

+

4.00%),

7.93%,

7/9/2029(a)(d)

250,000

257,500

Series

D-1,

(3

Month

Treasury

Bill

Rate

+

6.50%),

10.41%,

7/9/2029(a)(d)

250,000

260,225

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

838,341

Marlon

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.31%),

7.31%,

6/7/2027(a)(d)

250,000

267,800

Mayflower

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

4.93%,

1.56%

Cap,

0.56%

Floor),

8.83%,

7/8/2027(a)(d)

250,000

258,025

Meiji

Yasuda

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.91%),

6.10%,

6/11/2055(a)(d)(f)

2,890,000

3,006,941

Merna

Reinsurance

II

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.38%),

12.28%,

7/7/2026(a)(d)

400,000

419,680

Series

B,

(3

Month

Treasury

Bill

Rate

+

10.47%),

14.40%,

7/7/2026(a)(d)

450,000

479,880

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.47%),

11.37%,

7/7/2027(a)(d)

250,000

264,750

Series

C,

(3

Month

Treasury

Bill

Rate

+

8.49%),

12.39%,

7/7/2027(a)(d)

250,000

260,950

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Mystic

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

8.93%),

12.83%,

1/8/2026(a)(d)

450,000

459,405

Series

A,

(3

Month

Treasury

Bill

Rate

+

12.00%),

15.90%,

1/8/2027(a)(d)

250,000

266,075

Nippon

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.19%),

6.50%,

4/30/2055(a)(d)

2,137,000

2,300,987

Palm

RE

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

9.70%),

13.60%,

6/7/2027(a)(d)

250,000

266,600

Purple

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

9.13%),

13.03%,

6/7/2027(a)(d)

500,000

530,300

Residential

Reinsurance

2004

Ltd.

,

Series

4,

(3

Month

Treasury

Bill

Rate

+

5.38%),

9.28%,

12/6/2028(a)(d)

250,000

258,975

Series

3,

(3

Month

Treasury

Bill

Rate

+

6.94%),

10.84%,

12/6/2028(a)(d)

250,000

260,625

Residential

Reinsurance

2023

Ltd.

,

Series

5,

(3

Month

Treasury

Bill

Rate

+

5.97%),

9.87%,

12/6/2027(a)(d)

250,000

263,200

Series

3,

(1

Month

Treasury

Bill

Rate

+

8.70%),

12.63%,

12/6/2027(a)(d)

250,000

266,400

RGA

Global

Funding

,

5.00%,

8/25/2032(a)(f)

1,020,000

1,025,631

Sanders

Re

III

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.34%),

7.24%,

4/7/2026(a)(d)

450,000

454,050

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.72%),

11.62%,

6/5/2026(a)(d)

450,000

469,395

(3

Month

Treasury

Bill

Rate

+

5.47%),

9.40%,

4/7/2027(a)(d)

450,000

465,525

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.56%),

9.46%,

4/7/2028(a)(d)

250,000

262,525

Solomon

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.52%),

9.42%,

6/8/2026(a)(d)

450,000

461,025

Sumitomo

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.87%,

9/10/2055(a)(d)

2,950,000

3,003,413

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Titania

RE

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

13.13%),

17.03%,

2/27/2026(a)(d)

450,000

468,990

Torrey

Pines

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

5.31%),

9.21%,

6/5/2026(a)(d)

450,000

457,110

Series

A,

(1

Month

Treasury

Bill

Rate

+

6.04%),

9.94%,

6/7/2027(a)(d)

250,000

260,300

Ursa

Re

Ltd.

,

Series

Aa,

(3

Month

Treasury

Bill

Rate

+

5.50%),

9.43%,

12/6/2025(a)(d)

450,000

452,520

Vitality

Re

XIII

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

2.00%),

5.92%,

1/6/2026(a)(d)

450,000

450,405

Series

B,

(3

Month

Treasury

Bill

Rate

+

2.75%),

6.70%,

1/6/2026(a)(d)

250,000

250,425

Vitality

Re

XIV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

7.45%,

1/5/2027(a)(d)

500,000

512,150

38,245,431

IT

Services

1.3%

Acuris

Finance

US,

Inc.

,

9.00%,

8/1/2029(a)(f)

2,485,000

2,596,825

CoreWeave,

Inc.

,

9.00%,

2/1/2031(a)(f)

1,500,000

1,537,319

4,134,144

Media

0.4%

CSC

Holdings

LLC

,

11.75%,

1/31/2029(a)

1,465,000

1,231,983

Metals

&

Mining

1.2%

Corp.

Nacional

del

Cobre

de

Chile

,

6.78%,

1/13/2055(a)

765,000

820,692

First

Quantum

Minerals

Ltd.

,

7.25%,

2/15/2034(a)

450,000

465,279

Galileo

Re

Ltd.

,

Series

B,

(3

Month

Treasury

Bill

Rate

+

7.00%),

10.90%,

1/8/2026(a)(d)

250,000

253,500

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.00%),

10.90%,

1/7/2028(a)(d)

250,000

262,750

Novelis

Corp.

,

6.38%,

8/15/2033(a)(f)

1,830,000

1,848,914

3,651,135

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

Starwood

Property

Trust,

Inc.

,

5.25%,

10/15/2028(a)

2,365,000

2,365,685

5.75%,

1/15/2031(a)

330,000

329,795

2,695,480

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

0.4%

Algonquin

Power

&

Utilities

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.25%),

4.75%,

1/18/2082(d)(f)

1,330,000

1,297,747

Office

REITs

0.9%

COPT

Defense

Properties

LP

,

4.50%,

10/15/2030

50,000

49,670

2.90%,

12/1/2033

3,150,000

2,665,655

2,715,325

Oil,

Gas

&

Consumable

Fuels

9.1%

Aker

BP

ASA

,

6.00%,

6/13/2033(a)

2,005,000

2,103,819

APA

Corp.

,

6.75%,

2/15/2055(f)

2,960,000

2,983,815

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.92%),

6.13%,

3/18/2035(d)(f)(g)

2,605,000

2,698,131

Delek

Logistics

Partners

LP

,

8.63%,

3/15/2029(a)(f)

1,970,000

2,054,316

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

7.20%,

6/27/2054(d)(f)

185,000

196,179

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.12%),

7.38%,

3/15/2055(d)(f)

185,000

195,728

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.43%),

8.50%,

1/15/2084(d)(f)

990,000

1,132,278

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%,

5/15/2030(d)(g)

620,000

640,644

Hilcorp

Energy

I

LP

,

6.88%,

5/15/2034(a)

1,930,000

1,855,597

7.25%,

2/15/2035(a)(f)

480,000

469,098

International

Petroleum

Corp.

,

Reg.

S,

7.50%,

10/10/2030

3,190,000

3,190,000

Kosmos

Energy

Ltd.

,

7.75%,

5/1/2027(a)

1,700,000

1,653,250

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

801,832

686,584

MPLX

LP

,

5.40%,

9/15/2035(f)

2,125,000

2,129,616

Saudi

Arabian

Oil

Co.

,

6.38%,

6/2/2055(a)(f)

1,436,000

1,530,739

Summit

Midstream

Holdings

LLC

,

8.63%,

10/31/2029(a)(f)

1,500,000

1,507,383

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Venture

Global

Plaquemines

LNG

LLC

,

6.50%,

1/15/2034(a)(f)

710,000

747,387

6.75%,

1/15/2036(a)(f)

1,305,000

1,386,141

Wildfire

Intermediate

Holdings

LLC

,

7.50%,

10/15/2029(a)(f)

1,385,000

1,399,370

28,560,075

Passenger

Airlines

1.9%

ABRA

Global

Finance

,

6.00%,

10/22/2029(a)(e)

2,665,507

2,501,245

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)(f)

345,000

346,320

Avianca

Midco

2

plc

,

9.63%,

2/14/2030(a)

1,464,000

1,456,241

Grupo

Aeromexico

SAB

de

CV

,

8.25%,

11/15/2029(a)

575,000

574,224

8.63%,

11/15/2031(a)

1,235,000

1,233,332

6,111,362

Pharmaceuticals

1.3%

1261229

BC

Ltd.

,

10.00%,

4/15/2032(a)(f)

775,000

794,415

Royalty

Pharma

plc

,

5.20%,

9/25/2035

1,241,000

1,239,946

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

4.38%,

5/9/2030

EUR

1,598,000

1,920,762

Tricida,

Inc.

,

3.50%,

5/15/2027^∞

2,520,000

0

3,955,123

Semiconductors

&

Semiconductor

Equipment

0.5%

Foundry

JV

Holdco

LLC

,

6.15%,

1/25/2032(a)(f)

1,350,000

1,442,926

Wireless

Telecommunication

Services

0.0%

†

WOM

Mobile

SA

,

11.00%,

4/1/2031(a)(d)(e)

186,969

168,778

Total

Corporate

Bonds

(cost

$195,762,675)

202,314,923

Foreign

Government

Securities

3.7%

CHILE

0.3%

Republic

of

Chile

,

3.75%,

1/14/2032

EUR

680,000

815,498

COLOMBIA

0.4%

Republic

of

Colombia

,

8.50%,

4/25/2035(f)

1,235,000

1,366,528

IVORY

COAST

0.7%

Republic

of

Cote

d'Ivoire

,

4.88%,

1/30/2032(a)

2,092,000

2,339,703

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

KUWAIT

0.7%

State

of

Kuwait

,

4.65%,

10/9/2035(a)

2,110,000

2,110,000

MEXICO

1.6%

United

Mexican

States

,

5.13%,

5/4/2037

EUR

3,550,000

4,269,464

6.88%,

5/13/2037(f)

820,000

884,370

5,153,834

Total

Foreign

Government

Securities

(cost

$10,698,828)

11,785,563

Loan

Participations

3.1%

Diversified

Consumer

Services

0.5%

Champions

Financing,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

3

Month

+

4.75%),

8.95%,

2/6/2029

(d)

1,584,000

1,481,040

0

Diversified

Telecommunication

Services

0.1%

Windstream

Services

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

4.00%),

8.11%,

10/6/2032

(d)

352,000

348,480

0

Electric

Utilities

0.3%

Alpha

Generation

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

2.00%),

6.16%,

9/30/2031

(d)

831,601

829,938

0

Health

Care

Equipment

&

Supplies

0.2%

Sotera

Health

Holdings

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

2.50%),

6.66%,

5/30/2031

(d)

497,727

497,936

0

Insurance

1.1%

River

Rock

Entertainment,

First

Lien

Term

Loan,

(CME

Term

SOFR

3

Month

+

9.00%),

10.00%,

6/25/2031

(d)

3,705,000

3,612,375

0

Media

0.1%

DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

3

Month

+

5.25%),

9.82%,

8/2/2029

(d)

383,338

383,617

0

Pharmaceuticals

0.6%

1261229

BC

Ltd.,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

6.25%),

10.41%,

10/8/2030

(d)

2,044,875

2,012,280

0

Loan

Participations

Principal

Amount

($)

Value

($)

Professional

Services

0.2%

Amentum

Holdings,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

2.25%),

6.41%,

9/29/2031

(d)

504,000

503,400

0

Total

Loan

Participations

(cost

$9,710,466)

9,669,066

Supranational

1.0%

African

Development

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.65%),

5.88%,

5/7/2035(d)

2,366,000

2,366,000

International

Bank

for

Reconstruction

&

Development

(SOFR

+

4.22%),

8.46%,

4/24/2028(a)(d)

250,000

257,050

(SOFR

+

12.22%),

16.34%,

4/24/2028(a)(d)

250,000

262,950

(SOFR

+

13.72%),

17.84%,

4/24/2028(a)(d)

250,000

271,825

Total

Supranational

(cost

$3,117,071)

3,157,825

Warrants

0.0%

†

Number

of

Warrants

Trading

Companies

&

Distributors

0.0%

†

Avation

plc,

expiring

10/31/2026

*

35,000

18,829

Total

Warrants

(cost

$0)

18,829

Short-Term

Investments

3.8%

Principal

Amount

($)

U.S.

Treasury

Obligations

3.8%

U.S.

Treasury

Bills

4.04%,

10/30/2025

6,000,000

5,980,405

4.00%,

11/18/2025

6,000,000

5,968,080

Total

U.S.

Treasury

Obligations

(cost

$11,948,770)

11,948,485

Total

Short-Term

Investments

(cost

$11,948,770)

11,948,485

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

27

Repurchase

Agreements

16.1%

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$35,004,074,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$35,700,004.

(h)

35,000,000

35,000,000

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,669,395,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$1,702,583.

(h)

1,669,199

1,669,199

CF

Secured,

LLC

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$5,100,595.

(h)

5,000,000

5,000,000

Citi

Global

Market,

Inc.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,582,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$5,100,001.

(h)

5,000,000

5,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,460,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$4,080,014.

(h)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$50,669,199)

50,669,199

Total

Investments

(cost

$355,533,546)

—

115.6%

364,286,716

Liabilities

in

excess

of

other

assets

—

(15.6)%

(49,086,620)

NET

ASSETS

—

100.0%

$

315,200,096

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

*

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

September

30,

2025

was

$218,128,145

which

represents

69.20%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(e)

PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(f)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$64,668,631,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$50,669,199

and

by

$16,499,689

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$67,168,888.

(g)

Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

September

30,

2025.

The

maturity

date

reflects

the

next

call

date.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$50,669,199.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

IO

Interest

only

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

Currency:

EUR

Euro

USD

United

States

Dollar

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2025

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Darden

Restaurants,

Inc.

1.00

Quarterly

6/20/2029

0.36

USD

266,949

(8,915)

(3,229)

(12,144)

Markit

CDX

North

American

High

Yield

Index

Series

45-V1

5.00

Quarterly

12/20/2030

3.02

USD

49,700,000

(7,660,675)

(4,019)

(7,664,694)

(7,669,590)

(7,248)

(7,676,838)

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

29

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

a

credit

default

swap

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2025:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

USD

16,945,552

EUR

14,385,000

Morgan

Stanley

Co.,

Inc.

10/22/2025

35,105

Total

unrealized

appreciation

35,105

USD

758,289

MXN

14,036,553

Goldman

Sachs

International

12/19/2025

(1,706)

Total

unrealized

depreciation

(1,706)

Net

unrealized

appreciation

33,399

Currency:

EUR

Euro

MXN

Mexican

peso

USD

United

States

dollar

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

130

12/2025

USD

27,091,797

(24,173)

U.S.

Treasury

10

Year

Note

55

12/2025

USD

6,187,500

31,667

Total

long

contracts

7,494

Short

Contracts

Euro-Bobl

(11)

12/2025

EUR

(1,521,463)

(504)

Euro-Bund

(27)

12/2025

EUR

(4,075,585)

(25,517)

U.S.

Treasury

5

Year

Note

(465)

12/2025

USD

(50,775,821)

(39,867)

U.S.

Treasury

10

Year

Ultra

Note

(522)

12/2025

USD

(60,070,781)

(551,012)

U.S.

Treasury

Long

Bond

(33)

12/2025

USD

(3,847,594)

(77,164)

U.S.

Treasury

Ultra

Bond

(77)

12/2025

USD

(9,244,813)

(213,796)

Total

short

contracts

(907,860)

Net

contracts

(900,366)

Currency:

EUR

Euro

USD

United

States

Dollar

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

31

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

27,283,726

$

–

$

27,283,726

Collateralized

Mortgage

Obligations

–

27,763,177

–

27,763,177

Commercial

Mortgage-Backed

Securities

–

18,647,731

–

18,647,731

Common

Stocks

–

–

716,711

716,711

Convertible

Bond

–

311,481

–

311,481

Corporate

Bonds

Aerospace

&

Defense

–

4,780,755

–

4,780,755

Automobiles

–

5,403,542

–

5,403,542

Banks

–

21,922,460

–

21,922,460

Capital

Markets

–

12,099,663

–

12,099,663

Commercial

Services

&

Supplies

–

3,626,434

–

3,626,434

Consumer

Finance

–

11,831,785

–

11,831,785

Containers

&

Packaging

–

1,428,998

–

1,428,998

Diversified

Consumer

Services

–

598,770

–

598,770

Diversified

REITs

–

3,179,127

–

3,179,127

Diversified

Telecommunication

Services

–

5,234,059

–

5,234,059

Electric

Utilities

–

1,895,994

–

1,895,994

Energy

Equipment

&

Services

–

3,786,579

–

3,786,579

Financial

Services

–

10,669,812

–

10,669,812

Food

Products

–

6,037,324

–

6,037,324

Gas

Utilities

–

1,874,357

–

1,874,357

Health

Care

Providers

&

Services

–

1,571,813

–

1,571,813

Hotels,

Restaurants

&

Leisure

–

12,163,942

–

12,163,942

Insurance

–

38,245,431

–

38,245,431

IT

Services

–

4,134,144

–

4,134,144

Media

–

1,231,983

–

1,231,983

Metals

&

Mining

–

3,651,135

–

3,651,135

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

2,695,480

–

2,695,480

Multi-Utilities

–

1,297,747

–

1,297,747

Office

REITs

–

2,715,325

–

2,715,325

Oil,

Gas

&

Consumable

Fuels

–

28,560,075

–

28,560,075

Passenger

Airlines

–

6,111,362

–

6,111,362

Pharmaceuticals

–

3,955,123

–

3,955,123

Semiconductors

&

Semiconductor

Equipment

–

1,442,926

–

1,442,926

Wireless

Telecommunication

Services

–

168,778

–

168,778

Total

Corporate

Bonds

$

–

$

202,314,923

$

–

$

202,314,923

Foreign

Government

Securities

–

11,785,563

–

11,785,563

Forward

Foreign

Currency

Contracts

–

35,105

–

35,105

Futures

Contracts

31,667

–

–

31,667

Loan

Participations

–

9,669,066

–

9,669,066

Repurchase

Agreements

–

50,669,199

–

50,669,199

Short-Term

Investments

–

11,948,485

–

11,948,485

Supranational

–

3,157,825

–

3,157,825

Warrants

18,829

–

–

18,829

Total

Assets

$

50,496

$

363,586,281

$

716,711

$

364,353,488

Liabilities:

Credit

Default

Swaps†

$

–

$

(7,248)

$

–

$

(7,248)

Forward

Foreign

Currency

Contracts

–

(1,706)

–

(1,706)

Futures

Contracts

(932,033)

–

–

(932,033)

Total

Liabilities

$

(932,033)

$

(8,954)

$

–

$

(940,987)

Total

$

(881,537)

$

363,577,327

$

716,711

$

363,412,501

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

As

of

September

30,

2025,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

33

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts, forward

foreign

currency

contracts, and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Common

Stocks

Total

Balance

as

of

12/31/2024

$

839,154

$

839,154

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Purchases

*

21,468

21,468

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(143,911)

(143,911)

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2025

$

716,711

$

716,711

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2025

$

(143,911)

$

(143,911)

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2025

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

(b)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Invest-

ments

-

35

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

35,105

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

31,667

Total

$

66,772

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(7,248)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(1,706)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(932,033)

Total

$

(940,987)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

36

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Government

Bond

Fund

Asset-Backed

Securities

5.3%

Principal

Amount

($)

Value

($)

Automobiles

0.3%

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

861,299

873,538

Equipment

Loans

&

Leases

0.5%

CCG

Receivables

Trust,

Series

2023-2,

Class

A2,

6.28%,

4/14/2032(a)

857,421

867,990

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

332,458

334,655

1,202,645

Home

Equity

0.3%

BRAVO

Residential

Funding

Trust,

Series

2024-

CES1,

Class

A1A,

6.38%,

4/25/2054(a)(b)

691,301

701,318

Other

4.2%

Alterna

Funding

III

LLC,

Series

2024-1A,

Class

A,

6.26%,

5/16/2039(a)

550,356

551,498

FCI

Funding

LLC,

Series

2024-1A,

Class

A,

5.44%,

8/15/2036(a)

598,409

599,699

FirstKey

Homes

Trust,

Series

2020-SFR2,

Class

C,

1.67%,

10/19/2037(a)

2,000,000

1,990,206

FNA

LLC,

Series

2025-

1,

Class

A,

5.62%,

3/15/2045(a)(c)

1,265,257

1,274,376

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

555,414

478,280

HTS

Fund

II

LLC,

Series

2025-1,

Class

A,

5.35%,

6/23/2045(a)

1,400,000

1,406,722

Progress

Residential

Trust,

Series

2022-SFR2,

Class

D,

3.95%,

4/17/2027(a)

1,900,000

1,866,411

Reach

ABS

Trust

Series

2024-1A,

Class

A,

6.30%,

2/18/2031(a)

41,379

41,439

Series

2025-1A,

Class

A,

4.96%,

8/16/2032(a)

282,463

283,249

Series

2025-2A,

Class

A,

4.93%,

8/18/2032(a)

412,053

413,688

SPS

Servicer

Advance

Receivables

Trust,

Series

2020-T2,

Class

A,

1.83%,

11/15/2055(a)

2,310,000

2,304,357

Tricon

Residential

Trust,

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2041(a)

325,000

323,751

11,533,676

Total

Asset-Backed

Securities

(cost

$14,213,700)

14,311,177

Collateralized

Mortgage

Obligations

6.6%

Principal

Amount

($)

Value

($)

Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(c)

113,452

110,781

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(b)

721,178

718,650

Cross

Mortgage

Trust,

Series

2024-H1,

Class

A1,

6.09%,

12/25/2068(a)(b)

841,267

849,280

FNMA

REMICS

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

1,714,150

1,605,821

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

6,087,586

5,828,308

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,359,712

1,277,571

GCAT

Trust

Series

2024-NQM1,

Class

A1,

6.01%,

1/25/2059(a)(b)

919,128

927,480

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(c)

1,033,073

973,531

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(c)

455,444

441,101

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(c)

1,430,842

1,399,744

OBX

Trust

Series

2023-NQM1,

Class

A1,

6.12%,

11/25/2062(a)(c)

978,168

976,984

Series

2024-NQM1,

Class

A1,

5.93%,

11/25/2063(a)(b)

653,722

659,041

Series

2024-NQM2,

Class

A1,

5.88%,

12/25/2063(a)(b)

1,005,043

1,013,233

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(c)

1,226,599

1,221,146

Total

Collateralized

Mortgage

Obligations

(cost

$18,550,508)

18,002,671

Commercial

Mortgage-Backed

Securities

3.6%

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K-154,

Class

A2,

4.35%,

1/25/2033(c)

2,800,000

2,805,903

Series

K-157,

Class

A2,

4.20%,

5/25/2033

7,200,000

7,138,957

Total

Commercial

Mortgage-Backed

Securities

(cost

$9,740,966)

9,944,860

Mortgage-Backed

Securities

57.8%

FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,437,710

1,383,922

NVIT

Government

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

37

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08881

3.50%,

6/1/2049

948,271

877,990

FHLMC

Non

Gold

Pool

Pool#

847558

,

7.05%,

6/1/2035

(c)

215,825

223,780

FHLMC

Pool

Gold

Pool

Pool#

WN5200

,

4.25%,

1/1/2030

3,902,000

3,908,023

FHLMC

UMBS

Pool

Pool#

SD8025

3.50%,

11/1/2049

2,170,508

2,006,254

Pool#

SD8030

3.00%,

12/1/2049

1,180,264

1,049,426

Pool#

SD8050

3.00%,

3/1/2050

1,748,101

1,553,928

Pool#

SD8080

2.00%,

6/1/2050

2,108,679

1,718,626

Pool#

SD8171

1.50%,

10/1/2051

2,691,919

2,068,328

Pool#

SD8182

2.00%,

12/1/2051

3,581,331

2,902,583

Pool#

RA6433

2.50%,

12/1/2051

2,633,187

2,219,609

Pool#

SD8199

2.00%,

3/1/2052

4,488,192

3,634,271

Pool#

QE0958

2.00%,

3/1/2052

3,397,818

2,755,014

Pool#

SD8200

2.50%,

3/1/2052

3,544,651

2,997,544

Pool#

QE0799

2.50%,

4/1/2052

2,405,655

2,029,237

Pool#

SD8213

3.00%,

5/1/2052

4,066,706

3,580,100

Pool#

SD8214

3.50%,

5/1/2052

3,090,133

2,828,274

Pool#

SD1413

3.50%,

7/1/2052

3,435,832

3,143,259

Pool#

SD2253

3.50%,

12/1/2052

5,964,276

5,455,572

Pool#

SD8288

5.00%,

1/1/2053

2,576,441

2,567,451

Pool#

SD8302

6.50%,

2/1/2053

866,549

898,131

Pool#

SD6605

5.50%,

9/1/2053

4,375,995

4,439,714

Pool#

SD8378

7.00%,

11/1/2053

575,264

602,457

FNMA

Pool

Pool#

BZ2178

4.41%,

10/1/2029

2,899,000

2,926,809

Pool#

745684

6.52%,

4/1/2034(c)

559,041

574,159

Pool#

790760

6.79%,

9/1/2034(c)

237,566

242,543

Pool#

799144

6.04%,

4/1/2035(c)

55,989

56,336

Pool#

822705

6.75%,

4/1/2035(c)

120,733

123,860

Pool#

815217

6.46%,

5/1/2035(c)

393,206

400,609

Pool#

821377

6.51%,

5/1/2035(c)

34,181

34,793

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

783609

6.79%,

5/1/2035(c)

300,912

308,823

Pool#

826181

6.33%,

7/1/2035(c)

492,669

504,472

Pool#

873932

6.31%,

8/1/2036

5,106,039

5,089,661

Pool#

745866

6.23%,

9/1/2036(c)

550,194

570,252

FNMA

UMBS

Pool

Pool#

BM5426

3.00%,

12/1/2047

7,353,843

6,645,209

Pool#

CA1564

4.50%,

4/1/2048

978,683

965,837

Pool#

BM5267

4.50%,

12/1/2048

2,344,392

2,315,288

Pool#

MA3746

4.00%,

8/1/2049

924,646

885,831

Pool#

BP5843

2.50%,

5/1/2050

4,615,183

3,909,129

Pool#

MA4096

2.50%,

8/1/2050

3,086,604

2,628,389

Pool#

MA4119

2.00%,

9/1/2050

3,831,559

3,118,082

Pool#

MA4183

2.50%,

11/1/2050

2,583,735

2,191,433

Pool#

CB0456

2.50%,

5/1/2051

3,100,701

2,617,537

Pool#

FS3885

3.00%,

11/1/2051

2,512,128

2,208,157

Pool#

MA4492

2.00%,

12/1/2051

4,384,010

3,553,981

Pool#

FS1648

2.50%,

1/1/2052

2,767,144

2,338,886

Pool#

FS1476

3.00%,

3/1/2052

1,601,793

1,410,718

Pool#

MA4577

2.00%,

4/1/2052

11,693,367

9,466,141

Pool#

FS1749

2.50%,

4/1/2052

3,743,634

3,169,461

Pool#

MA4698

3.00%,

8/1/2052

1,690,679

1,487,775

Pool#

FS3157

4.50%,

11/1/2052

2,568,645

2,520,006

Pool#

MA4805

4.50%,

11/1/2052

2,469,219

2,405,642

Pool#

MA4980

6.00%,

4/1/2053

1,060,556

1,089,442

Pool#

FS7087

5.50%,

8/1/2053

3,308,531

3,356,141

Pool#

FA0253

5.00%,

9/1/2053

2,735,703

2,719,246

Pool#

MA5189

5.00%,

11/1/2053

1,528,557

1,520,229

Pool#

MA5192

6.50%,

11/1/2053

1,116,288

1,153,951

Pool#

FS7990

4.00%,

2/1/2054

4,513,164

4,260,380

Pool#

FS8795

6.00%,

8/1/2054

5,540,771

5,665,066

GNMA

I

Pool

Pool#

740930

3.50%,

11/15/2025

3,597

3,589

38

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Government

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

682497

3.50%,

11/15/2025

1,609

1,606

Pool#

755650

3.50%,

12/15/2025

5,857

5,842

GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

1,575,323

1,591,255

Pool#

MA8571

6.00%,

1/20/2053

1,137,392

1,158,715

Pool#

MA8647

5.00%,

2/20/2053

1,565,695

1,565,451

Pool#

MA8726

5.50%,

3/20/2053

3,609,018

3,655,928

Pool#

MA8727

6.00%,

3/20/2053

1,118,372

1,145,805

Pool#

MA8801

5.50%,

4/20/2053

2,221,757

2,251,954

Pool#

MA9018

6.00%,

7/20/2053

960,429

982,638

Pool#

MA9490

6.50%,

2/20/2054

1,159,706

1,193,778

Pool#

MA9543

6.50%,

3/20/2054

1,395,952

1,436,583

Pool#

MA9852

6.00%,

8/20/2054

1,277,212

1,301,960

Pool#

787508

6.50%,

5/20/2064

2,157,400

2,212,275

Total

Mortgage-Backed

Securities

(cost

$166,009,663)

157,785,146

U.S.

Government

Agency

Securities

7.9%

FFCB,

3.19%,

3/9/2033

2,475,000

2,314,228

Tennessee

Valley

Authority

4.38%,

8/1/2034

5,750,000

5,810,613

4.88%,

5/15/2035

13,000,000

13,469,067

Total

U.S.

Government

Agency

Securities

(cost

$21,082,474)

21,593,908

U.S.

Treasury

Obligations

12.9%

U.S.

Treasury

Bonds

2.50%,

2/15/2046

5,150,000

3,635,377

2.25%,

8/15/2046

5,000,000

3,335,938

1.25%,

5/15/2050

(d)

6,000,000

2,943,047

4.75%,

11/15/2053

2,000,000

2,003,437

4.25%,

2/15/2054

1,250,000

1,153,809

4.63%,

2/15/2055

(d)

2,000,000

1,965,937

U.S.

Treasury

Notes

4.25%,

1/15/2028

14,000,000

14,190,859

3.88%,

6/30/2030

3,000,000

3,018,399

3.63%,

9/30/2030

2,000,000

1,989,844

4.00%,

6/30/2032

1,000,000

1,005,156

Total

U.S.

Treasury

Obligations

(cost

$37,501,572)

35,241,803

Short-Term

Investment

4.7%

Principal

Amount

($)

Value

($)

U.S.

Government

Agency

Security

4.7%

Resolution

Funding

Corp.,

2.46%,

1/15/2030(e)

15,000,000

12,686,038

Total

Short-Term

Investment

(cost

$13,557,814)

12,686,038

Repurchase

Agreements

0.4%

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$412,448,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$420,648.

(f)

412,400

412,400

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$100,012,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$102,000.

(f)

100,000

100,000

Citi

Global

Market,

Inc.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$500,058,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$510,000.

(f)

500,000

500,000

Total

Repurchase

Agreements

(cost

$1,012,400)

1,012,400

Total

Investments

(cost

$281,669,097)

—

99.2%

270,578,003

Other

assets

in

excess

of

liabilities

—

0.8%

2,201,331

NET

ASSETS

—

100.0%

$

272,779,334

NVIT

Government

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

39

(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

September

30,

2025

was

$23,602,148

which

represents

8.65%

of

net

assets.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(c)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,424,426,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,012,400

and

by

$456,915

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

4.50%,

and

maturity

dates

ranging

from

1/15/2026

-

2/15/2054,

a

total

value

of

$1,469,315.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$1,012,400.

FFCB

Federal

Farm

Credit

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

98

12/2025

USD

20,423,047

582

U.S.

Treasury

5

Year

Note

124

12/2025

USD

13,540,219

4,610

Total

long

contracts

5,192

Short

Contracts

U.S.

Treasury

10

Year

Ultra

Note

(28)

12/2025

USD

(3,222,188)

(31,773)

Total

short

contracts

(31,773)

Net

contracts

(26,581)

Currency:

USD

United

States

Dollar

40

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Government

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Government

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

41

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

14,311,177

$

–

$

14,311,177

Collateralized

Mortgage

Obligations

–

18,002,671

–

18,002,671

Commercial

Mortgage-Backed

Securities

–

9,944,860

–

9,944,860

Futures

Contracts

5,192

–

–

5,192

Mortgage-Backed

Securities

–

157,785,146

–

157,785,146

Repurchase

Agreements

–

1,012,400

–

1,012,400

Short-Term

Investment

–

12,686,038

–

12,686,038

U.S.

Government

Agency

Securities

–

21,593,908

–

21,593,908

U.S.

Treasury

Obligations

–

35,241,803

–

35,241,803

Total

Assets

$

5,192

$

270,578,003

$

–

$

270,583,195

Liabilities:

Futures

Contracts

$

(31,773)

$

–

$

–

$

(31,773)

Total

Liabilities

$

(31,773)

$

–

$

–

$

(31,773)

Total

$

(26,581)

$

270,578,003

$

–

$

270,551,422

42

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Government

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

5,192

Total

$

5,192

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(31,773)

Total

$

(31,773)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

43

.

Asset-Backed

Securities

11

.9

%

Principal

Amount

($)

Value

($)

Airlines

0

.4

%

AASET,

Series

2025-

1A,

Class

A,

5.94%,

2/16/2050(a)

1,810,305

1,849,488

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

2,886,990

2,761,057

PK

Alift

Loan

Funding

7

LP,

Series

2025-2,

Class

A,

4.75%,

3/15/2043(a)

1,195,000

1,195,161

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

1/15/2026

15,441

15,442

Series

2020-1,

Class

A,

5.88%,

10/15/2027

3,798,404

3,904,315

Series

2024-1,

Class

AA,

5.45%,

2/15/2037

2,655,184

2,731,177

Series

2024-1,

Class

A,

5.88%,

2/15/2037

2,896,564

2,954,784

15,411,424

Automobiles

5

.6

%

American

Credit

Acceptance

Receivables

Trust,

Series

2025-2,

Class

C,

5.11%,

3/12/2031(a)

3,095,000

3,120,580

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

B,

4.81%,

4/18/2028

1,472,403

1,473,385

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A3,

4.62%,

11/13/2029(a)

2,180,000

2,200,932

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

8,370,000

8,656,576

Series

2025-2A,

Class

A,

5.12%,

8/20/2031(a)

2,945,000

3,026,221

BMW

Vehicle

Lease

Trust,

Series

2025-1,

Class

A3,

4.43%,

6/26/2028

1,655,000

1,667,647

BofA

Auto

Trust,

Series

2025-1A,

Class

A3,

4.35%,

11/20/2029(a)

1,515,000

1,524,683

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2025-2,

Class

A3,

4.78%,

12/15/2028

6,445,000

6,471,762

Series

2025-3,

Class

A3,

4.66%,

1/15/2029

3,665,000

3,676,613

CarMax

Auto

Owner

Trust,

Series

2025-2,

Class

A3,

4.48%,

3/15/2030

2,875,000

2,905,196

CarMax

Select

Receivables

Trust

Series

2024-A,

Class

A3,

5.40%,

11/15/2028

1,000,000

1,012,027

Series

2025-A,

Class

A3,

4.77%,

9/17/2029

4,565,000

4,607,583

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Carvana

Auto

Receivables

Trust

Series

2025-P3,

Class

A3,

4.04%,

11/11/2030

3,558,000

3,550,585

Series

2025-P2,

Class

A4,

4.75%,

6/10/2031

6,015,000

6,115,178

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

644,252

653,407

Credit

Acceptance

Auto

Loan

Trust,

Series

2025-

1A,

Class

A,

5.02%,

3/15/2035(a)

11,265,000

11,407,349

Enterprise

Fleet

Financing

LLC

Series

2025-1,

Class

A3,

4.82%,

2/20/2029(a)

1,075,000

1,092,072

Series

2025-3,

Class

A3,

4.46%,

9/20/2029(a)

5,110,000

5,161,528

Exeter

Automobile

Receivables

Trust

Series

2024-3A,

Class

A3,

5.65%,

12/15/2027

266,551

266,917

Series

2025-2A,

Class

A3,

4.74%,

1/16/2029

7,590,000

7,628,765

Series

2025-1A,

Class

C,

5.09%,

5/15/2031

8,147,000

8,239,079

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

A3,

4.69%,

4/15/2030

1,250,000

1,262,207

Ford

Credit

Auto

Lease

Trust

Series

2024-B,

Class

A3,

4.99%,

12/15/2027

1,070,000

1,078,273

Series

2025-A,

Class

A3,

4.72%,

6/15/2028

1,355,000

1,368,486

Ford

Credit

Auto

Owner

Trust,

Series

2024-1,

Class

A,

4.87%,

8/15/2036(a)(b)

2,482,000

2,541,586

GLS

Auto

Receivables

Issuer

Trust

Series

2024-4A,

Class

A3,

4.75%,

7/17/2028(a)

1,000,000

1,003,430

Series

2025-2A,

Class

C,

5.11%,

1/15/2031(a)

1,840,000

1,860,936

GLS

Auto

Select

Receivables

Trust

Series

2025-1A,

Class

A2,

4.71%,

4/15/2030(a)

1,254,162

1,261,488

Series

2025-3A,

Class

A2,

4.46%,

10/15/2030(a)

2,165,000

2,179,286

GM

Financial

Automobile

Leasing

Trust

Series

2024-2,

Class

A3,

5.39%,

7/20/2027

2,400,000

2,416,430

Series

2025-1,

Class

A3,

4.66%,

2/21/2028

1,825,000

1,841,368

Series

2025-3,

Class

A3,

4.17%,

8/21/2028

4,355,000

4,371,326

44

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Harley-Davidson

Motorcycle

Trust,

Series

2023-A,

Class

A3,

5.05%,

12/15/2027

2,585,163

2,593,761

Huntington

Bank

Auto

Credit-

Linked

Notes,

Series

2024-2,

Class

B1,

5.44%,

10/20/2032(a)

517,078

522,098

Hyundai

Auto

Receivables

Trust,

Series

2025-B,

Class

A3,

4.36%,

12/17/2029

2,110,000

2,130,058

LAD

Auto

Receivables

Trust

Series

2025-1A,

Class

A3,

4.69%,

7/16/2029(a)

2,930,000

2,956,558

Series

2025-2A,

Class

A3,

4.25%,

1/15/2030(a)

7,985,000

8,003,208

M&T

Bank

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A3,

4.73%,

6/17/2030(a)

935,000

947,860

Octane

Receivables

Trust,

Series

2024-3A,

Class

A2,

4.94%,

5/20/2030(a)

647,901

651,388

Santander

Drive

Auto

Receivables

Trust

Series

2025-3,

Class

A2,

4.63%,

10/16/2028

4,830,000

4,845,009

Series

2024-5,

Class

A3,

4.62%,

11/15/2028

1,500,000

1,503,167

Series

2025-1,

Class

A3,

4.74%,

1/16/2029

3,910,000

3,927,118

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

3,096,268

3,112,049

Series

2025-2,

Class

A3,

4.67%,

8/15/2029

10,805,000

10,890,045

Series

2025-1,

Class

C,

5.04%,

3/17/2031

3,081,000

3,128,121

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

2,200,000

2,214,921

SFS

Auto

Receivables

Securitization

Trust

Series

2025-1A,

Class

A3,

4.75%,

7/22/2030(a)

910,000

920,508

Series

2025-2A,

Class

A3,

4.44%,

12/20/2030(a)

5,965,000

6,012,058

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-

BA,

Class

A3,

4.27%,

1/22/2029(a)

5,340,000

5,366,198

Toyota

Lease

Owner

Trust,

Series

2025-B,

Class

A3,

3.96%,

11/20/2028(a)

3,830,000

3,833,230

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A3,

4.49%,

6/17/2030(a)

870,000

878,632

Westlake

Automobile

Receivables

Trust

Series

2023-4A,

Class

A3,

6.24%,

7/15/2027(a)

1,058,091

1,061,660

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2024-3A,

Class

A3,

4.71%,

4/17/2028(a)

3,000,000

3,015,807

Series

2025-1A,

Class

A3,

4.75%,

8/15/2028(a)

2,675,000

2,693,455

Series

2025-2A,

Class

A3,

4.51%,

5/15/2029(a)

1,690,000

1,701,929

Series

2025-1A,

Class

C,

5.14%,

10/15/2030(a)

1,769,000

1,790,795

Wheels

Fleet

Lease

Funding

1

LLC,

Series

2024-2A,

Class

A1,

4.87%,

6/21/2039(a)

3,499,166

3,535,056

World

Omni

Auto

Receivables

Trust

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,424,000

2,437,020

Series

2025-C,

Class

A3,

4.08%,

11/15/2030

6,335,000

6,354,295

World

Omni

Select

Auto

Trust

Series

2024-A,

Class

A2A,

5.37%,

2/15/2028

262,645

263,097

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,250,000

1,257,794

194,189,796

Credit

Card

0

.6

%

BA

Credit

Card

Trust,

Series

2023-A1,

Class

A1,

4.79%,

5/15/2028

2,912,000

2,926,514

Capital

One

Multi-Asset

Execution

Trust,

Series

2023-A1,

Class

A,

4.42%,

5/15/2028

4,000,000

4,009,847

Chase

Issuance

Trust,

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

8,500,000

8,602,457

Discover

Card

Execution

Note

Trust,

Series

2023-A1,

Class

A,

4.31%,

3/15/2028

4,000,000

4,004,367

19,543,185

Equipment

Loans

&

Leases

0

.3

%

Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

118,180

118,469

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

385,690

388,503

Dllad

LLC

Series

2024-1A,

Class

A2,

5.50%,

8/20/2027(a)

394,583

396,642

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029(a)

1,250,000

1,276,437

MetroNet

Infrastructure

Issuer

LLC,

Series

2025-2A,

Class

A2,

5.40%,

8/20/2055(a)

2,595,000

2,633,960

OWN

Equipment

Fund

II

LLC,

Series

2025-1M,

Class

A,

5.48%,

9/26/2033(a)

2,462,025

2,483,939

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

45

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

SCF

Equipment

Trust

LLC,

Series

2025-1A,

Class

A3,

5.11%,

11/21/2033(a)

1,980,000

2,026,466

9,324,416

Other

4

.8

%

720

East

CLO

V

Ltd.,

Series

2024-2A,

Class

A1,

5.86%,

7/20/2037(a)(c)

8,500,000

8,522,576

Affirm

Master

Trust,

Series

2025-2A,

Class

A,

4.67%,

7/15/2033(a)

6,660,000

6,698,362

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

A1,

5.63%,

4/21/2035(a)(c)

8,660,000

8,663,715

Applebee's

Funding

LLC,

Series

2025-1A,

Class

A2,

6.72%,

6/7/2055(a)

12,135,000

12,275,304

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

5.75%,

7/18/2037(a)(c)

14,900,000

14,964,994

BHG

Securitization

Trust,

Series

2025-2CON,

Class

A,

4.84%,

9/17/2036(a)

2,974,570

2,994,098

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

DRR,

7.27%,

1/17/2038(a)

(c)

3,269,319

3,286,172

Cerberus

Loan

Funding

XXXIX

LP,

Series

2022-

3A,

Class

AR,

5.72%,

1/15/2033(a)(c)

1,906,859

1,909,249

Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

6.10%,

4/15/2034(a)(c)

5,600,000

5,600,381

Compass

Datacenters

Issuer

III

LLC,

Series

2025-

1A,

Class

A2,

5.66%,

2/25/2050(a)

1,300,000

1,327,632

CVS

Pass-Through

Trust

6.04%,

12/10/2028

2,133,133

2,177,463

6.94%,

1/10/2030

4,729,152

4,941,419

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2025-

1A,

Class

A2,

5.91%,

2/20/2050(a)

2,170,000

2,217,009

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,029,025

3,921,668

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

8/20/2053(a)

2,090,000

2,122,579

GreenSky

Home

Improvement

Issuer

Trust,

Series

2024-2,

Class

A4,

5.15%,

10/27/2059(a)

825,251

834,948

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

220,303

219,075

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

404,346

413,130

Magnetite

XVII

Ltd.,

Series

2016-17A,

Class

AR2,

5.83%,

4/20/2037(a)(c)

8,500,000

8,534,944

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

5.66%,

8/15/2037(a)(c)

8,750,000

8,760,238

Neuberger

Berman

Loan

Advisers

CLO

47

Ltd.,

Series

2022-47A,

Class

A,

5.62%,

4/14/2035(a)(c)

12,721,428

12,721,428

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,062,579

OneMain

Financial

Issuance

Trust,

Series

2019-

2A,

Class

A,

3.14%,

10/14/2036(a)

3,625,000

3,556,021

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

773,748

777,731

Regional

Management

Issuance

Trust

Series

2024-2,

Class

A,

5.11%,

12/15/2033(a)

1,865,000

1,881,061

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

929,000

949,972

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,766,989

SoFi

Consumer

Loan

Program

Trust,

Series

2025-2,

Class

A,

4.82%,

6/25/2034(a)

1,802,279

1,811,689

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

2,168,554

2,039,784

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

2,441,167

2,289,322

TIF

Funding

III

LLC,

Series

2024-1A,

Class

A,

5.48%,

4/20/2049(a)

3,555,325

3,566,338

Trestles

CLO

IV

Ltd.,

Series

2021-4A,

Class

A,

5.76%,

7/21/2034(a)(c)

1,450,000

1,450,492

Tricon

American

Homes

Trust,

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,497,035

7,437,137

Wellington

Management

CLO

3

Ltd.

Series

2024-3A,

Class

A1,

5.69%,

7/18/2037(a)(c)

1,350,000

1,352,426

Series

2024-3A,

Class

B,

5.98%,

7/18/2037(a)(c)

500,000

501,367

Wise

CLO

Ltd.,

Series

2024-2A,

Class

A,

5.78%,

7/15/2037(a)(c)

8,500,000

8,527,200

46

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

Zayo

Issuer

LLC,

Series

2025-2A,

Class

A2,

5.95%,

6/20/2055(a)

7,765,000

7,986,911

166,063,403

Student

Loan

0

.2

%

Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

3,726,005

3,358,491

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

3,808,521

3,442,151

6,800,642

Total

Asset-Backed

Securities

(cost

$411,453,477)

411,332,866

Collateralized

Mortgage

Obligations

0

.2

%

FNMA

REMICS,

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

23,234

24,172

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.65%,

11/20/2051(c)

1,799,530

1,861,177

NYMT

Loan

Trust,

Series

2024-BPL2,

Class

A1,

6.51%,

5/25/2039(a)(b)

4,393,000

4,437,835

Verus

Securitization

Trust,

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(c)

2,260,416

1,988,186

Total

Collateralized

Mortgage

Obligations

(cost

$8,507,462)

8,311,370

Commercial

Mortgage-Backed

Securities

1

.7

%

ALA

Trust,

Series

2025-

OANA,

Class

A,

5.89%,

6/15/2040(a)(c)

1,845,000

1,854,225

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.25%,

7/5/2040(a)(c)

1,400,000

1,382,943

BANK5,

Series

2024-

5YR11,

Class

A3,

5.89%,

11/15/2057

14,000,000

14,724,853

BANK5

Trust,

Series

2024-

5YR6,

Class

A3,

6.23%,

5/15/2057

2,600,000

2,746,099

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

A3,

6.23%,

5/15/2056(c)

2,405,000

2,542,684

BMO

Mortgage

Trust,

Series

2024-5C6,

Class

A3,

5.32%,

9/15/2057

10,888,000

11,215,711

BX

Trust

Series

2024-VLT4,

Class

A,

5.64%,

6/15/2041(a)(c)

275,000

275,172

Series

2025-VLT7,

Class

A,

5.85%,

7/15/2044(a)(c)

11,975,000

12,004,937

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,473,396

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

2,010,000

1,836,637

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

0.00%,

10/15/2042(a)(c)

1,240,000

1,242,325

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)

(c)

125,000

105,625

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2025-BMS,

Class

A,

5.75%,

1/15/2042(a)(c)

1,960,000

1,956,325

NY

Commercial

Mortgage

Trust,

Series

2025-

299P,

Class

A,

5.85%,

2/10/2047(a)(c)

739,000

775,858

Total

Commercial

Mortgage-Backed

Securities

(cost

$56,923,979)

57,136,790

Corporate

Bonds

40

.1

%

Aerospace

&

Defense

0

.4

%

Boeing

Co.

(The)

,

2.20%,

2/4/2026(d)

4,607,000

4,572,108

3.25%,

2/1/2035(d)

3,500,000

3,037,460

3.55%,

3/1/2038

1,060,000

876,099

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

1,207,000

1,219,973

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)(d)

3,620,000

3,718,635

13,424,275

Automobiles

0

.9

%

General

Motors

Co.

,

5.63%,

4/15/2030(d)

4,395,000

4,556,401

Honda

Motor

Co.

Ltd.

,

4.69%,

7/8/2030(d)

6,405,000

6,461,486

Hyundai

Capital

America

,

1.80%,

1/10/2028(a)

672,000

635,433

4.25%,

9/18/2028(a)

2,150,000

2,145,071

5.15%,

3/27/2030(a)(d)

4,920,000

5,020,491

Stellantis

Finance

US,

Inc.

,

6.45%,

3/18/2035(a)(d)

4,010,000

4,110,520

Volkswagen

Group

of

America

Finance

LLC

,

4.85%,

9/11/2030(a)

7,010,000

7,039,248

29,968,650

Banks

8

.1

%

Bank

of

America

Corp.

,

4.45%,

3/3/2026(d)

4,155,000

4,157,755

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)(e)

2,340,000

2,322,735

(SOFR

+

2.15%),

2.59%,

4/29/2031(d)(e)

4,605,000

4,267,392

(SOFR

+

1.21%),

2.57%,

10/20/2032(e)

1,150,000

1,030,701

Bank

of

Montreal

,

(United

States

SOFR

Compounded

Index

+

0.67%),

5.00%,

1/27/2029(d)(e)

1,855,000

1,891,117

Bank

of

Nova

Scotia

(The)

,

(SOFR

+

1.09%),

4.34%,

9/15/2031(d)(e)

12,155,000

12,064,759

Barclays

plc

,

(SOFR

+

2.21%),

5.83%,

5/9/2027(e)

8,000,000

8,070,675

BNP

Paribas

SA

,

4.38%,

5/12/2026(a)(d)

8,500,000

8,483,963

CaixaBank

SA

,

(SOFR

+

1.36%),

4.88%,

7/3/2031(a)(e)

4,995,000

5,046,260

Canadian

Imperial

Bank

of

Commerce

,

(SOFR

+

1.03%),

4.86%,

3/30/2029(d)(e)

8,935,000

9,073,578

Citigroup,

Inc.

,

(SOFR

+

1.14%),

4.64%,

5/7/2028(d)(e)

12,360,000

12,445,481

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(d)(e)

1,336,000

1,392,490

(SOFR

+

1.26%),

5.25%,

3/5/2031(e)

1,905,000

1,952,381

Commonwealth

Bank

of

Australia

,

4.42%,

3/14/2028

4,660,000

4,715,114

4.15%,

10/1/2030

2,680,000

2,679,130

3.78%,

3/14/2032(a)(d)

1,250,000

1,183,058

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.92%),

4.99%,

5/27/2031(a)(d)(e)

4,190,000

4,278,491

Credit

Agricole

SA

,

(SOFR

+

1.13%),

5.23%,

1/9/2029(a)(d)(e)

4,250,000

4,331,532

(SOFR

+

1.36%),

4.82%,

9/25/2033(a)(d)(e)

11,925,000

11,851,707

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.93%),

5.02%,

3/4/2031(a)(d)(e)

3,335,000

3,398,021

Federation

des

Caisses

Desjardins

du

Quebec

,

4.57%,

8/26/2030(a)

4,360,000

4,384,119

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Fifth

Third

Bank

NA

,

(SOFR

+

0.81%),

4.97%,

1/28/2028(d)(e)

1,390,000

1,404,033

HSBC

Holdings

plc

,

(SOFR

+

1.57%),

5.24%,

5/13/2031(d)(e)

6,520,000

6,709,411

HSBC

USA,

Inc.

,

4.65%,

6/3/2028(d)

3,115,000

3,159,050

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.28%),

5.27%,

1/15/2031(d)(e)

2,627,000

2,707,564

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

2,000,000

2,092,154

ING

Groep

NV

,

(SOFR

+

1.01%),

4.86%,

3/25/2029(d)(e)

1,770,000

1,793,463

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.64%),

5.58%,

7/23/2036(d)(e)

6,055,000

6,277,109

KBC

Group

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

4.45%,

9/23/2031(a)(e)

9,450,000

9,399,956

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

4.82%,

6/13/2029(d)(e)

5,645,000

5,723,799

M&T

Bank

Corp.

,

(SOFR

+

1.40%),

5.18%,

7/8/2031(d)(e)

3,540,000

3,625,337

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

0.93%),

5.19%,

9/12/2036(d)(e)

2,405,000

2,443,748

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.92%),

4.71%,

7/8/2031(d)(e)

8,545,000

8,645,586

Morgan

Stanley

Private

Bank

NA

,

(SOFR

+

1.08%),

4.73%,

7/18/2031(e)

6,770,000

6,871,098

NatWest

Markets

plc

,

4.79%,

3/21/2028(a)(d)

6,360,000

6,471,479

Norinchukin

Bank

(The)

,

4.67%,

9/9/2030(a)(d)

3,380,000

3,397,652

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(d)(e)

2,671,000

2,736,299

Royal

Bank

of

Canada

,

(SOFR

+

0.89%),

4.50%,

8/6/2029(d)(e)

13,930,000

14,038,354

48

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada,

(SOFR

+

1.03%),

5.15%,

2/4/2031(d)(e)

1,275,000

1,313,554

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)(e)

1,280,000

1,335,490

Santander

UK

Group

Holdings

plc

,

(United

States

SOFR

Compounded

Index

+

1.58%),

5.14%,

9/22/2036(e)

3,200,000

3,170,168

Skandinaviska

Enskilda

Banken

AB

,

4.50%,

9/3/2030(a)

7,725,000

7,742,402

Societe

Generale

SA

,

(SOFR

+

1.65%),

5.51%,

5/22/2031(a)(d)(e)

7,330,000

7,540,063

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%),

5.24%,

5/13/2031(a)(d)(e)

895,000

920,046

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

5.40%,

8/12/2036(a)(e)

5,245,000

5,322,043

Sumitomo

Mitsui

Financial

Group,

Inc.

,

(SOFR

+

1.19%),

4.66%,

7/8/2031(d)(e)

4,055,000

4,099,979

Svenska

Handelsbanken

AB

,

4.38%,

5/23/2028(a)

6,340,000

6,406,907

Toronto-Dominion

Bank

(The)

,

4.57%,

6/2/2028(d)

13,595,000

13,772,112

Truist

Bank

,

(SOFR

+

0.77%),

4.42%,

7/24/2028(d)(e)

7,125,000

7,155,400

Wells

Fargo

&

Co.

,

3.00%,

4/22/2026(d)

5,000,000

4,970,920

(SOFR

+

1.51%),

3.53%,

3/24/2028(e)

3,183,000

3,154,593

(SOFR

+

1.07%),

5.71%,

4/22/2028(d)(e)

3,500,000

3,581,322

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)(e)

3,000,000

2,792,625

(SOFR

+

2.02%),

5.39%,

4/24/2034(e)

5,665,000

5,886,279

(SOFR

+

1.74%),

5.60%,

4/23/2036(e)

3,900,000

4,092,859

279,773,313

Beverages

0

.2

%

Bacardi-Martini

BV

,

5.55%,

2/1/2030(a)

3,485,000

3,599,670

PepsiCo,

Inc.

,

5.00%,

7/23/2035

3,945,000

4,018,566

7,618,236

Biotechnology

0

.4

%

Amgen,

Inc.

,

4.05%,

8/18/2029(d)

1,675,000

1,668,501

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

Amgen,

Inc.,

5.25%,

3/2/2030

1,019,000

1,056,314

Biogen,

Inc.

,

6.45%,

5/15/2055(d)

5,090,000

5,457,771

CSL

Finance

plc

,

4.25%,

4/27/2032(a)(d)

7,000,000

6,899,364

15,081,950

Broadline

Retail

0

.0

%

†

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)(d)

1,120,000

1,118,932

Building

Products

0

.1

%

Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

1,023,780

2.72%,

2/15/2030(d)

3,515,000

3,294,206

4,317,986

Capital

Markets

4

.1

%

Antares

Holdings

LP

,

6.35%,

10/23/2029(a)

1,885,000

1,927,570

Apollo

Debt

Solutions

BDC

,

5.88%,

8/30/2030(a)(d)

2,730,000

2,777,904

6.55%,

3/15/2032(a)

635,000

666,360

Ares

Capital

Corp.

,

5.80%,

3/8/2032(d)

1,850,000

1,884,447

Bain

Capital

Specialty

Finance,

Inc.

,

5.95%,

3/15/2030

1,125,000

1,130,755

Bank

of

New

York

Mellon

(The)

,

(SOFR

+

1.14%),

4.73%,

4/20/2029(e)

7,720,000

7,846,808

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

0.89%),

4.94%,

2/11/2031(d)(e)

3,075,000

3,158,443

Barings

BDC,

Inc.

,

5.20%,

9/15/2028(d)

4,635,000

4,602,153

BGC

Group,

Inc.

,

6.15%,

4/2/2030(a)(d)

1,835,000

1,880,016

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029

2,575,000

2,684,596

Carlyle

Group,

Inc.

(The)

,

5.05%,

9/19/2035(d)

2,735,000

2,725,436

Carlyle

Secured

Lending,

Inc.

,

5.75%,

2/15/2031

2,870,000

2,853,264

Citadel

Securities

Global

Holdings

LLC

,

5.50%,

6/18/2030(a)

1,610,000

1,652,437

Deutsche

Bank

AG

,

(SOFR

+

1.72%),

5.30%,

5/9/2031(d)(e)

7,520,000

7,703,213

(SOFR

+

1.30%),

4.95%,

8/4/2031(d)(e)

3,780,000

3,815,747

FS

KKR

Capital

Corp.

,

6.13%,

1/15/2031(d)

1,855,000

1,837,848

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

0.82%),

1.54%,

9/10/2027(e)

750,000

731,490

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

49

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.25%),

2.38%,

7/21/2032(e)

3,947,000

3,522,692

Golub

Capital

BDC,

Inc.

,

7.05%,

12/5/2028(d)

6,775,000

7,161,587

Golub

Capital

Private

Credit

Fund

,

5.45%,

8/15/2028(a)(d)

1,125,000

1,130,874

Hercules

Capital,

Inc.

,

6.00%,

6/16/2030

2,285,000

2,330,590

HPS

Corporate

Lending

Fund

,

5.45%,

1/14/2028

4,590,000

4,631,737

5.45%,

11/15/2030(a)(d)

2,960,000

2,958,009

KKR

&

Co.,

Inc.

,

5.10%,

8/7/2035

8,570,000

8,585,494

LPL

Holdings,

Inc.

,

5.15%,

6/15/2030(d)

3,370,000

3,430,007

Main

Street

Capital

Corp.

,

5.40%,

8/15/2028

5,085,000

5,105,564

Marex

Group

plc

,

5.83%,

5/8/2028(d)

6,085,000

6,173,322

Morgan

Stanley

,

3.63%,

1/20/2027

4,000,000

3,985,881

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(d)(e)

2,825,000

2,800,513

(SOFR

+

1.11%),

5.23%,

1/15/2031(e)

2,750,000

2,838,412

(SOFR

+

1.02%),

1.93%,

4/28/2032(e)

4,630,000

4,040,729

(SOFR

+

2.62%),

5.30%,

4/20/2037(e)

2,400,000

2,434,861

Morgan

Stanley

Direct

Lending

Fund

,

6.00%,

5/19/2030

2,440,000

2,501,387

MSD

Investment

Corp.

,

6.25%,

5/31/2030(a)(d)

1,615,000

1,635,599

Nasdaq,

Inc.

,

5.35%,

6/28/2028(d)

1,231,000

1,269,276

New

Mountain

Finance

Corp.

,

6.88%,

2/1/2029(d)

1,835,000

1,885,126

North

Haven

Private

Income

Fund

LLC

,

5.13%,

9/25/2028(a)(d)

1,885,000

1,875,261

Nuveen

LLC

,

5.55%,

1/15/2030(a)(d)

1,000,000

1,042,424

Oaktree

Strategic

Credit

Fund

,

6.19%,

7/15/2030(a)(d)

1,130,000

1,154,434

Raymond

James

Financial,

Inc.

,

5.65%,

9/11/2055(d)

2,394,000

2,375,279

TPG

Operating

Group

II

LP

,

5.38%,

1/15/2036(d)

6,095,000

6,110,709

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

4.75%,

5/12/2028(a)(d)(e)

10,000,000

10,085,546

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(e)

1,250,000

1,156,708

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

UBS

Group

AG,

(SOFR

+

3.92%),

6.54%,

8/12/2033(a)(e)

1,359,000

1,499,091

143,599,599

Chemicals

0

.5

%

Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031

7,440,000

7,408,798

Eastman

Chemical

Co.

,

5.00%,

8/1/2029(d)

1,525,000

1,553,012

Syensqo

Finance

America

LLC

,

5.85%,

6/4/2034(a)

7,891,000

8,248,157

17,209,967

Commercial

Services

&

Supplies

0

.1

%

Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)(d)

2,175,000

2,218,629

Consumer

Finance

1

.6

%

AerCap

Ireland

Capital

DAC

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.72%),

6.95%,

3/10/2055(d)(e)

743,000

777,696

Ally

Financial,

Inc.

,

(United

States

SOFR

Compounded

Index

+

1.96%),

5.74%,

5/15/2029(d)(e)

2,920,000

2,988,866

(SOFR

+

1.78%),

5.55%,

7/31/2033(d)(e)

10,655,000

10,694,459

Avolon

Holdings

Funding

Ltd.

,

4.95%,

10/15/2032(a)

11,300,000

11,163,571

Capital

One

Financial

Corp.

,

(SOFR

+

1.25%),

4.49%,

9/11/2031(e)

3,390,000

3,362,579

Ford

Motor

Credit

Co.

LLC

,

5.80%,

3/5/2027(d)

2,690,000

2,717,213

5.11%,

5/3/2029(d)

585,000

580,661

General

Motors

Financial

Co.,

Inc.

,

5.05%,

4/4/2028(d)

3,405,000

3,459,737

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

3,625,000

3,686,768

Stellantis

Financial

Services

US

Corp.

,

4.95%,

9/15/2028(a)

7,100,000

7,098,127

Synchrony

Financial

,

(SOFR

+

1.68%),

5.45%,

3/6/2031(d)(e)

1,205,000

1,227,854

Toyota

Motor

Credit

Corp.

,

4.65%,

9/3/2032(d)

7,685,000

7,737,351

55,494,882

Consumer

Staples

Distribution

&

Retail

0

.4

%

Alimentation

Couche-Tard,

Inc.

,

4.15%,

9/29/2028(a)

7,725,000

7,725,663

50

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Target

Corp.

,

5.00%,

4/15/2035(d)

7,405,000

7,497,213

15,222,876

Containers

&

Packaging

0

.6

%

Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028

5,645,000

5,708,291

Amcor

Group

Finance

plc

,

5.45%,

5/23/2029(d)

3,615,000

3,734,954

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)

4,545,000

4,404,067

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)(d)

2,350,000

2,313,067

Sonoco

Products

Co.

,

4.60%,

9/1/2029(d)

4,680,000

4,707,776

20,868,155

Diversified

REITs

0

.3

%

VICI

Properties

LP

,

4.75%,

4/1/2028

2,675,000

2,702,890

Vornado

Realty

LP

,

2.15%,

6/1/2026(d)

3,400,000

3,337,698

WP

Carey,

Inc.

,

4.65%,

7/15/2030

2,740,000

2,756,182

8,796,770

Diversified

Telecommunication

Services

0

.4

%

AT&T,

Inc.

,

4.35%,

3/1/2029

2,955,000

2,968,123

2.25%,

2/1/2032

4,105,000

3,593,758

2.55%,

12/1/2033

8,073,000

6,874,234

Sprint

Capital

Corp.

,

6.88%,

11/15/2028(d)

195,000

209,751

13,645,866

Electric

Utilities

3

.7

%

AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

2,458,410

2,323,197

Alliant

Energy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%),

5.75%,

4/1/2056(e)

3,870,000

3,874,841

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

9,525,000

9,447,814

Arizona

Public

Service

Co.

,

5.70%,

8/15/2034(d)

3,235,000

3,389,470

Capital

Power

US

Holdings,

Inc.

,

5.26%,

6/1/2028(a)(d)

2,315,000

2,358,987

Commonwealth

Edison

Co.

,

4.00%,

3/1/2049

3,230,000

2,577,071

Duke

Energy

Indiana

LLC

,

Series

YYY,

3.25%,

10/1/2049

2,500,000

1,742,080

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033(d)

4,385,000

4,541,411

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)(d)

779,000

805,904

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Enel

Finance

International

NV

,

4.38%,

9/30/2030(a)

10,220,000

10,150,491

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,916,532

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)(d)

6,825,000

6,714,423

FirstEnergy

Pennsylvania

Electric

Co.

,

4.30%,

1/15/2029(a)(d)

6,000,000

6,008,733

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034

2,309,000

2,361,462

Jersey

Central

Power

&

Light

Co.

,

4.30%,

1/15/2026(a)

2,000,000

1,999,802

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(d)

3,675,000

3,842,073

3.30%,

6/1/2050

2,345,000

1,634,074

5.85%,

8/15/2055

2,260,000

2,322,103

Louisville

Gas

and

Electric

Co.

,

Series

LOU,

5.45%,

4/15/2033

2,000,000

2,093,191

5.85%,

8/15/2055

3,325,000

3,417,822

New

England

Power

Co.

,

5.85%,

9/8/2055(a)

2,305,000

2,360,794

NextEra

Energy

Capital

Holdings,

Inc.

,

4.69%,

9/1/2027(d)

4,095,000

4,139,531

1.90%,

6/15/2028(d)

2,320,000

2,193,068

NSTAR

Electric

Co.

,

4.85%,

3/1/2030(d)

1,175,000

1,203,694

Pacific

Gas

and

Electric

Co.

,

5.00%,

6/4/2028(d)

1,840,000

1,865,621

6.15%,

3/1/2055(d)

5,225,000

5,254,725

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

467,272

Public

Service

Co.

of

Colorado

,

5.85%,

5/15/2055

4,185,000

4,306,638

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028(d)

3,450,000

3,483,742

RWE

Finance

US

LLC

,

5.88%,

9/18/2055(a)

8,710,000

8,605,689

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

2,100,000

2,154,643

Virginia

Electric

and

Power

Co.

,

Series

D,

5.60%,

9/15/2055(d)

6,170,000

6,145,734

Vistra

Operations

Co.

LLC

,

5.50%,

9/1/2026(a)

1,200,000

1,199,058

3.70%,

1/30/2027(a)

6,000,000

5,944,090

Wisconsin

Electric

Power

Co.

,

4.15%,

10/15/2030

1,950,000

1,941,764

Xcel

Energy,

Inc.

,

4.75%,

3/21/2028(d)

1,520,000

1,538,746

127,326,290

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

51

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

0

.1

%

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)(d)

4,389,000

4,369,052

Financial

Services

0

.6

%

Apollo

Global

Management,

Inc.

,

5.15%,

8/12/2035(d)

2,470,000

2,482,325

Block

Financial

LLC

,

5.38%,

9/15/2032

4,705,000

4,742,835

Nationwide

Building

Society

,

(SOFR

+

1.06%),

4.65%,

7/14/2029(a)(d)(e)

8,355,000

8,423,264

4.35%,

9/30/2030(a)

6,790,000

6,764,535

22,412,959

Food

Products

0

.7

%

Bimbo

Bakeries

USA,

Inc.

,

6.40%,

1/15/2034(a)(d)

10,896,000

11,868,598

JBS

USA

Holding

Lux

Sarl

,

3.63%,

1/15/2032(d)

641,000

597,517

6.25%,

3/1/2056(a)(d)

12,040,000

12,345,695

24,811,810

Ground

Transportation

0

.4

%

Ashtead

Capital,

Inc.

,

4.38%,

8/15/2027(a)(d)

2,500,000

2,499,146

4.00%,

5/1/2028(a)(d)

6,500,000

6,444,826

4.25%,

11/1/2029(a)

1,730,000

1,706,195

JB

Hunt

Transport

Services,

Inc.

,

4.90%,

3/15/2030(d)

2,460,000

2,510,493

13,160,660

Health

Care

Equipment

&

Supplies

0

.0

%

†

GE

HealthCare

Technologies,

Inc.

,

4.80%,

8/14/2029(d)

1,741,000

1,775,205

Health

Care

Providers

&

Services

1

.0

%

CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

8,000,000

8,011,440

1.75%,

8/21/2030(d)

4,080,000

3,581,267

6.20%,

9/15/2055(d)

9,200,000

9,468,926

Elevance

Health,

Inc.

,

4.00%,

9/15/2028(d)

7,730,000

7,696,204

HCA,

Inc.

,

5.38%,

9/1/2026(d)

690,000

692,969

3.13%,

3/15/2027(d)

1,099,000

1,083,547

5.63%,

9/1/2028(d)

145,000

149,616

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030

3,050,000

2,764,670

5.95%,

6/15/2055(d)

2,230,000

2,324,991

35,773,630

Health

Care

REITs

0

.3

%

Healthpeak

OP

LLC

,

3.25%,

7/15/2026(d)

1,025,000

1,017,638

Omega

Healthcare

Investors,

Inc.

,

5.25%,

1/15/2026(d)

3,240,000

3,240,844

5.20%,

7/1/2030(d)

5,060,000

5,137,006

9,395,488

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotel

&

Resort

REITs

0

.2

%

Host

Hotels

&

Resorts

LP

,

5.70%,

6/15/2032

6,710,000

6,912,136

Hotels,

Restaurants

&

Leisure

0

.3

%

Brightstar

Lottery

plc

,

5.25%,

1/15/2029(a)(d)

4,145,000

4,126,382

Las

Vegas

Sands

Corp.

,

5.63%,

6/15/2028(d)

6,405,000

6,548,155

10,674,537

Household

Durables

0

.1

%

Lennar

Corp.

,

5.20%,

7/30/2030(d)

2,290,000

2,358,599

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)(d)

1,770,000

1,892,604

Southern

Power

Co.

,

Series

A,

4.25%,

10/1/2030(d)

1,795,000

1,784,176

3,676,780

Industrial

REITs

0

.2

%

LXP

Industrial

Trust

,

6.75%,

11/15/2028(d)

7,600,000

8,078,607

2.38%,

10/1/2031(d)

471,000

408,592

8,487,199

Insurance

4

.4

%

American

Financial

Group,

Inc.

,

5.00%,

9/23/2035(d)

1,845,000

1,807,712

American

National

Global

Funding

,

5.55%,

1/28/2030(a)(d)

1,095,000

1,127,977

5.25%,

6/3/2030(a)

5,725,000

5,837,971

American

National

Group,

Inc.

,

6.00%,

7/15/2035(d)

3,290,000

3,358,605

Athene

Global

Funding

,

4.83%,

5/9/2028(a)(d)

6,600,000

6,677,353

5.38%,

1/7/2030(a)(d)

1,130,000

1,164,917

5.54%,

8/22/2035(a)(d)

4,120,000

4,175,181

Belrose

Funding

Trust

II

,

6.79%,

5/15/2055(a)(d)

3,120,000

3,378,764

Brighthouse

Financial

Global

Funding

,

5.65%,

6/10/2029(a)(d)

4,150,000

4,259,122

Chubb

INA

Holdings

LLC

,

4.90%,

8/15/2035(d)

3,080,000

3,098,309

CNO

Global

Funding

,

4.38%,

9/8/2028(a)

5,400,000

5,402,265

Equitable

America

Global

Funding

,

4.95%,

6/9/2030(a)(d)

6,570,000

6,701,290

4.70%,

9/15/2032(a)(d)

1,535,000

1,526,898

F&G

Global

Funding

,

4.65%,

9/8/2028(a)(d)

2,385,000

2,393,444

Fortitude

Global

Funding

,

4.63%,

10/6/2028(a)

3,575,000

3,577,258

Fortitude

Group

Holdings

LLC

,

6.25%,

4/1/2030(a)(d)

2,040,000

2,118,129

52

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

GA

Global

Funding

Trust

,

5.50%,

4/1/2032(a)(d)

5,505,000

5,649,663

Jackson

National

Life

Global

Funding

,

4.70%,

6/5/2028(a)(d)

6,900,000

6,977,740

4.55%,

9/9/2030(a)

5,015,000

5,020,093

Lincoln

Financial

Global

Funding

,

4.63%,

5/28/2028(a)(d)

4,860,000

4,909,915

MassMutual

Global

Funding

II

,

4.95%,

1/10/2030(a)

4,628,000

4,745,587

4.55%,

5/7/2030(a)

1,564,000

1,579,224

1.55%,

10/9/2030(a)

2,000,000

1,752,240

Mutual

of

Omaha

Cos.

Global

Funding

,

5.00%,

4/1/2030(a)

1,545,000

1,578,580

New

York

Life

Global

Funding

,

4.15%,

7/25/2028(a)(d)

8,595,000

8,630,462

NLG

Global

Funding

,

5.40%,

1/23/2030(a)(d)

2,140,000

2,217,023

4.35%,

9/15/2030(a)(d)

8,335,000

8,247,645

Pacific

Life

Global

Funding

II

,

4.85%,

2/10/2030(a)

4,620,000

4,710,852

Pine

Street

Trust

III

,

6.22%,

5/15/2054(a)(d)

2,995,000

3,085,379

Pricoa

Global

Funding

I

,

4.75%,

8/26/2032(a)(d)

5,655,000

5,711,976

RGA

Global

Funding

,

5.00%,

8/25/2032(a)

8,840,000

8,888,799

Sammons

Financial

Group

Global

Funding

,

4.95%,

6/12/2030(a)

7,675,000

7,786,815

SBL

Holdings,

Inc.

,

5.90%,

9/26/2028(a)(d)

8,015,000

8,048,437

Western-Southern

Global

Funding

,

4.50%,

7/16/2028(a)

7,110,000

7,156,256

153,301,881

IT

Services

0

.3

%

CGI,

Inc.

,

4.95%,

3/14/2030(a)

7,805,000

7,945,913

Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026(d)

1,054,000

1,029,443

8,975,356

Life

Sciences

Tools

&

Services

0

.2

%

Thermo

Fisher

Scientific,

Inc.

,

4.79%,

10/7/2035

5,795,000

5,797,234

Machinery

0

.8

%

CNH

Industrial

Capital

LLC

,

4.75%,

3/21/2028(d)

3,065,000

3,099,166

4.50%,

10/16/2030

7,970,000

7,953,337

Cummins,

Inc.

,

5.30%,

5/9/2035(d)

4,420,000

4,563,227

Daimler

Truck

Finance

North

America

LLC

,

4.65%,

10/12/2030(a)(d)

5,230,000

5,237,399

5.63%,

1/13/2035(a)(d)

2,475,000

2,556,866

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Weir

Group,

Inc.

,

5.35%,

5/6/2030(a)

3,935,000

4,048,113

27,458,108

Media

0

.4

%

Charter

Communications

Operating

LLC

,

3.70%,

4/1/2051

3,165,000

2,087,981

Comcast

Corp.

,

3.30%,

2/1/2027(d)

2,740,000

2,716,495

2.65%,

2/1/2030(d)

3,905,000

3,661,648

2.94%,

11/1/2056

3,432,000

2,036,582

Paramount

Global

,

5.85%,

9/1/2043(d)

3,570,000

3,260,641

13,763,347

Metals

&

Mining

0

.1

%

Glencore

Funding

LLC

,

5.19%,

4/1/2030(a)

3,050,000

3,142,379

Multi-Utilities

0

.9

%

Ameren

Illinois

Co.

,

5.63%,

3/1/2055(d)

3,945,000

4,020,200

Black

Hills

Corp.

,

3.05%,

10/15/2029(d)

1,350,000

1,282,157

CenterPoint

Energy,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.22%),

0.00%,

4/1/2056(e)

6,060,000

6,060,000

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028

5,135,000

5,186,664

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.26%),

6.00%,

2/15/2056(e)

5,003,000

5,038,793

DTE

Energy

Co.

,

4.95%,

7/1/2027(d)

2,513,000

2,544,981

NiSource,

Inc.

,

5.25%,

3/30/2028(d)

485,000

497,590

Southern

Co.

Gas

Capital

Corp.

,

3.88%,

11/15/2025

2,825,000

2,823,523

3.25%,

6/15/2026

1,250,000

1,242,239

Series

20-A,

1.75%,

1/15/2031(d)

3,120,000

2,727,904

31,424,051

Office

REITs

0

.1

%

COPT

Defense

Properties

LP

,

4.50%,

10/15/2030

1,975,000

1,961,976

Oil,

Gas

&

Consumable

Fuels

2

.1

%

Aker

BP

ASA

,

6.00%,

6/13/2033(a)

1,000,000

1,049,286

APA

Corp.

,

6.75%,

2/15/2055(d)

2,770,000

2,792,286

Boardwalk

Pipelines

LP

,

5.95%,

6/1/2026(d)

1,237,000

1,244,808

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(d)

795,000

792,454

Chevron

USA,

Inc.

,

4.69%,

4/15/2030(d)

4,990,000

5,106,258

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

675,000

658,573

Energy

Transfer

LP

,

4.75%,

1/15/2026

3,500,000

3,501,009

Enterprise

Products

Operating

LLC

,

4.60%,

1/15/2031(d)

2,685,000

2,712,850

Series

E,

(CME

Term

SOFR

3

Month

+

3.29%),

5.25%,

8/16/2077(d)(e)

2,500,000

2,497,312

Marathon

Petroleum

Corp.

,

5.15%,

3/1/2030(d)

1,635,000

1,680,423

MPLX

LP

,

1.75%,

3/1/2026(d)

3,343,000

3,307,946

5.40%,

9/15/2035(d)

3,440,000

3,447,473

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)(d)

5,400,000

4,891,494

Occidental

Petroleum

Corp.

,

6.45%,

9/15/2036

2,165,000

2,300,674

ONEOK,

Inc.

,

5.85%,

1/15/2026

1,620,000

1,624,350

3.25%,

6/1/2030(d)

2,270,000

2,148,884

5.80%,

11/1/2030(d)

1,209,000

1,273,840

6.25%,

10/15/2055(d)

8,450,000

8,581,147

Phillips

66

,

1.30%,

2/15/2026(d)

2,420,000

2,392,158

Plains

All

American

Pipeline

LP

,

5.60%,

1/15/2036(d)

2,960,000

2,997,202

Raizen

Fuels

Finance

SA

,

6.25%,

7/8/2032(a)(d)

5,310,000

5,182,560

South

Bow

USA

Infrastructure

Holdings

LLC

,

5.03%,

10/1/2029(d)

1,876,000

1,897,536

Targa

Resources

Corp.

,

6.13%,

5/15/2055(d)

3,685,000

3,705,485

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028(d)

1,500,000

1,501,676

4.88%,

2/1/2031(d)

1,266,000

1,269,698

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028(d)

320,000

322,493

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

3,815,623

3,848,422

7.50%,

1/15/2028(a)(d)

1,000,000

1,059,806

73,788,103

Passenger

Airlines

0

.2

%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

2,510,000

2,487,220

United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)(d)

817,000

815,745

4.63%,

4/15/2029(a)(d)

3,032,000

2,985,577

6,288,542

Pharmaceuticals

0

.6

%

Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

1,335,000

1,403,798

Merck

&

Co.,

Inc.

,

4.95%,

9/15/2035(d)

12,065,000

12,202,848

Royalty

Pharma

plc

,

5.20%,

9/25/2035

2,465,000

2,462,907

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Zoetis,

Inc.

,

5.00%,

8/17/2035(d)

3,765,000

3,802,578

19,872,131

Residential

REITs

0

.1

%

Essential

Properties

LP

,

5.40%,

12/1/2035

2,875,000

2,885,787

Retail

REITs

0

.1

%

Kite

Realty

Group

LP

,

4.00%,

10/1/2026

1,256,000

1,252,611

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030(d)

2,124,000

2,130,025

3,382,636

Semiconductors

&

Semiconductor

Equipment

0

.7

%

Analog

Devices,

Inc.

,

4.25%,

6/15/2028

6,925,000

6,973,501

Broadcom,

Inc.

,

4.20%,

10/15/2030(d)

3,855,000

3,848,424

4.90%,

7/15/2032(d)

4,255,000

4,352,813

Intel

Corp.

,

5.20%,

2/10/2033(d)

588,000

601,151

Microchip

Technology,

Inc.

,

5.05%,

2/15/2030(d)

2,025,000

2,070,824

NXP

BV

,

4.30%,

8/19/2028

3,580,000

3,585,118

QUALCOMM,

Inc.

,

5.00%,

5/20/2035(d)

3,405,000

3,476,334

24,908,165

Software

0

.6

%

Microsoft

Corp.

,

3.45%,

8/8/2036(d)

5,000,000

4,564,071

Oracle

Corp.

,

2.95%,

4/1/2030

1,000,000

942,235

5.95%,

9/26/2055(d)

12,155,000

12,117,609

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028(d)

1,880,000

1,888,782

VMware

LLC

,

2.20%,

8/15/2031

2,540,000

2,240,337

21,753,034

Specialized

REITs

0

.6

%

American

Tower

Corp.

,

5.35%,

3/15/2035

4,885,000

5,016,751

Crown

Castle,

Inc.

,

4.45%,

2/15/2026

430,000

429,756

3.70%,

6/15/2026

3,870,000

3,853,918

CubeSmart

LP

,

4.00%,

11/15/2025

874,000

872,915

3.13%,

9/1/2026

3,125,000

3,096,040

EPR

Properties

,

4.75%,

12/15/2026

3,408,000

3,416,081

4.50%,

6/1/2027

385,000

385,206

4.95%,

4/15/2028

340,000

342,630

3.75%,

8/15/2029(d)

140,000

134,780

Extra

Space

Storage

LP

,

5.70%,

4/1/2028

1,213,000

1,252,802

2.35%,

3/15/2032(d)

1,535,000

1,332,193

20,133,072

54

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

0

.3

%

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027(d)

3,200,000

3,154,137

Lowe's

Cos.,

Inc.

,

4.85%,

10/15/2035(d)

7,870,000

7,804,884

10,959,021

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Dell

International

LLC

,

6.02%,

6/15/2026

670,000

675,403

4.75%,

10/6/2032

6,040,000

6,012,999

Hewlett

Packard

Enterprise

Co.

,

4.40%,

10/15/2030

6,640,000

6,599,687

13,288,089

Textiles,

Apparel

&

Luxury

Goods

0

.4

%

PVH

Corp.

,

5.50%,

6/13/2030(d)

7,655,000

7,797,835

Ralph

Lauren

Corp.

,

5.00%,

6/15/2032(d)

4,585,000

4,697,410

12,495,245

Tobacco

0

.5

%

BAT

Capital

Corp.

,

2.26%,

3/25/2028(d)

4,275,000

4,085,229

BAT

International

Finance

plc

,

1.67%,

3/25/2026

3,036,000

2,999,223

Imperial

Brands

Finance

plc

,

4.50%,

6/30/2028(a)(d)

5,970,000

6,008,360

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

1,816,000

1,910,833

2.10%,

5/1/2030(d)

3,803,000

3,465,691

18,469,336

Trading

Companies

&

Distributors

0

.1

%

Aviation

Capital

Group

LLC

,

5.13%,

4/10/2030(a)

3,765,000

3,822,116

Water

Utilities

0

.1

%

Essential

Utilities,

Inc.

,

5.25%,

8/15/2035(d)

3,110,000

3,125,197

Wireless

Telecommunication

Services

0

.3

%

SoftBank

Corp.

,

4.70%,

7/9/2030(a)

5,640,000

5,683,027

Sprint

LLC

,

7.63%,

3/1/2026

315,000

315,704

T-Mobile

USA,

Inc.

,

2.40%,

3/15/2029(d)

2,561,000

2,410,330

2.88%,

2/15/2031(d)

550,000

507,084

3.30%,

2/15/2051

2,660,000

1,813,010

10,729,155

Total

Corporate

Bonds

(cost

$1,386,525,715)

1,391,218,392

Foreign

Government

Securities

0

.4

%

Principal

Amount

($)

Value

($)

MEXICO

0

.4

%

United

Mexican

States

,

5.85%,

7/2/2032

7,110,000

7,340,364

5.38%,

3/22/2033

4,670,000

4,655,990

11,996,354

Total

Foreign

Government

Securities

(cost

$11,759,433)

11,996,354

Mortgage-Backed

Securities

25

.2

%

FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

343,662

325,620

Pool#

Q08997

3.50%,

6/1/2042

189,158

180,046

Pool#

Q19480

4.00%,

6/1/2043

677,366

654,971

Pool#

V80509

4.00%,

10/1/2043

89,347

86,909

Pool#

Q29697

3.50%,

11/1/2044

233,272

219,859

Pool#

G07961

3.50%,

3/1/2045

196,958

185,431

Pool#

V82196

4.50%,

1/1/2046

82,176

81,661

Pool#

G61281

3.50%,

1/1/2048

554,935

517,029

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

6,736,224

6,230,576

Pool#

SB0861

2.50%,

2/1/2037

4,532,291

4,273,489

Pool#

SB8260

5.00%,

10/1/2038

3,316,845

3,351,405

Pool#

SD8018

4.00%,

10/1/2049

1,443,173

1,382,143

Pool#

QA7325

3.00%,

2/1/2050

903,189

804,566

Pool#

QA6750

3.00%,

2/1/2050

90,427

80,667

Pool#

QA8311

3.00%,

3/1/2050

781,931

701,138

Pool#

RA2650

3.00%,

5/1/2050

782,430

699,015

Pool#

SD8084

3.00%,

8/1/2050

6,601,373

5,859,213

Pool#

SD7535

2.50%,

2/1/2051

18,502,814

15,926,128

Pool#

QB9401

2.00%,

3/1/2051

1,751,820

1,431,569

Pool#

QC2992

2.50%,

6/1/2051

16,733,570

14,200,813

Pool#

SD1372

2.50%,

9/1/2051

17,746,586

15,062,106

Pool#

RA5910

3.50%,

9/1/2051

6,144,773

5,652,373

Pool#

SD8178

2.50%,

11/1/2051

6,002,004

5,086,679

Pool#

SD8181

1.50%,

12/1/2051

6,584,395

5,059,099

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

55

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

RA6433

2.50%,

12/1/2051

8,777,292

7,398,698

Pool#

SD8199

2.00%,

3/1/2052

53,519,746

43,337,102

Pool#

SD3771

2.50%,

3/1/2052

11,979,798

10,189,874

Pool#

SD8200

2.50%,

3/1/2052

11,815,503

9,991,814

Pool#

SD1607

2.50%,

3/1/2052

9,346,054

8,051,621

Pool#

QE0799

2.50%,

4/1/2052

8,018,851

6,764,122

Pool#

SD1011

2.50%,

4/1/2052

7,031,254

5,943,006

Pool#

SD8213

3.00%,

5/1/2052

4,066,706

3,580,100

Pool#

SD5351

3.00%,

6/1/2052

10,709,596

9,608,866

Pool#

SD1042

3.00%,

6/1/2052

3,803,101

3,403,280

Pool#

SD5726

3.00%,

7/1/2052

7,784,345

6,915,622

Pool#

SD1440

3.50%,

7/1/2052

5,321,459

4,882,630

Pool#

SD2254

3.50%,

7/1/2052

1,467,595

1,349,714

Pool#

QE6924

4.00%,

8/1/2052

6,919,781

6,525,338

Pool#

SD8244

4.00%,

9/1/2052

2,207,645

2,088,179

Pool#

SD1716

5.00%,

9/1/2052

7,067,959

7,127,541

Pool#

SD1686

5.50%,

9/1/2052

7,036,223

7,172,039

Pool#

SD8255

3.50%,

10/1/2052

3,584,991

3,280,800

Pool#

SD1853

5.50%,

11/1/2052

3,165,354

3,255,564

Pool#

SD8288

5.00%,

1/1/2053

25,907,548

25,817,142

Pool#

SD8302

6.50%,

2/1/2053

1,444,249

1,496,885

Pool#

SD8309

6.00%,

3/1/2053

1,265,928

1,298,325

Pool#

SD2921

4.50%,

5/1/2053

13,367,854

13,060,023

Pool#

SD8338

4.00%,

6/1/2053

4,300,509

4,055,367

Pool#

SD4084

5.50%,

10/1/2053

7,361,498

7,510,345

Pool#

SD6706

4.50%,

1/1/2054

17,836,844

17,349,914

Pool#

RJ1975

6.00%,

7/1/2054

2,685,838

2,756,241

Pool#

RJ2655

5.00%,

10/1/2054

6,444,543

6,428,991

Pool#

SD6767

6.00%,

10/1/2054

15,653,926

16,061,120

Pool#

SL0046

6.00%,

1/1/2055

8,524,620

8,778,814

Pool#

SL1788

5.50%,

6/1/2055

7,968,914

8,133,604

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,178,392

2,171,940

Pool#

468516

5.17%,

6/1/2028

745,990

752,497

Pool#

468127

5.70%,

5/1/2041

1,018,357

1,069,241

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

6,715,925

6,200,430

Pool#

CA9439

2.50%,

3/1/2036

13,409,294

12,703,793

Pool#

CB3424

3.00%,

5/1/2037

5,920,726

5,722,096

Pool#

FS4267

4.50%,

3/1/2038

1,951,636

1,956,966

Pool#

AH9471

4.50%,

4/1/2041

184,187

185,256

Pool#

AH4038

4.50%,

4/1/2041

142,740

142,820

Pool#

AI3506

4.50%,

6/1/2041

7,283

7,287

Pool#

FS3014

5.00%,

10/1/2042

10,538,456

10,714,799

Pool#

AL2866

3.50%,

11/1/2042

4,182,501

3,955,552

Pool#

AQ9328

3.50%,

1/1/2043

70,382

66,476

Pool#

AB9046

3.50%,

4/1/2043

416,258

392,726

Pool#

AT2021

3.50%,

4/1/2043

290,277

274,166

Pool#

AR9398

3.50%,

6/1/2043

679,557

635,951

Pool#

AB9864

3.50%,

7/1/2043

148,616

140,183

Pool#

AS0212

3.50%,

8/1/2043

631,897

595,646

Pool#

AS0210

3.50%,

8/1/2043

396,767

374,170

Pool#

AU3742

3.50%,

8/1/2043

222,580

209,997

Pool#

AU6857

4.00%,

9/1/2043

230,837

224,005

Pool#

AU4386

4.00%,

10/1/2043

65,698

63,842

Pool#

AS1559

4.00%,

1/1/2044

426,306

414,131

Pool#

AW2478

4.50%,

6/1/2044

80,284

79,685

Pool#

AL6432

4.00%,

1/1/2045

433,080

417,363

Pool#

AS5175

3.50%,

6/1/2045

393,707

370,131

Pool#

AS6464

3.50%,

1/1/2046

372,156

349,098

Pool#

BC0180

4.00%,

1/1/2046

1,937,280

1,863,362

Pool#

AS7908

3.00%,

9/1/2046

4,253,011

3,843,480

Pool#

AS8483

3.00%,

12/1/2046

1,835,129

1,653,317

56

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA2863

3.00%,

1/1/2047

2,896,804

2,617,864

Pool#

AS8784

3.00%,

2/1/2047

1,885,209

1,691,993

Pool#

BE7557

3.50%,

2/1/2047

3,407,420

3,186,480

Pool#

BM2003

4.00%,

10/1/2047

2,745,438

2,639,525

Pool#

BJ3716

3.50%,

12/1/2047

1,732,621

1,612,730

Pool#

MA3210

3.50%,

12/1/2047

704,843

656,365

Pool#

BM3355

3.50%,

2/1/2048

1,124,433

1,048,608

Pool#

MA3305

3.50%,

3/1/2048

3,530,086

3,280,197

Pool#

CA2208

4.50%,

8/1/2048

762,116

748,590

Pool#

CA2469

4.00%,

10/1/2048

726,219

697,183

Pool#

MA3745

3.50%,

8/1/2049

3,851,897

3,560,414

Pool#

BO8947

3.00%,

1/1/2050

523,095

467,209

Pool#

FM4334

3.00%,

4/1/2050

1,146,085

1,023,635

Pool#

FS2253

3.50%,

4/1/2050

5,912,880

5,466,028

Pool#

CA5689

3.00%,

5/1/2050

1,672,564

1,499,052

Pool#

BP9581

2.50%,

8/1/2050

1,066,071

914,048

Pool#

FM5316

2.00%,

12/1/2050

1,346,792

1,096,482

Pool#

BR4515

2.00%,

2/1/2051

2,003,930

1,631,472

Pool#

BR4029

2.00%,

2/1/2051

1,742,792

1,423,902

Pool#

BR4051

2.00%,

2/1/2051

1,393,069

1,138,157

Pool#

BR2667

2.00%,

2/1/2051

1,220,566

997,503

Pool#

FM7151

2.00%,

5/1/2051

759,027

617,888

Pool#

FM7189

2.50%,

5/1/2051

2,216,288

1,899,453

Pool#

FS3080

3.00%,

5/1/2051

7,589,432

6,810,259

Pool#

FM7398

2.50%,

6/1/2051

12,236,974

10,576,241

Pool#

FM7738

2.50%,

6/1/2051

1,715,587

1,459,623

Pool#

FM8178

2.50%,

7/1/2051

1,255,876

1,065,356

Pool#

CB1038

2.50%,

7/1/2051

1,058,556

900,814

Pool#

FS2041

2.00%,

8/1/2051

7,349,119

5,965,922

Pool#

FS3391

2.50%,

8/1/2051

4,836,918

4,163,280

Pool#

FP0012

3.00%,

8/1/2051

3,249,564

2,912,316

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM9563

3.00%,

10/1/2051

11,352,880

10,102,156

Pool#

FS5928

2.50%,

1/1/2052

9,871,294

8,368,102

Pool#

CB2665

3.00%,

1/1/2052

13,378,461

11,773,267

Pool#

BU8883

3.00%,

3/1/2052

16,553,063

14,565,514

Pool#

FS5448

3.00%,

3/1/2052

10,751,034

9,613,747

Pool#

FS2122

3.00%,

3/1/2052

4,668,362

4,118,370

Pool#

MA4577

2.00%,

4/1/2052

16,704,811

13,523,059

Pool#

FS1380

3.50%,

4/1/2052

6,352,778

5,842,007

Pool#

MA4600

3.50%,

5/1/2052

3,558,422

3,256,876

Pool#

FS1855

4.00%,

5/1/2052

6,140,037

5,846,986

Pool#

FS1804

4.00%,

5/1/2052

6,046,390

5,757,816

Pool#

FS6731

3.00%,

6/1/2052

10,895,299

9,772,499

Pool#

FS2074

3.00%,

6/1/2052

4,387,169

3,926,014

Pool#

FS2513

4.00%,

7/1/2052

5,723,055

5,421,285

Pool#

FS2323

4.00%,

7/1/2052

4,948,209

4,698,862

Pool#

FS2293

4.50%,

7/1/2052

14,335,780

14,048,799

Pool#

FS2257

4.50%,

7/1/2052

2,669,413

2,618,867

Pool#

BV8011

3.00%,

8/1/2052

8,084,071

7,113,831

Pool#

MA4733

4.50%,

9/1/2052

15,943,926

15,538,330

Pool#

FS2790

5.00%,

9/1/2052

10,119,744

10,138,555

Pool#

MA4782

3.50%,

10/1/2052

12,661,881

11,587,561

Pool#

MA4805

4.50%,

11/1/2052

4,938,438

4,811,283

Pool#

MA4839

4.00%,

12/1/2052

4,322,871

4,084,897

Pool#

MA4980

6.00%,

4/1/2053

2,828,150

2,905,179

Pool#

FS4736

6.50%,

5/1/2053

5,012,545

5,188,238

Pool#

DA1019

6.50%,

9/1/2053

382,735

397,099

Pool#

FS7835

5.50%,

10/1/2053

8,993,714

9,100,036

Pool#

MA5248

6.50%,

1/1/2054

4,661,813

4,820,030

Pool#

MA5273

6.50%,

2/1/2054

3,018,919

3,121,409

Pool#

CB8628

6.00%,

6/1/2054

3,857,880

3,980,966

Pool#

FS8585

5.50%,

7/1/2054

15,826,888

16,153,956

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

57

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS9717

6.00%,

7/1/2054

5,457,505

5,607,074

Pool#

CB8858

6.00%,

7/1/2054

3,350,094

3,446,062

Pool#

FS8795

6.00%,

8/1/2054

17,545,774

17,939,376

Pool#

FS9406

6.00%,

8/1/2054

4,285,870

4,392,815

Pool#

FS9008

5.50%,

9/1/2054

6,465,359

6,575,169

Pool#

FS9980

6.00%,

9/1/2054

13,108,291

13,420,863

Pool#

FS9012

6.00%,

9/1/2054

869,174

896,048

Pool#

CB9361

5.00%,

10/1/2054

12,922,865

12,895,977

Pool#

MA5499

6.50%,

10/1/2054

7,830,011

8,104,129

Pool#

FA0470

6.00%,

1/1/2055

11,342,106

11,829,232

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

356,222

337,958

Pool#

MA0783

3.50%,

2/20/2043

442,398

415,399

Pool#

MA2892

3.50%,

6/20/2045

21,840

20,355

Pool#

MA3663

3.50%,

5/20/2046

254,603

237,033

Pool#

MA3803

3.50%,

7/20/2046

120,618

111,486

Pool#

MA4262

3.50%,

2/20/2047

10,256

9,529

Pool#

MA4510

3.50%,

6/20/2047

387,967

358,279

Pool#

MA4586

3.50%,

7/20/2047

263,694

244,782

Pool#

MA4837

3.50%,

11/20/2047

456,437

423,699

Pool#

MA4962

3.50%,

1/20/2048

267,330

248,157

Pool#

MA6542

3.50%,

3/20/2050

290,829

267,685

Pool#

BT6867

3.00%,

5/20/2050

2,912,876

2,605,038

Pool#

MA6994

2.00%,

11/20/2050

8,705,498

7,199,935

Pool#

MA7590

3.00%,

9/20/2051

9,136,842

8,164,384

Pool#

MA7705

2.50%,

11/20/2051

12,889,878

11,102,329

Pool#

MA8099

3.50%,

6/20/2052

6,337,612

5,804,473

Pool#

MA8349

5.50%,

10/20/2052

7,166,727

7,288,185

Pool#

MA8429

5.50%,

11/20/2052

3,007,434

3,037,850

Pool#

MA8430

6.00%,

11/20/2052

3,013,562

3,090,027

Pool#

MA8571

6.00%,

1/20/2053

1,336,435

1,361,491

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8726

5.50%,

3/20/2053

10,466,151

10,602,192

Pool#

MA8727

6.00%,

3/20/2053

2,334,601

2,391,869

Pool#

MA8950

6.50%,

6/20/2053

2,232,604

2,301,796

Pool#

MA9608

7.00%,

4/20/2054

1,974,382

2,039,471

Pool#

MA9852

6.00%,

8/20/2054

4,789,544

4,882,348

Total

Mortgage-Backed

Securities

(cost

$900,951,197)

874,832,272

Municipal

Bonds

0

.5

%

California

0

.1

%

State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,660,345

District

of

Columbia

0

.3

%

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Series

D,

7.46%,

10/1/2046

6,000,000

7,235,095

Series

D,

8.00%,

10/1/2047

2,000,000

2,465,873

9,700,968

Michigan

0

.1

%

University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,780,033

Total

Municipal

Bonds

(cost

$17,460,387)

16,141,346

U.S.

Treasury

Obligations

19

.0

%

U.S.

Treasury

Bonds

1.75%,

8/15/2041

12,661,900

8,591,297

2.00%,

11/15/2041

18,000,000

12,640,781

2.38%,

2/15/2042

55,000,000

40,755,859

3.25%,

5/15/2042

11,500,000

9,660,898

3.13%,

2/15/2043

23,000,000

18,772,852

3.88%,

2/15/2043

6,200,000

5,627,227

3.88%,

5/15/2043

18,000,000

16,304,766

4.63%,

5/15/2044

58,097,000

57,672,619

3.00%,

11/15/2044

30,860,000

24,144,333

4.63%,

11/15/2044

54,195,000

53,691,156

4.75%,

2/15/2045

16,215,000

16,316,344

2.25%,

8/15/2046

7,000,000

4,670,312

1.25%,

5/15/2050

75,000,000

36,788,086

2.25%,

2/15/2052

54,800,000

33,990,984

2.88%,

5/15/2052

6,375,000

4,549,160

4.50%,

11/15/2054

70,491,100

67,872,466

4.63%,

2/15/2055

13,355,000

13,127,548

4.75%,

5/15/2055

15,775,000

15,824,297

U.S.

Treasury

Notes

3.63%,

8/31/2030

(d)

52,173,200

51,904,182

4.13%,

10/31/2031

71,640,000

72,686,616

4.13%,

11/30/2031

14,817,000

15,027,679

4.25%,

5/15/2035

35,540,000

35,867,634

58

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.25%,

8/15/2035

(d)

43,015,000

43,364,497

Total

U.S.

Treasury

Obligations

(cost

$688,632,213)

659,851,593

Repurchase

Agreements

6

.6

%

Bank

of

America

NA

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$6,000,700,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$6,120,000.

(f)

6,000,000

6,000,000

BNP

Paribas

Securities

Corp.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$35,004,074,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$35,700,004.

(f)

35,000,000

35,000,000

BofA

Securities,

Inc.

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$1,020,000.

(f)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$19,005,401,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$19,383,238.

(f)

19,003,173

19,003,173

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,352,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,060,000.

(f)

3,000,000

3,000,000

CF

Secured,

LLC

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$65,007,583,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$66,307,735.

(f)

65,000,000

65,000,000

Citi

Global

Market,

Inc.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$55,006,401,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$56,100,011.

(f)

55,000,000

55,000,000

MetLife,

Inc.

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$45,005,250,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$45,923,726.

(f)

45,000,000

45,000,000

Total

Repurchase

Agreements

(cost

$229,003,173)

229,003,173

Total

Investments

(cost

$3,711,217,036)

—

105.6%

3,659,824,156

Liabilities

in

excess

of

other

assets

—

(5.6)%

(

192,800,287

)

NET

ASSETS

—

100.0%

$

3,467,023,869

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

59

†

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

September

30,

2025

was

$832,415,853

which

represents

24.01%

of

net

assets.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(c)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$361,995,919,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$229,003,173

and

by

$148,416,919

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.38%,

and

maturity

dates

ranging

from

10/16/2025

-

2/15/2055,

a

total

value

of

$377,420,092.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$229,003,173.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

60

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

61

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

411,332,866

$

–

$

411,332,866

Collateralized

Mortgage

Obligations

–

8,311,370

–

8,311,370

Commercial

Mortgage-Backed

Securities

–

57,136,790

–

57,136,790

Corporate

Bonds

–

1,391,218,392

–

1,391,218,392

Foreign

Government

Securities

–

11,996,354

–

11,996,354

Mortgage-Backed

Securities

–

874,832,272

–

874,832,272

Municipal

Bonds

–

16,141,346

–

16,141,346

Repurchase

Agreements

–

229,003,173

–

229,003,173

U.S.

Treasury

Obligations

–

659,851,593

–

659,851,593

Total

$

–

$

3,659,824,156

$

–

$

3,659,824,156

62

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of September

30,

2025,

the

Fund

had

no

open

option

contracts. 

(b)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

NVIT

Loomis

Core

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

63

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2025

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

As

of September

30,

2025,

the

Fund

had

no

open swap

contracts. 

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

64

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Core

Bond

Fund

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

As

of September

30,

2025,

the

Fund

had

no

open

futures

contracts.  

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

65

Asset-Backed

Securities

11.6%

Principal

Amount

($)

Value

($)

Airlines

0.4%

Blackbird

Capital

Aircraft

Lease

Securitization

Ltd.,

Series

2016-1A,

Class

A,

4.21%,

12/16/2041(a)(b)

82,239

82,265

WAVE

LLC,

Series

2019-

1,

Class

A,

3.60%,

9/15/2044(a)

238,745

230,713

312,978

Automobiles

3.9%

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-2A,

Class

D,

7.26%,

10/20/2027(a)

500,000

505,620

Series

2023-1A,

Class

C,

6.23%,

4/20/2029(a)

300,000

308,274

Series

2023-4A,

Class

D,

7.31%,

6/20/2029(a)

220,000

225,259

Carmax

Select

Receivables

Trust,

Series

2025-B,

Class

E,

6.89%,

9/15/2032(a)

145,000

145,028

Carvana

Auto

Receivables

Trust

Series

2024-N1,

Class

D,

6.30%,

5/10/2030(a)

500,000

512,916

Series

2025-P2,

Class

D,

5.99%,

6/10/2033

475,000

483,798

Hertz

Vehicle

Financing

III

LLC,

Series

2025-3A,

Class

C,

6.13%,

12/26/2029(a)

115,000

116,356

Huntington

Bank

Auto

Credit-

Linked

Notes

Series

2024-1,

Class

C,

7.54%,

5/20/2032(a)(c)

254,221

256,743

Series

2025-2,

Class

C,

6.74%,

9/20/2033(a)(c)

242,301

242,300

PenFed

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

D,

5.07%,

10/17/2033(a)

500,000

497,432

3,293,726

Equipment

Loans

&

Leases

0.1%

MetroNet

Infrastructure

Issuer

LLC,

Series

2025-2A,

Class

C,

7.83%,

8/20/2055(a)

100,000

101,202

Other

7.2%

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

DR2,

7.63%,

7/20/2038(a)(c)

250,000

251,956

Bain

Capital

CLO

Ltd.,

Series

2024-1A,

Class

D1,

8.17%,

4/16/2037(a)(c)

250,000

251,626

BHG

Securitization

Trust,

Series

2025-2CON,

Class

E,

7.76%,

9/17/2036(a)

400,000

405,005

DataBank

Issuer

II

LLC,

Series

2025-1A,

Class

B,

5.67%,

9/27/2055(a)

350,000

350,495

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

EDI

ABS

Issuer

LLC,

Series

2025-1A,

Class

B,

4.55%,

7/25/2055(a)

300,000

287,193

Foundation

Finance

Trust,

Series

2025-2A,

Class

E,

8.35%,

4/15/2052(a)

350,000

354,228

Frontier

Issuer

LLC,

Series

2023-1,

Class

C,

11.50%,

8/20/2053(a)

40,000

41,690

Global

SC

Finance

X

Ltd.,

Series

2025-1H,

Class

A,

6.17%,

9/22/2045(a)

235,000

234,869

Kapitus

Asset

Securitization

V

LLC

Series

2025-1A,

Class

B,

5.95%,

4/10/2032(a)

500,000

500,786

Series

2025-1A,

Class

C,

7.40%,

4/10/2032(a)

350,000

353,129

OHA

Credit

Funding

21

Ltd.,

Series

2025-21A,

Class

D2,

7.70%,

10/20/2038(a)(c)

310,000

310,496

OnDeck

Asset

Securitization

Trust

IV

LLC,

Series

2023-1A,

Class

B,

8.25%,

8/19/2030(a)

350,000

355,043

Planet

Fitness

Master

Issuer

LLC,

Series

2022-1A,

Class

A2II,

4.01%,

12/5/2051(a)

96,500

89,947

QTS

Issuer

ABS

II

LLC,

Series

2025-1A,

Class

B,

5.78%,

10/5/2055(a)

160,000

160,178

SEB

Funding

LLC,

Series

2024-1A,

Class

A2,

7.39%,

4/30/2054(a)

350,000

357,947

Silver

Point

CLO

12

Ltd.,

Series

2025-12A,

Class

D1,

6.65%,

10/15/2038(a)(c)

250,000

250,000

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

526,752

503,724

Sunrun

Vulcan

Issuer

LLC,

Series

2021-1A,

Class

A,

2.46%,

1/30/2052(a)

430,922

386,860

Symetra

CLO

Ltd.,

Series

2025-1A,

Class

E,

10.03%,

4/20/2038(a)(c)

300,000

303,557

TMCL

VII

Holdings

Ltd.,

Series

2025-1H,

Class

A,

6.43%,

7/23/2050(a)

345,705

346,389

VCAT

LLC,

Series

2025-

NPL1,

Class

A1,

5.88%,

1/25/2055(a)(b)

80,423

80,595

6,175,713

Total

Asset-Backed

Securities

(cost

$9,861,076)

9,883,619

66

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federat-

ed

High

Income

Bond

Fund)

Collateralized

Mortgage

Obligations

1.6%

Principal

Amount

($)

Value

($)

NYMT

Loan

Trust,

Series

2024-BPL3,

Class

M1,

6.90%,

9/25/2039(a)(c)

230,000

229,215

PRPM

LLC

Series

2024-5,

Class

A2,

9.08%,

9/25/2029(a)(b)

350,000

350,264

Series

2025-2,

Class

A2,

9.56%,

5/25/2030(a)(b)

350,000

351,483

RCO

VIII

Mortgage

LLC,

Series

2025-3,

Class

A2,

8.84%,

5/25/2030(a)(b)

395,000

397,641

Total

Collateralized

Mortgage

Obligations

(cost

$1,325,984)

1,328,603

Commercial

Mortgage-Backed

Securities

0.9%

BPR

Trust

Series

2021-NRD,

Class

C,

6.58%,

12/15/2038(a)(c)

35,000

34,504

Series

2021-NRD,

Class

D,

7.87%,

12/15/2038(a)(c)

20,000

19,666

CSMC

OA

LLC,

Series

2014-

USA,

Class

E,

4.37%,

9/15/2037(a)

350,000

236,162

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)

(c)

400,000

338,000

GS

Mortgage

Securities

Trust,

Series

2011-GC5,

Class

C,

5.31%,

8/10/2044(a)(c)

20,000

17,632

WFRBS

Commercial

Mortgage

Trust,

Series

2013-C15,

Class

B,

4.28%,

8/15/2046(c)

96,970

93,427

Total

Commercial

Mortgage-Backed

Securities

(cost

$720,646)

739,391

Common

Stock

0.0%

†

Shares

Media

0.0%

†

Audacy

,

Inc.

*∞

936

0

Total

Common

Stock

(cost

$634,091)

0

Corporate

Bonds

74.9%

Principal

Amount

($)

Automobile

Components

2.2%

Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

640,000

635,635

Icahn

Enterprises

LP

,

6.25%,

5/15/2026

616,000

615,272

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobile

Components

ZF

North

America

Capital,

Inc.

,

6.88%,

4/14/2028(a)

630,000

638,716

1,889,623

Automobiles

1.9%

Nissan

Motor

Acceptance

Co.

LLC

,

5.30%,

9/13/2027(a)

1,650,000

1,648,045

Building

Products

0.6%

AmeriTex

HoldCo

Intermediate

LLC

,

7.63%,

8/15/2033(a)

480,000

499,578

Chemicals

0.6%

Chemours

Co.

(The)

,

5.38%,

5/15/2027

515,000

514,574

Commercial

Services

&

Supplies

3.4%

Clean

Harbors,

Inc.

,

4.88%,

7/15/2027(a)

1,265,000

1,263,939

GFL

Environmental,

Inc.

,

4.00%,

8/1/2028(a)

1,625,000

1,586,456

2,850,395

Construction

&

Engineering

0.5%

Arcosa

,

Inc.

,

4.38%,

4/15/2029(a)

435,000

422,988

Consumer

Finance

1.5%

Azorra

Finance

Ltd.

,

7.25%,

1/15/2031(a)

410,000

426,929

Navient

Corp.

,

6.75%,

6/15/2026

810,000

819,261

1,246,190

Consumer

Staples

Distribution

&

Retail

1.2%

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(d)

100,000

0

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

1,040,000

1,037,428

1,037,428

Containers

&

Packaging

2.5%

Ardagh

Metal

Packaging

Finance

USA

LLC

,

6.00%,

6/15/2027(a)

535,000

534,871

Ball

Corp.

,

6.88%,

3/15/2028

805,000

820,405

Mauser

Packaging

Solutions

Holding

Co.

,

7.88%,

4/15/2027(a)

735,000

742,205

2,097,481

Diversified

Telecommunication

Services

2.5%

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

2,170,000

2,155,428

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

67

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

0.6%

NRG

Energy,

Inc.

,

5.25%,

6/15/2029(a)

550,000

548,220

Electrical

Equipment

1.3%

Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

1,115,000

1,070,035

Energy

Equipment

&

Services

1.2%

Oceaneering

International,

Inc.

,

6.00%,

2/1/2028

431,000

436,331

WBI

Operating

LLC

,

6.25%,

10/15/2030(a)

622,000

621,611

1,057,942

Financial

Services

4.3%

Block,

Inc.

,

2.75%,

6/1/2026

1,705,000

1,682,600

Freedom

Mortgage

Corp.

,

6.63%,

1/15/2027(a)

1,040,000

1,037,742

Freedom

Mortgage

Holdings

LLC

,

9.25%,

2/1/2029(a)

565,000

594,479

Midcap

Financial

Issuer

Trust

,

6.50%,

5/1/2028(a)

315,000

312,843

3,627,664

Food

Products

1.7%

Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)

1,005,000

1,001,357

Post

Holdings,

Inc.

,

5.50%,

12/15/2029(a)

415,000

413,343

1,414,700

Health

Care

Equipment

&

Supplies

2.7%

Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

1,080,000

1,062,350

Hologic,

Inc.

,

4.63%,

2/1/2028(a)

1,265,000

1,255,574

2,317,924

Health

Care

Providers

&

Services

1.9%

Molina

Healthcare,

Inc.

,

4.38%,

6/15/2028(a)

1,630,000

1,589,647

Hotel

&

Resort

REITs

0.3%

Service

Properties

Trust

,

0.00%,

9/30/2027(a)(e)

285,000

251,236

Hotels,

Restaurants

&

Leisure

6.6%

1011778

BC

ULC

,

3.88%,

1/15/2028(a)

1,205,000

1,176,139

4.38%,

1/15/2028(a)

800,000

786,064

Carnival

Corp.

,

5.13%,

5/1/2029(a)

590,000

590,000

Genting

New

York

LLC

,

7.25%,

10/1/2029(a)

420,000

433,844

Hilton

Worldwide

Finance

LLC

,

4.88%,

4/1/2027

1,475,000

1,473,996

Kingpin

Intermediate

Holdings

LLC

,

7.25%,

10/15/2032(a)

435,000

413,326

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Sabre

GLBL,

Inc.

,

8.63%,

6/1/2027(a)

336,000

340,812

Travel

+

Leisure

Co.

,

6.63%,

7/31/2026(a)

410,000

413,046

5,627,227

Household

Durables

1.5%

Taylor

Morrison

Communities,

Inc.

,

5.88%,

6/15/2027(a)

1,230,000

1,244,911

Insurance

4.7%

Alliant

Holdings

Intermediate

LLC

,

4.25%,

10/15/2027(a)

1,485,000

1,460,345

AmWINS

Group,

Inc.

,

6.38%,

2/15/2029(a)

620,000

632,606

APH

Somerset

Investor

2

LLC

,

7.88%,

11/1/2029(a)

410,000

427,884

Baldwin

Insurance

Group

Holdings

LLC

,

7.13%,

5/15/2031(a)

810,000

840,820

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.13%,

12/15/2051(a)(f)

625,000

613,871

3,975,526

IT

Services

0.7%

Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

620,000

618,905

Media

6.6%

DirecTV

Financing

LLC

,

5.88%,

8/15/2027(a)

705,000

704,209

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

1,375,000

1,351,067

DISH

Network

Corp.

,

11.75%,

11/15/2027(a)

1,255,000

1,328,113

EchoStar

Corp.

,

10.75%,

11/30/2029

1,150,000

1,265,195

Lamar

Media

Corp.

,

5.38%,

11/1/2033(a)

101,000

100,257

Paramount

Global

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

3/30/2062(f)

870,000

868,548

5,617,389

Metals

&

Mining

1.7%

Commercial

Metals

Co.

,

4.13%,

1/15/2030

575,000

551,647

Fortescue

Treasury

Pty.

Ltd.

,

4.50%,

9/15/2027(a)

860,000

856,078

1,407,725

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

EF

Holdco

,

7.38%,

9/30/2030(a)

170,000

170,000

68

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federat-

ed

High

Income

Bond

Fund)

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

8.8%

Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)

385,000

382,319

Civitas

Resources,

Inc.

,

5.00%,

10/15/2026(a)

1,250,000

1,243,990

Energean

plc

,

6.50%,

4/30/2027(a)

670,000

665,812

Expand

Energy

Corp.

,

7.00%,

10/1/2024(d)

200,000

680

Hess

Midstream

Operations

LP

,

5.88%,

3/1/2028(a)

905,000

922,539

Matador

Resources

Co.

,

6.88%,

4/15/2028(a)

810,000

826,637

Parkland

Corp.

,

5.88%,

7/15/2027∞

1,020,000

0

PBF

Holding

Co.

LLC

,

6.00%,

2/15/2028

320,000

318,033

Permian

Resources

Operating

LLC

,

8.00%,

4/15/2027(a)

595,000

604,242

SM

Energy

Co.

,

6.75%,

9/15/2026

625,000

624,787

Venture

Global

Calcasieu

Pass

LLC

,

3.88%,

8/15/2029(a)

1,120,000

1,073,336

Venture

Global

LNG,

Inc.

,

8.13%,

6/1/2028(a)

765,000

791,828

7,454,203

Pharmaceuticals

1.8%

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

1,571,000

1,568,806

Professional

Services

0.8%

TriNet

Group,

Inc.

,

3.50%,

3/1/2029(a)

690,000

645,380

Semiconductors

&

Semiconductor

Equipment

1.2%

Entegris

,

Inc.

,

4.38%,

4/15/2028(a)

1,070,000

1,046,946

Software

4.5%

Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

1,325,000

1,288,621

GoTo

Group,

Inc.

,

5.50%,

5/1/2028(a)

245,000

198,450

Open

Text

Corp.

,

3.88%,

2/15/2028(a)

660,000

641,805

3.88%,

12/1/2029(a)

910,000

860,178

PTC,

Inc.

,

4.00%,

2/15/2028(a)

855,000

837,086

3,826,140

Specialized

REITs

2.0%

Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

850,000

845,912

5.25%,

3/15/2028(a)

850,000

848,523

1,694,435

Specialty

Retail

1.1%

Global

Auto

Holdings

Ltd.

,

8.38%,

1/15/2029(a)

290,000

283,720

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

PetSmart

LLC

,

7.50%,

9/15/2032(a)

660,000

660,981

944,701

Trading

Companies

&

Distributors

1.8%

United

Rentals

North

America,

Inc.

,

4.88%,

1/15/2028

1,580,000

1,575,177

Total

Corporate

Bonds

(cost

$62,757,097)

63,656,569

Loan

Participations

7.2%

Broadline

Retail

1.1%

Evergreen

Acqco

1

LP,

First

Lien

Term

Loan,

(CME

Term

SOFR

3

Month

+

3.00%),

7.03%,

9/17/2032

(f)

220,000

220,000

StubHub

Holdco

Sub

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

4.75%),

8.91%,

9/1/0066

(f)

716,862

709,392

929,392

0

Building

Products

2.2%

Foley

Products

Co.

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

4.75%),

8.90%,

12/29/2028

(f)

553,000

555,594

Quikrete

Holdings,

Inc.,

First

Lien

Term

Loan

B3,

(CME

Term

SOFR

1

Month

+

2.25%),

6.41%,

2/10/2032

(f)

1,291,754

1,290,876

1,846,470

0

Entain

Holdings

(Gibraltar)Ltd

1.0%

Entain

Holdings

(Gibraltar)

Ltd.,

First

Lien

Term

Loan

B,

+

2.25%),

6.37%,

10/31/2029

(f)

855,000

853,983

0

Financial

Services

0.5%

Osaic

Holdings,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

3.00%),

7.16%,

8/2/2032

(f)

435,000

434,678

0

Insurance

1.0%

Ardonagh

Group

Finco

Pty.

Ltd.,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

6

Month

+

2.75%),

6.94%,

2/18/2031

(f)

856,772

851,777

0

Materials

0.5%

Chemours

Co.

(The),

First

Lien

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

3.00%),

7.16%,

8/18/2028

(f)

403,969

402,959

0

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

69

Loan

Participations

Principal

Amount

($)

Value

($)

Professional

Services

0.9%

First

Advantage

Holdings

LLC,

First

Lien

Term

Loan

B3,

(CME

Term

SOFR

1

Month

+

2.75%),

6.91%,

10/31/2031

(f)

389,319

378,979

VT

Topco,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

1

Month

+

3.00%),

7.16%,

8/9/2030

(f)

429,865

415,894

794,873

0

Total

Loan

Participations

(cost

$6,141,191)

6,114,132

Warrants

0.0%

†

Number

of

Warrants

Media

0.0%

†

Audacy

,

Inc.,

expiring

9/30/2028

*∞

189

0

Audacy

,

Inc.,

expiring

12/31/2049

*∞

1,135

0

Total

Warrants

(cost

$0)

0

Short-Term

Investment

0.2%

Principal

Amount

($)

U.S.

Treasury

Obligation

0.2%

U.S.

Treasury

Bills,

4.27%,

10/9/2025(e)

200,000

199,819

Total

Short-Term

Investment

(cost

$199,812)

199,819

Total

Investments

(cost

$81,639,897)

—

96.4%

81,922,133

Other

assets

in

excess

of

liabilities

—

3.6%

3,075,883

NET

ASSETS

—

100.0%

$

84,998,016

*

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

September

30,

2025

was

$61,895,645

which

represents

72.82%

of

net

assets.

(b)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(c)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(d)

Security

in

default.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

CLO

Collateralized

Loan

Obligations

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

70

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federat-

ed

High

Income

Bond

Fund)

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

11

12/2025

USD

2,292,383

1,189

Total

long

contracts

1,189

Short

Contracts

U.S.

Treasury

5

Year

Note

(61)

12/2025

USD

(6,660,914)

(8,381)

Total

short

contracts

(8,381)

Net

contracts

(7,192)

Currency:

USD

United

States

Dollar

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

71

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

72

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federat-

ed

High

Income

Bond

Fund)

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

9,883,619

$

–

$

9,883,619

Collateralized

Mortgage

Obligations

–

1,328,603

–

1,328,603

Commercial

Mortgage-Backed

Securities

–

739,391

–

739,391

Common

Stock

–

–

–

–

Corporate

Bonds

Automobile

Components

–

1,889,623

–

1,889,623

Automobiles

–

1,648,045

–

1,648,045

Building

Products

–

499,578

–

499,578

Chemicals

–

514,574

–

514,574

Commercial

Services

&

Supplies

–

2,850,395

–

2,850,395

Construction

&

Engineering

–

422,988

–

422,988

Consumer

Finance

–

1,246,190

–

1,246,190

Consumer

Staples

Distribution

&

Retail

–

1,037,428

–

1,037,428

Containers

&

Packaging

–

2,097,481

–

2,097,481

Diversified

Telecommunication

Services

–

2,155,428

–

2,155,428

Electric

Utilities

–

548,220

–

548,220

Electrical

Equipment

–

1,070,035

–

1,070,035

Energy

Equipment

&

Services

–

1,057,942

–

1,057,942

Financial

Services

–

3,627,665

–

3,627,665

Food

Products

–

1,414,700

–

1,414,700

Health

Care

Equipment

&

Supplies

–

2,317,924

–

2,317,924

Health

Care

Providers

&

Services

–

1,589,647

–

1,589,647

Hotel

&

Resort

REITs

–

251,236

–

251,236

Hotels,

Restaurants

&

Leisure

–

5,627,226

–

5,627,226

Household

Durables

–

1,244,911

–

1,244,911

Insurance

–

3,975,526

–

3,975,526

IT

Services

–

618,905

–

618,905

Media

–

5,617,389

–

5,617,389

Metals

&

Mining

–

1,407,725

–

1,407,725

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

170,000

–

170,000

Oil,

Gas

&

Consumable

Fuels

–

7,454,202

–

7,454,202

Pharmaceuticals

–

1,568,806

–

1,568,806

Professional

Services

–

645,380

–

645,380

Semiconductors

&

Semiconductor

Equipment

–

1,046,946

–

1,046,946

Software

–

3,826,140

–

3,826,140

Specialized

REITs

–

1,694,435

–

1,694,435

Specialty

Retail

–

944,702

–

944,702

Trading

Companies

&

Distributors

–

1,575,177

–

1,575,177

Total

Corporate

Bonds

$

–

$

63,656,569

$

–

$

63,656,569

Futures

Contracts

1,189

–

–

1,189

Loan

Participations

–

6,114,132

–

6,114,132

Short-Term

Investment

–

199,819

–

199,819

Warrants

–

–

–

–

Total

Assets

$

1,189

$

81,922,133

$

–

$

81,923,322

Liabilities:

Futures

Contracts

$

(8,381)

$

–

$

–

$

(8,381)

Total

Liabilities

$

(8,381)

$

–

$

–

$

(8,381)

Total

$

(7,192)

$

81,922,133

$

–

$

81,914,941

As

of

September

30,

2025,

the

Fund

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

73

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

1,189

Total

$

1,189

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(8,381)

Total

$

(8,381)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

74

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

26.1%

Principal

Amount

($)

Value

($)

Airlines

0.3%

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

913,064

873,235

PK

Alift

Loan

Funding

7

LP,

Series

2025-2,

Class

A,

4.75%,

3/15/2043(a)

415,000

415,056

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,106,331

1,137,179

Series

2019-2,

Class

B,

3.50%,

5/1/2028

76,624

75,068

Volofin

Finance

Designated

Activity

Co.,

Series

2024-

1A,

Class

A,

5.94%,

6/15/2037(a)

1,146,953

1,164,968

3,665,506

Automobiles

18.5%

American

Credit

Acceptance

Receivables

Trust

Series

2024-3,

Class

A,

5.76%,

11/12/2027(a)

145,941

146,074

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

1,813,804

1,825,275

Series

2025-2,

Class

C,

5.11%,

3/12/2031(a)

1,030,000

1,038,513

AmeriCredit

Automobile

Receivables

Trust

Series

2024-1,

Class

A3,

5.43%,

1/18/2029

3,125,000

3,157,587

Series

2023-2,

Class

B,

5.84%,

7/18/2029

5,365,000

5,473,458

ARI

Fleet

Lease

Trust,

Series

2024-A,

Class

A2,

5.30%,

11/15/2032(a)

374,031

376,458

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A2,

4.72%,

4/10/2028(a)

1,518,918

1,522,578

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

3,920,000

3,977,006

Series

2025-1A,

Class

A,

4.80%,

8/20/2029(a)

295,000

298,812

BMW

Vehicle

Lease

Trust,

Series

2025-1,

Class

A3,

4.43%,

6/26/2028

1,115,000

1,123,521

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

697,587

702,514

BofA

Auto

Trust,

Series

2025-1A,

Class

A3,

4.35%,

11/20/2029(a)

1,000,000

1,006,391

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2023-1,

Class

A3,

6.51%,

11/15/2027

144,987

145,110

Series

2024-3,

Class

B,

5.37%,

10/16/2028

635,000

638,606

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2025-2,

Class

A3,

4.78%,

12/15/2028

1,365,000

1,370,668

Series

2025-3,

Class

A3,

4.66%,

1/15/2029

905,000

907,868

Capital

One

Prime

Auto

Receivables

Trust

Series

2024-1,

Class

A2A,

4.61%,

10/15/2027

327,179

327,628

Series

2023-2,

Class

A3,

5.82%,

6/15/2028

2,775,788

2,811,622

CarMax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

3,244,995

3,260,523

Series

2025-2,

Class

A2A,

4.59%,

7/17/2028

1,720,000

1,727,521

Series

2024-4,

Class

A3,

4.60%,

10/15/2029

925,000

934,009

CarMax

Select

Receivables

Trust,

Series

2025-A,

Class

A3,

4.77%,

9/17/2029

2,975,000

3,002,751

Carvana

Auto

Receivables

Trust

Series

2024-P2,

Class

A3,

5.33%,

7/10/2029

1,590,000

1,604,043

Series

2024-P4,

Class

A3,

4.64%,

1/10/2030

950,000

956,257

Series

2025-P2,

Class

A3,

4.55%,

8/12/2030

1,710,000

1,725,587

Series

2025-P3,

Class

A3,

4.04%,

11/11/2030

1,370,000

1,367,145

Chase

Auto

Owner

Trust

Series

2024-3A,

Class

A3,

5.22%,

7/25/2029(a)

3,195,000

3,238,357

Series

2024-5A,

Class

A3,

4.18%,

8/27/2029(a)

1,760,000

1,764,901

Chesapeake

Funding

II

LLC

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

2,337,951

2,352,309

Series

2024-1A,

Class

A1,

5.52%,

5/15/2036(a)

589,777

597,163

Citizens

Auto

Receivables

Trust

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

1,061,255

1,067,309

Series

2024-2,

Class

A3,

5.33%,

8/15/2028(a)

2,255,000

2,273,106

Credit

Acceptance

Auto

Loan

Trust

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

6,600,000

6,682,784

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

555,000

574,683

Series

2025-1A,

Class

A,

5.02%,

3/15/2035(a)

630,000

637,961

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

B,

4.52%,

7/16/2029

1,670,000

1,675,484

DT

Auto

Owner

Trust,

Series

2023-2A,

Class

B,

5.41%,

2/15/2029(a)

90,181

90,219

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

75

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Enterprise

Fleet

Financing

LLC

Series

2025-1,

Class

A2,

4.65%,

10/20/2027(a)

745,000

748,358

Series

2025-3,

Class

A2,

4.50%,

4/20/2028(a)

1,255,000

1,261,789

Series

2024-2,

Class

A3,

5.61%,

4/20/2028(a)

1,665,000

1,697,488

Series

2024-1,

Class

A2,

5.23%,

3/20/2030(a)

1,202,995

1,213,259

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

1,169,945

1,177,628

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

A3,

4.74%,

1/16/2029

2,475,000

2,487,641

Series

2025-4A,

Class

A3,

4.39%,

9/17/2029

360,000

361,405

Series

2024-4A,

Class

C,

5.48%,

8/15/2030

555,000

560,129

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

A2,

4.83%,

10/16/2028

565,868

567,849

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

2,793,158

2,818,872

Flagship

Credit

Auto

Trust,

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

5,315,000

5,274,212

Ford

Credit

Auto

Lease

Trust,

Series

2025-A,

Class

A3,

4.72%,

6/15/2028

1,735,000

1,752,268

Ford

Credit

Auto

Owner

Trust,

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

1,804,284

1,817,414

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

2,174,334

2,187,214

GLS

Auto

Receivables

Issuer

Trust

Series

2024-1A,

Class

A3,

5.40%,

9/15/2027(a)

121,125

121,171

Series

2023-2A,

Class

B,

5.52%,

11/15/2027(a)

661,001

661,466

Series

2023-3A,

Class

B,

5.89%,

1/18/2028(a)

1,654,103

1,658,023

Series

2024-3A,

Class

B,

5.08%,

1/16/2029(a)

1,635,000

1,648,803

Series

2025-2A,

Class

C,

5.11%,

1/15/2031(a)

610,000

616,941

GLS

Auto

Select

Receivables

Trust

Series

2023-2A,

Class

A2,

6.37%,

6/15/2028(a)

646,152

650,401

Series

2024-3A,

Class

A2,

5.59%,

10/15/2029(a)

1,733,843

1,755,341

Series

2024-4A,

Class

A2,

4.43%,

12/17/2029(a)

905,776

908,076

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2025-1A,

Class

A2,

4.71%,

4/15/2030(a)

1,603,754

1,613,123

Series

2024-2A,

Class

A2,

5.58%,

6/17/2030(a)

504,168

510,513

Series

2025-3A,

Class

A2,

4.46%,

10/15/2030(a)

840,000

845,543

GM

Financial

Automobile

Leasing

Trust

Series

2024-3,

Class

A3,

4.21%,

10/20/2027

1,550,000

1,552,776

Series

2025-1,

Class

A3,

4.66%,

2/21/2028

2,315,000

2,335,762

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-2,

Class

A3,

4.47%,

2/16/2028

898,788

900,405

Series

2023-4,

Class

A3,

5.78%,

8/16/2028

2,093,759

2,117,889

Harley-Davidson

Motorcycle

Trust

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

1,420,648

1,432,396

Series

2024-A,

Class

A3,

5.37%,

3/15/2029

3,415,000

3,452,129

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

1,460,000

1,495,806

Hertz

Vehicle

Financing

III

LLC

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

2,490,000

2,536,520

Series

2024-1A,

Class

A,

5.44%,

1/25/2029(a)

1,540,000

1,571,527

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

A,

2.33%,

6/26/2028(a)

1,565,000

1,519,230

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A3,

4.93%,

11/15/2027

1,517,220

1,524,128

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

2,516,717

2,535,418

Series

2023-4,

Class

A3,

5.67%,

6/21/2028

853,398

863,494

Huntington

Auto

Trust,

Series

2024-1A,

Class

A3,

5.23%,

1/16/2029(a)

2,050,000

2,072,671

Hyundai

Auto

Receivables

Trust

Series

2023-C,

Class

A3,

5.54%,

10/16/2028

1,301,498

1,315,295

Series

2025-B,

Class

A3,

4.36%,

12/17/2029

1,430,000

1,443,594

LAD

Auto

Receivables

Trust

Series

2023-3A,

Class

A3,

6.12%,

9/15/2027(a)

456,726

457,207

Series

2024-1A,

Class

A3,

5.23%,

1/18/2028(a)

755,846

757,686

Series

2024-2A,

Class

A3,

5.61%,

8/15/2028(a)

1,708,098

1,719,696

76

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

760,000

776,450

Series

2024-3A,

Class

A3,

4.52%,

3/15/2029(a)

1,060,000

1,064,205

Series

2025-1A,

Class

A3,

4.69%,

7/16/2029(a)

1,850,000

1,866,769

M&T

Bank

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A3,

4.73%,

6/17/2030(a)

1,250,000

1,267,193

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/2036(a)

2,053,198

2,065,606

NextGear

Floorplan

Master

Owner

Trust,

Series

2024-

1A,

Class

A2,

5.12%,

3/15/2029(a)

1,915,000

1,943,532

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-B,

Class

A3,

5.93%,

3/15/2028

923,875

931,737

Octane

Receivables

Trust,

Series

2024-2A,

Class

A2,

5.80%,

7/20/2032(a)

2,054,234

2,072,708

PenFed

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

A3,

4.70%,

6/15/2029(a)

1,515,000

1,524,614

Prestige

Auto

Receivables

Trust

Series

2025-1A,

Class

A2,

4.87%,

12/15/2027(a)

1,725,000

1,727,051

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

3,492,238

3,501,106

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

B,

5.77%,

12/15/2028

2,575,000

2,605,485

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

2,383,312

2,395,459

Series

2023-5,

Class

B,

6.16%,

12/17/2029

3,950,000

4,021,572

Series

2023-3,

Class

C,

5.77%,

11/15/2030

1,155,000

1,176,390

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

729,560

731,795

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

1,550,000

1,560,512

Series

2024-C,

Class

A3,

4.56%,

2/22/2028(a)

855,000

857,489

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3,

5.32%,

12/15/2028(a)

407,526

409,189

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

3,037,512

3,059,334

Series

2024-3A,

Class

A3,

4.55%,

6/20/2030(a)

1,195,000

1,201,856

Series

2025-1A,

Class

A3,

4.75%,

7/22/2030(a)

1,150,000

1,163,279

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

Series

2025-2A,

Class

A3,

4.44%,

12/20/2030(a)

1,980,000

1,995,621

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-

BA,

Class

A3,

4.27%,

1/22/2029(a)

3,585,000

3,602,588

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A3,

4.71%,

2/15/2028

2,026,107

2,033,448

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

1,021,561

1,028,049

Series

2024-D,

Class

A3,

4.40%,

6/15/2029

1,250,000

1,258,534

Toyota

Lease

Owner

Trust

Series

2024-B,

Class

A3,

4.21%,

9/20/2027(a)

3,755,000

3,764,330

Series

2025-B,

Class

A3,

3.96%,

11/20/2028(a)

2,550,000

2,552,151

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A3,

4.49%,

6/17/2030(a)

580,000

585,755

Volkswagen

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.81%,

10/20/2026

2,648,145

2,655,131

Volkswagen

Auto

Loan

Enhanced

Trust

Series

2024-1,

Class

A2A,

4.65%,

11/22/2027

2,079,151

2,084,183

Series

2023-1,

Class

A3,

5.02%,

6/20/2028

1,389,190

1,398,227

VStrong

Auto

Receivables

Trust

Series

2023-A,

Class

A3,

6.87%,

11/15/2027(a)

48,440

48,481

Series

2024-A,

Class

B,

5.77%,

7/15/2030(a)

355,000

360,157

Westlake

Automobile

Receivables

Trust

Series

2024-2A,

Class

A3,

5.56%,

2/15/2028(a)

1,665,000

1,676,852

Series

2024-3A,

Class

A3,

4.71%,

4/17/2028(a)

2,115,000

2,126,144

Series

2025-1A,

Class

A3,

4.75%,

8/15/2028(a)

540,000

543,726

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

4,815,000

4,879,849

Series

2025-2A,

Class

A3,

4.51%,

5/15/2029(a)

455,000

458,212

Wheels

Fleet

Lease

Funding

1

LLC

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

2,196,846

2,213,206

Series

2024-1A,

Class

A1,

5.49%,

2/18/2039(a)

1,611,828

1,631,112

Series

2024-2A,

Class

A1,

4.87%,

6/21/2039(a)

1,491,024

1,506,317

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

77

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Automobiles

World

Omni

Auto

Receivables

Trust

Series

2023-B,

Class

A3,

4.66%,

5/15/2028

1,571,957

1,575,595

Series

2025-C,

Class

A2A,

4.19%,

10/16/2028

1,380,000

1,382,760

Series

2023-D,

Class

A3,

5.79%,

2/15/2029

1,146,907

1,159,794

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,230,000

2,241,977

World

Omni

Select

Auto

Trust,

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,090,000

1,096,796

212,682,683

Credit

Card

1.9%

Brex

Commercial

Charge

Card

Master

Trust,

Series

2024-1,

Class

A1,

6.05%,

7/15/2027(a)

5,625,000

5,659,968

Citibank

Credit

Card

Issuance

Trust,

Series

2025-A1,

Class

A,

4.30%,

6/21/2030

5,290,000

5,345,039

Mercury

Financial

Credit

Card

Master

Trust,

Series

2024-2A,

Class

A,

6.56%,

7/20/2029(a)

1,470,000

1,481,516

Mission

Lane

Credit

Card

Master

Trust,

Series

2024-B,

Class

A,

5.88%,

1/15/2030(a)

1,355,000

1,368,281

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

1,055,000

1,067,149

World

Financial

Network

Credit

Card

Master

Trust

Series

2023-A,

Class

A,

5.02%,

3/15/2030

5,960,000

5,992,540

Series

2024-A,

Class

A,

5.47%,

2/15/2031

1,290,000

1,318,036

22,232,529

Equipment

Loans

&

Leases

1.8%

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

355,323

357,915

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-

1C,

Class

A,

6.05%,

1/20/2031(a)

2,249,394

2,280,530

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

3,580,573

3,604,234

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

3,858,707

3,878,049

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

5,453,342

5,485,982

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Equipment

Loans

&

Leases

Kubota

Credit

Owner

Trust,

Series

2025-2A,

Class

A2,

4.48%,

4/17/2028(a)

665,000

668,967

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

1,634,435

1,645,805

OWN

Equipment

Fund

I

LLC,

Series

2024-2M,

Class

A,

5.70%,

12/20/2032(a)

1,158,064

1,174,707

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.59%,

11/15/2029(a)

358,791

360,636

SCF

Equipment

Leasing

LLC,

Series

2024-1A,

Class

A2,

5.88%,

11/20/2029(a)

597,747

602,089

SCF

Equipment

Trust

LLC,

Series

2025-1A,

Class

A2,

4.82%,

7/22/2030(a)

565,818

567,630

20,626,544

Other

3.4%

ACHV

ABS

TRUST

Series

2024-1PL,

Class

A,

5.90%,

4/25/2031(a)

185,747

187,474

Series

2024-2PL,

Class

A,

5.07%,

10/27/2031(a)

394,483

396,838

Affirm

Asset

Securitization

Trust

Series

2024-A,

Class

1A,

5.61%,

2/15/2029(a)

5,450,000

5,474,863

Series

2024-X2,

Class

A,

5.22%,

12/17/2029(a)

203,074

203,256

BHG

Securitization

Trust

Series

2024-1CON,

Class

A,

5.81%,

4/17/2035(a)

413,644

424,622

Series

2025-2CON,

Class

A,

4.84%,

9/17/2036(a)

916,010

922,024

Series

2023-B,

Class

A,

6.92%,

12/17/2036(a)

871,904

913,022

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2025-

1A,

Class

A2,

5.91%,

2/20/2050(a)

1,340,000

1,369,029

GreenSky

Home

Improvement

Issuer

Trust,

Series

2024-2,

Class

A2,

5.25%,

10/27/2059(a)

1,253,142

1,256,855

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

692,593

707,639

Series

2024-1B,

Class

A,

5.75%,

9/15/2039(a)

882,913

897,233

Invesco

CLO

Ltd.,

Series

2021-1A,

Class

A1,

5.58%,

4/15/2034(a)(b)

1,350,000

1,351,362

MVW

LLC,

Series

2024-

1A,

Class

A,

5.32%,

2/20/2043(a)

722,991

737,884

78

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

New

Economy

Assets

Phase

1

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

2,350,000

1,960,245

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

510,054

512,680

Regional

Management

Issuance

Trust,

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

1,225,000

1,252,654

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

8/20/2032(a)

960,000

971,743

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2024-2A,

Class

A,

5.14%,

6/20/2041(a)

1,640,620

1,656,722

SoFi

Consumer

Loan

Program

Trust

Series

2025-1,

Class

A,

4.80%,

2/27/2034(a)

1,104,181

1,108,266

Series

2025-2,

Class

A,

4.82%,

6/25/2034(a)

1,196,203

1,202,449

Stream

Innovations

Issuer

Trust,

Series

2024-

1A,

Class

A,

6.27%,

7/15/2044(a)

247,173

257,221

Trafigura

Securitisation

Finance

plc,

Series

2024-

1A,

Class

A2,

5.98%,

11/15/2027(a)

2,675,000

2,711,952

Tricon

American

Homes

Trust

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,980,920

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

943,816

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,224,933

Verizon

Master

Trust

Series

2024-4,

Class

A1A,

5.21%,

6/20/2029

5,866,000

5,915,476

Series

2025-7,

Class

A1A,

3.96%,

8/20/2031

2,025,000

2,021,294

39,562,472

Student

Loan

0.2%

Navient

Private

Education

Refi

Loan

Trust,

Series

2023-A,

Class

A,

5.51%,

10/15/2071(a)

2,201,259

2,254,902

Total

Asset-Backed

Securities

(cost

$298,691,021)

301,024,636

Collateralized

Mortgage

Obligations

0.0%

†

Principal

Amount

($)

Value

($)

GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

693

686

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

217,029

213,413

Total

Collateralized

Mortgage

Obligations

(cost

$221,630)

214,099

Commercial

Mortgage-Backed

Securities

3.2%

ALA

Trust,

Series

2025-

OANA,

Class

A,

5.89%,

6/15/2040(a)(b)

795,000

798,975

BANK5

Series

2023-5YR3,

Class

A3,

6.72%,

9/15/2056(b)

1,520,000

1,614,561

Series

2023-5YR4,

Class

A3,

6.50%,

12/15/2056

562,649

593,504

BBCMS

Mortgage

Trust

Series

2020-BID,

Class

A,

6.41%,

10/15/2037(a)(b)

825,000

824,742

Series

2024-5C25,

Class

A3,

5.95%,

3/15/2057

1,485,000

1,554,754

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

2,590,000

2,677,078

BX

Trust

Series

2024-VLT4,

Class

A,

5.64%,

6/15/2041(a)(b)

1,665,000

1,666,041

Series

2025-VLT7,

Class

A,

5.85%,

7/15/2044(a)(b)

4,010,000

4,020,025

COMM

Mortgage

Trust,

Series

2024-CBM,

Class

A2,

5.87%,

12/10/2041(a)(b)

210,000

213,920

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

366,176

336,424

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

1,545,000

1,411,744

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

1,190,000

1,232,276

Eleven

Madison

Mortgage

Trust,

Series

2015-

11MD,

Class

A,

3.67%,

9/10/2035(a)(b)

2,025,000

2,021,174

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

0.00%,

10/15/2042(a)(b)

440,000

440,825

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS,

Series

K531,

Class

AS,

4.88%,

9/25/2029(b)

7,505,439

7,491,367

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.67%,

3/5/2033(a)(b)

380,000

321,100

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

79

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

968,374

830,276

Series

2023-SHIP,

Class

A,

4.47%,

9/10/2038(a)(b)

1,825,000

1,820,940

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2025-BMS,

Class

A,

5.75%,

1/15/2042(a)(b)

1,245,000

1,242,666

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/10/2040(a)

115,000

118,263

SPGN

Mortgage

Trust

Series

2022-TFLM,

Class

C,

6.80%,

2/15/2039(a)(b)

1,270,000

1,244,976

Series

2022-TFLM,

Class

D,

7.65%,

2/15/2039(a)(b)

2,880,000

2,794,867

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

5.39%,

12/15/2039(a)(b)

1,055,000

1,056,319

Total

Commercial

Mortgage-Backed

Securities

(cost

$35,840,810)

36,326,817

Corporate

Bonds

55.2%

Aerospace

&

Defense

0.4%

Boeing

Co.

(The)

,

6.30%,

5/1/2029(d)

1,970,000

2,090,656

Lockheed

Martin

Corp.

,

4.15%,

8/15/2028

2,880,000

2,897,961

4,988,617

Automobile

Components

0.2%

ZF

North

America

Capital,

Inc.

,

7.50%,

3/24/2031(a)(d)

1,865,000

1,852,302

Automobiles

2.1%

BMW

US

Capital

LLC

,

4.50%,

8/11/2030(a)(d)

4,050,000

4,055,610

Honda

Motor

Co.

Ltd.

,

4.44%,

7/8/2028(d)

5,750,000

5,782,929

Hyundai

Capital

America

,

4.88%,

11/1/2027(a)(d)

895,000

904,993

4.25%,

9/18/2028(a)

375,000

374,140

5.15%,

3/27/2030(a)

1,915,000

1,954,114

Mercedes-Benz

Finance

North

America

LLC

,

4.65%,

4/1/2027(a)(d)

3,630,000

3,656,235

Nissan

Motor

Acceptance

Co.

LLC

,

5.30%,

9/13/2027(a)(d)

2,290,000

2,287,286

5.63%,

9/29/2028(a)(d)

1,750,000

1,751,128

Stellantis

Finance

US,

Inc.

,

5.75%,

3/18/2030(a)(d)

3,230,000

3,285,409

24,051,844

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

11.8%

ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

6.34%,

9/18/2027(a)(e)

1,800,000

1,834,990

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

4,110,000

4,144,699

Bank

of

Montreal

,

(United

States

SOFR

Compounded

Index

+

0.67%),

5.00%,

1/27/2029(d)(e)

1,160,000

1,182,585

Bank

of

Nova

Scotia

(The)

,

(SOFR

+

1.09%),

4.34%,

9/15/2031(e)

4,050,000

4,019,932

Banque

Federative

du

Credit

Mutuel

SA

,

5.19%,

2/16/2028(a)(d)

2,115,000

2,161,129

4.59%,

10/16/2028(a)

1,825,000

1,841,449

Barclays

plc

,

(SOFR

+

1.08%),

4.48%,

11/11/2029(e)

2,883,000

2,888,093

BNP

Paribas

SA

,

(SOFR

+

1.45%),

4.79%,

5/9/2029(a)(e)

3,420,000

3,451,851

(SOFR

+

1.28%),

5.28%,

11/19/2030(a)(d)(e)

645,000

662,519

CaixaBank

SA

,

(SOFR

+

1.14%),

4.63%,

7/3/2029(a)(d)(e)

5,745,000

5,785,221

Canadian

Imperial

Bank

of

Commerce

,

5.24%,

6/28/2027(d)

2,335,000

2,381,558

(SOFR

+

1.03%),

4.86%,

3/30/2029(d)(e)

3,105,000

3,153,157

Citibank

NA

,

(SOFR

+

0.71%),

4.88%,

11/19/2027(d)(e)

4,855,000

4,892,820

Citigroup,

Inc.

,

(SOFR

+

1.14%),

4.64%,

5/7/2028(d)(e)

4,085,000

4,113,252

Commonwealth

Bank

of

Australia

,

4.42%,

3/14/2028

1,445,000

1,462,090

Credit

Agricole

SA

,

(SOFR

+

1.13%),

5.23%,

1/9/2029(a)(d)(e)

1,645,000

1,676,557

(SOFR

+

1.36%),

4.82%,

9/25/2033(a)(e)

4,080,000

4,054,924

Federation

des

Caisses

Desjardins

du

Quebec

,

4.57%,

8/26/2030(a)(d)

1,460,000

1,468,077

Fifth

Third

Bank

NA

,

(SOFR

+

0.81%),

4.97%,

1/28/2028(d)(e)

1,830,000

1,848,475

HSBC

Holdings

plc

,

(SOFR

+

1.04%),

5.13%,

11/19/2028(e)

4,440,000

4,519,151

HSBC

USA,

Inc.

,

4.65%,

6/3/2028(d)

495,000

502,000

80

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(d)(e)

2,115,000

2,225,905

Huntington

National

Bank

(The)

,

(SOFR

+

0.72%),

4.87%,

4/12/2028(d)(e)

2,980,000

3,011,694

Intesa

Sanpaolo

SpA

,

7.00%,

11/21/2025(a)(d)

2,275,000

2,283,276

JPMorgan

Chase

&

Co.

,

(SOFR

+

0.86%),

4.51%,

10/22/2028(d)(e)

2,915,000

2,939,906

(SOFR

+

1.01%),

5.14%,

1/24/2031(d)(e)

2,585,000

2,669,609

KBC

Group

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

4.45%,

9/23/2031(a)(e)

3,170,000

3,153,213

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

4.82%,

6/13/2029(e)

1,375,000

1,394,194

National

Australia

Bank

Ltd.

,

4.31%,

6/13/2028(d)

4,120,000

4,157,359

National

Bank

of

Canada

,

(SOFR

+

1.04%),

5.60%,

7/2/2027(e)

2,880,000

2,908,662

NatWest

Markets

plc

,

4.79%,

3/21/2028(a)(d)

2,190,000

2,228,386

Norinchukin

Bank

(The)

,

4.67%,

9/9/2030(a)(d)

1,250,000

1,256,528

PNC

Bank

NA

,

(SOFR

+

0.73%),

4.43%,

7/21/2028(d)(e)

5,085,000

5,110,742

Royal

Bank

of

Canada

,

(United

States

SOFR

Compounded

Index

+

0.86%),

4.52%,

10/18/2028(d)(e)

2,905,000

2,929,034

(SOFR

+

0.89%),

4.50%,

8/6/2029(e)

3,100,000

3,124,113

Santander

UK

Group

Holdings

plc

,

(United

States

SOFR

Compounded

Index

+

1.58%),

5.14%,

9/22/2036(e)

885,000

876,750

Societe

Generale

SA

,

5.25%,

2/19/2027(a)

5,075,000

5,129,885

Svenska

Handelsbanken

AB

,

5.13%,

5/28/2027(a)

3,100,000

3,160,951

4.38%,

5/23/2028(a)

4,235,000

4,279,692

Swedbank

AB

,

6.14%,

9/12/2026(a)(d)

1,370,000

1,395,507

Toronto-Dominion

Bank

(The)

,

4.57%,

6/2/2028

4,555,000

4,614,341

Truist

Bank

,

(SOFR

+

0.77%),

4.42%,

7/24/2028(e)

4,815,000

4,835,544

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bank

NA

,

(SOFR

+

0.69%),

4.51%,

10/22/2027(d)(e)

4,050,000

4,063,113

Wells

Fargo

&

Co.

,

(SOFR

+

1.07%),

5.71%,

4/22/2028(e)

1,925,000

1,969,727

(SOFR

+

1.50%),

5.15%,

4/23/2031(d)(e)

2,870,000

2,959,834

Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026(d)

2,850,000

2,890,950

Westpac

New

Zealand

Ltd.

,

5.13%,

2/26/2027(a)(d)

2,825,000

2,865,647

136,479,091

Beverages

0.4%

Bacardi-Martini

BV

,

5.55%,

2/1/2030(a)

2,235,000

2,308,540

PepsiCo,

Inc.

,

4.30%,

7/23/2030(d)

1,830,000

1,841,163

4,149,703

Biotechnology

0.4%

AbbVie,

Inc.

,

4.65%,

3/15/2028(d)

4,085,000

4,152,292

Capital

Markets

4.5%

Antares

Holdings

LP

,

3.75%,

7/15/2027(a)(d)

687,000

667,999

6.35%,

10/23/2029(a)

1,060,000

1,083,939

Apollo

Debt

Solutions

BDC

,

5.88%,

8/30/2030(a)

700,000

712,283

6.55%,

3/15/2032(a)

410,000

430,248

Ares

Strategic

Income

Fund

,

5.70%,

3/15/2028(d)

1,180,000

1,196,548

Bain

Capital

Specialty

Finance,

Inc.

,

5.95%,

3/15/2030(d)

715,000

718,658

Bank

of

New

York

Mellon

(The)

,

(SOFR

+

1.14%),

4.73%,

4/20/2029(e)

1,160,000

1,179,054

Barings

BDC,

Inc.

,

5.20%,

9/15/2028

1,540,000

1,529,086

BGC

Group,

Inc.

,

6.15%,

4/2/2030(a)(d)

605,000

619,842

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(d)

900,000

932,363

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029(d)

555,000

578,622

Blue

Owl

Technology

Finance

Corp.

,

6.75%,

4/4/2029(d)

1,365,000

1,408,291

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)(d)

1,065,000

1,137,844

Carlyle

Group,

Inc.

(The)

,

5.05%,

9/19/2035(d)

905,000

901,835

Carlyle

Secured

Lending,

Inc.

,

5.75%,

2/15/2031

950,000

944,460

Citadel

Securities

Global

Holdings

LLC

,

5.50%,

6/18/2030(a)

555,000

569,629

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

81

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Deutsche

Bank

AG

,

(SOFR

+

1.21%),

5.37%,

1/10/2029(d)(e)

4,150,000

4,239,214

FS

KKR

Capital

Corp.

,

6.13%,

1/15/2030(d)

1,170,000

1,164,775

6.13%,

1/15/2031(d)

195,000

193,197

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.75%),

5.41%,

5/21/2027(e)

5,410,000

5,451,530

Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

595,000

584,544

7.05%,

12/5/2028

1,330,000

1,405,891

6.00%,

7/15/2029(d)

585,000

597,763

Golub

Capital

Private

Credit

Fund

,

5.45%,

8/15/2028(a)

380,000

381,984

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

665,000

652,608

6.00%,

6/16/2030

590,000

601,771

HPS

Corporate

Lending

Fund

,

5.45%,

1/14/2028

1,090,000

1,099,912

6.25%,

9/30/2029

600,000

619,354

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028(d)

1,105,000

1,150,481

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,255,000

1,238,097

6.50%,

6/4/2027

655,000

669,364

5.40%,

8/15/2028

580,000

582,346

Marex

Group

plc

,

5.83%,

5/8/2028(d)

1,295,000

1,313,796

6.40%,

11/4/2029(d)

1,390,000

1,433,261

Morgan

Stanley

,

(SOFR

+

0.86%),

1.51%,

7/20/2027(d)(e)

3,500,000

3,425,016

Morgan

Stanley

Direct

Lending

Fund

,

6.00%,

5/19/2030

805,000

825,253

MSD

Investment

Corp.

,

6.25%,

5/31/2030(a)(d)

535,000

541,824

New

Mountain

Finance

Corp.

,

6.20%,

10/15/2027

660,000

673,464

6.88%,

2/1/2029

575,000

590,707

North

Haven

Private

Income

Fund

LLC

,

5.13%,

9/25/2028(a)

625,000

621,771

Oaktree

Strategic

Credit

Fund

,

6.19%,

7/15/2030(a)(d)

375,000

383,108

Raymond

James

Financial,

Inc.

,

4.90%,

9/11/2035(d)

2,100,000

2,076,981

Sixth

Street

Lending

Partners

,

6.50%,

3/11/2029(d)

1,295,000

1,346,146

USAA

Capital

Corp.

,

4.38%,

6/1/2028(a)

2,855,000

2,881,598

51,356,457

Chemicals

1.7%

Celanese

US

Holdings

LLC

,

6.67%,

7/15/2027(c)(d)

516,000

529,267

Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031

2,495,000

2,484,536

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Eastman

Chemical

Co.

,

5.00%,

8/1/2029

960,000

977,634

LYB

International

Finance

III

LLC

,

1.25%,

10/1/2025

3,260,000

3,260,000

Methanex

US

Operations,

Inc.

,

6.25%,

3/15/2032(a)(d)

1,435,000

1,460,067

Orbia

Advance

Corp.

SAB

de

CV

,

6.80%,

5/13/2030(a)(d)

1,965,000

2,043,603

Sherwin-Williams

Co.

(The)

,

4.30%,

8/15/2028

5,760,000

5,788,474

Syensqo

Finance

America

LLC

,

5.65%,

6/4/2029(a)(d)

2,945,000

3,048,695

19,592,276

Commercial

Services

&

Supplies

0.4%

Clean

Harbors,

Inc.

,

5.75%,

10/15/2033(a)

1,190,000

1,200,396

Element

Fleet

Management

Corp.

,

5.64%,

3/13/2027(a)(d)

3,045,000

3,102,425

4,302,821

Consumer

Finance

3.0%

AerCap

Ireland

Capital

DAC

,

4.88%,

4/1/2028(d)

4,100,000

4,162,815

Ally

Financial,

Inc.

,

(United

States

SOFR

Compounded

Index

+

1.96%),

5.74%,

5/15/2029(d)(e)

965,000

987,759

American

Express

Co.

,

(SOFR

+

1.26%),

4.73%,

4/25/2029(d)(e)

2,890,000

2,935,545

(SOFR

+

0.81%),

4.35%,

7/20/2029(e)

2,815,000

2,831,608

Avolon

Holdings

Funding

Ltd.

,

5.50%,

1/15/2026(a)

2,405,000

2,408,188

4.95%,

1/15/2028(a)

2,085,000

2,105,932

4.95%,

10/15/2032(a)

2,500,000

2,469,817

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(d)(e)

780,000

803,354

(SOFR

+

1.25%),

4.49%,

9/11/2031(d)(e)

1,610,000

1,596,977

Caterpillar

Financial

Services

Corp.

,

4.60%,

11/15/2027(d)

4,320,000

4,384,605

General

Motors

Financial

Co.,

Inc.

,

6.05%,

10/10/2025

1,995,000

1,995,731

5.05%,

4/4/2028(d)

1,135,000

1,153,246

John

Deere

Capital

Corp.

,

4.65%,

1/7/2028(d)

2,805,000

2,850,838

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

1,190,000

1,210,277

OneMain

Finance

Corp.

,

6.63%,

5/15/2029

720,000

740,067

82

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Stellantis

Financial

Services

US

Corp.

,

4.95%,

9/15/2028(a)

1,665,000

1,664,561

Synchrony

Financial

,

(SOFR

+

1.68%),

5.45%,

3/6/2031(d)(e)

720,000

733,655

35,034,975

Consumer

Staples

Distribution

&

Retail

0.2%

Alimentation

Couche-Tard,

Inc.

,

4.15%,

9/29/2028(a)

1,835,000

1,835,157

Containers

&

Packaging

0.2%

Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028(d)

2,630,000

2,659,487

Diversified

REITs

0.1%

VICI

Properties

LP

,

4.75%,

4/1/2028

630,000

636,569

Diversified

Telecommunication

Services

0.1%

Sitios

Latinoamerica

SAB

de

CV

,

6.00%,

11/25/2029(a)

1,420,000

1,475,806

Electric

Utilities

4.3%

Alliant

Energy

Finance

LLC

,

5.40%,

6/6/2027(a)

2,545,000

2,576,394

Capital

Power

US

Holdings,

Inc.

,

5.26%,

6/1/2028(a)(d)

550,000

560,450

Duke

Energy

Corp.

,

4.85%,

1/5/2027

3,020,000

3,049,326

Enel

Finance

International

NV

,

4.38%,

9/30/2030(a)

4,920,000

4,886,538

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

4,310,000

4,240,171

FirstEnergy

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)(d)

810,000

812,256

Georgia

Power

Co.

,

4.00%,

10/1/2028(d)

4,425,000

4,424,920

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)

4,180,000

4,229,660

Jersey

Central

Power

&

Light

Co.

,

4.15%,

1/15/2029(a)

5,785,000

5,777,643

NextEra

Energy

Capital

Holdings,

Inc.

,

4.69%,

9/1/2027(d)

1,960,000

1,981,314

4.85%,

2/4/2028(d)

4,065,000

4,136,664

Pacific

Gas

and

Electric

Co.

,

5.00%,

6/4/2028(d)

435,000

441,057

Pinnacle

West

Capital

Corp.

,

4.90%,

5/15/2028

3,965,000

4,028,056

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028(d)

2,310,000

2,332,593

RWE

Finance

US

LLC

,

5.13%,

9/18/2035(a)

875,000

863,074

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Vistra

Operations

Co.

LLC

,

5.63%,

2/15/2027(a)

1,750,000

1,751,035

Xcel

Energy,

Inc.

,

4.75%,

3/21/2028(d)

350,000

354,317

XPLR

Infrastructure

Operating

Partners

LP

,

8.38%,

1/15/2031(a)(d)

2,565,000

2,688,120

49,133,588

Electrical

Equipment

0.2%

Molex

Electronic

Technologies

LLC

,

4.75%,

4/30/2028(a)(d)

2,555,000

2,580,027

Electronic

Equipment,

Instruments

&

Components

0.3%

Flex

Ltd.

,

6.00%,

1/15/2028(d)

2,845,000

2,939,127

Energy

Equipment

&

Services

0.4%

Helmerich

&

Payne,

Inc.

,

4.85%,

12/1/2029(d)

2,990,000

2,977,399

WBI

Operating

LLC

,

6.25%,

10/15/2030(a)

1,615,000

1,613,991

4,591,390

Entertainment

0.1%

Take-Two

Interactive

Software,

Inc.

,

5.40%,

6/12/2029(d)

760,000

786,865

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027(d)

397,000

391,541

1,178,406

Financial

Services

1.9%

Apollo

Global

Management,

Inc.

,

5.15%,

8/12/2035(d)

840,000

844,192

Atlas

Warehouse

Lending

Co.

LP

,

6.05%,

1/15/2028(a)(d)

3,010,000

3,078,941

Block,

Inc.

,

5.63%,

8/15/2030(a)(d)

1,810,000

1,833,852

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029(d)

2,545,000

2,661,136

Essent

Group

Ltd.

,

6.25%,

7/1/2029(d)

1,125,000

1,178,454

Freedom

Mortgage

Holdings

LLC

,

7.88%,

4/1/2033(a)(d)

1,215,000

1,251,665

Nationstar

Mortgage

Holdings,

Inc.

,

6.50%,

8/1/2029(a)

1,555,000

1,595,256

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(d)(e)

1,645,000

1,682,453

(SOFR

+

1.06%),

4.65%,

7/14/2029(a)(d)(e)

2,090,000

2,107,076

4.35%,

9/30/2030(a)

2,285,000

2,276,431

Rocket

Cos.,

Inc.

,

6.13%,

8/1/2030(a)(d)

3,035,000

3,114,881

21,624,337

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

83

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.5%

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026(d)

4,125,000

4,166,962

General

Mills,

Inc.

,

4.70%,

1/30/2027(d)

2,175,000

2,191,763

6,358,725

Gas

Utilities

0.3%

Spire,

Inc.

,

5.30%,

3/1/2026

3,985,000

4,001,797

Health

Care

Equipment

&

Supplies

0.4%

Smith

&

Nephew

plc

,

5.15%,

3/20/2027(d)

3,040,000

3,081,005

Solventum

Corp.

,

5.45%,

2/25/2027(d)

1,208,000

1,227,602

4,308,607

Health

Care

Providers

&

Services

0.8%

Elevance

Health,

Inc.

,

4.00%,

9/15/2028

2,570,000

2,558,764

UnitedHealth

Group,

Inc.

,

4.40%,

6/15/2028(d)

5,765,000

5,821,139

Universal

Health

Services,

Inc.

,

4.63%,

10/15/2029(d)

1,310,000

1,308,726

9,688,629

Health

Care

REITs

0.1%

Omega

Healthcare

Investors,

Inc.

,

5.20%,

7/1/2030

1,680,000

1,705,567

Health

Care

Technology

0.1%

IQVIA,

Inc.

,

6.25%,

2/1/2029(d)

1,295,000

1,363,162

Hotels,

Restaurants

&

Leisure

1.6%

Carnival

Corp.

,

5.75%,

3/15/2030(a)(d)

4,095,000

4,180,938

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

2,985,000

2,996,433

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027(d)

1,840,000

1,874,647

5.25%,

6/30/2029(d)

1,000,000

1,025,616

Las

Vegas

Sands

Corp.

,

5.63%,

6/15/2028(d)

2,125,000

2,172,495

Marriott

International,

Inc.

,

4.20%,

7/15/2027(d)

5,790,000

5,807,931

18,058,060

Household

Durables

0.0%

†

Whirlpool

Corp.

,

6.13%,

6/15/2030(d)

470,000

473,681

Independent

Power

and

Renewable

Electricity

Producers

0.0%

†

Southern

Power

Co.

,

Series

A,

4.25%,

10/1/2030(d)

595,000

591,412

Insurance

7.3%

American

National

Global

Funding

,

5.25%,

6/3/2030(a)

2,885,000

2,941,929

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Athene

Global

Funding

,

4.83%,

5/9/2028(a)(d)

4,680,000

4,734,850

Brighthouse

Financial

Global

Funding

,

5.55%,

4/9/2027(a)(d)

3,055,000

3,106,258

Brown

&

Brown,

Inc.

,

4.70%,

6/23/2028(d)

1,940,000

1,958,522

CNO

Global

Funding

,

5.88%,

6/4/2027(a)(d)

3,065,000

3,144,463

4.38%,

9/8/2028(a)

1,815,000

1,815,761

Corebridge

Global

Funding

,

4.65%,

8/20/2027(a)(d)

3,100,000

3,134,491

4.25%,

8/21/2028(a)(d)

5,790,000

5,792,486

Equitable

America

Global

Funding

,

4.65%,

6/9/2028(a)(d)

4,000,000

4,046,794

F&G

Global

Funding

,

5.88%,

6/10/2027(a)(d)

3,025,000

3,102,899

4.65%,

9/8/2028(a)(d)

525,000

526,859

Fortitude

Global

Funding

,

4.63%,

10/6/2028(a)

1,190,000

1,190,752

Fortitude

Group

Holdings

LLC

,

6.25%,

4/1/2030(a)(d)

670,000

695,660

GA

Global

Funding

Trust

,

4.40%,

9/23/2027(a)(d)

2,845,000

2,850,761

Jackson

National

Life

Global

Funding

,

5.25%,

4/12/2028(a)(d)

1,495,000

1,526,047

4.70%,

6/5/2028(a)(d)

1,335,000

1,350,041

Lincoln

Financial

Global

Funding

,

4.63%,

5/28/2028(a)(d)

3,265,000

3,298,533

Mutual

of

Omaha

Cos.

Global

Funding

,

5.35%,

4/9/2027(a)(d)

4,850,000

4,932,103

New

York

Life

Global

Funding

,

4.15%,

7/25/2028(a)(d)

2,880,000

2,891,883

NLG

Global

Funding

,

4.35%,

9/15/2030(a)

4,045,000

4,002,607

Northwestern

Mutual

Global

Funding

,

4.13%,

8/25/2028(a)

5,790,000

5,812,971

Principal

Life

Global

Funding

II

,

4.80%,

1/9/2028(a)(d)

4,145,000

4,198,683

RGA

Global

Funding

,

4.35%,

8/25/2028(a)

5,790,000

5,795,925

Sammons

Financial

Group

Global

Funding

,

5.05%,

1/10/2028(a)(d)

2,000,000

2,033,869

SBL

Holdings,

Inc.

,

5.90%,

9/26/2028(a)

2,665,000

2,676,118

SiriusPoint

Ltd.

,

7.00%,

4/5/2029

1,685,000

1,781,034

Western-Southern

Global

Funding

,

4.50%,

7/16/2028(a)

4,725,000

4,755,740

84,098,039

84

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0.2%

CGI,

Inc.

,

4.95%,

3/14/2030(a)

2,545,000

2,590,948

Life

Sciences

Tools

&

Services

0.2%

Illumina,

Inc.

,

4.65%,

9/9/2026

2,585,000

2,596,840

Machinery

0.9%

CNH

Industrial

Capital

LLC

,

4.50%,

10/8/2027

2,920,000

2,937,451

4.75%,

3/21/2028

1,395,000

1,410,551

4.50%,

10/16/2030

2,655,000

2,649,449

Cummins,

Inc.

,

4.25%,

5/9/2028

2,420,000

2,438,163

Weir

Group,

Inc.

,

5.35%,

5/6/2030(a)

1,370,000

1,409,381

10,844,995

Media

0.1%

Charter

Communications

Operating

LLC

,

6.10%,

6/1/2029(d)

1,605,000

1,684,276

Metals

&

Mining

0.2%

Cleveland-Cliffs,

Inc.

,

6.88%,

11/1/2029(a)(d)

1,090,000

1,110,782

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)(d)

1,485,000

1,555,996

2,666,778

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.2%

Starwood

Property

Trust,

Inc.

,

5.75%,

1/15/2031(a)

2,415,000

2,413,498

Multi-Utilities

1.2%

Ameren

Corp.

,

5.70%,

12/1/2026

4,175,000

4,240,404

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028(d)

3,390,000

3,424,107

DTE

Energy

Co.

,

4.95%,

7/1/2027(d)

2,505,000

2,536,879

Sempra

,

5.40%,

8/1/2026(d)

2,260,000

2,279,917

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026(d)

1,439,000

1,458,006

13,939,313

Office

REITs

0.1%

COPT

Defense

Properties

LP

,

4.50%,

10/15/2030

655,000

650,681

Oil,

Gas

&

Consumable

Fuels

2.4%

APA

Corp.

,

6.10%,

2/15/2035(d)

1,765,000

1,803,829

California

Resources

Corp.

,

8.25%,

6/15/2029(a)

1,680,000

1,751,980

Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)(d)

1,235,000

1,226,401

Civitas

Resources,

Inc.

,

9.63%,

6/15/2033(a)(d)

1,735,000

1,832,519

Crescent

Energy

Finance

LLC

,

7.63%,

4/1/2032(a)(d)

855,000

849,095

8.38%,

1/15/2034(a)(d)

835,000

846,020

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Enbridge,

Inc.

,

4.60%,

6/20/2028(d)

2,817,000

2,850,087

Hess

Midstream

Operations

LP

,

5.88%,

3/1/2028(a)(d)

3,540,000

3,608,605

Kinetik

Holdings

LP

,

6.63%,

12/15/2028(a)(d)

3,215,000

3,299,947

Northern

Oil

&

Gas,

Inc.

,

7.88%,

10/15/2033(a)

1,320,000

1,314,777

Occidental

Petroleum

Corp.

,

5.20%,

8/1/2029

2,920,000

2,962,918

Sunoco

LP

,

5.63%,

3/15/2031(a)(d)

2,795,000

2,774,381

Viper

Energy

Partners

LLC

,

4.90%,

8/1/2030(d)

2,160,000

2,176,106

27,296,665

Paper

&

Forest

Products

0.2%

Georgia-Pacific

LLC

,

4.40%,

6/30/2028(a)

2,765,000

2,788,630

Passenger

Airlines

0.1%

Air

Canada

,

3.88%,

8/15/2026(a)(d)

595,000

589,600

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)

255,000

251,096

840,696

Pharmaceuticals

0.4%

EMD

Finance

LLC

,

4.13%,

8/15/2028(a)

4,055,000

4,056,427

Residential

REITs

0.1%

Essential

Properties

LP

,

5.40%,

12/1/2035(d)

690,000

692,589

Semiconductors

&

Semiconductor

Equipment

0.7%

Analog

Devices,

Inc.

,

4.25%,

6/15/2028(d)

2,300,000

2,316,108

Microchip

Technology,

Inc.

,

4.90%,

3/15/2028(d)

4,140,000

4,200,759

NXP

BV

,

4.30%,

8/19/2028

1,210,000

1,211,730

7,728,597

Software

0.6%

Oracle

Corp.

,

4.45%,

9/26/2030

5,770,000

5,767,169

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028(d)

895,000

899,181

6,666,350

Specialized

REITs

0.9%

American

Tower

Corp.

,

4.90%,

3/15/2030(d)

3,005,000

3,064,321

Extra

Space

Storage

LP

,

5.70%,

4/1/2028(d)

1,010,000

1,043,141

Public

Storage

Operating

Co.

,

(United

States

SOFR

Compounded

Index

+

0.70%),

4.90%,

4/16/2027(e)

6,145,000

6,164,340

10,271,802

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

85

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

0.3%

AutoNation,

Inc.

,

4.50%,

10/1/2025

465,000

465,000

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026(d)

2,910,000

2,917,459

3,382,459

Technology

Hardware,

Storage

&

Peripherals

1.5%

Dell

International

LLC

,

4.75%,

4/1/2028(d)

4,035,000

4,094,162

4.50%,

2/15/2031

4,040,000

4,030,661

Hewlett

Packard

Enterprise

Co.

,

4.15%,

9/15/2028(d)

5,775,000

5,768,471

4.55%,

10/15/2029(d)

2,930,000

2,945,863

16,839,157

Textiles,

Apparel

&

Luxury

Goods

0.2%

PVH

Corp.

,

5.50%,

6/13/2030(d)

2,555,000

2,602,674

Tobacco

0.1%

Imperial

Brands

Finance

plc

,

4.50%,

6/30/2028(a)(d)

1,460,000

1,469,381

Trading

Companies

&

Distributors

0.6%

Aircastle

Ltd.

,

6.50%,

7/18/2028(a)

1,010,000

1,061,348

GATX

Corp.

,

5.40%,

3/15/2027(d)

1,490,000

1,511,562

TTX

Co.

,

5.50%,

9/25/2026(a)(d)

3,965,000

4,015,096

6,588,006

Water

Utilities

0.2%

Essential

Utilities,

Inc.

,

4.80%,

8/15/2027(d)

2,445,000

2,472,562

Total

Corporate

Bonds

(cost

$628,856,470)

636,345,275

Mortgage-Backed

Securities

0.9%

FHLMC

Non

Gold

Pool

Pool#

1Q0648

6.78%,

6/1/2037(b)

54,677

56,220

Pool#

1B3601

7.57%,

10/1/2037(b)

80,139

82,214

FNMA

Pool

Pool#

747271

6.54%,

7/1/2034(b)

117,702

120,652

Pool#

886345

6.31%,

8/1/2036(b)

24,409

24,939

FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,169,413

1,993,620

Pool#

BN0906

4.00%,

11/1/2048

2,336,840

2,243,408

Pool#

MA4700

4.00%,

8/1/2052

3,274,715

3,094,990

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA4803

3.50%,

11/1/2052

3,013,323

2,757,194

Total

Mortgage-Backed

Securities

(cost

$10,315,905)

10,373,237

U.S.

Treasury

Obligations

13.6%

U.S.

Treasury

Notes

4.63%,

6/30/2026

(d)

8,955,000

9,008,590

3.75%,

6/30/2027

57,100,000

57,202,602

3.63%,

8/31/2027

90,933,400

90,929,848

Total

U.S.

Treasury

Obligations

(cost

$156,870,903)

157,141,040

Repurchase

Agreements

11.4%

Bank

of

America

NA

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$12,001,400,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$12,240,000.

(f)

12,000,000

12,000,000

BNP

Paribas

Securities

Corp.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$30,003,492,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$30,600,004.

(f)

30,000,000

30,000,000

BofA

Securities,

Inc.

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$4,080,000.

(f)

4,000,000

4,000,000

86

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,877,098,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,954,177.

(f)

3,876,644

3,876,644

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$22,002,579,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$22,440,001.

(f)

22,000,000

22,000,000

CF

Secured,

LLC

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$35,004,083,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$35,704,165.

(f)

35,000,000

35,000,000

Citi

Global

Market,

Inc.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$15,001,746,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$15,300,003.

(f)

15,000,000

15,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$10,205,272.

(f)

10,000,000

10,000,000

Total

Repurchase

Agreements

(cost

$131,876,644)

131,876,644

Total

Investments

(cost

$1,262,673,383)

—

110.4%

1,273,301,748

Liabilities

in

excess

of

other

assets

—

(10.4)%

(119,965,301)

NET

ASSETS

—

100.0%

$

1,153,336,447

†

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

September

30,

2025

was

$491,666,606

which

represents

42.63%

of

net

assets.

(b)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(c)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(d)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$174,467,458,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$131,876,644

and

by

$48,536,223

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.38%,

and

maturity

dates

ranging

from

10/23/2025

-

2/15/2055,

a

total

value

of

$180,412,867.

(e)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(f)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$131,876,644.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

87

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

2

Year

Note

183

12/2025

USD

38,136,914

19,782

Total

long

contracts

19,782

Short

Contracts

U.S.

Treasury

5

Year

Note

(32)

12/2025

USD

(3,494,250)

(4,397)

U.S.

Treasury

10

Year

Note

(339)

12/2025

USD

(38,137,500)

(23,525)

U.S.

Treasury

10

Year

Ultra

Note

(13)

12/2025

USD

(1,496,016)

11,962

Total

short

contracts

(15,960)

Net

contracts

3,822

Currency:

USD

United

States

Dollar

88

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

89

The

following

is

a

reconciliation

of

assets

for

which

Level

3

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

options,

swap

contracts,

and

financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

301,024,636

$

–

$

301,024,636

Collateralized

Mortgage

Obligations

–

214,099

–

214,099

Commercial

Mortgage-Backed

Securities

–

36,326,817

–

36,326,817

Corporate

Bonds

–

636,345,275

–

636,345,275

Futures

Contracts

31,744

–

–

31,744

Mortgage-Backed

Securities

–

10,373,237

–

10,373,237

Repurchase

Agreements

–

131,876,644

–

131,876,644

U.S.

Treasury

Obligations

–

157,141,040

–

157,141,040

Total

Assets

$

31,744

$

1,273,301,748

$

–

$

1,273,333,492

Liabilities:

Futures

Contracts

$

(27,922)

$

–

$

–

$

(27,922)

Total

Liabilities

$

(27,922)

$

–

$

–

$

(27,922)

Total

$

3,822

$

1,273,301,748

$

–

$

1,273,305,570

Collateralized

Mortgage

Obligation

Total

Balance

as

of

12/31/2024

$

—

$

—

Accrued

Accretion/(Amortization)

(115)

(115)

Realized

Gains

(Losses)

(37)

(37)

Purchases

—

—

Sales

(4,559)

(4,559)

Change

in

Unrealized

Appreciation/Depreciation

4,711

4,711

Transfers

into

Level

3

—

—

Transfers

out

of

Level

3

—

—

Balance

as

of

9/30/2025

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2025

$

4,711

$

4,711

90

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2025

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

As

of September

30,

2025,

the

Fund

had

no

open swap

contracts. 

(b)

Options      

The

Fund

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs,

and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When the

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-

to-market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When the

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that the

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

Options

NVIT

Loomis

Short

Term

Bond

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

91

traded

in

the

over-the-counter

(“OTC”)

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

The Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit the

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If the

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by the

Fund

could

cause

material

losses

because the

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by the

Fund)

expose the

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

(“SEC”)

guidelines, the

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i)

an

offsetting

(“covered”)

position

in

securities,

other

options,

or

futures

or

(ii)

cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i)

above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of the

Fund’s

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or the

Fund’s

ability

to

meet

redemption

requests

or

other

current

obligations.

As

of September

30,

2025,

the

Fund

had

no

open

option

contracts. 

(c)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

92

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Loomis

Short

Term

Bond

Fund

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

$

31,744

Total

$

31,744

Liabilities:

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

$

(27,922)

Total

$

(27,922)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

93

Asset-Backed

Securities

6.5%

Principal

Amount

($)

Value

($)

Automobiles

5.4%

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

5.36%,

06/20/30(a)

100,000

103,424

Bridgecrest

Lending

Auto

Securitization

Trust,

5.34%,

04/17/28

175,751

176,523

CarMax

Auto

Owner

Trust,

4.35%,

07/15/30

30,000

30,245

Carvana

Auto

Receivables

Trust,

4.04%,

11/11/30

35,000

34,927

Credit

Acceptance

Auto

Loan

Trust,

5.71%,

07/16/35(a)

100,000

102,062

Drive

Auto

Receivables

Trust,

4.99%,

09/15/32

37,000

37,122

Exeter

Automobile

Receivables

Trust,

5.09%,

10/15/31

87,000

87,384

GM

Financial

Automobile

Leasing

Trust,

4.17%,

08/21/28

100,000

100,375

GM

Financial

Consumer

Automobile

Receivables

Trust,

4.59%,

07/17/28

142,000

142,873

Hertz

Vehicle

Financing

III

LLC,

5.06%,

12/26/29(a)

100,000

101,491

Honda

Auto

Receivables

Owner

Trust,

4.04%,

02/21/30

100,000

100,209

Mercedes-Benz

Auto

Lease

Trust,

4.69%,

02/18/31

15,000

15,249

Nissan

Auto

Receivables

Owner

Trust,

4.49%,

12/17/29

100,000

101,193

Santander

Drive

Auto

Receivables

Trust,

4.85%,

01/16/29

100,000

100,346

SFS

Auto

Receivables

Securitization

Trust,

4.94%,

01/21/31(a)

120,000

121,885

Toyota

Lease

Owner

Trust,

3.96%,

11/20/28(a)

45,000

45,038

Volkswagen

Auto

Lease

Trust,

4.01%,

01/22/29

50,000

50,069

1,450,415

Equipment

Loans

&

Leases

0.4%

SCF

Equipment

Leasing

LLC,

5.56%,

04/20/32(a)

100,000

103,371

Other

0.7%

AMSR

Trust,

2.33%,

10/17/38(a)

100,000

96,856

Stream

Innovations

Issuer

Trust,

5.05%,

09/15/45(a)

84,353

85,138

181,994

Total

Asset-Backed

Security

(cost  $1,726,145)

1,735,780

Collateralized

Mortgage

Obligation

1.1%

Principal

Amount

($)

Value

($)

Financial

Services

1.1%

FHLMC,

1.25%,

07/25/50

371,259

290,255

Total

Collateralized

Mortgage

Obligation

(cost  $279,773)

290,255

Commercial

Mortgage-Backed

Security

0.8%

Commercial

Services

&

Supplies

0.8%

Duncan

Hill,

Inc.,

4.23%,

08/01/32∞

205,000

203,623

Total

Commercial

Mortgage-Backed

Security

(cost  $202,854)

203,623

Corporate

Bond

Corporate

Bonds

29.1%

Aerospace

&

Defense

0.8%

Boeing

Co.

(The),

6.39%,

05/01/31

100,000

108,912

RTX

Corp.,

5.75%,

01/15/29

100,000

104,803

213,715

Automobiles

0.4%

Hyundai

Capital

America,

1.80%,

01/10/28(a)

100,000

94,558

Banks

7.7%

Bank

of

America

Corp.,

1.90%,

07/23/31

300,000

267,963

Barclays

plc,

5.37%,

02/25/31

200,000

206,231

Citibank

NA,

5.80%,

09/29/28

250,000

262,226

Fifth

Third

Bancorp,

2.55%,

05/05/27

100,000

97,643

HSBC

Holdings

plc,

3.97%,

05/22/30

200,000

196,972

Huntington

Bancshares,

Inc.,

5.27%,

01/15/31

125,000

128,833

KeyCorp,

5.12%,

04/04/31

100,000

102,679

M&T

Bank

Corp.,

5.18%,

07/08/31

5,000

5,121

PNC

Financial

Services

Group,

Inc.

(The),

5.30%,

01/21/28

125,000

126,853

Santander

UK

Group

Holdings

plc,

6.53%,

01/10/29

200,000

209,324

Societe

Generale

SA,

1.79%,

06/09/27(a)

200,000

196,370

Truist

Financial

Corp.,

5.44%,

01/24/30

125,000

129,338

Wells

Fargo

&

Co.,

2.88%,

10/30/30

150,000

142,020

2,071,573

Biotechnology

0.4%

AbbVie,

Inc.,

3.20%,

11/21/29

125,000

120,594

Capital

Markets

2.1%

Goldman

Sachs

Group,

Inc.

(The),

2.62%,

04/22/32

200,000

181,444

Morgan

Stanley,

5.17%,

01/16/30

175,000

179,861

94

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

  Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Nomura

Holdings,

Inc.,

2.33%,

01/22/27

200,000

195,044

556,349

Construction

&

Engineering

0.1%

Quanta

Services,

Inc.,

5.10%,

08/09/35

25,000

25,064

Consumer

Finance

2.7%

AerCap

Ireland

Capital

DAC,

2.45%,

10/29/26

175,000

171,935

American

Express

Co.,

5.04%,

07/26/28

125,000

127,133

Avolon

Holdings

Funding

Ltd.,

4.38%,

05/01/26(a)

250,000

249,832

Capital

One

Financial

Corp.,

5.46%,

07/26/30

100,000

103,525

General

Motors

Financial

Co.,

Inc.,

2.35%,

01/08/31

75,000

66,446

718,871

Diversified

REITs

0.3%

WP

Carey,

Inc.,

2.40%,

02/01/31

100,000

89,658

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.,

1.65%,

02/01/28

125,000

118,338

Verizon

Communications,

Inc.,

5.40%,

07/02/37(a)

108,000

109,724

228,062

Electric

Utilities

4.9%

Atlantic

City

Electric

Co.,

4.00%,

10/15/28

125,000

124,769

Cleveland

Electric

Illuminating

Co.

(The),

3.50%,

04/01/28(a)

125,000

122,764

Duke

Energy

Carolinas

LLC,

6.45%,

10/15/32

125,000

138,343

Duquesne

Light

Holdings,

Inc.,

2.53%,

10/01/30(a)

100,000

89,878

Fells

Point

Funding

Trust,

3.05%,

01/31/27(a)

125,000

122,975

Fortis,

Inc.,

3.06%,

10/04/26

100,000

98,849

Georgia

Power

Co.,

4.85%,

03/15/31

125,000

128,348

NextEra

Energy

Capital

Holdings,

Inc.,

2.25%,

06/01/30

125,000

114,128

NRG

Energy,

Inc.,

5.41%,

10/15/35(a)

5,000

5,017

Pacific

Gas

and

Electric

Co.,

5.70%,

03/01/35

125,000

128,040

Southern

California

Edison

Co.,

5.45%,

03/01/35

125,000

126,508

Southwestern

Electric

Power

Co.,

4.10%,

09/15/28

100,000

99,679

1,299,298

Financial

Services

0.8%

Fiserv,

Inc.,

5.35%,

03/15/31

100,000

103,992

Global

Payments,

Inc.,

2.15%,

01/15/27

125,000

121,797

225,789

  Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0.4%

Bunge

Ltd.

Finance

Corp.,

5.15%,

08/04/35

50,000

50,589

JBS

USA

Holding

Lux

Sarl

,

5.50%,

01/15/36(a)

45,000

45,955

96,544

Ground

Transportation

0.4%

Penske

Truck

Leasing

Co.

LP,

5.55%,

05/01/28(a)

100,000

102,972

Uber

Technologies,

Inc.,

4.80%,

09/15/35

10,000

9,909

112,881

Health

Care

Providers

&

Services

0.7%

Cigna

Group

(The),

5.25%,

01/15/36

50,000

50,637

HCA,

Inc.,

4.13%,

06/15/29

125,000

123,917

174,554

Hotels,

Restaurants

&

Leisure

0.4%

Expedia

Group,

Inc.,

3.25%,

02/15/30

100,000

95,545

Insurance

0.0%

†

Brown

&

Brown,

Inc.,

5.25%,

06/23/32

5,000

5,127

Media

1.0%

Comcast

Corp.,

4.15%,

10/15/28

125,000

125,367

Time

Warner

Cable

Enterprises

LLC,

8.38%,

07/15/33

125,000

146,648

272,015

Metals

&

Mining

0.3%

Glencore

Funding

LLC,

2.50%,

09/01/30(a)

100,000

91,225

Multi-Utilities

0.5%

Sempra,

3.70%,

04/01/29

125,000

122,487

Oil,

Gas

&

Consumable

Fuels

1.2%

Cheniere

Energy

Partners

LP,

5.55%,

10/30/35(a)

20,000

20,432

Enbridge,

Inc.,

5.70%,

03/08/33

100,000

105,236

Energy

Transfer

LP,

5.25%,

07/01/29

100,000

102,901

MPLX

LP,

4.25%,

12/01/27

100,000

100,098

328,667

Residential

REITs

0.3%

UDR,

Inc.,

2.10%,

08/01/32

100,000

85,250

Retail

REITs

0.5%

NNN

REIT,

Inc.,

4.60%,

02/15/31

50,000

50,187

Regency

Centers

LP,

2.95%,

09/15/29

100,000

95,480

145,667

Semiconductors

&

Semiconductor

Equipment

0.9%

Broadcom,

Inc.,

4.11%,

09/15/28

125,000

125,387

Marvell

Technology,

Inc.,

5.45%,

07/15/35

32,000

32,990

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

95

  Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

NXP

BV,

2.50%,

05/11/31

100,000

89,767

248,144

Software

0.4%

Oracle

Corp.,

4.80%,

09/26/32

100,000

100,120

Specialized

REITs

0.4%

American

Tower

Corp.,

1.45%,

09/15/26

100,000

97,577

Tobacco

0.7%

Altria

Group,

Inc.,

2.45%,

02/04/32

100,000

88,027

BAT

Capital

Corp.,

2.26%,

03/25/28

100,000

95,561

183,588

Total

Corporate

Bond

(cost  $7,667,016)

7,802,922

Foreign

Government

Security

0.8%

Financial

Services

0.8%

United

Mexican

States,

6.00%,

05/13/30

200,000

209,960

Total

Foreign

Government

Security

(cost  $205,284)

209,960

Mortgage-Backed

Securities

16.0%

Financial

Services

16.0%

FHLMC

UMBS,

2.50%,

08/01/51

1,049,497

952,221

FNMA,

4.42%,

08/01/32

1,103,859

1,111,087

FNMA

UMBS,

2.50%,

01/01/52

744,699

711,667

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.00%,

10/25/55

1,020,000

1,024,678

GNMA,

4.00%,

09/20/50

525,111

480,421

4,280,074

Total

Mortgage-Backed

Security

(cost  $4,213,557)

4,280,074

U.S.

Treasury

Obligations

40.7%

U.S.

Treasury

Inflation

Linked

Notes

0.38%,

07/15/2027

1,366,842

1,357,551

2.38%,

10/15/2028

2,014,477

2,098,241

1.63%,

04/15/2030

1,608,490

1,633,124

1.88%,

07/15/2035

2,484,993

2,505,112

U.S.

Treasury

Notes,

3.75%,

04/15/2028

3,300,000

3,310,054

Total

U.S.

Treasury

Obligations

(cost

$10,902,991)

10,904,082

Total

Investments

(cost

$25,197,620)

—

95.0%

25,426,696

Other

assets

in

excess

of

liabilities

—

5.0%

1,351,910

NET

ASSETS

—

100.0%

$

26,778,606

∞

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

September

30,

2025

was

$2,010,967

which

represents

7.51%

of

net

assets.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

UMBS

Uniform

Mortgage-Backed

Securities

96

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

Centrally

Cleared

Credit

default

swap

contracts

outstanding

-

buy

protection

as

of

September

30,

2025

1

:

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

(%)

Payment

Frequency

Maturity

Date

Implied

Credit

Spread

(%)

2

Notional

Amount

3

Upfront

Payments

(Receipts)

($)

4

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

Markit

CDX

North

American

Investment

Grade

Index

Series

45-V1

1.00

Quarterly

12/20/2030

0.52

USD

3,610,000

(81,312)

(1,299)

(82,611)

(81,312)

(1,299)

(82,611)

1

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

2

Implied

credit

spreads

are

an

indication

of

the

seller’s

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

3

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

4

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

Currency:

USD

United

States

dollar

Centrally

Cleared

Inflation-Linked

swap

contracts

outstanding

as

of

September

30,

2025

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Month1

Month

USCPI

At

Termination

2.43%

At

Termination

Rec

5/7/2035

USD

175,000

(95)

1,679

1,584

1

Month1

Month

USCPI

At

Termination

2.92%

At

Termination

Rec

9/18/2027

USD

1,315,000

(1,441)

725

(716)

1

Month1

Month

USCPI

At

Termination

2.56%

At

Termination

Rec

8/4/2035

USD

600,000

–

292

292

1

Month1

Month

USCPI

At

Termination

2.65%

At

Termination

Rec

8/4/2030

USD

165,000

–

187

187

1

Month1

Month

USCPI

At

Termination

2.66%

At

Termination

Rec

8/5/2030

USD

220,000

–

85

85

1

Month1

Month

USCPI

At

Termination

2.74%

At

Termination

Rec

9/15/2028

USD

370,000

–

182

182

1

Month1

Month

USCPI

At

Termination

2.50%

At

Termination

Rec

6/3/2035

USD

145,000

–

740

740

1

Month1

Month

USCPI

At

Termination

2.49%

At

Termination

Rec

6/6/2030

USD

540,000

–

4,053

4,053

1

Month1

Month

USCPI

At

Termination

2.42%

At

Termination

Rec

4/29/2035

USD

3,650,000

–

34,915

34,915

1

Month1

Month

USCPI

At

Termination

2.52%

At

Termination

Rec

8/6/2035

USD

120,000

–

527

527

1

Month1

Month

USCPI

At

Termination

2.80%

At

Termination

Rec

8/13/2028

USD

3,725,000

(2,627)

2,104

(523)

1

Month1

Month

USCPI

At

Termination

2.48%

At

Termination

Rec

7/2/2035

USD

175,000

–

1,244

1,244

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

97

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Month1

Month

USCPI

At

Termination

2.54%

At

Termination

Rec

7/7/2030

USD

380,000

–

2,259

2,259

Total

unrealized

appreciation

(4,163)

48,992

44,829

1

Month1

Month

USCPI

At

Termination

2.70%

At

Termination

Rec

8/1/2030

USD

3,380,000

–

(3,638)

(3,638)

1

Month1

Month

USCPI

At

Termination

2.84%

At

Termination

Rec

8/1/2028

USD

1,235,000

–

(992)

(992)

1

Month1

Month

USCPI

At

Termination

2.68%

At

Termination

Rec

8/13/2030

USD

560,000

–

(536)

(536)

1

Month1

Month

USCPI

At

Termination

2.68%

At

Termination

Rec

7/24/2030

USD

220,000

–

(70)

(70)

Total

unrealized

depreciation

–

(5,236)

(5,236)

Net

unrealized

appreciation

(4,163)

43,756

39,593

–

–

–

Currency:

USD

United

States

dollar

Centrally

Cleared

Interest

rate

swap

contracts

outstanding

as

of

September

30,

2025

:

Floating

Rate

Index

Fixed

Rate

Pay/

Receive

Floating

Rate

Maturity

Date

Notional

Amount

Upfront

Payment

(Receipts)

($)

Unrealized

Appreciation

(Depreciation)

($)

Value

($)

1

Day

SOFR

annually

4.03%

Annual

Pay

4/29/2035

USD

1,900,000

–

8,014

8,014

Net

unrealized

appreciation

–

8,014

8,014

Currency:

USD

United

States

dollar

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Index

Reference

Rate

United

States

Consumer

Price

Index

(USCPI)

3.24%

Secured

Overnight

Financing

Rate

4.24%

98

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

U.S.

Treasury

5

Year

Note

8

12/2025

USD

873,562

(1,074)

U.S.

Treasury

10

Year

Note

39

12/2025

USD

4,387,500

16,774

U.S.

Treasury

Long

Bond

1

12/2025

USD

116,594

(1,345)

Total

long

contracts

14,355

Short

Contracts

U.S.

Treasury

2

Year

Note

(1)

12/2025

USD

(208,398)

(25)

U.S.

Treasury

10

Year

Ultra

Note

(3)

12/2025

USD

(345,234)

183

U.S.

Treasury

Ultra

Bond

(4)

12/2025

USD

(480,250)

(12,788)

Total

short

contracts

(12,630)

Net

contracts

1,725

Currency:

USD

United

States

Dollar

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

99

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

1,735,780

$

–

$

1,735,780

Collateralized

Mortgage

Obligation

–

290,255

–

290,255

Commercial

Mortgage-Backed

Security

–

–

203,623

203,623

Corporate

Bonds

–

7,802,922

–

7,802,922

Foreign

Government

Security

–

209,960

–

209,960

Futures

Contracts

16,957

–

–

16,957

Inflation-linked

Swaps†

–

48,992

–

48,992

Interest

Rate

Swaps†

–

8,014

–

8,014

Mortgage-Backed

Securities

–

4,280,074

–

4,280,074

100

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using swap

contracts

and financial

futures

contracts.

(a)

Swap

Contracts             

Credit

Default

Swap

Contracts

— The

Fund entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty. 

Investments

in

credit

default

swap

contracts

are

utilized

to

expose

the

Fund’s

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

The

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund’s

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation. 

As

the

protection

seller

in

a

credit

default

swap

contract,

the

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i)

pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii)

pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract,

the

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

the

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Level

1

Level

2

Level

3

Total

Assets:

U.S.

Treasury

Obligations

$

–

$

10,904,082

$

–

$

10,904,082

Total

Assets

$

16,957

$

25,280,079

$

203,623

$

25,500,659

Liabilities:

Credit

Default

Swaps†

$

–

$

(1,299)

$

–

$

(1,299)

Futures

Contracts

(15,232)

–

–

(15,232)

Inflation-linked

Swaps†

–

(5,236)

–

(5,236)

Total

Liabilities

$

(15,232)

$

(6,535)

$

–

$

(21,767)

Total

$

1,725

$

25,273,544

$

203,623

$

25,478,892

†

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).

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

101

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name’s

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing

the

Fund’s

investments

as

of

September

30,

2025

are

disclosed

in

the

Statement

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity’s

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

Fund’s

counterparty

on

the

swap

agreement

becomes

the

CCP.

The

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

and

cash

pledged

as

collateral

are

designated

on

the

Statement

of

Investments,

as

applicable.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

credit

default

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses).

Interest

Rate

Swap

Contracts

—

The

Fund

entered

into

interest

rate

swap

contracts

to

hedge

against

investment

risks,

to

manage

portfolio

duration,

to

obtain

exposure

to

the

investment

characteristics

of

certain

bonds

or

groups

of

bonds,

and/or

to

otherwise

increase

returns,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Interest

rate

swap

contracts

are

swaps

contracts

in

which

the

parties

exchange

their

rights

to

receive

payments

on

a

security

or

other

reference

rate.

For

example,

the

parties

might

swap

the

right

to

receive

floating

rate

payments

for

the

right

to

receive

fixed

rate

payments.

The

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

interest

rate

swap

contract.

Interest

rate

swap

contracts

are

valued

daily

and

unrealized

appreciation

(depreciation)

is

recorded.

Certain

interest

rate

swap

contracts

may

accrue

periodic

interest

on

a

daily

basis

as

a

component

of

unrealized

appreciation

(depreciation);

the

Fund

will

realize

a

gain

or

loss

upon

the

payment

or

receipt

of

accrued

interest.

The

Fund

will

realize

a

gain

or

a

loss

when

the

interest

rate

swap

is

terminated.

The

use

of

interest

rate

swap

contracts

involves

the

risk

that

the

investment

adviser

will

not

accurately

predict

anticipated

changes

in

interest

rates,

which

may

result

in

losses

to

the

Fund.

Interest

rate

swap

contracts

also

involve

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreement.

If

a

counterparty

defaults

on

its

obligations

under

a

swap

agreement,

the

Fund

may

lose

any

amount

it

expected

to

receive

from

the

counterparty,

potentially

including

amounts

in

excess

of

the

Fund’s

initial

investment.

Interest

rate

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

Interest

rate

swap

contracts

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

(b)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

102

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Swap

Contracts†

Interest

rate

risk

Unrealized

appreciation

on

centrally

cleared

swap

contracts

$

57,006

Futures

Contracts

Interest

rate

risk

Unrealized

appreciation

from

futures

contracts

16,957

Total

$

73,963

Liabilities:

Swap

Contracts†

Credit

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

$

(1,299)

Interest

rate

risk

Unrealized

depreciation

on

centrally

cleared

swap

contracts

(5,236)

Futures

Contracts

Interest

rate

risk

Unrealized

depreciation

from

futures

contracts

(15,232)

Total

$

(21,767)

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Asset-Backed

Securities

0

.4

%

Principal

Amount

($)

Value

($)

Airlines

0

.0

%

†

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

132,760

136,461

Series

2023-1,

Class

A,

5.80%,

1/15/2036

96,096

99,380

Series

2024-1,

Class

AA,

5.45%,

2/15/2037

96,552

99,316

Series

2024-1,

Class

A,

5.88%,

2/15/2037

24,138

24,623

359,780

Automobiles

0

.3

%

CarMax

Auto

Owner

Trust,

Series

2024-2,

Class

A3,

5.50%,

1/16/2029

1,000,000

1,014,335

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2024-4,

Class

A3,

4.40%,

8/16/2029

750,000

755,163

Honda

Auto

Receivables

Owner

Trust,

Series

2024-3,

Class

A3,

4.57%,

3/21/2029

500,000

503,968

Nissan

Auto

Receivables

Owner

Trust

Series

2024-B,

Class

A3,

4.34%,

3/15/2029

2,000,000

2,009,350

Series

2025-A,

Class

A4,

4.57%,

11/15/2030

400,000

406,972

Santander

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B,

5.23%,

12/15/2028

210,000

211,183

Series

2023-2,

Class

C,

5.47%,

12/16/2030

600,000

608,718

Toyota

Auto

Receivables

Owner

Trust,

Series

2025-B,

Class

A3,

4.34%,

11/15/2029

100,000

100,815

World

Omni

Auto

Receivables

Trust,

Series

2025-C,

Class

A3,

4.08%,

11/15/2030

300,000

300,914

5,911,418

Credit

Card

0

.1

%

American

Express

Credit

Account

Master

Trust

Series

2024-3,

Class

A,

4.65%,

7/15/2029

550,000

557,697

Series

2023-4,

Class

A,

5.15%,

9/16/2030

500,000

517,054

Series

2025-3,

Class

A,

4.51%,

4/15/2032

100,000

101,961

BA

Credit

Card

Trust,

Series

2025-A1,

Class

A,

4.31%,

5/15/2030

500,000

505,722

WF

Card

Issuance

Trust,

Series

2024-A2,

Class

A,

4.29%,

10/15/2029

900,000

907,435

2,589,869

Asset-Backed

Securities

Principal

Amount

($)

Value

($)

Other

0

.0

%

†

Federal

Express

Corp.

Pass-

Through

Trust,

Series

2020-

1

1.88%,

2/20/2034

73,264

63,402

Total

Asset-Backed

Securities

(cost

$8,858,254)

8,924,469

Commercial

Mortgage-Backed

Securities

1

.5

%

BANK

Series

2022-BNK43,

Class

A5,

4.40%,

8/15/2055

550,000

539,164

Series

2018-BN12,

Class

AS,

4.47%,

5/15/2061(a)

250,000

245,278

Series

2020-BN25,

Class

C,

3.46%,

1/15/2063(a)

100,000

87,694

BBCMS

Mortgage

Trust

Series

2017-C1,

Class

A4,

3.67%,

2/15/2050

375,000

369,901

Series

2024-5C25,

Class

C,

6.64%,

3/15/2057(a)

250,000

256,519

BBCMS

Trust,

Series

2021-

C10,

Class

ASB,

2.27%,

7/15/2054

250,000

236,357

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

991,850

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,891,141

Series

2021-B25,

Class

A5,

2.58%,

4/15/2054

1,500,000

1,342,486

Series

2024-V5,

Class

B,

6.06%,

1/10/2057(a)

100,000

101,901

BMARK,

Series

2023-

V4,

Class

B,

7.71%,

11/15/2056(a)

200,000

212,025

BMO

Mortgage

Trust

Series

2024-C9,

Class

C,

6.60%,

7/15/2057(a)

200,000

205,904

Series

2024-5C6,

Class

A3,

5.32%,

9/15/2057

190,000

195,719

Series

2025-C11,

Class

A5,

5.69%,

2/15/2058

500,000

530,257

Citigroup

Commercial

Mortgage

Trust

Series

2017-P7,

Class

A4,

3.71%,

4/14/2050

1,500,000

1,480,178

Series

2019-GC43,

Class

A4,

3.04%,

11/10/2052

2,940,000

2,750,955

CSAIL

Commercial

Mortgage

Trust

Series

2018-CX11,

Class

A5,

4.03%,

4/15/2051(a)

1,250,000

1,240,307

Series

2018-CX11,

Class

B,

4.45%,

4/15/2051(a)

250,000

243,822

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K069,

Class

A2,

3.19%,

9/25/2027(a)

2,440,826

2,405,992

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Commercial

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

Series

K517,

Class

A2,

5.36%,

1/25/2029(a)

1,000,000

1,040,203

Series

K100,

Class

A2,

2.67%,

9/25/2029

3,500,000

3,334,300

Series

K112,

Class

A2,

1.31%,

5/25/2030

1,000,000

887,277

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

852,003

Series

K120,

Class

A2,

1.50%,

10/25/2030

2,000,000

1,767,132

Series

K121,

Class

A2,

1.55%,

10/25/2030

2,000,000

1,770,781

Series

K-159,

Class

A2,

4.50%,

7/25/2033(a)

200,000

201,996

Series

K-1510,

Class

A3,

3.79%,

1/25/2034

2,500,000

2,383,773

FNMA

ACES

REMICS

Series

2017-M12,

Class

A2,

3.16%,

6/25/2027(a)

292,059

287,334

Series

2018-M14,

Class

A2,

3.70%,

8/25/2028(a)

1,270,720

1,254,803

Morgan

Stanley

Capital

I

Trust

Series

2020-L4,

Class

AS,

2.88%,

2/15/2053

500,000

457,167

Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

1,000,000

886,967

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-C40,

Class

A4,

3.58%,

10/15/2050

1,500,000

1,479,294

Series

2018-C43,

Class

AS,

4.15%,

3/15/2051(a)

100,000

98,328

Series

2025-5C6,

Class

B,

1.00%,

10/15/2058(a)

250,000

257,213

Series

2025-5C6,

Class

A3,

5.19%,

10/15/2058

500,000

514,438

Total

Commercial

Mortgage-Backed

Securities

(cost

$35,329,525)

33,800,459

Corporate

Bonds

24

.2

%

Aerospace

&

Defense

0

.5

%

Boeing

Co.

(The)

,

5.04%,

5/1/2027(b)

500,000

505,356

6.26%,

5/1/2027(b)

100,000

102,892

3.20%,

3/1/2029(b)

150,000

144,738

6.30%,

5/1/2029(b)

80,000

84,900

2.95%,

2/1/2030(b)

85,000

80,027

5.15%,

5/1/2030(b)

400,000

410,462

6.39%,

5/1/2031(b)

80,000

87,129

3.60%,

5/1/2034(b)

100,000

90,451

6.53%,

5/1/2034

200,000

221,093

3.25%,

2/1/2035(b)

100,000

86,785

5.71%,

5/1/2040

350,000

357,134

3.90%,

5/1/2049

200,000

150,707

3.75%,

2/1/2050

200,000

147,764

5.81%,

5/1/2050(b)

500,000

499,532

6.86%,

5/1/2054

120,000

136,884

5.93%,

5/1/2060

360,000

359,638

7.01%,

5/1/2064(b)

120,000

138,918

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

GE

Capital

International

Funding

Co.

Unlimited

Co.

,

4.42%,

11/15/2035(b)

200,000

195,807

General

Dynamics

Corp.

,

2.63%,

11/15/2027

300,000

292,412

3.63%,

4/1/2030

200,000

196,231

2.25%,

6/1/2031(b)

30,000

27,099

2.85%,

6/1/2041

50,000

37,471

4.25%,

4/1/2050(b)

200,000

171,835

General

Electric

Co.

,

4.30%,

7/29/2030(b)

25,000

25,148

Series

A,

6.75%,

3/15/2032(b)

300,000

341,297

4.90%,

1/29/2036(b)

50,000

50,697

5.88%,

1/14/2038(b)

90,000

97,853

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

200,000

196,804

5.35%,

1/15/2030

25,000

25,763

5.75%,

1/15/2035(b)

25,000

26,225

L3Harris

Technologies,

Inc.

,

5.40%,

1/15/2027

100,000

101,641

4.40%,

6/15/2028

98,000

98,638

5.05%,

6/1/2029

50,000

51,405

2.90%,

12/15/2029

100,000

94,851

1.80%,

1/15/2031(b)

185,000

162,860

5.25%,

6/1/2031

45,000

46,845

5.40%,

7/31/2033

95,000

99,022

5.35%,

6/1/2034(b)

35,000

36,270

4.85%,

4/27/2035

90,000

89,713

5.50%,

8/15/2054(b)

50,000

49,697

Leidos,

Inc.

,

2.30%,

2/15/2031

98,000

87,445

Lockheed

Martin

Corp.

,

4.15%,

8/15/2028

50,000

50,312

4.50%,

2/15/2029(b)

45,000

45,656

4.40%,

8/15/2030

70,000

70,547

4.70%,

12/15/2031(b)

30,000

30,691

3.90%,

6/15/2032(b)

50,000

48,869

5.25%,

1/15/2033(b)

25,000

26,290

4.80%,

8/15/2034(b)

50,000

50,553

3.60%,

3/1/2035

110,000

101,441

5.00%,

8/15/2035(b)

75,000

76,190

4.07%,

12/15/2042

293,000

252,916

4.70%,

5/15/2046

250,000

229,499

4.09%,

9/15/2052(b)

300,000

242,095

4.15%,

6/15/2053(b)

100,000

81,260

5.70%,

11/15/2054(b)

25,000

25,793

5.20%,

2/15/2055(b)

40,000

38,497

4.30%,

6/15/2062(b)

100,000

80,888

5.90%,

11/15/2063(b)

130,000

137,693

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

400,000

393,379

4.60%,

2/1/2029(b)

50,000

50,793

4.65%,

7/15/2030

75,000

76,283

4.70%,

3/15/2033

100,000

100,697

4.90%,

6/1/2034

50,000

50,719

5.25%,

7/15/2035(b)

40,000

41,405

4.75%,

6/1/2043

250,000

231,417

4.03%,

10/15/2047(b)

400,000

325,915

4.95%,

3/15/2053(b)

75,000

68,841

5.20%,

6/1/2054(b)

100,000

95,213

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Corporate

Bonds

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

RTX

Corp.

,

5.75%,

11/8/2026(b)

75,000

76,237

4.13%,

11/16/2028

250,000

249,807

5.75%,

1/15/2029

75,000

78,602

6.00%,

3/15/2031

175,000

188,892

1.90%,

9/1/2031(b)

50,000

43,504

2.38%,

3/15/2032

185,000

163,455

5.15%,

2/27/2033(b)

125,000

129,468

6.10%,

3/15/2034(b)

110,000

120,449

4.70%,

12/15/2041

50,000

46,757

4.50%,

6/1/2042(b)

700,000

633,003

3.75%,

11/1/2046(b)

100,000

78,304

4.63%,

11/16/2048(b)

400,000

353,534

3.03%,

3/15/2052

195,000

128,550

5.38%,

2/27/2053(b)

95,000

92,848

6.40%,

3/15/2054(b)

50,000

55,941

Textron,

Inc.

,

6.10%,

11/15/2033(b)

100,000

108,023

11,778,665

Air

Freight

&

Logistics

0

.1

%

FedEx

Corp.

,

3.10%,

8/5/2029

100,000

95,821

4.90%,

1/15/2034(c)

200,000

197,440

4.75%,

11/15/2045(c)

100,000

86,407

4.55%,

4/1/2046(c)

100,000

83,810

4.05%,

2/15/2048(c)

50,000

37,949

5.25%,

5/15/2050(c)

100,000

91,624

GXO

Logistics,

Inc.

,

6.25%,

5/6/2029

25,000

26,254

6.50%,

5/6/2034(b)

25,000

26,879

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027

100,000

98,347

4.65%,

10/15/2030

50,000

51,054

4.88%,

3/3/2033(b)

60,000

61,720

5.15%,

5/22/2034(b)

75,000

77,898

5.25%,

5/14/2035(b)

35,000

36,216

6.20%,

1/15/2038

295,000

325,395

3.40%,

9/1/2049

320,000

229,137

5.30%,

4/1/2050(b)

150,000

145,332

5.05%,

3/3/2053(b)

60,000

55,424

5.50%,

5/22/2054(b)

75,000

74,314

5.95%,

5/14/2055(b)

110,000

114,878

5.60%,

5/22/2064

75,000

73,920

6.05%,

5/14/2065(b)

75,000

78,510

2,068,329

Automobile

Components

0

.0

%

†

Aptiv

Swiss

Holdings

Ltd.

,

3.25%,

3/1/2032(b)

110,000

101,176

5.40%,

3/15/2049

50,000

45,720

3.10%,

12/1/2051

132,000

83,786

4.15%,

5/1/2052(b)

100,000

75,632

BorgWarner,

Inc.

,

2.65%,

7/1/2027

55,000

53,585

Lear

Corp.

,

2.60%,

1/15/2032(b)

50,000

43,932

5.25%,

5/15/2049

150,000

135,233

Magna

International,

Inc.

,

5.05%,

3/14/2029

25,000

25,602

Corporate

Bonds

Principal

Amount

($)

Value

($)

Automobile

Components

Magna

International,

Inc.,

5.50%,

3/21/2033

20,000

20,773

585,439

Automobiles

0

.1

%

Ford

Motor

Co.

,

3.25%,

2/12/2032(b)

300,000

262,492

6.10%,

8/19/2032(b)

100,000

102,437

4.75%,

1/15/2043(b)

200,000

159,463

5.29%,

12/8/2046

300,000

252,757

General

Motors

Co.

,

4.20%,

10/1/2027

250,000

249,845

6.80%,

10/1/2027(b)

100,000

104,324

5.40%,

10/15/2029(b)

60,000

61,971

5.63%,

4/15/2030

25,000

25,918

5.60%,

10/15/2032(b)

90,000

93,468

6.25%,

4/15/2035(b)

100,000

105,171

6.60%,

4/1/2036

106,000

114,410

5.15%,

4/1/2038(b)

250,000

239,191

6.25%,

10/2/2043

200,000

203,386

5.20%,

4/1/2045

250,000

225,209

Honda

Motor

Co.

Ltd.

,

2.53%,

3/10/2027(b)

78,000

76,296

4.44%,

7/8/2028(b)

75,000

75,430

4.69%,

7/8/2030

75,000

75,661

2.97%,

3/10/2032

100,000

91,118

5.34%,

7/8/2035

50,000

50,946

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031(b)

250,000

297,877

Toyota

Motor

Corp.

,

4.19%,

6/30/2027

50,000

50,295

5.12%,

7/13/2028

25,000

25,754

4.45%,

6/30/2030

25,000

25,261

5.12%,

7/13/2033

25,000

26,081

5.05%,

6/30/2035(b)

25,000

25,596

3,020,357

Banks

4

.3

%

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

6.03%,

3/13/2035(b)(d)

200,000

212,664

Banco

Santander

SA

,

5.29%,

8/18/2027

400,000

407,638

3.80%,

2/23/2028(b)

400,000

396,246

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.00%),

4.18%,

3/24/2028(d)

200,000

199,701

5.59%,

8/8/2028(b)

200,000

207,761

5.44%,

7/15/2031(b)

200,000

209,933

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.60%),

3.23%,

11/22/2032(b)(d)

200,000

181,998

6.92%,

8/8/2033

200,000

222,417

6.94%,

11/7/2033

200,000

228,860

Bank

of

America

Corp.

,

4.25%,

10/22/2026

435,000

435,578

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(CME

Term

SOFR

3

Month

+

1.84%),

3.82%,

1/20/2028(d)

500,000

497,674

(SOFR

+

1.05%),

2.55%,

2/4/2028(b)(d)

280,000

274,227

(SOFR

+

1.58%),

4.38%,

4/27/2028(d)

260,000

260,937

(SOFR

+

2.04%),

4.95%,

7/22/2028(b)(d)

250,000

253,599

(SOFR

+

1.99%),

6.20%,

11/10/2028(d)

70,000

72,947

(CME

Term

SOFR

3

Month

+

1.30%),

3.42%,

12/20/2028(d)

600,000

590,846

Series

FIX,

(SOFR

+

0.83%),

4.98%,

1/24/2029(b)(d)

225,000

229,159

(SOFR

+

1.63%),

5.20%,

4/25/2029(d)

215,000

220,389

(SOFR

+

1.11%),

4.62%,

5/9/2029(d)

240,000

242,973

(SOFR

+

1.06%),

2.09%,

6/14/2029(b)(d)

100,000

94,723

(CME

Term

SOFR

3

Month

+

1.57%),

4.27%,

7/23/2029(b)(d)

500,000

501,730

(SOFR

+

1.57%),

5.82%,

9/15/2029(d)

125,000

130,712

(CME

Term

SOFR

3

Month

+

1.47%),

3.97%,

2/7/2030(d)

300,000

297,786

(CME

Term

SOFR

3

Month

+

1.45%),

2.88%,

10/22/2030(d)

200,000

189,825

Series

FIX,

(SOFR

+

1.00%),

5.16%,

1/24/2031(d)

310,000

319,946

(CME

Term

SOFR

3

Month

+

1.25%),

2.50%,

2/13/2031(d)

200,000

185,101

(SOFR

+

2.15%),

2.59%,

4/29/2031(d)

600,000

556,012

(SOFR

+

1.37%),

1.92%,

10/24/2031(b)(d)

400,000

355,268

(SOFR

+

1.32%),

2.69%,

4/22/2032(d)

630,000

573,917

(SOFR

+

1.22%),

2.30%,

7/21/2032(d)

100,000

88,700

(SOFR

+

1.21%),

2.57%,

10/20/2032(d)

280,000

250,953

(SOFR

+

1.33%),

2.97%,

2/4/2033(d)

350,000

318,723

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)(d)

290,000

289,940

(SOFR

+

2.16%),

5.02%,

7/22/2033(d)

465,000

475,122

(SOFR

+

1.91%),

5.29%,

4/25/2034(b)(d)

580,000

600,079

(SOFR

+

1.84%),

5.87%,

9/15/2034(d)

375,000

401,815

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

America

Corp.,

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

460,000

480,346

(SOFR

+

1.91%),

5.43%,

8/15/2035(b)(d)

150,000

153,017

(SOFR

+

1.74%),

5.52%,

10/25/2035(d)

300,000

307,290

(SOFR

+

1.31%),

5.51%,

1/24/2036(b)(d)

245,000

256,102

(SOFR

+

1.70%),

5.74%,

2/12/2036(b)(d)

180,000

187,014

(SOFR

+

1.64%),

5.46%,

5/9/2036(b)(d)

240,000

250,211

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.20%),

2.48%,

9/21/2036(d)

300,000

260,453

(CME

Term

SOFR

3

Month

+

2.08%),

4.24%,

4/24/2038(d)

150,000

139,864

7.75%,

5/14/2038

200,000

244,263

(CME

Term

SOFR

3

Month

+

1.58%),

4.08%,

4/23/2040(b)(d)

100,000

89,084

(SOFR

+

1.93%),

2.68%,

6/19/2041(d)

300,000

221,074

5.88%,

2/7/2042(b)

250,000

267,913

(SOFR

+

1.58%),

3.31%,

4/22/2042(d)

300,000

237,963

5.00%,

1/21/2044(b)

50,000

48,895

(CME

Term

SOFR

3

Month

+

2.25%),

4.44%,

1/20/2048(d)

100,000

87,706

(CME

Term

SOFR

3

Month

+

1.78%),

4.33%,

3/15/2050(d)

300,000

255,954

(CME

Term

SOFR

3

Month

+

3.41%),

4.08%,

3/20/2051(b)(d)

600,000

488,260

(SOFR

+

1.88%),

2.83%,

10/24/2051(d)

60,000

38,663

(SOFR

+

1.56%),

2.97%,

7/21/2052(d)

50,000

33,276

Bank

of

Montreal

,

2.65%,

3/8/2027

100,000

98,143

5.37%,

6/4/2027

75,000

76,648

Series

H,

4.70%,

9/14/2027(b)

150,000

151,837

5.20%,

2/1/2028(b)

150,000

153,666

(United

States

SOFR

Compounded

Index

+

0.75%),

4.06%,

9/22/2028(d)

75,000

74,894

5.72%,

9/25/2028

100,000

104,460

(United

States

SOFR

Compounded

Index

+

0.67%),

5.00%,

1/27/2029(b)(d)

45,000

45,876

(SOFR

+

1.25%),

4.64%,

9/10/2030(b)(d)

125,000

126,709

5.51%,

6/4/2031(b)

75,000

78,997

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Bank

of

Montreal,

(United

States

SOFR

Compounded

Index

+

1.08%),

4.35%,

9/22/2031(b)(d)

75,000

74,629

(USD

Swap

Semi

5

Year

+

1.43%),

3.80%,

12/15/2032(b)(d)

99,000

97,247

Bank

of

Nova

Scotia

(The)

,

5.35%,

12/7/2026

50,000

50,733

1.95%,

2/2/2027

50,000

48,764

5.40%,

6/4/2027(b)

25,000

25,572

5.25%,

6/12/2028(b)

40,000

41,259

(SOFR

+

1.00%),

4.40%,

9/8/2028(d)

25,000

25,130

(SOFR

+

0.76%),

4.04%,

9/15/2028(d)

50,000

49,890

(SOFR

+

0.89%),

4.93%,

2/14/2029(b)(d)

50,000

50,842

5.45%,

8/1/2029

25,000

26,088

4.85%,

2/1/2030(b)

60,000

61,429

(SOFR

+

1.07%),

5.13%,

2/14/2031(b)(d)

50,000

51,394

2.15%,

8/1/2031(b)

300,000

266,003

(SOFR

+

1.09%),

4.34%,

9/15/2031(d)

50,000

49,629

2.45%,

2/2/2032(b)

50,000

44,406

(SOFR

+

1.44%),

4.74%,

11/10/2032(b)(d)

25,000

25,281

5.65%,

2/1/2034(b)

50,000

53,220

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

4.59%,

5/4/2037(d)

92,000

89,032

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

2.28%,

11/24/2027(d)

200,000

195,552

4.34%,

1/10/2028(b)

200,000

200,029

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.65%),

5.50%,

8/9/2028(b)(d)

200,000

204,298

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.30%),

7.39%,

11/2/2028(d)

200,000

212,121

(SOFR

+

0.96%),

5.09%,

2/25/2029(b)(d)

200,000

203,592

4.97%,

5/16/2029(d)

400,000

405,951

5.09%,

6/20/2030(b)(d)

200,000

202,682

(SOFR

+

1.56%),

4.94%,

9/10/2030(b)(d)

200,000

202,973

(SOFR

+

1.23%),

5.37%,

2/25/2031(b)(d)

200,000

206,230

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

7.44%,

11/2/2033(d)

200,000

229,485

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Barclays

plc,

(SOFR

+

2.98%),

6.22%,

5/9/2034(b)(d)

400,000

430,312

(SOFR

+

2.62%),

6.69%,

9/13/2034(d)

200,000

221,281

(SOFR

+

1.91%),

5.34%,

9/10/2035(b)(d)

200,000

202,887

(SOFR

+

1.59%),

5.79%,

2/25/2036(b)(d)

200,000

208,723

5.25%,

8/17/2045

205,000

197,237

4.95%,

1/10/2047

200,000

184,328

Canadian

Imperial

Bank

of

Commerce

,

5.93%,

10/2/2026

50,000

50,939

3.45%,

4/7/2027

80,000

79,384

5.24%,

6/28/2027(b)

50,000

50,997

(SOFR

+

0.72%),

4.86%,

1/13/2028(b)(d)

25,000

25,208

5.00%,

4/28/2028(b)

60,000

61,376

(United

States

SOFR

Compounded

Index

+

0.60%),

4.24%,

9/8/2028(b)

(d)

25,000

25,043

5.99%,

10/3/2028

50,000

52,509

(SOFR

+

1.03%),

4.86%,

3/30/2029(d)

50,000

50,776

5.26%,

4/8/2029(b)

75,000

77,634

(SOFR

+

1.34%),

4.63%,

9/11/2030(b)(d)

50,000

50,571

(SOFR

+

1.11%),

5.25%,

1/13/2031(b)(d)

25,000

25,815

(United

States

SOFR

Compounded

Index

+

1.17%),

4.58%,

9/8/2031(b)

(d)

75,000

75,246

6.09%,

10/3/2033(b)

50,000

54,407

Citibank

NA

,

5.49%,

12/4/2026(b)

250,000

253,960

4.58%,

5/29/2027(b)

250,000

252,212

5.80%,

9/29/2028

250,000

262,226

4.84%,

8/6/2029(b)

250,000

256,041

4.91%,

5/29/2030(b)

250,000

256,858

5.57%,

4/30/2034(b)

250,000

264,948

Citigroup,

Inc.

,

3.20%,

10/21/2026

500,000

495,841

4.45%,

9/29/2027

500,000

502,035

(CME

Term

SOFR

3

Month

+

1.82%),

3.89%,

1/10/2028(d)

500,000

497,959

(SOFR

+

1.28%),

3.07%,

2/24/2028(d)

400,000

393,863

(SOFR

+

1.14%),

4.64%,

5/7/2028(b)(d)

175,000

176,210

(SOFR

+

1.89%),

4.66%,

5/24/2028(b)(d)

70,000

70,526

(SOFR

+

0.87%),

4.79%,

3/4/2029(b)(d)

200,000

202,576

(SOFR

+

1.36%),

5.17%,

2/13/2030(d)

605,000

620,618

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citigroup,

Inc.,

(CME

Term

SOFR

3

Month

+

1.60%),

3.98%,

3/20/2030(d)

250,000

246,969

(SOFR

+

1.34%),

4.54%,

9/19/2030(d)

200,000

200,931

(SOFR

+

1.42%),

2.98%,

11/5/2030(d)

200,000

189,328

(SOFR

+

1.15%),

2.67%,

1/29/2031(d)

100,000

92,958

(SOFR

+

3.91%),

4.41%,

3/31/2031(d)

300,000

299,495

(SOFR

+

1.46%),

4.95%,

5/7/2031(b)(d)

175,000

178,325

(SOFR

+

2.11%),

2.57%,

6/3/2031(d)

300,000

276,027

(SOFR

+

1.17%),

4.50%,

9/11/2031(b)(d)

120,000

120,065

(SOFR

+

1.17%),

2.56%,

5/1/2032(d)

245,000

220,818

6.63%,

6/15/2032

83,000

92,066

(SOFR

+

1.35%),

3.06%,

1/25/2033(d)

450,000

409,671

(SOFR

+

1.94%),

3.79%,

3/17/2033(b)(d)

265,000

251,746

(SOFR

+

2.09%),

4.91%,

5/24/2033(b)(d)

335,000

339,048

(SOFR

+

2.34%),

6.27%,

11/17/2033(b)(d)

200,000

218,273

(SOFR

+

2.66%),

6.17%,

5/25/2034(b)(d)

445,000

473,486

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.28%),

5.59%,

11/19/2034(d)

150,000

153,494

(SOFR

+

2.06%),

5.83%,

2/13/2035(b)(d)

175,000

181,502

(SOFR

+

1.45%),

5.45%,

6/11/2035(d)

200,000

207,396

(SOFR

+

1.83%),

6.02%,

1/24/2036(d)

145,000

151,900

(SOFR

+

1.47%),

5.33%,

3/27/2036(b)(d)

155,000

158,441

(SOFR

+

1.49%),

5.17%,

9/11/2036(b)(d)

245,000

247,486

8.13%,

7/15/2039(b)

350,000

448,705

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.73%),

5.41%,

9/19/2039(d)

100,000

100,339

(SOFR

+

4.55%),

5.32%,

3/26/2041(d)

300,000

298,838

6.68%,

9/13/2043(b)

150,000

169,432

4.65%,

7/23/2048

200,000

178,411

(SOFR

+

1.75%),

5.61%,

3/4/2056(b)(d)

120,000

121,171

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(b)(d)

96,000

100,059

2.50%,

2/6/2030(b)

170,000

155,993

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Citizens

Financial

Group,

Inc.,

(SOFR

+

1.26%),

5.25%,

3/5/2031(b)(d)

50,000

51,243

(SOFR

+

1.91%),

5.72%,

7/23/2032(d)

50,000

52,207

(SOFR

+

2.33%),

6.65%,

4/25/2035(b)(d)

100,000

110,031

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.75%),

5.64%,

5/21/2037(b)(d)

40,000

40,371

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

246,846

(SOFR

+

2.16%),

5.98%,

1/30/2030(b)(d)

72,000

74,927

Cooperatieve

Rabobank

UA

,

5.25%,

5/24/2041

175,000

176,113

5.25%,

8/4/2045(b)

250,000

238,652

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(d)

40,000

39,859

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(d)

60,000

62,564

(SOFR

+

2.34%),

6.34%,

7/27/2029(d)

106,000

111,689

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(d)

60,000

60,675

(SOFR

+

1.84%),

5.63%,

1/29/2032(b)(d)

100,000

104,835

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)(d)

40,000

38,984

Fifth

Third

Bank

NA

,

2.25%,

2/1/2027(b)

295,000

287,763

HSBC

Holdings

plc

,

(SOFR

+

1.06%),

5.60%,

5/17/2028(d)

200,000

204,200

(SOFR

+

2.11%),

4.76%,

6/9/2028(d)

200,000

201,667

(SOFR

+

3.35%),

7.39%,

11/3/2028(d)

215,000

228,344

(SOFR

+

1.03%),

4.90%,

3/3/2029(d)

200,000

202,904

(SOFR

+

1.97%),

6.16%,

3/9/2029(d)

400,000

417,164

(SOFR

+

1.29%),

2.21%,

8/17/2029(b)(d)

200,000

188,788

(SOFR

+

1.46%),

5.55%,

3/4/2030(b)(d)

200,000

207,521

4.95%,

3/31/2030(b)

200,000

205,119

(CME

Term

SOFR

3

Month

+

1.87%),

3.97%,

5/22/2030(d)

200,000

196,972

(SOFR

+

1.29%),

5.29%,

11/19/2030(d)

200,000

206,301

(SOFR

+

1.29%),

5.13%,

3/3/2031(b)(d)

200,000

204,828

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

HSBC

Holdings

plc,

(SOFR

+

1.57%),

5.24%,

5/13/2031(b)(d)

200,000

205,810

(SOFR

+

1.95%),

2.36%,

8/18/2031(b)(d)

300,000

271,526

(SOFR

+

1.52%),

5.73%,

5/17/2032(b)(d)

200,000

210,409

(SOFR

+

1.19%),

2.80%,

5/24/2032(d)

220,000

199,408

(SOFR

+

1.41%),

2.87%,

11/22/2032(b)(d)

200,000

180,267

(SOFR

+

2.53%),

4.76%,

3/29/2033(b)(d)

200,000

199,056

(SOFR

+

2.87%),

5.40%,

8/11/2033(d)

300,000

311,349

(SOFR

+

4.25%),

8.11%,

11/3/2033(b)(d)

300,000

351,827

(SOFR

+

2.39%),

6.25%,

3/9/2034(b)(d)

200,000

217,823

(SOFR

+

3.02%),

7.40%,

11/13/2034(b)(d)

200,000

227,618

(SOFR

+

1.78%),

5.72%,

3/4/2035(d)

200,000

211,022

(SOFR

+

1.56%),

5.45%,

3/3/2036(d)

200,000

206,392

6.50%,

5/2/2036

100,000

108,020

(SOFR

+

1.88%),

5.79%,

5/13/2036(b)(d)

200,000

211,004

6.50%,

9/15/2037

200,000

214,831

6.80%,

6/1/2038(b)

100,000

111,486

(SOFR

+

2.65%),

6.33%,

3/9/2044(b)(d)

200,000

219,971

5.25%,

3/14/2044(b)

250,000

243,942

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(d)

30,000

30,131

(SOFR

+

1.28%),

5.27%,

1/15/2031(b)(d)

50,000

51,533

(United

States

SOFR

Compounded

Index

+

1.87%),

5.71%,

2/2/2035(b)

(d)

100,000

104,228

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.17%),

2.49%,

8/15/2036(d)

250,000

213,992

Huntington

National

Bank

(The)

,

(United

States

SOFR

Compounded

Index

+

1.65%),

4.55%,

5/17/2028(d)

250,000

251,524

ING

Groep

NV

,

3.95%,

3/29/2027(b)

300,000

298,739

(SOFR

+

1.83%),

4.02%,

3/28/2028(d)

400,000

398,808

4.55%,

10/2/2028

200,000

201,965

(SOFR

+

1.44%),

5.34%,

3/19/2030(b)(d)

200,000

206,381

(SOFR

+

1.77%),

5.55%,

3/19/2035(b)(d)

200,000

207,771

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.

,

2.95%,

10/1/2026(b)

600,000

594,345

8.00%,

4/29/2027(b)

290,000

307,576

4.25%,

10/1/2027

500,000

503,354

(SOFR

+

1.33%),

6.07%,

10/22/2027(b)(d)

170,000

173,380

(SOFR

+

1.19%),

5.04%,

1/23/2028(d)

80,000

80,907

(SOFR

+

1.17%),

2.95%,

2/24/2028(d)

85,000

83,666

(SOFR

+

0.93%),

5.57%,

4/22/2028(d)

175,000

178,822

(SOFR

+

1.56%),

4.32%,

4/26/2028(d)

360,000

360,889

(CME

Term

SOFR

3

Month

+

1.64%),

3.54%,

5/1/2028(d)

500,000

495,630

(SOFR

+

0.93%),

4.98%,

7/22/2028(b)(d)

50,000

50,762

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)(d)

180,000

182,380

(SOFR

+

0.86%),

4.51%,

10/22/2028(d)

110,000

110,940

(SOFR

+

0.80%),

4.92%,

1/24/2029(d)

195,000

198,516

(CME

Term

SOFR

3

Month

+

1.38%),

4.01%,

4/23/2029(d)

300,000

299,250

(SOFR

+

1.02%),

2.07%,

6/1/2029(d)

100,000

94,888

(SOFR

+

1.45%),

5.30%,

7/24/2029(b)(d)

235,000

242,128

(SOFR

+

1.57%),

6.09%,

10/23/2029(d)

165,000

174,120

(SOFR

+

1.31%),

5.01%,

1/23/2030(b)(d)

175,000

179,279

(SOFR

+

1.16%),

5.58%,

4/22/2030(b)(d)

175,000

182,785

(CME

Term

SOFR

3

Month

+

1.42%),

3.70%,

5/6/2030(b)(d)

250,000

245,700

(SOFR

+

1.75%),

4.57%,

6/14/2030(d)

200,000

202,253

(SOFR

+

1.13%),

5.00%,

7/22/2030(d)

125,000

128,218

(CME

Term

SOFR

3

Month

+

1.51%),

2.74%,

10/15/2030(b)(d)

300,000

283,320

(SOFR

+

1.04%),

4.60%,

10/22/2030(d)

200,000

202,338

(SOFR

+

1.01%),

5.14%,

1/24/2031(b)(d)

225,000

232,364

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)(d)

400,000

371,012

(SOFR

+

1.44%),

5.10%,

4/22/2031(b)(d)

135,000

139,471

(CME

Term

SOFR

3

Month

+

2.52%),

2.96%,

5/13/2031(d)

150,000

140,681

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

JPMorgan

Chase

&

Co.,

(CME

Term

SOFR

3

Month

+

1.25%),

2.58%,

4/22/2032(b)(d)

75,000

68,161

(SOFR

+

1.18%),

2.55%,

11/8/2032(d)

510,000

457,429

(SOFR

+

1.26%),

2.96%,

1/25/2033(d)

130,000

118,930

(SOFR

+

1.80%),

4.59%,

4/26/2033(d)

35,000

35,109

(SOFR

+

2.08%),

4.91%,

7/25/2033(d)

790,000

805,568

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)(d)

270,000

285,532

(SOFR

+

1.85%),

5.35%,

6/1/2034(b)(d)

525,000

547,028

(SOFR

+

1.81%),

6.25%,

10/23/2034(d)

135,000

148,760

(SOFR

+

1.62%),

5.34%,

1/23/2035(d)

245,000

254,647

(SOFR

+

1.49%),

5.77%,

4/22/2035(d)

350,000

372,885

(SOFR

+

1.46%),

5.29%,

7/22/2035(d)

275,000

284,041

(SOFR

+

1.34%),

4.95%,

10/22/2035(b)(d)

325,000

327,761

(SOFR

+

1.32%),

5.50%,

1/24/2036(b)(d)

265,000

277,245

(SOFR

+

1.68%),

5.57%,

4/22/2036(b)(d)

135,000

142,293

(SOFR

+

1.64%),

5.58%,

7/23/2036(b)(d)

270,000

279,904

6.40%,

5/15/2038

250,000

283,967

(CME

Term

SOFR

3

Month

+

1.62%),

3.88%,

7/24/2038(b)(d)

350,000

315,131

5.60%,

7/15/2041

400,000

418,312

(CME

Term

SOFR

3

Month

+

1.51%),

2.53%,

11/19/2041(d)

300,000

217,131

4.85%,

2/1/2044(b)

400,000

383,270

(SOFR

+

1.55%),

5.53%,

11/29/2045(b)(d)

150,000

154,257

(CME

Term

SOFR

3

Month

+

1.84%),

4.26%,

2/22/2048(d)

550,000

473,037

(CME

Term

SOFR

3

Month

+

1.64%),

3.96%,

11/15/2048(d)

250,000

204,287

(SOFR

+

2.44%),

3.11%,

4/22/2051(b)(d)

300,000

207,424

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(d)

200,000

143,886

KeyBank

NA

,

5.85%,

11/15/2027

250,000

257,921

6.95%,

2/1/2028

225,000

237,129

KeyCorp

,

2.25%,

4/6/2027

50,000

48,574

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

KeyCorp,

(United

States

SOFR

Compounded

Index

+

2.06%),

4.79%,

6/1/2033(b)

(d)

105,000

104,645

(United

States

SOFR

Compounded

Index

+

2.42%),

6.40%,

3/6/2035(b)

(d)

80,000

86,816

Korea

Development

Bank

(The)

,

4.38%,

2/15/2033

200,000

199,594

5.63%,

10/23/2033

200,000

215,990

Kreditanstalt

fuer

Wiederaufbau

,

2.88%,

4/3/2028(b)

1,000,000

981,590

3.88%,

6/15/2028

1,200,000

1,206,930

4.63%,

3/18/2030(b)

80,000

82,900

3.75%,

7/15/2030

50,000

49,962

4.13%,

7/15/2033(b)

400,000

401,856

4.38%,

2/28/2034(b)

1,000,000

1,020,415

0.00%,

6/29/2037(e)

750,000

450,878

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.38%),

5.46%,

1/5/2028(d)

200,000

202,980

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.80%),

3.75%,

3/18/2028(d)

200,000

198,641

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

5.87%,

3/6/2029(d)

300,000

311,183

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.75%),

7.95%,

11/15/2033(b)(d)

200,000

232,886

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%),

5.68%,

1/5/2035(b)(d)

200,000

209,660

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

5.59%,

11/26/2035(d)

200,000

207,871

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.50%),

3.37%,

12/14/2046(d)

300,000

222,253

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(d)

40,000

40,249

(SOFR

+

1.40%),

5.18%,

7/8/2031(b)(d)

30,000

30,723

(SOFR

+

1.85%),

5.05%,

1/27/2034(d)

88,000

88,225

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

M&T

Bank

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.43%),

5.40%,

7/30/2035(b)(d)

25,000

25,190

(SOFR

+

1.61%),

5.39%,

1/16/2036(d)

100,000

101,380

Manufacturers

&

Traders

Trust

Co.

,

4.70%,

1/27/2028(b)

250,000

253,343

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/2027(b)(d)

200,000

194,783

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

1/19/2028(b)(d)

200,000

195,368

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.95%),

5.02%,

7/20/2028(d)

300,000

304,516

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.35%,

9/13/2028(b)(d)

200,000

204,443

3.74%,

3/7/2029(b)

600,000

592,248

3.20%,

7/18/2029(b)

500,000

481,625

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

2.31%,

7/20/2032(d)

300,000

265,700

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.85%,

1/19/2033(d)

200,000

180,850

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.13%),

5.13%,

7/20/2033(b)(d)

300,000

308,542

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.63%),

5.44%,

2/22/2034(b)(d)

200,000

209,451

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

5.43%,

4/17/2035(b)(d)

200,000

208,128

3.75%,

7/18/2039

200,000

175,625

Mizuho

Financial

Group,

Inc.

,

3.17%,

9/11/2027(b)

250,000

246,277

4.02%,

3/5/2028(b)

300,000

300,084

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.65%),

5.78%,

7/6/2029(b)(d)

200,000

208,425

(CME

Term

SOFR

3

Month

+

1.77%),

2.20%,

7/10/2031(d)

400,000

361,252

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Mizuho

Financial

Group,

Inc.,

2.56%,

9/13/2031

200,000

177,087

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.90%),

5.75%,

7/6/2034(b)(d)

200,000

212,504

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.07%),

5.32%,

7/8/2036(d)

200,000

205,587

Morgan

Stanley

Bank

NA

,

5.88%,

10/30/2026(b)

250,000

254,887

(SOFR

+

0.68%),

4.45%,

10/15/2027(b)(d)

250,000

250,598

(SOFR

+

0.87%),

5.50%,

5/26/2028(b)(d)

250,000

255,510

(SOFR

+

0.91%),

5.02%,

1/12/2029(d)

250,000

254,478

Morgan

Stanley

Private

Bank

NA

,

(SOFR

+

0.77%),

4.47%,

7/6/2028(d)

250,000

251,402

(SOFR

+

1.08%),

4.73%,

7/18/2031(d)

250,000

253,733

National

Australia

Bank

Ltd.

,

3.91%,

6/9/2027(b)

250,000

249,959

4.79%,

1/10/2029

250,000

255,275

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

5/22/2028(d)

200,000

196,490

4.89%,

5/18/2029(b)(d)

400,000

406,286

5.08%,

1/27/2030(d)

200,000

204,267

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.05%),

5.11%,

5/23/2031(d)

200,000

205,077

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.50%),

5.78%,

3/1/2035(b)(d)

200,000

210,907

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/18/2029(b)

860,000

870,179

4.50%,

1/24/2030

65,000

66,811

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(b)(d)

75,000

76,834

(SOFR

+

1.34%),

5.30%,

1/21/2028(b)(d)

25,000

25,371

(SOFR

+

1.62%),

5.35%,

12/2/2028(d)

135,000

138,456

(SOFR

+

1.84%),

5.58%,

6/12/2029(d)

362,000

375,116

2.55%,

1/22/2030(b)

200,000

186,924

(SOFR

+

1.20%),

5.49%,

5/14/2030(b)(d)

100,000

104,080

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

+

1.07%),

5.22%,

1/29/2031(b)(d)

90,000

92,990

(SOFR

+

1.33%),

4.90%,

5/13/2031(d)

75,000

76,589

(SOFR

+

0.98%),

2.31%,

4/23/2032(d)

200,000

178,451

(SOFR

+

1.26%),

4.81%,

10/21/2032(b)(d)

75,000

76,032

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(d)

200,000

215,806

(SOFR

+

1.93%),

5.07%,

1/24/2034(d)

125,000

127,545

(SOFR

+

1.95%),

5.94%,

8/18/2034(d)

100,000

107,264

(SOFR

+

2.28%),

6.88%,

10/20/2034(d)

185,000

209,596

(SOFR

+

1.90%),

5.68%,

1/22/2035(b)(d)

200,000

210,907

(SOFR

+

1.60%),

5.40%,

7/23/2035(b)(d)

50,000

51,757

(SOFR

+

1.39%),

5.58%,

1/29/2036(d)

175,000

182,595

(SOFR

+

1.42%),

5.37%,

7/21/2036(d)

30,000

30,872

Regions

Financial

Corp.

,

1.80%,

8/12/2028(b)

200,000

187,454

(SOFR

+

1.49%),

5.72%,

6/6/2030(d)

50,000

52,111

(SOFR

+

2.06%),

5.50%,

9/6/2035(b)(d)

86,000

88,414

Royal

Bank

of

Canada

,

1.40%,

11/2/2026(b)

300,000

291,966

4.88%,

1/19/2027(b)

50,000

50,577

2.05%,

1/21/2027(b)

200,000

195,225

3.63%,

5/4/2027

40,000

39,829

4.24%,

8/3/2027(b)

90,000

90,519

(United

States

SOFR

Compounded

Index

+

0.72%),

4.51%,

10/18/2027(d)

50,000

50,170

6.00%,

11/1/2027(b)

146,000

151,805

4.90%,

1/12/2028

100,000

102,040

(United

States

SOFR

Compounded

Index

+

0.81%),

4.71%,

3/27/2028(d)

100,000

100,968

5.20%,

8/1/2028

75,000

77,342

(United

States

SOFR

Compounded

Index

+

0.86%),

4.52%,

10/18/2028(d)

50,000

50,414

(SOFR

+

0.83%),

4.97%,

1/24/2029(b)(d)

125,000

127,145

4.95%,

2/1/2029(b)

50,000

51,384

(SOFR

+

0.89%),

4.50%,

8/6/2029(d)

100,000

100,778

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Royal

Bank

of

Canada,

(SOFR

+

1.10%),

4.97%,

8/2/2030(d)

75,000

76,745

(United

States

SOFR

Compounded

Index

+

1.08%),

4.65%,

10/18/2030(b)(d)

125,000

126,434

(SOFR

+

1.03%),

5.15%,

2/4/2031(b)(d)

125,000

128,780

(United

States

SOFR

Compounded

Index

+

1.13%),

4.97%,

5/2/2031(b)

(d)

100,000

102,398

(SOFR

+

1.06%),

4.70%,

8/6/2031(d)

75,000

75,982

2.30%,

11/3/2031(b)

200,000

178,874

3.88%,

5/4/2032(b)

40,000

38,812

5.00%,

2/1/2033(b)

100,000

103,280

5.00%,

5/2/2033(b)

80,000

82,361

5.15%,

2/1/2034(b)

150,000

156,270

Santander

Holdings

USA,

Inc.

,

3.24%,

10/5/2026(b)

300,000

297,043

4.40%,

7/13/2027(b)

78,000

78,214

(SOFR

+

1.25%),

2.49%,

1/6/2028(b)(d)

125,000

121,970

(SOFR

+

2.36%),

6.50%,

3/9/2029(b)(d)

60,000

62,601

(SOFR

+

1.61%),

5.47%,

3/20/2029(b)(d)

50,000

50,953

(SOFR

+

2.70%),

6.57%,

6/12/2029(b)(d)

24,000

25,156

(SOFR

+

2.50%),

6.17%,

1/9/2030(b)(d)

40,000

41,665

(SOFR

+

1.88%),

5.74%,

3/20/2031(b)(d)

50,000

51,619

(SOFR

+

3.28%),

7.66%,

11/9/2031(b)(d)

50,000

56,002

(SOFR

+

2.14%),

6.34%,

5/31/2035(b)(d)

35,000

37,302

Santander

UK

Group

Holdings

plc

,

(SOFR

+

1.22%),

2.47%,

1/11/2028(b)(d)

200,000

195,343

(SOFR

+

2.60%),

6.53%,

1/10/2029(d)

200,000

209,324

(United

States

SOFR

Compounded

Index

+

1.58%),

5.14%,

9/22/2036(d)

200,000

198,136

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.36%,

7/12/2027(b)

300,000

297,013

5.72%,

9/14/2028(b)

200,000

208,862

1.90%,

9/17/2028(b)

200,000

187,763

3.04%,

7/16/2029(b)

400,000

382,434

5.71%,

1/13/2030(b)

500,000

527,250

2.75%,

1/15/2030(b)

200,000

187,609

5.81%,

9/14/2033(b)

200,000

214,624

5.56%,

7/9/2034(b)

200,000

210,934

(SOFR

+

1.50%),

5.25%,

7/8/2036(b)(d)

200,000

204,974

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Sumitomo

Mitsui

Financial

Group,

Inc.,

2.93%,

9/17/2041

300,000

222,176

Toronto-Dominion

Bank

(The)

,

5.26%,

12/11/2026

35,000

35,478

4.57%,

12/17/2026(b)

50,000

50,268

1.95%,

1/12/2027

100,000

97,558

2.80%,

3/10/2027(b)

100,000

98,339

4.98%,

4/5/2027(b)

75,000

76,066

4.11%,

6/8/2027

100,000

100,146

4.69%,

9/15/2027(b)

90,000

91,163

4.86%,

1/31/2028

50,000

50,874

4.57%,

6/2/2028

50,000

50,651

5.52%,

7/17/2028(b)

75,000

77,847

4.99%,

4/5/2029

75,000

77,016

4.78%,

12/17/2029(b)

50,000

51,110

4.81%,

6/3/2030(b)

50,000

51,092

2.00%,

9/10/2031(b)

100,000

88,840

2.45%,

1/12/2032

100,000

88,862

5.30%,

1/30/2032(b)

50,000

52,219

3.20%,

3/10/2032(b)

100,000

92,852

4.46%,

6/8/2032(b)

355,000

354,731

Truist

Bank

,

2.25%,

3/11/2030

300,000

273,479

Truist

Financial

Corp.

,

1.13%,

8/3/2027(b)

300,000

284,550

(SOFR

+

1.37%),

4.12%,

6/6/2028(d)

65,000

65,032

(SOFR

+

1.44%),

4.87%,

1/26/2029(b)(d)

80,000

81,204

(SOFR

+

0.86%),

1.89%,

6/7/2029(b)(d)

300,000

282,715

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

30,000

32,493

(SOFR

+

1.62%),

5.44%,

1/24/2030(b)(d)

25,000

25,868

(SOFR

+

1.31%),

5.07%,

5/20/2031(b)(d)

100,000

102,529

(SOFR

+

1.57%),

5.15%,

8/5/2032(b)(d)

75,000

77,187

(SOFR

+

2.24%),

4.92%,

7/28/2033(b)(d)

90,000

89,710

(SOFR

+

2.30%),

6.12%,

10/28/2033(b)(d)

100,000

107,741

(SOFR

+

1.85%),

5.12%,

1/26/2034(d)

30,000

30,480

(SOFR

+

2.36%),

5.87%,

6/8/2034(d)

245,000

259,584

(SOFR

+

1.92%),

5.71%,

1/24/2035(b)(d)

160,000

167,899

US

Bancorp

,

Series

X,

3.15%,

4/27/2027(b)

300,000

296,217

(SOFR

+

1.88%),

6.79%,

10/26/2027(d)

25,000

25,670

(SOFR

+

0.73%),

2.22%,

1/27/2028(d)

100,000

97,423

3.90%,

4/26/2028(b)

500,000

499,133

(SOFR

+

1.66%),

4.55%,

7/22/2028(b)(d)

105,000

105,795

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

US

Bancorp,

(SOFR

+

1.23%),

4.65%,

2/1/2029(b)(d)

100,000

101,106

(SOFR

+

2.02%),

5.78%,

6/12/2029(d)

40,000

41,629

(SOFR

+

1.56%),

5.38%,

1/23/2030(b)(d)

200,000

206,784

(SOFR

+

1.25%),

5.10%,

7/23/2030(b)(d)

115,000

118,308

(SOFR

+

1.06%),

5.05%,

2/12/2031(b)(d)

50,000

51,282

(SOFR

+

1.02%),

2.68%,

1/27/2033(b)(d)

100,000

89,467

(SOFR

+

2.11%),

4.97%,

7/22/2033(b)(d)

115,000

115,450

(SOFR

+

2.09%),

5.85%,

10/21/2033(d)

200,000

213,262

(SOFR

+

1.60%),

4.84%,

2/1/2034(d)

100,000

100,438

(SOFR

+

2.26%),

5.84%,

6/12/2034(b)(d)

300,000

319,676

(SOFR

+

1.86%),

5.68%,

1/23/2035(d)

200,000

210,578

(SOFR

+

1.41%),

5.42%,

2/12/2036(b)(d)

50,000

51,772

Wells

Fargo

&

Co.

,

3.00%,

10/23/2026(b)

200,000

197,967

4.30%,

7/22/2027(b)

200,000

200,704

Series

W,

(SOFR

+

0.78%),

4.90%,

1/24/2028(b)(d)

175,000

176,609

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)

200,000

198,215

(SOFR

+

1.07%),

5.71%,

4/22/2028(d)

170,000

173,950

(SOFR

+

2.10%),

2.39%,

6/2/2028(b)(d)

500,000

486,053

(SOFR

+

1.98%),

4.81%,

7/25/2028(d)

125,000

126,475

(SOFR

+

1.37%),

4.97%,

4/23/2029(b)(d)

225,000

229,284

(SOFR

+

1.74%),

5.57%,

7/25/2029(d)

210,000

217,634

(SOFR

+

0.88%),

4.08%,

9/15/2029(b)(d)

225,000

224,298

(SOFR

+

1.79%),

6.30%,

10/23/2029(d)

185,000

195,945

(SOFR

+

1.50%),

5.20%,

1/23/2030(b)(d)

140,000

144,186

(CME

Term

SOFR

3

Month

+

1.43%),

2.88%,

10/30/2030(b)(d)

500,000

473,401

(SOFR

+

1.11%),

5.24%,

1/24/2031(b)(d)

245,000

253,479

(CME

Term

SOFR

3

Month

+

1.26%),

2.57%,

2/11/2031(d)

300,000

278,799

(CME

Term

SOFR

3

Month

+

4.03%),

4.48%,

4/4/2031(b)(d)

250,000

251,368

(SOFR

+

1.50%),

5.15%,

4/23/2031(b)(d)

350,000

360,955

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Banks

Wells

Fargo

&

Co.,

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)

200,000

186,175

(SOFR

+

2.10%),

4.90%,

7/25/2033(d)

175,000

177,788

(SOFR

+

2.02%),

5.39%,

4/24/2034(d)

940,000

976,717

(SOFR

+

1.99%),

5.56%,

7/25/2034(d)

415,000

435,917

(SOFR

+

2.06%),

6.49%,

10/23/2034(b)(d)

215,000

238,885

(SOFR

+

1.78%),

5.50%,

1/23/2035(d)

360,000

375,513

(SOFR

+

1.38%),

5.21%,

12/3/2035(d)

200,000

204,348

(SOFR

+

1.74%),

5.60%,

4/23/2036(d)

265,000

278,105

(SOFR

+

1.34%),

4.89%,

9/15/2036(b)(d)

225,000

224,550

(SOFR

+

2.53%),

3.07%,

4/30/2041(b)(d)

450,000

349,329

5.38%,

11/2/2043

250,000

244,263

4.65%,

11/4/2044(b)

300,000

265,592

4.90%,

11/17/2045

150,000

136,595

4.40%,

6/14/2046(b)

200,000

169,152

(CME

Term

SOFR

3

Month

+

4.50%),

5.01%,

4/4/2051(d)

500,000

466,928

(SOFR

+

2.13%),

4.61%,

4/25/2053(b)(d)

300,000

263,557

Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026(b)

250,000

253,592

Westpac

Banking

Corp.

,

4.60%,

10/20/2026(b)

40,000

40,269

5.46%,

11/18/2027(b)

200,000

206,399

3.40%,

1/25/2028(b)

300,000

296,842

5.54%,

11/17/2028

75,000

78,512

1.95%,

11/20/2028(b)

200,000

188,337

5.05%,

4/16/2029(b)

75,000

77,415

2.65%,

1/16/2030

120,000

113,230

4.35%,

7/1/2030(b)

75,000

75,667

(USD

SOFR

Spread-

Adjusted

ICE

Swap

Rate

5

Year

+

2.24%),

4.32%,

11/23/2031(d)

300,000

299,126

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.00%),

4.11%,

7/24/2034(b)(d)

500,000

489,638

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.53%),

3.02%,

11/18/2036(d)

85,000

75,811

2.96%,

11/16/2040(b)

100,000

76,544

3.13%,

11/18/2041

65,000

49,196

99,628,480

Beverages

0

.5

%

Anheuser-Busch

Cos.

LLC

,

4.70%,

2/1/2036

510,000

503,524

4.90%,

2/1/2046

770,000

721,359

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044

150,000

136,616

4.90%,

2/1/2046

200,000

186,797

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.75%,

1/23/2029(b)

350,000

357,179

3.50%,

6/1/2030(b)

400,000

389,436

5.00%,

6/15/2034(b)

50,000

51,582

4.44%,

10/6/2048(b)

231,000

200,748

5.55%,

1/23/2049

350,000

353,874

4.50%,

6/1/2050

100,000

90,529

4.75%,

4/15/2058

75,000

66,962

5.80%,

1/23/2059

150,000

156,360

Brown-Forman

Corp.

,

4.75%,

4/15/2033(b)

40,000

40,469

Coca-Cola

Co.

(The)

,

2.90%,

5/25/2027(b)

500,000

492,287

3.45%,

3/25/2030(b)

200,000

195,109

2.00%,

3/5/2031(b)

95,000

85,360

2.25%,

1/5/2032(b)

300,000

268,369

5.00%,

5/13/2034

75,000

78,073

4.65%,

8/14/2034

50,000

50,888

2.88%,

5/5/2041(b)

300,000

230,640

2.60%,

6/1/2050

100,000

63,184

3.00%,

3/5/2051(b)

135,000

92,229

2.50%,

3/15/2051

156,000

95,390

5.30%,

5/13/2054(b)

75,000

74,661

5.20%,

1/14/2055

50,000

48,981

5.40%,

5/13/2064

150,000

149,299

Coca-Cola

Consolidated,

Inc.

,

5.25%,

6/1/2029

50,000

51,679

5.45%,

6/1/2034

50,000

52,279

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030(b)

150,000

140,877

Constellation

Brands,

Inc.

,

3.50%,

5/9/2027(b)

500,000

494,928

4.80%,

1/15/2029

25,000

25,392

2.88%,

5/1/2030(b)

100,000

93,565

4.80%,

5/1/2030(b)

25,000

25,355

2.25%,

8/1/2031(b)

405,000

356,999

4.90%,

5/1/2033

60,000

60,561

Diageo

Capital

plc

,

2.38%,

10/24/2029(b)

210,000

196,558

2.00%,

4/29/2030

200,000

181,889

Diageo

Investment

Corp.

,

7.45%,

4/15/2035(b)

250,000

299,666

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

150,000

110,614

Keurig

Dr

Pepper,

Inc.

,

5.10%,

3/15/2027

25,000

25,247

4.35%,

5/15/2028

25,000

24,990

4.60%,

5/25/2028

104,000

104,596

5.05%,

3/15/2029(b)

25,000

25,448

3.95%,

4/15/2029

50,000

49,180

4.60%,

5/15/2030

25,000

25,009

Series

10,

5.20%,

3/15/2031

25,000

25,552

4.05%,

4/15/2032

50,000

47,776

5.30%,

3/15/2034

100,000

101,114

5.15%,

5/15/2035

25,000

24,762

4.50%,

4/15/2052(b)

250,000

201,963

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

Corporate

Bonds

Principal

Amount

($)

Value

($)

Beverages

Molson

Coors

Beverage

Co.

,

5.00%,

5/1/2042(b)

150,000

140,190

4.20%,

7/15/2046

150,000

122,201

Pepsico

Singapore

Financing

I

Pte.

Ltd.

,

4.65%,

2/16/2027(b)

25,000

25,250

4.55%,

2/16/2029

25,000

25,402

4.70%,

2/16/2034

25,000

25,079

PepsiCo,

Inc.

,

2.38%,

10/6/2026

84,000

82,811

5.13%,

11/10/2026

50,000

50,657

4.40%,

2/7/2027

25,000

25,192

3.00%,

10/15/2027(b)

300,000

295,405

4.45%,

2/7/2028

25,000

25,348

3.60%,

2/18/2028

25,000

24,879

4.45%,

5/15/2028

60,000

60,934

4.10%,

1/15/2029

50,000

50,177

4.50%,

7/17/2029(b)

50,000

50,889

4.60%,

2/7/2030(b)

25,000

25,537

2.75%,

3/19/2030(b)

700,000

661,589

1.63%,

5/1/2030(b)

130,000

116,553

4.30%,

7/23/2030(b)

35,000

35,213

1.40%,

2/25/2031(b)

200,000

173,941

1.95%,

10/21/2031

100,000

87,910

3.90%,

7/18/2032(b)

35,000

34,180

4.65%,

7/23/2032(b)

50,000

50,738

4.45%,

2/15/2033

60,000

60,562

4.80%,

7/17/2034(b)

50,000

50,790

5.00%,

2/7/2035(b)

125,000

127,955

5.00%,

7/23/2035(b)

50,000

50,932

2.63%,

10/21/2041

50,000

36,378

4.45%,

4/14/2046

300,000

268,519

2.88%,

10/15/2049(b)

150,000

100,664

3.63%,

3/19/2050

200,000

153,258

2.75%,

10/21/2051

50,000

32,004

4.20%,

7/18/2052

25,000

20,834

4.65%,

2/15/2053

60,000

53,841

5.25%,

7/17/2054

50,000

49,303

11,121,019

Biotechnology

0

.4

%

AbbVie,

Inc.

,

2.95%,

11/21/2026

350,000

345,982

4.80%,

3/15/2027(b)

175,000

176,987

4.65%,

3/15/2028(b)

100,000

101,647

4.80%,

3/15/2029(b)

175,000

178,960

3.20%,

11/21/2029

550,000

530,612

4.88%,

3/15/2030(b)

100,000

102,936

4.95%,

3/15/2031(b)

95,000

98,195

5.05%,

3/15/2034(b)

275,000

282,982

4.55%,

3/15/2035(b)

195,000

191,958

5.20%,

3/15/2035

65,000

67,271

4.50%,

5/14/2035

200,000

196,260

4.05%,

11/21/2039(b)

380,000

340,076

4.40%,

11/6/2042

375,000

338,197

5.35%,

3/15/2044

55,000

55,177

4.75%,

3/15/2045

168,000

155,458

4.70%,

5/14/2045

282,000

258,681

4.88%,

11/14/2048

150,000

139,115

4.25%,

11/21/2049(b)

475,000

400,178

5.40%,

3/15/2054

240,000

238,640

5.60%,

3/15/2055

40,000

40,928

Corporate

Bonds

Principal

Amount

($)

Value

($)

Biotechnology

AbbVie,

Inc.,

5.50%,

3/15/2064

45,000

44,976

Amgen,

Inc.

,

5.15%,

3/2/2028

290,000

296,770

1.65%,

8/15/2028(b)

200,000

186,993

4.05%,

8/18/2029(b)

120,000

119,534

2.45%,

2/21/2030

100,000

92,631

5.25%,

3/2/2030

200,000

207,324

2.00%,

1/15/2032(b)

200,000

173,605

3.35%,

2/22/2032

55,000

51,644

4.20%,

3/1/2033(b)

120,000

116,701

5.25%,

3/2/2033(b)

315,000

326,290

3.15%,

2/21/2040

200,000

157,414

2.80%,

8/15/2041

100,000

73,558

5.60%,

3/2/2043

290,000

293,843

4.40%,

5/1/2045

150,000

130,249

4.56%,

6/15/2048

174,000

150,119

3.38%,

2/21/2050(b)

180,000

130,316

4.66%,

6/15/2051(b)

318,000

277,788

3.00%,

1/15/2052(b)

200,000

131,406

4.20%,

2/22/2052

25,000

20,027

4.88%,

3/1/2053(b)

55,000

49,051

5.65%,

3/2/2053(b)

330,000

329,156

4.40%,

2/22/2062

165,000

132,081

5.75%,

3/2/2063

180,000

179,573

Biogen,

Inc.

,

2.25%,

5/1/2030(b)

200,000

182,470

3.15%,

5/1/2050(b)

230,000

149,565

3.25%,

2/15/2051(b)

130,000

85,162

Gilead

Sciences,

Inc.

,

1.20%,

10/1/2027

60,000

56,903

4.80%,

11/15/2029(b)

45,000

46,181

1.65%,

10/1/2030(b)

115,000

101,969

5.25%,

10/15/2033(b)

150,000

157,307

5.10%,

6/15/2035(b)

50,000

51,370

4.00%,

9/1/2036(b)

200,000

186,072

5.65%,

12/1/2041

200,000

209,183

4.80%,

4/1/2044

150,000

140,107

4.75%,

3/1/2046

200,000

183,816

4.15%,

3/1/2047(b)

150,000

126,546

2.80%,

10/1/2050

95,000

61,341

5.55%,

10/15/2053(b)

45,000

45,424

5.50%,

11/15/2054

50,000

50,370

5.60%,

11/15/2064(b)

50,000

50,603

Regeneron

Pharmaceuticals,

Inc.

,

1.75%,

9/15/2030

88,000

77,615

2.80%,

9/15/2050

65,000

40,421

9,913,714

Broadline

Retail

0

.3

%

Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027

500,000

493,887

4.00%,

12/6/2037

200,000

184,719

4.20%,

12/6/2047(b)

500,000

428,442

Amazon.com,

Inc.

,

3.30%,

4/13/2027(b)

195,000

193,571

3.15%,

8/22/2027(b)

250,000

247,278

4.55%,

12/1/2027(b)

400,000

406,005

1.65%,

5/12/2028(b)

200,000

189,449

3.45%,

4/13/2029(b)

180,000

177,400

4.65%,

12/1/2029(b)

130,000

133,358

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Broadline

Retail

Amazon.com,

Inc.,

1.50%,

6/3/2030(b)

200,000

179,210

2.10%,

5/12/2031

300,000

269,898

3.60%,

4/13/2032(b)

270,000

260,979

4.70%,

12/1/2032(b)

130,000

133,613

4.80%,

12/5/2034(b)

100,000

103,336

3.88%,

8/22/2037

200,000

184,398

2.88%,

5/12/2041

200,000

153,462

4.05%,

8/22/2047

400,000

338,393

2.50%,

6/3/2050

250,000

154,442

3.10%,

5/12/2051(b)

300,000

208,707

3.95%,

4/13/2052(b)

190,000

154,116

4.25%,

8/22/2057(b)

250,000

210,058

2.70%,

6/3/2060

100,000

59,150

3.25%,

5/12/2061

200,000

133,776

eBay,

Inc.

,

3.60%,

6/5/2027(b)

500,000

496,313

2.70%,

3/11/2030

88,000

82,298

2.60%,

5/10/2031(b)

75,000

68,249

3.65%,

5/10/2051(b)

100,000

74,802

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

193,867

5,913,176

Building

Products

0

.1

%

Allegion

plc

,

3.50%,

10/1/2029

250,000

241,819

Amrize

Finance

US

LLC

,

4.60%,

4/7/2027(c)

25,000

25,149

4.70%,

4/7/2028(c)

25,000

25,292

5.40%,

4/7/2035(b)(c)

100,000

103,013

Carlisle

Cos.,

Inc.

,

2.75%,

3/1/2030

74,000

69,335

2.20%,

3/1/2032(b)

100,000

86,442

Carrier

Global

Corp.

,

2.49%,

2/15/2027

31,000

30,341

2.72%,

2/15/2030(b)

50,000

46,859

3.38%,

4/5/2040

300,000

242,197

3.58%,

4/5/2050(b)

235,000

175,257

Fortune

Brands

Innovations,

Inc.

,

3.25%,

9/15/2029(b)

50,000

47,854

4.00%,

3/25/2032(b)

100,000

95,280

5.88%,

6/1/2033(b)

32,000

33,928

4.50%,

3/25/2052(b)

30,000

24,668

Johnson

Controls

International

plc

,

5.50%,

4/19/2029

50,000

52,055

1.75%,

9/15/2030(b)

100,000

88,644

2.00%,

9/16/2031(b)

100,000

87,095

4.90%,

12/1/2032

65,000

66,185

4.63%,

7/2/2044(f)

100,000

89,507

4.50%,

2/15/2047

100,000

86,577

Masco

Corp.

,

2.00%,

2/15/2031

250,000

219,258

3.13%,

2/15/2051

60,000

38,875

Owens

Corning

,

5.70%,

6/15/2034(b)

35,000

36,869

4.30%,

7/15/2047

200,000

164,822

Corporate

Bonds

Principal

Amount

($)

Value

($)

Building

Products

Trane

Technologies

Financing

Ltd.

,

4.50%,

3/21/2049

250,000

216,500

2,393,821

Capital

Markets

1

.6

%

Ameriprise

Financial,

Inc.

,

5.70%,

12/15/2028

25,000

26,171

4.50%,

5/13/2032(b)

50,000

50,217

5.15%,

5/15/2033

45,000

46,630

5.20%,

4/15/2035

50,000

50,933

Apollo

Debt

Solutions

BDC

,

Series

WI*,

6.90%,

4/13/2029

75,000

78,853

5.88%,

8/30/2030(c)

25,000

25,439

Series

WI*,

6.70%,

7/29/2031(b)

50,000

52,991

6.55%,

3/15/2032(c)

50,000

52,469

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

97,590

2.88%,

6/15/2028(b)

250,000

238,686

5.88%,

3/1/2029(b)

35,000

36,010

5.50%,

9/1/2030

45,000

45,548

5.10%,

1/15/2031

25,000

24,820

3.20%,

11/15/2031(b)

150,000

134,363

5.80%,

3/8/2032

50,000

50,931

Ares

Management

Corp.

,

5.60%,

10/11/2054(b)

25,000

24,177

Ares

Strategic

Income

Fund

,

5.45%,

9/9/2028(b)(c)

25,000

25,195

4.85%,

1/15/2029(c)

25,000

24,741

5.60%,

2/15/2030(b)

60,000

60,586

5.80%,

9/9/2030(c)

25,000

25,405

5.15%,

1/15/2031(b)(c)

25,000

24,702

6.20%,

3/21/2032(b)

125,000

129,148

Bain

Capital

Specialty

Finance,

Inc.

,

2.55%,

10/13/2026

50,000

48,942

Bank

of

New

York

Mellon

Corp.

(The)

,

1.05%,

10/15/2026

100,000

97,125

2.05%,

1/26/2027(b)

200,000

195,293

(SOFR

+

0.68%),

4.44%,

6/9/2028(d)

25,000

25,171

(SOFR

+

1.15%),

3.99%,

6/13/2028(d)

40,000

39,985

(SOFR

+

0.84%),

4.89%,

7/21/2028(d)

75,000

76,116

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(b)(d)

25,000

25,882

Series

J,

1.90%,

1/25/2029

200,000

186,909

(SOFR

+

1.17%),

4.54%,

2/1/2029(b)(d)

100,000

101,123

3.85%,

4/26/2029

90,000

89,669

(SOFR

+

1.60%),

6.32%,

10/25/2029(b)(d)

75,000

79,813

(SOFR

+

1.09%),

4.98%,

3/14/2030(d)

125,000

128,434

(SOFR

+

0.89%),

4.94%,

2/11/2031(b)(d)

50,000

51,357

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Bank

of

New

York

Mellon

Corp.

(The),

1.80%,

7/28/2031

100,000

88,085

2.50%,

1/26/2032(b)

100,000

89,934

(SOFR

+

1.23%),

5.06%,

7/22/2032(d)

75,000

77,492

(SOFR

+

1.42%),

4.29%,

6/13/2033(d)

40,000

39,366

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(b)(d)

180,000

193,869

(SOFR

+

1.51%),

4.71%,

2/1/2034(d)

100,000

100,496

Series

J,

(SOFR

+

1.61%),

4.97%,

4/26/2034(b)(d)

80,000

81,532

(SOFR

+

1.85%),

6.47%,

10/25/2034(b)(d)

75,000

83,594

(SOFR

+

1.42%),

5.19%,

3/14/2035(b)(d)

125,000

128,849

(SOFR

+

1.25%),

5.23%,

11/20/2035(b)(d)

50,000

51,648

(SOFR

+

1.35%),

5.32%,

6/6/2036(d)

50,000

51,734

(SOFR

+

1.77%),

5.61%,

7/21/2039(b)(d)

25,000

26,073

BGC

Group,

Inc.

,

6.60%,

6/10/2029

25,000

26,002

6.15%,

4/2/2030(c)

25,000

25,613

Blackstone

Private

Credit

Fund

,

3.25%,

3/15/2027(b)

200,000

196,182

7.30%,

11/27/2028

25,000

26,704

4.00%,

1/15/2029

200,000

195,272

5.95%,

7/16/2029(b)

25,000

25,719

5.60%,

11/22/2029

50,000

50,877

5.05%,

9/10/2030

25,000

24,709

6.25%,

1/25/2031

25,000

26,129

6.00%,

1/29/2032(b)

100,000

103,188

6.00%,

11/22/2034(b)

50,000

51,202

Blackstone

Reg

Finance

Co.

LLC

,

5.00%,

12/6/2034(b)

25,000

25,261

Blackstone

Secured

Lending

Fund

,

5.88%,

11/15/2027

25,000

25,617

2.85%,

9/30/2028(b)

200,000

189,365

5.30%,

6/30/2030(b)

25,000

25,176

Blue

Owl

Capital

Corp.

,

3.13%,

4/13/2027

50,000

48,667

2.88%,

6/11/2028(b)

230,000

217,663

6.20%,

7/15/2030

25,000

25,708

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029(b)

150,000

156,384

5.80%,

3/15/2030

100,000

101,405

6.65%,

3/15/2031(b)

100,000

105,103

Blue

Owl

Finance

LLC

,

6.25%,

4/18/2034(b)

150,000

157,308

Brookfield

Asset

Management

Ltd.

,

5.80%,

4/24/2035

25,000

26,175

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Brookfield

Asset

Management

Ltd.,

6.08%,

9/15/2055

50,000

51,882

Brookfield

Finance

I

UK

plc

,

2.34%,

1/30/2032

50,000

43,678

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

139,942

Brookfield

Finance,

Inc.

,

3.90%,

1/25/2028

40,000

39,714

4.85%,

3/29/2029(b)

300,000

304,983

6.35%,

1/5/2034(b)

50,000

54,600

5.68%,

1/15/2035

50,000

51,862

3.50%,

3/30/2051

35,000

24,731

3.63%,

2/15/2052

15,000

10,793

5.97%,

3/4/2054(b)

125,000

128,850

5.81%,

3/3/2055

25,000

25,186

Carlyle

Group,

Inc.

(The)

,

5.05%,

9/19/2035(b)

45,000

44,843

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030

300,000

263,530

Charles

Schwab

Corp.

(The)

,

2.45%,

3/3/2027

40,000

39,135

(SOFR

+

2.21%),

5.64%,

5/19/2029(b)(d)

300,000

311,548

(SOFR

+

1.88%),

6.20%,

11/17/2029(b)(d)

75,000

79,596

1.65%,

3/11/2031

200,000

173,862

2.30%,

5/13/2031

300,000

270,180

1.95%,

12/1/2031

100,000

86,766

2.90%,

3/3/2032

100,000

91,161

(SOFR

+

2.01%),

6.14%,

8/24/2034(b)(d)

220,000

239,643

CI

Financial

Corp.

,

4.10%,

6/15/2051

30,000

21,699

CME

Group,

Inc.

,

4.40%,

3/15/2030(b)

25,000

25,280

2.65%,

3/15/2032(b)

50,000

45,417

5.30%,

9/15/2043(b)

80,000

81,699

Credit

Suisse

USA

LLC

,

7.13%,

7/15/2032

55,000

63,236

Deutsche

Bank

AG

,

(SOFR

+

1.22%),

2.31%,

11/16/2027(d)

170,000

166,281

(SOFR

+

1.32%),

2.55%,

1/7/2028(d)

200,000

195,618

(SOFR

+

3.18%),

6.72%,

1/18/2029(d)

300,000

315,042

(SOFR

+

1.70%),

5.00%,

9/11/2030(b)(d)

150,000

152,148

(SOFR

+

1.30%),

4.95%,

8/4/2031(d)

150,000

151,418

(SOFR

+

3.04%),

3.55%,

9/18/2031(b)(d)

350,000

331,794

(SOFR

+

1.72%),

3.04%,

5/28/2032(d)

150,000

137,023

(SOFR

+

3.65%),

7.08%,

2/10/2034(b)(d)

200,000

219,849

(SOFR

+

2.05%),

5.40%,

9/11/2035(b)(d)

150,000

152,956

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

FactSet

Research

Systems,

Inc.

,

2.90%,

3/1/2027(b)

30,000

29,451

3.45%,

3/1/2032

25,000

23,097

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

97,163

3.25%,

7/15/2027

50,000

48,318

3.13%,

10/12/2028

150,000

139,033

6.13%,

1/15/2030(b)

25,000

24,888

6.13%,

1/15/2031(b)

25,000

24,769

Goldman

Sachs

Group,

Inc.

(The)

,

3.85%,

1/26/2027(b)

500,000

498,559

(SOFR

+

0.91%),

1.95%,

10/21/2027(d)

240,000

234,351

(SOFR

+

1.11%),

2.64%,

2/24/2028(d)

95,000

93,002

(SOFR

+

1.85%),

3.62%,

3/15/2028(d)

75,000

74,438

(SOFR

+

1.73%),

4.48%,

8/23/2028(d)

200,000

201,251

(CME

Term

SOFR

3

Month

+

1.56%),

4.22%,

5/1/2029(d)

700,000

700,817

(SOFR

+

1.77%),

6.48%,

10/24/2029(b)(d)

125,000

133,022

2.60%,

2/7/2030(b)

200,000

187,336

(SOFR

+

1.27%),

5.73%,

4/25/2030(d)

150,000

156,936

(SOFR

+

1.21%),

5.05%,

7/23/2030(d)

225,000

230,639

(SOFR

+

1.14%),

4.69%,

10/23/2030(d)

110,000

111,402

(SOFR

+

1.08%),

5.21%,

1/28/2031(b)(d)

200,000

206,457

(SOFR

+

1.58%),

5.22%,

4/23/2031(b)(d)

250,000

258,526

(SOFR

+

1.28%),

2.62%,

4/22/2032(b)(d)

390,000

353,816

(SOFR

+

1.25%),

2.38%,

7/21/2032(d)

280,000

249,900

(SOFR

+

1.26%),

2.65%,

10/21/2032(d)

165,000

148,389

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(d)

695,000

637,579

(SOFR

+

1.95%),

6.56%,

10/24/2034(d)

200,000

224,235

(SOFR

+

1.55%),

5.85%,

4/25/2035(d)

235,000

250,383

(SOFR

+

1.55%),

5.33%,

7/23/2035(b)(d)

150,000

154,417

(SOFR

+

1.42%),

5.02%,

10/23/2035(d)

275,000

276,828

(SOFR

+

1.38%),

5.54%,

1/28/2036(b)(d)

300,000

313,153

6.45%,

5/1/2036

150,000

165,030

6.75%,

10/1/2037

500,000

560,200

(CME

Term

SOFR

3

Month

+

1.63%),

4.02%,

10/31/2038(d)

200,000

179,268

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Goldman

Sachs

Group,

Inc.

(The),

(CME

Term

SOFR

3

Month

+

1.69%),

4.41%,

4/23/2039(b)(d)

200,000

184,969

6.25%,

2/1/2041(b)

200,000

219,708

(SOFR

+

1.51%),

3.21%,

4/22/2042(d)

200,000

154,633

(SOFR

+

1.47%),

2.91%,

7/21/2042(d)

100,000

73,777

(SOFR

+

1.63%),

3.44%,

2/24/2043(d)

185,000

145,942

4.80%,

7/8/2044

300,000

278,549

(SOFR

+

1.58%),

5.56%,

11/19/2045(d)

200,000

203,086

(SOFR

+

1.70%),

5.73%,

1/28/2056(d)

180,000

186,619

Goldman

Sachs

Private

Credit

Corp.

,

5.88%,

5/6/2028(c)

25,000

25,372

6.25%,

5/6/2030(c)

25,000

25,546

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027(b)

100,000

96,358

Intercontinental

Exchange,

Inc.

,

4.00%,

9/15/2027(b)

180,000

179,970

4.35%,

6/15/2029(b)

150,000

151,094

2.10%,

6/15/2030

165,000

149,458

5.25%,

6/15/2031

50,000

52,267

1.85%,

9/15/2032(b)

500,000

421,451

4.60%,

3/15/2033

110,000

110,452

4.25%,

9/21/2048

100,000

84,290

3.00%,

6/15/2050

75,000

50,019

4.95%,

6/15/2052(b)

120,000

111,045

3.00%,

9/15/2060

120,000

74,092

5.20%,

6/15/2062(b)

110,000

104,354

Janus

Henderson

US

Holdings,

Inc.

,

Series

WI*,

5.45%,

9/10/2034(b)

25,000

25,273

Jefferies

Financial

Group,

Inc.

,

4.85%,

1/15/2027(b)

500,000

504,041

5.88%,

7/21/2028

70,000

72,881

4.15%,

1/23/2030(b)

100,000

98,730

2.63%,

10/15/2031(b)

100,000

88,942

6.20%,

4/14/2034(b)

150,000

159,480

KKR

&

Co.,

Inc.

,

5.10%,

8/7/2035

50,000

50,090

Lazard

Group

LLC

,

6.00%,

3/15/2031

40,000

42,272

5.63%,

8/1/2035(b)

25,000

25,425

LPL

Holdings,

Inc.

,

6.00%,

5/20/2034(b)

100,000

104,488

5.65%,

3/15/2035

50,000

50,943

Main

Street

Capital

Corp.

,

6.50%,

6/4/2027

25,000

25,548

6.95%,

3/1/2029

25,000

26,220

Moody's

Corp.

,

3.25%,

1/15/2028

300,000

295,023

2.00%,

8/19/2031(b)

60,000

52,726

5.00%,

8/5/2034(b)

50,000

50,995

2.75%,

8/19/2041

75,000

54,178

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Moody’s

Corp.,

3.25%,

5/20/2050

35,000

24,225

3.10%,

11/29/2061

95,000

60,664

Morgan

Stanley

,

3.95%,

4/23/2027(b)

500,000

498,904

(SOFR

+

1.00%),

2.48%,

1/21/2028(b)(d)

195,000

190,860

(SOFR

+

1.01%),

5.65%,

4/13/2028(b)(d)

175,000

178,919

(SOFR

+

1.61%),

4.21%,

4/20/2028(b)(d)

80,000

80,087

+

1.34%),

3.59%,

7/22/2028(b)(d)

300,000

296,843

(CME

Term

SOFR

3

Month

+

1.40%),

3.77%,

1/24/2029(d)

300,000

297,399

(SOFR

+

1.73%),

5.12%,

2/1/2029(d)

90,000

91,939

(SOFR

+

1.38%),

4.99%,

4/12/2029(b)(d)

40,000

40,799

(SOFR

+

1.59%),

5.16%,

4/20/2029(b)(d)

255,000

261,026

(SOFR

+

1.63%),

5.45%,

7/20/2029(b)(d)

35,000

36,166

(SOFR

+

1.83%),

6.41%,

11/1/2029(b)(d)

70,000

74,401

(SOFR

+

1.45%),

5.17%,

1/16/2030(d)

225,000

231,249

(CME

Term

SOFR

3

Month

+

1.89%),

4.43%,

1/23/2030(b)(d)

500,000

502,393

(SOFR

+

1.26%),

5.66%,

4/18/2030(b)(d)

150,000

156,632

(SOFR

+

1.22%),

5.04%,

7/19/2030(d)

100,000

102,486

(SOFR

+

1.10%),

4.65%,

10/18/2030(b)(d)

250,000

252,733

(SOFR

+

1.11%),

5.23%,

1/15/2031(d)

160,000

165,144

(SOFR

+

1.14%),

2.70%,

1/22/2031(b)(d)

400,000

373,774

(SOFR

+

3.12%),

3.62%,

4/1/2031(d)

420,000

407,527

(SOFR

+

1.51%),

5.19%,

4/17/2031(d)

275,000

283,963

7.25%,

4/1/2032(b)

324,000

375,321

(SOFR

+

1.02%),

1.93%,

4/28/2032(d)

500,000

436,364

(SOFR

+

1.18%),

2.24%,

7/21/2032(d)

500,000

441,597

(SOFR

+

1.20%),

2.51%,

10/20/2032(b)(d)

275,000

245,343

(SOFR

+

1.29%),

2.94%,

1/21/2033(d)

70,000

63,641

(SOFR

+

2.08%),

4.89%,

7/20/2033(d)

45,000

45,693

(SOFR

+

2.56%),

6.34%,

10/18/2033(b)(d)

130,000

142,875

(SOFR

+

1.87%),

5.25%,

4/21/2034(d)

450,000

464,051

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Morgan

Stanley,

(SOFR

+

1.88%),

5.42%,

7/21/2034(d)

235,000

244,847

(SOFR

+

2.05%),

6.63%,

11/1/2034(b)(d)

115,000

128,640

(SOFR

+

1.73%),

5.47%,

1/18/2035(d)

350,000

364,540

(SOFR

+

1.58%),

5.83%,

4/19/2035(d)

360,000

383,775

(SOFR

+

1.56%),

5.32%,

7/19/2035(d)

160,000

165,096

(SOFR

+

1.42%),

5.59%,

1/18/2036(d)

250,000

261,752

(SOFR

+

1.76%),

5.66%,

4/17/2036(b)(d)

150,000

158,259

(SOFR

+

1.36%),

2.48%,

9/16/2036(d)

450,000

390,882

(SOFR

+

2.62%),

5.30%,

4/20/2037(b)(d)

80,000

81,162

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.43%),

5.95%,

1/19/2038(d)

90,000

94,363

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.80%),

5.94%,

2/7/2039(b)(d)

75,000

78,525

(SOFR

+

1.49%),

3.22%,

4/22/2042(d)

200,000

156,387

4.30%,

1/27/2045(b)

300,000

263,150

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(d)

100,000

101,881

(SOFR

+

1.43%),

2.80%,

1/25/2052(d)

205,000

132,084

(SOFR

+

1.71%),

5.52%,

11/19/2055(b)(d)

260,000

262,816

MSCI,

Inc.

,

5.25%,

9/1/2035

25,000

25,207

MSD

Investment

Corp.

,

6.25%,

5/31/2030(b)(c)

25,000

25,319

Nasdaq,

Inc.

,

5.35%,

6/28/2028

65,000

67,021

1.65%,

1/15/2031

400,000

349,693

5.55%,

2/15/2034(b)

78,000

81,899

3.95%,

3/7/2052(b)

190,000

146,964

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

300,000

292,567

2.17%,

7/14/2028(b)

200,000

188,960

5.61%,

7/6/2029(b)

200,000

208,343

3.10%,

1/16/2030(b)

200,000

188,752

2.61%,

7/14/2031(b)

200,000

179,609

5.78%,

7/3/2034(b)

200,000

211,803

Northern

Trust

Corp.

,

4.00%,

5/10/2027(b)

65,000

65,101

1.95%,

5/1/2030

80,000

72,927

6.13%,

11/2/2032(b)

130,000

142,123

Oaktree

Specialty

Lending

Corp.

,

2.70%,

1/15/2027

100,000

97,019

7.10%,

2/15/2029

100,000

103,425

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Capital

Markets

Raymond

James

Financial,

Inc.

,

4.90%,

9/11/2035

25,000

24,726

4.95%,

7/15/2046(b)

250,000

230,762

S&P

Global,

Inc.

,

2.45%,

3/1/2027(b)

30,000

29,381

2.70%,

3/1/2029(b)

100,000

95,538

2.50%,

12/1/2029(b)

80,000

75,029

1.25%,

8/15/2030(b)

110,000

95,823

2.90%,

3/1/2032(b)

325,000

297,659

3.25%,

12/1/2049

65,000

46,746

3.70%,

3/1/2052(b)

94,000

72,471

2.30%,

8/15/2060

40,000

20,870

Sixth

Street

Lending

Partners

,

5.75%,

1/15/2030

50,000

50,807

State

Street

Corp.

,

4.99%,

3/18/2027(b)

75,000

76,154

4.33%,

10/22/2027(b)

75,000

75,685

(SOFR

+

0.56%),

1.68%,

11/18/2027(d)

200,000

194,776

(SOFR

+

0.73%),

2.20%,

2/7/2028(b)(d)

40,000

39,022

4.54%,

2/28/2028(b)

50,000

50,641

(SOFR

+

1.72%),

5.82%,

11/4/2028(d)

60,000

62,097

(SOFR

+

1.02%),

4.53%,

2/20/2029(d)

75,000

75,803

(SOFR

+

1.48%),

5.68%,

11/21/2029(b)(d)

75,000

78,598

2.40%,

1/24/2030(b)

200,000

187,506

4.73%,

2/28/2030(b)

50,000

51,089

4.83%,

4/24/2030(b)

50,000

51,331

2.20%,

3/3/2031(b)

74,000

66,000

(SOFR

+

1.05%),

4.68%,

10/22/2032(d)

75,000

75,966

(SOFR

+

1.00%),

2.62%,

2/7/2033(d)

20,000

17,939

(SOFR

+

1.57%),

4.82%,

1/26/2034(b)(d)

110,000

111,461

(SOFR

+

1.89%),

5.16%,

5/18/2034(d)

60,000

62,158

(SOFR

+

1.49%),

3.03%,

11/1/2034(b)(d)

100,000

93,839

(SOFR

+

1.96%),

6.12%,

11/21/2034(b)(d)

50,000

54,109

(SOFR

+

1.22%),

5.15%,

2/28/2036(d)

50,000

51,136

UBS

AG

,

5.00%,

7/9/2027

250,000

254,207

7.50%,

2/15/2028

250,000

269,163

UBS

Group

AG

,

4.88%,

5/15/2045(b)

400,000

375,411

37,624,241

Chemicals

0

.3

%

Air

Products

and

Chemicals,

Inc.

,

1.85%,

5/15/2027(b)

105,000

101,651

4.30%,

6/11/2028(b)

25,000

25,226

4.60%,

2/8/2029(b)

100,000

101,800

2.05%,

5/15/2030(b)

145,000

132,421

4.75%,

2/8/2031

100,000

102,374

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Air

Products

and

Chemicals,

Inc.,

4.90%,

10/11/2032

25,000

25,667

4.80%,

3/3/2033(b)

70,000

71,399

4.85%,

2/8/2034(b)

100,000

101,615

2.70%,

5/15/2040

65,000

48,489

2.80%,

5/15/2050

40,000

26,036

Albemarle

Corp.

,

5.65%,

6/1/2052

100,000

88,173

Cabot

Corp.

,

5.00%,

6/30/2032(b)

30,000

30,351

CF

Industries,

Inc.

,

5.15%,

3/15/2034(b)

300,000

302,747

Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031

50,000

49,790

6.30%,

3/15/2033(b)

25,000

26,869

5.15%,

2/15/2034(b)

25,000

25,070

5.35%,

3/15/2035

50,000

49,712

5.65%,

3/15/2036(b)

50,000

50,249

9.40%,

5/15/2039

206,000

268,810

4.38%,

11/15/2042

300,000

244,517

4.80%,

5/15/2049

250,000

204,023

6.90%,

5/15/2053

25,000

26,711

5.60%,

2/15/2054(b)

25,000

22,622

5.95%,

3/15/2055(b)

50,000

47,506

DuPont

de

Nemours,

Inc.

,

4.73%,

11/15/2028

400,000

403,098

5.42%,

11/15/2048

300,000

296,594

Eastman

Chemical

Co.

,

5.00%,

8/1/2029

50,000

50,918

5.75%,

3/8/2033

35,000

36,751

4.65%,

10/15/2044(b)

200,000

170,789

Ecolab,

Inc.

,

5.25%,

1/15/2028

75,000

77,034

1.30%,

1/30/2031(b)

200,000

172,298

2.13%,

2/1/2032

100,000

87,546

5.00%,

9/1/2035(b)

45,000

45,899

2.13%,

8/15/2050

200,000

111,436

2.70%,

12/15/2051

75,000

47,295

2.75%,

8/18/2055

65,000

40,175

FMC

Corp.

,

3.45%,

10/1/2029

60,000

56,658

5.65%,

5/18/2033(b)

40,000

39,991

4.50%,

10/1/2049

85,000

65,232

6.38%,

5/18/2053(b)

40,000

39,495

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048

70,000

61,528

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

147,000

166,256

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030(b)

135,000

120,516

5.63%,

5/15/2033(b)

40,000

41,128

5.50%,

3/1/2034(b)

50,000

50,289

4.20%,

10/15/2049(b)

100,000

73,912

4.20%,

5/1/2050(b)

200,000

148,142

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

250,000

196,733

Mosaic

Co.

(The)

,

4.05%,

11/15/2027

250,000

249,289

5.38%,

11/15/2028

25,000

25,766

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

Corporate

Bonds

Principal

Amount

($)

Value

($)

Chemicals

Nutrien

Ltd.

,

4.50%,

3/12/2027(b)

25,000

25,114

5.20%,

6/21/2027

50,000

50,803

4.90%,

3/27/2028(b)

25,000

25,433

5.25%,

3/12/2032

50,000

51,597

5.40%,

6/21/2034(b)

50,000

51,486

5.88%,

12/1/2036(b)

125,000

131,361

5.25%,

1/15/2045

154,000

146,335

5.80%,

3/27/2053(b)

150,000

152,522

PPG

Industries,

Inc.

,

2.80%,

8/15/2029(b)

300,000

285,505

RPM

International,

Inc.

,

2.95%,

1/15/2032(b)

45,000

40,613

Sherwin-Williams

Co.

(The)

,

3.45%,

6/1/2027(b)

154,000

152,537

4.30%,

8/15/2028

50,000

50,247

2.95%,

8/15/2029

200,000

191,008

4.50%,

8/15/2030

50,000

50,320

2.20%,

3/15/2032(b)

200,000

174,370

5.15%,

8/15/2035

50,000

50,875

4.50%,

6/1/2047

150,000

129,645

2.90%,

3/15/2052

80,000

50,453

Westlake

Corp.

,

2.88%,

8/15/2041

100,000

68,885

4.38%,

11/15/2047(b)

100,000

78,902

7,006,607

Commercial

Services

&

Supplies

0

.1

%

Cintas

Corp.

No.

2

,

4.20%,

5/1/2028

25,000

25,107

4.00%,

5/1/2032(b)

40,000

39,109

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

14,988

RELX

Capital,

Inc.

,

4.00%,

3/18/2029

100,000

99,434

4.75%,

3/27/2030(b)

25,000

25,510

Republic

Services,

Inc.

,

4.88%,

4/1/2029

25,000

25,624

5.00%,

11/15/2029

25,000

25,810

4.75%,

7/15/2030

40,000

40,974

1.45%,

2/15/2031(b)

165,000

142,932

2.38%,

3/15/2033(b)

200,000

174,438

5.00%,

4/1/2034(b)

82,000

84,113

5.20%,

11/15/2034

45,000

46,659

5.15%,

3/15/2035(b)

35,000

36,139

6.20%,

3/1/2040

70,000

77,399

Rollins,

Inc.

,

5.25%,

2/24/2035

25,000

25,441

Veralto

Corp.

,

5.35%,

9/18/2028(b)

50,000

51,600

5.45%,

9/18/2033

50,000

52,286

Waste

Connections,

Inc.

,

4.25%,

12/1/2028

100,000

100,621

2.20%,

1/15/2032(b)

100,000

87,900

3.20%,

6/1/2032(b)

50,000

46,299

4.20%,

1/15/2033(b)

100,000

98,096

5.00%,

3/1/2034

50,000

51,048

5.25%,

9/1/2035(b)

45,000

46,367

2.95%,

1/15/2052

70,000

45,817

Waste

Management,

Inc.

,

4.95%,

7/3/2027(b)

40,000

40,697

Corporate

Bonds

Principal

Amount

($)

Value

($)

Commercial

Services

&

Supplies

Waste

Management,

Inc.,

4.50%,

3/15/2028

75,000

75,905

4.88%,

2/15/2029

75,000

77,006

2.00%,

6/1/2029(b)

35,000

32,573

4.63%,

2/15/2030(b)

50,000

50,852

4.65%,

3/15/2030

75,000

76,512

4.95%,

7/3/2031(b)

35,000

36,186

4.80%,

3/15/2032

75,000

76,633

4.15%,

4/15/2032(b)

106,000

104,870

4.63%,

2/15/2033(b)

50,000

50,563

4.88%,

2/15/2034(b)

75,000

76,714

4.95%,

3/15/2035(b)

125,000

126,873

2.95%,

6/1/2041(b)

85,000

64,469

4.15%,

7/15/2049(b)

125,000

104,465

5.35%,

10/15/2054(b)

110,000

108,369

2,566,398

Communications

Equipment

0

.1

%

Cisco

Systems,

Inc.

,

4.80%,

2/26/2027(b)

125,000

126,501

4.55%,

2/24/2028(b)

75,000

76,153

4.85%,

2/26/2029(b)

125,000

128,267

4.75%,

2/24/2030(b)

75,000

76,951

4.95%,

2/26/2031

243,000

251,485

4.95%,

2/24/2032

75,000

77,545

5.05%,

2/26/2034(b)

205,000

212,045

5.10%,

2/24/2035(b)

100,000

103,423

5.90%,

2/15/2039(b)

200,000

217,246

5.50%,

1/15/2040

200,000

208,818

5.30%,

2/26/2054

70,000

69,097

5.50%,

2/24/2055(b)

35,000

35,613

5.35%,

2/26/2064

75,000

73,632

Motorola

Solutions,

Inc.

,

5.00%,

4/15/2029(b)

25,000

25,598

4.85%,

8/15/2030(b)

25,000

25,476

2.30%,

11/15/2030(b)

300,000

271,176

2.75%,

5/24/2031(b)

76,000

69,377

5.60%,

6/1/2032(b)

100,000

105,269

5.20%,

8/15/2032(b)

25,000

25,765

5.40%,

4/15/2034(b)

25,000

25,914

5.55%,

8/15/2035

25,000

26,044

2,231,395

Construction

&

Engineering

0

.0

%

†

MasTec,

Inc.

,

5.90%,

6/15/2029(b)

25,000

26,167

Quanta

Services,

Inc.

,

4.75%,

8/9/2027(b)

50,000

50,571

4.30%,

8/9/2028

25,000

25,118

2.90%,

10/1/2030(b)

100,000

93,354

4.50%,

1/15/2031

25,000

24,985

2.35%,

1/15/2032

50,000

43,887

5.25%,

8/9/2034(b)

50,000

51,260

5.10%,

8/9/2035

25,000

25,064

3.05%,

10/1/2041(b)

55,000

40,890

381,296

Construction

Materials

0

.0

%

†

Eagle

Materials,

Inc.

,

2.50%,

7/1/2031(b)

65,000

58,585

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Construction

Materials

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030(b)

500,000

464,647

2.40%,

7/15/2031

25,000

22,386

5.15%,

12/1/2034(b)

30,000

30,616

3.20%,

7/15/2051

50,000

34,394

Vulcan

Materials

Co.

,

4.95%,

12/1/2029

40,000

40,960

5.35%,

12/1/2034

75,000

77,365

4.50%,

6/15/2047(b)

250,000

217,800

5.70%,

12/1/2054(b)

35,000

35,791

982,544

Consumer

Finance

0

.8

%

AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

480,000

471,593

3.88%,

1/23/2028(b)

500,000

496,048

3.00%,

10/29/2028(b)

300,000

289,108

3.30%,

1/30/2032(b)

300,000

276,268

3.40%,

10/29/2033(b)

150,000

134,776

5.30%,

1/19/2034

150,000

153,422

4.95%,

9/10/2034(b)

150,000

149,311

3.85%,

10/29/2041(b)

150,000

123,256

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

40,000

40,206

7.10%,

11/15/2027

100,000

105,243

2.20%,

11/2/2028

165,000

154,216

(SOFR

+

2.82%),

6.85%,

1/3/2030(d)

50,000

52,892

8.00%,

11/1/2031(b)

150,000

170,995

8.00%,

11/1/2031

50,000

56,877

(SOFR

+

1.78%),

5.55%,

7/31/2033(b)(d)

50,000

50,185

(SOFR

+

2.29%),

6.18%,

7/26/2035(b)(d)

40,000

41,256

American

Express

Co.

,

1.65%,

11/4/2026(b)

200,000

195,005

2.55%,

3/4/2027

110,000

107,850

3.30%,

5/3/2027

300,000

296,903

5.85%,

11/5/2027(b)

95,000

98,421

(SOFR

+

1.00%),

5.10%,

2/16/2028(b)(d)

174,000

176,335

(SOFR

+

0.93%),

5.04%,

7/26/2028(d)

45,000

45,768

(SOFR

+

1.26%),

4.73%,

4/25/2029(d)

125,000

126,970

4.05%,

5/3/2029(b)

60,000

60,112

(SOFR

+

0.81%),

4.35%,

7/20/2029(d)

125,000

125,738

(United

States

SOFR

Compounded

Index

+

1.28%),

5.28%,

7/27/2029(d)

100,000

103,137

(SOFR

+

1.09%),

5.53%,

4/25/2030(b)(d)

175,000

182,863

(United

States

SOFR

Compounded

Index

+

1.02%),

5.09%,

1/30/2031(d)

75,000

77,324

(SOFR

+

1.44%),

5.02%,

4/25/2031(d)

125,000

128,534

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

American

Express

Co.,

(SOFR

+

1.94%),

6.49%,

10/30/2031(b)(d)

150,000

164,400

(SOFR

+

2.26%),

4.99%,

5/26/2033(b)(d)

25,000

25,467

(SOFR

+

1.22%),

4.92%,

7/20/2033(d)

55,000

55,957

(SOFR

+

1.76%),

4.42%,

8/3/2033(d)

130,000

128,809

(SOFR

+

1.84%),

5.04%,

5/1/2034(b)(d)

120,000

123,207

(SOFR

+

1.42%),

5.28%,

7/26/2035(d)

155,000

159,993

(United

States

SOFR

Compounded

Index

+

1.32%),

5.44%,

1/30/2036(b)(d)

75,000

78,006

(SOFR

+

1.79%),

5.67%,

4/25/2036(d)

75,000

79,238

4.05%,

12/3/2042

100,000

86,670

American

Honda

Finance

Corp.

,

4.40%,

10/5/2026

50,000

50,145

2.35%,

1/8/2027

100,000

97,818

4.90%,

3/12/2027

50,000

50,575

4.55%,

7/9/2027(b)

25,000

25,203

4.90%,

7/9/2027

50,000

50,706

4.45%,

10/22/2027

50,000

50,430

4.70%,

1/12/2028

20,000

20,248

4.55%,

3/3/2028

25,000

25,227

5.13%,

7/7/2028(b)

150,000

153,815

4.25%,

9/1/2028

50,000

50,126

5.65%,

11/15/2028

50,000

52,130

2.25%,

1/12/2029

50,000

47,027

4.90%,

3/13/2029

50,000

51,048

4.40%,

9/5/2029(b)

50,000

50,262

4.80%,

3/5/2030

25,000

25,427

4.60%,

4/17/2030

60,000

60,503

4.50%,

9/4/2030

50,000

50,071

5.85%,

10/4/2030

50,000

53,157

5.05%,

7/10/2031

50,000

51,327

4.85%,

10/23/2031(b)

50,000

50,761

5.15%,

7/9/2032(b)

25,000

25,615

4.90%,

1/10/2034

35,000

35,260

5.20%,

3/5/2035(b)

25,000

25,398

Capital

One

Financial

Corp.

,

4.10%,

2/9/2027(b)

250,000

249,585

3.65%,

5/11/2027(b)

300,000

297,612

(SOFR

+

2.44%),

7.15%,

10/29/2027(b)(d)

50,000

51,497

(SOFR

+

2.06%),

4.93%,

5/10/2028(b)(d)

300,000

303,090

(SOFR

+

2.08%),

5.47%,

2/1/2029(b)(d)

100,000

102,551

(SOFR

+

2.64%),

6.31%,

6/8/2029(b)(d)

240,000

251,763

(SOFR

+

1.79%),

3.27%,

3/1/2030(b)(d)

95,000

91,552

(SOFR

+

2.60%),

5.25%,

7/26/2030(b)(d)

60,000

61,673

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

Capital

One

Financial

Corp.,

(SOFR

+

1.56%),

5.46%,

7/26/2030(b)(d)

50,000

51,762

(SOFR

+

1.25%),

4.49%,

9/11/2031(d)

45,000

44,636

(SOFR

+

3.07%),

7.62%,

10/30/2031(d)

200,000

226,198

(SOFR

+

1.34%),

2.36%,

7/29/2032(b)(d)

100,000

86,316

6.70%,

11/29/2032(b)

100,000

110,323

(SOFR

+

2.60%),

5.82%,

2/1/2034(b)(d)

90,000

94,384

(SOFR

+

2.86%),

6.38%,

6/8/2034(b)(d)

280,000

302,868

(United

States

SOFR

Compounded

Index

+

3.37%),

7.96%,

11/2/2034(d)

75,000

88,675

(SOFR

+

2.26%),

6.05%,

2/1/2035(d)

100,000

106,152

(SOFR

+

1.99%),

5.88%,

7/26/2035(b)(d)

150,000

157,317

(SOFR

+

2.04%),

6.18%,

1/30/2036(b)(d)

50,000

51,868

(SOFR

+

1.63%),

5.20%,

9/11/2036(d)

50,000

49,450

Caterpillar

Financial

Services

Corp.

,

4.45%,

10/16/2026(b)

25,000

25,159

4.50%,

1/7/2027

25,000

25,187

1.70%,

1/8/2027

200,000

194,719

4.50%,

1/8/2027

25,000

25,194

5.00%,

5/14/2027(b)

25,000

25,434

3.60%,

8/12/2027(b)

100,000

99,578

4.40%,

10/15/2027

25,000

25,272

4.60%,

11/15/2027

50,000

50,748

4.40%,

3/3/2028

25,000

25,265

Series

K,

4.10%,

8/15/2028(b)

50,000

50,224

4.85%,

2/27/2029

50,000

51,342

4.38%,

8/16/2029

25,000

25,344

4.70%,

11/15/2029

50,000

51,213

4.80%,

1/8/2030

25,000

25,775

Ford

Motor

Credit

Co.

LLC

,

5.85%,

5/17/2027

200,000

202,472

4.95%,

5/28/2027

200,000

199,654

4.13%,

8/17/2027

200,000

196,730

7.35%,

11/4/2027(b)

400,000

417,196

6.80%,

5/12/2028(b)

400,000

415,433

6.80%,

11/7/2028

200,000

208,811

5.80%,

3/8/2029(b)

200,000

202,958

7.35%,

3/6/2030

200,000

214,080

4.00%,

11/13/2030

200,000

186,562

7.12%,

11/7/2033(b)

200,000

213,775

General

Motors

Financial

Co.,

Inc.

,

2.35%,

2/26/2027

50,000

48,705

5.00%,

4/9/2027(b)

200,000

201,833

5.00%,

7/15/2027

25,000

25,303

5.35%,

7/15/2027(b)

60,000

61,086

6.00%,

1/9/2028(b)

100,000

103,575

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

General

Motors

Financial

Co.,

Inc.,

5.05%,

4/4/2028(b)

50,000

50,804

5.80%,

6/23/2028

55,000

56,995

2.40%,

10/15/2028(b)

195,000

184,521

5.80%,

1/7/2029(b)

50,000

51,963

5.55%,

7/15/2029

25,000

25,815

4.90%,

10/6/2029(b)

50,000

50,578

5.35%,

1/7/2030(b)

50,000

51,216

5.85%,

4/6/2030(b)

45,000

47,065

3.60%,

6/21/2030(b)

200,000

190,538

5.45%,

7/15/2030(b)

25,000

25,755

2.70%,

6/10/2031(b)

145,000

129,631

5.60%,

6/18/2031(b)

30,000

31,047

3.10%,

1/12/2032

250,000

225,232

5.63%,

4/4/2032(b)

25,000

25,803

6.40%,

1/9/2033(b)

125,000

134,044

6.10%,

1/7/2034(b)

150,000

157,694

5.95%,

4/4/2034(b)

100,000

103,855

5.45%,

9/6/2034(b)

50,000

50,298

5.90%,

1/7/2035

50,000

51,587

6.15%,

7/15/2035

25,000

26,145

John

Deere

Capital

Corp.

,

1.30%,

10/13/2026(b)

55,000

53,587

4.50%,

1/8/2027

50,000

50,394

4.50%,

1/8/2027

25,000

25,197

1.70%,

1/11/2027

200,000

194,500

4.85%,

3/5/2027

25,000

25,327

4.90%,

6/11/2027

50,000

50,817

4.20%,

7/15/2027(b)

35,000

35,229

4.15%,

9/15/2027

60,000

60,283

4.65%,

1/7/2028

25,000

25,409

4.75%,

1/20/2028

40,000

40,767

1.50%,

3/6/2028(b)

250,000

235,934

Series

I,

4.25%,

6/5/2028(b)

50,000

50,413

4.95%,

7/14/2028

148,000

151,983

4.50%,

1/16/2029

50,000

50,750

3.35%,

4/18/2029

40,000

39,101

4.85%,

6/11/2029(b)

50,000

51,364

4.85%,

10/11/2029

40,000

41,215

Series

I,

4.55%,

6/5/2030

50,000

50,778

4.70%,

6/10/2030(b)

40,000

41,036

4.38%,

10/15/2030

50,000

50,357

1.45%,

1/15/2031(b)

200,000

175,107

4.90%,

3/7/2031

25,000

25,773

4.40%,

9/8/2031

75,000

75,510

4.35%,

9/15/2032(b)

60,000

60,097

Series

I,

5.15%,

9/8/2033(b)

150,000

156,783

5.10%,

4/11/2034(b)

50,000

51,732

Series

MTN1,

5.05%,

6/12/2034

50,000

51,557

PACCAR

Financial

Corp.

,

5.20%,

11/9/2026

25,000

25,344

Series

R,

4.50%,

11/25/2026

40,000

40,310

2.00%,

2/4/2027

100,000

97,449

5.00%,

5/13/2027

25,000

25,445

4.25%,

6/23/2027

25,000

25,167

4.45%,

8/6/2027(b)

50,000

50,574

4.60%,

1/10/2028

100,000

101,483

4.55%,

3/3/2028

50,000

50,695

4.00%,

8/8/2028

25,000

25,066

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Finance

PACCAR

Financial

Corp.,

4.60%,

1/31/2029

25,000

25,465

4.00%,

9/26/2029

25,000

24,985

4.55%,

5/8/2030

25,000

25,449

5.00%,

3/22/2034

25,000

25,743

Synchrony

Financial

,

3.95%,

12/1/2027

80,000

79,083

(United

States

SOFR

Compounded

Index

+

2.13%),

5.94%,

8/2/2030(b)

(d)

50,000

51,826

2.88%,

10/28/2031(b)

180,000

159,411

Toyota

Motor

Credit

Corp.

,

5.40%,

11/20/2026(b)

50,000

50,794

4.60%,

1/8/2027

25,000

25,219

3.20%,

1/11/2027

200,000

198,157

1.90%,

1/13/2027

100,000

97,515

Series

B,

5.00%,

3/19/2027

50,000

50,784

3.05%,

3/22/2027(b)

100,000

98,764

4.50%,

5/14/2027(b)

75,000

75,677

4.55%,

9/20/2027(b)

90,000

91,038

4.35%,

10/8/2027

50,000

50,424

4.63%,

1/12/2028(b)

40,000

40,577

5.25%,

9/11/2028

25,000

25,868

4.65%,

1/5/2029

25,000

25,458

5.05%,

5/16/2029

25,000

25,798

4.45%,

6/29/2029

90,000

91,106

4.95%,

1/9/2030

25,000

25,752

2.15%,

2/13/2030(b)

500,000

460,663

4.80%,

5/15/2030(b)

70,000

71,691

4.55%,

5/17/2030(b)

60,000

60,950

5.55%,

11/20/2030

98,000

103,745

5.10%,

3/21/2031

50,000

51,865

1.90%,

9/12/2031(b)

100,000

87,278

4.60%,

10/10/2031(b)

50,000

50,675

4.70%,

1/12/2033(b)

45,000

45,609

5.35%,

1/9/2035(b)

175,000

183,004

19,436,029

Consumer

Staples

Distribution

&

Retail

0

.3

%

Costco

Wholesale

Corp.

,

1.38%,

6/20/2027(b)

120,000

115,283

1.60%,

4/20/2030

500,000

450,779

Dollar

General

Corp.

,

4.63%,

11/1/2027(b)

70,000

70,594

5.20%,

7/5/2028

20,000

20,467

3.50%,

4/3/2030(b)

500,000

480,220

5.00%,

11/1/2032(b)

75,000

75,741

5.45%,

7/5/2033

20,000

20,738

Dollar

Tree,

Inc.

,

4.20%,

5/15/2028

90,000

89,761

2.65%,

12/1/2031

50,000

44,577

3.38%,

12/1/2051

50,000

33,528

Kroger

Co.

(The)

,

7.50%,

4/1/2031(b)

257,000

294,116

5.00%,

9/15/2034

200,000

201,698

5.40%,

7/15/2040

200,000

200,057

4.45%,

2/1/2047

82,000

69,911

5.40%,

1/15/2049

50,000

48,031

3.95%,

1/15/2050(b)

100,000

77,784

5.50%,

9/15/2054(b)

180,000

175,439

5.65%,

9/15/2064(b)

85,000

82,912

Corporate

Bonds

Principal

Amount

($)

Value

($)

Consumer

Staples

Distribution

&

Retail

Sysco

Corp.

,

5.75%,

1/17/2029

25,000

26,138

2.40%,

2/15/2030

100,000

92,519

5.95%,

4/1/2030(b)

200,000

211,999

5.10%,

9/23/2030(b)

25,000

25,775

2.45%,

12/14/2031

100,000

89,121

6.00%,

1/17/2034

25,000

27,039

5.40%,

3/23/2035(b)

25,000

25,835

6.60%,

4/1/2050(b)

300,000

333,385

3.15%,

12/14/2051

50,000

33,461

Target

Corp.

,

1.95%,

1/15/2027

130,000

126,915

2.35%,

2/15/2030

105,000

97,756

2.65%,

9/15/2030

50,000

46,594

4.50%,

9/15/2032(b)

100,000

100,575

4.40%,

1/15/2033

150,000

149,963

4.50%,

9/15/2034(b)

50,000

49,329

5.00%,

4/15/2035(b)

25,000

25,311

5.25%,

2/15/2036(b)

25,000

25,736

4.00%,

7/1/2042(b)

96,000

81,966

3.63%,

4/15/2046

200,000

154,370

4.80%,

1/15/2053(b)

150,000

136,209

Walmart,

Inc.

,

4.10%,

4/28/2027

35,000

35,238

3.95%,

9/9/2027(b)

60,000

60,258

3.90%,

4/15/2028

45,000

45,162

3.70%,

6/26/2028(b)

300,000

299,949

1.50%,

9/22/2028(b)

100,000

93,691

4.00%,

4/15/2030(b)

160,000

161,002

4.35%,

4/28/2030(b)

45,000

45,739

1.80%,

9/22/2031(b)

300,000

264,676

4.15%,

9/9/2032(b)

60,000

60,116

4.10%,

4/15/2033(b)

80,000

79,440

4.90%,

4/28/2035(b)

90,000

92,580

5.25%,

9/1/2035

118,000

124,946

6.50%,

8/15/2037

350,000

406,513

2.50%,

9/22/2041(b)

200,000

144,814

4.05%,

6/29/2048

125,000

105,363

2.65%,

9/22/2051

400,000

255,501

4.50%,

4/15/2053(b)

80,000

71,654

6,758,274

Containers

&

Packaging

0

.1

%

Amcor

Finance

USA,

Inc.

,

5.63%,

5/26/2033

40,000

41,718

Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028

50,000

50,560

5.10%,

3/17/2030(b)

25,000

25,567

2.63%,

6/19/2030

50,000

46,126

2.69%,

5/25/2031(b)

75,000

68,175

5.50%,

3/17/2035(b)

40,000

41,188

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

100,000

86,612

5.75%,

3/15/2033(b)

90,000

95,122

Berry

Global,

Inc.

,

5.80%,

6/15/2031(b)

50,000

52,864

5.65%,

1/15/2034

130,000

135,453

International

Paper

Co.

,

6.00%,

11/15/2041

350,000

364,524

Packaging

Corp.

of

America

,

3.00%,

12/15/2029(b)

50,000

47,751

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

Corporate

Bonds

Principal

Amount

($)

Value

($)

Containers

&

Packaging

Packaging

Corp.

of

America,

4.05%,

12/15/2049(b)

100,000

79,413

3.05%,

10/1/2051

40,000

26,143

Smurfit

Kappa

Treasury

ULC

,

5.44%,

4/3/2034(b)

200,000

207,352

Sonoco

Products

Co.

,

2.25%,

2/1/2027

165,000

160,717

3.13%,

5/1/2030(b)

50,000

47,241

2.85%,

2/1/2032(b)

200,000

180,322

5.00%,

9/1/2034(b)

25,000

24,728

WRKCo,

Inc.

,

4.90%,

3/15/2029

250,000

254,745

2,036,321

Distributors

0

.0

%

†

Genuine

Parts

Co.

,

6.50%,

11/1/2028

25,000

26,545

4.95%,

8/15/2029(b)

25,000

25,441

6.88%,

11/1/2033

25,000

27,989

79,975

Diversified

Consumer

Services

0

.0

%

†

American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

26,848

California

Institute

of

Technology

,

3.65%,

9/1/2119

100,000

65,194

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

69,419

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

60,185

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

22,903

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

91,659

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

100,000

101,239

4.68%,

7/1/2114(b)

75,000

63,933

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

17,639

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

55,262

3.30%,

7/15/2056(b)

200,000

139,534

Trustees

of

Princeton

University

(The)

,

4.65%,

7/1/2030

5,000

5,104

Series

2020,

2.52%,

7/1/2050

84,000

53,054

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

28,667

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Consumer

Services

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051

200,000

132,421

4.98%,

10/1/2053

75,000

70,821

Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

37,073

1,040,955

Diversified

REITs

0

.2

%

American

Assets

Trust

LP

,

6.15%,

10/1/2034

25,000

25,442

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

85,000

74,429

5.00%,

11/1/2032

25,000

24,850

Digital

Realty

Trust

LP

,

3.70%,

8/15/2027

110,000

109,211

5.55%,

1/15/2028(b)

380,000

391,147

Equinix

Europe

2

Financing

Corp.

LLC

,

5.50%,

6/15/2034(b)

50,000

51,902

GLP

Capital

LP

,

5.30%,

1/15/2029(b)

500,000

509,144

3.25%,

1/15/2032

50,000

44,984

5.25%,

2/15/2033

25,000

25,041

5.63%,

9/15/2034

45,000

45,545

5.75%,

11/1/2037(b)

25,000

24,826

Rayonier

LP

,

2.75%,

5/17/2031

45,000

40,394

Safehold

GL

Holdings

LLC

,

5.65%,

1/15/2035

25,000

25,582

Simon

Property

Group

LP

,

1.38%,

1/15/2027

100,000

96,693

2.45%,

9/13/2029(b)

250,000

234,699

4.38%,

10/1/2030

25,000

25,057

2.65%,

2/1/2032

100,000

89,611

5.50%,

3/8/2033

100,000

105,535

4.75%,

9/26/2034(b)

35,000

34,787

5.13%,

10/1/2035(b)

50,000

50,583

4.25%,

11/30/2046(b)

350,000

296,600

3.25%,

9/13/2049(b)

132,000

92,579

5.85%,

3/8/2053(b)

100,000

103,743

VICI

Properties

LP

,

4.75%,

2/15/2028

85,000

85,715

4.95%,

2/15/2030

80,000

80,928

5.13%,

11/15/2031

145,000

147,120

5.13%,

5/15/2032

159,000

160,565

5.75%,

4/1/2034

50,000

51,921

5.63%,

4/1/2035(b)

30,000

30,717

5.63%,

5/15/2052(b)

30,000

28,604

6.13%,

4/1/2054(b)

50,000

50,667

WP

Carey,

Inc.

,

3.85%,

7/15/2029

120,000

118,110

4.65%,

7/15/2030

25,000

25,148

2.45%,

2/1/2032

70,000

61,411

5.38%,

6/30/2034

25,000

25,617

3,388,907

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

,

2.30%,

6/1/2027

300,000

291,135

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

AT&T,

Inc.,

1.65%,

2/1/2028(b)

200,000

189,342

4.35%,

3/1/2029

500,000

502,221

4.30%,

2/15/2030

300,000

300,653

4.70%,

8/15/2030(b)

100,000

101,702

2.75%,

6/1/2031(b)

300,000

274,954

2.25%,

2/1/2032

300,000

262,638

4.55%,

11/1/2032

50,000

49,778

2.55%,

12/1/2033

360,000

306,543

5.40%,

2/15/2034(b)

210,000

218,262

4.50%,

5/15/2035(b)

310,000

299,532

5.38%,

8/15/2035(b)

100,000

102,993

4.90%,

11/1/2035

100,000

99,219

4.85%,

3/1/2039(b)

150,000

143,902

3.50%,

6/1/2041

300,000

239,813

4.65%,

6/1/2044

150,000

132,305

5.55%,

11/1/2045

75,000

74,254

4.50%,

3/9/2048

300,000

254,289

3.65%,

6/1/2051

500,000

361,563

3.50%,

9/15/2053

590,000

408,105

5.70%,

11/1/2054

150,000

148,255

3.55%,

9/15/2055

775,000

534,067

6.05%,

8/15/2056(b)

140,000

145,113

3.80%,

12/1/2057

514,000

366,506

3.65%,

9/15/2059

579,000

395,865

Bell

Canada

,

5.10%,

5/11/2033(b)

60,000

61,059

Series

US-4,

3.65%,

3/17/2051(b)

175,000

126,759

3.65%,

8/15/2052

25,000

17,902

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

5.20%,

2/15/2034

50,000

50,618

4.46%,

4/1/2048(b)

108,000

90,238

5.55%,

2/15/2054(b)

50,000

48,851

British

Telecommunications

plc

,

9.62%,

12/15/2030(f)

250,000

307,818

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(f)

369,000

434,943

Orange

SA

,

9.00%,

3/1/2031(d)(f)

100,000

121,496

5.38%,

1/13/2042(b)

250,000

249,447

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

300,000

322,694

8.75%,

3/15/2032

200,000

243,657

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

200,000

225,640

5.21%,

3/8/2047

250,000

224,721

5.52%,

3/1/2049(b)

150,000

139,439

TELUS

Corp.

,

2.80%,

2/16/2027(b)

200,000

196,246

3.40%,

5/13/2032

60,000

55,257

Verizon

Communications,

Inc.

,

2.10%,

3/22/2028

125,000

119,230

4.33%,

9/21/2028

283,000

285,021

3.88%,

2/8/2029(b)

110,000

109,208

4.02%,

12/3/2029

400,000

397,216

3.15%,

3/22/2030

200,000

191,254

1.75%,

1/20/2031

500,000

437,436

2.55%,

3/21/2031

348,000

316,405

Corporate

Bonds

Principal

Amount

($)

Value

($)

Diversified

Telecommunication

Services

Verizon

Communications,

Inc.,

2.36%,

3/15/2032(b)

840,000

736,630

5.05%,

5/9/2033(b)

45,000

46,048

4.50%,

8/10/2033

250,000

246,383

4.78%,

2/15/2035(b)

300,000

295,114

5.25%,

4/2/2035

140,000

142,368

5.40%,

7/2/2037(c)

300,000

304,788

4.81%,

3/15/2039(b)

385,000

367,191

3.40%,

3/22/2041

530,000

418,757

2.85%,

9/3/2041

110,000

80,123

2.88%,

11/20/2050

500,000

319,123

3.55%,

3/22/2051(b)

370,000

271,284

3.88%,

3/1/2052(b)

90,000

69,083

5.50%,

2/23/2054(b)

25,000

24,624

2.99%,

10/30/2056

500,000

308,295

3.00%,

11/20/2060(b)

180,000

109,042

3.70%,

3/22/2061

350,000

246,538

14,960,955

Electric

Utilities

1

.8

%

AEP

Texas,

Inc.

,

5.45%,

5/15/2029(b)

25,000

25,937

4.70%,

5/15/2032(b)

70,000

69,819

5.70%,

5/15/2034

50,000

52,033

3.80%,

10/1/2047

100,000

74,943

5.25%,

5/15/2052(b)

20,000

18,440

5.85%,

10/15/2055

100,000

99,553

AEP

Transmission

Co.

LLC

,

5.38%,

6/15/2035

50,000

51,731

Series

N,

2.75%,

8/15/2051

50,000

31,732

Series

O,

4.50%,

6/15/2052

80,000

68,992

5.40%,

3/15/2053(b)

90,000

89,256

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

39,924

Series

C,

4.30%,

3/15/2031

25,000

24,973

3.94%,

9/1/2032

40,000

38,772

5.85%,

11/15/2033

25,000

26,822

5.10%,

4/2/2035(b)

35,000

35,767

4.15%,

8/15/2044

350,000

297,044

3.13%,

7/15/2051

80,000

54,146

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027(b)

100,000

103,241

Series

J,

4.30%,

12/1/2028

50,000

50,207

5.20%,

1/15/2029(b)

50,000

51,554

5.95%,

11/1/2032

100,000

107,206

5.63%,

3/1/2033(b)

24,000

25,229

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.68%),

6.95%,

12/15/2054(d)

100,000

108,225

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032(b)

30,000

29,685

5.65%,

4/1/2034(b)

25,000

26,103

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

46,943

2.20%,

12/15/2031

100,000

87,285

6.35%,

12/15/2032(b)

100,000

109,345

5.55%,

8/1/2033(b)

25,000

26,148

5.70%,

8/15/2034

25,000

26,194

4.35%,

11/15/2045

50,000

42,254

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Arizona

Public

Service

Co.,

3.50%,

12/1/2049

200,000

143,326

5.90%,

8/15/2055

45,000

46,080

Baltimore

Gas

and

Electric

Co.

,

2.25%,

6/15/2031(b)

80,000

71,619

5.30%,

6/1/2034

25,000

26,002

5.45%,

6/1/2035(b)

100,000

103,873

3.50%,

8/15/2046

100,000

75,524

3.20%,

9/15/2049

115,000

79,425

2.90%,

6/15/2050

60,000

39,052

4.55%,

6/1/2052(b)

30,000

25,998

5.40%,

6/1/2053(b)

25,000

24,540

5.65%,

6/1/2054(b)

25,000

25,523

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028(b)

105,000

108,328

4.80%,

3/15/2030

50,000

51,154

Series

ai.,

4.45%,

10/1/2032

40,000

39,772

Series

AQ,

4.95%,

8/15/2035

100,000

99,638

4.50%,

4/1/2044

250,000

222,627

Series

AD,

2.90%,

7/1/2050

60,000

39,296

Series

AF,

3.35%,

4/1/2051

60,000

42,649

Series

AJ,

4.85%,

10/1/2052(b)

40,000

36,371

Commonwealth

Edison

Co.

,

5.30%,

6/1/2034(b)

25,000

26,094

4.35%,

11/15/2045

200,000

172,106

3.65%,

6/15/2046

250,000

193,571

4.00%,

3/1/2048(b)

350,000

281,519

Series

127,

3.20%,

11/15/2049

155,000

107,048

Series

131,

2.75%,

9/1/2051

200,000

124,316

5.95%,

6/1/2055

60,000

63,779

Connecticut

Light

and

Power

Co.

(The)

,

4.65%,

1/1/2029

25,000

25,454

Series

A,

2.05%,

7/1/2031(b)

100,000

88,330

4.90%,

7/1/2033

25,000

25,323

4.95%,

8/15/2034

25,000

25,300

5.25%,

1/15/2053

100,000

96,374

Dayton

Power

&

Light

Co.

(The)

,

4.55%,

8/15/2030(c)

25,000

24,930

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031(b)

50,000

44,251

6.05%,

1/15/2038

150,000

161,645

5.10%,

6/1/2065

100,000

91,084

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

40,000

36,987

5.20%,

4/1/2033

40,000

41,542

5.20%,

3/1/2034

50,000

51,748

5.25%,

5/15/2035(b)

50,000

51,445

4.30%,

7/1/2044

500,000

430,944

Series

B,

3.65%,

3/1/2052

25,000

18,695

5.40%,

4/1/2053(b)

40,000

39,651

Duke

Energy

Carolinas

LLC

,

2.95%,

12/1/2026(b)

500,000

494,614

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Duke

Energy

Carolinas

LLC,

2.45%,

2/1/2030

100,000

93,215

2.85%,

3/15/2032

70,000

63,805

4.95%,

1/15/2033(b)

80,000

82,248

4.85%,

1/15/2034(b)

25,000

25,310

5.25%,

3/15/2035

25,000

25,870

6.10%,

6/1/2037

50,000

53,727

6.00%,

1/15/2038

400,000

432,751

3.20%,

8/15/2049

50,000

34,933

3.55%,

3/15/2052(b)

35,000

25,765

5.35%,

1/15/2053(b)

100,000

98,080

5.40%,

1/15/2054(b)

84,000

83,288

Duke

Energy

Corp.

,

4.85%,

1/5/2027

25,000

25,243

5.00%,

12/8/2027

85,000

86,561

4.30%,

3/15/2028

80,000

80,372

4.85%,

1/5/2029

25,000

25,474

2.45%,

6/1/2030

70,000

64,424

2.55%,

6/15/2031(b)

150,000

135,607

4.50%,

8/15/2032(b)

90,000

89,433

5.75%,

9/15/2033

75,000

79,662

5.45%,

6/15/2034(b)

125,000

130,018

4.95%,

9/15/2035

35,000

34,770

3.75%,

9/1/2046

144,000

110,391

3.50%,

6/15/2051(b)

200,000

140,926

5.00%,

8/15/2052(b)

90,000

81,023

6.10%,

9/15/2053(b)

75,000

78,942

5.80%,

6/15/2054(b)

25,000

25,257

5.70%,

9/15/2055(b)

100,000

99,637

Duke

Energy

Florida

LLC

,

3.20%,

1/15/2027

250,000

247,815

2.50%,

12/1/2029(b)

70,000

65,762

2.40%,

12/15/2031(b)

95,000

85,395

5.65%,

4/1/2040

300,000

313,012

3.40%,

10/1/2046

500,000

370,148

3.00%,

12/15/2051

45,000

29,436

6.20%,

11/15/2053

25,000

27,321

Duke

Energy

Indiana

LLC

,

5.25%,

3/1/2034

25,000

25,794

6.35%,

8/15/2038

250,000

277,762

5.40%,

4/1/2053

40,000

39,141

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

141,542

5.25%,

4/1/2033(b)

25,000

25,892

5.30%,

6/15/2035

25,000

25,780

5.55%,

3/15/2054(b)

25,000

24,973

Duke

Energy

Progress

LLC

,

3.40%,

4/1/2032

50,000

47,208

5.25%,

3/15/2033

30,000

31,217

5.10%,

3/15/2034(b)

25,000

25,724

5.05%,

3/15/2035

25,000

25,403

4.15%,

12/1/2044

100,000

84,878

4.20%,

8/15/2045

250,000

211,902

5.35%,

3/15/2053

50,000

48,713

5.55%,

3/15/2055

25,000

25,100

Edison

International

,

4.13%,

3/15/2028(b)

500,000

490,824

5.25%,

11/15/2028

25,000

25,201

5.45%,

6/15/2029

50,000

50,387

Emera

US

Finance

LP

,

4.75%,

6/15/2046

200,000

172,573

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Enel

Chile

SA

,

4.88%,

6/12/2028

71,000

72,139

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033(b)

100,000

103,405

5.30%,

9/15/2033

40,000

41,469

5.45%,

6/1/2034

50,000

52,265

5.75%,

6/1/2054

25,000

25,594

Entergy

Corp.

,

1.90%,

6/15/2028

500,000

471,435

2.80%,

6/15/2030(b)

80,000

74,649

3.75%,

6/15/2050(b)

35,000

25,777

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.67%),

7.13%,

12/1/2054(b)(d)

88,000

91,951

Entergy

Louisiana

LLC

,

5.35%,

3/15/2034

25,000

25,941

5.15%,

9/15/2034(b)

50,000

51,053

4.75%,

9/15/2052(b)

200,000

177,926

5.70%,

3/15/2054

25,000

25,228

5.80%,

3/15/2055

25,000

25,597

Entergy

Mississippi

LLC

,

5.00%,

9/1/2033

20,000

20,357

5.85%,

6/1/2054

25,000

25,593

5.80%,

4/15/2055(b)

25,000

25,611

Entergy

Texas,

Inc.

,

4.00%,

3/30/2029

50,000

49,709

1.75%,

3/15/2031(b)

400,000

349,573

5.25%,

4/15/2035

50,000

51,243

3.55%,

9/30/2049

200,000

145,216

5.00%,

9/15/2052

20,000

18,051

5.80%,

9/1/2053

25,000

25,354

5.55%,

9/15/2054

25,000

24,559

Evergy

Kansas

Central,

Inc.

,

5.90%,

11/15/2033

25,000

26,904

5.25%,

3/15/2035

25,000

25,460

4.10%,

4/1/2043

200,000

167,949

5.70%,

3/15/2053

20,000

20,190

Evergy

Metro,

Inc.

,

4.95%,

4/15/2033

30,000

30,460

5.40%,

4/1/2034(b)

25,000

26,000

5.13%,

8/15/2035

25,000

25,266

Evergy,

Inc.

,

2.90%,

9/15/2029

250,000

237,110

Eversource

Energy

,

5.00%,

1/1/2027

25,000

25,244

2.90%,

3/1/2027

50,000

49,105

4.60%,

7/1/2027

35,000

35,198

5.45%,

3/1/2028

95,000

97,581

5.95%,

2/1/2029(b)

50,000

52,352

Series

O,

4.25%,

4/1/2029(b)

400,000

398,821

Series

R,

1.65%,

8/15/2030

100,000

87,792

5.85%,

4/15/2031(b)

50,000

52,969

3.38%,

3/1/2032(b)

50,000

46,238

5.13%,

5/15/2033(b)

40,000

40,557

5.50%,

1/1/2034(b)

50,000

51,631

5.95%,

7/15/2034

50,000

53,040

3.45%,

1/15/2050

100,000

71,582

Exelon

Corp.

,

5.15%,

3/15/2028

30,000

30,684

4.05%,

4/15/2030(b)

300,000

296,752

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Exelon

Corp.,

5.13%,

3/15/2031

50,000

51,552

5.30%,

3/15/2033(b)

60,000

62,164

5.45%,

3/15/2034

35,000

36,326

5.63%,

6/15/2035

300,000

312,793

4.10%,

3/15/2052(b)

35,000

27,368

5.60%,

3/15/2053

90,000

87,983

5.88%,

3/15/2055

50,000

50,868

FirstEnergy

Corp.

,

Series

B,

3.90%,

7/15/2027(f)

106,000

105,350

2.65%,

3/1/2030(b)

80,000

74,224

Series

C,

4.85%,

7/15/2047(f)

100,000

88,516

Series

C,

3.40%,

3/1/2050(b)

100,000

69,814

FirstEnergy

Transmission

LLC

,

4.75%,

1/15/2033(c)

25,000

24,951

Florida

Power

&

Light

Co.

,

5.05%,

4/1/2028

35,000

35,915

4.40%,

5/15/2028

35,000

35,394

5.15%,

6/15/2029

50,000

51,886

4.63%,

5/15/2030

35,000

35,645

2.45%,

2/3/2032(b)

148,000

132,911

5.10%,

4/1/2033(b)

60,000

62,080

4.80%,

5/15/2033(b)

25,000

25,431

5.63%,

4/1/2034(b)

100,000

106,717

5.30%,

6/15/2034

75,000

78,237

5.65%,

2/1/2037

450,000

477,877

3.95%,

3/1/2048(b)

500,000

407,934

2.88%,

12/4/2051

10,000

6,462

5.30%,

4/1/2053(b)

40,000

39,266

5.60%,

6/15/2054(b)

45,000

46,007

5.70%,

3/15/2055

30,000

31,097

Fortis,

Inc.

,

3.06%,

10/4/2026

92,000

90,941

Georgia

Power

Co.

,

4.65%,

5/16/2028(b)

100,000

101,482

4.00%,

10/1/2028(b)

50,000

49,999

4.55%,

3/15/2030

50,000

50,774

4.85%,

3/15/2031

100,000

102,679

4.70%,

5/15/2032

60,000

60,724

4.95%,

5/17/2033(b)

100,000

102,009

5.25%,

3/15/2034(b)

50,000

51,577

5.20%,

3/15/2035

50,000

51,237

4.30%,

3/15/2042(b)

500,000

441,349

5.13%,

5/15/2052(b)

225,000

214,573

5.50%,

10/1/2055

75,000

74,773

Idaho

Power

Co.

,

5.20%,

8/15/2034

25,000

25,799

5.50%,

3/15/2053

20,000

19,799

5.80%,

4/1/2054

25,000

25,662

5.70%,

3/15/2055

35,000

35,569

Indiana

Michigan

Power

Co.

,

6.05%,

3/15/2037

50,000

54,234

Series

K,

4.55%,

3/15/2046

100,000

87,471

5.63%,

4/1/2053

30,000

30,099

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029

200,000

195,940

5.70%,

10/15/2033

25,000

26,215

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Interstate

Power

and

Light

Co.,

5.60%,

6/29/2035(b)

50,000

51,947

3.70%,

9/15/2046

100,000

75,972

3.10%,

11/30/2051

70,000

45,821

5.60%,

10/1/2055

50,000

49,188

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034

75,000

76,704

Jersey

Central

Power

&

Light

Co.

,

4.15%,

1/15/2029(c)

25,000

24,968

4.40%,

1/15/2031(b)(c)

25,000

24,912

5.15%,

1/15/2036(c)

25,000

25,281

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033

20,000

20,909

5.85%,

8/15/2055

50,000

51,374

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049(b)

450,000

369,234

5.85%,

8/15/2055

60,000

61,675

MidAmerican

Energy

Co.

,

5.35%,

1/15/2034

25,000

26,109

5.80%,

10/15/2036

550,000

592,281

2.70%,

8/1/2052

100,000

62,864

5.85%,

9/15/2054(b)

120,000

126,347

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

100,000

67,454

Nevada

Power

Co.

,

Series

DD,

2.40%,

5/1/2030

100,000

92,585

Series

EE,

3.13%,

8/1/2050

100,000

65,989

Series

GG,

5.90%,

5/1/2053

30,000

30,518

6.00%,

3/15/2054

50,000

52,013

NextEra

Energy

Capital

Holdings,

Inc.

,

1.88%,

1/15/2027

270,000

262,564

4.63%,

7/15/2027(b)

150,000

151,470

4.69%,

9/1/2027

45,000

45,489

4.85%,

2/4/2028

40,000

40,705

4.90%,

2/28/2028

100,000

101,749

1.90%,

6/15/2028(b)

125,000

118,161

4.90%,

3/15/2029(b)

100,000

102,281

2.75%,

11/1/2029(b)

245,000

231,580

5.00%,

2/28/2030

100,000

103,095

5.05%,

3/15/2030(b)

50,000

51,483

2.25%,

6/1/2030(b)

300,000

273,907

2.44%,

1/15/2032(b)

145,000

128,123

5.30%,

3/15/2032(b)

45,000

46,731

5.00%,

7/15/2032

105,000

107,359

5.05%,

2/28/2033(b)

100,000

102,142

5.25%,

3/15/2034(b)

90,000

92,427

5.45%,

3/15/2035(b)

250,000

258,573

3.00%,

1/15/2052

85,000

54,599

5.25%,

2/28/2053(b)

100,000

94,301

5.55%,

3/15/2054

50,000

48,937

5.90%,

3/15/2055(b)

40,000

41,224

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

6.38%,

8/15/2055(d)

130,000

134,987

Northern

States

Power

Co.

,

5.05%,

5/15/2035(b)

75,000

76,493

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Northern

States

Power

Co.,

4.00%,

8/15/2045

165,000

136,679

2.60%,

6/1/2051

48,000

29,998

4.50%,

6/1/2052

25,000

21,649

5.10%,

5/15/2053(b)

40,000

38,019

5.40%,

3/15/2054(b)

30,000

29,742

5.65%,

6/15/2054(b)

25,000

25,790

NSTAR

Electric

Co.

,

4.85%,

3/1/2030(b)

25,000

25,610

3.95%,

4/1/2030

200,000

198,260

5.40%,

6/1/2034(b)

175,000

182,171

5.20%,

3/1/2035

25,000

25,476

OGE

Energy

Corp.

,

5.45%,

5/15/2029

25,000

25,968

Ohio

Power

Co.

,

5.65%,

6/1/2034(b)

25,000

26,139

Series

R,

2.90%,

10/1/2051

90,000

56,001

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

150,000

156,863

5.60%,

4/1/2053(b)

125,000

124,822

Oncor

Electric

Delivery

Co.

LLC

,

4.50%,

3/20/2027(c)

50,000

50,341

4.65%,

11/1/2029

50,000

50,796

4.55%,

9/15/2032

40,000

39,938

5.65%,

11/15/2033(b)

55,000

58,539

5.35%,

4/1/2035(b)(c)

40,000

41,372

4.55%,

12/1/2041

150,000

136,264

5.30%,

6/1/2042

150,000

148,001

3.10%,

9/15/2049

50,000

33,837

2.70%,

11/15/2051

105,000

64,477

4.60%,

6/1/2052

90,000

76,857

4.95%,

9/15/2052

100,000

91,099

5.55%,

6/15/2054

50,000

49,763

5.80%,

4/1/2055(b)(c)

50,000

51,425

Pacific

Gas

and

Electric

Co.

,

5.45%,

6/15/2027(b)

100,000

101,672

5.00%,

6/4/2028(b)

50,000

50,696

3.75%,

7/1/2028(b)

150,000

147,313

6.10%,

1/15/2029

30,000

31,383

4.20%,

3/1/2029

200,000

198,180

5.55%,

5/15/2029

50,000

51,467

4.55%,

7/1/2030(b)

250,000

248,264

2.50%,

2/1/2031(b)

150,000

133,635

3.25%,

6/1/2031

200,000

183,909

5.90%,

6/15/2032(b)

100,000

104,547

5.05%,

10/15/2032

25,000

24,953

6.15%,

1/15/2033(b)

115,000

121,715

6.40%,

6/15/2033(b)

40,000

42,998

6.95%,

3/15/2034

75,000

83,189

5.80%,

5/15/2034(b)

50,000

51,808

5.70%,

3/1/2035

50,000

51,216

6.00%,

8/15/2035

50,000

52,329

4.50%,

7/1/2040

100,000

86,977

4.20%,

6/1/2041(b)

250,000

204,717

4.95%,

7/1/2050

250,000

214,572

3.50%,

8/1/2050

190,000

129,619

5.25%,

3/1/2052

200,000

177,821

6.75%,

1/15/2053(b)

135,000

145,455

6.70%,

4/1/2053

30,000

32,080

5.90%,

10/1/2054(b)

100,000

97,410

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Pacific

Gas

and

Electric

Co.,

6.15%,

3/1/2055(b)

50,000

50,285

6.10%,

10/15/2055

50,000

49,930

PacifiCorp

,

5.10%,

2/15/2029(b)

50,000

51,264

5.30%,

2/15/2031(b)

50,000

51,835

5.45%,

2/15/2034(b)

50,000

51,216

5.25%,

6/15/2035

177,000

179,512

2.90%,

6/15/2052

550,000

335,404

5.35%,

12/1/2053

100,000

92,205

5.50%,

5/15/2054(b)

65,000

61,385

5.80%,

1/15/2055

100,000

98,012

PECO

Energy

Co.

,

4.90%,

6/15/2033

44,000

44,935

4.88%,

9/15/2035

50,000

50,259

3.70%,

9/15/2047

250,000

194,578

4.60%,

5/15/2052

30,000

26,528

4.38%,

8/15/2052

30,000

25,363

5.65%,

9/15/2055

70,000

71,526

PG&E

Recovery

Funding

LLC

,

Series

A-3,

5.53%,

6/1/2049

200,000

198,210

PG&E

Wildfire

Recovery

Funding

LLC

,

Series

A-2,

4.26%,

6/1/2036

1,000,000

954,435

Series

A-3,

4.38%,

6/1/2039

250,000

235,583

Pinnacle

West

Capital

Corp.

,

4.90%,

5/15/2028

50,000

50,795

Potomac

Electric

Power

Co.

,

5.20%,

3/15/2034

25,000

25,744

5.50%,

3/15/2054

25,000

24,851

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033(b)

100,000

102,914

4.85%,

2/15/2034(b)

25,000

25,286

5.25%,

5/15/2053

100,000

97,485

5.55%,

8/15/2055

100,000

100,817

Progress

Energy,

Inc.

,

7.75%,

3/1/2031

136,000

156,751

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031(b)

200,000

176,213

Series

38,

4.10%,

6/1/2032

30,000

29,412

5.35%,

5/15/2034

50,000

51,643

5.15%,

9/15/2035

25,000

25,320

4.30%,

3/15/2044

250,000

211,090

Series

34,

3.20%,

3/1/2050

200,000

137,544

Series

36,

2.70%,

1/15/2051

200,000

123,192

Series

39,

4.50%,

6/1/2052

30,000

25,251

5.25%,

4/1/2053

80,000

75,750

5.75%,

5/15/2054(b)

25,000

25,480

5.85%,

5/15/2055

75,000

77,180

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028(b)

25,000

25,244

5.35%,

10/1/2033

75,000

78,479

5.15%,

1/15/2053

45,000

42,729

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031

100,000

88,053

5.25%,

1/15/2033(b)

100,000

102,846

5.20%,

1/15/2035

50,000

50,617

5.45%,

1/15/2036

75,000

76,610

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Public

Service

Co.

of

Oklahoma,

Series

K,

3.15%,

8/15/2051

50,000

32,623

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031(b)

165,000

144,708

4.90%,

12/15/2032

100,000

102,276

4.65%,

3/15/2033

30,000

30,158

5.20%,

3/1/2034

50,000

51,760

4.85%,

8/1/2034

25,000

25,232

4.90%,

8/15/2035

25,000

25,194

3.95%,

5/1/2042

400,000

336,259

3.20%,

8/1/2049

250,000

175,821

5.45%,

3/1/2054(b)

50,000

49,912

5.30%,

8/1/2054

25,000

24,481

Sierra

Pacific

Power

Co.

,

5.90%,

3/15/2054

50,000

50,912

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

6.20%,

12/15/2055(b)(d)

25,000

25,022

Southern

California

Edison

Co.

,

4.88%,

2/1/2027

50,000

50,288

Series

D,

4.70%,

6/1/2027

75,000

75,268

5.85%,

11/1/2027

35,000

35,911

5.15%,

6/1/2029

50,000

50,863

5.25%,

3/15/2030

50,000

50,984

Series

G,

2.50%,

6/1/2031

100,000

88,669

5.45%,

6/1/2031

45,000

46,313

2.75%,

2/1/2032

100,000

87,930

5.95%,

11/1/2032

25,000

26,347

6.00%,

1/15/2034

177,000

185,329

5.20%,

6/1/2034

50,000

49,701

5.45%,

3/1/2035

25,000

25,302

Series

08-A,

5.95%,

2/1/2038

50,000

50,981

4.00%,

4/1/2047

200,000

151,304

Series

C,

4.13%,

3/1/2048

200,000

152,812

Series

B,

4.88%,

3/1/2049

300,000

253,635

3.65%,

2/1/2050

300,000

209,666

Series

H,

3.65%,

6/1/2051

30,000

20,734

Series

E,

5.45%,

6/1/2052

40,000

36,314

5.88%,

12/1/2053

40,000

38,631

5.75%,

4/15/2054

50,000

47,201

6.20%,

9/15/2055

50,000

50,406

Southern

Co.

(The)

,

4.85%,

6/15/2028

40,000

40,731

5.50%,

3/15/2029(b)

50,000

51,989

5.20%,

6/15/2033

40,000

41,122

5.70%,

3/15/2034(b)

150,000

158,423

4.85%,

3/15/2035

50,000

49,487

4.40%,

7/1/2046

200,000

170,460

Southwestern

Electric

Power

Co.

,

Series

K,

2.75%,

10/1/2026

200,000

197,278

5.30%,

4/1/2033

25,000

25,553

Series

L,

3.85%,

2/1/2048

300,000

225,408

3.25%,

11/1/2051

100,000

66,626

Southwestern

Public

Service

Co.

,

5.30%,

5/15/2035

50,000

51,045

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Southwestern

Public

Service

Co.,

6.00%,

6/1/2054

25,000

26,035

System

Energy

Resources,

Inc.

,

5.30%,

12/15/2034

25,000

25,164

Tampa

Electric

Co.

,

4.90%,

3/1/2029(b)

35,000

35,786

5.15%,

3/1/2035

25,000

25,345

4.10%,

6/15/2042

100,000

85,113

3.63%,

6/15/2050(b)

40,000

29,422

5.00%,

7/15/2052

35,000

31,838

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

18,447

5.20%,

9/15/2034

25,000

25,437

5.50%,

4/15/2053

100,000

97,700

5.90%,

4/15/2055

25,000

25,523

Union

Electric

Co.

,

2.15%,

3/15/2032

100,000

87,134

5.20%,

4/1/2034

50,000

51,513

5.25%,

4/15/2035

50,000

51,531

3.65%,

4/15/2045

250,000

195,230

5.45%,

3/15/2053(b)

100,000

97,956

5.25%,

1/15/2054

25,000

23,898

5.13%,

3/15/2055

25,000

23,613

Virginia

Electric

and

Power

Co.

,

2.30%,

11/15/2031

50,000

44,188

5.00%,

4/1/2033(b)

40,000

40,708

5.30%,

8/15/2033(b)

50,000

51,856

5.00%,

1/15/2034(b)

25,000

25,281

5.05%,

8/15/2034(b)

250,000

253,408

5.15%,

3/15/2035(b)

25,000

25,457

Series

C,

4.90%,

9/15/2035

50,000

49,738

Series

B,

4.20%,

5/15/2045

200,000

167,175

2.95%,

11/15/2051

50,000

31,976

Series

C,

4.63%,

5/15/2052

40,000

34,561

5.45%,

4/1/2053

90,000

87,871

5.70%,

8/15/2053(b)

50,000

50,567

5.35%,

1/15/2054

25,000

24,024

5.55%,

8/15/2054(b)

180,000

178,373

5.65%,

3/15/2055

25,000

25,146

Series

D,

5.60%,

9/15/2055(b)

80,000

79,685

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028(b)

245,000

231,075

5.00%,

5/15/2029

25,000

25,749

4.15%,

10/15/2030

45,000

44,810

4.75%,

9/30/2032

25,000

25,621

5.63%,

5/15/2033

59,000

63,240

4.60%,

10/1/2034

25,000

24,858

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

95,984

Xcel

Energy,

Inc.

,

4.75%,

3/21/2028

25,000

25,308

3.40%,

6/1/2030(b)

150,000

143,785

4.60%,

6/1/2032(b)

60,000

59,528

5.45%,

8/15/2033

100,000

103,455

5.50%,

3/15/2034

50,000

51,596

5.60%,

4/15/2035(b)

25,000

25,916

Corporate

Bonds

Principal

Amount

($)

Value

($)

Electric

Utilities

Xcel

Energy,

Inc.,

6.50%,

7/1/2036

177,000

195,402

41,045,140

Electrical

Equipment

0

.1

%

Eaton

Corp.

,

3.10%,

9/15/2027(b)

500,000

493,459

4.15%,

3/15/2033

126,000

124,061

4.15%,

11/2/2042

100,000

88,372

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

188,160

1.95%,

10/15/2030

100,000

90,068

2.20%,

12/21/2031

100,000

88,662

5.00%,

3/15/2035(b)

25,000

25,630

2.80%,

12/21/2051

45,000

28,907

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028(b)

20,000

20,689

6.40%,

4/15/2033(b)

120,000

128,825

Rockwell

Automation,

Inc.

,

1.75%,

8/15/2031(b)

50,000

43,523

2.80%,

8/15/2061

60,000

35,703

1,356,059

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032

30,000

31,324

5.60%,

5/29/2034

25,000

26,093

Amphenol

Corp.

,

5.05%,

4/5/2027(b)

25,000

25,395

4.38%,

6/12/2028

25,000

25,226

5.05%,

4/5/2029(b)

25,000

25,795

2.80%,

2/15/2030

250,000

236,544

2.20%,

9/15/2031

74,000

65,670

5.00%,

1/15/2035(b)

25,000

25,508

Arrow

Electronics,

Inc.

,

5.15%,

8/21/2029(b)

25,000

25,593

2.95%,

2/15/2032(b)

160,000

142,796

5.88%,

4/10/2034(b)

25,000

26,202

Avnet,

Inc.

,

6.25%,

3/15/2028(b)

30,000

31,219

3.00%,

5/15/2031(b)

100,000

90,521

5.50%,

6/1/2032

20,000

20,377

CDW

LLC

,

2.67%,

12/1/2026(b)

150,000

147,154

3.28%,

12/1/2028

150,000

144,893

3.57%,

12/1/2031(b)

150,000

140,037

Corning,

Inc.

,

4.38%,

11/15/2057(b)

380,000

314,774

Flex

Ltd.

,

6.00%,

1/15/2028

20,000

20,662

5.25%,

1/15/2032(b)

50,000

51,262

Jabil,

Inc.

,

4.25%,

5/15/2027

30,000

30,002

3.00%,

1/15/2031(b)

270,000

248,650

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029(b)

75,000

71,317

TD

SYNNEX

Corp.

,

6.10%,

4/12/2034(b)

50,000

53,156

Teledyne

Technologies,

Inc.

,

2.75%,

4/1/2031

110,000

101,043

2,121,213

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Energy

Equipment

&

Services

0

.1

%

Baker

Hughes

Holdings

LLC

,

2.06%,

12/15/2026(b)

345,000

336,773

3.34%,

12/15/2027

285,000

280,953

3.14%,

11/7/2029(b)

85,000

81,766

5.13%,

9/15/2040

200,000

196,172

Halliburton

Co.

,

6.70%,

9/15/2038(b)

300,000

335,935

5.00%,

11/15/2045(b)

300,000

272,770

NOV,

Inc.

,

3.95%,

12/1/2042(b)

90,000

69,986

Schlumberger

Investment

SA

,

2.65%,

6/26/2030(b)

300,000

279,795

1,854,150

Entertainment

0

.1

%

Electronic

Arts,

Inc.

,

2.95%,

2/15/2051(b)

72,000

62,441

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

104,903

Netflix,

Inc.

,

4.88%,

4/15/2028(b)

300,000

306,591

5.88%,

11/15/2028(b)

400,000

421,797

4.90%,

8/15/2034(b)

106,000

109,345

Take-Two

Interactive

Software,

Inc.

,

3.70%,

4/14/2027(b)

45,000

44,642

4.95%,

3/28/2028

80,000

81,442

5.40%,

6/12/2029(b)

25,000

25,884

4.00%,

4/14/2032(b)

55,000

52,924

5.60%,

6/12/2034

25,000

26,106

TWDC

Enterprises

18

Corp.

,

3.00%,

7/30/2046

150,000

104,664

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029(b)

300,000

278,250

2.65%,

1/13/2031(b)

200,000

186,077

6.55%,

3/15/2033(b)

300,000

340,855

6.20%,

12/15/2034(b)

145,000

163,599

6.65%,

11/15/2037(b)

150,000

173,276

3.50%,

5/13/2040(b)

100,000

83,804

5.40%,

10/1/2043(b)

200,000

203,021

2.75%,

9/1/2049

300,000

193,399

4.70%,

3/23/2050(b)

200,000

182,493

3.60%,

1/13/2051(b)

100,000

75,647

3.80%,

5/13/2060(b)

130,000

97,215

3,318,375

Financial

Services

0

.4

%

Apollo

Global

Management,

Inc.

,

6.38%,

11/15/2033

25,000

27,594

5.15%,

8/12/2035(b)

25,000

25,125

5.80%,

5/21/2054(b)

50,000

50,669

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043(b)

250,000

237,409

Block

Financial

LLC

,

2.50%,

7/15/2028

105,000

99,599

5.38%,

9/15/2032

25,000

25,201

Corebridge

Financial,

Inc.

,

3.65%,

4/5/2027

50,000

49,571

3.85%,

4/5/2029(b)

50,000

49,231

3.90%,

4/5/2032

150,000

143,220

6.05%,

9/15/2033(b)

50,000

53,353

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Corebridge

Financial,

Inc.,

5.75%,

1/15/2034(b)

25,000

26,297

4.35%,

4/5/2042

50,000

43,161

4.40%,

4/5/2052(b)

210,000

173,480

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.85%),

6.88%,

12/15/2052(b)(d)

76,000

77,936

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029

50,000

52,282

Equitable

Holdings,

Inc.

,

4.35%,

4/20/2028(b)

433,000

434,486

5.59%,

1/11/2033

150,000

157,801

Essent

Group

Ltd.

,

6.25%,

7/1/2029

25,000

26,188

Fidelity

National

Information

Services,

Inc.

,

1.65%,

3/1/2028(b)

110,000

103,669

2.25%,

3/1/2031(b)

86,000

76,459

3.10%,

3/1/2041(b)

75,000

56,623

Fiserv,

Inc.

,

5.15%,

3/15/2027(b)

50,000

50,652

2.25%,

6/1/2027(b)

400,000

388,534

5.45%,

3/2/2028

60,000

61,685

5.38%,

8/21/2028

50,000

51,556

3.50%,

7/1/2029(b)

300,000

291,582

4.75%,

3/15/2030

50,000

50,724

2.65%,

6/1/2030(b)

215,000

199,066

4.55%,

2/15/2031(b)

30,000

30,111

5.35%,

3/15/2031

50,000

51,996

5.60%,

3/2/2033(b)

40,000

41,912

5.63%,

8/21/2033

50,000

52,493

5.45%,

3/15/2034(b)

50,000

51,671

5.15%,

8/12/2034(b)

50,000

50,598

5.25%,

8/11/2035

50,000

50,532

4.40%,

7/1/2049(b)

200,000

164,900

Global

Payments,

Inc.

,

2.15%,

1/15/2027

90,000

87,694

4.45%,

6/1/2028(b)

300,000

300,484

3.20%,

8/15/2029

150,000

142,453

5.30%,

8/15/2029(b)

45,000

46,019

2.90%,

5/15/2030(b)

78,000

72,188

2.90%,

11/15/2031

155,000

138,994

5.95%,

8/15/2052(b)

30,000

29,438

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.15%,

1/15/2031(b)

25,000

25,682

6.38%,

7/1/2034(b)

50,000

50,886

6.75%,

7/15/2035

25,000

25,771

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

200,000

180,584

Mastercard,

Inc.

,

3.30%,

3/26/2027(b)

60,000

59,534

4.10%,

1/15/2028

40,000

40,212

4.88%,

3/9/2028

40,000

40,922

2.95%,

6/1/2029

200,000

193,260

3.35%,

3/26/2030(b)

220,000

214,106

2.00%,

11/18/2031(b)

300,000

264,836

4.35%,

1/15/2032

50,000

50,225

4.95%,

3/15/2032

50,000

51,791

4.85%,

3/9/2033

50,000

51,341

4.88%,

5/9/2034(b)

50,000

51,183

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

Corporate

Bonds

Principal

Amount

($)

Value

($)

Financial

Services

Mastercard,

Inc.,

4.55%,

1/15/2035(b)

45,000

44,902

3.80%,

11/21/2046

100,000

81,120

3.85%,

3/26/2050(b)

162,000

129,812

National

Rural

Utilities

Cooperative

Finance

Corp.

,

5.60%,

11/13/2026

25,000

25,407

4.80%,

2/5/2027

25,000

25,242

5.10%,

5/6/2027

25,000

25,407

4.80%,

3/15/2028

125,000

127,314

Series

D,

4.15%,

8/25/2028

50,000

50,135

5.05%,

9/15/2028

25,000

25,659

4.85%,

2/7/2029

25,000

25,571

3.70%,

3/15/2029

100,000

98,580

5.15%,

6/15/2029

50,000

51,789

2.40%,

3/15/2030(b)

185,000

171,891

5.00%,

2/7/2031

25,000

25,756

Series

C,

8.00%,

3/1/2032(b)

159,000

188,630

2.75%,

4/15/2032(b)

50,000

45,125

4.15%,

12/15/2032

30,000

29,256

5.80%,

1/15/2033(b)

50,000

53,641

5.00%,

8/15/2034

25,000

25,479

NMI

Holdings,

Inc.

,

6.00%,

8/15/2029(b)

25,000

25,838

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

40,693

4.65%,

9/10/2029

25,000

25,302

4.45%,

9/9/2030

25,000

24,958

4.00%,

4/13/2032

50,000

48,419

5.20%,

9/13/2032

40,000

41,358

5.40%,

2/25/2035(b)

50,000

51,584

PayPal

Holdings,

Inc.

,

2.85%,

10/1/2029(b)

170,000

162,071

2.30%,

6/1/2030(b)

100,000

92,055

4.40%,

6/1/2032(b)

60,000

60,043

5.15%,

6/1/2034(b)

50,000

51,554

5.10%,

4/1/2035

25,000

25,569

3.25%,

6/1/2050(b)

120,000

84,396

5.05%,

6/1/2052(b)

60,000

56,321

5.50%,

6/1/2054

50,000

50,162

5.25%,

6/1/2062(b)

60,000

57,190

Radian

Group,

Inc.

,

6.20%,

5/15/2029(b)

50,000

52,220

Shell

International

Finance

BV

,

6.38%,

12/15/2038

250,000

282,861

2.88%,

11/26/2041(b)

50,000

37,067

3.00%,

11/26/2051

100,000

66,487

Visa,

Inc.

,

2.05%,

4/15/2030(b)

160,000

147,155

1.10%,

2/15/2031(b)

300,000

258,506

4.30%,

12/14/2045

300,000

264,836

2.00%,

8/15/2050

300,000

166,660

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

150,000

156,636

Woodside

Finance

Ltd.

,

5.10%,

9/12/2034

75,000

74,427

6.00%,

5/19/2035

100,000

104,381

5.70%,

9/12/2054(b)

75,000

71,734

9,526,168

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

0

.4

%

Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032(b)

20,000

18,266

4.02%,

4/16/2043

172,000

145,288

2.70%,

9/15/2051

80,000

49,830

Bunge

Ltd.

Finance

Corp.

,

4.10%,

1/7/2028(b)

25,000

25,034

4.20%,

9/17/2029(b)

25,000

24,914

4.55%,

8/4/2030(b)

25,000

25,159

2.75%,

5/14/2031(b)

100,000

91,681

4.65%,

9/17/2034(b)

125,000

122,537

5.15%,

8/4/2035(b)

25,000

25,295

Campbell's

Co.

(The)

,

5.20%,

3/19/2027

50,000

50,772

4.15%,

3/15/2028(b)

250,000

249,711

5.20%,

3/21/2029

50,000

51,342

5.40%,

3/21/2034(b)

50,000

51,227

4.75%,

3/23/2035(b)

50,000

48,489

5.25%,

10/13/2054

25,000

23,146

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026(b)

50,000

50,509

7.00%,

10/1/2028(b)

221,000

236,434

5.00%,

8/1/2030(b)

50,000

50,496

5.75%,

8/1/2035

50,000

50,899

5.30%,

11/1/2038(b)

100,000

96,007

5.40%,

11/1/2048(b)

50,000

45,668

General

Mills,

Inc.

,

4.70%,

1/30/2027(b)

50,000

50,385

4.20%,

4/17/2028(b)

500,000

500,952

5.50%,

10/17/2028(b)

55,000

57,106

4.88%,

1/30/2030

50,000

51,045

2.25%,

10/14/2031(b)

100,000

88,121

4.95%,

3/29/2033(b)

30,000

30,403

5.25%,

1/30/2035(b)

50,000

50,909

3.00%,

2/1/2051

100,000

65,238

Hershey

Co.

(The)

,

2.45%,

11/15/2029

250,000

234,579

4.75%,

2/24/2030

50,000

51,203

4.95%,

2/24/2032

50,000

51,551

5.10%,

2/24/2035

50,000

51,511

Hormel

Foods

Corp.

,

4.80%,

3/30/2027(b)

45,000

45,506

1.70%,

6/3/2028(b)

200,000

188,425

3.05%,

6/3/2051

200,000

133,905

Ingredion,

Inc.

,

2.90%,

6/1/2030(b)

200,000

187,563

J

M

Smucker

Co.

(The)

,

5.90%,

11/15/2028

75,000

78,782

2.13%,

3/15/2032

100,000

86,002

6.20%,

11/15/2033(b)

75,000

81,459

4.25%,

3/15/2035

300,000

283,352

6.50%,

11/15/2043(b)

40,000

43,621

6.50%,

11/15/2053(b)

25,000

27,583

JBS

USA

Holding

Lux

Sarl

,

3.00%,

5/15/2032(b)

200,000

178,935

5.75%,

4/1/2033

73,000

76,236

6.75%,

3/15/2034

140,000

154,770

5.50%,

1/15/2036(c)

75,000

76,591

4.38%,

2/2/2052(b)

100,000

78,621

6.50%,

12/1/2052(b)

100,000

105,374

7.25%,

11/15/2053

100,000

114,672

6.25%,

3/1/2056(c)

100,000

102,539

6.38%,

4/15/2066(b)(c)

100,000

102,804

32

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Food

Products

JBS

USA

LUX

Sarl

,

5.95%,

4/20/2035(b)(c)

150,000

157,575

6.38%,

2/25/2055(b)(c)

25,000

26,030

Kellanova

,

5.25%,

3/1/2033(b)

30,000

31,096

4.50%,

4/1/2046(b)

150,000

131,443

5.75%,

5/16/2054(b)

25,000

25,299

Kraft

Heinz

Foods

Co.

,

5.20%,

3/15/2032(b)

50,000

51,234

5.40%,

3/15/2035(b)

50,000

51,087

5.00%,

6/4/2042(b)

250,000

230,789

4.38%,

6/1/2046

250,000

208,047

4.88%,

10/1/2049(b)

100,000

87,480

5.50%,

6/1/2050(b)

200,000

188,908

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027

100,000

98,838

4.95%,

4/15/2033

100,000

101,968

4.70%,

10/15/2034(b)

25,000

24,507

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044(b)

50,000

45,131

Mondelez

International,

Inc.

,

4.25%,

5/6/2028

25,000

25,115

4.75%,

2/20/2029(b)

50,000

51,098

2.75%,

4/13/2030(b)

92,000

86,262

4.50%,

5/6/2030

25,000

25,205

1.50%,

2/4/2031

70,000

60,709

4.75%,

8/28/2034

50,000

49,907

5.13%,

5/6/2035(b)

25,000

25,478

2.63%,

9/4/2050

40,000

24,287

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

100,000

96,654

6.25%,

7/1/2033(b)

45,000

48,035

6.88%,

5/15/2034(b)

100,000

110,409

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027(b)

100,000

98,954

5.40%,

3/15/2029

50,000

51,716

5.70%,

3/15/2034(b)

50,000

52,687

4.55%,

6/2/2047

100,000

85,554

5.10%,

9/28/2048(b)

250,000

230,677

Unilever

Capital

Corp.

,

1.38%,

9/14/2030(b)

165,000

145,502

5.90%,

11/15/2032(b)

206,000

225,854

4.63%,

8/12/2034(b)

100,000

100,491

2.63%,

8/12/2051

200,000

126,235

8,142,708

Gas

Utilities

0

.1

%

Atmos

Energy

Corp.

,

3.00%,

6/15/2027(b)

500,000

493,006

5.90%,

11/15/2033(b)

50,000

54,220

5.20%,

8/15/2035

40,000

40,950

4.13%,

10/15/2044(b)

74,000

63,180

4.30%,

10/1/2048(b)

100,000

85,083

3.38%,

9/15/2049(b)

160,000

115,111

5.75%,

10/15/2052

30,000

30,704

5.00%,

12/15/2054(b)

60,000

55,847

5.45%,

1/15/2056

35,000

34,593

CenterPoint

Energy

Resources

Corp.

,

5.25%,

3/1/2028(b)

140,000

143,608

4.40%,

7/1/2032(b)

40,000

39,491

5.40%,

7/1/2034(b)

100,000

103,237

Corporate

Bonds

Principal

Amount

($)

Value

($)

Gas

Utilities

National

Fuel

Gas

Co.

,

5.50%,

10/1/2026(b)

20,000

20,211

ONE

Gas,

Inc.

,

4.66%,

2/1/2044(b)

250,000

225,365

Piedmont

Natural

Gas

Co.,

Inc.

,

5.40%,

6/15/2033

20,000

20,786

5.10%,

2/15/2035(b)

25,000

25,431

3.35%,

6/1/2050

150,000

103,631

Southern

California

Gas

Co.

,

2.95%,

4/15/2027

80,000

78,800

5.20%,

6/1/2033

40,000

41,340

5.05%,

9/1/2034(b)

50,000

50,860

5.45%,

6/15/2035(b)

75,000

77,761

6.35%,

11/15/2052

10,000

10,913

5.75%,

6/1/2053(b)

40,000

40,331

5.60%,

4/1/2054(b)

25,000

25,087

6.00%,

6/15/2055

100,000

104,706

Southwest

Gas

Corp.

,

5.80%,

12/1/2027

100,000

103,032

4.05%,

3/15/2032(b)

100,000

96,144

3.18%,

8/15/2051

90,000

61,446

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

100,000

72,968

2,417,842

Ground

Transportation

0

.4

%

Burlington

Northern

Santa

Fe

LLC

,

3.25%,

6/15/2027

300,000

296,762

4.90%,

4/1/2044

102,000

97,148

4.55%,

9/1/2044

250,000

225,211

3.90%,

8/1/2046

200,000

162,532

4.05%,

6/15/2048

250,000

204,906

3.55%,

2/15/2050

250,000

187,283

2.88%,

6/15/2052

25,000

16,008

4.45%,

1/15/2053(b)

300,000

257,614

5.20%,

4/15/2054(b)

100,000

95,968

5.50%,

3/15/2055(b)

90,000

90,203

5.80%,

3/15/2056(b)

75,000

78,473

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028(b)

242,000

260,534

3.85%,

8/5/2032(b)

40,000

38,480

4.38%,

9/18/2034

50,000

48,884

6.20%,

6/1/2036

236,000

263,297

2.45%,

5/1/2050

85,000

51,123

4.40%,

8/5/2052

35,000

30,062

Canadian

Pacific

Railway

Co.

,

2.88%,

11/15/2029(b)

160,000

151,928

4.80%,

3/30/2030(b)

50,000

51,180

2.45%,

12/2/2031

35,000

31,165

5.20%,

3/30/2035(b)

50,000

51,531

5.95%,

5/15/2037

250,000

268,088

3.00%,

12/2/2041(b)

25,000

18,734

3.10%,

12/2/2051

30,000

20,285

4.20%,

11/15/2069

115,000

88,216

6.13%,

9/15/2115

100,000

103,167

CSX

Corp.

,

4.25%,

3/15/2029(b)

100,000

100,381

4.10%,

11/15/2032(b)

40,000

39,291

5.20%,

11/15/2033(b)

100,000

104,468

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

33

Corporate

Bonds

Principal

Amount

($)

Value

($)

Ground

Transportation

CSX

Corp.,

5.05%,

6/15/2035(b)

50,000

51,061

4.10%,

3/15/2044

250,000

211,978

4.30%,

3/1/2048

250,000

212,275

4.50%,

3/15/2049

150,000

129,609

3.95%,

5/1/2050

100,000

79,503

4.50%,

11/15/2052(b)

40,000

34,517

4.50%,

8/1/2054

150,000

127,923

4.65%,

3/1/2068

40,000

33,800

Norfolk

Southern

Corp.

,

2.55%,

11/1/2029(b)

100,000

94,050

5.05%,

8/1/2030(b)

90,000

93,306

3.00%,

3/15/2032

55,000

50,648

4.45%,

3/1/2033(b)

200,000

198,809

5.55%,

3/15/2034

50,000

52,984

5.10%,

5/1/2035

45,000

45,945

4.45%,

6/15/2045

200,000

174,783

3.40%,

11/1/2049

170,000

122,508

2.90%,

8/25/2051

100,000

64,927

3.70%,

3/15/2053(b)

40,000

29,852

4.55%,

6/1/2053

45,000

39,051

5.35%,

8/1/2054(b)

70,000

68,932

3.16%,

5/15/2055

250,000

165,255

5.95%,

3/15/2064(b)

75,000

79,229

Ryder

System,

Inc.

,

2.90%,

12/1/2026(b)

270,000

265,878

2.85%,

3/1/2027

25,000

24,559

4.30%,

6/15/2027

25,000

25,058

5.65%,

3/1/2028

40,000

41,421

5.25%,

6/1/2028(b)

40,000

41,087

6.30%,

12/1/2028

25,000

26,576

5.38%,

3/15/2029(b)

25,000

25,896

4.85%,

6/15/2030(b)

25,000

25,508

6.60%,

12/1/2033(b)

25,000

28,000

Uber

Technologies,

Inc.

,

4.15%,

1/15/2031(b)

50,000

49,543

4.80%,

9/15/2034(b)

106,000

106,199

4.80%,

9/15/2035

100,000

99,093

5.35%,

9/15/2054(b)

110,000

106,725

Union

Pacific

Corp.

,

2.15%,

2/5/2027(b)

55,000

53,724

3.95%,

9/10/2028(b)

500,000

500,491

2.38%,

5/20/2031(b)

200,000

182,257

4.50%,

1/20/2033(b)

100,000

100,566

5.10%,

2/20/2035(b)

50,000

51,406

3.60%,

9/15/2037(b)

100,000

88,642

3.20%,

5/20/2041

100,000

78,406

4.05%,

11/15/2045

220,000

182,769

4.05%,

3/1/2046

40,000

33,003

2.95%,

3/10/2052

335,000

218,134

4.95%,

5/15/2053(b)

100,000

93,032

5.60%,

12/1/2054(b)

50,000

50,776

3.95%,

8/15/2059

300,000

227,466

3.84%,

3/20/2060

400,000

296,267

8,616,349

Health

Care

Equipment

&

Supplies

0

.3

%

Abbott

Laboratories

,

3.75%,

11/30/2026(b)

298,000

297,855

1.15%,

1/30/2028(b)

90,000

84,772

1.40%,

6/30/2030(b)

95,000

84,499

4.75%,

11/30/2036(b)

150,000

151,374

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Abbott

Laboratories,

6.00%,

4/1/2039

50,000

55,332

5.30%,

5/27/2040(b)

200,000

207,585

4.90%,

11/30/2046

250,000

239,938

Baxter

International,

Inc.

,

1.92%,

2/1/2027(b)

180,000

174,463

2.27%,

12/1/2028(b)

190,000

178,336

2.54%,

2/1/2032(b)

300,000

263,008

3.13%,

12/1/2051

30,000

19,147

Becton

Dickinson

&

Co.

,

3.70%,

6/6/2027

326,000

323,800

4.69%,

2/13/2028(b)

65,000

65,820

5.08%,

6/7/2029

50,000

51,342

1.96%,

2/11/2031

96,000

84,679

4.30%,

8/22/2032

40,000

39,379

4.67%,

6/6/2047(b)

200,000

176,718

3.79%,

5/20/2050(b)

91,000

69,679

Boston

Scientific

Corp.

,

2.65%,

6/1/2030

300,000

280,627

4.70%,

3/1/2049(b)

100,000

91,797

DH

Europe

Finance

II

Sarl

,

2.60%,

11/15/2029(b)

100,000

94,190

3.25%,

11/15/2039(b)

100,000

81,932

3.40%,

11/15/2049(b)

140,000

102,850

GE

HealthCare

Technologies,

Inc.

,

5.65%,

11/15/2027(b)

200,000

206,128

4.80%,

8/14/2029(b)

40,000

40,786

4.80%,

1/15/2031

25,000

25,410

5.91%,

11/22/2032(b)

300,000

322,804

5.50%,

6/15/2035(b)

25,000

25,915

6.38%,

11/22/2052(b)

100,000

110,495

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

100,000

93,985

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028

35,000

35,247

4.50%,

3/30/2033

60,000

60,040

Medtronic,

Inc.

,

4.38%,

3/15/2035(b)

350,000

343,500

4.63%,

3/15/2045

172,000

158,018

Smith

&

Nephew

plc

,

2.03%,

10/14/2030

96,000

85,817

Solventum

Corp.

,

5.45%,

2/25/2027(b)

50,000

50,811

5.40%,

3/1/2029(b)

85,000

87,719

5.45%,

3/13/2031(b)

100,000

104,280

5.60%,

3/23/2034(b)

100,000

104,113

5.90%,

4/30/2054(b)

100,000

102,701

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031

150,000

136,672

Stryker

Corp.

,

4.55%,

2/10/2027

50,000

50,412

4.70%,

2/10/2028(b)

50,000

50,730

4.85%,

12/8/2028

25,000

25,604

4.25%,

9/11/2029

50,000

50,131

4.85%,

2/10/2030(b)

50,000

51,243

1.95%,

6/15/2030

80,000

72,296

5.20%,

2/10/2035

50,000

51,563

4.63%,

3/15/2046(b)

200,000

180,899

34

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Equipment

&

Supplies

Zimmer

Biomet

Holdings,

Inc.

,

4.70%,

2/19/2027

25,000

25,178

5.35%,

12/1/2028(b)

50,000

51,784

5.05%,

2/19/2030(b)

25,000

25,708

2.60%,

11/24/2031(b)

200,000

179,727

5.20%,

9/15/2034(b)

50,000

51,192

5.50%,

2/19/2035(b)

25,000

26,040

4.45%,

8/15/2045(b)

150,000

131,444

6,337,514

Health

Care

Providers

&

Services

1

.0

%

Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

47,953

Series

2020,

3.01%,

6/15/2050

66,000

44,136

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

54,975

6.75%,

12/15/2037

100,000

110,544

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

38,813

Ascension

Health

,

Series

B,

3.11%,

11/15/2039

218,000

171,812

Banner

Health

,

Series

2020,

3.18%,

1/1/2050(b)

39,000

26,570

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

55,438

Cardinal

Health,

Inc.

,

4.70%,

11/15/2026

25,000

25,172

3.41%,

6/15/2027(b)

100,000

98,916

5.13%,

2/15/2029(b)

25,000

25,716

5.00%,

11/15/2029

25,000

25,635

4.50%,

9/15/2030(b)

25,000

25,076

5.35%,

11/15/2034(b)

25,000

25,698

5.15%,

9/15/2035(b)

25,000

25,149

4.37%,

6/15/2047

200,000

166,608

Cencora,

Inc.

,

4.85%,

12/15/2029

25,000

25,509

4.30%,

12/15/2047(b)

200,000

166,532

Centene

Corp.

,

4.25%,

12/15/2027(b)

400,000

392,807

2.45%,

7/15/2028(b)

400,000

371,693

3.38%,

2/15/2030

300,000

275,906

3.00%,

10/15/2030(b)

400,000

357,415

Cigna

Group

(The)

,

3.05%,

10/15/2027(b)

400,000

390,167

4.38%,

10/15/2028

300,000

301,578

5.00%,

5/15/2029

50,000

51,299

4.50%,

9/15/2030(b)

50,000

50,147

2.38%,

3/15/2031

110,000

98,970

5.13%,

5/15/2031

50,000

51,740

4.88%,

9/15/2032(b)

50,000

50,504

5.40%,

3/15/2033

60,000

62,596

5.25%,

2/15/2034

50,000

51,467

5.25%,

1/15/2036(b)

50,000

50,637

4.80%,

8/15/2038

200,000

190,848

4.80%,

7/15/2046

250,000

223,948

4.90%,

12/15/2048

350,000

314,193

3.40%,

3/15/2051(b)

150,000

104,371

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Cigna

Group

(The),

5.60%,

2/15/2054(b)

50,000

49,168

6.00%,

1/15/2056

100,000

103,730

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114(b)

30,000

25,902

CommonSpirit

Health

,

2.78%,

10/1/2030

77,000

71,162

5.32%,

12/1/2034

110,000

111,764

3.82%,

10/1/2049

108,000

81,142

4.19%,

10/1/2049(b)

37,000

29,337

3.91%,

10/1/2050

149,000

111,707

6.46%,

11/1/2052

91,000

99,341

CVS

Health

Corp.

,

4.30%,

3/25/2028(b)

502,000

502,331

5.00%,

1/30/2029(b)

80,000

81,572

5.40%,

6/1/2029(b)

100,000

103,401

3.25%,

8/15/2029(b)

150,000

143,797

5.13%,

2/21/2030

80,000

82,007

1.75%,

8/21/2030(b)

210,000

184,330

5.25%,

1/30/2031

65,000

66,902

1.88%,

2/28/2031(b)

210,000

182,514

5.55%,

6/1/2031

100,000

104,600

2.13%,

9/15/2031

10,000

8,680

5.00%,

9/15/2032(b)

50,000

50,612

5.25%,

2/21/2033(b)

80,000

81,852

5.30%,

6/1/2033(b)

80,000

81,893

5.70%,

6/1/2034(b)

100,000

104,355

4.88%,

7/20/2035

200,000

194,843

5.45%,

9/15/2035

75,000

76,320

4.78%,

3/25/2038

400,000

374,895

4.13%,

4/1/2040

100,000

84,946

6.00%,

6/1/2044(b)

100,000

101,451

5.13%,

7/20/2045

300,000

272,329

5.05%,

3/25/2048(b)

600,000

533,843

4.25%,

4/1/2050

85,000

66,493

5.63%,

2/21/2053

80,000

76,021

5.88%,

6/1/2053(b)

80,000

78,608

6.05%,

6/1/2054(b)

100,000

101,154

6.20%,

9/15/2055(b)

100,000

102,923

6.00%,

6/1/2063

80,000

78,809

6.25%,

9/15/2065

50,000

50,855

Elevance

Health,

Inc.

,

4.50%,

10/30/2026

30,000

30,123

3.65%,

12/1/2027(b)

300,000

297,875

4.00%,

9/15/2028

50,000

49,781

5.15%,

6/15/2029

45,000

46,298

4.75%,

2/15/2030

30,000

30,509

2.25%,

5/15/2030

200,000

182,551

4.95%,

11/1/2031

75,000

76,371

4.10%,

5/15/2032

40,000

38,856

4.60%,

9/15/2032

50,000

49,696

5.50%,

10/15/2032(b)

100,000

105,090

4.75%,

2/15/2033(b)

120,000

120,370

5.38%,

6/15/2034(b)

150,000

154,679

5.20%,

2/15/2035(b)

70,000

71,343

5.00%,

1/15/2036

50,000

49,636

4.63%,

5/15/2042(b)

250,000

225,397

5.10%,

1/15/2044

50,000

47,300

4.65%,

8/15/2044

100,000

88,695

4.38%,

12/1/2047

300,000

250,193

3.60%,

3/15/2051

200,000

143,172

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

35

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Elevance

Health,

Inc.,

4.55%,

5/15/2052

40,000

33,490

5.13%,

2/15/2053(b)

150,000

137,007

5.65%,

6/15/2054(b)

50,000

49,142

5.70%,

2/15/2055(b)

40,000

39,590

5.70%,

9/15/2055

75,000

74,337

5.85%,

11/1/2064(b)

75,000

74,640

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

75,585

HCA,

Inc.

,

3.13%,

3/15/2027(b)

30,000

29,578

5.20%,

6/1/2028(b)

40,000

40,966

4.13%,

6/15/2029(b)

250,000

247,833

3.50%,

9/1/2030(b)

500,000

477,581

2.38%,

7/15/2031(b)

50,000

44,356

5.50%,

3/1/2032

40,000

41,673

3.63%,

3/15/2032(b)

375,000

351,807

5.50%,

6/1/2033(b)

80,000

83,115

5.60%,

4/1/2034(b)

55,000

57,095

5.45%,

9/15/2034(b)

150,000

153,869

5.75%,

3/1/2035

100,000

104,548

5.50%,

6/15/2047

160,000

152,634

5.25%,

6/15/2049

80,000

73,279

3.50%,

7/15/2051

120,000

82,094

4.63%,

3/15/2052

330,000

272,497

5.90%,

6/1/2053

75,000

74,051

6.00%,

4/1/2054(b)

95,000

95,186

5.95%,

9/15/2054(b)

55,000

54,879

6.10%,

4/1/2064(b)

75,000

75,302

Humana,

Inc.

,

1.35%,

2/3/2027

280,000

269,488

5.75%,

3/1/2028

60,000

61,893

5.75%,

12/1/2028(b)

25,000

26,041

3.70%,

3/23/2029

100,000

97,723

5.38%,

4/15/2031

50,000

51,431

2.15%,

2/3/2032(b)

215,000

183,362

5.88%,

3/1/2033(b)

100,000

105,210

5.95%,

3/15/2034

100,000

105,176

3.95%,

8/15/2049

150,000

111,338

5.75%,

4/15/2054(b)

74,000

70,632

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046(b)

20,000

16,073

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041(b)

86,000

63,608

4.88%,

4/1/2042(b)

250,000

236,786

Series

2019,

3.27%,

11/1/2049(b)

122,000

86,375

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029(b)

250,000

237,029

4.35%,

4/1/2030

50,000

50,007

4.55%,

4/1/2032

50,000

49,746

4.80%,

10/1/2034

50,000

49,612

4.70%,

2/1/2045(b)

75,000

67,335

Mass

General

Brigham,

Inc.

,

Series

2017,

3.77%,

7/1/2048

43,000

33,276

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

Mass

General

Brigham,

Inc.,

Series

2020,

3.19%,

7/1/2049(b)

100,000

70,391

Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

51,133

McKesson

Corp.

,

3.95%,

2/16/2028

250,000

249,254

4.25%,

9/15/2029(b)

25,000

25,105

4.65%,

5/30/2030

50,000

50,855

4.95%,

5/30/2032(b)

50,000

51,199

5.25%,

5/30/2035

50,000

51,500

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

37,839

4.13%,

7/1/2052

50,000

40,729

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

250,000

139,561

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046

150,000

118,613

4.26%,

11/1/2047(b)

35,000

28,683

Novant

Health,

Inc.

,

3.17%,

11/1/2051

130,000

88,018

Orlando

Health

Obligated

Group

,

5.48%,

10/1/2035

35,000

36,495

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

86,086

Providence

St

Joseph

Health

Obligated

Group

,

5.37%,

10/1/2032

100,000

102,985

Series

A,

3.93%,

10/1/2048

38,000

29,177

Series

21A,

2.70%,

10/1/2051

151,000

89,954

Quest

Diagnostics,

Inc.

,

4.60%,

12/15/2027

25,000

25,311

4.20%,

6/30/2029

100,000

100,092

4.63%,

12/15/2029(b)

25,000

25,382

2.95%,

6/30/2030

75,000

70,672

5.00%,

12/15/2034(b)

100,000

101,218

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048(b)

30,000

23,695

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

39,651

Series

2025,

5.21%,

8/15/2032(b)

20,000

20,702

Series

2025,

5.54%,

8/15/2035(b)

60,000

62,932

Series

2018,

4.09%,

8/15/2048

50,000

40,924

Series

20A,

3.36%,

8/15/2050(b)

134,000

95,176

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

45,802

36

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

Providers

&

Services

UnitedHealth

Group,

Inc.

,

3.38%,

4/15/2027(b)

200,000

198,237

4.60%,

4/15/2027

55,000

55,451

3.70%,

5/15/2027

55,000

54,788

2.95%,

10/15/2027(b)

200,000

196,087

5.25%,

2/15/2028(b)

45,000

46,206

4.25%,

1/15/2029

120,000

120,418

4.70%,

4/15/2029

50,000

50,930

4.00%,

5/15/2029(b)

100,000

99,671

4.80%,

1/15/2030(b)

125,000

127,690

5.30%,

2/15/2030(b)

300,000

312,300

4.65%,

1/15/2031

50,000

50,671

4.90%,

4/15/2031

75,000

76,899

2.30%,

5/15/2031

75,000

67,233

4.95%,

1/15/2032

200,000

204,926

4.20%,

5/15/2032(b)

140,000

138,000

5.35%,

2/15/2033(b)

60,000

62,712

4.50%,

4/15/2033(b)

120,000

118,733

5.00%,

4/15/2034(b)

75,000

76,176

5.15%,

7/15/2034(b)

200,000

205,271

4.63%,

7/15/2035(b)

105,000

103,550

5.80%,

3/15/2036(b)

300,000

321,323

3.50%,

8/15/2039(b)

100,000

83,410

3.05%,

5/15/2041(b)

180,000

136,925

3.95%,

10/15/2042(b)

250,000

209,803

5.50%,

7/15/2044(b)

200,000

200,378

4.75%,

7/15/2045

250,000

227,421

4.25%,

6/15/2048

300,000

248,007

3.70%,

8/15/2049

200,000

149,733

3.25%,

5/15/2051

60,000

40,918

4.75%,

5/15/2052(b)

200,000

176,321

5.88%,

2/15/2053

145,000

149,072

5.05%,

4/15/2053(b)

120,000

109,954

5.38%,

4/15/2054

275,000

264,102

5.63%,

7/15/2054

200,000

198,917

3.88%,

8/15/2059

100,000

73,291

3.13%,

5/15/2060

100,000

61,864

4.95%,

5/15/2062(b)

100,000

87,930

6.05%,

2/15/2063(b)

190,000

198,463

5.20%,

4/15/2063

80,000

73,251

5.50%,

4/15/2064

75,000

71,892

5.75%,

7/15/2064

170,000

169,253

Universal

Health

Services,

Inc.

,

4.63%,

10/15/2029(b)

50,000

49,952

2.65%,

1/15/2032

100,000

86,989

5.05%,

10/15/2034(b)

30,000

29,280

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

35,794

24,051,663

Health

Care

REITs

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033(b)

300,000

246,432

5.50%,

10/1/2035(b)

50,000

51,324

4.85%,

4/15/2049(b)

300,000

260,790

3.55%,

3/15/2052

70,000

48,665

5.15%,

4/15/2053

70,000

63,147

5.63%,

5/15/2054(b)

50,000

48,227

Corporate

Bonds

Principal

Amount

($)

Value

($)

Health

Care

REITs

DOC

DR

LLC

,

2.63%,

11/1/2031

50,000

44,556

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030(b)

250,000

235,217

Healthpeak

OP

LLC

,

1.35%,

2/1/2027(b)

60,000

57,753

3.50%,

7/15/2029

125,000

121,167

3.00%,

1/15/2030

180,000

170,112

5.25%,

12/15/2032

85,000

87,407

4.75%,

1/15/2033(b)

25,000

24,838

Omega

Healthcare

Investors,

Inc.

,

4.50%,

4/1/2027

550,000

551,529

3.63%,

10/1/2029(b)

100,000

95,947

5.20%,

7/1/2030

25,000

25,380

Sabra

Health

Care

LP

,

3.90%,

10/15/2029

50,000

48,443

3.20%,

12/1/2031(b)

100,000

90,802

Ventas

Realty

LP

,

4.00%,

3/1/2028

250,000

248,854

4.40%,

1/15/2029(b)

82,000

82,229

3.00%,

1/15/2030

100,000

94,667

2.50%,

9/1/2031(b)

100,000

89,225

5.10%,

7/15/2032

50,000

51,167

5.63%,

7/1/2034

25,000

26,032

5.00%,

1/15/2035

75,000

75,035

Welltower

OP

LLC

,

2.05%,

1/15/2029

70,000

65,548

3.10%,

1/15/2030

100,000

95,515

4.50%,

7/1/2030(b)

50,000

50,466

2.75%,

1/15/2031(b)

300,000

277,354

2.75%,

1/15/2032

200,000

181,021

5.13%,

7/1/2035

50,000

50,924

3,659,773

Health

Care

Technology

0

.0

%

†

IQVIA,

Inc.

,

6.25%,

2/1/2029(b)

88,000

92,632

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029(b)

100,000

95,057

Series

J,

2.90%,

12/15/2031

80,000

71,184

5.70%,

6/15/2032

25,000

25,753

5.70%,

7/1/2034(b)

25,000

25,606

5.50%,

4/15/2035(b)

25,000

25,165

242,765

Hotels,

Restaurants

&

Leisure

0

.2

%

Choice

Hotels

International,

Inc.

,

5.85%,

8/1/2034(b)

50,000

51,137

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

25,000

25,096

4.55%,

10/15/2029(b)

25,000

25,131

6.30%,

10/10/2033

50,000

54,144

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

200,000

198,267

3.25%,

2/15/2030(b)

165,000

157,648

5.40%,

2/15/2035(b)

50,000

51,311

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

37

Corporate

Bonds

Principal

Amount

($)

Value

($)

Hotels,

Restaurants

&

Leisure

Hyatt

Hotels

Corp.

,

5.05%,

3/30/2028

25,000

25,406

5.25%,

6/30/2029(b)

25,000

25,640

5.75%,

4/23/2030(f)

50,000

52,007

5.38%,

12/15/2031(b)

45,000

46,013

5.75%,

3/30/2032(b)

25,000

26,073

5.50%,

6/30/2034(b)

25,000

25,586

Las

Vegas

Sands

Corp.

,

5.90%,

6/1/2027

25,000

25,505

5.63%,

6/15/2028(b)

25,000

25,559

6.00%,

8/15/2029(b)

25,000

26,038

6.00%,

6/14/2030(b)

25,000

26,034

Marriott

International,

Inc.

,

5.00%,

10/15/2027

55,000

55,957

5.55%,

10/15/2028(b)

50,000

51,923

Series

FF,

4.63%,

6/15/2030(b)

92,000

92,918

Series

HH,

2.85%,

4/15/2031(b)

200,000

184,047

4.50%,

10/15/2031

25,000

24,891

5.10%,

4/15/2032(b)

25,000

25,658

Series

GG,

3.50%,

10/15/2032

200,000

185,339

5.30%,

5/15/2034

100,000

102,712

5.35%,

3/15/2035(b)

150,000

153,409

5.25%,

10/15/2035

25,000

25,222

5.50%,

4/15/2037

75,000

76,645

McDonald's

Corp.

,

3.80%,

4/1/2028

200,000

199,134

4.80%,

8/14/2028

50,000

51,065

5.00%,

5/17/2029

25,000

25,738

4.60%,

5/15/2030

25,000

25,387

4.40%,

2/12/2031

25,000

25,068

4.95%,

8/14/2033

75,000

77,263

5.20%,

5/17/2034

25,000

26,057

4.95%,

3/3/2035(b)

25,000

25,329

4.70%,

12/9/2035(b)

400,000

397,184

5.00%,

2/13/2036

25,000

25,184

4.88%,

7/15/2040

250,000

240,563

4.88%,

12/9/2045

250,000

231,194

3.63%,

9/1/2049(b)

200,000

149,822

4.20%,

4/1/2050

50,000

41,108

5.45%,

8/14/2053(b)

75,000

74,449

Sands

China

Ltd.

,

5.40%,

8/8/2028(b)(f)

200,000

204,620

Starbucks

Corp.

,

4.85%,

2/8/2027(b)

25,000

25,246

3.50%,

3/1/2028(b)

250,000

246,827

4.50%,

5/15/2028

25,000

25,246

4.80%,

5/15/2030

25,000

25,519

2.55%,

11/15/2030(b)

200,000

183,566

4.90%,

2/15/2031

25,000

25,716

3.00%,

2/14/2032(b)

140,000

128,794

4.80%,

2/15/2033

100,000

101,327

5.00%,

2/15/2034(b)

25,000

25,521

5.40%,

5/15/2035(b)

25,000

25,922

4.45%,

8/15/2049(b)

250,000

210,565

3.50%,

11/15/2050(b)

200,000

142,494

4,831,224

Corporate

Bonds

Principal

Amount

($)

Value

($)

Household

Durables

0

.0

%

†

DR

Horton,

Inc.

,

1.30%,

10/15/2026

220,000

213,883

5.50%,

10/15/2035(b)

75,000

77,760

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

50,000

32,729

MDC

Holdings,

Inc.

,

6.00%,

1/15/2043

100,000

95,169

Mohawk

Industries,

Inc.

,

5.85%,

9/18/2028

50,000

52,239

PulteGroup,

Inc.

,

6.38%,

5/15/2033

50,000

54,555

526,335

Household

Products

0

.1

%

Church

&

Dwight

Co.,

Inc.

,

2.30%,

12/15/2031

100,000

88,577

5.60%,

11/15/2032(b)

40,000

42,392

5.00%,

6/15/2052(b)

40,000

37,203

Clorox

Co.

(The)

,

4.60%,

5/1/2032(b)

100,000

101,089

Colgate-Palmolive

Co.

,

4.60%,

3/1/2028

16,000

16,284

4.20%,

5/1/2030

45,000

45,352

3.25%,

8/15/2032(b)

35,000

32,825

4.60%,

3/1/2033

16,000

16,317

Kimberly-Clark

Corp.

,

4.50%,

2/16/2033

100,000

101,128

6.63%,

8/1/2037(b)

80,000

93,266

3.20%,

7/30/2046(b)

65,000

47,486

2.88%,

2/7/2050

100,000

66,325

Procter

&

Gamble

Co.

(The)

,

2.85%,

8/11/2027(b)

250,000

245,976

4.35%,

1/29/2029

50,000

50,817

4.15%,

10/24/2029

50,000

50,583

4.05%,

5/1/2030(b)

75,000

75,384

1.20%,

10/29/2030(b)

100,000

87,516

1.95%,

4/23/2031(b)

300,000

269,727

4.55%,

1/29/2034

50,000

50,741

4.55%,

10/24/2034

50,000

50,575

4.60%,

5/1/2035(b)

75,000

76,125

3.60%,

3/25/2050(b)

300,000

233,899

1,879,587

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

AES

Corp.

(The)

,

5.45%,

6/1/2028(b)

60,000

61,452

2.45%,

1/15/2031(b)

70,000

62,688

Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028(b)

40,000

41,339

5.80%,

3/1/2033(b)

40,000

42,731

6.13%,

1/15/2034(b)

25,000

27,205

6.25%,

10/1/2039

180,000

195,530

5.60%,

6/15/2042

75,000

76,012

6.50%,

10/1/2053(b)

76,000

84,697

5.75%,

3/15/2054(b)

50,000

50,661

Oglethorpe

Power

Corp.

,

4.50%,

4/1/2047(b)

40,000

33,803

5.25%,

9/1/2050

200,000

185,952

6.20%,

12/1/2053(b)

50,000

52,628

38

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

Southern

Power

Co.

,

Series

A,

4.25%,

10/1/2030

50,000

49,699

Series

B,

4.90%,

10/1/2035

50,000

49,310

1,013,707

Industrial

Conglomerates

0

.1

%

3M

Co.

,

4.80%,

3/15/2030

25,000

25,561

3.05%,

4/15/2030

100,000

95,290

5.15%,

3/15/2035

25,000

25,607

5.70%,

3/15/2037

415,000

438,955

4.00%,

9/14/2048

96,000

77,747

3.25%,

8/26/2049

90,000

63,153

Honeywell

International,

Inc.

,

2.50%,

11/1/2026

500,000

491,959

1.10%,

3/1/2027(b)

100,000

96,051

4.65%,

7/30/2027

50,000

50,593

4.95%,

2/15/2028

60,000

61,344

4.25%,

1/15/2029

20,000

20,094

2.70%,

8/15/2029(b)

500,000

476,277

4.88%,

9/1/2029

50,000

51,413

4.70%,

2/1/2030

50,000

50,969

1.75%,

9/1/2031(b)

100,000

86,608

4.95%,

9/1/2031

50,000

51,690

4.75%,

2/1/2032

50,000

50,899

5.00%,

2/15/2033

60,000

61,721

4.50%,

1/15/2034(b)

120,000

118,881

5.00%,

3/1/2035

100,000

101,666

2.80%,

6/1/2050

90,000

58,632

5.25%,

3/1/2054(b)

124,000

119,352

5.35%,

3/1/2064(b)

50,000

48,098

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,810

2,754,370

Industrial

REITs

0

.1

%

Americold

Realty

Operating

Partnership

LP

,

5.60%,

5/15/2032(b)

25,000

25,303

5.41%,

9/12/2034(b)

25,000

24,580

First

Industrial

LP

,

5.25%,

1/15/2031

25,000

25,629

Prologis

LP

,

4.88%,

6/15/2028(b)

45,000

46,030

2.88%,

11/15/2029

125,000

118,991

2.25%,

4/15/2030(b)

160,000

147,436

1.75%,

7/1/2030(b)

65,000

58,114

1.25%,

10/15/2030(b)

65,000

56,431

4.75%,

1/15/2031

75,000

76,598

2.25%,

1/15/2032

200,000

176,044

4.63%,

1/15/2033

50,000

50,323

4.75%,

6/15/2033(b)

35,000

35,303

5.13%,

1/15/2034(b)

50,000

51,351

5.00%,

3/15/2034(b)

50,000

50,804

5.00%,

1/31/2035(b)

50,000

50,672

5.25%,

5/15/2035

40,000

41,202

3.00%,

4/15/2050

65,000

43,484

2.13%,

10/15/2050

155,000

85,111

5.25%,

6/15/2053(b)

30,000

29,005

5.25%,

3/15/2054(b)

75,000

72,558

Corporate

Bonds

Principal

Amount

($)

Value

($)

Industrial

REITs

Rexford

Industrial

Realty

LP

,

5.00%,

6/15/2028

20,000

20,335

2.15%,

9/1/2031

90,000

78,259

1,363,563

Insurance

0

.7

%

Aflac,

Inc.

,

3.60%,

4/1/2030

500,000

489,893

Alleghany

Corp.

,

3.63%,

5/15/2030(b)

50,000

48,831

3.25%,

8/15/2051

50,000

34,697

Allstate

Corp.

(The)

,

5.05%,

6/24/2029(b)

25,000

25,706

5.25%,

3/30/2033(b)

20,000

20,740

5.55%,

5/9/2035(b)

100,000

104,786

6.50%,

5/15/2057(b)(d)

195,000

205,453

American

International

Group,

Inc.

,

5.13%,

3/27/2033(b)

60,000

61,724

4.75%,

4/1/2048(b)

100,000

90,479

4.38%,

6/30/2050(b)

200,000

169,700

Aon

Corp.

,

2.80%,

5/15/2030(b)

200,000

187,719

2.05%,

8/23/2031

50,000

43,928

2.60%,

12/2/2031

25,000

22,512

5.00%,

9/12/2032(b)

30,000

30,877

5.35%,

2/28/2033(b)

25,000

26,101

2.90%,

8/23/2051

50,000

31,563

3.90%,

2/28/2052(b)

30,000

22,729

Aon

Global

Ltd.

,

4.60%,

6/14/2044

250,000

220,741

Aon

North

America,

Inc.

,

5.13%,

3/1/2027(b)

55,000

55,764

5.15%,

3/1/2029(b)

75,000

77,144

5.30%,

3/1/2031(b)

75,000

78,117

5.45%,

3/1/2034

225,000

234,383

5.75%,

3/1/2054(b)

188,000

189,331

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046(b)

250,000

232,144

Arthur

J

Gallagher

&

Co.

,

4.60%,

12/15/2027

50,000

50,490

2.40%,

11/9/2031

200,000

177,558

5.00%,

2/15/2032

30,000

30,608

5.15%,

2/15/2035

190,000

192,247

3.50%,

5/20/2051

78,000

55,300

3.05%,

3/9/2052

100,000

64,661

5.75%,

3/2/2053

12,000

11,947

5.55%,

2/15/2055

100,000

97,725

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

450,000

479,671

6.65%,

2/1/2033

50,000

54,259

5.88%,

1/15/2034

25,000

26,164

6.25%,

4/1/2054

50,000

50,974

6.63%,

5/19/2055

75,000

80,261

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027

100,000

97,919

4.20%,

8/15/2048(b)

400,000

341,627

4.25%,

1/15/2049(b)

300,000

257,114

2.85%,

10/15/2050

45,000

29,519

3.85%,

3/15/2052(b)

100,000

78,449

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

39

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

150,000

119,555

Brown

&

Brown,

Inc.

,

4.60%,

12/23/2026

25,000

25,131

4.70%,

6/23/2028

25,000

25,239

4.90%,

6/23/2030(b)

25,000

25,336

4.20%,

3/17/2032(b)

30,000

28,946

5.25%,

6/23/2032

25,000

25,633

5.65%,

6/11/2034

50,000

51,867

5.55%,

6/23/2035(b)

25,000

25,716

4.95%,

3/17/2052(b)

25,000

22,019

6.25%,

6/23/2055

75,000

78,920

Chubb

Corp.

(The)

,

6.00%,

5/11/2037

165,000

180,514

Chubb

INA

Holdings

LLC

,

4.65%,

8/15/2029

50,000

50,984

1.38%,

9/15/2030

88,000

77,109

5.00%,

3/15/2034(b)

75,000

76,904

4.90%,

8/15/2035(b)

50,000

50,297

4.35%,

11/3/2045(b)

250,000

220,446

2.85%,

12/15/2051

50,000

32,689

3.05%,

12/15/2061

35,000

21,919

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034

25,000

26,529

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

80,000

71,452

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050(b)

125,000

88,185

3.13%,

10/15/2052

50,000

32,279

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028(b)

50,000

52,482

6.50%,

6/4/2029

25,000

26,065

6.25%,

10/4/2034(b)

25,000

25,496

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030

200,000

200,662

6.00%,

12/7/2033

100,000

106,306

6.10%,

3/15/2055

25,000

25,632

6.50%,

5/20/2055(c)

50,000

53,741

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

22,419

First

American

Financial

Corp.

,

2.40%,

8/15/2031(b)

75,000

65,148

5.45%,

9/30/2034

25,000

25,070

Globe

Life,

Inc.

,

2.15%,

8/15/2030

250,000

224,567

5.85%,

9/15/2034

25,000

26,211

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

100,000

90,218

5.50%,

9/1/2035

25,000

25,295

Hartford

Insurance

Group,

Inc.

(The)

,

6.10%,

10/1/2041

309,000

328,112

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

27,614

Lincoln

National

Corp.

,

3.05%,

1/15/2030

500,000

474,879

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Loews

Corp.

,

4.13%,

5/15/2043(b)

200,000

169,952

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

5

Year

+

1.65%),

4.06%,

2/24/2032(d)

500,000

496,459

3.70%,

3/16/2032(b)

20,000

19,137

Markel

Group,

Inc.

,

3.35%,

9/17/2029(b)

475,000

458,591

3.45%,

5/7/2052(b)

100,000

68,734

Marsh

&

McLennan

Cos.,

Inc.

,

4.55%,

11/8/2027(b)

75,000

75,835

4.38%,

3/15/2029(b)

300,000

302,680

4.65%,

3/15/2030(b)

150,000

152,436

4.85%,

11/15/2031

150,000

153,411

5.75%,

11/1/2032(b)

25,000

26,813

5.40%,

9/15/2033(b)

50,000

52,465

5.15%,

3/15/2034

25,000

25,885

5.00%,

3/15/2035

215,000

217,629

5.35%,

11/15/2044

50,000

49,580

4.20%,

3/1/2048

50,000

41,843

6.25%,

11/1/2052

25,000

27,523

5.70%,

9/15/2053(b)

100,000

102,374

5.45%,

3/15/2054

25,000

24,717

5.40%,

3/15/2055

175,000

171,574

MetLife,

Inc.

,

5.38%,

7/15/2033(b)

50,000

52,668

5.30%,

12/15/2034(b)

50,000

52,007

5.70%,

6/15/2035(b)

159,000

170,229

6.40%,

12/15/2036(b)

300,000

315,694

4.88%,

11/13/2043(b)

250,000

235,696

4.05%,

3/1/2045(b)

100,000

84,302

5.00%,

7/15/2052(b)

60,000

56,067

5.25%,

1/15/2054(b)

100,000

97,428

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.08%),

6.35%,

3/15/2055(b)(d)

30,000

31,874

Nationwide

Financial

Services,

Inc.

,

6.75%,

5/15/2037(b)(g)

40,000

40,351

Old

Republic

International

Corp.

,

5.75%,

3/28/2034

25,000

26,061

Principal

Financial

Group,

Inc.

,

5.38%,

3/15/2033

40,000

41,559

4.30%,

11/15/2046

50,000

42,755

5.50%,

3/15/2053

45,000

44,862

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

39,184

3.00%,

3/15/2032

30,000

27,688

6.25%,

12/1/2032(b)

162,000

180,251

4.95%,

6/15/2033(b)

20,000

20,576

3.70%,

1/26/2045

250,000

199,869

4.13%,

4/15/2047

92,000

77,458

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028

200,000

200,309

5.20%,

3/14/2035(b)

50,000

51,396

4.60%,

5/15/2044(b)

250,000

224,913

3.91%,

12/7/2047

186,000

149,009

3.94%,

12/7/2049(b)

505,000

398,808

40

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Insurance

Prudential

Financial,

Inc.,

3.70%,

3/13/2051(b)

300,000

226,848

Prudential

Funding

Asia

plc

,

3.13%,

4/14/2030

100,000

95,873

Reinsurance

Group

of

America,

Inc.

,

6.00%,

9/15/2033(b)

20,000

21,384

5.75%,

9/15/2034(b)

25,000

26,137

RenaissanceRe

Holdings

Ltd.

,

5.75%,

6/5/2033(b)

60,000

62,975

5.80%,

4/1/2035(b)

25,000

26,213

Travelers

Cos.,

Inc.

(The)

,

6.25%,

6/15/2037

86,000

95,557

5.35%,

11/1/2040(b)

250,000

255,027

4.10%,

3/4/2049

200,000

164,592

5.45%,

5/25/2053(b)

20,000

20,008

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033(b)

192,000

215,485

Unum

Group

,

4.00%,

6/15/2029(b)

250,000

246,791

4.13%,

6/15/2051(b)

50,000

38,067

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

100,000

78,513

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

50,383

4.50%,

9/15/2028

400,000

403,484

2.95%,

9/15/2029

65,000

61,711

5.35%,

5/15/2033(b)

20,000

20,697

5.90%,

3/5/2054

50,000

50,935

15,698,473

Interactive

Media

&

Services

0

.1

%

Alphabet,

Inc.

,

0.80%,

8/15/2027(b)

90,000

85,369

4.00%,

5/15/2030

85,000

85,375

1.10%,

8/15/2030

165,000

144,509

4.50%,

5/15/2035(b)

125,000

125,107

1.90%,

8/15/2040

100,000

68,334

2.05%,

8/15/2050

200,000

113,842

5.25%,

5/15/2055(b)

50,000

50,109

2.25%,

8/15/2060

200,000

108,014

5.30%,

5/15/2065

60,000

59,702

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

201,623

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(b)

230,000

228,981

4.60%,

5/15/2028(b)

60,000

61,228

4.30%,

8/15/2029(b)

65,000

65,827

4.80%,

5/15/2030

60,000

61,938

4.55%,

8/15/2031(b)

75,000

76,475

3.85%,

8/15/2032(b)

195,000

189,761

4.95%,

5/15/2033(b)

60,000

62,123

4.75%,

8/15/2034(b)

175,000

177,280

4.45%,

8/15/2052(b)

265,000

227,548

5.60%,

5/15/2053(b)

210,000

213,013

5.40%,

8/15/2054(b)

346,000

341,842

4.65%,

8/15/2062

180,000

154,371

5.75%,

5/15/2063(b)

60,000

61,708

5.55%,

8/15/2064

150,000

148,898

3,112,977

Corporate

Bonds

Principal

Amount

($)

Value

($)

IT

Services

0

.1

%

Accenture

Capital,

Inc.

,

3.90%,

10/4/2027(b)

35,000

35,037

4.05%,

10/4/2029(b)

50,000

49,952

4.25%,

10/4/2031

50,000

49,925

4.50%,

10/4/2034(b)

35,000

34,518

CGI,

Inc.

,

4.95%,

3/14/2030(c)

25,000

25,451

2.30%,

9/14/2031(b)

50,000

43,960

DXC

Technology

Co.

,

2.38%,

9/15/2028(b)

100,000

94,249

IBM

International

Capital

Pte.

Ltd.

,

4.60%,

2/5/2027(b)

100,000

100,718

4.60%,

2/5/2029(b)

100,000

101,347

4.75%,

2/5/2031

100,000

101,990

4.90%,

2/5/2034(b)

100,000

101,298

5.25%,

2/5/2044(b)

100,000

98,400

5.30%,

2/5/2054(b)

200,000

191,403

International

Business

Machines

Corp.

,

1.70%,

5/15/2027(b)

300,000

289,261

4.50%,

2/6/2028(b)

100,000

101,043

4.65%,

2/10/2028

100,000

101,428

3.50%,

5/15/2029

400,000

391,817

4.80%,

2/10/2030

100,000

102,333

1.95%,

5/15/2030(b)

100,000

90,566

5.00%,

2/10/2032

100,000

102,988

5.88%,

11/29/2032

53,000

57,424

5.20%,

2/10/2035(b)

100,000

102,658

4.15%,

5/15/2039

300,000

269,323

4.00%,

6/20/2042(b)

150,000

127,491

4.25%,

5/15/2049(b)

300,000

247,887

5.70%,

2/10/2055(b)

100,000

101,379

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031

150,000

136,384

3,250,230

Leisure

Products

0

.0

%

†

Brunswick

Corp.

,

2.40%,

8/18/2031

65,000

56,514

4.40%,

9/15/2032(b)

100,000

95,243

5.10%,

4/1/2052

30,000

24,054

Hasbro,

Inc.

,

3.55%,

11/19/2026

100,000

99,146

3.90%,

11/19/2029

100,000

97,401

6.05%,

5/14/2034

25,000

26,148

5.10%,

5/15/2044

100,000

88,921

487,427

Life

Sciences

Tools

&

Services

0

.1

%

Agilent

Technologies,

Inc.

,

4.20%,

9/9/2027

25,000

25,025

2.75%,

9/15/2029(b)

165,000

156,073

2.30%,

3/12/2031

82,000

73,599

4.75%,

9/9/2034

25,000

24,917

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032

50,000

46,738

Danaher

Corp.

,

2.60%,

10/1/2050

94,000

58,547

2.80%,

12/10/2051(b)

140,000

90,059

Illumina,

Inc.

,

5.75%,

12/13/2027

100,000

102,838

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

41

Corporate

Bonds

Principal

Amount

($)

Value

($)

Life

Sciences

Tools

&

Services

Revvity,

Inc.

,

1.90%,

9/15/2028

60,000

55,927

3.30%,

9/15/2029

100,000

95,634

2.25%,

9/15/2031

35,000

30,386

Thermo

Fisher

Scientific,

Inc.

,

5.00%,

12/5/2026(b)

50,000

50,573

4.80%,

11/21/2027

65,000

66,045

1.75%,

10/15/2028(b)

115,000

107,615

5.00%,

1/31/2029

75,000

77,183

2.60%,

10/1/2029(b)

325,000

307,225

4.98%,

8/10/2030(b)

65,000

67,279

4.20%,

3/1/2031

45,000

44,943

2.00%,

10/15/2031(b)

55,000

48,597

4.47%,

10/7/2032

50,000

50,008

4.95%,

11/21/2032(b)

70,000

72,371

5.09%,

8/10/2033(b)

80,000

82,891

5.20%,

1/31/2034

50,000

52,072

4.79%,

10/7/2035

50,000

50,019

4.89%,

10/7/2037

50,000

50,000

2.80%,

10/15/2041(b)

30,000

22,165

5.40%,

8/10/2043

90,000

90,991

5.30%,

2/1/2044

100,000

100,156

2,099,876

Machinery

0

.2

%

AGCO

Corp.

,

5.45%,

3/21/2027(b)

50,000

50,723

5.80%,

3/21/2034

50,000

51,976

Caterpillar,

Inc.

,

2.60%,

9/19/2029(b)

70,000

66,441

5.20%,

5/15/2035

75,000

77,596

6.05%,

8/15/2036

177,000

196,233

3.80%,

8/15/2042(b)

300,000

253,396

3.25%,

9/19/2049(b)

330,000

238,029

CNH

Industrial

Capital

LLC

,

4.75%,

3/21/2028

25,000

25,278

4.55%,

4/10/2028

40,000

40,308

5.50%,

1/12/2029(b)

100,000

103,489

5.10%,

4/20/2029(b)

50,000

51,198

4.50%,

10/16/2030

25,000

24,948

Cummins,

Inc.

,

4.25%,

5/9/2028

25,000

25,188

4.70%,

2/15/2031

25,000

25,452

5.30%,

5/9/2035

125,000

129,051

2.60%,

9/1/2050

50,000

30,844

5.45%,

2/20/2054(b)

92,000

91,713

Deere

&

Co.

,

5.45%,

1/16/2035

50,000

52,631

3.90%,

6/9/2042(b)

250,000

216,386

5.70%,

1/19/2055(b)

150,000

157,765

Dover

Corp.

,

2.95%,

11/4/2029(b)

45,000

42,797

5.38%,

3/1/2041

100,000

99,922

Flowserve

Corp.

,

2.80%,

1/15/2032

100,000

88,535

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

200,000

194,079

Ingersoll

Rand,

Inc.

,

5.20%,

6/15/2027

50,000

50,836

5.18%,

6/15/2029

50,000

51,662

5.70%,

8/14/2033(b)

100,000

106,232

5.45%,

6/15/2034

50,000

52,132

Corporate

Bonds

Principal

Amount

($)

Value

($)

Machinery

Nordson

Corp.

,

4.50%,

12/15/2029

25,000

25,136

5.80%,

9/15/2033

25,000

26,678

nVent

Finance

Sarl

,

5.65%,

5/15/2033(b)

40,000

41,766

Otis

Worldwide

Corp.

,

5.25%,

8/16/2028(b)

30,000

30,923

3.11%,

2/15/2040(b)

300,000

233,552

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027(b)

65,000

65,300

3.25%,

6/14/2029(b)

104,000

100,933

4.50%,

9/15/2029

95,000

96,286

4.20%,

11/21/2034(b)

300,000

290,801

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028(b)

100,000

103,909

4.25%,

11/15/2028

250,000

250,343

2.30%,

3/15/2030(b)

500,000

455,194

3.00%,

5/15/2032

40,000

35,974

Westinghouse

Air

Brake

Technologies

Corp.

,

3.45%,

11/15/2026

78,000

77,323

4.70%,

9/15/2028(f)

250,000

253,484

4.90%,

5/29/2030

50,000

51,098

5.50%,

5/29/2035

50,000

51,761

4,785,301

Media

0

.4

%

Charter

Communications

Operating

LLC

,

4.20%,

3/15/2028(b)

200,000

199,084

2.25%,

1/15/2029(b)

100,000

93,004

5.05%,

3/30/2029(b)

150,000

151,964

6.10%,

6/1/2029(b)

75,000

78,705

4.40%,

4/1/2033(b)

75,000

71,137

6.65%,

2/1/2034(b)

125,000

133,575

6.55%,

6/1/2034(b)

75,000

79,929

6.38%,

10/23/2035

300,000

314,289

5.85%,

12/1/2035(b)

40,000

40,382

3.50%,

3/1/2042

100,000

72,025

5.38%,

5/1/2047

400,000

345,733

5.75%,

4/1/2048

350,000

317,266

4.80%,

3/1/2050(b)

425,000

336,613

3.90%,

6/1/2052

200,000

135,458

5.25%,

4/1/2053(b)

180,000

150,408

6.83%,

10/23/2055

150,000

152,911

6.70%,

12/1/2055(b)

38,000

38,454

3.85%,

4/1/2061

310,000

193,217

Comcast

Corp.

,

5.35%,

11/15/2027(b)

55,000

56,505

3.15%,

2/15/2028

500,000

491,192

4.55%,

1/15/2029(b)

80,000

81,038

5.10%,

6/1/2029(b)

75,000

77,539

2.65%,

2/1/2030

300,000

281,305

3.40%,

4/1/2030(b)

165,000

159,631

1.95%,

1/15/2031(b)

450,000

399,706

4.95%,

5/15/2032

50,000

51,268

5.50%,

11/15/2032

60,000

63,583

4.25%,

1/15/2033(b)

250,000

244,915

4.65%,

2/15/2033(b)

160,000

160,709

7.05%,

3/15/2033(b)

95,000

109,155

4.80%,

5/15/2033(b)

80,000

80,811

5.30%,

6/1/2034(b)

75,000

77,810

42

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Media

Comcast

Corp.,

5.30%,

5/15/2035(b)

75,000

77,115

4.40%,

8/15/2035

200,000

192,057

6.50%,

11/15/2035

100,000

111,882

3.90%,

3/1/2038

250,000

220,076

3.75%,

4/1/2040(b)

150,000

126,136

3.40%,

7/15/2046

150,000

108,570

4.70%,

10/15/2048

400,000

348,956

4.00%,

11/1/2049

250,000

192,791

2.89%,

11/1/2051

500,000

307,986

2.45%,

8/15/2052

120,000

66,265

5.35%,

5/15/2053(b)

80,000

75,016

5.65%,

6/1/2054

70,000

68,697

6.05%,

5/15/2055(b)

125,000

129,183

2.94%,

11/1/2056

527,000

312,727

2.65%,

8/15/2062

300,000

157,875

2.99%,

11/1/2063

200,000

114,203

5.50%,

5/15/2064(b)

280,000

263,896

Fox

Corp.

,

6.50%,

10/13/2033

100,000

110,095

5.58%,

1/25/2049(b)

200,000

194,721

Grupo

Televisa

SAB

,

6.63%,

1/15/2040(b)

250,000

229,692

Interpublic

Group

of

Cos.,

Inc.

(The)

,

2.40%,

3/1/2031

160,000

142,794

5.38%,

6/15/2033

24,000

24,493

3.38%,

3/1/2041

70,000

52,462

Omnicom

Group,

Inc.

,

2.60%,

8/1/2031(b)

82,000

73,922

5.30%,

11/1/2034

50,000

51,301

Paramount

Global

,

5.50%,

5/15/2033

118,000

116,794

4.38%,

3/15/2043(b)

359,000

277,103

4.60%,

1/15/2045

250,000

194,854

Time

Warner

Cable

LLC

,

6.75%,

6/15/2039

600,000

627,732

10,208,715

Metals

&

Mining

0

.2

%

ArcelorMittal

SA

,

6.55%,

11/29/2027

40,000

41,737

6.80%,

11/29/2032(b)

40,000

44,497

6.00%,

6/17/2034(b)

50,000

53,382

7.00%,

10/15/2039(b)(f)

100,000

112,306

6.35%,

6/17/2054(b)

50,000

52,232

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

100,000

103,512

BHP

Billiton

Finance

USA

Ltd.

,

4.75%,

2/28/2028

60,000

60,958

5.10%,

9/8/2028(b)

100,000

102,858

5.00%,

2/21/2030(b)

100,000

103,072

5.25%,

9/8/2030(b)

100,000

104,221

5.13%,

2/21/2032

75,000

77,694

4.90%,

2/28/2033

35,000

35,769

5.25%,

9/8/2033(b)

100,000

104,150

5.30%,

2/21/2035

125,000

130,071

4.13%,

2/24/2042(b)

92,000

80,855

5.00%,

9/30/2043

200,000

192,819

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

350,000

358,715

Corporate

Bonds

Principal

Amount

($)

Value

($)

Metals

&

Mining

Newmont

Corp.

,

2.60%,

7/15/2032

115,000

103,976

5.35%,

3/15/2034(b)

50,000

52,152

5.88%,

4/1/2035(b)

236,000

255,639

4.88%,

3/15/2042(b)

75,000

72,636

Nucor

Corp.

,

4.30%,

5/23/2027

60,000

60,273

4.65%,

6/1/2030

50,000

50,776

5.10%,

6/1/2035(b)

50,000

50,835

5.20%,

8/1/2043

200,000

195,893

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

106,000

113,374

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

300,000

188,082

Rio

Tinto

Finance

USA

plc

,

4.38%,

3/12/2027

35,000

35,226

4.50%,

3/14/2028

40,000

40,439

4.88%,

3/14/2030

80,000

81,981

5.00%,

3/14/2032(b)

55,000

56,538

5.00%,

3/9/2033

55,000

56,580

5.25%,

3/14/2035(b)

85,000

87,591

4.13%,

8/21/2042(b)

100,000

86,806

5.13%,

3/9/2053

60,000

56,772

5.75%,

3/14/2055(b)

135,000

138,936

Southern

Copper

Corp.

,

7.50%,

7/27/2035

100,000

118,322

6.75%,

4/16/2040(b)

250,000

283,802

5.88%,

4/23/2045(b)

100,000

103,961

Steel

Dynamics,

Inc.

,

3.25%,

1/15/2031(b)

200,000

188,945

5.38%,

8/15/2034(b)

50,000

51,690

5.25%,

5/15/2035(b)

50,000

51,091

5.75%,

5/15/2055(b)

30,000

30,587

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

288,524

6.13%,

6/12/2033(b)

250,000

266,977

6.88%,

11/10/2039(b)

70,000

78,577

6.40%,

6/28/2054(b)

75,000

77,094

5,082,923

Multi-Utilities

0

.4

%

Ameren

Corp.

,

5.70%,

12/1/2026

50,000

50,783

1.95%,

3/15/2027

80,000

77,536

5.00%,

1/15/2029(b)

50,000

51,109

5.38%,

3/15/2035

25,000

25,668

Ameren

Illinois

Co.

,

3.85%,

9/1/2032(b)

40,000

38,395

2.90%,

6/15/2051

100,000

64,514

5.90%,

12/1/2052

100,000

104,803

5.55%,

7/1/2054(b)

50,000

50,491

5.63%,

3/1/2055

75,000

76,430

Berkshire

Hathaway

Energy

Co.

,

6.13%,

4/1/2036

150,000

163,216

5.15%,

11/15/2043

400,000

388,746

4.60%,

5/1/2053(b)

90,000

77,362

Black

Hills

Corp.

,

5.95%,

3/15/2028

100,000

103,831

3.05%,

10/15/2029

210,000

199,447

4.55%,

1/31/2031

25,000

24,999

6.15%,

5/15/2034(b)

70,000

74,752

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

43

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Black

Hills

Corp.,

6.00%,

1/15/2035(b)

25,000

26,612

3.88%,

10/15/2049

100,000

74,954

CenterPoint

Energy,

Inc.

,

5.40%,

6/1/2029(b)

50,000

51,732

2.65%,

6/1/2031

85,000

76,931

Consolidated

Edison

Co.

of

New

York,

Inc.

,

2.40%,

6/15/2031(b)

50,000

45,299

5.20%,

3/1/2033

40,000

41,597

5.50%,

3/15/2034(b)

50,000

52,604

5.38%,

5/15/2034

25,000

26,060

5.13%,

3/15/2035(b)

125,000

128,330

3.95%,

3/1/2043

500,000

415,719

4.50%,

12/1/2045

150,000

131,504

Series

20B,

3.95%,

4/1/2050(b)

88,000

70,061

6.15%,

11/15/2052

200,000

215,293

5.90%,

11/15/2053(b)

50,000

52,162

5.70%,

5/15/2054(b)

25,000

25,623

4.63%,

12/1/2054(b)

150,000

129,253

3.70%,

11/15/2059

50,000

35,803

3.60%,

6/15/2061(b)

200,000

139,313

Consumers

Energy

Co.

,

4.65%,

3/1/2028

200,000

202,590

4.90%,

2/15/2029(b)

100,000

102,522

4.70%,

1/15/2030(b)

25,000

25,530

4.50%,

1/15/2031

40,000

40,409

4.63%,

5/15/2033

100,000

100,090

5.05%,

5/15/2035

100,000

101,734

4.35%,

4/15/2049

300,000

256,857

3.10%,

8/15/2050

45,000

30,907

2.65%,

8/15/2052

15,000

9,337

2.50%,

5/1/2060

100,000

56,222

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028(b)

50,000

50,503

Series

C,

3.38%,

4/1/2030(b)

300,000

288,154

5.00%,

6/15/2030(b)

50,000

51,260

Series

C,

2.25%,

8/15/2031(b)

30,000

26,549

Series

A,

4.35%,

8/15/2032(b)

40,000

39,211

5.38%,

11/15/2032(b)

50,000

51,954

Series

E,

6.30%,

3/15/2033

10,000

10,810

Series

F,

5.25%,

8/1/2033(b)

50,000

51,335

5.45%,

3/15/2035(b)

50,000

51,231

Series

B,

5.95%,

6/15/2035(b)

151,000

160,713

Series

C,

4.90%,

8/1/2041(b)

300,000

277,702

Series

B,

4.85%,

8/15/2052

40,000

34,774

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.26%),

6.00%,

2/15/2056(d)

25,000

25,179

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.01%),

6.20%,

2/15/2056(d)

25,000

25,164

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

DTE

Energy

Co.

,

4.95%,

7/1/2027

50,000

50,636

4.88%,

6/1/2028(b)

100,000

101,733

5.10%,

3/1/2029(b)

75,000

76,849

2.95%,

3/1/2030(b)

50,000

47,007

5.20%,

4/1/2030

75,000

77,280

5.85%,

6/1/2034

50,000

53,125

5.05%,

10/1/2035(b)

25,000

24,834

National

Grid

plc

,

5.42%,

1/11/2034(b)

100,000

103,717

NiSource,

Inc.

,

5.25%,

3/30/2028(b)

104,000

106,700

5.20%,

7/1/2029

50,000

51,565

2.95%,

9/1/2029

250,000

238,488

1.70%,

2/15/2031

85,000

73,818

5.35%,

4/1/2034

25,000

25,739

5.35%,

7/15/2035(b)

100,000

102,103

5.95%,

6/15/2041

300,000

311,460

5.00%,

6/15/2052

70,000

63,120

5.85%,

4/1/2055(b)

100,000

101,413

Public

Service

Enterprise

Group,

Inc.

,

5.88%,

10/15/2028

50,000

52,383

5.20%,

4/1/2029(b)

50,000

51,593

4.90%,

3/15/2030(b)

25,000

25,554

6.13%,

10/15/2033

50,000

53,977

5.45%,

4/1/2034

50,000

51,753

5.40%,

3/15/2035(b)

25,000

25,759

Puget

Energy,

Inc.

,

2.38%,

6/15/2028(b)

200,000

189,898

4.22%,

3/15/2032

40,000

38,307

5.73%,

3/15/2035(b)

25,000

25,798

Puget

Sound

Energy,

Inc.

,

5.33%,

6/15/2034(b)

25,000

25,795

5.64%,

4/15/2041

200,000

201,758

5.69%,

6/15/2054(b)

25,000

25,350

5.60%,

9/15/2055

75,000

74,534

San

Diego

Gas

&

Electric

Co.

,

4.95%,

8/15/2028

100,000

102,429

Series

VVV,

1.70%,

10/1/2030

100,000

88,237

5.40%,

4/15/2035

25,000

25,818

4.15%,

5/15/2048

200,000

162,232

3.32%,

4/15/2050

200,000

140,221

5.35%,

4/1/2053(b)

95,000

91,315

5.55%,

4/15/2054

50,000

49,167

Sempra

,

3.40%,

2/1/2028

300,000

294,315

5.50%,

8/1/2033

50,000

52,115

6.00%,

10/15/2039

220,000

228,799

4.00%,

2/1/2048

150,000

115,619

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%),

6.40%,

10/1/2054(b)(d)

126,000

128,746

Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031(b)

250,000

218,582

5.75%,

9/15/2033

50,000

52,990

4.95%,

9/15/2034

25,000

25,073

Series

B,

5.10%,

9/15/2035

100,000

100,261

44

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Multi-Utilities

Southern

Co.

Gas

Capital

Corp.,

Series

21A,

3.15%,

9/30/2051

100,000

65,256

WEC

Energy

Group,

Inc.

,

5.15%,

10/1/2027(b)

100,000

101,899

4.75%,

1/15/2028

50,000

50,702

1.80%,

10/15/2030

103,000

91,174

10,018,665

Office

REITs

0

.1

%

Boston

Properties

LP

,

2.75%,

10/1/2026(b)

250,000

246,017

2.90%,

3/15/2030

100,000

92,831

3.25%,

1/30/2031

89,000

82,762

2.45%,

10/1/2033

300,000

245,452

5.75%,

1/15/2035(b)

25,000

25,555

COPT

Defense

Properties

LP

,

2.00%,

1/15/2029(b)

100,000

92,664

4.50%,

10/15/2030

25,000

24,835

2.90%,

12/1/2033

100,000

84,624

Highwoods

Realty

LP

,

3.05%,

2/15/2030(b)

250,000

231,535

Kilroy

Realty

LP

,

3.05%,

2/15/2030

100,000

92,284

6.25%,

1/15/2036

100,000

103,422

1,321,981

Oil,

Gas

&

Consumable

Fuels

1

.7

%

APA

Corp.

,

6.10%,

2/15/2035

25,000

25,550

6.75%,

2/15/2055(b)

25,000

25,201

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031(b)

250,000

234,119

5.63%,

8/1/2034

25,000

25,940

BP

Capital

Markets

America,

Inc.

,

5.02%,

11/17/2027

100,000

102,115

4.23%,

11/6/2028(b)

400,000

401,893

4.70%,

4/10/2029

50,000

50,932

4.97%,

10/17/2029

75,000

77,240

4.87%,

11/25/2029

50,000

51,318

2.72%,

1/12/2032

200,000

181,366

4.81%,

2/13/2033(b)

300,000

303,529

4.89%,

9/11/2033(b)

240,000

243,477

4.99%,

4/10/2034(b)

50,000

50,991

5.23%,

11/17/2034(b)

125,000

129,110

3.06%,

6/17/2041

50,000

38,016

3.00%,

2/24/2050

200,000

132,288

2.77%,

11/10/2050

150,000

94,244

2.94%,

6/4/2051

150,000

96,929

3.00%,

3/17/2052

50,000

32,539

3.38%,

2/8/2061

150,000

100,070

BP

Capital

Markets

plc

,

3.28%,

9/19/2027(b)

300,000

296,291

Canadian

Natural

Resources

Ltd.

,

5.40%,

12/15/2034(b)(c)

25,000

25,461

6.25%,

3/15/2038

340,000

362,896

4.95%,

6/1/2047

100,000

88,886

Cenovus

Energy,

Inc.

,

2.65%,

1/15/2032

45,000

39,782

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Cenovus

Energy,

Inc.,

6.75%,

11/15/2039(b)

17,000

18,786

5.40%,

6/15/2047(b)

120,000

110,522

3.75%,

2/15/2052(b)

25,000

17,763

Cheniere

Corpus

Christi

Holdings

LLC

,

5.13%,

6/30/2027(b)

250,000

252,728

3.70%,

11/15/2029(b)

65,000

63,170

2.74%,

12/31/2039

100,000

83,875

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029(b)

300,000

299,039

4.00%,

3/1/2031

300,000

289,311

3.25%,

1/31/2032

200,000

182,202

5.75%,

8/15/2034(b)

75,000

77,969

5.55%,

10/30/2035(b)(c)

25,000

25,540

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028(b)

300,000

299,062

5.65%,

4/15/2034

150,000

154,626

Chevron

Corp.

,

2.00%,

5/11/2027(b)

120,000

116,634

2.24%,

5/11/2030(b)

152,000

140,562

3.08%,

5/11/2050(b)

25,000

17,345

Chevron

USA,

Inc.

,

1.02%,

8/12/2027(b)

120,000

114,181

3.95%,

8/13/2027

25,000

25,105

3.85%,

1/15/2028

50,000

50,011

4.48%,

2/26/2028

50,000

50,698

4.05%,

8/13/2028

25,000

25,125

4.69%,

4/15/2030

50,000

51,165

4.30%,

10/15/2030(b)

75,000

75,409

4.82%,

4/15/2032

50,000

51,392

4.50%,

10/15/2032(b)

75,000

75,596

4.98%,

4/15/2035

50,000

51,274

4.85%,

10/15/2035

50,000

50,598

2.34%,

8/12/2050

200,000

119,006

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

155,640

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045

100,000

99,524

ConocoPhillips

,

5.90%,

10/15/2032

77,000

83,829

6.50%,

2/1/2039

175,000

197,627

ConocoPhillips

Co.

,

4.70%,

1/15/2030

100,000

101,943

4.85%,

1/15/2032(b)

50,000

51,116

5.05%,

9/15/2033(b)

70,000

72,133

5.00%,

1/15/2035(b)

125,000

126,631

3.76%,

3/15/2042(b)

100,000

82,064

4.30%,

11/15/2044(b)

155,000

133,720

3.80%,

3/15/2052

50,000

37,567

5.30%,

5/15/2053(b)

40,000

38,131

5.55%,

3/15/2054(b)

50,000

49,252

5.50%,

1/15/2055(b)

55,000

53,881

4.03%,

3/15/2062

200,000

149,305

5.70%,

9/15/2063(b)

50,000

49,577

5.65%,

1/15/2065(b)

100,000

98,090

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

60,000

48,950

Coterra

Energy,

Inc.

,

5.60%,

3/15/2034(b)

50,000

51,399

5.40%,

2/15/2035

100,000

100,798

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

45

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

100,007

5.20%,

9/15/2034(b)

75,000

74,675

4.75%,

5/15/2042(b)

300,000

261,587

5.75%,

9/15/2054(b)

75,000

69,568

Diamondback

Energy,

Inc.

,

3.25%,

12/1/2026

84,000

83,113

5.20%,

4/18/2027

125,000

126,794

3.50%,

12/1/2029

100,000

96,480

5.15%,

1/30/2030(b)

125,000

128,734

6.25%,

3/15/2033(b)

35,000

37,709

5.40%,

4/18/2034

100,000

102,088

5.55%,

4/1/2035(b)

70,000

71,862

4.40%,

3/24/2051(b)

50,000

40,364

4.25%,

3/15/2052(b)

60,000

47,082

6.25%,

3/15/2053

60,000

61,447

5.75%,

4/18/2054(b)

200,000

192,518

5.90%,

4/18/2064

60,000

57,761

Eastern

Energy

Gas

Holdings

LLC

,

5.80%,

1/15/2035

25,000

26,301

5.65%,

10/15/2054

90,000

88,669

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029(b)

200,000

190,285

Enbridge,

Inc.

,

1.60%,

10/4/2026

95,000

92,611

5.90%,

11/15/2026

70,000

71,225

5.25%,

4/5/2027(b)

25,000

25,378

3.70%,

7/15/2027

50,000

49,590

4.60%,

6/20/2028(b)

25,000

25,294

6.00%,

11/15/2028(b)

50,000

52,598

3.13%,

11/15/2029(b)

150,000

142,909

4.90%,

6/20/2030

35,000

35,792

6.20%,

11/15/2030(b)

80,000

86,330

5.70%,

3/8/2033(b)

230,000

242,042

2.50%,

8/1/2033(b)

200,000

170,247

5.63%,

4/5/2034(b)

131,000

136,739

5.55%,

6/20/2035(b)

50,000

51,563

5.50%,

12/1/2046

100,000

98,934

4.00%,

11/15/2049

100,000

76,849

3.40%,

8/1/2051

65,000

44,574

6.70%,

11/15/2053

120,000

134,010

5.95%,

4/5/2054(b)

25,000

25,677

Energy

Transfer

LP

,

6.05%,

12/1/2026(b)

75,000

76,398

5.55%,

2/15/2028

50,000

51,467

5.25%,

7/1/2029

30,000

30,870

3.75%,

5/15/2030(b)

60,000

58,264

6.40%,

12/1/2030(b)

40,000

43,353

5.75%,

2/15/2033(b)

230,000

241,093

6.55%,

12/1/2033

230,000

251,571

5.55%,

5/15/2034(b)

40,000

41,040

5.60%,

9/1/2034(b)

50,000

51,316

5.70%,

4/1/2035(b)

100,000

103,258

6.05%,

6/1/2041

75,000

76,394

6.50%,

2/1/2042(b)

250,000

264,789

5.00%,

5/15/2044(f)

150,000

132,681

5.35%,

5/15/2045

200,000

183,454

5.30%,

4/15/2047

300,000

270,953

6.25%,

4/15/2049

250,000

252,353

5.00%,

5/15/2050

200,000

171,201

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Energy

Transfer

LP,

5.95%,

5/15/2054(b)

140,000

135,580

6.05%,

9/1/2054(b)

50,000

49,094

Enterprise

Products

Operating

LLC

,

4.60%,

1/11/2027

50,000

50,360

4.30%,

6/20/2028

75,000

75,575

2.80%,

1/31/2030

120,000

113,391

4.60%,

1/15/2031

100,000

101,037

5.35%,

1/31/2033

70,000

73,156

4.85%,

1/31/2034(b)

50,000

50,425

4.95%,

2/15/2035

75,000

75,624

5.20%,

1/15/2036

100,000

101,639

6.13%,

10/15/2039

285,000

308,117

4.45%,

2/15/2043(b)

100,000

88,287

4.85%,

3/15/2044

100,000

91,969

4.25%,

2/15/2048

250,000

208,037

4.80%,

2/1/2049

300,000

267,727

4.20%,

1/31/2050(b)

134,000

109,309

3.70%,

1/31/2051(b)

250,000

185,965

3.20%,

2/15/2052

80,000

54,236

4.95%,

10/15/2054

200,000

179,718

5.55%,

2/16/2055(b)

45,000

44,478

EOG

Resources,

Inc.

,

4.40%,

7/15/2028

75,000

75,689

5.00%,

7/15/2032

95,000

97,203

5.35%,

1/15/2036

100,000

102,676

4.95%,

4/15/2050(b)

60,000

54,618

5.65%,

12/1/2054(b)

25,000

25,028

5.95%,

7/15/2055(b)

35,000

36,642

EQT

Corp.

,

3.90%,

10/1/2027

300,000

298,073

5.75%,

2/1/2034(b)

50,000

52,328

Equinor

ASA

,

4.25%,

6/2/2028

25,000

25,175

3.13%,

4/6/2030(b)

200,000

191,610

5.13%,

6/3/2035

50,000

51,517

3.70%,

4/6/2050

500,000

388,588

Expand

Energy

Corp.

,

5.70%,

1/15/2035

100,000

102,781

Exxon

Mobil

Corp.

,

3.29%,

3/19/2027

200,000

198,614

3.48%,

3/19/2030(b)

250,000

244,179

2.61%,

10/15/2030(b)

250,000

233,284

4.23%,

3/19/2040

200,000

183,048

4.11%,

3/1/2046(b)

250,000

211,974

3.10%,

8/16/2049

50,000

34,771

4.33%,

3/19/2050

226,000

193,705

3.45%,

4/15/2051(b)

274,000

200,754

Hess

Corp.

,

4.30%,

4/1/2027

500,000

501,651

5.60%,

2/15/2041

250,000

259,437

Kinder

Morgan

Energy

Partners

LP

,

6.38%,

3/1/2041

100,000

106,811

5.00%,

8/15/2042

350,000

320,731

Kinder

Morgan,

Inc.

,

1.75%,

11/15/2026

150,000

146,095

5.00%,

2/1/2029(b)

60,000

61,351

5.10%,

8/1/2029(b)

40,000

41,106

2.00%,

2/15/2031(b)

50,000

44,326

4.80%,

2/1/2033(b)

60,000

59,993

46

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Kinder

Morgan,

Inc.,

5.20%,

6/1/2033(b)

90,000

92,164

5.40%,

2/1/2034(b)

75,000

77,324

5.30%,

12/1/2034

350,000

357,094

5.55%,

6/1/2045

200,000

194,260

5.05%,

2/15/2046

250,000

226,566

3.25%,

8/1/2050

50,000

33,155

3.60%,

2/15/2051(b)

100,000

70,318

5.45%,

8/1/2052

60,000

56,597

5.95%,

8/1/2054(b)

25,000

25,178

Marathon

Petroleum

Corp.

,

5.15%,

3/1/2030(b)

50,000

51,389

5.70%,

3/1/2035

50,000

51,612

6.50%,

3/1/2041

250,000

269,477

MPLX

LP

,

4.25%,

12/1/2027(b)

350,000

350,341

4.00%,

3/15/2028(b)

100,000

99,535

2.65%,

8/15/2030(b)

190,000

174,436

4.80%,

2/15/2031

70,000

70,422

4.95%,

9/1/2032(b)

90,000

90,285

5.00%,

1/15/2033

50,000

49,878

5.00%,

3/1/2033

35,000

35,009

5.50%,

6/1/2034(b)

60,000

61,145

5.40%,

4/1/2035

50,000

50,408

5.40%,

9/15/2035(b)

75,000

75,163

4.50%,

4/15/2038

250,000

226,128

5.20%,

3/1/2047

100,000

89,866

4.70%,

4/15/2048

200,000

167,461

5.50%,

2/15/2049(b)

300,000

279,286

4.95%,

3/14/2052

110,000

93,839

5.95%,

4/1/2055(b)

50,000

48,879

6.20%,

9/15/2055

65,000

65,757

Occidental

Petroleum

Corp.

,

5.00%,

8/1/2027(b)

70,000

70,733

5.20%,

8/1/2029

115,000

116,690

6.63%,

9/1/2030(b)

210,000

224,999

6.13%,

1/1/2031(b)

300,000

316,010

5.38%,

1/1/2032(b)

70,000

71,189

5.55%,

10/1/2034(b)

205,000

207,997

6.45%,

9/15/2036(b)

250,000

265,667

4.20%,

3/15/2048

180,000

131,938

6.05%,

10/1/2054(b)

70,000

68,306

ONEOK

Partners

LP

,

6.13%,

2/1/2041

100,000

102,492

ONEOK,

Inc.

,

5.55%,

11/1/2026

100,000

101,267

4.00%,

7/13/2027

500,000

498,460

4.55%,

7/15/2028

86,000

86,716

5.65%,

11/1/2028

100,000

103,700

4.35%,

3/15/2029(b)

100,000

99,897

5.80%,

11/1/2030(b)

75,000

79,022

4.75%,

10/15/2031(b)

200,000

200,064

4.95%,

10/15/2032(b)

25,000

24,986

6.05%,

9/1/2033

100,000

106,039

5.05%,

11/1/2034(b)

150,000

147,927

5.40%,

10/15/2035

25,000

25,094

5.45%,

6/1/2047

100,000

92,261

5.20%,

7/15/2048(b)

250,000

223,397

3.95%,

3/1/2050(b)

25,000

18,404

6.63%,

9/1/2053(b)

350,000

372,326

5.70%,

11/1/2054(b)

130,000

122,729

6.25%,

10/15/2055

100,000

101,552

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

ONEOK,

Inc.,

5.85%,

11/1/2064

80,000

76,361

Ovintiv,

Inc.

,

5.65%,

5/15/2028

60,000

61,794

6.25%,

7/15/2033(b)

40,000

42,193

6.50%,

2/1/2038

250,000

262,724

7.10%,

7/15/2053

40,000

43,195

Phillips

66

,

4.65%,

11/15/2034(b)

200,000

195,216

5.88%,

5/1/2042

132,000

135,393

4.88%,

11/15/2044

300,000

267,667

Phillips

66

Co.

,

4.95%,

12/1/2027

40,000

40,661

5.25%,

6/15/2031

75,000

77,813

5.30%,

6/30/2033

100,000

102,868

4.95%,

3/15/2035(b)

75,000

74,237

4.90%,

10/1/2046

50,000

43,915

5.65%,

6/15/2054(b)

50,000

47,902

5.50%,

3/15/2055(b)

25,000

23,545

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

6.20%,

3/15/2056(d)

25,000

25,067

Pioneer

Natural

Resources

Co.

,

1.90%,

8/15/2030(b)

200,000

179,616

2.15%,

1/15/2031

200,000

179,821

Plains

All

American

Pipeline

LP

,

3.55%,

12/15/2029(b)

106,000

102,345

5.70%,

9/15/2034(b)

50,000

51,536

5.95%,

6/15/2035(b)

50,000

52,182

5.15%,

6/1/2042(b)

250,000

228,192

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027(b)

200,000

201,209

4.50%,

5/15/2030(b)

400,000

401,395

5.90%,

9/15/2037

58,343

61,350

Shell

Finance

US,

Inc.

,

2.38%,

11/7/2029(b)

150,000

140,744

4.13%,

5/11/2035(b)

150,000

144,050

4.55%,

8/12/2043

200,000

181,227

4.38%,

5/11/2045

300,000

262,092

4.00%,

5/10/2046

100,000

82,302

3.75%,

9/12/2046(b)

100,000

79,395

3.25%,

4/6/2050(b)

200,000

141,964

South

Bow

USA

Infrastructure

Holdings

LLC

,

5.58%,

10/1/2034

45,000

45,242

6.18%,

10/1/2054

60,000

58,496

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

85,653

Suncor

Energy,

Inc.

,

7.15%,

2/1/2032(b)

100,000

112,300

5.95%,

12/1/2034

50,000

52,645

6.85%,

6/1/2039(b)

70,000

77,742

Targa

Resources

Corp.

,

5.20%,

7/1/2027

60,000

60,945

6.15%,

3/1/2029

35,000

36,873

4.90%,

9/15/2030

50,000

50,786

6.13%,

3/15/2033(b)

100,000

106,346

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

47

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Targa

Resources

Corp.,

6.50%,

3/30/2034

50,000

54,444

5.50%,

2/15/2035

100,000

101,755

5.55%,

8/15/2035

75,000

76,494

5.65%,

2/15/2036(b)

50,000

51,196

6.25%,

7/1/2052

60,000

61,196

6.50%,

2/15/2053(b)

100,000

105,277

6.13%,

5/15/2055(b)

55,000

55,306

Targa

Resources

Partners

LP

,

5.50%,

3/1/2030

100,000

101,718

4.88%,

2/1/2031

100,000

100,292

4.00%,

1/15/2032

100,000

94,835

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029(b)

300,000

294,496

2.83%,

1/10/2030(b)

500,000

476,820

3.13%,

5/29/2050

200,000

136,926

3.39%,

6/29/2060

100,000

67,228

TotalEnergies

Capital

SA

,

5.15%,

4/5/2034(b)

50,000

51,893

4.72%,

9/10/2034

75,000

75,500

5.49%,

4/5/2054

164,000

162,208

5.28%,

9/10/2054(b)

75,000

72,047

5.64%,

4/5/2064(b)

50,000

49,815

5.43%,

9/10/2064

150,000

144,429

TransCanada

PipeLines

Ltd.

,

4.25%,

5/15/2028(b)

400,000

400,187

4.10%,

4/15/2030

100,000

98,538

4.63%,

3/1/2034(b)

100,000

97,486

5.85%,

3/15/2036

350,000

368,140

7.63%,

1/15/2039

110,000

131,555

6.10%,

6/1/2040

50,000

52,898

Valero

Energy

Corp.

,

2.80%,

12/1/2031(b)

100,000

90,716

7.50%,

4/15/2032

118,000

136,491

6.63%,

6/15/2037(b)

200,000

221,774

3.65%,

12/1/2051

50,000

35,131

Viper

Energy

Partners

LLC

,

5.70%,

8/1/2035(b)

25,000

25,418

Western

Midstream

Operating

LP

,

4.05%,

2/1/2030(b)(f)

104,000

101,513

6.15%,

4/1/2033

100,000

105,642

5.45%,

11/15/2034(b)

50,000

50,067

5.30%,

3/1/2048(b)

120,000

104,386

5.25%,

2/1/2050(f)

100,000

87,031

Williams

Cos.,

Inc.

(The)

,

3.75%,

6/15/2027(b)

300,000

297,963

5.30%,

8/15/2028(b)

200,000

206,208

4.90%,

3/15/2029

50,000

50,926

4.80%,

11/15/2029(b)

25,000

25,446

4.63%,

6/30/2030

45,000

45,383

3.50%,

11/15/2030(b)

250,000

238,947

2.60%,

3/15/2031

162,000

147,093

4.65%,

8/15/2032

60,000

59,917

5.65%,

3/15/2033(b)

100,000

105,021

5.15%,

3/15/2034(b)

150,000

152,283

5.60%,

3/15/2035

50,000

51,888

5.30%,

9/30/2035(b)

50,000

50,738

6.30%,

4/15/2040

100,000

108,295

5.80%,

11/15/2043

150,000

151,327

4.90%,

1/15/2045

350,000

314,520

Corporate

Bonds

Principal

Amount

($)

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The),

5.80%,

11/15/2054(b)

100,000

100,329

39,264,362

Paper

&

Forest

Products

0

.0

%

†

Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

60,929

Suzano

Austria

GmbH

,

2.50%,

9/15/2028(b)

200,000

189,149

6.00%,

1/15/2029(b)

200,000

206,827

5.00%,

1/15/2030

200,000

200,849

3.75%,

1/15/2031(b)

88,000

83,252

741,006

Passenger

Airlines

0

.0

%

†

American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

251,739

227,908

Southwest

Airlines

Co.

,

5.13%,

6/15/2027(b)

275,000

278,325

2.63%,

2/10/2030(b)

50,000

46,098

552,331

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The)

,

2.38%,

12/1/2029

35,000

32,565

1.95%,

3/15/2031(b)

100,000

88,287

5.00%,

2/14/2034

125,000

126,773

3.13%,

12/1/2049

150,000

99,582

Haleon

US

Capital

LLC

,

3.38%,

3/24/2027

400,000

395,846

3.63%,

3/24/2032(b)

500,000

473,820

Kenvue,

Inc.

,

5.05%,

3/22/2028(b)

105,000

107,275

5.00%,

3/22/2030(b)

80,000

82,178

4.85%,

5/22/2032

50,000

50,722

4.90%,

3/22/2033

140,000

142,318

5.10%,

3/22/2043(b)

60,000

57,877

5.05%,

3/22/2053(b)

100,000

92,986

5.20%,

3/22/2063(b)

45,000

41,737

1,791,966

Pharmaceuticals

0

.9

%

Astrazeneca

Finance

LLC

,

4.80%,

2/26/2027

75,000

75,843

4.88%,

3/3/2028

100,000

102,191

1.75%,

5/28/2028(b)

125,000

118,313

4.85%,

2/26/2029(b)

75,000

76,931

4.90%,

3/3/2030

100,000

103,008

4.90%,

2/26/2031

75,000

77,447

2.25%,

5/28/2031

35,000

31,652

4.88%,

3/3/2033

100,000

103,000

5.00%,

2/26/2034(b)

75,000

77,347

AstraZeneca

plc

,

4.00%,

1/17/2029(b)

90,000

90,085

1.38%,

8/6/2030(b)

200,000

176,067

6.45%,

9/15/2037

200,000

227,991

4.00%,

9/18/2042

250,000

217,361

2.13%,

8/6/2050

85,000

48,549

Bristol-Myers

Squibb

Co.

,

4.90%,

2/22/2027

40,000

40,521

48

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Bristol-Myers

Squibb

Co.,

3.90%,

2/20/2028(b)

500,000

500,041

4.90%,

2/22/2029

60,000

61,608

3.40%,

7/26/2029

200,000

195,011

5.75%,

2/1/2031(b)

75,000

80,217

5.10%,

2/22/2031

230,000

239,172

2.95%,

3/15/2032

140,000

128,557

5.90%,

11/15/2033(b)

60,000

65,216

5.20%,

2/22/2034(b)

170,000

176,283

4.13%,

6/15/2039(b)

300,000

271,777

3.25%,

8/1/2042(b)

250,000

192,875

5.50%,

2/22/2044

25,000

25,270

4.55%,

2/20/2048(b)

120,000

104,931

4.25%,

10/26/2049

400,000

331,630

2.55%,

11/13/2050

300,000

180,210

3.70%,

3/15/2052(b)

250,000

186,574

6.25%,

11/15/2053(b)

50,000

54,599

5.55%,

2/22/2054

110,000

109,633

6.40%,

11/15/2063(b)

200,000

220,829

5.65%,

2/22/2064

125,000

123,966

Eli

Lilly

&

Co.

,

4.50%,

2/9/2027(b)

75,000

75,639

4.15%,

8/14/2027

75,000

75,489

4.55%,

2/12/2028(b)

50,000

50,745

4.00%,

10/15/2028(b)

95,000

95,164

4.50%,

2/9/2029

75,000

76,175

4.20%,

8/14/2029

65,000

65,460

4.75%,

2/12/2030(b)

50,000

51,287

4.25%,

3/15/2031

100,000

100,124

4.90%,

2/12/2032(b)

50,000

51,651

4.55%,

10/15/2032

85,000

85,667

4.70%,

2/27/2033(b)

40,000

40,811

4.70%,

2/9/2034

175,000

176,932

4.60%,

8/14/2034(b)

75,000

75,281

5.10%,

2/12/2035

125,000

129,309

4.90%,

10/15/2035

100,000

101,302

3.95%,

3/15/2049(b)

100,000

81,360

2.25%,

5/15/2050(b)

300,000

174,691

4.88%,

2/27/2053(b)

40,000

37,305

5.00%,

2/9/2054(b)

160,000

151,377

5.05%,

8/14/2054

135,000

128,785

5.50%,

2/12/2055

50,000

51,071

5.55%,

10/15/2055

25,000

25,719

2.50%,

9/15/2060

150,000

85,104

4.95%,

2/27/2063

100,000

92,298

5.10%,

2/9/2064

75,000

70,844

5.20%,

8/14/2064

100,000

96,153

5.60%,

2/12/2065(b)

60,000

61,432

5.65%,

10/15/2065

50,000

51,627

GlaxoSmithKline

Capital

plc

,

4.32%,

3/12/2027

25,000

25,181

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

300,000

299,583

4.50%,

4/15/2030

25,000

25,302

5.38%,

4/15/2034(b)

201,000

212,320

4.88%,

4/15/2035

25,000

25,206

6.38%,

5/15/2038

200,000

224,853

4.20%,

3/18/2043

50,000

43,999

Johnson

&

Johnson

,

4.50%,

3/1/2027(b)

50,000

50,567

0.95%,

9/1/2027(b)

300,000

285,426

4.55%,

3/1/2028

40,000

40,792

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Johnson

&

Johnson,

4.80%,

6/1/2029

75,000

77,327

4.70%,

3/1/2030(b)

50,000

51,495

1.30%,

9/1/2030(b)

300,000

265,193

4.90%,

6/1/2031

75,000

78,181

4.85%,

3/1/2032

50,000

51,870

4.95%,

5/15/2033(b)

263,000

276,497

4.95%,

6/1/2034

75,000

78,819

5.00%,

3/1/2035(b)

50,000

51,976

3.63%,

3/3/2037

100,000

90,826

3.70%,

3/1/2046

250,000

205,665

3.75%,

3/3/2047(b)

100,000

82,008

5.25%,

6/1/2054(b)

50,000

50,958

2.45%,

9/1/2060

300,000

170,986

Merck

&

Co.,

Inc.

,

1.70%,

6/10/2027(b)

170,000

164,205

3.85%,

9/15/2027

50,000

50,111

4.05%,

5/17/2028

30,000

30,164

1.90%,

12/10/2028(b)

130,000

122,110

3.40%,

3/7/2029(b)

400,000

391,883

4.30%,

5/17/2030(b)

60,000

60,483

4.15%,

9/15/2030

50,000

50,050

2.15%,

12/10/2031(b)

115,000

101,594

4.55%,

9/15/2032

50,000

50,426

4.50%,

5/17/2033(b)

35,000

35,190

4.95%,

9/15/2035(b)

50,000

50,571

3.90%,

3/7/2039(b)

100,000

89,348

3.60%,

9/15/2042(b)

250,000

203,104

4.90%,

5/17/2044(b)

40,000

37,915

3.70%,

2/10/2045

150,000

120,381

4.00%,

3/7/2049

250,000

203,032

2.45%,

6/24/2050

112,000

67,221

2.75%,

12/10/2051

70,000

44,199

5.00%,

5/17/2053(b)

135,000

126,855

5.70%,

9/15/2055

75,000

77,395

2.90%,

12/10/2061

100,000

60,019

5.15%,

5/17/2063

25,000

23,542

Novartis

Capital

Corp.

,

3.10%,

5/17/2027

500,000

494,727

3.80%,

9/18/2029(b)

50,000

49,774

2.20%,

8/14/2030(b)

300,000

275,803

4.00%,

9/18/2031(b)

50,000

49,726

4.20%,

9/18/2034(b)

50,000

48,893

4.40%,

5/6/2044(b)

188,000

169,928

4.00%,

11/20/2045(b)

200,000

169,508

2.75%,

8/14/2050

100,000

65,572

4.70%,

9/18/2054

30,000

27,383

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2028

300,000

303,420

4.65%,

5/19/2030(b)

500,000

509,376

4.75%,

5/19/2033(b)

395,000

399,049

5.11%,

5/19/2043

250,000

242,278

5.30%,

5/19/2053(b)

520,000

502,521

5.34%,

5/19/2063

350,000

332,203

Pfizer,

Inc.

,

3.00%,

12/15/2026(b)

300,000

297,104

2.63%,

4/1/2030(b)

100,000

93,779

1.70%,

5/28/2030(b)

140,000

125,503

1.75%,

8/18/2031(b)

100,000

87,620

7.20%,

3/15/2039(b)

275,000

330,259

2.55%,

5/28/2040(b)

45,000

33,066

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

49

Corporate

Bonds

Principal

Amount

($)

Value

($)

Pharmaceuticals

Pfizer,

Inc.,

4.00%,

3/15/2049

400,000

324,233

2.70%,

5/28/2050

65,000

40,998

Pharmacia

LLC

,

6.60%,

12/1/2028(f)

177,000

190,114

Royalty

Pharma

plc

,

5.15%,

9/2/2029

50,000

51,301

2.20%,

9/2/2030

50,000

44,890

4.45%,

3/25/2031(b)

25,000

24,791

2.15%,

9/2/2031(b)

35,000

30,474

5.40%,

9/2/2034(b)

50,000

51,061

5.20%,

9/25/2035

25,000

24,979

3.55%,

9/2/2050(b)

200,000

140,514

3.35%,

9/2/2051

50,000

33,504

5.90%,

9/2/2054(b)

50,000

49,773

5.95%,

9/25/2055(b)

50,000

50,214

Sanofi

SA

,

3.63%,

6/19/2028

96,000

95,461

Takeda

Pharmaceutical

Co.

Ltd.

,

5.00%,

11/26/2028

300,000

306,581

2.05%,

3/31/2030

200,000

181,634

5.30%,

7/5/2034(b)

200,000

205,958

3.03%,

7/9/2040(b)

200,000

152,599

3.18%,

7/9/2050

300,000

203,057

Utah

Acquisition

Sub,

Inc.

,

5.25%,

6/15/2046(b)

100,000

83,097

Viatris,

Inc.

,

2.30%,

6/22/2027

100,000

96,261

2.70%,

6/22/2030(b)

150,000

135,062

3.85%,

6/22/2040

300,000

228,775

4.00%,

6/22/2050

100,000

68,222

Wyeth

LLC

,

6.50%,

2/1/2034(b)

206,000

232,930

Zoetis,

Inc.

,

4.15%,

8/17/2028

50,000

50,173

3.90%,

8/20/2028

350,000

349,291

5.00%,

8/17/2035

50,000

50,499

3.00%,

5/15/2050

300,000

200,460

20,402,733

Professional

Services

0

.1

%

Automatic

Data

Processing,

Inc.

,

1.70%,

5/15/2028(b)

120,000

113,639

1.25%,

9/1/2030(b)

100,000

87,539

4.75%,

5/8/2032(b)

50,000

51,198

4.45%,

9/9/2034(b)

50,000

49,764

Broadridge

Financial

Solutions,

Inc.

,

2.60%,

5/1/2031(b)

135,000

122,039

Concentrix

Corp.

,

6.60%,

8/2/2028(b)

50,000

52,335

6.85%,

8/2/2033

50,000

51,891

Equifax,

Inc.

,

5.10%,

12/15/2027(b)

45,000

45,826

5.10%,

6/1/2028

40,000

40,892

4.80%,

9/15/2029

40,000

40,649

2.35%,

9/15/2031(b)

100,000

88,408

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028(b)

100,000

105,595

Corporate

Bonds

Principal

Amount

($)

Value

($)

Professional

Services

Jacobs

Engineering

Group,

Inc.,

5.90%,

3/1/2033(b)

75,000

79,293

Paychex,

Inc.

,

5.10%,

4/15/2030

50,000

51,452

5.35%,

4/15/2032

50,000

51,882

5.60%,

4/15/2035(b)

100,000

104,688

UL

Solutions,

Inc.

,

6.50%,

10/20/2028(b)

25,000

26,324

Verisk

Analytics,

Inc.

,

5.75%,

4/1/2033(b)

55,000

58,407

5.25%,

6/5/2034(b)

40,000

41,239

5.25%,

3/15/2035(b)

25,000

25,486

5.13%,

2/15/2036(b)

25,000

25,231

3.63%,

5/15/2050(b)

85,000

63,446

1,377,223

Real

Estate

Management

&

Development

0

.0

%

†

CBRE

Services,

Inc.

,

4.80%,

6/15/2030

25,000

25,397

5.95%,

8/15/2034

25,000

26,666

5.50%,

6/15/2035

25,000

25,750

Jones

Lang

LaSalle,

Inc.

,

6.88%,

12/1/2028

25,000

26,840

104,653

Residential

REITs

0

.1

%

American

Homes

4

Rent

LP

,

5.50%,

2/1/2034

50,000

51,596

5.25%,

3/15/2035(b)

100,000

101,057

4.30%,

4/15/2052(b)

25,000

20,033

AvalonBay

Communities,

Inc.

,

1.90%,

12/1/2028(b)

200,000

187,013

3.30%,

6/1/2029

20,000

19,403

2.30%,

3/1/2030

76,000

70,073

2.45%,

1/15/2031(b)

210,000

190,837

2.05%,

1/15/2032(b)

85,000

74,296

5.30%,

12/7/2033

25,000

26,003

Camden

Property

Trust

,

2.80%,

5/15/2030

80,000

75,036

ERP

Operating

LP

,

1.85%,

8/1/2031(b)

30,000

26,263

4.95%,

6/15/2032(b)

50,000

51,249

4.65%,

9/15/2034

25,000

24,704

4.50%,

7/1/2044

200,000

177,572

Essential

Properties

LP

,

2.95%,

7/15/2031

100,000

90,125

5.40%,

12/1/2035(b)

25,000

25,094

Essex

Portfolio

LP

,

4.00%,

3/1/2029

100,000

99,081

3.00%,

1/15/2030(b)

75,000

71,052

2.65%,

3/15/2032

35,000

31,194

5.50%,

4/1/2034

100,000

103,857

Invitation

Homes

Operating

Partnership

LP

,

2.30%,

11/15/2028(b)

125,000

118,013

5.45%,

8/15/2030

60,000

62,420

4.15%,

4/15/2032(b)

100,000

96,673

4.95%,

1/15/2033

25,000

25,122

5.50%,

8/15/2033(b)

90,000

93,458

2.70%,

1/15/2034

30,000

25,438

50

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Residential

REITs

Mid-America

Apartments

LP

,

2.75%,

3/15/2030

50,000

47,052

5.30%,

2/15/2032

25,000

26,014

5.00%,

3/15/2034

25,000

25,350

Store

Capital

LLC

,

5.40%,

4/30/2030(b)(c)

25,000

25,461

2.70%,

12/1/2031

100,000

87,544

Sun

Communities

Operating

LP

,

2.30%,

11/1/2028(b)

65,000

61,456

2.70%,

7/15/2031(b)

55,000

49,750

4.20%,

4/15/2032(b)

30,000

29,064

UDR,

Inc.

,

3.00%,

8/15/2031(b)

250,000

230,806

1.90%,

3/15/2033

55,000

44,906

2,564,065

Retail

REITs

0

.1

%

Brixmor

Operating

Partnership

LP

,

4.05%,

7/1/2030(b)

84,000

82,224

2.50%,

8/16/2031(b)

100,000

88,806

5.50%,

2/15/2034

25,000

25,783

Federal

Realty

OP

LP

,

5.38%,

5/1/2028

20,000

20,529

3.50%,

6/1/2030(b)

200,000

192,999

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031

25,000

22,020

6.40%,

3/1/2034(b)

25,000

27,668

4.85%,

3/1/2035

100,000

99,374

5.30%,

2/1/2036

25,000

25,556

4.45%,

9/1/2047(b)

250,000

214,916

NNN

REIT,

Inc.

,

2.50%,

4/15/2030(b)

300,000

276,868

4.60%,

2/15/2031(b)

25,000

25,093

5.60%,

10/15/2033

25,000

26,151

5.50%,

6/15/2034(b)

25,000

25,936

3.50%,

4/15/2051

40,000

28,314

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031(b)

100,000

88,749

5.25%,

8/15/2032(b)

25,000

25,550

5.75%,

7/15/2034(b)

25,000

26,012

4.95%,

1/15/2035

25,000

24,623

Realty

Income

Corp.

,

4.70%,

12/15/2028

40,000

40,719

3.95%,

2/1/2029

25,000

24,876

4.75%,

2/15/2029

25,000

25,474

3.40%,

1/15/2030(b)

250,000

242,025

3.25%,

1/15/2031

65,000

61,529

5.63%,

10/13/2032(b)

45,000

47,692

2.85%,

12/15/2032

400,000

356,944

4.50%,

2/1/2033

25,000

24,727

1.80%,

3/15/2033

55,000

45,553

4.90%,

7/15/2033(b)

60,000

60,808

5.13%,

2/15/2034(b)

25,000

25,634

Regency

Centers

LP

,

2.95%,

9/15/2029

50,000

47,740

3.70%,

6/15/2030(b)

300,000

292,016

2,642,908

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

0

.7

%

Advanced

Micro

Devices,

Inc.

,

4.32%,

3/24/2028

25,000

25,218

3.92%,

6/1/2032(b)

75,000

73,354

4.39%,

6/1/2052

85,000

73,094

Analog

Devices,

Inc.

,

4.25%,

6/15/2028(b)

75,000

75,525

4.50%,

6/15/2030(b)

50,000

50,637

2.10%,

10/1/2031

102,000

90,182

5.05%,

4/1/2034(b)

25,000

25,929

2.80%,

10/1/2041(b)

175,000

129,537

5.30%,

4/1/2054(b)

25,000

24,584

Applied

Materials,

Inc.

,

3.30%,

4/1/2027(b)

200,000

198,487

4.80%,

6/15/2029

35,000

35,881

1.75%,

6/1/2030

60,000

53,940

4.00%,

1/15/2031

25,000

24,753

5.10%,

10/1/2035

250,000

259,342

4.35%,

4/1/2047

86,000

75,126

2.75%,

6/1/2050

85,000

55,420

Broadcom

Corp.

,

3.88%,

1/15/2027

250,000

249,812

Broadcom,

Inc.

,

5.05%,

7/12/2027(b)

125,000

127,159

4.15%,

2/15/2028(b)

60,000

60,157

4.80%,

4/15/2028(b)

50,000

50,920

4.00%,

4/15/2029(c)

95,000

94,559

5.05%,

7/12/2029(b)

75,000

77,256

4.35%,

2/15/2030

80,000

80,393

5.05%,

4/15/2030

50,000

51,711

4.60%,

7/15/2030

75,000

76,134

4.20%,

10/15/2030

30,000

29,949

4.15%,

11/15/2030(b)

121,000

120,524

2.45%,

2/15/2031(b)(c)

200,000

181,903

5.15%,

11/15/2031(b)

95,000

98,710

4.55%,

2/15/2032(b)

70,000

70,486

4.15%,

4/15/2032(c)

80,000

78,453

5.20%,

4/15/2032(b)

50,000

52,058

4.90%,

7/15/2032(b)

125,000

127,873

4.30%,

11/15/2032

200,000

197,417

2.60%,

2/15/2033(c)

260,000

228,246

3.42%,

4/15/2033(c)

84,000

77,740

3.47%,

4/15/2034(c)

1,000,000

912,601

4.80%,

10/15/2034

120,000

120,839

5.20%,

7/15/2035(b)

125,000

128,825

3.14%,

11/15/2035(b)(c)

300,000

259,550

4.80%,

2/15/2036(b)

150,000

149,542

4.93%,

5/15/2037(c)

363,000

362,027

4.90%,

2/15/2038(b)

105,000

104,437

3.50%,

2/15/2041(b)(c)

100,000

82,293

Intel

Corp.

,

3.75%,

3/25/2027(b)

200,000

198,787

3.15%,

5/11/2027

300,000

295,159

3.75%,

8/5/2027

60,000

59,538

4.88%,

2/10/2028(b)

110,000

111,668

1.60%,

8/12/2028

75,000

69,948

4.00%,

8/5/2029

60,000

59,366

2.45%,

11/15/2029(b)

200,000

185,724

5.13%,

2/10/2030(b)

310,000

319,008

3.90%,

3/25/2030(b)

300,000

294,279

5.00%,

2/21/2031

30,000

30,788

2.00%,

8/12/2031(b)

100,000

87,473

4.15%,

8/5/2032(b)

100,000

96,462

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

51

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

Intel

Corp.,

5.20%,

2/10/2033(b)

150,000

153,355

5.15%,

2/21/2034(b)

40,000

40,555

2.80%,

8/12/2041(b)

30,000

20,984

5.63%,

2/10/2043

45,000

44,129

4.10%,

5/11/2047

300,000

234,253

3.73%,

12/8/2047

343,000

253,345

3.25%,

11/15/2049

100,000

66,449

4.75%,

3/25/2050

400,000

338,849

4.90%,

8/5/2052

60,000

51,607

5.70%,

2/10/2053(b)

120,000

116,049

5.60%,

2/21/2054(b)

100,000

96,018

3.10%,

2/15/2060

200,000

118,517

5.05%,

8/5/2062

60,000

51,545

5.90%,

2/10/2063

110,000

107,139

KLA

Corp.

,

4.65%,

7/15/2032

50,000

50,739

4.70%,

2/1/2034

25,000

25,255

3.30%,

3/1/2050

220,000

157,376

4.95%,

7/15/2052

90,000

84,178

5.25%,

7/15/2062(b)

75,000

72,032

Lam

Research

Corp.

,

4.00%,

3/15/2029(b)

94,000

93,931

1.90%,

6/15/2030(b)

90,000

81,288

4.88%,

3/15/2049(b)

75,000

70,032

Microchip

Technology,

Inc.

,

4.90%,

3/15/2028

50,000

50,734

5.05%,

3/15/2029(b)

50,000

51,089

5.05%,

2/15/2030(b)

50,000

51,132

Micron

Technology,

Inc.

,

5.38%,

4/15/2028(b)

60,000

61,877

5.33%,

2/6/2029(b)

150,000

154,548

6.75%,

11/1/2029(b)

150,000

163,058

5.30%,

1/15/2031(b)

40,000

41,392

2.70%,

4/15/2032(b)

100,000

88,990

5.88%,

2/9/2033(b)

50,000

53,106

5.88%,

9/15/2033

60,000

63,828

5.80%,

1/15/2035(b)

125,000

131,505

6.05%,

11/1/2035(b)

50,000

53,422

3.37%,

11/1/2041(b)

50,000

38,681

3.48%,

11/1/2051(b)

50,000

35,765

NVIDIA

Corp.

,

1.55%,

6/15/2028(b)

365,000

344,463

2.85%,

4/1/2030(b)

110,000

105,117

2.00%,

6/15/2031(b)

200,000

179,718

3.50%,

4/1/2050(b)

280,000

214,872

NXP

BV

,

4.30%,

8/19/2028

25,000

25,036

4.30%,

6/18/2029(b)

100,000

99,879

3.40%,

5/1/2030(b)

35,000

33,560

2.50%,

5/11/2031(b)

90,000

80,790

2.65%,

2/15/2032

40,000

35,580

4.85%,

8/19/2032(b)

25,000

25,030

5.00%,

1/15/2033(b)

85,000

86,117

5.25%,

8/19/2035(b)

50,000

50,510

3.25%,

5/11/2041

195,000

148,154

3.13%,

2/15/2042(b)

50,000

36,897

3.25%,

11/30/2051

30,000

20,123

QUALCOMM,

Inc.

,

3.25%,

5/20/2027(b)

250,000

247,849

1.30%,

5/20/2028

73,000

68,400

2.15%,

5/20/2030

80,000

73,468

Corporate

Bonds

Principal

Amount

($)

Value

($)

Semiconductors

&

Semiconductor

Equipment

QUALCOMM,

Inc.,

4.50%,

5/20/2030(b)

50,000

50,765

1.65%,

5/20/2032(b)

190,000

160,737

4.75%,

5/20/2032

50,000

50,926

5.40%,

5/20/2033

100,000

106,256

4.65%,

5/20/2035(b)

100,000

100,495

5.00%,

5/20/2035(b)

50,000

51,048

4.30%,

5/20/2047(b)

300,000

257,011

4.50%,

5/20/2052(b)

90,000

77,952

6.00%,

5/20/2053(b)

100,000

107,494

Skyworks

Solutions,

Inc.

,

3.00%,

6/1/2031

40,000

36,199

Texas

Instruments,

Inc.

,

4.60%,

2/8/2027

25,000

25,237

4.60%,

2/15/2028

55,000

55,947

4.60%,

2/8/2029

25,000

25,522

2.25%,

9/4/2029(b)

300,000

280,958

4.50%,

5/23/2030(b)

50,000

50,846

1.90%,

9/15/2031(b)

80,000

70,613

3.65%,

8/16/2032

40,000

38,441

4.90%,

3/14/2033(b)

20,000

20,599

4.85%,

2/8/2034

25,000

25,654

5.10%,

5/23/2035

50,000

51,558

4.15%,

5/15/2048

100,000

83,748

2.70%,

9/15/2051

100,000

62,607

5.00%,

3/14/2053

20,000

18,819

5.15%,

2/8/2054(b)

100,000

96,426

5.05%,

5/18/2063

145,000

134,750

TSMC

Arizona

Corp.

,

3.13%,

10/25/2041(b)

200,000

162,401

4.50%,

4/22/2052(b)

200,000

191,675

Xilinx,

Inc.

,

2.38%,

6/1/2030

50,000

46,245

15,014,027

Software

0

.6

%

Adobe,

Inc.

,

2.15%,

2/1/2027

245,000

239,801

4.80%,

4/4/2029(b)

25,000

25,674

2.30%,

2/1/2030

100,000

93,071

4.95%,

4/4/2034(b)

25,000

25,851

AppLovin

Corp.

,

5.13%,

12/1/2029(b)

75,000

76,725

5.38%,

12/1/2031

25,000

25,862

5.50%,

12/1/2034

55,000

56,774

Atlassian

Corp.

,

5.25%,

5/15/2029(b)

25,000

25,702

5.50%,

5/15/2034

25,000

25,755

Autodesk,

Inc.

,

2.40%,

12/15/2031

155,000

137,327

5.30%,

6/15/2035

35,000

35,968

Cadence

Design

Systems,

Inc.

,

4.20%,

9/10/2027(b)

35,000

35,145

4.30%,

9/10/2029

50,000

50,315

4.70%,

9/10/2034(b)

25,000

24,960

Intuit,

Inc.

,

5.13%,

9/15/2028(b)

75,000

77,432

5.20%,

9/15/2033(b)

75,000

78,408

5.50%,

9/15/2053(b)

122,000

122,889

Microsoft

Corp.

,

3.30%,

2/6/2027(b)

800,000

795,257

52

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

Microsoft

Corp.,

1.35%,

9/15/2030

25,000

22,152

3.50%,

2/12/2035(b)

325,000

307,171

3.45%,

8/8/2036(b)

239,000

218,163

2.53%,

6/1/2050

436,000

276,019

2.50%,

9/15/2050

200,000

125,363

2.92%,

3/17/2052

575,000

389,980

2.68%,

6/1/2060

400,000

239,231

3.04%,

3/17/2062

250,000

162,676

Oracle

Corp.

,

3.25%,

11/15/2027

300,000

294,778

4.50%,

5/6/2028

55,000

55,406

4.80%,

8/3/2028(b)

150,000

152,525

4.20%,

9/27/2029(b)

150,000

149,686

6.15%,

11/9/2029(b)

65,000

69,315

2.95%,

4/1/2030

400,000

376,894

4.65%,

5/6/2030(b)

55,000

55,771

3.25%,

5/15/2030

50,000

47,641

4.45%,

9/26/2030

150,000

149,926

2.88%,

3/25/2031

300,000

275,471

5.25%,

2/3/2032(b)

70,000

72,166

4.80%,

9/26/2032

190,000

190,228

6.25%,

11/9/2032(b)

180,000

195,605

4.90%,

2/6/2033

85,000

85,769

4.30%,

7/8/2034(b)

150,000

143,513

4.70%,

9/27/2034(b)

250,000

244,145

3.90%,

5/15/2035

200,000

182,279

5.50%,

8/3/2035(b)

150,000

154,306

5.20%,

9/26/2035(b)

150,000

150,826

3.80%,

11/15/2037(b)

200,000

172,906

3.60%,

4/1/2040

300,000

240,942

5.38%,

7/15/2040

350,000

343,375

4.50%,

7/8/2044

120,000

102,465

5.88%,

9/26/2045(b)

240,000

240,652

4.00%,

7/15/2046

100,000

77,897

4.00%,

11/15/2047

400,000

309,998

3.60%,

4/1/2050

500,000

351,980

6.90%,

11/9/2052(b)

180,000

200,277

5.55%,

2/6/2053

130,000

123,009

5.38%,

9/27/2054(b)

195,000

179,131

6.00%,

8/3/2055

150,000

150,586

5.95%,

9/26/2055(b)

120,000

119,631

3.85%,

4/1/2060

250,000

171,917

4.10%,

3/25/2061

200,000

144,002

5.50%,

9/27/2064

200,000

183,167

6.13%,

8/3/2065(b)

100,000

100,387

6.10%,

9/26/2065

180,000

179,669

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028(b)

82,000

82,182

2.95%,

9/15/2029(b)

90,000

85,773

4.50%,

10/15/2029(b)

25,000

25,238

4.45%,

9/15/2030(b)

25,000

25,101

1.75%,

2/15/2031(b)

245,000

213,520

4.75%,

2/15/2032(b)

50,000

50,559

4.90%,

10/15/2034(b)

75,000

75,085

5.10%,

9/15/2035

25,000

25,202

Salesforce,

Inc.

,

3.70%,

4/11/2028

500,000

498,424

1.95%,

7/15/2031(b)

35,000

31,058

2.70%,

7/15/2041(b)

200,000

147,092

2.90%,

7/15/2051

290,000

190,282

Corporate

Bonds

Principal

Amount

($)

Value

($)

Software

ServiceNow,

Inc.

,

1.40%,

9/1/2030

145,000

126,975

Synopsys,

Inc.

,

4.55%,

4/1/2027(b)

125,000

125,735

4.65%,

4/1/2028(b)

65,000

65,728

4.85%,

4/1/2030(b)

125,000

127,321

5.00%,

4/1/2032(b)

125,000

127,737

5.15%,

4/1/2035(b)

170,000

172,933

5.70%,

4/1/2055(b)

35,000

35,323

VMware

LLC

,

4.70%,

5/15/2030

300,000

303,709

2.20%,

8/15/2031

150,000

132,304

Workday,

Inc.

,

3.50%,

4/1/2027

50,000

49,557

3.70%,

4/1/2029

50,000

49,255

3.80%,

4/1/2032

70,000

66,841

12,964,846

Specialized

REITs

0

.2

%

American

Tower

Corp.

,

3.65%,

3/15/2027

35,000

34,740

1.50%,

1/31/2028(b)

300,000

282,526

5.50%,

3/15/2028(b)

60,000

61,835

5.25%,

7/15/2028(b)

40,000

41,138

5.80%,

11/15/2028

85,000

88,759

5.20%,

2/15/2029(b)

25,000

25,725

3.95%,

3/15/2029(b)

150,000

148,417

2.90%,

1/15/2030(b)

110,000

103,679

4.90%,

3/15/2030(b)

50,000

50,987

1.88%,

10/15/2030(b)

165,000

145,925

2.30%,

9/15/2031(b)

145,000

128,116

4.05%,

3/15/2032

60,000

58,138

5.65%,

3/15/2033

60,000

63,288

5.55%,

7/15/2033(b)

40,000

41,873

5.90%,

11/15/2033

100,000

107,186

5.45%,

2/15/2034

25,000

25,973

5.40%,

1/31/2035

50,000

51,665

5.35%,

3/15/2035

75,000

77,023

2.95%,

1/15/2051(b)

150,000

97,181

Crown

Castle,

Inc.

,

2.90%,

3/15/2027

40,000

39,229

3.65%,

9/1/2027

150,000

148,441

5.00%,

1/11/2028(b)

65,000

65,913

3.80%,

2/15/2028(b)

150,000

148,259

4.80%,

9/1/2028(b)

35,000

35,493

5.60%,

6/1/2029(b)

75,000

77,931

4.90%,

9/1/2029

40,000

40,575

3.10%,

11/15/2029(b)

260,000

247,328

2.25%,

1/15/2031(b)

92,000

81,878

5.10%,

5/1/2033

35,000

35,419

5.80%,

3/1/2034

65,000

68,394

5.20%,

9/1/2034(b)

50,000

50,529

2.90%,

4/1/2041

200,000

146,341

4.75%,

5/15/2047

100,000

88,026

CubeSmart

LP

,

2.25%,

12/15/2028(b)

155,000

145,960

2.00%,

2/15/2031

50,000

43,737

2.50%,

2/15/2032(b)

175,000

154,418

EPR

Properties

,

4.95%,

4/15/2028

200,000

201,547

Equinix,

Inc.

,

1.55%,

3/15/2028

100,000

94,016

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

53

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialized

REITs

Equinix,

Inc.,

2.00%,

5/15/2028

30,000

28,435

3.20%,

11/18/2029

105,000

100,555

2.50%,

5/15/2031(b)

90,000

81,118

2.95%,

9/15/2051

100,000

63,864

3.40%,

2/15/2052

200,000

139,984

Extra

Space

Storage

LP

,

5.50%,

7/1/2030

175,000

182,451

2.40%,

10/15/2031

90,000

79,253

2.35%,

3/15/2032

40,000

34,715

5.40%,

2/1/2034

25,000

25,726

5.35%,

1/15/2035

25,000

25,480

5.40%,

6/15/2035(b)

50,000

51,078

Public

Storage

Operating

Co.

,

1.50%,

11/9/2026

140,000

136,319

1.85%,

5/1/2028(b)

185,000

175,433

1.95%,

11/9/2028

135,000

126,943

5.13%,

1/15/2029

30,000

30,977

4.38%,

7/1/2030(b)

50,000

50,230

2.30%,

5/1/2031

160,000

143,853

2.25%,

11/9/2031

100,000

88,486

5.10%,

8/1/2033(b)

74,000

76,831

5.00%,

7/1/2035

40,000

40,456

5.35%,

8/1/2053(b)

25,000

24,707

Weyerhaeuser

Co.

,

7.38%,

3/15/2032(b)

193,000

221,070

5,475,572

Specialty

Retail

0

.3

%

AutoNation,

Inc.

,

1.95%,

8/1/2028(b)

45,000

42,209

2.40%,

8/1/2031(b)

90,000

78,585

3.85%,

3/1/2032(b)

30,000

28,107

AutoZone,

Inc.

,

4.50%,

2/1/2028

145,000

146,278

6.25%,

11/1/2028

25,000

26,509

5.10%,

7/15/2029

50,000

51,420

4.00%,

4/15/2030(b)

100,000

98,713

5.13%,

6/15/2030

25,000

25,801

4.75%,

8/1/2032

40,000

40,336

4.75%,

2/1/2033

150,000

150,229

5.20%,

8/1/2033

25,000

25,672

6.55%,

11/1/2033

25,000

27,908

5.40%,

7/15/2034(b)

50,000

51,856

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

125,000

111,048

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

37,226

Home

Depot,

Inc.

(The)

,

2.50%,

4/15/2027

200,000

196,066

2.88%,

4/15/2027(b)

45,000

44,355

4.88%,

6/25/2027(b)

65,000

66,076

0.90%,

3/15/2028(b)

130,000

121,233

1.50%,

9/15/2028(b)

100,000

93,558

3.75%,

9/15/2028

35,000

34,874

3.90%,

12/6/2028(b)

300,000

300,205

4.90%,

4/15/2029

50,000

51,437

2.95%,

6/15/2029(b)

186,000

179,413

4.75%,

6/25/2029(b)

55,000

56,324

3.95%,

9/15/2030(b)

40,000

39,656

1.38%,

3/15/2031(b)

300,000

258,576

4.85%,

6/25/2031

85,000

87,713

Corporate

Bonds

Principal

Amount

($)

Value

($)

Specialty

Retail

Home

Depot,

Inc.

(The),

1.88%,

9/15/2031(b)

100,000

87,363

3.25%,

4/15/2032(b)

200,000

187,308

4.50%,

9/15/2032(b)

90,000

91,387

4.95%,

6/25/2034(b)

95,000

97,278

4.65%,

9/15/2035(b)

50,000

49,505

5.88%,

12/16/2036(b)

200,000

217,792

5.95%,

4/1/2041

150,000

161,720

4.20%,

4/1/2043

150,000

130,740

4.40%,

3/15/2045

100,000

88,259

4.25%,

4/1/2046

100,000

85,867

4.50%,

12/6/2048(b)

150,000

131,830

3.35%,

4/15/2050(b)

135,000

97,498

2.38%,

3/15/2051

200,000

116,821

2.75%,

9/15/2051

100,000

63,056

3.63%,

4/15/2052(b)

140,000

104,886

4.95%,

9/15/2052(b)

25,000

23,327

5.30%,

6/25/2054(b)

150,000

146,805

Lowe's

Cos.,

Inc.

,

3.35%,

4/1/2027

60,000

59,413

3.10%,

5/3/2027(b)

250,000

246,363

3.95%,

10/15/2027(b)

75,000

74,951

1.30%,

4/15/2028

170,000

158,907

1.70%,

9/15/2028(b)

80,000

74,772

4.00%,

10/15/2028(b)

75,000

74,828

6.50%,

3/15/2029(b)

236,000

253,944

1.70%,

10/15/2030

75,000

66,004

4.25%,

3/15/2031

75,000

74,515

2.63%,

4/1/2031(b)

300,000

273,785

3.75%,

4/1/2032(b)

245,000

234,353

4.50%,

10/15/2032

75,000

74,390

5.00%,

4/15/2033(b)

60,000

61,393

5.15%,

7/1/2033(b)

75,000

77,469

4.85%,

10/15/2035(b)

75,000

74,379

2.80%,

9/15/2041(b)

60,000

43,444

4.05%,

5/3/2047

250,000

201,254

3.00%,

10/15/2050

345,000

223,209

4.25%,

4/1/2052

65,000

52,485

5.63%,

4/15/2053(b)

200,000

198,891

4.45%,

4/1/2062

75,000

59,872

5.80%,

9/15/2062(b)

60,000

60,162

5.85%,

4/1/2063(b)

110,000

111,007

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

35,000

35,604

4.70%,

6/15/2032

100,000

100,845

5.00%,

8/19/2034

25,000

25,226

Tractor

Supply

Co.

,

1.75%,

11/1/2030

55,000

48,354

5.25%,

5/15/2033(b)

20,000

20,622

7,413,266

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

Apple,

Inc.

,

3.35%,

2/9/2027

500,000

497,166

3.20%,

5/11/2027(b)

300,000

297,520

1.20%,

2/8/2028(b)

500,000

471,386

4.00%,

5/10/2028

60,000

60,347

4.00%,

5/12/2028(b)

75,000

75,506

1.40%,

8/5/2028(b)

350,000

328,123

3.25%,

8/8/2029(b)

150,000

146,837

2.20%,

9/11/2029(b)

235,000

220,473

4.15%,

5/10/2030

60,000

60,645

54

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Apple,

Inc.,

1.65%,

5/11/2030

300,000

271,130

4.20%,

5/12/2030

75,000

75,809

1.25%,

8/20/2030

300,000

264,262

1.65%,

2/8/2031(b)

250,000

221,508

1.70%,

8/5/2031(b)

50,000

44,004

4.50%,

5/12/2032(b)

75,000

76,540

3.35%,

8/8/2032(b)

150,000

143,405

4.30%,

5/10/2033

60,000

60,788

4.75%,

5/12/2035

75,000

76,878

4.50%,

2/23/2036(b)

150,000

151,813

3.85%,

5/4/2043

550,000

469,339

4.38%,

5/13/2045

355,000

321,133

4.65%,

2/23/2046

310,000

289,887

2.65%,

5/11/2050

300,000

192,218

2.40%,

8/20/2050

100,000

60,805

2.65%,

2/8/2051

250,000

159,499

2.70%,

8/5/2051

50,000

31,911

3.95%,

8/8/2052(b)

120,000

97,453

4.85%,

5/10/2053(b)

60,000

58,346

2.55%,

8/20/2060

300,000

175,809

2.80%,

2/8/2061

200,000

120,612

2.85%,

8/5/2061

50,000

30,414

4.10%,

8/8/2062(b)

120,000

97,050

Dell

International

LLC

,

4.90%,

10/1/2026

132,000

132,734

4.15%,

2/15/2029

75,000

74,820

5.30%,

10/1/2029

300,000

309,781

4.35%,

2/1/2030(b)

25,000

24,920

5.00%,

4/1/2030(b)

30,000

30,729

4.50%,

2/15/2031

75,000

74,827

5.30%,

4/1/2032

50,000

51,618

4.75%,

10/6/2032

75,000

74,665

5.75%,

2/1/2033

60,000

63,463

5.40%,

4/15/2034(b)

50,000

51,626

4.85%,

2/1/2035(b)

75,000

73,805

5.50%,

4/1/2035(b)

50,000

51,647

5.10%,

2/15/2036

75,000

74,582

8.10%,

7/15/2036

125,000

152,320

3.38%,

12/15/2041

100,000

76,681

8.35%,

7/15/2046(b)

43,000

55,885

3.45%,

12/15/2051(b)

55,000

38,647

Hewlett

Packard

Enterprise

Co.

,

4.05%,

9/15/2027

75,000

74,861

4.40%,

9/25/2027

75,000

75,333

5.25%,

7/1/2028

20,000

20,549

4.15%,

9/15/2028(b)

75,000

74,915

4.55%,

10/15/2029

100,000

100,541

4.40%,

10/15/2030

75,000

74,545

4.85%,

10/15/2031

40,000

40,418

5.00%,

10/15/2034(b)

185,000

183,562

6.35%,

10/15/2045(f)

150,000

157,997

5.60%,

10/15/2054(b)

135,000

129,109

HP,

Inc.

,

4.75%,

1/15/2028

60,000

60,805

4.00%,

4/15/2029(b)

60,000

59,381

5.40%,

4/25/2030

25,000

25,946

2.65%,

6/17/2031

50,000

45,103

5.50%,

1/15/2033(b)

60,000

62,154

6.10%,

4/25/2035(b)

25,000

26,536

6.00%,

9/15/2041(b)

250,000

258,443

Corporate

Bonds

Principal

Amount

($)

Value

($)

Technology

Hardware,

Storage

&

Peripherals

Western

Digital

Corp.

,

2.85%,

2/1/2029

250,000

235,038

8,766,602

Textiles,

Apparel

&

Luxury

Goods

0

.0

%

†

NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

379,924

3.88%,

11/1/2045(b)

100,000

81,437

3.38%,

3/27/2050(b)

200,000

145,333

PVH

Corp.

,

5.50%,

6/13/2030(b)

25,000

25,467

632,161

Tobacco

0

.3

%

Altria

Group,

Inc.

,

6.20%,

11/1/2028

25,000

26,402

4.80%,

2/14/2029(b)

300,000

304,650

4.50%,

8/6/2030

25,000

25,097

5.80%,

2/14/2039

300,000

311,128

4.50%,

5/2/2043(b)

250,000

215,599

5.38%,

1/31/2044(b)

170,000

167,193

5.95%,

2/14/2049(b)

250,000

255,494

3.70%,

2/4/2051(b)

250,000

180,147

BAT

Capital

Corp.

,

4.70%,

4/2/2027

100,000

100,662

3.56%,

8/15/2027(b)

198,000

195,975

2.26%,

3/25/2028(b)

160,000

152,897

6.34%,

8/2/2030(b)

100,000

107,952

4.74%,

3/16/2032(b)

70,000

70,375

5.35%,

8/15/2032(b)

50,000

51,697

4.63%,

3/22/2033(b)

30,000

29,687

6.42%,

8/2/2033(b)

90,000

98,805

6.00%,

2/20/2034

100,000

106,823

5.63%,

8/15/2035(b)

50,000

51,950

4.39%,

8/15/2037(b)

350,000

320,955

7.08%,

8/2/2043(b)

50,000

56,584

4.76%,

9/6/2049(b)

150,000

127,654

5.65%,

3/16/2052

70,000

66,970

7.08%,

8/2/2053(b)

75,000

85,965

BAT

International

Finance

plc

,

4.45%,

3/16/2028

70,000

70,422

5.93%,

2/2/2029(b)

200,000

210,037

Philip

Morris

International,

Inc.

,

4.75%,

2/12/2027

50,000

50,462

4.38%,

11/1/2027

50,000

50,370

5.13%,

11/17/2027(b)

90,000

91,952

4.88%,

2/15/2028

100,000

101,799

4.13%,

4/28/2028

45,000

45,081

5.25%,

9/7/2028(b)

25,000

25,809

4.88%,

2/13/2029

50,000

51,073

4.63%,

11/1/2029

50,000

50,741

5.63%,

11/17/2029(b)

70,000

73,655

5.13%,

2/15/2030

100,000

103,344

4.38%,

4/30/2030(b)

50,000

50,222

5.50%,

9/7/2030(b)

25,000

26,286

5.13%,

2/13/2031(b)

100,000

103,490

4.75%,

11/1/2031(b)

50,000

50,857

5.75%,

11/17/2032

180,000

191,780

5.38%,

2/15/2033(b)

250,000

261,079

5.63%,

9/7/2033(b)

25,000

26,515

5.25%,

2/13/2034(b)

250,000

258,147

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

55

Corporate

Bonds

Principal

Amount

($)

Value

($)

Tobacco

Philip

Morris

International,

Inc.,

4.90%,

11/1/2034(b)

50,000

50,393

4.88%,

4/30/2035(b)

40,000

40,023

6.38%,

5/16/2038(b)

360,000

404,019

3.88%,

8/21/2042

100,000

83,019

4.25%,

11/10/2044(b)

160,000

137,820

Reynolds

American,

Inc.

,

5.70%,

8/15/2035(b)

120,000

124,914

5.85%,

8/15/2045

400,000

396,389

6,240,359

Trading

Companies

&

Distributors

0

.1

%

Air

Lease

Corp.

,

5.30%,

2/1/2028(b)

50,000

50,903

2.10%,

9/1/2028(b)

100,000

93,535

5.10%,

3/1/2029

50,000

50,765

3.25%,

10/1/2029(b)

250,000

237,410

5.20%,

7/15/2031(b)

25,000

25,466

2.88%,

1/15/2032(b)

100,000

89,544

GATX

Corp.

,

4.00%,

6/30/2030(b)

100,000

98,325

4.90%,

3/15/2033

145,000

145,798

5.45%,

9/15/2033

100,000

103,036

6.05%,

3/15/2034

50,000

53,554

6.90%,

5/1/2034

25,000

28,151

5.50%,

6/15/2035(b)

25,000

25,794

3.10%,

6/1/2051

90,000

58,193

6.05%,

6/5/2054(b)

25,000

25,979

WW

Grainger,

Inc.

,

4.45%,

9/15/2034(b)

45,000

44,469

3.75%,

5/15/2046(b)

250,000

197,693

1,328,615

Water

Utilities

0

.0

%

†

American

Water

Capital

Corp.

,

4.45%,

6/1/2032(b)

60,000

59,879

5.15%,

3/1/2034(b)

50,000

51,532

5.25%,

3/1/2035

75,000

76,923

4.30%,

9/1/2045

500,000

433,999

5.45%,

3/1/2054(b)

50,000

49,373

5.70%,

9/1/2055(b)

75,000

76,174

Essential

Utilities,

Inc.

,

4.80%,

8/15/2027(b)

25,000

25,282

5.38%,

1/15/2034(b)

25,000

25,592

5.25%,

8/15/2035

25,000

25,122

3.35%,

4/15/2050

200,000

136,281

5.30%,

5/1/2052(b)

40,000

37,219

997,376

Wireless

Telecommunication

Services

0

.3

%

America

Movil

SAB

de

CV

,

6.38%,

3/1/2035(b)

177,000

195,125

6.13%,

3/30/2040

350,000

374,337

Rogers

Communications,

Inc.

,

3.20%,

3/15/2027

60,000

59,144

5.00%,

2/15/2029(b)

150,000

152,863

3.80%,

3/15/2032

214,000

202,152

5.30%,

2/15/2034(b)

150,000

152,173

4.50%,

3/15/2042

70,000

60,942

4.50%,

3/15/2043

100,000

86,179

5.00%,

3/15/2044

80,000

73,191

Corporate

Bonds

Principal

Amount

($)

Value

($)

Wireless

Telecommunication

Services

Rogers

Communications,

Inc.,

4.55%,

3/15/2052

80,000

66,314

T-Mobile

USA,

Inc.

,

3.75%,

4/15/2027

500,000

497,027

2.05%,

2/15/2028(b)

100,000

95,341

4.95%,

3/15/2028(b)

85,000

86,631

4.80%,

7/15/2028(b)

80,000

81,457

4.85%,

1/15/2029

45,000

45,904

3.38%,

4/15/2029

500,000

485,465

4.20%,

10/1/2029

50,000

49,932

3.88%,

4/15/2030

500,000

490,294

2.55%,

2/15/2031

500,000

454,310

2.70%,

3/15/2032(b)

80,000

71,713

5.13%,

5/15/2032(b)

50,000

51,458

5.05%,

7/15/2033(b)

245,000

250,258

5.75%,

1/15/2034

65,000

68,875

5.15%,

4/15/2034(b)

25,000

25,574

4.70%,

1/15/2035(b)

75,000

73,657

5.30%,

5/15/2035

150,000

153,627

4.38%,

4/15/2040

250,000

225,735

3.00%,

2/15/2041

200,000

150,285

4.50%,

4/15/2050(b)

150,000

126,183

3.30%,

2/15/2051

300,000

204,475

3.40%,

10/15/2052

200,000

137,040

5.65%,

1/15/2053(b)

200,000

197,609

5.75%,

1/15/2054(b)

80,000

79,999

6.00%,

6/15/2054(b)

100,000

103,537

5.25%,

6/15/2055(b)

100,000

93,089

5.88%,

11/15/2055(b)

80,000

81,717

5.80%,

9/15/2062(b)

100,000

100,586

Vodafone

Group

plc

,

7.88%,

2/15/2030

206,000

235,235

5.25%,

5/30/2048(b)

122,000

115,047

4.88%,

6/19/2049

200,000

177,461

4.25%,

9/17/2050

20,000

15,909

5.63%,

2/10/2053(b)

100,000

97,334

5.75%,

6/28/2054(b)

100,000

98,452

5.75%,

2/10/2063

100,000

97,394

5.88%,

6/28/2064

100,000

99,539

6,840,569

Total

Corporate

Bonds

(cost

$590,965,145)

561,249,242

Foreign

Government

Securities

1

.5

%

CANADA

0

.3

%

Canada

Government

Bond

,

3.75%,

4/26/2028

1,300,000

1,303,096

4.00%,

3/18/2030

180,000

181,831

Export

Development

Canada

,

3.88%,

2/14/2028(b)

500,000

502,198

4.13%,

2/13/2029

500,000

506,617

4.00%,

6/20/2030

100,000

100,914

Province

of

Alberta

,

3.30%,

3/15/2028

500,000

494,238

Province

of

British

Columbia

,

4.90%,

4/24/2029(b)

400,000

414,432

4.75%,

6/12/2034

400,000

409,964

4.80%,

6/11/2035(b)

115,000

117,619

56

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

CANADA

Province

of

Manitoba

,

4.90%,

5/31/2034

100,000

103,267

Province

of

Ontario

,

2.00%,

10/2/2029(b)

1,000,000

932,403

4.70%,

1/15/2030

35,000

36,154

5.05%,

4/24/2034

200,000

209,802

4.85%,

6/11/2035

60,000

61,758

Province

of

Quebec

,

3.63%,

4/13/2028(b)

500,000

498,315

7.50%,

9/15/2029

578,000

654,319

4.25%,

9/5/2034

200,000

197,909

6,724,836

CHILE

0

.1

%

Republic

of

Chile

,

3.24%,

2/6/2028

200,000

196,090

4.85%,

1/22/2029

200,000

204,480

2.45%,

1/31/2031

500,000

452,500

2.55%,

1/27/2032

500,000

444,750

2.55%,

7/27/2033(b)

350,000

300,528

3.10%,

5/7/2041

400,000

304,040

3.50%,

1/25/2050(b)

250,000

181,712

5.33%,

1/5/2054(b)

328,290

317,998

3.25%,

9/21/2071

200,000

124,140

2,526,238

HUNGARY

0

.0

%

†

Hungary

Government

Bond

,

7.63%,

3/29/2041

100,000

118,612

INDONESIA

0

.1

%

Republic

of

Indonesia

,

4.15%,

9/20/2027(b)

200,000

200,264

3.50%,

1/11/2028

500,000

494,267

4.10%,

4/24/2028

1,000,000

1,000,013

2.85%,

2/14/2030(b)

500,000

471,864

4.65%,

9/20/2032

200,000

200,536

4.75%,

9/10/2034

200,000

199,522

5.35%,

2/11/2049(b)

200,000

199,423

4.20%,

10/15/2050(b)

200,000

164,934

3.05%,

3/12/2051

300,000

201,423

5.65%,

1/11/2053(b)

200,000

202,506

4.45%,

4/15/2070(b)

200,000

162,307

3,497,059

ISRAEL

0

.0

%

†

State

of

Israel

Government

Bond

,

3.25%,

1/17/2028(b)

200,000

195,355

5.50%,

3/12/2034

250,000

256,646

3.38%,

1/15/2050

200,000

132,677

3.88%,

7/3/2050

200,000

143,653

5.75%,

3/12/2054(b)

250,000

236,486

4.50%,

4/3/2120

200,000

145,038

1,109,855

ITALY

0

.0

%

†

Italian

Republic

Government

Bond

,

5.38%,

6/15/2033

491,000

517,662

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

ITALY

Italian

Republic

Government

Bond

4.00%,

10/17/2049

400,000

300,860

818,522

JAPAN

0

.1

%

Japan

Bank

for

International

Cooperation

,

2.88%,

7/21/2027

500,000

491,848

3.50%,

10/31/2028

400,000

396,098

1.88%,

4/15/2031

800,000

716,186

Japan

International

Cooperation

Agency

,

4.00%,

5/23/2028

450,000

451,237

2,055,369

MEXICO

0

.3

%

United

Mexican

States

,

4.15%,

3/28/2027(b)

200,000

199,470

3.75%,

1/11/2028(b)

800,000

791,000

4.50%,

4/22/2029(b)

300,000

300,015

2.66%,

5/24/2031(b)

700,000

621,880

8.30%,

8/15/2031

300,000

359,970

5.85%,

7/2/2032

200,000

206,480

4.88%,

5/19/2033(b)

200,000

193,486

3.50%,

2/12/2034

250,000

217,125

6.75%,

9/27/2034(b)

596,000

649,044

6.35%,

2/9/2035(b)

200,000

211,204

5.63%,

9/22/2035

200,000

199,012

6.88%,

5/13/2037(b)

300,000

323,550

6.63%,

1/29/2038

200,000

210,202

6.05%,

1/11/2040

400,000

401,720

4.75%,

3/8/2044(b)

400,000

332,300

5.55%,

1/21/2045

300,000

279,345

4.60%,

1/23/2046

347,000

277,773

4.50%,

1/31/2050(b)

200,000

153,950

4.40%,

2/12/2052

200,000

149,110

6.34%,

5/4/2053(b)

350,000

340,025

6.40%,

5/7/2054(b)

400,000

390,404

7.38%,

5/13/2055(b)

200,000

219,502

3.77%,

5/24/2061

200,000

125,790

7,152,357

PANAMA

0

.1

%

Republic

of

Panama

,

3.88%,

3/17/2028

200,000

196,180

2.25%,

9/29/2032

200,000

161,640

6.40%,

2/14/2035(b)

200,000

206,540

6.70%,

1/26/2036

250,000

263,638

8.00%,

3/1/2038

200,000

227,620

4.30%,

4/29/2053(b)

300,000

219,150

6.85%,

3/28/2054(b)

200,000

202,620

4.50%,

4/1/2056

400,000

292,020

3.87%,

7/23/2060

200,000

128,560

1,897,968

PERU

0

.1

%

Republic

of

Peru

,

4.13%,

8/25/2027

88,000

88,405

2.78%,

1/23/2031

500,000

460,400

8.75%,

11/21/2033(b)

300,000

376,170

3.00%,

1/15/2034(b)

200,000

173,500

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

57

Foreign

Government

Securities

Principal

Amount

($)

Value

($)

PERU

Republic

of

Peru

5.50%,

3/30/2036

162,000

165,037

3.30%,

3/11/2041

200,000

155,300

5.63%,

11/18/2050(b)

300,000

294,750

5.88%,

8/8/2054(b)

200,000

200,600

6.20%,

6/30/2055(b)

75,000

77,948

3.60%,

1/15/2072

150,000

95,235

2,087,345

PHILIPPINES

0

.1

%

Republic

of

Philippines

,

9.50%,

2/2/2030(b)

500,000

603,059

2.46%,

5/5/2030

500,000

464,948

7.75%,

1/14/2031

200,000

233,203

6.38%,

10/23/2034(b)

500,000

563,559

3.70%,

3/1/2041

250,000

212,790

3.70%,

2/2/2042

600,000

501,987

3.20%,

7/6/2046

400,000

292,904

5.50%,

1/17/2048

200,000

204,110

3,076,560

POLAND

0

.1

%

Republic

of

Poland

,

4.88%,

10/4/2033

200,000

202,624

5.13%,

9/18/2034

250,000

255,546

5.38%,

2/12/2035

300,000

311,272

5.50%,

4/4/2053

200,000

193,671

5.50%,

3/18/2054

300,000

290,044

1,253,157

SOUTH

KOREA

0

.1

%

Export-Import

Bank

of

Korea

,

2.38%,

4/21/2027

1,000,000

976,606

4.50%,

9/15/2032

400,000

406,035

5.13%,

1/11/2033(b)

200,000

209,597

Republic

of

Korea

,

4.13%,

6/10/2044

250,000

225,616

1,817,854

SWEDEN

0

.0

%

†

Svensk

Exportkredit

AB

,

4.13%,

6/14/2028

500,000

504,816

URUGUAY

0

.1

%

Oriental

Republic

of

Uruguay

,

4.38%,

10/27/2027

250,000

250,800

4.38%,

1/23/2031

200,000

202,080

5.75%,

10/28/2034

200,000

214,400

5.44%,

2/14/2037

25,000

26,138

5.10%,

6/18/2050

350,000

330,925

4.98%,

4/20/2055

200,000

181,900

5.25%,

9/10/2060

200,000

187,300

1,393,543

Total

Foreign

Government

Securities

(cost

$37,936,020)

36,034,091

Mortgage-Backed

Securities

24

.1

%

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

E02746

3.50%,

11/1/2025

913

911

Pool#

J13883

3.50%,

12/1/2025

3,192

3,183

Pool#

J14732

4.00%,

3/1/2026

3,392

3,384

Pool#

E02896

3.50%,

5/1/2026

3,101

3,090

Pool#

J18127

3.00%,

3/1/2027

14,124

14,001

Pool#

J18702

3.00%,

3/1/2027

12,653

12,550

Pool#

J19106

3.00%,

5/1/2027

6,502

6,438

Pool#

J20471

3.00%,

9/1/2027

30,546

30,261

Pool#

G14609

3.00%,

11/1/2027

59,138

58,556

Pool#

C00566

7.50%,

12/1/2027

102

103

Pool#

G15100

2.50%,

7/1/2028

29,452

28,959

Pool#

C18271

7.00%,

11/1/2028

400

419

Pool#

C00678

7.00%,

11/1/2028

118

124

Pool#

C00836

7.00%,

7/1/2029

119

125

Pool#

C31285

7.00%,

9/1/2029

215

225

Pool#

G18536

2.50%,

1/1/2030

600,639

584,547

Pool#

C37436

8.00%,

1/1/2030

374

393

Pool#

C36429

7.00%,

2/1/2030

335

350

Pool#

C36306

7.00%,

2/1/2030

221

231

Pool#

C00921

7.50%,

2/1/2030

317

329

Pool#

G01108

7.00%,

4/1/2030

96

100

Pool#

G18552

3.00%,

5/1/2030

227,905

223,834

Pool#

U49055

3.00%,

6/1/2030

20,281

19,967

Pool#

J32243

3.00%,

7/1/2030

188,262

184,593

Pool#

J32257

3.00%,

7/1/2030

40,261

39,476

Pool#

J32255

3.00%,

7/1/2030

40,160

39,389

Pool#

C41561

8.00%,

8/1/2030

1,120

1,139

Pool#

C01051

8.00%,

9/1/2030

489

511

Pool#

C43550

7.00%,

10/1/2030

763

798

Pool#

C44017

7.50%,

10/1/2030

258

258

Pool#

C44957

8.00%,

11/1/2030

502

505

58

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G18578

3.00%,

12/1/2030

82,614

80,920

Pool#

J33361

3.00%,

12/1/2030

69,508

68,216

Pool#

J33315

3.00%,

12/1/2030

40,587

39,773

Pool#

C01103

7.50%,

12/1/2030

188

196

Pool#

C46932

7.50%,

1/1/2031

389

392

Pool#

G18587

3.00%,

2/1/2031

61,892

60,535

Pool#

G18592

3.00%,

3/1/2031

68,264

66,746

Pool#

C91366

4.50%,

4/1/2031

21,165

21,297

Pool#

G18601

3.00%,

5/1/2031

39,971

39,090

Pool#

G18605

3.00%,

6/1/2031

23,515

22,996

Pool#

J34627

3.00%,

6/1/2031

6,776

6,628

Pool#

C91377

4.50%,

6/1/2031

11,050

11,123

Pool#

C53324

7.00%,

6/1/2031

959

1,002

Pool#

J35107

2.50%,

8/1/2031

40,398

39,034

Pool#

G01309

7.00%,

8/1/2031

316

330

Pool#

G01311

7.00%,

9/1/2031

2,040

2,131

Pool#

C01222

7.00%,

9/1/2031

312

326

Pool#

G01315

7.00%,

9/1/2031

77

81

Pool#

J35522

2.50%,

10/1/2031

159,457

153,966

Pool#

C60012

7.00%,

11/1/2031

329

344

Pool#

C61298

8.00%,

11/1/2031

1,373

1,383

Pool#

J35957

2.50%,

12/1/2031

241,491

233,245

Pool#

C61105

7.00%,

12/1/2031

3,211

3,355

Pool#

C63171

7.00%,

1/1/2032

1,753

1,832

Pool#

V61548

2.50%,

2/1/2032

229,557

221,393

Pool#

D99004

3.50%,

3/1/2032

42,778

42,156

Pool#

G30577

3.50%,

4/1/2032

87,489

86,257

Pool#

G01391

7.00%,

4/1/2032

3,647

3,823

Pool#

C01345

7.00%,

4/1/2032

1,601

1,674

Pool#

C01370

8.00%,

4/1/2032

417

426

Pool#

C01381

8.00%,

5/1/2032

6,135

6,469

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

C68290

7.00%,

6/1/2032

1,551

1,621

Pool#

C68300

7.00%,

6/1/2032

465

486

Pool#

D99266

3.50%,

7/1/2032

69,309

68,322

Pool#

G01449

7.00%,

7/1/2032

2,402

2,510

Pool#

C69908

7.00%,

8/1/2032

11,851

12,385

Pool#

C91558

3.50%,

9/1/2032

13,677

13,432

Pool#

G16407

2.50%,

1/1/2033

118,572

114,232

Pool#

G16408

2.50%,

1/1/2033

87,390

84,216

Pool#

G01536

7.00%,

3/1/2033

3,245

3,391

Pool#

C01528

5.00%,

4/1/2033

19,368

19,653

Pool#

G30646

3.00%,

5/1/2033

94,355

91,318

Pool#

G30642

3.00%,

5/1/2033

47,287

45,717

Pool#

K90535

3.00%,

5/1/2033

18,574

17,986

Pool#

G18693

4.00%,

5/1/2033

26,503

26,504

Pool#

G18696

3.50%,

7/1/2033

7,656

7,557

Pool#

A16419

6.50%,

11/1/2033

10,512

10,859

Pool#

A21356

6.50%,

4/1/2034

13,582

14,030

Pool#

C01851

6.50%,

4/1/2034

12,532

12,996

Pool#

A24301

6.50%,

5/1/2034

20,327

21,292

Pool#

A22067

6.50%,

5/1/2034

7,937

8,225

Pool#

G18737

3.50%,

6/1/2034

51,222

50,261

Pool#

A24988

6.50%,

7/1/2034

8,011

8,356

Pool#

G01741

6.50%,

10/1/2034

3,425

3,587

Pool#

G08023

6.50%,

11/1/2034

7,220

7,619

Pool#

G01947

7.00%,

5/1/2035

3,294

3,442

Pool#

G08073

5.50%,

8/1/2035

34,314

35,744

Pool#

A37135

5.50%,

9/1/2035

74,718

77,595

Pool#

A47368

5.00%,

10/1/2035

50,025

51,278

Pool#

A38531

5.50%,

10/1/2035

101,852

104,472

Pool#

A38255

5.50%,

10/1/2035

62,773

65,390

Pool#

G08088

6.50%,

10/1/2035

35,352

37,002

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

59

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

A39759

5.50%,

11/1/2035

3,243

3,367

Pool#

A40376

5.50%,

12/1/2035

1,390

1,444

Pool#

A42305

5.50%,

1/1/2036

4,352

4,552

Pool#

A41548

7.00%,

1/1/2036

5,140

5,371

Pool#

G08111

5.50%,

2/1/2036

48,754

50,786

Pool#

A43885

5.50%,

3/1/2036

134,514

137,760

Pool#

A43886

5.50%,

3/1/2036

88,096

90,171

Pool#

A43884

5.50%,

3/1/2036

52,070

53,925

Pool#

A48378

5.50%,

3/1/2036

43,927

45,486

Pool#

A43861

5.50%,

3/1/2036

26,878

27,914

Pool#

G08116

5.50%,

3/1/2036

10,888

11,343

Pool#

A48735

5.50%,

5/1/2036

5,535

5,749

Pool#

A53039

6.50%,

10/1/2036

36,124

37,745

Pool#

G05254

5.00%,

1/1/2037

34,206

35,056

Pool#

G04331

5.00%,

2/1/2037

34,337

35,190

Pool#

G05941

6.00%,

2/1/2037

168,641

177,334

Pool#

G03620

6.50%,

10/1/2037

1,273

1,350

Pool#

G03721

6.00%,

12/1/2037

16,419

17,319

Pool#

G03969

6.00%,

2/1/2038

18,501

19,516

Pool#

C91982

3.50%,

3/1/2038

63,503

61,191

Pool#

G04913

5.00%,

3/1/2038

62,617

64,277

Pool#

G05299

4.50%,

6/1/2038

54,257

54,719

Pool#

G04581

6.50%,

8/1/2038

32,541

33,852

Pool#

C92013

3.50%,

9/1/2038

157,290

151,762

Pool#

A81674

6.00%,

9/1/2038

102,968

108,306

Pool#

G05459

5.50%,

5/1/2039

499,298

517,704

Pool#

G05535

4.50%,

7/1/2039

174,580

175,803

Pool#

A89500

4.50%,

10/1/2039

15,556

15,694

Pool#

A91165

5.00%,

2/1/2040

701,898

719,668

Pool#

G60342

4.50%,

5/1/2042

176,830

177,251

Pool#

G60195

4.00%,

6/1/2042

228,453

222,458

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q08977

4.00%,

6/1/2042

54,190

52,688

Pool#

Q09824

4.00%,

8/1/2042

30,648

29,853

Pool#

Q11087

4.00%,

9/1/2042

21,733

21,031

Pool#

G07158

3.50%,

10/1/2042

129,205

122,088

Pool#

G07163

3.50%,

10/1/2042

103,670

98,099

Pool#

Q11532

3.50%,

10/1/2042

93,139

87,999

Pool#

Q12051

3.50%,

10/1/2042

74,920

70,893

Pool#

Q12052

3.50%,

10/1/2042

31,142

29,430

Pool#

C09020

3.50%,

11/1/2042

214,939

203,077

Pool#

G07264

3.50%,

12/1/2042

199,057

188,050

Pool#

Q14292

3.50%,

1/1/2043

55,804

52,770

Pool#

Q15884

3.00%,

2/1/2043

294,118

270,872

Pool#

Q16470

3.00%,

3/1/2043

586,703

540,335

Pool#

V80002

2.50%,

4/1/2043

254,743

229,509

Pool#

Q16915

3.00%,

4/1/2043

216,623

199,548

Pool#

Q17675

3.50%,

4/1/2043

237,446

225,273

Pool#

Q18523

3.50%,

5/1/2043

232,879

219,905

Pool#

Q18751

3.50%,

6/1/2043

328,720

310,442

Pool#

G07410

3.50%,

7/1/2043

94,325

89,431

Pool#

Q20332

3.50%,

7/1/2043

33,086

31,232

Pool#

G07459

3.50%,

8/1/2043

277,237

261,793

Pool#

G60038

3.50%,

1/1/2044

581,775

549,659

Pool#

Q26869

4.00%,

6/1/2044

256,981

248,802

Pool#

G07946

4.00%,

7/1/2044

7,833

7,601

Pool#

Q28607

3.50%,

9/1/2044

98,720

93,147

Pool#

G61231

3.50%,

9/1/2044

28,033

26,474

Pool#

G08609

3.50%,

10/1/2044

89,844

84,585

Pool#

Q30833

4.00%,

1/1/2045

11,548

11,131

Pool#

G60400

4.50%,

1/1/2045

74,716

74,340

Pool#

G07925

4.00%,

2/1/2045

23,336

22,709

Pool#

Q34165

4.00%,

6/1/2045

159,096

154,132

60

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V81873

4.00%,

8/1/2045

90,934

87,656

Pool#

G08669

4.00%,

9/1/2045

133,381

128,531

Pool#

V82126

3.50%,

12/1/2045

88,994

83,729

Pool#

Q38199

3.50%,

1/1/2046

3,692

3,462

Pool#

Q38357

4.00%,

1/1/2046

36,517

35,155

Pool#

G61365

4.50%,

1/1/2046

28,131

27,955

Pool#

G08697

3.00%,

3/1/2046

400,676

363,118

Pool#

Q39364

3.50%,

3/1/2046

64,639

60,709

Pool#

Q39434

3.50%,

3/1/2046

50,883

47,786

Pool#

Q39440

4.00%,

3/1/2046

24,133

23,238

Pool#

G08704

4.50%,

4/1/2046

12,003

11,927

Pool#

Q40097

4.50%,

4/1/2046

2,719

2,701

Pool#

G60582

3.50%,

5/1/2046

155,738

146,268

Pool#

Q40718

3.50%,

5/1/2046

52,607

49,277

Pool#

G08707

4.00%,

5/1/2046

62,944

60,597

Pool#

G08708

4.50%,

5/1/2046

9,766

9,705

Pool#

Q41548

3.00%,

7/1/2046

56,030

50,801

Pool#

Q41903

3.50%,

7/1/2046

75,693

71,027

Pool#

Q41491

3.50%,

7/1/2046

8,763

8,202

Pool#

G61791

4.00%,

7/1/2046

62,890

60,662

Pool#

Q41947

4.50%,

7/1/2046

2,278

2,262

Pool#

G08715

3.00%,

8/1/2046

409,337

370,458

Pool#

Q42596

3.50%,

8/1/2046

65,576

61,625

Pool#

Q42203

3.50%,

8/1/2046

18,507

17,405

Pool#

G61237

3.50%,

8/1/2046

12,340

11,657

Pool#

Q42393

3.50%,

8/1/2046

11,228

10,502

Pool#

Q42680

4.00%,

8/1/2046

2,278

2,206

Pool#

G08720

4.50%,

8/1/2046

8,147

8,092

Pool#

G61323

3.00%,

9/1/2046

382,700

352,145

Pool#

G08721

3.00%,

9/1/2046

223,388

202,124

Pool#

V82617

3.50%,

9/1/2046

147,684

138,017

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

G08722

3.50%,

9/1/2046

43,336

40,723

Pool#

G60733

4.50%,

9/1/2046

81,959

81,445

Pool#

G60722

3.00%,

10/1/2046

635,033

574,849

Pool#

Q44035

3.00%,

10/1/2046

315,528

285,492

Pool#

G61815

4.00%,

10/1/2046

24,829

23,924

Pool#

G61257

3.00%,

11/1/2046

626,936

566,155

Pool#

Q44452

3.00%,

11/1/2046

142,451

128,836

Pool#

G08732

3.00%,

11/1/2046

40,801

36,917

Pool#

Q44473

3.50%,

11/1/2046

17,862

16,706

Pool#

Q44223

3.50%,

11/1/2046

12,375

11,546

Pool#

G08734

4.00%,

11/1/2046

182,334

175,514

Pool#

G08737

3.00%,

12/1/2046

1,369,523

1,239,157

Pool#

G60989

3.00%,

12/1/2046

230,299

208,424

Pool#

Q45878

3.00%,

12/1/2046

49,467

44,700

Pool#

G08738

3.50%,

12/1/2046

853,029

798,248

Pool#

Q45024

3.50%,

12/1/2046

64,734

59,930

Pool#

G08741

3.00%,

1/1/2047

373,406

337,861

Pool#

G08747

3.00%,

2/1/2047

709,510

641,966

Pool#

G08748

3.50%,

2/1/2047

177,039

165,177

Pool#

G08749

4.00%,

2/1/2047

295,414

284,363

Pool#

G61890

4.00%,

2/1/2047

20,630

19,858

Pool#

G08751

3.50%,

3/1/2047

264,313

247,282

Pool#

Q47592

3.50%,

4/1/2047

46,076

43,083

Pool#

Q47484

3.50%,

4/1/2047

9,831

9,234

Pool#

G60988

3.00%,

5/1/2047

781,044

707,181

Pool#

Q48098

3.50%,

5/1/2047

32,873

30,698

Pool#

Q48237

4.50%,

5/1/2047

53,146

52,550

Pool#

G61390

3.00%,

6/1/2047

643,170

581,964

Pool#

Q48414

4.50%,

6/1/2047

36,854

35,817

Pool#

Q48365

4.50%,

6/1/2047

11,319

11,220

Pool#

G08770

3.50%,

7/1/2047

500,031

467,604

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

61

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

V83270

3.50%,

7/1/2047

103,619

96,611

Pool#

G61339

3.00%,

8/1/2047

121,874

110,276

Pool#

G08774

3.50%,

8/1/2047

55,231

51,650

Pool#

Q49917

3.50%,

8/1/2047

41,157

38,456

Pool#

Q53085

3.00%,

9/1/2047

132,782

120,418

Pool#

G61295

3.50%,

9/1/2047

285,427

268,182

Pool#

G08779

3.50%,

9/1/2047

150,855

140,955

Pool#

G61622

3.00%,

10/1/2047

301,372

272,692

Pool#

G08785

4.00%,

10/1/2047

17,234

16,534

Pool#

Q52075

4.00%,

11/1/2047

100,290

96,773

Pool#

V83598

3.50%,

12/1/2047

44,796

41,645

Pool#

G67707

3.50%,

1/1/2048

322,015

301,209

Pool#

V83909

4.00%,

1/1/2048

118,806

114,695

Pool#

G61311

3.50%,

2/1/2048

308,998

287,891

Pool#

T65458

3.50%,

2/1/2048

53,608

49,330

Pool#

G08801

4.00%,

2/1/2048

92,276

88,781

Pool#

Q54460

4.00%,

2/1/2048

88,978

86,095

Pool#

G61298

4.00%,

2/1/2048

42,044

40,454

Pool#

Q54727

3.50%,

3/1/2048

123,916

115,286

Pool#

Q55401

5.00%,

4/1/2048

23,384

23,688

Pool#

V84237

3.50%,

5/1/2048

198,829

184,251

Pool#

G08813

3.50%,

5/1/2048

23,053

21,432

Pool#

G08820

4.50%,

5/1/2048

167,103

165,230

Pool#

G08821

5.00%,

5/1/2048

6,200

6,273

Pool#

G67712

4.00%,

6/1/2048

87,578

84,838

Pool#

G67713

4.00%,

6/1/2048

72,489

69,766

Pool#

G08817

4.00%,

6/1/2048

26,576

25,567

Pool#

G08818

4.50%,

6/1/2048

90,857

89,839

Pool#

Q56473

4.50%,

6/1/2048

22,455

22,158

Pool#

Q56472

4.50%,

6/1/2048

20,172

19,966

Pool#

G08827

4.50%,

7/1/2048

61,203

60,408

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

Gold

Pool

Pool#

Q57401

4.50%,

7/1/2048

23,701

23,387

Pool#

Q57402

4.50%,

7/1/2048

6,287

6,243

Pool#

G08833

5.00%,

7/1/2048

2,589

2,622

Pool#

G08831

4.00%,

8/1/2048

73,623

70,811

Pool#

G08836

4.00%,

9/1/2048

297,287

285,887

Pool#

G67716

4.50%,

10/1/2048

49,978

49,459

Pool#

G08843

4.50%,

10/1/2048

21,879

21,611

Pool#

V85044

4.00%,

12/1/2048

83,541

80,325

Pool#

V85082

4.50%,

12/1/2048

15,649

15,451

Pool#

G61846

4.00%,

1/1/2049

1,595

1,534

Pool#

V85139

4.50%,

1/1/2049

19,666

19,425

FHLMC

Non

Gold

Pool

Pool#

1B8478

6.60%,

7/1/2041(a)

13,429

13,901

Pool#

2B0108

6.77%,

1/1/2042(a)

317

326

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

1,825

1,817

Pool#

ZS7757

3.00%,

3/1/2030

127,571

125,471

Pool#

SB0383

2.50%,

4/1/2032

377,924

364,412

Pool#

ZS8701

3.50%,

6/1/2033

26,863

26,491

Pool#

SB0218

3.00%,

10/1/2033

48,017

46,817

Pool#

SB0366

3.50%,

2/1/2034

64,896

63,947

Pool#

QN0248

3.00%,

7/1/2034

22,425

21,699

Pool#

SB0095

3.50%,

7/1/2034

14,780

14,629

Pool#

SB0069

3.00%,

9/1/2034

86,347

83,551

Pool#

SB8021

3.00%,

12/1/2034

182,451

176,796

Pool#

SB8500

2.50%,

7/1/2035

472,915

447,030

Pool#

SB8505

2.50%,

10/1/2035

1,412,881

1,336,631

Pool#

SB8506

2.00%,

2/1/2036

1,208,392

1,121,773

Pool#

SB8508

2.00%,

2/1/2036

901,466

833,511

Pool#

RC1826

2.00%,

2/1/2036

269,319

248,176

Pool#

SB8092

1.50%,

3/1/2036

314,067

281,795

Pool#

RC1887

2.00%,

3/1/2036

504,201

466,177

62

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SB8103

2.00%,

5/1/2036

265,878

244,757

Pool#

RC2049

2.00%,

6/1/2036

1,194,006

1,100,252

Pool#

RC2045

2.00%,

6/1/2036

372,040

342,824

Pool#

SB8112

2.50%,

7/1/2036

209,732

197,754

Pool#

QN7405

2.00%,

8/1/2036

156,511

144,559

Pool#

SB8119

2.00%,

9/1/2036

692,996

637,820

Pool#

SB8140

1.50%,

2/1/2037

467,992

418,717

Pool#

SB8144

1.50%,

3/1/2037

981,667

878,292

Pool#

QN9700

1.50%,

3/1/2037

312,467

279,561

Pool#

SB8148

2.00%,

4/1/2037

2,127,970

1,955,534

Pool#

SB8156

3.00%,

4/1/2037

171,474

164,246

Pool#

SB8154

2.50%,

5/1/2037

143,901

135,323

Pool#

SB0725

4.00%,

8/1/2037

47,010

46,246

Pool#

SB1009

4.00%,

2/1/2038

46,548

45,838

Pool#

SB1309

2.00%,

7/1/2038

932,652

857,076

Pool#

SB8346

4.00%,

12/1/2039

212,547

209,093

Pool#

QA2237

3.00%,

7/1/2046

802,234

727,015

Pool#

QA2226

3.00%,

7/1/2046

472,239

428,303

Pool#

ZS4693

3.00%,

12/1/2046

626,378

566,060

Pool#

ZM2339

3.50%,

1/1/2047

125,798

117,537

Pool#

ZS4746

3.00%,

12/1/2047

304,627

274,152

Pool#

ZA5785

4.50%,

10/1/2048

117,414

115,858

Pool#

ZT1321

4.50%,

11/1/2048

147,827

145,839

Pool#

ZA6139

4.50%,

12/1/2048

43,479

42,840

Pool#

SD0295

3.00%,

2/1/2049

1,441,231

1,310,255

Pool#

ZA6380

4.00%,

3/1/2049

57,827

55,481

Pool#

ZA6536

4.00%,

3/1/2049

57,096

54,717

Pool#

ZT1858

4.50%,

4/1/2049

28,823

28,453

Pool#

RA3022

2.50%,

6/1/2050

496,955

423,021

Pool#

SD7521

2.50%,

7/1/2050

686,436

590,173

Pool#

SD8074

3.00%,

7/1/2050

202,671

178,764

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD7523

2.50%,

8/1/2050

181,768

156,642

Pool#

SD0500

3.00%,

8/1/2050

31,591

28,440

Pool#

SD0514

2.00%,

10/1/2050

676,851

552,596

Pool#

RA3723

2.00%,

10/1/2050

220,362

179,872

Pool#

SD8100

3.00%,

10/1/2050

1,299,652

1,152,326

Pool#

RA3935

2.50%,

11/1/2050

2,151,617

1,831,505

Pool#

RA3932

2.50%,

11/1/2050

1,296,795

1,110,692

Pool#

RA3934

2.50%,

11/1/2050

668,815

568,964

Pool#

RA3987

2.50%,

11/1/2050

267,527

227,380

Pool#

RA4071

2.50%,

12/1/2050

739,785

629,416

Pool#

RA4216

2.50%,

12/1/2050

689,584

586,294

Pool#

SD0522

3.00%,

12/1/2050

429,479

380,794

Pool#

RA4411

2.50%,

1/1/2051

1,552,033

1,320,764

Pool#

RA4351

2.50%,

1/1/2051

844,760

716,031

Pool#

RA4652

2.00%,

2/1/2051

2,581,229

2,106,907

Pool#

RA4493

2.00%,

2/1/2051

1,218,080

989,847

Pool#

QB9104

2.00%,

2/1/2051

654,745

531,932

Pool#

RA4737

2.00%,

3/1/2051

2,322,956

1,891,220

Pool#

RA4718

2.00%,

3/1/2051

1,043,490

851,740

Pool#

SD7537

2.00%,

3/1/2051

546,882

447,379

Pool#

SD8139

1.50%,

4/1/2051

806,781

620,090

Pool#

SD8140

2.00%,

4/1/2051

4,496,687

3,653,218

Pool#

SD8145

1.50%,

5/1/2051

1,596,170

1,226,412

Pool#

SD8146

2.00%,

5/1/2051

8,092,703

6,572,988

Pool#

QC2070

2.00%,

5/1/2051

107,067

87,475

Pool#

SD0593

3.00%,

5/1/2051

1,494,297

1,344,502

Pool#

RA5436

2.00%,

6/1/2051

329,360

267,436

Pool#

RA5373

2.00%,

6/1/2051

281,580

230,032

Pool#

SD8154

1.50%,

7/1/2051

1,613,195

1,240,047

Pool#

RA5398

2.00%,

7/1/2051

950,508

776,434

Pool#

QC5128

2.00%,

8/1/2051

267,574

217,784

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

63

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD8166

2.00%,

9/1/2051

1,599,890

1,297,968

Pool#

RA6140

2.00%,

10/1/2051

1,150,012

938,670

Pool#

RA6085

2.00%,

10/1/2051

651,932

533,912

Pool#

RA6091

2.00%,

10/1/2051

632,624

516,641

Pool#

RA6503

2.00%,

12/1/2051

7,648,684

6,217,443

Pool#

RA6624

2.00%,

1/1/2052

5,098,824

4,125,357

Pool#

SD0856

2.00%,

1/1/2052

1,259,422

1,021,855

Pool#

SD7347

2.00%,

4/1/2052

818,037

662,596

Pool#

SD8211

2.00%,

5/1/2052

8,966,550

7,263,005

Pool#

RA7543

4.00%,

6/1/2052

182,866

172,915

Pool#

SD8224

2.50%,

7/1/2052

2,526,489

2,134,471

Pool#

RA7664

4.00%,

7/1/2052

394,081

372,208

Pool#

SD1488

4.00%,

8/1/2052

464,244

438,910

Pool#

SD1424

4.00%,

8/1/2052

382,507

361,552

Pool#

RA7779

4.50%,

8/1/2052

498,658

487,651

Pool#

RA7920

4.00%,

9/1/2052

468,665

442,798

Pool#

SD2215

4.00%,

10/1/2052

485,050

461,900

Pool#

SD1926

5.50%,

11/1/2052

671,432

684,997

Pool#

SD7557

4.50%,

12/1/2052

1,106,683

1,083,737

Pool#

RA8406

5.00%,

1/1/2053

575,660

574,631

Pool#

RA8411

5.50%,

1/1/2053

173,773

178,016

Pool#

QF5629

6.00%,

1/1/2053

392,198

409,764

Pool#

SD7560

4.00%,

2/1/2053

784,058

751,589

Pool#

SD8299

5.00%,

2/1/2053

1,934,297

1,927,347

Pool#

RA8554

6.00%,

2/1/2053

730,466

749,877

Pool#

RA8791

5.00%,

4/1/2053

418,075

417,112

Pool#

RA8794

5.50%,

4/1/2053

808,026

824,816

Pool#

SD2661

5.50%,

4/1/2053

550,984

558,752

Pool#

SD8324

5.50%,

5/1/2053

1,025,350

1,038,064

Pool#

RA9090

5.50%,

5/1/2053

834,139

845,294

Pool#

SD2890

5.50%,

5/1/2053

320,134

326,786

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SD2905

5.50%,

5/1/2053

191,257

193,890

Pool#

RA9162

5.50%,

6/1/2053

420,508

428,647

Pool#

SD3085

5.50%,

6/1/2053

204,709

208,373

Pool#

SD3260

6.00%,

6/1/2053

161,320

166,578

Pool#

SD3565

4.50%,

8/1/2053

177,162

172,943

Pool#

SD8348

5.00%,

8/1/2053

1,035,689

1,029,406

Pool#

SD3853

5.50%,

8/1/2053

132,300

133,960

Pool#

SD3603

6.00%,

8/1/2053

1,420,044

1,471,614

Pool#

SD8367

5.50%,

10/1/2053

2,018,008

2,040,829

Pool#

RJ0007

6.50%,

10/1/2053

298,382

311,767

Pool#

SD4350

6.50%,

10/1/2053

146,697

152,005

Pool#

SD4340

5.50%,

11/1/2053

896,343

913,152

Pool#

RJ0325

6.50%,

11/1/2053

160,483

166,403

Pool#

SL1453

6.00%,

12/1/2053

269,785

276,678

Pool#

RJ0528

6.50%,

12/1/2053

293,222

305,239

Pool#

RJ0530

6.50%,

12/1/2053

247,736

256,846

Pool#

RJ0527

6.50%,

12/1/2053

116,261

120,547

Pool#

RJ0717

6.50%,

1/1/2054

60,725

63,187

Pool#

SD8401

5.50%,

2/1/2054

2,909,882

2,939,222

Pool#

RJ0841

6.00%,

2/1/2054

240,429

248,337

Pool#

RJ0858

6.50%,

2/1/2054

479,037

497,315

Pool#

SD4870

6.50%,

2/1/2054

71,440

74,104

Pool#

RJ0992

5.00%,

5/1/2054

730,219

725,280

Pool#

SD5616

6.00%,

5/1/2054

3,707,663

3,817,030

Pool#

RJ1422

6.00%,

5/1/2054

397,334

411,948

Pool#

RJ1437

6.50%,

5/1/2054

366,223

384,724

Pool#

SD8438

5.50%,

6/1/2054

1,594,827

1,610,374

Pool#

SD5812

6.00%,

7/1/2054

454,744

469,926

Pool#

SD6025

6.00%,

8/1/2054

594,637

608,565

Pool#

RJ2746

5.50%,

11/1/2054

1,167,488

1,181,516

Pool#

SD8491

5.00%,

12/1/2054

782,862

776,783

64

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FHLMC

UMBS

Pool

Pool#

SL0425

6.00%,

2/1/2055

496,907

516,411

Pool#

SL0844

6.50%,

4/1/2055

2,451,141

2,537,199

Pool#

RJ4130

6.00%,

5/1/2055

509,734

524,604

Pool#

RQ0028

6.00%,

7/1/2055

2,559,591

2,615,832

Pool#

SL1901

6.00%,

8/1/2055

1,000,286

1,024,647

Pool#

SL2010

6.00%,

8/1/2055

992,867

1,023,579

Pool#

SL2633

6.00%,

9/1/2055

1,557,000

1,595,537

FNMA

Pool

Pool#

AC9890

6.61%,

4/1/2040(a)

119,838

122,717

Pool#

AC9895

6.68%,

4/1/2040(a)

285,147

293,534

Pool#

AJ1249

7.31%,

9/1/2041(a)

33,821

35,186

Pool#

AK0714

6.71%,

2/1/2042(a)

5,333

5,510

Pool#

AT4250

6.25%,

6/1/2043(a)

12,169

12,551

Pool#

BF0203

3.00%,

2/1/2047

338,600

303,369

Pool#

BF0206

4.00%,

2/1/2047

197,881

191,537

Pool#

BF0200

3.50%,

11/1/2051

150,828

141,233

Pool#

BF0171

4.00%,

1/1/2057

132,827

125,478

Pool#

BF0184

4.00%,

2/1/2057

148,748

140,518

FNMA

UMBS

Pool

Pool#

AB1609

4.00%,

10/1/2025

89

89

Pool#

AH1361

3.50%,

12/1/2025

1,014

1,011

Pool#

AH1518

3.50%,

12/1/2025

325

323

Pool#

AH5616

3.50%,

2/1/2026

5,857

5,834

Pool#

AL0298

4.00%,

5/1/2026

6,966

6,940

Pool#

AB4277

3.00%,

1/1/2027

33,310

33,025

Pool#

AL1391

3.50%,

1/1/2027

576

571

Pool#

AP4746

3.00%,

8/1/2027

10,546

10,439

Pool#

AP7855

3.00%,

9/1/2027

67,511

66,796

Pool#

AP4640

3.00%,

9/1/2027

7,367

7,283

Pool#

AQ5096

3.00%,

11/1/2027

18,820

18,616

Pool#

AB6887

3.00%,

11/1/2027

17,190

17,020

Pool#

AQ4532

3.00%,

11/1/2027

14,818

14,637

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AQ3758

3.00%,

11/1/2027

11,218

11,077

Pool#

AB6886

3.00%,

11/1/2027

8,060

7,962

Pool#

AQ7406

3.00%,

11/1/2027

6,184

6,109

Pool#

AQ2884

3.00%,

12/1/2027

9,372

9,254

Pool#

AS0487

2.50%,

9/1/2028

53,561

52,555

Pool#

930998

4.50%,

4/1/2029

1,160

1,160

Pool#

BM1507

2.50%,

12/1/2029

25,667

25,249

Pool#

AL8077

3.50%,

12/1/2029

4,347

4,311

Pool#

BM4299

3.00%,

3/1/2030

59,582

59,073

Pool#

AS4874

3.00%,

4/1/2030

106,147

104,156

Pool#

AS5412

2.50%,

7/1/2030

42,443

41,166

Pool#

AS5420

3.00%,

7/1/2030

95,023

93,102

Pool#

AL7152

3.50%,

7/1/2030

75,376

74,689

Pool#

AS5702

2.50%,

8/1/2030

165,740

160,595

Pool#

AZ4898

2.50%,

8/1/2030

100,859

97,795

Pool#

AY8448

3.00%,

8/1/2030

332,243

325,353

Pool#

AZ2953

3.00%,

9/1/2030

268,892

263,293

Pool#

AZ5718

3.00%,

9/1/2030

186,664

182,948

Pool#

AS6060

3.00%,

10/1/2030

200,609

196,436

Pool#

AZ9234

3.50%,

10/1/2030

9,568

9,439

Pool#

BA2993

3.00%,

11/1/2030

47,938

46,941

Pool#

AS6174

3.50%,

11/1/2030

5,785

5,700

Pool#

AS6272

2.50%,

12/1/2030

58,860

56,951

Pool#

AS6295

3.00%,

12/1/2030

91,150

89,265

Pool#

BA3545

3.00%,

12/1/2030

39,520

38,713

Pool#

AH1515

4.00%,

12/1/2030

93,334

92,839

Pool#

AD0716

6.50%,

12/1/2030

197,287

203,590

Pool#

BA6532

2.50%,

1/1/2031

47,223

45,756

Pool#

BM5016

3.00%,

1/1/2031

125,844

123,522

Pool#

AB2121

4.00%,

1/1/2031

15,289

15,218

Pool#

AL8060

3.00%,

2/1/2031

89,770

87,955

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

65

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA0641

4.00%,

2/1/2031

62,796

62,460

Pool#

560868

7.50%,

2/1/2031

164

163

Pool#

AS6799

3.00%,

3/1/2031

74,443

72,735

Pool#

BC0774

3.00%,

3/1/2031

41,295

40,406

Pool#

AS6919

3.50%,

3/1/2031

5,413

5,355

Pool#

BC4410

3.50%,

3/1/2031

4,992

4,918

Pool#

BC0320

3.50%,

3/1/2031

3,952

3,911

Pool#

BC4430

3.00%,

4/1/2031

16,879

16,511

Pool#

AL8565

3.00%,

6/1/2031

51,189

49,984

Pool#

AL8566

3.00%,

6/1/2031

49,429

48,302

Pool#

AL8561

3.50%,

6/1/2031

40,830

40,431

Pool#

AS8028

2.50%,

9/1/2031

189,227

182,596

Pool#

AL9378

3.00%,

9/1/2031

24,342

23,838

Pool#

MA2775

2.50%,

10/1/2031

379,177

365,774

Pool#

BM1888

2.50%,

10/1/2031

200,242

196,780

Pool#

AS8038

2.50%,

10/1/2031

195,364

188,416

Pool#

BC4777

2.50%,

10/1/2031

141,150

136,209

Pool#

AL9323

2.50%,

10/1/2031

8,879

8,563

Pool#

AS8612

3.00%,

10/1/2031

40,106

39,159

Pool#

607212

7.50%,

10/1/2031

2,026

2,032

Pool#

MA0895

3.50%,

11/1/2031

67,949

66,797

Pool#

MA2830

2.50%,

12/1/2031

154,954

149,460

Pool#

BM3814

2.50%,

12/1/2031

100,266

96,844

Pool#

AS8594

2.50%,

1/1/2032

124,639

120,206

Pool#

AS8597

2.50%,

1/1/2032

102,018

98,389

Pool#

AS8609

3.00%,

1/1/2032

80,549

78,466

Pool#

AL9786

3.00%,

1/1/2032

59,423

58,162

Pool#

AL9585

3.50%,

1/1/2032

26,277

25,973

Pool#

BM1036

2.50%,

2/1/2032

545,659

526,464

Pool#

BM4624

3.00%,

2/1/2032

70,886

69,297

Pool#

AL9740

3.00%,

2/1/2032

55,499

54,065

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL9872

3.00%,

2/1/2032

52,145

50,902

Pool#

AL9871

3.00%,

2/1/2032

32,899

32,138

Pool#

AS8767

3.00%,

2/1/2032

6,471

6,309

Pool#

BM1007

2.50%,

3/1/2032

172,630

166,044

Pool#

AL9899

3.00%,

3/1/2032

10,435

10,177

Pool#

BM3269

2.50%,

4/1/2032

255,097

245,764

Pool#

MA1029

3.50%,

4/1/2032

61,298

60,000

Pool#

545556

7.00%,

4/1/2032

1,079

1,129

Pool#

AO2565

3.50%,

5/1/2032

13,399

13,076

Pool#

AS9695

3.50%,

5/1/2032

11,713

11,570

Pool#

545605

7.00%,

5/1/2032

1,509

1,589

Pool#

BM4088

3.00%,

6/1/2032

92,260

90,190

Pool#

AO5103

3.50%,

6/1/2032

67,565

66,318

Pool#

890786

3.50%,

6/1/2032

12,871

12,713

Pool#

MA1107

3.50%,

7/1/2032

8,982

8,816

Pool#

FM1664

4.00%,

7/1/2032

6,683

6,656

Pool#

651361

7.00%,

7/1/2032

694

724

Pool#

BM1669

3.00%,

8/1/2032

57,380

55,849

Pool#

AP1990

3.50%,

8/1/2032

29,989

29,331

Pool#

AP1997

3.50%,

8/1/2032

18,770

18,372

Pool#

BH5355

3.50%,

8/1/2032

2,963

2,927

Pool#

AO7202

3.50%,

9/1/2032

60,580

59,474

Pool#

MA1166

3.50%,

9/1/2032

48,982

48,070

Pool#

BM5167

3.50%,

9/1/2032

7,016

6,934

Pool#

CA0586

2.50%,

10/1/2032

24,385

23,433

Pool#

AP3673

3.50%,

10/1/2032

55,447

54,435

Pool#

BH9391

3.50%,

10/1/2032

3,640

3,594

Pool#

BM3389

3.00%,

11/1/2032

96,557

94,048

Pool#

AB6962

3.50%,

11/1/2032

89,002

87,543

Pool#

AQ3343

3.50%,

11/1/2032

51,504

50,615

Pool#

BM3977

3.00%,

12/1/2032

138,083

134,530

66

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA0951

3.00%,

12/1/2032

79,778

77,667

Pool#

FM1661

2.50%,

1/1/2033

221,986

215,929

Pool#

BM4338

2.50%,

1/1/2033

159,882

154,498

Pool#

BM3919

3.00%,

2/1/2033

87,864

85,608

Pool#

BM3750

3.50%,

3/1/2033

77,688

76,728

Pool#

BM4129

3.50%,

4/1/2033

88,813

87,726

Pool#

555346

5.50%,

4/1/2033

17,522

17,897

Pool#

713560

5.50%,

4/1/2033

4,863

5,015

Pool#

694846

6.50%,

4/1/2033

1,512

1,585

Pool#

AB9402

3.00%,

5/1/2033

110,947

107,560

Pool#

AB9403

3.00%,

5/1/2033

48,861

47,165

Pool#

AB9300

3.00%,

5/1/2033

35,273

34,219

Pool#

BM4132

3.50%,

5/1/2033

70,090

69,133

Pool#

MA3372

4.00%,

5/1/2033

59,258

59,195

Pool#

555421

5.00%,

5/1/2033

373,567

377,151

Pool#

MA3393

4.00%,

6/1/2033

26,352

26,323

Pool#

MA3427

4.00%,

7/1/2033

20,015

19,992

Pool#

720087

5.50%,

7/1/2033

51,663

52,207

Pool#

728721

5.50%,

7/1/2033

9,309

9,506

Pool#

555684

5.50%,

7/1/2033

2,072

2,132

Pool#

MA1527

3.00%,

8/1/2033

376,823

363,617

Pool#

743235

5.50%,

10/1/2033

6,166

6,238

Pool#

750229

6.50%,

10/1/2033

12,394

12,790

Pool#

FM2154

4.00%,

12/1/2033

4,527

4,508

Pool#

755872

5.50%,

12/1/2033

53,908

55,004

Pool#

725221

5.50%,

1/1/2034

1,588

1,630

Pool#

725223

5.50%,

3/1/2034

190

195

Pool#

725228

6.00%,

3/1/2034

150,308

156,036

Pool#

725425

5.50%,

4/1/2034

92,728

95,203

Pool#

725423

5.50%,

5/1/2034

9,131

9,374

Pool#

725594

5.50%,

7/1/2034

40,966

42,109

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3739

3.50%,

8/1/2034

59,062

57,626

Pool#

788027

6.50%,

9/1/2034

17,296

18,016

Pool#

MA3827

2.50%,

11/1/2034

349,574

332,228

Pool#

FM1905

3.00%,

11/1/2034

42,647

41,326

Pool#

807310

7.00%,

11/1/2034

1,297

1,355

Pool#

FM2412

3.50%,

1/1/2035

22,504

22,117

Pool#

735141

5.50%,

1/1/2035

127,761

132,507

Pool#

889852

5.50%,

5/1/2035

3,282

3,336

Pool#

FM5474

2.50%,

10/1/2035

335,440

316,712

Pool#

MA4156

2.50%,

10/1/2035

275,014

259,659

Pool#

FM4900

2.00%,

12/1/2035

43,952

40,639

Pool#

256023

6.00%,

12/1/2035

111,785

117,792

Pool#

CA8793

2.00%,

2/1/2036

1,069,166

988,540

Pool#

CA8736

2.00%,

2/1/2036

531,193

491,140

Pool#

CA8789

2.00%,

2/1/2036

521,674

480,723

Pool#

FM5908

2.00%,

2/1/2036

358,515

331,488

Pool#

CA9141

2.00%,

2/1/2036

351,670

325,153

Pool#

CA9145

2.00%,

2/1/2036

298,459

275,030

Pool#

FM5571

2.00%,

2/1/2036

162,340

149,882

Pool#

CA9435

2.00%,

3/1/2036

332,090

306,020

Pool#

CA9475

2.00%,

3/1/2036

310,559

286,180

Pool#

CA9441

2.50%,

3/1/2036

239,050

226,473

Pool#

CB0262

2.00%,

4/1/2036

494,782

455,473

Pool#

745418

5.50%,

4/1/2036

19,081

19,854

Pool#

FM7259

2.50%,

5/1/2036

216,601

204,234

Pool#

745516

5.50%,

5/1/2036

11,008

11,453

Pool#

MA4360

2.00%,

6/1/2036

904,675

833,641

Pool#

889745

5.50%,

6/1/2036

2,008

2,045

Pool#

CB1090

2.50%,

7/1/2036

125,166

118,256

Pool#

FM8538

2.00%,

8/1/2036

166,323

153,620

Pool#

995065

5.50%,

9/1/2036

62,584

64,069

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

67

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

888635

5.50%,

9/1/2036

42,912

44,004

Pool#

MA4441

1.50%,

10/1/2036

205,231

183,830

Pool#

MA4535

1.50%,

2/1/2037

3,501,936

3,133,218

Pool#

MA4566

1.50%,

3/1/2037

1,554,613

1,390,908

Pool#

MA4581

1.50%,

4/1/2037

407,916

364,961

Pool#

BT2234

2.00%,

4/1/2037

4,196,006

3,858,564

Pool#

MA4582

2.00%,

4/1/2037

1,942,937

1,785,496

Pool#

FS2950

2.50%,

4/1/2037

68,949

65,012

Pool#

FS2035

2.00%,

5/1/2037

1,939,365

1,783,407

Pool#

CB4006

2.00%,

5/1/2037

1,635,155

1,503,175

Pool#

MA4628

2.50%,

6/1/2037

145,241

136,608

Pool#

FS2497

1.50%,

8/1/2037

254,982

228,290

Pool#

995024

5.50%,

8/1/2037

24,991

25,991

Pool#

MA4726

4.00%,

9/1/2037

62,781

61,824

Pool#

995050

6.00%,

9/1/2037

239,213

252,074

Pool#

MA4797

4.00%,

11/1/2037

90,055

88,655

Pool#

955194

7.00%,

11/1/2037

21,374

22,548

Pool#

MA5023

4.00%,

5/1/2038

41,697

41,023

Pool#

MA3389

4.00%,

6/1/2038

50,843

50,001

Pool#

MA3464

3.50%,

9/1/2038

108,517

104,444

Pool#

990810

7.00%,

10/1/2038

36,535

38,143

Pool#

MA5223

4.00%,

11/1/2038

24,339

23,946

Pool#

MA5556

4.00%,

12/1/2039

1,096,397

1,078,580

Pool#

AD8536

5.00%,

8/1/2040

78,812

80,713

Pool#

AB1735

3.50%,

11/1/2040

4,245

4,047

Pool#

AE9747

4.50%,

12/1/2040

282,630

282,963

Pool#

AB2067

3.50%,

1/1/2041

107,882

103,031

Pool#

932888

3.50%,

1/1/2041

90,512

86,386

Pool#

AB2068

3.50%,

1/1/2041

64,429

61,472

Pool#

932891

3.50%,

1/1/2041

17,633

16,763

Pool#

AL3650

5.00%,

2/1/2041

5,335

5,463

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AL6521

5.00%,

4/1/2041

468,034

479,301

Pool#

AL0390

5.00%,

5/1/2041

156,843

160,625

Pool#

AL5863

4.50%,

6/1/2041

845,286

851,723

Pool#

AI9851

4.50%,

9/1/2041

17,297

17,285

Pool#

AL0761

5.00%,

9/1/2041

54,869

56,193

Pool#

BM3907

5.50%,

9/1/2041

109,740

112,488

Pool#

AJ5431

4.50%,

10/1/2041

44,741

44,628

Pool#

AJ4861

4.00%,

12/1/2041

54,897

53,392

Pool#

AX5316

4.50%,

1/1/2042

29,676

29,689

Pool#

AL2499

4.50%,

1/1/2042

9,218

9,218

Pool#

AW8167

3.50%,

2/1/2042

351,569

334,518

Pool#

AB5185

3.50%,

5/1/2042

168,756

159,494

Pool#

AO3575

4.50%,

5/1/2042

41,159

41,055

Pool#

AO4647

3.50%,

6/1/2042

351,785

332,693

Pool#

AO8036

4.50%,

7/1/2042

137,775

138,405

Pool#

AP2092

4.50%,

8/1/2042

10,401

10,321

Pool#

AP6579

3.50%,

9/1/2042

229,882

217,550

Pool#

AL2782

4.50%,

9/1/2042

51,966

51,899

Pool#

AB6524

3.50%,

10/1/2042

492,991

464,913

Pool#

AB7074

3.00%,

11/1/2042

298,088

274,103

Pool#

AP8785

3.00%,

11/1/2042

94,905

87,268

Pool#

AL2677

3.50%,

11/1/2042

296,643

280,730

Pool#

AB6786

3.50%,

11/1/2042

163,218

154,024

Pool#

MA1273

3.50%,

12/1/2042

132,138

124,722

Pool#

AR4210

3.50%,

1/1/2043

87,386

82,437

Pool#

AT4040

3.00%,

3/1/2043

74,527

68,523

Pool#

AR8213

3.50%,

4/1/2043

67,559

64,297

Pool#

AB9238

3.00%,

5/1/2043

450,039

413,689

Pool#

AB9237

3.00%,

5/1/2043

371,592

341,578

Pool#

AB9236

3.00%,

5/1/2043

111,920

102,880

Pool#

AB9362

3.50%,

5/1/2043

473,116

446,319

68

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

AT4145

3.00%,

6/1/2043

139,347

128,076

Pool#

AB9814

3.00%,

7/1/2043

438,484

403,068

Pool#

AT6871

3.00%,

7/1/2043

57,439

52,763

Pool#

AS0203

3.00%,

8/1/2043

334,914

307,758

Pool#

AS0255

4.50%,

8/1/2043

127,997

127,621

Pool#

AS0516

3.00%,

9/1/2043

235,664

216,481

Pool#

AL4471

4.00%,

9/1/2043

165,525

160,986

Pool#

AL6951

3.50%,

10/1/2043

234,836

221,555

Pool#

BM4222

3.00%,

1/1/2044

323,636

297,439

Pool#

AS2276

4.50%,

4/1/2044

179,871

178,750

Pool#

AW1006

4.00%,

5/1/2044

63,887

62,078

Pool#

AL7767

4.50%,

6/1/2044

15,766

15,750

Pool#

AS3161

4.00%,

8/1/2044

401,473

386,818

Pool#

BM4650

3.00%,

10/1/2044

585,124

537,822

Pool#

CA0688

3.50%,

10/1/2044

140,901

132,874

Pool#

BC5090

4.00%,

10/1/2044

29,756

28,765

Pool#

AS3946

4.00%,

12/1/2044

452,973

437,485

Pool#

AL8303

3.00%,

1/1/2045

102,521

94,242

Pool#

BM4384

4.00%,

1/1/2045

175,708

170,346

Pool#

BM3611

4.00%,

1/1/2045

141,133

137,205

Pool#

BM3804

3.50%,

2/1/2045

64,291

60,635

Pool#

AL9555

4.00%,

2/1/2045

897,571

873,342

Pool#

AX9524

4.00%,

2/1/2045

512,016

497,587

Pool#

AS4418

4.00%,

2/1/2045

364,856

354,433

Pool#

AS4375

4.00%,

2/1/2045

240,646

233,842

Pool#

AL6889

4.50%,

2/1/2045

56,157

55,899

Pool#

BM3931

3.00%,

3/1/2045

281,580

258,905

Pool#

AY1312

3.50%,

3/1/2045

821,243

772,411

Pool#

AX9567

3.50%,

3/1/2045

47,927

44,652

Pool#

BM4975

4.00%,

3/1/2045

71,921

69,459

Pool#

AS4578

4.00%,

3/1/2045

66,398

64,520

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3664

3.00%,

5/1/2045

319,857

294,033

Pool#

AS4921

3.50%,

5/1/2045

427,782

402,167

Pool#

AS5012

4.00%,

5/1/2045

669,555

650,097

Pool#

BM5562

4.00%,

6/1/2045

126,363

122,665

Pool#

AS5312

3.50%,

7/1/2045

88,339

83,049

Pool#

AZ7111

4.00%,

7/1/2045

10,410

10,013

Pool#

AZ9866

4.00%,

8/1/2045

7,796

7,444

Pool#

AL7207

4.50%,

8/1/2045

72,362

72,000

Pool#

AL9634

3.50%,

10/1/2045

53,340

50,445

Pool#

BA2164

3.00%,

11/1/2045

73,306

66,694

Pool#

AS6311

3.50%,

12/1/2045

684,913

643,045

Pool#

AS6282

3.50%,

12/1/2045

631,847

594,006

Pool#

BC0326

3.50%,

12/1/2045

396,408

372,175

Pool#

BC0092

3.50%,

12/1/2045

38,967

36,504

Pool#

BC0475

3.50%,

12/1/2045

25,549

24,019

Pool#

AS6362

4.50%,

12/1/2045

13,500

13,399

Pool#

AS6474

3.50%,

1/1/2046

157,365

148,213

Pool#

AS6539

3.50%,

1/1/2046

140,863

132,672

Pool#

AL9849

3.50%,

1/1/2046

78,043

73,622

Pool#

AS6527

4.00%,

1/1/2046

95,120

91,500

Pool#

BC0178

4.50%,

1/1/2046

1,956

1,938

Pool#

BC1158

3.50%,

2/1/2046

544,344

508,899

Pool#

BC2667

4.00%,

2/1/2046

16,905

16,262

Pool#

BC0605

4.00%,

2/1/2046

13,122

12,616

Pool#

AL9781

4.50%,

2/1/2046

132,382

132,068

Pool#

BC0300

3.50%,

3/1/2046

391,115

366,724

Pool#

BM4621

3.50%,

3/1/2046

202,188

190,965

Pool#

AS6833

3.50%,

3/1/2046

8,842

8,294

Pool#

AS6795

4.00%,

3/1/2046

51,114

49,174

Pool#

BA6972

4.00%,

3/1/2046

18,833

18,117

Pool#

BC0311

4.50%,

3/1/2046

1,537

1,527

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

69

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BC0823

3.50%,

4/1/2046

63,843

59,809

Pool#

BA7692

3.50%,

4/1/2046

8,259

7,722

Pool#

AS7026

4.00%,

4/1/2046

38,101

36,643

Pool#

AS7171

3.50%,

5/1/2046

18,511

17,342

Pool#

AS7251

4.00%,

5/1/2046

6,427

6,179

Pool#

AS7387

3.50%,

6/1/2046

50,875

47,571

Pool#

AL8833

4.00%,

6/1/2046

411,551

399,933

Pool#

AS7594

3.50%,

7/1/2046

373,968

349,641

Pool#

AS7593

3.50%,

7/1/2046

338,780

316,778

Pool#

AL8824

3.50%,

7/1/2046

91,448

86,130

Pool#

AS7545

3.50%,

7/1/2046

91,297

85,349

Pool#

AS7490

3.50%,

7/1/2046

64,286

60,118

Pool#

BC1452

4.00%,

7/1/2046

626,281

602,633

Pool#

BD5180

4.50%,

7/1/2046

1,155

1,141

Pool#

MA2705

3.00%,

8/1/2046

329,228

297,663

Pool#

BC1489

3.00%,

8/1/2046

76,369

69,253

Pool#

BD4890

3.50%,

8/1/2046

432,536

404,312

Pool#

BC9501

3.50%,

8/1/2046

13,735

12,767

Pool#

AS7760

4.00%,

8/1/2046

70,891

68,164

Pool#

AS7648

4.00%,

8/1/2046

34,371

33,056

Pool#

AS7795

4.00%,

8/1/2046

25,745

24,760

Pool#

BD3911

4.00%,

8/1/2046

6,569

6,305

Pool#

BD3923

4.00%,

8/1/2046

5,826

5,590

Pool#

AS7770

4.50%,

8/1/2046

19,820

19,635

Pool#

BD5232

4.50%,

8/1/2046

3,492

3,452

Pool#

AL8947

3.50%,

9/1/2046

117,941

110,538

Pool#

BD4944

3.50%,

9/1/2046

10,534

9,841

Pool#

AL9263

3.00%,

10/1/2046

109,424

98,921

Pool#

AL9234

3.50%,

10/1/2046

43,796

41,108

Pool#

AS8125

3.50%,

10/1/2046

27,764

25,975

Pool#

BM3932

3.50%,

10/1/2046

26,320

24,667

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM1871

4.00%,

10/1/2046

64,967

63,187

Pool#

BC4766

4.50%,

10/1/2046

23,519

23,343

Pool#

AS8154

4.50%,

10/1/2046

5,938

5,892

Pool#

FM1368

3.00%,

11/1/2046

616,171

559,284

Pool#

MA2806

3.00%,

11/1/2046

222,691

201,247

Pool#

BC9003

3.00%,

11/1/2046

89,717

81,078

Pool#

AS8369

3.50%,

11/1/2046

339,161

316,993

Pool#

BE5067

3.50%,

11/1/2046

229,659

215,908

Pool#

BE0065

3.50%,

11/1/2046

10,235

9,600

Pool#

BE5038

4.00%,

11/1/2046

7,180

6,978

Pool#

MA2833

3.00%,

12/1/2046

1,873,569

1,693,156

Pool#

AS8483

3.00%,

12/1/2046

449,312

404,797

Pool#

BC9067

3.00%,

12/1/2046

216,407

195,569

Pool#

AS8488

3.00%,

12/1/2046

172,558

156,477

Pool#

AS8509

3.00%,

12/1/2046

55,747

50,758

Pool#

BM1121

3.50%,

12/1/2046

343,954

322,438

Pool#

AS8492

3.50%,

12/1/2046

341,092

320,326

Pool#

AS8572

3.50%,

12/1/2046

260,818

243,636

Pool#

AS8417

3.50%,

12/1/2046

211,610

197,713

Pool#

BE4224

3.50%,

12/1/2046

8,558

7,999

Pool#

AS8650

3.00%,

1/1/2047

766,588

690,418

Pool#

AL9697

3.00%,

1/1/2047

425,090

385,472

Pool#

AS8647

3.00%,

1/1/2047

324,780

294,512

Pool#

BE5775

3.00%,

1/1/2047

279,725

251,175

Pool#

AL9774

3.50%,

1/1/2047

220,003

207,719

Pool#

BM3204

3.50%,

1/1/2047

172,615

162,319

Pool#

BD2440

3.50%,

1/1/2047

129,672

121,183

Pool#

AS8692

3.50%,

1/1/2047

118,354

110,662

Pool#

BD2450

3.50%,

1/1/2047

87,754

82,135

Pool#

BE6548

3.50%,

1/1/2047

45,217

42,256

Pool#

BE5856

4.50%,

1/1/2047

5,358

5,315

70

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BE7115

4.50%,

1/1/2047

5,190

5,125

Pool#

BE6503

4.50%,

1/1/2047

666

658

Pool#

BM3908

5.50%,

1/1/2047

23,034

23,956

Pool#

MA2895

3.00%,

2/1/2047

2,396,636

2,165,836

Pool#

BM3688

3.50%,

2/1/2047

282,717

265,203

Pool#

BD5046

3.50%,

2/1/2047

54,923

51,333

Pool#

BM5274

4.00%,

2/1/2047

46,405

44,635

Pool#

BE7869

4.50%,

2/1/2047

2,757

2,723

Pool#

BE8495

4.50%,

2/1/2047

2,558

2,530

Pool#

AL9859

3.00%,

3/1/2047

709,996

641,623

Pool#

AL9848

3.00%,

3/1/2047

233,472

210,989

Pool#

BM5383

4.00%,

3/1/2047

34,299

33,027

Pool#

AS8966

4.00%,

3/1/2047

19,828

19,067

Pool#

AS8979

4.50%,

3/1/2047

30,388

30,086

Pool#

BE9247

4.50%,

3/1/2047

3,854

3,807

Pool#

BM3707

2.50%,

4/1/2047

125,818

109,112

Pool#

AS9463

3.50%,

4/1/2047

98,689

92,412

Pool#

AS9451

3.50%,

4/1/2047

66,004

61,669

Pool#

BD7122

4.00%,

4/1/2047

287,627

276,620

Pool#

AS9467

4.00%,

4/1/2047

153,506

147,584

Pool#

AS9470

4.50%,

4/1/2047

102,498

101,353

Pool#

BH0304

4.50%,

4/1/2047

5,014

4,953

Pool#

AS9562

3.00%,

5/1/2047

50,259

45,419

Pool#

BM3237

3.50%,

5/1/2047

232,441

218,425

Pool#

AS9577

3.50%,

5/1/2047

95,146

87,974

Pool#

BM1268

4.00%,

5/1/2047

185,945

178,772

Pool#

AS9794

3.50%,

6/1/2047

85,207

79,956

Pool#

AS9747

4.00%,

6/1/2047

420,737

404,897

Pool#

BM3549

4.00%,

6/1/2047

176,233

169,498

Pool#

BE3702

4.00%,

6/1/2047

64,069

61,597

Pool#

BM1295

4.50%,

6/1/2047

66,265

65,579

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BE9624

4.50%,

6/1/2047

9,397

9,189

Pool#

BM3801

3.00%,

7/1/2047

392,208

354,450

Pool#

AS9938

3.50%,

7/1/2047

93,526

87,668

Pool#

BM1551

3.50%,

7/1/2047

79,582

74,508

Pool#

AS9909

3.50%,

7/1/2047

47,904

44,843

Pool#

BM1492

4.00%,

7/1/2047

305,306

293,528

Pool#

AS9973

4.00%,

7/1/2047

19,869

19,106

Pool#

890673

3.00%,

8/1/2047

198,898

179,793

Pool#

MA3087

3.50%,

8/1/2047

157,274

146,085

Pool#

CA0240

3.50%,

8/1/2047

81,674

75,947

Pool#

BM1658

3.50%,

8/1/2047

62,043

57,962

Pool#

BH7375

3.50%,

8/1/2047

54,974

51,357

Pool#

CA0123

4.00%,

8/1/2047

234,459

225,631

Pool#

BH2597

4.00%,

8/1/2047

157,479

151,411

Pool#

BH5359

4.00%,

8/1/2047

80,941

77,819

Pool#

CA0133

4.00%,

8/1/2047

28,318

27,226

Pool#

BM5787

4.00%,

8/1/2047

8,582

8,259

Pool#

CA0407

3.50%,

9/1/2047

123,061

114,597

Pool#

BH4004

4.00%,

9/1/2047

135,392

130,196

Pool#

BM3556

4.00%,

9/1/2047

81,804

79,255

Pool#

CA0392

4.00%,

9/1/2047

55,709

53,560

Pool#

CA0265

4.00%,

9/1/2047

16,977

16,328

Pool#

CA0487

3.50%,

10/1/2047

330,978

307,769

Pool#

BM1959

3.50%,

10/1/2047

233,252

218,838

Pool#

CA0493

4.00%,

10/1/2047

148,963

143,231

Pool#

BM3015

4.00%,

10/1/2047

99,826

96,586

Pool#

CA0549

4.00%,

10/1/2047

85,902

82,583

Pool#

CA0496

4.50%,

10/1/2047

111,074

109,786

Pool#

CA0623

4.50%,

10/1/2047

23,988

23,750

Pool#

CA0693

3.50%,

11/1/2047

242,575

225,566

Pool#

CA0680

3.50%,

11/1/2047

119,713

112,255

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

71

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

BM3358

3.50%,

11/1/2047

101,686

95,385

Pool#

CA0696

4.00%,

11/1/2047

267,973

257,578

Pool#

BM3191

4.00%,

11/1/2047

56,500

54,325

Pool#

CA0808

4.00%,

11/1/2047

44,373

42,812

Pool#

BM3379

3.00%,

12/1/2047

347,333

314,004

Pool#

BJ2492

3.50%,

12/1/2047

150,593

140,134

Pool#

MA3211

4.00%,

12/1/2047

396,848

382,354

Pool#

BJ1699

4.00%,

12/1/2047

118,571

114,637

Pool#

MA3238

3.50%,

1/1/2048

250,178

233,022

Pool#

CA0991

3.50%,

1/1/2048

239,972

224,864

Pool#

CA1015

4.00%,

1/1/2048

159,094

153,338

Pool#

CA1025

4.50%,

1/1/2048

197,220

194,810

Pool#

CA1189

3.50%,

2/1/2048

954,036

884,844

Pool#

BH9280

3.50%,

2/1/2048

500,607

468,089

Pool#

CA1242

3.50%,

2/1/2048

112,130

105,537

Pool#

MA3277

4.00%,

2/1/2048

8,879

8,532

Pool#

BJ8271

4.50%,

2/1/2048

205,652

203,139

Pool#

BJ8269

4.50%,

2/1/2048

168,737

166,781

Pool#

BK1586

4.50%,

2/1/2048

149,928

148,096

Pool#

BJ8270

4.50%,

2/1/2048

111,580

110,195

Pool#

CA4341

3.00%,

3/1/2048

90,619

81,221

Pool#

MA3305

3.50%,

3/1/2048

26,711

24,820

Pool#

BK1972

4.50%,

3/1/2048

35,393

35,036

Pool#

BJ0640

5.00%,

3/1/2048

11,581

11,718

Pool#

CA1531

3.50%,

4/1/2048

87,794

82,582

Pool#

CA1510

3.50%,

4/1/2048

52,903

49,193

Pool#

CA1551

4.00%,

4/1/2048

386,777

371,774

Pool#

CA1560

4.50%,

4/1/2048

76,163

75,137

Pool#

BJ2681

5.00%,

4/1/2048

29,255

29,574

Pool#

MA3348

5.00%,

4/1/2048

2,643

2,674

Pool#

BM4024

3.50%,

5/1/2048

54,477

51,284

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA3358

4.50%,

5/1/2048

117,176

115,697

Pool#

MA3374

5.00%,

5/1/2048

7,447

7,535

Pool#

CA1898

4.50%,

6/1/2048

93,363

92,280

Pool#

CA1951

4.00%,

7/1/2048

93,432

89,784

Pool#

BK6577

4.50%,

7/1/2048

9,268

9,132

Pool#

CA1988

4.50%,

7/1/2048

3,213

3,173

Pool#

BK4766

4.50%,

8/1/2048

159,227

157,251

Pool#

CA2376

4.00%,

9/1/2048

89,641

86,085

Pool#

MA3472

5.00%,

9/1/2048

9,409

9,514

Pool#

MA3495

4.00%,

10/1/2048

132,492

127,236

Pool#

BM4664

4.50%,

10/1/2048

56,506

55,781

Pool#

CA2493

4.50%,

10/1/2048

53,418

52,722

Pool#

BM5024

3.00%,

11/1/2048

449,802

404,401

Pool#

FM1001

3.50%,

11/1/2048

31,711

29,574

Pool#

MA3521

4.00%,

11/1/2048

143,178

137,475

Pool#

MA3536

4.00%,

12/1/2048

107,028

102,534

Pool#

CA2779

4.50%,

12/1/2048

208,510

205,792

Pool#

BN0340

4.50%,

12/1/2048

155,115

152,921

Pool#

BM5212

4.50%,

12/1/2048

39,807

39,238

Pool#

FM2888

3.50%,

1/1/2049

1,123,329

1,046,097

Pool#

MA3563

4.00%,

1/1/2049

1,576,601

1,513,564

Pool#

BN3944

4.00%,

1/1/2049

68,921

66,156

Pool#

BN3960

4.50%,

1/1/2049

110,851

109,338

Pool#

BN6135

4.00%,

2/1/2049

49,674

47,540

Pool#

FM2337

4.50%,

2/1/2049

163,659

161,425

Pool#

CA3387

4.00%,

4/1/2049

225,055

216,409

Pool#

CA3394

5.00%,

4/1/2049

19,776

19,989

Pool#

CA3489

4.00%,

5/1/2049

172,003

165,395

Pool#

MA3665

4.50%,

5/1/2049

161,849

159,373

Pool#

FM1051

4.50%,

5/1/2049

95,773

94,425

Pool#

FM7504

3.50%,

6/1/2049

231,819

215,392

72

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA3669

4.00%,

6/1/2049

255,831

245,408

Pool#

CA3639

4.00%,

6/1/2049

87,750

84,093

Pool#

FM8304

4.00%,

7/1/2049

493,316

473,687

Pool#

CA3825

4.00%,

7/1/2049

200,215

193,272

Pool#

FM7105

3.50%,

8/1/2049

155,056

144,695

Pool#

BO5494

3.00%,

11/1/2049

70,820

63,608

Pool#

FM2170

4.00%,

11/1/2049

218,465

209,870

Pool#

BO6225

3.00%,

12/1/2049

575,963

512,085

Pool#

BO5380

3.00%,

12/1/2049

82,456

74,058

Pool#

MA3873

4.00%,

12/1/2049

93,526

89,397

Pool#

CA5152

3.00%,

2/1/2050

180,990

160,866

Pool#

FM2887

3.00%,

3/1/2050

377,837

335,908

Pool#

FM0077

3.00%,

3/1/2050

91,347

81,165

Pool#

CA5510

3.00%,

4/1/2050

287,957

255,972

Pool#

MA4048

3.00%,

6/1/2050

247,482

219,966

Pool#

MA4077

2.00%,

7/1/2050

871,090

709,779

Pool#

BP6466

3.00%,

7/1/2050

844,209

749,561

Pool#

FM6159

3.00%,

7/1/2050

600,638

532,674

Pool#

CA6598

2.50%,

8/1/2050

706,656

604,737

Pool#

MA4097

3.00%,

8/1/2050

66,519

59,062

Pool#

BQ4909

2.00%,

9/1/2050

1,514,009

1,235,243

Pool#

CA6985

2.00%,

9/1/2050

768,602

628,762

Pool#

FM4226

2.50%,

9/1/2050

1,844,053

1,575,261

Pool#

FM4231

2.50%,

9/1/2050

1,749,535

1,486,757

Pool#

FM4222

2.50%,

9/1/2050

420,927

362,275

Pool#

CA7029

2.50%,

9/1/2050

400,219

344,570

Pool#

CA7972

3.00%,

9/1/2050

508,761

451,247

Pool#

CA7572

2.50%,

10/1/2050

2,528,440

2,152,276

Pool#

CA7368

2.50%,

10/1/2050

1,056,740

899,640

Pool#

CA7369

2.50%,

10/1/2050

763,492

649,906

Pool#

MA4181

1.50%,

11/1/2050

786,353

604,884

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

CA7573

2.50%,

11/1/2050

3,637,093

3,095,982

Pool#

FM4859

2.50%,

11/1/2050

885,182

756,159

Pool#

FM4808

2.50%,

11/1/2050

713,625

607,536

Pool#

FM5480

3.00%,

11/1/2050

462,623

410,038

Pool#

FM5169

3.00%,

11/1/2050

443,888

393,570

Pool#

FM4969

2.00%,

12/1/2050

1,479,275

1,211,271

Pool#

CA8442

2.00%,

1/1/2051

1,802,965

1,473,068

Pool#

FM6360

3.00%,

1/1/2051

470,934

417,354

Pool#

FM6031

2.00%,

2/1/2051

2,315,050

1,875,456

Pool#

CA8823

2.00%,

2/1/2051

929,479

756,732

Pool#

CA8893

2.00%,

2/1/2051

928,086

755,596

Pool#

BQ9747

2.00%,

2/1/2051

696,999

566,261

Pool#

CA8866

2.50%,

2/1/2051

572,355

488,901

Pool#

MA4280

1.50%,

3/1/2051

3,228,271

2,481,950

Pool#

FM6554

2.00%,

3/1/2051

1,671,640

1,367,492

Pool#

MA4281

2.00%,

3/1/2051

1,574,699

1,279,490

Pool#

FM6569

2.50%,

3/1/2051

1,923,000

1,635,271

Pool#

FM7677

2.50%,

3/1/2051

1,822,932

1,556,825

Pool#

FM7460

4.00%,

3/1/2051

632,996

605,879

Pool#

CB0149

2.00%,

4/1/2051

286,844

234,136

Pool#

BR7647

2.00%,

4/1/2051

195,502

159,577

Pool#

BR7703

2.50%,

4/1/2051

313,146

266,430

Pool#

MA4325

2.00%,

5/1/2051

826,356

671,180

Pool#

CB0400

2.00%,

5/1/2051

262,582

216,371

Pool#

CB0514

2.50%,

5/1/2051

1,135,064

972,568

Pool#

FS3950

3.00%,

5/1/2051

1,037,216

921,143

Pool#

FS1463

4.00%,

5/1/2051

230,508

220,756

Pool#

CB0684

2.00%,

6/1/2051

1,158,931

943,396

Pool#

CB0819

2.00%,

6/1/2051

1,038,650

845,484

Pool#

MA4355

2.00%,

6/1/2051

1,034,585

837,418

Pool#

FM7719

2.00%,

6/1/2051

748,674

612,453

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

73

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FM8630

1.50%,

7/1/2051

1,291,307

994,405

Pool#

MA4378

2.00%,

7/1/2051

1,865,475

1,514,764

Pool#

CB1110

2.00%,

7/1/2051

491,264

400,839

Pool#

FM8160

2.50%,

7/1/2051

546,045

469,134

Pool#

FM8007

2.50%,

7/1/2051

354,513

301,657

Pool#

CB1065

2.50%,

7/1/2051

295,112

250,465

Pool#

CB1133

2.50%,

7/1/2051

253,782

215,653

Pool#

CB1330

2.50%,

8/1/2051

1,312,336

1,116,773

Pool#

FM8011

2.50%,

8/1/2051

1,100,951

943,181

Pool#

CB1400

3.00%,

8/1/2051

33,894

30,268

Pool#

MA4437

2.00%,

10/1/2051

9,203,617

7,461,261

Pool#

BU1052

2.00%,

10/1/2051

417,586

341,330

Pool#

FM9082

2.00%,

10/1/2051

414,613

338,598

Pool#

FM9081

2.00%,

10/1/2051

149,964

122,481

Pool#

FS1215

2.50%,

10/1/2051

942,044

799,326

Pool#

FS1473

3.50%,

10/1/2051

1,043,632

967,582

Pool#

MA4464

1.50%,

11/1/2051

1,653,332

1,270,332

Pool#

CB2038

2.00%,

11/1/2051

4,990,693

4,050,322

Pool#

FM9450

2.00%,

11/1/2051

1,681,977

1,375,914

Pool#

MA4465

2.00%,

11/1/2051

1,622,304

1,315,163

Pool#

FM9411

2.00%,

11/1/2051

1,572,025

1,275,995

Pool#

MA4466

2.50%,

11/1/2051

4,678,565

3,960,467

Pool#

BU5908

2.00%,

12/1/2051

2,896,034

2,364,753

Pool#

CB2297

2.50%,

12/1/2051

3,694,362

3,153,591

Pool#

MA4493

2.50%,

12/1/2051

3,012,348

2,554,114

Pool#

FM9543

2.50%,

12/1/2051

2,252,500

1,922,776

Pool#

CB2410

2.50%,

12/1/2051

1,610,049

1,365,135

Pool#

FM9806

2.50%,

12/1/2051

1,385,680

1,182,552

Pool#

FM9864

2.50%,

12/1/2051

836,039

715,445

Pool#

CB2469

2.50%,

12/1/2051

768,082

654,412

Pool#

FM9697

2.50%,

12/1/2051

381,738

326,677

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FS1192

2.00%,

1/1/2052

3,977,488

3,230,142

Pool#

FS1095

2.00%,

1/1/2052

2,415,735

1,962,342

Pool#

MA4512

2.50%,

1/1/2052

3,714,633

3,141,401

Pool#

FS2639

2.50%,

1/1/2052

810,638

686,913

Pool#

FS2040

2.00%,

2/1/2052

1,642,576

1,330,606

Pool#

BU9905

2.00%,

2/1/2052

807,091

654,258

Pool#

CB2868

2.50%,

2/1/2052

1,529,952

1,306,684

Pool#

CB3156

2.00%,

3/1/2052

1,709,205

1,391,487

Pool#

CB3159

2.50%,

3/1/2052

1,545,022

1,314,312

Pool#

CB3016

2.50%,

3/1/2052

799,927

683,032

Pool#

CB3237

3.00%,

3/1/2052

767,851

676,112

Pool#

BV5355

2.50%,

4/1/2052

792,499

671,199

Pool#

CB3368

3.00%,

4/1/2052

790,320

695,752

Pool#

CB3362

3.00%,

4/1/2052

741,559

658,232

Pool#

FS2141

3.50%,

6/1/2052

884,528

814,477

Pool#

CB3915

4.50%,

6/1/2052

60,238

58,718

Pool#

FS3806

2.50%,

7/1/2052

11,739,069

9,907,250

Pool#

MA4653

3.00%,

7/1/2052

724,603

637,773

Pool#

MA4733

4.50%,

9/1/2052

829,881

808,770

Pool#

CB4673

4.50%,

9/1/2052

757,541

746,070

Pool#

CB4831

4.50%,

10/1/2052

1,242,946

1,216,619

Pool#

MA4785

5.00%,

10/1/2052

2,687,724

2,678,484

Pool#

MA4805

4.50%,

11/1/2052

730,066

711,268

Pool#

CB5535

5.00%,

1/1/2053

1,698,514

1,695,476

Pool#

CB5642

5.50%,

2/1/2053

613,158

622,536

Pool#

FS3801

5.50%,

2/1/2053

167,660

170,140

Pool#

CB6065

5.00%,

4/1/2053

892,085

890,029

Pool#

CB6004

5.50%,

4/1/2053

2,740,137

2,803,812

Pool#

CB6082

5.50%,

4/1/2053

609,517

617,568

Pool#

CB6182

5.00%,

5/1/2053

872,872

869,466

Pool#

CB6650

5.50%,

6/1/2053

1,939,962

1,981,247

74

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

MA5071

5.00%,

7/1/2053

1,083,417

1,077,624

Pool#

FS5214

5.00%,

7/1/2053

657,128

657,343

Pool#

FS7303

5.00%,

7/1/2053

546,552

543,038

Pool#

MA5073

6.00%,

7/1/2053

1,175,783

1,204,639

Pool#

FS5424

4.50%,

8/1/2053

486,508

474,798

Pool#

CB6921

6.00%,

8/1/2053

413,458

429,685

Pool#

CB7115

6.00%,

9/1/2053

1,303,713

1,351,661

Pool#

CB7482

6.00%,

11/1/2053

1,701,339

1,744,949

Pool#

CB7484

6.50%,

11/1/2053

1,113,453

1,151,006

Pool#

CB7449

6.50%,

11/1/2053

231,409

239,943

Pool#

FS6294

6.50%,

11/1/2053

180,215

186,662

Pool#

CB7650

6.50%,

12/1/2053

2,267,683

2,389,445

Pool#

CB7653

6.50%,

12/1/2053

899,294

944,625

Pool#

FS6529

6.50%,

12/1/2053

793,975

832,800

Pool#

CB7649

6.50%,

12/1/2053

618,064

652,580

Pool#

CB7652

6.50%,

12/1/2053

511,981

538,139

Pool#

CB7803

6.50%,

1/1/2054

167,977

175,944

Pool#

CB7865

6.50%,

1/1/2054

130,708

135,881

Pool#

FS7172

6.50%,

2/1/2054

325,387

340,227

Pool#

CB8024

6.50%,

2/1/2054

293,007

311,566

Pool#

MA5297

6.50%,

3/1/2054

46,460

48,024

Pool#

CB8756

6.00%,

6/1/2054

1,000,190

1,026,408

Pool#

CB8823

6.50%,

7/1/2054

518,300

541,291

Pool#

MA5445

6.00%,

8/1/2054

2,558,724

2,615,829

Pool#

CB9009

6.00%,

8/1/2054

1,533,987

1,585,201

Pool#

CB9010

6.00%,

8/1/2054

313,177

320,849

Pool#

CB9031

6.50%,

8/1/2054

1,594,513

1,661,650

Pool#

FS8674

6.50%,

8/1/2054

642,566

667,256

Pool#

FA2727

6.50%,

8/1/2054

415,112

433,238

Pool#

MA5496

5.00%,

10/1/2054

3,709,518

3,680,714

Pool#

CB9472

5.00%,

11/1/2054

1,166,924

1,160,434

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

FNMA

UMBS

Pool

Pool#

FA2035

6.00%,

11/1/2054

1,000,417

1,032,336

Pool#

CB9738

5.00%,

1/1/2055

1,586,322

1,577,228

Pool#

CC0750

6.50%,

7/1/2055

60,187

62,627

Pool#

FA2810

6.00%,

9/1/2055

1,352,000

1,383,586

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

TBA

1.50%,

10/25/2040

2,840,250

2,540,526

2.00%,

10/25/2040

1,249,750

1,148,330

3.50%,

10/25/2040

693,000

671,326

4.00%,

10/25/2040

1,093,000

1,074,850

4.50%,

10/25/2040

215,000

214,717

5.00%,

10/25/2040

35,000

35,361

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

10/25/2055

7,425,000

7,585,288

6.50%,

10/25/2055

1,712,500

1,769,669

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

TBA

4.00%,

10/25/2055

1,475,000

1,389,985

4.50%,

10/25/2055

6,200,000

6,013,119

5.00%,

10/25/2055

2,601,000

2,579,300

5.50%,

10/25/2055

11,350,000

11,443,501

GNMA

I

Pool

Pool#

457801

7.00%,

8/15/2028

480

485

Pool#

486936

6.50%,

2/15/2029

193

199

Pool#

502969

6.00%,

3/15/2029

921

946

Pool#

487053

7.00%,

3/15/2029

317

319

Pool#

781014

6.00%,

4/15/2029

510

521

Pool#

509099

7.00%,

6/15/2029

1,512

1,523

Pool#

434505

7.50%,

8/15/2029

26

26

Pool#

781124

7.00%,

12/15/2029

2,054

2,128

Pool#

507396

7.50%,

9/15/2030

16,269

16,375

Pool#

531352

7.50%,

9/15/2030

1,199

1,208

Pool#

536334

7.50%,

10/15/2030

99

99

Pool#

535388

7.50%,

1/15/2031

323

325

Pool#

486019

7.50%,

1/15/2031

319

321

Pool#

528589

6.50%,

3/15/2031

5,711

5,841

Pool#

508473

7.50%,

4/15/2031

1,643

1,662

Pool#

544470

8.00%,

4/15/2031

227

228

Pool#

781287

7.00%,

5/15/2031

1,006

1,050

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

75

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781319

7.00%,

7/15/2031

336

353

Pool#

485879

7.00%,

8/15/2031

966

976

Pool#

572554

6.50%,

9/15/2031

12,590

12,875

Pool#

781328

7.00%,

9/15/2031

937

978

Pool#

550991

6.50%,

10/15/2031

319

332

Pool#

571267

7.00%,

10/15/2031

121

122

Pool#

555171

6.50%,

12/15/2031

787

817

Pool#

781380

7.50%,

12/15/2031

324

341

Pool#

781481

7.50%,

1/15/2032

1,466

1,536

Pool#

580972

6.50%,

2/15/2032

97

98

Pool#

781401

7.50%,

2/15/2032

1,161

1,240

Pool#

781916

6.50%,

3/15/2032

8,468

8,691

Pool#

552474

7.00%,

3/15/2032

2,420

2,510

Pool#

781478

7.50%,

3/15/2032

624

660

Pool#

781429

8.00%,

3/15/2032

1,141

1,208

Pool#

781431

7.00%,

4/15/2032

4,241

4,466

Pool#

552616

7.00%,

6/15/2032

18,490

19,022

Pool#

570022

7.00%,

7/15/2032

6,967

7,219

Pool#

595077

6.00%,

10/15/2032

2,206

2,268

Pool#

552903

6.50%,

11/15/2032

31,786

33,150

Pool#

552952

6.00%,

12/15/2032

1,731

1,777

Pool#

602102

6.00%,

2/15/2033

9,953

10,069

Pool#

588192

6.00%,

2/15/2033

2,050

2,084

Pool#

553144

5.50%,

4/15/2033

5,039

5,131

Pool#

604243

6.00%,

4/15/2033

3,454

3,539

Pool#

611526

6.00%,

5/15/2033

5,531

5,573

Pool#

553320

6.00%,

6/15/2033

10,580

10,866

Pool#

604788

6.50%,

11/15/2033

29,674

30,670

Pool#

781688

6.00%,

12/15/2033

12,172

12,624

Pool#

604875

6.00%,

12/15/2033

10,594

10,898

Pool#

781690

6.00%,

12/15/2033

4,493

4,657

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

781699

7.00%,

12/15/2033

1,233

1,242

Pool#

621856

6.00%,

1/15/2034

6,524

6,731

Pool#

564799

6.00%,

3/15/2034

4,549

4,664

Pool#

630038

6.50%,

8/15/2034

23,466

24,729

Pool#

781804

6.00%,

9/15/2034

12,380

13,041

Pool#

781847

6.00%,

12/15/2034

9,451

9,956

Pool#

486921

5.50%,

2/15/2035

2,719

2,757

Pool#

781902

6.00%,

2/15/2035

13,423

14,139

Pool#

781933

6.00%,

6/15/2035

1,375

1,448

Pool#

649513

5.50%,

10/15/2035

54,656

56,592

Pool#

649510

5.50%,

10/15/2035

29,328

30,367

Pool#

652207

5.50%,

3/15/2036

32,893

34,012

Pool#

655519

5.00%,

5/15/2036

15,380

15,754

Pool#

652539

5.00%,

5/15/2036

5,247

5,328

Pool#

606308

5.50%,

5/15/2036

5,252

5,438

Pool#

657912

6.50%,

8/15/2036

2,587

2,692

Pool#

697957

4.50%,

3/15/2039

407,281

403,620

Pool#

704630

5.50%,

7/15/2039

13,952

14,445

Pool#

710724

4.50%,

8/15/2039

108,373

108,247

Pool#

722292

5.00%,

9/15/2039

266,351

273,059

Pool#

782803

6.00%,

11/15/2039

123,604

130,239

Pool#

736666

4.50%,

4/15/2040

301,829

295,245

Pool#

733312

4.00%,

9/15/2040

31,947

30,822

Pool#

742235

4.00%,

12/15/2040

67,632

65,250

Pool#

755959

4.00%,

1/15/2041

64,932

62,718

Pool#

755958

4.00%,

1/15/2041

61,946

59,833

Pool#

742244

4.00%,

1/15/2041

53,625

51,736

Pool#

759075

4.00%,

1/15/2041

51,947

50,117

Pool#

753826

4.00%,

1/15/2041

28,230

27,236

Pool#

690662

4.00%,

1/15/2041

14,171

13,672

Pool#

719486

4.00%,

1/15/2041

6,261

6,006

76

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

I

Pool

Pool#

759207

4.00%,

2/15/2041

117,642

113,499

Pool#

757555

4.00%,

2/15/2041

12,868

12,429

Pool#

757557

4.00%,

2/15/2041

6,644

6,426

Pool#

738107

4.00%,

3/15/2041

146,754

140,771

Pool#

784637

4.00%,

8/15/2041

46,299

44,850

Pool#

778869

4.00%,

2/15/2042

87,663

84,563

Pool#

AD8789

3.50%,

3/15/2043

297,002

277,188

Pool#

AD2254

3.50%,

3/15/2043

38,458

35,952

Pool#

AA6403

3.00%,

5/15/2043

355,218

324,962

Pool#

AD2411

3.50%,

5/15/2043

169,865

159,114

Pool#

783781

3.50%,

6/15/2043

253,043

235,513

Pool#

784015

3.00%,

7/15/2043

67,960

62,173

Pool#

784459

3.00%,

12/15/2046

157,706

142,611

Pool#

784293

3.00%,

12/15/2046

45,070

40,581

Pool#

784355

4.00%,

12/15/2046

65,102

61,597

Pool#

784500

3.00%,

2/15/2047

334,787

302,193

Pool#

784713

3.00%,

2/15/2047

86,229

77,845

Pool#

784747

4.00%,

5/15/2048

44,740

42,610

Pool#

784715

4.00%,

5/15/2048

36,900

35,255

Pool#

785073

4.00%,

9/15/2049

55,641

53,013

Pool#

BD4016

3.00%,

10/15/2049

125,537

112,347

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

145,600

149,757

Pool#

4245

6.00%,

9/20/2038

58,982

63,010

Pool#

4559

5.00%,

10/20/2039

138,309

142,399

Pool#

4715

5.00%,

6/20/2040

35,851

36,868

Pool#

4747

5.00%,

7/20/2040

404,059

414,518

Pool#

4771

4.50%,

8/20/2040

333,564

335,539

Pool#

4802

5.00%,

9/20/2040

277,741

284,931

Pool#

4834

4.50%,

10/20/2040

91,066

91,605

Pool#

737727

4.00%,

12/20/2040

547,191

526,589

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

737730

4.00%,

12/20/2040

163,032

155,839

Pool#

4923

4.50%,

1/20/2041

142,615

143,460

Pool#

4978

4.50%,

3/20/2041

20,014

20,133

Pool#

5017

4.50%,

4/20/2041

204,256

205,465

Pool#

5056

5.00%,

5/20/2041

70,083

71,811

Pool#

5082

4.50%,

6/20/2041

82,449

82,481

Pool#

5175

4.50%,

9/20/2041

97,624

98,203

Pool#

675523

3.50%,

3/20/2042

107,943

98,945

Pool#

5332

4.00%,

3/20/2042

92,948

89,963

Pool#

MA0392

3.50%,

9/20/2042

854,490

811,027

Pool#

MA0462

3.50%,

10/20/2042

677,929

643,585

Pool#

MA0534

3.50%,

11/20/2042

1,537,295

1,458,464

Pool#

MA0625

3.50%,

12/20/2042

323,647

307,050

Pool#

MA0698

3.00%,

1/20/2043

355,213

327,081

Pool#

MA0852

3.50%,

3/20/2043

359,041

339,470

Pool#

MA0934

3.50%,

4/20/2043

326,609

309,055

Pool#

AF1001

3.50%,

6/20/2043

292,520

268,494

Pool#

MA1376

4.00%,

10/20/2043

141,715

136,869

Pool#

AJ9335

3.50%,

10/20/2044

31,723

28,930

Pool#

MA2677

3.00%,

3/20/2045

117,274

106,628

Pool#

MA2754

3.50%,

4/20/2045

217,096

202,740

Pool#

MA2824

2.50%,

5/20/2045

245,973

217,064

Pool#

MA2825

3.00%,

5/20/2045

462,350

419,945

Pool#

AM4381

3.50%,

5/20/2045

292,890

265,740

Pool#

MA2891

3.00%,

6/20/2045

785,404

713,126

Pool#

MA2892

3.50%,

6/20/2045

165,278

154,042

Pool#

MA2960

3.00%,

7/20/2045

270,425

245,525

Pool#

784156

4.00%,

8/20/2045

113,802

108,467

Pool#

AO1103

3.50%,

9/20/2045

466,295

427,393

Pool#

AO1099

3.50%,

9/20/2045

254,589

233,350

Pool#

MA3106

4.00%,

9/20/2045

63,458

60,968

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

77

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA3172

3.00%,

10/20/2045

130,553

118,517

Pool#

MA3173

3.50%,

10/20/2045

89,919

83,768

Pool#

MA3174

4.00%,

10/20/2045

7,884

7,607

Pool#

MA3243

3.00%,

11/20/2045

248,971

226,006

Pool#

MA3244

3.50%,

11/20/2045

237,476

221,207

Pool#

784098

3.00%,

12/20/2045

485,228

440,421

Pool#

MA3309

3.00%,

12/20/2045

424,895

385,658

Pool#

MA3310

3.50%,

12/20/2045

175,307

163,071

Pool#

784111

3.00%,

1/20/2046

253,121

229,734

Pool#

MA3377

4.00%,

1/20/2046

35,255

33,828

Pool#

784119

3.00%,

2/20/2046

483,189

438,571

Pool#

784115

3.00%,

2/20/2046

22,095

20,054

Pool#

MA3520

3.00%,

3/20/2046

321,634

291,917

Pool#

MA3521

3.50%,

3/20/2046

616,012

572,171

Pool#

MA3522

4.00%,

3/20/2046

241,205

231,668

Pool#

MA3596

3.00%,

4/20/2046

168,213

152,644

Pool#

MA3597

3.50%,

4/20/2046

176,795

164,613

Pool#

MA3662

3.00%,

5/20/2046

643,378

583,798

Pool#

MA3735

3.00%,

6/20/2046

391,002

354,751

Pool#

MA3736

3.50%,

6/20/2046

1,003,523

933,853

Pool#

MA3804

4.00%,

7/20/2046

37,184

35,633

Pool#

MA3873

3.00%,

8/20/2046

841,338

762,915

Pool#

MA3876

4.50%,

8/20/2046

39,356

39,055

Pool#

MA3936

3.00%,

9/20/2046

847,034

768,372

Pool#

MA3939

4.50%,

9/20/2046

6,192

6,174

Pool#

MA4006

4.50%,

10/20/2046

122,960

122,171

Pool#

MA4068

3.00%,

11/20/2046

127,933

115,919

Pool#

MA4069

3.50%,

11/20/2046

13,188

12,261

Pool#

MA4070

4.00%,

11/20/2046

22,997

22,038

Pool#

MA4071

4.50%,

11/20/2046

8,110

8,049

Pool#

MA4125

2.50%,

12/20/2046

75,233

66,387

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA4126

3.00%,

12/20/2046

1,310,410

1,185,726

Pool#

MA4194

2.50%,

1/20/2047

293,934

259,377

Pool#

MA4196

3.50%,

1/20/2047

82,422

76,465

Pool#

MA4261

3.00%,

2/20/2047

346,773

313,782

Pool#

MA4262

3.50%,

2/20/2047

1,245,519

1,157,227

Pool#

MA4264

4.50%,

2/20/2047

9,693

9,616

Pool#

MA4321

3.50%,

3/20/2047

624,681

580,398

Pool#

AZ1974

3.50%,

4/20/2047

163,819

150,856

Pool#

MA4382

3.50%,

4/20/2047

106,819

98,350

Pool#

MA4383

4.00%,

4/20/2047

489,109

468,051

Pool#

MA4384

4.50%,

4/20/2047

11,424

11,337

Pool#

MA4509

3.00%,

6/20/2047

121,691

110,000

Pool#

MA4511

4.00%,

6/20/2047

231,182

221,181

Pool#

MA4512

4.50%,

6/20/2047

27,246

27,038

Pool#

MA4585

3.00%,

7/20/2047

21,991

19,939

Pool#

MA4587

4.00%,

7/20/2047

693,558

663,553

Pool#

784471

3.50%,

8/20/2047

269,621

249,367

Pool#

BC1888

3.50%,

8/20/2047

262,011

241,277

Pool#

MA4652

3.50%,

8/20/2047

243,031

225,600

Pool#

MA4653

4.00%,

8/20/2047

36,676

35,089

Pool#

784408

3.50%,

10/20/2047

179,594

165,679

Pool#

MA4780

4.50%,

10/20/2047

8,946

8,860

Pool#

MA4836

3.00%,

11/20/2047

226,802

205,011

Pool#

MA4837

3.50%,

11/20/2047

214,767

199,363

Pool#

MA4838

4.00%,

11/20/2047

950,990

909,845

Pool#

784421

3.50%,

12/20/2047

266,183

248,172

Pool#

MA4900

3.50%,

12/20/2047

154,644

144,158

Pool#

MA4962

3.50%,

1/20/2048

313,667

291,171

Pool#

MA5018

3.00%,

2/20/2048

85,870

77,593

Pool#

MA5019

3.50%,

2/20/2048

16,240

15,076

Pool#

784480

3.50%,

4/20/2048

206,313

190,799

78

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

784479

3.50%,

4/20/2048

151,411

140,228

Pool#

784481

3.50%,

4/20/2048

65,026

59,954

Pool#

MA5137

4.00%,

4/20/2048

198,988

189,884

Pool#

BD4034

4.00%,

4/20/2048

72,183

68,211

Pool#

MA5138

4.50%,

4/20/2048

81,679

80,755

Pool#

MA5192

4.00%,

5/20/2048

369,019

353,885

Pool#

MA5265

4.50%,

6/20/2048

147,054

145,471

Pool#

MA5331

4.50%,

7/20/2048

66,233

65,484

Pool#

MA5398

4.00%,

8/20/2048

371,153

354,597

Pool#

MA5399

4.50%,

8/20/2048

181,499

179,549

Pool#

MA5465

3.50%,

9/20/2048

58,581

54,310

Pool#

MA5466

4.00%,

9/20/2048

82,793

79,209

Pool#

BJ2692

4.00%,

11/20/2048

55,357

51,760

Pool#

MA5597

5.00%,

11/20/2048

6,040

6,118

Pool#

MA5652

4.50%,

12/20/2048

84,450

83,386

Pool#

784656

4.50%,

12/20/2048

51,138

49,532

Pool#

BK2856

4.50%,

12/20/2048

11,874

11,490

Pool#

MA5653

5.00%,

12/20/2048

17,524

17,772

Pool#

MA5712

5.00%,

1/20/2049

65,581

66,576

Pool#

MA5818

4.50%,

3/20/2049

59,269

58,703

Pool#

MA5878

5.00%,

4/20/2049

6,808

6,906

Pool#

MA5987

4.50%,

6/20/2049

390,603

386,890

Pool#

MA6041

4.50%,

7/20/2049

105,926

104,254

Pool#

MA6092

4.50%,

8/20/2049

45,387

44,472

Pool#

MA6153

3.00%,

9/20/2049

87,841

78,752

Pool#

MA6474

3.00%,

2/20/2050

565,841

507,088

Pool#

MA6542

3.50%,

3/20/2050

140,487

129,307

Pool#

MA6657

3.50%,

5/20/2050

281,343

258,229

Pool#

MA6766

3.00%,

7/20/2050

691,306

619,344

Pool#

BW4732

2.50%,

8/20/2050

772,374

653,324

Pool#

BW6206

2.50%,

8/20/2050

726,583

614,592

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA6820

3.00%,

8/20/2050

572,153

513,098

Pool#

MA6821

3.50%,

8/20/2050

465,473

426,906

Pool#

MA6864

2.00%,

9/20/2050

1,077,364

891,046

Pool#

BW4741

2.50%,

9/20/2050

820,313

693,876

Pool#

BY0776

2.50%,

9/20/2050

530,243

448,513

Pool#

BY0805

2.50%,

9/20/2050

495,521

419,146

Pool#

MA6994

2.00%,

11/20/2050

1,436,407

1,187,989

Pool#

MA7051

2.00%,

12/20/2050

2,043,298

1,689,292

Pool#

MA7053

3.00%,

12/20/2050

685,960

614,500

Pool#

MA7136

2.50%,

1/20/2051

1,496,528

1,289,486

Pool#

MA7192

2.00%,

2/20/2051

3,643,081

3,016,406

Pool#

MA7367

2.50%,

5/20/2051

3,084,150

2,656,478

Pool#

MA7472

2.50%,

7/20/2051

2,681,029

2,310,068

Pool#

MA7534

2.50%,

8/20/2051

2,237,902

1,928,250

Pool#

MA7647

1.50%,

10/20/2051

335,846

266,075

Pool#

MA7648

2.00%,

10/20/2051

2,924,775

2,417,973

Pool#

MA7650

3.00%,

10/20/2051

1,867,577

1,668,804

Pool#

MA7704

2.00%,

11/20/2051

749,678

619,773

Pool#

MA7705

2.50%,

11/20/2051

1,306,890

1,125,653

Pool#

MA7766

2.00%,

12/20/2051

2,870,695

2,373,245

Pool#

MA7767

2.50%,

12/20/2051

1,451,727

1,250,400

Pool#

MA7826

2.00%,

1/20/2052

939,865

776,996

Pool#

MA7935

2.00%,

3/20/2052

2,994,736

2,475,765

Pool#

786843

3.00%,

3/20/2052

403,394

354,667

Pool#

MA7986

2.00%,

4/20/2052

3,339,848

2,761,058

Pool#

MA7987

2.50%,

4/20/2052

3,803,772

3,276,260

Pool#

MA8042

2.50%,

5/20/2052

685,807

590,698

Pool#

MA8043

3.00%,

5/20/2052

776,820

693,744

Pool#

MA8147

2.50%,

7/20/2052

216,661

186,827

Pool#

MA8148

3.00%,

7/20/2052

1,499,452

1,340,640

Pool#

MA8197

2.50%,

8/20/2052

853,087

738,206

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

79

Mortgage-Backed

Securities

Principal

Amount

($)

Value

($)

GNMA

II

Pool

Pool#

MA8265

3.00%,

9/20/2052

372,218

332,911

Pool#

MA8491

5.50%,

12/20/2052

638,946

648,069

Pool#

MA8726

5.50%,

3/20/2053

276,710

280,307

Pool#

MA8800

5.00%,

4/20/2053

967,861

967,062

Pool#

MA8801

5.50%,

4/20/2053

1,237,217

1,254,033

Pool#

MA8879

5.50%,

5/20/2053

473,234

479,479

Pool#

MA8946

4.50%,

6/20/2053

3,020,113

2,940,478

Pool#

MA8948

5.50%,

6/20/2053

1,096,272

1,110,197

Pool#

MA9016

5.00%,

7/20/2053

2,490,075

2,483,529

Pool#

786798

5.50%,

7/20/2053

389,597

395,991

Pool#

MA9243

6.50%,

10/20/2053

664,543

684,473

Pool#

MA9605

5.50%,

4/20/2054

1,412,649

1,426,684

Pool#

MA9780

6.00%,

7/20/2054

1,701,778

1,735,207

Pool#

MA9851

5.50%,

8/20/2054

1,105,216

1,115,541

Pool#

MA9852

6.00%,

8/20/2054

2,078,204

2,118,472

Pool#

MA9965

5.50%,

10/20/2054

2,616,138

2,637,993

Pool#

MB0024

4.50%,

11/20/2054

1,576,874

1,530,161

Pool#

MB0207

6.50%,

2/20/2055

86,568

88,933

Pool#

MB0261

6.50%,

3/20/2055

48,629

49,991

Pool#

MB0310

6.50%,

4/20/2055

78,417

80,640

Pool#

MB0426

6.50%,

6/20/2055

419,780

431,976

Pool#

MB0558

6.50%,

8/20/2055

383,021

395,115

Pool#

MB0625

6.50%,

9/20/2055

18,000

18,546

GNMA

TBA

4.00%,

10/15/2055

3,814,000

3,585,537

4.50%,

10/15/2055

2,325,000

2,254,324

5.00%,

10/15/2055

6,525,000

6,489,890

5.50%,

10/15/2055

3,275,000

3,299,373

6.00%,

10/15/2055

5,400,000

5,491,873

6.50%,

10/15/2055

3,425,000

3,517,548

Total

Mortgage-Backed

Securities

(cost

$606,048,655)

559,590,294

Municipal

Bonds

0

.5

%

Principal

Amount

($)

Value

($)

California

0

.2

%

Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

114,146

Bay

Area

Toll

Authority,

RB,

Series

F,

6.26%,

4/1/2049

250,000

264,207

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

62,515

Golden

State

Tobacco

Securitization

Corp.,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

70,598

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

300,000

337,349

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

89,683

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

200,000

213,054

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

150,000

161,735

Series

F,

6.58%,

5/15/2049

200,000

215,715

Series

N,

3.26%,

5/15/2060

230,000

147,618

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

104,438

State

of

California

7.55%,

4/1/2039

1,410,000

1,720,362

7.63%,

3/1/2040

425,000

515,441

University

of

California

Series

BD,

3.35%,

7/1/2029

200,000

197,167

Series

AQ,

4.77%,

5/15/2115

150,000

124,876

4,338,904

Connecticut

0

.0

%

†

State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

500,000

537,598

Florida

0

.0

%

†

State

Board

of

Administration

Finance

Corp.,

RB,

Series

A,

2.15%,

7/1/2030

105,000

96,058

Georgia

0

.0

%

†

Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

461,000

501,603

Illinois

0

.1

%

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

276,872

309,345

State

of

Illinois,

GO,

5.10%,

6/1/2033

824,559

838,811

1,148,156

80

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Municipal

Bonds

Principal

Amount

($)

Value

($)

Louisiana

0

.0

%

†

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Series

A,

4.48%,

8/1/2039

50,000

48,502

5.20%,

12/1/2039

95,000

98,137

146,639

Michigan

0

.0

%

†

University

of

Michigan,

RB,

Series

B,

3.50%,

4/1/2052

83,000

62,542

New

Jersey

0

.0

%

†

New

Jersey

Economic

Development

Authority,

RB,

7.43%,

2/15/2029

125,000

131,406

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

531,370

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

250,000

260,416

923,192

New

York

0

.1

%

City

of

New

York

Series

B-2,

5.26%,

10/1/2052

35,000

33,991

Series

D-1,

5.11%,

10/1/2054

35,000

33,444

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

RB,

Series

C,

7.34%,

11/15/2039

400,000

477,865

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

300,000

299,873

New

York

State

Dormitory

Authority

Series

B,

5.23%,

7/1/2035

100,000

104,007

Series

F,

5.63%,

3/15/2039

250,000

259,514

Port

Authority

of

New

York

&

New

Jersey

Series

159,

6.04%,

12/1/2029

620,000

670,214

3.18%,

7/15/2060

135,000

88,455

1,967,363

Ohio

0

.0

%

†

JobsOhio

Beverage

System,

RB,

Series

B,

4.53%,

1/1/2035

100,000

100,189

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

150,000

149,464

249,653

Municipal

Bonds

Principal

Amount

($)

Value

($)

Oklahoma

0

.0

%

†

Oklahoma

Development

Finance

Authority

4.62%,

6/1/2044

60,000

58,611

4.38%,

11/1/2045

60,000

57,183

115,794

South

Carolina

0

.0

%

†

South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

107,458

Texas

0

.1

%

Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

190,615

Dallas

Area

Rapid

Transit,

RB,

Series

B,

6.00%,

12/1/2044

200,000

208,840

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

70,730

Series

A,

4.51%,

11/1/2051

45,000

39,528

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

31,708

Texas

Department

of

Transportation

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

153,073

Texas

Natural

Gas

Securitization

Finance

Corp.

Series

A-1,

5.10%,

4/1/2035

132,401

136,412

Series

A-2,

5.17%,

4/1/2041

140,000

142,616

973,522

Virginia

0

.0

%

†

University

of

Virginia,

RB,

2.26%,

9/1/2050

90,000

53,098

Total

Municipal

Bonds

(cost

$11,316,324)

11,221,580

Supranational

1

.1

%

African

Development

Bank

4.38%,

3/14/2028

500,000

507,977

3.50%,

9/18/2029

200,000

198,184

4.00%,

3/18/2030

150,000

151,388

Asian

Development

Bank

1.50%,

1/20/2027

760,000

738,107

3.75%,

4/25/2028

1,250,000

1,252,180

4.50%,

8/25/2028

700,000

715,768

1.88%,

1/24/2030

500,000

462,787

3.75%,

8/28/2030

120,000

119,791

4.00%,

1/12/2033

350,000

349,603

3.88%,

6/14/2033

200,000

197,742

4.13%,

1/12/2034

400,000

400,831

4.38%,

3/22/2035

115,000

116,787

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

81

Supranational

Principal

Amount

($)

Value

($)

Asian

Infrastructure

Investment

Bank

(The)

4.00%,

1/18/2028(b)

350,000

352,374

4.13%,

1/18/2029

1,000,000

1,013,691

4.50%,

1/16/2030

55,000

56,585

Corp.

Andina

de

Fomento,

5.00%,

1/24/2029

200,000

205,707

European

Bank

for

Reconstruction

&

Development,

4.13%,

1/25/2029(b)

1,000,000

1,013,163

European

Investment

Bank

0.75%,

10/26/2026

290,000

280,694

2.38%,

5/24/2027(b)

2,000,000

1,957,949

4.50%,

3/14/2030

45,000

46,376

3.63%,

7/15/2030

900,000

894,065

3.88%,

10/15/2030

115,000

115,450

1.25%,

2/14/2031

300,000

262,803

4.25%,

8/16/2032(b)

120,000

121,957

3.75%,

2/14/2033

900,000

885,949

4.13%,

2/13/2034

400,000

401,350

4.63%,

2/12/2035(b)

100,000

103,595

Inter-American

Development

Bank

2.25%,

6/18/2029

250,000

237,366

3.50%,

9/14/2029

900,000

892,285

4.50%,

2/15/2030

50,000

51,482

3.75%,

6/14/2030

50,000

49,938

1.13%,

1/13/2031

400,000

348,553

3.63%,

9/17/2031

200,000

196,977

3.50%,

4/12/2033

750,000

721,867

4.38%,

7/17/2034

210,000

213,777

4.38%,

7/16/2035

135,000

136,682

Inter-American

Investment

Corp.

4.25%,

2/14/2029(b)

200,000

202,623

4.25%,

4/1/2030

100,000

101,493

International

Bank

for

Reconstruction

&

Development

1.88%,

10/27/2026

400,000

391,732

2.50%,

11/22/2027

1,000,000

976,071

3.50%,

7/12/2028

1,000,000

995,191

1.13%,

9/13/2028

1,000,000

929,210

3.88%,

10/16/2029

75,000

75,395

3.88%,

2/14/2030

850,000

853,817

4.13%,

3/20/2030

310,000

314,590

0.88%,

5/14/2030

1,000,000

877,916

4.00%,

7/25/2030

300,000

302,818

4.00%,

1/10/2031

700,000

705,254

1.63%,

11/3/2031

1,000,000

876,168

4.63%,

1/15/2032

60,000

62,276

4.00%,

5/6/2032

40,000

40,074

4.75%,

11/14/2033

600,000

627,203

3.88%,

8/28/2034

300,000

294,322

4.38%,

8/27/2035

100,000

101,325

International

Finance

Corp.,

4.50%,

7/13/2028

400,000

408,535

Supranational

Principal

Amount

($)

Value

($)

International

Bank

for

Reconstruction

&

Development

Nordic

Investment

Bank,

4.38%,

3/14/2028

500,000

507,862

Total

Supranational

(cost

$25,783,582)

25,415,655

U.S.

Government

Agency

Securities

0

.4

%

FHLB,

5.50%,

7/15/2036(b)

1,500,000

1,642,002

FHLMC,

6.25%,

7/15/2032(b)

1,245,000

1,413,246

FNMA

6.25%,

5/15/2029

2,500,000

2,717,867

7.25%,

5/15/2030

2,000,000

2,296,105

0.88%,

8/5/2030

440,000

384,640

Tennessee

Valley

Authority

4.88%,

1/15/2048

500,000

482,844

5.25%,

2/1/2055(b)

25,000

24,920

Total

U.S.

Government

Agency

Securities

(cost

$9,379,915)

8,961,624

U.S.

Treasury

Obligations

44

.9

%

U.S.

Treasury

Bonds

6.50%,

11/15/2026

3,000,000

3,099,375

5.50%,

8/15/2028

3,000,000

3,155,039

5.38%,

2/15/2031

250,000

269,141

4.25%,

5/15/2039

1,810,000

1,782,002

4.50%,

8/15/2039

1,080,000

1,088,016

4.38%,

11/15/2039

300,000

297,562

1.13%,

5/15/2040

6,000,000

3,821,016

4.38%,

5/15/2040

450,000

445,307

1.13%,

8/15/2040

3,000,000

1,891,875

3.88%,

8/15/2040

1,000,000

932,148

1.38%,

11/15/2040

4,865,000

3,174,032

1.88%,

2/15/2041

5,000,000

3,515,039

4.75%,

2/15/2041

(b)

1,000,000

1,025,742

2.25%,

5/15/2041

4,330,000

3,208,090

1.75%,

8/15/2041

4,300,000

2,917,617

3.75%,

8/15/2041

2,910,000

2,644,576

2.00%,

11/15/2041

11,500,000

8,076,055

3.13%,

11/15/2041

4,100,000

3,415,172

2.38%,

2/15/2042

3,000,000

2,223,047

3.13%,

2/15/2042

1,000,000

829,688

3.00%,

5/15/2042

(b)

1,000,000

811,289

3.25%,

5/15/2042

2,000,000

1,680,156

2.75%,

8/15/2042

1,000,000

778,242

3.38%,

8/15/2042

1,473,000

1,255,042

2.75%,

11/15/2042

1,500,000

1,161,738

4.00%,

11/15/2042

3,000,000

2,773,594

3.13%,

2/15/2043

1,750,000

1,428,369

3.88%,

2/15/2043

1,331,000

1,208,038

2.88%,

5/15/2043

2,850,000

2,232,797

4.38%,

8/15/2043

1,000,000

965,078

4.75%,

11/15/2043

1,008,000

1,018,710

3.63%,

2/15/2044

3,500,000

3,038,027

4.50%,

2/15/2044

5,911,000

5,781,466

3.38%,

5/15/2044

4,000,000

3,338,125

4.63%,

5/15/2044

2,000,000

1,985,391

82

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bonds

3.13%,

8/15/2044

3,700,000

2,962,457

4.13%,

8/15/2044

946,000

878,080

3.00%,

11/15/2044

5,500,000

4,303,105

4.63%,

11/15/2044

1,270,000

1,258,193

2.50%,

2/15/2045

3,500,000

2,507,012

4.75%,

2/15/2045

(b)

1,845,000

1,856,531

3.00%,

5/15/2045

4,840,000

3,766,503

5.00%,

5/15/2045

1,630,000

1,692,653

2.88%,

8/15/2045

3,300,000

2,507,613

2.50%,

2/15/2046

2,500,000

1,764,746

2.50%,

5/15/2046

3,000,000

2,109,492

3.00%,

2/15/2047

2,000,000

1,527,187

3.00%,

5/15/2047

2,000,000

1,522,656

2.75%,

8/15/2047

2,500,000

1,812,305

2.75%,

11/15/2047

3,200,000

2,312,875

3.00%,

2/15/2048

3,000,000

2,265,469

3.13%,

5/15/2048

2,000,000

1,542,187

3.00%,

8/15/2048

3,000,000

2,255,625

3.38%,

11/15/2048

4,000,000

3,213,281

3.00%,

2/15/2049

3,000,000

2,246,250

2.88%,

5/15/2049

3,500,000

2,553,359

2.25%,

8/15/2049

3,000,000

1,914,844

2.38%,

11/15/2049

800,000

523,437

2.00%,

2/15/2050

2,630,000

1,572,761

1.25%,

5/15/2050

(b)

21,000

10,301

1.38%,

8/15/2050

5,000,000

2,514,062

1.63%,

11/15/2050

3,590,000

1,926,259

1.88%,

2/15/2051

6,400,000

3,655,750

2.38%,

5/15/2051

5,000,000

3,216,797

2.00%,

8/15/2051

7,200,000

4,218,188

1.88%,

11/15/2051

7,100,000

4,016,492

2.25%,

2/15/2052

6,000,000

3,721,641

2.88%,

5/15/2052

5,500,000

3,924,766

3.00%,

8/15/2052

5,200,000

3,803,313

4.00%,

11/15/2052

(b)

4,800,000

4,247,813

3.63%,

2/15/2053

5,100,000

4,216,465

3.63%,

5/15/2053

5,200,000

4,294,875

4.13%,

8/15/2053

5,000,000

4,519,336

4.75%,

11/15/2053

4,829,000

4,837,300

4.25%,

2/15/2054

6,220,000

5,741,352

4.63%,

5/15/2054

4,700,000

4,617,750

4.25%,

8/15/2054

7,113,000

6,566,188

4.50%,

11/15/2054

(b)

3,733,000

3,594,325

4.63%,

2/15/2055

4,236,000

4,163,856

4.75%,

5/15/2055

(b)

4,756,000

4,770,862

4.75%,

8/15/2055

2,946,000

2,956,127

U.S.

Treasury

Notes

4.63%,

11/15/2026

4,000,000

4,038,906

1.25%,

11/30/2026

2,000,000

1,944,141

4.25%,

11/30/2026

6,000,000

6,035,391

4.38%,

12/15/2026

10,000,000

10,078,125

1.25%,

12/31/2026

6,000,000

5,821,641

4.25%,

12/31/2026

13,593,000

13,680,611

4.00%,

1/15/2027

8,000,000

8,030,000

4.13%,

1/31/2027

14,862,000

14,942,115

2.25%,

2/15/2027

1,200,000

1,177,078

4.13%,

2/15/2027

10,000,000

10,057,812

1.88%,

2/28/2027

2,500,000

2,438,379

4.25%,

3/15/2027

7,500,000

7,560,937

2.50%,

3/31/2027

(b)

2,500,000

2,457,812

3.88%,

3/31/2027

7,634,000

7,656,663

4.50%,

4/15/2027

5,000,000

5,061,719

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.75%,

4/30/2027

3,500,000

3,451,738

3.75%,

4/30/2027

10,734,000

10,749,095

2.38%,

5/15/2027

5,700,000

5,585,555

2.63%,

5/31/2027

3,000,000

2,950,312

3.88%,

5/31/2027

7,326,000

7,351,469

4.63%,

6/15/2027

3,000,000

3,047,695

3.75%,

6/30/2027

7,323,000

7,336,159

4.38%,

7/15/2027

5,000,000

5,062,695

2.75%,

7/31/2027

3,000,000

2,953,125

3.88%,

7/31/2027

(b)

19,668,000

19,748,669

2.25%,

8/15/2027

5,300,000

5,168,535

3.75%,

8/15/2027

15,000,000

15,031,055

0.50%,

8/31/2027

8,000,000

7,540,938

3.13%,

8/31/2027

3,000,000

2,972,227

3.38%,

9/15/2027

(b)

12,150,000

12,093,996

4.13%,

9/30/2027

4,000,000

4,038,594

3.88%,

10/15/2027

1,836,000

1,845,037

0.50%,

10/31/2027

3,000,000

2,814,141

4.13%,

10/31/2027

(b)

2,000,000

2,020,312

2.25%,

11/15/2027

5,390,000

5,240,091

4.13%,

11/15/2027

2,000,000

2,020,391

0.63%,

11/30/2027

8,500,000

7,977,051

3.88%,

11/30/2027

3,000,000

3,015,820

3.88%,

12/31/2027

4,500,000

4,524,785

4.25%,

1/15/2028

827,000

838,274

0.75%,

1/31/2028

4,000,000

3,745,625

3.50%,

1/31/2028

4,000,000

3,989,375

2.75%,

2/15/2028

8,000,000

7,841,562

4.25%,

2/15/2028

812,000

823,514

1.13%,

2/29/2028

3,000,000

2,828,906

4.00%,

2/29/2028

2,500,000

2,522,070

3.88%,

3/15/2028

793,000

797,987

1.25%,

3/31/2028

1,500,000

1,415,859

3.63%,

3/31/2028

1,000,000

1,000,273

1.25%,

4/30/2028

5,000,000

4,710,352

3.50%,

4/30/2028

10,430,000

10,399,851

2.88%,

5/15/2028

7,000,000

6,869,023

1.25%,

5/31/2028

4,000,000

3,760,312

3.63%,

5/31/2028

5,500,000

5,500,859

3.88%,

6/15/2028

1,514,000

1,523,936

1.25%,

6/30/2028

4,000,000

3,753,281

4.00%,

6/30/2028

4,200,000

4,241,180

1.00%,

7/31/2028

4,000,000

3,718,906

4.13%,

7/31/2028

3,000,000

3,039,844

2.88%,

8/15/2028

5,500,000

5,387,637

3.63%,

8/15/2028

1,013,000

1,013,000

1.13%,

8/31/2028

4,000,000

3,724,844

4.38%,

8/31/2028

4,000,000

4,081,406

1.25%,

9/30/2028

4,500,000

4,197,305

4.63%,

9/30/2028

7,100,000

7,299,687

1.38%,

10/31/2028

7,000,000

6,541,172

4.88%,

10/31/2028

6,000,000

6,213,750

3.13%,

11/15/2028

5,000,000

4,923,828

1.50%,

11/30/2028

3,000,000

2,809,102

4.38%,

11/30/2028

3,000,000

3,064,805

1.38%,

12/31/2028

5,000,000

4,655,273

3.75%,

12/31/2028

3,000,000

3,009,492

1.75%,

1/31/2029

2,000,000

1,881,641

4.00%,

1/31/2029

4,000,000

4,043,281

2.63%,

2/15/2029

7,772,000

7,520,017

1.88%,

2/28/2029

4,000,000

3,773,281

4.25%,

2/28/2029

790,000

805,029

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

83

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

2.38%,

3/31/2029

5,000,000

4,791,016

4.13%,

3/31/2029

3,000,000

3,045,703

2.88%,

4/30/2029

5,000,000

4,867,578

4.63%,

4/30/2029

6,000,000

6,191,484

2.38%,

5/15/2029

5,700,000

5,451,516

2.75%,

5/31/2029

3,500,000

3,389,941

4.50%,

5/31/2029

4,000,000

4,112,188

3.25%,

6/30/2029

11,000,000

10,835,430

4.25%,

6/30/2029

5,000,000

5,099,414

2.63%,

7/31/2029

9,500,000

9,143,008

4.00%,

7/31/2029

3,000,000

3,033,164

1.63%,

8/15/2029

3,000,000

2,783,320

3.13%,

8/31/2029

4,000,000

3,918,125

3.63%,

8/31/2029

7,209,000

7,191,541

3.50%,

9/30/2029

5,650,000

5,610,053

3.88%,

9/30/2029

3,500,000

3,523,926

4.00%,

10/31/2029

5,500,000

5,561,875

4.13%,

10/31/2029

8,128,000

8,257,223

1.75%,

11/15/2029

4,000,000

3,710,156

3.88%,

11/30/2029

3,000,000

3,019,336

4.13%,

11/30/2029

3,000,000

3,048,281

3.88%,

12/31/2029

3,000,000

3,019,219

4.38%,

12/31/2029

2,678,000

2,747,251

3.50%,

1/31/2030

3,000,000

2,974,570

4.25%,

1/31/2030

5,212,000

5,322,348

1.50%,

2/15/2030

4,700,000

4,285,996

4.00%,

2/28/2030

3,700,000

3,742,926

3.63%,

3/31/2030

2,800,000

2,788,516

4.00%,

3/31/2030

4,861,000

4,916,636

3.50%,

4/30/2030

4,000,000

3,961,562

3.88%,

4/30/2030

3,333,000

3,354,092

0.63%,

5/15/2030

6,740,000

5,859,061

3.75%,

5/31/2030

2,500,000

2,501,758

4.00%,

5/31/2030

5,284,000

5,345,922

3.75%,

6/30/2030

3,000,000

3,001,289

3.88%,

6/30/2030

4,409,000

4,436,040

3.88%,

7/31/2030

6,261,000

6,298,664

4.00%,

7/31/2030

3,000,000

3,033,867

0.63%,

8/15/2030

7,000,000

6,035,039

3.63%,

8/31/2030

6,448,000

6,414,752

4.13%,

8/31/2030

3,000,000

3,050,273

4.63%,

9/30/2030

2,500,000

2,598,633

4.88%,

10/31/2030

2,000,000

2,102,266

0.88%,

11/15/2030

8,400,000

7,283,062

4.38%,

11/30/2030

3,000,000

3,084,727

3.75%,

12/31/2030

3,000,000

2,996,719

4.00%,

1/31/2031

2,000,000

2,020,859

1.13%,

2/15/2031

9,000,000

7,864,453

4.25%,

2/28/2031

3,000,000

3,067,500

4.13%,

3/31/2031

4,000,000

4,064,688

4.63%,

4/30/2031

(b)

3,000,000

3,122,812

1.63%,

5/15/2031

5,500,000

4,897,363

4.63%,

5/31/2031

3,000,000

3,122,813

4.25%,

6/30/2031

4,000,000

4,087,188

4.13%,

7/31/2031

3,500,000

3,553,184

1.25%,

8/15/2031

9,500,000

8,216,016

3.75%,

8/31/2031

4,956,000

4,933,543

3.63%,

9/30/2031

6,000,000

5,929,687

4.13%,

10/31/2031

3,550,000

3,601,863

1.38%,

11/15/2031

7,500,000

6,491,602

4.13%,

11/30/2031

11,000,000

11,156,406

4.50%,

12/31/2031

1,313,000

1,358,545

U.S.

Treasury

Obligations

Principal

Amount

($)

Value

($)

U.S.

Treasury

Notes

4.38%,

1/31/2032

1,735,000

1,782,984

1.88%,

2/15/2032

7,100,000

6,299,031

4.13%,

2/29/2032

3,605,000

3,653,583

4.13%,

3/31/2032

1,117,000

1,131,835

4.00%,

4/30/2032

1,218,000

1,225,089

2.88%,

5/15/2032

7,960,000

7,483,644

4.13%,

5/31/2032

2,732,000

2,766,577

4.00%,

6/30/2032

4,070,000

4,090,986

4.00%,

7/31/2032

2,714,000

2,726,722

2.75%,

8/15/2032

6,260,000

5,819,599

3.88%,

8/31/2032

2,888,000

2,879,426

4.13%,

11/15/2032

4,900,000

4,957,039

3.50%,

2/15/2033

8,700,000

8,446,137

3.38%,

5/15/2033

7,500,000

7,204,102

3.88%,

8/15/2033

9,200,000

9,123,812

4.50%,

11/15/2033

9,000,000

9,305,156

4.00%,

2/15/2034

10,000,000

9,973,828

4.38%,

5/15/2034

9,500,000

9,719,688

3.88%,

8/15/2034

12,480,000

12,288,900

4.25%,

11/15/2034

9,290,000

9,394,875

4.63%,

2/15/2035

9,421,000

9,790,480

4.25%,

5/15/2035

10,314,000

10,409,082

4.25%,

8/15/2035

(b)

6,621,000

6,674,796

Total

U.S.

Treasury

Obligations

(cost

$1,091,341,255)

1,039,830,753

Repurchase

Agreements

5

.6

%

Bank

of

America

NA

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,000,933,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$8,160,000.

(h)

8,000,000

8,000,000

BNP

Paribas

Securities

Corp.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$25,002,910,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$25,500,003.

(h)

25,000,000

25,000,000

84

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$6,953,615,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$7,091,857.

(h)

6,952,800

6,952,800

Cantor

Fitzgerald

&

Co.

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$22,002,579,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$22,440,001.

(h)

22,000,000

22,000,000

Citi

Global

Market,

Inc.

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$15,001,746,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$15,300,003.

(h)

15,000,000

15,000,000

MetLife,

Inc.

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$23,002,683,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$23,472,127.

(h)

23,000,000

23,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$30,003,450,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$30,600,105.

(h)

30,000,000

30,000,000

Total

Repurchase

Agreements

(cost

$129,952,800)

129,952,800

Total

Investments

(cost

$2,546,911,475)

—

104.2%

2,414,980,967

Liabilities

in

excess

of

other

assets

—

(4.2)%

(

98,259,085

)

NET

ASSETS

—

100.0%

$

2,316,721,882

†

Amount

rounds

to

less

than

0.1%.

(a)

Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets.  The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$288,980,944,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$129,952,800

and

by

$168,728,698

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

5/15/2055,

a

total

value

of

$298,681,498.

(c)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2025

was

$4,402,018

which

represents

0.19%

of

net

assets.

(d)

Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

September

30,

2025.

(e)

Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(f)

Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

September

30,

2025.

(g)

Investment

in

affiliate.

(h)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$129,952,800.

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

85

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

Currency:

USD

United

States

Dollar

86

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Bond

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

NVIT

Bond

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

87

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Asset-Backed

Securities

$

–

$

8,924,469

$

–

$

8,924,469

Commercial

Mortgage-Backed

Securities

–

33,800,459

–

33,800,459

Corporate

Bonds

–

561,249,242

–

561,249,242

Foreign

Government

Securities

–

36,034,091

–

36,034,091

Mortgage-Backed

Securities

–

559,590,294

–

559,590,294

Municipal

Bonds

–

11,221,580

–

11,221,580

Repurchase

Agreements

–

129,952,800

–

129,952,800

Supranational

–

25,415,655

–

25,415,655

U.S.

Government

Agency

Securities

–

8,961,624

–

8,961,624

U.S.

Treasury

Obligations

–

1,039,830,753

–

1,039,830,753

Total

$

–

$

2,414,980,967

$

–

$

2,414,980,967

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report

88

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

98

.2

%

Shares

Value

($)

AUSTRALIA

6

.8

%

Banks

2

.2

%

ANZ

Group

Holdings

Ltd.

142,604

3,126,909

Commonwealth

Bank

of

Australia

79,984

8,843,798

National

Australia

Bank

Ltd.

147,429

4,315,006

Westpac

Banking

Corp.

163,109

4,196,454

20,482,167

Broadline

Retail

0

.3

%

Wesfarmers

Ltd.

54,263

3,310,448

Capital

Markets

0

.3

%

ASX

Ltd.

9,692

375,328

Macquarie

Group

Ltd.

17,448

2,537,681

2,913,009

Commercial

Services

&

Supplies

0

.1

%

Brambles

Ltd.

65,879

1,086,309

Consumer

Staples

Distribution

&

Retail

0

.2

%

Coles

Group

Ltd.

63,619

982,402

Woolworths

Group

Ltd.

57,901

1,022,796

2,005,198

Diversified

REITs

0

.0

%

†

Stockland

119,933

487,204

Diversified

Telecommunication

Services

0

.1

%

Telstra

Group

Ltd.

182,624

582,862

Electric

Utilities

0

.1

%

Origin

Energy

Ltd.

83,589

691,832

Financial

Services

0

.0

%

†

Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

15,712

400,859

Gas

Utilities

0

.0

%

†

APA

Group

58,397

343,239

Health

Care

Equipment

&

Supplies

0

.1

%

Cochlear

Ltd.

3,179

588,081

Health

Care

Providers

&

Services

0

.1

%

Sigma

Healthcare

Ltd.(a)

218,818

430,688

Sonic

Healthcare

Ltd.

23,724

336,651

767,339

Health

Care

Technology

0

.1

%

Pro

Medicus

Ltd.

2,816

576,351

Hotels,

Restaurants

&

Leisure

0

.2

%

Aristocrat

Leisure

Ltd.

26,434

1,227,692

Lottery

Corp.

Ltd.

(The)

100,373

391,387

1,619,079

Industrial

REITs

0

.2

%

Goodman

Group

96,412

2,099,169

Insurance

0

.3

%

Insurance

Australia

Group

Ltd.

114,766

621,519

Medibank

Pvt

Ltd.

137,975

439,360

QBE

Insurance

Group

Ltd.

70,799

965,778

Suncorp

Group

Ltd.

53,025

713,473

2,740,130

Interactive

Media

&

Services

0

.1

%

CAR

Group

Ltd.

18,775

457,859

REA

Group

Ltd.(a)

2,651

406,421

864,280

Metals

&

Mining

1

.8

%

BHP

Group

Ltd.

241,525

6,748,545

BlueScope

Steel

Ltd.

19,787

297,751

Common

Stocks

Shares

Value

($)

AUSTRALIA

Metals

&

Mining

Evolution

Mining

Ltd.

94,891

683,612

Fortescue

Ltd.(a)

79,941

991,655

Glencore

plc

488,131

2,255,776

Northern

Star

Resources

Ltd.

65,715

1,036,399

Rio

Tinto

Ltd.(a)

17,812

1,440,091

Rio

Tinto

plc

53,986

3,557,688

South32

Ltd.

227,285

412,652

17,424,169

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Santos

Ltd.

154,767

693,147

Woodside

Energy

Group

Ltd.

(a)

91,058

1,367,755

2,060,902

Passenger

Airlines

0

.0

%

†

Qantas

Airways

Ltd.

34,552

250,537

Professional

Services

0

.1

%

Computershare

Ltd.

24,132

579,821

Retail

REITs

0

.1

%

Scentre

Group

252,051

681,980

Vicinity

Ltd.

174,494

291,535

973,515

Software

0

.1

%

WiseTech

Global

Ltd.

9,395

561,840

Trading

Companies

&

Distributors

0

.0

%

†

SGH

Ltd.

9,177

304,841

Transportation

Infrastructure

0

.1

%

Transurban

Group

150,253

1,375,989

65,089,170

AUSTRIA

0

.2

%

Banks

0

.2

%

Erste

Group

Bank

AG

14,807

1,447,466

Electric

Utilities

0

.0

%

†

Verbund

AG

3,071

223,244

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

OMV

AG

7,402

394,728

Paper

&

Forest

Products

0

.0

%

†

Mondi

plc

19,906

275,679

2,341,117

BELGIUM

0

.8

%

Banks

0

.1

%

KBC

Group

NV

10,796

1,293,993

Beverages

0

.3

%

Anheuser-Busch

InBev

SA/

NV

46,698

2,792,341

Chemicals

0

.0

%

†

Syensqo

SA(a)

3,342

271,293

Distributors

0

.0

%

†

D'ieteren

Group(a)

959

180,181

Electric

Utilities

0

.0

%

†

Elia

Group

SA/NV(a)

2,326

268,403

Financial

Services

0

.1

%

Groupe

Bruxelles

Lambert

NV

4,158

373,040

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

89

Common

Stocks

Shares

Value

($)

BELGIUM

Financial

Services

Sofina

SA(a)

771

227,336

600,376

Food

Products

0

.0

%

†

Lotus

Bakeries

NV

22

207,449

Insurance

0

.1

%

Ageas

SA/NV

7,205

500,228

Pharmaceuticals

0

.2

%

UCB

SA

6,000

1,660,014

7,774,278

BRAZIL

0

.0

%

†

Chemicals

0

.0

%

†

Yara

International

ASA

7,467

272,561

CHILE

0

.1

%

Metals

&

Mining

0

.1

%

Antofagasta

plc

19,587

729,624

CHINA

0

.7

%

Banks

0

.1

%

BOC

Hong

Kong

Holdings

Ltd.

179,500

843,832

Broadline

Retail

0

.5

%

Prosus

NV

62,371

4,423,271

Food

Products

0

.0

%

†

Wilmar

International

Ltd.

86,194

190,718

Machinery

0

.1

%

Yangzijiang

Shipbuilding

Holdings

Ltd.

116,500

305,267

Marine

Transportation

0

.0

%

†

SITC

International

Holdings

Co.

Ltd.

69,000

265,812

Real

Estate

Management

&

Development

0

.0

%

†

Wharf

Holdings

Ltd.

(The)(a)

48,708

139,225

6,168,125

DENMARK

1

.9

%

Air

Freight

&

Logistics

0

.2

%

DSV

A/S

9,690

1,934,522

Banks

0

.1

%

Danske

Bank

A/S

31,850

1,360,999

Beverages

0

.1

%

Carlsberg

A/S,

Class

B

4,618

536,873

Biotechnology

0

.1

%

Genmab

A/S*

3,007

926,907

Building

Products

0

.0

%

†

ROCKWOOL

A/S,

Class

B

4,570

170,652

Chemicals

0

.1

%

Novonesis

Novozymes

B,

Class

B

16,585

1,016,589

Electrical

Equipment

0

.1

%

Vestas

Wind

Systems

A/S

46,228

897,181

Health

Care

Equipment

&

Supplies

0

.1

%

Coloplast

A/S,

Class

B

6,163

527,516

Demant

A/S*

3,737

129,549

657,065

Common

Stocks

Shares

Value

($)

DENMARK

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Orsted

A/S

Reg.

S*(b)

10,385

186,626

Insurance

0

.0

%

†

Tryg

A/S

16,965

431,117

Marine

Transportation

0

.1

%

AP

Moller

-

Maersk

A/S,

Class

A

132

258,414

AP

Moller

-

Maersk

A/S,

Class

B

183

358,874

617,288

Pharmaceuticals

0

.9

%

Novo

Nordisk

A/S,

Class

B

153,276

8,460,178

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Pandora

A/S

3,932

514,061

17,710,058

FINLAND

1

.1

%

Banks

0

.3

%

Nordea

Bank

Abp

151,156

2,488,256

Communications

Equipment

0

.1

%

Nokia

OYJ

249,309

1,194,596

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Kesko

OYJ,

Class

B

12,317

262,192

Diversified

Telecommunication

Services

0

.1

%

Elisa

OYJ(a)

7,209

378,260

Electric

Utilities

0

.1

%

Fortum

OYJ(a)

20,331

384,300

Insurance

0

.2

%

Sampo

OYJ,

Class

A

115,595

1,330,528

Machinery

0

.2

%

Kone

OYJ,

Class

B

16,017

1,092,798

Metso

Oyj(a)

31,446

433,300

Wartsila

OYJ

Abp

24,505

733,849

2,259,947

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

Neste

OYJ(a)

19,078

349,537

Paper

&

Forest

Products

0

.1

%

Stora

Enso

OYJ,

Class

R(a)

29,496

324,576

UPM-Kymmene

OYJ

24,432

669,037

993,613

Pharmaceuticals

0

.0

%

†

Orion

OYJ,

Class

B

4,878

373,646

10,014,875

FRANCE

9

.2

%

Aerospace

&

Defense

1

.5

%

Airbus

SE

28,291

6,613,451

Dassault

Aviation

SA

888

296,407

Safran

SA

17,147

6,072,448

Thales

SA

4,515

1,414,902

14,397,208

Automobile

Components

0

.1

%

Cie

Generale

des

Etablissements

Michelin

SCA

31,848

1,143,958

90

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

FRANCE

Automobiles

0

.1

%

Renault

SA

9,432

388,445

Banks

0

.8

%

BNP

Paribas

SA

48,799

4,448,427

Credit

Agricole

SA

50,461

993,645

Societe

Generale

SA

34,233

2,277,019

7,719,091

Beverages

0

.1

%

Pernod

Ricard

SA

9,515

935,565

Building

Products

0

.3

%

Cie

de

Saint-Gobain

SA

21,654

2,359,000

Capital

Markets

0

.0

%

†

Amundi

SA

Reg.

S(b)

2,769

220,526

Chemicals

0

.6

%

Air

Liquide

SA

27,553

5,734,092

Arkema

SA

2,538

161,077

5,895,169

Construction

&

Engineering

0

.4

%

Bouygues

SA

9,560

431,809

Eiffage

SA

3,315

426,362

Vinci

SA

23,636

3,291,044

4,149,215

Consumer

Staples

Distribution

&

Retail

0

.1

%

Carrefour

SA

28,154

426,293

Diversified

REITs

0

.0

%

†

Covivio

SA

2,445

164,904

Diversified

Telecommunication

Services

0

.2

%

Orange

SA

90,171

1,462,828

Electrical

Equipment

0

.2

%

Legrand

SA

12,491

2,083,640

Entertainment

0

.0

%

†

Bollore

SE

31,600

178,856

Financial

Services

0

.0

%

†

Edenred

SE

11,052

263,345

Food

Products

0

.3

%

Danone

SA

31,089

2,708,608

Health

Care

Equipment

&

Supplies

0

.5

%

BioMerieux

1,868

250,537

EssilorLuxottica

SA

14,389

4,693,344

4,943,881

Hotels,

Restaurants

&

Leisure

0

.1

%

Accor

SA

9,570

453,378

FDJ

UNITED

5,335

178,768

Sodexo

SA

3,990

251,192

883,338

Insurance

0

.4

%

AXA

SA

84,183

4,030,755

IT

Services

0

.1

%

Capgemini

SE

7,935

1,154,678

Life

Sciences

Tools

&

Services

0

.0

%

†

Sartorius

Stedim

Biotech

1,506

304,896

Machinery

0

.1

%

Alstom

SA*

17,453

458,608

Media

0

.1

%

Publicis

Groupe

SA

11,133

1,068,622

Common

Stocks

Shares

Value

($)

FRANCE

Multi-Utilities

0

.3

%

Engie

SA

86,503

1,855,538

Veolia

Environnement

SA

29,834

1,019,267

2,874,805

Office

REITs

0

.0

%

†

Gecina

SA

2,043

204,784

Oil,

Gas

&

Consumable

Fuels

0

.6

%

TotalEnergies

SE

98,128

5,987,862

Personal

Care

Products

0

.5

%

L'Oreal

SA

11,533

4,997,276

Pharmaceuticals

0

.0

%

†

Ipsen

SA

1,701

228,988

Professional

Services

0

.1

%

Bureau

Veritas

SA

15,604

489,943

Teleperformance

SE(a)

2,465

183,767

673,710

Retail

REITs

0

.1

%

Klepierre

SA

9,707

378,108

Unibail-Rodamco-Westfield

5,796

611,217

989,325

Software

0

.1

%

Dassault

Systemes

SE

31,682

1,065,750

Textiles,

Apparel

&

Luxury

Goods

1

.3

%

Hermes

International

SCA

1,510

3,703,162

Kering

SA

3,497

1,165,362

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,971

7,324,861

12,193,385

Trading

Companies

&

Distributors

0

.1

%

Rexel

SA

11,497

379,639

Transportation

Infrastructure

0

.1

%

Aeroports

de

Paris

SA(a)

1,852

245,576

Getlink

SE

13,641

250,984

496,560

87,433,513

GERMANY

9

.6

%

Aerospace

&

Defense

0

.7

%

Hensoldt

AG(a)

3,021

391,268

MTU

Aero

Engines

AG

2,545

1,168,084

Rheinmetall

AG

2,204

5,130,601

6,689,953

Air

Freight

&

Logistics

0

.2

%

Deutsche

Post

AG

45,926

2,048,301

Automobile

Components

0

.0

%

†

Continental

AG

5,482

361,423

Automobiles

0

.6

%

Bayerische

Motoren

Werke

AG

13,479

1,352,533

Bayerische

Motoren

Werke

AG

(Preference)

2,524

234,259

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(a)(b)

5,817

282,398

Mercedes-Benz

Group

AG

34,317

2,156,232

Porsche

Automobil

Holding

SE

(Preference)

6,905

271,291

Volkswagen

AG

(Preference)

10,077

1,089,887

5,386,600

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

91

Common

Stocks

Shares

Value

($)

GERMANY

Banks

0

.1

%

Commerzbank

AG

36,621

1,379,361

Capital

Markets

0

.6

%

Deutsche

Bank

AG

(Registered)

88,420

3,109,856

Deutsche

Boerse

AG

9,049

2,425,055

5,534,911

Chemicals

0

.4

%

BASF

SE(a)

42,402

2,113,480

Covestro

AG*

8,711

596,316

Evonik

Industries

AG

11,558

200,751

Symrise

AG,

Class

A

6,348

553,195

3,463,742

Construction

Materials

0

.2

%

Heidelberg

Materials

AG

6,386

1,437,675

Diversified

Telecommunication

Services

0

.6

%

Deutsche

Telekom

AG

(Registered)

167,305

5,700,170

Electrical

Equipment

0

.4

%

Siemens

Energy

AG*

32,394

3,787,761

Entertainment

0

.0

%

†

CTS

Eventim

AG

&

Co.

KGaA

2,825

276,932

Health

Care

Equipment

&

Supplies

0

.1

%

Siemens

Healthineers

AG

Reg.

S(b)

16,036

867,538

Health

Care

Providers

&

Services

0

.2

%

Fresenius

Medical

Care

AG

10,299

540,406

Fresenius

SE

&

Co.

KGaA

20,020

1,114,932

1,655,338

Household

Products

0

.1

%

Henkel

AG

&

Co.

KGaA

4,695

348,257

Henkel

AG

&

Co.

KGaA

(Preference)

8,185

660,668

1,008,925

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

RWE

AG

29,783

1,322,698

Industrial

Conglomerates

1

.0

%

Siemens

AG

(Registered)

36,324

9,800,869

Insurance

1

.4

%

Allianz

SE

(Registered)

18,457

7,758,258

Hannover

Rueck

SE

2,921

880,956

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

6,213

3,969,831

Talanx

AG

3,256

432,931

13,041,976

Interactive

Media

&

Services

0

.0

%

†

Scout24

SE

Reg.

S(b)

3,405

426,324

Life

Sciences

Tools

&

Services

0

.0

%

†

Sartorius

AG

(Preference)(a)

1,182

274,912

Machinery

0

.2

%

Daimler

Truck

Holding

AG

22,267

917,508

GEA

Group

AG

7,032

519,500

Knorr-Bremse

AG

3,271

307,174

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

Rational

AG

229

174,528

1,918,710

Multi-Utilities

0

.2

%

E.ON

SE

106,711

2,006,402

Passenger

Airlines

0

.0

%

†

Deutsche

Lufthansa

AG

(Registered)

26,383

223,590

Personal

Care

Products

0

.1

%

Beiersdorf

AG(a)

4,762

498,213

Pharmaceuticals

0

.3

%

Bayer

AG

(Registered)

47,513

1,575,359

Merck

KGaA

6,109

785,799

2,361,158

Real

Estate

Management

&

Development

0

.2

%

LEG

Immobilien

SE

3,911

310,924

Vonovia

SE

36,013

1,123,978

1,434,902

Semiconductors

&

Semiconductor

Equipment

0

.3

%

Infineon

Technologies

AG

61,764

2,410,754

Software

1

.4

%

Nemetschek

SE

2,899

377,254

SAP

SE

49,909

13,380,179

13,757,433

Specialty

Retail

0

.0

%

†

Zalando

SE

Reg.

S*(b)

10,115

310,098

Textiles,

Apparel

&

Luxury

Goods

0

.2

%

adidas

AG

8,145

1,717,954

Trading

Companies

&

Distributors

0

.0

%

†

Brenntag

SE

5,860

351,175

91,455,798

HONG

KONG

1

.9

%

Banks

0

.1

%

Hang

Seng

Bank

Ltd.

34,000

518,058

Capital

Markets

0

.4

%

Futu

Holdings

Ltd.,

ADR

2,883

501,382

Hong

Kong

Exchanges

&

Clearing

Ltd.

55,400

3,148,799

3,650,181

Diversified

Telecommunication

Services

0

.0

%

†

HKT

Trust

&

HKT

Ltd.

170,220

251,985

Electric

Utilities

0

.1

%

CK

Infrastructure

Holdings

Ltd.

32,000

210,283

CLP

Holdings

Ltd.

79,000

654,781

Power

Assets

Holdings

Ltd.

68,500

434,110

1,299,174

Food

Products

0

.0

%

†

WH

Group

Ltd.

Reg.

S(b)

420,045

456,557

Gas

Utilities

0

.1

%

Hong

Kong

&

China

Gas

Co.

Ltd.

554,266

481,800

Ground

Transportation

0

.0

%

†

MTR

Corp.

Ltd.(a)

70,000

237,429

92

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

HONG

KONG

Industrial

Conglomerates

0

.1

%

Jardine

Matheson

Holdings

Ltd.

8,000

506,004

Swire

Pacific

Ltd.,

Class

A

16,500

140,020

646,024

Insurance

0

.7

%

AIA

Group

Ltd.

508,200

4,871,218

Prudential

plc

121,971

1,716,930

6,588,148

Machinery

0

.1

%

Techtronic

Industries

Co.

Ltd.

69,000

885,222

Real

Estate

Management

&

Development

0

.2

%

CK

Asset

Holdings

Ltd.

97,516

473,246

Henderson

Land

Development

Co.

Ltd.(a)

76,775

271,009

Hongkong

Land

Holdings

Ltd.

49,800

315,134

Sino

Land

Co.

Ltd.

163,000

206,359

Sun

Hung

Kai

Properties

Ltd.

71,000

851,577

Wharf

Real

Estate

Investment

Co.

Ltd.

88,500

261,705

2,379,030

Retail

REITs

0

.1

%

Link

REIT

124,940

642,662

18,036,270

IRELAND

0

.4

%

Banks

0

.2

%

AIB

Group

plc

100,649

913,412

Bank

of

Ireland

Group

plc

45,656

755,768

1,669,180

Building

Products

0

.0

%

†

Kingspan

Group

plc

7,451

627,327

Food

Products

0

.1

%

Kerry

Group

plc,

Class

A

7,822

704,396

Trading

Companies

&

Distributors

0

.1

%

AerCap

Holdings

NV

8,727

1,055,967

4,056,870

ISRAEL

0

.9

%

Aerospace

&

Defense

0

.1

%

Elbit

Systems

Ltd.

1,223

619,663

Banks

0

.4

%

Bank

Hapoalim

BM

57,154

1,162,059

Bank

Leumi

Le-Israel

BM

70,848

1,397,058

Israel

Discount

Bank

Ltd.,

Class

A

55,784

551,629

Mizrahi

Tefahot

Bank

Ltd.

7,676

505,215

3,615,961

Chemicals

0

.0

%

†

ICL

Group

Ltd.

37,571

234,855

Insurance

0

.0

%

†

Phoenix

Financial

Ltd.

10,745

402,540

IT

Services

0

.1

%

Wix.com

Ltd.*

2,834

503,403

Pharmaceuticals

0

.1

%

Teva

Pharmaceutical

Industries

Ltd.,

ADR*

56,205

1,135,341

Common

Stocks

Shares

Value

($)

ISRAEL

Real

Estate

Management

&

Development

0

.0

%

†

Azrieli

Group

Ltd.

2,116

210,301

Semiconductors

&

Semiconductor

Equipment

0

.1

%

Nova

Ltd.*

1,393

443,500

Software

0

.1

%

Check

Point

Software

Technologies

Ltd.*(a)

4,268

883,092

Nice

Ltd.*

3,126

454,485

1,337,577

8,503,141

ITALY

3

.3

%

Aerospace

&

Defense

0

.1

%

Leonardo

SpA

19,342

1,228,677

Automobiles

0

.3

%

Ferrari

NV

6,057

2,932,508

Banks

1

.3

%

Banca

Monte

dei

Paschi

di

Siena

SpA

94,244

836,815

Banco

BPM

SpA

53,852

806,432

BPER

Banca

SpA

69,060

767,361

FinecoBank

Banca

Fineco

SpA

29,600

641,211

Intesa

Sanpaolo

SpA

684,585

4,527,237

UniCredit

SpA

67,108

5,095,086

12,674,142

Beverages

0

.1

%

Coca-Cola

HBC

AG

9,879

466,029

Davide

Campari-Milano

NV(a)

31,663

199,488

665,517

Diversified

Telecommunication

Services

0

.1

%

Infrastrutture

Wireless

Italiane

SpA

Reg.

S(a)(b)

12,999

152,759

Telecom

Italia

SpA*

522,046

273,239

425,998

Electric

Utilities

0

.5

%

Enel

SpA

387,678

3,676,906

Terna

-

Rete

Elettrica

Nazionale(a)

67,976

690,529

4,367,435

Electrical

Equipment

0

.1

%

Prysmian

SpA

13,336

1,332,054

Financial

Services

0

.0

%

†

Banca

Mediolanum

SpA

10,597

212,618

Nexi

SpA

Reg.

S(a)(b)

22,305

126,241

338,859

Gas

Utilities

0

.1

%

Snam

SpA(a)

98,254

590,384

Insurance

0

.3

%

Generali

40,905

1,607,310

Poste

Italiane

SpA

Reg.

S(b)

22,682

537,944

Unipol

Assicurazioni

SpA

17,795

382,257

2,527,511

Oil,

Gas

&

Consumable

Fuels

0

.2

%

Eni

SpA(a)

97,273

1,698,557

Passenger

Airlines

0

.1

%

Ryanair

Holdings

plc

40,280

1,178,379

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

93

Common

Stocks

Shares

Value

($)

ITALY

Pharmaceuticals

0

.0

%

†

Recordati

Industria

Chimica

e

Farmaceutica

SpA

5,365

325,878

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Moncler

SpA

10,731

629,529

30,915,428

JAPAN

21

.8

%

Air

Freight

&

Logistics

0

.0

%

†

SG

Holdings

Co.

Ltd.(a)

16,300

168,267

Automobile

Components

0

.4

%

Aisin

Corp.

23,500

405,954

Bridgestone

Corp.

26,700

1,234,587

Denso

Corp.

83,400

1,201,010

Sumitomo

Electric

Industries

Ltd.

34,500

980,175

3,821,726

Automobiles

1

.4

%

Honda

Motor

Co.

Ltd.(a)

188,300

1,934,501

Isuzu

Motors

Ltd.(a)

25,400

320,586

Nissan

Motor

Co.

Ltd.*

100,500

246,529

Subaru

Corp.

29,000

594,339

Suzuki

Motor

Corp.

74,100

1,080,136

Toyota

Motor

Corp.

452,670

8,663,041

Yamaha

Motor

Co.

Ltd.(a)

41,700

313,365

13,152,497

Banks

2

.2

%

Chiba

Bank

Ltd.

(The)(a)

25,700

269,497

Japan

Post

Bank

Co.

Ltd.

84,600

1,036,733

Mitsubishi

UFJ

Financial

Group,

Inc.

544,767

8,629,857

Mizuho

Financial

Group,

Inc.

119,551

4,001,365

Resona

Holdings,

Inc.(a)

99,100

1,008,835

Sumitomo

Mitsui

Financial

Group,

Inc.

175,259

4,906,103

Sumitomo

Mitsui

Trust

Group,

Inc.

30,980

898,888

Yokohama

Financial

Group,

Inc.

47,100

361,299

21,112,577

Beverages

0

.2

%

Asahi

Group

Holdings

Ltd.

68,500

821,883

Kirin

Holdings

Co.

Ltd.

37,800

554,266

Suntory

Beverage

&

Food

Ltd.

6,100

190,834

1,566,983

Broadline

Retail

0

.2

%

Pan

Pacific

International

Holdings

Corp.

93,000

613,486

Rakuten

Group,

Inc.*

74,600

483,399

Ryohin

Keikaku

Co.

Ltd.

24,000

477,870

1,574,755

Building

Products

0

.2

%

AGC,

Inc.

8,800

287,198

Daikin

Industries

Ltd.

12,700

1,461,160

1,748,358

Capital

Markets

0

.3

%

Daiwa

Securities

Group,

Inc.

66,500

539,623

Japan

Exchange

Group,

Inc.

48,500

547,999

Nomura

Holdings,

Inc.

142,700

1,044,946

Common

Stocks

Shares

Value

($)

JAPAN

Capital

Markets

SBI

Holdings,

Inc.

13,590

590,014

2,722,582

Chemicals

0

.6

%

Asahi

Kasei

Corp.

56,500

444,245

Mitsubishi

Chemical

Group

Corp.

61,100

352,257

Nippon

Paint

Holdings

Co.

Ltd.(a)

47,200

322,685

Nippon

Sanso

Holdings

Corp.

7,800

276,393

Nitto

Denko

Corp.(a)

34,100

808,291

Shin-Etsu

Chemical

Co.

Ltd.

80,200

2,624,356

Toray

Industries,

Inc.

69,200

441,513

5,269,740

Commercial

Services

&

Supplies

0

.1

%

Dai

Nippon

Printing

Co.

Ltd.

17,500

297,202

Secom

Co.

Ltd.

20,100

736,928

TOPPAN

Holdings,

Inc.

10,800

277,641

1,311,771

Construction

&

Engineering

0

.2

%

Kajima

Corp.(a)

19,700

574,144

Obayashi

Corp.

29,300

480,771

Taisei

Corp.(a)

7,400

508,241

1,563,156

Consumer

Staples

Distribution

&

Retail

0

.3

%

Aeon

Co.

Ltd.

107,400

1,304,087

Kobe

Bussan

Co.

Ltd.

7,700

211,790

MatsukiyoCocokara

&

Co.

15,000

304,562

Seven

&

i

Holdings

Co.

Ltd.

105,000

1,412,175

3,232,614

Diversified

Telecommunication

Services

0

.2

%

NTT,

Inc.

1,432,300

1,497,736

Electric

Utilities

0

.1

%

Chubu

Electric

Power

Co.,

Inc.

32,600

453,997

Kansai

Electric

Power

Co.,

Inc.

(The)

45,100

645,989

1,099,986

Electrical

Equipment

0

.5

%

Fuji

Electric

Co.

Ltd.(a)

6,800

464,801

Fujikura

Ltd.

12,200

1,186,118

Mitsubishi

Electric

Corp.

90,600

2,358,630

Nidec

Corp.

39,800

706,876

4,716,425

Electronic

Equipment,

Instruments

&

Components

0

.8

%

Keyence

Corp.

9,344

3,479,066

Kyocera

Corp.

61,500

835,573

Murata

Manufacturing

Co.

Ltd.

79,200

1,503,010

Shimadzu

Corp.

12,000

302,612

TDK

Corp.

91,500

1,323,647

Yokogawa

Electric

Corp.

10,300

295,634

7,739,542

Entertainment

0

.7

%

Capcom

Co.

Ltd.(a)

17,400

473,640

Konami

Group

Corp.(a)

4,800

692,611

Nexon

Co.

Ltd.

15,200

334,146

Nintendo

Co.

Ltd.

53,000

4,540,316

Toho

Co.

Ltd.(a)

5,000

321,751

6,362,464

94

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Financial

Services

0

.2

%

Mitsubishi

HC

Capital,

Inc.

39,700

327,882

ORIX

Corp.

55,800

1,457,130

1,785,012

Food

Products

0

.2

%

Ajinomoto

Co.,

Inc.

43,600

1,250,791

Kikkoman

Corp.(a)

30,600

259,399

MEIJI

Holdings

Co.

Ltd.(a)

10,560

218,953

Nissin

Foods

Holdings

Co.

Ltd.(a)

9,000

169,552

Yakult

Honsha

Co.

Ltd.(a)

11,500

187,487

2,086,182

Gas

Utilities

0

.1

%

Osaka

Gas

Co.

Ltd.(a)

18,100

524,652

Tokyo

Gas

Co.

Ltd.

15,300

544,436

1,069,088

Ground

Transportation

0

.4

%

Central

Japan

Railway

Co.

36,900

1,059,317

East

Japan

Railway

Co.

46,028

1,127,896

Hankyu

Hanshin

Holdings,

Inc.

11,200

330,390

Tokyo

Metro

Co.

Ltd.(a)

13,300

152,526

Tokyu

Corp.

24,000

292,878

West

Japan

Railway

Co.(a)

21,800

477,897

3,440,904

Health

Care

Equipment

&

Supplies

0

.4

%

Hoya

Corp.

16,500

2,279,316

Olympus

Corp.

53,100

672,760

Sysmex

Corp.

25,200

312,496

Terumo

Corp.

62,800

1,036,438

4,301,010

Health

Care

Technology

0

.0

%

†

M3,

Inc.(a)

19,900

327,179

Hotels,

Restaurants

&

Leisure

0

.2

%

Oriental

Land

Co.

Ltd.(a)

51,000

1,225,852

Zensho

Holdings

Co.

Ltd.

4,300

281,491

1,507,343

Household

Durables

1

.1

%

Panasonic

Holdings

Corp.

112,700

1,224,090

Sekisui

House

Ltd.

28,700

652,319

Sony

Group

Corp.

293,800

8,430,653

10,307,062

Household

Products

0

.0

%

†

Unicharm

Corp.(a)

54,900

357,961

Industrial

Conglomerates

0

.7

%

Hikari

Tsushin,

Inc.

900

250,925

Hitachi

Ltd.

218,000

5,724,681

Sekisui

Chemical

Co.

Ltd.

19,100

355,166

6,330,772

Insurance

1

.0

%

Dai-ichi

Life

Holdings,

Inc.

168,700

1,327,139

Japan

Post

Holdings

Co.

Ltd.

84,500

838,901

Japan

Post

Insurance

Co.

Ltd.

10,000

283,122

MS&AD

Insurance

Group

Holdings,

Inc.

60,023

1,361,723

Sompo

Holdings,

Inc.

41,550

1,283,260

Sony

Financial

Group,

Inc.*

293,800

325,815

T&D

Holdings,

Inc.(a)

22,400

547,441

Tokio

Marine

Holdings,

Inc.

87,600

3,705,969

9,673,370

Common

Stocks

Shares

Value

($)

JAPAN

Interactive

Media

&

Services

0

.0

%

†

LY

Corp.

129,000

416,007

IT

Services

0

.6

%

Fujitsu

Ltd.

82,700

1,944,471

NEC

Corp.

61,600

1,969,296

Nomura

Research

Institute

Ltd.

18,215

698,649

Obic

Co.

Ltd.

15,900

555,050

Otsuka

Corp.

10,300

215,159

SCSK

Corp.(a)

7,700

230,770

TIS,

Inc.

9,600

316,707

5,930,102

Leisure

Products

0

.1

%

Bandai

Namco

Holdings,

Inc.

28,000

930,722

Shimano,

Inc.

3,400

386,315

1,317,037

Machinery

1

.2

%

Daifuku

Co.

Ltd.(a)

14,600

467,022

FANUC

Corp.

45,600

1,299,370

IHI

Corp.(a)

49,000

911,387

Kawasaki

Heavy

Industries

Ltd.(a)

7,200

473,877

Komatsu

Ltd.

45,400

1,579,757

Kubota

Corp.

45,600

572,962

Makita

Corp.

10,700

346,944

MINEBEA

MITSUMI,

Inc.(a)

18,000

338,460

Mitsubishi

Heavy

Industries

Ltd.

152,600

3,987,440

SMC

Corp.

2,800

856,824

Toyota

Industries

Corp.

7,800

877,804

11,711,847

Marine

Transportation

0

.2

%

Kawasaki

Kisen

Kaisha

Ltd.

(a)

16,400

233,265

Mitsui

OSK

Lines

Ltd.(a)

16,600

504,759

Nippon

Yusen

KK(a)

20,900

713,071

1,451,095

Metals

&

Mining

0

.2

%

JFE

Holdings,

Inc.(a)

26,000

319,840

Nippon

Steel

Corp.

232,720

957,452

Sumitomo

Metal

Mining

Co.

Ltd.(a)

11,100

358,073

1,635,365

Office

REITs

0

.0

%

†

Nippon

Building

Fund,

Inc.

386

364,211

Oil,

Gas

&

Consumable

Fuels

0

.2

%

ENEOS

Holdings,

Inc.

130,739

830,003

Idemitsu

Kosan

Co.

Ltd.(a)

40,780

280,144

Inpex

Corp.

42,900

771,596

1,881,743

Passenger

Airlines

0

.0

%

†

ANA

Holdings,

Inc.

7,700

149,021

Japan

Airlines

Co.

Ltd.

6,286

126,959

275,980

Personal

Care

Products

0

.1

%

Kao

Corp.

22,000

958,838

Shiseido

Co.

Ltd.(a)

18,000

307,909

1,266,747

Pharmaceuticals

0

.9

%

Astellas

Pharma,

Inc.(a)

85,800

935,746

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

95

Common

Stocks

Shares

Value

($)

JAPAN

Pharmaceuticals

Chugai

Pharmaceutical

Co.

Ltd.

32,000

1,415,528

Daiichi

Sankyo

Co.

Ltd.

80,900

1,810,732

Eisai

Co.

Ltd.(a)

12,800

430,060

Kyowa

Kirin

Co.

Ltd.

12,500

194,307

Otsuka

Holdings

Co.

Ltd.

21,100

1,127,246

Shionogi

&

Co.

Ltd.

36,800

650,847

Takeda

Pharmaceutical

Co.

Ltd.

76,149

2,223,075

8,787,541

Professional

Services

0

.4

%

Recruit

Holdings

Co.

Ltd.

64,100

3,439,228

Real

Estate

Management

&

Development

0

.5

%

Daito

Trust

Construction

Co.

Ltd.(a)

14,500

318,037

Daiwa

House

Industry

Co.

Ltd.

26,800

963,437

Hulic

Co.

Ltd.(a)

20,200

221,392

Mitsubishi

Estate

Co.

Ltd.(a)

51,300

1,181,368

Mitsui

Fudosan

Co.

Ltd.

125,200

1,367,710

Sumitomo

Realty

&

Development

Co.

Ltd.

14,000

617,634

4,669,578

Semiconductors

&

Semiconductor

Equipment

1

.1

%

Advantest

Corp.(a)

36,700

3,669,280

Disco

Corp.

4,400

1,382,205

Lasertec

Corp.(a)

4,000

552,671

Renesas

Electronics

Corp.

82,000

942,077

SCREEN

Holdings

Co.

Ltd.

(a)

3,700

335,012

Tokyo

Electron

Ltd.

21,200

3,822,360

10,703,605

Software

0

.0

%

†

Oracle

Corp.

Japan

1,700

173,708

Trend

Micro,

Inc.

5,800

316,818

490,526

Specialty

Retail

0

.4

%

Fast

Retailing

Co.

Ltd.

9,200

2,793,743

Nitori

Holdings

Co.

Ltd.(a)

20,000

385,533

Sanrio

Co.

Ltd.(a)

8,500

398,074

ZOZO,

Inc.(a)

20,700

190,154

3,767,504

Technology

Hardware,

Storage

&

Peripherals

0

.3

%

Canon,

Inc.(a)

41,200

1,206,066

FUJIFILM

Holdings

Corp.

52,500

1,308,223

2,514,289

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

Asics

Corp.

33,300

869,479

Tobacco

0

.2

%

Japan

Tobacco,

Inc.

57,300

1,883,309

Trading

Companies

&

Distributors

1

.5

%

ITOCHU

Corp.

57,000

3,277,830

Marubeni

Corp.

66,800

1,666,847

Mitsubishi

Corp.

153,000

3,647,189

Mitsui

&

Co.

Ltd.

117,000

2,905,367

MonotaRO

Co.

Ltd.

11,300

164,108

Sumitomo

Corp.

52,600

1,522,238

Toyota

Tsusho

Corp.

33,000

912,860

14,096,439

Common

Stocks

Shares

Value

($)

JAPAN

Wireless

Telecommunication

Services

1

.1

%

KDDI

Corp.

149,900

2,401,927

SoftBank

Corp.

1,346,100

1,979,880

SoftBank

Group

Corp.

45,600

5,791,661

10,173,468

207,492,162

LUXEMBOURG

0

.1

%

Capital

Markets

0

.0

%

†

CVC

Capital

Partners

plc

Reg.

S(b)

9,587

166,988

Life

Sciences

Tools

&

Services

0

.0

%

†

Eurofins

Scientific

SE

5,611

408,489

Metals

&

Mining

0

.1

%

ArcelorMittal

SA

22,503

813,203

1,388,680

MACAU

0

.1

%

Hotels,

Restaurants

&

Leisure

0

.1

%

Galaxy

Entertainment

Group

Ltd.

108,000

595,870

Sands

China

Ltd.

119,900

334,946

930,816

MEXICO

0

.0

%

†

Metals

&

Mining

0

.0

%

†

Fresnillo

plc

10,513

333,757

NETHERLANDS

4

.4

%

Banks

0

.5

%

ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

27,732

888,098

ING

Groep

NV

145,524

3,792,504

4,680,602

Beverages

0

.2

%

Heineken

Holding

NV

6,525

448,412

Heineken

NV

13,649

1,065,998

1,514,410

Biotechnology

0

.2

%

Argenx

SE*

2,910

2,137,632

Capital

Markets

0

.1

%

Euronext

NV

Reg.

S(b)

3,818

570,639

Chemicals

0

.1

%

Akzo

Nobel

NV

8,334

593,638

Consumer

Staples

Distribution

&

Retail

0

.2

%

Koninklijke

Ahold

Delhaize

NV

43,522

1,760,730

Diversified

Telecommunication

Services

0

.1

%

Koninklijke

KPN

NV

187,293

899,284

Entertainment

0

.2

%

Universal

Music

Group

NV(a)

52,147

1,513,519

Financial

Services

0

.2

%

Adyen

NV

Reg.

S*(b)

1,197

1,921,004

EXOR

NV

4,404

432,406

2,353,410

Food

Products

0

.0

%

†

JDE

Peet's

NV

7,821

286,441

Health

Care

Equipment

&

Supplies

0

.1

%

Koninklijke

Philips

NV

36,771

1,006,626

96

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

NETHERLANDS

Insurance

0

.2

%

Aegon

Ltd.

60,889

491,636

ASR

Nederland

NV

7,697

523,826

NN

Group

NV

12,300

868,419

1,883,881

Professional

Services

0

.2

%

Randstad

NV(a)

4,894

209,629

Wolters

Kluwer

NV

11,539

1,575,161

1,784,790

Semiconductors

&

Semiconductor

Equipment

2

.1

%

ASM

International

NV

2,201

1,323,047

ASML

Holding

NV

18,823

18,351,706

BE

Semiconductor

Industries

NV

3,485

522,679

20,197,432

Trading

Companies

&

Distributors

0

.0

%

†

IMCD

NV(a)

2,831

292,675

41,475,709

NEW

ZEALAND

0

.3

%

Electric

Utilities

0

.0

%

†

Contact

Energy

Ltd.

41,765

219,987

Financial

Services

0

.0

%

†

Infratil

Ltd.

47,838

341,994

Health

Care

Equipment

&

Supplies

0

.1

%

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

28,359

608,766

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Meridian

Energy

Ltd.

58,778

189,884

Software

0

.1

%

Xero

Ltd.*

7,744

809,406

Transportation

Infrastructure

0

.1

%

Auckland

International

Airport

Ltd.

75,837

346,514

2,516,551

NORWAY

0

.6

%

Aerospace

&

Defense

0

.1

%

Kongsberg

Gruppen

ASA

21,123

674,864

Banks

0

.1

%

DNB

Bank

ASA

42,121

1,150,273

Diversified

Telecommunication

Services

0

.1

%

Telenor

ASA

27,768

460,794

Food

Products

0

.1

%

Mowi

ASA

23,225

492,402

Orkla

ASA

31,612

330,783

Salmar

ASA

3,470

185,769

1,008,954

Insurance

0

.0

%

†

Gjensidige

Forsikring

ASA

10,155

298,442

Metals

&

Mining

0

.1

%

Norsk

Hydro

ASA

69,709

472,395

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Aker

BP

ASA

14,251

362,613

Equinor

ASA

36,478

892,250

1,254,863

5,320,585

Common

Stocks

Shares

Value

($)

POLAND

0

.0

%

†

Air

Freight

&

Logistics

0

.0

%

†

InPost

SA*

10,657

130,869

PORTUGAL

0

.2

%

Banks

0

.0

%

†

Banco

Comercial

Portugues

SA,

Class

R

395,326

350,677

Consumer

Staples

Distribution

&

Retail

0

.0

%

†

Jeronimo

Martins

SGPS

SA

12,770

311,089

Electric

Utilities

0

.1

%

EDP

SA

143,646

682,298

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Galp

Energia

SGPS

SA

20,958

397,393

1,741,457

SINGAPORE

1

.8

%

Aerospace

&

Defense

0

.1

%

Singapore

Technologies

Engineering

Ltd.

77,800

520,034

Banks

0

.8

%

DBS

Group

Holdings

Ltd.

100,600

3,984,255

Oversea-Chinese

Banking

Corp.

Ltd.

159,900

2,039,144

United

Overseas

Bank

Ltd.

59,100

1,585,472

7,608,871

Broadline

Retail

0

.3

%

Sea

Ltd.,

ADR*

18,370

3,283,270

Capital

Markets

0

.1

%

Singapore

Exchange

Ltd.

38,400

492,625

Diversified

REITs

0

.1

%

CapitaLand

Integrated

Commercial

Trust

268,486

476,667

Diversified

Telecommunication

Services

0

.1

%

Singapore

Telecommunications

Ltd.

350,650

1,121,795

Ground

Transportation

0

.1

%

Grab

Holdings

Ltd.,

Class

A*

114,318

688,194

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Genting

Singapore

Ltd.

322,496

183,657

Industrial

Conglomerates

0

.1

%

Keppel

Ltd.

72,600

501,993

Industrial

REITs

0

.0

%

†

CapitaLand

Ascendas

REIT

189,607

411,073

Multi-Utilities

0

.0

%

†

Sembcorp

Industries

Ltd.

47,300

221,263

Passenger

Airlines

0

.0

%

†

Singapore

Airlines

Ltd.

74,914

379,604

Real

Estate

Management

&

Development

0

.0

%

†

CapitaLand

Investment

Ltd.

105,597

220,560

Semiconductors

&

Semiconductor

Equipment

0

.1

%

STMicroelectronics

NV

32,440

916,992

17,026,598

SOUTH

AFRICA

0

.2

%

Metals

&

Mining

0

.2

%

Anglo

American

plc

52,949

1,993,526

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

97

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

0

.0

%

†

Hotels,

Restaurants

&

Leisure

0

.0

%

†

Delivery

Hero

SE

Reg.

S*(b)

9,502

272,981

SPAIN

3

.4

%

Banks

1

.7

%

Banco

Bilbao

Vizcaya

Argentaria

SA

276,259

5,314,808

Banco

de

Sabadell

SA(a)

239,807

931,613

Banco

Santander

SA

712,473

7,446,259

Bankinter

SA(a)

31,947

503,929

CaixaBank

SA(a)

186,210

1,960,565

16,157,174

Biotechnology

0

.0

%

†

Grifols

SA(a)

13,372

194,683

Construction

&

Engineering

0

.1

%

ACS

Actividades

de

Construccion

y

Servicios

SA

8,269

661,388

Diversified

Telecommunication

Services

0

.2

%

Cellnex

Telecom

SA

Reg.

S(b)

23,435

812,551

Telefonica

SA(a)

174,657

902,716

1,715,267

Electric

Utilities

0

.7

%

Acciona

SA(a)

1,238

249,677

Endesa

SA

15,721

502,348

Iberdrola

SA

302,207

5,726,295

Redeia

Corp.

SA

18,192

351,527

6,829,847

Hotels,

Restaurants

&

Leisure

0

.2

%

Amadeus

IT

Group

SA

21,484

1,700,389

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

EDP

Renovaveis

SA(a)

15,735

207,832

Oil,

Gas

&

Consumable

Fuels

0

.1

%

Repsol

SA

56,037

994,556

Specialty

Retail

0

.3

%

Industria

de

Diseno

Textil

SA

51,630

2,852,359

Transportation

Infrastructure

0

.1

%

Aena

SME

SA

Reg.

S(b)

35,636

976,387

32,289,882

SWEDEN

3

.0

%

Aerospace

&

Defense

0

.1

%

Saab

AB,

Class

B(a)

15,312

932,712

Banks

0

.4

%

Skandinaviska

Enskilda

Banken

AB,

Class

A

71,997

1,408,534

Svenska

Handelsbanken

AB,

Class

A(a)

68,947

901,138

Swedbank

AB,

Class

A

41,490

1,254,723

3,564,395

Biotechnology

0

.0

%

†

Swedish

Orphan

Biovitrum

AB*

8,830

270,042

Building

Products

0

.2

%

Assa

Abloy

AB,

Class

B

48,596

1,705,097

Common

Stocks

Shares

Value

($)

SWEDEN

Building

Products

Nibe

Industrier

AB,

Class

B(a)

68,296

270,967

1,976,064

Capital

Markets

0

.1

%

EQT

AB

18,038

630,158

Commercial

Services

&

Supplies

0

.0

%

†

Securitas

AB,

Class

B

22,178

334,080

Communications

Equipment

0

.1

%

Telefonaktiebolaget

LM

Ericsson,

Class

B

135,027

1,120,047

Construction

&

Engineering

0

.0

%

†

Skanska

AB,

Class

B

17,106

445,736

Diversified

Telecommunication

Services

0

.0

%

†

Telia

Co.

AB

106,684

407,327

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Hexagon

AB,

Class

B(a)

97,048

1,164,141

Financial

Services

0

.3

%

Industrivarden

AB,

Class

A

5,481

218,407

Industrivarden

AB,

Class

C(a)

7,238

288,333

Investor

AB,

Class

B

81,949

2,574,183

L

E

Lundbergforetagen

AB,

Class

B

3,933

204,954

3,285,877

Hotels,

Restaurants

&

Leisure

0

.1

%

Evolution

AB

Reg.

S(b)

7,000

574,523

Household

Products

0

.1

%

Essity

AB,

Class

B

27,981

731,795

Industrial

Conglomerates

0

.1

%

Investment

AB

Latour,

Class

B

6,530

155,481

Lifco

AB,

Class

B

11,616

394,928

550,409

Machinery

1

.0

%

Alfa

Laval

AB

13,956

640,200

Atlas

Copco

AB,

Class

A

127,764

2,175,586

Atlas

Copco

AB,

Class

B

76,110

1,148,425

Epiroc

AB,

Class

A(a)

31,561

666,510

Epiroc

AB,

Class

B

17,586

332,823

Indutrade

AB

12,322

283,709

Sandvik

AB

50,787

1,422,241

SKF

AB,

Class

B

17,225

429,826

Trelleborg

AB,

Class

B(a)

9,411

352,778

Volvo

AB,

Class

B

75,447

2,175,788

9,627,886

Metals

&

Mining

0

.1

%

Boliden

AB*

13,652

557,183

Paper

&

Forest

Products

0

.1

%

Holmen

AB,

Class

B(a)

3,882

147,428

Svenska

Cellulosa

AB

SCA,

Class

B

30,612

405,578

553,006

Real

Estate

Management

&

Development

0

.0

%

†

Fastighets

AB

Balder,

Class

B*

35,313

253,683

Sagax

AB,

Class

B(a)

9,910

207,260

460,943

98

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

SWEDEN

Specialty

Retail

0

.1

%

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

28,800

537,122

Trading

Companies

&

Distributors

0

.1

%

AddTech

AB,

Class

B

12,932

422,738

Beijer

Ref

AB,

Class

B

17,357

270,510

693,248

Wireless

Telecommunication

Services

0

.0

%

†

Tele2

AB,

Class

B

27,368

466,889

28,883,583

SWITZERLAND

4

.8

%

Banks

0

.0

%

†

Banque

Cantonale

Vaudoise

(Registered)

1,358

160,729

Building

Products

0

.2

%

Belimo

Holding

AG

(Registered)

468

492,747

Geberit

AG

(Registered)(a)

1,642

1,241,012

1,733,759

Capital

Markets

0

.9

%

Julius

Baer

Group

Ltd.(a)

9,883

687,392

Partners

Group

Holding

AG(a)

1,079

1,409,727

UBS

Group

AG

(Registered)

152,074

6,251,549

8,348,668

Chemicals

0

.5

%

DSM-Firmenich

AG

8,769

749,811

EMS-Chemie

Holding

AG

(Registered)(a)

316

224,319

Givaudan

SA

(Registered)

445

1,813,975

Sika

AG

(Registered)

7,398

1,657,947

4,446,052

Containers

&

Packaging

0

.0

%

†

SIG

Group

AG(a)

13,791

142,972

Diversified

Telecommunication

Services

0

.1

%

Swisscom

AG

(Registered)

(a)

1,239

899,471

Electric

Utilities

0

.0

%

†

BKW

AG

1,062

226,707

Electrical

Equipment

0

.6

%

ABB

Ltd.

(Registered)

74,971

5,403,439

Food

Products

0

.2

%

Barry

Callebaut

AG

(Registered)(a)

161

221,174

Chocoladefabriken

Lindt

&

Spruengli

AG

44

674,446

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

5

753,301

1,648,921

Health

Care

Equipment

&

Supplies

0

.1

%

Sonova

Holding

AG

(Registered)

2,466

675,692

Straumann

Holding

AG

(Registered)(a)

5,326

570,801

1,246,493

Insurance

0

.8

%

Baloise

Holding

AG

(Registered)

1,962

485,478

Common

Stocks

Shares

Value

($)

SWITZERLAND

Insurance

Helvetia

Holding

AG

(Registered)(a)

1,858

455,543

Swiss

Life

Holding

AG

(Registered)(a)

1,341

1,445,428

Zurich

Insurance

Group

AG(a)

6,954

4,963,577

7,350,026

Life

Sciences

Tools

&

Services

0

.2

%

Lonza

Group

AG

(Registered)

3,352

2,249,652

Machinery

0

.2

%

Schindler

Holding

AG(a)

1,955

743,240

Schindler

Holding

AG

(Registered)

1,183

427,706

VAT

Group

AG

Reg.

S(a)(b)

1,334

530,841

1,701,787

Marine

Transportation

0

.0

%

†

Kuehne

+

Nagel

International

AG

(Registered)(a)

2,392

447,561

Pharmaceuticals

0

.2

%

Galderma

Group

AG

6,129

1,070,126

Sandoz

Group

AG

20,196

1,201,007

2,271,133

Professional

Services

0

.1

%

SGS

SA

(Registered)

7,641

794,782

Real

Estate

Management

&

Development

0

.1

%

Swiss

Prime

Site

AG

(Registered)

3,811

533,377

Specialty

Retail

0

.0

%

†

Avolta

AG

3,999

217,521

Technology

Hardware,

Storage

&

Peripherals

0

.1

%

Logitech

International

SA

(Registered)

7,244

797,830

Textiles,

Apparel

&

Luxury

Goods

0

.5

%

Cie

Financiere

Richemont

SA

(Registered)

25,732

4,937,428

Swatch

Group

AG

(The)(a)

1,305

245,679

5,183,107

45,803,987

UNITED

ARAB

EMIRATES

0

.0

%

†

Health

Care

Providers

&

Services

0

.0

%

†

NMC

Health

plc*^∞

11,719

0

UNITED

KINGDOM

11

.1

%

Aerospace

&

Defense

1

.1

%

BAE

Systems

plc

143,611

3,979,439

Melrose

Industries

plc

58,155

479,155

Rolls-Royce

Holdings

plc

403,842

6,465,430

10,924,024

Banks

2

.4

%

Barclays

plc

674,763

3,460,050

HSBC

Holdings

plc

833,686

11,767,282

Lloyds

Banking

Group

plc

2,879,938

3,244,105

NatWest

Group

plc

388,947

2,730,053

Standard

Chartered

plc

93,969

1,821,074

23,022,564

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

99

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Beverages

0

.4

%

Coca-Cola

Europacific

Partners

plc(a)

10,925

987,729

Diageo

plc

106,498

2,535,273

3,523,002

Broadline

Retail

0

.1

%

Next

plc

5,403

900,010

Capital

Markets

0

.6

%

3i

Group

plc

46,915

2,586,731

London

Stock

Exchange

Group

plc

22,789

2,616,909

Schroders

plc

33,124

167,794

5,371,434

Commercial

Services

&

Supplies

0

.1

%

Rentokil

Initial

plc

122,937

621,230

Consumer

Staples

Distribution

&

Retail

0

.3

%

J

Sainsbury

plc

79,727

358,838

Marks

&

Spencer

Group

plc

101,482

498,239

Tesco

plc

309,484

1,855,126

2,712,203

Diversified

Consumer

Services

0

.0

%

†

Pearson

plc

29,691

421,981

Diversified

REITs

0

.0

%

†

Land

Securities

Group

plc

31,913

250,539

Diversified

Telecommunication

Services

0

.1

%

BT

Group

plc

283,106

728,755

Electric

Utilities

0

.1

%

SSE

plc

52,279

1,225,153

Electronic

Equipment,

Instruments

&

Components

0

.1

%

Halma

plc

18,253

847,225

Financial

Services

0

.1

%

M&G

plc

113,173

386,984

Wise

plc,

Class

A*

33,374

466,032

853,016

Food

Products

0

.0

%

†

Associated

British

Foods

plc

15,055

415,244

Health

Care

Equipment

&

Supplies

0

.1

%

Smith

&

Nephew

plc

39,430

710,448

Hotels,

Restaurants

&

Leisure

0

.5

%

Compass

Group

plc

81,588

2,779,667

Entain

plc

30,699

359,876

InterContinental

Hotels

Group

plc

7,027

851,670

Whitbread

plc

8,075

351,541

4,342,754

Household

Durables

0

.0

%

†

Barratt

Redrow

plc

62,158

326,461

Household

Products

0

.3

%

Reckitt

Benckiser

Group

plc

32,368

2,499,805

Industrial

Conglomerates

0

.2

%

CK

Hutchison

Holdings

Ltd.

128,516

848,157

DCC

plc(a)

4,459

287,727

Smiths

Group

plc

15,538

495,668

1,631,552

Industrial

REITs

0

.1

%

Segro

plc

63,150

558,792

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Insurance

0

.3

%

Admiral

Group

plc

12,703

574,333

Aviva

plc

142,907

1,323,335

Legal

&

General

Group

plc

266,591

856,819

Phoenix

Group

Holdings

plc

36,333

315,331

3,069,818

Interactive

Media

&

Services

0

.0

%

†

Auto

Trader

Group

plc

Reg.

S(b)

40,354

428,172

Machinery

0

.0

%

†

Spirax

Group

plc

3,320

306,273

Media

0

.1

%

Informa

plc

63,783

788,235

WPP

plc(a)

53,660

268,140

1,056,375

Multi-Utilities

0

.4

%

Centrica

plc

232,536

520,962

National

Grid

plc

234,690

3,383,433

3,904,395

Passenger

Airlines

0

.0

%

†

International

Consolidated

Airlines

Group

SA

58,898

308,914

Personal

Care

Products

0

.7

%

Unilever

plc

116,599

6,892,419

Pharmaceuticals

1

.2

%

AstraZeneca

plc

74,115

11,321,315

Hikma

Pharmaceuticals

plc

7,505

172,755

11,494,070

Professional

Services

0

.5

%

Intertek

Group

plc

7,902

505,139

RELX

plc

87,542

4,181,200

4,686,339

Software

0

.1

%

Sage

Group

plc

(The)

45,663

677,984

Specialty

Retail

0

.1

%

JD

Sports

Fashion

plc

130,275

167,122

Kingfisher

plc

81,232

339,236

506,358

Tobacco

0

.7

%

British

American

Tobacco

plc

99,137

5,260,826

Imperial

Brands

plc

37,323

1,585,470

6,846,296

Trading

Companies

&

Distributors

0

.2

%

Ashtead

Group

plc

20,364

1,368,468

Bunzl

plc

15,150

478,278

1,846,746

Water

Utilities

0

.1

%

Severn

Trent

plc

13,483

469,882

United

Utilities

Group

plc

33,790

520,919

990,801

Wireless

Telecommunication

Services

0

.1

%

Vodafone

Group

plc

943,010

1,093,511

105,994,663

UNITED

STATES

9

.5

%

Automobiles

0

.1

%

Stellantis

NV

96,705

895,120

Biotechnology

0

.3

%

CSL

Ltd.

23,046

3,027,609

100

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Construction

&

Engineering

0

.2

%

Ferrovial

SE

25,010

1,439,548

Construction

Materials

0

.4

%

Amrize

Ltd.*

24,200

1,172,745

Holcim

AG

24,249

2,063,764

James

Hardie

Industries

plc

CHDI*

26,589

494,748

3,731,257

Electrical

Equipment

0

.8

%

Schneider

Electric

SE

26,205

7,397,812

Energy

Equipment

&

Services

0

.0

%

†

Tenaris

SA

18,010

322,357

Entertainment

0

.5

%

Spotify

Technology

SA*

7,292

5,089,816

Food

Products

1

.2

%

Nestle

SA

(Registered)

123,145

11,311,876

Health

Care

Equipment

&

Supplies

0

.2

%

Alcon

AG(a)

23,936

1,792,933

Insurance

0

.3

%

Swiss

Re

AG

14,279

2,646,162

Life

Sciences

Tools

&

Services

0

.0

%

†

QIAGEN

NV

9,837

436,900

Oil,

Gas

&

Consumable

Fuels

1

.5

%

BP

plc

753,628

4,323,147

Shell

plc

281,642

10,027,469

14,350,616

Pharmaceuticals

3

.6

%

GSK

plc

193,936

4,169,691

Haleon

plc

433,636

1,958,710

Novartis

AG

(Registered)

90,867

11,684,636

Roche

Holding

AG

35,022

11,549,422

Sanofi

SA

52,528

4,965,168

34,327,627

Professional

Services

0

.2

%

Experian

plc

44,401

2,236,135

Software

0

.2

%

CyberArk

Software

Ltd.*

2,260

1,091,919

Monday.com

Ltd.*(a)

1,901

368,205

1,460,124

90,465,892

Total

Common

Stocks

(cost

$431,445,372)

934,562,526

Rights

0

.0

%

†

Number

of

Rights

BELGIUM

0

.0

%

†

Financial

Services

0

.0

%

†

Sofina

SA,

expiring

10/2/2025*(a)

559

1,247

Rights

Number

of

Rights

Value

($)

DENMARK

0

.0

%

†

Independent

Power

and

Renewable

Electricity

Producers

0

.0

%

†

Orsted

A/S,

expiring

10/2/2025*

113,745

113,243

Total

Rights

(cost

$121,424)

114,490

Repurchase

Agreements

3

.7

%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,000,933,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$8,160,000.(c)

8,000,000

8,000,000

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,582,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$5,100,001.(c)

5,000,000

5,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$4,080,000.(c)

4,000,000

4,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,185,485,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$4,268,695.(c)

4,184,995

4,184,995

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

101

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,586,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$5,100,000.(c)

5,000,000

5,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$500,058,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$510,059.(c)

500,000

500,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,349,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$3,060,001.(c)

3,000,000

3,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,233,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,054.(c)

2,000,000

2,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,460,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$4,080,014.(c)

4,000,000

4,000,000

Total

Repurchase

Agreements

(cost

$35,684,995)

35,684,995

Total

Investments

(cost

$467,251,791)

—

101.9%

970,362,011

Liabilities

in

excess

of

other

assets

—

(1.9)%

(

18,297,409

)

NET

ASSETS

—

100.0%

$

952,064,602

102

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$49,951,476,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,684,995

and

by

$18,536,974

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$54,221,969.

(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

September

30,

2025

was

$10,709,195

which

represents

1.12%

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

September

30,

2025

was

$35,684,995.

ADR

American

Depositary

Receipt

CHDI

Clearing

House

Electronic

Subregister

System

(CHESS)

Depository

Interest

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

EURO

STOXX

50

Index

45

12/2025

EUR

2,927,435

39,862

FTSE

100

Index

14

12/2025

GBP

1,771,301

18,260

Nikkei

225

Index

9

12/2025

JPY

1,366,416

5,918

SPI

200

Index

8

12/2025

AUD

1,174,253

(129)

Net

contracts

63,911

Currency:

AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

103

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

104

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

35,987,135

$

–

$

35,987,135

Air

Freight

&

Logistics

–

4,281,958

–

4,281,958

Automobile

Components

–

5,327,106

–

5,327,106

Automobiles

–

22,755,170

–

22,755,170

Banks

–

133,300,367

–

133,300,367

Beverages

987,729

10,546,962

–

11,534,691

Biotechnology

–

6,556,873

–

6,556,873

Broadline

Retail

3,283,270

10,208,484

–

13,491,754

Building

Products

–

8,615,159

–

8,615,159

Capital

Markets

501,383

30,120,340

–

30,621,723

Chemicals

–

21,463,638

–

21,463,638

Commercial

Services

&

Supplies

–

3,353,390

–

3,353,390

Communications

Equipment

–

2,314,642

–

2,314,642

Construction

&

Engineering

–

8,259,043

–

8,259,043

Construction

Materials

–

5,168,932

–

5,168,932

Consumer

Staples

Distribution

&

Retail

–

10,710,318

–

10,710,318

Containers

&

Packaging

–

142,972

–

142,972

Distributors

–

180,181

–

180,181

Diversified

Consumer

Services

–

421,981

–

421,981

Diversified

REITs

–

1,379,314

–

1,379,314

Diversified

Telecommunication

Services

251,985

16,280,547

–

16,532,532

Electric

Utilities

–

17,518,366

–

17,518,366

Electrical

Equipment

–

25,618,311

–

25,618,311

Electronic

Equipment,

Instruments

&

Components

–

9,750,908

–

9,750,908

Energy

Equipment

&

Services

–

322,357

–

322,357

Entertainment

5,089,817

8,331,770

–

13,421,587

Financial

Services

–

10,222,748

–

10,222,748

Food

Products

–

21,025,345

–

21,025,345

Gas

Utilities

–

2,484,511

–

2,484,511

Ground

Transportation

688,194

3,678,333

–

4,366,527

Health

Care

Equipment

&

Supplies

–

16,722,840

–

16,722,840

Health

Care

Providers

&

Services

–

2,422,677

–

2,422,677

Health

Care

Technology

–

903,530

–

903,530

Hotels,

Restaurants

&

Leisure

–

12,014,882

–

12,014,882

Household

Durables

–

10,633,523

–

10,633,523

Household

Products

–

4,598,485

–

4,598,485

Independent

Power

and

Renewable

Electricity

Producers

–

1,907,040

–

1,907,040

Industrial

Conglomerates

–

19,461,620

–

19,461,620

Industrial

REITs

–

3,069,034

–

3,069,034

Insurance

325,815

56,188,818

–

56,514,633

Interactive

Media

&

Services

–

2,134,783

–

2,134,783

IT

Services

503,403

7,084,780

–

7,588,183

Leisure

Products

–

1,317,037

–

1,317,037

Life

Sciences

Tools

&

Services

–

3,674,849

–

3,674,849

Machinery

–

29,175,548

–

29,175,548

Marine

Transportation

–

2,781,756

–

2,781,756

Media

–

2,124,997

–

2,124,997

Metals

&

Mining

–

23,959,222

–

23,959,222

Multi-Utilities

–

9,006,865

–

9,006,865

Office

REITs

–

568,995

–

568,995

Oil,

Gas

&

Consumable

Fuels

–

29,370,758

–

29,370,758

Paper

&

Forest

Products

–

1,822,298

–

1,822,298

Passenger

Airlines

–

2,617,004

–

2,617,004

Personal

Care

Products

–

13,654,656

–

13,654,656

Pharmaceuticals

1,135,341

70,290,235

–

71,425,576

Professional

Services

–

14,194,805

–

14,194,805

Real

Estate

Management

&

Development

–

10,047,916

–

10,047,916

NVIT

International

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

105

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

Level

1

Level

2

Level

3

Total

Assets:

Retail

REITs

$

–

$

2,605,502

$

–

$

2,605,502

Semiconductors

&

Semiconductor

Equipment

–

34,672,284

–

34,672,284

Software

2,343,216

17,817,423

–

20,160,639

Specialty

Retail

–

8,190,962

–

8,190,962

Technology

Hardware,

Storage

&

Peripherals

–

3,312,119

–

3,312,119

Textiles,

Apparel

&

Luxury

Goods

–

21,107,515

–

21,107,515

Tobacco

–

8,729,605

–

8,729,605

Trading

Companies

&

Distributors

1,055,967

17,964,762

–

19,020,729

Transportation

Infrastructure

–

3,195,450

–

3,195,450

Water

Utilities

–

990,801

–

990,801

Wireless

Telecommunication

Services

–

11,733,869

–

11,733,869

Total

Common

Stocks

$

16,166,120

$

918,396,406

$

–

$

934,562,526

Futures

Contracts

64,040

–

–

64,040

Repurchase

Agreements

–

35,684,995

–

35,684,995

Rights

114,490

–

–

114,490

Total

Assets

$

16,344,650

$

954,081,401

$

–

$

970,426,051

Liabilities:

Futures

Contracts

$

(

129

)

$

–

$

–

$

(

129

)

Total

Liabilities

$

(

129

)

$

–

$

–

$

(

129

)

Total

$

16,344,521

$

954,081,401

$

–

$

970,425,922

As

of

September

30,

2025,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

106

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Index

Fund

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

64,040

Total

$

64,040

Liabilities:

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(

129

)

Total

$

(

129

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Mid

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

107

Common

Stocks

98.7%

Shares

Value

($)

Aerospace

&

Defense

3.0%

AeroVironment,

Inc.*

12,944

4,075,936

ATI,

Inc.*(a)

55,976

4,553,088

BWX

Technologies,

Inc.(a)

37,165

6,852,111

Curtiss-Wright

Corp.

15,413

8,368,334

Hexcel

Corp.

32,372

2,029,724

Kratos

Defense

&

Security

Solutions,

Inc.*

66,942

6,116,491

Woodward,

Inc.

24,495

6,190,132

38,185,816

Air

Freight

&

Logistics

0.2%

GXO

Logistics,

Inc.*

47,799

2,528,089

Automobile

Components

0.8%

Autoliv,

Inc.(a)

28,790

3,555,565

Gentex

Corp.(a)

90,086

2,549,434

Goodyear

Tire

&

Rubber

Co.

(The)*

120,609

902,155

Lear

Corp.

21,340

2,147,017

Visteon

Corp.(a)

11,093

1,329,607

10,483,778

Automobiles

0.3%

Harley-Davidson,

Inc.(a)

44,812

1,250,255

Thor

Industries,

Inc.(a)

21,495

2,228,816

3,479,071

Banks

6.5%

Associated

Banc-Corp.

66,940

1,721,027

Bank

OZK

43,094

2,196,932

Cadence

Bank(a)

74,140

2,783,216

Columbia

Banking

System,

Inc.(a)

122,883

3,163,009

Comerica,

Inc.

52,316

3,584,692

Commerce

Bancshares,

Inc.

(a)

49,770

2,974,255

Cullen/Frost

Bankers,

Inc.(a)

26,002

3,296,274

East

West

Bancorp,

Inc.

56,407

6,004,525

First

Financial

Bankshares

,

Inc.(a)

53,636

1,804,851

First

Horizon

Corp.

208,234

4,708,171

Flagstar

Financial,

Inc.

125,248

1,446,614

FNB

Corp.(a)

148,856

2,398,070

Glacier

Bancorp,

Inc.(a)

47,675

2,320,342

Hancock

Whitney

Corp.(a)

34,682

2,171,440

Home

BancShares

,

Inc.

75,683

2,141,829

International

Bancshares

Corp.

22,142

1,522,263

Old

National

Bancorp(a)

133,786

2,936,603

Pinnacle

Financial

Partners,

Inc.

31,109

2,917,713

Prosperity

Bancshares,

Inc.

37,412

2,482,286

SOUTHSTATE

BANK

Corp.

40,230

3,977,540

Synovus

Financial

Corp.

56,267

2,761,584

Texas

Capital

Bancshares,

Inc.*

18,562

1,569,046

UMB

Financial

Corp.(a)

29,081

3,441,736

United

Bankshares

,

Inc.

57,951

2,156,357

Valley

National

Bancorp(a)

195,940

2,076,964

Webster

Financial

Corp.

67,993

4,041,504

Western

Alliance

Bancorp

42,630

3,696,874

Wintrust

Financial

Corp.

27,159

3,596,938

Zions

Bancorp

NA

59,008

3,338,673

83,231,328

Common

Stocks

Shares

Value

($)

Beverages

0.6%

Boston

Beer

Co.,

Inc.

(The),

Class

A*(a)

3,332

704,451

Celsius

Holdings,

Inc.*

65,049

3,739,667

Coca-Cola

Consolidated,

Inc.

24,011

2,813,129

7,257,247

Biotechnology

2.4%

BioMarin

Pharmaceutical,

Inc.*

77,450

4,194,692

Cytokinetics,

Inc.*

48,646

2,673,584

Exelixis

,

Inc.*

109,292

4,513,760

Halozyme

Therapeutics,

Inc.*

47,605

3,491,351

Neurocrine

Biosciences,

Inc.*

40,253

5,650,716

Roivant

Sciences

Ltd.*(a)

177,623

2,687,436

United

Therapeutics

Corp.*

18,345

7,690,407

30,901,946

Broadline

Retail

0.4%

Macy's,

Inc.

110,794

1,986,536

Ollie's

Bargain

Outlet

Holdings,

Inc.*

24,944

3,202,810

5,189,346

Building

Products

2.1%

AAON,

Inc.(a)

27,333

2,553,996

Advanced

Drainage

Systems,

Inc.

28,912

4,010,094

Carlisle

Cos.,

Inc.

17,317

5,696,600

Fortune

Brands

Innovations,

Inc.

48,133

2,569,821

Owens

Corning

33,917

4,797,899

Simpson

Manufacturing

Co.,

Inc.

16,919

2,833,256

Trex

Co.,

Inc.*(a)

43,288

2,236,691

UFP

Industries,

Inc.

24,141

2,256,942

26,955,299

Capital

Markets

3.1%

Affiliated

Managers

Group,

Inc.

11,922

2,842,563

Carlyle

Group,

Inc.

(The)(a)

103,827

6,509,953

Evercore,

Inc.,

Class

A(a)

15,335

5,172,802

Federated

Hermes,

Inc.,

Class

B

31,221

1,621,307

Hamilton

Lane,

Inc.,

Class

A

17,110

2,306,257

Houlihan

Lokey,

Inc.,

Class

A(a)

22,367

4,592,392

Janus

Henderson

Group

plc

52,220

2,324,312

Jefferies

Financial

Group,

Inc.

67,172

4,394,392

Morningstar,

Inc.

10,176

2,360,934

SEI

Investments

Co.

39,059

3,314,156

Stifel

Financial

Corp.

42,428

4,814,305

40,253,373

Chemicals

1.4%

Ashland,

Inc.

18,212

872,537

Avient

Corp.

37,718

1,242,808

Axalta

Coating

Systems

Ltd.*

88,450

2,531,439

Cabot

Corp.

21,554

1,639,182

NewMarket

Corp.(a)

3,108

2,574,077

Olin

Corp.

46,714

1,167,383

RPM

International,

Inc.

52,091

6,140,487

Scotts

Miracle-Gro

Co.

(The)

17,622

1,003,573

Westlake

Corp.

13,742

1,058,958

18,230,444

108

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

1.7%

Brink's

Co.

(The)

17,023

1,989,308

Clean

Harbors,

Inc.*

20,555

4,773,282

MSA

Safety,

Inc.

15,289

2,630,778

RB

Global,

Inc.

75,488

8,179,880

Tetra

Tech,

Inc.

106,927

3,569,223

21,142,471

Communications

Equipment

1.0%

Ciena

Corp.*

57,455

8,369,470

Lumentum

Holdings,

Inc.*(a)

28,413

4,623,079

12,992,549

Construction

&

Engineering

2.7%

AECOM

53,695

7,005,587

API

Group

Corp.*

150,171

5,161,377

Comfort

Systems

USA,

Inc.

14,312

11,809,976

Fluor

Corp.*

65,628

2,760,970

MasTec

,

Inc.*

24,955

5,310,673

Valmont

Industries,

Inc.(a)

8,052

3,122,002

35,170,585

Construction

Materials

0.4%

Eagle

Materials,

Inc.

13,284

3,095,703

Knife

River

Corp.*

23,169

1,781,001

4,876,704

Consumer

Finance

0.7%

Ally

Financial,

Inc.

113,769

4,459,745

FirstCash

Holdings,

Inc.(a)

16,108

2,551,829

SLM

Corp.(a)

86,858

2,404,230

9,415,804

Consumer

Staples

Distribution

&

Retail

2.9%

Albertsons

Cos.,

Inc.,

Class

A

165,082

2,890,586

BJ's

Wholesale

Club

Holdings,

Inc.*(a)

53,955

5,031,304

Casey's

General

Stores,

Inc.

15,145

8,561,771

Maplebear

,

Inc.*(a)

73,317

2,695,133

Performance

Food

Group

Co.*

63,485

6,604,979

Sprouts

Farmers

Market,

Inc.*

39,682

4,317,402

US

Foods

Holding

Corp.*

91,606

7,018,852

37,120,027

Containers

&

Packaging

1.1%

AptarGroup,

Inc.

26,754

3,575,939

Crown

Holdings,

Inc.(a)

46,467

4,488,247

Graphic

Packaging

Holding

Co.(a)

122,189

2,391,239

Greif,

Inc.,

Class

A

11,047

660,169

Silgan

Holdings,

Inc.(a)

33,572

1,443,932

Sonoco

Products

Co.(a)

39,344

1,695,333

14,254,859

Diversified

Consumer

Services

1.3%

Duolingo,

Inc.,

Class

A*(a)

16,125

5,189,670

Graham

Holdings

Co.,

Class

B

1,422

1,674,135

Grand

Canyon

Education,

Inc.*

11,374

2,496,821

H&R

Block,

Inc.(a)

54,171

2,739,427

Service

Corp.

International

56,993

4,742,957

16,843,010

Diversified

REITs

0.5%

WP

Carey,

Inc.

89,121

6,021,906

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

0.4%

Frontier

Communications

Parent,

Inc.*

99,851

3,729,435

Iridium

Communications,

Inc.

(a)

43,414

758,008

4,487,443

Electric

Utilities

1.0%

ALLETE,

Inc.

22,159

1,471,358

IDACORP,

Inc.(a)

22,044

2,913,114

OGE

Energy

Corp.

84,632

3,915,923

Portland

General

Electric

Co.

44,309

1,949,596

TXNM

Energy,

Inc.

37,315

2,110,163

12,360,154

Electrical

Equipment

1.8%

Acuity,

Inc.

12,362

4,257,349

EnerSys

15,186

1,715,411

NEXTracker,

Inc.,

Class

A*

59,692

4,416,611

nVent

Electric

plc

65,557

6,466,542

Regal

Rexnord

Corp.(a)

26,952

3,865,995

Sensata

Technologies

Holding

plc

58,944

1,800,739

22,522,647

Electronic

Equipment,

Instruments

&

Components

3.4%

Arrow

Electronics,

Inc.*

20,799

2,516,679

Avnet,

Inc.(a)

34,171

1,786,460

Belden,

Inc.(a)

15,773

1,897,019

Cognex

Corp.

68,020

3,081,306

Coherent

Corp.*(a)

63,153

6,802,841

Crane

NXT

Co.(a)

20,469

1,372,856

Fabrinet*(a)

14,554

5,306,679

Flex

Ltd.*

152,841

8,860,193

IPG

Photonics

Corp.*

10,639

842,502

Littelfuse

,

Inc.

10,262

2,657,960

Novanta

,

Inc.*

14,531

1,455,280

TD

SYNNEX

Corp.

30,821

5,046,939

Vontier

Corp.

59,809

2,510,184

44,136,898

Energy

Equipment

&

Services

0.9%

NOV,

Inc.(a)

155,998

2,066,973

TechnipFMC

plc(a)

166,516

6,569,056

Valaris

Ltd.*(a)

27,054

1,319,424

Weatherford

International

plc(a)

28,793

1,970,305

11,925,758

Entertainment

0.2%

Warner

Music

Group

Corp.,

Class

A(a)

60,180

2,049,731

Financial

Services

1.6%

Equitable

Holdings,

Inc.

107,684

5,468,194

Essent

Group

Ltd.

39,908

2,536,552

Euronet

Worldwide,

Inc.*

15,859

1,392,579

MGIC

Investment

Corp.

94,242

2,673,646

Shift4

Payments,

Inc.,

Class

A*(a)

27,508

2,129,119

Voya

Financial,

Inc.(a)

39,223

2,933,880

Western

Union

Co.

(The)(a)

133,990

1,070,580

WEX,

Inc.*

13,973

2,201,167

20,405,717

Food

Products

0.8%

Darling

Ingredients,

Inc.*

64,448

1,989,510

NVIT

Mid

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

109

Common

Stocks

Shares

Value

($)

Food

Products

Flowers

Foods,

Inc.

81,830

1,067,881

Ingredion,

Inc.(a)

26,194

3,198,549

Marzetti

Co.

(The)

7,977

1,378,346

Pilgrim's

Pride

Corp.(a)

16,211

660,112

Post

Holdings,

Inc.*(a)

18,802

2,020,839

10,315,237

Gas

Utilities

1.1%

National

Fuel

Gas

Co.

37,182

3,434,501

New

Jersey

Resources

Corp.

42,499

2,046,327

ONE

Gas,

Inc.

24,408

1,975,583

Southwest

Gas

Holdings,

Inc.

25,014

1,959,597

Spire,

Inc.(a)

24,421

1,990,800

UGI

Corp.

88,785

2,952,989

14,359,797

Ground

Transportation

1.4%

Avis

Budget

Group,

Inc.*(a)

6,910

1,109,573

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A(a)

66,258

2,617,854

Landstar

System,

Inc.

13,767

1,687,283

Ryder

System,

Inc.

16,554

3,122,747

Saia,

Inc.*(a)

10,917

3,268,113

XPO,

Inc.*

47,776

6,176,004

17,981,574

Health

Care

Equipment

&

Supplies

1.2%

Dentsply

Sirona,

Inc.

80,801

1,025,365

Envista

Holdings

Corp.*(a)

67,842

1,381,942

Globus

Medical,

Inc.,

Class

A*(a)

46,774

2,678,747

Haemonetics

Corp.*

19,529

951,843

Lantheus

Holdings,

Inc.*(a)

27,599

1,415,553

LivaNova

plc*(a)

22,582

1,182,845

Masimo

Corp.*

18,675

2,755,496

Penumbra,

Inc.*

15,743

3,988,017

15,379,808

Health

Care

Providers

&

Services

2.3%

Chemed

Corp.

5,842

2,615,697

Encompass

Health

Corp.

40,798

5,182,162

Ensign

Group,

Inc.

(The)(a)

23,338

4,032,106

HealthEquity,

Inc.*(a)

35,168

3,332,872

Hims

&

Hers

Health,

Inc.*(a)

83,737

4,749,563

Option

Care

Health,

Inc.*(a)

66,174

1,836,990

Tenet

Healthcare

Corp.*

36,004

7,310,252

29,059,642

Health

Care

REITs

0.7%

Healthcare

Realty

Trust,

Inc.,

Class

A

147,330

2,656,360

Omega

Healthcare

Investors,

Inc.

118,551

5,005,223

Sabra

Health

Care

REIT,

Inc.

(a)

98,596

1,837,830

9,499,413

Health

Care

Technology

0.3%

Doximity,

Inc.,

Class

A*(a)

55,143

4,033,710

Hotel

&

Resort

REITs

0.1%

Park

Hotels

&

Resorts,

Inc.(a)

87,287

967,140

Hotels,

Restaurants

&

Leisure

2.8%

Aramark(a)

107,731

4,136,870

Boyd

Gaming

Corp.(a)

23,825

2,059,671

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Cava

Group,

Inc.*(a)

39,942

2,412,896

Choice

Hotels

International,

Inc.(a)

8,590

918,357

Churchill

Downs,

Inc.

27,582

2,675,730

Hilton

Grand

Vacations,

Inc.*

25,417

1,062,685

Hyatt

Hotels

Corp.,

Class

A

16,908

2,399,752

Light

&

Wonder,

Inc.*(a)

34,182

2,869,237

Marriott

Vacations

Worldwide

Corp.

11,702

778,885

Planet

Fitness,

Inc.,

Class

A*

34,062

3,535,636

Texas

Roadhouse,

Inc.,

Class

A

26,978

4,482,395

Travel

+

Leisure

Co.(a)

26,144

1,555,307

Vail

Resorts,

Inc.(a)

14,997

2,243,101

Wingstop

,

Inc.

11,446

2,880,729

Wyndham

Hotels

&

Resorts,

Inc.

30,864

2,466,034

36,477,285

Household

Durables

1.8%

KB

Home(a)

26,683

1,698,106

Somnigroup

International,

Inc.

(a)

84,674

7,140,558

Taylor

Morrison

Home

Corp.,

Class

A*

40,623

2,681,524

Toll

Brothers,

Inc.

39,989

5,524,081

TopBuild

Corp.*(a)

11,379

4,447,596

Whirlpool

Corp.(a)

22,556

1,772,902

23,264,767

Independent

Power

and

Renewable

Electricity

Producers

0.8%

Ormat

Technologies,

Inc.(a)

23,985

2,308,556

Talen

Energy

Corp.*(a)

18,612

7,917,173

10,225,729

Industrial

REITs

1.0%

EastGroup

Properties,

Inc.

21,346

3,613,024

First

Industrial

Realty

Trust,

Inc.

53,605

2,759,049

Rexford

Industrial

Realty,

Inc.

95,478

3,925,101

STAG

Industrial,

Inc.(a)

76,270

2,691,568

12,988,742

Insurance

4.1%

American

Financial

Group,

Inc.

28,480

4,150,106

Brighthouse

Financial,

Inc.*(a)

22,567

1,197,856

CNO

Financial

Group,

Inc.

40,095

1,585,757

Fidelity

National

Financial,

Inc.

104,474

6,319,632

First

American

Financial

Corp.

41,424

2,661,078

Hanover

Insurance

Group,

Inc.

(The)

14,504

2,634,361

Kemper

Corp.

24,715

1,274,058

Kinsale

Capital

Group,

Inc.(a)

9,117

3,877,095

Old

Republic

International

Corp.

93,885

3,987,296

Primerica,

Inc.

13,460

3,736,361

Reinsurance

Group

of

America,

Inc.

26,954

5,178,672

RenaissanceRe

Holdings

Ltd.

19,306

4,902,373

RLI

Corp.

33,880

2,209,654

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

44,682

2,518,278

110

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Insurance

Selective

Insurance

Group,

Inc.

24,783

2,009,158

Unum

Group

63,761

4,959,331

53,201,066

Interactive

Media

&

Services

0.1%

ZoomInfo

Technologies,

Inc.,

Class

A*(a)

109,611

1,195,856

IT

Services

1.3%

ASGN,

Inc.*

17,534

830,235

Kyndryl

Holdings,

Inc.*

94,105

2,825,973

Okta,

Inc.,

Class

A*

67,885

6,225,055

Twilio,

Inc.,

Class

A*

62,305

6,236,107

16,117,370

Leisure

Products

0.5%

Brunswick

Corp.

26,482

1,674,722

Mattel,

Inc.*(a)

131,096

2,206,345

Polaris,

Inc.(a)

21,592

1,255,143

YETI

Holdings,

Inc.*

32,465

1,077,189

6,213,399

Life

Sciences

Tools

&

Services

1.7%

Avantor,

Inc.*(a)

278,355

3,473,870

Bio-Rad

Laboratories,

Inc.,

Class

A*

7,418

2,079,933

Bruker

Corp.

44,398

1,442,491

Illumina,

Inc.*(a)

62,466

5,932,396

Medpace

Holdings,

Inc.*(a)

9,018

4,636,695

Repligen

Corp.*

21,494

2,873,103

Sotera

Health

Co.*

71,366

1,122,587

21,561,075

Machinery

5.0%

AGCO

Corp.(a)

25,169

2,694,845

Chart

Industries,

Inc.*

17,911

3,584,887

CNH

Industrial

NV

360,143

3,907,552

Crane

Co.

20,172

3,714,472

Donaldson

Co.,

Inc.

46,986

3,845,804

Esab

Corp.

23,520

2,628,125

Flowserve

Corp.

54,042

2,871,792

Graco,

Inc.

66,392

5,640,664

ITT,

Inc.

31,795

5,683,674

Lincoln

Electric

Holdings,

Inc.

22,600

5,329,758

Middleby

Corp.

(The)*

19,167

2,547,869

Mueller

Industries,

Inc.

44,864

4,536,199

Oshkosh

Corp.

25,960

3,367,012

RBC

Bearings,

Inc.*

12,805

4,997,663

Terex

Corp.

26,049

1,336,314

Timken

Co.

(The)(a)

25,261

1,899,122

Toro

Co.

(The)

39,900

3,040,380

Watts

Water

Technologies,

Inc.,

Class

A

11,123

3,106,431

64,732,563

Marine

Transportation

0.1%

Kirby

Corp.*

22,254

1,857,096

Media

0.8%

EchoStar

Corp.,

Class

A*(a)

55,043

4,203,083

New

York

Times

Co.

(The),

Class

A

65,672

3,769,573

Common

Stocks

Shares

Value

($)

Media

Nexstar

Media

Group,

Inc.,

Class

A

11,690

2,311,581

10,284,237

Metals

&

Mining

2.2%

Alcoa

Corp.

105,256

3,461,870

Carpenter

Technology

Corp.

20,233

4,968,011

Cleveland-Cliffs,

Inc.*

200,507

2,446,185

Commercial

Metals

Co.

45,213

2,589,801

MP

Materials

Corp.*

54,121

3,629,895

Reliance,

Inc.

21,262

5,971,007

Royal

Gold,

Inc.

26,820

5,379,556

28,446,325

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.6%

Annaly

Capital

Management,

Inc.(a)

251,092

5,074,569

Starwood

Property

Trust,

Inc.

(a)

145,005

2,808,747

7,883,316

Multi-Utilities

0.3%

Black

Hills

Corp.

30,330

1,868,025

Northwestern

Energy

Group,

Inc.

25,007

1,465,660

3,333,685

Office

REITs

0.6%

COPT

Defense

Properties

45,966

1,335,772

Cousins

Properties,

Inc.

69,830

2,020,880

Kilroy

Realty

Corp.(a)

43,173

1,824,060

Vornado

Realty

Trust

66,357

2,689,449

7,870,161

Oil,

Gas

&

Consumable

Fuels

3.0%

Antero

Midstream

Corp.

139,463

2,711,161

Antero

Resources

Corp.*

119,562

4,012,501

Chord

Energy

Corp.

23,326

2,317,905

Civitas

Resources,

Inc.(a)

33,964

1,103,830

CNX

Resources

Corp.*(a)

57,428

1,844,587

DT

Midstream,

Inc.

41,246

4,663,273

HF

Sinclair

Corp.

64,386

3,369,963

Matador

Resources

Co.(a)

48,068

2,159,695

Murphy

Oil

Corp.(a)

53,307

1,514,452

Ovintiv

,

Inc.

104,098

4,203,477

PBF

Energy,

Inc.,

Class

A

34,137

1,029,913

Permian

Resources

Corp.,

Class

A

276,336

3,537,101

Range

Resources

Corp.

96,502

3,632,335

Viper

Energy,

Inc.,

Class

A(a)

68,766

2,628,237

38,728,430

Paper

&

Forest

Products

0.2%

Louisiana-Pacific

Corp.

25,599

2,274,215

Passenger

Airlines

0.4%

Alaska

Air

Group,

Inc.*

46,745

2,326,966

American

Airlines

Group,

Inc.*(a)

271,298

3,049,390

5,376,356

Personal

Care

Products

0.4%

BellRing

Brands,

Inc.*

51,085

1,856,940

Coty,

Inc.,

Class

A*

151,868

613,547

elf

Beauty,

Inc.*(a)

23,957

3,173,823

5,644,310

NVIT

Mid

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

111

Common

Stocks

Shares

Value

($)

Pharmaceuticals

0.7%

Elanco

Animal

Health,

Inc.*(a)

201,828

4,064,816

Jazz

Pharmaceuticals

plc*

24,539

3,234,240

Perrigo

Co.

plc(a)

56,566

1,259,725

8,558,781

Professional

Services

2.6%

CACI

International,

Inc.,

Class

A*(a)

8,961

4,469,568

Concentrix

Corp.(a)

18,832

869,097

ExlService

Holdings,

Inc.*

65,736

2,894,356

Exponent,

Inc.

20,661

1,435,526

FTI

Consulting,

Inc.*(a)

13,034

2,106,946

Genpact

Ltd.

66,007

2,765,033

Insperity,

Inc.

14,726

724,519

KBR,

Inc.

52,222

2,469,578

Maximus,

Inc.

22,794

2,082,688

Parsons

Corp.*(a)

21,040

1,744,637

Paylocity

Holding

Corp.*

17,709

2,820,512

Science

Applications

International

Corp.

19,118

1,899,756

TransUnion(a)

76,501

6,409,254

32,691,470

Real

Estate

Management

&

Development

0.5%

Jones

Lang

LaSalle,

Inc.*

19,270

5,747,856

Residential

REITs

0.8%

American

Homes

4

Rent,

Class

A

130,691

4,345,476

Equity

LifeStyle

Properties,

Inc.(a)

77,940

4,730,958

Independence

Realty

Trust,

Inc.(a)

97,500

1,598,025

10,674,459

Retail

REITs

0.9%

Agree

Realty

Corp.(a)

44,057

3,129,809

Brixmor

Property

Group,

Inc.

126,521

3,502,101

Kite

Realty

Group

Trust(a)

90,259

2,012,776

NNN

REIT,

Inc.

75,915

3,231,702

11,876,388

Semiconductors

&

Semiconductor

Equipment

2.8%

Allegro

MicroSystems

,

Inc.*

50,934

1,487,273

Amkor

Technology,

Inc.

47,342

1,344,513

Cirrus

Logic,

Inc.*

20,887

2,616,932

Entegris

,

Inc.

61,434

5,680,188

Lattice

Semiconductor

Corp.*(a)

55,544

4,072,486

MACOM

Technology

Solutions

Holdings,

Inc.*

25,241

3,142,252

MKS,

Inc.

27,565

3,411,720

Onto

Innovation,

Inc.*

19,898

2,571,219

Power

Integrations,

Inc.

22,625

909,751

Rambus,

Inc.*(a)

43,895

4,573,859

Silicon

Laboratories,

Inc.*

13,261

1,738,915

Synaptics

,

Inc.*

16,193

1,106,630

Universal

Display

Corp.

18,088

2,597,979

35,253,717

Software

3.9%

Appfolio

,

Inc.,

Class

A*(a)

9,319

2,568,876

BILL

Holdings,

Inc.*

37,299

1,975,728

Blackbaud,

Inc.*

15,114

971,981

Commvault

Systems,

Inc.*

18,052

3,407,857

Common

Stocks

Shares

Value

($)

Software

Docusign

,

Inc.,

Class

A*

82,135

5,921,112

Dolby

Laboratories,

Inc.,

Class

A

24,592

1,779,723

Dropbox,

Inc.,

Class

A*(a)

76,507

2,311,276

Dynatrace,

Inc.*

122,724

5,945,978

Guidewire

Software,

Inc.*

34,225

7,866,958

Manhattan

Associates,

Inc.*

24,574

5,037,179

Nutanix,

Inc.,

Class

A*

107,117

7,968,434

Pegasystems,

Inc.

36,531

2,100,532

Qualys,

Inc.*(a)

14,701

1,945,383

49,801,017

Specialized

REITs

1.5%

CubeSmart

92,939

3,778,900

EPR

Properties(a)

30,438

1,765,708

Gaming

and

Leisure

Properties,

Inc.(a)

113,603

5,295,036

Lamar

Advertising

Co.,

Class

A(a)

35,754

4,377,005

National

Storage

Affiliates

Trust(a)

28,091

848,910

PotlatchDeltic

Corp.

29,528

1,203,266

Rayonier,

Inc.

57,715

1,531,756

18,800,581

Specialty

Retail

3.6%

Abercrombie

&

Fitch

Co.,

Class

A*

19,441

1,663,177

AutoNation,

Inc.*

10,742

2,350,027

Bath

&

Body

Works,

Inc.

85,950

2,214,072

Burlington

Stores,

Inc.*(a)

25,332

6,446,994

Chewy,

Inc.,

Class

A*

91,151

3,687,058

Dick's

Sporting

Goods,

Inc.

26,886

5,974,607

Five

Below,

Inc.*

22,383

3,462,650

Floor

&

Decor

Holdings,

Inc.,

Class

A*

43,974

3,240,884

GameStop

Corp.,

Class

A*(a)

167,237

4,562,225

Gap,

Inc.

(The)

91,610

1,959,538

Lithia

Motors,

Inc.,

Class

A

10,463

3,306,308

Murphy

USA,

Inc.

7,164

2,781,495

Penske

Automotive

Group,

Inc.

7,716

1,341,890

RH*(a)

6,113

1,241,917

Valvoline,

Inc.*(a)

52,119

1,871,593

46,104,435

Technology

Hardware,

Storage

&

Peripherals

0.8%

Pure

Storage,

Inc.,

Class

A*(a)

126,065

10,565,508

Textiles,

Apparel

&

Luxury

Goods

0.6%

Capri

Holdings

Ltd.*(a)

48,169

959,526

Columbia

Sportswear

Co.

10,712

560,238

Crocs,

Inc.*(a)

22,108

1,847,123

PVH

Corp.

19,621

1,643,651

Under

Armour

,

Inc.,

Class

A*(a)

70,287

350,732

Under

Armour

,

Inc.,

Class

C*(a)

54,639

263,907

VF

Corp.(a)

134,255

1,937,300

7,562,477

Trading

Companies

&

Distributors

1.7%

Applied

Industrial

Technologies,

Inc.

15,542

4,057,239

112

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Trading

Companies

&

Distributors

Core

&

Main,

Inc.,

Class

A*(a)

77,109

4,150,777

GATX

Corp.(a)

14,599

2,551,905

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

18,275

1,683,859

Watsco

,

Inc.(a)

14,160

5,724,888

WESCO

International,

Inc.(a)

18,815

3,979,373

22,148,041

Water

Utilities

0.3%

Essential

Utilities,

Inc.(a)

108,881

4,344,352

Total

Common

Stocks

(cost

$812,453,683)

1,265,823,386

Repurchase

Agreements

6.9%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,000,349,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$3,060,000.(b)

3,000,000

3,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$15,001,750,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$15,300,000.(b)

15,000,000

15,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$11,986,645,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$12,224,946.(b)

11,985,240

11,985,240

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$2,000,234,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$2,040,000.(b)

2,000,000

2,000,000

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$7,000,817,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$7,140,833.(b)

7,000,000

7,000,000

Citi

Global

Market,

Inc.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,164,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.50%

-

3.63%,

maturing

8/31/2027

-

3/31/2028;

total

market

value

$10,200,002.(b)

10,000,000

10,000,000

NVIT

Mid

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

113

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$30,003,450,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$30,600,105.(b)

30,000,000

30,000,000

Total

Repurchase

Agreements

(cost

$88,985,240)

88,985,240

Total

Investments

(cost

$901,438,923)

—

105.6%

1,354,808,626

Liabilities

in

excess

of

other

assets

—

(5.6)%

(71,652,690)

NET

ASSETS

—

100.0%

$

1,283,155,936

*

Denotes

a

non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$249,879,326,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$88,985,240

and

by

$166,082,677

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$255,067,917.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$88,985,240.

REIT

Real

Estate

Investment

Trust

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

30

12/2025

USD

9,858,600

(67,228)

Net

contracts

(67,228)

Currency:

USD

United

States

Dollar

114

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Mid

Cap

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Mid

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

115

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

1,265,823,386

$

–

$

–

$

1,265,823,386

Repurchase

Agreements

–

88,985,240

–

88,985,240

Total

Assets

$

1,265,823,386

$

88,985,240

$

–

$

1,354,808,626

Liabilities:

Futures

Contracts

$

(67,228)

$

–

$

–

$

(67,228)

Total

Liabilities

$

(67,228)

$

–

$

–

$

(67,228)

Total

$

1,265,756,158

$

88,985,240

$

–

$

1,354,741,398

Liabilities:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

depreciation

from

futures

contracts

$

(67,228)

Total

$

(67,228)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

116

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

98

.7

%

Shares

Value

($)

Aerospace

&

Defense

2

.2

%

Axon

Enterprise,

Inc.*

6,856

4,920,140

Boeing

Co.

(The)*

66,172

14,281,903

GE

Aerospace

92,612

27,859,542

General

Dynamics

Corp.

21,860

7,454,260

Howmet

Aerospace,

Inc.

34,962

6,860,593

Huntington

Ingalls

Industries,

Inc.

3,659

1,053,463

L3Harris

Technologies,

Inc.

16,177

4,940,618

Lockheed

Martin

Corp.

17,943

8,957,325

Northrop

Grumman

Corp.

11,892

7,246,033

RTX

Corp.

117,047

19,585,474

Textron,

Inc.(a)

15,882

1,341,870

TransDigm

Group,

Inc.

4,888

6,442,482

110,943,703

Air

Freight

&

Logistics

0

.3

%

CH

Robinson

Worldwide,

Inc.

10,485

1,388,214

Expeditors

International

of

Washington,

Inc.

11,733

1,438,348

FedEx

Corp.

18,885

4,453,272

United

Parcel

Service,

Inc.,

Class

B

64,385

5,378,079

12,657,913

Automobile

Components

0

.0

%

†

Aptiv

plc*

19,964

1,721,296

Automobiles

2

.3

%

Ford

Motor

Co.

339,657

4,062,298

General

Motors

Co.

83,149

5,069,594

Tesla,

Inc.*

245,368

109,120,057

118,251,949

Banks

3

.5

%

Bank

of

America

Corp.

528,944

27,288,221

Citigroup,

Inc.

160,774

16,318,561

Citizens

Financial

Group,

Inc.

39,935

2,122,945

Fifth

Third

Bancorp(a)

57,805

2,575,213

Huntington

Bancshares,

Inc.

134,644

2,325,302

JPMorgan

Chase

&

Co.

240,147

75,749,568

KeyCorp

88,895

1,661,447

M&T

Bank

Corp.

13,648

2,697,118

PNC

Financial

Services

Group,

Inc.

(The)

34,393

6,910,585

Regions

Financial

Corp.(a)

77,929

2,054,988

Truist

Financial

Corp.

115,920

5,299,862

US

Bancorp

137,205

6,631,118

Wells

Fargo

&

Co.

279,769

23,450,238

175,085,166

Beverages

1

.0

%

Brown-Forman

Corp.,

Class

B

15,771

427,079

Coca-Cola

Co.

(The)

339,179

22,494,351

Constellation

Brands,

Inc.,

Class

A(a)

12,469

1,679,200

Keurig

Dr

Pepper,

Inc.

121,239

3,092,807

Molson

Coors

Beverage

Co.,

Class

B

14,728

666,442

Monster

Beverage

Corp.*

60,691

4,085,111

PepsiCo,

Inc.

120,054

16,860,384

49,305,374

Biotechnology

1

.6

%

AbbVie,

Inc.

154,669

35,812,060

Amgen,

Inc.

47,083

13,286,823

Common

Stocks

Shares

Value

($)

Biotechnology

Biogen,

Inc.*

13,169

1,844,713

Gilead

Sciences,

Inc.

107,973

11,985,003

Incyte

Corp.*(a)

14,413

1,222,366

Moderna,

Inc.*(a)

27,317

705,598

Regeneron

Pharmaceuticals,

Inc.

8,999

5,059,868

Vertex

Pharmaceuticals,

Inc.*

22,326

8,743,755

78,660,186

Broadline

Retail

3

.8

%

Amazon.com,

Inc.*

847,583

186,103,799

eBay,

Inc.

39,912

3,629,997

189,733,796

Building

Products

0

.5

%

A

O

Smith

Corp.

10,396

763,170

Allegion

plc

7,786

1,380,847

Builders

FirstSource,

Inc.*

9,975

1,209,469

Carrier

Global

Corp.

70,399

4,202,820

Johnson

Controls

International

plc

58,140

6,392,493

Lennox

International,

Inc.(a)

2,710

1,434,566

Masco

Corp.

17,815

1,253,998

Trane

Technologies

plc

19,436

8,201,215

24,838,578

Capital

Markets

3

.4

%

Ameriprise

Financial,

Inc.

8,390

4,121,587

Bank

of

New

York

Mellon

Corp.

(The)

62,250

6,782,760

Blackrock,

Inc.

12,527

14,604,853

Blackstone,

Inc.

64,433

11,008,378

Cboe

Global

Markets,

Inc.

8,825

2,164,331

Charles

Schwab

Corp.

(The)

149,551

14,277,634

CME

Group,

Inc.

31,531

8,519,361

Coinbase

Global,

Inc.,

Class

A*

19,751

6,665,765

FactSet

Research

Systems,

Inc.

3,183

911,898

Franklin

Resources,

Inc.(a)

26,297

608,250

Goldman

Sachs

Group,

Inc.

(The)

26,438

21,053,901

Interactive

Brokers

Group,

Inc.,

Class

A

37,869

2,605,766

Intercontinental

Exchange,

Inc.

50,107

8,442,027

Invesco

Ltd.

42,078

965,269

KKR

&

Co.,

Inc.

59,045

7,672,898

Moody's

Corp.

13,516

6,440,104

Morgan

Stanley

105,955

16,842,607

MSCI,

Inc.,

Class

A

6,822

3,870,871

Nasdaq,

Inc.

39,588

3,501,559

Northern

Trust

Corp.

16,939

2,279,989

Raymond

James

Financial,

Inc.

15,771

2,722,075

Robinhood

Markets,

Inc.,

Class

A*

67,593

9,677,966

S&P

Global,

Inc.

27,213

13,244,839

State

Street

Corp.

25,507

2,959,067

T.

Rowe

Price

Group,

Inc.

18,856

1,935,380

173,879,135

Chemicals

1

.1

%

Air

Products

&

Chemicals,

Inc.

(a)

19,596

5,344,221

NVIT

S&P

500

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

117

Common

Stocks

Shares

Value

($)

Chemicals

Albemarle

Corp.(a)

9,540

773,503

CF

Industries

Holdings,

Inc.

13,818

1,239,475

Corteva,

Inc.

60,146

4,067,674

Dow,

Inc.

62,265

1,427,736

DuPont

de

Nemours,

Inc.

36,613

2,852,153

Eastman

Chemical

Co.

9,702

611,711

Ecolab,

Inc.

22,174

6,072,572

International

Flavors

&

Fragrances,

Inc.

21,551

1,326,249

Linde

plc

41,288

19,611,800

LyondellBasell

Industries

NV,

Class

A

21,606

1,059,558

Mosaic

Co.

(The)(a)

27,086

939,342

PPG

Industries,

Inc.

20,528

2,157,698

Sherwin-Williams

Co.

(The)

20,245

7,010,034

54,493,726

Commercial

Services

&

Supplies

0

.5

%

Cintas

Corp.

29,920

6,141,379

Copart,

Inc.*

76,214

3,427,344

Republic

Services,

Inc.,

Class

A

17,755

4,074,417

Rollins,

Inc.

25,177

1,478,897

Veralto

Corp.

21,732

2,316,849

Waste

Management,

Inc.

32,152

7,100,126

24,539,012

Communications

Equipment

0

.9

%

Arista

Networks,

Inc.*

89,818

13,087,381

Cisco

Systems,

Inc.

345,843

23,662,578

F5,

Inc.*

5,096

1,646,976

Motorola

Solutions,

Inc.

14,615

6,683,293

45,080,228

Construction

&

Engineering

0

.2

%

EMCOR

Group,

Inc.

3,909

2,539,052

Quanta

Services,

Inc.

13,153

5,450,866

7,989,918

Construction

Materials

0

.1

%

Martin

Marietta

Materials,

Inc.

5,273

3,323,467

Vulcan

Materials

Co.

11,570

3,559,163

6,882,630

Consumer

Finance

0

.6

%

American

Express

Co.

47,404

15,745,713

Capital

One

Financial

Corp.

56,252

11,958,050

Synchrony

Financial

33,211

2,359,641

30,063,404

Consumer

Staples

Distribution

&

Retail

1

.8

%

Costco

Wholesale

Corp.

38,850

35,960,725

Dollar

General

Corp.

19,328

1,997,549

Dollar

Tree,

Inc.*(a)

17,238

1,626,750

Kroger

Co.

(The)(a)

53,250

3,589,582

Sysco

Corp.

41,820

3,443,459

Target

Corp.(a)

39,731

3,563,871

Walmart,

Inc.

383,329

39,505,887

89,687,823

Containers

&

Packaging

0

.2

%

Amcor

plc

191,610

1,567,370

Avery

Dennison

Corp.

6,962

1,129,028

Ball

Corp.

25,343

1,277,794

International

Paper

Co.(a)

45,625

2,117,000

Packaging

Corp.

of

America

8,069

1,758,477

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Smurfit

WestRock

plc(a)

42,646

1,815,440

9,665,109

Distributors

0

.1

%

Genuine

Parts

Co.

12,473

1,728,758

LKQ

Corp.

22,920

699,977

Pool

Corp.

3,151

977,030

3,405,765

Diversified

Telecommunication

Services

0

.7

%

AT&T,

Inc.

624,472

17,635,090

Verizon

Communications,

Inc.

369,976

16,260,445

33,895,535

Electric

Utilities

1

.5

%

Alliant

Energy

Corp.

22,595

1,523,129

American

Electric

Power

Co.,

Inc.

46,741

5,258,363

Constellation

Energy

Corp.

27,596

9,081,016

Duke

Energy

Corp.

68,409

8,465,614

Edison

International

34,491

1,906,663

Entergy

Corp.(a)

39,010

3,635,342

Evergy,

Inc.

19,154

1,456,087

Eversource

Energy

31,994

2,276,053

Exelon

Corp.

87,234

3,926,402

FirstEnergy

Corp.

44,446

2,036,516

NextEra

Energy,

Inc.

180,276

13,609,035

NRG

Energy,

Inc.

16,893

2,735,821

PG&E

Corp.

195,628

2,950,070

Pinnacle

West

Capital

Corp.(a)

10,155

910,497

PPL

Corp.(a)

62,677

2,329,077

Southern

Co.

(The)(a)

96,917

9,184,824

Xcel

Energy,

Inc.

49,480

3,990,562

75,275,071

Electrical

Equipment

0

.9

%

AMETEK,

Inc.

20,235

3,804,180

Eaton

Corp.

plc

34,032

12,736,476

Emerson

Electric

Co.

49,646

6,512,562

GE

Vernova,

Inc.

23,891

14,690,576

Generac

Holdings,

Inc.*

4,937

826,454

Hubbell,

Inc.,

Class

B

4,608

1,982,869

Rockwell

Automation,

Inc.

9,955

3,479,571

44,032,688

Electronic

Equipment,

Instruments

&

Components

0

.7

%

Amphenol

Corp.,

Class

A

106,628

13,195,215

CDW

Corp.

11,706

1,864,532

Corning,

Inc.

67,127

5,506,428

Jabil,

Inc.

9,178

1,993,186

Keysight

Technologies,

Inc.*

14,859

2,599,136

TE

Connectivity

plc

25,980

5,703,389

Teledyne

Technologies,

Inc.*

4,049

2,372,876

Trimble,

Inc.*

21,130

1,725,265

Zebra

Technologies

Corp.,

Class

A*

4,488

1,333,654

36,293,681

Energy

Equipment

&

Services

0

.2

%

Baker

Hughes

Co.,

Class

A

86,358

4,207,362

Halliburton

Co.

73,769

1,814,717

Schlumberger

NV

132,705

4,561,071

10,583,150

Entertainment

1

.5

%

Electronic

Arts,

Inc.

19,647

3,962,800

118

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Entertainment

Live

Nation

Entertainment,

Inc.*(a)

13,947

2,278,940

Netflix,

Inc.*

37,110

44,491,921

Take-Two

Interactive

Software,

Inc.*

14,792

3,821,661

TKO

Group

Holdings,

Inc.,

Class

A

5,659

1,142,892

Walt

Disney

Co.

(The)

157,414

18,023,903

Warner

Bros

Discovery,

Inc.*

216,219

4,222,757

77,944,874

Financial

Services

4

.0

%

Apollo

Global

Management,

Inc.(a)

39,774

5,300,681

Berkshire

Hathaway,

Inc.,

Class

B*

160,147

80,512,303

Block,

Inc.,

Class

A*(a)

48,254

3,487,317

Corpay,

Inc.*

6,008

1,730,664

Fidelity

National

Information

Services,

Inc.

45,958

3,030,471

Fiserv,

Inc.*

47,474

6,120,823

Global

Payments,

Inc.

21,588

1,793,531

Jack

Henry

&

Associates,

Inc.

(a)

6,351

945,854

Mastercard,

Inc.,

Class

A

72,094

41,007,788

PayPal

Holdings,

Inc.*

83,437

5,595,285

Visa,

Inc.,

Class

A(a)

148,353

50,644,747

200,169,464

Food

Products

0

.5

%

Archer-Daniels-Midland

Co.

41,401

2,473,296

Bunge

Global

SA(a)

11,960

971,750

Campbell's

Co.

(The)

15,564

491,511

Conagra

Brands,

Inc.

39,142

716,690

General

Mills,

Inc.(a)

46,751

2,357,185

Hershey

Co.

(The)

13,093

2,449,046

Hormel

Foods

Corp.

23,374

578,273

J

M

Smucker

Co.

(The)

9,041

981,853

Kellanova

24,374

1,999,155

Kraft

Heinz

Co.

(The)(a)

77,204

2,010,392

Lamb

Weston

Holdings,

Inc.

11,972

695,334

McCormick

&

Co.,

Inc.

(Non-Voting)

21,453

1,435,420

Mondelez

International,

Inc.,

Class

A

114,264

7,138,072

Tyson

Foods,

Inc.,

Class

A

24,256

1,317,101

25,615,078

Gas

Utilities

0

.0

%

†

Atmos

Energy

Corp.(a)

13,903

2,373,937

Ground

Transportation

0

.9

%

CSX

Corp.

162,223

5,760,539

JB

Hunt

Transport

Services,

Inc.(a)

6,495

871,434

Norfolk

Southern

Corp.

19,980

6,002,192

Old

Dominion

Freight

Line,

Inc.

16,495

2,322,166

Uber

Technologies,

Inc.*

183,530

17,980,434

Union

Pacific

Corp.

52,013

12,294,313

45,231,078

Health

Care

Equipment

&

Supplies

2

.0

%

Abbott

Laboratories

152,343

20,404,821

Align

Technology,

Inc.*

6,365

797,025

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

Baxter

International,

Inc.

43,657

994,070

Becton

Dickinson

&

Co.

25,258

4,727,540

Boston

Scientific

Corp.*

128,800

12,574,744

Cooper

Cos.,

Inc.

(The)*(a)

17,565

1,204,256

Dexcom,

Inc.*

34,317

2,309,191

Edwards

Lifesciences

Corp.*

50,432

3,922,097

GE

HealthCare

Technologies,

Inc.

40,890

3,070,839

Hologic,

Inc.*

19,456

1,313,086

IDEXX

Laboratories,

Inc.*

7,119

4,548,258

Insulet

Corp.*

6,024

1,859,790

Intuitive

Surgical,

Inc.*

31,466

14,072,539

Medtronic

plc

112,771

10,740,310

ResMed,

Inc.(a)

12,833

3,512,777

Solventum

Corp.*

13,158

960,534

STERIS

plc

8,621

2,133,180

Stryker

Corp.

30,117

11,133,351

Zimmer

Biomet

Holdings,

Inc.

17,952

1,768,272

102,046,680

Health

Care

Providers

&

Services

1

.6

%

Cardinal

Health,

Inc.

20,794

3,263,826

Cencora,

Inc.

16,932

5,291,758

Centene

Corp.*

41,868

1,493,850

Cigna

Group

(The)

23,590

6,799,818

CVS

Health

Corp.

108,865

8,207,333

DaVita,

Inc.*(a)

3,730

495,605

Elevance

Health,

Inc.

19,839

6,410,378

HCA

Healthcare,

Inc.

14,305

6,096,791

Henry

Schein,

Inc.*

8,717

578,547

Humana,

Inc.

10,441

2,716,435

Labcorp

Holdings,

Inc.(a)

7,154

2,053,627

McKesson

Corp.

10,891

8,413,733

Molina

Healthcare,

Inc.*(a)

4,861

930,201

Quest

Diagnostics,

Inc.(a)

9,434

1,797,932

UnitedHealth

Group,

Inc.

79,463

27,438,574

Universal

Health

Services,

Inc.,

Class

B

4,621

944,717

82,933,125

Health

Care

REITs

0

.3

%

Alexandria

Real

Estate

Equities,

Inc.(a)

12,836

1,069,752

Healthpeak

Properties,

Inc.(a)

57,721

1,105,357

Ventas,

Inc.

40,226

2,815,418

Welltower,

Inc.

58,411

10,405,336

15,395,863

Hotel

&

Resort

REITs

0

.0

%

†

Host

Hotels

&

Resorts,

Inc.(a)

60,893

1,036,399

Hotels,

Restaurants

&

Leisure

1

.9

%

Airbnb,

Inc.,

Class

A*

38,256

4,645,044

Booking

Holdings,

Inc.

2,820

15,225,941

Carnival

Corp.*

93,478

2,702,449

Chipotle

Mexican

Grill,

Inc.,

Class

A*

117,561

4,607,216

Darden

Restaurants,

Inc.

10,116

1,925,682

Domino's

Pizza,

Inc.

2,875

1,241,166

DoorDash,

Inc.,

Class

A*

32,329

8,793,165

Expedia

Group,

Inc.

10,208

2,181,960

Hilton

Worldwide

Holdings,

Inc.

20,527

5,325,525

Las

Vegas

Sands

Corp.

26,977

1,451,093

NVIT

S&P

500

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

119

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Marriott

International,

Inc.,

Class

A

19,771

5,149,159

McDonald's

Corp.

62,610

19,026,553

MGM

Resorts

International*(a)

19,091

661,694

Norwegian

Cruise

Line

Holdings

Ltd.*

37,473

922,960

Royal

Caribbean

Cruises

Ltd.

(a)

21,876

7,078,636

Starbucks

Corp.(a)

100,154

8,473,028

Wynn

Resorts

Ltd.

8,098

1,038,730

Yum!

Brands,

Inc.

24,045

3,654,840

94,104,841

Household

Durables

0

.3

%

DR

Horton,

Inc.(a)

24,102

4,084,566

Garmin

Ltd.

13,390

3,296,886

Lennar

Corp.,

Class

A

20,229

2,549,663

Mohawk

Industries,

Inc.*

4,471

576,401

NVR,

Inc.*

248

1,992,596

PulteGroup,

Inc.

17,221

2,275,411

14,775,523

Household

Products

0

.9

%

Church

&

Dwight

Co.,

Inc.

20,639

1,808,596

Clorox

Co.

(The)

10,797

1,331,270

Colgate-Palmolive

Co.

71,600

5,723,704

Kimberly-Clark

Corp.

29,016

3,607,849

Procter

&

Gamble

Co.

(The)

205,292

31,543,116

44,014,535

Independent

Power

and

Renewable

Electricity

Producers

0

.1

%

AES

Corp.

(The)

61,683

811,748

Vistra

Corp.

27,815

5,449,515

6,261,263

Industrial

Conglomerates

0

.4

%

3M

Co.

46,517

7,218,508

Honeywell

International,

Inc.

55,448

11,671,804

18,890,312

Industrial

REITs

0

.2

%

Prologis,

Inc.

81,094

9,286,885

Insurance

1

.8

%

Aflac,

Inc.

42,795

4,780,202

Allstate

Corp.

(The)

23,551

5,055,222

American

International

Group,

Inc.

48,383

3,800,001

Aon

plc,

Class

A

19,056

6,794,989

Arch

Capital

Group

Ltd.

31,682

2,874,508

Arthur

J

Gallagher

&

Co.

22,656

7,017,469

Assurant,

Inc.

4,613

999,176

Brown

&

Brown,

Inc.(a)

24,192

2,268,968

Chubb

Ltd.

32,546

9,186,109

Cincinnati

Financial

Corp.

13,394

2,117,591

Erie

Indemnity

Co.,

Class

A

2,063

656,364

Everest

Group

Ltd.

3,740

1,309,860

Globe

Life,

Inc.

7,116

1,017,375

Hartford

Insurance

Group,

Inc.

(The)

24,388

3,253,115

Loews

Corp.

14,280

1,433,569

Marsh

&

McLennan

Cos.,

Inc.

42,796

8,624,678

MetLife,

Inc.

48,397

3,986,461

Principal

Financial

Group,

Inc.

18,084

1,499,344

Common

Stocks

Shares

Value

($)

Insurance

Progressive

Corp.

(The)

51,550

12,730,273

Prudential

Financial,

Inc.

30,453

3,159,194

Travelers

Cos.,

Inc.

(The)

19,779

5,522,692

W

R

Berkley

Corp.(a)

26,452

2,026,752

Willis

Towers

Watson

plc

8,405

2,903,507

93,017,419

Interactive

Media

&

Services

7

.2

%

Alphabet,

Inc.,

Class

A

508,022

123,500,148

Alphabet,

Inc.,

Class

C

407,832

99,327,484

Match

Group,

Inc.

22,017

777,640

Meta

Platforms,

Inc.,

Class

A

189,424

139,109,197

362,714,469

IT

Services

0

.9

%

Accenture

plc,

Class

A

54,375

13,408,875

Akamai

Technologies,

Inc.*

12,450

943,212

Cognizant

Technology

Solutions

Corp.,

Class

A

42,343

2,839,945

EPAM

Systems,

Inc.*

4,639

699,515

Gartner,

Inc.*

6,653

1,748,874

GoDaddy,

Inc.,

Class

A*

12,314

1,684,924

International

Business

Machines

Corp.

81,380

22,962,181

VeriSign,

Inc.

7,137

1,995,291

46,282,817

Leisure

Products

0

.0

%

†

Hasbro,

Inc.

12,006

910,655

Life

Sciences

Tools

&

Services

0

.8

%

Agilent

Technologies,

Inc.

25,353

3,254,057

Bio-Techne

Corp.(a)

13,140

730,978

Charles

River

Laboratories

International,

Inc.*

4,419

691,397

Danaher

Corp.

55,772

11,057,357

IQVIA

Holdings,

Inc.*

14,217

2,700,377

Mettler-Toledo

International,

Inc.*

1,763

2,164,276

Revvity,

Inc.(a)

10,921

957,226

Thermo

Fisher

Scientific,

Inc.

33,094

16,051,252

Waters

Corp.*

5,040

1,511,042

West

Pharmaceutical

Services,

Inc.

6,590

1,728,755

40,846,717

Machinery

1

.5

%

Caterpillar,

Inc.

40,914

19,522,115

Cummins,

Inc.

12,012

5,073,508

Deere

&

Co.

22,102

10,106,361

Dover

Corp.

11,740

1,958,584

Fortive

Corp.

28,835

1,412,627

IDEX

Corp.

6,374

1,037,432

Illinois

Tool

Works,

Inc.(a)

23,285

6,071,797

Ingersoll

Rand,

Inc.(a)

31,587

2,609,718

Nordson

Corp.

4,993

1,133,161

Otis

Worldwide

Corp.

34,854

3,186,701

PACCAR,

Inc.(a)

45,482

4,471,790

Parker-Hannifin

Corp.

11,104

8,418,498

Pentair

plc

14,007

1,551,415

Snap-on,

Inc.

4,550

1,576,712

Stanley

Black

&

Decker,

Inc.

(a)

13,416

997,211

Westinghouse

Air

Brake

Technologies

Corp.

15,248

3,056,767

120

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Common

Stocks

Shares

Value

($)

Machinery

Xylem,

Inc.

21,566

3,180,985

75,365,382

Media

0

.4

%

Charter

Communications,

Inc.,

Class

A*(a)

8,471

2,330,414

Comcast

Corp.,

Class

A

321,630

10,105,615

Fox

Corp.,

Class

A

18,060

1,138,864

Fox

Corp.,

Class

B

12,311

705,297

Interpublic

Group

of

Cos.,

Inc.

(The)

30,709

857,088

News

Corp.,

Class

A

35,275

1,083,295

News

Corp.,

Class

B

9,114

314,889

Omnicom

Group,

Inc.

16,409

1,337,826

Paramount

Skydance

Corp.,

Class

B(a)

19,876

376,054

Trade

Desk,

Inc.

(The),

Class

A*

38,928

1,907,861

20,157,203

Metals

&

Mining

0

.3

%

Freeport-McMoRan,

Inc.

124,427

4,880,027

Newmont

Corp.

95,932

8,088,027

Nucor

Corp.

20,627

2,793,515

Steel

Dynamics,

Inc.

12,359

1,723,215

17,484,784

Multi-Utilities

0

.6

%

Ameren

Corp.(a)

23,188

2,420,363

CenterPoint

Energy,

Inc.(a)

56,769

2,202,637

CMS

Energy

Corp.

25,321

1,855,017

Consolidated

Edison,

Inc.

31,319

3,148,186

Dominion

Energy,

Inc.(a)

74,749

4,572,396

DTE

Energy

Co.

18,581

2,627,911

NiSource,

Inc.

42,574

1,843,454

Public

Service

Enterprise

Group,

Inc.

43,037

3,591,868

Sempra(a)

56,691

5,101,056

WEC

Energy

Group,

Inc.

28,513

3,267,305

30,630,193

Office

REITs

0

.0

%

†

BXP,

Inc.

12,518

930,588

Oil,

Gas

&

Consumable

Fuels

2

.6

%

APA

Corp.

29,699

721,092

Chevron

Corp.

167,925

26,077,073

ConocoPhillips

109,723

10,378,699

Coterra

Energy,

Inc.

69,152

1,635,445

Devon

Energy

Corp.

56,448

1,979,067

Diamondback

Energy,

Inc.

16,531

2,365,586

EOG

Resources,

Inc.

47,684

5,346,330

EQT

Corp.

51,700

2,814,031

Expand

Energy

Corp.

18,995

2,018,029

Exxon

Mobil

Corp.

372,327

41,979,869

Kinder

Morgan,

Inc.

166,674

4,718,541

Marathon

Petroleum

Corp.

26,492

5,106,068

Occidental

Petroleum

Corp.(a)

63,258

2,988,940

ONEOK,

Inc.

55,099

4,020,574

Phillips

66

35,623

4,845,440

Targa

Resources

Corp.

18,602

3,116,579

Texas

Pacific

Land

Corp.(a)

1,659

1,548,909

Valero

Energy

Corp.

27,556

4,691,685

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Williams

Cos.,

Inc.

(The)

106,538

6,749,182

133,101,139

Passenger

Airlines

0

.1

%

Delta

Air

Lines,

Inc.

58,170

3,301,147

Southwest

Airlines

Co.(a)

45,867

1,463,616

United

Airlines

Holdings,

Inc.*

29,091

2,807,282

7,572,045

Personal

Care

Products

0

.1

%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

20,908

1,842,413

Kenvue,

Inc.

165,570

2,687,201

4,529,614

Pharmaceuticals

2

.7

%

Bristol-Myers

Squibb

Co.

179,398

8,090,850

Eli

Lilly

&

Co.

69,433

52,977,379

Johnson

&

Johnson

210,680

39,064,286

Merck

&

Co.,

Inc.

218,141

18,308,574

Pfizer,

Inc.

497,821

12,684,479

Viatris,

Inc.

105,664

1,046,073

Zoetis,

Inc.,

Class

A

38,594

5,647,074

137,818,715

Professional

Services

0

.6

%

Automatic

Data

Processing,

Inc.

35,287

10,356,735

Broadridge

Financial

Solutions,

Inc.

10,100

2,405,517

Dayforce,

Inc.*(a)

13,476

928,362

Equifax,

Inc.(a)

11,143

2,858,514

Jacobs

Solutions,

Inc.

10,811

1,620,136

Leidos

Holdings,

Inc.

11,676

2,206,297

Paychex,

Inc.

27,940

3,541,674

Paycom

Software,

Inc.(a)

4,335

902,287

Verisk

Analytics,

Inc.,

Class

A

12,414

3,122,245

27,941,767

Real

Estate

Management

&

Development

0

.1

%

CBRE

Group,

Inc.,

Class

A*

25,541

4,024,240

CoStar

Group,

Inc.*(a)

36,685

3,095,113

7,119,353

Residential

REITs

0

.2

%

AvalonBay

Communities,

Inc.

(a)

12,599

2,433,749

Camden

Property

Trust

8,878

947,993

Equity

Residential

30,370

1,965,850

Essex

Property

Trust,

Inc.

5,907

1,581,067

Invitation

Homes,

Inc.

48,391

1,419,308

Mid-America

Apartment

Communities,

Inc.

10,256

1,433,071

UDR,

Inc.

24,803

924,160

10,705,198

Retail

REITs

0

.3

%

Federal

Realty

Investment

Trust

6,116

619,612

Kimco

Realty

Corp.

56,787

1,240,796

Realty

Income

Corp.(a)

78,887

4,795,541

Regency

Centers

Corp.

15,007

1,094,010

Simon

Property

Group,

Inc.

28,513

5,351,035

13,100,994

NVIT

S&P

500

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

121

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

13

.6

%

Advanced

Micro

Devices,

Inc.*

141,973

22,969,812

Analog

Devices,

Inc.

43,629

10,719,645

Applied

Materials,

Inc.

70,085

14,349,203

Broadcom,

Inc.

410,773

135,518,120

First

Solar,

Inc.*

9,354

2,062,838

Intel

Corp.*

382,833

12,844,047

KLA

Corp.

11,554

12,462,144

Lam

Research

Corp.

110,532

14,800,235

Microchip

Technology,

Inc.

47,367

3,041,909

Micron

Technology,

Inc.

98,246

16,438,521

Monolithic

Power

Systems,

Inc.

4,224

3,888,783

NVIDIA

Corp.

2,130,950

397,592,651

NXP

Semiconductors

NV

21,246

4,838,352

ON

Semiconductor

Corp.*(a)

36,980

1,823,484

QUALCOMM,

Inc.

94,192

15,669,781

Skyworks

Solutions,

Inc.

12,739

980,648

Teradyne,

Inc.

14,146

1,947,055

Texas

Instruments,

Inc.

79,559

14,617,375

686,564,603

Software

11

.2

%

Adobe,

Inc.*

37,043

13,066,918

AppLovin

Corp.,

Class

A*

23,643

16,988,441

Autodesk,

Inc.*

18,642

5,922,004

Cadence

Design

Systems,

Inc.*

23,902

8,395,817

Crowdstrike

Holdings,

Inc.,

Class

A*

21,651

10,617,217

Datadog,

Inc.,

Class

A*

27,753

3,952,027

Fair

Isaac

Corp.*

2,082

3,115,776

Fortinet,

Inc.*

54,968

4,621,710

Gen

Digital,

Inc.(a)

45,482

1,291,234

Intuit,

Inc.

24,336

16,619,298

Microsoft

Corp.

649,168

336,236,566

Oracle

Corp.

144,731

40,704,146

Palantir

Technologies,

Inc.,

Class

A*

198,620

36,232,260

Palo

Alto

Networks,

Inc.*

58,133

11,837,042

PTC,

Inc.*

10,264

2,083,797

Roper

Technologies,

Inc.

9,409

4,692,174

Salesforce,

Inc.

84,013

19,911,081

ServiceNow,

Inc.*

18,152

16,704,923

Synopsys,

Inc.*(a)

16,195

7,990,451

Tyler

Technologies,

Inc.*

3,833

2,005,272

Workday,

Inc.,

Class

A*

19,133

4,605,887

567,594,041

Specialized

REITs

0

.8

%

American

Tower

Corp.(a)

40,754

7,837,809

Crown

Castle,

Inc.

38,539

3,718,628

Digital

Realty

Trust,

Inc.

27,839

4,812,806

Equinix,

Inc.

8,503

6,659,890

Extra

Space

Storage,

Inc.

18,663

2,630,363

Iron

Mountain,

Inc.

26,047

2,655,231

Public

Storage

13,764

3,975,731

SBA

Communications

Corp.,

Class

A

9,488

1,834,505

VICI

Properties,

Inc.,

Class

A

91,827

2,994,479

Weyerhaeuser

Co.

63,915

1,584,453

38,703,895

Common

Stocks

Shares

Value

($)

Specialty

Retail

1

.8

%

AutoZone,

Inc.*

1,453

6,233,719

Best

Buy

Co.,

Inc.

17,210

1,301,420

CarMax,

Inc.*

12,857

576,894

Home

Depot,

Inc.

(The)

87,030

35,263,686

Lowe's

Cos.,

Inc.(a)

49,142

12,349,876

O'Reilly

Automotive,

Inc.*

74,745

8,058,258

Ross

Stores,

Inc.

28,880

4,401,023

TJX

Cos.,

Inc.

(The)

97,475

14,089,036

Tractor

Supply

Co.

46,430

2,640,474

Ulta

Beauty,

Inc.*

4,010

2,192,468

Williams-Sonoma,

Inc.

10,461

2,044,602

89,151,456

Technology

Hardware,

Storage

&

Peripherals

7

.0

%

Apple,

Inc.

1,296,071

330,018,559

Dell

Technologies,

Inc.,

Class

C

27,245

3,862,524

Hewlett

Packard

Enterprise

Co.

117,516

2,886,193

HP,

Inc.(a)

80,921

2,203,479

NetApp,

Inc.

17,340

2,054,096

Seagate

Technology

Holdings

plc(a)

17,771

4,195,022

Super

Micro

Computer,

Inc.*(a)

44,616

2,138,891

Western

Digital

Corp.

30,903

3,710,214

351,068,978

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

Deckers

Outdoor

Corp.*

13,583

1,376,909

Lululemon

Athletica,

Inc.*

9,667

1,720,049

NIKE,

Inc.,

Class

B

103,151

7,192,719

Ralph

Lauren

Corp.,

Class

A

3,633

1,139,164

Tapestry,

Inc.

17,593

1,991,879

13,420,720

Tobacco

0

.6

%

Altria

Group,

Inc.

147,889

9,769,548

Philip

Morris

International,

Inc.

136,291

22,106,400

31,875,948

Trading

Companies

&

Distributors

0

.3

%

Fastenal

Co.

99,484

4,878,695

United

Rentals,

Inc.

5,718

5,458,746

WW

Grainger,

Inc.

3,795

3,616,483

13,953,924

Water

Utilities

0

.0

%

†

American

Water

Works

Co.,

Inc.

17,273

2,404,229

Wireless

Telecommunication

Services

0

.2

%

T-Mobile

US,

Inc.

41,833

10,013,984

Total

Common

Stocks

(cost

$1,376,790,243)

4,982,025,523

122

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

S&P

500

Index

Fund

Repurchase

Agreements

1

.5

%

Principal

Amount

($)

Value

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$4,000,467,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$4,080,000.(b)

4,000,000

4,000,000

BofA

Securities,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$5,000,583,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

3.00%

-

5.50%,

maturing

7/25/2045

-

10/20/2066;

total

market

value

$5,100,000.(b)

5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$3,439,109,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$3,507,480.(b)

3,438,706

3,438,706

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$40,004,689,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$40,800,002.(b)

40,000,000

40,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$10,201,190.(b)

10,000,000

10,000,000

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$14,001,610,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$14,280,049.(b)

14,000,000

14,000,000

Total

Repurchase

Agreements

(cost

$76,438,706)

76,438,706

Total

Investments

(cost

$1,453,228,949)

—

100.2%

5,058,464,229

Liabilities

in

excess

of

other

assets

—

(0.2)%

(

10,272,347

)

NET

ASSETS

—

100.0%

$

5,048,191,882

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$121,059,499,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$76,438,706

and

by

$47,516,981

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/15/2025

-

2/15/2055,

a

total

value

of

$123,955,687.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$76,438,706.

REIT

Real

Estate

Investment

Trust

NVIT

S&P

500

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

123

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

S&P

500

E-Mini

Index

158

12/2025

USD

53,236,125

508,286

Net

contracts

508,286

Currency:

USD

United

States

Dollar

124

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

S&P

500

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

S&P

500

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

125

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

4,982,025,523

$

–

$

–

$

4,982,025,523

Futures

Contracts

508,286

–

–

508,286

Repurchase

Agreements

–

76,438,706

–

76,438,706

Total

$

4,982,533,809

$

76,438,706

$

–

$

5,058,972,515

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

508,286

Total

$

508,286

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

126

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Closed

End

Fund

0

.0

%

†

Principal

Amount

($)

Value

($)

Diversified

REITs

0

.0

%

†

NexPoint

Diversified

Real

Estate

Trust

8,313

30,675

Total

Closed

End

Fund

(cost  $68,627)

30,675

Common

Stocks

97

.7

%

Shares

Aerospace

&

Defense

1

.9

%

AAR

Corp.*(a)

6,865

615,585

AeroVironment,

Inc.*

6,163

1,940,667

AerSale

Corp.*

6,270

51,351

AIRO

Group

Holdings,

Inc.*

920

17,664

Archer

Aviation,

Inc.,

Class

A*(a)

106,304

1,018,392

Astronics

Corp.*

5,888

268,552

Byrna

Technologies,

Inc.*(a)

3,328

73,748

Cadre

Holdings,

Inc.(a)

5,337

194,854

Ducommun,

Inc.*(a)

2,602

250,130

Eve

Holding,

Inc.*(a)

10,284

39,182

Intuitive

Machines,

Inc.*(a)

21,489

226,064

Kratos

Defense

&

Security

Solutions,

Inc.*

32,190

2,941,200

Mercury

Systems,

Inc.*(a)

10,064

778,954

Moog,

Inc.,

Class

A(a)

5,491

1,140,316

National

Presto

Industries,

Inc.

1,030

115,515

Park

Aerospace

Corp.

3,765

76,580

Redwire

Corp.*(a)

9,550

85,855

Satellogic,

Inc.,

Class

A*(a)

13,030

42,738

V2X,

Inc.*(a)

3,740

217,257

Voyager

Technologies,

Inc.,

Class

A*

2,613

77,815

VSE

Corp.

3,905

649,167

10,821,586

Air

Freight

&

Logistics

0

.1

%

Forward

Air

Corp.*(a)

4,091

104,893

Hub

Group,

Inc.,

Class

A

11,547

397,679

Radiant

Logistics,

Inc.*

5,309

31,323

533,895

Automobile

Components

1

.3

%

Adient

plc*(a)

16,173

389,446

American

Axle

&

Manufacturing

Holdings,

Inc.*(a)

22,329

134,197

Cooper-Standard

Holdings,

Inc.*(a)

3,166

116,920

Dana,

Inc.

25,593

512,884

Dorman

Products,

Inc.*

5,338

832,088

Fox

Factory

Holding

Corp.*

8,160

198,206

Garrett

Motion,

Inc.(a)

26,058

354,910

Gentherm,

Inc.*

5,822

198,297

Goodyear

Tire

&

Rubber

Co.

(The)*

50,280

376,094

Holley,

Inc.*(a)

12,038

37,799

LCI

Industries

4,749

442,369

Luminar

Technologies,

Inc.,

Class

A*(a)

8,326

15,903

Modine

Manufacturing

Co.*

10,098

1,435,532

Motorcar

Parts

of

America,

Inc.*

2,654

43,897

Common

Stocks

Shares

Value

($)

Automobile

Components

Patrick

Industries,

Inc.(a)

6,267

648,196

Phinia,

Inc.

7,468

429,261

Solid

Power,

Inc.*(a)

28,507

98,919

Standard

Motor

Products,

Inc.

3,963

161,770

Strattec

Security

Corp.*(a)

726

49,412

Visteon

Corp.(a)

5,299

635,138

XPEL,

Inc.

Reg.

S*(a)

4,762

157,479

7,268,717

Automobiles

0

.0

%

†

Faraday

Future

Intelligent

Electric,

Inc.*(a)

16,096

20,925

Livewire

Group,

Inc.*(a)

6,722

31,929

Winnebago

Industries,

Inc.(a)

5,350

178,904

231,758

Banks

9

.8

%

1st

Source

Corp.

3,698

227,649

ACNB

Corp.(a)

1,942

85,526

Amalgamated

Financial

Corp.

(a)

4,633

125,786

Amerant

Bancorp,

Inc.,

Class

A

7,272

140,131

Ameris

Bancorp(a)

12,703

931,257

Ames

National

Corp.

1,751

35,405

Arrow

Financial

Corp.

3,238

91,635

Associated

Banc-Corp.

32,604

838,249

Atlantic

Union

Bankshares

Corp.(a)

27,586

973,510

Axos

Financial,

Inc.*(a)

10,493

888,232

Banc

of

California,

Inc.

24,967

413,204

BancFirst

Corp.(a)

4,024

508,835

Bancorp,

Inc.

(The)*

8,821

660,605

Bank

First

Corp.(a)

1,765

214,112

Bank

of

Hawaii

Corp.

7,564

496,501

Bank

of

Marin

Bancorp

3,092

75,074

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

8,171

350,699

Bank7

Corp.

774

35,813

BankFinancial

Corp.

1,512

18,189

BankUnited,

Inc.

14,367

548,245

Bankwell

Financial

Group,

Inc.

1,443

63,853

Banner

Corp.

6,487

424,898

Bar

Harbor

Bankshares

2,960

90,162

BayCom

Corp.

1,915

55,056

BCB

Bancorp,

Inc.

2,988

25,936

Beacon

Financial

Corp.

15,780

374,144

Blue

Foundry

Bancorp*

3,416

31,051

Blue

Ridge

Bankshares,

Inc.*

11,254

47,604

Bridgewater

Bancshares,

Inc.*

3,591

63,202

Burke

&

Herbert

Financial

Services

Corp.

2,660

164,095

Business

First

Bancshares,

Inc.

5,476

129,288

BV

Financial,

Inc.*(a)

1,483

23,906

Byline

Bancorp,

Inc.

6,206

172,092

C&F

Financial

Corp.(a)

730

49,056

Cadence

Bank

28,127

1,055,888

California

BanCorp*

4,168

69,522

Camden

National

Corp.

3,317

128,003

Capital

Bancorp,

Inc.

2,230

71,137

Capital

City

Bank

Group,

Inc.

2,817

117,722

Capitol

Federal

Financial,

Inc.

22,459

142,615

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

127

Common

Stocks

Shares

Value

($)

Banks

Carter

Bankshares,

Inc.*

4,442

86,219

Cathay

General

Bancorp(a)

13,037

625,906

CB

Financial

Services,

Inc.

1,127

37,428

Central

Pacific

Financial

Corp.

4,915

149,121

CF

Bankshares,

Inc.

649

15,544

Chain

Bridge

Bancorp,

Inc.,

Class

A*

438

14,336

Chemung

Financial

Corp.

688

36,134

ChoiceOne

Financial

Services,

Inc.(a)

2,702

78,250

Citizens

&

Northern

Corp.

2,793

55,329

Citizens

Community

Bancorp,

Inc.

2,318

37,250

Citizens

Financial

Services,

Inc.(a)

902

54,373

City

Holding

Co.(a)

2,693

333,582

Civista

Bancshares,

Inc.

3,712

75,391

CNB

Financial

Corp.(a)

5,481

132,640

Coastal

Financial

Corp.*

2,569

277,889

CoastalSouth

Bancshares,

Inc.*

657

14,329

Colony

Bankcorp,

Inc.

3,826

65,080

Columbia

Financial,

Inc.*

5,037

75,605

Community

Financial

System,

Inc.(a)

10,246

600,825

Community

Trust

Bancorp,

Inc.

3,232

180,830

Community

West

Bancshares

3,072

64,020

ConnectOne

Bancorp,

Inc.(a)

9,468

234,901

Customers

Bancorp,

Inc.*

5,748

375,747

CVB

Financial

Corp.(a)

25,814

488,143

Dime

Community

Bancshares,

Inc.(a)

7,756

231,361

Eagle

Bancorp

Montana,

Inc.

1,269

21,916

Eagle

Bancorp,

Inc.

5,672

114,688

Eagle

Financial

Services,

Inc.

975

36,884

Eastern

Bankshares,

Inc.(a)

38,051

690,626

ECB

Bancorp,

Inc.*(a)

1,598

25,360

Enterprise

Financial

Services

Corp.

7,104

411,890

Equity

Bancshares,

Inc.,

Class

A

2,942

119,739

Esquire

Financial

Holdings,

Inc.(a)

1,436

146,551

Farmers

&

Merchants

Bancorp,

Inc.

2,483

62,100

Farmers

National

Banc

Corp.

(a)

6,916

99,660

FB

Bancorp,

Inc.*

3,343

40,183

FB

Financial

Corp.

8,143

453,891

Fidelity

D&D

Bancorp,

Inc.

857

37,562

Financial

Institutions,

Inc.

3,928

106,842

Finward

Bancorp

504

16,173

Finwise

Bancorp*(a)

1,583

30,694

First

Bancorp(a)

38,235

1,082,215

First

Bancorp,

Inc.

(The)

2,506

65,808

First

Bank

4,076

66,398

First

Busey

Corp.

16,460

381,049

First

Business

Financial

Services,

Inc.

1,593

81,657

First

Capital,

Inc.

578

26,472

Common

Stocks

Shares

Value

($)

Banks

First

Commonwealth

Financial

Corp.

19,967

340,437

First

Community

Bankshares,

Inc.

2,972

103,426

First

Community

Corp.

1,283

36,206

First

Financial

Bancorp

18,456

466,014

First

Financial

Bankshares,

Inc.(a)

26,077

877,491

First

Financial

Corp.

2,244

126,651

First

Foundation,

Inc.*

12,663

70,533

First

Internet

Bancorp

1,450

32,523

First

Interstate

BancSystem,

Inc.,

Class

A(a)

17,700

564,099

First

Merchants

Corp.

11,448

431,590

First

Mid

Bancshares,

Inc.

4,290

162,505

First

National

Corp.(a)

1,797

40,756

First

Savings

Financial

Group,

Inc.

994

31,241

First

United

Corp.(a)

1,139

41,881

First

Western

Financial,

Inc.*

1,828

42,090

Firstsun

Capital

Bancorp*

2,570

99,690

Five

Star

Bancorp(a)

3,377

108,739

Flagstar

Financial,

Inc.

59,208

683,852

Flushing

Financial

Corp.

6,186

85,429

Franklin

Financial

Services

Corp.(a)

748

34,408

FS

Bancorp,

Inc.

1,342

53,573

Fulton

Financial

Corp.

35,325

658,105

FVCBankcorp,

Inc.

2,595

33,657

GBank

Financial

Holdings,

Inc.*(a)

1,719

67,505

German

American

Bancorp,

Inc.(a)

6,842

268,685

Glacier

Bancorp,

Inc.(a)

23,394

1,138,586

Great

Southern

Bancorp,

Inc.

(a)

1,658

101,552

Greene

County

Bancorp,

Inc.

1,395

31,527

Guaranty

Bancshares,

Inc.

1,698

82,777

Hancock

Whitney

Corp.(a)

17,497

1,095,487

Hanmi

Financial

Corp.

5,675

140,116

Hanover

Bancorp,

Inc.

768

17,242

HarborOne

Bancorp,

Inc.

7,387

100,463

Hawthorn

Bancshares,

Inc.

1,069

33,182

HBT

Financial,

Inc.

2,659

67,007

Heritage

Commerce

Corp.

12,317

122,308

Heritage

Financial

Corp.

6,446

155,929

Hilltop

Holdings,

Inc.

8,937

298,675

Hingham

Institution

for

Savings(a)

328

86,520

Home

Bancorp,

Inc.

1,439

78,174

Home

BancShares,

Inc.

38,210

1,081,343

HomeTrust

Bancshares,

Inc.

3,083

126,218

Hope

Bancorp,

Inc.

24,845

267,581

Horizon

Bancorp,

Inc.

8,822

141,240

Independent

Bank

Corp.

13,214

769,597

International

Bancshares

Corp.

10,697

735,419

Investar

Holding

Corp.

1,782

41,360

John

Marshall

Bancorp,

Inc.

2,281

45,209

Kearny

Financial

Corp.

10,426

68,499

Lakeland

Financial

Corp.(a)

4,836

310,471

Landmark

Bancorp,

Inc.(a)

1,147

30,613

LCNB

Corp.

2,456

36,815

128

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Banks

LINKBANCORP,

Inc.

3,402

24,256

Live

Oak

Bancshares,

Inc.

6,953

244,885

MainStreet

Bancshares,

Inc.

1,135

23,642

Mechanics

Bancorp*(a)

3,687

49,074

Mercantile

Bank

Corp.

3,180

143,100

Meridian

Corp.

1,683

26,575

Metrocity

Bankshares,

Inc.

3,957

109,569

Metropolitan

Bank

Holding

Corp.

1,930

144,403

Mid

Penn

Bancorp,

Inc.(a)

3,884

111,238

Middlefield

Banc

Corp.(a)

1,398

41,954

Midland

States

Bancorp,

Inc.

3,698

63,384

MidWestOne

Financial

Group,

Inc.

3,034

85,832

MVB

Financial

Corp.

2,183

54,706

National

Bank

Holdings

Corp.,

Class

A

7,155

276,469

National

Bankshares,

Inc.

1,074

31,619

NB

Bancorp,

Inc.

6,632

117,055

NBT

Bancorp,

Inc.(a)

9,660

403,402

Nicolet

Bankshares,

Inc.(a)

2,589

348,220

Northeast

Bank(a)

1,511

151,342

Northeast

Community

Bancorp,

Inc.

2,554

52,536

Northfield

Bancorp,

Inc.

7,277

85,869

Northpointe

Bancshares,

Inc.

(a)

2,055

35,099

Northrim

Bancorp,

Inc.

4,180

90,539

Northwest

Bancshares,

Inc.

27,750

343,822

Norwood

Financial

Corp.(a)

1,634

41,536

Oak

Valley

Bancorp

1,456

41,015

OceanFirst

Financial

Corp.

11,580

203,461

OFG

Bancorp

8,541

371,448

Ohio

Valley

Banc

Corp.

666

24,629

Old

National

Bancorp(a)

68,648

1,506,824

Old

Second

Bancorp,

Inc.

9,715

167,924

OP

Bancorp(a)

2,303

32,058

Orange

County

Bancorp,

Inc.

2,226

56,117

Origin

Bancorp,

Inc.(a)

5,825

201,079

Orrstown

Financial

Services,

Inc.(a)

3,642

123,755

Park

National

Corp.

2,856

464,186

Parke

Bancorp,

Inc.

2,104

45,341

Pathward

Financial,

Inc.(a)

4,551

336,819

Patriot

National

Bancorp,

Inc.*

7,876

10,239

PCB

Bancorp

2,268

47,628

Peapack-Gladstone

Financial

Corp.

3,168

87,437

Peoples

Bancorp

of

North

Carolina,

Inc.

839

25,724

Peoples

Bancorp,

Inc.

7,086

212,509

Peoples

Financial

Services

Corp.(a)

1,815

88,227

Pioneer

Bancorp,

Inc.*

2,248

29,359

Plumas

Bancorp

1,166

50,301

Ponce

Financial

Group,

Inc.*(a)

3,681

54,111

Preferred

Bank(a)

1,139

102,954

Primis

Financial

Corp.

4,235

44,510

Princeton

Bancorp,

Inc.

996

31,713

Provident

Bancorp,

Inc.*

2,598

32,553

Common

Stocks

Shares

Value

($)

Banks

Provident

Financial

Services,

Inc.(a)

22,295

429,848

QCR

Holdings,

Inc.

3,197

241,821

RBB

Bancorp

3,256

61,083

Red

River

Bancshares,

Inc.

791

51,273

Renasant

Corp.

18,105

667,893

Republic

Bancorp,

Inc.,

Class

A

1,630

117,767

Rhinebeck

Bancorp,

Inc.*

765

8,690

Richmond

Mutual

BanCorp,

Inc.

2,116

30,068

Riverview

Bancorp,

Inc.

3,480

18,688

S&T

Bancorp,

Inc.

7,220

271,400

SB

Financial

Group,

Inc.

1,057

20,390

Seacoast

Banking

Corp.

of

Florida(a)

16,495

501,943

ServisFirst

Bancshares,

Inc.(a)

10,035

808,119

Shore

Bancshares,

Inc.

6,636

108,897

Sierra

Bancorp

2,879

83,232

Simmons

First

National

Corp.,

Class

A

27,429

525,814

SmartFinancial,

Inc.

2,749

98,222

Sound

Financial

Bancorp,

Inc.

(a)

302

13,910

South

Plains

Financial,

Inc.

2,672

103,273

Southern

First

Bancshares,

Inc.*

1,540

67,945

Southern

Missouri

Bancorp,

Inc.

1,939

101,914

Southside

Bancshares,

Inc.(a)

5,464

154,358

SR

Bancorp,

Inc.(a)

1,120

16,901

Stellar

Bancorp,

Inc.

9,102

276,155

Sterling

Bancorp,

Inc.*∞(a)

3,556

0

Stock

Yards

Bancorp,

Inc.

4,981

348,620

Texas

Capital

Bancshares,

Inc.*

8,869

749,697

Third

Coast

Bancshares,

Inc.*

2,474

93,938

Timberland

Bancorp,

Inc.

1,353

45,028

Tompkins

Financial

Corp.

2,621

173,536

Towne

Bank

14,175

490,030

TriCo

Bancshares

6,244

277,296

Triumph

Financial,

Inc.*

4,462

223,278

TrustCo

Bank

Corp.

3,526

127,994

Trustmark

Corp.

11,213

444,035

UMB

Financial

Corp.

14,226

1,683,647

Union

Bankshares,

Inc.(a)

604

14,955

United

Bankshares,

Inc.

27,177

1,011,256

United

Community

Banks,

Inc.

23,136

725,314

United

Security

Bancshares(a)

2,215

20,666

Unity

Bancorp,

Inc.

1,469

71,790

Univest

Financial

Corp.

5,938

178,259

USCB

Financial

Holdings,

Inc.

2,081

36,313

Valley

National

Bancorp

95,883

1,016,360

Veritex

Holdings,

Inc.

10,002

335,367

Virginia

National

Bankshares

Corp.

841

32,639

WaFd,

Inc.

15,168

459,439

Washington

Trust

Bancorp,

Inc.(a)

3,850

111,265

WesBanco,

Inc.

18,201

581,158

West

Bancorp,

Inc.(a)

3,422

69,535

Westamerica

Bancorp

4,883

244,101

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

129

Common

Stocks

Shares

Value

($)

Banks

Western

New

England

Bancorp,

Inc.(a)

3,406

40,906

WSFS

Financial

Corp.

11,138

600,672

54,560,219

Beverages

0

.1

%

MGP

Ingredients,

Inc.(a)

2,739

66,256

National

Beverage

Corp.*

4,491

165,808

Vita

Coco

Co.,

Inc.

(The)*

8,471

359,763

Zevia

PBC,

Class

A*

5,980

16,266

608,093

Biotechnology

7

.3

%

4D

Molecular

Therapeutics,

Inc.*(a)

7,121

61,881

89bio,

Inc.*

24,617

361,870

Abeona

Therapeutics,

Inc.*

8,326

43,961

Absci

Corp.*(a)

25,166

76,505

ACADIA

Pharmaceuticals,

Inc.*

23,915

510,346

Actuate

Therapeutics,

Inc.*

1,410

9,433

ADC

Therapeutics

SA*(a)

14,621

58,484

ADMA

Biologics,

Inc.*(a)

44,490

652,223

Agios

Pharmaceuticals,

Inc.*(a)

11,030

442,744

Akebia

Therapeutics,

Inc.*(a)

47,491

129,650

Akero

Therapeutics,

Inc.*

13,381

635,330

Aldeyra

Therapeutics,

Inc.*

11,398

59,498

Alector,

Inc.*

13,530

40,049

Alkermes

plc*(a)

31,370

941,100

Allogene

Therapeutics,

Inc.*

29,700

36,828

Altimmune,

Inc.*

14,704

55,434

Amicus

Therapeutics,

Inc.*

53,682

423,014

AnaptysBio,

Inc.*(a)

3,589

109,895

Anavex

Life

Sciences

Corp.*(a)

15,852

141,083

Anika

Therapeutics,

Inc.*

2,320

21,808

Annexon,

Inc.*(a)

17,992

54,876

Apogee

Therapeutics,

Inc.*(a)

6,331

251,531

Arbutus

Biopharma

Corp.*

28,496

129,372

Arcellx,

Inc.*(a)

6,615

543,091

Arcturus

Therapeutics

Holdings,

Inc.*(a)

5,100

93,993

Arcus

Biosciences,

Inc.*(a)

13,025

177,140

Arcutis

Biotherapeutics,

Inc.*(a)

20,432

385,143

Ardelyx,

Inc.*

45,605

251,284

ArriVent

Biopharma,

Inc.*

4,387

80,940

Arrowhead

Pharmaceuticals,

Inc.*(a)

23,160

798,788

ARS

Pharmaceuticals,

Inc.*(a)

10,918

109,726

Astria

Therapeutics,

Inc.*

6,824

49,679

aTyr

Pharma,

Inc.*(a)

16,483

11,891

Aura

Biosciences,

Inc.*(a)

8,724

53,914

Aurinia

Pharmaceuticals,

Inc.*

22,510

248,735

Avidity

Biosciences,

Inc.*

19,676

857,283

Avita

Medical,

Inc.*(a)

2,475

12,647

Beam

Therapeutics,

Inc.*(a)

18,403

446,641

Benitec

Biopharma,

Inc.*

2,687

37,699

Bicara

Therapeutics,

Inc.*(a)

6,421

101,388

BioCryst

Pharmaceuticals,

Inc.*(a)

39,484

299,684

Biohaven

Ltd.*

17,077

256,326

Common

Stocks

Shares

Value

($)

Biotechnology

Bridgebio

Pharma,

Inc.*

30,203

1,568,744

Bright

Minds

Biosciences,

Inc.*

846

51,318

Candel

Therapeutics,

Inc.*(a)

7,455

38,021

Capricor

Therapeutics,

Inc.*(a)

7,135

51,443

Cardiff

Oncology,

Inc.*(a)

12,554

25,861

CareDx,

Inc.*

10,323

150,096

Cartesian

Therapeutics,

Inc.*(a)

1,777

18,161

Catalyst

Pharmaceuticals,

Inc.*

22,314

439,586

Celcuity,

Inc.*(a)

5,607

276,986

Celldex

Therapeutics,

Inc.*(a)

12,343

319,313

CG

oncology,

Inc.*(a)

10,839

436,595

Cidara

Therapeutics,

Inc.*

2,998

287,088

Cogent

Biosciences,

Inc.*

25,052

359,747

Coherus

Oncology,

Inc.*(a)

18,551

30,424

Compass

Therapeutics,

Inc.*

20,181

70,634

Corvus

Pharmaceuticals,

Inc.*(a)

11,827

87,165

CRISPR

Therapeutics

AG*(a)

15,965

1,034,692

Cullinan

Therapeutics,

Inc.*(a)

9,984

59,205

Cytokinetics,

Inc.*

22,468

1,234,841

Day

One

Biopharmaceuticals,

Inc.*

13,455

94,858

Denali

Therapeutics,

Inc.*

25,778

374,297

Design

Therapeutics,

Inc.*(a)

4,930

37,123

DiaMedica

Therapeutics,

Inc.*

6,401

43,975

Dianthus

Therapeutics,

Inc.*

3,177

125,015

Disc

Medicine,

Inc.*(a)

4,464

294,981

Dynavax

Technologies

Corp.*(a)

20,082

199,414

Dyne

Therapeutics,

Inc.*

21,024

265,954

Editas

Medicine,

Inc.*(a)

17,603

61,082

Eledon

Pharmaceuticals,

Inc.*(a)

10,902

28,236

Emergent

BioSolutions,

Inc.*(a)

10,274

90,617

Enanta

Pharmaceuticals,

Inc.*

3,672

43,954

Entrada

Therapeutics,

Inc.*

5,239

30,386

Erasca,

Inc.*(a)

36,688

79,980

Fate

Therapeutics,

Inc.*

25,363

31,957

Fennec

Pharmaceuticals,

Inc.*

4,876

45,639

Foghorn

Therapeutics,

Inc.*

6,573

32,142

Geron

Corp.*(a)

105,479

144,506

Gossamer

Bio,

Inc.*(a)

35,250

92,707

GRAIL,

Inc.*(a)

6,033

356,731

Greenwich

Lifesciences,

Inc.*(a)

984

9,791

Gyre

Therapeutics,

Inc.*(a)

1,915

14,286

Heron

Therapeutics,

Inc.*(a)

28,777

36,259

Humacyte,

Inc.*(a)

23,703

41,243

Ideaya

Biosciences,

Inc.*

15,472

420,993

ImmunityBio,

Inc.*(a)

43,372

106,695

Immunome,

Inc.*(a)

14,554

170,427

Immunovant,

Inc.*(a)

13,030

210,044

Inhibikase

Therapeutics,

Inc.*

10,793

17,485

Inhibrx

Biosciences,

Inc.*

1,918

64,598

Inmune

Bio,

Inc.*

3,523

7,293

Intellia

Therapeutics,

Inc.*(a)

18,961

327,456

Iovance

Biotherapeutics,

Inc.*(a)

50,966

110,596

130

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Biotechnology

Ironwood

Pharmaceuticals,

Inc.,

Class

A*

30,714

40,235

Jade

Biosciences,

Inc.(a)

6,062

52,315

Janux

Therapeutics,

Inc.*

7,409

181,076

KalVista

Pharmaceuticals,

Inc.*(a)

7,167

87,294

Keros

Therapeutics,

Inc.*

6,609

104,554

Kodiak

Sciences,

Inc.*

5,915

96,829

Korro

Bio,

Inc.*(a)

1,374

65,801

Krystal

Biotech,

Inc.*(a)

4,774

842,754

Kura

Oncology,

Inc.*

15,549

137,609

Kymera

Therapeutics,

Inc.*

9,719

550,095

Larimar

Therapeutics,

Inc.*(a)

9,755

31,509

Lexeo

Therapeutics,

Inc.*

4,021

26,699

Madrigal

Pharmaceuticals,

Inc.*

3,586

1,644,755

MannKind

Corp.*

59,301

318,446

MeiraGTx

Holdings

plc*(a)

8,664

71,305

Metsera,

Inc.*

10,278

537,848

MiMedx

Group,

Inc.*

22,251

155,312

Mineralys

Therapeutics,

Inc.*

7,657

290,353

Mirum

Pharmaceuticals,

Inc.*(a)

7,802

571,965

Monopar

Therapeutics,

Inc.*

761

62,151

Monte

Rosa

Therapeutics,

Inc.*(a)

9,049

67,053

Myriad

Genetics,

Inc.*

16,995

122,874

Neurogene,

Inc.*(a)

1,908

33,066

Nkarta,

Inc.*(a)

8,883

18,388

Novavax,

Inc.*(a)

28,551

247,537

Nurix

Therapeutics,

Inc.*(a)

14,790

136,660

Nuvalent,

Inc.,

Class

A*(a)

8,260

714,325

Nuvectis

Pharma,

Inc.*(a)

2,333

14,045

Olema

Pharmaceuticals,

Inc.*(a)

11,207

109,717

Organogenesis

Holdings,

Inc.,

Class

A*(a)

14,327

60,460

ORIC

Pharmaceuticals,

Inc.*(a)

11,172

134,064

Oruka

Therapeutics,

Inc.*(a)

5,012

96,381

Palvella

Therapeutics,

Inc.*(a)

1,286

80,619

Perspective

Therapeutics,

Inc.*(a)

11,841

40,615

Praxis

Precision

Medicines,

Inc.*

3,469

183,857

Precigen,

Inc.*(a)

27,903

91,801

Prime

Medicine,

Inc.*(a)

14,484

80,241

Protagonist

Therapeutics,

Inc.*(a)

11,126

739,100

Protalix

BioTherapeutics,

Inc.*(a)

13,041

28,951

Protara

Therapeutics,

Inc.*

5,978

26,004

Prothena

Corp.

plc*

7,844

76,557

PTC

Therapeutics,

Inc.*

15,052

923,741

Puma

Biotechnology,

Inc.*

9,838

52,240

Recursion

Pharmaceuticals,

Inc.,

Class

A*(a)

70,593

344,494

REGENXBIO,

Inc.*(a)

8,930

86,174

Relay

Therapeutics,

Inc.*

26,903

140,434

Replimune

Group,

Inc.*(a)

12,900

54,051

Rezolute,

Inc.*

14,882

139,891

Common

Stocks

Shares

Value

($)

Biotechnology

Rhythm

Pharmaceuticals,

Inc.*

10,091

1,019,090

Rigel

Pharmaceuticals,

Inc.*(a)

3,306

93,659

Rocket

Pharmaceuticals,

Inc.*

14,729

48,017

Sana

Biotechnology,

Inc.*

26,101

92,659

Savara,

Inc.*(a)

20,897

74,602

Scholar

Rock

Holding

Corp.*(a)

15,582

580,274

SELLAS

Life

Sciences

Group,

Inc.*(a)

17,963

28,920

Sionna

Therapeutics,

Inc.*(a)

2,279

67,025

Soleno

Therapeutics,

Inc.*(a)

8,053

544,383

Solid

Biosciences,

Inc.*

10,492

64,736

Spyre

Therapeutics,

Inc.*

9,396

157,477

Stoke

Therapeutics,

Inc.*(a)

8,641

203,063

Syndax

Pharmaceuticals,

Inc.*

16,147

248,422

Tango

Therapeutics,

Inc.*(a)

14,417

121,103

Taysha

Gene

Therapies,

Inc.*(a)

40,798

133,409

Tectonic

Therapeutic,

Inc.*(a)

2,061

32,337

Tevogen

Bio

Holdings,

Inc.*(a)

8,625

6,773

TG

Therapeutics,

Inc.*(a)

27,923

1,008,718

Tonix

Pharmaceuticals

Holding

Corp.*

1,830

44,213

Tourmaline

Bio,

Inc.*

3,386

161,952

Travere

Therapeutics,

Inc.*

16,838

402,428

TriSalus

Life

Sciences,

Inc.*

2,399

11,155

TuHURA

Biosciences,

Inc.*

4,559

11,306

Twist

Bioscience

Corp.*(a)

11,456

322,372

Tyra

Biosciences,

Inc.*(a)

4,526

63,319

Upstream

Bio,

Inc.*(a)

6,522

122,679

UroGen

Pharma

Ltd.*(a)

7,153

142,702

Vanda

Pharmaceuticals,

Inc.*

10,528

52,535

Vaxcyte,

Inc.*

22,074

795,105

Vera

Therapeutics,

Inc.,

Class

A*

9,699

281,853

Veracyte,

Inc.*(a)

15,046

516,529

Verastem,

Inc.*(a)

9,314

82,243

Vericel

Corp.*

9,753

306,927

Vir

Biotechnology,

Inc.*(a)

17,329

98,949

Viridian

Therapeutics,

Inc.*(a)

13,739

296,488

Voyager

Therapeutics,

Inc.*(a)

7,884

36,818

Xencor,

Inc.*

13,698

160,678

Xenon

Pharmaceuticals,

Inc.*

14,594

585,949

XOMA

Royalty

Corp.*

1,685

64,940

Zenas

Biopharma,

Inc.*(a)

2,834

62,915

Zymeworks,

Inc.*

9,518

162,567

40,637,081

Broadline

Retail

0

.1

%

Groupon,

Inc.,

Class

A*(a)

4,731

110,469

Kohl's

Corp.(a)

20,929

321,678

Savers

Value

Village,

Inc.*(a)

7,359

97,507

529,654

Building

Products

1

.4

%

American

Woodmark

Corp.*

2,808

187,462

Apogee

Enterprises,

Inc.

4,044

176,197

AZZ,

Inc.(a)

5,679

619,749

CSW

Industrials,

Inc.(a)

3,136

761,264

Gibraltar

Industries,

Inc.*

5,735

360,158

Griffon

Corp.

7,420

565,033

Insteel

Industries,

Inc.

3,643

139,673

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

131

Common

Stocks

Shares

Value

($)

Building

Products

Janus

International

Group,

Inc.*

26,048

257,094

JELD-WEN

Holding,

Inc.*

15,996

78,540

Masterbrand,

Inc.*

24,633

324,417

Quanex

Building

Products

Corp.(a)

8,879

126,259

Resideo

Technologies,

Inc.*

26,748

1,154,979

Tecnoglass,

Inc.

4,742

317,287

UFP

Industries,

Inc.

11,698

1,093,646

Zurn

Elkay

Water

Solutions

Corp.(a)

29,160

1,371,395

7,533,153

Capital

Markets

1

.7

%

Acadian

Asset

Management,

Inc.

5,214

251,106

AlTi

Global,

Inc.*(a)

8,164

29,064

Artisan

Partners

Asset

Management,

Inc.,

Class

A

12,496

542,326

Bakkt

Holdings,

Inc.,

Class

A*(a)

2,264

76,184

BGC

Group,

Inc.,

Class

A(a)

70,682

668,652

Cohen

&

Steers,

Inc.(a)

5,547

363,939

Diamond

Hill

Investment

Group,

Inc.

570

79,806

DigitalBridge

Group,

Inc.(a)

33,483

391,751

Donnelley

Financial

Solutions,

Inc.*(a)

5,223

268,619

Forge

Global

Holdings,

Inc.*(a)

2,372

40,087

GCM

Grosvenor,

Inc.,

Class

A(a)

8,875

107,121

Marex

Group

plc

10,512

353,413

MarketWise,

Inc.

603

9,968

Moelis

&

Co.,

Class

A

9,720

693,230

Open

Lending

Corp.*

20,147

42,510

P10,

Inc.,

Class

A(a)

8,059

87,682

Patria

Investments

Ltd.,

Class

A(a)

12,775

186,515

Perella

Weinberg

Partners,

Class

A

12,336

263,004

Piper

Sandler

Cos.

3,442

1,194,340

PJT

Partners,

Inc.,

Class

A

4,548

808,316

Siebert

Financial

Corp.*(a)

2,958

8,637

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,945

30,634

StepStone

Group,

Inc.,

Class

A

13,687

893,898

StoneX

Group,

Inc.*(a)

8,996

907,876

Value

Line,

Inc.

139

5,432

Victory

Capital

Holdings,

Inc.,

Class

A(a)

8,762

567,427

Virtus

Investment

Partners,

Inc.

1,345

255,590

Westwood

Holdings

Group,

Inc.(a)

1,462

24,108

WisdomTree,

Inc.(a)

23,362

324,732

9,475,967

Chemicals

1

.6

%

AdvanSix,

Inc.

5,039

97,656

American

Vanguard

Corp.*

4,232

24,292

Arq,

Inc.*(a)

5,544

39,695

ASP

Isotopes,

Inc.*(a)

14,836

142,722

Common

Stocks

Shares

Value

($)

Chemicals

Aspen

Aerogels,

Inc.*(a)

12,503

87,021

Avient

Corp.(a)

17,899

589,772

Balchem

Corp.

6,341

951,530

Cabot

Corp.

10,522

800,198

Chemours

Co.

(The)

29,282

463,827

Core

Molding

Technologies,

Inc.*(a)

1,850

38,017

Ecovyst,

Inc.*(a)

22,625

198,195

Flotek

Industries,

Inc.*(a)

2,722

39,741

Hawkins,

Inc.(a)

3,742

683,738

HB

Fuller

Co.(a)

10,522

623,744

Ingevity

Corp.*

6,998

386,220

Innospec,

Inc.

4,739

365,661

Intrepid

Potash,

Inc.*

2,079

63,576

Koppers

Holdings,

Inc.

3,733

104,524

Kronos

Worldwide,

Inc.(a)

3,942

22,627

LSB

Industries,

Inc.*(a)

11,061

87,161

Mativ

Holdings,

Inc.

10,785

121,978

Minerals

Technologies,

Inc.

6,122

380,299

Orion

SA

10,758

81,546

Perimeter

Solutions,

Inc.*(a)

26,851

601,194

PureCycle

Technologies,

Inc.*(a)

25,185

331,183

Quaker

Chemical

Corp.

2,672

352,036

Rayonier

Advanced

Materials,

Inc.*

13,098

94,568

Sensient

Technologies

Corp.

8,148

764,690

Solesence,

Inc.*(a)

3,341

10,758

Stepan

Co.

4,129

196,953

Trinseo

plc(a)

6,312

14,833

Tronox

Holdings

plc(a)

22,600

90,852

Valhi,

Inc.(a)

582

9,184

8,859,991

Commercial

Services

&

Supplies

1

.5

%

ABM

Industries,

Inc.(a)

12,030

554,824

ACCO

Brands

Corp.

16,000

63,840

Acme

United

Corp.(a)

572

23,555

ACV

Auctions,

Inc.,

Class

A*

32,405

321,133

BrightView

Holdings,

Inc.*

13,904

186,314

Brink's

Co.

(The)

8,139

951,123

Casella

Waste

Systems,

Inc.,

Class

A*(a)

12,147

1,152,507

CECO

Environmental

Corp.*(a)

5,599

286,669

Cimpress

plc*(a)

2,881

181,618

CompX

International,

Inc.

302

7,067

CoreCivic,

Inc.*

21,066

428,693

Deluxe

Corp.

8,920

172,691

Driven

Brands

Holdings,

Inc.*(a)

11,144

179,530

Ennis,

Inc.

4,819

88,091

Enviri

Corp.*

14,671

186,175

GEO

Group,

Inc.

(The)*

26,146

535,731

Healthcare

Services

Group,

Inc.*

13,860

233,264

HNI

Corp.(a)

8,755

410,172

Interface,

Inc.,

Class

A

11,142

322,449

Liquidity

Services,

Inc.*

4,513

123,792

MillerKnoll,

Inc.

13,423

238,124

Mobile

Infrastructure

Corp.,

Class

A*(a)

2,328

8,195

132

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Commercial

Services

&

Supplies

Montrose

Environmental

Group,

Inc.*

6,139

168,577

NL

Industries,

Inc.

1,817

11,174

OPENLANE,

Inc.*(a)

20,706

595,919

Perma-Fix

Environmental

Services,

Inc.*(a)

3,635

36,713

Pitney

Bowes,

Inc.(a)

21,427

244,482

Quad/Graphics,

Inc.(a)

6,241

39,069

Steelcase,

Inc.,

Class

A

16,504

283,869

UniFirst

Corp.

2,940

491,539

Vestis

Corp.(a)

21,730

98,437

Virco

Mfg.

Corp.

2,381

18,453

8,643,789

Communications

Equipment

0

.9

%

ADTRAN

Holdings,

Inc.*(a)

14,766

138,505

Applied

Optoelectronics,

Inc.*(a)

10,534

273,147

Aviat

Networks,

Inc.*(a)

2,086

47,832

BK

Technologies

Corp.*

508

42,916

Calix,

Inc.*

11,466

703,668

Clearfield,

Inc.*(a)

2,304

79,212

CommScope

Holding

Co.,

Inc.*

41,060

635,609

Digi

International,

Inc.*

6,909

251,902

Extreme

Networks,

Inc.*

25,570

528,021

Harmonic,

Inc.*

21,328

217,119

Inseego

Corp.*(a)

2,290

34,281

NETGEAR,

Inc.*

5,248

169,983

NetScout

Systems,

Inc.*

13,650

352,579

Ribbon

Communications,

Inc.*(a)

19,188

72,914

Viasat,

Inc.*

22,770

667,161

Viavi

Solutions,

Inc.*(a)

42,881

544,160

4,759,009

Construction

&

Engineering

2

.3

%

Ameresco,

Inc.,

Class

A*(a)

6,373

214,005

Arcosa,

Inc.

9,367

877,782

Argan,

Inc.(a)

2,546

687,547

Bowman

Consulting

Group

Ltd.,

Class

A*

2,843

120,430

Centuri

Holdings,

Inc.*

13,487

285,520

Concrete

Pumping

Holdings,

Inc.

4,980

35,109

Construction

Partners,

Inc.,

Class

A*(a)

9,043

1,148,461

Dycom

Industries,

Inc.*(a)

5,444

1,588,341

Fluor

Corp.*

31,712

1,334,124

Granite

Construction,

Inc.(a)

8,487

930,600

Great

Lakes

Dredge

&

Dock

Corp.*

12,501

149,887

IES

Holdings,

Inc.*(a)

1,738

691,116

Limbach

Holdings,

Inc.*(a)

2,012

195,405

Matrix

Service

Co.*

5,180

67,754

MYR

Group,

Inc.*

2,972

618,265

NWPX

Infrastructure,

Inc.*

1,933

102,314

Orion

Group

Holdings,

Inc.*(a)

7,433

61,843

Primoris

Services

Corp.

10,472

1,438,120

Southland

Holdings,

Inc.*

3,280

14,071

Sterling

Infrastructure,

Inc.*(a)

5,758

1,955,877

Common

Stocks

Shares

Value

($)

Construction

&

Engineering

Tutor

Perini

Corp.*

8,629

565,976

13,082,547

Construction

Materials

0

.2

%

Knife

River

Corp.*

11,010

846,339

Smith-Midland

Corp.*(a)

517

19,077

Titan

America

SA(a)

4,375

65,362

United

States

Lime

&

Minerals,

Inc.

2,050

269,678

1,200,456

Consumer

Finance

1

.0

%

Atlanticus

Holdings

Corp.*

1,019

59,693

Bread

Financial

Holdings,

Inc.

4,054

226,092

Consumer

Portfolio

Services,

Inc.*

2,448

18,482

Dave,

Inc.*(a)

1,801

359,029

Encore

Capital

Group,

Inc.*

4,444

185,493

Enova

International,

Inc.*

4,730

544,376

FirstCash

Holdings,

Inc.

7,680

1,216,666

Green

Dot

Corp.,

Class

A*

10,558

141,794

Jefferson

Capital,

Inc.

2,350

40,561

LendingClub

Corp.*

22,004

334,241

LendingTree,

Inc.*

2,213

143,247

Medallion

Financial

Corp.

3,469

35,037

Navient

Corp.(a)

14,464

190,202

Nelnet,

Inc.,

Class

A

2,625

329,122

NerdWallet,

Inc.,

Class

A*(a)

7,988

85,951

Oportun

Financial

Corp.*

8,032

49,557

OppFi,

Inc.

4,703

53,285

PRA

Group,

Inc.*

7,621

117,668

PROG

Holdings,

Inc.

7,653

247,651

Regional

Management

Corp.

1,860

72,466

Upstart

Holdings,

Inc.*(a)

16,215

823,722

Vroom,

Inc.*

336

9,082

World

Acceptance

Corp.*

572

96,748

5,380,165

Consumer

Staples

Distribution

&

Retail

0

.5

%

Andersons,

Inc.

(The)

6,459

257,133

Chefs'

Warehouse,

Inc.

(The)*(a)

7,015

409,185

Grocery

Outlet

Holding

Corp.*(a)

18,497

296,877

Guardian

Pharmacy

Services,

Inc.,

Class

A*

3,666

96,159

HF

Foods

Group,

Inc.*

9,654

26,645

Ingles

Markets,

Inc.,

Class

A(a)

2,695

187,464

Natural

Grocers

by

Vitamin

Cottage,

Inc.

2,431

97,240

PriceSmart,

Inc.(a)

4,902

594,073

United

Natural

Foods,

Inc.*(a)

11,481

431,915

Village

Super

Market,

Inc.,

Class

A(a)

1,715

64,073

Weis

Markets,

Inc.

3,213

230,918

2,691,682

Containers

&

Packaging

0

.2

%

Ardagh

Metal

Packaging

SA

26,967

107,598

Greif,

Inc.,

Class

A

5,016

299,756

Greif,

Inc.,

Class

B

779

47,994

Myers

Industries,

Inc.

7,299

123,645

O-I

Glass,

Inc.*

29,728

385,572

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

133

Common

Stocks

Shares

Value

($)

Containers

&

Packaging

Ranpak

Holdings

Corp.,

Class

A*(a)

9,525

53,531

TriMas

Corp.

6,533

252,435

1,270,531

Distributors

0

.1

%

A-Mark

Precious

Metals,

Inc.

3,906

101,048

GigaCloud

Technology,

Inc.,

Class

A*(a)

4,658

132,287

Weyco

Group,

Inc.

1,090

32,798

266,133

Diversified

Consumer

Services

1

.3

%

Adtalem

Global

Education,

Inc.*

6,864

1,060,145

American

Public

Education,

Inc.*(a)

3,345

132,027

Carriage

Services,

Inc.,

Class

A

2,703

120,392

Coursera,

Inc.*

26,852

314,437

European

Wax

Center,

Inc.,

Class

A*

5,864

23,397

Frontdoor,

Inc.*

14,366

966,688

Graham

Holdings

Co.,

Class

B

632

744,060

KinderCare

Learning

Cos.,

Inc.*(a)

5,879

39,037

Laureate

Education,

Inc.*

25,100

791,654

Lincoln

Educational

Services

Corp.*(a)

5,554

130,519

Matthews

International

Corp.,

Class

A(a)

5,796

140,727

McGraw

Hill,

Inc.*

4,561

57,240

Mister

Car

Wash,

Inc.*

18,419

98,173

Nerdy,

Inc.*(a)

9,542

12,023

OneSpaWorld

Holdings

Ltd.(a)

18,565

392,464

Perdoceo

Education

Corp.

11,619

437,571

Strategic

Education,

Inc.

4,462

383,777

Stride,

Inc.*(a)

8,287

1,234,266

Udemy,

Inc.*

18,328

128,479

Universal

Technical

Institute,

Inc.*

8,978

292,234

Zspace,

Inc.*

1,144

1,121

7,500,431

Diversified

REITs

0

.5

%

Alexander

&

Baldwin,

Inc.

13,735

249,840

Alpine

Income

Property

Trust,

Inc.

2,179

30,876

American

Assets

Trust,

Inc.

10,136

205,964

Armada

Hoffler

Properties,

Inc.

16,089

112,784

Broadstone

Net

Lease,

Inc.

37,387

668,106

CTO

Realty

Growth,

Inc.

5,651

92,111

Essential

Properties

Realty

Trust,

Inc.(a)

38,536

1,146,831

Gladstone

Commercial

Corp.

8,642

106,469

Global

Net

Lease,

Inc.(a)

38,265

311,094

Modiv

Industrial,

Inc.,

Class

C

1,704

24,947

2,949,022

Diversified

Telecommunication

Services

0

.5

%

Anterix,

Inc.*(a)

1,877

40,299

ATN

International,

Inc.

2,097

31,392

Bandwidth,

Inc.,

Class

A*(a)

5,024

83,750

Common

Stocks

Shares

Value

($)

Diversified

Telecommunication

Services

Cogent

Communications

Holdings,

Inc.(a)

8,770

336,330

Globalstar,

Inc.*(a)

9,536

347,015

IDT

Corp.,

Class

B(a)

3,089

161,586

Liberty

Latin

America

Ltd.,

Class

A*

7,144

59,224

Liberty

Latin

America

Ltd.,

Class

C*(a)

23,201

195,816

Lumen

Technologies,

Inc.*

184,599

1,129,746

Shenandoah

Telecommunications

Co.(a)

9,481

127,235

Uniti

Group,

Inc.

28,375

173,655

2,686,048

Electric

Utilities

1

.2

%

ALLETE,

Inc.

11,302

750,453

Genie

Energy

Ltd.,

Class

B

3,994

59,710

Hawaiian

Electric

Industries,

Inc.*(a)

33,841

373,605

MGE

Energy,

Inc.

7,064

594,647

Oklo,

Inc.,

Class

A*(a)

20,981

2,342,109

Otter

Tail

Corp.(a)

7,440

609,857

Portland

General

Electric

Co.

21,529

947,276

TXNM

Energy,

Inc.

19,005

1,074,733

6,752,390

Electrical

Equipment

2

.3

%

Allient,

Inc.(a)

2,756

123,331

American

Superconductor

Corp.*

8,432

500,777

Amprius

Technologies,

Inc.*(a)

17,379

182,827

Array

Technologies,

Inc.*(a)

29,647

241,623

Atkore,

Inc.

6,525

409,379

Bloom

Energy

Corp.,

Class

A*(a)

41,413

3,502,297

Complete

Solaria,

Inc.*(a)

10,092

17,762

EnerSys

7,415

837,598

Enovix

Corp.*(a)

31,943

318,472

Eos

Energy

Enterprises,

Inc.*(a)

49,045

558,623

Fluence

Energy,

Inc.*(a)

14,503

156,632

Hyliion

Holdings

Corp.*(a)

25,935

51,092

KULR

Technology

Group,

Inc.*(a)

6,130

25,501

LSI

Industries,

Inc.

5,251

123,976

NANO

Nuclear

Energy,

Inc.*(a)

6,011

231,784

Net

Power,

Inc.*(a)

7,516

22,623

NEXTracker,

Inc.,

Class

A*

28,155

2,083,189

NuScale

Power

Corp.,

Class

A*(a)

24,614

886,104

Plug

Power,

Inc.*(a)

210,178

489,715

Powell

Industries,

Inc.(a)

1,846

562,679

Power

Solutions

International,

Inc.*(a)

1,240

121,793

Preformed

Line

Products

Co.(a)

436

85,521

Shoals

Technologies

Group,

Inc.,

Class

A*

32,613

241,662

SKYX

Platforms

Corp.*(a)

10,192

11,415

Sunrun,

Inc.*

40,479

699,882

T1

Energy,

Inc.*(a)

18,389

40,088

Thermon

Group

Holdings,

Inc.*

6,299

168,309

134

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Electrical

Equipment

Vicor

Corp.*(a)

4,604

228,911

12,923,565

Electronic

Equipment,

Instruments

&

Components

3

.2

%

908

Devices,

Inc.*(a)

6,062

53,103

Advanced

Energy

Industries,

Inc.

7,269

1,236,748

Aeva

Technologies,

Inc.*

5,810

84,245

Arlo

Technologies,

Inc.*(a)

19,520

330,864

Badger

Meter,

Inc.

5,691

1,016,299

Bel

Fuse,

Inc.,

Class

A

300

34,905

Bel

Fuse,

Inc.,

Class

B(a)

2,035

286,976

Belden,

Inc.

7,749

931,972

Benchmark

Electronics,

Inc.(a)

6,964

268,462

Climb

Global

Solutions,

Inc.(a)

773

104,231

CTS

Corp.

5,658

225,980

Daktronics,

Inc.*

7,694

160,958

ePlus,

Inc.

5,156

366,127

Evolv

Technologies

Holdings,

Inc.*(a)

21,972

165,889

Fabrinet*

6,974

2,542,860

Frequency

Electronics,

Inc.*(a)

1,184

40,149

Insight

Enterprises,

Inc.*

5,631

638,612

Itron,

Inc.*

8,747

1,089,526

Kimball

Electronics,

Inc.*

4,502

134,430

Knowles

Corp.*(a)

16,448

383,403

Methode

Electronics,

Inc.

6,215

46,923

MicroVision,

Inc.*(a)

46,249

57,349

Mirion

Technologies,

Inc.,

Class

A*(a)

45,573

1,060,028

M-Tron

Industries,

Inc.*

444

24,633

Napco

Security

Technologies,

Inc.

6,650

285,617

Neonode,

Inc.*(a)

2,002

6,987

nLight,

Inc.*

9,425

279,263

Novanta,

Inc.*

6,931

694,140

OSI

Systems,

Inc.*(a)

3,090

770,152

Ouster,

Inc.*

9,740

263,467

PC

Connection,

Inc.

2,300

142,577

Plexus

Corp.*

5,198

752,099

Powerfleet,

Inc.

NJ*(a)

23,494

123,109

Red

Cat

Holdings,

Inc.*(a)

16,499

170,765

Richardson

Electronics

Ltd.(a)

1,780

17,426

Rogers

Corp.*(a)

3,574

287,564

Sanmina

Corp.*

10,200

1,174,122

ScanSource,

Inc.*

4,191

184,362

TTM

Technologies,

Inc.*

19,471

1,121,530

Vishay

Intertechnology,

Inc.(a)

23,405

358,096

Vishay

Precision

Group,

Inc.*

2,292

73,459

Vuzix

Corp.*(a)

12,273

38,414

18,027,821

Energy

Equipment

&

Services

1

.6

%

Archrock,

Inc.

31,862

838,289

Aris

Water

Solutions,

Inc.,

Class

A(a)

5,861

144,532

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

14,619

166,218

Borr

Drilling

Ltd.(a)

46,336

124,644

Bristow

Group,

Inc.,

Class

A*

5,613

202,517

Cactus,

Inc.,

Class

A

13,233

522,307

Core

Laboratories,

Inc.

8,941

110,511

DMC

Global,

Inc.*

3,291

27,809

Common

Stocks

Shares

Value

($)

Energy

Equipment

&

Services

Energy

Services

of

America

Corp.

2,192

22,687

Expro

Group

Holdings

NV*

19,559

232,361

Flowco

Holdings,

Inc.,

Class

A(a)

3,764

55,895

Forum

Energy

Technologies,

Inc.*

2,272

60,685

Helix

Energy

Solutions

Group,

Inc.*

26,420

173,315

Helmerich

&

Payne,

Inc.(a)

18,750

414,187

Innovex

International,

Inc.*(a)

7,246

134,341

Kodiak

Gas

Services,

Inc.(a)

12,945

478,577

Liberty

Energy,

Inc.,

Class

A

30,708

378,937

Mammoth

Energy

Services,

Inc.*

6,516

14,922

Nabors

Industries

Ltd.*(a)

2,942

120,240

National

Energy

Services

Reunited

Corp.*(a)

12,055

123,684

Natural

Gas

Services

Group,

Inc.

2,139

59,871

Noble

Corp.

plc(a)

24,315

687,628

Oceaneering

International,

Inc.*(a)

18,468

457,637

Oil

States

International,

Inc.*

11,397

69,066

Patterson-UTI

Energy,

Inc.(a)

67,255

348,381

ProFrac

Holding

Corp.,

Class

A*

2,351

8,699

ProPetro

Holding

Corp.*

15,613

81,812

Ranger

Energy

Services,

Inc.,

Class

A

3,723

52,271

RPC,

Inc.(a)

16,259

77,393

SEACOR

Marine

Holdings,

Inc.*(a)

4,025

26,122

Seadrill

Ltd.*(a)

12,321

372,217

Select

Water

Solutions,

Inc.,

Class

A(a)

18,415

196,856

Solaris

Energy

Infrastructure,

Inc.,

Class

A(a)

6,873

274,714

TETRA

Technologies,

Inc.*(a)

25,813

148,425

Tidewater,

Inc.*(a)

9,498

506,528

Transocean

Ltd.*

164,418

512,984

Valaris

Ltd.*

12,273

598,554

8,825,816

Entertainment

0

.5

%

AMC

Entertainment

Holdings,

Inc.,

Class

A*(a)

82,153

238,244

Atlanta

Braves

Holdings,

Inc.,

Class

A*(a)

1,409

64,067

Atlanta

Braves

Holdings,

Inc.,

Class

C*

8,625

358,714

Cinemark

Holdings,

Inc.(a)

20,142

564,379

CuriosityStream,

Inc.

6,175

32,727

Eventbrite,

Inc.,

Class

A*

15,076

37,992

Gaia,

Inc.,

Class

A*

2,912

17,239

Golden

Matrix

Group,

Inc.*(a)

3,259

3,683

IMAX

Corp.*

8,629

282,600

Lionsgate

Studios

Corp.*

39,436

272,108

Madison

Square

Garden

Entertainment

Corp.,

Class

A*

7,629

345,136

Marcus

Corp.

(The)

4,362

67,655

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

135

Common

Stocks

Shares

Value

($)

Entertainment

Playstudios,

Inc.*

17,505

16,850

Playtika

Holding

Corp.(a)

10,803

42,024

Reservoir

Media,

Inc.*

4,182

34,041

Sphere

Entertainment

Co.*(a)

5,445

338,243

Starz

Entertainment

Corp.

2,360

34,763

Vivid

Seats,

Inc.,

Class

A*

810

13,462

2,763,927

Financial

Services

2

.3

%

Acacia

Research

Corp.*(a)

5,239

17,027

Alerus

Financial

Corp.

4,389

97,173

AvidXchange

Holdings,

Inc.*

33,012

328,469

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

5,653

259,868

Better

Home

&

Finance

Holding

Co.*(a)

922

51,761

Burford

Capital

Ltd.

39,023

466,715

Cannae

Holdings,

Inc.

11,289

206,702

Cantaloupe,

Inc.*

11,544

122,020

Cass

Information

Systems,

Inc.

2,489

97,892

Compass

Diversified

Holdings

12,936

85,636

Enact

Holdings,

Inc.

6,139

235,369

Essent

Group

Ltd.

18,907

1,201,729

EVERTEC,

Inc.

12,485

421,743

Federal

Agricultural

Mortgage

Corp.,

Class

C(a)

1,813

304,548

Finance

of

America

Cos.,

Inc.,

Class

A*(a)

901

20,209

Flywire

Corp.*

22,464

304,163

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

23,334

716,354

International

Money

Express,

Inc.*

5,648

78,903

Jackson

Financial,

Inc.,

Class

A

11,566

1,170,826

loanDepot,

Inc.,

Class

A*(a)

15,674

48,119

Marqeta,

Inc.,

Class

A*(a)

74,787

394,875

Merchants

Bancorp(a)

4,926

156,647

NCR

Atleos

Corp.*(a)

14,309

562,487

NewtekOne,

Inc.

5,108

58,487

NMI

Holdings,

Inc.,

Class

A*

15,346

588,366

Onity

Group,

Inc.*

1,278

51,069

Pagseguro

Digital

Ltd.,

Class

A

35,211

352,110

Payoneer

Global,

Inc.*

52,541

317,873

Paysafe

Ltd.*(a)

6,476

83,670

Paysign,

Inc.*

7,538

47,414

PennyMac

Financial

Services,

Inc.(a)

5,668

702,152

Priority

Technology

Holdings,

Inc.*

5,103

35,058

Radian

Group,

Inc.

26,396

956,063

Remitly

Global,

Inc.*

32,394

528,022

Repay

Holdings

Corp.,

Class

A*(a)

16,370

85,615

Security

National

Financial

Corp.,

Class

A*

2,909

25,221

Sezzle,

Inc.*(a)

3,091

245,827

StoneCo

Ltd.,

Class

A*(a)

48,593

918,894

SWK

Holdings

Corp.

1,155

16,805

Triller

Group,

Inc.*

17,950

14,900

Common

Stocks

Shares

Value

($)

Financial

Services

Velocity

Financial,

Inc.*

2,096

38,021

Walker

&

Dunlop,

Inc.(a)

6,397

534,917

Waterstone

Financial,

Inc.

2,841

44,320

12,994,039

Food

Products

0

.8

%

Alico,

Inc.

852

29,530

B&G

Foods,

Inc.(a)

14,306

63,376

Beyond

Meat,

Inc.*(a)

13,693

25,880

BRC,

Inc.,

Class

A*(a)

15,139

23,617

Calavo

Growers,

Inc.(a)

3,133

80,643

Cal-Maine

Foods,

Inc.(a)

8,862

833,914

Dole

plc(a)

13,787

185,297

Forafric

Global

plc*(a)

651

5,657

Fresh

Del

Monte

Produce,

Inc.

(a)

6,585

228,631

Hain

Celestial

Group,

Inc.

(The)*(a)

16,333

25,806

J

&

J

Snack

Foods

Corp.

2,920

280,583

John

B

Sanfilippo

&

Son,

Inc.

1,444

92,820

Lifeway

Foods,

Inc.*

1,134

31,480

Limoneira

Co.

3,158

46,896

Mama's

Creations,

Inc.*(a)

6,542

68,757

Marzetti

Co.

(The)

3,885

671,289

Mission

Produce,

Inc.*

8,139

97,831

Seneca

Foods

Corp.,

Class

A*(a)

867

93,584

Simply

Good

Foods

Co.

(The)*

17,874

443,633

SunOpta,

Inc.*

18,560

108,762

Tootsie

Roll

Industries,

Inc.(a)

3,309

138,713

TreeHouse

Foods,

Inc.*

9,443

190,843

Utz

Brands,

Inc.

13,399

162,798

Vital

Farms,

Inc.*(a)

6,704

275,870

Westrock

Coffee

Co.*(a)

6,427

31,235

4,237,445

Gas

Utilities

1

.0

%

Brookfield

Infrastructure

Corp.,

Class

A(a)

23,309

958,466

Chesapeake

Utilities

Corp.(a)

4,342

584,824

New

Jersey

Resources

Corp.

19,582

942,873

Northwest

Natural

Holding

Co.(a)

7,820

351,353

ONE

Gas,

Inc.(a)

11,660

943,760

RGC

Resources,

Inc.

1,454

32,628

Southwest

Gas

Holdings,

Inc.

12,672

992,725

Spire,

Inc.

11,256

917,589

5,724,218

Ground

Transportation

0

.3

%

ArcBest

Corp.(a)

4,511

315,184

Covenant

Logistics

Group,

Inc.,

Class

A

3,016

65,327

FTAI

Infrastructure,

Inc.(a)

21,654

94,412

Heartland

Express,

Inc.(a)

8,992

75,353

Hertz

Global

Holdings,

Inc.*(a)

22,823

155,196

Marten

Transport

Ltd.

10,667

113,710

PAMT

Corp.*

1,683

19,186

Proficient

Auto

Logistics,

Inc.*(a)

4,539

31,274

RXO,

Inc.*

31,309

481,532

Universal

Logistics

Holdings,

Inc.(a)

1,510

35,394

136

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Ground

Transportation

Werner

Enterprises,

Inc.

10,996

289,415

1,675,983

Health

Care

Equipment

&

Supplies

2

.4

%

Accuray,

Inc.*

18,273

30,516

Alphatec

Holdings,

Inc.*(a)

22,078

321,014

AngioDynamics,

Inc.*

7,690

85,897

Anteris

Technologies

Global

Corp.*(a)

6,575

29,587

Artivion,

Inc.*(a)

7,349

311,157

AtriCure,

Inc.*

9,219

324,970

Avanos

Medical,

Inc.*

8,519

98,480

Axogen,

Inc.*(a)

8,598

153,388

Beta

Bionics,

Inc.*(a)

7,339

145,826

Bioventus,

Inc.,

Class

A*(a)

8,625

57,701

Butterfly

Network,

Inc.*(a)

36,259

69,980

Carlsmed,

Inc.*(a)

1,178

15,773

Ceribell,

Inc.*(a)

4,617

53,049

Cerus

Corp.*

31,786

50,540

ClearPoint

Neuro,

Inc.*(a)

4,923

107,272

CONMED

Corp.

5,965

280,534

CVRx,

Inc.*(a)

3,785

30,545

Delcath

Systems,

Inc.*(a)

5,681

61,071

Electromed,

Inc.*

1,248

30,638

Embecta

Corp.

11,683

164,847

Enovis

Corp.*(a)

11,043

335,045

Glaukos

Corp.*

10,791

880,006

Haemonetics

Corp.*

9,298

453,184

ICU

Medical,

Inc.*

4,659

558,894

Inogen,

Inc.*

4,635

37,868

Integer

Holdings

Corp.*(a)

6,678

690,038

Integra

LifeSciences

Holdings

Corp.*(a)

13,023

186,620

iRadimed

Corp.

1,584

112,717

iRhythm

Technologies,

Inc.*(a)

6,130

1,054,299

Kestra

Medical

Technologies

Ltd.*(a)

2,350

55,836

KORU

Medical

Systems,

Inc.*

7,645

29,280

Lantheus

Holdings,

Inc.*

13,183

676,156

LeMaitre

Vascular,

Inc.

4,012

351,090

LENSAR,

Inc.*(a)

1,793

22,144

LivaNova

plc*

10,618

556,171

Lucid

Diagnostics,

Inc.*(a)

12,106

12,227

Merit

Medical

Systems,

Inc.*

11,362

945,659

Myomo,

Inc.*(a)

5,953

5,310

Neogen

Corp.*(a)

41,029

234,276

Neuronetics,

Inc.*(a)

6,830

18,646

NeuroPace,

Inc.*

4,559

47,003

Novocure

Ltd.*

19,180

247,806

Omnicell,

Inc.*

9,127

277,917

OraSure

Technologies,

Inc.*

15,628

50,166

Orthofix

Medical,

Inc.*(a)

7,150

104,676

OrthoPediatrics

Corp.*(a)

3,050

56,516

Outset

Medical,

Inc.*(a)

3,318

46,850

PROCEPT

BioRobotics

Corp.*(a)

10,066

359,255

Pro-Dex,

Inc.*(a)

392

13,269

Pulmonx

Corp.*(a)

7,592

12,299

Pulse

Biosciences,

Inc.*(a)

3,547

62,782

QuidelOrtho

Corp.*

13,022

383,498

RxSight,

Inc.*

6,814

61,258

Sanara

Medtech,

Inc.*

487

15,452

Common

Stocks

Shares

Value

($)

Health

Care

Equipment

&

Supplies

SANUWAVE

Health,

Inc.*

1,308

49,024

Semler

Scientific,

Inc.*(a)

2,347

70,410

Shoulder

Innovations,

Inc.*(a)

835

10,479

SI-BONE,

Inc.*

7,421

109,237

Sight

Sciences,

Inc.*

8,068

27,754

STAAR

Surgical

Co.*

9,724

261,284

Stereotaxis,

Inc.*

13,190

41,021

Surmodics,

Inc.*

2,642

78,969

Tactile

Systems

Technology,

Inc.*(a)

4,259

58,945

Tandem

Diabetes

Care,

Inc.*

12,916

156,800

TransMedics

Group,

Inc.*(a)

6,373

715,051

Treace

Medical

Concepts,

Inc.*

9,874

66,255

UFP

Technologies,

Inc.*

1,456

290,618

Utah

Medical

Products,

Inc.

445

28,022

Varex

Imaging

Corp.*

8,230

102,052

Zimvie,

Inc.*(a)

5,619

106,424

13,549,343

Health

Care

Providers

&

Services

3

.1

%

AdaptHealth

Corp.,

Class

A*(a)

19,742

176,691

Addus

HomeCare

Corp.*

3,487

411,431

agilon

health,

Inc.*(a)

59,362

61,143

AirSculpt

Technologies,

Inc.*(a)

4,032

32,337

Alignment

Healthcare,

Inc.*

28,150

491,217

AMN

Healthcare

Services,

Inc.*

7,437

143,980

Ardent

Health,

Inc.*

4,823

63,905

Astrana

Health,

Inc.*(a)

7,878

223,341

Aveanna

Healthcare

Holdings,

Inc.*

9,709

86,119

BrightSpring

Health

Services,

Inc.*

18,196

537,874

Brookdale

Senior

Living,

Inc.*

44,247

374,772

Castle

Biosciences,

Inc.*

5,379

122,480

Clover

Health

Investments

Corp.,

Class

A*(a)

76,169

233,077

Community

Health

Systems,

Inc.*(a)

24,291

77,974

Concentra

Group

Holdings

Parent,

Inc.(a)

22,235

465,378

CorVel

Corp.*

5,553

429,913

Cross

Country

Healthcare,

Inc.*(a)

6,274

89,091

DocGo,

Inc.*

19,985

27,180

Enhabit,

Inc.*

9,256

74,141

Ensign

Group,

Inc.

(The)(a)

10,841

1,873,000

Fulgent

Genetics,

Inc.*

3,998

90,355

GeneDx

Holdings

Corp.,

Class

A*

3,656

393,897

Guardant

Health,

Inc.*

23,135

1,445,475

HealthEquity,

Inc.*

16,467

1,560,578

Hims

&

Hers

Health,

Inc.*(a)

36,724

2,082,985

Innovage

Holding

Corp.*

5,082

26,223

Joint

Corp.

(The)*

2,653

25,310

LifeStance

Health

Group,

Inc.*

25,810

141,955

Nano-X

Imaging

Ltd.*(a)

12,636

46,753

National

HealthCare

Corp.

2,443

296,849

National

Research

Corp.

2,458

31,413

NeoGenomics,

Inc.*

24,728

190,900

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

137

Common

Stocks

Shares

Value

($)

Health

Care

Providers

&

Services

Nutex

Health,

Inc.*(a)

647

66,848

Omada

Health,

Inc.*(a)

1,773

39,201

Oncology

Institute,

Inc.

(The)*(a)

10,887

37,996

OPKO

Health,

Inc.*(a)

78,140

121,117

Option

Care

Health,

Inc.*(a)

31,716

880,436

Owens

&

Minor,

Inc.*(a)

14,696

70,541

PACS

Group,

Inc.*

8,309

114,083

Pediatrix

Medical

Group,

Inc.*

16,131

270,194

Pennant

Group,

Inc.

(The)*

6,300

158,886

Performant

Healthcare,

Inc.*(a)

12,888

99,624

Premier,

Inc.,

Class

A(a)

15,915

442,437

Privia

Health

Group,

Inc.*(a)

22,085

549,916

Progyny,

Inc.*

14,419

310,297

RadNet,

Inc.*(a)

13,176

1,004,143

SBC

Medical

Group

Holdings,

Inc.*(a)

1,977

8,580

Select

Medical

Holdings

Corp.

21,844

280,477

Sonida

Senior

Living,

Inc.*(a)

1,002

27,775

Surgery

Partners,

Inc.*(a)

14,848

321,311

Talkspace,

Inc.*

28,030

77,363

US

Physical

Therapy,

Inc.

2,815

239,134

Viemed

Healthcare,

Inc.*

6,479

43,992

17,492,088

Health

Care

REITs

1

.0

%

American

Healthcare

REIT,

Inc.(a)

31,045

1,304,200

CareTrust

REIT,

Inc.(a)

41,280

1,431,590

Community

Healthcare

Trust,

Inc.(a)

5,055

77,342

Diversified

Healthcare

Trust

41,821

184,431

Global

Medical

REIT,

Inc.

2,386

80,432

LTC

Properties,

Inc.(a)

8,711

321,087

National

Health

Investors,

Inc.

8,927

709,696

Sabra

Health

Care

REIT,

Inc.

(a)

46,455

865,921

Sila

Realty

Trust,

Inc.(a)

10,886

273,239

Strawberry

Fields

REIT,

Inc.

1,745

21,464

Universal

Health

Realty

Income

Trust

2,372

92,911

5,362,313

Health

Care

Technology

0

.4

%

Claritev

Corp.*

1,467

77,868

Definitive

Healthcare

Corp.,

Class

A*

6,943

28,189

Evolent

Health,

Inc.,

Class

A*

22,475

190,138

Health

Catalyst,

Inc.*(a)

12,543

35,748

HealthStream,

Inc.

4,724

133,406

LifeMD,

Inc.*(a)

7,304

49,594

OptimizeRx

Corp.*(a)

2,859

58,609

Phreesia,

Inc.*

11,057

260,061

Schrodinger,

Inc.*

10,752

215,685

Simulations

Plus,

Inc.*(a)

2,965

44,682

Teladoc

Health,

Inc.*(a)

33,540

259,264

TruBridge,

Inc.*(a)

1,881

37,940

Waystar

Holding

Corp.*

21,191

803,563

2,194,747

Hotel

&

Resort

REITs

0

.6

%

Apple

Hospitality

REIT,

Inc.(a)

44,393

533,160

Common

Stocks

Shares

Value

($)

Hotel

&

Resort

REITs

Braemar

Hotels

&

Resorts,

Inc.

12,891

35,192

Chatham

Lodging

Trust

8,835

59,283

DiamondRock

Hospitality

Co.

42,271

336,477

Pebblebrook

Hotel

Trust(a)

23,235

264,647

RLJ

Lodging

Trust(a)

30,151

217,087

Ryman

Hospitality

Properties,

Inc.(a)

12,094

1,083,501

Service

Properties

Trust(a)

31,734

85,999

Summit

Hotel

Properties,

Inc.

(a)

21,756

119,440

Sunstone

Hotel

Investors,

Inc.

37,953

355,620

Xenia

Hotels

&

Resorts,

Inc.(a)

19,891

272,905

3,363,311

Hotels,

Restaurants

&

Leisure

1

.8

%

Accel

Entertainment,

Inc.,

Class

A*

10,006

110,766

Bally's

Corp.*

1,245

13,820

Biglari

Holdings,

Inc.,

Class

B*(a)

146

47,253

BJ's

Restaurants,

Inc.*(a)

4,027

122,944

Bloomin'

Brands,

Inc.

15,846

113,616

Brightstar

Lottery

plc(a)

21,646

373,393

Brinker

International,

Inc.*

8,602

1,089,701

Cheesecake

Factory,

Inc.

(The)(a)

8,999

491,705

Cracker

Barrel

Old

Country

Store,

Inc.(a)

4,333

190,912

Dave

&

Buster's

Entertainment,

Inc.*(a)

5,142

93,379

Denny's

Corp.*(a)

9,497

49,669

Dine

Brands

Global,

Inc.(a)

3,075

76,014

El

Pollo

Loco

Holdings,

Inc.*(a)

4,706

45,648

First

Watch

Restaurant

Group,

Inc.*(a)

8,655

135,364

Genius

Sports

Ltd.*

42,706

528,700

Global

Business

Travel

Group

I*(a)

18,071

146,014

Golden

Entertainment,

Inc.(a)

3,740

88,189

Hilton

Grand

Vacations,

Inc.*

11,268

471,115

Inspired

Entertainment,

Inc.*

5,221

48,973

Jack

in

the

Box,

Inc.(a)

3,633

71,824

Krispy

Kreme,

Inc.(a)

16,781

64,942

Kura

Sushi

USA,

Inc.,

Class

A*(a)

1,219

72,421

Life

Time

Group

Holdings,

Inc.*

26,315

726,294

Lindblad

Expeditions

Holdings,

Inc.*

7,079

90,611

Marriott

Vacations

Worldwide

Corp.

5,517

367,212

Monarch

Casino

&

Resort,

Inc.

2,451

259,414

Nathan's

Famous,

Inc.

539

59,689

Papa

John's

International,

Inc.

(a)

6,225

299,734

Portillo's,

Inc.,

Class

A*(a)

10,779

69,525

Potbelly

Corp.*

5,247

89,409

Pursuit

Attractions

and

Hospitality,

Inc.*

4,000

144,720

RCI

Hospitality

Holdings,

Inc.

1,459

44,514

Red

Rock

Resorts,

Inc.,

Class

A

9,517

581,108

138

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Hotels,

Restaurants

&

Leisure

Rush

Street

Interactive,

Inc.*(a)

17,343

355,185

Sabre

Corp.*

69,349

126,909

Serve

Robotics,

Inc.*

8,925

103,798

Shake

Shack,

Inc.,

Class

A*

7,478

700,016

Six

Flags

Entertainment

Corp.*(a)

18,480

419,866

Super

Group

SGHC

Ltd.(a)

31,056

409,939

Sweetgreen,

Inc.,

Class

A*(a)

19,662

156,903

Target

Hospitality

Corp.*

5,932

50,303

United

Parks

&

Resorts,

Inc.*(a)

5,206

269,150

Xponential

Fitness,

Inc.,

Class

A*

5,336

41,567

9,812,228

Household

Durables

1

.8

%

Bassett

Furniture

Industries,

Inc.

1,752

27,401

Beazer

Homes

USA,

Inc.*

5,543

136,081

Cavco

Industries,

Inc.*(a)

1,457

846,124

Century

Communities,

Inc.(a)

5,051

320,082

Champion

Homes,

Inc.*(a)

11,028

842,208

Cricut,

Inc.,

Class

A(a)

10,041

63,158

Dream

Finders

Homes,

Inc.,

Class

A*(a)

6,009

155,753

Ethan

Allen

Interiors,

Inc.(a)

4,497

132,482

Flexsteel

Industries,

Inc.(a)

734

34,021

Green

Brick

Partners,

Inc.*(a)

5,969

440,870

Hamilton

Beach

Brands

Holding

Co.,

Class

A

1,335

19,184

Helen

of

Troy

Ltd.*

4,330

109,116

Hovnanian

Enterprises,

Inc.,

Class

A*

900

115,641

Installed

Building

Products,

Inc.(a)

4,519

1,114,656

KB

Home(a)

12,837

816,947

La-Z-Boy,

Inc.(a)

7,945

272,672

Legacy

Housing

Corp.*

1,422

39,119

Leggett

&

Platt,

Inc.(a)

26,099

231,759

LGI

Homes,

Inc.*

3,883

200,790

Lovesac

Co.

(The)*(a)

2,656

44,966

M/I

Homes,

Inc.*

5,024

725,667

Meritage

Homes

Corp.

13,758

996,492

Sonos,

Inc.*

22,577

356,717

Taylor

Morrison

Home

Corp.,

Class

A*

18,901

1,247,655

Traeger,

Inc.*

5,223

6,372

Tri

Pointe

Homes,

Inc.*

16,509

560,811

9,856,744

Household

Products

0

.3

%

Central

Garden

&

Pet

Co.*

2,110

68,892

Central

Garden

&

Pet

Co.,

Class

A*

9,233

272,650

Energizer

Holdings,

Inc.(a)

12,968

322,774

Oil-Dri

Corp.

of

America

1,886

115,121

Spectrum

Brands

Holdings,

Inc.(a)

4,711

247,469

WD-40

Co.

2,588

511,389

1,538,295

Common

Stocks

Shares

Value

($)

Independent

Power

and

Renewable

Electricity

Producers

0

.2

%

Hallador

Energy

Co.*(a)

5,847

114,426

Montauk

Renewables,

Inc.*

15,729

31,615

Ormat

Technologies,

Inc.(a)

11,759

1,131,804

1,277,845

Industrial

Conglomerates

0

.0

%

†

Brookfield

Business

Corp.,

Class

A

4,596

154,104

Industrial

REITs

0

.4

%

Industrial

Logistics

Properties

Trust

10,337

60,265

Innovative

Industrial

Properties,

Inc.

5,416

290,189

LXP

Industrial

Trust(a)

56,579

506,948

One

Liberty

Properties,

Inc.

3,592

79,455

Plymouth

Industrial

REIT,

Inc.

(a)

8,083

180,493

Terreno

Realty

Corp.(a)

19,763

1,121,550

2,238,900

Insurance

1

.9

%

Abacus

Global

Management,

Inc.*(a)

8,069

46,235

Ambac

Financial

Group,

Inc.*

8,414

70,173

American

Coastal

Insurance

Corp.

4,999

56,939

American

Integrity

Insurance

Group,

Inc.*

1,629

36,343

AMERISAFE,

Inc.

3,701

162,252

Aspen

Insurance

Holdings

Ltd.,

Class

A*

3,388

124,373

Ategrity

Specialty

Holdings

LLC*(a)

741

14,649

Baldwin

Insurance

Group,

Inc.

(The),

Class

A*(a)

13,581

383,120

Bowhead

Specialty

Holdings,

Inc.*(a)

3,048

82,418

Citizens,

Inc.,

Class

A*

9,321

48,935

CNO

Financial

Group,

Inc.

19,949

788,983

Crawford

&

Co.,

Class

A

3,939

42,147

Donegal

Group,

Inc.,

Class

A

3,428

66,469

eHealth,

Inc.*

5,571

24,011

Employers

Holdings,

Inc.

4,549

193,241

F&G

Annuities

&

Life,

Inc.

4,467

139,683

Fidelis

Insurance

Holdings

Ltd.

(a)

11,792

214,025

Genworth

Financial,

Inc.,

Class

A*

79,089

703,892

GoHealth,

Inc.,

Class

A*

1,348

6,497

Goosehead

Insurance,

Inc.,

Class

A(a)

4,636

345,011

Greenlight

Capital

Re

Ltd.,

Class

A*(a)

5,387

68,415

Hamilton

Insurance

Group

Ltd.,

Class

B*

8,898

220,670

HCI

Group,

Inc.

2,027

389,042

Heritage

Insurance

Holdings,

Inc.*

4,509

113,537

Hippo

Holdings,

Inc.*(a)

3,392

122,655

Horace

Mann

Educators

Corp.

7,833

353,817

Investors

Title

Co.

298

79,813

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

139

Common

Stocks

Shares

Value

($)

Insurance

James

River

Group

Holdings

Ltd.(a)

7,775

43,151

Kestrel

Group

Ltd.

453

12,371

Kingstone

Cos.,

Inc.(a)

2,228

32,752

Kingsway

Financial

Services,

Inc.*(a)

4,380

64,036

Lemonade,

Inc.*(a)

10,785

577,321

MBIA,

Inc.*(a)

9,219

68,681

Mercury

General

Corp.

5,378

455,947

NI

Holdings,

Inc.*

1,529

20,733

Oscar

Health,

Inc.,

Class

A*(a)

37,630

712,336

Palomar

Holdings,

Inc.*

5,101

595,542

ProAssurance

Corp.*(a)

9,731

233,447

Root,

Inc.,

Class

A*(a)

2,237

200,234

Safety

Insurance

Group,

Inc.

2,923

206,627

Selective

Insurance

Group,

Inc.

11,909

965,463

Selectquote,

Inc.*

27,451

53,804

SiriusPoint

Ltd.*

12,378

223,918

Skyward

Specialty

Insurance

Group,

Inc.*

6,964

331,208

Slide

Insurance

Holdings,

Inc.*(a)

5,546

87,544

Stewart

Information

Services

Corp.

5,439

398,787

Tiptree,

Inc.,

Class

A

4,838

92,744

Trupanion,

Inc.*(a)

7,210

312,049

United

Fire

Group,

Inc.

4,180

127,156

Universal

Insurance

Holdings,

Inc.

5,182

136,287

10,849,483

Interactive

Media

&

Services

0

.6

%

Angi,

Inc.,

Class

A*

8,010

130,243

Arena

Group

Holdings,

Inc.

(The)*

2,392

13,084

Bumble,

Inc.,

Class

A*

13,818

84,152

Cargurus,

Inc.,

Class

A*(a)

15,952

593,893

Cars.com,

Inc.*

11,058

135,129

EverQuote,

Inc.,

Class

A*(a)

5,310

121,440

fuboTV,

Inc.*(a)

65,538

271,983

Getty

Images

Holdings,

Inc.*(a)

21,043

41,665

Grindr,

Inc.*

6,382

95,858

MediaAlpha,

Inc.,

Class

A*

6,246

71,079

Nextdoor

Holdings,

Inc.*

39,080

81,677

QuinStreet,

Inc.*

10,501

162,450

Rumble,

Inc.*(a)

20,567

148,905

Shutterstock,

Inc.

4,932

102,832

Teads

Holding

Co.*

7,466

12,319

Travelzoo*

1,141

11,216

TripAdvisor,

Inc.*

22,401

364,240

TrueCar,

Inc.*

15,719

28,923

Vimeo,

Inc.*

28,369

219,860

Webtoon

Entertainment,

Inc.*(a)

3,275

63,568

Yelp,

Inc.,

Class

A*

11,870

370,344

Ziff

Davis,

Inc.*

8,013

305,295

ZipRecruiter,

Inc.,

Class

A*

13,366

56,404

3,486,559

IT

Services

0

.5

%

Applied

Digital

Corp.*

41,408

949,900

Common

Stocks

Shares

Value

($)

IT

Services

ASGN,

Inc.*

8,376

396,604

Backblaze,

Inc.,

Class

A*

10,014

92,930

BigBear.ai

Holdings,

Inc.*(a)

56,298

367,063

Commerce.com,

Inc.,

Series

1*

13,044

65,090

Crexendo,

Inc.*

2,639

17,154

CSP,

Inc.(a)

1,279

14,772

DigitalOcean

Holdings,

Inc.*(a)

13,229

451,903

Fastly,

Inc.,

Class

A*

26,826

229,362

Grid

Dynamics

Holdings,

Inc.*

12,623

97,323

Hackett

Group,

Inc.

(The)

4,845

92,103

Information

Services

Group,

Inc.(a)

7,689

44,212

Rackspace

Technology,

Inc.*(a)

19,964

28,149

TSS,

Inc.*(a)

3,447

62,425

Tucows,

Inc.,

Class

A*(a)

1,339

24,845

Unisys

Corp.*

13,372

52,151

VTEX,

Class

A*(a)

10,719

46,949

3,032,935

Leisure

Products

0

.5

%

Acushnet

Holdings

Corp.

5,285

414,820

American

Outdoor

Brands,

Inc.*

2,174

18,870

Clarus

Corp.

4,367

15,285

Escalade,

Inc.(a)

1,771

22,261

Funko,

Inc.,

Class

A*(a)

7,196

24,754

JAKKS

Pacific,

Inc.

1,637

30,661

Johnson

Outdoors,

Inc.,

Class

A(a)

1,071

43,258

Latham

Group,

Inc.*(a)

8,441

64,236

Malibu

Boats,

Inc.,

Class

A*

3,607

117,047

Marine

Products

Corp.(a)

1,063

9,429

MasterCraft

Boat

Holdings,

Inc.*(a)

3,207

68,822

Outdoor

Holding

Co.*(a)

18,385

27,210

Peloton

Interactive,

Inc.,

Class

A*(a)

72,864

655,776

Polaris,

Inc.(a)

10,329

600,425

Smith

&

Wesson

Brands,

Inc.

(a)

8,133

79,947

Sturm

Ruger

&

Co.,

Inc.

2,955

128,454

Topgolf

Callaway

Brands

Corp.*(a)

24,916

236,702

2,557,957

Life

Sciences

Tools

&

Services

0

.4

%

10X

Genomics,

Inc.,

Class

A*(a)

20,736

242,404

Adaptive

Biotechnologies

Corp.*(a)

29,255

437,655

Alpha

Teknova,

Inc.*(a)

2,070

12,813

Azenta,

Inc.*(a)

7,740

222,293

BioLife

Solutions,

Inc.*(a)

7,189

183,391

Codexis,

Inc.*

17,616

42,983

CryoPort,

Inc.*(a)

9,405

89,160

Cytek

Biosciences,

Inc.*(a)

22,075

76,600

Fortrea

Holdings,

Inc.*

17,297

145,641

Ginkgo

Bioworks

Holdings,

Inc.*

7,367

107,411

Lifecore

Biomedical,

Inc.*(a)

4,790

35,254

140

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Life

Sciences

Tools

&

Services

Maravai

LifeSciences

Holdings,

Inc.,

Class

A*

23,079

66,237

MaxCyte,

Inc.*

19,672

31,082

Mesa

Laboratories,

Inc.

924

61,917

Niagen

Bioscience,

Inc.*

10,098

94,214

OmniAb,

Inc.*

21,229

33,966

Pacific

Biosciences

of

California,

Inc.*(a)

53,783

68,842

Personalis,

Inc.*

9,538

62,188

Quanterix

Corp.*

8,179

44,412

Quantum-Si,

Inc.*(a)

26,707

37,657

Standard

BioTools,

Inc.*(a)

61,482

79,927

2,176,047

Machinery

3

.7

%

3D

Systems

Corp.*(a)

24,090

69,861

Aebi

Schmidt

Holding

AG

7,066

88,113

AirJoule

Technologies

Corp.*

3,638

17,062

Alamo

Group,

Inc.

1,976

377,218

Albany

International

Corp.,

Class

A(a)

5,805

309,407

Astec

Industries,

Inc.(a)

4,325

208,162

Atmus

Filtration

Technologies,

Inc.

16,171

729,150

Blue

Bird

Corp.*

6,111

351,688

Chart

Industries,

Inc.*

8,731

1,747,510

Columbus

McKinnon

Corp.

5,535

79,372

Douglas

Dynamics,

Inc.

4,179

130,636

Eastern

Co.

(The)

1,205

28,269

Energy

Recovery,

Inc.*

10,430

160,831

Enerpac

Tool

Group

Corp.,

Class

A

10,514

431,074

Enpro,

Inc.(a)

4,079

921,854

ESCO

Technologies,

Inc.

5,013

1,058,295

Federal

Signal

Corp.

11,640

1,385,044

Franklin

Electric

Co.,

Inc.

7,635

726,852

Gencor

Industries,

Inc.*

1,714

25,076

Gorman-Rupp

Co.

(The)

3,743

173,713

Graham

Corp.*

2,072

113,753

Greenbrier

Cos.,

Inc.

(The)

5,914

273,049

Helios

Technologies,

Inc.

6,416

334,466

Hillenbrand,

Inc.(a)

13,425

363,012

Hillman

Solutions

Corp.*

38,743

355,661

Hyster-Yale,

Inc.

2,264

83,451

JBT

Marel

Corp.

10,058

1,412,646

Kadant,

Inc.(a)

2,266

674,316

Kennametal,

Inc.(a)

14,611

305,808

L

B

Foster

Co.,

Class

A*

1,959

52,795

Lindsay

Corp.

2,074

291,522

Luxfer

Holdings

plc

4,821

67,012

Manitowoc

Co.,

Inc.

(The)*

6,868

68,749

Mayville

Engineering

Co.,

Inc.*

2,762

38,005

Microvast

Holdings,

Inc.*(a)

37,392

143,959

Miller

Industries,

Inc.

2,132

86,176

Mueller

Water

Products,

Inc.,

Class

A

30,218

771,163

Omega

Flex,

Inc.

477

14,875

Palladyne

AI

Corp.*(a)

4,869

41,825

Park-Ohio

Holdings

Corp.

1,939

41,184

Proto

Labs,

Inc.*

4,537

226,986

REV

Group,

Inc.

9,439

534,908

Common

Stocks

Shares

Value

($)

Machinery

Richtech

Robotics,

Inc.,

Class

B*(a)

12,948

55,547

SPX

Technologies,

Inc.*

9,294

1,735,933

Standex

International

Corp.(a)

2,306

488,641

Tennant

Co.

3,573

289,627

Terex

Corp.

12,548

643,712

Titan

International,

Inc.*

9,353

70,709

Trinity

Industries,

Inc.

15,582

436,919

Wabash

National

Corp.

7,749

76,483

Watts

Water

Technologies,

Inc.,

Class

A

5,315

1,484,373

Worthington

Enterprises,

Inc.

6,008

333,384

20,929,836

Marine

Transportation

0

.2

%

Costamare

Bulkers

Holdings

Ltd.*

1,557

22,374

Costamare,

Inc.

8,835

105,225

Genco

Shipping

&

Trading

Ltd.

(a)

6,595

117,391

Himalaya

Shipping

Ltd.(a)

5,138

42,286

Matson,

Inc.(a)

6,350

626,046

Pangaea

Logistics

Solutions

Ltd.

6,061

30,790

Safe

Bulkers,

Inc.

11,215

49,795

993,907

Media

1

.0

%

Advantage

Solutions,

Inc.*(a)

17,774

27,194

Altice

USA,

Inc.,

Class

A*(a)

49,195

118,560

AMC

Networks,

Inc.,

Class

A*(a)

6,967

57,408

Boston

Omaha

Corp.,

Class

A*(a)

4,087

53,458

Cable

One,

Inc.(a)

979

173,332

EchoStar

Corp.,

Class

A*(a)

26,124

1,994,829

Emerald

Holding,

Inc.(a)

2,270

11,554

Entravision

Communications

Corp.,

Class

A

13,281

30,945

EW

Scripps

Co.

(The),

Class

A*

11,548

28,408

Gambling.com

Group

Ltd.*

2,965

24,254

Gannett

Co.,

Inc.*

28,457

117,527

Gray

Media,

Inc.(a)

17,491

101,098

Ibotta,

Inc.,

Class

A*(a)

2,854

79,484

iHeartMedia,

Inc.,

Class

A*

21,919

62,908

Integral

Ad

Science

Holding

Corp.*

14,201

144,424

John

Wiley

&

Sons,

Inc.,

Class

A

7,901

319,753

Magnite,

Inc.*(a)

26,891

585,686

National

CineMedia,

Inc.

13,409

60,475

Newsmax,

Inc.,

Class

B*

2,264

28,074

Nexxen

International

Ltd.*

7,193

66,535

PubMatic,

Inc.,

Class

A*(a)

8,290

68,641

Scholastic

Corp.(a)

3,853

105,495

Sinclair,

Inc.(a)

7,628

115,183

Stagwell,

Inc.,

Class

A*(a)

21,945

123,550

TechTarget,

Inc.*(a)

5,717

33,216

TEGNA,

Inc.

31,136

632,995

Thryv

Holdings,

Inc.*

7,239

87,302

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

141

Common

Stocks

Shares

Value

($)

Media

WideOpenWest,

Inc.*

9,295

47,962

5,300,250

Metals

&

Mining

2

.0

%

Alpha

Metallurgical

Resources,

Inc.*(a)

2,291

375,930

American

Battery

Technology

Co.*

18,777

91,256

Ascent

Industries

Co.*

1,338

17,233

Caledonia

Mining

Corp.

plc

3,353

121,412

Century

Aluminum

Co.*

10,316

302,878

Coeur

Mining,

Inc.*

123,550

2,317,798

Commercial

Metals

Co.

21,944

1,256,952

Compass

Minerals

International,

Inc.*(a)

6,652

127,718

Constellium

SE,

Class

A*

27,586

410,480

Contango

ORE,

Inc.*

1,683

41,957

Critical

Metals

Corp.*(a)

5,564

34,608

Dakota

Gold

Corp.*(a)

16,795

76,417

Ferroglobe

plc(a)

23,189

105,510

Friedman

Industries,

Inc.

1,082

23,690

Hecla

Mining

Co.

115,796

1,401,132

Idaho

Strategic

Resources,

Inc.*(a)

2,278

76,974

Ivanhoe

Electric,

Inc.*(a)

16,128

202,406

Kaiser

Aluminum

Corp.

3,079

237,576

Lifezone

Metals

Ltd.*

5,550

30,414

MAC

Copper

Ltd.,

Class

A*

11,945

145,849

Materion

Corp.(a)

4,014

484,931

Metallus,

Inc.*

7,173

118,570

NioCorp

Developments

Ltd.*(a)

13,429

89,706

Novagold

Resources,

Inc.*

58,490

514,712

Olympic

Steel,

Inc.

1,862

56,698

Perpetua

Resources

Corp.*

14,549

294,326

Ramaco

Resources,

Inc.,

Class

A*(a)

5,611

186,229

Ryerson

Holding

Corp.(a)

5,357

122,461

SSR

Mining,

Inc.*

39,260

958,729

SunCoke

Energy,

Inc.

15,818

129,075

Tredegar

Corp.*

5,089

40,865

United

States

Antimony

Corp.*(a)

17,253

106,969

US

Gold

Corp.*

2,058

33,916

Vox

Royalty

Corp.(a)

6,091

26,191

Warrior

Met

Coal,

Inc.

10,002

636,527

Worthington

Steel,

Inc.(a)

6,381

193,919

11,392,014

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0

.9

%

ACRES

Commercial

Realty

Corp.*(a)

1,697

35,909

Adamas

Trust,

Inc.(a)

16,450

114,657

Advanced

Flower

Capital,

Inc.

(a)

4,014

15,374

AG

Mortgage

Investment

Trust,

Inc.(a)

5,972

43,237

Angel

Oak

Mortgage

REIT,

Inc.

2,471

23,153

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

28,361

287,297

Arbor

Realty

Trust,

Inc.(a)

28,556

348,669

Ares

Commercial

Real

Estate

Corp.(a)

11,592

52,280

Common

Stocks

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

ARMOUR

Residential

REIT,

Inc.(a)

21,460

320,612

Blackstone

Mortgage

Trust,

Inc.,

Class

A

31,769

584,867

BrightSpire

Capital,

Inc.,

Class

A(a)

25,119

136,396

Chicago

Atlantic

Real

Estate

Finance,

Inc.

3,431

43,883

Chimera

Investment

Corp.(a)

15,347

202,887

Claros

Mortgage

Trust,

Inc.*(a)

18,787

62,373

Dynex

Capital,

Inc.(a)

25,461

312,916

Ellington

Financial,

Inc.(a)

18,062

234,445

Franklin

BSP

Realty

Trust,

Inc.

(a)

16,545

179,679

Invesco

Mortgage

Capital,

Inc.

(a)

13,977

105,666

KKR

Real

Estate

Finance

Trust,

Inc.(a)

11,496

103,464

Ladder

Capital

Corp.,

Class

A

23,163

252,708

Lument

Finance

Trust,

Inc.

6,804

13,744

MFA

Financial,

Inc.(a)

20,518

188,560

Nexpoint

Real

Estate

Finance,

Inc.(a)

1,841

26,105

Orchid

Island

Capital,

Inc.(a)

24,466

171,507

PennyMac

Mortgage

Investment

Trust(a)

17,334

212,515

Ready

Capital

Corp.(a)

32,240

124,769

Redwood

Trust,

Inc.(a)

25,823

149,515

Rithm

Property

Trust,

Inc.

7,046

17,756

Seven

Hills

Realty

Trust(a)

3,913

40,343

Sunrise

Realty

Trust,

Inc.

1,845

19,170

TPG

RE

Finance

Trust,

Inc.(a)

13,281

113,685

Two

Harbors

Investment

Corp.

(a)

20,420

201,545

4,739,686

Multi-Utilities

0

.4

%

Avista

Corp.

15,522

586,887

Black

Hills

Corp.

14,103

868,604

Northwestern

Energy

Group,

Inc.

11,880

696,287

Unitil

Corp.

2,946

140,995

2,292,773

Office

REITs

0

.7

%

Brandywine

Realty

Trust(a)

32,625

136,046

City

Office

REIT,

Inc.

7,930

55,193

COPT

Defense

Properties

22,099

642,197

Douglas

Emmett,

Inc.(a)

24,194

376,701

Easterly

Government

Properties,

Inc.,

Class

A

7,786

178,533

Empire

State

Realty

Trust,

Inc.,

Class

A

28,468

218,065

Franklin

Street

Properties

Corp.

16,629

26,606

Hudson

Pacific

Properties,

Inc.*(a)

72,067

198,905

JBG

SMITH

Properties(a)

12,126

269,804

NET

Lease

Office

Properties(a)

2,911

86,340

Paramount

Group,

Inc.*

36,804

240,698

Peakstone

Realty

Trust(a)

6,870

90,134

142

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Office

REITs

Piedmont

Realty

Trust,

Inc.,

Class

A(a)

24,181

217,629

Postal

Realty

Trust,

Inc.,

Class

A(a)

4,000

62,760

SL

Green

Realty

Corp.(a)

13,986

836,503

3,636,114

Oil,

Gas

&

Consumable

Fuels

3

.1

%

Ardmore

Shipping

Corp.

6,531

77,523

Berry

Corp.

16,779

63,425

BKV

Corp.*(a)

3,086

71,379

California

Resources

Corp.

13,094

696,339

Calumet,

Inc.*(a)

13,545

247,196

Centrus

Energy

Corp.,

Class

A*(a)

3,033

940,442

Clean

Energy

Fuels

Corp.*(a)

34,584

89,227

CNX

Resources

Corp.*(a)

26,369

846,972

Comstock

Resources,

Inc.*(a)

14,060

278,810

Core

Natural

Resources,

Inc.

(a)

10,069

840,560

Crescent

Energy

Co.,

Class

A(a)

34,717

309,676

CVR

Energy,

Inc.*

5,893

214,977

Delek

US

Holdings,

Inc.

11,517

371,654

DHT

Holdings,

Inc.

23,908

285,701

Diversified

Energy

Co.

plc

Reg.

S

10,926

153,073

Dorian

LPG

Ltd.

7,039

209,762

Empire

Petroleum

Corp.*(a)

2,821

12,751

Encore

Energy

Corp.*(a)

36,697

117,797

Energy

Fuels,

Inc.*(a)

41,355

634,799

Epsilon

Energy

Ltd.

2,663

13,422

Evolution

Petroleum

Corp.(a)

4,403

21,222

Excelerate

Energy,

Inc.,

Class

A

4,460

112,347

FLEX

LNG

Ltd.

5,731

144,421

FutureFuel

Corp.

4,710

18,275

Gevo,

Inc.*(a)

42,062

82,442

Golar

LNG

Ltd.

19,310

780,317

Granite

Ridge

Resources,

Inc.

(a)

9,834

53,202

Green

Plains,

Inc.*

12,405

109,040

Gulfport

Energy

Corp.*

3,055

552,894

HighPeak

Energy,

Inc.(a)

3,536

25,000

Infinity

Natural

Resources,

Inc.,

Class

A*(a)

2,658

34,846

International

Seaways,

Inc.(a)

7,797

359,286

Kinetik

Holdings,

Inc.,

Class

A(a)

8,546

365,256

Kolibri

Global

Energy,

Inc.*(a)

6,503

36,092

Kosmos

Energy

Ltd.*(a)

92,025

152,761

Lightbridge

Corp.*

4,263

90,418

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

36,156

863,044

Murphy

Oil

Corp.(a)

26,402

750,081

NACCO

Industries,

Inc.,

Class

A

796

33,559

Navigator

Holdings

Ltd.

6,226

96,441

New

Fortress

Energy,

Inc.*(a)

32,076

70,888

NextDecade

Corp.*(a)

25,996

176,513

NextNRG,

Inc.*(a)

3,163

5,788

Common

Stocks

Shares

Value

($)

Oil,

Gas

&

Consumable

Fuels

Nordic

American

Tankers

Ltd.

(a)

37,221

116,874

Northern

Oil

&

Gas,

Inc.(a)

18,861

467,753

OPAL

Fuels,

Inc.,

Class

A*

3,481

7,658

Par

Pacific

Holdings,

Inc.*

9,827

348,072

PBF

Energy,

Inc.,

Class

A

16,110

486,039

Peabody

Energy

Corp.

23,818

631,653

Prairie

Operating

Co.*(a)

3,600

7,146

PrimeEnergy

Resources

Corp.*(a)

68

11,358

REX

American

Resources

Corp.*

5,754

176,187

Riley

Exploration

Permian,

Inc.

(a)

2,513

68,127

Sable

Offshore

Corp.*(a)

14,618

255,230

SandRidge

Energy,

Inc.

7,099

80,077

Scorpio

Tankers,

Inc.

8,594

481,694

SFL

Corp.

Ltd.(a)

23,240

174,997

SM

Energy

Co.(a)

22,246

555,483

Summit

Midstream

Corp.*

1,665

34,199

Talos

Energy,

Inc.*

22,964

220,225

Teekay

Corp.

Ltd.(a)

10,890

89,080

Teekay

Tankers

Ltd.,

Class

A

4,621

233,592

Uranium

Energy

Corp.*(a)

82,577

1,101,577

VAALCO

Energy,

Inc.(a)

19,911

80,042

Vital

Energy,

Inc.*(a)

5,613

94,804

Vitesse

Energy,

Inc.(a)

5,265

122,306

W&T

Offshore,

Inc.(a)

22,106

40,233

World

Kinect

Corp.(a)

10,823

280,857

XCF

Global,

Inc.,

Class

A*

8,421

11,031

17,585,912

Paper

&

Forest

Products

0

.1

%

Clearwater

Paper

Corp.*

3,169

65,788

Magnera

Corp.*

6,200

72,664

Sylvamo

Corp.

6,626

293,002

431,454

Passenger

Airlines

0

.5

%

Allegiant

Travel

Co.*(a)

2,755

167,421

Frontier

Group

Holdings,

Inc.*(a)

16,128

71,205

JetBlue

Airways

Corp.*(a)

63,919

314,482

Joby

Aviation,

Inc.*(a)

88,839

1,433,862

SkyWest,

Inc.*

7,862

791,075

Strata

Critical

Medical,

Inc.*(a)

12,139

61,423

Sun

Country

Airlines

Holdings,

Inc.*(a)

9,698

114,533

2,954,001

Personal

Care

Products

0

.2

%

Beauty

Health

Co.

(The)*

22,715

45,203

Edgewell

Personal

Care

Co.

8,916

181,530

FitLife

Brands,

Inc.*

741

14,738

Herbalife

Ltd.*(a)

19,881

167,796

Honest

Co.,

Inc.

(The)*(a)

18,306

67,366

Interparfums,

Inc.

3,528

347,085

Lifevantage

Corp.

2,016

19,616

Medifast,

Inc.*(a)

2,461

33,642

Nature's

Sunshine

Products,

Inc.*

3,385

52,535

Nu

Skin

Enterprises,

Inc.,

Class

A

9,849

120,059

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

143

Common

Stocks

Shares

Value

($)

Personal

Care

Products

Olaplex

Holdings,

Inc.*(a)

29,822

39,067

USANA

Health

Sciences,

Inc.*(a)

2,220

61,161

Waldencast

plc,

Class

A*(a)

8,088

16,014

1,165,812

Pharmaceuticals

2

.0

%

Aardvark

Therapeutics,

Inc.*

1,009

13,410

Aclaris

Therapeutics,

Inc.*

16,671

31,675

Alumis,

Inc.*(a)

10,528

42,007

Amneal

Pharmaceuticals,

Inc.*

28,830

288,588

Amphastar

Pharmaceuticals,

Inc.*(a)

7,040

187,616

Amylyx

Pharmaceuticals,

Inc.*(a)

13,064

177,540

ANI

Pharmaceuticals,

Inc.*

3,541

324,356

Aquestive

Therapeutics,

Inc.*(a)

16,143

90,239

Arvinas,

Inc.*

12,121

103,271

Atea

Pharmaceuticals,

Inc.*

15,343

44,495

Avadel

Pharmaceuticals

plc,

ADR*

17,154

261,942

Axsome

Therapeutics,

Inc.*

7,811

948,646

BioAge

Labs,

Inc.*(a)

4,530

26,636

Biote

Corp.,

Class

A*(a)

6,823

20,469

Collegium

Pharmaceutical,

Inc.*(a)

6,124

214,279

CorMedix,

Inc.*(a)

13,598

158,145

Crinetics

Pharmaceuticals,

Inc.*(a)

17,404

724,877

Edgewise

Therapeutics,

Inc.*(a)

13,029

211,330

Enliven

Therapeutics,

Inc.*(a)

8,058

164,947

Esperion

Therapeutics,

Inc.*(a)

37,703

99,913

Eton

Pharmaceuticals,

Inc.*(a)

4,856

105,521

Evolus,

Inc.*

10,476

64,323

EyePoint

Pharmaceuticals,

Inc.*(a)

11,604

165,241

Fulcrum

Therapeutics,

Inc.*(a)

8,467

77,896

Harmony

Biosciences

Holdings,

Inc.*(a)

8,257

227,563

Harrow,

Inc.*(a)

6,037

290,863

Indivior

plc*(a)

23,425

564,777

Innoviva,

Inc.*

11,798

215,313

Journey

Medical

Corp.*(a)

2,181

15,529

LENZ

Therapeutics,

Inc.*(a)

3,105

144,631

Ligand

Pharmaceuticals,

Inc.*(a)

3,689

653,469

Liquidia

Corp.*

12,466

283,477

Maze

Therapeutics,

Inc.*

3,713

96,278

MBX

Biosciences,

Inc.*

3,154

55,195

MediWound

Ltd.*(a)

1,280

23,066

Mind

Medicine

MindMed,

Inc.*(a)

14,321

168,845

Nuvation

Bio,

Inc.*(a)

46,826

173,256

Ocular

Therapeutix,

Inc.*

27,448

320,867

Omeros

Corp.*(a)

12,563

51,508

Pacira

BioSciences,

Inc.*(a)

8,935

230,255

Phathom

Pharmaceuticals,

Inc.*(a)

7,959

93,677

Phibro

Animal

Health

Corp.,

Class

A

4,041

163,499

Common

Stocks

Shares

Value

($)

Pharmaceuticals

Prestige

Consumer

Healthcare,

Inc.*

9,464

590,554

Rapport

Therapeutics,

Inc.*

3,598

106,861

scPharmaceuticals,

Inc.*

7,284

41,300

Septerna,

Inc.*(a)

4,106

77,234

SIGA

Technologies,

Inc.

7,997

73,172

Supernus

Pharmaceuticals,

Inc.*

10,490

501,317

Tarsus

Pharmaceuticals,

Inc.*

7,557

449,112

Terns

Pharmaceuticals,

Inc.*(a)

14,283

107,265

Theravance

Biopharma,

Inc.*(a)

7,326

106,960

Third

Harmonic

Bio,

Inc.*∞

5,115

0

Trevi

Therapeutics,

Inc.*

16,883

154,479

Tvardi

Therapeutics,

Inc.*(a)

966

37,645

WaVe

Life

Sciences

Ltd.*

21,141

154,752

Xeris

Biopharma

Holdings,

Inc.*

29,817

242,710

Zevra

Therapeutics,

Inc.*(a)

10,312

98,067

11,060,858

Professional

Services

1

.9

%

Acuren

Corp.*(a)

32,641

434,452

Alight,

Inc.,

Class

A

83,580

272,471

Asure

Software,

Inc.*

4,715

38,663

Barrett

Business

Services,

Inc.

4,742

210,165

BlackSky

Technology,

Inc.*(a)

6,042

121,746

CBIZ,

Inc.*(a)

9,498

503,014

Conduent,

Inc.*

29,447

82,452

CRA

International,

Inc.

1,274

265,667

CSG

Systems

International,

Inc.(a)

5,479

352,738

Exponent,

Inc.

9,690

673,261

First

Advantage

Corp.*(a)

15,426

237,406

Forrester

Research,

Inc.*

2,436

25,822

Franklin

Covey

Co.*(a)

2,131

41,363

Heidrick

&

Struggles

International,

Inc.

3,934

195,795

HireQuest,

Inc.(a)

773

7,436

Huron

Consulting

Group,

Inc.*

3,293

483,314

IBEX

Holdings

Ltd.*(a)

2,077

84,160

ICF

International,

Inc.

3,539

328,419

Innodata,

Inc.*(a)

5,949

458,489

Insperity,

Inc.

6,945

341,694

Kelly

Services,

Inc.,

Class

A

6,191

81,226

Kforce,

Inc.

3,561

106,759

Korn

Ferry

10,050

703,299

Legalzoom.com,

Inc.*

22,928

237,993

Maximus,

Inc.

10,896

995,568

Mistras

Group,

Inc.*

2,680

26,371

Planet

Labs

PBC*

45,096

585,346

RCM

Technologies,

Inc.*

860

22,833

Resolute

Holdings

Management,

Inc.*

736

53,102

Resources

Connection,

Inc.

6,140

31,007

Skillsoft

Corp.*(a)

781

10,169

Spire

Global,

Inc.*(a)

5,572

61,236

TriNet

Group,

Inc.

5,803

388,163

TrueBlue,

Inc.*

5,121

31,392

TTEC

Holdings,

Inc.*

3,369

11,320

Upwork,

Inc.*(a)

23,716

440,406

144

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Professional

Services

Verra

Mobility

Corp.,

Class

A*

31,015

766,071

Willdan

Group,

Inc.*

2,744

265,317

WNS

Holdings

Ltd.*

7,272

554,635

10,530,740

Real

Estate

Management

&

Development

0

.6

%

American

Realty

Investors,

Inc.*(a)

366

6,123

Anywhere

Real

Estate,

Inc.*

21,149

223,968

Compass,

Inc.,

Class

A*

90,349

725,502

Cushman

&

Wakefield

plc*(a)

24,335

387,413

Douglas

Elliman,

Inc.*

13,933

39,848

eXp

World

Holdings,

Inc.(a)

17,409

185,580

Forestar

Group,

Inc.*

3,949

105,004

FRP

Holdings,

Inc.*

2,375

57,855

Kennedy-Wilson

Holdings,

Inc.

(a)

24,378

202,825

Marcus

&

Millichap,

Inc.

5,112

150,037

Maui

Land

&

Pineapple

Co.,

Inc.*

1,270

23,673

Newmark

Group,

Inc.,

Class

A

30,218

563,566

RE/MAX

Holdings,

Inc.,

Class

A*

4,273

40,294

Real

Brokerage,

Inc.

(The)*

21,818

91,199

RMR

Group,

Inc.

(The),

Class

A(a)

4,322

67,985

Seaport

Entertainment

Group,

Inc.*(a)

1,267

29,040

St

Joe

Co.

(The)(a)

7,447

368,478

Stratus

Properties,

Inc.*

1,205

25,498

Tejon

Ranch

Co.*

4,221

67,452

Transcontinental

Realty

Investors,

Inc.*(a)

446

20,574

3,381,914

Residential

REITs

0

.4

%

Apartment

Investment

and

Management

Co.,

Class

A

25,491

202,144

BRT

Apartments

Corp.

1,783

27,922

Centerspace(a)

3,243

191,013

Clipper

Realty,

Inc.

2,440

9,272

Elme

Communities

16,859

284,243

Independence

Realty

Trust,

Inc.(a)

45,690

748,859

NexPoint

Residential

Trust,

Inc.

4,492

144,732

UMH

Properties,

Inc.(a)

14,716

218,532

Veris

Residential,

Inc.(a)

15,263

231,997

2,058,714

Retail

REITs

1

.2

%

Acadia

Realty

Trust(a)

25,998

523,860

Alexander's,

Inc.

402

94,265

CBL

&

Associates

Properties,

Inc.

3,756

114,858

Curbline

Properties

Corp.(a)

19,010

423,923

FrontView

REIT,

Inc.

3,397

46,573

Getty

Realty

Corp.(a)

9,821

263,497

InvenTrust

Properties

Corp.

15,717

449,821

Kite

Realty

Group

Trust

43,321

966,058

Macerich

Co.

(The)(a)

49,581

902,374

NETSTREIT

Corp.(a)

18,161

327,988

Phillips

Edison

&

Co.,

Inc.

24,637

845,788

Common

Stocks

Shares

Value

($)

Retail

REITs

Saul

Centers,

Inc.

2,234

71,198

SITE

Centers

Corp.(a)

9,994

90,046

Tanger,

Inc.

21,787

737,272

Urban

Edge

Properties

25,609

524,216

Whitestone

REIT

9,110

111,871

6,493,608

Semiconductors

&

Semiconductor

Equipment

3

.4

%

ACM

Research,

Inc.,

Class

A*

9,904

387,544

Aehr

Test

Systems*(a)

5,486

165,183

Aeluma,

Inc.*(a)

1,755

28,255

Alpha

&

Omega

Semiconductor

Ltd.*

4,810

134,488

Ambarella,

Inc.*

7,825

645,719

Ambiq

Micro,

Inc.*

872

26,090

Atomera,

Inc.*(a)

5,454

24,107

Axcelis

Technologies,

Inc.*(a)

6,248

610,055

Blaize

Holdings,

Inc.*(a)

14,011

48,338

CEVA,

Inc.*

4,341

114,646

Cohu,

Inc.*

8,548

173,781

Credo

Technology

Group

Holding

Ltd.*

28,566

4,159,495

Diodes,

Inc.*(a)

8,891

473,090

FormFactor,

Inc.*(a)

15,128

550,962

Ichor

Holdings

Ltd.*

6,607

115,755

Impinj,

Inc.*(a)

4,986

901,219

indie

Semiconductor,

Inc.,

Class

A*(a)

36,221

147,419

Kopin

Corp.*(a)

32,374

78,669

Kulicke

&

Soffa

Industries,

Inc.

10,001

406,441

MaxLinear,

Inc.,

Class

A*

15,961

256,653

Navitas

Semiconductor

Corp.,

Class

A*(a)

26,361

190,326

NVE

Corp.(a)

911

59,461

PDF

Solutions,

Inc.*

5,876

151,718

Penguin

Solutions,

Inc.*(a)

10,448

274,573

Photronics,

Inc.*

11,324

259,886

Power

Integrations,

Inc.

10,800

434,268

Rambus,

Inc.*

20,891

2,176,842

Rigetti

Computing,

Inc.*(a)

61,614

1,835,481

Semtech

Corp.*(a)

16,893

1,207,005

Silicon

Laboratories,

Inc.*

6,227

816,546

SiTime

Corp.*

4,134

1,245,616

SkyWater

Technology,

Inc.*

4,739

88,430

Synaptics,

Inc.*

7,435

508,108

Ultra

Clean

Holdings,

Inc.*

8,546

232,878

Veeco

Instruments,

Inc.*(a)

10,960

333,513

19,262,560

Software

6

.3

%

8x8,

Inc.*(a)

27,214

57,694

A10

Networks,

Inc.

13,691

248,492

ACI

Worldwide,

Inc.*

20,452

1,079,252

Adeia,

Inc.

21,411

359,705

Agilysys,

Inc.*(a)

4,963

522,356

Airship

AI

Holdings,

Inc.*(a)

4,390

22,696

Alarm.com

Holdings,

Inc.*

9,145

485,417

Alkami

Technology,

Inc.*(a)

13,151

326,671

Amplitude,

Inc.,

Class

A*

17,422

186,764

Appian

Corp.,

Class

A*

7,475

228,511

Arteris,

Inc.*

5,061

51,116

Asana,

Inc.,

Class

A*(a)

16,785

224,248

AudioEye,

Inc.*

2,045

28,344

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

145

Common

Stocks

Shares

Value

($)

Software

AvePoint,

Inc.*

25,718

386,027

Bit

Digital,

Inc.*(a)

61,819

185,457

Bitdeer

Technologies

Group,

Class

A*

17,672

302,014

Blackbaud,

Inc.*

7,366

473,707

BlackLine,

Inc.*

10,138

538,328

Blend

Labs,

Inc.,

Class

A*(a)

40,032

146,117

Box,

Inc.,

Class

A*(a)

27,266

879,874

Braze,

Inc.,

Class

A*

15,404

438,090

C3.ai,

Inc.,

Class

A*(a)

23,404

405,825

Cerence,

Inc.*(a)

7,864

97,985

Cipher

Mining,

Inc.*(a)

51,073

643,009

Cleanspark,

Inc.*(a)

53,232

771,864

Clear

Secure,

Inc.,

Class

A

16,138

538,686

Clearwater

Analytics

Holdings,

Inc.,

Class

A*

47,948

864,023

Commvault

Systems,

Inc.*

8,636

1,630,304

Consensus

Cloud

Solutions,

Inc.*(a)

3,803

111,694

Core

Scientific,

Inc.*(a)

54,946

985,731

CoreCard

Corp.*

1,068

28,751

CS

Disco,

Inc.*

5,673

36,648

Daily

Journal

Corp.*(a)

254

118,146

Digimarc

Corp.*(a)

3,506

34,254

Digital

Turbine,

Inc.*(a)

21,112

135,117

Domo,

Inc.,

Class

B*(a)

6,282

99,507

D-Wave

Quantum,

Inc.*(a)

59,582

1,472,271

eGain

Corp.*

3,411

29,710

EverCommerce,

Inc.*(a)

2,563

28,526

Expensify,

Inc.,

Class

A*

11,177

20,677

Five9,

Inc.*(a)

14,866

359,757

Freshworks,

Inc.,

Class

A*

38,724

455,781

Hut

8

Corp.*

18,321

637,754

I3

Verticals,

Inc.,

Class

A*(a)

4,587

148,894

Intapp,

Inc.*

10,941

447,487

InterDigital,

Inc.(a)

5,024

1,734,436

Jamf

Holding

Corp.*

13,916

148,901

Kaltura,

Inc.*

14,288

20,575

Life360,

Inc.*(a)

3,181

338,140

LiveRamp

Holdings,

Inc.*

12,511

339,549

MARA

Holdings,

Inc.*(a)

71,902

1,312,931

Mercurity

Fintech

Holding,

Inc.*(a)

6,090

149,692

Meridianlink,

Inc.*

6,345

126,456

Mitek

Systems,

Inc.*(a)

8,718

85,175

N-able,

Inc.*

13,723

107,039

NCR

Voyix

Corp.*(a)

27,387

343,707

NextNav,

Inc.*(a)

17,236

246,475

ON24,

Inc.*(a)

7,189

41,121

OneSpan,

Inc.

6,768

107,543

Ooma,

Inc.*

4,320

51,797

Pagaya

Technologies

Ltd.,

Class

A*(a)

8,919

264,805

PagerDuty,

Inc.*

16,677

275,504

PAR

Technology

Corp.*(a)

7,753

306,864

Porch

Group,

Inc.*(a)

15,479

259,738

Progress

Software

Corp.*

8,254

362,598

PROS

Holdings,

Inc.*(a)

8,618

197,438

Q2

Holdings,

Inc.*(a)

12,056

872,734

Qualys,

Inc.*(a)

7,067

935,176

Rapid7,

Inc.*

12,544

235,200

Red

Violet,

Inc.

2,177

113,748

Common

Stocks

Shares

Value

($)

Software

ReposiTrak,

Inc.(a)

2,049

30,366

Rezolve

AI

plc*(a)

28,197

140,421

Rimini

Street,

Inc.*

9,595

44,905

Riot

Platforms,

Inc.*

67,412

1,282,850

Sapiens

International

Corp.

NV

6,084

261,612

SEMrush

Holdings,

Inc.,

Class

A*(a)

10,106

71,550

Silvaco

Group,

Inc.*(a)

1,102

5,962

SoundHound

AI,

Inc.,

Class

A*(a)

70,561

1,134,621

SoundThinking,

Inc.*(a)

2,009

24,229

Sprinklr,

Inc.,

Class

A*(a)

20,869

161,109

Sprout

Social,

Inc.,

Class

A*

9,788

126,461

SPS

Commerce,

Inc.*

7,336

763,971

Synchronoss

Technologies,

Inc.*

1,926

11,710

Telos

Corp.*(a)

10,730

73,393

Tenable

Holdings,

Inc.*

23,433

683,306

Terawulf,

Inc.*(a)

54,884

626,775

Varonis

Systems,

Inc.,

Class

B*

21,324

1,225,490

Verint

Systems,

Inc.*

11,889

240,752

Vertex,

Inc.,

Class

A*(a)

12,540

310,867

Viant

Technology,

Inc.,

Class

A*

2,251

19,426

Weave

Communications,

Inc.*

11,072

73,961

WM

Technology,

Inc.*

21,355

24,772

Workiva,

Inc.,

Class

A*

9,668

832,221

Xperi,

Inc.*(a)

9,020

58,450

Yext,

Inc.*

20,037

170,715

Zeta

Global

Holdings

Corp.,

Class

A*(a)

36,250

720,287

35,370,805

Specialized

REITs

0

.4

%

Farmland

Partners,

Inc.(a)

8,509

92,578

Four

Corners

Property

Trust,

Inc.(a)

19,500

475,800

Gladstone

Land

Corp.(a)

6,656

60,969

Outfront

Media,

Inc.(a)

27,526

504,276

PotlatchDeltic

Corp.

15,256

621,682

Safehold,

Inc.

10,777

166,936

Smartstop

Self

Storage

REIT,

Inc.(a)

6,020

226,593

2,148,834

Specialty

Retail

2

.2

%

1-800-Flowers.com,

Inc.,

Class

A*(a)

4,156

19,118

Abercrombie

&

Fitch

Co.,

Class

A*

9,115

779,788

Academy

Sports

&

Outdoors,

Inc.(a)

12,807

640,606

Advance

Auto

Parts,

Inc.(a)

11,644

714,942

American

Eagle

Outfitters,

Inc.

31,046

531,197

America's

Car-Mart,

Inc.*(a)

1,432

41,829

Arhaus,

Inc.,

Class

A*

9,370

99,603

Arko

Corp.(a)

15,602

71,301

Asbury

Automotive

Group,

Inc.*(a)

3,797

928,177

BARK,

Inc.*

23,596

19,603

146

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Common

Stocks

Shares

Value

($)

Specialty

Retail

Barnes

&

Noble

Education,

Inc.*(a)

2,741

27,273

Bed

Bath

&

Beyond,

Inc.*(a)

11,119

108,855

Boot

Barn

Holdings,

Inc.*

5,919

980,897

Buckle,

Inc.

(The)

6,154

360,994

Build-A-Bear

Workshop,

Inc.

(a)

2,335

152,265

Caleres,

Inc.(a)

6,234

81,291

Camping

World

Holdings,

Inc.,

Class

A

11,417

180,274

Citi

Trends,

Inc.*

922

28,610

Designer

Brands,

Inc.,

Class

A(a)

6,941

24,571

Envela

Corp.*(a)

1,719

13,425

EVgo,

Inc.,

Class

A*(a)

24,134

114,154

Genesco,

Inc.*(a)

1,856

53,805

Group

1

Automotive,

Inc.

2,453

1,073,212

Haverty

Furniture

Cos.,

Inc.(a)

2,689

58,970

J

Jill,

Inc.

1,726

29,601

Lands'

End,

Inc.*(a)

2,516

35,476

MarineMax,

Inc.*

3,615

91,568

Monro,

Inc.(a)

5,977

107,407

National

Vision

Holdings,

Inc.*(a)

15,062

439,660

ODP

Corp.

(The)*

5,193

144,625

OneWater

Marine,

Inc.,

Class

A*

2,008

31,807

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A*(a)

15,976

61,827

RealReal,

Inc.

(The)*(a)

18,007

191,414

Revolve

Group,

Inc.,

Class

A*

7,722

164,479

Sally

Beauty

Holdings,

Inc.*

19,554

318,339

Shoe

Carnival,

Inc.(a)

3,721

77,360

Signet

Jewelers

Ltd.

7,743

742,708

Sleep

Number

Corp.*(a)

3,371

23,664

Sonic

Automotive,

Inc.,

Class

A

2,894

220,204

Stitch

Fix,

Inc.,

Class

A*

20,638

89,775

ThredUp,

Inc.,

Class

A*

18,344

173,351

Tile

Shop

Holdings,

Inc.*

5,012

30,323

Torrid

Holdings,

Inc.*

3,871

6,774

Upbound

Group,

Inc.(a)

10,025

236,891

Urban

Outfitters,

Inc.*

11,860

847,160

Victoria's

Secret

&

Co.*

13,497

366,309

Warby

Parker,

Inc.,

Class

A*

18,991

523,772

Winmark

Corp.(a)

554

275,764

Zumiez,

Inc.*(a)

2,946

57,771

12,392,789

Technology

Hardware,

Storage

&

Peripherals

0

.8

%

CompoSecure,

Inc.,

Class

A*(a)

8,402

174,930

Corsair

Gaming,

Inc.*

9,376

83,634

CPI

Card

Group,

Inc.*

1,316

19,924

Diebold

Nixdorf,

Inc.*

4,963

283,040

Eastman

Kodak

Co.*(a)

13,333

85,465

Immersion

Corp.(a)

5,735

42,095

IonQ,

Inc.*(a)

53,340

3,280,410

Quantum

Computing,

Inc.*(a)

25,906

476,929

Turtle

Beach

Corp.*

3,128

49,735

Xerox

Holdings

Corp.(a)

22,629

85,085

4,581,247

Common

Stocks

Shares

Value

($)

Textiles,

Apparel

&

Luxury

Goods

0

.6

%

Capri

Holdings

Ltd.*

22,486

447,921

Carter's,

Inc.(a)

6,821

192,489

Ermenegildo

Zegna

NV(a)

11,610

109,715

Figs,

Inc.,

Class

A*

16,774

112,218

G-III

Apparel

Group

Ltd.*(a)

7,627

202,955

Hanesbrands,

Inc.*

68,581

451,949

Kontoor

Brands,

Inc.

10,594

845,083

Lakeland

Industries,

Inc.(a)

1,578

23,354

Movado

Group,

Inc.

3,261

61,861

Oxford

Industries,

Inc.

2,773

112,417

Rocky

Brands,

Inc.

1,603

47,753

Steven

Madden

Ltd.(a)

13,930

466,376

Superior

Group

of

Cos.,

Inc.

2,204

23,627

Wolverine

World

Wide,

Inc.

15,647

429,354

3,527,072

Tobacco

0

.1

%

Ispire

Technology,

Inc.*

3,811

9,756

Turning

Point

Brands,

Inc.

3,308

327,029

Universal

Corp.

4,760

265,941

602,726

Trading

Companies

&

Distributors

1

.1

%

Alta

Equipment

Group,

Inc.(a)

4,453

32,240

BlueLinx

Holdings,

Inc.*

1,571

114,809

Boise

Cascade

Co.

7,375

570,235

Custom

Truck

One

Source,

Inc.*(a)

11,917

76,507

Distribution

Solutions

Group,

Inc.*(a)

1,916

57,633

DNOW,

Inc.*

20,128

306,952

DXP

Enterprises,

Inc.*

2,541

302,557

EVI

Industries,

Inc.

1,027

32,464

GATX

Corp.(a)

6,886

1,203,673

Global

Industrial

Co.

2,638

96,735

Herc

Holdings,

Inc.

6,302

735,191

Hudson

Technologies,

Inc.*

7,451

73,988

Karat

Packaging,

Inc.

1,694

42,706

McGrath

RentCorp

4,668

547,556

MRC

Global,

Inc.*

16,405

236,560

NPK

International,

Inc.*

15,329

173,371

Rush

Enterprises,

Inc.,

Class

A(a)

11,819

631,962

Rush

Enterprises,

Inc.,

Class

B

1,688

96,925

Titan

Machinery,

Inc.*

3,957

66,240

Transcat,

Inc.*(a)

1,803

131,980

Willis

Lease

Finance

Corp.

558

76,496

Xometry,

Inc.,

Class

A*(a)

8,382

456,568

6,063,348

Transportation

Infrastructure

0

.0

%

†

Sky

Harbour

Group

Corp.*(a)

3,820

37,703

Water

Utilities

0

.3

%

American

States

Water

Co.

7,294

534,796

Cadiz,

Inc.*(a)

11,477

54,171

California

Water

Service

Group

11,432

524,615

Consolidated

Water

Co.

Ltd.

2,820

99,490

Global

Water

Resources,

Inc.

1,601

16,490

H2O

America

6,036

293,953

Middlesex

Water

Co.

3,435

185,902

Pure

Cycle

Corp.*(a)

3,202

35,446

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

147

Common

Stocks

Shares

Value

($)

Water

Utilities

York

Water

Co.

(The)

2,459

74,803

1,819,666

Wireless

Telecommunication

Services

0

.2

%

Gogo,

Inc.*(a)

14,914

128,111

Spok

Holdings,

Inc.

4,000

69,000

Telephone

&

Data

Systems,

Inc.

19,279

756,508

953,619

Total

Common

Stocks

(cost

$383,602,675)

546,065,992

Rights

0

.0

%

†

Number

of

Rights

Biotechnology

0

.0

%

†

Aduro

Biotech,

Inc.

CVR*^∞(a)

2,552

0

Chinook

Therapeutics,

Inc.,

CVR*^∞

8,695

0

Icosavax,

Inc.,

CVR*^∞

4,394

0

Inhibrx,

Inc.,

CVR*^∞

5,486

0

Oncternal

Therapeutics,

Inc.,

CVR*^∞(a)

97

0

0

Life

Sciences

Tools

&

Services

0

.0

%

†

OmniAb,

Inc.,

expiring

11/3/2022*^∞(a)

1,742

0

Total

Rights

(cost

$6,480)

0

Warrants

0

.0

%

†

Number

of

Warrants

Health

Care

Equipment

&

Supplies

0

.0

%

†

Pulse

Biosciences,

Inc.,

expiring

6/27/2029*^∞(a)

243

814

Total

Warrants

(cost

$0)

814

Repurchase

Agreements

11

.9

%

Principal

Amount

($)

Bank

of

America

NA,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.25%

-

3.50%,

maturing

2/25/2044

-

11/1/2051;

total

market

value

$10,200,000.(b)

10,000,000

10,000,000

Repurchase

Agreements

Principal

Amount

($)

Value

($)

BNP

Paribas

Securities

Corp.,

4.19%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,164,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

10/31/2026

-

2/15/2055;

total

market

value

$10,200,001.(b)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,290,697,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$8,455,521.(b)

8,289,726

8,289,726

CF

Secured,

LLC,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$20,002,333,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.39%

-

8.50%,

maturing

6/30/2027

-

4/20/2072;

total

market

value

$20,402,380.(b)

20,000,000

20,000,000

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$10,001,167,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$10,205,272.(b)

10,000,000

10,000,000

148

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

Pershing

LLC,

4.14%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$8,000,920,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

10/20/2025

-

6/20/2075;

total

market

value

$8,160,028.(b)

8,000,000

8,000,000

Total

Repurchase

Agreements

(cost

$66,289,726)

66,289,726

Total

Investments

(cost

$449,967,508)

—

109.6%

612,387,207

Liabilities

in

excess

of

other

assets

—

(9.6)%

(

53,496,063

)

NET

ASSETS

—

100.0%

$

558,891,144

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$162,717,279,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$66,289,726

and

by

$100,316,850

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

9/30/2025

-

5/15/2055,

a

total

value

of

$166,606,576.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$66,289,726.

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

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

Russell

2000

E-Mini

Index

49

12/2025

USD

6,015,975

47,078

Net

contracts

47,078

Currency:

USD

United

States

Dollar

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

149

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

150

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Closed

End

Fund

$

30,675

$

–

$

–

$

30,675

Common

Stocks

Aerospace

&

Defense

10,821,586

–

–

10,821,586

Air

Freight

&

Logistics

533,895

–

–

533,895

Automobile

Components

7,268,717

–

–

7,268,717

Automobiles

231,758

–

–

231,758

Banks

54,560,218

–

–

54,560,218

Beverages

608,093

–

–

608,093

Biotechnology

40,637,080

–

–

40,637,080

Broadline

Retail

529,654

–

–

529,654

Building

Products

7,533,153

–

–

7,533,153

Capital

Markets

9,475,967

–

–

9,475,967

Chemicals

8,859,991

–

–

8,859,991

Commercial

Services

&

Supplies

8,643,789

–

–

8,643,789

Communications

Equipment

4,759,009

–

–

4,759,009

Construction

&

Engineering

13,082,547

–

–

13,082,547

Construction

Materials

1,200,456

–

–

1,200,456

Consumer

Finance

5,380,165

–

–

5,380,165

Consumer

Staples

Distribution

&

Retail

2,691,682

–

–

2,691,682

Containers

&

Packaging

1,270,532

–

–

1,270,532

Distributors

266,134

–

–

266,134

Diversified

Consumer

Services

7,500,431

–

–

7,500,431

Diversified

REITs

2,949,022

–

–

2,949,022

Diversified

Telecommunication

Services

2,686,048

–

–

2,686,048

Electric

Utilities

6,752,390

–

–

6,752,390

Electrical

Equipment

12,923,565

–

–

12,923,565

Electronic

Equipment,

Instruments

&

Components

18,027,821

–

–

18,027,821

Energy

Equipment

&

Services

8,825,816

–

–

8,825,816

Entertainment

2,763,927

–

–

2,763,927

Financial

Services

12,994,039

–

–

12,994,039

Food

Products

4,237,445

–

–

4,237,445

Gas

Utilities

5,724,218

–

–

5,724,218

Ground

Transportation

1,675,983

–

–

1,675,983

Health

Care

Equipment

&

Supplies

13,549,343

–

–

13,549,343

Health

Care

Providers

&

Services

17,492,089

–

–

17,492,089

Health

Care

REITs

5,362,314

–

–

5,362,314

Health

Care

Technology

2,194,747

–

–

2,194,747

Hotel

&

Resort

REITs

3,363,311

–

–

3,363,311

Hotels,

Restaurants

&

Leisure

9,812,228

–

–

9,812,228

Household

Durables

9,856,744

–

–

9,856,744

Household

Products

1,538,295

–

–

1,538,295

Independent

Power

and

Renewable

Electricity

Producers

1,277,845

–

–

1,277,845

Industrial

Conglomerates

154,104

–

–

154,104

Industrial

REITs

2,238,901

–

–

2,238,901

Insurance

10,849,483

–

–

10,849,483

Interactive

Media

&

Services

3,486,559

–

–

3,486,559

IT

Services

3,032,935

–

–

3,032,935

Leisure

Products

2,557,957

–

–

2,557,957

Life

Sciences

Tools

&

Services

2,176,047

–

–

2,176,047

Machinery

20,929,835

–

–

20,929,835

Marine

Transportation

993,907

–

–

993,907

Media

5,300,250

–

–

5,300,250

Metals

&

Mining

11,392,014

–

–

11,392,014

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,739,686

–

–

4,739,686

Multi-Utilities

2,292,773

–

–

2,292,773

Office

REITs

3,636,114

–

–

3,636,114

Oil,

Gas

&

Consumable

Fuels

17,585,912

–

–

17,585,912

NVIT

Small

Cap

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

151

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

Level

1

Level

2

Level

3

Total

Assets:

Paper

&

Forest

Products

$

431,454

$

–

$

–

$

431,454

Passenger

Airlines

2,954,001

–

–

2,954,001

Personal

Care

Products

1,165,812

–

–

1,165,812

Pharmaceuticals

11,060,858

–

–

11,060,858

Professional

Services

10,530,740

–

–

10,530,740

Real

Estate

Management

&

Development

3,381,914

–

–

3,381,914

Residential

REITs

2,058,714

–

–

2,058,714

Retail

REITs

6,493,608

–

–

6,493,608

Semiconductors

&

Semiconductor

Equipment

19,262,559

–

–

19,262,559

Software

35,370,804

–

–

35,370,804

Specialized

REITs

2,148,834

–

–

2,148,834

Specialty

Retail

12,392,789

–

–

12,392,789

Technology

Hardware,

Storage

&

Peripherals

4,581,247

–

–

4,581,247

Textiles,

Apparel

&

Luxury

Goods

3,527,072

–

–

3,527,072

Tobacco

602,726

–

–

602,726

Trading

Companies

&

Distributors

6,063,348

–

–

6,063,348

Transportation

Infrastructure

37,703

–

–

37,703

Water

Utilities

1,819,666

–

–

1,819,666

Wireless

Telecommunication

Services

953,619

–

–

953,619

Total

Common

Stocks

$

546,065,992

$

–

$

–

$

546,065,992

Futures

Contracts

47,078

–

–

47,078

Repurchase

Agreements

–

66,289,726

–

66,289,726

Rights

–

–

–

–

Warrants

–

–

814

814

Total

$

546,143,745

$

66,289,726

$

814

$

612,434,285

As

of

September

30,

2025,

the

Fund

held

six

rights

investments

that

were

categorized

as

Level

3

investments

which

were

each

valued

at

$0.

Rights

Warrants

Total

Balance

as

of

12/31/2024

$

—

$

1,558

$

1,558

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

17,390

2

17,392

Purchases

—

—

—

Sales

(

17,390

)

(

2

)

(

17,392

)

Change

in

Unrealized

Appreciation/Depreciation

—

(

744

)

(

744

)

Transfers

into

Level

3

—

—

—

Transfers

out

of

Level

3

—

—

—

Balance

as

of

9/30/2025

$

—

$

814

$

814

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

9/30/2025

$

—

$

35

$

35

152

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Small

Cap

Index

Fund

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

47,078

Total

$

47,078

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

NASDAQ-100

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

153

Common

Stocks

98.5%

Shares

Value

($)

Aerospace

&

Defense

0.3%

Axon

Enterprise,

Inc.*

248

177,975

Automobiles

3.5%

Tesla,

Inc.*

4,649

2,067,503

Beverages

1.8%

Coca-Cola

Europacific

Partners

plc

1,438

130,009

Keurig

Dr

Pepper,

Inc.

4,276

109,081

Monster

Beverage

Corp.*

3,067

206,440

PepsiCo,

Inc.

4,296

603,330

1,048,860

Biotechnology

2.5%

Amgen,

Inc.

1,689

476,636

Biogen,

Inc.*

460

64,437

Gilead

Sciences,

Inc.

3,894

432,234

Regeneron

Pharmaceuticals,

Inc.

326

183,300

Vertex

Pharmaceuticals,

Inc.*

805

315,270

1,471,877

Broadline

Retail

6.1%

Amazon.com,

Inc.*

13,603

2,986,811

MercadoLibre

,

Inc.*

159

371,574

PDD

Holdings,

Inc.,

ADR-CN*

2,096

277,028

3,635,413

Chemicals

1.2%

Linde

plc

1,471

698,725

Commercial

Services

&

Supplies

0.7%

Cintas

Corp.

1,265

259,654

Copart,

Inc.*

3,034

136,439

396,093

Communications

Equipment

1.4%

Cisco

Systems,

Inc.

12,427

850,255

Consumer

Staples

Distribution

&

Retail

2.2%

Costco

Wholesale

Corp.

1,392

1,288,477

Electric

Utilities

1.4%

American

Electric

Power

Co.,

Inc.

1,681

189,112

Constellation

Energy

Corp.

980

322,489

Exelon

Corp.

3,159

142,187

Xcel

Energy,

Inc.

1,856

149,686

803,474

Electronic

Equipment,

Instruments

&

Components

0.1%

CDW

Corp.

411

65,464

Energy

Equipment

&

Services

0.3%

Baker

Hughes

Co.,

Class

A

3,077

149,911

Entertainment

3.5%

Electronic

Arts,

Inc.

785

158,335

Netflix,

Inc.*

1,333

1,598,160

Take-Two

Interactive

Software,

Inc.*

577

149,074

Warner

Bros

Discovery,

Inc.*

7,725

150,869

2,056,438

Financial

Services

0.3%

PayPal

Holdings,

Inc.*

3,000

201,180

Food

Products

0.6%

Kraft

Heinz

Co.

(The)

3,741

97,416

Common

Stocks

Shares

Value

($)

Food

Products

Mondelez

International,

Inc.,

Class

A

4,060

253,628

351,044

Ground

Transportation

0.5%

CSX

Corp.

5,856

207,947

Old

Dominion

Freight

Line,

Inc.

654

92,070

300,017

Health

Care

Equipment

&

Supplies

1.4%

Dexcom,

Inc.*

1,222

82,228

GE

HealthCare

Technologies,

Inc.

1,441

108,219

IDEXX

Laboratories,

Inc.*

250

159,723

Intuitive

Surgical,

Inc.*

1,125

503,134

853,304

Hotels,

Restaurants

&

Leisure

2.7%

Airbnb,

Inc.,

Class

A*

1,338

162,460

Booking

Holdings,

Inc.

102

550,726

DoorDash

,

Inc.,

Class

A*

1,263

343,523

Marriott

International,

Inc.,

Class

A

852

221,895

Starbucks

Corp.

3,567

301,768

1,580,372

Industrial

Conglomerates

0.7%

Honeywell

International,

Inc.

1,992

419,316

Interactive

Media

&

Services

9.3%

Alphabet,

Inc.,

Class

A

7,420

1,803,802

Alphabet,

Inc.,

Class

C

6,926

1,686,827

Meta

Platforms,

Inc.,

Class

A

2,767

2,032,030

5,522,659

IT

Services

1.1%

Cognizant

Technology

Solutions

Corp.,

Class

A

1,542

103,422

Shopify,

Inc.,

Class

A*

3,830

569,176

672,598

Machinery

0.3%

PACCAR,

Inc.

1,639

161,147

Media

0.9%

Charter

Communications,

Inc.,

Class

A*

430

118,295

Comcast

Corp.,

Class

A

11,557

363,121

Trade

Desk,

Inc.

(The),

Class

A*

1,396

68,418

549,834

Oil,

Gas

&

Consumable

Fuels

0.2%

Diamondback

Energy,

Inc.

908

129,935

Pharmaceuticals

0.2%

AstraZeneca

plc,

ADR-UK

1,838

141,011

Professional

Services

1.4%

Automatic

Data

Processing,

Inc.

1,271

373,039

Paychex,

Inc.

1,124

142,478

Thomson

Reuters

Corp.

1,415

219,792

Verisk

Analytics,

Inc.,

Class

A

442

111,167

846,476

Real

Estate

Management

&

Development

0.2%

CoStar

Group,

Inc.*

1,334

112,550

154

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

NASDAQ-100

Index

Fund

Common

Stocks

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

25.0%

Advanced

Micro

Devices,

Inc.*

5,093

823,997

Analog

Devices,

Inc.

1,544

379,361

Applied

Materials,

Inc.

2,500

511,850

ARM

Holdings

plc,

ADR*

429

60,699

ASML

Holding

NV

(Registered),

ADR-NL

264

255,576

Broadcom,

Inc.

9,922

3,273,367

GLOBALFOUNDRIES,

Inc.*

1,742

62,433

Intel

Corp.*

13,735

460,809

KLA

Corp.

414

446,540

Lam

Research

Corp.

3,972

531,851

Marvell

Technology,

Inc.

2,705

227,409

Microchip

Technology,

Inc.

1,701

109,238

Micron

Technology,

Inc.

3,512

587,628

NVIDIA

Corp.

30,995

5,783,047

NXP

Semiconductors

NV

794

180,818

ON

Semiconductor

Corp.*

1,282

63,215

QUALCOMM,

Inc.

3,386

563,295

Texas

Instruments,

Inc.

2,853

524,182

14,845,315

Software

18.1%

Adobe,

Inc.*

1,331

469,510

AppLovin

Corp.,

Class

A*

965

693,391

Atlassian

Corp.,

Class

A*

518

82,725

Autodesk,

Inc.*

672

213,474

Cadence

Design

Systems,

Inc.*

855

300,327

Crowdstrike

Holdings,

Inc.,

Class

A*

788

386,419

Datadog,

Inc.,

Class

A*

1,014

144,394

Fortinet,

Inc.*

2,407

202,381

Intuit,

Inc.

875

597,546

Microsoft

Corp.

9,481

4,910,684

Palantir

Technologies,

Inc.,

Class

A*

7,137

1,301,931

Palo

Alto

Networks,

Inc.*

2,099

427,398

Roper

Technologies,

Inc.

340

169,555

Strategy,

Inc.,

Class

A*

828

266,790

Synopsys,

Inc.*

581

286,660

Workday,

Inc.,

Class

A*

678

163,215

Zscaler,

Inc.*

489

146,534

10,762,934

Specialty

Retail

0.7%

O'Reilly

Automotive,

Inc.*

2,663

287,098

Ross

Stores,

Inc.

1,021

155,590

442,688

Technology

Hardware,

Storage

&

Peripherals

8.1%

Apple,

Inc.

18,929

4,819,891

Textiles,

Apparel

&

Luxury

Goods

0.1%

Lululemon

Athletica,

Inc.*

364

64,767

Trading

Companies

&

Distributors

0.3%

Fastenal

Co.

3,612

177,132

Common

Stocks

Shares

Value

($)

Wireless

Telecommunication

Services

1.4%

T-Mobile

US,

Inc.

3,532

845,490

Total

Investments

(cost

$54,016,479)

—

98.5%

58,510,125

Other

assets

in

excess

of

liabilities

—

1.5%

885,609

NET

ASSETS

—

100.0%

$

59,395,734

*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

UK

United

Kingdom

NVIT

NASDAQ-100

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

155

Futures

contracts

outstanding

as

of

September

30,

2025:

Description

Number

of

Contracts

Expiration

Date

Trading

Currency

Notional

Amount

($)

Value

and

Unrealized

Appreciation

(Depreciation)

($)

Long

Contracts

NASDAQ

100

Micro

E-Mini

Index

3

12/2025

USD

149,410

2,689

S&P

500

Micro

E-Mini

Index

1

12/2025

USD

33,694

144

Net

contracts

2,833

Currency:

USD

United

States

Dollar

156

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

NASDAQ-100

Index

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

NASDAQ-100

Index

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

157

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

financial

futures

contracts.

(a)

Futures

Contracts  

The

Fund

is

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

its

objective.

The Fund

entered

into

financial

futures

contracts

(“futures

contracts”)

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, the

Fund

is

required

to

segregate

an

initial

margin

deposit

of

cash

and/or

other

assets

equal

to

a

certain

percentage

of

the

futures

contract’s

notional

value.

Under

a

futures

contract, the

Fund

agrees

to

receive

from

or

pay

to

a

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

value

of

the

futures

contract.

Subsequent

receipts

or

payments,

known

as

“variation

margin”

receipts

or

payments,

are

made

each

day,

depending

on

the

fluctuation

in

the

fair

value

of

the

futures

contract,

and

are

recognized

by the

Fund

as

unrealized

gains

or

losses.

Futures

contracts

are

generally

valued

daily

at

their

settlement

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

1

investments

within

the

hierarchy.

A

“sale”

of

a

futures

contract

means

a

contractual

obligation

to

deliver

the

securities

or

foreign

currency

called

for

by

the

contract

at

a

fixed

price

or

amount

at

a

specified

time

in

the

future.

A

“purchase”

of

a

futures

contract

means

a

contractual

obligation

to

acquire

the

securities

or

foreign

currency

at

a

fixed

price

at

a

specified

time

in

the

future.

When

a

futures

contract

is

closed, the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

futures

contract

at

the

time

it

was

opened

and

its

value

at

the

time

it

was

closed.

Should

market

conditions

change

unexpectedly, the

Fund

may

not

achieve

the

anticipated

benefits

of

futures

contracts

and

may

realize

a

loss.

The

use

of

futures

contracts

for

hedging

purposes

involves

the

risk

of

imperfect

correlation

in

the

movements

in

the

price

of

the

futures

contracts

and

the

underlying

assets. The

Fund’s

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because the

Fund

invests

only

in

exchange

traded

futures

contracts,

which

are

settled

through

the

exchange

and

whose

fulfillment

is

guaranteed

by

the

credit

of

the

exchange.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

$

58,510,125

$

–

$

–

$

58,510,125

Futures

Contracts

2,833

–

–

2,833

Total

$

58,512,958

$

–

$

–

$

58,512,958

Assets:

Fair

Value

Futures

Contracts

Equity

risk

Unrealized

appreciation

from

futures

contracts

$

2,833

Total

$

2,833

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

International

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

1

Common

Stocks

98.9%

Shares

Value

($)

AUSTRALIA

3.4%

Commercial

Services

&

Supplies

0.8%

Brambles

Ltd.

78,605

1,296,154

Interactive

Media

&

Services

0.3%

REA

Group

Ltd.

(a)

3,072

470,964

Metals

&

Mining

1.4%

Alkane

Resources

Ltd.

*

256,224

194,638

Catalyst

Metals

Ltd.

*

125,918

661,550

Northern

Star

Resources

Ltd.

74,678

1,177,755

Ramelius

Resources

Ltd.

122,471

316,172

2,350,115

Passenger

Airlines

0.9%

Qantas

Airways

Ltd.

195,476

1,417,400

5,534,633

BELGIUM

0.1%

Diversified

Telecommunication

Services

0.1%

Proximus

SADP

27,454

239,897

BRAZIL

1.3%

Banks

0.2%

Banco

Bradesco

SA

(Preference)

110,800

368,275

Oil,

Gas

&

Consumable

Fuels

0.7%

Karoon

Energy

Ltd.

(a)

147,164

160,726

Petroleo

Brasileiro

SA

(Preference)

151,600

896,113

1,056,839

Water

Utilities

0.4%

Cia

De

Sanena

Do

Parana

89,300

621,648

2,046,762

CANADA

7.9%

Automobile

Components

1.2%

Magna

International,

Inc.

(a)

41,425

1,962,754

Broadline

Retail

0.7%

Dollarama,

Inc.

8,472

1,117,303

Consumer

Staples

Distribution

&

Retail

1.4%

Empire

Co.

Ltd.,

Class

A

12,442

446,560

Loblaw

Cos.

Ltd.

49,086

1,898,613

2,345,173

Electronic

Equipment,

Instruments

&

Components

0.2%

Celestica,

Inc.

*(a)

1,431

352,141

Insurance

0.9%

Fairfax

Financial

Holdings

Ltd.

717

1,254,402

iA

Financial

Corp.,

Inc.

(a)

1,510

171,680

1,426,082

IT

Services

0.4%

CGI,

Inc.

(a)

1,619

144,206

Shopify,

Inc.,

Class

A

*

3,207

476,453

620,659

Metals

&

Mining

1.9%

Agnico

Eagle

Mines

Ltd.

3,128

526,840

Barrick

Mining

Corp.

31,898

1,047,681

Hudbay

Minerals,

Inc.

24,224

366,920

Kinross

Gold

Corp.

27,083

672,161

Lundin

Gold,

Inc.

(a)

5,929

384,147

Torex

Gold

Resources,

Inc.

*(a)

4,689

194,878

3,192,627

Oil,

Gas

&

Consumable

Fuels

1.2%

Cameco

Corp.

(a)

2,328

195,380

Canadian

Natural

Resources

Ltd.

25,062

801,365

Common

Stocks

Shares

Value

($)

CANADA

Oil,

Gas

&

Consumable

Fuels

Suncor

Energy,

Inc.

21,893

916,180

1,912,925

12,929,664

CHINA

9.8%

Automobiles

0.2%

BYD

Co.

Ltd.,

Class

H

18,498

262,335

Banks

1.0%

Bank

of

China

Ltd.,

Class

H

617,000

338,103

BOC

Hong

Kong

Holdings

Ltd.

38,500

180,989

China

Construction

Bank

Corp.,

Class

H

205,000

197,282

China

Merchants

Bank

Co.

Ltd.,

Class

H

39,500

237,635

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

630,000

486,387

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

Reg.

S

(b)

254,000

178,051

1,618,447

Broadline

Retail

2.1%

Alibaba

Group

Holding

Ltd.

93,000

2,084,666

Alibaba

Group

Holding

Ltd.,

ADR

(a)

2,667

476,673

JD.com,

Inc.,

Class

A

28,907

505,215

PDD

Holdings,

Inc.,

ADR

*

2,216

292,889

3,359,443

Consumer

Finance

0.1%

Qfin

Holdings,

Inc.,

Class

A,

ADR

(a)

5,832

167,845

Diversified

Telecommunication

Services

0.2%

China

Tower

Corp.

Ltd.,

Class

H

Reg.

S

(b)

190,000

280,503

Entertainment

0.9%

NetEase,

Inc.

41,700

1,267,837

Tencent

Music

Entertainment

Group,

ADR

9,477

221,193

1,489,030

Food

Products

0.3%

Uni-President

China

Holdings

Ltd.

425,000

449,551

Hotels,

Restaurants

&

Leisure

0.4%

Meituan,

Class

B

Reg.

S

*(b)

43,400

580,733

Household

Durables

0.6%

Midea

Group

Co.

Ltd.,

Class

H

90,700

957,507

Insurance

1.1%

China

Life

Insurance

Co.

Ltd.,

Class

H

115,000

327,701

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

44,200

175,701

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

239,000

208,893

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

164,000

1,116,002

1,828,297

Interactive

Media

&

Services

2.1%

Kuaishou

Technology

Reg.

S

(b)

57,700

628,271

Tencent

Holdings

Ltd.

34,800

2,964,814

3,593,085

Oil,

Gas

&

Consumable

Fuels

0.1%

PetroChina

Co.

Ltd.,

Class

H

208,000

189,256

2

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

CHINA

Professional

Services

0.2%

Kanzhun

Ltd.,

ADR

*

15,573

363,785

Specialty

Retail

0.2%

Pop

Mart

International

Group

Ltd.

Reg.

S

(b)

9,400

321,434

Technology

Hardware,

Storage

&

Peripherals

0.3%

Xiaomi

Corp.,

Class

B

Reg.

S

*(b)

62,400

434,483

15,895,734

DENMARK

0.7%

Pharmaceuticals

0.7%

Novo

Nordisk

A/S,

Class

B

19,463

1,074,274

FRANCE

6.9%

Aerospace

&

Defense

0.2%

Thales

SA

1,267

397,050

Banks

2.9%

BNP

Paribas

SA

36,932

3,366,652

Societe

Generale

SA

17,645

1,173,663

4,540,315

Construction

&

Engineering

1.4%

Vinci

SA

14,780

2,057,947

Consumer

Staples

Distribution

&

Retail

0.5%

Carrefour

SA

58,237

881,793

Diversified

REITs

0.1%

Covivio

SA

3,163

213,330

Energy

Equipment

&

Services

0.1%

Technip

Energies

NV

5,179

243,791

Oil,

Gas

&

Consumable

Fuels

1.0%

Gaztransport

Et

Technigaz

SA

1,475

272,772

TotalEnergies

SE

22,236

1,356,862

1,629,634

Passenger

Airlines

0.1%

Air

France-KLM

*

14,422

195,512

Personal

Care

Products

0.6%

L'Oreal

SA

2,330

1,009,595

11,168,967

GERMANY

5.1%

Aerospace

&

Defense

0.5%

Rheinmetall

AG

328

763,538

Automobiles

0.4%

Mercedes-Benz

Group

AG

4,486

281,868

Volkswagen

AG

(Preference)

3,241

350,533

632,401

Capital

Markets

1.3%

Deutsche

Bank

AG

(Registered)

61,773

2,172,644

Electrical

Equipment

0.2%

Siemens

Energy

AG

*

2,366

276,651

Hotels,

Restaurants

&

Leisure

0.5%

TUI

AG

*

81,925

746,255

Insurance

0.2%

Allianz

SE

(Registered)

900

378,308

IT

Services

0.4%

IONOS

Group

SE

*

11,547

539,107

Nagarro

SE

(a)

2,361

144,110

683,217

Common

Stocks

Shares

Value

($)

GERMANY

Machinery

1.4%

GEA

Group

AG

26,727

1,974,501

Traton

SE

(a)

7,052

226,227

2,200,728

Oil,

Gas

&

Consumable

Fuels

0.1%

Friedrich

Vorwerk

Group

SE

2,477

238,225

Real

Estate

Management

&

Development

0.1%

TAG

Immobilien

AG

9,541

164,955

8,256,922

GREECE

0.4%

Banks

0.4%

Alpha

Bank

SA

114,690

489,026

National

Bank

of

Greece

SA

14,829

215,989

705,015

HONG

KONG

1.9%

Food

Products

1.3%

WH

Group

Ltd.

Reg.

S

(b)

1,918,500

2,085,263

Insurance

0.6%

AIA

Group

Ltd.

21,800

208,958

Prudential

plc

54,883

772,563

981,521

3,066,784

HUNGARY

0.2%

Banks

0.2%

OTP

Bank

Nyrt.

3,679

318,631

INDIA

4.5%

Aerospace

&

Defense

0.2%

Hindustan

Aeronautics

Ltd.

Reg.

S

6,174

330,099

Automobiles

0.1%

Tata

Motors

Ltd.

23,071

176,789

Banks

1.1%

Canara

Bank

375,140

522,772

HDFC

Bank

Ltd.

21,744

232,964

State

Bank

of

India

89,830

882,784

Union

Bank

of

India

Ltd.

210,828

328,964

1,967,484

Capital

Markets

0.2%

BSE

Ltd.

11,262

258,864

Diversified

Telecommunication

Services

0.4%

Indus

Towers

Ltd.

*

148,674

574,311

Financial

Services

0.3%

LIC

Housing

Finance

Ltd.

36,853

234,580

Power

Finance

Corp.

Ltd.

42,002

194,110

428,690

Insurance

0.3%

Life

Insurance

Corp.

of

India

41,486

420,709

IT

Services

1.0%

HCL

Technologies

Ltd.

61,859

965,254

Infosys

Ltd.

45,232

734,842

1,700,096

Metals

&

Mining

0.3%

Vedanta

Ltd.

92,725

486,579

Oil,

Gas

&

Consumable

Fuels

0.1%

Reliance

Industries

Ltd.

10,631

163,348

Pharmaceuticals

0.3%

Sun

Pharmaceutical

Industries

Ltd.

25,234

453,608

NVIT

International

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

3

Common

Stocks

Shares

Value

($)

INDIA

Real

Estate

Management

&

Development

0.1%

Oberoi

Realty

Ltd.

8,666

154,412

Semiconductors

&

Semiconductor

Equipment

0.1%

WAAREE

Energies

Ltd.

*

4,330

162,352

7,277,341

INDONESIA

0.3%

Food

Products

0.3%

Indofood

Sukses

Makmur

Tbk.

PT

455,800

197,674

Japfa

Comfeed

Indonesia

Tbk.

PT

2,691,500

316,948

514,622

IRELAND

0.4%

Banks

0.2%

AIB

Group

plc

37,420

339,595

Trading

Companies

&

Distributors

0.2%

AerCap

Holdings

NV

2,324

281,204

620,799

ISRAEL

0.8%

IT

Services

0.3%

Wix.com

Ltd.

*(a)

2,745

487,594

Oil,

Gas

&

Consumable

Fuels

0.2%

Energean

plc

23,077

257,272

Software

0.3%

Nice

Ltd.,

ADR

*(a)

3,448

499,202

1,244,068

ITALY

3.3%

Aerospace

&

Defense

0.7%

Leonardo

SpA

18,285

1,161,532

Automobiles

0.8%

Ferrari

NV

2,551

1,235,071

Banks

1.1%

Intesa

Sanpaolo

SpA

111,550

737,693

UniCredit

SpA

14,618

1,109,853

1,847,546

Diversified

Telecommunication

Services

0.2%

Telecom

Italia

SpA

*

540,459

282,876

Financial

Services

0.3%

Nexi

SpA

Reg.

S

(a)(b)

79,070

447,519

Leisure

Products

0.2%

Technogym

SpA

Reg.

S

(b)

19,731

334,738

5,309,282

JAPAN

13.1%

Automobile

Components

1.2%

Denso

Corp.

125,700

1,810,155

Sumitomo

Electric

Industries

Ltd.

7,400

210,240

2,020,395

Automobiles

0.3%

Suzuki

Motor

Corp.

16,000

233,228

Toyota

Motor

Corp.

17,400

332,995

566,223

Banks

1.8%

Hachijuni

Bank

Ltd.

(The)

(a)

31,400

327,402

Hyakugo

Bank

Ltd.

(The)

(a)

23,100

143,231

Mizuho

Financial

Group,

Inc.

45,900

1,536,270

Sumitomo

Mitsui

Financial

Group,

Inc.

29,800

834,205

2,841,108

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

1.3%

Asahi

Kasei

Corp.

233,500

1,835,950

Nissan

Chemical

Corp.

(a)

9,500

344,325

2,180,275

Construction

&

Engineering

0.1%

Chiyoda

Corp.

*

72,500

192,322

Consumer

Finance

0.2%

Credit

Saison

Co.

Ltd.

9,800

261,162

Diversified

Telecommunication

Services

0.5%

NTT,

Inc.

816,400

853,698

Electrical

Equipment

1.3%

Mitsubishi

Electric

Corp.

83,700

2,178,999

Financial

Services

0.3%

ORIX

Corp.

16,000

417,815

Ground

Transportation

0.4%

Central

Japan

Railway

Co.

10,800

310,044

East

Japan

Railway

Co.

11,200

274,451

584,495

Health

Care

Equipment

&

Supplies

0.1%

Terumo

Corp.

12,000

198,045

Household

Durables

0.4%

Sony

Group

Corp.

24,400

700,163

Insurance

2.5%

Dai-ichi

Life

Holdings,

Inc.

21,000

165,204

Japan

Post

Holdings

Co.

Ltd.

203,600

2,021,304

MS&AD

Insurance

Group

Holdings,

Inc.

41,700

946,035

Sompo

Holdings,

Inc.

13,300

410,767

Sony

Financial

Group,

Inc.

*

24,400

27,059

T&D

Holdings,

Inc.

15,000

366,590

3,936,959

Machinery

0.3%

FANUC

Corp.

9,500

270,702

Glory

Ltd.

11,700

289,470

560,172

Passenger

Airlines

0.4%

Japan

Airlines

Co.

Ltd.

32,000

646,308

Pharmaceuticals

0.3%

Chugai

Pharmaceutical

Co.

Ltd.

9,600

424,658

Real

Estate

Management

&

Development

0.3%

Mitsui

Fudosan

Co.

Ltd.

31,700

346,297

Tokyu

Fudosan

Holdings

Corp.

20,900

173,202

519,499

Semiconductors

&

Semiconductor

Equipment

0.9%

Advantest

Corp.

2,400

239,953

Tokyo

Electron

Ltd.

7,100

1,280,130

1,520,083

Wireless

Telecommunication

Services

0.5%

KDDI

Corp.

34,800

557,619

SoftBank

Corp.

153,000

225,036

782,655

21,385,034

MALAYSIA

0.4%

Consumer

Staples

Distribution

&

Retail

0.1%

99

Speed

Mart

Retail

Holdings

Bhd.

313,500

204,141

4

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Equity

Fund

Common

Stocks

Shares

Value

($)

MALAYSIA

Electric

Utilities

0.3%

Tenaga

Nasional

Bhd.

134,200

421,681

625,822

MEXICO

0.2%

Construction

Materials

0.2%

Cemex

SAB

de

CV,

ADR

28,081

252,448

NETHERLANDS

3.1%

Consumer

Staples

Distribution

&

Retail

0.4%

Koninklijke

Ahold

Delhaize

NV

17,486

707,415

Financial

Services

0.7%

EXOR

NV

11,550

1,134,034

Professional

Services

0.8%

Wolters

Kluwer

NV

(a)

9,117

1,244,540

Semiconductors

&

Semiconductor

Equipment

1.2%

ASML

Holding

NV

2,065

2,013,297

5,099,286

NEW

ZEALAND

0.2%

Software

0.2%

Xero

Ltd.

*

3,151

329,344

PHILIPPINES

0.4%

Transportation

Infrastructure

0.4%

International

Container

Terminal

Services,

Inc.

72,640

588,501

POLAND

0.4%

Electric

Utilities

0.4%

PGE

Polska

Grupa

Energetyczna

SA

*

169,298

500,372

Tauron

Polska

Energia

SA

*

87,100

218,156

718,528

PORTUGAL

0.4%

Electric

Utilities

0.4%

EDP

SA

149,440

709,818

SAUDI

ARABIA

0.6%

Electrical

Equipment

0.3%

Electrical

Industries

Co.

168,112

490,941

Wireless

Telecommunication

Services

0.3%

Etihad

Etisalat

Co.

24,735

446,883

937,824

SINGAPORE

1.2%

Banks

0.4%

United

Overseas

Bank

Ltd.

23,300

625,067

Broadline

Retail

0.3%

Sea

Ltd.,

ADR

*

2,587

462,375

Capital

Markets

0.3%

Singapore

Exchange

Ltd.

36,800

472,099

Real

Estate

Management

&

Development

0.2%

UOL

Group

Ltd.

60,700

367,479

1,927,020

SOUTH

AFRICA

1.0%

Metals

&

Mining

1.0%

Gold

Fields

Ltd.,

ADR

17,627

739,629

Harmony

Gold

Mining

Co.

Ltd.,

ADR

52,517

953,183

1,692,812

Common

Stocks

Shares

Value

($)

SOUTH

KOREA

3.7%

Banks

0.7%

Hana

Financial

Group,

Inc.

15,157

946,868

KB

Financial

Group,

Inc.

2,452

202,505

1,149,373

Electric

Utilities

0.6%

Korea

Electric

Power

Corp.

37,214

959,530

Financial

Services

0.2%

Meritz

Financial

Group,

Inc.

3,549

286,824

Semiconductors

&

Semiconductor

Equipment

0.9%

SK

Hynix,

Inc.

5,689

1,422,437

Technology

Hardware,

Storage

&

Peripherals

1.3%

Samsung

Electronics

Co.

Ltd.

35,548

2,136,661

5,954,825

SPAIN

1.6%

Banks

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

44,086

848,148

Banco

Santander

SA

129,538

1,353,839

2,201,987

Electric

Utilities

0.3%

Acciona

SA

2,346

473,135

2,675,122

SWEDEN

1.3%

Aerospace

&

Defense

0.4%

Saab

AB,

Class

B

(a)

11,522

701,848

Commercial

Services

&

Supplies

0.1%

Loomis

AB,

Class

B

5,570

238,274

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

ADR

(a)

21,334

176,432

Construction

&

Engineering

0.2%

Skanska

AB,

Class

B

9,882

257,498

Electronic

Equipment,

Instruments

&

Components

0.1%

Intellego

Technologies

AB

*(a)

8,242

131,141

Hotels,

Restaurants

&

Leisure

0.1%

Betsson

AB,

Class

B

12,285

202,723

Metals

&

Mining

0.3%

Boliden

AB

*

11,081

452,252

2,160,168

SWITZERLAND

2.5%

Building

Products

0.5%

Belimo

Holding

AG

(Registered)

837

881,258

Capital

Markets

0.3%

UBS

Group

AG

(Registered)

10,155

417,458

Electrical

Equipment

1.5%

ABB

Ltd.

(Registered)

33,781

2,434,723

Real

Estate

Management

&

Development

0.2%

International

Workplace

Group

plc

125,005

375,480

4,108,919

TAIWAN

6.0%

Communications

Equipment

0.2%

Accton

Technology

Corp.

8,000

276,974

NVIT

International

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

5

Common

Stocks

Shares

Value

($)

TAIWAN

Electrical

Equipment

0.1%

CyberPower

Systems,

Inc.

29,000

199,485

Electronic

Equipment,

Instruments

&

Components

1.8%

Chunghwa

Precision

Test

Tech

Co.

Ltd.

6,000

376,617

Delta

Electronics,

Inc.

90,000

2,522,846

2,899,463

Semiconductors

&

Semiconductor

Equipment

3.8%

MediaTek,

Inc.

41,000

1,777,256

Realtek

Semiconductor

Corp.

16,000

289,309

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

96,000

4,176,417

6,242,982

Technology

Hardware,

Storage

&

Peripherals

0.1%

Asia

Vital

Components

Co.

Ltd.

7,000

227,208

9,846,112

THAILAND

0.6%

Electronic

Equipment,

Instruments

&

Components

0.2%

Delta

Electronics

Thailand

PCL

69,700

341,216

Food

Products

0.1%

Charoen

Pokphand

Foods

PCL

264,700

182,217

Oil,

Gas

&

Consumable

Fuels

0.3%

PTT

Exploration

&

Production

PCL

110,900

393,566

916,999

UNITED

ARAB

EMIRATES

0.7%

Energy

Equipment

&

Services

0.2%

ADNOC

Drilling

Co.

PJSC

177,892

272,708

Oil,

Gas

&

Consumable

Fuels

0.2%

Adnoc

Gas

plc

321,696

310,377

Real

Estate

Management

&

Development

0.3%

Emaar

Properties

PJSC

169,462

602,373

1,185,458

UNITED

KINGDOM

8.5%

Aerospace

&

Defense

0.8%

Rolls-Royce

Holdings

plc

82,610

1,322,570

Banks

3.4%

Barclays

plc

182,189

934,229

HSBC

Holdings

plc

69,782

984,957

NatWest

Group

plc

252,899

1,775,120

Standard

Chartered

plc

95,761

1,855,801

5,550,107

Broadline

Retail

0.2%

Next

plc

1,614

268,854

Consumer

Staples

Distribution

&

Retail

0.2%

J

Sainsbury

plc

60,793

273,619

Independent

Power

and

Renewable

Electricity

Producers

0.2%

Drax

Group

plc

27,554

259,034

Interactive

Media

&

Services

0.1%

Rightmove

plc

23,378

222,972

Leisure

Products

0.4%

Games

Workshop

Group

plc

3,738

731,118

Marine

Transportation

0.2%

Global

Ship

Lease,

Inc.,

Class

A

(a)

9,858

302,641

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Passenger

Airlines

0.6%

International

Consolidated

Airlines

Group

SA

189,563

994,238

Pharmaceuticals

1.6%

AstraZeneca

plc,

ADR

33,330

2,557,078

Specialty

Retail

0.3%

Dunelm

Group

plc

31,396

474,698

Tobacco

0.2%

Imperial

Brands

plc

8,189

347,866

Wireless

Telecommunication

Services

0.3%

Vodafone

Group

plc

484,312

561,607

13,866,402

UNITED

STATES

6.0%

Construction

Materials

0.1%

Titan

SA

5,910

241,208

Entertainment

0.1%

Spotify

Technology

SA

*

344

240,112

Financial

Services

0.1%

Paysafe

Ltd.

*(a)

17,509

226,216

Food

Products

0.5%

JBS

NV,

Class

A

*

13,312

198,748

Nestle

SA

(Registered)

5,699

523,500

722,248

Pharmaceuticals

5.2%

GSK

plc

130,651

2,809,042

Novartis

AG

(Registered)

33,718

4,335,815

Roche

Holding

AG

3,679

1,210,874

8,355,731

9,785,515

Total

Common

Stocks

(cost

$121,192,212)

160,969,352

Warrants

0.0%

†

Number

of

Warrants

CANADA

0.0%

†

Software

0.0%

†

Constellation

Software,

Inc.,

expiring

at

an

exercise

price

of

$0.00

on

03/31/40*^∞

723

0

Total

Warrants

(cost

$0)

0

Repurchase

Agreements

1.0%

Principal

Amount

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$651,329,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$664,278.(c)

651,253

651,253

6

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Equity

Fund

Repurchase

Agreements

Principal

Amount

($)

Value

($)

MetLife,

Inc.,

4.20%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$1,000,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,527.(c)

1,000,000

1,000,000

Total

Repurchase

Agreements

(cost

$1,651,253)

1,651,253

Total

Investments

(cost

$122,843,465)

—

99.9%

162,620,605

Other

assets

in

excess

of

liabilities

—

0.1%

157,099

NET

ASSETS

—

100.0%

$162,777,704

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$6,726,951,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,651,253

and

by

$5,435,030

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$7,086,283.

(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

September

30,

2025

was

$5,290,995

which

represents

3.25%

of

net

assets.

(c)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$1,651,253.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

International

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

7

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

8

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

International

Equity

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

4,676,638

$

–

$

4,676,638

Automobile

Components

1,962,754

2,020,395

–

3,983,149

Automobiles

–

2,872,820

–

2,872,820

Banks

368,275

23,704,677

–

24,072,952

Broadline

Retail

2,349,240

2,858,735

–

5,207,975

Building

Products

–

881,258

–

881,258

Capital

Markets

–

3,321,065

–

3,321,065

Chemicals

–

2,180,275

–

2,180,275

Commercial

Services

&

Supplies

–

1,534,427

–

1,534,427

Communications

Equipment

176,432

276,974

–

453,406

Construction

&

Engineering

–

2,507,766

–

2,507,766

Construction

Materials

252,449

241,208

–

493,657

Consumer

Finance

167,845

261,162

–

429,007

Consumer

Staples

Distribution

&

Retail

2,345,173

2,066,968

–

4,412,141

Diversified

REITs

–

213,330

–

213,330

Diversified

Telecommunication

Services

–

2,231,285

–

2,231,285

Electric

Utilities

–

3,282,692

–

3,282,692

Electrical

Equipment

–

5,580,798

–

5,580,798

Electronic

Equipment,

Instruments

&

Components

352,141

3,371,819

–

3,723,960

Energy

Equipment

&

Services

–

516,498

–

516,498

Entertainment

461,305

1,267,837

–

1,729,142

Financial

Services

226,216

2,714,883

–

2,941,099

Food

Products

198,748

3,755,153

–

3,953,901

Ground

Transportation

–

584,495

–

584,495

Health

Care

Equipment

&

Supplies

–

198,045

–

198,045

Hotels,

Restaurants

&

Leisure

–

1,529,710

–

1,529,710

Household

Durables

–

1,657,670

–

1,657,670

Independent

Power

and

Renewable

Electricity

Producers

–

259,034

–

259,034

Insurance

1,453,141

7,518,735

–

8,971,876

Interactive

Media

&

Services

–

4,287,021

–

4,287,021

IT

Services

1,108,253

2,383,312

–

3,491,565

Leisure

Products

–

1,065,856

–

1,065,856

Machinery

–

2,760,900

–

2,760,900

Marine

Transportation

302,641

–

–

302,641

Metals

&

Mining

4,885,440

3,288,946

–

8,174,386

Oil,

Gas

&

Consumable

Fuels

3,202,604

2,948,838

–

6,151,442

Passenger

Airlines

–

3,253,459

–

3,253,459

Personal

Care

Products

–

1,009,595

–

1,009,595

Pharmaceuticals

2,557,078

10,308,272

–

12,865,350

Professional

Services

363,785

1,244,540

–

1,608,325

Real

Estate

Management

&

Development

–

2,184,198

–

2,184,198

Semiconductors

&

Semiconductor

Equipment

–

11,361,150

–

11,361,150

Software

499,201

329,344

–

828,545

Specialty

Retail

–

796,131

–

796,131

Technology

Hardware,

Storage

&

Peripherals

–

2,798,353

–

2,798,353

Tobacco

–

347,866

–

347,866

Trading

Companies

&

Distributors

281,204

–

–

281,204

Transportation

Infrastructure

–

588,501

–

588,501

Water

Utilities

621,648

–

–

621,648

Wireless

Telecommunication

Services

–

1,791,145

–

1,791,145

Total

Common

Stocks

$

24,135,573

$

136,833,779

$

–

$

160,969,352

Repurchase

Agreements

–

1,651,253

–

1,651,253

Warrants

–

–

–

–

Total

$

24,135,573

$

138,485,032

$

–

$

162,620,605

NVIT

International

Equity

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

9

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. 

As

of

September

30,

2025,

the

Fund

held

one

warrant

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

10

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

Common

Stocks

98

.7

%

Shares

Value

($)

AUSTRALIA

5

.1

%

Capital

Markets

1

.6

%

Macquarie

Group

Ltd.

21,185

3,081,200

Industrial

REITs

2

.0

%

Goodman

Group

177,392

3,862,340

Interactive

Media

&

Services

1

.5

%

CAR

Group

Ltd.

119,132

2,905,228

9,848,768

BELGIUM

3

.0

%

Banks

3

.0

%

KBC

Group

NV

48,051

5,759,325

DENMARK

1

.3

%

Pharmaceuticals

1

.3

%

Novo

Nordisk

A/S,

Class

B

44,526

2,457,644

FAROE

ISLANDS

0

.6

%

Food

Products

0

.6

%

Bakkafrost

P/F

27,442

1,258,552

FRANCE

11

.0

%

Aerospace

&

Defense

4

.8

%

Safran

SA

15,345

5,434,286

Thales

SA

12,239

3,835,433

9,269,719

Food

Products

1

.5

%

Danone

SA

33,098

2,883,641

Personal

Care

Products

1

.9

%

L'Oreal

SA

8,382

3,631,941

Textiles,

Apparel

&

Luxury

Goods

2

.8

%

Hermes

International

SCA

2,252

5,522,862

21,308,163

GERMANY

17

.2

%

Banks

1

.6

%

Commerzbank

AG

84,655

3,188,602

Construction

Materials

2

.0

%

Heidelberg

Materials

AG

17,669

3,977,808

Industrial

Conglomerates

2

.4

%

Siemens

AG

(Registered)

17,276

4,661,376

Insurance

2

.8

%

Hannover

Rueck

SE

18,145

5,472,425

Software

6

.5

%

Nemetschek

SE

26,796

3,487,030

SAP

SE

34,310

9,198,220

12,685,250

Textiles,

Apparel

&

Luxury

Goods

1

.9

%

adidas

AG

17,069

3,600,216

33,585,677

HONG

KONG

3

.7

%

Insurance

2

.3

%

AIA

Group

Ltd.

462,400

4,432,214

Machinery

1

.4

%

Techtronic

Industries

Co.

Ltd.

207,500

2,662,081

7,094,295

IRELAND

1

.1

%

Building

Products

1

.1

%

Kingspan

Group

plc

26,252

2,210,251

Common

Stocks

Shares

Value

($)

JAPAN

17

.0

%

Banks

1

.2

%

Rakuten

Bank

Ltd.

*

40,700

2,268,791

Chemicals

1

.7

%

Shin-Etsu

Chemical

Co.

Ltd.

98,400

3,219,908

Electronic

Equipment,

Instruments

&

Components

2

.2

%

Keyence

Corp.

11,300

4,207,346

Ground

Transportation

1

.5

%

East

Japan

Railway

Co.

122,300

2,996,909

Health

Care

Equipment

&

Supplies

2

.2

%

Hoya

Corp.

30,300

4,185,654

Household

Durables

2

.8

%

Sony

Group

Corp.

196,000

5,624,261

Industrial

Conglomerates

2

.5

%

Hitachi

Ltd.

183,400

4,816,085

Insurance

0

.1

%

Sony

Financial

Group,

Inc.

*

196,000

217,358

Machinery

0

.9

%

Makita

Corp.

56,000

1,815,784

Semiconductors

&

Semiconductor

Equipment

1

.9

%

SCREEN

Holdings

Co.

Ltd.

21,900

1,982,906

Tokyo

Electron

Ltd.

9,500

1,712,850

3,695,756

33,047,852

MACAU

1

.3

%

Hotels,

Restaurants

&

Leisure

1

.3

%

Sands

China

Ltd.

924,400

2,582,354

NETHERLANDS

7

.3

%

Entertainment

2

.1

%

Universal

Music

Group

NV

143,470

4,164,085

Semiconductors

&

Semiconductor

Equipment

5

.2

%

ASM

International

NV

4,699

2,824,624

ASML

Holding

NV

5,334

5,200,446

BE

Semiconductor

Industries

NV

12,803

1,920,192

9,945,262

14,109,347

NEW

ZEALAND

1

.0

%

Software

1

.0

%

Xero

Ltd.

*

18,805

1,965,506

SINGAPORE

1

.1

%

Aerospace

&

Defense

1

.1

%

Singapore

Technologies

Engineering

Ltd.

333,200

2,227,187

SPAIN

1

.7

%

Hotels,

Restaurants

&

Leisure

1

.7

%

Amadeus

IT

Group

SA

40,920

3,238,686

SWITZERLAND

6

.6

%

Chemicals

1

.2

%

Sika

AG

(Registered)

10,702

2,398,399

Insurance

2

.6

%

Zurich

Insurance

Group

AG

7,076

5,050,657

Life

Sciences

Tools

&

Services

2

.8

%

Lonza

Group

AG

(Registered)

8,112

5,444,264

12,893,320

NVIT

NS

Partners

International

Focused

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

11

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

14

.2

%

Aerospace

&

Defense

2

.4

%

Rolls-Royce

Holdings

plc

292,361

4,680,641

Capital

Markets

1

.2

%

London

Stock

Exchange

Group

plc

20,955

2,406,307

Hotels,

Restaurants

&

Leisure

1

.5

%

Compass

Group

plc

86,426

2,944,496

Interactive

Media

&

Services

1

.4

%

Rightmove

plc

278,499

2,656,240

Machinery

1

.0

%

Weir

Group

plc

(The)

54,336

2,008,981

Pharmaceuticals

4

.4

%

AstraZeneca

plc

54,348

8,301,839

Professional

Services

2

.3

%

RELX

plc

94,320

4,504,933

27,503,437

UNITED

STATES

5

.5

%

Electrical

Equipment

3

.2

%

Schneider

Electric

SE

21,669

6,117,275

Professional

Services

2

.3

%

Experian

plc

90,213

4,543,332

10,660,607

Total

Common

Stocks

(cost

$153,646,430)

191,750,971

Total

Investments

(cost

$153,646,430)

—

98.7%

191,750,971

Other

assets

in

excess

of

liabilities

—

1.3%

2,532,939

NET

ASSETS

—

100.0%

$194,283,910

*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

12

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

NS

Partners

International

Focused

Growth

Fund

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

NS

Partners

International

Focused

Growth

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

13

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

16,177,547

$

–

$

16,177,547

Banks

–

11,216,718

–

11,216,718

Building

Products

–

2,210,251

–

2,210,251

Capital

Markets

–

5,487,507

–

5,487,507

Chemicals

–

5,618,307

–

5,618,307

Construction

Materials

–

3,977,808

–

3,977,808

Electrical

Equipment

–

6,117,275

–

6,117,275

Electronic

Equipment,

Instruments

&

Components

–

4,207,346

–

4,207,346

Entertainment

–

4,164,085

–

4,164,085

Food

Products

–

4,142,192

–

4,142,192

Ground

Transportation

–

2,996,909

–

2,996,909

Health

Care

Equipment

&

Supplies

–

4,185,654

–

4,185,654

Hotels,

Restaurants

&

Leisure

–

8,765,536

–

8,765,536

Household

Durables

–

5,624,261

–

5,624,261

Industrial

Conglomerates

–

9,477,461

–

9,477,461

Industrial

REITs

–

3,862,339

–

3,862,339

Insurance

217,358

14,955,297

–

15,172,655

Interactive

Media

&

Services

–

5,561,468

–

5,561,468

Life

Sciences

Tools

&

Services

–

5,444,264

–

5,444,264

Machinery

–

6,486,846

–

6,486,846

Personal

Care

Products

–

3,631,941

–

3,631,941

Pharmaceuticals

–

10,759,484

–

10,759,484

Professional

Services

–

9,048,265

–

9,048,265

Semiconductors

&

Semiconductor

Equipment

–

13,641,018

–

13,641,018

Software

–

14,650,755

–

14,650,755

Textiles,

Apparel

&

Luxury

Goods

–

9,123,079

–

9,123,079

Total

$

217,358

$

191,533,613

$

–

$

191,750,971

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

14

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

Common

Stocks

103

.0

%

Shares

Value

($)

AUSTRALIA

8

.7

%

Banks

1

.4

%

ANZ

Group

Holdings

Ltd.

171,402

3,758,369

Diversified

REITs

0

.8

%

Mirvac

Group

1,324,892

1,991,354

Diversified

Telecommunication

Services

1

.3

%

Telstra

Group

Ltd.

1,072,502

3,422,995

Insurance

2

.1

%

QBE

Insurance

Group

Ltd.

393,367

5,365,966

Metals

&

Mining

1

.4

%

Glencore

plc

791,175

3,656,219

Passenger

Airlines

1

.7

%

Qantas

Airways

Ltd.

607,941

4,408,191

22,603,094

CANADA

1

.9

%

Oil,

Gas

&

Consumable

Fuels

1

.9

%

Cenovus

Energy,

Inc.

(a)

284,200

4,825,498

DENMARK

1

.3

%

Pharmaceuticals

1

.3

%

Novo

Nordisk

A/S,

Class

B

59,393

3,278,239

FRANCE

12

.1

%

Aerospace

&

Defense

2

.9

%

Airbus

SE

16,488

3,854,321

Thales

SA

11,415

3,577,209

7,431,530

Banks

3

.0

%

BNP

Paribas

SA

87,253

7,953,823

Building

Products

1

.6

%

Cie

de

Saint-Gobain

SA

37,181

4,050,521

Insurance

2

.6

%

AXA

SA

143,533

6,872,484

Machinery

2

.0

%

Alstom

SA

*

196,387

5,160,416

31,468,774

GERMANY

9

.6

%

Air

Freight

&

Logistics

1

.0

%

Deutsche

Post

AG

55,779

2,487,745

Chemicals

0

.6

%

LANXESS

AG

(a)

66,532

1,651,264

Diversified

Telecommunication

Services

1

.7

%

Deutsche

Telekom

AG

(Registered)

132,618

4,518,366

Industrial

Conglomerates

1

.8

%

Siemens

AG

(Registered)

17,550

4,735,306

Insurance

2

.1

%

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

8,469

5,411,315

Multi-Utilities

1

.4

%

E.ON

SE

193,020

3,629,201

Pharmaceuticals

1

.0

%

Bayer

AG

(Registered)

80,669

2,674,693

25,107,890

Common

Stocks

Shares

Value

($)

HONG

KONG

1

.4

%

Insurance

1

.4

%

Prudential

plc

257,532

3,625,160

IRELAND

2

.9

%

Banks

2

.0

%

AIB

Group

plc

567,021

5,145,842

Household

Durables

0

.9

%

Cairn

Homes

plc

1,032,860

2,338,758

7,484,600

ITALY

1

.9

%

Electric

Utilities

1

.9

%

Enel

SpA

522,773

4,958,206

JAPAN

20

.6

%

Banks

6

.9

%

Mitsubishi

UFJ

Financial

Group,

Inc.

589,800

9,343,242

Resona

Holdings,

Inc.

307,100

3,126,267

Sumitomo

Mitsui

Financial

Group,

Inc.

208,900

5,847,831

18,317,340

Beverages

1

.0

%

Asahi

Group

Holdings

Ltd.

214,700

2,576,033

Broadline

Retail

0

.5

%

Pan

Pacific

International

Holdings

Corp.

201,500

1,329,220

Consumer

Staples

Distribution

&

Retail

1

.2

%

MatsukiyoCocokara

&

Co.

149,400

3,033,439

Food

Products

1

.1

%

Yamazaki

Baking

Co.

Ltd.

126,600

2,818,942

Health

Care

Equipment

&

Supplies

1

.7

%

Hoya

Corp.

32,400

4,475,748

Household

Durables

1

.4

%

Sony

Group

Corp.

124,800

3,581,162

Insurance

0

.1

%

Sony

Financial

Group,

Inc.

*

124,800

138,399

Machinery

0

.9

%

MINEBEA

MITSUMI,

Inc.

(a)

125,900

2,367,339

Textiles,

Apparel

&

Luxury

Goods

1

.5

%

Asics

Corp.

148,800

3,885,239

Trading

Companies

&

Distributors

3

.4

%

ITOCHU

Corp.

54,400

3,128,315

Mitsubishi

Corp.

248,300

5,918,936

9,047,251

Wireless

Telecommunication

Services

0

.9

%

KDDI

Corp.

144,900

2,321,810

53,891,922

NETHERLANDS

6

.7

%

Banks

4

.0

%

ING

Groep

NV

394,853

10,290,271

Biotechnology

0

.8

%

Argenx

SE

*

2,724

2,001,000

Argenx

SE

*

122

89,619

Insurance

1

.9

%

ASR

Nederland

NV

74,185

5,048,724

17,429,614

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

15

Common

Stocks

Shares

Value

($)

RUSSIA

0

.0

%

†

Oil,

Gas

&

Consumable

Fuels

0

.0

%

†

LUKOIL

PJSC

*^∞

10,847

0

SINGAPORE

1

.1

%

Semiconductors

&

Semiconductor

Equipment

1

.1

%

STMicroelectronics

NV

104,299

2,948,254

SOUTH

AFRICA

0

.6

%

Metals

&

Mining

0

.6

%

Anglo

American

plc

36,796

1,385,367

Valterra

Platinum

Ltd.

4,129

295,210

1,680,577

SPAIN

2

.2

%

Banks

2

.2

%

CaixaBank

SA

540,011

5,685,659

SWITZERLAND

2

.6

%

Capital

Markets

1

.4

%

Partners

Group

Holding

AG

2,770

3,619,040

Electrical

Equipment

1

.2

%

ABB

Ltd.

(Registered)

42,908

3,092,539

6,711,579

UNITED

KINGDOM

18

.3

%

Banks

6

.9

%

Barclays

plc

1,621,845

8,316,498

HSBC

Holdings

plc

708,475

9,999,957

18,316,455

Beverages

1

.7

%

Coca-Cola

Europacific

Partners

plc

47,700

4,312,557

Consumer

Staples

Distribution

&

Retail

1

.7

%

Tesco

plc

730,487

4,378,726

Hotels,

Restaurants

&

Leisure

0

.8

%

Compass

Group

plc

58,430

1,990,684

Industrial

REITs

0

.9

%

Segro

plc

272,533

2,411,546

Personal

Care

Products

1

.8

%

Unilever

plc

78,354

4,651,277

Pharmaceuticals

0

.9

%

AstraZeneca

plc

16,097

2,458,871

Specialty

Retail

0

.6

%

JD

Sports

Fashion

plc

1,177,596

1,510,670

Tobacco

1

.5

%

Imperial

Brands

plc

93,730

3,981,624

Trading

Companies

&

Distributors

0

.6

%

Ashtead

Group

plc

25,175

1,691,769

Wireless

Telecommunication

Services

0

.9

%

Vodafone

Group

plc

1,993,699

2,311,887

48,016,066

UNITED

STATES

11

.1

%

Automobiles

0

.5

%

Stellantis

NV

135,574

1,254,899

Construction

Materials

2

.6

%

CRH

plc

56,018

6,758,333

Oil,

Gas

&

Consumable

Fuels

4

.9

%

Shell

plc

359,148

12,786,959

Common

Stocks

Shares

Value

($)

UNITED

STATES

Pharmaceuticals

2

.0

%

Sanofi

SA

54,780

5,178,037

Trading

Companies

&

Distributors

1

.1

%

Ferguson

Enterprises,

Inc.

12,771

2,877,526

28,855,754

Total

Common

Stocks

(cost

$203,802,392)

268,570,886

Short-Term

Investments

0

.2

%

U.S.

Treasury

Obligations

0

.2

%

Financial

Services

0

.2

%

U.S.

Treasury

Bills

4.16%,

10/02/25

150,000

149,983

4.16%,

12/04/25

400,000

397,228

547,211

Total

Short-Term

Investment

(cost

$547,068)

547,211

Repurchase

Agreement

0

.1

%

Principal

Amount

($)

Value

($)

Cantor

Fitzgerald

&

Co.,

4.22%,

dated

9/30/2025,

due

10/1/2025,

repurchase

price

$154,298,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

10/20/2025

-

7/20/2075;

total

market

value

$157,366.(b)

154,280

154,280

Total

Repurchase

Agreement

(cost

$154,280)

154,280

Total

Investments

(cost

$204,503,740)

—

103.3%

269,272,377

Liabilities

in

excess

of

other

assets

—

(3.3)%

(

8,605,000

)

NET

ASSETS

—

100.0%

$260,667,377

*

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

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$5,316,398,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$154,280

and

by

$5,548,732

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

10/9/2025

-

5/15/2055,

a

total

value

of

$5,703,012.

(b)

Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

September

30,

2025

was

$154,280.

16

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

REIT

Real

Estate

Investment

Trust

Forward

Foreign

Currency

Contracts

outstanding

as

of

September

30,

2025:

Currenc

y

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

($)

AUD

171,700

USD

113,053

Morgan

Stanley

Co.,

Inc.

10/15/2025

583

AUD

1,500,200

USD

980,099

Toronto

Dominion

Bank

10/15/2025

12,782

AUD

1,186,500

USD

778,975

Westpac

Banking

Corp.

10/15/2025

6,289

ILS

9,408,200

USD

2,826,527

Morgan

Stanley

Co.,

Inc.

10/15/2025

13,899

USD

4,742,740

CAD

6,481,500

Goldman

Sachs

International

10/15/2025

82,401

CNH

3,864,500

USD

541,486

Goldman

Sachs

International

**

11/19/2025

2,553

CNH

5,641,200

USD

790,072

Morgan

Stanley

Co.,

Inc.

**

11/19/2025

4,088

HKD

11,145,600

USD

1,432,610

State

Street

Bank

and

Trust

Co.

11/19/2025

1,301

HKD

32,884,600

USD

4,226,486

Westpac

Banking

Corp.

11/19/2025

4,205

USD

715,806

JPY

105,077,700

Goldman

Sachs

International

11/19/2025

1,655

USD

912,766

JPY

133,739,000

Toronto

Dominion

Bank

11/19/2025

3,821

USD

2,081,155

JPY

304,939,100

Westpac

Banking

Corp.

11/19/2025

8,662

USD

672,371

KRW

927,865,000

Goldman

Sachs

International

**

11/19/2025

9,482

USD

780,143

KRW

1,076,012,700

Toronto

Dominion

Bank

**

11/19/2025

11,414

CZK

14,281,400

USD

688,767

Morgan

Stanley

Co.,

Inc.

12/17/2025

1,300

EUR

1,440,900

USD

1,699,239

Goldman

Sachs

International

12/17/2025

15

USD

904,214

CHF

712,200

Westpac

Banking

Corp.

12/17/2025

1,245

USD

693,659

CZK

14,311,500

Morgan

Stanley

Co.,

Inc.

12/17/2025

2,138

USD

12,105,187

GBP

8,929,100

Goldman

Sachs

International

12/17/2025

95,296

USD

5,150,169

GBP

3,797,900

Morgan

Stanley

Co.,

Inc.

12/17/2025

41,887

USD

134,656

GBP

99,300

Westpac

Banking

Corp.

12/17/2025

1,094

USD

478,038

NOK

4,723,600

State

Street

Bank

and

Trust

Co.

12/17/2025

4,608

Total

unrealized

appreciation

310,718

CAD

49,400

USD

36,233

Morgan

Stanley

Co.,

Inc.

10/15/2025

(

713

)

NZD

827,300

USD

496,059

Westpac

Banking

Corp.

10/15/2025

(

16,191

)

USD

948,901

AUD

1,441,300

Goldman

Sachs

International

10/15/2025

(

4,997

)

USD

656,354

AUD

999,700

State

Street

Bank

and

Trust

Co.

10/15/2025

(

5,279

)

JPY

1,507,358,800

USD

10,287,931

Morgan

Stanley

Co.,

Inc.

11/19/2025

(

43,296

)

KRW

2,001,028,900

USD

1,449,853

Morgan

Stanley

Co.,

Inc.

**

11/19/2025

(

20,270

)

SGD

132,600

USD

103,962

State

Street

Bank

and

Trust

Co.

11/19/2025

(

777

)

SGD

5,182,400

USD

4,062,961

Westpac

Banking

Corp.

11/19/2025

(

30,168

)

CHF

14,058,300

USD

17,832,901

Goldman

Sachs

International

12/17/2025

(

8,959

)

CHF

768,500

USD

976,003

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

1,653

)

NOK

23,237,900

USD

2,351,870

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

22,817

)

SEK

56,003,800

USD

6,039,129

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

61,506

)

SEK

4,036,000

USD

435,212

State

Street

Bank

and

Trust

Co.

12/17/2025

(

4,425

)

USD

755,813

CHF

597,100

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

1,226

)

USD

1,769,411

DKK

11,192,700

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

222

)

USD

4,567,180

EUR

3,873,600

Morgan

Stanley

Co.,

Inc.

12/17/2025

(

957

)

USD

3,628,203

EUR

3,077,200

State

Street

Bank

and

Trust

Co.

12/17/2025

(

739

)

USD

3,494,068

EUR

2,963,800

Westpac

Banking

Corp.

12/17/2025

(

1,141

)

Total

unrealized

depreciation

(

225,336

)

Net

unrealized

appreciation

85,382

**

Non-deliverable

forward.

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

17

Currency:

AUD

Australian

dollar

CAD

Canadian

dollar

CNH

Chinese

Yuan

Renminbi

CHF

Swiss

franc

CZK

Czech

koruna

DKK

Danish

krone

EUR

Euro

GBP

British

pound

HKD

Hong

Kong

dollar

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

18

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

19

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

is

a

summary

of

the

Fund’s

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025.

Please

see

below

for

information

on

the

Fund’s

policy

regarding

the

objectives

and

strategies

for

using

forward

foreign

currency

contracts.

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

7,431,530

$

–

$

7,431,530

Air

Freight

&

Logistics

–

2,487,745

–

2,487,745

Automobiles

–

1,254,899

–

1,254,899

Banks

–

69,467,759

–

69,467,759

Beverages

4,312,557

2,576,033

–

6,888,590

Biotechnology

–

2,090,619

–

2,090,619

Broadline

Retail

–

1,329,220

–

1,329,220

Building

Products

–

4,050,521

–

4,050,521

Capital

Markets

–

3,619,040

–

3,619,040

Chemicals

–

1,651,264

–

1,651,264

Construction

Materials

–

6,758,333

–

6,758,333

Consumer

Staples

Distribution

&

Retail

–

7,412,165

–

7,412,165

Diversified

REITs

–

1,991,354

–

1,991,354

Diversified

Telecommunication

Services

–

7,941,361

–

7,941,361

Electric

Utilities

–

4,958,206

–

4,958,206

Electrical

Equipment

–

3,092,539

–

3,092,539

Food

Products

–

2,818,942

–

2,818,942

Health

Care

Equipment

&

Supplies

–

4,475,748

–

4,475,748

Hotels,

Restaurants

&

Leisure

–

1,990,684

–

1,990,684

Household

Durables

–

5,919,920

–

5,919,920

Industrial

Conglomerates

–

4,735,306

–

4,735,306

Industrial

REITs

–

2,411,546

–

2,411,546

Insurance

138,399

26,323,650

–

26,462,049

Machinery

–

7,527,755

–

7,527,755

Metals

&

Mining

–

5,336,796

–

5,336,796

Multi-Utilities

–

3,629,201

–

3,629,201

Oil,

Gas

&

Consumable

Fuels

4,825,498

12,786,961

–

17,612,459

Passenger

Airlines

–

4,408,191

–

4,408,191

Personal

Care

Products

–

4,651,277

–

4,651,277

Pharmaceuticals

–

13,589,839

–

13,589,839

Semiconductors

&

Semiconductor

Equipment

–

2,948,254

–

2,948,254

Specialty

Retail

–

1,510,670

–

1,510,670

Textiles,

Apparel

&

Luxury

Goods

–

3,885,239

–

3,885,239

Tobacco

–

3,981,624

–

3,981,624

Trading

Companies

&

Distributors

–

13,616,545

–

13,616,545

Wireless

Telecommunication

Services

–

4,633,696

–

4,633,696

Total

Common

Stocks

$

9,276,454

$

259,294,432

$

–

$

268,570,886

Forward

Foreign

Currency

Contracts

–

310,718

–

310,718

Repurchase

Agreement

–

154,280

–

154,280

Short-Term

Investments

–

547,211

–

547,211

Total

Assets

$

9,276,454

$

260,306,641

$

–

$

269,583,095

Liabilities:

Forward

Foreign

Currency

Contracts

$

–

$

(

225,336

)

$

–

$

(

225,336

)

Total

Liabilities

$

–

$

(

225,336

)

$

–

$

(

225,336

)

Total

$

9,276,454

$

260,081,305

$

–

$

269,357,759

As

of

September

30,

2025,

the

Fund

held

one

common

stock

investment

that

was

categorized

as

a

Level

3

investment

which

was

valued

at

$0.

20

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

(a)

Forward

Foreign

Currency

Contracts          

The

Fund

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency,

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

the

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

2

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The

following

is

a

summary

of

the

Fund's

derivative

instruments

categorized

by

risk

exposure

as

of

September

30,

2025:

Fair

Values

of

Derivatives

Not

Accounted

for

as

Hedging

Instruments

as

of

September

30,

2025:

Assets:

Fair

Value

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

310,718

Total

$

310,718

Liabilities:

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(

225,336

)

Total

$

(

225,336

)

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Fidelity

Institutional

AM

®

Emerging

Markets

Fund

(formerly,

NVIT

Emerging

Markets

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

21

Common

Stocks

99.5%

Shares

Value

($)

BRAZIL

4.3%

Banks

1.2%

Itau

Unibanco

Holding

SA

(

Preference

)

260,870

1,915,015

Metals

&

Mining

2.0%

Gerdau

SA,

ADR

495,700

1,536,670

Vale

SA,

Class

B,

ADR

169,200

1,837,512

3,374,182

Oil,

Gas

&

Consumable

Fuels

1.1%

Petroleo

Brasileiro

SA,

ADR

144,900

1,834,434

7,123,631

CHILE

1.5%

Metals

&

Mining

1.5%

Antofagasta

plc

64,800

2,413,827

CHINA

32.3%

Automobiles

1.4%

BYD

Co.

Ltd.,

Class

H

164,000

2,325,816

Banks

1.5%

China

Construction

Bank

Corp.,

Class

H

2,574,000

2,477,089

Broadline

Retail

5.3%

Alibaba

Group

Holding

Ltd.,

ADR

23,800

4,253,774

PDD

Holdings,

Inc.,

ADR

*

35,100

4,639,167

8,892,941

Diversified

Consumer

Services

1.0%

TAL

Education

Group,

ADR

*

147,400

1,650,880

Ground

Transportation

1.1%

Full

Truck

Alliance

Co.

Ltd.,

ADR

143,400

1,859,898

Hotels,

Restaurants

&

Leisure

1.6%

Meituan,

Class

B

Reg.

S

*(a)

192,300

2,573,154

Household

Durables

1.2%

Haier

Smart

Home

Co.

Ltd.,

Class

A

535,900

1,902,083

Insurance

3.7%

China

Life

Insurance

Co.

Ltd.,

Class

H

1,454,000

4,143,282

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

880,000

1,990,064

6,133,346

Interactive

Media

&

Services

9.0%

Tencent

Holdings

Ltd.

176,900

15,071,136

Life

Sciences

Tools

&

Services

1.4%

WuXi

AppTec

Co.

Ltd.,

Class

H

Reg.

S

(a)

146,000

2,232,292

Machinery

2.7%

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

374,800

4,418,248

Pharmaceuticals

0.9%

Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(a)

322,000

1,494,622

Technology

Hardware,

Storage

&

Peripherals

1.5%

Xiaomi

Corp.,

Class

B

Reg.

S

*(a)

353,600

2,462,070

53,493,575

Common

Stocks

Shares

Value

($)

GREECE

3.5%

Banks

3.5%

Eurobank

Ergasias

Services

and

Holdings

SA

626,400

2,409,928

National

Bank

of

Greece

SA

225,900

3,290,310

5,700,238

HUNGARY

2.2%

Banks

2.2%

OTP

Bank

Nyrt.

41,200

3,568,254

INDIA

7.5%

Banks

3.1%

HDFC

Bank

Ltd.

276,200

2,959,191

ICICI

Bank

Ltd.

139,600

2,117,485

5,076,676

Construction

&

Engineering

2.1%

Larsen

&

Toubro

Ltd.

85,200

3,511,507

Construction

Materials

1.3%

JK

Cement

Ltd.

30,500

2,164,431

IT

Services

1.0%

Tata

Consultancy

Services

Ltd.

48,800

1,587,785

12,340,399

MALAYSIA

1.2%

Banks

1.2%

CIMB

Group

Holdings

Bhd.

1,171,000

2,042,486

MEXICO

8.8%

Banks

1.2%

Regional

SAB

de

CV

215,400

1,939,170

Beverages

1.3%

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

21,200

2,090,956

Construction

Materials

1.1%

Cemex

SAB

de

CV,

ADR

200,800

1,805,192

Consumer

Staples

Distribution

&

Retail

3.2%

Wal-Mart

de

Mexico

SAB

de

CV

1,715,600

5,299,451

Wireless

Telecommunication

Services

2.0%

America

Movil

SAB

de

CV,

ADR

160,000

3,360,000

14,494,769

PERU

2.4%

Banks

2.4%

Credicorp

Ltd.

14,900

3,967,572

RUSSIA

0.0%

†

Banks

0.0%

†

Sberbank

of

Russia

PJSC

(Preference)

*^∞

533,346

0

TCS

Group

Holding

plc,

GDR

Reg.

S

*^∞

24,424

0

0

Consumer

Staples

Distribution

&

Retail

0.0%

†

Magnit

PJSC

*^∞

32,259

0

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Gazprom

PJSC

*^∞

1,425,666

0

0

SAUDI

ARABIA

1.1%

Banks

1.1%

Al

Rajhi

Bank

64,720

1,847,723

22

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Fidelity

Institutional

AM

®

Emerging

Markets

Fund

(formerly,

NVIT

Emerging

Markets

Fund)

Common

Stocks

Shares

Value

($)

SOUTH

AFRICA

4.1%

Financial

Services

0.9%

FirstRand

Ltd.

339,700

1,528,498

Metals

&

Mining

2.0%

Impala

Platinum

Holdings

Ltd.

250,400

3,211,134

Wireless

Telecommunication

Services

1.2%

MTN

Group

Ltd.

243,620

2,050,802

6,790,434

SOUTH

KOREA

10.3%

Aerospace

&

Defense

1.4%

Korea

Aerospace

Industries

Ltd.

29,750

2,289,984

Automobile

Components

1.2%

Hyundai

Mobis

Co.

Ltd.

9,040

1,932,668

Technology

Hardware,

Storage

&

Peripherals

7.7%

Samsung

Electronics

Co.

Ltd.

213,000

12,802,658

17,025,310

TAIWAN

14.9%

Electronic

Equipment,

Instruments

&

Components

1.1%

Yageo

Corp.

324,000

1,813,122

Machinery

0.9%

Hiwin

Technologies

Corp.

210,000

1,492,837

Semiconductors

&

Semiconductor

Equipment

11.5%

MediaTek,

Inc.

88,000

3,814,599

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

349,000

15,183,020

18,997,619

Textiles,

Apparel

&

Luxury

Goods

1.4%

Eclat

Textile

Co.

Ltd.

158,000

2,281,077

24,584,655

TURKEY

1.4%

Banks

0.6%

Yapi

ve

Kredi

Bankasi

A/S

*

1,219,203

995,731

Electrical

Equipment

0.8%

Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

A/S,

Class

B

561,600

1,318,758

2,314,489

UNITED

ARAB

EMIRATES

1.6%

Oil,

Gas

&

Consumable

Fuels

1.6%

Adnoc

Gas

plc

2,667,400

2,573,549

UNITED

KINGDOM

2.4%

Metals

&

Mining

2.4%

Anglogold

Ashanti

plc

56,100

3,945,513

Total

Common

Stocks

(cost

$130,475,688)

164,226,424

Total

Investments

(cost

$130,475,688)

—

99.5%

164,226,424

Other

assets

in

excess

of

liabilities

—

0.5%

877,043

NET

ASSETS

—

100.0%

$165,103,467

*

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

September

30,

2025

was

$8,762,138

which

represents

5.31%

of

net

assets.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

NVIT

Fidelity

Institutional

AM

®

Emerging

Markets

Fund

(formerly,

NVIT

Emerging

Markets

Fund)

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

23

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

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.

24

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Fidelity

Institutional

AM

®

Emerging

Markets

Fund

(formerly,

NVIT

Emerging

Markets

Fund)

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

–

$

2,289,984

$

–

$

2,289,984

Automobile

Components

–

1,932,668

–

1,932,668

Automobiles

–

2,325,816

–

2,325,816

Banks

7,821,758

21,708,197

–

29,529,955

Beverages

2,090,956

–

–

2,090,956

Broadline

Retail

8,892,941

–

–

8,892,941

Construction

&

Engineering

–

3,511,507

–

3,511,507

Construction

Materials

1,805,192

2,164,431

–

3,969,623

Consumer

Staples

Distribution

&

Retail

5,299,451

–

–

5,299,451

Diversified

Consumer

Services

1,650,880

–

–

1,650,880

Electrical

Equipment

–

1,318,759

–

1,318,759

Electronic

Equipment,

Instruments

&

Components

–

1,813,122

–

1,813,122

Financial

Services

–

1,528,498

–

1,528,498

Ground

Transportation

1,859,898

–

–

1,859,898

Hotels,

Restaurants

&

Leisure

–

2,573,154

–

2,573,154

Household

Durables

–

1,902,083

–

1,902,083

Insurance

–

6,133,346

–

6,133,346

Interactive

Media

&

Services

–

15,071,136

–

15,071,136

IT

Services

–

1,587,785

–

1,587,785

Life

Sciences

Tools

&

Services

–

2,232,292

–

2,232,292

Machinery

–

5,911,086

–

5,911,086

Metals

&

Mining

7,319,695

5,624,961

–

12,944,656

Oil,

Gas

&

Consumable

Fuels

1,834,434

2,573,549

–

4,407,983

Pharmaceuticals

–

1,494,622

–

1,494,622

Semiconductors

&

Semiconductor

Equipment

–

18,997,617

–

18,997,617

Technology

Hardware,

Storage

&

Peripherals

–

15,264,727

–

15,264,727

Textiles,

Apparel

&

Luxury

Goods

–

2,281,077

–

2,281,077

Wireless

Telecommunication

Services

3,360,000

2,050,802

–

5,410,802

Total

$

41,935,205

$

122,291,219

$

–

$

164,226,424

As

of

September

30,

2025,

the

Fund

held

four

common

stock

investments

that

were

categorized

as

Level

3

investments

which

were

valued

at

$0.

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

25

Common

Stocks

97

.7

%

Shares

Value

($)

AUSTRALIA

1

.8

%

Aerospace

&

Defense

0

.7

%

DroneShield

Ltd.

Reg.

S

*

9,356

28,680

Commercial

Services

&

Supplies

0

.2

%

Brambles

Ltd.

564

9,300

Interactive

Media

&

Services

0

.5

%

CAR

Group

Ltd.

951

23,192

Metals

&

Mining

0

.2

%

Deterra

Royalties

Ltd.

2,799

7,390

Specialty

Retail

0

.2

%

Lovisa

Holdings

Ltd.

380

9,428

77,990

AUSTRIA

0

.3

%

Construction

Materials

0

.3

%

Wienerberger

AG

397

12,866

BELGIUM

0

.8

%

Banks

0

.3

%

KBC

Group

NV

130

15,582

Pharmaceuticals

0

.5

%

UCB

SA

85

23,517

39,099

CANADA

2

.3

%

IT

Services

1

.4

%

Shopify,

Inc.,

Class

A

*

405

60,187

Metals

&

Mining

0

.4

%

Franco-Nevada

Corp.

90

20,032

Oil,

Gas

&

Consumable

Fuels

0

.1

%

PrairieSky

Royalty

Ltd.

300

5,566

Software

0

.4

%

Constellation

Software,

Inc.

3

8,144

Lumine

Group,

Inc.

Reg.

S

*

251

7,402

15,546

101,331

CHINA

1

.4

%

Automobiles

0

.3

%

BYD

Co.

Ltd.,

Class

H

1,039

14,735

Ground

Transportation

0

.3

%

Full

Truck

Alliance

Co.

Ltd.,

ADR

1,121

14,539

Hotels,

Restaurants

&

Leisure

0

.1

%

Luckin

Coffee,

Inc.,

ADR

*

131

4,979

Interactive

Media

&

Services

0

.7

%

Tencent

Holdings

Ltd.

380

32,374

66,627

DENMARK

0

.6

%

Air

Freight

&

Logistics

0

.4

%

DSV

A/S

84

16,770

Pharmaceuticals

0

.2

%

Novo

Nordisk

A/S,

Class

B

185

10,211

26,981

FINLAND

0

.1

%

Paper

&

Forest

Products

0

.1

%

UPM-Kymmene

OYJ

206

5,641

Common

Stocks

Shares

Value

($)

FRANCE

1

.2

%

Aerospace

&

Defense

0

.3

%

Thales

SA

40

12,535

Capital

Markets

0

.1

%

Amundi

SA

Reg.

S

(a)

92

7,327

Food

Products

0

.4

%

Danone

SA

215

18,732

Health

Care

Equipment

&

Supplies

0

.3

%

EssilorLuxottica

SA

44

14,352

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

10

6,119

59,065

GERMANY

1

.0

%

Air

Freight

&

Logistics

0

.4

%

Deutsche

Post

AG

424

18,910

Health

Care

Providers

&

Services

0

.3

%

Fresenius

SE

&

Co.

KGaA

217

12,085

Software

0

.2

%

SAP

SE

32

8,579

Specialty

Retail

0

.1

%

Auto1

Group

SE

Reg.

S

*(a)

182

6,207

45,781

HONG

KONG

0

.9

%

Insurance

0

.9

%

Prudential

plc

2,831

39,851

INDONESIA

0

.5

%

Banks

0

.5

%

Bank

Central

Asia

Tbk.

PT

42,461

19,444

Bank

Syariah

Indonesia

Tbk.

PT

18,104

2,824

22,268

IRELAND

0

.9

%

Banks

0

.6

%

AIB

Group

plc

3,038

27,571

Building

Products

0

.3

%

Kingspan

Group

plc

152

12,798

40,369

ITALY

2

.2

%

Electrical

Equipment

0

.5

%

Prysmian

SpA

209

20,876

Financial

Services

0

.8

%

BFF

Bank

SpA

Reg.

S

*(a)

2,757

35,423

Hotels,

Restaurants

&

Leisure

0

.2

%

Lottomatica

Group

Spa

369

9,972

Pharmaceuticals

0

.4

%

Recordati

Industria

Chimica

e

Farmaceutica

SpA

251

15,246

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

PRADA

SpA

2,492

14,975

96,492

JAPAN

3

.5

%

Broadline

Retail

0

.2

%

Pan

Pacific

International

Holdings

Corp.

1,530

10,093

26

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

Common

Stocks

Shares

Value

($)

JAPAN

Chemicals

0

.3

%

NOF

Corp.

733

12,797

Commercial

Services

&

Supplies

0

.2

%

Japan

Elevator

Service

Holdings

Co.

Ltd.

842

10,680

Entertainment

0

.6

%

Nintendo

Co.

Ltd.

290

24,843

IT

Services

0

.1

%

NSD

Co.

Ltd.

238

5,585

Media

0

.2

%

CyberAgent,

Inc.

828

9,922

Professional

Services

0

.1

%

Timee,

Inc.

*

507

5,059

Real

Estate

Management

&

Development

0

.4

%

Katitas

Co.

Ltd.

933

17,585

Semiconductors

&

Semiconductor

Equipment

0

.2

%

Renesas

Electronics

Corp.

683

7,847

Specialty

Retail

0

.4

%

USS

Co.

Ltd.

1,399

16,047

Technology

Hardware,

Storage

&

Peripherals

0

.4

%

FUJIFILM

Holdings

Corp.

816

20,333

Trading

Companies

&

Distributors

0

.4

%

ITOCHU

Corp.

292

16,792

157,583

JERSEY

0

.2

%

Capital

Markets

0

.2

%

JTC

plc

Reg.

S

455

8,046

LUXEMBOURG

0

.0

%

†

Automobile

Components

0

.0

%

†

Novem

Group

SA

*

312

1,349

NORWAY

0

.2

%

Energy

Equipment

&

Services

0

.2

%

TGS

ASA

1,525

11,287

SPAIN

1

.8

%

Banks

1

.3

%

Bankinter

SA

1,879

29,639

CaixaBank

SA

2,681

28,228

57,867

Household

Durables

0

.3

%

Neinor

Homes

SA

Reg.

S

(a)

619

12,603

Real

Estate

Management

&

Development

0

.2

%

Aedas

Homes

SA

Reg.

S

(a)

397

9,890

80,360

SWEDEN

2

.2

%

Banks

0

.8

%

NOBA

Bank

Group

AB

*

800

7,988

Swedbank

AB,

Class

A

924

27,943

35,931

Electronic

Equipment,

Instruments

&

Components

0

.2

%

Dustin

Group

AB

Reg.

S

*(a)

10,914

1,956

Hexagon

AB,

Class

B

795

9,537

11,493

Household

Durables

0

.2

%

JM

AB

608

9,089

Common

Stocks

Shares

Value

($)

SWEDEN

Life

Sciences

Tools

&

Services

0

.6

%

AddLife

AB,

Class

B

1,396

26,373

Specialty

Retail

0

.4

%

Haypp

Group

AB

*

1,168

20,316

103,202

SWITZERLAND

2

.1

%

Electronic

Equipment,

Instruments

&

Components

2

.0

%

TE

Connectivity

plc

404

88,690

Textiles,

Apparel

&

Luxury

Goods

0

.1

%

On

Holding

AG,

Class

A

*

40

1,694

90,384

TAIWAN

4

.1

%

Electronic

Equipment,

Instruments

&

Components

0

.4

%

E

Ink

Holdings,

Inc.

2,419

19,146

Semiconductors

&

Semiconductor

Equipment

3

.7

%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

530

148,024

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

423

18,402

166,426

185,572

UNITED

KINGDOM

5

.2

%

Banks

0

.4

%

NatWest

Group

plc

2,426

17,028

Beverages

0

.3

%

Diageo

plc

525

12,498

Capital

Markets

0

.3

%

London

Stock

Exchange

Group

plc

117

13,435

Diversified

Telecommunication

Services

0

.4

%

Zegona

Communications

plc

*

1,007

16,683

Hotels,

Restaurants

&

Leisure

0

.4

%

Flutter

Entertainment

plc

*

62

16,132

Insurance

1

.3

%

Beazley

plc

1,192

14,582

Hiscox

Ltd.

1,204

22,193

Sabre

Insurance

Group

plc

Reg.

S

(a)

11,193

21,862

58,637

Interactive

Media

&

Services

0

.3

%

Baltic

Classifieds

Group

plc,

Class

ifieds

2,841

11,851

IT

Services

0

.2

%

Softcat

plc

438

9,325

Leisure

Products

0

.4

%

Games

Workshop

Group

plc

102

19,950

Professional

Services

0

.2

%

Intertek

Group

plc

135

8,630

Specialized

REITs

0

.1

%

Big

Yellow

Group

plc

490

6,406

Tobacco

0

.5

%

British

American

Tobacco

plc

389

20,643

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

27

Common

Stocks

Shares

Value

($)

UNITED

KINGDOM

Trading

Companies

&

Distributors

0

.4

%

RS

GROUP

plc

2,057

15,784

227,002

UNITED

STATES

64

.4

%

Aerospace

&

Defense

1

.1

%

Boeing

Co.

(The)

*

127

27,410

GE

Aerospace

79

23,765

51,175

Automobiles

2

.4

%

Tesla,

Inc.

*

236

104,954

Banks

0

.5

%

Coastal

Financial

Corp.

*

190

20,552

Biotechnology

0

.8

%

Alnylam

Pharmaceuticals,

Inc.

*

80

36,480

Broadline

Retail

2

.4

%

Amazon.com,

Inc.

*

490

107,589

Capital

Markets

6

.7

%

Bank

of

New

York

Mellon

Corp.

(The)

1,067

116,260

Coinbase

Global,

Inc.,

Class

A

*

30

10,125

Galaxy

Digital,

Inc.,

Class

A

*

350

11,834

Interactive

Brokers

Group,

Inc.,

Class

A

200

13,762

Morgan

Stanley

415

65,968

Northern

Trust

Corp.

117

15,748

Robinhood

Markets,

Inc.,

Class

A

*

460

65,863

299,560

Consumer

Staples

Distribution

&

Retail

0

.7

%

Dollar

Tree,

Inc.

*

347

32,746

Electric

Utilities

1

.4

%

NRG

Energy,

Inc.

393

63,646

Electrical

Equipment

3

.2

%

Eaton

Corp.

plc

343

128,368

GE

Vernova,

Inc.

25

15,372

143,740

Electronic

Equipment,

Instruments

&

Components

1

.9

%

Amphenol

Corp.,

Class

A

336

41,580

Teledyne

Technologies,

Inc.

*

73

42,781

84,361

Entertainment

1

.2

%

Netflix,

Inc.

*

23

27,575

ROBLOX

Corp.,

Class

A

*

30

4,156

Spotify

Technology

SA

*

32

22,336

54,067

Health

Care

Equipment

&

Supplies

0

.3

%

Alcon

AG

170

12,734

Health

Care

Technology

0

.2

%

Veeva

Systems,

Inc.,

Class

A

*

30

8,937

Hotels,

Restaurants

&

Leisure

2

.6

%

Carnival

Corp.

*

200

5,782

DraftKings,

Inc.,

Class

A

*

2,969

111,041

116,823

Household

Durables

2

.7

%

DR

Horton,

Inc.

60

10,168

PulteGroup,

Inc.

40

5,285

SharkNinja,

Inc.

*

30

3,094

Somnigroup

International,

Inc.

1,205

101,618

120,165

Common

Stocks

Shares

Value

($)

UNITED

STATES

Independent

Power

and

Renewable

Electricity

Producers

1

.2

%

Talen

Energy

Corp.

*

130

55,299

Interactive

Media

&

Services

9

.4

%

Alphabet,

Inc.,

Class

A

747

181,596

Meta

Platforms,

Inc.,

Class

A

326

239,408

Reddit,

Inc.,

Class

A

*

5

1,150

422,154

IT

Services

0

.3

%

International

Business

Machines

Corp.

49

13,826

Life

Sciences

Tools

&

Services

0

.3

%

Thermo

Fisher

Scientific,

Inc.

25

12,125

Machinery

1

.5

%

Caterpillar,

Inc.

38

18,132

Cummins,

Inc.

60

25,342

PACCAR,

Inc.

255

25,072

68,546

Media

0

.1

%

EchoStar

Corp.,

Class

A

*

20

1,527

Metals

&

Mining

0

.0

%

†

MP

Materials

Corp.

*

10

671

Passenger

Airlines

0

.3

%

United

Airlines

Holdings,

Inc.

*

155

14,958

Pharmaceuticals

1

.8

%

Eli

Lilly

&

Co.

83

63,329

Johnson

&

Johnson

105

19,469

82,798

Semiconductors

&

Semiconductor

Equipment

10

.5

%

Broadcom,

Inc.

391

128,995

Micron

Technology,

Inc.

145

24,261

NVIDIA

Corp.

1,632

304,499

Teradyne,

Inc.

110

15,140

472,895

Software

9

.3

%

AppLovin

Corp.,

Class

A

*

46

33,053

Microsoft

Corp.

545

282,283

Oracle

Corp.

95

26,718

Palantir

Technologies,

Inc.,

Class

A

*

327

59,651

Strategy,

Inc.,

Class

A

*

60

19,332

421,037

Specialty

Retail

0

.1

%

Lithia

Motors,

Inc.,

Class

A

10

3,160

Technology

Hardware,

Storage

&

Peripherals

0

.3

%

Western

Digital

Corp.

110

13,207

Textiles,

Apparel

&

Luxury

Goods

0

.3

%

Deckers

Outdoor

Corp.

*

110

11,151

Tobacco

0

.3

%

Philip

Morris

International,

Inc.

87

14,111

Trading

Companies

&

Distributors

0

.5

%

United

Rentals,

Inc.

25

23,866

28

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

Common

Stocks

Shares

Value

($)

UNITED

STATES

Wireless

Telecommunication

Services

0

.1

%

T-Mobile

US,

Inc.

24

5,745

2,894,605

Total

Common

Stocks

(cost

$3,763,636)

4,393,751

Total

Investments

(cost

$3,763,636)

—

97.7%

4,393,751

Other

assets

in

excess

of

liabilities

—

2.3%

105,672

NET

ASSETS

—

100.0%

$4,499,423

*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a)

Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

September

30,

2025

was

$95,268

which

represents

2.12%

of

net

assets.

ADR

American

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

29

In

accordance

with

the

authoritative

guidance

on

fair

value

measurements

and

disclosures

under

accounting

principles

generally

accepted

in

the

United

States

of

America,

Nationwide

Variable

Insurance

Trust's

(the

“Trust”)

investment

adviser

to

the

Fund,

Nationwide

Fund

Advisors

(“NFA”),

assigns

a

fair

value

to

Fund

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including the

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

The

Trust's

Board

of

Trustees

(the

"Board

of

Trustees")

has

delegated

authority

to

NFA,

and

the

Trust’s

administrator,

Nationwide

Fund

Management

LLC

(“NFM”),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

(“FVC”)

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i)

market-based

quotations

are

not

readily

available;

(ii)

an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii)

a

significant

event

has

occurred

that

affects

the

value

of the

Fund’s

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer’s

operations);

(iv)

the

securities

are

illiquid;

(v)

the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi)

any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i)

a

multiple

of

earnings;

(ii)

the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii)

the

yield-to-maturity

for

debt

issues;

or

(iv)

a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

The

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

2

investments;

otherwise,

they

are

classified

as

Level

3

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

(“non-U.S.

securities”)

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

2

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

1

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

30

-

Statement

of

Investments

-

September

30,

2025

(Unaudited)

-

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

The

following

table

provides

a

summary

of

the

inputs

used

to

value

the

Fund’s

net

assets

as

of

September

30,

2025.

Please

refer

to

the

Statement

of

Investments

for

additional

information

on

portfolio

holdings.

Level

1

Level

2

Level

3

Total

Assets:

Common

Stocks

Aerospace

&

Defense

$

51,175

$

41,215

$

–

$

92,390

Air

Freight

&

Logistics

–

35,680

–

35,680

Automobile

Components

–

1,349

–

1,349

Automobiles

104,954

14,735

–

119,689

Banks

28,540

168,259

–

196,799

Beverages

–

12,498

–

12,498

Biotechnology

36,480

–

–

36,480

Broadline

Retail

107,589

10,093

–

117,682

Building

Products

–

12,797

–

12,797

Capital

Markets

299,560

28,808

–

328,368

Chemicals

–

12,797

–

12,797

Commercial

Services

&

Supplies

–

19,980

–

19,980

Construction

Materials

–

12,866

–

12,866

Consumer

Staples

Distribution

&

Retail

32,746

–

–

32,746

Diversified

Telecommunication

Services

–

16,683

–

16,683

Electric

Utilities

63,646

–

–

63,646

Electrical

Equipment

143,740

20,876

–

164,616

Electronic

Equipment,

Instruments

&

Components

173,052

30,638

–

203,690

Energy

Equipment

&

Services

–

11,287

–

11,287

Entertainment

54,067

24,843

–

78,910

Financial

Services

–

35,422

–

35,422

Food

Products

–

18,732

–

18,732

Ground

Transportation

14,539

–

–

14,539

Health

Care

Equipment

&

Supplies

–

27,086

–

27,086

Health

Care

Providers

&

Services

–

12,085

–

12,085

Health

Care

Technology

8,937

–

–

8,937

Hotels,

Restaurants

&

Leisure

121,802

26,104

–

147,906

Household

Durables

120,165

21,692

–

141,857

Independent

Power

and

Renewable

Electricity

Producers

55,299

–

–

55,299

Insurance

–

98,488

–

98,488

Interactive

Media

&

Services

422,154

67,418

–

489,572

IT

Services

74,013

14,910

–

88,923

Leisure

Products

–

19,950

–

19,950

Life

Sciences

Tools

&

Services

12,126

26,372

–

38,498

Machinery

68,546

–

–

68,546

Media

1,527

9,921

–

11,448

Metals

&

Mining

20,703

7,390

–

28,093

Oil,

Gas

&

Consumable

Fuels

5,566

–

–

5,566

Paper

&

Forest

Products

–

5,641

–

5,641

Passenger

Airlines

14,958

–

–

14,958

Pharmaceuticals

82,798

48,974

–

131,772

Professional

Services

–

13,689

–

13,689

Real

Estate

Management

&

Development

–

27,475

–

27,475

Semiconductors

&

Semiconductor

Equipment

620,920

26,249

–

647,169

Software

436,584

8,579

–

445,163

Specialized

REITs

–

6,406

–

6,406

Specialty

Retail

3,160

51,998

–

55,158

Technology

Hardware,

Storage

&

Peripherals

13,207

20,333

–

33,540

Textiles,

Apparel

&

Luxury

Goods

12,845

21,094

–

33,939

Tobacco

14,111

20,643

–

34,754

Trading

Companies

&

Distributors

23,866

32,576

–

56,442

Wireless

Telecommunication

Services

5,745

–

–

5,745

Total

$

3,249,120

$

1,144,631

$

–

$

4,393,751

NVIT

Fidelity

Institutional

AM

®

Worldwide

Fund

-

September

30,

2025

(Unaudited)

-

Statement

of

Investments

-

31

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations. 

The

Statement

of

Investments

should

be

read

in

conjunction

with

the

financial

statements

and

notes

to

financial

statements

which

are

included

in

the

Fund’s

audited

annual

report

and

unaudited

semi-annual

report.